Cnbc im becky quick with joe kernen and Andrew Ross Sorkin the market has come under significant pressure this morning. And the nasdaq off by 143. Its all coming this morning a rough week for wall street 5. 5 that was the worst week since march 20th and all three are coming off of their biggest weekly losses and last month after last week. The dow and nasdaq for the month of june would be down with the projected losses that were looking at this morning. S p is already down for the month of june. Also keeping track of the treasury market this morning lets take a look at that. Treasury yields yielding 0. 08 crude oil prices under pressure this morning too this is a sign of how much is anticipated in terms of a come back not only here in the United States but around the globe and right now wti down about 55 cents. Still trading 35 though at 35. 71 andrew. Thank you, becky. I hope everybody had a great weekend despite some of these losses that were looking at in the market i want to start with key market events for the week ahead. Fed chair jay powell is going to begin two days of congressional testimony that starts tomorrow investors will be looking at more hints about the Economic Forecast and stimulus plans last week also a read on retail sales tomorrow and closely watched jobless claims number. That comes on thursday so a lot of data and information for the markets to chew on this with. Well get an update on the surge of coronavirus cases and North Carolina and South Carolina and also oklahoma all reporting record numbers of cases. Hit new records in arkansas and utah and texas and North Carolina over the weekend. Meantime given that backdrop a word of caution from new yorks Governor Andrew Cuomo reopening in the tristate and the state received more than 25,000 complaints about businesses violating rules of particular concern. Large groups of people gathering outside of bars and restaurants providing services and calling the problem rampant and said liquor licenses and bars and restaurants caught breaking the law so thats something that folks need to be watching for as well thanks. Spike the spike in new cases. Speaking to cnn over the weekend. Larry kudlow said the current Unemployment Benefits are an incentive not to return to work. Its paying people not to work its better than the salaries can get. It will end in late july it could push more people to get back on the job. Its something that we talked about already with rob portman the senator from ohio that had seen belief from democrats and republicans for coming up on this give them a 400 bonus. Talk about it a lot and the disincentive and some people think if we heir on the side of too much its all right for a little while and then the numbers for the first month of every friday were not sure how to interpret them and it was kind of a mirage so the numbers are all skewed i dont know where it would stand right now. Its very difficult. And he was talking about how people really have lead. They lead the closure and theyre leading the reopening. And locally and federally to get guidelines thats why youre seeing so many people out right now and he doesnt think that its a second wave right now and they didnt really have the first wave and we should have never considered how the new normal would be to navigate when we see the new normal being difficult to navigate and people hate the new normal, that turn but i guess we shouldnt be surprised this is going to be uneven for months and years i guess. I have spoken to Small Business owners and ceos of companies too that say they have had trouble getting people to come back to work. Some of that will be people that cant come back because theyre taking care of children or have underlying conditions but ive heard from other people that say theyre making more money on unemployment now than they would be if they came back. Yeah, china. The other complication that i was going to add is as we get more cases in some of these states and its clear that we dont have all of the ppe and its clear that some of these businesses as we know are doing very well in providing a safe environment were looking at things where the environment isnt safe theres people by the way talking about providing bonuses, what theyre calling bonuses so theres a debate going on in this country about whether to work, what we need to do to incentivize people to work and how do we get people to do it safely so to me its such a multidimensional issue in some states it makes a lot of sense and its more complicated. You were talking about cuomo saying the people out on the streets drinking out on st. Marks street and the bars that were open and serving them. What we were just talking about is there are businesses now, bars, restaurants and others that are not following the procedures its not just in new york state. This is across the board and when theyre not following the Safety Standards, its not just that the customers arent following the Safety Standards or being subject its that the employees can become subject and then its the debate about whether they want to work or whether they should work given the conditions so this becomes a circular or vicious cycle depending on how you think about it and thats part of the debate also and gets incorporated into the bonus idea. Theres a town in new jersey that governor murphy is now suing because the entire town counsel voted to allow restaurants to have people come back and eat indoors at 25 against what the government had layed out. Based on a lot of money sloshing around and people think that gracie train ends abruptly. And at that point it readjusts and a position and i understand why theyre pushing that position its good to have wellknown skeptics because that helps people stay uncomfortable long in china theres cases over there and theyre rying to trace where they are coming from again. Heres positive news about the economy in china the Unemployment Rate fell 5. 9 . There was a record prior to that, 6. 2 for the record. Industrial production jumped 4. 4 year over year. They down year over year. This is exactly what you were just mentioning. A cluster of new coronavirus cases raising a worry of a second outbreak. Many tied to a major wholesale producer market on the outskirts of the city. Its been shutdown since saturday and theyre on strict lock down with no one allowed to enter or leave and theyre conducting daily temperature checks there butanother sign for a main concern the park has been closed since january 26th all guests need to make reservation for their visit ahead of time and new safely precautions as well. And his new pandemic rules for the summer an oped piece on the wall street journal theyre pretty ugly. Down 5 330 by the time we come down from baek, were down less than this. Yeah yyeah yeah hey, hey swithout even on yoleaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Thats according to israeli news website moderna is planning to begin final stage of testing in july we are having discussions with multiple governments around the world and are not able to comment on these understandable that governments around the world are looking to try to secure any potential vaccines that might be working and some of these trials they can develop 500 million to a billion of these vaccines a year and that does raise the question of who gives the vaccines and moderna has some of these done and trying to develop this i dont know what countries they are in negotiations with but this is going to question who is going to get the vaccines and how do we distribute them and try to figure that out id like to work with that for starters because not every country is obviously near others and covid numbers have been picking up and he said its time for Health Officials to focus on building up the confidence and getting up at three every day and its going to be tough, doctor, but i feel like it joining us with more, he served on the boards of alumina and pfizer youll sign on that would be a good problem to have wouldnt it then well figure out where the most pressing needs are globally, right doctor its going to take time to ramp up that supply and not have a billion doses overnight. Theyre doing advanced manufacturing of the vaccines now. Theyre not controlling their manufacturing process but hopefully as they make the transition from the Research Stage manufacturing to commercial stage manufacturing they can do it seamlessly and have the supply on hand. But one of the things we ran into a hiccup. Its about two months. Your latest oped just trying to summarize that if i had to just in a coup of sentences summarize your point i guess its that the public really before the government gave a lot of guide lines, the public had pulled in and basically had gone out and a lot of states arent ready to open upright now in terms of federal guidelines and they are anyway and thats partly from the public as well its not a second wave that were seeing in your view. And how were trying to do this and its not going to be perfect. Its going to be very uneven. The point is that theres a perception at the Government Shutdown in the country and then the government reopened the country and what happened was people shutdown the country and then people reopened the country and they came in with rules and we reached 3,000 deaths a day. People are starting to close down businesses. The nba shutdown the nba and it shocked people but a lot of businesses were following suit at the time. And they formalize what was underway and we reopen against the backdrop of more spread than what was described in a lot of the reopening plans but people were getting tired of the shutdowns. And we need to have that and people engage in a wide scale. It can cut transitions as virus. And dont engage in him. And people dont engage on him on their own we seem to be complacent with 20,000 cases a day thats a lot of infection. This is going to become the new norm this kind of rolling outbreak. What can we do about it why should we not be more concerned about arizona or hospitals being packed to the limit in some of these areas were seeing hospitalization and icu go up quite a bit. You have always been kind of calm about it. Where should we be on how concerned we should be about this probably not is the answer so we need to be very concerned about it they have more testing in place. You have a better sense of what the overall Disease Burden in these communities are. California has 3,700 cases and a percent of the cases in los angeles and where the outbreak is. This could get out of control and the cities need to do. Its good contract pacing and not to find every individual thats infecting and find the sources and take mitigation steps. Were not going to be able to shutdown the country again this fall we need to try to isolate the sources of the outbreaks and if we cant do that these will get out of control i think that youll see arizona potentially take control away from the Contact Tracing work. They need to be doing good Contact Tracing work. In lieu of the conversation moments before the past commercial break about offering bonuses to employees to come back to work theres a lot of people that think that we need to get people back to work and incentivize them to get people back to work and on the other side theres people looking at states like arizona or frankly even in new york where some of the safety procedures at ware houses and restaurants and other places of employment are necessarily practicing the proper safety precautions. I was Walking Around new york city on friday an Even New York City Police arent Wearing Masks so the question is what is the right approach to this and whether incentives as i said there was an article that called these incentives bonuses and so how do you instill that confidence in the public and in the employment base. We need to get people back to work and employers have a big role to play here in trying to prevent spread and not just at work and a lot of parts of the country that were they ever heavily effected by this if you look at texas, florida, South Carolina, North Carolina and the places where youre seeing surges now action not epidemics and maybe not true outbreaks but rises infections and surges in infection. These are off of a steady baseline and its not like it came down and wept back up and now theyre coming back up and they never really crushed their infection like the tristate region did those regions of the country people were never quite as infected by the coronavirus so youre seeing less persuasive behavior in the parts of the country around measures of precaution that right here we take for granted when i go out in connecticut and i see a lot of people Wearing Masks. I bet that you wouldnt see that in South Carolina, North Carolina, arizona, texas, where people just werent as impacted by this. We need to make these procedures and these practices more uniform. Businesses can play a really strong role in doing that. Can we go back to the moderna news the idea that lots of countries are trying to negotiate with moderna. And how do we determine and how do you get some companies that are u. S. Based companies before developing these vaccines. How will they put the United States in stacking order with other countries and then is it only going to be the developed countries that actually get to buy any of the vaccines at first . Im quite certain the u. S. Already locked up a certain amount of supply from all of the manufacturers andwe might not be privy to the details and the negotiations underway im sure that its going to be allocated around some basis and just through private contracts the Companies Strike on their own. They need to be mindful of making sure that they distribute this as he quequitably as possi. Make no mistake. Theyll make sure that they have supplies sufficient to take care of their needs before this gets shipped around thats exactly what is happening in the past. Call it what you will. Countries held on to enough vaccine supplies. We have to go. Go ahead becky. Just a quick follow up, how much of the stuff is being manufactured in the United States the expectation that they wont be able to ship this back from in from other countries its not the manufacturing capacity here in the us. But theyre doing that and im going to ask you about china theyre going to pass this or they have to work as well in beijing. They certainly crush their virus. They come this fall. And situations where us. People, americans cant travel abroad where other Companies Manage to crush their virus arent going to allow americans to travel to the country. All right thanks appreciate it. Andrew. A lot more coming up on squawk box this morning. Talks to restart baseball falling through. The possibility of a baseball season this year squawk returns right after this. vo at audi, we design cars that exhilarate with versatility, whether on the track, or the everyday drive. Today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Yeah, everything is runningis smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. Can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Baseball, negotiations grinding to a halt, the league and Players Association have been unable to reach an agreement on how to share the costs of playing a season without revenue from fans. Players association said saturday it would no longer discuss a restart plan after it rejected a proposal for them to make no more than 37 of the salary for playing 44 of a season and on the march agreement that scenario would lead to a season of 50 games three times that you could play baseball playing nba 2k. Thats maybe the future. I dont know, i dont know what to think you just need a few more players. You have room to go outside and play a small team a not a todler team they would be upset. We could build a small team out here. I was up in connecticut and you werent around on friday and you were down here in new york city . You came down here, you ventured forg forth i did. Did you look like sleeper did you just have you could just see out of your you came into the city. No, but ill tell you though, i will say this, and i know we have to go to commercial break, 50 of the people were masked but i was surprised at how many people didnt and the nypd not Wearing Masks was interesting. Some stores were and thats why then you heard people i heard an employee at starbucks complaining about it so thats why i was starting to think about how some of these things let me ask you, we drive around and stuff and we have seen places. Theres large open areas out in suburban new jersey where you dont really run into anyone else and there are families of three people that are totally alone walking along with a mask and that i didnt understand is that just no one is near them and theres three of them walking with a mask. What is that, andrew is that the way we should just to get used to it or something no, that makes no sense to me. If you have little kids, its hard to say when you have to wear them and when you dont