Slumping good news, live sports making come backs nba laying out a plan and indy car. Well speak with the man in charge on this friday, june 5, this is Worldwide Exchange here on cnbc good friday morning. Cheers welcome from wherever you may be watching thank you for ending your week here despite all going on in america and around the world, investors continue to put their money into our stock market it has been an incredible week futures are soaring right now. Dow futures are up 327 nasdaq 100 hitting a new alltime record high looks to make another one today. Small caps, if you have not paid attention are up nearly 8 we have one trading day to go today. Lets talk more about this all ahead of what your next guest calls a sobering reality for investors. That being the may report. Expecting another 8 million plus job losses and to hit near 20 . Bringing in lindsay bell, chief Investment Officer and newly minted cnbc contributor. First off, lindsay bell. Glad to have you in the cnbc family it is a good one caller good morning. Im so excited to be part of the family thanks for having me this morning. I guess, lfindsey, listen no one knows what is going on. 40 million unemployed more out of work, protests and yet the stock market continues to climb. It has jumped wall and is over the wall i need help explaining what is going on and thats why we have you. It sure is a head scratcher, brian. Look, the stock market and the economy dont always mirror each other. This one just feels a little bit more it doesnt feel right. It feels more off than normal. A lot of what is driving the market has been the historic amount of stimulus the fed and the government has put towards combatting the government which has been great for risk asset like stock we are three months into the pandemic 22 Million People are still out of work collecting unemployment claims we heard that yesterday. Over the past two weeks, social unrest from racism has erupted all over the country it is an interesting time in our economy and in our country in general. The reality is, the market has made up from some very Large Companies that have capitalized and they are able to continue the flight and move higher guess what, we are talking about income and equality a lot lately we have markets making new highs. Well hear these stories jeff bezos makes another 10 billion this week. It is a tough contradiction to have especially this time in the United States, is it not it is and look, it is not a question of being moral or just the stock market is reacting to the stimulus it is receiving from the government. The jobs report today is so important. We learned last month and the month of april that africanamericans now, less than 50 of them have jobs. The Unemployment Rate for africanamericans jumped to 16. 7 compared to caucasian rate of 14 africanamericans are usually disproportionately impacted where the rate will jump significantly higher over the course of the recession and their jobs come back a lot slower it is a critical time in our economy and something our government needs to really take notice of. You know, i read a white paper last night about the 1918 pandemic that said after the pandemic in 18, the working class is hit from an income perspective and that assets tend to do pretty well. Let me ask you a more difficult question outside of the stimulus. Talking Unemployment Benefits, money that goes directly to workers. Do you believe it needed all of the back end market stimulus it got. Direct buying of etfs. Bail outs for corporate debt buying up distressed corporate debt two sides to the story do you think the markets needed that look, i think the market was showing some strain. Wasnt working efficiently in the depth of the crisis. I think the fed had to step up and move quickly and faster than they ever have in any type of crisis i applaud them for the courage and making the move. It seems like the stimulus should have been more pointed towards smaller business and individuals and even Smaller Public Companies who are more significantly levered than Larger Companies thats where i think the difference could have been you got some Small Business owner maybe getting up early they cant sleep they are worried about their books. Struggling to make payroll watching cnbc thinking my god, the stock market keeps going up and i cant stay in business to your point, markets are not thoughtful they do what they do lindsay bell, ally invest. Have a great weekend congrats on becoming a cnbc contributor. Thank you investors are continuing to watch headlines on the coronavirus and some possible treatments in vaccines maybe thats playing a role in dow futures up 338 rahel solomon joining us now with the latest. Good friday morning, brian. U. S. Covid19 cases have steadily been increasing after hitting an 8week low according to analysis of data. Hot spots have emerged in places like florida, texas and arizona pushing places higher. This is what markets could be reacting to. Astrazeneca could produce 2 billion doses of the covid19 vaccine. 1 billion doses to be divided among low and middle Income Countries and hopes to have all delivered by 2021. Singapore wearing a Contact Tracing device to be worn by residents. Previously released an app but says there were all sorts of technical issues due to the apps dependence on blutooth they havent said if this will be compulsory but will be an option well see how that does work so we can all wear a device that tracks where we go. I thought thats called a phone, rahel . They were having all sorts of issues with the app, so well see. Well see great news with the vaccine. Thank you. We have a lot more to do on this busy friday morning oil price there in focus well tell you some breaking news about the opec meeting that was scheduled for tuesday. Now it is not. As we head to break. Here is this mornings biggest premarket winners and losers. Dow futures up 340 wow. We are back after this 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back oil prices are at a threemonth high as opec remains in focus and waiting to see whether major producers will extend their output cuts. When i asked to make this graphic, i said the meeting is likely saturday. I can confirm to you now, that the opec meeting will be on saturday scratch the likely the meeting scheduled for next tuesday has now been advanced. It will be tomorrow. It is looking like the historic and massive cut will be extended one month. One month. Then opec will have im telling what will happen then a review at the end of the month and likely theyll dial back that cut by 2 million to 7. 7 million a day starting in july as demand grows gradually the big problem has been iraq. Theyve not only been ignoring their quota. Theyve raised their output when they were supposed to be cutting. Two sources told me iraq has agreed to do their part. The saudis have been taking on a larger share of the cuts about 4. 5 billion coming from saudi arabia far more from what they agreed on that cant go on forever number one, the opec meeting will go on tomorrow. Number two, the group has agreed at least right now and things can change remember what happened with mexico, to agree to a 9. 7 million barrel a day cut in june and dialing it back to 7. 7 Million Barrels a day. Talking more now about the oil market bringing in head of Global Analytics at s p global plots. Normally this time of year, we might be on our way to austria it sounds like opec may have got it together. Do you think it will be this easy and make that deal to continue those cuts for one month . Thank you for having me i think the deal is there to be done i think one month feels a little disappointing thatcher than the full Third Quarter it is all about the compliance of iraq saying you have to join the party and contribute to these cuts we shouldnt forget that there is 1. 2 Million Barrels of cuts right now keeping the market tight, which will also return. I think these cuts are going to be agreed. And it will help to keep the market tight into july then there is still 24 huge uncertainty of how they will unwind things into july there is still a lot of uncertainty in the back of the year as this unfolds. You look at apple mobility data the index weve been showing viewers since march. Demand and driving in the United States has come back a lot faster than people thought thats absolutely it. We have 4 Million Barrels a day of Oil Demand Growth per month for may, june, july and august as we go through summer months everybody is jumping in their cars not public transport or planes it is the gasoline part that is rebounding in the vshaped recovery and more of the l shape. It is one sector that will grow fast but when we get to september chris, hold on. Lets dive into that what you just said is bullish for gasoline when you look at the mobility data as we have, if you are not on a subway or a bus in new york or boston, atlanta, london, you are probably going to get in a car when you go back to work used car sales are booming because people say, i dont want to be around others. Reality is people want to commute alone and safely you can see an environment where gasoline demands soar down the road absolutely. People buying their secondhand cars, they are going to isolate. Social distancing will continue. Well live in the bubble of our cars and we have all things delivered. It does stimulate a bit of diesel demand. Some of it is positive for oil demand that gasoline is soaring as you say. People are going to want to visit family they are not going to jump in a plane. They are going to take that road trip to visit over the summer. What i would caution is that demand growth we are talking about is only balancing with what the supply cuts have done when we look at the Third Quarter, we see the balancing. Supply and demand roughly balanced together. Any creek of noncompliance from the opec producers could mean we have too much oil. These Higher Oil Prices we are seeing right now just creeping above 40 as people get more bullish is bringing more u. S. Shale back those producers who cut and committed to cut are showing a little less compliance now we are seeing more oil coming on from u. S. Shale producers. Thats exciting. That is the balance they need to make how high do they allow them to go without triggering a response to suddenly increase production . Thats the balance again. Also a key factor that saudi arabia and russia are thinking about when they think about production and cut and when to bring new production on. That is the balance it looks like opec right now is in balance great stuff. Thank you very much. To confirm, the opec meeting will take place tomorrow on saturday well have a busy monday thank you, chris still on deck, its ticker is work and has benefitted from many of us working from home so why are shares of slack slumping this morning, down double digits well look for answers coming up announcer todays big number, 10. 5 . Thats how much personal income in the u. S. Jucmped in april. Attributing the gain largely to the onetime stimulus payments and increased unemployment insurance. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. All of these are face masks. This looks like a bottle of vodka. But when we first got these, we were like whoa [laughing] my threeyearold, when we get a box delivered, screams mommys work mommys work. With this pandemic, safety is even more important to make sure we go home safe every single day. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. Good morning nbc welcoming us back with the top headlines. Protests sweep the nation over the death of george floyd, a shocking moment a warning the video is graphic two buffalo officers are suspended without pay after this footage went viral after they knockdown a 70yearold man, he stumbles, hit the concrete and moments later, blood pours out of his head. The city commissioner has launched an investigation. Just days ago, george floyd was known by only family and friends. Now his name is a rallying cry thousands of people celebrated his life by marching again rapper kanye west is helping out. He donated 2 million to support the families of george floyd, Brianna Taylor and aubrey. He started a college fund for floyds sixyearold daughter and started a legal fund for those families as well thank you, francis. Have a good weekend. On deck, the may jobs number is expected that 20 of americans, your friends, your family, your neighbors were out of work last month stocks keep rising is it all the feds bailout or a sign of recovery and vaccine hopes . The dow is up 320. The deteonnu aadba ctieshe a unique trilayer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. Only from natures bounty. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Green chutes, green arrows the jobs report out in three hours. Investors are already looking ahead. The inside story taking a look at bullish stocks including what may be the biggest stock buy we may have ever seen. The race is on independent yay car to kick off this weekend we are bringing to the track ceo of pensky entertainment. Welcome back good friday morning. Just about 5 30 on the east coast in the United States hope you are having a good end of the week. Your top story today is the may jobs number it is going to be ugly the expectation is for 8 million job lesses with Unemployment Rate hitting near 20 . Those numbers are not just numbers, they are people families, your friends, your neighbors, out of work despite all going on in america and around the world, investors keep putting money into the stock market it has been an incredible week for stocks and looks to continue today. Futures are up 300 points. The nasdaq 100, mostly Big Technology stocks, hitting a new alltime record high yesterday and small caps s p small cap 600 is up nearly 8 this week also a big week for oil up nearly 7 . Deep supply cuts continue and demand continues to grow opec will i will confirm to you on the air will meet tomorrow, saturday and decide on how long to keep their nearly 10 million a day cut. My sources say it will be a month and then theyll revisit and likely go down to the 7. 7 million a day cut in july. The opec meeting will take place tomorrow slack semiconductor and slack in focus today. Here are your top stories. Slack reporting the smaller than expected loss for the first time like zoom, the company is benefitting from all of you right now watching and working from home in the pandemic and induced lockdowns. That stock is down 12. 5 slack only slightly raised its forecast on the year the ceo of slack will be on squawk box in first on cnbc interview at 8 00 a. M. This morning. Stock two, broadcom Second Quarter response book ends in fraction. They saw a limited impact from the lockdown they expand demand from a surge in the cloud and Telecom Customers offset by supply chain issues finally the gap. Results missing forecast sales take a hit from, you guessed it, stores being closed. It is amazing, when your Stores Remain closed, sometimes people wont buy things in them although more than 1,500 locations have reopened for the gap. Well focus on those numbers going forward. Every friday here on wex, we bring you a look at insiders getting bullish on their own stocks using their own money to buy their own stock. Coming via insider score. Com we have one big buy this week. The top five stocks this week. You ready . Number five, hp, a board member buying 700,000. And then ups buying 1 million on the first day on the job at ups. Number three, douglas emmett, they leicester job offices mostly in l. A. And a sprinkle in hawaii two, essent group, the ceo stepping up and buying 50,000 shares look at this, the stock most bought by an insider this week and maybe ever as far as weve been doing this segment is donahur. Ceo buying 120,000 shares worth 23 million. The biggest insider buy we have seen yet one guy, 23 million bet on dhr. As we said last week, stocks with heavy insider buying have outperformed the overall market by nearly double in the last two months economists are expecting Unemployment Rate to surge to nearly 20 with more than 8 million jobs lost in may as the growing number of states do reopen ee kwconomies amid unt and the risk of a new wave of covid19 with us, former chief economist from the Commerce Department great to have you on it is tough to sit here and tell our audience, our viewers, who i like and love so much, that stocks are making records when youve got 20 Million People out of work. Tell me that market are seeing either a vaccine and or much better times and significant drop in joblessness ahead. Thanks, brian we have an inequality economy. The thrust coming out of the fed is certainly something that the Market Participants are banking on that is to say, weve had incredible stimulus already. We are probably going to get more we have a depression labor market an inequality economy and we need a lot of fiscal economy to address this does the fed need to pull back on its stimulus did it overshoot given that a month ago, we were looking at the top of the world given open table, tom tom and all these indicators and consumer activity is coming back bigly thats a really good question i think we are going to have to assess that as we look out over the next 60 days there is a fair number of these facilities just now getting deployed i think it is a really good question i would focus on the fiscal side we know there are four legs to the stool in terms of what the government can do towards the inequality it isnt all hands on deck it isnt Just Congress or the administration we need the private sector to pitch in my goodness, we have an inadequate snap program. Food stamps. These are basic things that we need to amp up here. Lets get the private sector involved why cant they come in and fund our snap program these are great points. I tell you what. I dont know about you everybody i talk to, okay, like many people we spend all of our days on the phone at this point. Nobody i know is worried about august they are worried about january they are worried about going from 20 million to 8 million 8 million is still 5 million more than it was before. Nobody i know is worried about next month the fed got their back extended Unemployment Benefits stimulus checks. People are taking in more money. People are worried about january where you might have 8 million to 10 million where they are out of work. Companies have realized my gosh, we can do the same productivity with millions fewer people thats the real worry im hearing. It is not right now, well get over the pandemic. It is the fourth in 100 years and we are still here. It is what is going to happen in two years. Brian, thanks youve really done your homework on this. Thats exactly what i was thinking about when i was chief economist at ford and we went through the Global Financial crisis, we newcombi knew coming out of that we had to have a recovery that got these workers back into the labor market it was absolutely critical remember, we war at 5 Unemployment Rate. It jacked up 8 and took years to get back up are we going to see 3. 5 Unemployment Rate any time in the near future . No, we wont unless we have massive policy thrusts weve gotto get involved in this inequality economy and fix it we are in real trouble we have to get investment for the future infrastructure we have to help workers, businesses i sound like a little bit of a broken record. Truly, we are in a depression labor market we have to do something. We will a lot of that will come back keep people employed i look forward to this debate. It is not going away thank you. Well speak again soon going back to work, good news on a friday if you are a car racing fan. The green flag about to drop again on indy car. Thank you. The ceo of penske entertainment. Joining us to talk about a return to the track. Iw futures above 300. Its 5 40 and we are back after this welcome back we have a little good news for you on a friday. More live sports are coming back in this country. You have the ufc and nascar have restarted the fight. Nba agreeing to a plan with all games being played in orlando. Tomorrow, indy car will begin at the Texas Motor Speed Way. Practice, qualifying and the race all taking place in one day. You can see that on nbc at 8 00 p. M. Eastern time. Welcome the man in charge. President and ceo of penske. Ive got a grin on my face as a big racing fan, i am psyched about this how do you expect tomorrow to go we are stoked everybody is so ready to go racing you know Texas Motor Speed Way provides compelling, exciting racing it is really fast. Our drivers and teams are ready to go. We are excited to be on nbc prime time we are ready to go it is going to be very, very exciting mark, i got in one of those two seaters with mario and receipty i rated for years as a driver. I was weeping telling him to slow down. Texas is a fast track. It is dangerous. How do you think the drivers are going to do after months of online sim racing. He wonuldnt listen to you weeping, scared the drivers have had a lot of time to prepare and spend with engineers and do sim racing and simulated driving. Nascar, they just go out and race our guys will have a chance to practice and qualify i think theyll be ready to go for the green flag no fans there. I did get a note from road america saying they do expect to have fans at el cart lake in wisconsin july 11 and 12 i urge everybody to make a trip. Its a mecca of motor sports it is a huge facility. You can socially distance. Do we expect fans july 11 and 12 i guess we havent made a formal announcement but, yes, we do expect fans on july 11 and 12 thank you breaking news on the show, mark. Thank you. You bet, thank you. Will we have fans at the road course race or just road america . Im sorry, i couldnt hear you there. We will not have fans in texas or at our weekend where we share with nascar. Road america is the pivot point. Well have fans there. We expect to have fans in iowa and hope that will continue the rest of the year what are you picturing for the indianapolis 500 scheduled for august yes late august. Weve worked closely with our governor and mayor and state and local officials. We think well be ready to go. We sell a lot of tickets at the end of last years race. Those people want to be here we dont see any reason we cant make that happen correct me if im wrong, mark, i believe and im thinking the kentucky derby, the indianapolis 500 is the single biggest sporting event in terms of people going in the United States each year 400,000 plus people. How do you pull that off every year, it is the single Largest Sporting event in the world. We have over 300,000 it is moving the city. It becomes the second biggest city in indiana that morning it is very complex to put that together this will be the 104th time weve done it. Hopefully we are getting good at it it will be on nbc. Really, for a lot of americans will be the time when we believe we are coming back we are looking forward to that quickly, mark i imagine time to get some new fans too we are starved for sports. It is a fantastic product. Are you excited . They are shiny under the lights in texas. Great momentum going up. To be prime time live. Well be on nbc live here at motor speed way july 4th weekend. Well be off to a fast start if youll excuse the pun. We have a lot of great coverage with nbc we are sure well add fans to our family this year cant wait. All the announcers to the nbc family saturday night, 8 00 p. M. All day. Let us know how we can help. I look forward to seeing you at the track. Congratulations. Good to get back to work while indy car and its crew getting back to work well meet the people in high demand that can help get us off the road or on the road to a new normal well talk more about that dow futures are up 288 we are back after this the covid19 pandemic is creating Food Insecurity on a scale not seen in decades. An estimated 54 million americans will struggle with hunger. With 200 food banks and 60,000 meal programs, feeding america is the largest hungerrelief organization in the country. Join Morgan Stanley in supporting feeding america and your local Community Food bank. Increasingly important kate rogers joining us now with more on what it is and how it is going to go. Happy friday, kate hi, brian experts do say Contact Tracing is going to play an increasingly Important Role in our new normal helping to track those who have been infected and those they may have come in contact with to ensure safety for all involved Contact Tracing is a focused way to respond to the coronavirus. It allows us to slow down the spread of infections without having to do a stayathome order. Really important to the reopening process. More of a safety valve to prevent the reopening to turning into a big problem cities have seen them work firsthand. Patterson, new jersey a city of about 150,000 people they had about 6,000 cases with 260 cases daily. Doubled Response Team to 55 with tracers working long hours on many cases the city has lost some 300 people, infections have dropped to around 25 or so per day in the absence of treatment and in the absence of a vaccine, this is what it is going to take to reduce the spread of this virus. As many as 150,000 tracers could be needed in the country as we move forward without a vaccine. Johns hopkins has an on line course for those interesting in becoming tracers this is a job that can be done remotely and working from home people that want to get involved but have hes taks about returning to a normal office setting. You can do this from your home or remotely. Back over to you so volunteer, thats free so you can follow people around on the internet for free but also potentially get paid. Any idea of the time frame and salary how much do i get paid if i want to trace people around on the internet there are many different ranges here. Volunteering is one thing. City and state Health Departments are taking this on but there are paid positions weve seen ranging from 40,000 up to 70,000 a year depending on your expertise. This is not a new tactic it has been around a long time weve seen time frames from two to 12 months we know as things reopen, this will be an increasingly Important Role where are you going tomorrow . From the bedroom to the kitchen. Where you going im going to the beach to go surfing like a minute after the show is over i could be a contact tracer. Sign me up you are all set kate, have a great weekend. Joining us to talk about the job market, tom porcelli i just tweeted out, im not worried about the job market in june 2020. Im worried about the job market in june 2021 we are going to see job lesses come way down. Do you have a longer term outlook to share with us yeah. For sure we expect unemployment will slip down to 10 . Today, we expect it will be at least 20 come today there is some interesting things in todays report which we should talk about. The longer term, we look for Unemployment Rate to get cut in half getting cut in half might sound aggressive even if it does get cut in half from 20 to 10, you are still at 10 . Yes thats terrifying. Thats the point we have gone in 90 days from saying lowest Unemployment Rate ever to highest Unemployment Rate since the Great Depression and there is nobody ive heard that has said we are going back to 3. 5 in a year even if we fully reopen and get back on planes well have structural unemployment issues for a long time, are we not caller i think the hurdle is too high to get back to 3. 5 that 3. 5 is uncharted territory. It took nearly an 11year expansion. It is foolish to think we coul get back to where we were. The pace of improvement will be tied to the fate of the virus. If that does come back in fall and winter, that will stunt the process of continued improvement. I do think you are looking at high Unemployment Rate relative to where we were. Hopefully well have some better news. It will be an ugly number today. Lets look forward to that tom, thank you very much best to you and your family. Dow futures indicated up 311 points thank you for being with us. Hope you have a relaxing, good, uafe weekend sqwk and the gang pick up the coverage now take care. Across america, Business Owners are figuring things out. Finding new ways to serve customers. Connect employees. And work with partners. Comcast business is right there with you. With a network that helps give you speed, reliability and security. And enough bandwidth to handle all your connected devices. Voice Solutions Like remote Call Forwarding and readable voicemail. And safe, convenient installation. When every connection counts, you can count on us. Get the connectivity your business needs. Call today. Comcast business. Ahh, the weirdest. You make everyone around you crazy. People are normal and then they hang out with you and then theyre Jack Nicholson in the shining. Im gonna tell my mom you tried to drown me. Its an above ground pool. Youre like eight feet tall. Good morning rally looking to continue and how. Looking to jump up 300 already up 3. 5 this week. Reopening america. An update on getting movie theaters, sports leagues back to business showing you what it looked like yesterday when Las Vegas Casino opened their door. On top of everything else, it is jobs friday. More than 8 million jobs lost last month june 20 and squawk box begins right now. Good morning. Happy friday and welcome to squawk box. Im becky quick along with joe kernen and andrew ross sorkin. The dow is up more than 3. 5 already this week. Can you see the moves here it has been up four sessions in a row