President trump and the white just a few months ago, we were talking about labor shortages house down playing efforts on going up thats no longer the case. Another stimulus bill despite urgent pleas for more relief from the states and businesses up 1. 4 on the s p. Are you suggesting that companies have an edge in those Profit Margins not falling further because theyre laying off so many workers . Were going to tualk about that stimulus question if a in a i think they have flexibility moment, but shares of outback and if they did want to cut costs, either being claim clementining on the back of earnings. The ceo joins us to discuss the opportunistic about trying to results and whether customer rs figure out where it makes sense to invest, but when you have a huge pool of underemployed coming back to the restaurants that have already opened and well speak with afi cio people out there, all of a sudden, you dont have to bid up as much for workers as was the case a few months ago. All right mike, stay with us if you would because just moments ago, president. Why he says the department of labor has failed its duty to protect workers. Were going to get to all President Trump weighed in on whether the white house is those big stories in a moment, considering an additional stimulus bill after record job but first of all, we have breaking news on apple and josh lipton has it for us losses in april. Were in no rush. Thats right. The democrats, the democrats apple just now saying its going have to do what they have to do to start reopening some stores but i would say were not here in the u. S. Next week looking, we want to see what so specifically apple saying they have. But i cant say that were in a some stores in idaho, south rush to get the money out to carolina, alabama and alaska people we have gotten the money out remember in total, they have 51 some money is stalled because of state machines state machinery. Stores around the world. They have Old Computers and 45yearOld Computers and we 271 in the u. S apple saying in a statement that said this was going to happen. Its primary focus here providing lets bring in kayla along service and support at the genius bar to making sure its with Michelle Meier from bank of customers work, learn and play America Merrill lynch. Were in no rush, echoing what at home. They can continue to rely on larry kudlow said earlier, but those apple products customers will also be able to order online for pick up at a store. Expect to see now safety didnt we learn today theres a lot of pain out there and a lot of people need help . Measures at the stores there is a lot of pain and it that means temperature check, face coverings and social also goes against what the president said a few weeks ago distance iing and thatst going mean a limited number of visitors in the store at the same time so thats a big after the expansion of the small yes. The first word to any adventure. Business loan program was signed into law the president said the change when will other tore stores negotiations were going to begin but when allergies and congestion strike, immediately on another wave of take allegrad. Stimulus reopen but theres concern inside the a nondrowsy antihistamine tim cook telling cnbc that plus a powerful decongestant. Decision is going b to be driven white house that so much money so you can always say yes has flown out of government to putting your true colors on display. Coffers and that because of it by the data say yes to allegrad. Hes going to go city by city, was released so quickly, they county by county guys, back to you. Need some time to study exactly thank you apple stock remains higher along which programs are effective and with the overall market today. How they can make future lets turn to the other big programs even more effective stories this hour. Mike is is track iing the market they want to make sure theyre not exacerbating existing rally. Last hour of trade for the week. Problems and creating new ones were going to dive into todays with unintended consequences of jobs report and the growing debate over whether more government relief is needed with some of these packages theres going to be a pause of several weeks, but that said, kayla and Merrill Lynchs chief you should be mad your neighbor democrats are said to release a always wants to hang out. Economist. Draft bill next week mike, start us off with a rock a grab bag of democratic and you should be mad your smart fridge is unnecessarily complicated. At the Broader Market and priorities and it will likely make ice. Another strong week shaping up get sz paed to send as a symbol to the white house and to send a making ice. To be more than 5 gains for the message that this is is the but youre not mad because you have e trade nasdaq yeah, it has been and each of the last four days, the s p 500 beginning negotiating stance of which isnt complicated. Has really press ed the upside f democrats when gop leadership n their tools make trading quicker and simpler so you can take on the markets with confidence. This recent range. 2900 on the s p. Enters the conversation when the white house and treasury enters dont get mad get e trade and start trading kind of was a ceiling until the Conversation Commission free today. Today. Still about 1 below the so they can put down their recovery highs we go to about marker of what they want and try to work from there should the administration be ten p days ago but clearly a in a rush to get more out there . Firm picture of this market. Even if it is a little bit stalled out the it is holding what did we learn from this mornings numbers . Is. I mean certainly there should be the conversation underway up yes, the nasdaq has been a Leadership Group and today you see small caps, banks, value this is an inkrcredible shock stocks trying to participate i want to draw your attention to over 20 Million People displaced 15 minutes left in the the period last year from about trading day. We are now in the closing bell may through october. From the labor force have lost market zone. The s p was in this box between their job. Commercial free coverage of the big surge in the unemployment action going into the close. About 2800, 2850 and sck there rate mike is here to break down these theres a lot thats been donor crucial moments of the trading already and thats helpful and day and today weve got nancy its starting to show through in terms of stimulus checks being tangler back as well lets kick it off with the Broader Market distributed. Consumers having more purchasing stocks rallying today with all three on track to finish the power. Week higher for the first time i think theres two main points of focus one is state and local aid thats been an area thats been in three weeks and mike, were made quite clear is a potential moving up, if you come into the sign of real strife coming in the next few months then the next question is whats that second phase look like in the close yuou see that the economy . Theyve put stimulus in place to Unemployment Rate moves up, more stabilize, to off set some of than 20. 5 Million People are hit to the private sector from the decline in income, but what about creating real stimulus into the summer, the fall and unemployed, and we find out tha get iting a more sustained and healthy recovery on the other side the white house is no rush, to that point, kayla, whthes maybe well see stocks rallying. You have to be aware of the leads and lags present when the stock market went down programs expire something ppp 35 in a month in march, that and others to help bridge this gap and help some of those was basically saying we are in employed get back on payroll an economy thats probably going to get to 15 unemployment obviously its rallied back more when does that run out well there are different than half of that with the help durations for different programs of lots of stimulus, cutting off and for the Small Business program, it really depends on a the worst Case Scenario thanks businesss cash flow the period in which they have to to the fed so all those things working together helps explain difference also the market now definitely rehire some of those employees is is eight weeks in order to be able to say to the treasury is firm. Its sturdy. Department and a Small Business very low volume today. Administration that that loan still a percent below where it was ten days ago should be forgiven its been kind of sideways with a slight upward tilt for a they have to make an offer to rehire some of those employees in that time frame to be able to month. Thats to say this has flattened get that loan forgiven, but how out and has been supported by long the loan lasts is really the huge Growth Stocks with occasional buy by some of the rank and file. Depending on what a Business Needs to use that money for. So thats where we are right what its mortgage or rent is now. That is also why its a wait and how much its owes its venders on see moment because we just dont any given day or month know how much of the incremental thats a business by Business Improvement the market has built issue. In the expanded unemployment nancy, do you think the market is thinking this will be benefits, thats going to last a one month double digit for 12 to 13 weeks, so the Percentage Rate for unemployment treasury secretary said this is roughly ten to 12 week package, i dont think so, wilf. I think what were seeing is the but americans are finding their bills are stacking up especially if theyre not able to replace this income. Mike, is the market today result of liquidity pouring in so what youve got are people chasing that missed or sold at saying that as unbelievably the bottom shocking and tragic as this number is, we were expecting it to be worse . Theres an immense amount of im not sure if the market liquidity in the system. I dont think this market tied to mund fen talls. Was expecting it to be worse, its trading off not as bad as but this was right in the zone of the magnitude that we were expecting. We were in a period here where you have 33 million unemployment we thought but its not, its not something that is tied to earnings claims in seven weeks or though earnings season was not horrible so far. Has not been horrible. Something like that and there you know 68 are beating on really wasnt going to be of an off set in terms of net new earnings 58 or 62, sor ary on sales. Hiring to really change the magnitude of the numbers that surprises me e. Thats why i dont think there so there is some good news, but was a lot of suspense. I dont think you can say that the markets trading up the jobs even some saying the unemployment right might have been lower than folks thought report today shares of f uber are higher but i think its more o mat rer on the back of First Quarter results despite reporting that of the markfer of there was a s the ride business was down 80 in april from the year before. Stop, a shock to this economy and that it probably bottomed in the ceo sounded a note of optimism on cnbc earlier today the middle of april in the absolute worst of it and slowly were making significant maybe its coming back to life adjustments to our costs and we and this employment report more are seeing in the ride business, or less fits in with that assumpti assumption while it is down substantial ly nobody knows how fast well get back but i think that the jobs report theres no denying that, it is, itself didnt have a whole lot fresh in there versus the it seems to be b off the bottoms. Standard view. Last week, for example, bookings in the u. S. Were up 12 week on michelle, when you look at the Market Action and your dire week and Getting Better getting little bit better off of Economic Forecast next to each other, do you feel that the market is being too optimistic a pretty difficult bottom. Mike, encouraging to hear about the reopening process . That tone of relative optimism also interesting to hear his so you know, its hard to conversation about uber eats, which for a long time, have been seen as an anchor on the stock reconcile what the Economic Data are saying and the fundamentals price. Now seen as a bit of an upset. Versus what markets are aexpegt ing. S p 500 is more a function of what the Larger Companies are saying and the distribution of albeit even in this environment, its so r far from profitability still. Yeah, its unclear, wilf, how long investors are going to be pain is not the same in that in love with the uber eats respect then of course theres the consideration of stimulus and how that can off set what business its kind of bolsters overall for the economy and cheerily youre seeing in the economy theyre committed to it, but you have to take all that into consideration. The way we see the trajectory is uber is an interesting little example of what this market is that its a series of phases. Moment is like in the sense that the first is the shutdown. Uber was never really trade iin the collapse of o Economic Activity and we think thats off of current earnings ch they were talking about maybe going past cash flow positive this year, the next phase is this transition phase where you start next year. So this is a longterm story to see stabilization you start to see some the stock did crash. Improvement. Theres still residual damage to went from 40 to 14 the economy, but were moving half, theres a bit of a balance regained half of that. This crisis has gotten to lay then the last phase is the recovery and going to be tricky thats going to take some time and we dont know how thats going to look. Some people off. So youre able to build this its going to be largely a case that the rate f change is function path of the virus going in their direction and just wanting to touch on some slight silver or bronze linings its still a while before you have to prove it, so therefore, the stock can trade higher because people feel on this. One number that jumps out is that the Previous Post war high underinvested and that to me is was around 10 is where we are in a broad part of say the tech world right now. I guess weve beaten that, but even the 10 previous high, a i dont know. E iing to you lot of euro zone nations wish that was theirs and they were to hear the ceo talking about higher than that kurg during the green chutes a day after they last kris kris and those economies have gotten announced theyre laying off 14 back to normal the next question is whether the of its workforce i think certainly uber has a place in the economy previous Unemployment Rate, was whether it is a successful stock that sustainable any way or not remains to be seen. The news that weve heard from of course that was a tight labor market. The cruise lines shows that you it was very clear in the last know people are are going to return to norm al behavior. Cycle that we were in later stanls of the recovery we were starting to see some ive been using uber eats almost increase in Labor Force Participation at the end of the last cycle, which would have createded some tablization every day for the last month, so you know yes, we were in but im unlikely to do so going later stages, but by no means forward. So were then back to the model. I just, i need companies to make money at some point in order to was the economy by itself about to tip over to recession buy them for my clients. We werent seeing real signs of i was a little astonished by excesses we didnt require a shock to do that and honestly the markets it response today as well now obviously this was very large and acute and painful lets hit cruise lines. Shock. But no, i dont think just by those stocks are rallying today with the market after encouraging bookings guidance from Royal Caribbean the natural course, the economy seema has the details. Would have dipped into investors want the know if recession. Well leave it there. And when americans will start cruising again really quickly, kayla Royal Caribbean says while weve got an election in six booking volumes for the rest of months 2020 are are meaningfully lower does the administration think than last year, 2021 cruise all these jobs are going to be back by then well, youve heard them talk about how the third and fourth bookings so r far suggest a rebound in demand. However, nearly half of the quarter are going to be the quarters of rebound. Theyll be excellent then customers have requesting cash theres going to be a phenomenal recovery next year refunds for specific cash cruise that is clearly the messaging they want to build going into november voucher value d at 125 of their they obviously cant choose the deposit. Thats further pressuring its data they get, but they can cash reserves and therefore, certainly choose the policy toolkit theyve put in place to its seeking additional financing options. A step norwegian took this week try to make sure that the economy can be as good as it can be and thats what theyre studying now and thats what raising over 2. 4 billion in they want to happen this fall. Debt and equity. Thank you so much for joining us after the break, outback thank you nancy, how do you feel about the steak house brands is surging cruise lines, any of the travel today on the back of earnings. Stocks, really, on days like the companys ceo will join us this, where they get a big next to discuss the path forward rally. I guess it makes you wonder are they cheap if theyre putting for restaurants and whether hes out guidance like this that seeing any impact from meat shortages. Back in a couple people are opting to keep future bookings i thought that was super encouraging. You heard the other side of the argument, that theyre offering big discounts but the fact is that people are willing to go on cruis cruises. I think thats encouraging but not a straight up move here. We got a lot of volatility to work out of the system and we need to see people return to airlines and hotels in a meaningful fashion while i found that really enkournging just from a behavioral standpoint, when are p