Housing market the Housing Market has been a strong part of the economy and also boeings 737 max test flight looked like it went pretty well. That stock is up nearly 10 . 59 minutes left if trade. Yeah, helping the dow outperform today coming up on todays show, etsy is major winner at stay at home trade. Shares doubling this year. Well ask Josh Silverman, sooce how theyre using the platform and well talk to larry kudlow about the rise of cases in the United States and the Economic Impact some states including just moments ago new jersey pausing their reopening measures as we stand, the s p 500 is up 1 lets focus on the big stories mike santoli is tracking to days market rally we have the details on gilead which Just Announced pricing for the coronavirus treatment. And julia has the latest on facebooks growing advertising boycotts mike, lets start with you and the broader markets. A tidy little bounce today. Getting back a portion of last weeks losses. Really concentrated on the smaller cap and some of the lagger groups. If you like right here, the market is maybe trying to make the case that defining the bottom end of a trading range at least, 3,000 on the s p 500, has been an area where the market refused to go below for any period of time over the last month or so. This still looks like, you know, could have importance right there as a high. But for now, Holding Steady. I want to take a look at the style breakdown in between growth versus value today. Value stocks are outperforming by a factor of two over Growth Stocks look at the relationship on year to date basis. What were seeing is value stocks and small caps got a stretch to the down side they bounced but as can you see, this is still kind of a flat ening out of the value trade growth still has a little more of an uptrend to it. No real regime shift right now credit has been softer in the last couple of weeks if you want to look at the high yield etf against the Investment Grade bond this is for june alone. So you see here some of the more weakness in the riskier credit its a sign that risk april tights have not really kept pace over the course of the month but so far, not an awful lot of net damage to the overall big cap indices. A tidy little rally today what is going on in the bond market treasury yields have not done a whole lot. Theyve been a little sticky by their recent multiweek lows. And as i mentioned, credit spreads have not necessarily improved very much today so i think what we are is range trading at the moment. And you have a little bit of in the absence of other news the market is just going to be oscillating here based on what has been a lagger and whether money flows take flight or not they really havent. The idea that youre buffered by the relative value of equities to treasuries and some other factors is keeping things kind of in this zone right now. Even though the treasury market has not had a big response to, for example, recovery hopes. Mike santoli, well see you soon dow is up more than 440 points we turn now to the coronavirus new details from drug maker gilead on the cost of the treatment. Meg terrell has that story gilyard is giving away the drug for free until the end of june so now it set the price in a highly anticipated announcement. And what youll pay or what your insurance will pay depends on where you live people who are covered by commercial insurance in the United States will pay 30 more than those covered by Government Insurance around the world 520 per vile for those on u. S. Private insurance. For a typical course of treatment. That is about 3,120 now gilead breaking out how it game to this price saying that by the amount of hospital time saved with this in their Clinical Trials about four days shorter with treatment, that saves about 12,000 heres how ceo said they reached the price. Although this medicine adds significant value to the Health Care System by reducing the hospital days, we decided to price this in this very extraordinary time in a unique way. We priced it at the value excuse me, at the price that allows for access across the developed world. But, of course, not everybody agrees with that including Bernie Sanders who is a very common critic of drug pricing tweeting out today, taxpayers provided funding for the development of this drug now theyre price gouging off a pandemic coronavirus treatment must be free to all. If you look at the wall street reaction though, theyre saying such a benchmark for the rest of pricing for covid19 treatment saying the pricing is remarkably low given the direct medical value not to mention the societal value provided by the drug he said this will change all future expectations for the treatment of this disease and may also influence pricing in other diseases so, guys, drug pricing, as controversial as ever. Sara and wilf . Meg, ill pick it up. My apologies now to boeing. By far the best performer in the dow today. The Company Faces a key test to get its 737 max plane back in the air. Phil lebeau has the details. There are a series of certification flights that started this morning theyll continue through wednesday. First one was completed late morning out in the Washington State area just a little bit to the east of seattle. As you take a look at shares of boeing, keep in mind that this is a crucial milestone once they do the flights, theyre testing the change thats have been made to the 737 max. Again, the flight tests, the certification flights will continue through wednesday what happens on one of the flights . Well, flight aware has shown us basically the second one that is going on right now is out in an area called moses lake this is a 737 max that has taken off and is circling around we dont have it. If you did if we had it, youd get to see it. The basically doing a number of maneuvers. Theerz a these are all highly scripted maneuvers. An faa test pilot is flying the plane. Theyre going through a script there will be a number of review boards that still need to go over the changes in the max including pilots and technical experts from not only the faa but other agencies as well late summer is when theyre targeting for an ungrounding of the max. Later this year, we could see commercial flights depending on when the ungrounding happens and how long it takes airlines to get the pilots trained and get the planes back in the air one last thing take a look at shares of boeing versus the Dow Jones Industrial average. Going all the way back to march of last year when the max was grounded you can see that boeing clearly was lagging behind the market. Ahead of the faa, still needs to fly this plane, guys steve dixon will pilot himself sometime within the next three or four weeks. Phil, i guess with the changes that were expecting in the industry because of covid19 and therefore the likely lack of demand for the biggest planes out there Going Forward, this is even more important this recertification than it would have been in normal times for boeing yeah. Definitely and you no he what i was just told, wilf, i was just told we have this video. Its basically animation from flight aware that i think people want to see. This is a sample of a test flight that is taking place. See that green line . Thats the max that is going through maneuvers right now. Again, this is an faa test pilot. You cant see at the bottom of the screen is the altitude as they drop down, then they go back up. Almost the same type of maneuvers where you test the m cast control software which has been at the heart of all the problems with the 737 max. So, guys, when people say what do they do on the test flights the certification flights . This is one example and thats from flightaware. Com that is cool to see phil lebeau, thank you boeing shares helping the dow up 424 points now in total. Lets get to facebook. More and more Companies Joining the ad boycott over hate speech concerns julia has more on the developing story. We have developing names the floodgates have opened new names it seems like every few minutes. Hp just announcing their pausing facebook ads until theyre robust safeguards. Rebok, adeed as just is spending advertising on facebook through july and ad week reporting that conagra is pulling the ads through the rest of the year, clorox, best buy and dennys they also announced starbucks which was facebooks sixth biggest advertiser in the u. S. Last year. Spending an estimated 95 million on the platform. Other boycotting brands include honda, cocacola, unilever and verizon. Starbucks is pausing indefinitely this started with the stop hate for Profit Campaign energied by the naacp and the Antidefamation League while they were likely looking to cut spending because of economic pressures, the extent of the damage to facebook now real really hinges on how many others follow and whether they expand the boycott globally many of the brands are also suspending spending on twitter which could also suffer while pinterest and snap and hulu could benefit as there is lower risk of ads appearing next to offensive content on the platforms. It was also just reported moments ago that microsoft suspended its spending on facebook back in may but the company said it was doing so because of concerns about inappropriate content on facebook, not about particular policies so im sure well learn much more as the day goes on. Julia, any indication from the companies that youre speaking with what happens in a month . What sort of metrics or response theyre looking for from facebook i think the expectation is that facebook will respond in much less than a month theyre really cracking down on racist and hate content in ads they want to see a lot more action around content that is not in ads just wanting to know that facebook will take action even if there is not a threat posed in a post on facebook that if there is a any threat, racist threat that, facebook will take that down. So i think advertisers want to see facebook go further and really know that zuckerberg is willing to compromise and make changes around sort of what he is stuck to which is his vision of free speech on the platform i think well hear much more from facebook on this. Theyve been reaching out to advertisers already to talk about the progress they have made in this area. Julia, thank you very much for thavenlt jut. The share price has pulled back in the last hour or two. It rallied to be up 2 or 3 its now, as we stand, just up less than 1 falling, of course, to big slide on friday. After the break, shares of etsy doubled this year. Made a boom in facemask sales on the site well get an update on the state of the business with Josh Silverman next youre watching closing bell on cnbc. 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Because now you can expewatch all your favorite hulu shows and movies on xfinity. Youre only a voice command away from Award Winning shows like the handmaids tale, to new hits like little fires everywhere. And fx originals you can only watch on hulu. Thats just the beginning of what you can experience with hulu on xfinity. Tv made simple, easy, awesome. As a growing number of Governors Institute facemask requirements, more and more shoppers are turning to etsy shares trading near highs today. Joining us is the ceo, Josh Silverman. Welcome back to the show how much of your business right now and new business in particular is being driven bypass being sales for the month of april, etsy sold 133 million worth of facemasks. That is 12 million facemasks that is enough for every resident of the state of ohio. We also announced sales that nonfacemask products grew 79 year over year were also great for Home Furnishings and clothing and jewelry and baked goods and kids toys and crafting projects thats where i think were seeing this real groundswell of demand for etsy. How do you think about the sustainability of the revenue boost that youre talking about right now with many people still at home as we do move toward reopening this country some ecommerce players are having a hard time fulfilling. It highlights the strength of etsy with well over two million sellers, almost three million sellers who each make products just for you from their home theyre still very much open for business and theyre selling across such an incredibly wide range of products what im so encouraged by is that so many buyers are discovering etsy for the first time or discovering how many of their purchase occasions etsy can meet theyre having great experiences. And so giving people an opportunity to shop and try and then be delighted by etsy is encouraging for the very large opportunity that we have ahead that point aside, josh, i mean, how closely have you tracked localized data when states have seen some level of reopening of their retail . Did you see a temporary dip in those local areas . The data is noisy we havent released data since our Earnings Call on may 2nd i really cant talk about trends that are happening right now what i can say is that the data are noisy in terms of city level or state level or even country level. Were definitely seeing that many people are waking up to the idea that etsy has what they need right now is a moment when people want to put their money where their heart is etsy brings people together and makes them feel connected. At a time when people feel like so much commerce is buying from the few conglomerates feel so impersonal, connecting with the person that made the products and can make something for you feels relevant now more than ever the other thing that id say right now is that, you know, so much of our life is defined by habits, particularly purchases you know, you tend not to think much before you buy something. You go to whatever is the habit. And there are very few times in peoples lives where habits get reprogrammed, when they get married, when they have a baby, move home, those are the three classic occasions. Right now before you go buy anything, you got to pause and think to yourself, where can i go and who might be open and so all of those habits are being reprogrammed and when people have to pause for just a second, often etsy comes to mind. Thats an Incredible Opportunity for us people also want to support Small Business, sole proprietors. You have a the lot of independet folks on there im curious in terms of what youve seen in curators and artists given that people are out of work and dont have access to a traditional retail model and what theyre doing on etsy right now. We talked about this. Well over 2. 7 million sellers on etsy, 89 are women. 91 are businesses of one. And for so many people, supporting Small Businesses, supporting independent sellers is really important to them. And etsy is the easiest and fastest way and most value oriented way for a seller to get in business, for someone to turn their Creative Energy into a business when so many people are losing jobs because of robots, creativity cant be automated. We take our responsibility really seriously as a platform to allow these independent sellers to get online and to grow their business. Many had to close the retail store and discovering not only are they able to build a business but they really appreciate being able to connect with buyers all over the country and all over the world who have a real passion for what they make josh, you are worrying about facebooks shops platform . Theyre going to sprinkle a little etsy dust on whatever this is. But brands stand for something etsy stands for something truly different. And weve been doing this for 15 years. And the minds of consumers, etsys brand is different. I think that that is something that is compelling and differentiating and very enduring im not surprised others are trying to get in the game. I think we have a brand that really is unique and compelling in this space. What do you think overall, josh about, this whole facebook . I know etsy sells advertising itself do you think this is going to have Lasting Impact on facebooks bottom line and force some changes were really about bringing people together to build community. I think its important in this time that were frustrated by division, divisiveness, people being galvanized in their own camps. We want ways to sit down and have an honest and open and truthful dialogue, mutually respectful dialogue. I think thats part of what etsy does is allows people from all over the country and all over the world to connect over a shared passion and have some Mutual Respect and dialogue i think we need that now more than ever. Are you saying theyre not getting that on facebook im not commenting on facebook im commenting on etsy figured. Thank you, josh for joining us always a pleasure after the break, Credit Suisse sees a summer slump for theater stocks and a rare double downgrade for beyond meat. Well get word on the street next plus, glamming up with the kardashians. 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