Slumping good news, live sports making come backs nba laying out a plan and indy car. Well speak with the man in charge on this friday, june 5, this is Worldwide Exchange here on cnbc good friday morning. Cheers welcome from wherever you may be watching thank you for ending your week here despite all going on in america and around the world, investors continue to put their money into our stock market it has been an incredible week futures are soaring right now. Dow futures are up 327 nasdaq 100 hitting a new alltime record high looks to make another one today. Small caps, if you have not paid attention are up nearly 8 we have one trading day to go today. Lets talk more about this all ahead of what your next guest calls a sobering reality for investors. That being the may report. Expecting another 8 million plus job losses and to hit near 20 . Bringing in lindsay bell, chief Investment Officer and newly minted cnbc contributor. First off, lindsay bell. Glad to have you in the cnbc family it is a good one caller good morning. Im so excited to be part of the family thanks for having me this morning. I guess, lfindsey, listen no one knows what is going on. 40 million unemployed more out of work, protests and yet the stock market continues to climb. It has jumped wall and is over the wall i need help explaining what is going on and thats why we have you. It sure is a head scratcher, brian. Look, the stock market and the economy dont always mirror each other. This one just feels a little bit more it doesnt feel right. It feels more off than normal. A lot of what is driving the market has been the historic amount of stimulus the fed and the government has put towards combatting the government which has been great for risk asset like stock we are three months into the pandemic 22 Million People are still out of work collecting unemployment claims we heard that yesterday. Over the past two weeks, social unrest from racism has erupted all over the country it is an interesting time in our economy and in our country in general. The reality is, the market has made up from some very Large Companies that have capitalized and they are able to continue the flight and move higher guess what, we are talking about income and equality a lot lately we have markets making new highs. Well hear these stories jeff bezos makes another 10 billion this week. It is a tough contradiction to have especially this time in the United States, is it not it is and look, it is not a question of being moral or just the stock market is reacting to the stimulus it is receiving from the government. The jobs report today is so important. We learned last month and the month of april that africanamericans now, less than 50 of them have jobs. The Unemployment Rate for africanamericans jumped to 16. 7 compared to caucasian rate of 14 africanamericans are usually disproportionately impacted where the rate will jump significantly higher over the course of the recession and their jobs come back a lot slower it is a critical time in our economy and something our government needs to really take notice of. You know, i read a white paper last night about the 1918 pandemic that said after the pandemic in 18, the working class is hit from an income perspective and that assets tend to do pretty well. Let me ask you a more difficult question outside of the stimulus. Talking Unemployment Benefits, money that goes directly to workers. Do you believe it needed all of the back end market stimulus it got. Direct buying of etfs. Bail outs for corporate debt buying up distressed corporate debt two sides to the story do you think the markets needed that look, i think the market was showing some strain. Wasnt working efficiently in the depth of the crisis. I think the fed had to step up and move quickly and faster than they ever have in any type of crisis i applaud them for the courage and making the move. It seems like the stimulus should have been more pointed towards smaller business and individuals and even Smaller Public Companies who are more significantly levered than Larger Companies thats where i think the difference could have been you got some Small Business owner maybe getting up early they cant sleep they are worried about their books. Struggling to make payroll watching cnbc thinking my god, the stock market keeps going up and i cant stay in business to your point, markets are not thoughtful they do what they do lindsay bell, ally invest. Have a great weekend congrats on becoming a cnbc contributor. Thank you investors are continuing to watch headlines on the coronavirus and some possible treatments in vaccines maybe thats playing a role in dow futures up 338 rahel solomon joining us now with the latest. Good friday morning, brian. U. S. Covid19 cases have steadily been increasing after hitting an 8week low according to analysis of data. Hot spots have emerged in places like florida, texas and arizona pushing places higher. This is what markets could be reacting to. Astrazeneca could produce 2 billion doses of the covid19 vaccine. 1 billion doses to be divided among low and middle Income Countries and hopes to have all delivered by 2021. Singapore wearing a Contact Tracing device to be worn by residents. Previously released an app but says there were all sorts of technical issues due to the apps dependence on blutooth they havent said if this will be compulsory but will be an option well see how that does work so we can all wear a device that tracks where we go. I thought thats called a phone, rahel . They were having all sorts of issues with the app, so well see. Well see great news with the vaccine. Thank you. We have a lot more to do on this busy friday morning oil price there in focus well tell you some breaking news about the opec meeting that was scheduled for tuesday. Now it is not. As we head to break. Here is this mornings biggest premarket winners and losers. Dow futures up 340 wow. We are back after this 300 miles an hour, thats where i feel normal. Having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back oil prices are at a threemonth high as opec remains in focus and waiting to see whether major producers will extend their output cuts. When i asked to make this graphic, i said the meeting is likely saturday. I can confirm to you now, that the opec meeting will be on saturday scratch the likely the meeting scheduled for next tuesday has now been advanced. It will be tomorrow. It is looking like the historic and massive cut will be extended one month. One month. Then opec will have im telling what will happen then a review at the end of the month and likely theyll dial back that cut by 2 million to 7. 7 million a day starting in july as demand grows gradually the big problem has been iraq. Theyve not only been ignoring their quota. Theyve raised their output when they were supposed to be cutting. Two sources told me iraq has agreed to do their part. The saudis have been taking on a larger share of the cuts about 4. 5 billion coming from saudi arabia far more from what they agreed on that cant go on forever number one, the opec meeting will go on tomorrow. Number two, the group has agreed at least right now and things can change remember what happened with mexico, to agree to a 9. 7 million barrel a day cut in june and dialing it back to 7. 7 Million Barrels a day. Talking more now about the oil market bringing in head of Global Analytics at s p global plots. Normally this time of year, we might be on our way to austria it sounds like opec may have got it together. Do you think it will be this easy and make that deal to continue those cuts for one month . Thank you for having me i think the deal is there to be done i think one month feels a little disappointing thatcher than the full Third Quarter it is all about the compliance of iraq saying you have to join the party and contribute to these cuts we shouldnt forget that there is 1. 2 Million Barrels of cuts right now keeping the market tight, which will also return. I think these cuts are going to be agreed. And it will help to keep the market tight into july then there is still 24 huge uncertainty of how they will unwind things into july there is still a lot of uncertainty in the back of the year as this unfolds. You look at apple mobility data the index weve been showing viewers since march. Demand and driving in the United States has come back a lot faster than people thought thats absolutely it. We have 4 Million Barrels a day of Oil Demand Growth per month for may, june, july and august as we go through summer months everybody is jumping in their cars not public transport or planes it is the gasoline part that is rebounding in the vshaped recovery and more of the l shape. It is one sector that will grow fast but when we get to september chris, hold on. Lets dive into that what you just said is bullish for gasoline when you look at the mobility data as we have, if you are not on a subway or a bus in new york or boston, atlanta, london, you are probably going to get in a car when you go back to work used car sales are booming because people say, i dont want to be around others. Reality is people want to commute alone and safely you can see an environment where gasoline demands soar down the road absolutely. People buying their secondhand cars, they are going to isolate. Social distancing will continue. Well live in the bubble of our cars and we have all things delivered. It does stimulate a bit of diesel demand. Some of it is positive for oil demand that gasoline is soaring as you say. People are going to want to visit family they are not going to jump in a plane. They are going to take that road trip to visit over the summer. What i would caution is that demand growth we are talking about is only balancing with what the supply cuts have done when we look at the Third Quarter, we see the balancing. Supply and demand roughly balanced together. Any creek of noncompliance from the opec producers could mean we have too much oil. These Higher Oil Prices we are seeing right now just creeping above 40 as people get more bullish is bringing more u. S. Shale back those producers who cut and committed to cut are showing a little less compliance now we are seeing more oil coming on from u. S. Shale producers. Thats exciting. That is the balance they need to make how high do they allow them to go without triggering a response to suddenly increase production . Thats the balance again. Also a key factor that saudi arabia and russia are thinking about when they think about production and cut and when to bring new production on. That is the balance it looks like opec right now is in balance great stuff. Thank you very much. To confirm, the opec meeting will take place tomorrow on saturday well have a busy monday thank you, chris still on deck, its ticker is work and has benefitted from many of us working from home so why are shares of slack slumping this morning, down double digits well look for answers coming up announcer todays big number, 10. 5 . Thats how much personal income in the u. S. Jucmped in april. Attributing the gain largely to the onetime stimulus payments and increased unemployment insurance. When you walk into an amazon fulfillment center, its like walking into the Chocolate Factory and you won a golden ticket. All of these are face masks. This looks like a bottle of vodka. But when we first got these, we were like whoa [laughing] my threeyearold, when we get a box delivered, screams mommys work mommys work. With this pandemic, safety is even more important to make sure we go home safe every single day. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. Good morning nbc welcoming us back with the top headlines. Protests sweep the nation over the death of george floyd, a shocking moment a warning the video is graphic two buffalo officers are suspended without pay after this footage went viral after they knockdown a 70yearold man, he stumbles, hit the concrete and moments later, blood pours out of his head. The city commissioner has launched an investigation. Just days ago, george floyd was known by only family and friends. Now his name is a rallying cry thousands of people celebrated his life by marching again rapper kanye west is helping out. He donated 2 million to support the families of george floyd, Brianna Taylor and aubrey. He started a college fund for floyds sixyearold daughter and started a legal fund for those families as well thank you, francis. Have a good weekend. On deck, the may jobs number is expected that 20 of americans, your friends, your family, your neighbors were out of work last month stocks keep rising is it all the feds bailout or a sign of recovery and vaccine hopes . The dow is up 320. The deteonnu aadba ctieshe a unique trilayer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. Only from natures bounty. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Green chutes, green arrows the jobs report out in three hours. Investors are already looking ahead. The inside story taking a look at bullish stocks including what may be the biggest stock buy we may have ever seen. The race is on independent yay car to kick off this weekend we are bringing to the track ceo of pensky entertainment. Welcome back good friday morning. Just about 5 30 on the east coast in the United States hope you are having a good end of the week. Your top story today is the may jobs number it is going to be ugly the expectation is for 8 million job lesses with Unemployment Rate hitting near 20 . Those numbers are not just numbers, they are people families, your friends, your neighbors, out of work despite all going on in america and around the world, investors keep putting money into the stock market it has been an incredible week for stocks and looks to continue today. Futures are up 300 points. The nasdaq 100, mostly Big Technology stocks, hitting a new alltime record high yesterday and small caps s p small cap 600 is up nearly 8 this week also a big week for oil up nearly 7 . Deep supply cuts continue and demand continues to grow opec will i will confirm to you on the air will meet tomorrow, saturday and decide on how long to keep their nearly 10 million a day cut. My sources say it will be a month and then theyll revisit and likely go down to the 7. 7 million a day cut in july. The opec meeting will take place tomorrow slack semiconductor and slack in focus today. Here are your top stories. Slack reporting the smaller than expected loss for the first time like zoom, the company is benefitting from all of you right now watching and working from home in the pandemic and induced lockdowns. That stock is down 12. 5 slack only slightly raised its forecast on the year the ceo of slack will be on squawk box in first on cnbc interview at 8 00 a. M. This morning. Stock two, broadcom Second Quarter response book ends in fraction. They saw a limited impact from the lockdown they expand demand from a surge in the cloud and Telecom Customers offset by supply chain issues finally the gap. Results missing forecast sales take a hit from, you guessed it, stores being closed. It is amazing, when your Stores Remain closed, sometimes people wont buy things in them although more than 1,500 locations have reopened for the gap. Well focus on those numbers going forward. Every friday here on wex, we bring you a look at insiders getting bullish on their own stocks using their own money to buy their own stock. Coming via insider score. Com we have one big buy this week. The top five stocks this week. You ready . Number five, hp, a board member buying 700,000. And then ups buying 1 million on the first day on the job at ups. Number three, douglas emmett, they leicester job offices mostly in l. A. And a sprinkle in hawaii two, essent group, the ceo stepping up and buying 50,000 shares look at this, the stock most bought by an insider this week and maybe ever as far as weve been doing this segment is donahur. Ceo buying 120,000 shares worth 23 million. The biggest insider buy we have seen yet one guy, 23 million bet on dhr. As we said last week, stocks with heavy insider buying have outperformed the overall market by nearly double in the last two months economists are expecting Unemployment Rate to surge to nearly 20 with more than 8 million jobs lost in may as the growing number of states do reopen ee kwconomies amid unt and the risk of a new wave of covid19 with us, former chief economist from the Commerce Department great to have you on it is tough to sit here and tell our audience, our viewers, who i like and love so much, that stocks are making records when youve got 20 Million People out of work. Tell me