Fears. And companies from roku to Western Digital have been tempering expectations thats hurt sentiment a bit. Gold is at a record high nasdaq set for another record close, comfortably now up a full 1 . Continuing that breathtaking rally, coming up on todays show, the bet on pets. The ceo of the company that makes medicine for pets and l e livestock. And more earnings rolling in today after the bell, including uber, dropbox and t mobile also a first on cnbc interview with mike seifeieve seavert eamon javers has the latest on the stimulus stand offin washington, and phil lebeau is watching the airlines. Start us off with the broader market, mike. Today is a good example of how we are now in a market moment where the threshold for rallies on news is much lower than the threshold for a sell out. Nertsd, the market takes most good news and kind of shrugs off the less good news we got the better than expected but still kind of ugly jobless claims number. That palmback went away. We were flat and then we got the afternoon rally sparked along with the lifting of the restrictions on foreign travel apple going north on its own kind of momentum, facebook as well this is year to date we have closed a bunch of these gaps left on the chart from when the market really started to fall apart after that initial shock. So were almost there, within 2 of the recent high it is now, you can quibble with a lot of things. The average stock is lagging, its a pretty narrow move, volume is not great, but a quiet relevineless grind higher. You dont want to dismiss the action just because there are things that dont look like theyre showing a whole lot of excitement or buying urgency take a look at the split here between the economy and the he market for stuff versus services stuff is working better. Industrials, appliances, car, hom homes, all that stuff. You see the clear outperformance this proxy for services and reopening. Its entertainment and leer yurt, as well as media, and that has persisted right now. You see a very, very big performance gap. Its not as if theyre necessarily making new lows, but it shows a big split so well see if this gap gets bridged, if it has to get bridged or not, but i think its a reminder its not just the big tech companyies. One big test will come tomorrow, mike we got the jobless claims, better than expected they were still awful and theres still millions of americans filing new claims and on continuing claims the expectation tomorrow is all over the map some economists are looking for a decline. Whats the market going to do with it . Theres no way to necessarily know what the market is pricing in, because you have a massive span of those estimates. Month to month, almost impossible to make sense of the massive flow in and out of the labor force. That being said. Im interested to say how this market is rallies into this number, and normally it trying to stay neutral. The dollar has stretch treasury yields very compressed. It will seem as if were springloaded to get . Kind of reaction if theres a big upside surprise on jobs, or maybe the market is pricing in correctly, and were not going to get a big comeback. It seems interesting that we are perched at these extreme levels just as were getting what could be a decisive data point. Gold 12re67d, silver up 7 today, or 54 since the star of this quarter more to discuss with mike later in the show. Grinding on in washington today is two key players weighed in on the negotiations eamon javers has the latest. Hi, eamon. Reporter yeah, wilfred, grinding on is a good way to put it were going to have one of those at 5 00 p. M. Today thats when well see leaders meeting up on capitol hill with representatives from the white house and the administration to try to hammer out a deal here ahead of the selfimposed deadline of tomorrow not at all clear theyll get a de deal two top leaders were on cnbc both on cnbc, laying out the philosophical disagreement. Economists tell us, spend the money, investment the money for those who need it the most they will spend it it will be a stimulus, or at least a stabilization, and thats a good thing. The argument over how much is appropriate at this particular juncture, as we struggle to get the economy back on its feet and get the country in a place where it can sustain it of until we get a vaccine. Reporter almost everybody in this debate agrees there needs to be a new bill with some new spending the question is how much and what type. The president is facing a tough reelection in november he would like to have some sort of resolution, he has said today as hes traveling the country, he might move forward with an executive order or series of executive order as soon as tomorrow, but legally and practically its not entirely clear exactly what his team can do in terms of writing that executive order. It will survive a legal challenge. Well see if the president can pull a rabbit out of his hat here, and well monitor that meeting at 5 00 today. Its so interesting a lot of questions about what an executive order could achieve, but while theres this finger pointing between the two sides, which i certainly came across earlier today, on whether the threat of an executive order imminent threat could shake both sides into action. Perhaps thats what it might achieve. I think thats what the white house is betting on, right this sort of speak softly and carry a big stick, and this is the big stick here i dont think that democrats on the hill take it as seriously as the white house wants them to. I think theyre looking at it and realize theres some significant legal problems on that, and the president might not think he has the authority, so maybe both sides are simply talking past em other the airlines are moving higher after the u. S. Lifted an International Travel advisory. Fe phil lebeau has the details. Back in march the state department put out these levels from 1 is fine, to 4 you shouldnt be making this trip. Its been at a 4 since march 19th for around the world. They are now lifting that. Theyll have individual ratings in specific countries. It still may be theyre going to say, look, thats a level 4, but other areas could be a level 1 this is the beginning of perhaps easing International Travel restrictions that are out there, easing the market to get backs into the fact that we will eventually see people flying internationally again. What is moving the stocks is the latest on this jobs relief bill or the talk of it going into whatever stimulus package is passed this would help out the airlines for another six months so let me explain exactly what youre going to see. This is expected increasingly by people in the industry to go tluf that would be 25 brill on, not 25 million that would mean no layoffs through march. Remember, theyre already geren tees no layoffs through the end of october the argument for another package is, one it would prevent costly retraining a number of pilots arent working, they wont be able to keep up with their certification. It will ensure service to all the smaller cities, and fen if the Airlines Sees an nick in demand, theyre really to ramp up its just a matter of getting the planes ready to go the problem is demand. It still remains very weak, down anywhere between 72 and 75 compare that with where we were precovid19, which was up around 2. 3, 2. 4 Million People flying every day that demand has not changed. Nonetheless, you take the airlines stocks, they have all moved up this week, because at least theres a floor. With this package they could have the guarantee of the jobs being paid for through march the belief is this 25 billion will go through. A lot of other industries would like that money. And they are talking about that, sara what that it should go to not just them . Well, yeah. Other industries are say, why should the airlines get this why should shouldnt there be one for a specific industry . Yeah, retail. Yeah, thats definitely happening in washington. Phil lebeau, thank you. Up next, betting the farm. Shares have held up as people continue to invest in the health of their animals friends thats right after this break. Youre watching closing bell on cnbc. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Wevwelcome to campding a way tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Shares of zoetis hitting highs today. The Livestock Sales did decline on food supply change disruptions. That was offset by a strong showing in pet revenue the stock is up 1 mounta. 5 . Kristin, great to have you here. Weve heard and seen that people at home, taking care of their pets, adopting new pets, was that the story here behind your quarter . Thanks for having me. Good to see you again. As you know, zoetis is the world leader in animal health. Were hoping for and guiding to. Our business is about equally split between Companion Animal and livestock as well as the u. S. And xu. S the story of the day was indeed the growth of our pet care business, so really Strong Performance that certainly beat expectation. You know, people are home with their pets, theyre adopting more pets, and theyre investing in more. Theyre noticing more about their pets we sea very strong growth overall in pet care. Is that a onetime phenomenon or something you see sustainable as we change or habits and lifestyles beyond states opening. The growth in pet care has been going on for a while. There was similar growth in the mid single digits, call it 5 to 6 , but at zoetis weve been growing faster than that for a while. Theres pretty strong fundamental Growth Drivers you know, as people spend more time with their pets, theyre investing more in them we were quite excited to launch a number of Innovative Products over the last few years, certainly in the quarter, the big news was a trio, which combines three products into one, and we saw growth in that product, as well as the entire franchise, which grew for 28 in the quarter, but the other big driver for us in pet care is the dermatology portfolio. The itchy dogs i used to have, we have two products, which also grew in the quarter. We do see this as a continued strength, the humanization of pets and growth of our portfolio. Kristin, on the flip side, you saw some declines in the livestock part of the business what drove that . If you look at the livestock side, about 60 is outside of the United States. That actually grew 4 operationally. We have seen challenges in livestock overall, especially in the United States. There are two key drivers to that in the quarter. The first is the movement from, you know, dining out, travel, to dining in. People changed their consumption pattern. The supply chain had trouble, as you probably reported on, adjusting to that. The second factor was also just t the capacity issues, and change in crosscapacity has a Significant Impact on many of our customers and producers, as those supply chains were pretty efficient. We do see probably continued challenges in u. S. Livestock, as you look into the end of this year, particularly on the cattle side, where it takes them longer to rye act poultry can react a little further, but the key message for us is the diversification of our portfolio, both u. S. , xu. S. , across species, and even challenges, the ability of our pet care to drive our topline growth yeah. I was looking at the international results. Theres quite a divergence there. Strong growth in places like cha china, but weak in latin america. Is it tracking the virus china has been an incredibly strong performer part of that is really driven by african swine fever last year, which really decimated the swine population in china. So what youre seeing is the rebuilding of that herd. As they do that, to ensure biosecurity, these are large interesting grated producers, you know, that really need our products and our expertise we saw Significant Growth there, but as well our companion portfolio. There was growth between livestock and pet care in china was about equal, but there continue to be challenges certainly in europe with covid in latin america youre seeing in the last few months a resurgence there in brazil, markets like that. But it comes back to the diversification of our portfolio, while there may be challenges, china continued to perform quite well, and saul a Strong Performance so, you know having multiple species, helps us absorb some of that. Do you ever worry about longterm threats and pressure in changes of regulation or Consumer Awareness and tastes toward some of the antibacterial and products you have . Were focused on making sure we provide the products and services that our consumers really want. Thats where weve been investing. I think people want to know more about where their food comes from, and much more engaged. At zoetis were focused on the continuum of care, first preventing disease, predicting health statuses, detecting and treating if you look at the key areas where were investing for growth is to make sure we address the needs of consumers and much of our customers, producers and veterinarians. So thats really investing in monoclonal antibodies for preventi prevention, as well as immunotherapies for cattle, which is very important to our customers, and diagnostics, which is bringing individual animal care, making sure you can tag an mall, know its health status, predict an mall if they get sick quickly speaking of monoclonal antibodies and vaccines, were all focused on covid19. Have you seen symptoms in pets like dogs and cats have you seen people thinking their pets have covid19 and treating them for it there have been a few isolated cases in the u. S. , as some people have talked about, some cats and dogs with he do have reference labs that can diagnose and test for that there have been a few isolated incidents in homes with people who are quite sick of a few individual cats or dogs getting infected it has not been a key trend overall, but as the world leader in vaccines and diagnosis tickets, were vessinvested in making sure wove the diagnostics, but our sense is its not been a big issue. I think pet owners are cognizant, but we dont see that right now as a big issue that the world is focused on. Kristin peck, thank you for joining us. Thanks for having me. By the way, just 37 minutes after the session were at session highs, up 170 points on the dow. The Company Behind announced bia g influx of cash those details after a short break. 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. Were committed to makingy college more affordable. , thats why were keeping our tuition the same through the year 2021. [student] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. Video games have seen returns as more people stay at home fortnite just received new funding. Hi, josh. Epic games did just raise a ton of monies, announcing a 1. 8 billion funding deal, valuing this company now at 17. 3 billion. This round includes a previous announced investment from sony, additional Investment Partners including bailly gifford, funds and accounts managed by blackrock, fidelity, funds and accounts advised by t. Rowe price and david tepper the company is will known for the house party app. Guys, back to you. Quite the phenomenon. Josh, thanks while david tepper gets into video games, jeff bezos is getting into pop music amazon saying it signed a deal with lizzo remember, back in february, jeff bezos actually tweeted a photo with lizzo writing, i just took a dna test, it turns out im 100 lizzos biggest fan still ahead, were counting down to earnings or he was already negotiating the deal and preempting the promotion. That would be a long period of negotiations, though, but yes, either way, proving himself a for aen. We are counting you down a lot more, well have the numbers and reaction from mike seavert, and a quick check on bonds. Treasury yields mostly lower we have a weak dollar and strong stocks thats been it is theme, 0. 53 off the lows which were around 0. 5 you still get the picture. Its liquidity, the weak economic backdro backdrop of bug stocks and bonds well be right back. When the world gets complicated, a lot goes through your mind. With fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. Thats the clarity you get with fidelity wealth management. 30 minutes left to check in on the market action, as we stand up 0. 6 or padded a bit, about ten minutes ago nasdaq said for a record close lets look at some individual market movers. We mentioned have i i dont games earlier. Shares of nintendo reporting a fivefold increase in quarterly profit, driven by demand for animal crossing new hidesens shares are up 5 also shares of fastly, after the ceo disclosed that tiktok was its biggest customer, leaving investors concerned about the exposure to the appear that the Trump Administration is considering banning. Lets get a cnbc news update hello, everyone. Michigan teachers holding a rally in that States Capital to protest inperson classes which schools reopen this fall, also calling for more funding for families dealing with job losses and the threat of eviction new Research Suggests asymptomatic covid19 patients shed just as much of the virus as those with the symptoms the experts say more research is need needed. In turkey, if you think your morning commute was rough . Tack a like at that. Thats a very lucky man, narrowly getting run over by a bus. He jumps into traffic and then get back out of the root police have not said if the it doesnt like the safest of bus stops in the first place. Very true maybe its not a bus stop. Or maybe thats just the way it is. After the break,