487. In part because of a big move in the dow in boeing as it gets ready to test that 737 max for recertification. The s p and nasdaq is higher but by lesser percentage gains theres 10 million global cases of coronavirus half a million deaths. The daily case count here in the u. S. Hitting a record high over the weekend. Well have more on that. Facebook, a big laggard today. Down 10 in the past week as big advertisers, its up today as big advertisers pull millions of dollars from the social media platform power hundred lunch starts righw thanks the the dow and s p jumping back into positive territory for june and on track for the third month in a row of gains now. Lets head to dom for more on these markets. We need a few more hundred points to get back what we did lose on trading. Dow industrials 25,505 is right know hovering near the highs of the day the s p 500 a relative laggard thats whats driving the dow today. Check out whats happening large caps versus small cap stocks we talked about the extreme outperformance this year of large cap stocks remember, they were tracking pretty closely earlier on and as we hit the covid lows, you can see the gap widening out widening out here. Small caps out performing today. Well see if they can continue to play catch up and then one other place to watch whats happening with the dow . Tyler mentioned boeing, the biggest driver, over 100 point offense the gain because of boeing alone lets throw in apple those three stocks make up 40 of the dow gain today. Back over the you. Thank you very much weighing very heavily on sentiment. Reporting Record Number of covid cases is driving it to the highest we have seen more than 40,000 cases were reported yesterday thats dune if 44,000 on saturday in the United States. Theres actually more infection going on in terms of the hot spots around the country, florida now claiming the top three spots in terms of fastest g esest case w. Tampa, orlando and jacksonville. San antonio, texas and phoenix rounding out the top five. Meanwhile, gilead making news today. Announcing the price of its drug remdisivir one for u. S. Private insurance and another for governments around the world the private insurance price is about 30 more we talked with gilead ceo about how they reached these prices this morning whether youre covered by a private insurer, a government insurer and whether youre uninsured with covid19, there will not be an issue with access. Its been a key tenant of the Trump Administration now we have the drug priced 30 higher than other developed countries. All right thank you very much. Stocks have rebounded from fridays big sell off as you can see on the screen there. A lot of green today citigroup has struck a more bearish tone in its recent Quarterly Survey 70 of Asset Managers expect a 20 correction thats more likely than a 20 move hire in stocks. Are they right lets talk to scott. Kevin, let me start with you it feels as though the market is very, very headline driven today headlines on boeing helping the dow a lot. Headlines on apple helping a lot. Last week it was concerns about virus spread that all adds up to me and the coming weeks its going to be about earnings that all adds up to a market that is probably range bound between now and the year end we didnt mention the election i agree with you, tyler we believe that the market is going to stay in this range of 2800 to 3100 with the reopening of the economy, we expected covid cases to go up we also expected hospitalizations to go up. The big thing is whether or not we see death rates go up as long as the death rate is lower, i believe we take one uncertainty off the table. The second is the election marks like certainty thats why we believe its going to be range bound for the foreseeable future, at least for the next four months. Scott, do you see market that can move higher between now and the election day or one that is likely to be sort of caught in a zone were a little bit more optimistic than kevin is our midpoint of our target range for this year is 3250 in the s p and 3500 out at year end 2021. We have been talking to clients about we have big down days, big down weeks we want to step in theres a lot of people sitting on plenty of cash whether its Retail Investors or professionals. Theres money to be invested here its all going to come down to Consumer Confidence or consumers, do they have jobs and are they confident enough to go out and spend money on discretionary things rather than sitting at home fearing going out because they dont want to catch the virus. How would you have answered that citigroup survey question which is more likely from here, a 20 increase in stock values or a 20 sell off . What would you say, scott . For me, remember, tyler, were about 7 off the recent high i would have called it a 20 correction you have to remember, we jump 47 off the panic march 23rd low. You hardly have any pull backs in there four or five to seven percenters thats highly unusual you couldnt cough you have a quarter or a third of that if you do the math from here, 20 is north of 3600 thats a bit much for us if i had to make the choice, i think all end correction from the recent high 20 , id vote for that every time. Kevin, you and scott may disagree, at least a little bit on where the market is and whether its range bound or maybe not so much as scott says. Where you do agree is on the kinds of stocks you think will out perform. Name a couple of the categories, sectors that you think are poised to do better than the general market sure. We Like Technology we also like Consumer Discretionary and we Like Health Care from the technology side, its software and services. From the health care side its medical devices and Consumer Discretionary we feel its important because we believe 70 of gdp comes from consumption and its important, we believe, once the market, the economy gets reopened the consumer is going to be a big player in that just for the record, even though i believe that were going to be range bound until the election and get that uncertainty off, at the end of the year we believe well test the all high. Around that 3386 level on that note, we will leave it thank you very much. We appreciate your time. Kelly. Sentiment among top ceos is at the lowest since the Global Financial crisis more than a decade ago thats according to the business round table. Lets bring in kayla for those details. Corporate confidence didnt just fall in the latest business round table survey it was cut in half from march. The last time a survey of the top multinational executives was releas released according to the 136 chief executives surveyed they found the plans over the next six months for highering Capital Investment dropped dramatically from the most readings sales will rise from now between the end of the year. Economic growth in the country is expected the to slow. Executives suggest a negative 3. 8 from growth domestic product in 2020. That affirms a significant Economic Contraction is under way. Theres shared view that it wont rebound this year. Asked when their companies would recover to precovid levels, most ceos said they expect that to happen by the end of 2021 but nearly a third of respondents do not expect recovery from their companies until after 2021 this was the worst ceo confidence reading since the First Quarter of 2009 during the last financial crisis. Its notable this is still above that level so it hasnt hit that record low but when compared to the performance of stock market, which has been relatively resilient, some of the commentary we could get in Earnings Call in a few week, this will be an important i understand indicator of out look ty. Coronavirus cases rising across the United States a little lower than they were on saturday states like california, texas, florida are slowing down the reopening process in their statss we have those details and facebook under increasing fire as companies such as star buck, clorox are some of the latest to pull millions in advertising revenue from the platform. Well tell you what it means for the social media giants bottom line when we pk icup after this break on power lunch welcome back california closing bars in 7 counties including los angeles as the state deals with a new record increase of new cases mostly among young people. We have the details. Over the weekend california added more than 10,000 new covid cases. The steep rise is causing state and local leaders to take some action on reopening the state. Now it has more than 211,000 covid cases. Thats more than an 85 increase in new cases in the last 14 days total icu levels are up more than 30 over that time span thats prompted california governor to order bars to close in z7 counties, including Los Angeles County hes recommending bars close in eight counties, including santa clara county, thats home to Silicon Valley the counties with the highest positive cases are in Southern California those counties have moved more quickly in reopening as a result, were beginning to see some roll backs in reopening. Besides the order on the bars, the governor has urged Imperial County to reinstate shelter in place and in san francisco, the mayor has temporarily paused the citys next phase of reopening that included hair and nail salons and museums those reopenings were scheduled for today. Back to you guys what is behind the spike, as far as people can identify and can it be pinned directly to the reopening or could it be for, for example, protests that took place over the last month and there was not much social distancing there and people infected one another what thats a great question a lot of people theres so many different factors you mentioned the protest. Theres more people being tested that factors into it people are saying the reopening and the behavior of people are all contributing factors for instance, i grew up in Southern California. I have a lot of frepdss and family in orange county. My friends and family are telling me down there a lot of people arent great at Wearing Masks. My best friend said she was heckled at the library for wearing a mask by an elderly couple youre seeing that as far as behavior were seeing the second phase in behavi behavior, at least that factors into it in central california, youre seeing little hot spots of farm workers getting infected were not seeing it to the scale of the meat packing industry but thats something were watching. Back to you guys all right thank you very much. Kelly. California is just one of the states in new cases. Hes director of Public Health its great to have you back. What would you say the biggest change since the last time we spoke. The biggest changes we have seen continue jump in the numbers. Much worse than when we spoke a few weeks ago. What do you attribute to that to is it Community Spread the one that once it starts its difficult to stop . Absolutely. Its a slippery slope. Once it start its difficult to stop and spreading like wildfire here in arizona. Unfortunately, thats why we see such a huge jump not only in the Record Number of new cases every day as well as strain on our Hospital System with our beds being taken up by covid19 at a time which is summer that we dont have as much folks in the hospital, we really look for in our Hospital System like the height of cold and flu season sf tell us about that capacity what are you facing . Are you going to have enough beds and are any further closures in that area or that state, you think, going to be likely well, i definitely that its unpredictable in terms of where we go from here because the numbers are continuing to rise and the beds are beginning to disappear. We dont know if well have enough beds. Were activating surge capacity. Were trying to expand all of my colleagues among all the health Hospital Systems are noticing the trend in the wrong direction. Having to take care of folks the problem is that people think we should do have enough Health Care Capacity for covid. Thats not the issue we still have the chronic diseases that people have. We have people with dyne diabetes, people getting heart attacks, strokes, people with cancer all sorts of reasons to go into the hospital if the beds are taken up with covid19, there wont be room for us to take care of you with your chronic disease people may not die from the coronavirus but youll die from other things doctor, im curious, im going to ask you one of my favorite compounds questions and the first one is simple. Have we bents the curve but the second question is more nuanced. Theres a lot of reasons given for why cases seem to be rising in states like arizona what do you put your finger on is it people not paying attention to social distancing people not Wearing Masks is that the most important thing you can do it may have been demonstrations where people shared space a little too closely what do you think . The reason for it is all the reasons you mentioned. Its people not socially distancing, not wears face coverings. Any setting whether its in bars, night clubs or being close in the protests. The protest is a bit better being outdoors but being in doors is is worst be close ventlation systems with not Wearing Masks and not physically distancing all those combined together have put us where we are now. We need to take action im afraid just wearing mask alone wont do it. Were really going to have to reevaluate the different phases of reopening well have to look at what venues make sense to stay open i think we have to look at other states like texas, closing down bars, florida stopping alcohol sales and bars because they identified the governor of texas noted is that bars are where folks congregate we really have to reevaluate whats open and whats closed in order to save lives. You make a very interesting case there we have to wrap it its not just the idea of Wearing Masks. That alone wont do it you say we have to look more thoroughly at all of the things were doing or not doing that may be contributing to this. Well have you back again soon and hopefully by then well have a bit better news. Thank you, once again. I hope so thank you. We have news alert on the theater chain amc. Julia has it amc is delaying the opening of its theaters by about two weeks to adjust for the delayed release of the big blockbusters that were expected to be released in july now they wont be released until august you see amc shares trading up about 1 today tyler. Thank you very much still ahead, rally on wall street there you see the nasdaq up about 1 this comes after fridays sell off. Tech stocks lagging the broader rally this day industrials and materials are leading the way. Look at this a wild ride for tesla since going public ten years ago has it been that long . Yes. 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The stock is up. 4,000 4 to 5,000 percent, but whos counting, folks . Thats the increase from the ipo ric price. Its been a road with lots of twists and turns and especially so for the ceo here is a closer look at some of the companys biggest milestones we had an incredible positive outcome from the smartest investors in the world. We have an amazing product to show you tonight he said hes thinking about taking tesla private 420 being the price he would do it add i mean its legal, right. Bringing out the model y. You think you can work this out with the fcc over the next two weeks . Welcome to the cybertruck unveil oh, my god. Today surpassed 1,000 per share for the first time there you go. A colorful company with a colorful entrepreneur atop it. For more on tesla, lets go to seema for trading nation that was a fun package. Tesla up more than 130 so far this year. Lets bring in the trading nation team. Do you think tesla can maintain its leadersh