Special Report | Markets in Turmoil


Today every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait that's why IBM is helping. Businesses manage millions of calls texts and chats with Watson. Assistant it's conversational. I designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work visit. Ibm Dot Com Slash Watson Assistant to learn more I NBC producer. Katie Kramer. One of the voices behind the CNBC. Podcast Squawk Pot in these times of uncertainty. We WanNa make sure we're bringing you our listeners. As much information as possible as quickly as we can. That's why we're sharing with you now a CNBC special report markets in turmoil. Listening good evening. I'm Scott Wapner on day. One hundred fifty of the coronavirus crisis the death toll in the US tops. One hundred thousand but tonight there is optimism for the future of jobs in America two night new signs of a comeback. It's another step in the return to some degree of normalcy from the world of sports to the Great American Job Market. Plus Disney makes its pitch. It's ready to open the magic kingdom believe Shirley for improving the number of guests that we can accommodate five tonight. A key player in the decision making chain is with us live. And we'll take you to one great American Beach Towns Main Street to show you how businesses are trying to fight their way back this. Cnbc special report begins right now. Here's Scott Wapner. Welcome good to have you with us on this Wednesday night after stocks rally again. Let's give you your first look at the futures very early of course and we are mixed the Dow and the S&P would open higher s for today more optimism over the economy reopening. Was the story on Wall Street. The Dow rising more than five hundred fifty points closing above twenty five thousand for the first time since March the P five hundred climbing one and a half percent so far this week. The Dow is up almost four and a half percent the Russell. Two thousand small cap index up. Almost six percent jobless claims tomorrow morning expected to be yet another reminder of the toll this pandemic has taken on the employment market but are there. Signs of coming turnaround viewers will know. Evan sewn is the man behind the sewn investment conference but he also runs recruiting dot com. His firm works with tens of thousands of recruiters throughout this country and they are releasing a new monthly survey tonight showing reason for optimism. We welcome Evan in evidence. Sight to see you. We normally this time of year would be at your investment conference raising a lot of money for a great cause but here is where we find ourselves. What are you seeing on the employment standpoint? First of all great to see you Scott and again we look forward to many years in partnership with CNBC on the phone conference foundation. Recruited DOT COM technology platform combining more than twenty five thousand small independent recruiters with AI powered job sourcing and talent matching and recruiter comes spilling the jobs with employees across the country so with this platform of twenty five thousand recruiters. We realized we have this unique opportunity to hear from the job market from people with the years to the ground really the recruiters we created the recruiter index as a Ford Looking Data. Set on hiring job trends that we can use to steer are focused internally. We publish those last month. And now we're showing the May recruiter index with you today. And we'll be on our website tomorrow. So give us an idea what are the highlights what we said we were seeing some optimism. Tell us how. Yeah that's correct. So we're seeing some positive trends one of the biggest trends that we saw in April. The average recruit was working on twelve jobs and it may we saw jumped to fifteen jobs just to give that context in a good market. Your average could be working on twenty to thirty jobs so we're seeing a real nice increase in April only nineteen percent of the recruiters that we serve eight felt. The job market was staying stable our approving and in May that number jumped from sixteen percent to forty one percent so again a very big bounce back in a very short period of time and optimistically this really points to a healthy recovery as the majority of recruiters across all sectors about over sixty percent believed that the job requirements are going to increase over the next ninety days and this compares to only thirty eight percent last month in April when we did the survey what. What's interesting is the predictions of the top sectors or industries. If you will have changed a bit from April into may tell us about that. What kinds of jobs? Specifically we're talking about sure so healthcare is now eight hundred. Eighty nine percent see demand increasing the next ninety days. It and taxi seventy two percent and then really interesting last month. We didn't have construction manufacturing at all on the index and now sixty seven percent of the recruiters surveyed in those sectors in the manufacturing those jobs increasing and ninety days and sixty percent in the construction space so again new new sectors. I received a demand for in the next ninety days. I'm wondering how much you yourself are. Sort of thinking about the future of employment how structurally may change work from home and and things like that and the different kinds of jobs. We may have future. Yeah look there's no doubt that. Millions of lives really disrupted by cove nineteen and we empathize with everyone. Who's really lost their job and has the largest platform for small independent recruiters. It's really our mission. And our responsibility to not only report from the front lines but to really leverage recruited dot com to help these businesses of all sizes filter open roles as fast as possible and get people back to work whether those are fulltime jobs gig economy or part time jobs. Evan we wish you well. It's nice to see you again. We'll see a down the line next got all right. That's Evans sewn joining US tonight. Now let's bring in CNBC contributor. Dr Scott Gottlieb is the former head of the FDA now a CNBC contributor so Dr Gottlieb this job recruiting data is good news. How should companies be thinking about the safest way to bring people back? Well really depends on the company and this is very good news. I think companies where it's an office job where people faced lower risk have different sets of circumstances that they need to consider. Then think of a job where it's a shop floor and industrial job and many of those stayed open but jobs where employees don't have the ability to social distance and protect themselves can't really wear proper. Ppc protective equipment throughout the day. I think they need to take more aggressive steps to screen employees more regularly and screen them coming back to work then perhaps a job. That's an IT service type of setting where people can socially distanced week. Densify the office and create more safeguards within the office environment itself. And I'm seeing a lot of companies. I'm talking to a lot of companies right now. They're talking about bringing testing into the worksite. Not JUST TO TEST PEOPLE COMING BACK WHICH. I don't think we need to do but implement more regular screening. What you really trying to guard against the risk that a single introduction of the virus into the workspace can cause an outbreak. We know there's going to be cases we know there's going to be cases at work. We want to prevent as a single case from getting into a worksite setting and creating an outbreak of any size. So gimme the blueprint. Then docker GOTTLIEB. I'm to put you in the chair in the corner office of the sweet. You're the CEO of a fortune. Five hundred what exactly would you do? Well you WANNA densify the office. You want to try to create some social distance within the office environment. You want to try to segregate employees as much as possible into groups that not everyone is intermingling with each other. But you have people in cohorts if you can so you have shifts that are more more spread apart. You want to close common areas or if you have to keep common areas open and you need people to have room to take a break. You want to stagger the break time so not everyone's coming together at once and in terms of testing you want to implement testing in some kind of protocol. We're testing representative sample of your employees on a regular basis. You can either. Test the entire workforce and ways to do that at scale. That could be relatively inexpensive. If you're starting to pull samples you don't test each individual employee. You take samples from each individual employee and you pull them together and you test the entire pool of samples so you you can only you can test one hundred people at once or fifty people at once. That's actually how China manage to test ten million people in a week. They didn't test ten million individual people. They took samples from ten million. People may tested a million samples because they pulled them into pools of ten. So there's ways to do this to leverage some of the platforms to do it more efficiently. But you want to get in place some kind of testing regime. I think at most workplaces where people are going to be congregating together in close contact when you're getting a representative sample. So there are cases spreading in the workplace. You're going to identify them. There are mildly symptomatic recent places and finally for people who are symptomatic. You WanNa have good protocols in place where they can go and get tested. You WanNa have generous benefits that allow them to self. Isler at home if they have covid to not come into work. You also want to designate someone inside the office environment to give advice to people who are worried about the fact that they might have been exposed or might have covert nineteen so many differences to to consider the difference between a corporate office park in suburban America versus the Office Tower in the early large urban centers. Many different things have to be considered right right and remember. A lot of the risk isn't just in the office environment. I mean there's risk in closed environments where people are going to have sustained contact. Not that describes a lot of workplaces and so you want to reduce that risk of sustained contact in a closed environment but a lot of risk getting to and from work as well and so you want to provide for measures that help people reduce their risk of getting to work and from work so people have to take mass transit. Maybe stagger the workday in ways in which people could get to work and get from works and not traveling during rush hour. Maybe for vans if you can or other kinds of travel to work provide for car pooling ways to sort of densify. The trip to to work as well on these are the kinds of things. Businesses should be thinking about you want you want to reduce risk in knocking to eliminate risk. There's still going to be risk. They're still going to be infection. There's going to be infection and workplace. Finally another point on that is you need to have the tools in place to do good contact tracing in the workplace so if someone does have a case of covert and workplace. You WANNA be able to quickly identify who they might have been in contact with. And there's actually technology that you can use in the workplace a lot of these APPs that track. We might have been touch with that. We might feel uncomfortable. Deploying a sort of wide setting in the general public in a workplace that might be acceptable. People might be comfortable with that. Want to ask you about the tools and contact tracing plays into it Dr Filed. She said something interesting this morning. Dr Godly Bundy said. A second wave of the virus isn't inevitable. That's the word that he used that we can still take the right steps to prevent it now. Contact tracing obviously comes into that. I'm wondering what you think about the statement he made and whether you agree with it well. I'm not sure exactly what he meant by that. I think some pervasive spread of this virus is inevitable. I don't think it's just GonNa go away. That doesn't mean a second epidemic or large outbreaks in the fall faller inevitable that we can mitigate I mean I think this virus is going to continue to circulate around the world. I think this is going to become endemic. It's probably going to become one of the circulating strains of covert and ultimately. We're going to need a vaccine to this to really fully vanquish the risk for good. But we don't need to have another epidemic certainly not on this scale but even large outbreaks outbreaks in cities and states. Going into the fall. We do the tools and the capacity is if we plan well to mitigate that a lot of it's going to depend on what people do in the workplace. I mean trying to get testing into the workplace is very important because I think people are GonNa have a challenge getting access to testing in the community so the worksite might be someplace that people can get much more ready access to Cova testing and also testing mildly symptomatic asymmetric people. We can't just people who have clear symptoms of covid because we know a lot of the spread is for mildly. Symptomatic recent dramatic people that if we're not testing them on a routine basis we might not catch them talk about tools and capacity. That's great do. We have the political wherewithal Dr Gottlieb to follow through on some of these more necessary steps. Contact tracing it's a great question. I mean I think that some states are doing this very well and investing in this. I think other states are hesitant. And you're seeing some political concerns around contact tracing as well because it seems to have taken on a political dimension where it's perceived as sort of government intruding into people's personal lives. I don't think it needs to be that way. I think that there's a perception that there's going to be so much infection that if we try to do contact tracing we're basically going to have the government tracking down. Everyone that doesn't need to be the case. I think that we can keep infection. Blower a certain level that we can do efficient contact tracing and it's not going to be intrusive into everyone's lives not everyone's going to get a tap on the shoulder and say you were in touch with someone who had covert you now need to go for testing and you might need to sell vice late. I think we can keep the group. The number of people who have this infection are exposed with down to a manageable level. Certainly South Korea was able to do that. Singapore was Japan was these are big countries and so as we come off the summer if we can get infection down and I think we will heading into the summer and we head into the fall. We could try to keep up with this. There's no reason why we can't be optimistic and think that we're going to have the tools to keep up with us. Not sure hope you're right. Stay with me if you would Dr Gottlieb again this evening at Disneyworld. A magical step closer to reopening. It was given approval today from the mayor of Orange. County Florida. Disney now needing the final sign off from Florida's Governor Orange County mayor. Jerry demings with us once again this evening mayor. Welcome back did even Scott. I'm glad to be back. So you've approved the plan for Disney. What do you think the governor's going to do? And what will you recommend to him? I recommend to the governor that he allow Disney to reopen on June eleventh. And I believe that he will prove that So we're waiting on confirmation at this point. We don't have any word from Disney at on. What sort of capacity requirements are going to be put into place but in your own mind? What makes sense to you? In terms of the number of people that you'll feel comfortable with inside that park others in the region. Obviously Disney is a large attraction itself and so the total capacity for business one of those things that they consider like a trade secret will but suffice it to say I believe that. They're likely looking APP when they initially reopen a be it when if. I TOOK ACID. And what are you thinking about when it comes to hotels both on property which may be Disney in charge of versus those in in your in your county. How should we think about hotels? And the safety and the security of the visitors believe that has taken all of the measured steps to ensure the safety of this guest. Wow a visiting there either. Resorts are the parts attractions They have put in an abundance of screening. That would take place not only for the guests before they employee's whale then they have numerous sanitary admitted that they have put in place and then They have created an engineer. Social distancing within the various rise attraction. Sin If you couple that with Referring all of their employees as well is there guests to wear masks. We believe that it'll be a safe environment. They will have numerous ambassadors if you will sanitation ambassadors that will be located throughout the are that will constantly remind people of the need to create distance between themselves. And I believe that if you look at it from the perspective of of and dealing with this pan-demic is like a war. Between earning clean a Disney has really focused on a lot of linens of measures. That will hopefully keep everybody safe in the process. You wonder and think about if not even worry about whether anybody's is going to show up. I believe people will show up If not just our local community of the Delighted data's that they that will really all look forward to seeing their at Park itself and a soda. Some pinup that man. I believe from those hills in central Florida and really those within driving distance. Oh we expect to have a significant Number of people who will be attending. But there'll be spread out is such a large are. You likely will not see people really on top of each other and so I feel very comfortable about the measure. The Post they have used a real. You are certainly in if not the epicenter one of them in this country when it comes to Family Entertainment Wendy you in your own mind feel like things will get back to some semblance of what you thought normal was think we're a ways away from seeing what we all believe with What was normal re cove nineteen days free? I'M GONNA early March for us. It's going to take some months to get back to that level because of virus astill a amounts us is alive even though he within this community we have a beverage small positivity rate we have a rate of about a two point eight percent. We've done a some. Approximately sixty seven thousand individuals have been tested and out of that number one thousand eight hundred seventy seven have tested positive and so eighty four eighty five percent of those who have untested have fully recover so when I community the Department of Health estimates that we have maybe three hundred people who are still active now because we have three hundred people that needs at three hundred individuals can spray the virus very rapidly if we don't really Adhere to the CDC guidelines on all of these sanitation measures. That have been put in place. So I feel really comfortable. Because we see significant compliance from our residents here within our area where they are wearing masks near all those things have auditor of feel comfortable with reengaging. We know from a consumer confidence survey that we did here with in Orange County. A we have a population of about one point. Four million and over fifteen thousand people participated and I'm consumer confidence survey and from that survey what they said to us Nearly two-thirds of them said that in order for the field Engaging they WANNA see these senator measures in place and so for businesses to be successful live the launch theme park. They're gonNA have to display that kind of Sanitary measures that placed Lastly Mayor of would you take your own family to Disneyworld or one of the other theme parks. I look forward to taking my family and you know my wife is the United States House of Representatives and she spent a Lotta time in Washington. Dc and our tease all those but at some point I think as she deals with the business of the nation Joe Return and I look forward to some point this summer going at this taking. Yeah a little little downtime and experiencing with our attractions have off. Well we wish you well and certainly Wish you the best in your counties. Path FORWARD. Very much That's mayor demings joining us from orange. County Florida Dr Gottlieb. Turn back to you now as we're thinking about many of these theme parks within the next handful of weeks are going to be reopened in some capacity. How we think about that. Look anyone who's been at Disney and I've been at Disney. It's a carefully controlled environment. I think they had the capacity to reduce risk within the park. It's an outdoor activity. They can use ultraviolet light deep cleaning on the rides they can beat densify the food service. There's a lot that they can do within the context of the theme park and I really suspect strongly. They're thinking this through you. You saw some of a preview of it in terms of what they didn't Disney Springs. Which will they would create a lot of distancing between people how they were queuing people up. I think consumers need to think about the risk not just within the activity but along the journey getting to Disney and getting from Disney the risks. You're taking in the travel and how you reduce those wrists. The issue of the infection rate in Florida really isn't the operative question. Florida very low infection rate. The issue is what's the infection rate nationally. Because the thing like Disney you're bringing together people from all over the nation in some cases all over the world although I think international travels can be reduced for awhile and so it really becomes a question of what is the background rate of transmission around the country and if it sufficiently low these activities become relatively safe especially heading into the summer. I think we will get transmission down as we head into the summer so I think there's a lot of things that we're going to get back to doing doing differently. But we'll be able to get back to doing it as a consumer you need to think about the risk across the whole journey not just within the theme park theme parks a controlled environment. I think that there's a lot that they can do to reduce the risk within the park itself. That time again for some twitter questions. I've got a few four. Tonight's thank you for obliging us. There are viewers are looking forward to this Kathy. Jones writes Dr Gottlieb if my adult children test positive for the COVID nineteen antibody can. They visit their parents. Well it depends. It's probably not satisfying answer. There's two different antibodies. You develop in response the infection. I the first one peaks after about ten days. The second antibody peaks after about twenty days if the test probably test for both of them and and definitely looking for I d Jays so if if you have a high level of the second antibody which peaks after twenty days. You probably don't have the virus more you've cleared the virus. You developed a long-term antibodies that provide immunity. And you probably. Are you know safe to go out at that? Point of really looks like he wants. People aren't symptomatic for a period of about two weeks. They seem to have cleared the virus and are no longer. Contagious was interesting. Something that you flagged today as well the CDC saying the companies shouldn't use antibody tests on decisions related to going back to work. That's interesting right. And we've said that on his show first of all the tests themselves aren't reliable. There's a lot of invite tests that that. Fda has said aren't reliable. The agencies allowed him to stay on the markets. You really need to be cognizant of what test you're using the Abbott. Abbott has a good test out in the market. Roche has a good test out in the market. There's another test that's going to be partner with. Montesano reliable has high sensitivity and specificity. Meaning that if you have. Antibodies it's going to tell you. Have ANTIBODIES ALL? These tests have a high sensitivity. Not all of them have a high specificity which means that in a certain number of cases. They're going to say that. You have antibodies when you really don't and so what? I would do if I got. An antibody test is repeated if you had a positive hit on test I would want to repeat it because test with a specificity of ninety nine percents. That sounds really high but that means one out of one hundred times that you use that test. It's going to say that you have antibodies when you really don't and if only one in one hundred people have antibodies and use a test like that that means in one case out of one hundred. Have antibodies when you do and in one case out of one hundred is going to say. You have antibodies when you. That's a fifty percent error rate. That's pretty high error rate. And that's the problem with using tests without perfect specificity to test for low probability events and that low probably being having antibodies speaking of testing and lastly tonight for victory one ninety five. I recently was tested for Covid and have had to wait five to seven days for results. Wire testing results still taking that long. And what efforts are being made to improve our testing. We've heard about this before it. Apparently we're still hearing about it now. Yeah really shouldn't Labcorp attorney around these tests much more quickly. I would call you. Doctor AND PRECEDENT TRY to get those results more quickly. It should be within twenty four hours. Dr Gottlieb is always appreciate your time gets you tomorrow night. Thank thought that's Dr Scott Gottlieb former head of the FDA now a CNBC contributor. We do have breaking news tonight by the way from the White House in the world of social media. Are Julia Boston following that force? Live Tonight. Julia. Yes I'm the president is going to be signing executive order on Social Media Tomorrow But we don't know what that executive order is going to entail what is going to include. I've reached out to facebook and twitter for their response to this. They both said they have not seen the tax and without getting the tech. They cannot have any comment so no comment yet from facebook and twitter. And we don't know what this With executive order will entail. But I do WanNa know at this comes. After trump has a president trump has been in a bit of a standoff with twitter. It started when twitter put some warnings that there might be misleading. Potentially misleading information to of the president's tweets. This is the first time a twitter twitter's ever done this and Response. The president tweeted threatening to shutdown social media platforms are being biased and silencing the voices and he tweeted the big action was to come so this could be the big action. But it's unclear whether it's executive order will entail Scott. We'll see what happens tomorrow. We'll be following it. No you will as well Juliette. Thank you Julia for out in Los Angeles also on the Social Front Andrew. Sorkin speaking with facebook. Ceo Mark Zuckerberg tomorrow on squawk box. A very big interview starting at six am. There's a lot more ahead meantime on this. Cnbc special report. Finally a plan from big sports one commissioners plan to get the place laced up and ready to go next. Plus restaurant bookings are making a comeback. One business owners surprise when he opened the doors and we are going to using Effectively honored that for the car. A ride with Elon. Musk before the break images from around the United States on the One Hundred Fiftieth Day of Corona virus crisis Today every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait that's why IBM is helping. Businesses manage millions of calls texts and chats with Watson. Assistant it's conversational. Ai Designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work. Visit IBKR DOT COM Slash Watson Assistant to learn more welcome back day. One hundred fifty of the crisis here are some more headlines on the virus tonight. Boeing is laying off thousands of employees as part of its plan to cut ten percent of its workforce by the end of the year following the collapse and travel the European Union proposing a two trillion dollar Corona Response Plan for its twenty seven member countries. Nissan plans phase restart of its. Us manufacturing operations starting on June first and the NHL is one step closer to getting back on the ice as the League approved a return to play plan questions of course still remain on a return date. Nhl Commissioner Gary Bettman joining us. Now Mr Commissioner. It's nice to see you. I hope you're well. Thank you for coming on tonight. You're well also it's always good to be with you. Tell me about this plan at least the framework as you have it and how flexible you think you might have to be with well. Everything we've been doing for the last hundred and fifty days was to prepare model every possible alternative. In option we might have as circumstances were unfolding And this plan that that we ultimately agreed upon with the players in the players association on was intended to take into account fairness integrity of the competition so we can ultimately were the Stanley Cup. Make sure and perhaps not perhaps but actually most importantly account for players safety and health and wellbeing and for the players and for other personnel and for the communities in which we play so the notion is. We're going to open our training facilities. Let our players get back. Start working out. Many of them have never gone without skating this long. And then when we see what's developing in how they're feeling than move to the next phase which would be training camps will decide when and how long whence we see how the phase of training facilities goes and then once training camps over. We'll go into a a playoffs. That has a qualifying round and the play. It out obviously will be playing with summer and into the early. All a this gives the clubs who were still in contention for the playoffs when we add to a pause on more twelve an opportunity to see whether or not they actually would made playoffs. Nothing of course is date certain date though in your mind that says we have to start playing by such and such time or we won't be able to do it at all it's really more the other way We will probably open our training facilities the first week in June. It'll give players and opportunity to get back to the markets in which they play particularly players. Who may have to be quarantine such as those coming back from? Outside of North America I will move probably in some point in July baby Mitchell. I'd be in our training training camp mode and then we'll move in depending on how long the players think that they need for training camp. Then start playing. See our health issues for the players to fault. One is obviously covid. Nineteen and the other is our players. Have to get back in game shape up because we don't want them risking injury Coming back to it was going to ask you about the international players. You you probably have the most international rank and file and in all of Professional Sports. Do you know how many players at least percentage wise have stayed in? North America during the pandemic. Actually the last time I got the count soon forty. Four percent of our players are currently in the markets in which they play and roughly seventeen percent of our players are outside North America right now based on the list headcount I got. How do you deal with with sponsors and the kind of deals that you had in place in things that need to be renegotiated? How are you thinking about that? You know from all of our constituents whether or not it's the league dealing with the players and the Players Association. The level of cooperation and constructive dialogue has been outstanding been very collaborative in the same is true of our business partners whether it's our media partners or our sponsors at a licenses so we we're all in this together and we're going to all get out of this together and that's the way we've been approach you know. Lastly I realized that not all teams played the same number of games before you stopped. How will you deal with stats and the leaders in goals? And what are we? Because it factors into player contracts and incentives and things like that though as relates to impacting player contracts and potential bonuses that something will will work out with the players. Association of the factor. The matter is the regular season a has been concluded because not all the teams are going to be participating in the plan round in the playoffs. But we're no matter what team you root for an affinity for. They'll probably be something in this plan that you wish was a little different but when you look at the whole plan on balanced it's fair. It has integrity. It'll justify whoever ultimately wins the Stanley Cup And we're doing the best. We can under extraordinary circumstances that nobody any business says every bite experience. We wish you well can't wait. I really can't wait and hope to see hockey this year. Thank you thanks for having with you and I hope you and all your viewers stay out now commissioner Bettman. We certainly appreciate that very much. We'll talk to you soon. That's Gary Bettman. He is the Commissioner of the National Hockey League. There's a lot more ahead tonight on this. Cnbc special report next reopening Charleston South Carolina style. See how one business owner got a huge surprise when he opened his doors. Plus One person's down your neighbor is there to help main street. Usa Banding Together to turn the corner and it's going to have an option to have rocket thrusters rocket thruster yet. Take a drive. With Tesla's we're back in two minutes support for this podcast and the following message come from Stanford small if you're a small business owner head to stand for small dot Com for resources offers and tools from a growing group of Companies. That want to help your business get back to business visit. Stanford small dot Com to get started. Welcome back on a day when the Dow closes above twenty five thousand for the first time since March. Let's see right now. We're future stand as we take a look at how things could open up tomorrow fairly mixed picture. The Nasdaq would be under a slight amount of pressure off the open down. Snp positive comes after another rally on Wall Street the Dow rising five hundred and fifty three points the S&P five hundred and Nasdaq also ending. Higher financials were the best performing sector yet again. And the biggest gainers. Dour American Express Goldman Sachs and JP Morgan well. Us restaurant bookings are on the uptick since being shut down during the covert closures. According to open table in the last couple of days the number of seated diners in restaurants nationwide is up. It is good news tonight. We're speaking with chef. Mike Ladda he is the CO owner of to Charleston South Carolina restaurants fig and the ordinary opened his doors yesterday chef Ladda. It's nice to have you on our program. Welcome thank you for having me. I hear I hear some noise in the background. Is that tell me that you've got some people in your restaurant? Yeah so the ordinary right now. It's our first night. We launched fig last night and we're about fifty percent occupancy right now so how does it look like how people seated table maneuvers? Did you have to do? What's the atmosphere like? So there are several protocols suggested by our state governments to have tables eight feet of arts No seats closer than sixty two parts so basically like our bar typically as about twenty seats right now. We have six people barnes for eighteen people seeking imagine. It's relatively empty and like every other table full and honestly going from nothing for the last ten meets. It feels like very fifty percent capacity. I granted it's not what you what you want. Frankly that sounds a little bit better than I might have expected when you hear restaurants talking about maybe twenty five percent capacity where it becomes much harder as you know chef to turn a profit will this fifty percent capacity. We're not gonNA make any money either. But hopefully we're kind of meeting on the hell which ours is about to run out anyway so we didn't get a chance to utilize the funds the way they were intended than. I think most restaurants are having that struggled return a balance public safety in our financial responsibility. So you know opening up. Fifty percent allows us to utilize the hopefully pay some bills. Stay solvents get back to you. Know Guess consultant bills that we left behind. We close by moving forward. Once that money runs out which is only three weeks away for us. We'll be faced with a pretty steep payroll middle in our our rents our mortgage insurance or interest is really going to be kind of difficult for us right now. We have a full staff right now. We have you save fifty people in the restaurants in both digging the ordinary right now but once the payroll squarely lies on our shoulders without the of the text program. It's going to be near impossible to make ends meet. Honestly if what I what I hear you saying and correct me if I'm wrong is that you might not have moved forward to opening your restaurant again right now at least because you can't be profitable but you're up against the deadline of having to use the P P P so you felt compelled to do it. Is My story sound straight so it could be more accurate so what really happened here for us. We were giving money several weeks ago. I think we're about eight weeks into it and so the clock is ticking. Of course you know. I'm a member of the infant restaurant. Coalition there's a great group busted have been trying very hard to get to defeat. Bts is typically with egg date of when we start using those funds and because there hasn't really been any movement yet however his of some of the stations right now obviously the theory will be extended where we utilized funds outside of that eight weeks so our date where we after wrap up intended use for anything fees June ten. So after June. Tenth we're going to have payroll burden that that will never be able to meet right at fifty percent occupancy however if we were given some median see on the dates and the window of which we can apply it. Well then we have a fighting chance to get up running at the community. Feel good about it but I don't think we would have opened it all in the midst of this You know endemic. Yeah if we know I it's it's interesting. It's a challenge for certain we wish you well. We know the struggles at all of y'all are going through and we wish you the best. Thank you all right chef. Mike Ladder joining US tonight. Along Musk's SPACEX had to scrub it's manned mission to space this afternoon. Because of weather problems the new plan is to launch. Either Saturday or Sunday it will be the first manned mission to space from US soil and just about a decade. Even though. Musk didn't get to show off the rocket ship. He is showing off his cyber truck. Tonight on Jay Leno's garage right here on NBC. But we didn't change on whenever finally reached production. What do you think you would do? We're five percent too big and if we just take all proportions and drop them by about five percents all the way around your favorite person of how are we? I think you're looking good on the side. Okay going into the tunnel says going pretty good you kind of have rocket thrusters yes. And what will provide the thrust? There's no fuel in the car. No WE'RE GONNA use ultra high pressure. Compressed Air oh I see okay so called Gas Roster. Okay all right. The main thrust will be like Behind the license plate so WH- for acceleration drifts license. And just that behind license plate as rocket thruster. You can catch more of your lawn on Jay Leno's garage looks fun tonight. Ten P M eastern time. There is more ahead right here on this. Cnbc special report. It's definitely GONNA be a big morale to see he things from a lab tonight main street in a classic American Beach Town. See how they're trying to turn the corner next tonight before the break what our world looks like on the One Hundred Fiftieth Day of this historic pandemic welcome back. Businesses and resort. Towns are hoping for a summer boost. Cnbc's Andrea Day talks to three entrepreneurs on main street in Morehead city North Carolina on how they've adapted in the face of this crisis. City is truly the crystal heads and has become a major destination spot for a lot of bugs. We don't have a lot of big business here. It's mostly small town. The community really sources other literally. We had maybe a clough to kind of change our way of life and we made the decision to close for two weeks. People were sending me facebook messages and text messages. Saying I'm almost out copy. You'd need to open up so I can get some more offi so we made the decision to a off day. I'll put it out on facebook and some people just want to make fresh. Ruth offing given us a chance to stop. Take a breath revisit. What we're doing this. Continue things that we were not owning successful on amp up the things that were good. And just kind of like have a reboot down. The street of pet shop is hoping for a summer boost. Used to they would come in and buy a dog food but they'd also buy toys and treats and stuff like that. Now it's a lot more buying just just in his are lungfuls around here. Really support us but that summer boost gives the extra to put back in. The store are to their local beaches out of flight or cruising. Well they just opened our beaches fully this past weekend. It was crazier than July fourth small businesses. We'll also get a big boost. From the town's fishing tournament I literally called every participant from last year. And we asked them about the males who you feel. We're not going to be able to hold the events still WANNA fish and everybody was just like thumbs up one hundred percent. Let us fish last year. We gave away eight hundred thousand dollars to charity in our community so you can imagine in a small town. That's very important. It means a lot to the charities that are here because other than grant writing there is really no one else to get. The money won't gathering we won't have the parties but the base can go out fishing. That's about the best social distancing you can people look after each other and that's what they do cross small communities across the United States. One person's now. Your neighbor is there to help. It's definitely GonNa just the a big morale things to see. He thinks from alive on Main Andrea Day. Cnbc we of course wish everybody well up next tonight. Honoring America's restaurants from coast to coast as you know each night. We give shout outs to restaurants across the country. You can tweet me at Scott Wapner. Cnbc please use the HASHTAG. Thanks for the GRUB with the name and town of your favorite restaurant. You can send us a picture as well tonight. We honor Colton steakhouse and Grill in Cabot Arkansas. The Rod and reel peer in Anna. Maria Florida the Rock Restaurant in normal Illinois Waltz pub and grill in West Lafayette. Indiana and GINO'S EAST CHICAGO PIZZERIA DOWN IN ARLINGTON Texas on Day. One hundred fifty of the crisis here are the latest headlines Tonight. The number of Americans that have now died from the virus topping. One hundred thousand Boeing resumes production of. It's seven thirty seven Max. The Dow up more than five hundred fifty points. Don't Miss Tonight Elon. Musk on Jay. Leno's garage is coming up here on. Cnbc a couple of hours for all of us here at CNBC. I'm Scott Wapner. I'll get you tomorrow on the halftime before noon. Eastern Shark tank coming up next today. Every answer matters more than ever before because whether it's about health deliveries or finance some things just can't wait that's why. Ibm is helping. Businesses manage millions of calls. Texts and chats with Watson. Assistant it's conversational is designed to help your customers find the answers. They need faster no matter the industry. Let's put smart to work visit. Ibm Dot Com Slash Watson Assistant to learn more.

Coming up next