Jobs falling by almost 3 million but much less than what economists were expecting. Coming up on todays show, as more companies address the rising tensions in america, well seek with ursula burns, the first black ceo of a fortune 500 company, about how Business Leaders can work for real equality and change. Well Talk Solutions with her. Plus the ceo of etsy will join us to talk about what his company is doing to address societal issues and how the coronavirus has changed his business the big stories we are watching in this final hour of trading, as we look at session highs, mike santoli tracking the market rally. Leslie covering boeing and more on the vaccine front. Mike, start us off with another day and another big rally. A big one this was a day it seems you had a lot more people who decided they had to quit fighting the rally. An acceleration to the upside. Take a look at a oneyear chart of the s p 500 weve been talking about this in here, 3,130 the number. Weve been pointing out technicians have said that might be an area where the market wants to rush for its next stop or next test as you see, that was a failed rally in early march nothing too magic about that, but its also about 75 of the total losses in february and march would be recouped around that level maybe thats along with maybe overheated sentiment as people have a desperate grab for exposure is something thats going to become maybe a little more of a challenge, a little friction for the market. It has been a catchup trade, not just the familiar old leaders, the big tech stocks stealing all the oxygen a couple months ago here is a series of etfs against the s p 500. This is the leisure and entertainment, pej, airlines, consumer discretionary, amend this is regional banks even after the big rallies, all up 3 to 9 today, you see how much of a gap there is with the s p 500. So theyre still down 20 to 50 off their highs. Thats why you could almost have it both ways the big tech stocks havent given up that much there was a lot of room to come back for the cyclical areas and yet those are not yet quite pricing in what used to be considered normalcy back in midfebruary so i think thats why the market has enjoyed this particular sweet spot arguably, youre kind of running out of cautious investors who are going to be persuaded of that idea and maybe we have to have a little bit of a rest here for this rally before too long but this seems to be the dynamic that remains in play right now, guys was there a spark, mike, a catalyst, a headline today it feels pretty quiet where the path of least resistance is just higher and being led now by the cyclically economically sensitive groups i think its been the persistence of this rally, the lack of any appreciable pullback to let people comfortably get in the Economic Data this morning, adp payrolls were less bad than expected and it was just another day where there was nothing in particular that popped up that got in the way of the notion that we could have a smooth and relatively strong reopening of the economy. And if youre bearish, you think thats absolutely the wrong thing, its going to be time before that negative view is born out if it happens, so thats why, again, i think weve had this area of market time where the bulls could take some more control over the tape i guess, mike, its not necessarily a spark or a catalyst but i think it plays into the sentiment, and thats whats been happening in europe this week. Yes in both the last couple of trading days, the german dax in particular which closed up 4 nearly today and puts the dax only down 6 year to date, comfortably the best of the european markets, and putting it in the same sort of bracket as the u. S. Indices, which still continue to lead but thats ban factor this week as well. No doubt about it it has been a global move, global risk assets, reflation assets as the dollar continued to come down today its not just about which pieces of the u. S. Index are driving things on a given day. It has been global boeing is the biggest gainer on the dow today as one hedge fund makes a bet on the companys debt or maybe made a bet already. Leslie pickers has more for us this comes from an offshore fund representing about 45 of the firms assets under management in a filing dated may 31st, the fund listed a holding in boeing as one of its five monthly winners for may. It didnt specify equity or credit, but our scott wapner reported that the fund did indeed purchase credit the fund was up 1. 6 for month, about half of that of the s p 500. Year to date the fund is down nearly 9 . Boeing was up about 5 in may and is now surging almost 12 thanks in part to this revelation now, the fund also listed stakes in disney and Burlington Stores as monthly winners, two other companies that came under pressure earlier this year when the pandemic took hold but then rebounded in may t. E. Connectivity and Charter Communications rounded out the rest of the winners for may, and those four stocks were all actually listed in third points 13f filing from the First Quarter that came out a few weeks ago. Boeing was not listed as an Equity Holding in third points of that filing now we know. Its credit. The debt and equity is worth noting given the equity reacted positively to the news today the other point is this was bought potentially midmay or early may and possibly april too and couldnt have been sold before today despite the fact that the equity bounced on the news. Absolutely. Theres a lot of time that takes place between may and today, so especially in the trading world, it absolutely could have been sold since then. Leslie, thank you the Trump Administration has reportedly selected five companies that show the most promise toward achieving a coronavirus vaccine. Meg tirrell has the details. Meg . Hey, sara those five are moderna, astrazeneca, j j, merck, and pfizer according to the New York Times. These are all giant companies except for moderna, which has been the front runner the vaccine race Government Health officials had already signalled that moderna and astrazeneca wouldlikely be starting largescale Clinical Trials this summer and their vaccines may be tested head to head j j and merck a little further behind in starting human Clinical Trials. All companies except pfizer have received funding support from barta, about 38 million for merck, half a billion dollars for others the news not having a major impact on shares of those companies, but it hit shares of inovio and novavax hard. Theyre in Clinical Trials and not being among those named as those likely to produce a successful vaccine even if these companies do develop a vaccine, it may be an uphill battle getting enough of the public to take it. A new poll today shows just 38 of respondents nationwide would definitely get a covid19 vaccine, while 16 said definitely not sara and wilf. I wonder how many percent we would need combined to those kwhofd it to reach some sort of herd immunity. The estimates from public Health Officials for herd immunity is around 60 to 70 , so even those that say they would probably get the vaccine doesnt help but thats different based on where people are meg, new york yankees fthank. Meg tirrell at point in terms of what the results of the survey might imply because i feel like the consensus of the moment is even if the economy starts to reopen in select ways that consumers wont be willing to go back to big gatherings, sports, restaurants until theres a vaccine. The high percentage, what are we talking about, adding it up, 60 arent looking to have necessarily definitively to have a vaccine probably suggests that 50 , 60 of people are more willing to go back to large gatherings and things like that before having a vaccine at all, which again, might be something that suggests Consumer Sentiment to go back to the things were used to is higher than maybe the base case is no question i think theres a lot of skepticism and question marks about how many people would come back once retailers and restaurants started reopening and the news so far has been encouraging, in other words, better than thought. However, 38 is still a huge chunk of the american population, and to really bring the kind of confidence and economy from precovid that we experienced, shaking hands, waiting in crowded lines, going to crowded concerts, its hard to imagine unless we can get a treatment that can bridge us to a vaccine, treatments that can keep us out of the icu, which is why i think the Clinical Trials in the interim until we get a big vaccine will be key. The sort of 30 saying they wouldnt get a vaccine is definitely surprising given the scale of its high maybe its an antivaxxer trend that would have happened regardless of whatever disease it was in the last decade. That trend has been rising maybe it shows people feel theyre a bit more healthy than maybe people would expect. After the break, the ceo of etsy will join was the moves his company is taking to support social Justice Reform. Dolph lundgren, youve got a onesixty i. Q. , a masters in Chemical Engineering and youre technically a genius. And it appears youre quite the investor. I like to trade. Well, Td Ameritrade has pros ready if you need help, say talking through a new strategy. Just in case things, you know, get a little rocky . Im sorry on the upside i think thats waterproof. Maybe not. Sini wasnt sure. Clot was another around the corner . Or could things go a different way . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another, and eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be worth waiting for. Ask your doctor about eliquis. 47 minutes left to go. Heres a check on the markets. Session high was above 508 points on the dow, kind of where we are, almost 500 up now, s p 500 up 1. 3 , a strong day for groups like financials, industrials and Energy Nasdaq is up 0. 8 , closest to a record high. And the levels are important here the s p 500 passing that 3,100 level. A lot of people saying that was resistance so a technical buying opportunity perhaps as we look to higher highs. Let oogs check in on some individual Market Movers for you. Pilgrims pride shares sliding this afternoon after the ceo was charged with conspireing to fix prices on chicken sold to restaurants and Grocery Stores more on that story in the next hour shares of Cheesecake Factory soaring right now. The restaurant chain posting positive results for its newly opened restaurants, adding thats about 25 of its restaurants about 25 are open with limited dining room capacity and is capturing about 75 of last years sales another sign, wilfred, of the reopening and people coming back absolutely. Big move from Cheesecake Factory. The Broader Markets 1. 4 today on the s p 500, 45 minutes left of the session online marketplace etsy committing 1 million to Justice Reform and blackled institutions in solidarity with the black lives Matter Movement that has recently reentered the national conversation. Joining us for more is etsys ceo, josh silverman. Good afternoon to you. Hi. Thanks very much for having me josh, talk us through exactly how recent events have disturbed you. Ive read your press release and your what you sent out to your employees it would be great to hear it from you directly. This is a heartbreaking moment in america and it builds on a long history of heartbreaking moments. Etsy is a twosided marketplace, and that means the marketplace gets better as it gets bigger. Thats true of our democracy and Civil Society. Our Civil Society only works when everyone feels included an everyone feels enfranchised, so etsys had a longstanding commitment to diversity inclusion. Last year we doubled the number of new hires that came from underrepresented minorities, and, you know, we get outside assurance and we publish our results so that the whole world can hold us accountable to that, because we think that we as a business can only succeed when we have true representation inside and invite all of the communities to participate with etsy and what we see happening in the world around us is tragic. We feel like its critical for Corporate Leaders to step in right now and to speak up. Im proud see so Many Companies and ceos stepping forward and making commitments to help bring justice to every single american. Josh, when i think of a company that has done right on gender equality, i always think of etsy and i know you put out the numbers and its more than 50 women, the board, the executive management team, the entire workforce will you start doing that with diversity . I mean, do you publish at all numbers on how many black workers you have and Upper Echelon those that are in the Upper Echelon of management as well is that something we can expect . Absolutely. We can and do, and we have for the last seven years had outside firms audit etsy and publish our numbers and then make commitments on how were going to become an even more diverse and inclusive workforce, so instead of publishing an annual report which only shows financial results, we publish an integrated report, which includes our social impact results, including diversity and inclusion, the metrics you asked for. We publish on environmental impa impact, and we think its super important we set goals and be held accountable to that last year we doubled the number of employees coming from underrepresented minorities. We think thats a start, but theres still a lot more work for us to do at etsy and i think across the entire industry theres a lot more work to do. Josh, its good to hear in terms of your own workforce, the things you ear doing and the improvements youre making i guess as a marketplace, you have another avenue to do good work in that sense are there things you could be doing, already are doing to promote, for example, blackowned businesses or whatever it might be in that sense . Yes and i think thats so important. Etsy is about economic empowerment, so making sure that everyone has a chance is critical so one of the commitments weve made is that at least 30 of our marketing images will include shops and actors and seller who is come from underrepresented minorities and diverse backgrounds. Thats really a way of signalling to the community that were open for business and we want your business and we want you to be part of this community. And one of the things thats really heartwarming since we published the letter yesterday, weve seen so much demand from buyers who are saying can you please spotlight even more blackowned businesses and so during black History Month we shined a spotlight on blackowned shops and blackowned businesses were going to work hard to do more of that because we have a lot of buyers that are asking, saying we want to support blackowned businesses, we want to support black sellers so were working hard to do that. Josh, how much of an anomaly do you think you are in sort of both of the industries that you are in, retail and technology and ecommerce, the fact that youre walking the walk, not just putting out a statement, youre giving money to the cause, youre putting out metrics, you are going inside and hiring how unusual is that right now . I think theres a lot of people out there who want to make people think this is a zerosum game, that you have to choose between this community or that community, and there is nothing that ive seen in economic history to ever suggest that we all get better when we are all included i would also say about being a great citizen and a great business being a great Corporate Citizen helps make you an even Better Business for shareholders. Those two work together. I think theres a growing awareness and im seeing a lot of other companies and, look, were not trying to hog the spotlight here there are a lot of ceos stepping forward in this moment that are making commitments and im so happy and pleased to see that. I hope we can harness this moment as an Inflection Point for positive change. Finally, josh, just wanted to ask about the business because its been pretty strong with the economy shut down, especially as people have started Wearing Masks more regularly is there an update you can give us now that the economy has started reopening including some stores in different states what kind of demand are you seeing yeah, you know, this has been a moment when etsy really can rise and shine and show its stuff. So etsy harnesses all of Cottage Industry to come together and fill the gap where a lot of businesses have struggled in a time of covid. And i think what a lot of buyers are realizing is that they can come to etsy for everyday products, not just things that they cant find anywhere else. Masks has been one example of that weve been seeing a lot of people come for gardening supplies, for childrens toys, for home furnishings, for, you know, self