kailey: it is a little bit of both. financials and energy are the worst performing sectors year-to-date so there may be buying coming into the market given how depressed the valuations are, but the fact that it is the cyclical growth centric stocks that are outperforming. investors may be convinced about the sustainability of the rally, the efficacy of the measures, the fact that the economy has bottomed out and will start to recover and this was not just a bear market rally. it is something more sustainable. they are starting to come back into some of those value cyclical stocks. david: thank you so much. that is kailey leinz reporting on the markets. the market seem to be looking past the china problems with the possibility of a vaccine as we got news about novavax and another contender. we welcome dr. wilbur chen, professor of medicine at the university of maryland where he works on vaccines. let's start with novavax, because it is just up the road from you in gaithersburg, maryland. as we get news of the new can tes

kailey leinz is here to tell us about it. kailey: twitter is holding down 2.5%.s, started tuesday when twitter added a fact-check note to two president trump's tweets about mail-in ballots. this is the first time they've ever done something like this. trump made unsubstantiated claims about voter fraud which were caused of fast and furious reaction on the president. heat said he would regulate or close down social media platforms that would silence conservative forces. -- thee was forced administration spokesperson said today is still in the works, but according to a draft by bloomberg, it would have the government narrow liability protections for the companies. ftccompany -- that once the to issue new rules clarifying how the companies might act in bad faith by taking down or limiting the visibly of post, and that would allow users to sue the companies if the posts were taken down. i would say that if you asked analyst, they do not think this will have a substantial effect. our analysts at bloomberg intelligence say even if the president invokes 230 of the commu

here's kailey leinz. kailey: it is a red day for equities across the world. even the tech heavy nasdaq and the u.s. have slipped into the red -- tech heavy nasdaq in the u.s. has slipped into the red. fed chair jay powell striking some fear into the heart of this equity market with his rather grim outlook about the u.s. economy. if we close in the red today, it will be the second down day in a row for the s&p 500. we haven't seen back to back declines on the index since april 21. as we know, things changed dramatically in the last few hours of trading yesterday, with steep losses in the closing bell. the underperforming sector is energy, and also the financials, banks in particular. the kbw bank index is down another 4% today, the third day in a row it has fallen, down more than 11% in that time. all of this talk about potentially negative rates may be weighing on those shares. traders still betting on negative fed rates by 2021, even if powell says they aren't considering them for now. finally, just a few other laggards in the session today. big energy down

kailey: clearly it is a risk on day.you look across asset classes, the ones that are outperforming our the riskier commodities, like copper, higher by 3.3%. you are not seeing a bid for the safer havens, like gold, down 1.3%. yields moving higher on u.s. treasuries. volatility relatively subdued 28 handle.x at a you mentioned oil. i want to take a longer-term view on wti. back above $30 a barrel. look at how far we have come from the may contracts. oil has rallied 129%. contract caused futures to go negative last month. that does not look like to be wticase tomorrow for june contracts. that supply-demand balance looking a lot more balanced today. i want to show you how broad-based this rally in the equity market is. all 11 sectors higher in the s&p 500. the ones that are lagging our consumer staples, defense, health care, the ones that were benefiting from the coronavirus shut down. financials, industrials are near the top today. 7%,gy leading the way, up in tandem with that move in oil. you are seeing that there did pla

we have kailey leinz to explain it to us. kailey: a mixed picture for the equity markets. we are awaiting that suppose a news conference from president trump on the china issues. investors do not seem eager to put risk on the table ahead of that unknown factor. we have seen the s&p 500 and the doubt lower. -- and the dow lower. the nasdaq has flipped into positive territory, but only marginally. investors have to consider the dismal consumer data we got earlier this morning. 13.6 percent drop in consumer spending in april. the consumer the engine of the u.s. economy. that weakness is weighing on sentiment as well. we are seeing broad-based clients in the s&p 500. want to highlight energy. it is at the bottom of the barrel, down 1.6%. part of thousand of cyclical trade we saw the beginning of the week on monday. .8%also have oil lower today. i want to stick on oil. even though it is lower today, it is still up in a massive way on the month. it has gained nearly 80% in may, the best month on record. supply and demand in the market starts to look more balanced and wti is endi

here with the details, kailey leinz. kailey: our stock of the hour is apple.iscal second-quarter results after the bell yesterday, and shares sold off on that news, but we are back in positive territory, higher only by a few tenths of 1%. on the headline number, it did not go as badly as some analysts perhaps feared. toenue did rise about 1% 58.3 billion dollars. that topped expectations. but beneath the surface, there was weakness for their big money maker. the iphone saw sales drop by about 7%. weakness particularly in china. china sales overall down by about $760 million. apple also had issues with the supply chain and china. the weakness on that front was set off by strength and its wearables and services division. we know these are areas in which apple is shifting its focus more and more, and that's all revenue up by about 23% for wearables, 17% for services. going forward, the picture is a lot more unclear. perhaps the biggest headline is they didn't give any guidance for the first time in around a decade. you did have executives on the call hinting that

here's kailey leinz.eere is off its highs of the session, but still higher by about 1% after its first quarter results. it really just could have been a lot worse. deere makes farm equipment. it is very sensitive to the global economy, but demand for agricultural machinery is proving more resilient than expected in the face of the coronavirus pandemic. sales did fall 18%. profit dropped, too. plus, the company is keeping costs down, and pricing is better, so that helped on the margin. all of that was good news. another big surprise, the company reinstated its full-year earnings guidance. today, saying its forecasting profit of $1.6 billion to $2 billion. that was just shy of estimates mind a lot of the numbers aren't great. deere expects 2020 worldwide ag equipment sales to fall between 10% and 15% this year's. they see a sales drop of between 30% and 40%. despite all of that, analysts and bloomberg intelligence say the fact that they reinstated this guidance is a positive sign, and they think it may actu

his kailey leinz.ley: we are looking at losses for about 1.5% for the major averages in the u.s., more like 3% in the european session. you have ongoing concern about the economy following jerome powell's comments and nearly 3 million jobless claims in the u.s., plus concerning commentary from u.s. in regard to china, and many big-name investors saying stock valuations are too high at this point. . the kbw bank index is lower for a fourth day. for equities more broadly, it is the third down day for the s&p 500 yet we haven't seen three days of losses on that index since early march. the index is down nearly 5% over the last three sessions, putting us on pace for the worst week in nearly three months. what is interesting is a lot of investors maybe saw this coming. week, they pulled a $16 billion out of the market. that is the most since march and the third most since august. it really underscores the how this isd shifting in more they a risk off direction. norwegian is lower by about 8.5 percent after

let's get the details with kailey leinz. kailey: it is a risk on wednesday for sure. optimism about reopening economies seems to be dominating the narrative, especially in the u.s., where you have stocks higher between 1% and 2%. that is outpacing gains in europe, although they are in the green as well. the msci world index did close today just a touch lower. it really is a u.s. outperformance story this morning. what i would note that the u.s. has outperformed throughout this extended market rebound. up, outpacing both the stoxx 600 and stocks globally. you can point to unprecedented amount of fiscal stimulus, but we also have to consider how those are twoed technology. today it is the more cyclical sectors leading the way specifically. you are seeing that play out in individual names as well. some of the most severely beaten up stocks are on the rebound today. you have the likes of mgm resorts higher by about 6%, and peers also rallying as states begin to move to reopen casino doors once again. also have united airlines higher by 5% on some signs of air travel deman

here with the details, kailey leinz.ley: we are off the highs of the session in the u.s., but the three major averages still higher by 1% or more. gains in europe he is -- in europe as well, and even crude getting a bid. the market really turning towards that report tomorrow and some optimism about the u.s. and china, and negotiators talking as soon as next week. i want to focus on the nasdaq because with the gains today, it slipped into positive territory on the year. now marginally off that, but this index has rallied about 30% since march. big tech and biotech really leading the way with strong earnings. a lot of optimism in the health care space. as for some stocks moving higher today, a bunch of the moving higher by double digits on earnings. among them, tell it on -- among them, peloton. viacom benefiting from more streaming with 50% more users. twilio is up 37%, at a record high. paypal as well forecasting a strong second quarter. finally, just a check on the commodity complex, you're seeing a nice rebound there.

kailey leinz has a deeper dive into the market action. kailey: it has been steady buying today, and really for the past four days, when it comes to the equity markets. futures,ok at s&p 500 we saw a steady decline, and then a steady upward trajectory. things are pretty orderly, and volatility is relatively subdued. the vix at 831 handle. on pace for its best nineng streak in months, back to $23 a barrel, as that supply and demand picture looks better. higher by .6% today. some money coming out of the safe haven treasury market. to, theree alluding are companies out there that are desperate for cash. norwegian is down 20%. off of its lows in the premarket, still down 16%. it wasruptcy filing, as able to reach an agreement with creditors. still, that company is in dire straits. one company succeeding raising ,ash, marriott, is in the green after reworking some of its agreements with card partners. that has the stock higher by nearly 3%. vonnie: thank you. he is one of wall street's smartest minds, and he is getting more convinced that this

let's get the details with kailey leinz. kailey: we had a broad-based rally on this monday morning.ptimism about economies reopening, perhaps about a covid-19 vaccine coming from moderna, optimism about the fed's ammunition to fight any kind of downturn. we have u.s. stocks higher. the dow is up nearly 700 points, the s&p higher by 2.5%. check out small caps. the russell 2000 is higher by nearly 5%. want to take a look at some individual small-cap movers rally this morning. the narrative is that the economy may be opening back up. marriott vacations is up by about 7%. penn national gaming up by 8%. consumers due to start opening up regionally. kb homes higher by more than 12% as home viewing may become an option. lithia motors of about 8%. there may be pent-up demand for car sales, especially of people may be more relevant to use public transportation. i want to speak broadly about the equity market and talk about volatility. vix is low as 30, looking at a 29 handle on the fear gauge today. last week, we saw stocks down on the week, volatility was also lower. it was more subdued, so

kailey leinz will tell us about it. how are we doing?e -- kailey: we are headed for our fourth day of gains. looking at the equity market you would not know their escalating tensions between the u.s. and china. the u.s. saying hong kong is no longer autonomous. there is a laundry list of scenarios that could result from that. there seems to be all about this reopening narrative, the idea that we have bottomed out and are seeing marginal improvements in the data like the u.s. is continuing jobless claims. our horrific number, 21 million, but it is the first time the claims have fallen since the pandemic started. we are up nearly three quarters of a percent of the u.s. major averages.

kailey leinz has all the details for the markets. kailey: it is largely a risk off monday.t of the equity benchmarks are off, with the exception of the nasdaq. stocks in europe looking at declines of about 0.5% or more. yes, you have economies making steps towards reopening, including the u.k. but there are still many ripple effect of the coronavirus weighing on risk appetite. that includes the fact that company after company has pulled payouts. this is the calculated payouts for s&p 500 companies based on dividend futures. payouts won't reach last year's level again until 2027, so investors have to wait seven years to receive the kind of dividends they did so recently. they are only expecting about $415 billion worth of payouts this year. as for some movers on the day, there's a number of covid-19 winners. --, surging up 24.5 percent after getting a fast-track for an antigen test for covid-19 that would cost only five dollars and be able to detect infection within minutes. you also have abbott up on emergency use authorization. meridian bioscience was raised for positivity

let's get the latest with kailey leinz. kailey: we are looking on a mostly risk off day.ower for the s&p 500 and the dow. the nasdaq has flipped into positive territory. --ll caps leading the kleins leading the declines. in europe, down about 2% on the stoxx 600. interestingly, the outperformer has been the ftse 100, which is fractionally higher. but a lot of things weighing on this market. the coronavirus, its impact on companies, and perhaps flaring u.s./china tensions. all of that, stock valuations just make no sense right now. let's dig into those a little more. hop into the bloomberg at gtv and take a look at the price-earnings ratio on the s&p .00 now trading at about 20 times forward earnings estimates, the highest since back in 2002, and part being driven by a search for yield, with bond yields continuing to go lower. as for some movers in the equity which leading the losses are the airlines. all of the lowest in the s&p 500 are airline companies. aboutrline index down by 6%. that is after warren buffett dumped his stakes in the four major airlines. he said t

to check out the markets we have kailey leinz. we are off to a solid rally. healthy tuesday rally. whatever concerns may still exist with regards to u.s./china tensions, all of that seems to be put on the back burner. the focused instead is on optimism about reopening economies and the fact that maybe things have bottomed out starting to normalize with economic data in the u.s. like new-home sales and consumer comfort that are than expected. , but not bad. that has the dow higher 2.5%. the s&p 500 is through the 3000 level for the first time since early march. the risk on tone is confirmed across asset classes. the 10 year yield of four basis points. not so interested

this is kailey. and lexi. all three sisters. we have meatloaf there. he's a professional coder who works in silicone valley. and the producer. we've also got winston and in the corner, they're best buds. thank you so much. keep on sending those in. i will have a closer look at your forecast coming up in about 15 minutes. >> all right. we'll see you then. thanks so much. with that beautiful weather expected that vianey arana detailed, we will be tempted to head outdoors. but mayors will shut down parks if they get too crowded. the san francisco mayor has her sights set on delores park. people were not social distancing yesterday. police and park rangers were busy enforcing proper safety protocols and they will be back on track this weekend. we found a few people who said they take it as their own responsibility and leave when the crowds arrive. >> i don't come here on the weekends at all. once work is out, i don't come here then either. yeah. for my own safety and everybody else's. >> across the may, the oakland mayor will be monitoring popular lake mer

we have kailey leinz to explain it to us. kailey: a mixed picture for the equity markets.e are awaiting that suppose a news conference from president trump on the china issues. investors do not seem eager to put risk on the table ahead of that unknown factor. we have seen the s&p 500 and the doubt lower. -- and the dow lower. the nasdaq has flipped into positive territory, but only marginally. investors have to consider the dismal consumer data we got earlier this morning. 13.6 percent drop in consumer spending in april. the consumer the engine of the u.s. economy. that weakness is weighing on sentiment as well. we are seeing broad-based clients in the s&p 500.

let's get a deeper dive in today's market action with kailey leinz. be lower inay equities today but we are still positive on the week. it is a friday. that could change, depending on what we hear from president trump. as it stands, the s&p 500 is positive by 2% over the past five days. on the week, it is still the cyclical growth sensitive sectors that have been the best performers. real estate, financials, industrials. into cyclicals has wild up a bit, but the fact that they are the best performers underscores how sharp that rotation into the cheaper areas of the market was. downtioned those beaten sectors are getting beaten down again today, true for apparel and retail stocks. reported fourth-quarter sales were down 40%, but that isn't in your concentric -- that is an idiosyncratic story. pvh, ralph lauren, and gap are all down about 6%. twitter is lower for a third day, down 3% today, 10% over the past few days amid that ongoing spat with president trump. president trump issuing that executive order to rein in social media companies last night, an

she's one of president trump's fiercest defenders, but the new white house press secretary kailey mcenanylled him out accused of maiblg making a racist statement. andrea kozinski, he and his team have been investigating all of this. tell us what you found out. >>. >> reporter: yes, before kaylee mcenany became president trump's most prominent and modest defenders. actually on our network a couple of times, she criticized him pretty harshly, saying he had made hateful derogatory racist statements when he launched his campaign with those comments about mexican, he made about the first campaign rally. at times, she says he didn't deserve to be polling so high and said this was not welcome rhetoric in the party. let's take a listen to one of those statements from her. >> how sick are polls of people in new hampshire right now? >> probably very sick especially when they see donald trump is number two and doesn't deserve to be there. donald trump has shown himself to be a showman, i don't think he's a serious candidate. >> kaylee, this is your guy, he's number two in the polls. >> hey, i don't

kailey: lower by 7% today, giving back some gains after what had been a remarkable rally. stock that had more than doubled since the march low. retreating before the coronavirus proved to be a double-edged sword. on the one hand, roque who benefiting from the fact that people are stuck at home and streaming content. they posted a 38% gain in active accounts and 13.2 billion streaming hours. that was up 80%. both of those numbers roughly in line with expectations and revenue came in higher-than-expected with both of 55%. but the ad business is under pressure. the company saw a higher than normal cancellation rate through march and the rest of the year is looking trouble as well, the company acknowledging the pandemic is weighing on advertising and expenditures are expected to fall in 2020. they expect the ad business to grow on a year on year basis but it will be slower. analysts think this will be temporary. on the street saying this morning they still view the company positively. it's longer term prospects are good because the pandemic is going to accelerate cord cutting.