When it happens. Weve got our eyes on that. We are also going to talk to the president of k12, the Largest OnlineEducation Company in the country. Hes going to tell us what he wants to hear from the president as Virtual Education takes a larger role in the lives of american students. It may be the education they have come fall. We dont know yet. Meanwhile, restaurants across the nation getting swamped as reopening plans get sunk in some areas, while others push closer to indoor dining. Cameron mitchell restaurants owns ocean prime restaurants with locations in both hot spots and areas that are recovering. The owner Cameron Mitchell is here to talk about dhthe challenges of dealing with these changes along with keeping his businesses afloat. Markets are slipping late in the session. Red across the board. The nasdaq just went into negative territory a few moments ago. If we can pull out green, it would be the 25th record close. Dow down 266, s p down 18, nasdaq down 25. We are going to of course follow these markets throughout the hour. We are less than an hour to the closing bell. Im Cheryl Casone in for liz claman. Lets start the claman countdown. Cheryl we are getting some breaking news on amazon. The company, we are finding out, is planning to open its First Fulfillment Center and second delivery station in little rock, arkansas. This Fulfillment Center going to launch next year. Amazon says it will create more than 1,000 fulltime jobs. The news coming as amazon yesterday cracked the 3,000 mark. That helped its market cap hit 1. 5 trillion with a t and also touched an alltime high earlier today. Amazon is in the red now down 1. 5 . Again, a big day yesterday and today for amazon. The news continues with that company. Well, the United States is moving at warp speed on its covid19 drug hunt. Novavax, look at this stock right now, up almost 30 . This stock skyrocketing since the bell this morning. They have just landed a 1. 6 billion federal funding contract for a potential covid19 vaccine. The Biotech Company says it hopes to deliver 100 million doses by january. This could happen later in the year. This stock is up more than 2400 this year. Operation warp speed is the government agency, multiagency effort to get a vaccine to americans as fast as possible. Now theres regeneron, nabbing a 450 Million Contract with the u. S. Government to produce up to 1. 3 million doses of its experimental antibody cocktail. The first doses could be ready as early as the end of the summer. Regeneron up more than 3 . This therapy is designed to treat and prevent covid19, in particular for those that have close contact and that do get infected, say a roommate, for example. We talked about that yesterday. Now lets look at united airlines, weighing on the sector on a wall street journal report that a new spike in coronavirus cases, plus these travel restrictions is going to hit the industry which has already been hit. Look at united down 7 . American down more than 6 . Delta down more than 5 . This report also says united saw a plunge in bookings at its newark, new jersey hub as tens of thousands of employees are potentially now facing furloughs. Thats the news on united airlines. Well, once again, want the remind you, take a live look at the white house. This is the east room you are looking at right now. We are waiting for President Trump to speak at the white house. The administration is holding a discussion on reopening schools in this country. The school year is fast approaching. Remember, its august in some places across this country. Resuming a normal education environment is important, if only for the education of the children in this country, but also for parents that are hoping to return to their jobs without the stress of wondering what they are going to do with their children. This event comes just one day after floridas department of education mandated all School Districts reopen next month for the fall semester, even as coronavirus cases are spiking in that state. Want to bring in Edward Lawrence. He is at the white house. Hes got a preview of this event. Its a very large event from what we are seeing here in new york, edward. Reporter yeah, exactly. You hit the nail on the head when you talk about the president pushing this forward. The President Donald Trump wants those schools to reopen across the nation because he doesnt want parents to have to face that choice of going to work or going back, not having kids go to school and having to stay home and maybe possibly not working. In that room there, you are going to see professionals from k through twelfth grade, also parents and students as well as some higher educational professionals also. There are some people in the room wearing masks, others are not. Now, a third of the kids in the United States, a third of the families in the United States have a child under 14 years age at home. Now, when the expanded unemployment benefit runs out in august, they will have a choice. 50 million americans can either work at home or try and work at home or stay home with the child or they go to work. They hope that school does start at that point so governors balking at the idea of reopening, other governors Going Forward. You mentioned the Florida School board decides that all counties will eventually open. Now, in a statement from Deputy Press Secretary judd deere he says the Trump Administration is committed to working in partnership with University President s, superintendents, principals, counselors, teachers, health professionals, parents and students, to ensure inperson learning resumes in a safe and healthy way. In fact, within the last hour, the head of the cdc says that theres no reason that schools across the nation could not open. Listen to this. Cdc encourages all schools, all schools, to do what they need to reopen and to have plans that anticipate that covid19 cases will, in fact, occur. When i look at it, i think its important that the guidance that weve put out as the secretary mentioned this guidance and i want people to see it as guidance to reopen. Nothing would cause me greater sadness than see any School District or school use our guidance as a reason not to reopen. Reporter the health and Human Services secretary says yes, they are going to reopen but it might not look like a regular school year. There might be some sort of distancing going on, might not be as normal. However, it is more normal than having the kids stay at home, is their point. Cheryl as you were speaking during your live report, we do have live pictures from the east room and the Vice President has now sat down. We are getting a list of attendees. Secretary betsy devos will attend the session as well as alex azar. Dr. Deborah birx is in the room. There is kellyanne conway, Senior Adviser to the president. Obviously we will go back to this event as soon as it happens. Looks like it will be pretty soon. Edward lawrence, thank you for that live report and teeing up this event at the white house. Theres dr. Deborah birx. We will take you back to the white house as soon as that event gets under way. We expect a twominute warning. The dow is down 280, s p down 20, nasdaq down 35. The nasdaq hit another record high earlier but it actually has now just gone into the red. The dow, s p and nasdaq are on pace at this point to snap five Straight Days of gains, on fears of surging covid19 cases across the country. Some states, texas, florida, arizona, really showing a resurgence. All of this in the markets today just one day after stocks charged higher. Citigroup is bumping up their s p 500 yearend target to 2900 from 2700. Good news. But that is still a nearly 10 drop from current levels. Heres a question now. Are investors just nursing a monday hangover today or is the rising number of these cases something we really just cant ignore anymore . Lets bring in our floor show experts. Teddy weisberg is standing by as well as phil flynn. Great to have you both here. If i have to interrupt you, i apologize now for this white house event. Teddy, i want to start with you. I have been getting this question multiple times a day. The markets are going higher and higher and higher and so are the cases. Where is the reckoning in all of this . Well, first of all, markets dont go in a straight line. You know, i would be a little careful to get all nervous and jerky just because we have one day of selloff after five good days. Markets, thats simply what markets do. I would agree that stocks for the most part, in my opinion, are pretty much priced to perfection in anticipation of a recovering economy and dealing with covid19. The market still has a lot of issues out there, cheryl. And at some point, it is quite possible that this will all come home to roost and we will get in a real downdraft, maybe not what we saw in march, but a downdraft. If thats the case, clearly theres not going to be anyplace to hide. For the moment, i think its a little premature to throw the baby out with the bath water in terms of where the market is, where we think its going, and are we poised for a big selloff. Cheryl i agree with you. When markets go up and up and up, thats when i get nervous because healthy pullbacks is what you are talking about, but theres another interesting thing i found in Market Action today. Phil, i want to take this to you as im watching these shots from the white house. Thats that the gold contract ticked above 1800 bucks. Remember the 2011 record for gold was 1888. I was really surprised, i guess i havent watched the contracts that closely recently, we are seeing that flight to safety. What does that tell you . It tells me a lot of things. It tells me that gold is acting as one of the perfect hedges against the potential return of inflation but more than anything, the devaluing of currencies around the globe. Thats what we are seeing in response to this coronavirus panic right now. Every Major Central Bank on the globe is printing money. If they say they are not printing money, they are lying to you. What we are seeing is all this record stimulus. Any time we have seen the stimulus around the globe, its been great for gold. This rally in gold reminds me quite frankly of what happened after the financial crisis in 2008. Gold prices tanked, the end of the world, disinflation, then all of a sudden, we got qe and that set off one of the greatest bull markets in gold history that eventually culminated in that high that we were talking about just a few years ago. If you look at the chart on gold right now, its very similar to what we saw, you know, in 20082009. The prices crashed on the covid stuff, the stimulus comes in and gold goes up. Thats why we have a real good shot to see 2,000 an ounce by the end of the year for this gold market. Cheryl all right. Phil, by the way, did you move to miami overnight . It looks like boats behind you. No. This is beautiful chicago. This is theres the planetarium, they are looking at stars. I dont know what theyre doing. Cheryl another gorgeous view from phil flynn in chicago. Phil, teddy, guys, thank you so much. Appreciate it as always. All right. We are waiting on this event at the white house. We will take you there as soon as it begins. We are watching the dow right now. Big board on your screen. We are down 281. The sun is shining on the Solar Industry as the top two companies in the Residential Solar Panel market announced a merger today. They agreed to a 3. 2 billion deal. Actually, lets take you to the white house right now. President trump is now stepping out into the east room. Here we go. And for those of you that this is the first time, i know exactly what youre thinking because i was here first time and it was still something ill never forget. So its great to have you. And our first lady and i are pleased to welcome everybody to this wonderful place and discuss the vital importance of safety and reopening americas schools. We want to reopen the schools. Everybody wants it. The moms want it, the dads want it, the kids want it. Its time to do it. You know, our mortality rate is right now at a level that people dont talk about but its down tenfold. Tenfold. So you look at deaths are way down from this horrible china virus and its a disgrace that it happened, shouldnt have happened, but it did, and the economys coming back and its coming back strongly. Jobs are setting records for two months ago, they set the record and then again almost five million new jobs last month which is a record, and it broke our last record of a month before. So the numbers are happening much faster than anybody anticipated. The stock market, nasdaq just hit another record today and the markets generally are just really a very small amount below where they were at the height of the market when we first had to do this about four and a half, five months ago. And its incredible whats happened. When you look at education, my administration has approved 13 billion for state and local education. We have approved over 6 billion to support colleges and another 6 billion in emergency grants to students, very importantly. We waived standardized testing requirements, deferred federal student loan and Interest Payments so you take a look at the student loan program, we have waived student loan and Interest Payments and that is something that people havent been hearing about and nobody talks about it but its a big deal. We have pioneered new treatments that are dramatically improving the health outcomes, vaccines are doing very well, therapeutics are doing very well. The Therapeutic Research has been incredible. I think youre going to have a lot of big things happening long before the end of the year on both vaccines and therapeutics. Therapeutics and i guess a little bit of a word we can use for on the way to a cure but they make you better. To me, the therapeutic is even more important than the vaccine at this point, because people will get better. But the numbers are the testing numbers are the highest they have ever been. We are almost up to 40 million in testing and 40 Million People which is unheard of. Far more than any other country. Many times what any other country has and therefore we have more cases because we are doing more testing. We have more cases. If we did half the testing, we would have far fewer cases. But people dont view it that way. What they have to view, though, is if you look at the chart and maybe mike has it, but we looked at it before, if you look at the chart of deaths, deaths are way down. So what we want to do is we want to get our schools open, we want to get them open quickly, beautifully in the fall and as you know, this is a disease thats a horrible disease, but young people do extraordinarily well. I was with the governor of new jersey, we were talking and he said out of he mentioned a number which is a very high number but its a number nevertheless, thousands of people, there was only one person that died that was under 18 years old in the state of new jersey and that was somebody i guess had a problem with perhaps diabetes or something else, but one person out of thousands of people, one person died who was under 18 years old. So thats Pretty Amazing stat when you think of it. But i would like to now just give the mic to our first lady. She will say a few words. Then we will go with mike and karen pence, then we will go around the room a little bit, say a few words. Kellyanne, you did a great job this morning. Thank you. Really great. So if i might, first lady, please. Cheryl we wanted to give you the president s remarks at the top of this event. Now hes going to melania trump, the first lady. The president there saying that obviously the countrys making Great Strides when it comes to treatments and vaccines and therapeutics. 40 million tests done, the president said and the mortality rate for the coronavirus down tenfold and obviously talking a little about the economy and the record jobs numbers. We will be monitoring this event from the white house. If any more news comes out of it, we are certainly going to bring it to you. But what they are talking about here is schools. How do you reopen schools. Protect students but also get children, some at risk, out of their homes. Traditional schools really struggled with the sudden shift to Remote Learning in the spring when this all happened so quickly for this country. Now the question is, is there going to be more Virtual Learning in the fall or hopefully as the president is talking about now and the first lady, are kids going to go back to their schools. I want to bring in, as we monitor this event, the biggest Online Education provider in the u. S. And chief of that company, k12. They have educated over 120,000 students nationwide. The stock up 62 this year. K12 president is here. James, first i want to get your reaction to what you are seeing. I know your specialty is Online Learning but the president and the administration, they want to get these schools reopened for multiple reasons that we will go through. Your reaction to this event at the white house, sir . Sure. Yeah. Well, you know, i think first of all, you said it right. This spring was hard for a lot of families. You know, this coronavirus came on us really quickly and a lot of School Districts werent prepared. The school that k12 operates, we were prepared. We didnt shut down. We were able to continue operating through graduation without really much [ inaudible ] and theres no black or white here. School districts will have