back over to you >> thank you kate rogers. hit especially black owned businesses a study shows the number of black business owners has plummets from over a million in february to just over 600,000. that's over 41%. the former ceo of darden restaurants and the lead director on verizon's board. it's great to have you here. welcome. >> thank you good afternoon >> what would your message be to those put out of of business by this pandemic, especially the black community? >> i think it's not unexpected the african-american community really consists primarily of independent restaurant owners and independent full service restaurants are bearing the brunts of this some of the chains clearly have an adversely affected but they are better able to withstand this kind of damage than independent. we're going to see a much more significant affect on independents, a lot more closures and that's where the majority of african-americans happen to be positioned who are in the full service dining industry >> we've also talked about the unemployme

kate rogers is here with businesses of all kinds. kate >> reporter: businesses have reached out to congress asking for temporary and targeted liability relief due to the pandemic these would follow public health guidelines and would protect lawsuits from covid-related lawsuits among other threats they have tracked 1,000 lawsuits around the nation tied to covid already. it's sent its own petition of 7,000 signatures from businesses nationwide >> having to face lawsuits because someone got sick even though you may be taking the best available precautions that are widely, publicly described you end up in a situation of mere hopelessness. >> but for lawmakers, there is no easy decision here. cnbc and change research among likely voters nationwide shows a real split when it comes to liability in covid nearly 40% think that businesses should be protected against liability claims, but then, kelly, nearly half think that workers and customers should be able to sue a business over covid exposure back over to you >> this has been a big priority

. >>> i'm kate rogers. wall street looking set to open lower today pulling back after stocks rose yesterday. that was off optimism by investors about the ability of the u.s. to respond to the spike in virus cases. the nasdaq closing higher, the 21st record high of the year and longest winning streak since december. the index led by big tech companies like apple which also hit a new all-time high. amazon is considering added live tv to its prime video service. the efforts appear to be in the early stages but reports say amazon is pursuing licensing deals. amazon has ordered games on prime video and twitch for a few years now and signed an extension back in april. it will start streaming premier league soccer starting june 29th. as movie theaters get set to open doors again, a new feature to help you find health and safety information. the app and website will have several resources including socially distanced seat maps and a search featured to find reopened locations and find out about occupancy limits, mas

. >> julia, we appreciate it we have a news alert from kate rogers >> mcdonald's announcing to day thaturants expect to hire 260,000 employees this summer as they begin to reopen dining rooms around the country. remember, mcdonald's is more than 90% franchise that hiring will mostly be done by its franchisees the company also notes it has 50 new procedures in place to keep people safe as their dining rooms begin to open. this is not the only company we heard from making a big hiring announcement we heard from dominos and papa johns making hirings and dunkin' donuts, 25,000 workers a lot of hiring being done in the restaurant space >> that's good news. kate rogers, thank you the. >>> quarantine is giving people a lot more free time to explore hobbies for a lot of people that's playing video games but will that last as we start reopening? we've got that story next. don't forget, you can always watch or listen to us live on the go on the cnbc app we'll be right back. that's why we're expanding your range of choices. many dealers now offer optional pick-up & delivery and at-home maintenance

i'm kate rogers at cnbc headquarters. here are today's top business headlines. wall street is set to open higher as investors continue to track coronavirus headlines. the markets fell sharply friday amid the surge in cases in part of the country and with some states opening back reopening plans raising fresh doubts about a quick or smooth economic recovery. the dow falling more than 700 points ending at its lowest level in about two weeks. the dow, nasdaq and s&p 500 all dropping for the second week in the past three and focus today a report on pending home sales which measures side contracts. >>> starbucks is pausing ads on social platforms after claims facebook has ineffective in spreadin unilever, coca-cola and verizon have decided to pull or pause their ads on facebook. on friday facebook said it would hide content hateful or endangering voting, removing an exception for politicians. when apple launches new iphones this fall they may have as much in the box as before. a top analyst says apple plans to stop including a power adapter and ear buds with the 2020

fauci kate rogers with the ratest on what is going on on a wednesday morning. good morning >> good morning. the european union could stop american travelers from entering its borders blaming u.s. failures in containing the spread of covid putting u.s., brazil and russia on the top of barred countries dr. fauci says the u.s. is experiencing what he called a, quote, disturbing surge of coronavirus cases. >> a couple of days ago, there were 30,000 new infections that is trouble some to me the way you address that is you have to have the man power, the system, the testing to identify, contact trace in an effective way when you see those increases, you can understand where they are coming from and do something about them. >> in other news, ben and jerrys is joining a boycott of facebook and instagram ads to ask them to stop racially and offensive posts joining the list of other companies. >> and value act's founder planning a new venture to start a social responsible business. >>> both the dow and s&p are within 10% of their all-time highs. the nasdaq is at a new re

. ♪ increasingly important kate rogers joining us now with more on what it is and how it is going to ppy friday, kate >> hi, brian experts do say contact tracing is going to play an increasingly important role in our new normal helping to track those who have been infected and those they may have come in contact with to ensure safety for all involved >> contact tracing is a focused way to respond to the coronavirus. it allows us to slow down the spread of infections without having to do a stay-at-home order. really important to the reopening process. more of a safety valve to prevent the reopening to turning into a big problem >> cities have seen them work firsthand. patterson, new jersey a city of about 150,000 people they had about 6,000 cases with 260 cases daily. doubled response team to 55 with tracers working long hours on many cases the city has lost some 300 people, infections have dropped to around 25 or so per day >> in the absence of treatment and in the absence of a vaccine, this is what it is going to take to reduce the spread of this virus. >> as many as 150,000 tracers

amid fears of possible lockdown in states experiencing covid-19 one sector is getting hit hard kate rogers the story. it is all about dining out >> good morning. restaurants really taking a hit on fears of a second wave of covid hitting the economy. some names fairing better. casual names better darde, bloomen brands and closely associated starbucks down 8% yesterday and projects a $3 billion loss in q 3 due to covid lowering eps guide and estimating it would half projected store openings projecting to on the go openings in some cities in the country. those holding better would hold steady and grow during the pandemic chipolte, dominos wing stop with robust carry out and delivery platforms and partners to cater to consumer preferences in this new normal new data from the group shows as of may 31, nearly 70% of restaurants in cities or states now open for some form of on premise dining major chain transaction data continues to improve overall down 18% full service chain reaction fall. we'll have to see what the speak means moving forward >> those trends there and with the discuss there. you

. >>> we're getting breaking news on starbucks for that we turn to kate rogers. , kate >> starbucks is out with a new letter to the partners or employees this morning saying it will be partnering with the starbucks black partnering network and black starbucks leaders to make 250,000 shirts available to company operated partners in the u.s. and canada to affirm the company's support at this critical time in our history. until the shirts arrive, partners will be able to wear their black lives matter pins or t shirts in passionate support of their community and humanity. this letter goes onto say as we talked about earlier this week, we're designing new t shirts with the graphic below to show we stand together in unity until these arrive, we've heard you want to show your support so just be you. wear your blm pin or t shirt we're proud of your passionate support of our common humanity starbucks is a place where we're all treated with dignity and respect. this is after a story of them not allowing baristas to wear shirts or pins on the job because it's in vital of the

kate rogers is up next with the pulse of main street plus much more on this mornings look like a sell off dow futures down 700 but a quick look at the biggest premarket decliners out there as we head to a break on big market monday. we're back right after this. need better sleep? try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. thats where i feel normal.s an hour, having an annuity tells me my retirement is protected. protected lifetime income from an annuity can help your retirement plan ride out turbulent times. learn more at protectedincome.org. i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no

kate rogers looking at how the restaurant stocks are reacting and what could happen if more states steppedategies kate >> that's right. governor abbott announcement that texas bars must close and c to 50% capacity is taking its toll on some of the names we're looking at here. texas restauranteur tim love who owns several restaurants in north texas says the worth is/ yet dom. thst already lost 8 million jobs so far through may >> things will start coming home i think you see in august it's going to be a bit of an armageddon for restaurants  getting hit really hard. dave and gubusters down 13% dominos holding up more today. restaurants remain open. it's going to be a long timeoá[ things get back normal data along likely voters finds that only 40% of respondents feel it's safe to dine in at of the outbreak even with social distancing in place. kelly, back over to you. >> they face a big head wind thank you so much. >>> let's shift gears to the wall street executives are bracing for a joe biden win in november after the democratic challenger has seen a big surge in recent polls. a number

kate rogers with a closer look at where those jobs are. te. >> hi, kelly experts say that contract tracing will play an increasingly important role and tracing those that may have been exposed to coronavirus and those coming in contact with a focused approach to slow the disease's spread patterson, new jersey, population of 150,000 outside of new york city seeing the success of a program firsthand the city's one of the most densely populated in the country so they doubled the staff on their tracing team to fight the outbreak >> this dense of population, obviously a single case can infect multiple other cases. multiple other people. and spread the disease >> as many as 150,000 tracers could be needed across the country as we move forward for the time being without a vaccine. johns hopkins has an online training course for those interested in becoming tracers, some 70,000 people passed so far and another important point you can do this job from home, that's a key for those looking to volunteer or get paid for their tracing work back over to y

let's agree what the maximum tax rate should be on wealthy people >> i got to get to kate rogers one of our reporters has some breaking news for us what do you have for us? >> the house of representatives subcommittee on the coronavirus crisis is sending letters to the ceos of the nation's biggest banks over the implementation of the ppp program seeking information about guidance giving to the banks and getting those loans into the hands of underserved communities. letters were sent to the ceos of jpmorgan chase, wells fargo, bank of america, u.s. bank, true truest, pnc and citibank they want internal communications about prioritize sags in underserved markets including that i means and funding amounts as well as funds retu returned the treasury secretary and sba were sent letters from the committee seeking information about applications received and loans issued the loans issued part is important because secretary mnuchin said last week that information was confidential we'll see if we get this information. back over the you. >> appreciate it very much lee, let me take a quick break

and finally, the parent company is filing chapter 11 as it struggles during the ongoing pandemic kate rogersls. who could be next, kate? >> filing for channel 11 as the pandemic has rocked business of course it is the apparently coil of the iconic chuck e. cheese and peter piper pizza and about one-third of the locations have rmd last year it fell by 22% but they are not throwing in the towel. they will use chapter 11 to restructure its balance sheet and support long material strategy it was bought taking it private about six years ago. chuck e. cheese is not a traditional casual name. it is more like a dave and buster's which could potentially be in trouble as well but it is notably the big restaurant name to declare bankruptcy. of course we've seen j. crew and jcpenney leading the pack on that >> it is not surprising, chuck e. cheese's seems lying it is out of date for quite some time. the locations around us is not the best but dave and buster's had that great real estate. for years, it was a great stock. but maybe they still face the same head winds if we're going to be looking at an env

kate rogers watching those stocks for us. where some of the commercial banks are under pressure the sector was already under pressure as the second worst performer this year. that's always bad news with wilford frost. >> sometimes i bring good news, but no, banks down 3 to 5%, the world down 35% lower banks have benefited from the late may and early june rotation into cyclical value stocks, but we're now down around 20% just since the 5th of june. why is that? rotation reversal. typically days like today when virus fears resurface, number two, interest rates and that commitment for longer from powell on the sector rotation. there are a couple significant events coming, too stress test results are due tomorrow, and factor earnings are due the second week of july. not perhaps imminent but perhaps more important than the stress test results tomorrow. we can see the scale of bad loans once again when we get to earnings and can expect significant differentiation between the different names at that point, and for a snapshot of that

kate rogers with the run-through there. starbuck's shares lower after all that news. >>> we're going to get the fed rate decision in 15 minutes. with all the fed is doing to prop up the economy, how many moves does it have left? we'll discuss that next. miles to the job site. the campsite. and anything else we set our sights on. miles that take us back to the places we want to go. and to the people who count on us. so, let's roll up our sleeves. because we've got miles to make up. find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. >>> welcome back to "the exchange." since march the feds have released a historic number in the economy due to the coronavirus. as more reopens, what more should and can the fed do to reopen recovery? apparently they have some moves left great to see you both. david, i'll start with you, because there are a couple of interesting things in here, including

kate rogers has what's behind the slow drip of funds this time around as we look at the path forward for small businesses kate >> hey, kelly. that's right, as of may 30th, the sba had made 2.8 million loans, totaling about $120unalle funds remaining. that's a big departure from round one when funding ran out in two weeks advocates say there's a few reasons why the money remains. chapgi ing changing guides from the sba or treasury they issued about a dozen new rules since the program laun launched there's fear of audits there's been call for mass forgiveness of all loans under $150,000 as written right now, nfib research shows small businesses had kmconcerns about being ableo comply with the law. those may be eased now the the senate's passing of the ppp act which can has been sent to the president for his signature. that also extends time frame to spend the aid among other things but it still remains to be seen if the changes will entice small businesses to get into the program if they hadn't already applied to take on those loans and use them to get back on their feet kelly. back ove

kate rogers has the details for us hi, kate. >> hi.t update saying in april u.s. same-store sales fell by 19.2% in may they were down 5.1% through may 31st total same-store sales fell 39% in april around the globe. 20.9% in may they're down 30% quarterly year today. 95% of the restaurants are open. that is up from 75% in april and 99% of sauchu.s. locations stayn this whole time. steals ha sales have steadily improved about they continue to benefit from the strong growth they spend money when they go to mcdonald's in the restaurant industry, this quarterer is when we'll see a lot of the pain tied to the covid-19 pandemic. back over you to. >> tonight, thank you so much for. that don't miss jim cramer's cluf interview with mcdonald's ceo 6:00 p.m. eastern time on "mad money." i cut you off there. my apologies perhaps there is retail sales dat yachlt. >> i'll do both. there is as much chance of trump getting an infrastructure build done than me getting a pool in the ozarks electronics not going to happen. >> what is it that chance? 5% 10

pressure after reporting it expects to lose more than $3 billion in revenue during its latest quarter kate rogers with the details kate. >> in that starbucks projecting the loss of $3 billion in q3, adjusted loss between 55 and 70 cents a share due to covid-19. 91% of stores were open at the end of may comp store sales have improved from being down 63% in april to down 43% in may. in q3 they expect comps to decline between 40 and 45% the company saying it will open new stores in fiscal 2020, down from the original projection of 600. the vision for each large city in the u.s. is to have some mix of traditional cafes and pickup locations. the strategy here alliance with rapidly evolving consumer landscape and preferences we've seen emerge as a result of the pandemic they have sped up their plans to make these changes they originally projecting them to happen over three years, now shortened them to 18 months, guys over to you. >> thanks for that touch on wells fargo, about 9% lower after forecasting higher loan loss provisions in the quarter. investor conference earlier today, cfo noted net interest

kate rogers tracking the details of this one for us kate >> hi, sara the number of working or black ownedary to april that is an outsized number compared to 22% of businesses overall. what is more separate data shows that minority owned businesses were more likely to be nonemployer firms putting them at a disadvantage when it comes to accessing government financial aid programs like ppp simply for being smaller businesses >> the big fear is the increase in unemployment, the decrease in small business owners, the layoffs in jobs is going to create further inequality and longer term inequality >> now several businesses that we spoke to have a boost in sales as protests swept the nation over the killing of george floyd in police custody in minneapolis and business that's we talked to got really creative during the pandemic in order to stay afloat then saw some new customers coming their way amid this push to support black owned businesses, customer that's they're hoping will stay with them past this time, guys back to you. >> wonder, kate, you've done so much work in reporting on ppp and the

kate rogers with details >> hi, sara. they announced the restaurants anticipate hiring 260,000 workers this summer as the dining rooms begin to reopen the company added that 50 processes have been put in place to keep diners safe. earlier this week the company said 1,000 u.s. dining rooms have reopened. mcdonald's though not the only restaurant that is hiring. we heard from papa johns, dominos and subway today hiring tens of thousands of workers as consumer preferences shift during the pandemic. that being said, the restaurant industry at large is very negatively impacted in recent months in fact, the national restaurant association projects eight million employees have been furloughed or laid off with $120 billion lost from march through may. back to you. >> thank you for that. >>> after this break, identifying future covid-19 hot spots. we'll speak with the ceo of a company that is working to create an early warning system through the network of smart thermometers you're watching "closing bell" on cnbc. ♪ ♪ ♪ ever somet

kate rogers joins us with more on that front. ky good morning mcdonald's giving an update on the sales trends for the quarter to date. we'll take you through them. for the month of april u.s. same store sales fell by 19.2%. in may, they fell by 5.1%. quarter to date through may 31st, down 12% total they fell 39% in april, 20.9% in may and down nearly 30% quarter to date through may 31st 95% of u.s. restaurants are open comp sales have steadily improved but remain negative along with guest counts, particularly during breakfast. comps benefit from strong average check growth reduced seating and 100 remain closed due to their locations, like those in shopping malls the company is expecting to invest $200 million through incremental marketing to drive growth and accelerate the recovery it's providing targeted support for 23r5franchisees based on individual needs and providing support for certain restaurants that are facing circumstances internationally. like other restaurants including starbucks, it seems that the brunt of these covid

we're getting some business updates from starbucks kate rogers joins us right now she has more on thatate >> reporter: that's right. a lot of numbers out this morning. the biggest one here starbucks saying it has lost as much as $3.2 billion in revenue during the fiscal inquired quarter during to the covid pandemic some other numbers in the u.s. currently 91% of stores were open at the end of may. comp store sales have improved they were down 63% in april to 43% declines in may. final week of may sales fell by 32%. that marks the sixth consecutive week of improvement. 90% of sales in the u.s. are mobile in q3 for the u.s. business company expects comps to decline by 40% to 45%. china, 99% of stores are now open comps fell 21% in may. down 14% in the final week of the month. 22% of orders were in mobile and in q3 starbucks is projecting comps to be down between 20% and 25% in china the company is announcing some new store format changes say it will open up 300 new stars in fiscal 2020 down from an original projection ever opening up 600 stores. repositioning stores and blending store fo

kate. >>yes, dramatic indeed catherine because the nfl is reversing its stance on peaceful protests during the national anthem at games commissioner roger goodell and the league have admitted that they were quote wrong for not listening to nfl players earlier. this in a video released by the league on twitter today. >>we the national football league. condemn racism in the systematic oppression. black people. we the national football league it we were wrong for not listening to nfl players earlier. and encourage all to speak out. and peacefully protests. read the national football league leave my lives matter. >>this course correction is in direct response to a star-studded video released by nfl players today athletes like patrick mahomes deshaun watson odell beckham junior and many more appeared in an emotional video pleading with the nfl to officially condemn racism. support the black lives matter movement. now this all stems from protests that began in the 2016 season led by colin kaepernick in which nfl players knelt during the national anthem to protest police brutality at the time the league spoke out against that protest even issu

kate rooney joins us live in the newsroom with more on this case. >>yes, catherine the nfl is reversing its stance on peaceful protests during the national anthem at games commissioner roger goodell and the league have admitted that they were quote wrong for not listening to nfl players earlier this in a video released by the league on twitter today. >>we the national football league. condemn racism in the systematic oppression. black people. we the national football league it we were wrong for not listening to nfl players earlier. and encourage all to speak out. and peacefully protests. we've been national football league believe my lives matter. >>this course correction is in direct response to a star-studded video released by nfl players yesterday athletes like patrick mahomes deshaun watson and odell beckham junior many more as well appeared in an emotional video pleading with the nfl to officially condemn racism and suort the black lives matter movement. now this all stems from protests that began back in the 2016 season led by colin kaepernick which nfl players knelt during the national anthem to protest police brutality at the time the league spoke out against that

roger, thank you very much, good to talk to you this morning. of course, the family, gerry and kate which is the 21st, 22nd before the astronomical summer. but there will be a bit of sunshine over there will be a bit of sunshine over the next few days. as we have seen this morning in dorset and the south—west of the uk, but a lot more cloud around now, we noticed that yesterday, cloud descending onto the hills in the north of scotland with outbreaks of rain, and that sets up the next few days, more showers around the country, not rain for every garden, particularly in the south, but while we stick with a cooler theme through the weekend, turning much windier tomorrow into saturday especially, and that is because we have a developing area of low pressure to the east of us, and on the western side of it some pretty strong winds, gales are expected for the northern half of the country, then a northerly flow of wind dropping temperatures even further. a few showers today pushing from scotland, northern ireland, northern england and wales, sunshine developing in between, not many showers