All of faang higher with names like paypal up 5 today. We have two bad final hours of trade over the last two sessions and we have sold off over the last couple of hours off the session highs as we stand. Ahead on todays show, well speak exclusively with Thomas Barkin on the heels of another massive jobless number why he says we may be at the bottom of the downturn he just said that on a podcast about an hour ago. Plus, former treasury secretary, jack lew, will join us to discuss the governments tuss efforts and whether cash is going to the right places and the countdown to another big afternoon of earnings. Uber, roku, dropbox and trip adviserme adviser. Well bring you all the numbers you need the know as soon as they hit were off the session highs. Dow high was 430 points. Up 206 just shy of a percent s p 500 and nasdaq still up more than lets focus on the big stories mike is tracking the market rally. Meg has the latest on moderna jumping on news surrounding its vaccine candidate, but first, the broader markets. Its been pretty sticky in this range kind of the upper end of the range weve been in for a few weeks. Actually, you mentioned a late day fade weve had a couple of days this week we topped out today exactly where where did on the s p 500 two days ago on tuesday at the 2900 level not sure if theres a grand significance there last week, we got up to around 2950, but it seems as if the rallies have lost steam around that zone k but still very much in the upper end of the range weve been in since the march lows at this point i did want to look at the equal weighted s p versus eck wii the that track the rest of the world markets. It shows you theyre in sync theres a lot of comment here, why is the u. S. Stock market acting as if it can shrug off the awful economy. Its basically the same as the way the rest of the world is is truting it neutralizes the huge Growth Stocks and it shows you that thats really the source of whatever outperformance weve got and you mentioned the nasdaq going to 9,000 finally, a glimpse at sentiment because its been stubbornly pessimistic if you look at Retail Investors a weekly poll shows the biggest spread with bears exceeding bulls since february of 2016 and thats despite fact that the market itself has seven weeks and 32 off of those lows from march. So that would say on a contrarian basis its hard to have real big immediate losses if people are already bracing for something nasty. I think some would take it hard that it does seem right now theres still a will the of skepticism about this rally. Of course the other big point we hear about as ta who justifies the market being where it is relative to the economy is the scale and size of Central Bank Stimulus and again, that also speaks to why the u. S. Has been a bit stronger than the rest of the world not that any central banker is not stepping up to the mark, but the speed, the pace, the scale of what the fed has done does stand out also without a tout. Doubt. Movement from before the crisis to now, the incremental stimulus efforts. The trillions theyre putting out there. Going to zero and now even a very shortterm treasury and trading with the suggestion that maybe we get below zero. Well see about that, but yes, no doubt thats been a distinction acrossthe world, too. All right, mike see you in a little bit. Well turn now to the battle against the coronavirus. Moderna shares jumping after news surrounding its vaccine candidate. Meg. Hi, sara, the new ss that theyve gotten the news from fda to move ahead and do a phase two Clinical Trial of their vaccine candidate for covid19 as theyre also finalizing a protocol for the phase three study, which they say they expect to begin in the early summer of this year. Thats months ahead of what they said just a couple of weeks ago which was then to start it in in the fall if all goes well, they should have Regulatory Approval in 2021 if you look at the timeline for this, this is something weve never seen before. They started the trial in the middle of march and we still havent seen the results theyre moving into phase two based on what theyve seen in the safety in that study and we hope to see those results soon, but theyve moved very quickly through this establishing a Manufacturing Partnership and now with those plans to move into the bigger study. Its going to enroll 600 people. Half of whom who are young er, 8 to 55, then older. Theyll follow them for 12 mo months but not wait for the year to move ahead with studies these are going to be stacked on top of each other, guy, moving at unprecedented speeds and well have to hope it works and well see a vaccine next year, but a lot of questions until we see the data right then theres a lot of optimism out there about this kind of information, meg theres also a lot of studies coming out, or a few coming out showing that covid19 has mutated. There are different strains. Maybe europe is different than china. New york is different than the west coast does that complicate efforts to make a vaccine is this the case where its like the flu shot where you dont quite know if its going to be the right strain every year . Thats a really important question and something that all of the people working on both vaccines and antibody drugs targeting the virus are looking at and they tell me it is important, but at least the papers that have come out so far observing mutations in the virus dont affect the projects that are ongoing. Moderna says that if mutations did affect what they were targeting, they could move quickly to get around that because their technology can move so quickly. Regeneron, which is developing antibody drugs says they specifically selected antibodies that arent affected by those mutations and they have back ups in the clinic, too, or not in the clinic, but they would get ready to potentially put into the cling if mutations affected the drugs theyre developing, but youre right this is something to close ly watch. So far, the mutations dont seem to affect the projects that are ongoing. Well thats encouraging thank you. And by the way, the ceo of moderna will join a slew of other industry executives for our cnbc healthy returns Virtual Summit happening next week, may 12th register at cnbc. Com healthyreturns. Has the economy reached a bottom well ask Thomas Barkin about what hes seeing in his district as some states reop. Plus, could twilio getting a major pop of earnings citing an uptick in Contact Center and tele Health Business well speak with the ceo about how the company is managing to deliver strong results ahmed the pandemic 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. Under 50 minutes left of the session. Dow is up 250 points lets check individual Market Movers shares of lyft surging after the Company Posted an increase despite the pandemic it was downgraded calling the increase in dead mohannad a head fake up 21 today peloton also rising on shutdown related demand shares jumped 66 and its seeing heightened demand for its bikes even from customers who hadnt considered buying one its up 15 . Jpmorgan email has gone out to staff from their executive committee saying they dont have a specific time frame for returning to the office yet. Its quite a detailed email outlining theyre setting up a task force and some of the key criteria as for when they do go back, but just an indication theyre still some way from s seeing those companies that are able to work from home change direction of that though theres a line to say selective return to offices in asia has begun but for the u. S. Offices at least still seems some way off the stocks up b about a percent today. One of the best performing sectors there. Yeah. You could work from home but also large concentration of offices in the northeast and in the new york area, which was been hard er hit on the economy, more than 3 million americans filing for unemployment claims last week. This as we brace for aprils jobs data out tomorrow nonfarm payrolls are estimated to fall by more than 21 million jobs Unemployment Rate, 16 our next guest believes were at the trf of this downturn tom barkin joins us now on the phone to talk about the path forward for reopening the economy. President barkin, good to have you. Thanks for phoning in. Thank you for having me so, wanted to pick up on those comments sounds like you just made this afternoon in a web cast in South Carolina talking about the bottom is that what we think were seeing well what i was seeing is we shut down the economy about seven weeks ago and you see a lot of states including South Carolina at the gibrink of bringing people back its not surprising you look to data as of today youd see it about as low as its going to go well bring in the like in the coming weeks and months. And i expect it to go up from here how long do you think the current level of stimulus, the current level Government Support programs can off set the negative impacts on the economy that were seeing at the moment if things persisted at this for longer than you expected, how long before wed have to see significant upping of stimulus or extension of Government Programs well, i do worry that when this was passed is that we would have what people call the downturn wed go down sharply and come back up sharply. We did go down sharply i just fear its going to take a while for consumers and personal interaction businesses in particular to get comfortable interacting. So i think comeback is going to be slower. And that does mean were going to have individuals and Small Businesses you know in need of some help. What we then do about it i turn it back to the congress, but i think were going to have individuals and businesses that arent going to just bounce back to where they were before the downturn as quickly as we might have hoped what time frame months, years . How long is this recession going to last . Well, depends very much on the sector youre in i think there are sectors that come back fas tos. I talked to someone whos a cyber adviser today and their business is still working great. But i think in a lot of sectors, the one and in particular, the ones that require personal in r interaction to get a sale done i just think its going to take a while for consumers to be confident enough to interact at scale personally when we look at weekly jobless claims again, a number above 3 million and yet were in the month of may almost the middle of may and the ppp program for example has been in action for quite some time and many, many businesses should have got their loans and their dollars over a month ago does that concern you that the programs as designed perhaps arent really working . Ive talked to a lot of Small Businesses that have gotten their ppp loans and are putting into effect and i think quite appreciative of it and as you can tell, theres just a big cue to get those loans out. So as best as i can tell, the money is is is going out people are just very focused on where do you go from here. Wanted to talk about the Market Action today. Were seeing some action in the bond market. The fed funds futures rate has gone negative today. Record low rates on the two year and five year. I know that chair powell has said that the fed isnt looking to go into negative Interest Rates in terms of a policy what do you think the market is trying to say there though i cant speak for the market, but i very much agree with what he said there. I think negative Interest Rates have been tried ain other place and i havent seen anything personally that makes me think theyre worth a try here when we take a snapshot today, president barkin, of the nasdaq positive year to date, in fact, its just gone negative, but essentially flat year to date and tomorrow, probably see unemployment confirmed at above 20 . Did you fear massive longterm political backlash to the current shape of capitalism in america and the way in which governments and Central Banks bail out economic downturns . I think this is a different downturn than the one we saw 13 years ago, 12 years a ago, where we saw the bailout i dont think this is about bailouts this is about a Health Crisis. And Health Crisis weve decided were going to try to handle through social distancing and social distancing creates issues with a set of businesses who didnt necessarily commit any sins theyre shutting down so that the hospitals have capacity. It just feels to me like a very different conversation than the one you just put on the table. And so im hopeful that were going to get through this and get to the other side and im hopeful that people in the country will align with you know how those in leadership have chosen to handle this, states and otherwise. South carolina as you mentioned was one of the first states to reopen end of april with retail. What have you heard talking to some of the members and what have you seen in terms of early indications of how fast that activity is coming back . I think on the whole, the its still quiet you know there are people who have reopened. When people do reopen, you tend to see in the first couple of days some pent up demand of people who come back, but like i said, i think its going to be a slow rebuild on the consumer side there are a lot of people who have hunkered down with their families for a significant period of time are just very cautious about infection risk if they emerge into the personal side of the economy. I also think there are certain things you know think grocery delivery, that if you try them, you might want to do them again. So i just think people are just going to be cautious coming back i see a slow rebuild on the consumer side. For perspective, ive seen some shopper track data that suggests that three months after they closed, china, south korea, after they reopened, are are still 40 plus percent down from where they were and that just underlines i think the challenges of getting consumers to get back into the marketplace at scale so if its slow and this is with us for a while, i wonder how you think about what else is fed could do and what the bar would be for the fed to take even further action . We talked to vice chair clarida earlier in the week and he said the fed can do more. The Balance Sheet can expand even farther so for you, what would you have to see to take more action well, i would agree with rich we certainly have capacity in our Balance Sheet. We have capacity in our lending programs i believe very much in targeting what were trying to do to accomplish a means youre trying to get to. And so it happened that the real issues in markets we faced six weeks ago indicated that intervening would be a useful thing to do and we did it. Congress passed the cares act and very much immediate kneaded by businesses in need so were buckled down to try to do that for me, my hurdle is can we have a positive impact within the scope of our legislative mandate and if we can, id like to do that president pabarkin, thanks s much for joining us. Thank you pleasure to be with you. 40 minutes left in the session. Up b about 1. 1 on the s p 500 up next, shares of twilio rocketing higher on the back of earnings with the cloud companys ceo saying on the Conference Call in many ways, twilio was built for this moment its up 42 today and well discuss those results, the stock move and much more with the ceo right after this quick break right now, theres over a million Walmart Associates doing their best to keep our nation going, while keeping us safe. Weve given masks to all our people and were helping our customers practice social distancing in stores. Weve implemented shorter hours, so we can sanitize our stores from top to bottom while also restocking our products. But if anything, these days have reminded us why we do what we do. Because despite everything thats changed, one thing hasnt, and thats our devotion to you and our communities. Were working together, instore and online, through pickup and delivery, to make sure you can still get the essentials you need. And as we move forward, know that our First Priority will always be to keep you and our associates safe. I know thatays be to keep you every time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Shares of twilio are around 40 who see the stock as a coronavirus play after yesterdays strong earnings. They provide in app communication like messaging and calling and is seeing new covid related use help its bottom line joining us now is the ceo, jeff lawson chlgt thanks so much for joining us thank you you said on the call, i mentioned it in a tease, that twilio is essentially a Company Built for this sort of environment. Tell what you say you mean by that in terms of the level of increase of interest youve seen well twilio is a Cloud Communications platform. Used by Software Developers and companies to build commu communications int