distancing the dow up led by boeing and other major indexes treading water. let's get to mike for what he's watching mike >> jon, right now watching a stock market that is trying to digest yesterday's big gain and also interpret the mixed messages that come with such a gain like that, 9 1/2% up in the s&p 500. one it was an assertive statement the market got too oversold, got reaction and reacted to the upside. if you look at the chart it needs to prove it's more than a one day wonder by getting around 2,500 level for the s&p 500. that would get it above where we closed march 12th, the single most disorderly day intense day of selling and people say this could carry higher for 6% and still be merely oversold. so a lot of mixed messages about how bottoms are formed, how new

information is incorporated there. i'm keeping an eye on relationships between stocks and bonds. bonds have vastly outperformed you can see the chart in the bond mark ket index. a lot of chatter about how pension funds will have to rebalance out of bonds into stocks to keep ratings consistent whether yesterday was a front running of that activity or whether by the way individuals may now use it as an occasion to say my allocation is out of whack because stocks are smaller, that is something we can watch perhaps play out on over the next few days >> mike santoly, thank you that sets us up well for our first discussion, market panel of the day we'll start with market action, another volatile trading session so far good morning andrew, i'll start with you, how are you advising clients right

now? especially given the fact we are coming off the dow having the best day in 80 years, but historically we've seen these moves on a single-f day basis in the midst of recessions or bear markets. >> great question. good morning i think what you need to see, you need to see multiple good days of performance. we've had, in the last couple weeks we've had days of very good bounces but then there's been no follow through so what we wanted to see is a follow through day like today coming on the heels. that's a good sign there's one thing that i would point out that is occurring, which is there is a leadership rotation occurring over the last five years just buying low ball stocks has worked really well since early march, as the market has dropped, that hasn't outperformed what is starting to outperform

is more the cyclical stocks. that is a good sign of a bottom when you get a leadership rotation but i really think you need to see a couple good days to think we put in a bottom here in the market on monday >> that's an interesting point you make, especially given, i think, the fact that it probably feels counter intuitive to some investors to be focussing in on cyclicals right now seeing everything playing out, where manufacturing is concerned, supply chains, et cetera ally, how should investors be positioning themselves for not just now but also the long term. is it too late to sell or building cash right now? >> not at all. look, we came from a rip roaring economy, lowest unemployment we've seen strong consumers, strong consumer balance sheets. we're going to get there again

whether it's a v shape, w shape, u shape, when you're investing for long-term investors, that's not the point. we have the structure coming down, which is something that we like to see. we just cannot sustain these leaves, just like we cannot sustain the panic of going to the food store and hijacking toilet paper but we still have a realized over the last ten days of north of 120 that's not an environment we want long-term trading in. we are still, when we get rallies, taking a little risk off the table for those clients who either need additional lick y -- liquidity or would like to buy time whether we do it through the options market, etf or active management which i think is going to be a new trend you will see coming forward, the ability

to produce over benchmark. for now i would say we have two pillars of the three legged stool that feel great, federal reserve and hopefully fiscal but we have the dampening of that curve and what the virus looks like out there to deal with and that's going to be very sensational for investors. >> andrew, you say this should be a two quarter downturn based on where the market is now but here's what i'm puzzling over a lot of that seems to be based on the patterns we see out of china and south korea, which shutdown their economies for a pretty extended period of time it's not clear at this point that the u.s. is willing to do that, based on what the president has said over the past couple of days if the president does try to encourage various businesses to open back up within three weeks, say, how does that affect, in your estimation, the importance

of flat itening the curve, the economy and therefore the market >> well, if, in fact, we could reopen the economy, then i think, you know, as it pertains to the market, the low is in i always remind people that the worst time to invest is when things are great and they go to less great and the best time to invest is when things go from horrible to less horrible if, in fact, the low of unemployment is in the next month, then that's a very good sign. i agree with you, it's a great point, china is a different situation. but look at japan. the market peaked a couple weeks before we did, the market bottomed a couple days before, and the market is up 18% if you look at the state of washington, their numbers are not -- they were the first in. their numbers are not growing quite as rapidly so i think it's beyond just

what's happening in china that leads me to believe. it italy, the rate of acceleration is slowing down. so i think there is a chance that this, in the next month, the numbers will -- you know, the horrible numbers will be in the next month or so, and the market is a forward predictor and it will start to look through that >> ali, you mentioned watched for volatility to come down. i don't want to say when would you expect that to happen, but how would you expect that to play out what would the levels be that you would be watching for? >> look, i mean, the difference between where -- you know, the peak here was in the '80s, we're talking about a realized of 120. you know, we just want to get down to a level that is sustainable and that illustrates fundamental positioning. a lot of the market volatility that we saw over the last couple

weeks was really massive institutional players just sort of puking out leverage, as opposed to what we're seeing now. you mentioned pension funds, that repositioning, individuals are part of this we need to see something sustainable to get into. yesterday having the biggest day since 1933 only complicates that picture. i think what your former guest said is the case markets are going to recover before the economy recovers. we are starting to have scenarios between china and italy that demonstrate that you can start to quantify, you know, companies, the banks have come out with anywhere between 10 and 24% down in earnings for the second quarter there's a consensus this is probably an economic recovery that's in the fourth quarter of this year or 2021 event.

but i still think there is a ton of volatility out there. and by the way, the thing that we haven't talked about yet this morning is the plumbing in the fixed income markets is getting better yesterday was the first time we saw some issue in europe we have a long way to go where that is. and i'm not comfortable getting clients really back into markets in a direct funded way until the plumbing with the fixed income and credit markets feels like it is on a real path to recovery. >> andrew, i just want to revisit what you said to make sure i'm clear do you think the market right here, particularly, you know, u.s. markets, are priced assuming that we do have an extended shutdown and manage to flatten the curve, or are you saying whether we do that or not, the expectation is that

this is a two quarter phenomenon, even if the government and other authorities suggest a shift in strategy there that results in perhaps greater loss of life, we would hate to see that but that one or both of those eventualities is priced into the market >> the market peak was down 34%. that is not a normal recession markets drop more in the 40, 45% range. a normal recession is four quarters plus. i think down 34% is pricing in a short recession. and i think there is a good chance of that, but if it morphs further to longer, then the low of monday will not be the low. i think it's a good chance it will be a short recession. i would stress, though, as your other guest is pointing out, this is a good point

you don't get a bottom and then an instant recovery. there's going to be retest along the way. but i think there's a good chance that that was the initial low. we'll get a relief rally you know, i'm watching today, you need to see back to back and then you will get some further drippage down because these companies still need to preannounce and bring down numbers. but my belief is that this is a health scare and, therefore, that's why we had such a rapid decline from good to bad and likewise we will start to come out of this sooner than people think. and, therefore, it is a short recession. deep, very deep, but a short recession will lead to a -- a shallow -- not the depths of a normal recession like we saw in 2000 or 2008 >> i hope you're right i think if there's one key take

away you both put out there this morning it's that we could have a recovery in the market before an actual recovery in the economy. today, at least right now, certainly the s&p and the dow industrials are higher in the session for the second day in a row. alli and andrew, thank you >> we're going to take a quick commercial break check on the markets before we go we have the s&p 500 still up about .8%. the dow, 2.5% gain with boeing leading the way. and the nasdaq is trying to turn positive reports out of italy, maybe the l lombardy death curve starting to flatten out. the ten year is stju under .8% much more on the markets right after this

we see harnessing natural gas unleashing the promise of clean energy. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

. welcome back our next guest runs a pharmacy company that delivers prescriptions straight to your door in several major cities, eric is the founder of capsule and joins us now eric, good morning >> good morning. great to be on >> it's great to have you. you're operating free delivery in select areas of new york

city, san francisco, d.c., chicago, let's talk specifically about new york, because it is certainly being hit the hardest in this country by covid 19. what have you seen as far as volume of new sign ups, stress on your delivery network how are you handling it? >> absolutely. new york is, as we all know, the epicenter of the crisis right now. we have cases doubling every three days and we think it's super important that people are able to stay home to keep the community safe we've seen tremendous inbound and demand not only from consumers but from doctors, hospitals, and from local government officials because we're the only pharmacy that delivers for free the same day, seven days a week, in three easy clicks and we have the operational and technology infrastructure to continue supporting the community at this time some of the data we've seen is,

we've seen a 5x increase in the number of new people bringing prescriptions over to capsule. and there are days that our business is seeing 30 to 50% week-on-week increases in the entire business. our entire team is on the front lines right now of this crisis and helping the community get through it and they're real heroes being able to support the community to do this we've been partnering with, you know, local businesses in new york that had to either layoff or furlough workers to be able to continue to aggressively build our capacity so we're able to continue serving the community. we think right now that medication delivery is an absolutely essential tool in containing the virus and that's one of the things that the government in wuhan wa very aggressive in moving care

online, particularly in really moving people out of physical pharmacies and using medication delivery as a tool to contain the spread and enable people to stay at home and isolate so we're able to overcome what is obviously a massive public health crisis right now. >> absolutely. because i imagine pharmacies are a location where either people who are already sick with the virus or people who are at high risk from getting hit hard by it would con agree gait if they were forced to come out. how are you able to keep up with demand what additional safety precautions, if any, are your delivery workers taking? how long does it take you to train someone who might be used to delivering food to deliver this eric? i believe we lost the audio on eric

we are going to try to get that back, guys but kelly, i tell you, as we hear more and more of these stories and there was just one in the "new york times" over the past day about people who are dealing with the impact of the coronavirus right now, caring for loved ones, it's so key to be able to get resources into the home and do it in a way that doesn't put the public at risk >> 1000% on that note andrew cuomo is giving his update in new york city. let's listen in to the governor. >> hospitalization and then there are degrees of hospitalization, right but the total universe that requires hospitalization is 15%. the -- we use projection models. we have cornell while, this is a great medical institution that

does projection models, the department of health does projection models. the projection models are important because they are projecting the possible trajectory and protecting the possible need, right so we're planning for a need the projection models do that. the projection models are just that, they are models of projections. they're not necessarily definitive, but it's the only device that we have to plan, right. follow the data, follow the data, follow the data. the actual hospitalizations have moved at a higher rate than the projected models -- than all the projected models so that was obviously concerning, because at higher infection rate, means faster, higher capacity on the hospitals and that's the critical point for us is the number of people going to hospitals

right now, what we're looking at is about 140,000 cases coming into the hospitals the hospital capacity is 53,000 beds that's a problem we're looking at about 40,000 icu cases coming into the hospitals. we have about 3,000 icu beds, that's a challenge what is an icu bed for these purposes basically a bed with a ventilator the ventilator is the most important piece of care for this illness because this is a respiratory illness and people need more ventilation than usual. we want to reduce the number of cases coming into the hospitals, slow the number of cases coming into the hospitals that's what dr. fauci is talking about on tv every day, flatten the curve, flatten the curve slow the number of people coming into hospitals so we can deal

with them in the hospitals and we are working on that at the same time, increase your hospital capacity. right. so try to slow the number of cases coming into the hospital, meanwhile, raise your hospital capacity we are working on both simultaneously we have been from day one. reduce the number of cases coming in, flatten the curve so the spread of the infection we are doing everything we can on that. that's banning nonessential workers, that's social distancing, that's closing restaurants, closing gyms. just flatten the curve, slow the infection rate one issue we had was in new york city where we had a higher level of density than we wanted, especially in the new york city parks, especially with young people i've been as direct as i can and as blunt as i can on young

people and the misinformation that they have you can catch the coronavirus. you may think you are a superhero, you're really not you can catch it and you can transfer it. which makes you dangerous to the people who you love. but the new york city parks have been a problem i saw the problem myself firsthand. i spoke to mayor de blasio, i spoke to speaker johnson, we said come up with a plan in 24 hours that everybody agreed with they came up with a plan we're now implementing that plan i signed off on that plan. the plan is going to pilot closing streets in new york city because we have much less traffic in new york city, we have many -- fewer vehicles in new york open streets people want to walk, they want to go get air, you want a less dense area, so pilot closing

streets to cars, opening streets to pedestrians the -- we'll also enact mandatory playground social density, probably a new concept. no close contact sports in a playground no basketball. for example. you cannot do it we're asking people to do that on a voluntary basis if there is noncompliance with that, we will then make it mandatory and we will actually close the playgrounds. we don't want to do that because playgrounds are a place to go out and get open air, but you have to exercise social distancing >> that's new york mayor cuomo with his daily coronavirus updates in what's the hardest hit state in terms of the outbreak we'll continue to monitor that, bring you any headlines from

there. the dow and s&p are higher trying for the second day of positive gnsai we'll take a commercial break. stay with us yes. it's the first word of any new discovery.

but when allergies attack, the excitement fades. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies. we segetting to patientscines in record time. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved.

and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

welcome back we're going to get an update on the coronavirus and efforts to slow its spread. sue has that for us at headquarters. >> i do. good morning, everyone citing the coronavirus outbreak, russian president putin delayed the vote on amendments that would have allowed him to stay in power for years to come russia is reporting a 30% increase in cases since yesterday to a total of 658. moscow's mayor says the numbers are too low because of insufficient testing he describes the situation as serious. italy set up roadblocks to make sure drivers have good reason to be on the streets. they must carry a document theyy

see a second wave of coronavirus if residents continue traveling. iran has the highest death toll from the outbreak with more than 2,000 dead before calling the meeting to order, everyone wash their hands with soap and hot water for at least 20 seconds. >> and that is warren buffett voicing a public service announcement on coronavirus precautions. his key message, invest in yourself he teamed up with genius brands, the children's media company that produces the series warren buffett's secret millionaire club >> sue, that's not the kind of announcement people are looking for from him they're waiting for a big accusation, we've had a 40%

selloff. >> you may get that, but he said that he really felt that he wanted to do his part in helping people get through this ordeal and i'm sure he'll have some investment advice for us but right now, invest in yourself >> i'm telling you, if he wants to help people through this ordeal, watching him come in with a sweeping acquisition would go a long way. but it's his money, his decision not mine sue, appreciate it let's check in on the dow jones industrial average up 470 points today, looking for two in a row which we haven't seen in almost two months a 2.24% gain we're back in a minute they're the backbone of our economy. and in these challenging times, they're adapting to support their communities. so we're supporting them, and asking everyone else to support them too.

intuit quickbooks. at cdw, we get that trying to simplify data storage can get very complicated. but cdw will assist your needs and implement a dell emc unity xt all-flash unified storage platform. it delivers speed and efficiency, while providing simplicity and flexibility. for unified storage platforms, you need dell technologies, and it orchestration by cdw. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. a partner who makes sure every step is clear, wewithout the planet cooler getting warmer. at emerson, when issues become inspiration, creating a better world isn't just a result,

it's a responsibility. emerson. consider it solved. dana-farber cancer institute discovered the pd-l1 pathway. pd-l1. they changed how the world fights cancer. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives everywhere. everywhere. everywhere. everywhere. everywhere.

it will rush americans as assistance, from the middle class down and through unemployment expansion during this emergency it will deliver historic relief to main street america through hundreds of billions of dollars in emergency loans so for small businesses can survive this and keep paying their workers. >> that was senator mcconnell on this morning's stimulus package. glen hubbard joins us with his reaction as we know it, still waiting on the full next text, you called for three months of assistance, looks like we're getting two

months at 100%, what do you think? >> i think that's right. 100% is actually the best number for small and mid size businesses, most of whose revenue goes to payroll anyway the loans would be forgiven if people keep workers on payroll, it's an important backstop for a critical sector of the economy >> one thing i'm hearing from folks across the country is concern about whethersmall businesses will trust this deal, so to speak. which i find interesting, i'm not sure if it's because we don't have the text and once we do, there'll be a level of trust, or if it turns out there are more provisions than just retaining and rehiring workers why should businesses out there believe they are going to be able to access this eight weeks of pay and not have to pay it back if they follow those measures >> it is critical.

i think that the government will have to make sure that it publicizes this. because it is absolutely just to keeping workers on payroll, my understanding from the bill. and if small businesses don't take advantage of this, many would have have to lay off the workers or close i hope the communication will be quick and the banks can also help in that communication it will be important for the government not to retrade anyone this is not a situation caused by any business. it's a pandemic. >> glen, what is the cost of this going to be longer term, you think? we were as a country running a deficit during an economic boom and now we're going deeper for an understandable reason, but when people talk about the impact of this and getting back to normal, does that mean you expect that taxes stay at the same level and the government can continue to operate at the same level of revenue or is more

revenue going to have to be raised >> you ask a great question. i think about it in two parts. first is right now we have to get the economy back on track, the question is counter factual, if we don't do this, the cost of mass unemployment and shuttered businesses is worse. second yes, this will accumulate a lot of debt. i think it costs more than the congress thinks it's going to cost, but kudos for them doing it anyway. and at some point we will have to raise taxes or cut public spending, there is no free lunch. >> glenn, when you look at this bill that's making its way through congress today, it's the largest fiscal stimulus package in modern u.s. history it's the third package we've had the last couple weeks, couple that with unprecedented and massive moves by the federal reserve as well and then, of course, we've seen some pretty

intense lockdowns, shelter in place orders, et cetera, enacted in recent days and weeks to try and bring that infection curve down, is a recession a fore gone conclusion >> a recession, i think is a foregone conclusion. the question is what does it look like? it should be relatively short and sharp, until businesses can restart. the pandemic is more like a natural disaster than it is something like a typical recession or depression. in some sense, '08 is not a great guide here there was a lot of behavioral issues that got us in trouble in '08. this one came out of left field. so i think we have to be careful. >> i'm curious about the exit strategy here. both for the federal government, because we could be running a 15 to 20% deficit now and for the federal reserve, which has expanded into different kind of asset buying programs. the liquidity are i guess easy to unwind but what about the

rest of it and should people be concerned about what happens with treasury yield here >> the quicker the treasury can get at the problem, particularly the shutdown problem for small, mid size businesses the better this will unwind itself, that still leaves the debt to be serviced for the fed, yes, it can unwind facilities but the fed frankly should always be poised to be a lender of last resort. congress had clipped the fed's wings in dodd frank, i think it's wide to have the federal reserve have broad lending power because when a crisis happens, it has to move quickly. >> to dig into that a little bit more when we're talking about what could amount to a $6 trillion stimulus here according to larry kudlow, at some point the pandemic is going to pass, the worse of it is going to be over, we'll emerge from a recession,

what is that going to look like in terms of refilling that budget hole? >> well, again that's, you know, largely a political question the u.s. can with stand moderately higher debt levels but that would be a big increase in debt, especially because we have a problem with entitlement programs that aren't in the registry debt. so at some point on a clear day we will have to look at revenue and spending in the federal government but in the crisis the point is to right the ship -- >> of course. >> -- i think that's what congress and the administration is working on. >> thank you for your time and thoughts on this bill. glenn hubbard, the former chair of economic advisers jon? >> we're going to take a quick break. as we do let's get a check on the markets. the dow higher by more than 550 points the s&p holding onto gains just shy of 1%.

the nasdaq fractionally negative we'll be right back. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

a partner who makes sure every step is clear, wenot the exception.sh food being the global norm, at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved.

should they downsize? nesters now. probably. will they? not as long as thanksgiving is a holiday. planning for the future is about more than just money. let equitable be your guide. but when allergies attack,f any the excitement fades. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies. markets go lower, pot stocks go higher. jane wells is going to break that down for us what is this a case of escapisem >> cannabis has gone from worst to first after a terrible 2019 sales are sky high as people are forced to shutdown, they're

stressing out and stocking up. companies, after a horrible year are up significantly over the last week as states like california and new york are deeming cannabis essential, especially for medical patients. here's a couple of stats revenue has increased from 52 to 130% at 1,300 dispresenceries that use e platforms harbor side is one of the largest chains in california with 60 million in annual sales, now pivoting to curb side delivery, and the cofounder is amazed that some places aren't deeming cannabis essential during this pandemic. >> most of all, if we don't allow people access to cannabis, which is relatively safe, they're quite likely going to start medicating with more dangerous substances like

alcohol or tranquilizers or opioids. so i think it's clear that cannabis is an essential business and i'm pretty shocked that there's governors and mayors of legal cannabis jurisdictions that still believe otherwise. >> well, the state of massachusetts disagrees. cannabis there is not essential. denver tried to shut stores, changed its minds three hours later after everybody had a cow. back to you. what happens to these workers, are they going to be eligible for stimulus funds? had. >> well, that is an excellent question, kelly. if -- will these cannabis businesses be forced to pay them, an hr company that works with them says yes, but will they get federal aid in return, highly unlikely because cannabis is illegal >> that is a difficult thing to overcome, jane we appreciate it jane wells with the latest on this aspect of the businesses

for us a quick programming note as we head to break. don't miss our cnbc special town hall tonight send in your questions using the # cnbc the path forward. we're back right after this. d i. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself. you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley.

it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind...

...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ] welcome back new york governor andrew cuomo just moments ago announcing the number of new coronavirus cases in the state let's listen in.

>> 5,000 again you see the numbers, 13,000 -- i'm sorry, 17,000 new york city 4,000 in west chester. 3,000 in nassau county relatively, west chester we have dramatically slowed what was an exponential increase so again on the good news side, can you slow the rate of infection? yes. how do you know? look at what we did in west chester. that was the hottest cluster in the united states of america we closed the schools, we closed gatherings, we brought in testing, and we have dramatically slowed the increase nassau county is 3,000

relatively right behind west chester, they were atlike zero when west chester had started. so we can slow it and we have slowed it. again, you see it spreading across the state which we said it would current numbers, 30,000 tested positive 12% of those who test positive are hospitalized 3% of the positives are in icu okay this is deep breath time again i'm anxious, i'm nervous, what does it mean 30,000 tested positive 12% are in the hospital. 3% are in icu. if you look at those 3%, they're going to be predominantly senior citizens, people with underlying

illnesses, people with e emphysema, people with a compromised immune system. that's what this effort is all about. all the noise, all the energy, it's about that 3% take a deep breath now, that3%, that's my mother, that's your mother, that's your sister these are people we love these are our grandparents and we're going to do everything we can to protect every one of them and i give the people of the state of new york my word that we're doing it but we're talking about 3% of the people who tested positive who we're worrying about most impacted states, we're 30,000 next closest state is new jersey at 3, california, 2. this is a really dramatic di differential and this is what i argue to anyone that will listen.

we have ten times the problem that the next state has, which is new jersey. you compare us to california, which is larger in terms of population, we have 15 times the problem. now, you have to ask yourself, why? why does new york have such a high number? and again, in the totality, we understand what it means, but why does new york have such a high number? and this is my personal opinion. i like to make sure that i separate facts from personal opinion. the facts change day to day. but i give you exactly what i have on a day-to-day basis personal opinion, why does new york have so many more cases than any other state

how can it be? >> that's new york governor andrew cuomo a few moments ago, updating the numbers for new york state, for coronavirus confirmed cases. meantime, we want to get to frank holland, who joins us now with werner enterprises ceo, derek leathers >> we also want to thank derek for joining us during this very busy time. werner enterprises is your company. it has more than 9,000 drivers delivering high-demand goods like sanitizer and toilet paper to retailers like walmart and dollar general can you tell us what it really takes to keep those stores stocked? >> yeah, frank, thanks for having me. we are doing everything we can to keep these stores stocked our drivers responded to the call to action they've been amazing throughout this crisis. they continue to stay on the road, stay safe, practice social distancing, but get deliveries made we've never seen a surge in

certain consumer products, and obviously we know what those categories are, but like this one, we've responded to hurricanes and tornadoes for years and other natural disasters. this is just on a more widespread scale and the volumes have been more significant than what we've seen historically >> yeah, certainly, we've seen that impact in stores with empty shelves. we've been seeing that demand for trucking, the rates for trucking have really been soaring in recent weeks. can you give us a sense of what's really changed year over year besides the higher demand >> i think the bigger issue, it's more than demand. it's what's happened in people's networks i mean, trucking networks are similar to airline networks and other networks what we're seeing right now that's very unique is consumption is at its highest, where the epidemic is most severe and yet at the same time, production is at its lowest in those very areas so as you deliver large scales of relief supplies into certain areas of the country, you are generally going to have to leave those areas empty, travel far distances to get to your next shipment in order to repeat it

and take the next load of supplies in. so networks are built on design and on efficiency and on trying to minimize empty miles. and right now they're built on trying to get goods to market as quickly as they can. there are some repositioning fees and other things in place, but by and large, i think truckers across america, companies across america have answered the call and are being very reasonable about how they price and trying to make sure that the focus is on getting the goods to market more than any other thing. >> it's great to get your insights in the midst of this coronavirus crisis more than 70% of all of the goods that are moved around the u.s. come in contact with a truck. truck tonnage has historically been an early indicator of economic activity, more broadly for the u.s. what are you seeing through the lens of werner right now in terms of those tonnage numbers, the demand, and what that will look like, especially if we do go into recession? >> i think it's going to be a little bit a tale of two cities right now. demand is up, but it's certainly

shifted. so we are heavy retail carrier we do over 50% of all of our businesses in retail that demand is up, but even there, it's depending on the product type so shifting from apparel to consumer staples, we are continuing to focus on that. the short-term demand is strong. but we will -- we will enter a period just like others, where as demand slows and we get through this initial surge of product needs, we fully expect that tonnage will decline later in the year and we have to make sure we're prepared for that but for now, the focus is on getting goods to market. >> derek, you're responsible for thousands of your drivers that drive millions of miles every day, coming into contact with a number of differently people what steps have you taken to make sure they're all protected from this coronavirus outbreak >> we're trying to do everything we possibly can. so one of the things we did early on is we secured hand sanitizers and wipe kits we've delivered them out to our terminals and distributing them to our driver. we work with several of our

customers who make those types of customers so they're not having to also shop or interact with the general public that is out there shopping, trying to find the same supplies we've created a covid-19 hub internally and on the driver portal and on the drive werner app so they can access that and get daily information. and i'm trying to make sure and filming regular videos and trying to push those out to the fleet, giving them updates on where we're at and what we're doing. the biggest thing we need from the public, if they can stay at homes, keeps them off the roads and makes the efficiencies of deliveries better. and our partners have stepped up at the truck stop chains across america and have worked to make sure we have grab and go food options, clean showers to utilize, and the fuel pumps stay filled and active. but it's a team effort everybody is working together to make this happen >> derek leathers from werner enterprises, thank you for joining us, and frank collin, thank you. >> thank you very much thanks for having us we are going to take a quick

break now, but first a check of the markets. the dow is higher by just over 2.5%, around 550 points. the s&p up fractionally. the nasdaq down. the dow is led by boeing, nike, united health. scott wapner will take over on the other side of this break yes. it's the first word of any new discovery. but when allergies attack, the excitement fades. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies.

we see hat emerson,kthroughs when issues become inspiration, creating a better world isn't just a result, it's a responsibility.

emerson. consider it solved. weveryone, looknk isn'tat your phones. the design thinking, the digital engineering, security, blockchain, and we will be first to market! yes. when we do we launch? unfortunately, in 2 or 3, hours. why the delay? cognizant is helping banks use digital technologies at scale to advance speed to market.

our breaking news coverage of the markets continues now welcome to the halftime report i'm scott wapner stocks volatile today following their best day since the great depression everyone now wondering if we're at or near a bottom and what all of this means for your money today. let's welcome in our investment committee. joe terranova is with us again jim lebenthal, steve weiss, meghan shue and kari firestone is the ceo of the arias asset management let's go right to the markets. 21,264 is where the dow currently trades that is a gain of better than 550 points 2.75%. the s&p 500, 2467, that gain of 20 points. a little more than 0.75% nasdaq is slightly