Days, weve seen the dow up over 1,000 points a gain of 553 yesterday and 529 points on tuesday. Looking this morning at the dow futures indicated up another 105 points we are back above 25,000 for the First Time Since march when watching the dow s p is up just under a point the nasdaq down around 54 points both of those indexed were hire yesterday as well. The 10year looks like it has been yielding around where weve been around 0. 677 we will continue to watch this this morning we have a lot of big guests coming up. Now to the moment weve all been waiting for. Joe and andrew, ill send it over to you. What moment would that be well be in a twoshot we are good we spoke yesterday we are good. You didnt have much time. We made the news. A few comments. People seem to have differing opinions he wasnt able to talk much. We were moving on. He had zuckerberg. We dont have time to dwell. Weve been together 10 years longer than many marriages we have our moments but we will disagree but not be disagreeable, we think thats one way to look at it or maybe the debate of the entire country finds itself in right now. Here here 100 we are having the conversation happening at everybodys dinner table. It is a family, im grateful for it i want to say this to you, joseph you have one of the quickest minds in the world i learn the hell out of it im grateful for you it can be used for good or evil as we know well move on and do our best. Is the world stress where we all have anxiety and concerns. It is just that in my long life, i have never seen anything like this we are dealing with the squawk family with the same thing, i think. Good. Im glad you guys made up. It is like thanksgiving dinner but no food or alcohol lets get to the news of the morning. Usually, you are there. Yesterday, you were like im out of here. I dont know these guys. Im glad everybody is feeling better today the world is a busy place. There is tension everywhere. Chinas parliament has approved the security bill paving the way to be finalized and implemented. Going now to emily in hong kong. We kind of knew this was coming but seeing it happen so rapidly may have caught some people off guard. Thats right. It was a rubber stamp. We saw Chinas Parliament overwhelmingly approving the law. Voting 2,878 in favor with one option and six an tensions tackingle sub session, terrorism and interference they meet every two months so new developments will only be known in june or august. The government will fully operate per the legislation. In support of the outcome and calling to support the law the decision comes hours after the secretary of state mike pompeo saying they are no longelonger autonomous from china. Joining us to talk about the impact on the markets. I have to remember, no k i go back and forth. Chief Investment Officer you are surprised. We are all surprised, are we not that we are at these levels. I dont understand it it could be different with Interest Rates too high this might be more like a Natural Disaster the market is saying something im not sure what the levels we forecast would be at the end of the year or even six months after it focused on the news and the moderate territory we are seeing we feel like the market has pulled forward with the news do we expect these levels . Certainly not at the end of may. We did expect the market would be led by s p 500, large cap market and the bonds where the fed was going. That has been the leaders of the market weve been leaning into those areas. We cant say weve been expecting this sort of recovery in this time frame our challenge is where do we go from here between now and this time next. You go back to anyone trying to analyze how this crazy stock Market Equities work all based on human nature when it comes down to it. Do you believe the market discounts into the future. It was like nine months into the future if that is true, can you see why it is so confounding forecasts of the future are hard one month is impossible. Two months how could we have any idea are we confident the market will be predicting something it knows nothing about these problems and all the things that could happen it doesnt know. It doesnt know we do believe and i would agree with you that the market is forecasting a moderate rebound not a reshape because youd see the cyclical rebounding. We are not seeing that we are seeing a recovery with more offensive stocks in the next week or two the market does appear to be looking to second wave risks politically in china and elsewhere. Forecasting that those events wont happen or wont be a meaningful negative if we get second wave reinfections that we wont go into the total lockdown using moderate approaches to address those situations to allow recovery at a moderate rate and get breakthroughs on the they are pper pew ticks or e side weve alluded to this in a lot of discussions are we stuck with a multiple just out of sight . If the market stays where it is or continues to go up, well be at 25, 20. I dont know where because earnings will be down 30 , 40 50 in a lot of companies. Will we have to get used to looking at these valuations saying they are insane 20 to 25 earnings as long as the rate sticks around 70 basis points, it is reasonable you should price it in higher on the s p it is not going to be 15 times the longterm average. Does that mean well be comfortable with the 19 or the 22 the impact of the stimulus, the path of recovery and the reopening. We with expect it would trade at higher multiples it took them seven years to move off last time around and would take a long time this time which means you should price in to a higher valuation thank you for sharing your in sight and coming on. Ill toss it over to andrew now. Thank you i was saying, andrew. Social media isnt the universe weird trump is talking about, i want to close down parts of twitter half and leave the other half open i know exactly what half you are talking about. The other half yes. What a great interview to have after all weve been through. Thank you for teeing this up. Facebook Ceo Mark Zuckerberg taking about great stuff with twitter and trump and Everything Else we started by talking about so many people on the move from working from the office to home to the project hes been working on during quarantine stay tuned well be discussing all of it with a live interview later with the bank ceo on the health of the bank and economy and so much more when squawk returns after this across america, Business Owners are figuring things out. Finding new ways to serve customers. Connect employees. And work with partners. Comcast business is right there with you. With a network that helps give you speed, reliability and security. And enough bandwidth to handle all your connected devices. Voice Solutions Like remote Call Forwarding and readable voicemail. And safe, convenient installation. When every connection counts, you can count on us. Get the connectivity your business needs. Call today. Comcast business. Welcome back this morning, facebook leaning in aggressively to a remote work force predicting in the next 5 to 10 years, half of the companys nearly 50,000 employees will work remotely i started out asking how he envisions the workforce of the future and how hes thinking about physical proximity to power. The old idea of face time. The big idea is access to large pools of talent who dont live around the big cities and arent willing to move there there are a lot of people in u. S. , canada and around the world who think we and other companies will be able to access we see on the retention side, one of the top reasons people leave a company is that they want to move to a place to people with their family maybe, and we dont have an office there. It is one of the ways to recruit new people because they are already ramped up on our culture. We think this will spread Economic Activity across the country. Economic activities are already available in these cities which means people will need to choose between the lifestyle they want. It means theyll move to a city and leave that for good opportunities. I think Something Like remote work would help on that. There is environmental prospect. People will spend less time commuting and more time porting in so people feel connected and present no matter where they are. Whether thats the main feed products or things like video chat or enterprise with hardware and portal that really help you feel present i feel like moving in a more remote direction will help add advance some of that future technology as well. Do you imagine senior people in those roles being remote . Yes well get there. One of the big things we decided in rolling this out in a measurered way weve experienced if you are a new graduate out of college or havent had a lot of experience working at a company, it is more important you work at an office to get the training to get ramped up on how a company works, working with coworkers before putting you in an environment where you are working on your own, more remotely more things like that. The senior folks and the demand where most senior people will shift to work remotely more of the time in these senior roles, they are unique i couldnt choose to work from home all of the time even if i wanted i have to go meet with government and folks i would anticipate spending more of my time remotely than i did before but it is not feesable for someone like me to work remotely all the time one of the Big Questions is company culture. How do you keep that when companies are suppose to follow the lead of the chief. I asked mark how he thinks about that one of the big challenges well have to work through is that is the feeling of Building Social bonds and call dur and creativity together. People are going to feel like they have the same opportunities to do their best work remotely in addition to being in the office and that it will not disadvantage their career opportunities. Those are things well have to be very intentional about how we engineer these processes and make sure ambitious people who care about their career know it is a good decision to work remotely and get good stuff done there are a lot of open questions this is why we are taking the approach over the coming years starting with people who are experienced or highperforming at the company to set the tone that good, key leaders that folks a lot of people want to be like are moving to be remote. That will set the tone and well figure out how to open this up to more people we talked about all sorts of other issues like big tech and regulation i asked mark to share with us i said what is the coolest nonfacebook app tell me about a competitor youve been using during this quarantine world he had a fun one for us. Ive spent a lot more time playing with games and Virtual Reality with friends during this period ive always been a fan of Virtual Reality and why we started or bought occulus and weve been building that during this period where i cant be with friends. Having the ability to build something in this space together i started playing this game echo arena. It is a combination of frisbee in 3dimensions. I dont know if you remember the game, the enders game. I get teams of my friends and family together and we are playing in vr. It is incredibly fun i think it will be a glimpse of the future more people will enjoy. Well show you a lot more of that interview and the fire works of it that relates to this news President Trump planning to sign an executive order on social Media Companies. No word on what is in that order off two of President Trumps tweets were tagged prompting readers to fact check the post shares of twitter and facebook are down marginally. Well show what you facebook Ceo Mark Zuckerberg said about the Fact Checking and what facebook plans to do or not do about it that comes in the 7 00 a. M. Hour i love how thoughtful hes being about the idea of working from home and addressing the longterm problems with that the idea that even ambitious people, senior people will be able to work from home and it will not hurt their career path and putting those people first is super important working from home has always been given a little bit of a stigma you can do that but it wont cost you you wont be able to move as quickly as you might have done otherwise. It is thoughtful how they are going about this and not just doing it willynilly it is fascinating to watch. He is the Largest Company really in the world doing this at scale. They are trying to hire some 10,000 engineers this year so to find them around the country will be interesting. The economics of all of that even though people will be working from home, i imagine hell be building almost minioffices in places where people can gather. It will be interesting all of this has been expire ammed by our own workfromhome experiment right the other thing is enders game it never occurred to me. He is ender. He is the guy that manages to win the entire world of aliens coming after him he really is im still thinking about that game before you said that i real liam. A frisbee in a weightless world. Remember in enders they were going around. If you missed it. Youd never get it back. Remember the guy on 2001, hes still going like that in 2001 away from the ship hes still going like that if you miss, you need a new frisbee. In enders game, they did it in a dome so it would bounce back all thief us need to get occulus and play it together i got to get with it. A few donkey kong. Thats old brick breaker andrew, great stuff looking forward to seeing more of that coming up on the show. Also coming up, remember the images of the lake parties new data that tracked those partiers that traveled from those parties, to businesses and back overwhelm all over the place. Thats coming up next. Lets take a look at some of the images from the Pandemic Impact across america. When the world gets complicated, a lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. Right now, it is time for the executive edge and a closer look at the scenes of crowds beaches and boardwalks you probably saw the video from lake of the ozarks we have new Data Visualization the Small Tech Company that got attention when they used cell phone video to show the spread of spring breakers in the early days of coronavirus. Now that company is using the same anonymous spread from gathering in missouri. You can see the spread out to gas stations putting out information on people from a packed boardwalk in maryland. It is amazing how they can entirely watch where people go over spring break, it was really populating the country where people went back all over the place. It is just one way to track where people go from there you saw the spread where they left the board walk and where they went back in maryland taking a quick break and talking about two new studies that found high level of covid cases with no displayed symptoms and later, Brian Moynihan will join us from bank of america a look at yesterdays s p 500 winners and losers these days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. Good morning welcome back to squawk box. This is cnbc the dow has picked up. Now indicated up 136 points after gaining more than 1,000 points you are watching a little melt up with the dow watching more than 25,000 for the First Time Since march. A troubling new study finding more than 80 of passengers and crew infected with the coronavirus on a cruise ship did not show any symptoms. Observations of a 21day cruise to the antarctic after the first fever, they started confining passengers and requiring face masks over 178 exhibited no symptoms a study from wuhan china finding that 42 percent of cases in a test groom were a symptom magnetic joining us now dr. Scott gottlieb great to see you you heard before the break, becky showed us what the spread of people, the physical spread looks like how concerned should or should we not be . We should be concerned if people are becoming complacent i think the big risk is where people are in doors close to people for a longer time look at las vegas. Where you have people gathering together as far as the spread, weve been working on the assumption that 20 to 40 of the cases are in fact asymptomatic. The sums of 20 to 40 which is higher than other symptoms with flu, about 16 to 20 had cases of flu are asymptomatic. Thats lower than 40 we suspect coronavirus might be the other piece of the information is that people who are asymptomatic or mildly symptomatic are just as transmittable. Ive been hearing from a number of real estate owners who are concerned about whether they need to retrofit their airconditioning and heating systems. A lot of these lead designated buildings have put the heat and the airconditioning on the floor with the idea that it rises up heat rises to make it more efficient. That will make the whole situation worse when people go back to the office in meaningful ways i dont know about the flow of the air whether the heat of the air is coming above or below in terms of viral spread a lot of people are putting in hepa felte hepa filters and putting in uv lighting that is important when you have a confined space you need to clean the air not just for coronavirus people will look differently about respiratory pathogens Going Forward. This might be sort of a second flu, if you will if we have two flu seasons, thats not sustainable we have to figure out how to sustain morbidity. We are oddly complacent about the flu. What you were saying about confined spaces with poor air flow and maybe recirculated air made me think of airlines. We had mic on the other day who said he would be perfectly comfortable riding in the middle seat of an airline would you be comfortable i th