that's all ahead for today's markets we turn to bob pisani hi, bob. >> hi, kelly it's amazing the markets are up considering we have no immediate stimulus package coming, they're working on it, and all these china tensions, kelly, you heard them talking about it. the reason we're holding up so well, tech is doing well, so microsoft is really helping the dow today. their earnings will be out shortly. we have oil stocks generally weaker, bank stocks generally weak weaker, but look at the tech stocks microsoft, ibm, paypuyallup the -- paypal up here autodesk a good move for texas instruments. it was at a historic high yesterday. it's down a bit today. amd at a new high, teradyne and nvidia on the up side. great report from best buy no reclosing concerns there. they have very good comments lowe's, o'reilly, home depot doing very good right now. jamf holdings, $26 today look at that up 20% here they do apple managed software we'll talk about how strong the ipo market has been. guys, back to you. >> you've been hitting on that, bob, and it is surprising. we'll see you soon bob pisani with the l

bob pisani here with the numbers. bob? >> kelly, we are closing out on a positive note. we are off the highs but take a look at the major indexes. the s&p 500 up about 1% for the week, the dow industrial average up maybe a little less than that, but apple and microsoft all big movers in the industrial this week. i want to show the s&p intraday here there was talk that phase 2 was damaged. not a big surprise, but we did come off the highs and started rising a little today. the sector a little different today. the values stocks are doing a bit bettertoday. bank stocks, for example, industrial names, transports the russell 2000 small caps are doing a little bit better. for once the semis are underperformed but not by a lot. in terms of movers, gilead actually moved the s&p futures 20 points may 30 when they announced remdesivir could reduce covid-19 deaths that was a big mover carnival corp surprisingly continues to see strong demand for new bookings in 2021 however, better june sales in semiconductors, a better upside for the second quarter like i said, guys, the answer to

. >>> we do begin with the sell-off, and bob pisani is here with the latest. >> kelly, the reopening story tougher for a lot of investors that's the key mover, as well as some issues about how strong the stimulus programs will be in the future s&p 500 has been a bit wider range that this has been in the last few weeks we were 3115 was our lo, but we had off of that. 3179, that's almost 800 points in the dow, significantly larger than normal here technology stocks, generally even on days when the market is down, doing better than the rest of the market, and cyclical stocks, energy, industrials, if you put up the sector chart there, generally underperforming. this has been a problem for a long time now. retail, for example, having a tough day, walgreens gave a rather poor earnings guidance, and they missed. it may be a sign of what's happening in temples of guidance for the future remember, 40% of the companies have declined to provide guidance, walgreens down significantly. most of the big retailers also are down as well energy stocks are weak here. apache, baker hughes also weak, but

bob pisani with the rundown for us bob? >> markets just keep powering forward, and it's the rotation that's making the market relatively healthy here. take a look at what the markets are doing right now. s&p again, the breakout of that old high we hit a couple months ago on june 8, that's still maintained there for once. chevron and exxon are really helping the dow. we're over $42 in oil. that's a big thing we have some positive oil commentary i want to show you the s&p 500 because it's very important that we've been breaking out the last day and a half now above that february high. we're positive for the year. again, largely this is on tech, but on certain days like today, you get some outperformance like energy and industrials and materials. mega caps, of course, they're the big power. they're down today amazon up todayesterday, down lt week, down today people are using it as a source of funds to buy other parts of the market earnings are out we're in the middle of earnings season no guidance from coke or ibm, but the ove

. >> all right, bob, thank you, sir, bob pisani. >>> how are people supposed to make sense of the market where names like tesla are on their fifth day of all-time highs and having a mega run. what does it mean for the staying power of the whole recovery rally let's bring in bill smead. and president of kumar global strategies bill, i'll start with you. this seems like a natural place for a value guy to pour cold water on everything. >> well, you have to remember the market can stay insane longer than you can stay solvent. so we're long only investors, and during times like this, you must be guided by what charlie monger says. he says envy is a lousy sin because it's no fun. so i'm not going to envy the people that own tesla and own netflix and own amazon what we're going to try to do is to be set up in things that we think will do extremely well by the way, kelly, as a reference point, the extreme in valuation was in late '99 and early 2000 the bank stocks were incredibly depressed then also in relation to cisco, microsoft and intel. we took a look, just used wells fargo as a reference p

let's get to bob pisani for the details on that. bob? >> kelly, we were hopeful we would get more earnings guidance 40% said no guidance, we're sort of hearing for the second quarter and into the third quarter, so ibm yesterday a good example of that. he said maybe we were a bit optimistic uncertainly makes us unwilling to provide guidance. there's other issues, too, the ceo of capital one has made the stimulus has made it different i don't think we have a rigorous measure of how many current borrowers are unemployed i think it's reflective of america and there are different degrees of unemployment right now. that's tough i've seen some positive comments as well. nasdaq had very big stock volume, ameritrade did as well there's been a lot of ipo activity recently. we have he anita friedman on, the chairperson of nasdaq, and she had we have a healthy pipeline, with many intending to execute ahead of the u.s. presidential election. finally, guys, really good economy conductor results. texas instruments had great results. they actually provi

bob pisani as bob says the dow jones industrial average eyeing 27 k once again led by coke, we will talko james quincey in the next hour of "squawk on the street." don't go away. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> we're watching the progress of congress' move to extend benefits in the wake of covid-19 now some news from pelosi, let's get to elon mui. >>> the white house is starting to talk to democrats about that next relief package, a source tells me house speaker nancy pelosi did have a conversation yesterday with the treasury secretary where they discussed housekeeping items as well as a timetable. pelosi apparently telling her democratic caucus this morning that she believes that they can resolve their differences and that she does hope to have a negotiated bill by the end of next week. so some news on a timetable there from pelosi, the conversation that she had with the treasury secretary, all of this coming as republica

old school way they're driving the bottom line higher >>> but we begin with today's markets and bob pisani bob, stocks losing a little bit of steam today >> we're having a little bit of problem, tyler let's take a look at the s&p and the dow. the key thing here is we're failing right around the break even point that's about 3230, 3232 or so, and that was also the june high. we keep getting right up against that and falling back again, so that's a little bit of resistance there's the s&p 500 the last few days see how choppy it's been we've been better than a hundred-point range the last few days here's what's moving the markets. number one, the most important thing is vaccine optimism out there. that's what's holding up the market people believe it's somewhere out there on the horizon the problem is the reopening story. it's not clear how much of a reopening versus a closing story. it's very murky, you can see it on a daily basis how about the earnings it's okay but very early, very cloudy on the guidance i want to see another week's worth of commentary to see if we get any clear idea of wh

but we begin with bob pisani and the opening markets. bob? >> the s&p moving at a fairly wide 40% range throughout the day. we were flat on the open still on the upside. dow industrial average, for once it's way down, believe it or not, by apple, microsoft and pfizer being helped by some of those deep cyclical names i'm talking about. s&p 500 in a range for most of the day. by the way, the vix is back in the 30s. hasn't been there for a couple weeks. we talked earlier in the day, some of these cloud computing names that have been strong or weak this week software stocks are down, internet stocks are down i call it that tech momentum trade here that's been so strong in the last two weeks. this is just giving back a fraction of the gains that we've seen in the last two weeks value that's ive, that's the etf for that, up on the week you've got auto companies doing a little bit better today, for example, ford and general motors industrial names like caterpillar are up materials like freeport, deep industrials like honeywell those are the classic

. >> thank you, rick >>> yesterday was the busiest days of earnings season, let's guess to bob pisani about who is winning and who is falling behind. >> kelly, the reopening story is a little rocky, but earnings have been a pleasant surprise and rising for third quarter numbers. normally about 70% beat the estimates this time at the halfway point, 80% are beating that's quite significant more importantly is how much they're beating it the average earnings number is 13% above the consensus they likely set the ball too low. they were too pessimistic. i'll show you some winner, semiconductors, thee killing it. they talked about the explosion and work from home and e-learneding, their numbers were terrific telemedici telemedicine, their numbers were terrific paypal, it's simple. online buying is exploding the ceo was amazingly ecstatic daniel shoulderman said i think it's clear we have tipped into a digital-first economy. >> so we're hours away from the four horsemen who report what is most important to the market is it big tech the fed? what about the weak dollar the fiscal deficit and b

let's focus on the big stories of bob pisani has the stories. meg terrell has updates on the coronavirus and brian sullivan is covering warren buffett's new bet on the energy space. bob, let's start with you and the markets. >> yeah. the important thing about today is we're up nicely but we're up on lighter volume it is deteriorating a little bit from the earlier part of the day. we're once again falling back upon dependence on the mega cap tech names technology, computer services, consumer discretionary all of them tech oriented or continuing to lead the overall market consumer discretionary as i mentioned, banks still on the upside not as much as the overall market energy has fallen back that was an early leader i keep mentioning the mega caps every single day they're the main force driving the market when you have four or five stocks that are close to 20% of the overall market capitalization with amazon up 4%, 5% in a day, that's going to move the overall markets i think it's important we're going into earnings season i see several companies,

but as you say, it's fundamentally a souped up ipad bob pisani, have a great weekend, man >> you, toosair lines are crushed by the coronavirus and the ensuing shutdown airlines are responding by cutting flights and keeping costs as low as possible up next, we talk about the airline that is taking the road less traveled. >>> don't forget you can always watch or listen to us on the go on the cnbc app. experience the adventure of a bigger world in a highly capable lexus suv. at the golden opportunity sales event. get zero percent financing on all 2020 lexus models. experience amazing at your lexus dealer. on all 2020 lexus models. but a resilient business you cacan be ready for it.re. a digital foundation from vmware helps you redefine what's possible... now. from the hospital shifting to remote patient care in just 48 hours... to the university moving hundreds of apps quickly to the cloud... or the city government going digital to keep critical services running. you are creating the future-- on the fly. and we are helping you do it. vmware. realize what's possible. (music) anncr: give c

right move >>> we're looking at some kitchen stocks for big gains we're looking at data markets and bob pisani has an update for it hey, bob >> s&p is only moving at a 20-point range here. that's not particularly wide by and large, banks and energy a little bit of weakness there against the trend here, but tech is very flat megacaps down, amazon is down 8% for the week i know everybody is focused on netflix down 7%, but keep an eye on amazon, it's been on a down trend all throughout the week. we're knocking on the door of 3230 we've had a lot of problems getting over those june highs and start of the year right around 3032. you saw that resistance there. that's a chart of s&p week to date here. the main themes here, rotation out of tech, mega software and what we call banks, energy, small caps, technology all the cyclical names are on the upside home improvement, everybody doing everything to their homes. we had new highs in sherw dwi sherwin-williams and masco tech valuation is an issue and we have wild cards on what stimulus is going to happen and china tensions still not clear what earnings

. >>> so sectors a bit of a mixed bag this morning, let's check in with bob pisani. hey, bob. >> that's exactly right, carl, mixed flag, it's a flattish open, defensive tilt somewhat, still uncertain about where this is going to go today let's look at the sectors, utilities, consumer staples, health care was outperforming. more flattish now, but what's key here is energy once again underperforming and of course the banks here i've been talking about the bank earnings all day here. wells fargo down about 6%, it's a simple story here about this, larger provisions for loan losses these are very, very hard to estimate wells fargo had a loss of 66 cents, the analyst estimate was a loss of 20 cents that's a huge dispersion they can't get their hands around these problems in this particular case loan losses. the big money center banks have a big advantage because they have trading operations the jpmorgans and the citi groups. we've said this over and over. the revenues that jpmorgan gets right now, they have a substantial consumer division, they get almost half of their reve

states "power lunch" is right now >>> it's agreed to see ygreat tl the s&p 500 is lower by about 2% bob pisani has more on all the market moves. >> hello, melissa. we're near the lows for the day. i want to emphasize what melissa was just saying, because the outperformance is truly extraordinary. what you want to focus on is the nasdaq 100 while up 16, the nasdaq 100, which consists of the top five five, up 21% this is an unusual dispersion. we're also seeing the equal weight down, the average stock on the s&p is down 12% that's a good way to look at it. meantime the russell 2000 small cap is down 16%. to show you the outperformance, remember these numbers these are the top five these five stocks are $6 trillion in market capitalization, almost 20% not quite, but almost 20% of the s&p 500. up 65% for amazon, alphabet also up we've kept the markets in a six budget here. the first one, of course, is whether the reopening is going well or not. the stimulus, is there more on the way. treatments, but a couple others ones we've seen with movement. the trade war with china, and then the valuation iss

guys, back to you. >> all right, bob, good to have you back bob pisani we'll talk to you in a bit s&png back to the flat line for the year. dow is up 380 and back above 262. we're back in just a moment. massmutual healthbridge is a free life insurance program just for healthcare workers fighting covid-19. apply today at massmutual.com/healthbridge ♪ >> good morning, carl. the number of borrowers in government and private sector coronavirus-related mortgage bailouts fell by the largest weekly volume since the plans were put in place. but there are some big red flags. as of june 30th, 4.58 million homeowners were in forbearance plan that's 8 .6 % of all active mortgages. now, these plans allow borrowers to delay their monthly payments. after rising the previous week, the number of loans in active forbearance plans dropped by 1,000. that brings the total volume to the lowest since the first week of may volume fell in part because more than half of all active forbearance plans were set up with 90-day periods and began in march and early april. they would be scheduled to expire or at least

that's coming up but here's a summary of today's action press bob pisani >> will, we may be able to break out. we have all the sectors in the s&p 500 up today, three of them advancing declining stocks, but i want to concentrate on that s&p 500. 3232 is the particular high for this cycle june 8. if we close above that, we'll be at the highest level since early february when things started falling apart. pay attention to that level. rarely do technicals matter in that kind of market. i think people watch to see if we can get over that 3232 level. tech is powering forward again those new highs. rarely do you get new faang names, including microsoft, at new highs. amazon, netflix, alphabet also at a 52-week high. semiconductors, as wolff mentioned. lows, for example, costco at 52-week highs. as wilford mentioned, we're entering earnings season companies have not provided guidance and they're not inclined to provide guidance as we go into the third quarter we had some early reporters, general mills, macy's, capri, constellation brands, and this morning pepsi came in with numbers a little bette

let's get to bob pisani. good morning. >> new highs for microsoft, apple as well as facebook. important thing today is it's one of those risk off days and the market behaves in a predictable way when this happens. so you can see the pattern here. transports tend to be down on these kinds of days, particularly the airline stocks, take a look at that. the russell 2000 small caps tend to underperform. banks which never really rallied much at all also tend to underperform energy tends to underperform, another sector that never really has had a significant rally in quite a while. and tech tends to be relative outperformance, that's exactly the pattern you are seeing today. mega cap stocks once again today tend to outperform, a little mixed performance. facebook, apple, microsoft all essentially at 52-week highs that's what's been moving the market you get these days here, value outperform growth occasionally like today but not very often. look at the s&p 500 ben carl son has a terrific blog, he noted s&p 500 down 10% for the year, the median stock is down 11% for the year why is th

you will see a little bit later bob pisani we can take a break here, back above 26 k thanks to applerning. do you havy s eiupthr target we are back in a moment. >>> harvard and m.i.t. have sued department of homeland security over those new i.c.e. rules. let's get to our robert frank this morning. >> good morning, carl. as you said, harvard and m.i. ti both fueling the lawsuit against the trump administration over the decision to revoke visas for international students taking online classes the plan it's cruelty surpassed only by its recklessness says it's to force colleges to open without concern for student or fact all the health the lawsuit seeks a temporary restraining order against this decision from i.c.e. which revokes student visas for those taking all classes online. international students from harvard which is switching to online only in the fall would be deported or forced to transfer overseas students still outside the country are barred from entering if all their classes are online. all important becau there are more than 1 million foreign college students in the u.s. th

thanks. >> yeah. >> bob pisani. we're watching yields this morning.off that record low for the five year. let's get to rick santelli >> you know, carl, as i look at yields right now it just quite impressive from a historic view. we're under 14 basis points in a two year if we closed here it would be a new all time record low for twos a little under 17, it would be a new record for threes. five years are hovering at 27.5 basis points tied for the all time low closing yield sevens did make a new low closing all time yield yesterday and if they were to close here at 45 and change they would make another one. so you could clearly see that all investors' appetites are pointing towards whether it's high quality sovereigns, investment grade corporates, anything that they can get some type of return on and consider safe from a principal standpoint look at 24 hour chart of tens and realize that the ppi data was more deflationary than anything else. maybe when the demand side comes back that picture can change dramatically with he saw yields pop up a little bit

. >> it's going to be rough when navigating all that, bob thank you for now, bob pisani. >>> let's get to washington where the next round of stimulus talks are officially underway. kayla tausche is here. how you doing, kayla >> they met with republican leaders to hash out the roughly $1 trillion response that democrats passed totaling about $3 trillion in may as part of this new effort, president trump is again proposing a payroll tax cut. the president believes this is more politically defensible han helicopter money, and as a stimulus, it would help both companies and workers, as long as those workers are employed. >> i think it's a very important thing. it's very good it's been proven to be successful it's a big saving for the people il it's a tremendous saving, and i think it's an incentive for companies to hire the workers back and keep their workers. >> reporter: as far as the response in the room, senate majority leader mitch mcconnell did not appear sold, but for those americans who are part of the 11% or so who are unemployed, the administration wants to tailor the aid in this

. >> don't know when that will be, bob pisani >>> as more states pause or roll back their plans, casinos have not fared very well with stocks down 20% united and american airlines down big, while k.b. holmes and toll brothers are struggling to find their footing if the open trade stalls out, will those funds just end up back in the large cap high growth names for more i'm joined by industrial strategist and chief wren good afternoon, guys >> good afternoon, john. >> hey, john >> jim, when we look at the rise in coronavirus cases and the way we've seen the impact in some of these travel and hospitality stocks, how do you factor that in as an investor from here? do you keep money there, do you put more there, do you move it somewhere else what's going to happen >> it has increased our concern about the outlook for stocks in general, because consumers are starting to, in the wake of the rise of the coronavirus cases, you've seen it in a dropoff of airline bookings, you've seen it in a dropoff of restaurant bookings the evidence is indicating that not only are individuals being more cautious

. >> thank you, bob pisani let's get to rick santelli for the beige book, which was just released moments ago. >> on one hand, fed says activity increased in almost all districts. on the other hand, it increased but still well below pre-covid levels there's your tug of war with regard to headlines. the fed, of course, is implementing lots of programs. i believe there's nine of them about half of them are functioning. and things have worked out pretty well. if you look at how the market's reacted to some of these early headlines on the beige book, you know, two years haven't moved much they're a little down on the session. if you look at ten-years, virtually unchanged at 62. go down the curve, 30-year bonds are getting a little frisky. the dollar index is like a third of a cent off its lows today it was well below 96 it's firmed up none of that is beige book responsible. in the end, if you're going to walk away with a notion on the beige book and the fed's next meeting, things are looking good, but they're not going to look nearly as good as they did in february. back to you. >> for more n

the first time since mid-june, goldman leads the dow, retail and travel lead the s&p let's get to bob pisanibob >> hey, carl essentially flat, remember we are back 3230 is where the s&p was, we are essentially there, sectors, banks have a good day as david mentioned they normally dip during this week when earnings season comes out, up today. regional bank numbers were fairly good, industrials leading energy, so you see cyclicals up, techs are lagging, mega cap is mixed this morning, consumer staples also lagging as carl mentioned the reopening stocks are strong. it's important to mention how these things are like ping-pong balls, the big travel names, hertz's and united airlines and carnival cruise line stocks they are 30% to 40% off their june peaks and 60% in some cases 70% off of where they were in february so whenever you see these numbers, these big moves up in daily, remember, on a competitive basis they are still pretty weighed down here the market has a problem right now, it's very confused on what it should be looking at. look at the s&p, it's moved in 100-point range in the last co

let's get to bob pisani this morning. good morning, bob. >> good morning, carl.appy friday everybody. yeah, we are up about 1% for the week, have he good start to earnings season. it's nice to see the banks holding up relatively well they tend to dip going into earningsen is this week, not so this week. that's a good side sign. a bit of a reversal for the trend which has been towards value. early on tech has been a relative outperformer, energy is underperforming and banks are underperforming as i said that's a little bit of a reversal of the trend for this week, there's been this value rotation we talk about, tech cooling off, industrials, energy doing better look at the numbers for this week, transports, classic value, have had a great weekover all, up about 5%, small caps are up about 3% you see industrials, energy and technology lagging so this is in a nutshell your value play, your value win hard to believe, though, the value rotation is going to last. i'm sorry. i know everybody has been waiting for ten years for value to outperform but the simple fact is t

let's get to bob pisani this morning. hey, bob. >> rng goo, carl happy thursday, everybody.t's a flattish open but you're right it's a somewhat depressingly familiar scenario here, sort of like groundhog day, once again we're being dominated by technology as well as china on a tear since chinese authorities have been trying to jawbone the markets up in the last week and suck seeked. tech outperforming, but retail is not doing anything, energy is not doing anything, the banks aren't doing anything and the main banking etf went from 30 to 40 back to 30 essentially in the last five or six weeks since the end of may these inverted vs that we see, energy stocks, the same thing, the xle up, down, back down to where it was five or six weeks ago. so where are we right now? we are in the waiting part of the rally to figure out how the reopening is actually going and, again, we've been debating is it a v, is it a w this is the s&p 500 in the last two weeks, excuse me, the last two months that looks like a w to me not a v. this is the waiting, we're trying to figure out exactly how the

starting to see those confidence levels trickle into earnings so bob pisani is with us to break down at's going on on a busy day, during a busy week for earnings season. bob, what is going on? >> well, leslie, we're about a third of the way through earnings season and it's a complicated picture. there are some winners evolving, emerging all the work from home plays, sherwin williams had a great number overall they raised guidance in a quarter few people are getting it the home blrps are killing it. d.r. horton had a big increase in orders, the same with mdc but these are the exceptions no guidance from a lot of the industrials, that's really an issue here, 3m missed, didn't give any guidance. xerox didn't give any guidance, raytheon didn't give any guidance, neither did harley and they had an unexpected loss. mcdonald's a modest miss as well there's two stories emerging one story is the reopening is going slower than people were anticipating a month or two ago. xerox said this essentially today. "the continued uncertainty around the spread and resurgence of the virus has changed our p

. >> let's get to bob pisani here this morning on this friday and see what's moving. hey, bob. >> good morning, carl. happy friday, everybody. this is not a particularly good open i know the s&p is up but it's up because of a couple of big tech names here look at the sectors and you can see what i call the two economies here, tech is up because apple is up today, consumer discretionary is up because amazon is up, a lot of the other stuff in the sectors are not up there is the other half of the u.s. economy, industrials, energies and banks they are not doing anything at all today. we're halfway through earnings the good news is earnings have been better than expected, notably better than expected we do this a lot normally 80%, 70% of the companies beat estimates, this time 80, but what's really important is the extend to which they're beating. yesterday they were beating by about 13%, the average company, that's amazing because normally the average beat is about 3% if you put up that next full screen and it's going to be even higher today when you factor in what apple a

bob pisani has all that. >> middle of the trading range is where we ended.performance the regular market cap weighted only down 0.6% not a good performance overall not a good start to earnings season walgreens kind of patterned here with nike and fedex. they missed the numbers badly. worse than expected numbers. guidance is poor the this is near a seven-year low. mohawk was weak. the company artificially boosted sales. they haven't said anything about this yet they'll be reporting it tend of the month. hopefully we get more information. hess oil stocks, terrible day. many of them down 7, 8, 9% there. amazon, the tech rally continues. what can you say amazon was $2600 a few days ago, it's $3100 today the s&p 500, two months. i want to show you, this is a w. it is not a v. the market is having a very difficult time figuring out whether the reopening story is going. the market believes tech is the winner the market believes that tech is going to be a winner heads you win, tales you win too. rather remarkable. back to you. >> bob, thanks so much for that final t

bob pisani tracking the market action on a volatile week of trading. meg terrell is looking it at the big one for biotech stocks trading at the highs and kate rogers has some fresh comments from treasury secretary on the ppp small business program. but bob start us off with the broader market here. >> it's been a choppy week characterized by rotation. the s&p 500 is up 1% that is good news. we're still up about but that rotation, there is not a lot of conviction that it is going to last long let me show you what i mean. this is rotation old school cyclical names like transports and industrials, small caps which are often bank stocks, energy, all up technology, the growth sector to the down side. s&p 500, we've been hitting resistance of 3230 why is that important? that is the old june high. that's where we started the year on january 1st, 3230 or so we can't get over that if we did, you'd hear a lot of people talking about it. the mega caps had a problem this week they're being used as a source of funds to buy the deeper cyclicals. that is healthy for

bob pisani >>> when we come back the ceo of chevron mike wirth is with us on the all-stock deal to acquirergy currently leading the s&p. don't go anywhere. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪ whow does the worldding a way treopen for business? to return to the workplace, safely, companies will need the right tools. that's why salesforce created work.com it's an all-new suite of apps, expertise, and services. to manage this crisis today, and thrive tomorrow. everything companies need to return to the workplace. let's reopen. safely. ♪ ♪ now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. >>> a lot of news headed our ways this week but a couple things on the front burner sh chevron buying noble energy and we're processing this news out of the oxford study on astrazeneca potential vaccine candidate. back

bob pisani tracking the action phil lebeau is watching the surging stock prices of electric vehicle makers joining us with his thoughts on the race for a vaccine and the biotech name is michael ye from jeffires start us off with the market with the dow up 400. >> we have had a remarkable run in the last three weeks or so, sara, with mega caps, semiconductors, work from home stocks that's starting to get pushed on valuation questions here you can see that in the middle of the day yes, we're still up 400. look what happened to certain stocks tesla, an amazing run, of course, up 60% in ten days up nine out of the last ten days middle of the day started drooping and went into negative territory. trying to bounce back. this is similar to a lot of other sectors that have had big moves up particularly anything work from home you see the names here these have all had big, big moves up and all of a sudden middle of the day they ran out of steam these become basically set up for momentum and when it goes against you you have so much profit you take it quickly. the same with semiconductors an amazing

. >> fortunately for us we have smart people listening bob pisani wrote in and gave us the answers to some of those questions. june was much lower, trading volume in june was much lower than what you saw march through may, but -- and that july has been down even from what we saw in june but if you're looking at this july versus last july, trading has been much, much stronger in terms of the volume that's out there 10.7 billion shares for all the changes, equity trading for july so far 50% above the average of 7 billion from last july so significantly more trading than you would have seen a year ago but down from the heights when there was really a panic in the markets. >> and we've got this tech trade with robin hood type investors and all the excitement with the day trading returning to some extent, too. that we have to factor in. they're out there. there's no doubt in my mind and i don't know -- we said is that great? democratizing the stock market for everyone or is it a sign of, wow, everybody is playing in this you know, sometimes you're getting into the mature phase of something

thousands a week all of these people are working with governors and local officials to restore bob pisa pisani- best practices and that's what we've done that including testing, personal hygiene. wash your hands. state officials will decide how rapidly to open their economies, that's largely up to them. if we see something that's egregious, we have gotten involved with a couple of them where we thought it was unfair we'd like to see churches opened quickly and some of them just don't want to do that. in new york we got a great ruling from a judge, thank you judge, that they can open. if these best practices are implemented then the hot spots can be calmed quickly and we understand this horrible disease right now. we didn't understand the disease at all we did the right thing, with he closed it up we would have lost millions of lives. we have done a historic thing. we would have lost millions of lives and now we're opening it up and it's opening up far faster than anybody thought even possible and more successfully as i said, you're going to have a fantastic third quarter, it will be a third qu