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 recovery all right boris, do you like these stocks and do you have a particular pick i like lvs. Despite the data, markets are betting on the rebound lvs dominates this its the largest operator. The difference is the money is made much for from gaming and especially between the big whale gamblers which lvs really dominates. Thats where the bulk of profits come in. If youre going to make the bet, make the bet to lvs. That will be the proper maker for them not vegas. All right thank you very much. You can never have too much trading nation head to our website or follow us on twitter at trading nation, kelly. Thanks very much. Up next, well hear from the mayor of miami on recentrupting just as south florida was starting to recover from covid19 will this dlash clash do damager struggling economy power lunch will be right back are you a weirdo . Ah, the weirdest. I just feel like everybodys always disappointed in me and i never live up to anybodys expectations. Scott hey, thanks for listening to all of this. Youre one of the few people who treat me you know like a person. Youre welcome. Welcome back, everybody. Im sue herera here is your update. With the white house saying more federal assets will be deployed against violent protests it blames on antifacists leftists. Joe biden told africanamerican leaders in a church that President Trumps response isnt helping matters. He juate just hides it doesnt go away when you have somebody in power who breeds oxygen in the hate on the rise, its what the president said. New york city mayor walking back comments depending Police Violence over the weekend. In response to video of Police Driving through a crowd of protesters, he said there is no se nar owe in which this should have occurred. Michigans governor largely reskindsed her states stay at home order effective immediately. You are up to date back to you. Did she give any reason she said that the numbers are coming down a little bit she basically said there can be some Outdoor Dining but with restrictions its very similar to what new york and we think new jersey will be doing this afternoon she feels like the numbers are stabilizing but she is going to put in some constraints similar to the other states. All right interesting. Thanks very much the protest and demonstrations we have seen across the country this week are coming at a time when the u. S. Is trying to recover from the coronavirus shutdowns. Steve joins us with look at the full Economic Impact steve. Thanks very much. This was a week when we were going to be talking about the economy bouncing off the bottom. The nation faces riots and widespread calls for social justice in a vieariety of demonstrations across the country. New concerns include that the reopening could take longer and also have another round of potential infections from all of these demonstrations diane swonk said theres little questions the horrific events of this weekend will exacerbate the economic crisis triggered by covid covid19 businesses that were holding on by a string will close permanently. Not everybody agrees with that most of the country, the timing and broad trajectory will not be dramatically altered longer run, hopefully we can find ways to expand opportunity that will tap the potential of every one. That would be good for the economy long term. All of this stark and deep economic downturn and tb data this weekend be show that were a little bit better than we were but still off. The ism came in today still manufacturing. 8 million down in employment expected on friday africanamericans and the poorest americans have been hit hardest by the covid19 and by the economic downturn related to it a lot of people have been going back to 1968 noting the parallels there. Ive seen some kind of like try to draw parallels with the market are there any with the economy that come to mind . Theres a paper thats stood the test of time from 2005 that shows that africanamericans were the hardest hit and first were talk about much longer period of time riots lasted from 65 and peaked in 1968 and were much more widespread the economic effects lasted for decades and they hurt Property Values in africanamerican communities and were shown to have negative effects on long term income as well as employment of africanamericans from those riots hopefully we wont have any kind of analog with those experiences in the 60s. Thanks very much. Tyler. Folk, just as america is beginning the reopening process from koe vivcocokoe covid19 impact social unrest is having the city of miami beginning with peaceful protests before the protests turned to clashes with the police joining us now is miami mayor. Thank you very much. Miami is a very Interesting Group of counties and communities. Theres the city of miami. Theres coral gables theres miami beach. Theres miami dade theres ft. Lauderdale and so forth. Tell us what the situation was like last night and through the Morning Hours and today in miami. Last night was much better than saturday night. Saturday what was peaceful protest turned somewhat problematic when a very small group of people decided to vandalize police cars and set a couple of them on fire and vandalize some property. By in large, there werent major confrontations or major arrests. Yesterday was flawless we implemented a curfew. We announced it with Community Leaders throughout the day we kept consistent with our message. The proes tterprotesters did a t job. Our police did a magnificent job. You said that only 13 of the 57 arrests were miami residents. Where did the other people come from and was there anything in their profiles that led you to believe that they had been organized and deployed by outside agitators or influencers . Its too early for us to tell some of them did come from out of town. Some of them came from other parts of Miami Dade County some of them came from broward what i can tell you is the ones who were looting and vandalizin came with that specific purpose. I saw them they had book bags with particular devices, whether its sledge hammers or batons not just sticks that you pick up from the ground which is something you see when theres looting or rioting they came equipped with paint spray cans, devices to set cars on fire. Its clear they were coordinating and there to do damage and create chaos. Yeah. So whoever they were and whatever their motivations, they came prepared to do violence and destroy property and vandalize your city, as all cities are trying to lever ourselves open how much does violence set back that process it sets it back this is an ongoing effort. We have to recognize theres a problem always in conflict resolution our police chief was one of the first to condemn the officeacti the officers the actions of the three other officers who have yet to be arrested when the officer had his knee on the throat of george floyd. The second thing is we have to take another hard look at ourselves and see what can we be doing. Is it more implicit bias tra training officers. Those are the questions we have to ask and we have to listen to ideas from others across the country. Its a very interesting conversation i wish we had more time to pursue it but the idea of why does this keep happening, it seems, and obviously the vast th majority of Law Enforcement do their job well they wade into violent situations but we see a disturbing number of events like this obviously the solutions are complex and probably multifacetted, including training and retraining and weeding out. Its a very interesting and difficult issue. Lets talk about covid and your reopening of the city. You were one of Public Officials who tested positive. I assume your health is good it is taking a much more deliberate approach we have the most cases in state of florida we lagged a bit behind Miami Dade County thats lagged behind state. So far, so good. When you see protests of this magnitude where theres mass people in the case of saturday there was some tear gas used you worry pd you worry about the spread those are things you worry about. Residents are wearing their masks outside and Business Owners are complying with the rules. Thank you very much we appreciate your time today. Good luck. We appreciate it kelly. Tyler, thanks. Theres turmoil inside facebook as some employees stage a virtual walk out as Mark Zuckerberg is getting backlash for his response to the president s use of social media. Julia has more for us. What do we know at this hour well, kelly, we know that some facebook employees are staging a virtual walk out today. Its unclear how many employees are participating but one employee tweeted out, i will be participating in todays virtual walk out in solidarity with the black Community Inside and outside of facebook. Hashtag black lives matter we have found a handful of these tweets this comes after a number of facebook of employees tweeted. Facebook issued a statement in response they agree with leadership. The management that is scheduled for tomorrow it was originally set for thursday a sixfigure deal with facebook. Well see what other kind backlash they have to deal with. Sg Mental Health app and comp y company. This says he doesnt support and its probably bigger blow than facebook it is relevant. Tweeting out to take the loss of a sixfigure deal because he wants to take a stand on this important issue. What will be interesting is whether advertisers start to respond and whether advertisers feel like they have to come out and Say Something to facebook as well yep we appreciate it keep us posted tyler. Thank you. 200 target Stores Affected by protests its not the only retailer trying to reopen stores again. That story is coming up on power lunch. Welcome back target forced to close or shorten hours at 200 stores because of the protests across the country and it is not the only retailer taking similar action just as those retailers are trying to get back to business after the coronavirus shutdowns. Courtney reagan looking at this latest disruption to retail. Hi, tyler youre right retailers in various states of reopening of those Coronavirus Closures when the weekends unrest really issued sort of further setbacks for a number of these companies. So in new york city, still closed stores suffered damage like broken glass and dior, lulu ulemon, graffiti at louis vuitton. Retail ceos are speaking out noting these problems are much bigger than broken glass the ceo of coach Parent Company tapestry sent an email to all employees discussing his personal experience with racial issues over a lifetime noting summers of discontent saying in part, we can replace our windows and handbags but we cant bring back george floyd and too many others. Nike stores in philadelphia, los angeles and the chicago flag ship were very hard hit by loot ing and other damage the ceo joining a chorus of retail ceos sending a letter to employees saying nike is opposed to bigotry, h hatred and inequality while nike cant solve injustice, i believe we have a responsibility to addressing to it best of our ability those are just some of the retailers that saw damage. Some stores were open and some were not good point. And coming up, were going to talk to the ceo of Bali National bank as the economy tries to begin the road to recovery you can always watch or listen s live or on the go on the app. Back in two. Because only tempurpedic adapts and responds to your body. So you get deep, uninterrupted sleep. During the tempurpedic summer of sleep, all tempurpedic mattresses are on sale during the tempurpedic summer of sleep, okay, give it a try. Between wisdom and curiosity, theres a bridge. Between ideas and inspiration, trauma and treatment. Gained a couple of more pounds. Thats good for the babies. Between the moments that make us who we are, and keeping them safe, private and secure, theres webex. Beautiful. A portion. A chunk. With dollarbased trading you can spend what you want, even on just a slice of a share. As the country readies to reopen, social tensions are bubbling up in nearly every major city how is the Business Community bracing for the tough times ahead . Yoining us now is valley anks ceo and president. Its good to check in with you again. What are you thoughts on this . I think its a real challenge. I cant imagine the pain and anger many in our country are going through. That said, in my experience, compassion, honest dialogue is what lead to a change and im concerned like many others, that the violence will overshadow a real dialogue that needs to happen weve heard a lot about how Business Leaders can take a stand here what more do you think could be done in our mind, making sure we have loans available across every religion, minority i think as we went through the ppp program, 55 of the loans we gave were for loans less than 50,000. We made a concerted effort to reach out to many minor ity groups to make sure they had access many Small Businesses are run by minorities are your branches reopened . I know you have locations in new york, new jersey, alabama, florida. Probably under various statuses of being reopened. Have they been affected by the protests two branches in new york were negatively impacted. Windows were shattered and there was some graffiti. Back to the broader point. Its real interesting as were able to e see the differences in new york and new jersey as to whats happening in florida. If you go back to how this economic crisis was different than the last recession, the last one was more of a monetary iss issue, where there was liquidity challenges today, its more fiscal. If you look at the amount of monetary policy, 15 of it has been used. Thats it. 3. 7 trillion, only 15 has been used you look at if fiscal stimulus thats been put out, about 45 has been used but the challenge is the local levels. We have branches and restaurants down in the tampa bay area and the local leadership is being supportive making sure restaurants are are reopening. Theyre opening outdoor space to make it available. And i think the challenge is going to be what happens in the northeast. Are leaders going to be as accommodative . And youre going to have Regional Diversity as to economic outcome out of this if you need to take that call, go ahead happens all the time listen, in new jersey, i was doing some banking on friday i think may video may have frozen having disruptions with the video. Are your branches open in other words, can i walk in . I assume they are in florida but can i walk into a branch and do business or do i have to use the drive through line still appointment only in many branches and i think later on this month, well begin to access many of them just through restrictions as to how many can come into each branch. We found like many others, most of the activity that people want to do can be done from a digital perspective. For our industry alone, i would say weve taken three to five years what we thought Digital Adoption could would look like and accelerated it over the last two months so those are the positives that come out of that that said, theres real challenges that everyones dealing with today but in the florida marketplace, many can go right into a branch today assume iing theres social distancing and face coverings. Great to check in with you. Ceo of valley bank good to see you,ty kelly, i dont know whether you can hear it, but the power mower has just started outside here tomorrow, the segment is going to be called power mower they know, 3 00 p. M. , they can get going. Closing bell starts now. Thank you very much welcome to the closing bell. Stocks are drifts higher on the first trading day of the month nasdaq now just 2 from its all time high. Up half a percent on the s p lets have a look at whats driving the action violence, protests b and unrest spreading across the United States over the course of the weekend, but despite that, the gradual reopening of much of the world has continued and thats pushed the likes of retailers, airlines and cru