Ahead on todays show, fashion in the time of coronavirus. Well speak to anna wintour about vogues new partnership with amazon on a Digital Store front. Plus we will speak to truist ceo about his efforts now for Coronavirus Relief lets focus in on the stories we are watching Steve Liesman with the highlights from the fed minutes. Just released in the last hour and oliver chen is with us to talk about retail earnings and the big box names he likes so far. Michael, start it off with you what stands out . Yeah. The market just bobbed right back up from that lateday selloff yesterday. In fact, the low for today in the s p 500 hit about three or four times was yesterdays high. So it seems as if, you know, big money investors continue to behave in a way that suggests they feel underexposed to stocks if theyre not going to pull back a lot weve been talking a lot about this rotation theme. You have small caps up a lot and fin tech and financial all were really doing is stretching the upside of this trading range. And were hovering at this point around significant s p 3,000 a lot of stuff comes together right there. That ends up being a pull. A few significant dates where you had big news driven rallies and news about the coronavirus so first you remember that crazy march 13th late day rally when the president had that press conference with ceos, market was up well over a thousand points there was an idea that there was going to be a National Testing program. It was a little bit of enthusiasm that maybe we were getting our arms around things that rally was doomed. It obviously went to new lows over the next ten days then of course april 29th, that was a rebound high for the s p 500 come right as the remdesivir news came out that maybe it was a good treatment that also was given back in the shortterm not a disastrous way then of course monday we had the Moderna Vaccine trial. Good news that was kind of taken as an accelerant to the upside my point here is its like the trade warheadlines where on a given day, they seem to be the trigger for a lot of these rallies or selloffs. But its around an underlying trend. And the underlying trend has been the market is willing to bet that reopening means april was the low for Economic Activity and you have some momentum toward at least a lot of Companies Working their way through this phase without necessarily having disastrous consequences with their debt or anything else. So i think its important to kind of put some of those headline driven moves in a bigger context what do you say to people, the bears mostly who say this cant be a new bull market because the volatility is still so high . Its not normal to see, you know, a 900point move on the dow. Its not normal if it stays this way for much longer basically if you look to 2009 and i dont really think that this was a 2009 type event it just didnt take as long to gather up in all that. But when youre coming out of the lows, you still remain volatile for a few months after you got through those lows i think its fair to say the volatility levels have not eased back as much as you might expect given the fact that the s p is up more than 35 in six weeks. But i do think you have to monitor that to see if, in fact, were stabilizing around either these levels or maybe creating a new trading range if we base right here and go ahead. Mike, thanks so much for that were higher by 1. 6 or so on the s p 500 as we stand. The fed releasing minutes from its april meeting just last hour Steve Liesman has the highlights of those minutes for us. Steve . Yeah, wilf. From the rosy outlook of the stock market to what paul harvey used to say, the other side of the story where the fed minutes where the april meeting show the Federal Reserve saw that the coronavirus was causing tremendous human hardship and economic hardship. And was really concerned that it would weigh on Economic Activity they said some businesses, quote, some Business Models may no longer be viable in the new regime now, this is from three weeks ago, but some of the comments of fed officials recently have kind of echoed these concerns that are out there including concern about a second wave which Jerome Powell just mentioned last week. Thats why we want to take seriously some of the commentary in the minutes about additional things the Federal Reserve can do here. Including they talked about additional qe at the meeting they talked about strong Forward Guidance either date based in other words, were going to stay low and keep Interest Rates at zero until a certain time or data based until, for example, the Unemployment Rate falls to a certain level or inflation rises to a certain level. Those will be date or data base Forward Guidance the big bombshell here, the possibility of Interest Rate caps on treasuries finally, the fed staff did not see a full recovery through the year end and were concerned about the potential for secondary outbreaks. Finally, saw a better Case Scenario that was out there. I will say Robert Kaplan on squawk this morning did discuss what were going to need to do more so this idea of the stock market being relatively content with the outlook, i dont know if its based on the idea that the fed will do more, but the fed is not necessarily sharing the certainty of that outlook. Steve liesman, steve, thank you. Weve got breaking news on theme parks. Julia boorstin has more for us julia . Sara, another step towards the reopening of the theme parks in orlando reopening the parks to the task force reopening in a meeting slated for tomorrow afternoon. Now, this, of course, would potentially include dates they would plan to reopen park wills need approval from Orange Countys government before they can reopen according to the governor who did invite them to submit their plans this past friday. All of this comes as today Walt Disney World takes its first steps to reopen. They reopened part of its outdoor mall called Disney Springs with a rolling opening of the retail outlets and restaurants. But a lot will hinge on what the government says on how they can open disney chains up 4. 5 . Back over to you some light at the end of the tunnel there julia, thank you target reporting its q1 earnings before the bell today beat on both the top and bottom lines. Digital sales surged by 141 however, target paying a hefty price to stay going during the pandemic to cover increased wages and store cleaning joining us is managing director at cowan oliver, good to have you with us weve got a pretty good taste about the difference between essential stores that were allowed to be open during the pandemic target, walmart, lowes, home depot and everybody else among the essential stores, who did the best yeah, were excited about target and walmart target 140 dijal growth thats really impressive this whole theme of bifurcation, clearly the malls, jcpenney apparel is apparent. Month to month has been a risk factor too but we like walmart, target, costco drive up over 5 Million People used it at target this quarter 40 of them are new. And really reinventing retail in terms of drive up, Curbside Pickup is where were headed and this has happened in three weeks as much as it would have taken three years of different changes. So innovation here, rapid innovation, rethinking safety, and also the entire store experience this has been happening now very quickly. Target and walmart have invested in this and its really paid off. We do see it getting bigger. These are all themes were paying attention to. Are these shifts were seeing temporary or permanent the trick to Curbside Pickup is customers really love it. And they spend more often. The other issue in retail is theres a lot of consolidation happening. Youre doing less transactions but youre spending more the short answer is yes, it sticks and that enhances customer lifetime value, loyalty, market share gains. Its a nice fly wheel. As you use it, you do like it. So what does it mean for the other retailers that have remained closed . Were going to get l brands, for instance, which owns limited and victorias secret, all the trouble spots in the mall that werent allowed to be open that are going to start reopening how do they deal with the surge in online usage at places like target which also does sell apparel . I think theres aggressive that wasnt traditionally done grocery was an early innovator with this channel. So its a model that others will have to follow and youre totally right apparel is a big question mark people are not buying as many pants, really. As people stock up on Home Essentials and office. Weve seen a lot of apparel writedowns and inventory writedowns we also expect a lot of promotions in that category. It remains to be seen. Which really needs to reinvent itself lounge wear, denim, active, athleisure, those are uptrending those are all things were focused on we also think less is more, the rise of recommerce. Rethinking closing as a service. And this value story where prices matter, getting your clothes at target, costco, walmart. People love that too these are all key issues for the future of retail when you consider some of those numbers you mentioned from target and walmart and others, should amazon be nervous i guess not relative to all sorts of other retailers but relative to where peoples expectations have gotten for amazon and the part over the last couple of years where their share prices are alltime highs. Wilfred, the major theme here is the store and the future of the store as a hub. So Curbside Pickup is the genesis of physical and digital. And rethinking what retail means with merging digital and physical, are they nervous i think the future of retail involves stores. And 80 of targets online orders were fulfilled by stores. And Curbside Pickup was very successful at walmart and target so the future involves stores, the future also involves grocery and ai and all these doctors are converging so everything is up for consideration. And well probably see a lot of interesting, bizarre, relevant m a especially as apparel and Department Stores need to reinvent themselves as well. Oliver chen, thanks for joining us up next, shares of moderna on a wild right this week as the market closely watches every piece of news surrounding its vaccine candidate. After the break well speak with a former Harvard Medical School professor who says modernas ceak t announcement was ino a o giving favorable earnings without the underlying data. Were back in a couple minutes mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back 45 minutes left. Were higher 4. 5 on the s p 0 500. Lets look at individual market moves. Shares of facebook hitting a new alltime high today following the launch of its shop platform which allows people to set up free store fronts on instagram and facebook and could unlock a 1. 3 trillion market according to bernstein. Analog devices is jumping after reporting earnings that Beat Estimates this morning it posted earnings per share of 1. 08 topping analyst expectations by 5 cents according to refintive sales fell short at 1. 3 billion but up a healthy 8 today. Modernas encouraging news this week putting a spotlight on the rapid speed at which companies are working to come up with a viable vaccine. Even when that vaccine is found, how quickly can they scale up manufacturing . Meg tirrell has been looking into that question for us. Hey, sara its an important question and experts say we dont actually have the capacity to manufacture a vaccine if one or multiple of them are successful for the entire world right now but that is what these companies are working on to do it, theyre striking a lot of partnerships. Take a look at just some of them these are some of the Biggest Companies in the race. And some of the partners that theyre working with Companies LikeEmergent Biosolutions which is working with Johnson Johnson or lonza. Those are known as Contract Development organizations and industry a lot of us have never heard of but are playing a large role and an increasing role in making all of our medicines. And take a look at the geographic distributions at these companiesand the size of the market here. While north america has a presence of 25 billion of revenue in 2018, asia pacific has a 44 billion slice of that market and thats projected to grow to 80 billion by 2025. Of course this just raises questions about the geopolitical concerns about where these vaccines get manufactured and how thats going to play into where they get allocated if theyre successful and theres going to be major questions about that we talked about it with modernas chairman just last hour about whether therell be enough supply of these vaccines. Heres what he said. I think no matter how many of these vaccines actually make it over the finish line, we will still be constrained by the supply a lot of numbers are being thrown out, but these are just estimates. And so, guys, some of the things these Companies Still say they need, more funding in order to Start Building up the capacity to get this done. Its such a massive scale. Fascinating angle there thank you very much. Now moderna shares have been volatile theres been criticism about whether the results were as promising as they were initially perceived. Dr. William hazelltine wrote an of sed saying modernas claim of favorable results in its vaccine trial is an example of publication by press release he joins us now. Thanks so much for joining us. I said the word data at the top of that intro. Your criticism is there was not sufficient data in their release and because of that, the market was able to applaud their results perhaps more than they should have done i would say several things about the announcement it was premature only eight people had been studied. It was not impressive and it was opaque if a cfo had tried to get away with the same kind of announcement, it would have been greeted by division and possibly investigation. But isnt the point that some of these companies, doctor, are trying to get these announcements out on purpose as fast as they possibly can for the benefit of public health, for the benefit of plans to reopen economies for the benefit of trying to get, say, treatment information out there and vaccine goes along with that too . Were in a pandemic where, you know, we have people in the Emergency Rooms fighting this right now. The question is not that were in emergency we know were in emergency but in an emergency, its even more important to be clear about what you know and what you dont know there is a process which is vastly accelerated the moment the data is put together, the moment it can be presented, its on the internet. For free everybody can see it moderna did not follow that. We dont know what happened. You dont know what happened we cant see that data let me just take the financial kp m even in an emergency thats not warranted. There are many processes we have put in place that allow global sharing of data. Thats not the issue the issue is do we know what happened and the answer is, we dont. Doctor, has this type of practice become more of a norm in recent months or even recent yea years . Was moderna acting in line with what others do with this or do you think they purposefully released this information without all the full details . This is abnormal. I hope its not becoming the new normal this is a great exception. Even before the manuscript is reviewed or accepted is now part of it in this time of emergency. That i believe is good because everybody can look at the information. A doctor can make a decision lets take remdesivir. We still havent seen the data for that it was announced that it worked, sort of. It didnt save any lives it let people get out of the hospital who mighthave gotten out anyway maybe a day or two earlier, a few days earlier but we dont know it really did. We cant see the data. And what is a doctor going to do is he going to use the drug when a paper came out the very same day that says it doesnt save lives, it doesnt have any effect on the virus. What is the doctor on the front lines going to do . Are people battling over a drug that doesnt work . We dont know because we dont see the data that is abnormal and its wrong. You wouldnt accept that well, i have two things on that i mean, are you questioning dr. Fauci who also came out and said that this was encouraging news, and, you know, stood in front of this nih study hes our foremost Infectious Disease expert in this country and the other is the fda approved it. O i assume the fda would have to have seen the underlying claims. It is not approved by the fda. Tha