. >> hey, wilfred. we need to keep our foot on the gas as he urged congress to do the same and continue support for workers for small businesses and for state and local governments. >> it would be wise to continue to support people out of work and signaller businesses that may not have vast resources for continued period of time not forever but a period of t e time the economy is beginning to recover and i think that support would be well placed at this time. >> clearly over two days fed chair jay powell not moved by better than expected data. really gave no hint of easing of fed policy in response three things, additional support -- the bottom of the range -- >> steve, we're losing your audio there. the third thing, balance sheet, not a big concern according to fed chair for stoking inflation. steve liesman turning to the fresh concerns happening over the coronavirus in china china is racing to contain a new outbreak our eunice yun is live with the latest thank you so much for being with us tell us wha

wilfred, listen up it's contour, right? the lipstick >> yeah.hat's a really good point i think kylie sort of used -- people talking about her lips to her advantage and created a brand out of it. and yes, kim kardashian is the queen of contour but aren't we all, sara. aren't we all. >> yes i try hard rahel solomon, thank you very much >> same. sure >> just another half an hour left of trading. s&p 500 heat map for you shows the strength is broad today. health care is the only sector in the ed. financials on top, industrials, energy, real estate, materials all going strong look at the 4% move there highe for the banks and financial stocks >> some nice contours on the chart. >> there you go. contouring as well as kim k. here are the three things driving the action i'm glad you learned that. the reopening trend as states continue to loosen restrictions, the am excfo just noting that consumer spending has significantly recovered since april, helping amex's stock in the dow. a rotation into cyclical stocks, the banks, retail, beaten down sectors, big

wilfred and sara, take it away >> i'm going come rain or shine when james bond comes out.00 point swing on the dow throughout the session we're down about 150 points or .5% as we stand let's have a look at what is driving the action today fears of a coronavirus resurgence as apple recloses some stores in florida and arizona.

joining you now michael, you heard what wilfred brought up there. that capacity of whether or not the capacity to lend, what is the key take away from you is it as big a deal as it would be in the markets. >> those can't be overlooked at the end of the day, we continue to believe this is an earnings as opposed to capital or liquidity issue the fed has taken measure. going through an additional stress test to prepare and navigate the choppy waters. >> over the past several months and years, we've known banks in america are better placed. investor what is getting in the way of investors saying i want to buy banks. >> that is a good question this is the longest recovery we've had going back a hundred or so years. there is a fear that credit losses would materialize i don't think anybody thought it would happen as sharply and quickly as we did with covid-19. in the cause of the great financial crisis >> you have a fairly wide coverage universe there. what exactly will be the strength, the relative strength in this kind of environment and what type of ba

wilfred and sara, take it away >> i'm going come rain or shine when james bond comes out. i'm wilfred frost along with sara eisen i another 600 point swing on the dow throughout the session we're down about 150 points or .5% as we stand let's have a look at what is driving the action today fears of a coronavirus resurgence as apple recloses some stores in florida and arizona. airlines, banks, retailers, they're all moving lower put on the positive side, a report that china will accelerate agriculture purchases from the u.s. which could deescalate some trade tensions and we're set for a particularly volatile final hour of trade this is the s&p 500's first major options and futures rebalancing day of the year. we have 59 minutes left. we're down just over .5% sara >> coming up on today's show, pressure mounting on apple over the treatment of app developers weeshgs going to speak with roger mcnamee ahead of the developer's conference plus, david kenny holds not only the company's ceo title but also the chief diversity officer. he'll discuss neilsen's recognition of juneteenth

welcome back, everyone if you are just joining us, i'm sara with wilfred and mike take a look at how we finished up the day on wall street. near the highs of f the session. saw that little tick up into the close there. no real clear catalyst there continues to be a lot of skepticism around this rally given some of the challenges we face economically and financially. but but there's the stock market closing up, s&p .8%, third day in a row of gains. nasdaq up .6%. tech had been lagging earlier in the day, joined the party and everybody closed higher. energy, materials and industrials at the top of the pack the russell 2000 also had a pretty strong day closing up less than 1% investors are now awaiting earnings from zoom video which has been one of the hottest stocks on wall street. we'll have instant analysis once those results are out the first time since covid-19 that we will hear how the company actually did plus, we'll ask nba hall of famer and political activist, kareem abdul-jabbar, about how the nation can fix the crisis of racial injustice and what big business can do. join iin

this was the biggest sponsor, wilfred. they have a couple other little ones they announce their breaking relationship but for reebok, it's significant in that it has played a role in the turn around of reebok. still, sales are tracking about where they were four years ago so not increasing momentum like we sae saw tw in the last few y, but clearly will be a question, i think, for adidas. this brand was always seen as a comeback story and potential divestiture which can bring in a lot of cash for adidas >> for crossfit itself, as you talked about, they were already in negotiations whether to re-sign with reebok or with one of the rivals. so particularly bad timing if not just reebok but other high profile brands decide they can't partner with crossfit going forward. also that business model you eluded to for crossfit suggesting that a lot of the gyms may break way in a way that is far easier to do than if it was a fully crossfit owned business model and remains to be seen if it does real serious lasting damage to crossfit i

wilfred malick. why? daisy: wilfred malick. as in father of gideon malick.

i'm sarah eisen along with wilfred frost. there is the dow, it lost 300 points fist down day for the dow in the last seven sessions. boeing is the biggest loser. boeing, down .8% most sectors were weaker energy was the worst performer technology and communication service dz well. that's why the index did not fall more. check out the nasdaq that was the star of the show today. and of the year. so far it's up about 10% for the 11% for the year crazy thinking about some of the headwinds that we faced. and a record closing high for the nasdaq composite autopsy t up at 10,000 level still, up .3%. the russell 2,000 index of small caps, took a bigger hit. down about 2%. that is pretty much been the trend overall for the year the underperforming small caps coming up this hour, we'll ask the ceo of macy's about the progress of store reopening and retailer strategy in case of a second wave of coronavirus infections in this country plus, we'll ask the ceo of 23 and me why she says her company is part of the problem when it comes to raci

i'm wilfred frost alongside sara eisen. we have a huge selloff as we enter the final hour of trade. the dow down over 700 points, all of the major averages down around 2.5%. let's take a look at what's driving selling action a surge in coronavirus cases in texas, arizona, particularly also in florida. now some governors are instituting mandatory quarantines for travelers who in from those states. imf cut outlook again, sees contracting by 5% this year and within the s&p headlines like those punishing reopening trades, punishing pretty much everything as you can see behind me particularly the likes of norwegian cruises, winn resorts, banks, airlines sliding significantly. some of those names down as much as 10% sara. >> we've got a huge lineup of guests to help make sense of this selloff today for you air yell investments john rogers saw a once-in-a-lifetime buying opportunity. his take and where we stand now. >>> plus we'll discuss the new tri-state travel order what it means for the entire leisure landscape for ceo of booking holdings, a perfect day to get thoughts on what travel w

for story that was published in 2012 that was before the cybercrime law was passed the business men wilfred o. king said his reputation was defamed when he was linked to the then supreme court chief justice who was later removed from office for failing to declare assets the complaint was initially dismissed in 2018 but government investigators reversed their decision and recommended that research be prosecuted. joins us now live from manila so what happened in the court today. well we saw maria rive she she said a bit of hello how are you doing to the journalists who are waiting and shortly after the conviction she went straight to the press conference and that was just showed earlier it was met by of course outrage and sadness here and a lot of organizations have actually described the conviction of marie as in the as another sad existential moment in 15th press freedom history but the bigger question here though is the kind of message it sends to lesser influential lesser known community journalists who are continuing to do investigative work in different parts of the country this is also

a rappler story that was published in 2012 before the cyber crime nor was passed the businessman wilfred okaying said his reputation was defamed when he was legs to vend supreme court chief justice who was later removed from office so failing to declare assets the libel complaint was initially dismissed and 28 ing the government investigators reversed that decision to recommend this fed recipe prosecuted jamila logan has more from outside the court and minette low. this is not the 1st time though and not the only case that journalists are facing as you know just over a month ago the biggest media network was shut down a.b. a c.b.s. also was shut down because of its failure to renew its license there was also another broad sheet that was also threatened to be closed so no the united nations all of the rights organizations have called this of course a dark day in journalism but this is not new this is been going on for the last 4 years although there is no official reaction again from the philippine government that the support from the office of the president you know many many actually be

i'm sara eisen along with wilfred frost. stocks rofrpd recovered on a choppy day of trading. let's see what is driving the action in the final hour fears of a virus resurging texas pauses reopening and apple close sometimes stores across florida. a rollback of some banking regulations in the u.s. has financials rallying today. and jobless claims claims remaining above one million for the 14th straight week 59 minutes left until the close. when investors will get a slew of news. ni e

. >> thank you very much welcome to the closing bell, everyone i'm wilfred frost.over 150 points let's have a look at what is driving the action coronavirus cases continue to rise in parts of the united states and beijing reinstates some shutdown restrictions that's why we opened in the red. the but the fed says it will buy individual corporate bonds in a shot of more stimulus for the market that is one of the factors that has taken us into the green. by the way, tech leading the rally. the nasdaq outperforming up over 1.5% as we stand, we're 59 minutes until the close of

if you're just joining us to "closing bell," i'm sara eisen with wilfred frost and mike santoli.look at how we finished another upday on wall street the dow, .5% the up 130 points. off the session highs but pretty positive all day long. ibm the biggest loser. s&p 500 up .4% it is now only down 3% for the year the nasdaq composite closing at a new all time high. the nasdaq is just on this hot streak this is the 12th positive day in the last 13. technology rules the day apple, mikcrosoft, facebook are all soaring. coming up, we'll asked fame investors howard marks about the risk versus reward in the market right now and why he says the odds are not in investors' favor. first, let's talk about the market close today >> hard to find a real catalyst these days just the path of least resistance is higher on optimism about the future does it make sense >> you can see why it is happening. i'm not sure it makes sense. today was really a day when you just squeezed a few more people and dollars into the most popular huge stocks. and that made the index look a little better than it otherwise

under pressure, some big-time pressure the index is down 5% as a result of the fed's stress test wilfred much bad moves across the screen for the banks today. standout point, kelly, that took the banks by surprise is that they are going to be retested in the fall they don't have that 12-month forward looking certainty on capital levels and capital return plans they get each year at the stress test, hence share prices are lower dividend is what is grabbing the headlines. banks cannot pay out more than trailing four quarters of earnings they cannot have over 100% here's where we stand on that measure. most banks look fine for now a few don't. they are widely expected to cut their dividend citizens and huntington are above 75%. but all banks could have issues soon if they have multiple quarters of low or no earnings like in q1 as they are he place good quarters from last year. on the capital side, it looks like goldman sachs is stress capital sits below their required one they have to rectify that. it should be very achievable work morgan stanley has been the most positively surprising, req

i'm sara eisen here with wilfred frost. will stocks struggling after recovering from early losses with the nasdaq and energy stocks outperforming let's look at what is driving the action one hour left of trade. the u.s. still seeing worrysome increases in the number of coronavirus cases. threatening the economic recovery despite that reopening plays like hotels and cruises are getting a jolt today that trade continues to stabilize along with big tech stocks and jobless claims disappoint another 1.5 million americans seeking benefits in a sign that economic pain of this pandemic is far from over 59 minutes left of trading in the day. >> yeah, tiny leg lower. down 0.4%. only two sectors, energy and staples in the green still coming up, digital finance company sofi landing the number eight spot on this year's disruptive 50 list we'll spee with anthony noto formerly of twitter, goldman sachs, and the nfl about his company's efforts to take on the big banks. we're looking forward to that one. first of all, let's focus on the big

i'm sara eisen here with wilfred frost. of trading let's see what is driving the action lingering worries over spikes in coronavirus cases around the world. that has the u.s. seeing weakness in reopening stocks offset by gains and big cap tech stocks like apple, netflix, microsoft. nasdaq trading above the record closing high the we're on record closing watch. and new sales, new home sales in may plummeting

i'm wilfred frost alongside sara eisen. we have a huge selloff as we enter the final hour of trade.r 700 points, all of the major averages down around 2.5%. let's take a look at what's driving selling action a surge in coronavirus cases in texas, arizona, particularly also in florida. now some governors are instituting mandatory quarantines for travelers who in from those states. imf cut

. >> thank you very much welcome to the closing bell, everyone i'm wilfred frost. the dow was down 700 points at the open it is now up over 150 points let's have a look at what is driving the action coronavirus cases continue to rise in parts of the united states and beijing reinstates some shutdown restrictions that's why we opened in the red. the but the fed says it will buy individual corporate bonds in a shot of more stimulus for the market that is one of the factors that has taken us into the green. by the way, tech leading the rally. the nasdaq outperforming up over 1.5% as we stand, we're 59 minutes until the close of what has been a crazy volatile day sarah? >> yeah, shows the power of the fed there. when that headline hit, boom we have a great lineup coming your way jeremy siegel and rick reider join us. plus, we'll speak with larry kudlow about the latest debate over the future of enhanced unemployment benefits and what happens when they run out? we'll also take a closer look at one winner amid the volatility, the video game sector. we'll speak with strau

i'm sara eisen along with wilfred frost. stocks rofrpd recovered on a choppy day of trading. let's see what is driving the action in the final hour fears of a virus resurging texas pauses reopening and apple close sometimes stores across florida. a rollback of some banking regulations in the u.s. has financials rallying today. and jobless claims claims remaining above one million for the 14th straight week 59 minutes left until the close. when investors will get a slew of news. nike earnings and pricing of albertson's ipo. all of the stories that we cover so closely >> i know. and banks already rallying today off that deregulation news earlier on the day they're up 1.6% at the moment. the top of the s&p 500 sector. we have a huge show coming up on "closing bell. on the day, we get the stress test results that sara mentioned. we'll be talking to the ceo of barclay's in a rare exclusive interview. that's just about five to ten minutes away after the close, the -- they will join us this is the sign for the first time in months so let's get the pictures here mike santoli is here

i'm sara eisen here with wilfred frost. stocks starting higher 59 minutes left of trading let's see what is driving the action lingering worries over spikes in coronavirus cases around the world. that has the u.s. seeing weakness in reopening stocks offset by gains and big cap tech stocks like apple, netflix, microsoft. nasdaq trading above the record closing high the we're on record closing watch. and new sales, new home sales in may plummeting to a decade low for the third straight monthly drop >> coming up on today's show, we're taking a look at how a number of different industries are getting back to work in america. we'll talk hotels and travel with the ceo of best western plus, walter rob, the former co-ceo of whole foods will weigh in on grocery trends and we'll talk about the state of the consumer let's kick things off with a broader market a choppy day to kick off the trading week pretty positive. right near the session highs as we stand on track for a record close for the nasdaq composite >> actually kind of a qui

welcome back, everyone if you are just joining us to closing bell i'm sara eisen with wilfred frost and mike santoli, senior markets commentator. take a look how we finished up the day on wall street lower for major averages like dow and s&p, dow closing down 282 points those squiggly lines going positive at one point. that was all around found federl reserve. first a pots tiff response to the statement, they promised to keep interest rates low through 2022, then lost momentum lost half a percent. technology was the only sector that was higher on the day and that helped the nasdaq go to another record close the nasdaq its eighth positive day in the last nine it is now up 12% for the year. thank you. microsoft, amazon, some of these big cap tech cops, tesla helpingous down 2.6%. coming up we'll get reaction to fed chair jay powell's news conference joined by former federal. let's talk about the market today. josh brown still with us p alicia levine joins the conversation first to you, mike santoli, was this a reaction to the fed what drove the selling at the close. >> i don't think fed d

. >> i'm wilfred frost with sara eisen. 59 minutes left in the session s&p up more than the highs ofjumping an incredible 40% in the last 50 trading days the dow is up 1.8% here's what's driving the reaction the reopening trend as states continue to loosen restrictions, a rotation into cyclical stocks beat, beaten down sectors like bank and

i'm sara eisen here with wilfred frost.ks struggling after recovering from early losses with the nasdaq and energy stocks outperforming let's look at what is driving the action one hour left of trade. the u.s. still seeing worrysome increases in the number of coronavirus cases. threatening the economic recovery despite that reopening plays like hotels and cruises are getting a jolt today that trade continues to stabilize along with big tech stocks and jobless claims disappoint another 1.5 million american

in the scheme of 2020, not enormous fall back in their share prices guys >> wilfred, thanks we're going been pouring over these numbers i'm sure he has. bob diamond, ceo of atlas merchant capital we've talked about this a few times on the air, bob. that is that because of 2008 and what happened, these banks are better capitalized than in previous times when we've -- the economy has come under a lot of pressure we've taken that as a given and i'm hoping that the stress test proved to you that narrative is correct, that the industry is in pretty good shape to withstand everything that's being thrown at it this time around >> yeah, joe i think from the fed's point of view it's all about capital. i think the tweaking they did with the vulker rules was about derivatives, not proprietary that freed up 40 billion in capital for the big banks. so i thought this was the kind of action you would expect from the fed during a crisis and this is a -- you know, in many ways a crisis and i think it was prudent it was thoughtful. and i think the results show that we have a well capitalized banking syst

he is also saying he is looking after this new young baby, wilfred, changing nappies, doing the work new dad in the middle of the night. the fundamental message he is trying to get across to our soul after a few challenging weeks for the government is they have some plans for the next few weeks and months. many thanks. also in the news this morning. a private vigil has been held in reading for the families of three men who were stabbed to death in a park in the town last saturday. khairi saadallah, who is 25, was charged with their murders yesterday, as well as the attempted murder of three others. caroline davies has this report. three families brought together from their loss. a week later they came together to remember their loved ones with community leaders, police, ambulance and politicians. ones with community leaders, police, ambulance and politiciansm ones with community leaders, police, ambulance and politicians. it has been really important for us just to say reading is with you, standing with you and remembering together and supporting you in your grief. with you and remem

wilfred. >> joining us for more on what companies can be doing to support the black community is daymondn, also author of power shift, transform any situation, close any deal and achieve any outcome. very good afternoon to you thanks for joining us. >> thank you for having me >> so many encouraging statements from business leaders this week. are you hopeful there's lasting action to follow >> i am hopeful. i'm glad they're putting it out there. i'm advising a lot of ceos i know the first step. listen to your staff internally. i had to have a meeting with my entire staff and i had man a color. i knew they would have questions. a lot hoff people that aren't minorities just don't understand what they feel like they want to do and don't know where to start, so internally, have those tough questions being asked. find out how your colleague or staff feels and have the other individuals who may not be of color ask also and they'll start to get more insight. it has to start within the company and then of course it's amazing they're going out to help other organizations that are helping you know

if you're just joining us, i'm sarah eisen along with wilfred frost. take a look at how we finished up the day on wall street. the dow falling 1861 points. a drop of almost 7%. that is the worst day for the dow since march 16th s&p 500 also falling hard. every sector getting slammed nat s&p 500. closed out the day down 5.9% just about at the lows of the session. as for its tech heavy nasdaq which had been outperforming all year, it did hold up a little better than the rest but still a sharp drop of 5.25%. the russell 2,000 index of small caps, slammed. down 7.6%. we have not seen a day like this for stocks in months it comes after a dramatic runup from the march lows. >> coming up, he called coronavirus the black swan of 2020 back in march we're going to ask roelof botha if he thinks they could retest the market and what means for his venture capital world. plus, we'll ask scott minerd whether this three day selloff is an opportunity to buy back into the market. but first, let's talk about what just happened. joining uz senior markets kpen take thor mi

how to price the stocks right now nike has been a big winner on a relative basis banks you heard wilfredwill make it simple for you there's relative relief because wells if a rg goe is the only one that's likely going to have to cut its dividend. we need to see some kind of growth in the loan situation or some kind of steep thing in the yield curve, other than that it may be very difficult for banks to move forward from here. the bank index kbe i've been showing inverted vs for the last two weeks now but there is a good example of the inverted v, that's a problem because now we know there is a cap on the dividends and there's not going to be a lot of loan growth and probably not much in the way of any significant help with the steep thing of the yield curve here i just want to mention here leslie gave you a great update on what was going on with albertsons this is not a disappointment, it is good news here for everybody when there is push back on valuations so people will say, oh, this is a disappointment, they didn't get the price they wanted. wait a minute. retail investors are buying

sharply hire american airlines rilgt now, trade iing up some 45% wilfred. >> it's actually pared some of those gains. about 43%. ahead on today's show, tim ryan has a six step plan outlining his company's pledge to support black lives and it goes well beyond cash donations. he'll join us with his message plus, a key question for millions of newly unemployed americans. what happens when federal stimulus programs run out? let's focus though on the big stories we're watching today first of all mike is tracking the market action phil lebeau is watching a huge surge for airlines before the pullback and courtney reagan covering a battle between landlords and retailers, but mike, let's start with you and the broader markets. >> hard to make too much of this headline softness after such a sprint that the market has had take a look at the two year chart the s&p has had. we did see today mostly, the nasdaq 100, clicking a new record high then giving way to profit taking so the big cap techs that are down. rest of the market is holding its own and bank stocks up some 4% 31.30 is the level that w

i'm sara eisen here with wilfred frost and mike santoli take a look at how we finished after a down week, we did bounce back today in a big way. the dow closed up 580 points just about keep in mind, we're approaching the end of the quarter and the end of the month still looking at a pretty strong one. the nasdaq up 1.2% technology played a theme in today's rally. up 3% in the close best day since early june, june 5th. the russell gained just about 4% for the quarter, small caps are up 22.5% that is quarter since 2003 we're tracking now investors are now awaiting the potential dividend announcements from the big banks earnings from micron we'll bring you the results as soon as they're released let's hit this close joining us to talk about the market, jim lacamp still with us mike santoli, first to you on what was a strong day despite the continued focus on rising cases across this country of coronavirus. >> definitely pretty strong. i think, you know, light volume, all the rest you can explain it away. it was a strong close because there was no obvious need for there to be a kind of a wav

i'm sara eisen here with wilfred frost and mike santoli take a look at how we finished not too far fromows 2.8% the only dow stock to finish higher is cisco. hardest hit, goldman sachs off the stress test results. and nike off that quarter. s&p 500 closed lower 2.4% a loss of almost 3%. today it was financials. it was social media stocks technology also contributed to the losses all sectors ended the day lower. the nasdaq down 2.5% down only 2% for the week. so still the outperformer. but a down week for all the major averages the russell 2,000 index of small caps down 2.44%. pretty much in line with the s&p 500. coming up, we'll get much more on the selloff we're joined by aliance chief economic advisors. he is cautious on the market recently plus, we'll ask the head of the imf about the impact coronavirus is having on the global economy. and whether governments need to pass more stimulus it's going to be a key topic of debate here especially if the markets continue to show weakness joining us to talk about the market today, iq capital usa keith blitz still with us and david zervis joi