Unemployment claims last week, but we are seeing sectors most sensitive to economic reopening. Sharply hire American Airlines rilgt now, trade iing up some 45 wilfred. Its actually pared some of those gains. About 43 . Ahead on todays show, tim ryan has a six step plan outlining his companys pledge to support black lives and it goes well beyond cash donations. Hell join us with his message plus, a key question for millions of newly unemployed americans. What happens when federal stimulus programs run out . Lets focus though on the big stories were watching today first of all mike is tracking the Market Action phil lebeau is watching a huge surge for airlines before the pullback and Courtney Reagan covering a battle between landlords and retailers, but mike, lets start with you and the broader markets. Hard to make too much of this headline softness after such a sprint that the market has had take a look at the two year chart the s p has had. We did see today mostly, the nasdaq 100, clicking a new record high then giving way to profit taking so the big cap techs that are down. Rest of the market is holding its own and bank stocks up some 4 31. 30 is the level that was b e basically hit yesterday. Markets stopped on a kim in the afternoon, pulled back a bit todays morning high around 31. 29. Maybe theres rell raevance to s levels or the machines deciding thats where a bit of this burst can cu it had a r similar kind of flatten bing out of the rally then gave way to this period over the summer months, so not to say things have to match up patternwise, but wouldnt be that shocking if we did Something Like that now as different as the circumstances on the ground are. Sentiment, its a bit of a contentious matter here whether people are still bearish or getting more bullish just as national oesuation of active Investment Managers tactical Investment Managers, so they really try to seize on all the different market moves this is their equity exposure. Its come up about 91 on this scale here pretty high on the chart t getting a level where its the upper end of the range however, main street mom and pop investors not really buying it still more bears than bulls in this poll. It has improved. Its more or less 5050, but at this point, still not fully b buyibu buying into it and whether they are trying to position to caps to upside or still cautious i guess the other thing that stands out today is the move in bond yields particularly longerr and the tenyear above the. 8 handle and quite a nice steepening of the curve, which is one of the reasons the banks are rallying so much in light of a falling rest of the market and certainly encouraging macro signal following the ecb move tenyear treasuries released thats been pretty much a high so that measure is a good macro signal the to see how much stocks ran because bond yields have been stagnant even as the market on the equity side gives out. See you soon. Airline stocks soaring as carriers add hundreds of flights to their schedules american air in particular phil with the details. Phil when you look at whats happening with the Airline Stocks, its all in large part because the investor is looking at the schedules for june and july and theyre saying look, if theyre adding flights, they must be anticipating more people will go back in the air and thats why you see the toks moving higher. Overall, delta, united, american, southwest, their schedules in june compared to may with are up 27 and then when you look at july, american out with its july schedule this morning, saying it will only be down 60 compared to the same month a year ago most of the increase is going be because of domestic flights. Heres doug parker talking about the additional flights were starting to add flight bac back not all. Domestic is going to be 55 of what it was, down only 45 so travelers are coming back t thats good news and thats lit a fire under all the Airline Stocks today but one thing to keep if mind, passenger levels the people who the tsa are screening, theyre still down about 80 so it remains to be seen whether or not we see the cust omers to fill these flight. Sxwl up 40 . We also talked about with the civil unrest in america, of course you have the story about the moment that he shared with the Flight Attendant last week that quickly spread viral on social media what did he say about it well he retold the story and essentially, this was a story of him going on a southwest flight because the american flight was booked on the way to panama city and there you see him with the floigt attendanlt and she approached him and they discussed black and white relations in america because of the book he was reading. White fragility and the conversation had an impression on him when he talked about today there are just barriers that exist that are not as evidence to those of us who benefit as they are to those who are, who dont benefit. And you can talk about it, preeappreciate them. So look, i think as ceos, we need to start first, look within our own companies. And make sure were doing everything which i think we want to do. I know we all want to do that. That will make a huge difference we employ millions of people but then to collectively, i think business, needs to Work Together to help you know make change in the country. Doug parker with candid comments not only about american needing to do more, but Corporate America as well when it comes to relations between black employees, white employees and ta conversation that can be painful, but needs to take place. Phil, i couldnt adwrgree mo. Very powerful comments well discuss it later with the pwc chairman i want to pivot back to the share prices, up some 40 . Up 103 from its lows so its doubled, but the thing i guess that stands out is it takes his year to date performance to till down about 40 which then puts it more in line with some of the other airlines and i guess it shows that american had been the one beaten up most aggressively none is less, amazing that just saying a couple more flights coming back online in the next month allows quite such a big rally. Gl the reason that american was beat up more than the other Airline Stocks when they were all down at their lows, three, four weeks ago, maybe a little longer is because of the debt levels people looked and said wow, if theres an airline thats going to struggle to make it, its american because of those debt levels and nobodys saying theyre out of the woods yet because they still have that debt, but the fact they are adding these flights along with other Airlines Adding Flights is giving some investors that perhaps the road might be back faster than anticipated. Zoom video, which could be traded a little bit, down 7 today. Now to the impact of the coronavirus pandemic, Simon Property turning up the on gap suing the company over missed rent payments. So gap to be far a from the only retailer behind on the rent payments, but it is Simon Propertys biggest tenant and they want to get paid so theyre suing gap inc for 66 million in missed rent. Gap in krrkc said it hadnt madt payments and it is just starting to reopen some of those stores in a statement to cnbc, they say we remain committed to working directly with our landlord or agreeable solutions and fair rent terms just as our hundreds of industry and government partners have sat with us in good faith to shape the post ko landscape. Ious are everywhere. Victorias secret, foot locker, their working on negotiating some retailers take one to two months for merchandise, theyre not paying them for about six months some Shopping Center owners have collected as little as quarter, others close o 70 all trickling down to commercial real estate. The retail delean quincy rate is spiking 6. 5 Percentage Points from april to more than 10 in the month of may according to trip commercial real estate data wilf, back to you. Courtney, last week, the pushman and wakefield ceo told us only 30 of his retail tenants right now are paying rent, which just adds to what youve reported there. Im wondering if the courts are likely to side with the Shopping Center owners or with the stores because for gap and so many of o the other tailers, they dont have any cash flow coming in what are they supposed to do exactly they dont have any cash flow coming in, but i dont know if the Shopping Centers have a lot of leverage either in what are they going to do kick them out. Probably arent a lot of people lining up to fill those spaces so i think its going to keep the lawyers busy and its probably going to be to be bought contract by contract. I think all the parties are going to have to come to the table and be honest with their financial situation, market by market i think its probably not going to be a one size fits all solution for the retail across the fleet. Or for what many of these Shopping Centers are willing to accept i know you mentioned the one Real Estate Property that had collected about 30 . Cbl. Some time ago, said they only collected about a quarter, but others have collected up to about 70 of rent. So its going the vary wildly. Many retailers say were in the process of figuring this out a lot of retail Shopping Centers say abatements arent on the table for some of these large guys we expect to get paid but i think this fight is going to drag out a bit weve got just under 50 minutes left of the session. Now down 0. 8 . Over 1 on the nasdaq. Coming up, tim ryan will join us with the detailed plan his company has to address Racial Injustice and its about much more than just monetary donations. Youre watching closing bell on cnbc right now is a time for action. Thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. Totally against them and now im starting to really investigate and think about whether this would be helpful and let me tell you the reason why. If you are left to selfpolice yourself forever and you fail continuously, then you may earn the roll, you may earn the, you may invite supervision and so what i think we have to do is make sure that companies are on the call that if they dont make an improvement of this area, representation, like the communities and the customers that they have like the world, if they dont have representation, that they will be subject to forced injection of a process to get more representation powerful message yesterday from urs ula burns, the first black female ceo of a fortune 500 company at xerox about how Corporate America needs to step up and put those targets in place to fight Racial Injustice. Pwc establishing a diversity and inclusion officer. Sharing with employees annually and giving all employs one week of paid time off each year to volunteer with nonprofit organizations and a twoyear fellow hip program for employees to help advance Public Policy on this issue joining us now for more is the u. S. Chair, tim ryan what really stood out here was that this wasnt just another sort of thoughts and prayers statement of support and donation to the cause. That youre really putting in place some measures to tackle this issue head on talk about how this came together yes its a pleasure to be here on such an important topic. The reality is seeing people hurt quite a bit over the last week, i heard from over 5,000 employees directly. The emails, texts or conversations, everyone and people are angry theyre upset. Theyre exhausted. And they want action they want a heck of a lot more than just saying we condemn. George floyd or many others and they want to say as we read those emails and as i read them, it was clear that our people wanted a say in how we shape our future and instead of being defensive, were going to listen to our folks and thats why we formed this counsel, which is going to advise us on what anchoctions t take its a major step because theyll tell us the way Going Forward and as you mentioned in your opening comments, sharing our annual plan transparently, the good and bad for improving with our people, thats how well get the sustainable action and thats really what this is about. Its not just having a good speech or word or statement. But moving beyond action that would drive the outcomes she was just talking about and tim, what weve seen in the u. S. Tragically has firsthand experience of the worst outcomes weve sadly witnessed again in the last couple of weeks. What is so disappointing is we are in a moment right now in 2020 with george floyd and many others, but unfortunately we know these killings happened over and over again. In 2018, we lost our associate who was watching tv in his apartment was shot by a Dallas Police officer in 2016, we had shootings in dallas in 2017, we had charlottesville. As a Business Community and as our elected officials, we have to Work Together to get a sustainable solution im proud of how our country is rallying now, but we need a sustainable solution which is a Real Foundation between American Employees who are going to give 30 individuals the opportunity to spend two years working with nonprofits, working Public Policymakers to shape a sustainable solution and were going to invite business ceo action and diversity and inclusion but also give their people the opportunity for fellowship and get an answer for the longterm. Tim, i looked at your Management Team on your website and it is certainly diverse and you have a number of black representatives there. What about your workforce overall in i believe you employ over 275,000 people. How diverse is it . Yeah, so in the last where we had 55,000 people, as you point out, we have one of the most diverse issue of teams, the mos in our history and country, our board is also diverse. Just had a record recruiting year and tomorrow im expected to tell you we have 213 partners and 50 will be women. I want to be clear we have a long way to go which is why 5,000 people reached out to me in the last eight days so im proud of the progress and outcomes its clear to me we have a long way to go as does every company out there. You consult with thousands of Companies Across the country i wonder how you feel theyre doing and in fact, whether or not the coronavirus makes those racial inequalities even worse yeah, so thank you. We have the privilege of working with hundreds of Companies Across the u. S. And we speak with hundreds of them on a weekly basis it is clear that coronavirus has been very challenging for them but whats remarkable to us is how well work is still being performed. Office work, multiknowledgeable. Essential workers are still getting their work done. One of the key messages from ceos is that work will never look the way it did 14 weeks ago and its not going to look the way it does today. Were seeing Many Companies reimagined what the future work looks like and that gives us a massive opportunity to improve diversity in the workplace so we can create better environments, dealing with children, so as we look to see work here imagined with the companies were working with are making it imaginable. We start wd a sound bite from ursula burns talking agent quotas and targets i wonder, tim, if this is something we could eventually build into an audit . A diversity audit and how that would work because you know as she said, selfpolicing these kind of issues for Corporate America has not gotten us that far. Whats clear is accountability measurements play a huge role. In the step weve taken, that going to make the plan available the our people and well present it to them to discuss. We believe that transparency will be a major catalyst to action one of the reasons we want to show that today, we think its a really Good Practice for many organizations, which will then drive more action. I believe most Companies Report accurate data, but an audit will be another way once you get that transparency in the data out there, which is how were going to build trust in society. Tim ryan, thank you for joining us thank you very much keep us posted as we roll out those numbers. Weve got under 40 minutes left to go before the closing bell. Take a look at stocks. Weav were hovering around session lows the first down day in the last five dows down 115 down about 174 a few moments ago. S p 500 down about three quarters of a percent. Financials going strong. Nasdaq down 1 still ahead, online betting markets giving jobz the edge in the 2020 election. Well look ahead to november when we come back. The covid19 pandemic is creating Food Insecurity on a scale not seen in decades. An estimated 54 million americans will struggle with hunger. With 200 food banks and 60,000 meal programs, feeding america is the largest hungerrelief organization in the country. Join Morgan Stanley in supporting feeding america and your local Community Food bank. 35 minutes left of trade ch heres a check on the markets. Dows down about 115 tech getting hit today nasdaq down a percent. Lets check in on some video market movers. Zoom soaring in its nasdaq debut today, mark iing the first tech ipo since the coronavirus pandemic the Company Pricing at 21 per share yesterday after raising the range between 19 and 20. Its trading up 66 to almost 35 a share. Shares of jm smucker falling the company says it expe