Thanks. The dow giving up its early gains. All three of the major averages are lower. Bob has more on these markets. Bob. Were threatening to go positive here late in the day. I want to show you though were down a bit, the sector lee leadership is still intact russell 2000, another good bay banks stronger and retail keeps going up i keep getting asked about this retail rally were seeing. We get these nice moves every day and some of the retailers, the macys, they are still 50 off of are they were in february these gains, yes, they are there but still big, big declines. New highs, were not seeing a lot of expansion waiting for break out is not really happening e bay and paypal, winnebego hit a new high thats interesting here. Lets talk about whats moving the market remember the buckets we keep talking about. The important thing is the reopening is still going well. The recent economic reports, the ism, the stimulus. Were hearing more from the ecb, more from u. S. , more from japan. There was talk about a suspension of chineseairlines. Were getting headlines now that the Transportation Department might issue a revised order in the coming days to allow some chinese passenger to come into the u. S. Thats lifting us here a little bit late in the day. The important thing is yes, theres a lot of arguments the markets are overbooked we had all these great rallies here and the nasdaq 100 is a new high remember something, in an up market you can remain over bought for a long time yes, were over bought but it can stay that way for a long time when things are going up like this. Back to you. That is the true. Bob, thanks so much. As wall street is rebounding, main street is starting to show signs of recovery as well. Lets go to steve for all of those details. Hi, steve. Following up on that reopening hour, yelp store openings index now up 7 thats the biggest gain we have seen we look at this week over week we take an average of the last several days it does seem to be solid st the second day in a row we had good size gains here with many states showing openings of stores according to the yelp data we look at the infection data which is a big part of the Economic Outlook these days. What you see is running about 68 of the infection rate in april. Very high. About 20,000 new infections. The apple mobility index, happens together searches for driving searches for walking directions and Public Transit thats 82 of the january 13th average that apple has published. That is on the way partly because of gains in searches for Public Transportation you can see the states opening up utah, colorado, kansas and above that idaho. My adopted fishing state of wyoming is in there as well as north dakota and south dakota but also along the coast there looking at california, oregon and washington among those opening states new york, nevada Still Closing stores illinois just barely above the zero line. Kelly, the good news here is we used to call it the yelp store closing index and hopefully we will continue to call it the yelp store closing index good point. I was thinking about what you pointed out that some of these metrics were stalling out bit. We have seen a pick up in coronavirus cases in states like california is it too soon to check back in on that front and see if day by day even its clear whether were still kind of slowing or maybe regaining some momentum . Im super glad you asked that question this is all very new data. Its high frequency. We try to smooth it out. Its very volatile you want to see the several days in a row we wanted to report we had seen store openings across the country on average youre right we had a false opening in early may. Then it went back up again we have to watch these covid cases. Whether or not consumers will come take it with grain of salt ill give you one number to think about. The number is 144,000 stores are still closed the yelp data would expect to be open we have a very long way to go. 7 , its a meaningful number its a really long way to go yeah, absolutely. Steve, thanks so much. We appreciate it stooefr wi steve with the latest. The s p 500 is more than 40 from the march lows. Last month one of our next guest says the rebound rally had run its course but now hes throwing in the towel falling for more gains in month ahead gentlemen, great to speak with you. Barry, ill start it off with you. What has changed in the past month for you to now forecast the s p 500 could see about 5 gains by the end of august about two days trading days before the low in march in 19 9 of march we made a call at 2400 that we would get at 2750 by april 30th. We upped that target and hit it on april 29th. Went to neutral after huge more than 2 gain after a month of neutral, we realized that the data was Getting Better and the fed was willing to and the treasury and the congress were willing to spend money. As a consequence we upped the target again we have been riding this thing regularly since two days before the market bottomed. What is it about the end of august and 3250, which is your new price target its very short term, for one. What do you see stopping at the end of august . You know with a vix or volatility index over 25, we really still have that volatility and forces shorts term so were looking at the market in quarterly blocks as far as data goes, we have seen some of the survey data consumer business, domestic and International Get better and we expect the hard data would lag to get better. The market has been rallying expecting the third over second quarter. I still plooef thats going to happen when i look at the next few months one of the things that we like to saw was the stock price of the s p went bovr both the 50 and the 200day moving average the last eight recessions thats occurred in the last 60 years we were up nine out of ten times. Lets face it, it was about 10 gains from that point. It looks like a secure call to us we assess it later this summer you are sort of looking short term saying that it will tell us a lot of things. It will tell us if theres a second wave and it will tell us if we seen the end of the recession. Is that right . Absolutely. Were at the moment of truth with all the people out and about and social distancing gone, i think well have a potential second wave. If there isnt one, thats great news for the economy and people will get far more comfortable. I think the bigger news coming out of all this is how do we fix stocks how do we find something that hasnt moved yet or who has great opportunity. Were really diving into those companies that are able to gain market share over the next two, three, four quarters i think there are lot of under appreciated stories out there. How can you determine if a stock or company can gain market shares the next two or three quarters if so Many Companies have just even suspended out look things are so murky at this point. Its hard to predict business, yet alone goains and mark share. I think thats the exact point. Theres so Many Companies under stressed and the Strong Companies with great Balance Sheet, great leadership, they win in stressful environments. When i look at Something Like an adp or cdw, great long term stories. I think they consolidate the market share and the smaller players, this is part of the Creative Destruction of the economy. The smaller market share players go away. Its a tech retailer. Its not one that you would think of necessarily ben fitsing in time like this. Sure. I think we all have dual work environments now were working from home and at some point well be back in the office i think well all have to buy more equipment over time secondly, every company was forced to go digital when the Stores Closed if they didnt have digital outlook or outlet, they were out of business i think there was a whole lot of tape to put things together. I think youll build out a more robust Digital Infrastructure as we come out of this. Bare ri, im going to go back to you what struck me about your august forecast is you said you felt it was a pretty secure call are there other i understand caters outthere whether it be Economic Data or signs within the markets that give you that sort of confidence im wondering specifically if the sell off we have seen in bond market is confirming what you think is the recovery that were seeing right now so often the treasury market is tremendously good news. We need yield curve steepening where the long end goes up and the short end is anchored low. That will ben fiefit values. We did have a great growth stock rally because the pricetoearnings ratio went up at the real yield. The yield after inflation went negative now that is anchored at a negative level and were getting economic traction, i think that the value and the cyclicals are more attractive. Thats where i would be for the last part of the bull market okay. Barry and jim, we appreciate good to speak with you thank you now to the bond market rick is tracking all the action for us out in chicago. Rick kelly, really Social Security drk its a Foreign Exchange market this starts on april 1st you can see over 160 we havent closed are there since the 19th of march. On the ten year boon, stimulus surprise which wasnt really a surprise, were in the 30 basis points thats highest yields going back to 48. The euro currency, you have to be bullish if youre looking at shared debt. We talked about this for a month. Looks like euro will close since the 9th of march look at the dollar index you can clearly see once this started to trade, you can see how it deteriorated. Remember, 9640 is where it closed 2019. Were going to challenge that for the fooiirst time this year. Back to you. Thank you. Coming up, well have more on the markets and stocks getting up some early gains. They are all higher. The largest mall owner in the u. S. Is suing the gap for skipping its rent payments worth 65 million. Its not the only retailer struggling breaking just now, the nba board of gophvers approving a 22team format set to resume at le end of july. Wel have much more on this story straight ahead as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will you can rely on the people and the network of at t. To help keep your business connected. Hellbut you already itknew that. And ive got some tips to help you get through these challenging times. First, practice physical distancing. Im sorry, i did not see you there. Ive been doing it my whole life. Or there. Plus, there are lots of things you can do at home. Like, stay active with some sick dance moves. Be daring. And whip up a new dish. I love the combination of gummy bears and meat. You can do video calls for all of your important meetings. What . Sorry. Or just have some fun. Ok, not that much fun. Now, this does not come naturally to me. But, try to be kind to each other. This is a tough time for everyone. So thats it. Stay home. Stay healthy. And remember, were all in this together. What . But totally separate. You know what i mean. Yaaaaay welcome back the gap is being sued for failure to pay its represent theyre not the only retailer struggling it seems like every one in retail has an outstanding iou to someone whether its rent payments or vendor payments. Some Shopping Centers have having trouble paying their rent too. Simon Property Group is suing gap in its largest nonan kor nor 66 million in rent gap says they have made payments and it just started reopening some of their stores they say remain committed to working directly with our landlords on agreeable solutions or fair rent terms new york and company, the Parent Company of that which is rtw retail said it has received default notices from some of its landlords and some of its vendors. Victoria secret, vera bradley, those are some of the others that havent paid rent up to 70 of april Regency Center pay about half of may. Closer to 70 for april. Site centers collected more than 60 of april rent. Mall of america skipped payments for april and may. Syracuse mall has a 400 million loan in forbearance. Hudson bay has a 850 Million Dollar loan. Landlord cvl and associated missed a 12 million debt payment and looking into some Strategic Alternatives for the 108 properties that it manages its just a retail Ripple Effect now. Back over to you thanks. As retailers struggle to pay their rent after the coronavirus shutdowns, some are cleaning up from damage due to the social unrest across the country. Here to talk about the challenges and the path forward to roping the mark cohen mark, its good to have you here what do you think is the most challenge . I think the customer is the foremost challenge its anybodys guess whether there will be a resurgence the experts i read about, listen to, say it will occur. There are folks out and about behaving as if theres nothing unusual going on thats tremendously troubling. Of course, will they have the ability to shop, how impaired will they be from a financial point of view . You know, theres 42 million on unemployment the unemployment coverage will run out. They are probably starting to max out their credit cards when they shoep up, its slower in next month or two or three. Their credit card will be denied i think this crisis starts out with the customer which is the public and then quickly moves into the kind of rent crisis that youre describing the landlords have to pay their mortgage the tenants say we werent open. We have to cash flow we cant afford to pay the rent. This is a full employment back for the Legal Industry its going to result in enormous litigation, conflict, disruption and frankly quite a few retailers will either have to file or simply be unable to open their doors. We had spoken a week or so back about the v shape rebound in retail still being likely if they were good trends in traffic all mall youre a lot more skeptical. You say we could be looking at more of series of ws if thats the case, do we follow the daisy chains that are exposed to the debt or some of these commercial real estate projects what are your concerns after your segment, i chatted over the fact i felt a v shaped recovery or recession and recovery was wishful thinking. I called it a false equivalency. I think its entirely unlikely that this crisis is going to have any kind of a hollywood ending some kind of a prompt resumption of activity that brings us back to where beginning of this year theres too many complications tlouts the economy theres thousands of retailers that will open their doors but may not survive this they dont have the cash they dont have the Balance Sheets that will be required to work their way through this interval there are landlords who will be in default there are customer who is will remain fearful there are vendors who havent been paid and wont accept orders on a forward basis for that very reason there are thousands of airlines, airliners sitting on tarmacs all around the world i read about, i listen to folks talking about the airline resurgence i think thats a false equivalency. At the end of the day, the virus is still out there its anybodys guess when it will abate, if it will abate on its own. When a vaccine will be available and be effective when we will acquire herd im[ music playingi im[ music playingi immunity and when they will be able to shop because they are financial understand pinnings have been restored 42 Million People out of work. Theyre not all coming back theyre not all going to be called back any time soon. Were going to call you dr. Do mark cohen. Im kidding. Please dont say that because at the end of the day, this will be over. I think it will be over a lot it will take a lot longer than jan thinks but it will be over when it is over, hopefully as a country and a world, we will have gone and gotten over these terrible dislocations in our lives. We can all look forward to that thaupg we appreciate it you bet we just want to flag this tweet from elon musk taking on jeff bezos and amazon. Time to break up monopolies. Amazon saying they will not sell his book as it doesnt comply with guidelines. Theres so many layers to this whole thing. Elon has been public in terms of denying the true impact of covid. Deny the classification with so many deaths. Questioning the death toll as a result of the pandemic but theres the rivalry aspect between elon musk and jeff bezos. We have the space rivalry and spacex had the successful launch oaf the weekend and also amazon is an investor, the eb start up. That start up will supply amazon with 100,000 vans for Delivery Fleet by 2030. A lot going on here. Its funny. Even as you outlined all that, im thinking in the other direction about all of the sensorship about social media we have been discussing when people say when they look at what twitter has done on the president s tweets and questioning whether facebook should be intervening or not, this idea that conservative points of view are shutdown, that will be given credence by amazons move here i dont know the full details. Im sure the company will now probably want to come out and explain whats behind this im thinking more along the regulatory route here. The whole repeal section which has nothing to do with amazon. It just talks, it goes back to the culture of some of these tech giants. Right the notion of if you have a platform, you have an obligation to flag things that might be perceived as not truthful and perhaps hes highlighting elon musk is highlighting the fact that amazon is taking this route. Theres the government aspect of this amazon and jeff bezos squarely in the cross hairs on many, many Different Levels where as elon musk has been mentioned by donald trump just as an innovator and the Thomas Edison of our times is a phrase he used and the massive contract with nasa im curious if President Trump will weigh in on this. As this escalates now that elon miss you can has weighed in which he knows his comment will fuel that. Exactly al