Transcripts For CNBC Mad Money 20240712

Straight to the senior economics reporter for this. Steve, what are some of the reasons why we might not trust this data . I guess im starting off with a bias, because this seems like really good news when were just off a huge pandemic. I think a reason not to trust it is were in the middle of an historic economic shutdown and apparently on the upside of that shutdown and nobody has ever seen this kind of thing before we hadnt seen 20 Million People lose their jobs in a single month, and we really have no idea how the jobs would come back all of the other indicators we were looking at suggested there would be massive job losses. And it is well to put that into perspective. Remember the forecast was for minus 8. 3, came in 2. 5, so folks, you can do the math at home on both sides of the zero line it is nearly 11 million jobs is the number that the consensus was off by and wall street was off by it a bit too, if you dont mind my saying, they had a nice rally when they realized maybe we would be coming back sooner than we thought it could be low response rate, it could be a bias toward firms that were existing, and reporting. Or it could just be that we had two things happening, melissa, you had the reopenings happening, especially in places that may not be so well observed by people on wall street, that could have added a bunch of jobs and the ppp which caused people to bring back their workers in order to be to get their loans forgiven steve, thanks for being here and staying up late with us as they say typically you get in situations like this, and environments like this, and youll get the numbers will be recalibrated, on the next iteration sure. My point is or my question is, does it even matter . This is one of those things where the headline is on the front page of the New York Times and the recant can be on page six of the third fold my point is, will people take that into consideration if, in fact, it is recalibrated you know, ive always wondered when the market trades the truth because in a funny way this is always the case, guy you have a number that comes and this number will be revised next month, revised the month after that and revised in about a years time as well. So well find out what really happened and in the fog of this shutdown, you can imagine there is a lot of things happening that were unaware of and will come back and be revised i do think, though, you know, my basic view of life for what it is worth is that markets reflect economic fundamentals and over time the economic fundamentals come out and if we are indeed bringing back workers, there is a lot of things to square here and im coming on here not knowing the answers to these things, but having spent the day trying to figure it out. You had Something Like 12 million jobless claims, between the reporting periods of the two jobs reports we dont know what happened to those. It may be that you had 12 million jobs, plus the two, so 14. 5 million hiring, that may have happened. Were looking very closely at High Frequency data. None of this High Frequency data suggested to us there was going to be a massive increase in jobs here so it is a puzzle. But these are historic times and we just sharpen our pencils and go back and do it again. Hey, steve, it is dan quick one, you know, at the bottom of this press release this morning, the business and labor statistics is there is a note about what seems to be a miscalculation in the may numbers and theyre talking about a large number of workers who are classified as employed but absent from work, they go on to clarify that number and they suggest that if it was if the miscalculation it could have been 3 higher as far as the unemployment maybe the economists werent as far off as the headline reads. They werent, i will say that happened last month where i believe the error was estimated to be around 5 Percentage Points so, yeah, it would be 3 Percentage Points higher to 16 . But fundamentally im not sure that matters much. My guess, and you guys will tell me if im right about this, the market really cued off the pap pai ro payroll number the Unemployment Rate is terrible, by the way, it remains well above the great financial crisis as well, quite a bit. The numbers are still terrible i will tell you this, two ways to look at this if you want to play alphabet economics. On the one hand, what you have is a vshaped recovery in job growth you went down 2. 5 went down 20 million, came up positive 2. 5 million. But overall, it is still an l. And ill show you why if you look at it, were down 20 million, we got back 2. 5, so it is just 11 . Still a very long way to go. And i dont think anything of that really changed today. There is still a long way to go. I think the market is now saying, you know what, it is coming back faster than we thought. Nothing changed today, steve, and folks, but i think, first of all, if you think about the extraordinary size, there has never been a larger forecasting miss than this number. And it tells you where we are in terms of wherefore casting can be in the next three to six months we have zero understanding the underemployment rate, too, this is where youre getting at, the u6 is 22 or so so, you know, the other side to all this, though, it seems to me, is that youve got a fed that we now know stuck around too long and i think, steve, youre always very thoughtful i wouldnt say always defending the fed, but thoughtful on where Monetary Policy has had to, you know, be stickier. Were often very frustrated on fast money talking about how the fed has overstayed their welcome. No matter what happens now, i dont think this fed is going anywhere and therefore markets are saying, we kind of get this. We have seen this before, and therefore it almost doesnt even matter what the economics are. This almost goes to, steve, the point that you made earlier when we were chatting on power lunch , this is just no matter how flawed you think this data is or how valid the 2. 5 million jobs added you think is, this shows you that it is working that the stimulus measures that have everything the fed has done, Everything Congress has done is sort of working and maybe it will buy us some time. And maybe wall street is believing that enough time is being bought to get us to the other side and thats what this rally is about, maybe not necessarily about 2. 5 million jobs actually being added. I look, i dont really have i have a lot of sympathy for traders today. I am not quite sure what youre trading on, you know, i look at the percentage of the s p 500 that has no earnings guidance. And i think what youre trading on is a broad structure of a rebound. And my best guess is that structure of that rebound is divorced from the High Frequency idea of is it coming back today, tomorrow or next week. You guys who have to whoever above you is long the market has to be in with both feet and saying it is coming back, and it is coming back to a reasonable place and in the time before it comes back, ive got all of this support from the fed, as tim suggested, there is a question now whether or not we get additional congressional support, because i think this jobs report makes that a little bit less likely, im not really sure where congress is going to be on monday after this number you can imagine some republicans would be less likely to endorse that but right now, the game is this. It is going to come back, were going to end were going to end the shutdown, end the social distancing, and congress is going to and the fed are going to bridge us to that place. And that place could be six months from now or four months from now, but i dont think you care on that, because if youre playing for next month, i dont know what to tell you. I dont want to put you on the spot, i will, youre a smart guy, musically inclined, this will be a theme were going to pick up later on in the show if this jobs report were a song, what would it be oh, you know, the whole thing im thinking of is highway 61 revisited. You know, it is just a surreal a surreal moment, you know and the line that i came up with this afternoon was, you know, the roving gambler was very bored, trying to create the next world war, asked the promoter who nearly fell off the floor said ive never engaged in this kind of thing before and thats where i am as an economics reporter right now. Well put. Steve liesman, enjoy your weekend, thank you dan, nathan, we asked the questions not to be skeptical of the jobs report per se or not to say we dont want to recover, we all want a recovery to happen, dont get us wrong, but if we are believing that the stock market is actually rallying on this jobs report, there are certain things about the report we do have to understand better, right . Yeah, listen, i ask that question of steve because i no he it is going around the web as far as what is the real Unemployment Rate and you hear things like even that this number, while better than expected, still higher than the great financial crisis and near where we were at the depths of the great depression, nearly 100 years ago. You have to start scratching your head. We also know that there is a twopronged thing here going, obviously all that monetary and fiscal stimulus was really helpful, but investors have also gotten really confident that there is going to be a vaccine or at least some very good therapies for the reason for this Economic Disaster that we have had so you put those things together, and there is an awful lot of optimism. Im just not certain that, you know, that it is about as clear as the stock market is telling thats my only skepticism. Ill be that guy, ill be the one person on this panel that will kind of try to scratch that itch a little bit. I think our viewers deserve to hear that skepticism because we cant all be positive all the time why are you giggling, tim what a surprise that dan is going to scratch that somewhat cynical itch no, but he the approach to fundamentals here, i think were all saying has gone out the window i think if you look at the markets move today and look at where we are relative to where expectations were that we could go, this is all about a market that has been defined. Today is only going to further embolden people that say actually, look, the fundamentals dont make sense now, but we heard from every analyst and every company that the next year and a half of earnings almost dont matter and with the vix going below 25, i think it will stay below 25 for the relative future, i cant say it is not going to tack ebb and flow, but Federal Reserve means lower volatility and theyre not going anywhere yeah, we have that banner at the bottom of the screen, danger in the data. Guy, you mentioned recalibration revisions to this jobs report. And the reasonwhy were puttin a question mark there is because is there a danger in rallying off of this positive data point and then eventually getting a revision that shows that it wasnt actually as good. And that could be for the jobs report, for lots of other data points we rallied off of so far. The danger in the data is that we get data that actually shows this all wasnt happening in terms of the recovery. Yeah, but it is i think you make a great point thats why, steve, youll get condemned on the front page of the New York Times and youll get exonerated on page eight in some section of it that nobody reads. I think thats the point about this jobs number people are looking at this highlight number today and saying we have the all clear and if these revisions come, i dont think people will really take it into consideration but, you know, since you mentioned the song thing, i know well play with it later, charlie richey, familiar with charlie rich, probably not, im a big fan of charlie rich, he sang a song behind closed doors and to dans point, to dans point, behind closed doors right now, dont think for a minute that ceos and boards arent talking about, hey, guess what, we have done really well with fewer employees, how are we going to make this stick six months from now . And i hate to say it, but i think were looking at a much different employment landscape as we get closer to lets say the fall and thats just reality in my opinion. Yeah, i would like to make one last point, okay im not in new york city right now. Ive been in new york city with my wife and kids until monday. We left on monday because of the riots in the street, there were storefronts blown out in my neighborhood in the flat iron all over the place, didnt think it was appropriate to be there but we have been sheltering in place for New York New York has been a ghost town new york is one of the biggest consumer hubs, business hubs in our country and its not im telling you people, it is not coming back anytime soon if there is not a vaccine the people are not coming back the restaurants are not coming back the investment banks are are not having their people back the list goes on and on and to guys point about efficiencies and work from home and our friends at slack and zoom and all this sort of stuff there is some fundamental things that have just changed and it was a black swan so i just dont think the stock market is reflecting that right now when you think about the costs that are going to be associated with a lot of these businesses operating at much lower capacity levels. So im just telling it as a guy on the streets, things are bad in one of the biggest places in our country, one of the places that is our, you know, business hub, you know, tourism, the list goes on and on and on. Thats just the fact get off twitter and Start Talking to people and start understanding what their lives and livelihoods look like and i think you will not celebrate this sort of jobs data the way that the s p 500 and the nasdaq did today. Thats my personal view. Im not telling you to sell stocks, not telling you to go to cash, not your broker, not your hedge fund manager, im telling you talk to people and the reality is very different than what the stock market is telling you today. All right, well, were just Getting Started here on fast money five. Up next, were tackling four more big money stories from this week including the protests that rocked the nation. How did Corporate America respond . 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Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Welcome back this week a crisis in america, protests, both peaceful and violent, gripping the nation and shining new light on racism and inequality and throughout the week on cnbc we heard from some of the most powerful and influential voices in the Business Community here is their call to action you know, we would like to think were beyond this as a country, but obviously were not. And we have been bad parents as a nation we havent taken care of our children, but everybody elses as if theyre our own. Were better than this as a country. In the long run, what is in our enlightened economic selfinterest is for all americans to feel like theyre participants in our economy. Ill say, joblessness leads to hopele hopelessness hopelessness leads to what we see in the streets one of the big issues has been it is all been black leaders historically talking about these issues, and it is time for white leaders to stand up and really speak and encourage action Business Leaders have to start to lead. What has happened in the past, they have trailed. Citizens have been the ones who have taken to the streets. And starting to scream and start to scream about bad behaviors, either bad policing, bad policy. Businesses can actually be either partners with them and in the ideal sense they could lead some of this discussion. They could become positive forces in the community. We need to be even more deliberate about making sure that were breaking down the barriers and bias is one of them. There are others there are structural barriers in place that keep, you know, these disparities in place this isnt about just one tragic event, it is about what is happening in our country for a long, long time and what is happening today. We must make this a moment of transformation we cannot allow this to slip away from us and hear what people are saying. Understand what people are saying that they want reform, when it comes to the economy, policing, criminal justice, and a number of other areas lets bring in mike jackson, founder of 2050 marketing. We heard from a lot of companies, ceos throughout this week, they all mean well, they say some very inspiring things, but at the same time you say some of them are not getting it right. Why not . Yeah, you know, it is just very important that these Companies Care more about the communities and the employees, customers, equally as they do profits. Some of them in the past have put a lot more emphasis on their bottom line. And i think this should represent a huge opportunity for these companies, specifically those located in the major metropolitan areas to get closer emotionally with their communities. You mentioned the focus on the bottom line, isnt that the job im starting to get pushback on twitter for this and from people watching this, but isnt that the job of the ceo, yes, i agree completely that a ceo and a company should care about the communities they are in, care about their employees, make sure theyre breaking down barriers and making sure that their workforce is representative of the communities they serve and operate in, at the same time the job of the company is to do right by shareholders. Youre exactly right, melissa. But hopefully 2020 has taught us the importance of being engaged with our community so you go from the covid19 situation to the to george scott murder, people are out of work as you were talking about in the previous sector i dont believe these solutions reside with government and or the local leaders. We got some very, very bright minds out there. I think steve balmer said it best, some of the white leaders, ceos, have been really bright and very talented people, they need to embrace these communities and get more involved i love seeing jack dorsey at twitter giving 3 million to Colin Kaepernicks organization, but i would have loved to heard jack say hes going to join colins board, hes going to give colin some guidance, hes a very bright, very dynamic, very innovative leader. We need those types of people in partnership with the people in the community trying to make change hey, mike, you know, you mentioned that 2020, it seemed to be an inflexion point in some ways the way that Business Leaders are thinking about their responsibility mel just brought up their fiduciary responsibility is to the shareholders, but they have customers, employees, that sort of thing you mentioned jack dorsey. There is a lot in Silicon Valley, marc benioff, theyre using their social channels to really make their feelings, their personal feelings known and i think in those three examples, you know, a lot of those stake holders should feel really good about that theyre making donations, theyre being active on their social channels and i think the private sector has really led on a lot of social issues this year, do you think there needs to be more of a private and Public Sector kind of attitude towards fixing these problems or is that just not necessary not possible in this environment right now . No, i agree with you whole heartedly. I think we have got some really, really good stuff going on in pockets around the country specifically a lot of the innovators in Silicon Valley, i live near los angeles. We have got people like steve balmer as part of our community. I just think it needs to be embraced a lot deeper in the organizations. One of the concepts ive been toying around for about ten years is the notion that if these large organizations, whether it be public or private, whether it be a traditional legacybased organization or a Silicon Valley innovator, i would like to see the corporations add to the performance accountabilities for their top leaders that they reach out in their community and personally get involved with nonprofits, with their local mayors, a lot of really good young mayors out there trying to do things. I think these folks could assume leadership roles they obviously bring a lot of talent if thats the thing i think is really the missing pieces. In addition to the money and in addition to the support, and in addition to the leadership at the top, get deeper into these organizations ranks and have these individuals embrace these communities and bring the sheer innovation and intelligence that they bring to their jobs every day to solve these problems within our communities yeah, we would have a lot of power behind solving these problems thats for sure. Mike, we appreciate your time. Mike jackson, of 2050 marketing. A lot more ahead, two big stories, three more to go. Up next, taking a stand. What caused a big stir this week in the social space. All that and much more when we come rightac bk. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will you can rely on the people and the network of at t. To help keep your business connected. Welcome back to this special edition of fast money, counting down our top five stories of the week. Two down, three to go. First, we got to take a fast break. A monster week on wall street, and we alluded to this with steve liesman, chatting with him, if this were a song, so if this rally were a song, tim, what would it be yes this is obvious to me. This is the clash, should i stay or should i go. The debate for investors is after this this is the biggest rally in history s p is overbought. The song says, if i stay, there will be trouble, if i go, it could be double. And i think thats the sense if you stay in this market, obviously we are setting up to are some type of a pullback, there needs to be. The fear is missing out, and some sense for a lot of investors, certainly for professional investors, thats double trouble because if you miss this kind of a rally and youre in cash, youre fired so i just think this is an extraordinary time and the clash, breaking album for their clash, not the best album or best song, but a monster as was this move in the market. Well, let me just tell you something, mel, tim brings up the clash and tim was probably at the same concert i was at shea stadium and the clash was a warmup band. In my opinion, always a warmup band and quite frankly they got booed off the stage because everybody was there to see the who so my song is wont get fooled again because if you listen to the lyrics, 1971 is when pete and roger wrote this song. It is ringing true today and i wont get fooled again, meet the new boss, same as the old oss, guess what, the new boss and the fed, the same boss, the same old tired things theyre doing and i get whats going on in the stock market, but you know what, mel, the clash is a second rate band, the who rocks and im not going to get fooled again can i respond ill let dan go, there is moroccan romore rock n roll here go ahead, dan. I was just going to okay boomer both of you guys and talk about a band called the foo fighters i dont know if you have come across them. Yeah, yeah. I would go with yeah, i would go with ever long by the foo fighters you got to stay long, i guess if youve been in this roller coaster over the last few months i mean, listen, im a bit more skeptical here, the fact that the s p 500 is within 5 of the all time highs in february, the nasdaq is making matched highs, you know, it speaks to buy the dip, i guess, all the time, stay long forever thats not exactly how it works, we have to remember that a lot of people, a lot of investors mack a lot of mistakes at tops and make a lot of mistakes at bottom that kind of puts you in behind the eight ball a little bit unless you stay ever long. Very nice musical selections. Coming up, the countdown continues, what else is on our traders news feed this week thats a clue whats to come much more on tsphis ecial edition of fast money when we come right back. You should be mad they gave this guy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Welcome back to the fast five, counting down the five big stories of the week. Next up, reopening risks could a second covid wave be coming las vegas, back open for business this week this was a scene at the did c casino the floor is packed, very few people wearing masks, doesnt look like any social distancing is taking place. Universal orlando is reopening to the general public today with limited capacity and the ncaa, athletes back on campus, but already some are are testing positive the university of alabama Football Players returned this week for workouts. At least five had already tested positive for the coronavirus lets bring in meg tirrell meg, this is always a concern with reopening, good to see you, meg. What are people saying about the second wave based on the reopenings we have seen so far well, it is pretty early. If you look at the data, we see cases or hospitalizations are accelerating in at least nine states so that is concerning. But we talked with dr. Fauci today about whether a fall wave is inevitable. He said while cases will continue, and thats inevitable, a big fall wave doesnt have to be inevitable if we respond to it in the right way and implement the measures needed. But another thing ive talked with Health Experts about, that theyre really concerned about is the potential seasonality of this virus so if we see in a couple of weeks that suddenly cases really do collapse and sort of stay that way for the summer, does that then bode for a big uptick in the fall, like we see with flu. And then coinciding with flu, being an even bigger problem there are definitely Major Concerns around that, mel. I guess the key will be a couple weeks, right . It is a 14day period theoretically. And if things are just starting to reopen now, i guess key will be what do things look like what do the infection rates look like in a couple of weeks or three weeks from now yeah, absolutely. You have some early data from some of the states that have been opening and you do see in some of those Southern States the cases are increasing experts do want few more weeks of data to really get a good handle on that what is your sense on the medical industry, the healthcare industrys ability to restock, refuel, resuscitate, and prepare for this my sense is we were so off footed by this virus unfortunately, that that was part of the devastation. Obviously something we have never seen before. But the pendulum back that we may or may not have will be met with different consciousness, different approach, and systems that restock that i believe is giving people some confidence to get out there. Yeah, thats a really important question, tim. I think were going to see how much was learned from the first time around. We have been hearing about efforts that are being taken to ramp up on the supplies that we saw shortages of, to sort of do longer term supply orders, so that there are incentives to make sure these things are in place. And then, of course, come fall, there is some hope that there will be potentially new drugs available, vaccines even being tested on wide scales, so the tool set should be different, but we have to see how the industry uses this time if we do have a lull and hope that they are able to use it wisely and really get prepared. Meg, youre doing an amazing job with this stuff. Is there anything in history that, i mean, i know people talk about the spanish flu, but, for example, polio, i think, is about as close a comparison as you can make, in terms of people keeping their kids home and that type of thing. Just in terms of history, does that sort of line up and if it is if thats the case, what type of timeline are we looking at potentially because that lasted for quite some time. Yeah, really did, thats an interesting question with polio, i think one of the major differences is if you look back at the coverage of that vaccine race, and what dr. Jonas salk was doing, when his trial proved to be effective, it was on the front page of every newspaper and the entire country cheered. And people wanted to get that vaccine. Right now, you know, of course there will be a major contingent that cheers if we get a vaccine, but a large contingent of people skeptical about getting one. We had a poll this week that showed 21 of people across the country said absolutely not, they would not get a vaccine and the numbers are probably similar to the number of people who get flu shots now, which is not enough to confer herd immunity, when you can protect everybody by enough people being immune so it is a really interesting comparison, but historical examples of timelines for vaccine development, the shortest was four years, that was for mumps in the 60s. Thank you for joining us. We know youre busy, youre prepping for the 7 00 show tonight. What do you have coming up we have got a great show. We are going to dig into antibody drugs that are on their way. Were going to be talking with george ancopolous. And a discussion about the historic protests and the fact that theyre happening as the pandemic is exposing the Health Inequities in our system and were also going to be having a debate about the profitability around Gileads Remdesivir and how much companies should be profiting during a pandemic, something you talked a loot abot about, mel. We asked about the second wave welcome the markets here, scaling new heights, guy adami, this is a concern. Or will it not be because were sort of used to it we have become inured to it. It has to be a concern. But a concern that nobody is talking about, im not suggesting im right, over the last three months has the u. S. Consumer, which is 73 of this economy, have they learned to do more with less and are they going to come back with the ferocity that we saw last year in terms of spending i dont know the answer to that. But to not count it as a potential concern, i think is just foolish a rlot of people think there is going to be a huge pentup demand and it will come raging back i think maybe people learned to live with less and maybe thats the real thing we should be worried about going forward. You know, mel, it is interesting, you know, meg just mentioned the Health Inequities, theyll cover that the at 7 00, ill watch that, that will be interesting, a lot of people think a lot of the market gains are powered by this the Federal Reserve and some of the actions were taking there i know guy is a strong believer that you think that the economic inequality that is being caused by a lot of the fed actions every time they need to bail us out, this Health Crisis was a black swan, but we maybe really start have to think about what the heck is go on here in america, where technologically the most advanced in the world that one of the wealthiest in the world yet we have 28 of the infections of this disease, we have 28 of the deaths globally and only 4 of the population. How can that be . How did we, like, get so why are we so heavily inflicted and so i think it is just really interesting that this these two crises have come together here and highlighting some major inequality in our country. Two things i would just say, you know, first of all, unfortunately i dont say those numbers are not correct, dan, but we dont know what the numbers are. So i would agree that i think as an american and believe we are number one in science and health and technology we are but i think the approach we took was one where we werent entorely prepared. I think i dont think anyone is out there intentionally trying to manipulate the numbers. I dont think we know the numbers. I dont think we know. If anything, the numbers may be skewed by the fact we may be doing more testing than other parts of the world i think were not going to know what the numbers were just like that payroll report, were going to get revisions and revisions im not quite sure i do agree on the, you know, inequality in terms of what financial oppression from the fed really has done. But i would also say stock market back where it is going to give consumers confidence to get back out there for as long as it stays here lets be clear, the Federal Reserve and policymakers target the wealth effect that comes from asset prices. And right now asset prices have come storming back with the exception of unfortunately our Property Values in new york city that im sure no one really cares about. But the reality is there is a lot of people that feel like theyre doing pretty decent right now. And i think that plays into consumer spending. Coming up, we reveal our final two big stories of the week, one causing a stir on social media, and the other creating wealth from the couch what are they . Stick around and find out. Much more onhis ec tspial edition of fast money straight ahead. Yes. The first word to any adventure. 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. To its only human to finds inspiration in nature. And also find answers. Our search to transform. Farm waste into renewable natural gas led chevron to partner with california bioenergy. Working to provide an alternative source of power. For a cleaner way forward. Welcome back to the fast money five. Were hitting the five biggest story of the week. The next story taking a social stance, big rift in the social media space this week, and it all started when twitter flagged a couple of president trumps tweets with fact check labels. Snap came out and said they would do the same thing, but facebook taking the opposite approach we actually just got a fresh statement from facebook ceo Mark Zuckerbe zuckerberg lets get to Julia Boorstin on the phone. Julia . Mark zuckerberg reversing his stance, he had defended the decision to not censor or put any warning on president trumps comments that could be considered as inciting violence. Now hes saying in a post on facebook, quote, were going to review our policies, allowing discussion to see if there are any amendments we should adopt he said he details the first also saying theyre going to review policies around Voter Suppression, saying the second case that theyre going to be reviewing is when a country has ongoing civil unrest or violent conflict, certainly referring to the protests we have seen recently so going on to say theyre going to be reviewing policies about Voter Suppression and how they will handle violating content, whether there is some third option other than just pulling it down or leaving it up. Back over to you. Would it be too early or unfair to say hes back tracking certainly seems to be back tracking he had this town hall with employees, facebook employees earlier this week. There was a lot of outcry on twitter as well as on linkedin from facebook employees very frustrated with the decision not to flag that post from the president. So this is him acknowledging the concerns of the public as well as from his employees. Trying to find a third option, new alternatives in terms Hough Facebook could handle this so i think we can look towards potentially having some sort of labeling on posts from heads of state that have huge reach, that he, you know, zuckerberg says he wants free political leaders are thinking and saying and putting that in context. Julia, thank you. Julia boorstin. Guy adami, earlier this week we were saying that facebook was, you know, better positioned because of the stance it took. Can we say the opposite now . Well, quickly, we also said Mark Zuckerberg was in a loselose situation in terms of how he set up and that the president and it is not political, but, you any, there was a genius to this, because if somehow he gets if the president gets flagged by facebook, hes going to use that as a battle cry and if he doesnt, he has the platform at his disposal winwin for the president , loselose for Mark Zuckerberg. In terms of the stock, though, until advertisers start to flee, which you have not seen, you have to stay with this name, and i think we have been pretty somewhat steadfast in that belief i am not a huge fan of facebook. And at a certain point, it probably is getting expensive. But in terms of the advertisers and the users, nobody seems to be going anyplace anytime soon im not a huge fan either i will say that this is pretty extraordinary because Mark Zuckerberg and facebook look like theyre digging in during a difficult time of pressure after basically saying last year that they were not going to be political hasher eharbors. There are a lot of people that just believe that political battles should be fought in the open this is a First Amendment dynamic. Let people decide as politicians either sink their own boats or shoot themselves in the foot or not. And i think this is the real debate in this country i think there is plenty of debate around it i think were in 2. Or 3. And i think were going to 9. 0 on social media and how we are dealing with freedom of speech i think there is a lot that still needs to be worked out we had a lot of issues with manipulation, and ultimately were a country that does not believe in censorship of the media. We dont believe in this we believe in freedom of speech. So back to facebook, the irony was, of course, facebook was rerating higher, also because of facebook shops and this structured platform for letting Small Businesses have the ability to navigate closures and a new commercial opportunity, but it really was that it was taking this stance that looked more aligned with the administration and obviously that may not be something facebook feels so good about today, but the stock was performing because of it yeah, you know, i have a slightly different take. You can roll out the First Amendment, if you want, but lets go back and think about what twitter did, they basically put a tag on misinformation, falsehoods, lies, if you will, about mailin voting this goes back to the conversation that we were having with mike jackson about Corporate Leaders really leading on a social front f you think about misinformation about mailin and voting who does that hurt if thats Voter Suppression, it hurts groups, you know, of minorities and such, and so, you know, this is a huge, huge important issue at a very important time when we know that these platforms have been coopted by bad actors to kind of influence our democratic process. So i think, you know, you know, kudos to zuckerberg, if hes going to reevaluate this and fall into line, because his platform that has 3 billion monthly active users is being coopted for Voter Suppression, which adversely affects a group of people in our country that are in the streets unhappy about a lot of injustice put on them thats not what those platforms should be used for and so this is really an important time, i think, for the direction of his company and, you know, kudos again to evan spiegel and jack dorsey for getting out in front of this and i suspect zuckerberg will fall in line and face the ire of the president. Thats howy st you stay on the t side of history. Breaking news on the nfl. Julia . Yes, another example of a company back tracking here, the nfl coming out with a post and video from Roger Goodell saying we the twitter post saying, we the nfl condemn racism and the systematic oppression of black people we admit we were wrong for not listening to nfl players earlier and encourage all to speak out and peacefully protest we the nfl believe black lives matter, inspirechange this referring to the outcry over the taking of a knee of those nfl players in the controversy that that sparked. Julia, thank you. Julia boorstin guy, it is a huge reversal this really this impacted the season, it impacted ratings, very big issue guy, what do you think i think it is is about time, i think, you know, the pressure on Roger Goodell must have been tremendous but i think it is about time that the nfl, you know, wakes up to the fact that, you know there are problems, without question and, you know, again, im going to get at it for this, but for me, Colin Kaepernick was never about disrespecting the flag and i think more and more people are waking up to that and finally the nfl is as well it is going to be interesting to see if there is blowback from the administration on this one this to me just gets into also some level of tactical Corporate Responsibility because you believe it, or you believe it is in the best interest of your product and i dont mean to be cynical about the nfl, but the nfl has not they have been a follower, not a leader where as, you know, the nba seems to be a lot more in touch with its constituency. So, yeah, i think it is a critical it is a critical issue, but ultimately i think thenfl has a couple issues, it is i think baseball is the american past time, but i think there is a lot of people that would fight me on that and maybe it is football football is an incredible game but i think the nfl has had a couple major social issues related to health and social responsibility that at some point have hurt it at the gate and have hurt it with advertisers and it is something thats how tactically i think decisions get made. Coming up, we have the last hot story of the week. Stay tuned are you a weirdo . Ah, the weirdest. I just feel like everybodys disappointed in me and i never live up to anybodys expectations. Scott hey, thanks for listening to all of this. Youre one of the few people who treat me you know like a person. Youre welcome. Welcome back to the fast money five, were counting down the five big stories of the week our final story, the day trader boom this weeks rally making a lot of people, a lot of you out there, maybe rich, including newby day traders. What have they been buying lets get to kate rooney for that story top of the retail trading list this week, airlines american, spirit and delta among the top ten stocks bought on robin this week. It tracks moves on the millennial heavy trading app robin hood in real time. Hertz was another big standout, double since the Car Rental Company filed for bankruptcy last week. Luckin coffee, controversial stock, made the top ten on robin hood as well mgm resorts, at top buy on robin hood, seeing a 25 pop as its properties began to reopen on sofi, which is majority traders 18 to 40 years old, investors were also big on airlines, that platform saw a 100 increase in Airline Stocks this week. Also saw a big jump in Online Gambling with draft kings and game accounts network. Melissa, back to you. Thank you. A lot of this makes sense. People are using some stimulus money for trading and, dan, you brought up the point earlier, there arent any sports to bet on, what are you going to do yeah, it is interesting, i saw jason robin, ceo of draft king, on the network the other day, he was asked the question whether without daily fantasy, without some of the Sports Betting that recently has become legal in a bunch of states whether some of their customers are going into the stock market. I think that is clearly it if youre inclined to bet on sports, then the idea of betting on a stock on a regulated platform seems probably pretty palatable at the end of the day. So, you know, to me, a lot of this stuff has been game phied you know our friend davie day trader, you know, has a pretty big following. I would say, is that entertainment . Is it like twitch . Like following an egamer or Something Like that . It could be. I suspect the retail interest dies down a little bit, now that were back at high and once sports come back a little bit. Some of the moves, i dont know what to call them except for maybe stupid take hertz, hertz is trading at a level higher than when it filed for bankruptcy things just dont make sense for some of these moves for some of these stocks, tim. Yeah, look, i agree on hertz. And ill dove tail what dan was saying i was going to say, two words, el president e. Boeing, i want to party with you, cowboy. This guy was laying it on the line during some difficult days and thats what if we i think probably unfairly mischaracterize a lot of retail, and by the way, daves ticket sizes are not retail so, but, you know, there is some sense it is about shooting from the hip and it is some sense there is a love of volatility. Now, there is a love of volatility when there is upside. I would caution that this is a very dangerous market. And it has been a lot of fun for people that have been long and people are looking at their etrade and schwab accounts tonight and feeling good going into the weekend and may have a great weekend because of it. I would just caution that this is a very dangerous market i would like to believe thats part of how we face this when you talk about airlines, i think that the reason why a lot of retail took the view and it is something we have talked about is they have a horizon bet, theyre willing to make a call that they believe people will start flying again. And in some cases they wanted to make that etf call and some cases they picked some of the best of breed. But please be careful. Yeah. Guy . Im still trying to figure out who these food fighters are that dan talked about before ive been using my google machine and cant find them anywhere. Youre typing in food fighters, right . Thats is that what youre typing in . That might be the problem. Thats problematic . Maybe. Just to go back to an earlier thing, and this harkens back to our second or third story, and im a big fan of leo tolstoy, as probably are you, mel, as you went to the Harvard University think about this as we head into the weekend, everybody thinks about changing the world, but no one thinks about changing him or herself. Think about that those are deep thoughts for a friday evening show when were talking about day trading. I mean, really, very, very deep, right . Would it be meta dan is that what you were saying on the call another great foo fighter song long road to ruin, so to tims point, it is a very dangerous market out there. Guys, great to have you thank you. Guy, tim and dan, that does it for this special hour of fast money. Stick around, though cnbc special report crisis in america starts right now fast money. Crisis in america starts right now. Todays jobs report defying expectations. The job stunner, the stock surge, the dow topping 27,000. Announcer a job shocker. 2. 5 million added to the payrolls in may. As good as these numbers are, the best numbers are yet to come. Stocks soar massive rally on wall street. Stocks are surging announcer the dow surging 6. 8 this week the nasdaq near an alltime high but the problems arent behind us [ crowd chanting ] announcer from protests we dont inevitably have to have a second wave announcer to the