How fast this economy will recover. We debate that today with our Investment Committee its good to have everybody with us josh, is that what this is is this a reality check of sorts on where we truly are and how long this recovery will take hold then we have this massive count r trend rally where it was just the opposite i think that was important for the market to have that catch up in a lot of the names that have been so substantially trashed, maybe big moves to the upside. See some excitement about companies that arent based in coopertino and thats fine again, the prevailing trend, the real trend is taking hold again today. Even the stay at home stocks are rallying again it almost feels like its blue team, red team lets say blue team is where people have really made the most money and then red team makes money occasion mally when they do those counter trend trades. I do think we had a two month bubble in day trading activity i dont know if its over yet. Fie it feels like its bursting a bit. Today looks like its Something Special and different. It might not be. It was easy when stocksbated. Now the work gets more difficult. You look at thoese epicenter stocks these tremendous gains over the last month in names like boeing, up more than 40 and many of the airlines which have had just astronomica ga astronomical gains, the cruise ship, the banks. Other areas that would benefit from a fast opening economy and maybe today is reality check that says, jay powell threw water on that yesterday. You almost had like larry kudlow versus jay powell market there was this thought it was going to be a v recovery in the economy. Jay powell yesterday, all but said no way. Im not sure it was necessarily a trade for the second half of the year and the v shape recovery i think it was really the reopening trade that was working so well. We went from being in lockdown to starting to venture out into the real world i think thats what some of those social distancing under performing stocks like hotels and restaurants and airlines were responding to that is whats been playing out and why they have been rallying. We had a basket of social distancing under performers that was up 60 or so today i would agree they have done a lot of the rally to kind of coincide with the reality of the reopening. This is why i think they are absolutely due here for a bit of a pause. This is not going to be a Straight Line recovery by any means. I think theres trade to be had for consumers venturing out into the economy. We see this in restaurant data we see this in mobility data we see this in gasoline stations we see this, for example, in transactions where its present to suggest that consumers are venturing out. After this little bit of a pull back, i think if we can be discerning about the type of pent up demand stocks that we dont want to own, i think thats really the trade for the remainder of the summer. You dont think that trade already happened thats a reason the stocks came back to the manner in which they did. Whats left . They have come down the under performers are still lagging by 40, 50 in certain cases. A lot of the names are still down significantly the reason for the sharpness of the rally is because were starting from such a low, low point. The reason why i think the trade, the reopening trade has to focus on the consumers is because take a look at the personal savings rate, its now at 10 look at last fridays, jobs report where we seen some positive momentum in jobs data by the way, some of the alternative data suggest we could see something similar for the next several months. I think the able, the means to spend all of this could Power Consumer services. Those are good points hes play off of that. Is it time to get out of the way of these stocks that have had these tremendous moves or is it time to use the sell off in some of these names to get back in at a discount boeing this week is down 10 american is down 20 the banks are down double digits what are we to do . She said as we get back in, we need to be more discerning. I think discernment is the way to get back in what we seen on huge down days like today, theres nothing disce discerning everything is down when youre looking at banks say here i have a list of banks. They are not all created equal they are all created equal in terms of the stock moves they had on the way i and on the way down exactly its time to not trade the whole sector and maybe its time to start discerning and pick out the one that should win. Maybe as emotions cool, ive looked at this market for the last couple of months but the last two week, its hugely emotional. Theres been the emotions have overridden Everything Else maybe as emotions cool and valuations start to matter and we start to see q2 earnings, maybe we can be discerning but choose individual ones jim, you had those high growth, megacap tech stocks and we were saying this is too top heavy. Way too top heavy then you had these other cyclical stocks join the market we said this is overwhelmingly bullish sign that now the breadth of the market has widened out. Now i wonder if you can build a case that was false . It was banking on a v recovery that may not take hold you just did a very good job with the question. Is this a v shaped recovery or not. Thats what was happening until the middle of this week and it was pretty powerful. It was pretty strong the question is has the v shaped recovery been drawn into question im not so sure. I think its still there for now. Yes, i heard with what jay powell said and i see the up tick in virus cases like arizona and texas. Overall, the case load has pretty much flattened around here at two million and important economies like new york, youre seeing a reopening. On nick, theres going to be this reopening that will in gender more of the v shape recovery thats not a permanent condition. We have to worry about what happens in the fall. For right now, what youre seeing with the cyclical trade is seeing a pause. It got way ahead of itself whether you look at the airlines or even more speculative, truly speculative names, bng ruankrup companies more than doubled on monday thats absurd. That was speculative that needs to come out. Well get into that in a second its a good point you make another dose of reality was thrown by wynn its not getting a lot of talk when i saw that, i was like, okay, thats a bit of a reality check on where we are. Wynn talks about weakness in mccow that will continue through the Second Quarter theres no reason to believer that will snap back so fast. Yet, those stocks had pretty good moves again on the belief youre going to have this v shape recovery. This economic recovery is going to be slower now, yes, i know people are getting out and about and want to spend money but the fact of the matter is theres places theyre still not going to go and there is risk as these cases continue to increase not because of more testing but simply because of spread in places like texas and arizona that you have to watch elsewhere steve, what do you have for us right in the conversation the Federal Reserve reporting Household Net Worth declined by a record 6. 5 trillion thats in single quarter gives you a measure of how much pressure households were under the only offset was a 400 billion increase in the estimated value of their Real Estate Debt rose by 14. 3 the biggest since 2011 and business debt rose by 1 thats t 19 . Thats the biggest jump since 1983 the Fourth Quarter was the prior record before this one and you had 2008 in 2018, it came back in single quarter. You lost all that net worth and had the v shape. 2008, it took about five years to get back to net worth you lost i guess thats what the debate was about and powell was saying its very uncertain sflp thats the word to use. Steve, thank you all right lets continue to kick this around i need to noam i better off buying the kramer covid index. Remember those stocks. The stocks that would benefit by the fact were all staying at home look at zoom today look at netflix. Are those the stocks that need to rotate back into or stay with this theme that were reopening regardless wooerp not going to shutdown, regardless and its just going to go and people will get out and continue to buy the reopen trade. Josh were talking about a v shape recovery as though the economy was awesome before this happened i think we had full economy but we grew at 2. 3 in 2019 and the stock market went up 30 the idea we need a v shape recovery in order to justify what the stock market has done or will do into 2021 is untrue it was not for this period and the stock market fell 5 whether or not we get a v shape is not the issue theres a ton of liquidity in the market invets investors are bidding up stocks. The fed is telling you from the roof top they are not going to stop doing what is obviously qe to anyone that is paying attention. Theyre telling you theyre not going to stop. Saying like we need a certain rebound in growth in order for the stock market to keep performing is untrue especially when you understand the composition that we all quote each day they are not premised on cyclical growth. Its not how were both. It does matter for which sector of the market you perform with go ahead, jim i wish it was this is the point i was making earlier dont talk over each other. Jim make your point josh you can counter it. The v versus u or square root or anything of that nature talks to whether you can be in cyclicals or not if you think youre having a v shape recovery, then you should be in the cyclicals and small cap. Thats true if you think this is a u on a swoosh or anything like that, you should be in large cap names. True. Doesnt it matter whether restaurant sales rebound 10 or 15 . No but jim makes a good point. It goes to the premise of what i was asking you when we came back from liesman doing his name. If you think its a v, you want to stay with this cyclical names that have run up unbelievably well the names i read off to you. But why they didnt perform when the economy was good they will give you good returns. Jenny jenny. I think one could be in the middle you dont need to be all out v, hotel, restaurant, airlines. You dont need to be purely in the large cap bio tech and pharma what if you think about getting out safely and think about driving is up a ton. Maybe i can start to enter chevron. What if you think retail will pick up but i want to do that safely and who will benefit first. Maybe you look at ross stores and tj max you could look at car max has people start to drive. You could say people are staying home a lot but getting out of it more these guys are in the middle of josh and jims arguments and places where you can start to get back in safely without needing to bet on a v. Without needing to bet on a swoosh i dont knee to know how strong it will be i dont know how long the whole economic sickle will lacycle wi not brave enough to play the straight v recovery. I just want to participate i agree with that im with jenny, in the middle i dont think you need to be one way or the other i wanted to fight a bit is the time frame for this v shape recovery we are going to have a v shape recovery in q3 as we recover from q2. I think after that things can get challenging. This is reason why you look at the fact of the Unemployment Rate from the fed. They are not calling for us to get back to where we were any time soon. Well still be looking at close to 10 by the end of the year. The reason for that is were not going to go back to normal were going to go back to some new normal and theres some structural trends that were supposed to happen that i would say are being pulled forward and happening this year. Its automation, its ai versus some of the labor in place that is a very real thing. Its going to lead to jobs temporarily laid off will become for permanent job losses how do you scaquare that thats what we have to think about a new normal basket which has three different pieces the first one is what are the trends that will being accelerated. Yes its cloud, its 5g. Its ai. Its bio tech. Its all of those things we have to continue to own the tech and bio tech names. Then theres some new trends that will being created by this. As we all work from home, by the way, some of us will probably be working from home for six month, maybe a year and maybe permanently. You have to think about investing in the work from home and housing infrastructure if we have the v shape in q3, thats why you buy some of those beaten down airlines and hotels. Were not talking about a second wave. Were not out of the first waver. That was dr. Gotleys point last night when talking about the big up tick in cases youre seeing in arizona and texas and hospitalizations are going up. I keep hearing from everybody, most, that were going to have a v recovery were going to have a big snap back were not talking about a second wave in the fall we cant even get out of the first wave thats what were talking about here ive been saying this every week that my biggest fear is that we reopen and theres a resurgence i dont think it will be as out of control as what i consider the first wave. To me, thats always been the biggest risk all along i dont place odds on that were rooting against that there is this under current of concern but it seems to be in the places that have already been hit the hardest and the places where they are first seeing this up tick, they dont seem to be as afraid i think theres regional differences in attitude. Im concerned because where we live, i think we saw it at its worst. I dont want to see that happen to people in other place who is are unsuspecting that it could i also think the white house, not talking about the issue anymore and just deciding that its a thing of the past is playing into that. This is my number one risk more so than anything else. The other thing to consider too in terms of reasons why the market went up, you guys alluded to it. This hot money that come in the market around some of these Companies Like chesapeake and hertz and jcpenney le leslie has been following the story. It really is a phenomenon for a number of reasons. It is, scott. You know, when you think about the laws of finance, they would dictate that equity holders dont recover anything in a bankruptcy it made no sense when you saw bankrupt companies, stock prices go higher over the last week and then come crashing down in recent days. If your hedge fund, theres a certain type of strategy that plays the opposite side of this trade that was caught by surprise the way it works is simplistic is you will go long on the bonds as the restructuring process goes on with the mind set it will be mispricings up and down the structure. If you see a sudden spike in some of these bankrupt companies and youre sure, youre going to be forced to cover really quickly which is partly what we saw in the spikes of those prices there was significant short covering, a short kweez that took place which exacerbated some of these moves. Josh, what do you make of in the market i think its a three ring circus i dont think its had a huge impact on the overall levels of the market itself. The Silver Lining is the only way anyone learns how to invest is to lose money at first. I dont think its a negative that all these new brokerage accounts are being opened. Youre not beginning to listen to anyone else if youre a first time investors in your 20s, the stay at home situation and no sports has gotten you to recognize theres this whole thing called investing and your first entree is day trading, its not the worth thing. Its not the end of the world. I think some of these people will go onto become serious investors and learn the markets and some wont i like it on balance its fun to watch. Its fun and its learning i dont think are losing massive amounts. Im not a scold. Let it happen and its okay. Part of it is the evolution of the brokerage and how you have democratized the way things operate. Theres robinhood which is the fractional buying of shares which opens up your market and zero commissions. If youre a day trader and look at these bank rupts comparupt ca are trading under a dollar you cant go to vegas, well now you can. Its almost like gambling. Investor psychology behind that. Okay if i invest a dlnds and it goes up and i can make a couple mf, great. If it doesnt, oh, well, i lost a dollar its interesting because Citadel Security put out a note to their institutional clients look at some of the lowest priced stocked in the russell 2000. These are 29 stocks trading below a dollar they found those stocks gained on average almost 80 compared to those that on a absolute price basis, the 29 highest priced stocks gained only 5 thank you for your report jenny, do you have a thought on th this i do. I wish i could tell you what it is im trying to buy a stock now. Hes seeing what leslie said the money flows from the small individual investors are flooding in. I was laughing as she was talking because my 11yearold son had a little utma account. He will literally come to me and say, mom, can i buy this its purely based oen the fact its trading at 1 or 2 a share and he found it. That low dollar price ticket is an interesting psychological hurdle that is attainable and fun and interesting in a way we havent seen in the last 10 or 20 years people enter the market and start to get involved. I think it could add a layer of momentum to what were seeing. I think it could start to buoy up some of the unloved stocks and give them a new base of Share Holders to latch onto and build a foundation i gist want to call your attention to the major aver rags at this moment the dow is down by more than 5 . 25,6 25,635 thats a loss of 1355 points you know, we dont need to make, you know, a mountain out of one days decline in the stock market after the run up that weve had. On that note, jeremy seagull says the trend is still up weve had such a huge move he talks about the trend being up because of the liquidity thats still in the system regardless of the gyrations of the market week to week and daytoday part of the reason why the cyclicals here and the under performers have been bid up so much is youre doing some performance chasing when it came to may and people were very short cyclicals. They were very under weight value. This was the first place to step in by the way, i do think the retail trade is one discussion but theres also looking at the cta community, the Commodity Trading advisers or look at the long sheort equity funds they have been doing performance trading. If i look at the positioning of other investors, other Asset Managers and mutual funds and other Institutional Investors they have yet to step into the market you have cash that is paying you nothing. You look around the world and you think about what do i do well, what do the Earnings Growth likely going to do next year the market is still biassed to the up side. I think the path to that up side will be a little bit more choppy for every positive news well have to contend with the second wave theres a slew of risks that are piling up there. Joe had emailed me before the show today and said that, what was happening in the market today is not being discussed very much but its partly, at least, related to what might happen in november theres plenty of time to kick that issue around. Thats a thought that he had today. You also have an environment where, you guys remember where we had all of these stocks up, huge whether they were the megacap tech and you have analyst tripping over one another to raise the targets. Im looking for the most loved stock of all time, an l. The price to 385 at wells fargo today priced to 295 at hsbc. The trick to doing that is go out further, like more years and discount back from there its been fashionable to mock but it hasnt been profitable. Its been more profitable to understand why the upgrades are happening and why they are behind theprice rather than in front of it. I cant say there will never be a wake up let us work on joshs audio were having a bit of an issue well come back to you when we fix that what did we just show, it was 80 up off of its low for the year its incredible the question is whats the right multiple for the stock that answer has gone up considerably i think analysts will be right the other factor and this is really important is etf buying as money coming into the market through etfs, we know that 20 of every dollar goes to the Top Five Companies at the top of which is apple were going to take a quick break. Its the sell off on wall street and a big one today. However, regenron shares are holding on we have new developments in the g s for a covid19 vaccine. Mehathe story for us next. Were back in two minutes. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus welcome back theres the market picture now were slightly off the lows. Worst day for the dow since march 18th the biggest drop for the s p since april 1st. A 5 near that decline for the dow. Sue has the headlines for us outside of what is an ugly day indeed. Thank you. Epa is ordering amazon and ebay to stop selling some pesticides that are marketed with misleading claims about their ability to fight the coronavirus. In richmond, virginia protesters tore down a statue of Jefferson Davis overnight. A crowd clapped and cheered and it was loaded onto a truck and taken away under Police Escort it stood blocks away from statue of general robert e. Lee the nhl and its Players Association say formal Training Camps will begin on july 10th if Health Conditions permit and both sides agree on a restart plan this is the early day they envisioned under the leagues return to play plan which was announced. Scott, back to you slowly but surely golf today other sports not that far away most stocks are selling off regeneron. The company taking a major step forward towards a drug for the coronavirus. Its spiking in certain places, meg. It is, scott. Lets start with the regeneron news the company saying they have started their human trial of their antibody cocktail for covid19 this is one of a class of new drugs specifically designed to treat covid19 or potentially prevent it regeneron is testing the drug in four different settings. Two in prevention and two in treating the disease folks like scott gotley referred to this as a bridge to a vaccine. It could be available sooner and could be a rae important tool in fighting the virus if it works we talked with chief scientific officer who said they hope to get initial safety data within a week or two. After that, time lines could move pretty fast here is what he said things go incredibly well within a month or two after that, we could have definitive data that antibody cocktail is really making a difference for a variety of these patients at risk i think theres a lot of reason for hope remember, we first pioneered these very same technologies creating an antibody cocktail against ebola. That ebola cocktail did prove to change lives in the democratic republic of congo there was news on the vaccine front today from moderna planning to start a phase three trial in the United States in july that will be the first phase three efficacy study in the United States to take place. As all of this news is swirling, we are starting to see cases increase again in several states around the country that have gone through the reopening were in a Recovery Period states like florida, texas, arizona, nevada, utah, california, all of these seeing increases in cases that are concerning to epidemiologists. The interesting thing is the distinction between cases going up because of more testing and casing going up because of more spread and the more concerning thing is the latter. Thats what were seeing in some of these states. Thats whats concerning to dr. Gotley among others. Yeah, arizona particularly shows that in really concerning metrics. We have a chart from Morgan Stanley that looks at the increasing cases but the increasing test Positivity Rate thats now above 13 and rising. I talked with an expert there who said they had done these antibody studies about five to six weeks ago. They only found between 1 and 2 of people had antibodies now they are showing a 13 positive rate. There is rising infection. We appreciate it. Coming up, target hiking its dividend we have some other dividend plays as well. You can watch or listen to us on e othcnbc app were back after this. Why bother mastering something . Because when you want to create an entirely new feeling, the difference between excellence and mastery is all the difference in the world. The lexus es. A product of mastery. Experience amazing at your lexus dealer. Try natures bounty sleep3, music 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 it is. A little more than 5 decline for the dow. 25,612 is wherewere trading in a week with the nasdaq hit 10,000, a decline put it into context. Jim, lets talk about some moves youre making. You trimmed winnebego. I know. What a beauty thats been. You have to respect it and let it run millennials are flocking to rvs. Thor industries came out with a surprise earnings this week and the company is well run. The stock got up to 70 scott, it was 20 about 18 months ago. I trimmed it i took twothirds of it off the table. I still hold 2 position but whats more interesting to me is that i did that tuesday. I was thinking about buying viacom cbs with the proceeds i held off because the stock had run from 24 to 28 in two days. That was emblematic of it going nuts opinion im one guy making one trade. If you multiply me by traders out there, you can see why the cyclical trade has paused for the last few days. Stocks got too high. Thats why i sold a bit and held off on buying viacom understood. 12 cash now 12 i mentioned target increasing its dividend by 3 that stock down for the year we with trade but lets talk about dividend trades. Jenny, talk to us about what you expect to see. Theres some concerns about wells watching i think buying good dividend stocks are like shooting fish in a barrel i did take a good hard look at wells fargo. Im not buying that. Im holding off. I dont think they will sustain that dividend even though they may be able to what im going to give you today is our companys, especially on a big scary down day in the market where i believe i will be able to maintain my credibility and if you buy these, youll probably thank me and think im a idiot later. Compass, sea gate, viacom. And at t and unum, an insurance company. Those are companies you can buy here even if the market was to do nothing, you can sit there and collect the cash flow. Spend it if you want to spend it, reinvestment but you should be really comfortable owning these in this kind of environment. Each one has the unique element to its business that should allow it to thrive as we come out of this. It doesnt matter if it will be up with of the winners of streaming car. Theres a ton of cash. Unum seeing people return. Lets go to anastia this whole idea of looking for yield, rates are low even though theres concern maybe they start riding jay powell probably through a bathtub of water on that yesterday. Yeah, thats right. Rates are going be low for maybe the next couple of years looking to dividend stocks despite the facts that Certain Companies are cutti inting divis i think its the right thing to do as jenny mentioned you have to be discerning and i love some of the individual names also, i think you could look at health care and pharma sector as one place you have pretty sticky earnings and dividends if you look at how health care has performed they are one of the most resilient sectors they continue to have reinstr t reinstructive earnings if you look at the rnd gotten in the space for the last five years, all of that is not for nothing. Its going to pay off and materialize in terms of future sales. When i look at the stream of future sale, you can see the acceleration of sales for the Health Care Sector for Something Like 2 or 3 growth to 6 or 7 in the next several years. Thats why i feel a lot better about the sustain blability of e dividend in health care. Its nice combination of growth and income its one of the sectors thats most resilresilient. The trb josh brown, how are you thinking about dividends. I brought three names to trust. The first is clorox. Its about to break out. Its two points shy of an all time record. Not a high dividend but raised its dividend 20 consecutive years. There arent a lot of pub lekly traded companies that have been able too that. Two weeks ago they did it again. 5 for the year. Clx is a name that i would be long as a trader and as a long term investor, Dividend Growth is better than high yield. Verizon is a bit different think of it more like a bond thats backed by the daily mobile and Internet Usage of 151 million customers. 4. 3 yield more than double what you would get in a lot of Corporate Bonds and treasury maturities. Its got a high debt but i think theres upside on the stock price as well. I think youre paid for that the last one is the vanguard dividend etf i brought this one out to make an important point to investors. Never focus on yields alone when it comes to the stock market this yields 3. 25 . The spy etf only yields 1. 75 . The spy has massively outperformed buybacks plus dividends are way better than dividends alone. If you want to just own a bas kets of high dividend stocks, thats okay too. I know jenny wouldnt agree with that understand, this has not been a strategy thats beaten the market on an indlefblex level jenny, ill give you the last word on that you know what, i do depend with josh. It just depends on what each person if youre in this for the income, own individual stocks. If you need growth too, thats a great way to go. I really want to remind every one its what you need personally i dont wholeheartedly disagree. Jennys right we know you have questions about the market good thing is our Investment Committee has answers. Ask halftime is up next. You still have time to reach us as well at cnbc. Com. Were back in two minutes. Derek, seems like your team is operating just fine remotely. Yeah, everything is running smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Jim, im coming to you first. Mike in michigan wants to know about ford buy, sell, hold . Uh, it is a buy, but i would much rather have you in gm first off, auto sales look like theyll continue to outperform, albeit from low levels, but if you look at a one, two or fiveyear chart gm always beats ford they have a better Autonomous Vehicle and better electrical vehicle lineup this is a good question from john mr. Smiler on twitter hi, josh many have been saying that Young Robin Hood investors are getting carried away buying risky stocks arent young investors supposed to be taking risks thats a good question. I see a lot of guys in my age, in their 40s, mocking kids who are experimenting, trying to teach themselves how to invest and trade. Dont listen to any of that discouragement take it from me. When i was in my 20s, i was doing ridiculous things during the dotcom bubble this is how people learn just dont risk more than you can afford to lose and know the difference from speculation and investment i any over time youll learn more and be fine. Its also a difference between buying i dont want to say a ticker, versus buying a company on the brink of bankruptcy thats a bit different of a speculative game that youre also alluding to we act like professionals cant do speculative insane things we saw acoyia fund shall an investment that turned out to be fraud. This is one of the smartest investors ever i think when youre young, the dollar amounts arent that important. Youll earn more over the course of your lifetime the game has to cheese you the game as Jessie Livermore said, it shouldnt spare the rod. Take your wins, take your ls, learn the game good stuff, josh. Thank you. Jenny, lets talk about naveant. David in seattle wants to know whether you like that or centurylink better i like them both equally. We had a new account come out that funded with all cash. We held off on that, and this morning put about half of it to work both of the names were what are your thoughts on emerging markets we havent discussed this today, and frankly we havent discussed it recently. Thats right. Its a very good question. I think theres two reasons why you want to be in emerging markets, either because youre long term or looking for a tactical trade whats interesting is i think theres an opportunity for both. For longterm investors, emerging markets are dominated by tech and Consumer Discretionary we think are great opportunities, and at the same time those are the exact sectors within emerging markets that typically perform at this stage of the cycle where you have low growth and youre starting slowly to recover, so i think theres a tactical opportunity, secular opportunities. I want to be adding to those secular spaces. Good stuff. Were going to take a quick break and come back with fine tresad also an interesting call on uber today. Find out what josh thinking about that, next incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The lexus nx experience the crossover in its most visionary form. Experience amazing at your lexus dealer. I hope youll join me tonight at 7 00 for our special record, crisis in america. Ill see all of you then were going to do final trades in just a minute i do want to note that the stock market is at the lows of the day. The dow is down by 5. 5 , it is a loss of nearly 1500 points on the same day that were watching stocks sell off sharply, josh, uber was initiated a buy, and you own the stock. Yeah. The upgrade is not helping much today. The number one pick in rideshare out of two companies thats cool. I hope the analyst is right. I own the stock. I think its one of the biggest risks im taking in terms of individual names, but i do think theres something to what hes saying crises like these tend to galvanize good companies, and force them to get much more serious about getting to profitability faster, because it might be harder to raise money i do think postcrisis, postvaccine, this company is just so exciting on so many levels im staying long its a lot of volatility today it doesnt look great, but im not going to go. Anastacia, nice seeing you again. Take us to the end of the day here in the days and maybe weeks ahead. What does today mean, if anything, in the bigger picture. Twirp overdue for a pause, consolidation. I dont think its a massive change i think well live with this virus, whether its technology or biotech breakthroughs, but chances are we wont go to massive lockdowns, so all of that should support of markets for me personally im looking to health care and biotech. I think that will be a critical space going forward. Weve seen it in a broad range in the last five years so thats what i would be adding to on this pullback. Good enough jenny, do you have a final trade . Sure. Umpqua holding its a Regional Bank when we talked about discernment, its rock solid its going to benefit from the increases in mortgages low rates arent too terrible for it i love this company. Jimmy Raytheon Technologies its got a great defense business, but also kind of a closet way to play boeing getting back in the air. They have a lot of products on that platform. Josh, about 30 seconds. Id like your final trade, but also the same question i asked about put today into context for people. Yeah, i would just say weve had so many plus or minus 2 , 3 , 4 days this year more than most years i i dont think its the end of the world. I think its the environment final trade is clorox, the tesla of sanitation. I think the stock is on the verge of a breakout. This is the company that will see elevated sales for a long time as we enter a new phase in public and hygiene i dont think were going back to living like cavemen in 2019. Thanks, everybody. Kelly picks it up right now. Thank you, scott we have a major reverse ale to the down side for wall street, and by the biggest proportions in quite some time were down more than 150 points in fact thats the biggest points decline in two months sentiment is way down about concerns over an increase in covid19 infections and fed chair powells not so rosie outlook for the rest of the year. Dom kelly, we havent seen these drops since just before the lows of the covid19 pand