U.S. stocks rose in volatile trading today after the Nasdaq Composite closed yesterday at a new low for the year, attempting to rebound from a tech-led sell-off in April. Archegos Capital Management’s owner, Bill Hwang, and its former chief financial officer, Patrick Halligan, were arrested today in connection with the implosion of the family office last year. The men are being charged with racketeering conspiracy, securities fraud and wire fraud, according to a statement from the U.S. district court. Companies including Texas Instruments and Deutsche Bank are out with new warnings about the potential impact of the Covid outbreak in China. CNBC’s Eunice Yoon reports Beijing is currently winding down its city wide testing and Shanghai is expected to lift the lockdown measures. Meanwhile, former FDA commissioner and CNBC contributor, Scott Gottlieb, says China does not have a Covid endgame and will see rolling lockdowns for the “foreseeable future”.

In this episode:
Eunice Yoon, @onlyyoontv
Scott Gottlieb, @ScottGottliebMD
Andrew Ross Sorkin, @andrewrsorkin
Joe Kernen, @JoeSquawk

Becky Quick, @BeckyQuick
Cameron Costa, @CameronCostaNY