. >>> socks are surging this afternoon, thanks to facebook, apple and amazon. right now, the dow is up about 35target sa 's thalesd first quarter of 141% a the pandemic put millions of people on lockdown. total revenue topped $19 billion, but in store sales stilled and profit fell nearly $42 million. >>> in michigan town could be nine feet underwater later today after flooding from two dams that failed. the state governor has declared a state of emergency. our reporter shows us some 2000 people are being told to evacuate. >> reporter: frightening video captures the moment the ed ville dam in midland collapse. it was one of two catastrophic failures in the ar on sees safe >> reporter: -- >> we are anticipating a hi>>rtthascord-king rainfall of 7 inches drenched parts of the midwest this week, causing water to quickly rise. >> the national weather service has issued emergency of flash flood warnings for communities surrounding dams. >> evacuate the area [ sirens ] >> reporter: responders went door to door early tuesday morning to warn residents to get out. >> i'v

billions of dollars in the silicon valley alone but this pandemic, but before the pandemic, google, facebook, apple, were buying up everything in sight. but reportedly google among the companies has put a freeze on expansion. what about the smaller companies now? 50, 100, maybe 200 employees? most of them are scrambling, figuring out a game plan to re-enter and reopen their doors to employees. >> so for example, if i'm facebook, i have so many buildings around the bay area, and i start to downsize my in-office staff, would it be surprising if they came to you any other company and say hey we need to start liquidating some of our buildings. >> i don't know what they're thinking, i've seen articles on that theory, right, that they will need less space but eric schmidt cannot answer that and the companies may need more space due to distancing in the office. again, i think there is no one size fits all approach. i think every company is unique and their safety will be different. >> that's chase lyon of the organization that is one of the largest real estate developers in the silicon valley. among the t

and the question is is this now -- remember june 20 -- sorry, june 3, 2019, when doj announced facebook, apple and google were potentially in the crosshairs and the stocks traded down 6%, 7% and ultimately went on to set new highs and the question for google is what has been the regulatory headwind largely, we had worked through most of that and if you looked at the last numbers that we got from them, clearly, what's going on with the growth and cloud, but the 2 billion in maus and youtube and the inflexion point of the business is one of the reasons why the stock's been re-rating. i do think this is a headwind that will want go away overnight and we just heard about the schedule of doj during the summer and then the state starting in the fall i will say google's been through this before and they've been through this around the world and they haven't been through it here, but my sense here is unless they're made to be a scapegoat there are a lot of other people that will be called into this and i'm not sure this is what the doj is ready for, but tough talk for a stock that largely has been def

countries in europe we've discussed previously in the past few weeks how have they were asking facebook apple and google to ease some of these privacy restrictions and that's where it didn't actually go through with them but let me ask you this apple and google both saying that there are some privacy issues here that's what their take is for the customers right well is this an issue of data collection and who collects the data and then who keeps the data and where does it go well that is part of it i mean part of it is that these 2 tech companies apple and google are saying hey we'll gather the information we'll have the data and then we'll pass it to you and that's in range in a lot of public health officials and and politicians because they say no no no you collect the data you give it all to us and we'll decide what to do with it and there right now there's a battle between essentially the private collection and storage of this information versus government collection and storage of the nation and i don't think governments like the idea of not. being the ones in control of it but there's a

the year steph, you'll get first crack at this today because you own alphabet and amazon and facebook and apple and microsoft. we have a 2% gain for the nasdaq this move has been nothing short of remarkable. >> it really has when you look at top names in the nasdaq, it's not really a surprise they would hold up so well in challenging environment. these companies are the definition of quality. remember the last three month, you're sick and tired of talking about a basket of quality, own a basket of cyclicals. these are the quality names. why they are quality is because they have very strong balance sheets they do, if they have a dividend they are well covered. they is great market share excellent leadership good free cash flow and these are the covid-19 names all of these companies are participating in one way or the other whether businesses are benefitting, consumers are benefitting. i don't sigh why this would change >> it just defies logic of where we are there's such a disconnect. it's hard the look at these gains. facebook up over 36% over the past month alone amazon, 23 mic microsoft 18 an

largestt is one of the but companies like google, amazon, facebook, apple, we're more and more of these data centers. it's where we're all storing our data. they become, among other things, the largest consumer of the world. in peter: so if i send an email from microsoft outlook here at theoffice to somebody at office, does it have to go through that data center? brad: it doesn't have to. can still use our software in a form where you store it on laptop or run it on your own server computer in your office. to the world has moved cloud over the last decade. it's far cheaper. it's more secure. you'll always have the latest going toy, you're not have to upgrade it yourself. you can rely on microsoft cyber security team rather than say those in your office. so the world is shifting and most technology is moving in this direction. peter: what does it cost to build one of those buildings that you say is about the size of two football fields? brad: any time we open a new data center, by definition it's an investment typically of hundreds of millions of dollars. if you look at microsoft, if you

more than 100 data centers, microsoft is one of the largest but cavities like google, amazon, facebook, apple were all building more and more of these data centers, it's were restoring our data they become among other things the largest consumer of electricity in the world. >> so if i send an e-mail from a soft outlook to somebody at the office, does have to go through the data center. >> it does not have to, you can still use our software in use in a form restore on your own laptop or run on your own server computer, or in your office. but the world has moved to the cloud over the last decade, it's far cheaper and more secure, you're always going to have the latest technology, you're not going to have to upgrade it yourself, you can rely on microsoft cyber security team rather than those in your office, the world is shifting and most technology is moving in this direction. >> what is the cost to build one of the buildings that you stays the size of two football fields? >> any time we open a new data center, by definition it's an investment of hundreds of millions of dollars, if you look at m

microsoft is one of the largest but companies like google,, amazon, facebook, apple are all building more and more of these data centers. it's where we are all storing our data. they become among other things the largest consumer of electricity in the world. >> host: if i sent an email from microsoft outlook here at the office to somebody at the office, does it have to go through that data center? >> guest: it doesn't have to. you can still use our software in a form where you stored on your own laptop or run on your own server computer in your office button the world has moved to the cloud over the last decade. it's far cheaper. it's more secure. you are was going at the latest technology. you will not have to upgrade it yourself. you can rely on microsoft cybersecurity came rather than those in your office. the world is shifting and most technology is moving in this direction. >> host: what does a cost to build one of those buildings that you say is about the size of two football fields? >> guest: anytime we open-ended data center by definition it's an investment, hundreds of milli

in your smart research you mentioned ongoing government investigations and hearts of amazon, facebook, applehis is a difficult riskion but who is at most for being found to be liable for antitrust suit? >> it is a tough question and it is not great all for of them are under -- and it is not. all four of them are under investigation. the only ones we know for sure our facebook and google. they can make it public if they want to but if they have not, the government will not make it public. while we believe apple and amazon are under investigation, that has not been confirmed. for the risk, i see it is google. fined threeeen times by the european commission for violating their monopolization laws. it is called abusive dominance but it is the same as the u.s. monopolization laws. just because that conduct by google violated europe's laws doesn't mean it violates hours but it gets the regulators partway there. it could violate hours. they have a head start with google. looking at the findings of the european agencies, i would say google and then facebook. but for different reasons. with facebook

we have these sprawling tech campuses, facebook , apple, and google.our employees are showing up in person, what happens to these giant buildings and facilities? but that's a great question, what we have learned in the last nine weeks are that many of us are running thriving companies from home. i have 170 agents that are out showing homes and conducting videos like this. what we see is a massive pivot to the ability to work from home. more work is getting done then going to the office and exposing themselves to risk? why keep these high price rents and cost of living if you can accomplish what you need to from far away. that's the big question. we are starting to get many inquiries about moving further north and east than we have ever seen before. >> what do you think? this is your line of work, what does is ultimately mean? if we see a large number of tech employees move out of the bay area what does this mean for the housing market? >> there will always be that next generation that wants to comment bay area prices have been bordering on ridiculous f

favorite such as facebook, apple and amazon helping to pull the markets higher. the dow jones in the nasdaq is close to the two full percentage point game. >>> still to come. a difficult decision with parents and with more day cares about to reopen many parents are wondering if now is the time to send them back. the precaution centers are taking to make sure children stay safe. plus. >>reporter: floodwaters in michigan keep rising. details coming up. >>> right here in the bay area the sun is out and warm up in store for the day. we have your fertile forecast coming up every cyclone and evacuations for difficult. >>> some shelters were being used for quarantining covid-19 patients. >> thousands of people who have been evacuated because of heavy rain and rapidly rising waters. mike tobin brings us the latest . >> please get some are safe now. parts of central michigan are underwater and it's only getting worse. officials are ordering 10,000 people to evacuate with the river rising quickly after days of torrential rain. two dams calling catastrophic failures. >> is

this particular antitrust investigation into big tech has really zeroed in on amazon, google, facebook, apples is the one who has engaged the least. he clearly does not want to, but the committee is saying we are not going to issue our final report, we are going to keep this investigation going unless you come in. they are at somewhat of a standstill. emily: let's talk a little bit about the progress in these antitrust investigations. we have been in the middle of a pandemic. alphabet ceo, i asked what the status was. she said they are continuing to respond. do you know how aggressively these investigations have been able to move forward, if at all, given the fact that so much of the country is shut down? willi think a lot of this depend on what congress is able to do as a whole when it comes back in. -- many staffers can come in how many members can be together on a dais at the same time. i think a lot of those questions are lingering. as far as from what i am aware for my documents, it is still continuing at the time the lockdown came down. it had kind of trickled off. the majority of them

in the s&p just on the verge of turning positive for 2020 i said this many times when you get facebook, apple, amazon and microsoft up about 2% in the day, generally the s&p will be up regardless of what happens to everything today. hospital stocks, tough time. they got killed with everybody stop doing elective procedures the stocks up. they said they are shifting to recovery focus they are resuming elective procedures this is the green chute story that the market is wanting to believe that h is looking over the mountain dupont didn't have great numbers. they talked about april sales toward the second half war better than expected it's not fantastic you see modsest moves up there as well. this is the kind of stories the market is wanting to believe for the moment back do you. >> thank you very much are stocks on the ways to the record highs we saw in february. thank you. it's nice to have you back i want to talk about valuations and whether the market is pricing in too much profit or paying pricing in more than really is justified. what do you think? >> we think right here the market is price

facebook, apple, amazon up 2% today. the market moves when the big five move like that even with some other stocks moving, as well helping the markets today, reopening optimism as kelly mentioned and a nice bounce in oil, treasury officials talking about no plans to punish china overall. ism services better than feared i think and helping signs of stabilization there, as well so some optimistic data points there to look at besides the reopening thing. very quickly, bloomin brands with numbers they own outback steakhouse, sales down 38% that gives you an idea of what we are dealing with right now. one simple data point and numbers are still pretty grim overall. >> absolutely. thank you, bob. >>> in fact, we have a big, ugly data point the april jobs report due out this friday. everyone agrees it will be terrible but what will the economy look like in the months beyond that? it depends on who you ask right now. steve liesman joins me on third quarter growth what is the picture starting to look like? >> it is pretty strong,

look at facebook, apple, they're not doing anything. they're being used as sources of found buy the other stuff that's now rallying that i just showed you. take a look, my favorite quote of the day, zoom fatigue. my friend coined this phrase, i think it's great, it illustrates what's going on. these stocks have had great runs and now they're not because the economy is broadening out a little bit and the market is broadening out and they're not the favorite kids on the block anymore. that's called rotation. guys, back to you. >> thank you very much, bob. let's go out to the bond market now and check in with rick santelli. hi, rick. >> hi, tyler. big feature today of course was a very lackluster, if not below average five-year note option. i gave it a "d." as one person pointed out, it's not a wad thing that investors are looking elsewhere to put their money. looks like equities is the game of choice these days. yield curve, short maturity is unchanged. long end, moving down about three basis points, you see the flattening going on there.

i have said this so many times when you have facebook, apple, microsoft, amazon, alphabet, the five biggest up 1% to 2% on a day, the s&p is generally positive even with 3 to 2 declining to advancing stocking. working through earnings season. 65% through here and a third of the companies in the s&p 500 withdrawn guidance this is why you get the volatility it is hard to figure out where the stocks should be on top of that, that's making it very difficult to figure out the right levels for the stock market and good news/bad news comments look at pinterest. comes out saying, hey, the global monthly active users up 26%. terrific number! april revenues down 8%. that's not good news pinterest down notably "the new york times" said similar things and talking more about that in the next hour. back to you. >> mark thomas, ceo of "new york times," coming up. to your point of guidance removed, does that mean markets aren't trading off typical pe valuations an much more technicals or other factors of how strong's your balance sheet? >> you can write a story about pes all you want but nobody has a clue

google is my favorite position and facebook, apple, i have exposure there i have definitely exposuren the banks. i'm short some ag and that's not working right now and again, i'm a little stuck as to what to do because i think that the fed has given us a life raft for some amount of time >> right >> i don't know how long that is. >> we don't know how long it will stay inflated, the raft, that is. speaking of bank, tim. >> good metaphor >> for some time that they trade h horribly, dan in particular bringing up j.p. morgan, but you have another chart >> yeah. look at wells fargo while we know the banks are making new lows relative to the s&p and that speaks to yield curve and negative interest rates and credit issues and wells fargo is a bigger concern because this is one of the top three, top four money center banks in the country. we know wells fargo's issues and the regulatory things that have run a foul and customer loyalty questions and the way the stock is trading and if you look at this chart and it's underperformed the xlf in 92 sessions and that's implying that there's somethi

you own many of these names, amazon, alphabet, facebook, apple. can this continue? >> yes, because growth is the new defense. i think now more than ever stock selection matters with the market down 8% an average stock is down over 16%. >> i think we lost her audio this is the center of debate as to whether this run in these stocks can continue to rise. some people say there will be a reversal and money flowing into value. what do you think? >> well, we had it yesterday this is one of the points we have been making they take a breek from buying the work from home economy and the cloud stocks and they plow into car rentals they don't last. you have to expect the next day they will make you look foolish. it happens over and over again that's been the story of the post-recovery economy since the last crisis. it makes sense to see that resume here. i'll make this point very quickly. 80% of s&p 500 names are above their 50-day but only 30% are above the 200 day. we're in this no man's land for the s&p. the nasdaq totally different story. 505% of nasdaq stocks are in an up

. >> the list of companies that qualify and you're following along is google, amazon, facebook, appleand microsoft and you anticipated my question tesla, why tesla. >> one of the things that we look at the book, not just how tech companies are expanding into governmental domain the how the expanding into what i call in real life, physical infrastructure and services. this is something that tesla and elon musk and his many sister companies of tesla is really doing in some ways more than anyone else which is a solar city operation, pursuing to provide electricity, he's now moving to space with startling, there's a lot of endeavors were there no longer looking at the products and services like cars, that are really changing the way that we think about public infrastructure, for instance with the boring company, they're producing high-speed rail in chicago. >> that's a brand-new mechanism that elon objects to. >> if we have a private sector company who are in charge of a public infrastructure, what happens and they decide i talk about tesla's work and when they didn't need someone to step

with the exception of the tech heavy nasdaq which extended its gains to 6 trait trading days facebook amazon apple netflix and google all traded up on the day continuing positivity for these so-called fading stocks to go over market moves and some other economic news of the day to bring in boom bust co-host christine christine thank you so much for joining us again today now markets are a bit muted on this monday as countries around the world attempt to reopen and lift lockdowns what's going on there. was just mentioned investors are worried about the possibility of a 2nd reinfection especially with germany and south korea now reporting a huge surge in coven 1000 cases now now in the markets we're about an arm's length away from all time highs and pretty coronavirus levels and that doesn't really make sense so we just got news of how bad 2nd quarter data was. in terms of g.d.p. in terms of unemployment levels so there really is a disconnect between sentiment and the actual market now given this the market is clearly at over bought levels even as it is pricing in expectations of this grand reopenin

big-game favorites, such as facebook, apple, amazon, all helping to pull the market higher.e a look at the dow, it's nice to see, a nice 370 point bump up s&p is up by 1 3/4. the nasdaq, this close to be up by two full percentage points. >>> a teenager has not been seen for nearly a week, 15-year- old veronica prado , was last seen, thursday night, after saying good night to her parents. >> she gave me a hug, and she said, i love you, mommy. for always being there for me. >> veronica was gone the next morning. her mother says she may have met a boy on the app, hoop, connected to snapchatted, where you can connected to strangers. they believe veronica may have been manipulated through that, asked to leave the house. >> don't call the police, i'll be back tomorrow, and give money to my sisters. >> there has been no activity on her cell phone. they have been scouring the area around walmart. if you see veronica, you are asked to call police. >>> the time now is 8:10. steve paulson says we may finally be drying out for good, right? >> it sure looks like it, mike and gasia. espec

what's the sentiment on that with retailers you deal with versus where it's been >> facebook, apple,ave always been traditionally the last few years, number one, number two traded stocks for us as a firm that continues to be something netflix kind of goes back and forth at the beginning of this crisis netflix was something our clients were very very attracted to that has sort of waned off a little bit as we've started to see people in the go back to work mode or at least the optimism trade as i would call it in terms of people going back to work overall. and it's been very interesting in terms of the fact that we've also been able to get a lot new accounts a lot of people going through our education in terms of trying to interact with the market. in fact, we released a new web-based platform we're trying to get more people to be more interested in the market through education, but with that, we're seeing people i think make smart choices in terms of the fact that they're not necessarily chasing many of the stocks that you would think they made. >> we're seeing in force today this sig

i imagine the pandemic without facebook,ogle, apple, etc. how would you be spending your time without netflix or youtube? 1918.k to you would be operating under great fear. it is interesting reading the books about 1918. we only had three tools at the time. ,ear a mask, social distancing and -- trying to remember the third one. anyway, we have exactly the same tools now. have infinite information that you did not before. david: let's talk about technology companies and help solve the crisis in terms of coming up with a vaccine perhaps. does ai help technology what mightigure out work. hey non-technical about what we do, they have a series of proteins, they mix it in the lab, at .ight, they have a new idea they are trying to find out what combination of proteins and antigens. you can systematize that with ai. ai systemve an predict what his or her intuition is, then get orders of magnitude faster scenarios. that is part of the key to why we have made so much progress in the biology of the disease. when the chinese outbreak occurred, the chine

apple has turned around. they are now on the upside. facebook is actually down now. till down, amazon is down a whopping $100 a share last time i checked it. big tech down except for apple. >>> how about clorox? that stock's got to be up. yes, it is, 4.5%. all those cleaning products flying off the shelves? the stock's got to be up and it is. >>> boeing raised $24 billion with a debt deal that brought in the money, they don't want money from the government but the stock has now turned south, down three bucks, $137. >>> gilead sciences say they do have the capability to produce want to call it 140,000 rounds of the virus drug remdesivir. that's by the end of may. a million by the end of the year. that stock actually is down four bucks and it's dropped below $80 a share. >>> then there's co-diagnostics. they've got a virus test which showed positive results in independent field studies. that stock is up 12% this morning. 12 bucks a share. >>> workers across the country are planning -- well, some workers in some parts of the country at some jobs, they're planning to walk

more than 10,000 viewers have weighed in if you'd like to vote just head to our kron 4 news facebook page. >>apple is reportedly looking to move a significant amount of production out of china and what's the most affordable small town in california. jane king is live in new york with those stories and more. hi jen. >>good morning. you know a lot of people thinking maybe the big cities like this that the greatest during the pandemic still looking at small town so what is the most affordable in california will this insider said it is los altos hills and santa clara, 74% of the homes there are affordable has plenty of parks and trails usually has left of your own activities like festivals in a town picnic and was listed on nation as the 7th best suburban california to raise a family well grocery shopper shifting from stockpiling to penny pinching in recent weeks, shoppers are buying more of the store private labels than normal also spending less cross popular convenience store categories and making more trips to dollar stores that's going to data from the market research firm i r i people still buyin

stocks -- facebook, amazon, apple, netflix, and google. great performances there.ed tech companies are thriving in what is otherwise a coronavirus recession. >>> uber and lyft drivers are suing new york state for unemployment benefits they say they're owed. drivers claim the state has refused to pay or delayed the payment of unemployment benefits for two months. drivers for rideshare apps are considered employees as opposed to independent contractors. independent contractors have to prove their earnings and employment status. some drivers claim they were told they would receive no benefits, even though they submitted their earnings to the department of labor. a spokesman for governor andrew cuomo says the administration's working to make sure it has the necessary information to get those benefits as quickly as possible. >>> apple is reopening 100 more stores in the u.s. this week, but customers won't be able to goal goe inside of them just yet. most of the stores will only offer curbside or storefront services. around 40 stores will allow walk-in customers. apple w

and again today, i thought they had pulled up lame finally there's 10th, there's fang facebook, amazon, apple, netflix, alphabet. high tech companies because they're in the same ets. first place finishers, triple crown's all. what's incredible is that this is a long race, people it's longer even than the belmont stakes so long it's a multi-quarter affair there can only be one winner that pays big, but there are place and show stocks that are going to give you a good return. remember, i say the stocks predict six months out in the future this is a gigantic number of furloughs. get to the far turn let alone the homestretch. sure, you can make a field bet on every horse, that's called the s&p 500. you want to capture returns from good and bad horses. all groups traded up today i'm talking about a winner take all race the s&p simply won't make as much money as picking the win, place and show of this group picking winners is hard. there are horses that are in the lead right now, but they could finish dead last when this race is over. right after that, first, who is in the lead? at the moment, beli

tech names, mega caps not doing well this week overall netflix, facebook, amazon, apple to the downside. a wag this morning called it zoom fatigue the stocks of zoom and docusign as market leaders are finally moving to the downside it's terrific news for the overall market. >> bob, we were talking about the floor reopening yesterday. do you know when they'll let cnbc and other media people back in the building? or -- i mean, is there any talk about that >> oh sure oh sure. they don't say it but there's a timetable. they'll see what happens they'll see if trading goes fine make sure there's no reinfection and obviously an issue for that and probably two or three weeks to be discussions with the designated market makers and that have the post we know all about will be pressure on them to say, okay, are you interested in coming back there's legal issues involved. there's medical issues their own people have to be comfortable and bigger companies and issues of comfort level and legal issues to be worked out. >> better. we miss the posters if you go back it is nice in some ways and bitterswe

facebook, amazon, apple, netflix, google. apple and google owner alphabet aren't far behind.seen amazon benefitting from millions of people shopping online for everything from groceries to computers to keep their home operations running. people are binging their favorite shows on netflix. even apple, apple which had supply chain issues at the start of the pandemic, it saw its revenue inch up in the latest quarter. deep pocketed tech companies are thriving here as the overall economy is nearly on life support. john. >> christine romans. thanks very much. for the latest stock market news and strategy for your portfolio, check out markets now. it streams live, 12:45 p.m. eastern only at cnn business. >> coming up for us, the family of a black man who died while in police custody said firing those officers is not enough. (soft music) - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love. balanced nutrition for strength and energy. whoo-hoo! great tastin

but apple, facebook, and harley davidson are warning about the strength of the dollar.e a risk of outright dollar intervention? it is a straightforward question and you have a minute. go. at the end of the day, there is uncertainty. despite massive intervention. thee has been flight into dollar. the u.s. aok at it, economy, the government, and the fed have been proactive in dealing with the crisis. if you look at it from a macro point of view, it is still very progressive towards an asset market. money to the part that is active. nejra: great to have you with us this morning, saed abukarsh. risk radar. risk on. grain on the screen. u.s. futures are higher after a late turnaround. it looks like europe will also have a green day after closing lower yesterday. futures indicating the yield could edge up on the 10 year. we talked about oil on its fifth day of gains. what is the reason for the risk on? on the easinging of lockdown to california? this is bloomberg. ♪ nejra: this is "bloomberg daybreak: europe." debt from the pandemic has topped a quarter of a million but signs

facebook i think is an all-time high. got to be. $239, up four bucks. 1.8%. applenot quite at all-time highs but awfully close, i think. up another $4.80 at $323. netflix, that i believe is down this morning. yes, it is. it's retreating from its all-time high which was reached last week, about $459. they are in retreat because 'the lockdown ends, maybe we won't watch so much netflix when we are locked up at home. boeing, i think their high -- yes, they are $7 higher, a 5% gain. disney are back above $120. they are at $121. stock of the day, novavax. they are working on a vaccine. they've got some very good news there. up 15%. look at merck, that is a dow stock. they are up on news they will be working to develop a virus vaccine as well. so good news on the virus, vaccine, that is, and we are reopening quite rapidly. up we go. big banks, let's have a look at them. i think they are all rallying. yes, they are. lauren, why are the big banks doing so well? lauren: yeah. they are up today and they were up more than 4% last week as well. i know you think of banks, you th

we use technology and how it fits and allies you're probably expecting this will start with facebook or apple or some pla like that. instead what is going to is invite you to imagine you're a b-17 pil in world war ii. imagine your returning home from a mission and then suddenly things are going fine, you're coming in for a nice easy landing after like like a a roe bombing run or something like that. sudden panic. nothing is working as a should. you find yourself coming in, the plane is shattering, it's screeching acrs the runway. you realize your crashed. your thoughts probably go to the people in the belly of the plane who were sitting down to wondering whatt happened and potentially dead. you're playing skids off the runway a you don't know why. so the question is what happened to that pilot in the moment i'm sure theyon't know. but the airport in its infinite wisdom at the time is likely to say it's because of user error. it's because this person wasn't trained enough. it's because this person should have known better. it's because this person shouldn't have been doing what they were doing

inching into positive territory for the year that was helped in large part by gains by facebook, amazon, and apple. at one point, down 25% year to date things have turned around. investors have flocked to these tech giants and taken money out of other cyclical parts of the market shares of uber trading higher after the ceo said requests are picking up again after bottoming out in april after posting $2.9 billion loss in the loss of business but reported a surge in uber eats business let's get to karen for more. why were investors so willing to look through this mammoth loss >> we saw first up before we've even got to the market a reporting where we saw a surge in the back of reporting of optimism in those numbers. the numbers were okay. what we've seen all along with the technology names estimating along the point. $1.7 per share is more than anticipated. when it comes to individual numbers, let's look at the bad first widening $2.9 billion for the quarter versus $1.1 billion. the number of bookings have declined very rapidly. a fall of 80% is what you saw in april. very downward pressure in terms

facebook and apple are only 5% off their new highs. alphabet is 9%, but remember the s&p 500 is only 9% off of its highs. so, those mega cap stocks have been moving. those are in technology and communication services the rest of the market is still struggling so let's make sure, david, that there is a bifurcation in the market people have not lost their minds. there's rationality in the way stocks are being priced. back to you. >> all right bob, thank you bob pisani, who is down in pennsylvania right now but is somebody who i rely on to a certain extent to help navigate new york's amazing restaurants. we were talking earlier about the idea of new york, when it will get back to business. and on "squawk box" this morning, paul tudor jones, the man who founded the robinhood organization, which has been so vital in terms of helping underprivileged new yorkers for decades now spoke powerfully about his hopes for being able to aid all those people through the years in various jobs in new york who helped him. >> i'm thinking, okay, this is my

apple, google, microsoft, facebook are up on average 10% despite concerns about consumer spending on advertisement. google and microsoft are up. improving is the work from home and stay-at-home stocks. zoom, netflix, paypal have all soared since january not just a bullish story this morning. worldwide we are seeing optimism there. trade talks lifting those markets. all the major indices lifting higher japan jumping 2.5% the markets in the uk are trading largely in the green a positive day futures majors as well perhaps another reason why there is so much green on the screen is that the trump administration is reportedly weighing more steps to try to blunt the economic pain being felt by so many americans frank holland is here with other top headlines. >> good morning, brian the trump administration is mulling steps including another delay to the federal tax filing deadline sources say tax day has already been pushed to july 16 it could be extended to mid-september or possibly even december many of the other proposals depend on americans reopening businesses and returning to work on t

amazon, facebook, apple, microsoft, google, all of them on the down side.gy stock, netflix. it hit an all-time high earlier. it's backed off a bit but it's still at $445, still up seven bucks on the day. >>> delta. we told you that it had hit a seven-year low and it did. we understand that they've got 7,000 too many pilots come the fall of this year. when that was announced the stock went straight down. got it. >>> look at this. a piece in the "wall street journal." the headline is the flynn debauchery. dan henninger is the man who wrote that. real fast, dan, make your case. what is this about? >> well, it's about america's institutions, washington's major institutions, stuart. look, the flynn case involved the unmasking of michael flynn by 39 separate members of the obama administration between november, right when donald trump got elected, through january. if they had suspicions that michael flynn was involved with the russians, they would have been obliged to inform the president-elect, mr. trump himself. that was never done. instead, the flynn story was

amazon is up, facebook's up. $214 on facebook. apple has gone to $316.on't know whether we've got it on the screen or not, but we've got microsoft moving up. pretty close to the all-time high across the board, big tech is doing very well. >>> look at the hotel companies, please. believe it or not, they are now seeing an uptick in occupancy rates. jeff flock's with us. he's going to tell us how they are getting people back into their rooms. tell us, jeff. reporter: we thought we would check into a hotel, give you some sense of it. remember that line, no food, no pool, no pets. now it's no food, no pool, no spa, no mini bar, don't look in the mini bar for anything because you look in there, as you can see, they have cleaned that out. lot of things are going away in hotels. you know, i guess that's just the way it's going to go. this is a marriott property. they say they are going to employ a lot of new sanitizing. in fact, one of the things they are going to do is use electrostatic sprayers. what is that, you say? well, maybe take a look here. this is the

it cannot just all roll into microsoft and apple and facebook and so forth top five names are now almostp >> final word, mike? >> yeah. i mean, i do think that there are some parts of the economy that are continuing to work and there are some that are clearly broken like energy, but i think financials are a no-touch here unless you're using it in a hedged capacity because they have so much exposure and we don't entirely know what that exposure is. >> coming up next, target, hitting the market on its earnings and we'll tell you what the move means for one of our options traders. plus we're taking your tweets so send us questions at options action ande ll wwi answer some of them on air we are back right after this ike. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. did

regardless of where you look, apple, microsoft, facebook or amazon, they continue to get bid higher on the idea they will come out of this even stronger. definitely, foursquare and paypal coming down the pike. still with us, barbara reinhard, asset allocation hit at voya. we have been talking a lot the last couple of weeks about dominance in the market in tech names and a big chunk of gains we have seen over the last two or three weeks has been because of microsoft and apple and amazon, etc. with regards to the concentration of companies that have helped lead us higher, are you concerned we are maybe too concentrated in those names, or is it fine? is a big concern for everybody, because narrow leadership generally is a sign of an unhealthy market. when you look off the march 23 bottom, there are only four sectors that are beating the s&p 500, consumer discretionary, information, technology materials and then health care. without broad leadership, especially since you are not counting financials are industrials against a group that are doing relatively better than the s&p 500 index that

it cannot just all go to microsoft and apple and facebook and so forth top five names are now almosts&p >> final word, mike? >> yeah. i mean, i do think that there are some parts of the economy that are continuing to work and there are some that are clearly broken like energy, but i think financials are a no-touch here unless you're using it in a hedged capacity. because they have so much exposure, and we don't entirely know, at this point, what the exposure is. >>> coming up next, target hitting the market on its earnings and we'll tell you what the move means for one of our options traders. >>> plus, we're taking your tweets send us questions at options action and we will answer some of them on air we are back right after this >> announcer: "options action" is sponsored by think or swim by td ameritrade. so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they'

you've got names like microsoft, apple, amazon, facebook, google. make up the most market cap. top heavy concentration while criticized is not necessarily a bad thing. joining me now, our guest. goldman sachs warned about it saying everything is getting too concentrated, like it was before you are not that worried why not? >> we are not. good morning as you said, brian, these stocks let on the way up. during covid-19 and out of covid-19 as well the reason for that is because these stocks are exclusively positioned on friday, we saw it in 2000, 2008, 2012 the difference since 2000. many people want to go back to the 2000 because of the quote, tech wreck microsoft in san francisco the problem then was that was an overcapacity this is a recession more about natural disaster in our view the confidence in these names and overall market, we believe the biggest test for these and their leadership will come when and if the market begins to broaden out. the best chance is for the market to begin to broaden out once investors can get a better feel for first and second quarter arnings. th

traffic growth than amazon this year steve weiss, i mean kind of link to your previous point apple, facebookazon, microsoft, netflix, walmart, all down today it's not because their prospects are worse. clearly, we understand whey they'why they've benefitted it's just a rotation from stocks that have been at all time highs at the moment. >> on one hand, the it's healthy to see the market broaden out somewhat on the other hand, you generally see this kind of action in market lows where they've taken the real laggards and move iing them higher. these aren't junk companies so i'm okay with it but in terms of amazon, i aulgs, always, my biggest position, the stock keeps going up i like what they're doing with air freight and i'm staying away from fedex sure they're cheap now but amazon, why should they pay externally for freight when there's such a big target for any company? do it themselves and they can and air play is isa lot cheaper and i like that note quite a bit. >> swrus over two minutes left of trading mike, what are you seeing in market internals sf >> it's been broad if you look at new

the big camtek tech names, microsoft, apple, amazon, facebook, down or flat on the day. most of the gate -- most of the gains in the market coming from financial names. some of the consumer staples 3%, 4% onup about 2%, the day. a lot of those middleweight names like tractor supply, ge, helping to lead us higher. scarlet: we also are looking at the nasdaq 100, which is now closing up about half of 1%. really interesting that you brought up that whole idea of the technical levels. predental --ack prudential's quincy crosby. hold one we managed to and close above that average. at eu read into that -- how do you read into that? >> it is almost as if everyone has become a technician. when you can close above these resistance levels and if we can add to this, what it suggests is that the trajectory of the market is positive, at least for the short term. the reason why so many have been focused on whether or not the market could close above 3000. we all abide by this because it has been hugging it for so long. every day, closer, then consolidate. by the way, the expectations w