That shape which would be very good news. Taking a look at some stocks, apple as you mentioned alltime highs, adobe, amazon, microsoft, all close within 3 of alltime highs. Thats a range of different kinds of stocks. Apple and microsoft are the two most valuable stocks that i track, two of the most valuable companies in existence right now. Adobe had been more of a kind of growth momentum play type stock despite fat k despite fact its big and strong and has strong growth. For that to be as close to high as it is and up nicely this morning as well, serge sacertais something morgan. Weve been talking about it all week, the rotation into the stocks and sectors that are tied to this reopening narrative that were seeing play out across the country and really across the world in general perhaps unsurprising to see airlines, leisure and hospitality, banks and financials, the type of stocks leading the market higher today, even though from a sector standpoint in the s p every sector is in the green going back to that jobs report now, lets bring in Steve Liesman for a closer look at todays numbers which really did blow wall street away. Steve . Yeah, morgan. I am kind of recovering here my neck is from the massive double take i did this morning when the number comes out. It was like youre cruising along and see, wait, was that sasquatch on the side of the road there i saw the word rise in it, and i said the word rise, and said what did i just say . Did i say rise it was Pretty Amazing to see that number come in beyond any of the expectations i saw. I had some inkling there could be an upside surprise but the only idea was that it was going to be way less negative. Lets go through the numbers here that came out in the morning. 2. 5 million up on the nonfarm payrolls, Unemployment Rate 13. 3 . Supposed to go to 19. 5 . Suspicion its much higher jan was talking about that because of worker classification average Hourly Earnings declining. That is a good thing, showed low wage workers came off the payrolls they seem to have come back on its a start a good thing. Labor participation doing better worried about people dropping out of the workforce morgan was talking about this. I want to show you two things. First in one column is the huge rise we saw in some of the hardest hit industries and the next column shows the percent of the job losses in march and april. Tells you how much we got back and how far there is to go a couple samples here, Food Services and drinking establishments were up 1. 3 million, thats 23 of the losses leisure and hospitality up 1. 2 million, 14 prsz a and construn coming back, 464,000, 44 of the losses retail and manufacturing coming back a couple comments i want to share, from bmo capital says, as abruptly as the economy was pushed into recession the reopening is helping to claw back jobs. A lot of positive commentary on the impact of ppp. Our economic adviser says you dont shut down an economy for two months and think there will be no longterm impacts. Lets enjoy the fact that were starting to recover and the short term looks good but the longterm path remains uncertain. 11 of what we have lost we got back in may. I think thats a month earlier than many expected lets hope were off to the races here jon . Yeah. Lets not get in the trap of some people thinking they know everything and whats going to happen next. Bob pisani has more on todays rally. Bob . And jon, this today and this week in general has been just about perfect for the reopening story which is the primary narrative moving the markets take a look the at sectors today. Its the reopening story energy has had another good day, up 14 for the week, banks have been terrific, up almost 20 , some of the big regional banks industrials are strong, retail has been strong and this week defensive stock and technology, strange mix have take an back seat look at the market, the laggards this week. Health care is essentially flat, a leader earlier Consumer Staples up 1 , lagging. Tech is lagging. Mega caps are under performing this week and utilities lagging. Weve had a move up in the bond yields here. I mentioned the sort of perfect week for the market. Remember the three buckets that have really moved the markets in the last few months. The first one is the reopening stories and weve seen the Economic Statistics this week, very supportive. The adp, ism, today the jobs report the stimulus theres been more discussion this week on stimulus from the ecb, u. S. , and japan that story continues the treatment and vaccine story reports of progress continuing there. The three buckets that moves the markets and all three have been positive this week theres a couple of concerns out there. First is this bond yield rally weve been talking about a lot of debate, what is this . Is this a reflation, inflation, stagflation . I think weve seen the big move up in the 10year treasury yields 30 basis points. Some of the vigilantes are out for the moment the market is calling this reflation if we go towards 1 on the 10year, there will be a lot of calls for the fed to intervene the other the valuation story. Prices are up, but earnings system still keep coming down. That means the multiple is expand drag matically. What does that mean for the market when are the earnings estimates going to move higher s the big question, remember that ceos, 40 declined to give guidance this year. What does that mean . It means they better start having better clarity now that economic stats are Getting Better and better start making comments and giving us Earnings Guidance in the next month or two to support the kind of rally that we have been seeing carl, back to you. Well see what Barry Dillard has to say about that, bob, after dillard came on this morning and said i saw that. Wasteful time yeah pretty interesting bob, thanks they havent been wanting to do that for years. Yeah. Mike santoli has a lot to chew on today the president can make fun of economists and consensus and they clearly got nis number wrong, mike, but as we said at 9 00 a. M. , be markets got it right, the dollar suggested it it seems like its bonds that gave up the fight. Thats right. Bonds, the dollar, global markets. They all were pulling in the same direction and now those kind of laggard areas have been clicking into place for this move i think the big question right now, this seems like a big recognition moment that, in fact, perhaps the disconnect perceived disconnect between what the markets were doing and what happened in the economy wasnt quite as why. Maybe the problem now is you can overshu overshoot and get to a moment where people think its the all clear and the traditional playbook is fully in effect and you can continue to kind of bid up the early cyclicals and all the rest of it i think that works for a while if i look at the credit markets, the spreads are coming in very hard its all supportive of the idea the market did get it right. Whats interesting its been an almost entirely painless rotation into those cyclical areas. In other words, the really big tech stocks have take an break here and there and come off the boil, but its not as if you saw outright wholesale hershavy selling. If microsoft goes down 1 , jpmorgan has to up 6 to offset the market cap of that that is arguably what the index could get into a trap of just being stuck, but for now that has not been happening the vix is back below 25, at least dipping theres last couple days for the first time i think since late february. What does that mean in terms of the swings that investors maybe dont expect over the next couple months. Yeah. Jon, its another measure of some of the anxiety and the residual caution draining out of the market its not happening very fast by the way, on a day when the s p 500 is up more than 2 , you know, the volatility is based on the display jumpness of the index, cant fully go into free fall mode but does tell you there was a reluctance to believe in the reality of the market bottom and did the rally come too far each stage we got to these logical points where the rally could stall and it didnt except for a week or two at a time, shows you theres a little bit of capitulation going on by people who were fighting it. I dont, again, want to say theres anything decisive that happened here. We pulled forward date when you had more people go back to work than you thought it was going to be several weeks the flows in and out of the labor force in this period are so massive that i just dont think you can expect anybody to nail the number. But without a doubt, it shows you that incrementally, risk appetites are increasing and people are more receptive to the idea that at least over the summer, the direction of the rate of change in the economy is going to be positive, were going to reopen, you know, right or wrong, better or worse, were going tore it, and its going to be a while potentially before any outcomes are decisively out there to push back against that idea yeah, such a key point, mike. When you talk about how big the flows have been and how hard its been to basically nail the number, it speaks from a market standpoint how important the technicals have been in all of this, given the over arching uncertainty. I wonder what you think when you see the dow, the russell 2,000 and dow transports crossing above their 200 Day Moving Averages and joining the s p and nasdaq that were already above those levels how key is that for this market to continue sustaining this momentum the 200 Day Moving Average on the s p didnt even put up the slightest bit of a fight on the upside when this rally went through at around 3,000. I do think the other indicators are kind of confirming that move it shows you the markets broadening out and doesnt necessarily insulate the market from some kind of a switch back because, in fact, often the indexes will kind of chop around the 200 day averages on the way up even if theyre going to go higher still eventually. I do think its still all fits within this mode of, you know, risk appetites rising, people who felt under invested getting more invested. If i look at the russell 2,000 a lot of talk about how its running really hot and starting to stretch the upper end of a recent kind of trend line move the technicals are supportive longer term but in the interim looks like things could start to get a little bit stretched here. Also, gaps higher on jobs day, maybe this is a weird moment, its not really a typical cycle but often were not necessarily the start of a move. Often more kind of a place to pause. All right mike santoli, thank you very much and just watching these markets, were going to have a lot more on todays rally coming up the dow at up 890 plus points at this hour. Walmart, the only stock negative there. Boeing and raytheon leading the dow. S p up 2. 7 . Nasdaq up nearly 2, near session highs on allf os lbeight back. A grandfather o. A newlywed. A guy who just got into college. Thats why behind these masks, Johnson Johnson scientists are working to accelerate development of a covid19 vaccine, drawing on decades of experience responding to Public Health emergencies like ebola and hiv. For the life behind every mask, the clock never stops and neither do we. Ever somethings gone mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Protesters are in the streets for an 11th day of demonstrations which have taken place in 50 states and several countries around the world joining us to discuss, david thomas, president of Morehouse College, the only historically black college for men. Thank you for being with us. Well, thank you for having me great to have you. I want to start, you have a doctorate in organizational behavior master of philosophy degree in organizational behavior to take a step back more broadly for all kinds of organizations, whether they are educational institutions or companies trying to figure out how to improve ou of this they might be reacting now, but what are the ways to cement lasting change, if that is what organizations are trying to do . Its a great question and the answer is a hard one for Many Organizations and leaders to actually digest and that answer is, what we are seeing is the remnants of institutional lies, racism, that is rooted in beliefs and assumptions about white superiority. What weve done in our organizations, whether theyre Police Organizations or academic organizations, is in many ways created a set of rules that amplify the effects of institutionalized racism and attitudes of white superiority what organizations have to do is use that lens to look at all the aspects of how they engage with communities and their employees and begin to root that out the other i think the biggest one of the Biggest Challenges for us in this moment is that the leaders of most organizations in our country are not prepared to lead the kind of conversation that needs to be taking place and part of that, quite frankly, is and ive done in this in my research before i became president of Morehouse College when i was on the faculty at the Harvard Business school, where we should ask executives to literally draw their networks of Close Relationships that they rely on when theyre looking at issues of Human Capital and career and most white male executives only have white men in their networks right. And therefore they dont have relationships with people of color that they can turn to get counselled about how to move this conversation forward. I think something i think something today that in a way draws that out is right now, that the dow is up nearly 900 points at this hour, the s p up more than 2. 5 that does not reflect the experience of everyone in the country, certainly economically and in other ways as well. As the president of morehouse, historically black college, the only one specifically for men, the 90 plus percent i believe black men at morehouse at this point, the mission is to produce academically superiorly, morally Conscious Leaders for the conditions and issues of today, how morehouse states it. Today means something different, certainly, than it did a year ago. What kind of adjustments do you expect to make this year in your education, in the preparation for the students, giving all that theyre facing . What are your thoughts as an educator and what might you be hearing from faculty on how this year is different. Yeah. I think the only adjustment really is that our students are now fully engaged and they see the moment and feel like, you know, they need to rise to that moment and we need to engage them the great thing about Morehouse College, everything about our education, without there being a crisis, has been preparing our students for this moment and you just take, for example, on sunday, i was three blocks from my house where my students were leading a march that turned in by by the time they got to their destination turned into 5,000 people at Centennial Park in atlanta unlike many places, i think morehouse wont need to adjust what we do, but it will just be intensified by this moment and our faculty are already engaging our student and staff and helping our students stay focused on, you know, this is this this news cycle will pass and we have to be thinking about how we move beyond it and create real change and not be reactive, which is a production of this moment yeah. Its and certainly youre talking about how you can be more supportive of your students and the change in the shift thats going to be taking place and, of course, it comes in a year where there is already change in shift afoot because of covid19 im wondering what that is going to mean for the college not only in terms of summer classes but in terms of the fall will you be bringing students back to campus and what will that look like great question. We are still in the process of deciding whether we can safely bring our students back in the fall were also preparing to have all of our faculty certified to teach online this spring in march, we took our entire curriculum online, but we realize realize that what we were really doing was remote instruction rather than informed online education. By the time we start up in the fall all of our faculty will be certified as online teach sorero we can create an online experience by july 1 i will announce whether we will be residential, virtual, or some hybrid format but first and foremost, is the health and welfare of our students and faculty all right david thomas, thank you so much for being with us. President of Morehouse College okay. I appreciate it. Thank you, guys for having me. Take care. Be safe. You too were going to take a quick break with the markets rallying dramatically today the dow crossing back above 2700 27220 right now. Were up 3. 5 . The s p at 3200 on the nose with energy, industrials and financials leading as every sector is in the green were back in two minutes. St wh ayitus welcome back, everybody. Im sue herrera heres your cnbc news update at this hour just east of los angeles, a large warehouse fire is burning in the town of redlands. Some amazon trailers are seen on fire, but its not yet clear if it is actually an amazon facility part of interstate 10 has been closed there are no immediate reports of injuries. The Aircraft Carrier that suffered a coronavirus outbreak is back on patrol in the pacific. It picked up the rest of its crew in guam and set sail after being sidelined more than ten weeks. Nike says it will spend 40 million to support the black community in the u. S ceo john donahoe is telling employees in a memo that nike needs to bebetter than society as a whole on the issue of diversity and inclusion. You can get more on that story at cnbc. Com. You are up to date thats the news update this sawalyho quk le continues in just two minutes. Its remarkable to think that this jobs report today was actually from a survey in midmay when roughly 50 of Small Businesses around america were starting to reopen. The u. S. Chamber just did a survey where they think 80 are reopening and in all of our discussions with governors our focus