Transcripts For CNBC Power Lunch 20240713

Hour the u. S. Passing a tragic milestone now. 50,000 deaths related to the coronavirus. Meanwhile, all eye ons ts on the of georgia as it tries to reopen well get a live report. Over to you, kelly thanks. First, lets get to bob to wrap up the volatile week we had for stocks and whether it still has legs. It might. The good news is we got the Coronavirus Relief package passed we got a lousy durable goods number just look at what a mix day we got here boeing has been around the dow all day. Its down 15 on the week. That durable goods number was a lot about boeing h home depot, apple, this is all over the place its not a clear direction i think the problemis the rall has stalled out a bit. Have you noticed that . Were down 2 . We have gone nowhere since april 9th. The bears are saying the economy doesnt justify 2800 in the s p 500. Its signaling a bigger slowdown the bulls are insisting the big Balance Sheet companies are doing fine feds on their side theres arguments on both sides. One positive development this week, were final glly getting small caps out performing. Last few days finally out performing down 0. 4 for the week theres one positive development. Were going in the right direction in small caps. Back to you. Georgia getting back to business, sort of. Jim gray to tell us what reopening looks like jim. Reporter this strip shop center really at the center what is the controversy here. I want to give you a look. Its nail salon down there a gym right behind us. You have a hair salon. Even a chiropractor. These are all places open now and places where its very difficult, almost impossible to maintain social distancing a lot of people fearing they are getting back to business too soon the numbers show they havent reached their peak as far as infections as far as covid19 are concerned. One model shows it will reach its peak in georgia some time late next week have the businesses have been open for a week theres a big concern about spreading this virus at a really quick pace by opening these businesses onthe other side of that, you have the governor here and some Business Owners who decided to open up who say they are desperate to move forward here and they can do so while maintaining safety the rest of the country watching this area very closely right now to see how it all plays out. Its something that a lot of businesses are dealing with. They are saying, were not going to open. Its too early well wait a bit the real question is, will consumers come out will they come to these establish ms we have seen a few people working out today. Seen a lot of people getting their haircut and even people going into the chiropractor. It look likes some are taking advantage of the eases restrictions here. Tyler. Jay, let me you a question. Are the businesses that have reopened limiting the number of people who can come in reporter it varies theres no mandate a barbershop said they are taking one customer an hour. They are cleaning up immediately and sanitize equipment you have gyms that have three or four people in but they are separated in different areas it really varies by location jay, thank you very much. President trump signing the second round of ppp funding a short time ago weighing in on everything from the post office to the oil and gas industry to the airlines we have the highlights reporter when the president signed that half a trillion dollar package he made a slew of head lilines clarifying he was sarcastic when he said yes people could ingest disinfectant to kill the virus. He spoke with the ceo of apple who said he believes it will rebound. He said the treasury is working on a rescue of the Postal Service and washington looks for ways to help the oil and gas industry President Trump suggesting that the government could step in as a customer the administration could buy four to five years of Airline Tickets and allow consumers to fly at a fraction of the costs going forward. Whether or not the ideas come to fruition it does unz score a debate is once you get money in peoples hands as some of these earlier stimulus packages have done, how do you get them to spend it people are using the money towards groceries, existing bills and paying their rent. The administration wants the see the economy return to growth how do you get people to buy travel tickets how do you get them to buy cars and its unclear how they will get them to do that. You can tell the president is really thinking hard about it. Kelly. Thank you tyler. Stocks may be on track for the first losing week out of the past three after those couple of very steep down days they are picking up a bit of steam. The s p having its best month in nine years as we get ready to kick off another busy week of earnings, where do the markets go from here jim is cio of concentrated growth at alliance and ron is a cnbc commentator ron, let me start with you as we get into earnings next week, theres a lot to ponder. A lot of guidance that will get stated, restated or not stated at all how concerned are you . Im late l concea little cone market hasnt rebounded. We have gotten bad economic numbers across the week. Today the market is looking past it were coming on unemployment report i still think we have a lot of numbers to get through and the earnings and various Forward Guidance and estimates well get. Im a little concerned im concerned this reopening of some states may lead to a relatively quick set back and that would be a disappointing to the markets as well leaving them at risk for the next couple of weeks, at least. Jim, you think were on the edge of, i wont say the great rehiring but of some rehiring. How robust do you think that will be in liegts of the fact that i would guess that a lot of businesses, we just heard from jay gray down in atlanta, they are watsing for customers to come back. If the customers dont come, not going to last long i think were at the very beginning of this he hiring and stores are opening when stores were forced to close, everybody got laid off. If you trickle back in and you hire half your staff and then a week later you hire 75 , those numbers will build when you look at the unemployment claims going forward, we probably have seen a peak there the continuing claims might take a week or two for the data to flush out. Youll see continuing claims go down you also saw the stimulus checks and people started sending just last week. As we see the daily data over the week, well see another up tick in spending i think the worst is behind us. You have cogent arguments for both of them my wifes favorite store, homegoods. Make the case those are positioned to do well. I think there are two big factors. One is what will the customer buy. I dont think she makes the huge purchase but buying from tjx or ulta are those little luxuries that are affordable. Secondly, we heard some news today about jcpenney, the competitive situation is changing rapidly Companies Like tjx and ulta will pick up a ton of market share from the weaker competitors. The winners get stronger, the weaker get weaker or go away ron, quick answer jim sounds a little more sanguine than you. Yeah, no doubt. I just think we have too many hurdles. I think this will take too long for the market to fully put in an investment bottom not a tradeable bottom i think when you talk about a jcpenney, that means more job losses we may not be over the hump. This is ultimately going to go away i think theres too many hurdles in the short run to get overly excited about what the stock market is doing other than the fact we know the fed is a permanent backstop and may limit some of the losses thanks very much. Thank you for your time and insiegts today we appreciate it tyler, thanks. Lets get a check on todays bond action now. Rick is watching things for us over at the cme. Rick hi, kelly if you look at one week of tenyear note yields, were unchanged on the day we spent a lot of time many the 60 basis point camp. We scraped along at 54 basis points if you pair it up with kruds oil this week, the june contract, you can definitely see it was paying attention especially on some of the downdrafts if you do year to date, you could clearly see what im talking about. Were really running along the bottom of what has been an area of consolidation in the 60s. Many think were still going to test that 54 basis point low and do keep in mind we might all have georgia on our mind today but next week what well have on our minds are central banks. Whether its the ecb, the bank of japan or our central bank especially at a time where the ecbs have an issue with stimulus and our central bank might be floating the idea of negative rates. We all want to be watching really close the dollar index, if you look at this chart since march, you can see the big hump on the left hand side. Its a whisker under 103 were getting close. It was the highest in three years. Were only a couple of cents away at a threeweek high now. Kelly, back to you have a safe weekend. Thanks so much. Coming up, its no secret that dozens of larger, multidollar companies severed money to vhelp Small Businesses. As we ahead to break take a look at the leaders on the dow today. Home depot tops the list apple and any knike are up thers well were back in two minutes. At leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Welcome back, everybody. Its been three weeks since the launch of that famous Paycheck Protection Program it comes the light that multibillion dollar businesses now have gotten some loans the sba has now barred among others, hedge funds from the program. Robert frank has those details and a look at a billionaire who took millions of dollars in loans. That billionaire will join us shortly to discuss that. First, lets get to indicate rogers with the latest numbers and what to expect as ppp round two opens next week. Kate we know 1. 6 million loans ate up the first round of 350 billion in aid in less than two weeks and the next set of aid is expected to start to be out on monday many banks are saying that businesses that applied last time but did not get aid are still in their place in line the Consumer Bankers Association warned the money may already be spoken for before this gets up and running due to demand. Theres some 30 million Small Businesses and estimates has been as high as 2 trillion for what will be enough to help them all in this time how will the 60 billion thats been designated for smaller institutions be allocated . There that be monitored in realtime or with an Automated System guidance issued in the last two days on Larger Companies and limiting their access and hedge funds being ineligible points to the government seeking to ensure it makes into the hands of Small Businesses many businesses are really eager and anxious to see if they do access that aids this time around back over to you im sure. Thank you. Lets get to robert frank who has more on the sba barring hedge funds from loens and also just for the Public Companies and the backlash against all of this, this money was intended for Small Business has caused the treasury to issue new guidelines yesterday effectively barring Public Companies companies now have to prove the funds were necessary and they had no other sources of funding in order to get these funds. Companies have until may 7th to return this money if they cant prover they meet the standards shake shake and ruth green have all returned their money it has yet the make any announcement about whether it intends to give that back. Guys robert, stick around. Joining us is the founder and ceo of nikola motor. I guess the microphone is yours. Yesterday you said we got over 4 billion in the ppp program. We got thousands of people wantsing to kill us. We got it accurate today we got robert had that right from the beginning. He said four million we had a graphic on the screen with a b and were really sorry about that what were you saying its okay ultimately were a Small Company. A lot of people think were publicly traded. Were not. We have 350 families we employ and were locked up in maerjerg. We cant go to the Public Market or private shamarket to tell shares a lot of the information around us was really misinterpreted were a Small Company employing 350 families a lot of value but its all on paper. Its not like cash im happy to answer anything i can for you. Youre keeping the bottmoneys the bottom line. Fair of not. Here is what people will say theyll say you have a 30 million luxury ranch in utah why take public funds . Why not use your own capital kind of laugh at that im not a billionaire. On paper but i cant access anything i have ahouse. Really nice ranch in utah. I took a mortgage on that. I cant go Access Capital for it i cant sell it. I cant use it theres literally nothing i can do there i feel like some of those things are headlines to get people to hate each other. Your headline is were all in this together. Ive literally gone out and done everything i can i started selling my personal assets to help people in our community. I cant mix my personal furnnds and company fundss i dont have the money to pay for that payroll protection. Robert, go ahead. Here is what i dont understand your company has a valuation of 3. 3 billion yes, its on paper as part of this deal, youre getting 500 million in funding from fidelity, value act and others its hard for me to believe a Company Worth 3. 3 billion plus 500 million more coming in cannot go to jpmorgan or a bank and get a 4 million loan. Is that the case what it comes down to is this payroll Protection Plan was specifically put in place to help take away the volatility and make sure we dont furlough or reduce the payroll of these people during the merger, were really locked up under strict guidelines i cant even hardly talk about it because its the were signed up with the merger. Were waiting for that to go through. This virus has thrown a complete chaos everywhere in the market we hope the merger will go through. The government shutdown, every one shut down. Were trying to make sure our employees are paid one thing people didnt report on is not only have we kept every payroll for all 350 families to make mortgages and we have been hiring people laid off by other companies what we told the government is helps out. We would rather they come to a company like ours thats hiring these people than put every one on unemployment. Trevor, Tyler Mathison here i want to come back to the spirit of roberts question and the expressed spirit of this program has been that is to help companies that have, as the pppe the second traunch of money that has no other asset to capital would you maintain you have no other ready access to the kind of capital you need . It would be very difficult since were locked up in the merger we have to refile. It would be a complicated thing to do anything this nikolacreated for. Were a Small Company. Were 350 people were one fifth of what is considered Small Business. Were a Small Business were not only paying these people but were hiring people thats what it was really made for is to help get this market going again and its been kind of interesting to see people attack us because i have a label as a billionaire doints have billi i dont have billions of dollars. I dont have the money to cover the ppp. Theyre attacking me like im flushed with billions of dollars. Were all in this together we have to start promoting people and be happy were hiring people that are laid off i can give you thousands of resumes of people begging us to hire them. Im doing that with the ppp money. I understand youre in this weird merger situation that prevents you from going out in the market still have hard time believing you cant get 4 million from a bank or value act that said on our air just last month that youre a 100 billion dollar company. What do you say to all these Small Business, these mom and pop restaurants, these salons, these lawn care workers that really have no other future for money right now, for cash . What do you say to them when they look at you getting this money in. That is really fair question. I answered that a lot. Here is two things i would say this is my Fifth Company ive had three of them succeed and two of them fail where i lost everything in my life, including my house, my car i even sold all my guns. Everything i had, i grew up in ranches so we have guns out there. Theres no one that knows more what they are going through than me no one has gone through five companies and lost two of them and gained three of them im a true entrepreneur. I would not take this money if i did not feel like it was for the right situation. Here is the second point i would make we apply to this based upon what the government set up as specific requirements. They said you need to be a Small Business it needs to be something that is theres difficulty of getting access to capital out there in the other markets theres a whole list of things we fits every one of these criteria we did not prevent the Small Companies from getting the money. Thats what they need to know. The government qualified us. I did not deny their loanloans a lot of these Big Companies took millions of dollars those are the people that should not have done it those that have access were not. Were privately held, locked up in a merger. If theres anyone out there that needs help, im happy to give advice ive personally been there all right thanks for joining us. We appreciate it sounds good thanks i know its a lot as well robert frank thank you for all your reporting on this again, our apologies for misstating that in the graphic yesterday. Getting the story correct here is important hearing now from trevor has to why hes keeping the money has been face nascinating. Its interesting and he made his case for why hes a Small Business i think its easy to confuse the idea of a high imputed valuation, which he may have on his company and a company that has very little or almost zero revenue. Thats where an awful lot of these Small Businesses or these emergent Companies Find themselves fascinating conversation lets get a market flash now on facebook, folks. The Company Announcing a new service. Julia has the details. Tyler, thats right facebook ceo announcing messenger rooms. These are joinable video calls with up to 50 people sending facebook into direct competition with zoom and house party. Users will be able to create rooms from any of facebook platforms including instagram, whats a and can inviets anyote to join the rooms. Well come back once we can fix the graphics julia explaining what facebook announced for video chat demand for any kind of video chat apps is so important right now. Still ahead, the coronavirus pandemic taking a toll not just on human life. Its also been defr stavastatin economies around the world this puts society at a critical tipping point. He will join us to discuss that later. As crude oil recover,energ is the only sector posting gains this week. Is the worst over for the sector and these stocks well be right back. [horns honking] birthdays arent cancelled. Hope isnt quarantined. First words arent delayed. Caring isnt postponed. Courage isnt on hold. And love hasnt stopped. U. S. Bank thanks you for keeping all of our spirits strong. Weve donated millions to those in need and are always here for our customers and employees. Welcome backseat lets go over to sue for an update on the coronavirus. Good to see you good afternoon, everybody. Here is whats happening at this hour government trials of gileads coronavirus virus drug are running ahead of schedule with results possible by midmay. Reuters reporting preliminary results could come sooner. A survey of more than 32,000 nurses shows continuing concern about shortages of protective equipment, staffing at care facilities and testing another key concern, the safety of friends and family. Amazon is extending pay raises for hourly workers in the u. S. And canada. The company will continue to pay an extra 2 per hour and Double Overtime pay through may 16th. The retail giant says the move will raise its spending on higher wages to nearly 700 million. Lightning has struck twice for a british vet and his Fund Raising Efforts for health care workers. Captain tom moore has reached number one on the british pop music charts with a new version of the song youll never walk alone. Moore is celebrating his 100th birthday atop the music charts with all the proceeds going to charity. There he is out for a walk as always, you can get more on our coronavirus coverage by heading to cnbc. Com. Little bit of good news on the up day back to you. Well take it thank you very much. The oil market is closing up for the day. Eric is over at the commodity desk thats right. At the end of the wild week oil traded at negative prices for the first time ever. Wti is seeing more of that choppy trade in the close. Both benchmarks are down for the week its the 8th weekly decline in the past nine weeks. The big news came out in the past hour with baker hues reporting the 6th straight week of declines for u. S. Rig counts. Thats down to the lowest level since july 2016, four years ago. Its a sign of how sharply production has slowed during the coronavirus outbreak Capital Economics saying even when the virus is under control, it will take years for crude output to return to its previrus past lets get over the trading nation were going to focus in on energy as eric was discussing. Oil prices may be down but energy stock, the only sector in the green for the week lets discuss whether the worst is over. Why do you think Energy Stocks are ignoring the wild swings and oil prices this week i think the reason why oil prices are so weak is because demand in the short run for oil is low with all the stay at home orders i think what the stocks are trading on, however, is the virus because the way this is ultimately going to get solved is yes, production cuts but getting people back to work, getting the economy running and increasing the demand for oil. Thats a function of the virus data and how well thats under control. I think virus data that shows maybe were past the peak, the start of reopening provide the stocks to have a look through see that increase in demand and thats what being anticipated in the share prices craig, two Major Oil Companies set to report earnings next week, exxon mobile and che chevron. How could those reports give us an insight for the broader sector ive never seen such negative headlines and yet we continue the see the xle trade higher thats the chart i brought in today. You have resistance around 35 i suspect you have a lot of Short Covering happening in the space at this point in time. It closed back above that 35. Youll have your next resistance coming in around the 40s everybody dislikes the energy names of this space, i have to remind people its the best performing sector coming off of those march 23rd lows. With the Earnings Report coming later, next week, that will be a key tell to say how much of the negativity has already been priced into the sector to me, it looks like a lot already has. All right we shall see craig and stooeeve, thanks for r perspective. Kelly and tyler, back to you all right. Thank you very much. Coming up, as the coronavirus pandemic begins or continues to take its toll across the world, the market rally on hold, at least, a pause today unemployment has skyrocketed the Housing Market showing some warning signs as well. All of these factors could lead to a generation defining crisis according to the author neil how. Well talk to him about that should be a fascinating conversation as people shun in Office Visits due to covid19 fear, some doctors offices are on the brink of collapse. The second round of ppp funding set to be pushed out, they are hoping to get a lifeline to stay open their new normal is still ahead. You can always check in with us, listen, watch, live on the go, anywhere you are cnbc app well be right back. Our special breaking News Coverage returns after this short break. Theres tv. And then theres x1, featuring the Emmy Awardwinning voice remote. All the apps you love, including netflix, prime video, youtube and hulu. And the most 4k content. The best Entertainment Experience all in one place. Lo and behold we have our technical issues involved with julia. Lets go out now for those facebook announcing messenger rooms. This is a new feature that can hold up to 50 people direct competition with zoom as well as with the app house party. Users will be able to create these rooms from any of facebooks plats foform and thea inviets anyone to sdrojoin the calls. They have virtual backgrounds and filters as zuckerberg works to bring the platforms on, he is addressi ining privacy concerns the facebook wont listen or share the calls and the person who creates it can control the room shares of zoom were in the green. They are trading lower on this news of facebook getting into that business. Look down about 3 right now back over do you guys. Julia, thank you very much. It is said that history does not repeat itself but it does rhyme. People have been searching for an appropriate precedent for the Current Crisis an expert predicted nearly 20 years ago that america would face a catastrophe right about now. Joining us is one of the authors of a book that i remember well its called the fourth turning. Its great to see you. Your book was given to me by a friend of mine, landon jones who said youll really enjoy it and i did. The central thesis is that american lihistory rolls roughl in 80 year cycles and right now we may be at one of those turning points in the cycle. Explain your thesis. Thats correct. Basically, the stories ive noticed this is america goes through these periods of fundamental civic reconstruction about the length of a long human life, about 80 or 90 years wi we went to the American Revolution and the civil war and the great depression, world i and here we are today. This is driven by generational aging. As soon as we lost the memory of what it requires to govern the nation with exercising top down authority and institutions ta really work, we have to relearn this at a time of crisis we learned this in the 1930s were we learning it today roughly halfway in between these great civic upheavals we have great awakenings where we reconstruct or inner world were relearning how to govern and how to refashion our political and economic institutions in a big way and sort of accelerated pace history is seasonal and winter is coming the very survival of the nation will feel at stake before 2025, america will pass through a great gate in history. One commernce rate with the American Civil War the risk for kas tras troe fee could be high or succumb to authoritarian rule when did you write that . We wrote that back in 1987. Back when it was capuccino time. The later clinton years were we feeling better about our ourself. That was a gutsy call to make. You boints opoint out these cycles, which are echoes go through four distinct turnings of roughly 20year cycles and that i mean involve awakening, unraveling, ultimately collapse. Each turning is a generational archetype. One that you point out that is really critical to think about right now is the rise of authw authoritarian rule around the world. It predated the pandemic but the pandemic has also, poesht d potentiated that rise. It served as a mood accelerator. Right now the world depends on top down institutions working correctly. When that dont, when it becomes apparent their cant respond, well people will then naturally gravitate toward real authoritarians that was the great fear of the 1930s, which is another time were pulling away from globalism. The world was newly lly enamorey the models we see it in south and east asia now. Look at the countries which have done the best to control the pandemic actually implementing tests and trace, containment as opposed to mitigation. These are more top down systems. Democracy, liberal democracies like our own had better learn quickly and know how to respond when necessary to me thats the real dinger its at time like this and we have seen it again, critical times, when we have to assume the leadership rierped for the nature of the challenge that faces us thats when we reinvent institutions much stronger, political and zicivic institutis that work. I think in the 1990s and 00s, americans were comfortable with being lightly led. We have been through this pattern again and again in American History suddenly, we reach the end of the unraveling, something snaps and we have to rediscover what governing really means this is a new generation coming of age millennials and boomers moving onto Senior Leadership role but we think this mood will stay with us through the end of the 2020s. Thank you so much the book is the fourth turning and thank you for being with us today. We appreciate your time. Kelly. Thank you, tyler. Thanks were going to take a quick break. Up next as millions of Small Businesses race to get help from the government, one group you might not expect to be in that line is doctors. Many are getting shuts out of the process. For those who need money, taking a loan from your 401 k is an option but what are the ris . Sk well break it down when power lunch returns flexshares may look simple on the outside. But inside every etf. There are untold hours of careful construction. Infinite what ifs . And contingency plans. Creating funds that help target gaps in client portfolios. Tap untapped potential. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. For a prospectus containing this information. Since 1926, nationwide weve been there in person, during trying times. Today, being on your side means staying home. Nationwide office of customer advocacy. But we can still support you and the heroes who are with you. Were giving refunds on Auto Insurance premiums, assisting customers with financial hardships, and our foundation is contributing millions of dollars to charities helping with covid19 relief. Keeping our promise to be on your side. Welcome back, everybody. As part of the cares act people can withdraw money from their 401 k accounts penalty free it may not be that easy to do. Our Senior Personal finance k correspondent joins us that story. Sharon there are a couple of provisions in the cares act that now expand your ability to tap your 401 k to implement these changes. The first one is that p you have been if you have been diagnosed with covid19 or your spouse or partner has, you can now take a distribution of up to 100,000 from your 401 k or ira without having to pay a 10 early withdrawal penalty if youre 59. 5 youll also get three years to repay this and pay taxes over that time or repay it all and not have to pay taxes at all that can be expanded or it may not be there at all. Thats a big change. You could also borrow up to 100,000 with a 401 k loan. The previous limit was 50,000 and you can defer repayments for up to a year so far, fewer than half of 401 k Plan Sponsors or 45 say theyll allow a 100,000 maximum distribution and less than a third contend to increase the loan limit to 100,000 accord tog a story done last week by the Plan Sponsor Council of america. Keep in mind as more companies are going through the details, they my decide to adopt some of these changes, one r or both, but it may take time sharon, do we have any idea home people have tapped into their 401 k s either by taking a loan or one of these penalty free withdrawals we got some data from a company that is an Anonymous Professional Network of about 3. 5 million verified workers and mostly in technology and Financial Services they did a survey. 3800 respondents of that amount, about 48. 5 say they have made a change to their 401 k since the start of the pandemic and while some contributed more, some less, about 6 actually withdrew money from that 401 k and blind updated that survey today to look at 401 k loans and withdrawals, about 3 of workers, 300 of them responded about 3 of them decided to take a 401 k loan in the last month and about 8 withdrew cash from that retirement account. Interesting just really Helpful Knowledge for people who need cash now sharon, thank you, as always for more from invest in you, go to cnbc. Com investinyou and we should note nbc ewanerer sal and come cast ventures are investors. Just as the second round of ppp funding is set to be pushed out, many small medical practices are finding themselves on the brink of collapse Bertha Coombs has r more whats at stake . Well you know kelly, some medical practices have been able to use telemedicine, but r for cairo practicers its not an option shes only been able to see handful of patients since covid19 spiked in her hometown in new york last month i have a patient who emailed me yesterday and a said im in acute pain do you have advice i said, yes, come in and get treated. She said i havent left my house for 44 days. Im scared shes scared, too she got a stimulus check and a small medicare advance, but she got shut out of the ppp loan program and shes worried about next month in fact, nearly half of primary care practices are r worried according to the larry green centers. One in five have ampplied for loans with mixed success and one in five say theyre worried theyll have to shut down. Dr. Heiss lehr said this next round of ppp gets to the front of the line and arent big footed by big firms. Makes me feel very unimportant in the world i know im a sole prak tib ner no employees at all, but have been running a practice for almost 30 years successfully and it would be nice if we were recognize as being as important as these huge companies. Shes keeping her fingers crossed now that more funding is coming through for now, she is going to be living on her savings, but kelly, if this comes back next winter, shes not sure thats going to be a strategy for long. Its a great point. Thanks another critical area really that we know needs help. Thank you. Tyler. Thank you just an hour left in this weeks trading. Markets wrapping up moving out on the high note here with gains today that seem to be strengthening just a bit up three quarters of a percent to the dow as some states wor , where will the markets head next week well be back after this to explore that see you then markets are picking up steam here to b end the week nasdaq sup 1. 2 and next week is the biggest week for earnings with many tech heavy due to report jeff is the founder and ceo of Kkm Financial and jeff, i want to talk to you about google because the ad drop here has been significant it has, kelly be really interested to see, yes, we have 140 of the s p 500 names, but were focused on tech if you look at the last five years, tech has been the sector to earn. Xlk, the broad swath etf its up over 100 . The next sector even close the Consumer Discretionary that was up about 44 , so youre right to look on tuesday for google to understand the advertising. Also looking on wednesday, theres facebook will we see less spending or some of these businesses pull back on some entertaining and focus online spending so far, the indication is that that ad revenue is down 15 to 20 i think google might be pausing hiring at this point facebook is making an investment in video what about amazon . I guess is question is tech really going to lose dollars of the pie which seems unlikely people think roku is going to benefit from the shift based on where the eyeballs are. Is amazon going to pick up ad money that facebook and google might be losing out on amazon is the darling up nearly 30 year to date my thumb is sore from pressing my amazon app as im using it so much in chicago. I look at microsoft, too lets not forget about microsoft on wednesday and i know facebook came out talk iing about compet wg the video conferencing. Microsoft has teams so they can share the market but facebook, that statement we just saw is really interesting because now, if you look at facebook and messenger potential, its ten types the size of zoom i know people get excited about zoom on on it right now, but at the end of the day, were going to see a lot of focus on this tech sector and i think you still need exposure. You have to own these names in that broader swath etf thank you, sir. Tyler, my personal favorite so far is google meet, actually, not the hang out google meet. You dont get timed out like you do on zoom i dont know google meet. I tried hang outs with our group a couple of weeks ago and it was fine but whatever so anyhow, have a great weekend. The dow is at session highs. Were going to hand it off closing bell and they better not mess it up see you next week. Well do our best, tyler. Thank you. Good afternoon stocks rising to close out u a volatile week. Weve now rallied around about 25 from those march lows. Caution about the Economic Outlook as new data shows durable goods orders fell sharply in march investors remain wary of their prospects and oil prices edging high, capping off an ugly week for the Energy Markets coming up on todays show, well discuss the path forward for th