Of the pandemic. Well talk to mayor of miami about what his city is doing to get back to business in these very tricky times. Power lunch begins right now bob has more on the markets today. Bob. Were grappling with that right now, four to one advancing to declining stocks. The market continuing to believe the primary thing affecting them is the rope ieopening the market believes its going well you heard about the president s tweet. Is that heetsing up. There are people questioning over the weekend any need for more fiscal stimulus saying we sit back and see what happens at this point thats an issue. Three of the four, an issue over the weekend. The russell 2000, small cap. Were seeing banks, retailers doing well were seeing transports doing well today those are airlines this is all the roping stoe ing and the market believing that is koptsing. Most markets are at the highest level since early the first or the second week of march were not seeing dramatic break outs its the same old names. Back to you. Thanks so much. Business lead rs across the country are stepping up to address Real Solutions to Racial Disparity in america thats been fueling protests here is what we heard this morning. For all americans to feel like they are participants in our economy. Joblessness leads to hopelessness hopelessness leads to what we see in streets inner part of our country, hopelessness leads to what we have in terms of the Opioid Epidemic business can provide the leadership that i think our country needs. Short answers to long horrific questions about stain of slavery are not going to solve the inequality problem we need to focus on Wealth Creation and generation and we must bring the descendants of slaves into equality of this nation and thats what i propose with this 14 trillion proposal to provide reparations, wealth transfer is exactly whats needed what must we do hold ourselves accountable in Corporate America. Set targets like we set targets on Everything Else you get what you set be very clear and very boelds abo bold about the expectations are. If we do that like we do Everything Else, Corporate America is run by all stars. They are used to winning we would see this needle move. For more lets bring in andrew what stood out the you in terms of the different discussion points this morning . Let me say, thank you because theyre outspoken approach on these issues that are so emotionally charged, i thought it was heartbreaking at times, emotion maal at times hearing a listening and understanding the pain and hurt and the hope embedded in their words and what they were hoping to say. I think the big question is what can the private sector do which is really so much of the conversation was about this morning. I think there are steps. Some big, some small and theres the question of what will have to happen in government and theres the larger question of the inner play between both of them which is to say can the private sector take a stand on some of these issues within the political sphere thats the most complicated part about all of this. We talked to don peebles. He names some examples of Companies Like jpmorgan and kkr and said they kind of gone in the right direction on this front but he still lamented the fortune 400 has so little representation among africanamericans. You could have Solutions Come down from the top in terms of the political system but theres a lot people can do right now. I think it has to trickle up or down. One of the issues is not just what has to be done at the Management Level of companies whether its around internships, whether itshiring or the board level. We talk about esg all the time environmental sustainability and governance its that piece, the g piece you see people who say im not going to take Companies Public that dont have a diversed board. Hes requiring them to have at least two diverse Board Members and thats a minimum the question is whether that trickles down across the board and how much investors actually value that it requires the whole community to decide this is what they want to do and requires the Investment Community and this is not about paying lip service to decide this is something they value and will get valued in the stock. That for a lot of people even right now, given everything thats going on, i think theres still question marks for some about that to your point, you can put your investment dollars to work. Thanks so much great to see you. All right, lets unpack the toll these economic inequities are having on our communities. Gentlemen, welcome good to have both of you here. Andre, i am old enough, sadly, to remember 1966 and watts and 1967 and newark. Not nine miles from where im sitting right now. I dont know whether youre in washington, d. C. That was my hometown i remember 1968 in washington, d. C. A lot has changed in terms of racial matters in this country some of it for the better but a lot remains terribly stuck in place. Why are we still stuck first and foremost, nothing grows without investment because the we see the stagnation because we have not seen a level of investment in plaq black communities. That starts with housing policy, in my opinion. A lot of the studies ive done i looked at housing prices in black communities and White Communities and i control for all of the things that reasons why people say homes in black neighborhoods are less value i control for education crime, wa walkabilities and all those fancy zillow metmetrics. Homes are devalued in black neighborhoods. That money should be going to people to start businesses and get to college it should be used by municipalities for Educational Services and provide better policing we have to address the biases baked into policy. The comment about the last session section of do what we have done for other communities doesnt hold up. As it currently stands, if we really wanted to bring relief to black americans, there does need to be a stimulus or relief package to address the structural inequities on top of the every day epidemics like covid and other epidemics, hurricane katrina, the housing bubble andre, i want to come back to your point about housing im going to give you a second to think about my question is the disparity in housing value and housing values a cause of the inequity or a symptom of the inequity bill rogers, let me turn to you while andre thinks a little. Im going to let you jump in with your thoughts about why we seen despite the fact that four months ago black unemployment was as low, if im recalling as correctly, as maybe it had ever been during the time the Labor Department runs that series. Why do we feel so stuck and why do we feel 50 years after newark, after d. C. That we havent solved, set aside the question of police misbehavior and brutality and murder why is it that we have not that r rowed the gap that andre talked about there where the median median net worth is 18,000 and white families its 177,000. Why hasnt it changed, mr. Rogers sure. Tyler, thanks for having me back and great to see you although these conditions arent the best at all why . Theres no Silver Bullet answer. You have to look at the labor market, what i focus on. Some work i did with Valerie Wilson we have showed that africanamerican men wages are where they were in 1979 and if you actually include, some other scholars, if you include those who have been incarcerated, the status is back to 1950 in some of the factors that we looked at that seem to suggest why theres been this continued erosion, one is it started in the 1980s where ronald reagan, the president at that time, took on the air Traffic Controllers union and since then we have seen a dramatic fall in Union Membership and coverage. I know many people will say we dont like unions. If you have a properly functioning union, it raises the productivity of your workers and helps to raise wages and lessen inequality you also issue increase in difficulty of raising minimum wage and keep pace with inflation. You saw the deterioration of Manufacturing Sector in the midwest and recent work ive done with Richard Freeman from harvard, we have seen the man who have been basiced by r eaffs has been the worst in midwest part offens of the country theres two tracks and discrimination its a race specific effect but theres raised neutral effects there are some seedy elements of whites out protesting or rioting or burning things down but theres more and more whites who are out there now because theres larger share of them who have been affected by the deterioration of unions and by minimum wage policy and globalization. More and more americans, in common, whether they are black or white, feel like they have been bullied by globalization and technology i think that becomes a potential positive for us to really rally around we have these race specific effects. Let me get back to andre, if you dont mind i want to get more question for you but i want to come back to andre. Where i live doesnt matter. I happen to live in a town that is extraordinarily diverse and as well integrated, perhaps, as any american suburb. Any american suburb and there are those housing inequalities in my town i want to go back to whether that is a symptom of a deeper problem or is that a cause of the problem and explain why you find housing so fundamental to this issue of economic and opportunity inequality because your home is the home prices determine so much of Public Policy and determines what you can do in terms of using that equity to uplift your own personal status. The condition of black wealth currently can be traced back to the 30s in the new deal when the new deal invested in poor people they excluded black folk in the process. The white beneficiaries of the new deal are much better off today than blacks are because they have the wealth and ability to accrue wealth joe biden and President Trump have the opportunity to do the same thing during investing in poor people and making sure that includes black people in the process. We can invest in poor people again and we can close a lot of the wealth gap that predicts all these other problems let me come back, bill with this yes you heard in set up there that bob johnson, the founder former owner of b. E. T. Say he favored a 14 trillion package of reparations to the descendants of slaves in this country. I wonder what your reaction to that is as a person who has studied society and economics and whether you think or dont that pushing for reparations would further divide an already fractured populous and society at this stage given the pandemic and the murder of mr. Floyd where succeeding previous, the economic carnage that were experiencing right now, all americans are experiencing now, i think everything has to be on the table. Everything has to be on the table. I understand youre sharing your guilt, your frustration but i think we, everybody has to make a pledge on how they are going to act theyre going to think globally but act locally that will build up. They are funny but real. You also have to have the labor market policies that help to make sure workplaces are fair. You have to make sure that workplaces are safe especially in this pandemic because of the pandemic and its ripped off the band aid, the scab these old wounds ta are still there. Everything has to be on the table for conversation and action i thought in six minutes we would solve the whole thing. We didnt. We started a good conversation gentlemen, well continue it thank you very much. Kelly. Thank you thanks still ahead, the s p is now just 10 from its record highs despite rising tensions with china and the growing crisis here in america. Well have more on what wall street is expecting for the path forward. Cities around the country are getting caught in the middle of reopening well hear from the mayor of miami. More power lunch after this. Ue t that calms you, ue t helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. Only from natures bounty. 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. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Welcome back stocks are higher despite a growing wall of worry for investors. It began with the economic toll of the coronavirus pandemic and rising tensions with china now add in social unrest with a cascade of protests across the country. What does this mean for the market lets bring in bill stone. Youre not very optimistic about the markets. Why is that . Well, kelly, this is such an incredibly difficult time for our country. Im based in philadelphia. Its so hard to see our community in this much pain and it will take quite a lot for our country to heal. We in the midst of all of this cannot forget the virus is out of there theres no vaccine yet we cant rule out the second wave of infections especially for the cities where we see so much of social unrest. We do expect a significant level of economic recovery before the year end by december we always said it was going to be uneven and going to be gradual but were expecting some set backs now. Bill, let me bring you in to talk about the market and whether you share caution for the months and quarters ahead. Im cautious in the short run because the setting aside some of the social issues right now, just because you look at in the market is clearly discounted quite a bit of a recovery. That being said, the things that i track on a realtime High Frequency data, things are reopening. They are less bad and for the market thats been good enough at some point were likely to run into trouble and perhaps some of the social unrest may play into that in the sense of holding up some of that recovery we shall see thats hard to really know right now. Markets have moved a long way or overbought in the short run. It couldnt do a lot about that. Know that when youre looking at things bill, where would you say place plas should be looking thn i like the stock market i think places where i might think to look are yutilities hae been a shocking under performer. You would assume they would have been better and they werent that impacted by the coronavirus but i think thats one interesting place that perhaps hasnt been picked over enough thats kind of on the lower risk end of the stock side. Perhaps go to the other side towards industrials. Obviously, thats going to be geared to veneventual recovery. The you tills, ill give you quick last word explaining why you think emerging market debt could be attractive. Generally, eng we have to consider credit as a greater short term alternative and not just u. S. In emerging market debt we have High Conviction and Investment Grade bond. Theres so many other al tempb timps available to them. Good point. Thau thank you so much. Still ahead, casinos in las vegas one group to reopen that may face disruptions because of growing protests well tell you what it means for the stocks for the companies that run the casinos that when power lunch comes right back at you. Thanks for sharing your savage moves, and especially your awkward ones. Thanks for sharing your cute kids. And your adorable pets. Now its our turn to share. With the geico giveback. A 15 credit on car and motorcycle policies for both current and new customers. And because were committed for the long haul, the credit lasts your full policy term. So thanks again. 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Welcome back its time to talk casino tocks they are higher today on the hopes of reopening not just here but around the world 90 in may check out these moves off the march lows stocks such at mgn, wynn are rallying triple digits 256 for ceasars your trading nation team time to place your bets or not i think for the market, as a whole, yes, you should be placing bets you have stability and starting to see the areas hardest hit those most exposed to the virus. Typically good for the market. At market turning points youll see the investors embrace the most beaten up laggards for the s p casinos industry we are seeing that stability over the last eight weeks i think you test the underside of that. Its still a lower trend though. We want to stick to our methodology. Were rooting for these guys but placing our bets elsewhere with stronger trends. Thats because you have long term concerns that this industry can come back and get above where it was not just economically but in terms of the stock price am i understanding correctly its a beta trade they of shot to the downside and getting relief to the up side. Theres longer term concerns we think the premium will be on higher yield High Growth Companies in this low yield in re