let's go back to lauren simonetti with those numbers. : hey, connell, wall street is not liking the numbers they just heard. gap sales in the quarter down 43% year-over-year to $2.1 billion that was worse than expected and the share price is down 5.25% today. earnings unadjusted, a loss of $2.51 a share. if you look in the numbers this is what's important. online sales up 13% in the quarter and online sales in the month of may doubled. so that is a bright spot. however, you know, they said they're not providing an outlook for the year. they're not even providing those comp sales, same-store sales. but i went through some of the numbers. if you look at atleta, one of their best performing units, if you include worldwide net sales, in store and online for the quarter, down 8% that was the best of all of their brands. the worst was the gap itself down 50%. it was not a good report. as you know they do owe rent to the largest mall operator in the country, simon property group. gap says they have $1.1 billion in cash on hand. connell? connell:

lauren simonetti has more.s makes your heart sink. >> well, new jersey is certainly allowing kids to play ball again but comes with a major catch. that is low risk sports like golf and tennis were given the green light to resume. baseball is considered medium risk, so it's on the same level as outdoor basketball. games have to wait until july 6. the premier u.s. amateur baseball league is taking issue with the designation and the time line. they say baseball is a limited contact sport and should be allowed to open for the fourth of july and before indoors dining and gambling are allowed in new jersey on july 2. the league says that the state's murky guidelines are keeping many fields closed so parents are spending money to travel to other states so their kids can play. on top of all of that, dana, the parents have to sit in their cars for social distancing. they can't even watch their kids play. >> dana: i didn't know that. the league has a good point. lauren simonetti, thanks for joining us. i'm dana perino. s

let's go to lauren simonetti. she has the answers. good afternoon, cheryl, fedex's report for the fiscal fourth quarter, may be example of doing more and making less. the residential businesses is booming but that is the less profitable part of the business. it slapped surcharges on some shipments to handle unprecedented volume during the pandemic. the most profitable part of the business is commercial. they're down sharply as the businesses are closed. air cargo capacity is strained. medical supplies to site the virus is given priority while passenger space is limited. fedex is spending money to keep the workers safe. look at this, earnings $1.62 in the quarter on revenue of $16.54 billion. that is about one billion dollars less than this time last year. cheryl, analysts are expected to hear how fedex is cutting their costs, how they're continuing to integrate europe's tnt and leveraging relationship with microsoft cloud and intelligence to challenge the big competitor, amazon. cheryl: getting their own planes in the air these days. t

melissa: let's go to lauren simonetti on the markets. lauren: the markets are shrugging all the violence off. at two days in a row a three-month high. investors continue to focus on reopening and recovery from coronavirus. look at that, the dow up over 1% today. we're seeing this rotation into cyclical panned value stocks, many of which had been beaten down sectors including airlines, hotels rallying back today. retailers too. visa came out said payment volume was recovering, suggesting that the consumer was starting to come back. gap shares up big for second day up almost 8%. take a look here, macy's and nordstrom sharply higher despite many of their stores being looted during this national unrest. that unrest has sparked a rally in property and casualty insurers like old republic as well as some of the gun stocks. look at smith smith & wesson up. businesses and consumers are looking to protect themselves right now. facebook stock also unpressure today. so is the ceo. "new york times" got hold of an audio call between mark zuckerberg an

blake burman at the white house, lauren simonetti is watching the markets, and edward lawrence is in washington with those rock star jobs numbers. let's kick it off with edward. >> reporter: yeah, melissa, the private sector actually created 3.1 million jobs and government jobs you lost 585,000, that's where we settled for a net gain of 2.5 million. all the estimates thought there would be huge losses on this. if you go inside the numbers, there's actually some very interesting statistics here, digging deeper into this. just take a look at this. leisure and hospitality creating 1.2 million jobs, construction adding 464,000 jobs. another 424,000 jobs created in education and health services. get this, dentists' office alone hiring back 245,000 people and retail up 368,000 jobs. president donald trump calling this start of a rocket ship recovery. his economic advisers backing that up. >> this was a sharp, tough, heartbreaking pandemic contraction. it's not a typical economic contraction. it was like a bad hurricane or ad bad snowstorm. there was a lot of heart ache and hardship in that

lauren simonetti is live with the potential fall out. lauren? >> that's right, charles.ty mayor bill de blasio wants to shift funding nypd which has a 6 billion-dollar budget to use in social services and has some support from the police department to do so. commissioner determine not shea says this, quote to help the cities in our city i'm 1000% behind. shifting some funding from the police to youth programs. charles minneapolis wants to go even further. a majority of its city council supporting a measure to dismantle the city's police department following the death of george floyd in its custody. although minneapolis mayor jacob frey is not on board. >> am i for entirely abolishing the police department? no, i'm not. so over the coming days and weeks i'm looking forward to working with council and talking with them about deciphering what particularly they mean when they say ending and abolishing. charles: so. reporter: what does a police-free or future look like? no one is certain. congressional democrats today introduced legislation that is being called transformative

lauren simonetti covering all of that for us. lauren: it is amazing connell, it is called unloved or perhaps misunderstood rally. it goes on. the s&p 500 advanced over 1%. the nasdaq jumping and the dow, the best performer of the group here up 2%. back above 26,000, so for perspective it gained 8,000 points from its march low. it is about 3,000 points from the all-time high. leading the market, financials, industrials, energy. they're all economically sensitive sectors. they're getting boost from the country reopening and people spending money. american express and jpmorgan, they're among dow leaders, boeing surging 12% on a compensation package with the largest travel company in europe over grounding of its 737 max jet. airlines in general putting in a stellar performance again. that is on the reopening hopes. you had another analyst cautioning on the sector today, cowan says the carriers are too large. fleets will have to be cut off by 20% to match demand in the near future. look at that delta up 8% today. drive home reopening t

i will get more details from lauren simonetti who is with us from new york. lauren.auren: charles, almost like it is coming full circle, right? many of these states told new yorkers, for instance, if you come here quarantine yourself. now the same is happening effective midnight tonight. let me show you the nine states that will be under a travel advisory if they're coming to new york, new jersey or connecticut. they're washington, arizona, alabama, arkansas, utah, florida, north and south carolina as well as texas. as you know all of those states have reported a spike in coronavirus infections. here is new york governor andrew cuomo. >> we're announcing today a joint travel advisory. people coming in from states that have a high infection rate must quarantine for 14 days. and we have a calibration for the infection rate and any state that goes over that infection rate, that state will be subject to the quarantine. reporter: about half the country, charles, is seeing a spike in infections. let's show you this map. if you look at the red states, they have seen a 50% s

lauren simonetti for market reaction, lauren? lauren: believe it or not stocks are kicking off the new week and new month in the green as coronavirus treatments and the nation's reopening are outweighing the civil unrest and looting that kristina was just discussing. dow up 91 points. nasdaq up 62. in the end positive news on the medical side, eli lilly starting antibody drug trial. gilead out with remdesivir trial showing significant improvement. moderna phase two of vaccine trial not all the companies rallied on positive news. what did rally today? companies that beaten down so much, stand to benefit from successful reopening of country and airlines, cruise lines and hotels. gap is up 11%. things might not be as bad as clothing store, but first thought, stores close to close find themselves dealing with crises colliding. coronavirus and riots. minnesota companies, target best buy closing stores for damage or in anticipation of, nordstrom, walmart, cvs doing the same. many of the tech gave ants, apple, amazon facebook, microsoft

lauren simonetti following all of that. lauren? lauren: hey, neil.could play ball again but there's a big catch. we are trying to understand it. so as of monday of this week, low risk sports could practice and play again. golf and tennis specifically. but baseball is considered a medium risk sport along with outdoor basketball and soccer. so practices can happen now but games will have to wait until july 6. well, the u.s. am chateur baseb league takes issue with all of that, saying first, baseball is less physical than the other sports so games should be allowed sooner, like in time for the fourth of july holiday. they also say that few fields in new jersey are actually opening for them to play because there is so much confusion about what's allowed. listen. >> when you have the experts in the state who are giving these guidelines but they are so vague that you can't really interpret them one way or the other, you have 565 some odd towns in new jersey who now have to become doctors, lawyers, police officers and coaches and they just throw their hands

let's go to lauren simonetti for market reaction there. lauren? lauren: it was a volatile session to say the least, melissa. the dow was down 334 points at the low. closed off of that but still sharply lower, down 282 in the end. look at this, the nasdaq made a go for it. first time ever it closed above the 10,000 milestone. apple became the first company, melissa, to reach a one 1/2 trillion dollar valuation. it hit a record high. so did amazon, microsoft, facebook and tesla, piercing $1000 a share for the very first time closings up $84 today as ceo elon musk is looking to ramp up production of the all electric semitrailer truck. dan ives, bull case for shares is, forget 1000, it is 1350 bucks. he is optimistic on tesla's battery technology getting more miles per charge. look here, this is what weighed on the s&p 500 today. many names are familiar. they led the market from the march lows higher through the reopening of the country. you can see gap down 11%. norwegian cruise lines down 14% and some airlines sharply lower. jpmorgan downgraded unit

lauren simonetti following very very closely some of the ideas that are being bandied about here and uren? lauren: hi, neil. well, seattle city council is the latest to talk about defunding police, redirecting money from the police department to other areas that could protect public safety and then seeing what that looks like as protesters in seattle block streets, set up tents. you're looking at what's going on. they even have an area they are calling the chazz, the capitol hill autonomous zone. here in washington, alexandria ocasio-cortez is calling to defund the police, arguing that money should be spent on school funding. listen. >> so the problem is not a lack of resources here. in fact, many folks here in our community say that the problem is the opposite. it's that not enough resources are being put into the very kinds of social programming and investments that prevent crime and social discord in the first place. lauren: how much do we spend on education? $739 billion was spent on public primary and secondary education. that's about seven times more than is spent on police depa

lauren simonetti has details of this brave new world. : i guess, charles, it is about influencing each other and us in the process. we'll show you some of the houses if you will. mostly they're in california. clubhouse is 8800 square foot mansion in beverly hills, you're looking at it. beautiful backdrop for all the tiktok videos that often go viral but there are other houses. one is called the hype house t has its own social media handle and millions of followers. another, charles, is called the sway house which has rated allegedly like a frat house with late night food delivery, amazon boxes, piling up and complaints from neighbors. but the rules of all the houses are, you know, you can't really have visitors without permission. no partying. you have to make content. usually three content, three videos per day. and as you know, a lot of snows can make a lot of money. that is how they pay for the houses. either talent manager of these stars, i guess we can call them stars, these tiktok stars or stars themselves pay for the house. let me

first throw to lauren simonetti on these markets. lauren: it was a weird day. it was certainly a volatile session, so the morning you had an 800 point rebound after yesterday's 1,800 point sell-off we saw it evaporate by the afternoon and then come back again so late morning the federal reserve said it's worried about a slow return to normal and permanent job loss and you can see when the market came down and then in the afternoon the cdc said a spike in new coronavirus infections may require prevention efforts like the ones we saw in march, so very volatile and what that volatility did was it pushed the vix, the fear index at one point above 43. at the bell this is the gains that we saw the dow jones industrial average closing higher by 477 points the nasdac up 96, s&p up 39 for the week, not so good all three major averages down pretty sharply here making it the worst week in about three months. also snapping what three week winning streak you can see the dow's worst performer down 5.5% so the gains today that held come the close were financials and travel co

fox business team coverage, blake burman is in washington and lauren simonetti is watching the markets. let's start with blake with the latest from the white house. reporter: hi, there. there is a debate taking place in washington up on capitol hill about the future of the $600 federal uninsurance benefit that came about during the cares act. we will give you a live look right now at the senate finance committee, the labor secretary eugene scalia testifying there. republicans and the white house argued that benefit has become a hindrance for businesses since some people are actually making more money on unemployment. democrats, though, are making the argument to republicans saying how can you say more people are coming back into the work force, yet this is also a hindrance? they are saying that doesn't really work hand in hand. they are also saying that this $600 plus-up should continue until the end of the year. watch. >> when secretary scalia failed to offer a plan to give benefits out in a timely way, democrats proposed a flat sum solution. $600 per week. >> the $600 benefit was an

lauren simonetti is watching the markets. blake burman is live at the white house. s kick it off with lauren. lauren: really choppy session, guys. while the dow did close

we'll kick it off with lauren simonetti on today's selloff. lauren? lauren: melissa it spared almost no one today. investors are still reacting to the federal reserve's cautionary tone about the recovery yesterday, along with the cautionary tone from the pandemic itself as more states report more coronavirus cases. that is raising fears of that second wave of infections as the economy struggles to recover. another 1 1/2 million americans filed for unemployment benefits last week. number have fueled, received aid for two weeks stands at 21 million. stocks that have outperformed as the country reopens are the ones getting hurt the most today, like travel shares. look at some travel names. many of them have doubled sentence their lows in mid-march. so they still have more selling possible, if you want to look at it that way. look at that, united down 16%. also look here at homebuilders. shares deeply, deeply in the red as fears build that a second wave could hit the real estate recovery that we've seen. take a look on the medical side of things. a rare g

that is something lauren simonetti has for us. also wrap-up of the market day on another record-setting day, lauren. lauren: we'll start there and talk about the your free peloton bike, connell. dow closing 153 points to the upside. nasdaq, number 20 record closes in the year, in 2020, all-time high gaining 110 points. apple and microsoft led the dow. they finished record territory, joined by facebook, netflix as well as amazon. it was not all good news. take a look here. look at sales of previously-owned homes they tumbled 9.7% last month and 26.6% on an annual basis this is may data. it largely reflects purchases made in march and april which was hat the height of the lockdown. that is what many analysts call this report the bottom of the market. they are predicting in fact they're seeing a sharp reef bound, especially as the pandemic and also the protests everything melissa and charlie were talking about have made city living unpopular for some. that's why we're seeing landlords designing gel perks like free three months rent an

lauren simonetti, thanks for joining us. i'm dana perino. see you on "the five." here's trace gallagher. >> thanks. good afternoon. i'm trace gallagher in for bill hemmer. a pentagon spokesperson says hundreds of national guard troops have been activated to defends monuments in the nation's capitol. protesters vowing to tear downs the emancipation memorial in lincoln park tonight. this comes as president trump is expected to sign an executive order to protect federal statues and monuments. meantime, wisconsin democratic governor tony evers has also called in the national guard after protests turned violent. we're covering this from all angles. in a moment, i'll speak with mike johnson and mike tobin has the latest on protests in wisconsin. first, to lucas tomlinson. his reporting live from lafayette square in washington d.c. lucas? >> good afternoon, trace. all is calm in front of the white house. 400 national guardsmen from washington d.c. are on standby just in case. so far they have not been deployed to the monuments in the nation's capitol. d.c.'s mayor called

lauren simonetti joins us with the grim numbers. lauren: it was a deadly father's day weekend. let's start with chicago. if you look there, across the city, 67 were wounded, 11 were killed including a 3-year-old boy. the police superintendent says violent offenders are let out of jail too soon, not being monitored enough when they go back. there was also a deadly shooting at the chop protest zone in seattle. a teenager died. someone else was shot last night. neighbors are very very concerned about their own safety. and the businesses, too. let's go to minneapolis. one dead, 11 wounded over the weekend and in new york city, 24 people were shot on saturday alone. one reason for the city's uptick is defendants arrested for gun possession were allowed to skp l bail during this virus so protesters from coast to coast want to defund or disband police departments kind of when we need them the most. ashley: yeah. you're absolutely right. not a pretty packet. thank you. i want to go back to seattle. as you mentioned, police are investigating yet another shooting inside chop. the capitol

nice to see saks reopening by the way, great stuff lauren thank you lauren simonetti in manhattan thisck you heard it right the reason why when we come back. stay with us. maria: welcome back, a bit of a blast from the past. the mullet haircut a comeback hairstyle america loves to hit a milley cyrus the look earlier after her dad rocked it in the day dagen did you ever have this haircut. >> i never even had a perm in 80s, so i avoided that. thank the lord, milley cyrus haircut the is carol brady haircut from 70s, sort of a mullet not really, by the way, where i come from you call it a show low, short in the front long in theback, business in the front party in the back i -- chuck rocha appeared on fox frequently worked on bs campaign tweets photos of the mullet he had in texas i am giving in 80s, it was epic, better than billy ray cyrus mullet the back had a home perm really, really curly curly curly in the back supershort in front with baseball chuck, best mullet i have seen a lot of them, ever laid eyes on. >> the what do you think ryan, cabot you can pull that off; right? >> the per

lauren simonetti following it all. lauren? lauren: i remember those numbers at 8:30 this morning. scratched my head. i said is this correct? it is correct, neil. let's look at where the markets are now. the dow has regained the 27,000 level. it is up five days in a row. the nasdaq at this level has surpassed its record closing high, last hit in february. it looks like the s&p 500 is about 29 points away from being positive for 2020. boy, have we come a long way since the march lows. suggesting that not only has wall street's recovery looked like a v, but main street's recovery might be v-shaped after all. listen. >> -- actually be back higher next year than ever before. the only thing that can stop us is bad policy, frankly left wing bad policy of raising taxes and green new deals. lauren: the president went on to say that payroll tax cut could be coming and more stimulus for the battered entertainment industry and the restaurant industry and with that, look at these party stocks all rallying with the rest of the market. lots of these jobs in the entertainment sector and restauran

i want to go to lauren simonetti.wing another development in this reopening that's going on. we told you about airlines that are going to be in disarray because advance bookings don't look good. imagine what it's like for small businesses, many of whom even with these reopenings might never get the chance themselves. what's going on here? lauren: but they show that they are resilient and also optimistic. you saw this morning the national federation of independent businesses put out their latest may optimism index and it rose. small business owners are showing they can reopen, they can reopen safely. the question remains will customers return to their stores. that's the worry. we have seen it from many small business administrations, we have heard it from the chamber of commerce. they are predicting it is entirely possible that 12 million small businesses will not be around in the next six months. and that's why small businesses need to unleash their innovation and their adaptive spirit. i spoke yesterday to the vice p

lauren simonetti has more from new york. lauren?e tristate area is just starting to reopen after a lockdown that was for months. as the number of cases here declines, the number of coronavirus infections elsewhere continues to spike. take a look at the map that we are showing you right here. these nine states, washington, arizona, alabama, arkansas, utah, florida, texas, north and south carolina, will be hit with a travel advisory by new york, new jersey and connecticut effective midnight tonight. here's new york governor andrew cuomo. >> we are announcing today a joint travel advisory. people coming in from states that have a high infection rate must quarantine for 14 days and we have a calibration for the infection rate, and any state that goes over that infection rate, that state will be subject to the quarantine. lauren: so other states could be hit with this 14-day quarantine as well. take a look at this map. it shows basically half the country, connell, seeing a spike in infections. if you look at the red, the red as you can s

lauren simonetti has more on that. hey, lauren. lauren: good to see you. with microsoft. the ceo releasing this tweet just now. there is no place for hate and racism in our society. empathy and shared understanding are a start but we must do more and he continues, well, apple is doing more. in a memo obtained by fox business, tim cook writes this. george floyd's death is shocking and tragic proof that we must aim far higher than a normal future and build one that lives up to the highest ideals of equality and justice. apple going a step further, donating to equal justice and human rights groups and matching employee donations in june that do the same. brand expert chris ruby says taking action against violence is necessary right now, also, as many companies big and small take action to protect themselves from violence. if you take a look at some of this video, apple, their popular fifth avenue flagship store in new york city, they actually put scaffolding up around it, as we have seen many businesses from coast to coast do, even though the looters unfortun

lauren simonetti has been following all of that very very closely. lauren?is better than old so let's take a look at new home sales. this is for the month of may. it's a gauge that measures when a contract is signed. it's a relatively new or current measure. whereas if you look at the right side of the screen, this is the data we got yesterday, sales of previously owned homes, by far the larger part of the housing market, fell almost 10% because that data measures when a contract is closed. so there's a lag of one to two months from when it was signed. those contracts were essentially signed at the height of the dlou lockdown. as we continue on this road to recovery, homeowners are realizing they need a lot more from their home and the current inventory just won't cut it. listen. >> the inventory is really viewed as obsolete by a lot of new home buyers. they are too far out, the houses are 50 years old, they require too much work. builders are really capitalizing on that and building entry level homes now that satisfy the demand for office space, home gym sp

lauren simonetti on that and more as the city comes back to life. yone wants back in, right? lauren: well, that's the issue between the pandemic and the protests, many people have left new york city and other cities seeking space, seeking quiet. so you have the landlords now trying to attract new tenants and keep the ones they have, dangling perks, everything like a free peloton if you sign a 24-month lease. up to three months free rent in some cases, if you are renewing your lease, meaning you are an existing tenant, you probably have the best chance to negotiate the best terms with your landlord because they want to keep you. as people flee big urban areas, we are seeing rents go down. let me show you some examples. in san francisco in june versus last june, rents are down between 6% and 9% depending on the number of bedrooms in the apartment. in new york city they are down between 1% and 3%. obviously san francisco and new york are more expensive cities in the country but where are these people going? in most cases, to the surrounding suburbs. let

lauren simonetti right now on the ongoing concerns about two weeks after the fact, the death right nowge floyd and the fallout with derek chauvin, the officer who infamously had his knee on mr. floyd's neck appearing in court today for the first time. lauren, what can you tell us? lauren: the future of policing is in question right now, neil. so the minneapolis city council voted to dismantle the minneapolis police department for the killing of george floyd in their custody. listen. the mayor is not on board. >> am i for entirely abolishing the police department, no, i'm not. so over the coming days and weeks, i'm looking forward to working with council, talking with them about deciphering what particularly they mean when they say ending an abolishing. lauren: what does a police-free minneapolis or any city, quite frankly, look like? nobody knows at this point. that's what they're discussing right now. people that i have spoken to say it's about reducing the breadth of police work and turning to market forces, the job market, community programs, to fix some problems such as mental capa

the country pushing more than police reform, some calling for dismantling police departments, lauren simonettis here with the details, good morning, lauren. lauren: while many police departments, dagen, good morning, are expanding the new york has 6 billion-dollar budget and cut fractionally in next year's proposed budget while youth programs will be cut by 32%, mayor de blasio wants to reverse that. >> we will only do it in a way that we are certain continues to ensure the city will be safe. lauren: the minneapolis city council went further with 9 of 13 members supporting a measure to defund the city's police departments 10393 and the country has power to override veto who was heckled and booed loudly. >> yes and no question for you, yes or no, will you commit to defunding minneapolis police department? lauren: what does police freeze look like, trey gowdy on sunday morning futures? >> who is going to arrest bad people and enforce any law, child section afuse, homicide, who will do it if it's not the police? lauren: democrats in congress will introduce justice and policing act, dagen to chang

lauren simonetti with all of the details now. lauren: doors, they're coming back.bidets, mud rooms, double master suites. homeowners are reimagining their homes as offices, schools, gyms, even playgrounds. that means once popular open floor spaces may have seen their final day as people seek out privacy and noise control. more homeowners are turning to things like soundproof insulation and barn doors to transition their open spaces and even more extreme, separate areas that keep germs away including mud rooms and guest bathrooms with touchless faucets and self-cleaning toilets. one designer i spoke to predicts that soon floor tiles will take your temperature and mirrors will check your vitals. if any of this sounds appealing, a few things to know before you start your home renovation, it will likely take you longer from the supply chains being disrupted to labor crews having to practice new safety measures. municipalities are taking a long time in some cases to approve permits. but you may get more bang for your buck, many contractors are looking to get men and wom

lauren simonetti is right there at saks fifth avenue. are they opening today? en: they are opening in less than two hours from now, stuart. remember the barbed wire that was around this store to protect it from rioters just a few weeks ago? that's down. the window displays are up. take a look. you can see some mannequins behind me. i will walk through. now you just see empty space, stuart. this is the iconic flagship 40th store of 40 saks nationwide to reopen among the pandemic and we are looking at empty windows. this could change in the next two hours bii gut i got to tell, i was expecting something like the christmas windows tourists come to see. that might be the problem. who exactly is going to show up on fifth avenue to shop at saks today? luxury shoppers are at their summer homes, shopping online, concierge service, and the tourists, very few tourists here. they represent about a third of saks sales. there are things that are missing and one more thing before i go, stuart. i want you to look at this picture because they made so many precautions and change

lauren simonetti, no tent, but perhaps four seasons. that would work i'm sure. k you very much. lauren: sure would. ashley: sure would. day two of new york's reopening. here is what times square looks like right now and, yep, cricket, cricket. not many people out there. a few folks walking around, not even much traffic. that is not the times square we all know that is for sure. but day two of phase one of opening in new york city. that is how times square looks right now. up to 400,000 workers returning to work by the way this week. we have new cdc guidelines on the subways. will that help or hurt the recovery? we'll get into that. >>> we brought you this story yesterday. an iconic new york pizzeria says it is time for life to go back to normal. they are defying the governor's orders, and they will join us in the next hour. ashley: all right. let's check the market. we're watching nasdaq touching an all-time high yet again. it is on track for a second straight record close after closing at a record high yesterday. now it is back on track. however, you can see the

brian: lauren simonetti is with our sister network fox business and joins us live in new york city withlly ready that quick? lauren: they say they're ready and they say they are excited, guys, but you'll remember that b arbed wire fencing and the boards that protected this iconic fifth avenue store, from the riots a few weeks ago. this is the 40th of 40 sachs nationwide to reopen their doors during the coronavirus pandemic and what they are doing is taking down those boards and fences and replacing it with this. these are window displays. they are dark, they are under stated, and i think that's the point. they say welcome back, nyc. we miss you. the store will open in about two and a half hours from now. one thousand workers will be inside welcoming shoppers encouraging them to wear masks. you'll see purple and green lights employee enating throughout the store, the 22 escalators will have uv light that will disinfect the rails, so shoppers feel more comfortable, and then there's these separate areas where you can make your returns. the items that are brought back will be clean, they wi

lauren simonetti from our sister network fox business joins us live with the state of the housing marketging it's the pandemic and the protests they've marked a shift in what people want from their homes and where they're going to find it. we seen an exit as some are calling it a mass exodus from cities to suburbs whether it's privacy people are looking for homes that can support not just working from home but also schooling at home, studying at home, and working out at home. you can't always find that in an older home. listen. >> the inventory is really viewed as obsolete by a lot of new home buyers. they are too far out the houses are 50 years old and require too much work. builders really capitalizing on that and building entry-level homes now that satisfy the demand for office space, home gym space. lauren: that's one of the reasons sales of previously- owned homes fell 9.7% last month, and inventory is tight for a buyer, ainsley, that wants a lot more. new home sales data come out at 10:00 this morning so we'll find out just how many homeowners are building their dream homes because

come in, lauren simonetti. governor cuomo was not happy about that but he wants to take it out on the whole city as a result of a few people going out, right? lauren: that's right. governor cuomo says he is threatening to reverse the reopening because of violators. listen. >> before i reverse a statewide position, i'll tell you what i'm going to do. i'm going to reverse it in those areas that are not in compliance with the rules. manhattan and the hamptons are the leading areas in the state with violations. local government, do your job. if we have to close, then people are going to hold you accountable. lauren: so david, he's putting the onus on local governments. well, let's talk about new york city which is in phase one. phase two is expected to start in early july. a lot of people are looking forward to that. well, mayor bill deblasio, the mayor of new york city, says this. we have social distancing ambassadors out all weekend distributing masks and encouraging people to disperse after making their purchases

lauren simonetti, this is mostly positive developments. why don't you start with mortgage applications. lauren: they rose last week, the most in 11 years, up 4% on the week, up more than 20% on the year. talk about refinancing. they have doubled in the past year, up 106% thanks to ultra-low rates that are here to stay through 2021, according to fannie mae. but there are challenges in the market. a big challenge right now is supply is not meeting the demand to move, the demand for new homes. as such, we saw may construction of new homes rise 4.3%. a decent number but not enough. keep in mind two things here. number one, it's may. some workers in some states are just getting back to work. construction was just restarting. also keep in mind the red tape. it takes a lot of permitting, a lot of costs to build a home. you have to work with local and state regulators. so positive signs but they need to add more supply to this market to keep up with this raging demand. stuart: i see permits were up 1.2 million i believe in the latest month. that's