determined just yet. >> i just want to hear more news on are there people being tested are there antivierls and how is it all going these are potentials for good news and the trajectory of the pandemic in the country. in the meantime, numbers are rising at alarming and horrifying rates >> they are. in new jersey, thousands of new cases just overnight and it has been a crazy time, a crazy week. let's hope it gets better sooner >> let's indeed hope that. have a great weekend, everyone thanks for tuning in with us and stay healthy brian sullivan is next ♪ ♪ welcome, everybody, to cnbc's continued coverage of the markets in turmoil i am brian sullivan. just a reminder we continue social distance here at work trying to flatten that curve, welcome, everybody, as tyler says as he always does, what a week it was.

i think everyone would agree, tgif, not from the dow's perspective. all in all, we were up 13% on the dow, and the best week since 1938 and that is cold comfort given what we've seen and we are down thousands of points from our high just one month ago and the dow losing 115 points today. the benchmark ten-year treasury note ended kind of where it began at 0.7%. when you throw a couple trillion dollars like the fed is at the bond market maybe you will see a move, maybe not, and continues to fall, and it is moving around after hours. oil stocks falling across the board as well today. the average oil stock in the united states is now down 50% this year and there's a lot more that are down each more than that welcome. "options action" will be on at

5:30 as well and our group has been resilient, and that is guy adami, tim seymour, and we are proud to welcome victoria fernandez who is in houston. we will get to all of the traders in just a moment, but we have breaking news on general motors really for the second day in a row, but this is different. phil lebeau, what is trump ordering gm to do? >> it's the defense production act that he has signed and it's not one across the board for all industry and it is specific to general motors and the manufacturing of ventilators and after signing this or announcing this or basically putting it into effect, the white house then issued a statement from the president and he took full aim at general motors. he tweeted at barra. our negotiations with gm regarding its ability to supply sent virts have been productive

and our fight against the virus is too urgent to the give and take to continue to run its normal course. we talked about how this whole process shook out and we'll talk about that in a bit, brian here is what general motors and ventech have signed up to do they have not signed up with fema or the federal government, but they have reached an agreement to essentially set up a new manufacturing facility at gm's engine plant in coke mocom indiana. there will be those in cocomo, and gm released a statement saying ventec, gm and our supply base have been working around the clock to meet this urgent need and our commitment to create the high-quality critical

care ventilator, the vocsn has never waivered ventec will be building surge cal masks at its plant and this is all about the dpa's and the president's anger at general motors, specifically at general motors when it comes to the manufacturing of ventilators brian, i mentioned this negotiation and the contract process. it is my understanding that after "the new york times" article came out where they thought there was a deal in place, and i mean they, the trump administration and the negotiation with fema and ventec as they were working with this, they hit some snags potentially over price the president then this morning came out and just blasted gm blasted ceo mary barra and blamed them for that failed negotiation. even after gm said today we'll start building these in cocomo, it wasn't enough for the president and he signed the defense production act and interesting whether or not this will change things to gm and force them to add more product

are production of ventilators and that's a totally separate question in terms of the process they would have to go through. >> i've got so many question, phil, and so little time i'll whittle it down to two. >> number one, is it likely that the president is going to do this with other auto manufacturers in america >> even the foreign-owned one, mercedes, honda, toyota, where they make cars in the united states >> sure. how do you get, do we know if it's even possible in a rate of time >> this facility in coco owe mo, and it's not like they're saying strip this out and they're taking the space that is in that facility and they're essentially making a new manufacturing line for the manufacturing of vent laters and it's a clean room

process. so this is not like you walk into an empty warehouse and say yeah, just set up that machine over there and you have to go through a number of steps which ventec and general motors will have, and the training that the workers will have to go through. so it's fairly complex it's not as simple as just flipping a switch and ready to go with regard to your first question, can we see the president sign a dpa saying ford has to do this fiat chrysler has to do this, and the lant has to do this, and at this point the president has only signed this defense production act requirement specifically for general motors. now wlehether or not we see tha expand we'll see if we need as many ventilators as we need in this country it wouldn't be surprising to sign it for other manufacturers by the way, ford said it will be working on increasing ventilator production with ge health care

so it's not as though other automakers and other manufacturers aren't doing anything >> yeah. phil lebeau, big breaking news on gm and a personal issue the president has with gm ceo mary barra and great week, be well. be safe, have a good weekend and let's get to the all-star trading group and guy adami, you're seeing the headline, best week for the dow since 1938. it's a ridiculous. i get it, it's true, i don't like it. the all clear has not yet sounded, i would imagine. >> yeah. you had major news organizations in the digital world with headlines in a new bull market and stuff which is somewhat preposterous technically they're right so and we have to see it as an aggregate. we got through another week and let's see where we are now

in my world and the good news and i understand that bond volatility is still here, but it seems to be compressing just a bit and that's an encouraging sign, right? the fact that there is indiscriminate selling in the market i think is also a good sign i think we're through that phase. what concerned me all week and we talked about it all week was the fact that even with the market having a strong move to the upside today not withstanding, the volatility index as measured by the vix basically closed where we ended last weekish around 65 or thereabouts which is somewhat disconcerting. it's a word that i've used last week and it's a word i'll use right now. >> either the market will getvolatile and tim seymour ask we're trying to get in in limited time what's the thing we should be talking about more, but aren't

>> think we should be talking about positioning, brian if you think about the deleveraging that's going on in the market, if you think about equity sentiment and if you think about how underweight people are in an equity long-term basis, you think about the mass liquidation in bond funds it tells me that we obviousy are at mass pessimism that may be fair, but if you think about the market and the wall of worry and historically even during different times during the bull market, these kind of dynamics, when the market was expected to go down, in fact, the expectation here today is that we were supposed to pull back today and that we'll probably have a double bottom and a test. i'm not so sure that we have to have that, and if you have to think about the rebalance schedule and it's a powerful dynamic here and j.p. morgan did a great call and they suggest we're 40% of the way of rebalancing and they could have 65% of it, rebalancing meaning,

people will have to get hired, and the pessimistic that is excessive beyond what is needed right now, but that may be unpopular. i think this is a very important dynamic for the market and that's the most important thing to me. market factors right now are the most important >> okay. b.k., we have the their 2 trillion relief bill signed by the president and the fed has announced t.a.r.p., talf and the biggest fed action in the history of the world what's the next most important thing we have to pay attention to >> you know what, sully? i think that's exactly what we started the show with with this gm production. so if you think about what's the most important thing for humanity and the economy and the market is getting people healthy and so you've now got gm building ventilators and that

will be extreme he helpful except the president has told us by april 12th which is easter, we're all going to be back to work well, phil just told us that it will get 14 days to get these lines up, so 14 days from now gets me pretty close to easter and why would we need ventilators if everyone will be back to work and everyone will be okay. color me skeptical on that, and i think that's the most important thing to pay attention to how quickly can america get healthy and how quickly and safely can america get back to work >> listen, it's a hard line to walk because on financial television we're talking about markets and economies and investments as a lot of people are suffering. we understand all of that, but i think it is important to b.k.'s point, right that even as a fund manager, number one, for health and

humanity, we want things to be better sooner, but let's be clear, the markets are tied to this also, are we not? if we get good news on the flattening of the curve, the market could react. >> we could have good news and we had three updates and this was positive and the fed stepped in and they bought more assets in seven days than they did in seven months of qe2 trying to stabilize the marketespecially the credit market and there were some positives and we saw investors getting into the options strategy and we have options action coming up next after this and how you use options in this volatility and we saw money flowing in to some of the fixed income products and it's what people have to be cautious because there are so many uncertainties going on. we don't expect a v-shaped recovery we expect a wu-shaped recovery i don't know if it will be a double bottom, per se, and i

think we'll have some of that volatility and you have to when you have energy and oil markets the way that they are when you still have so much uncertainty around covid-19, for us as longer term investors, the fundamentals is what we always like to watch and right now you can't rely on the economic fundamental numbers that are coming out they're just too skewed with what you're going through rye out in >> i want the whole crew to stick around and i want to come and let's welcome in from jefferies david zervos thanks for being on cnbc i wish it was under better circumstances. >> we're throwing around the three-lettera being rouyn ims, clo, cds that we haven't talked about in three years with the fed action and what we saw with the relief bill, are we seeing the credit markets react positively >> well, yes, sully.

i think -- it's great to be back and talking with you under unfortunate circumstances, but there's certainly a lot to talk about. instead of getting caught up on these acronyms it's easier to explain the top end of the aa stauf and t space. as you get into private label cmbs and these are places that are really, really struggling and i mean really struggling and even the top end of the capital structures are seeing some extraordinary moves. so i think what you have to kind of put in perspective is the fed can do a lot to fix well functioning and balance -- fixed balance sheets that are in a pretty good place, but when it comes to the energy patch and the leisure and hotel business it will be really hard for the fed to do anything there and

this is the place where the balance sheets are pretty levered and the guys have a lot of hair on them, frankly, and a lot of bakeries and how to look at the future. so this is not a place where fed policy really helps that much, and comes on clarity on when people can get back to crux for the mark that that's going to be lots of problems and what we saw, phenomenal and we saw a great reaction to that this week i will say that i am disappointed that we're sitting around 2500 on the s&p when we've basically done qe2 in almost a week. it's kind of depressing, honestly i would have thought better and the fact that we haven't gives me a little more pause or caution on the idea that we have to go down a little. >> you know, you probably have your own data, david, and i'll

get the traders to comment on this when the interview wraps which is epf put out $235 billion was put out to money market market funds in the last week >> we're talking about -- especially going into bullish. is that bullish or ultimately the wrong move and bullish >> i think people are liquidating risk assets and where are they going to go they'll go into the safest place to go and you're seeing people park it there, get liquid, cash and get ready for whatever they're going to do next and that may be to launch into the riskier places once they can get some clarity i like the idea that we saw massive equity outflows from retail and that's a positive sign and that's usually things are closer to a bottom i like the idea that a lot of

people have craft again, and usually closer to a lot om i don't want to get too technical, and i do worry about the risk reward parity strategies and period when stocks and bonds were going down at the same time last week. >> yeah. >> this is really what is allocated to it. it's people levering up 16 with the long-risk assets and if you have rates at zero, 20 basis points for two-year notes and 40 basis points for five-year now so that money need needs to go home wooey have a lot of time the credit story is really a messy one. we have the top end of the investment world taken care of we have people on respirators in the more exotic and leveraged spaces in the credit market and they're not going to get them

any time soon. >> yeah. there will be a lot of defaults according to s&p's, moody's and fitch, always the best for you and your family, tim, i heard you saying bullish if that money needs to be used for something else that money will likely come back into the equity markets >> the panicky nature of the response here and it's been appropriate because coming into this part of where we are is where we came from think about how grossed up both the professional community and arguably even the margin that had been, tended to retail investors and that's part of the impact of the massive deleveraging we had. that's why we went down 35% peak to trough almost overnight and we all know the philosophy we all know what that meant, and when i look at where we are now and one of the reasons we've had the snapback rally especially,

it doesn'ty remain mp, relative it yourself and record periods in history and relative to the financial crisis which happened at a much slower pace, the way the markets have reacted in positioning will be very important. people think there will be's march went poliand what matters liquidity and what matters is positioning and then we will start to sort through 3q and 4q when the time comes. >> victoria fernandez do you ever still have clients saying i want to sell and if so, what are you telling them >> we do have clients wanting to sell and we tell them look, the last thing we want you to do is to time the market and that never turns out well for

investors if they look historically we do encourage them if they want to adjust it and try to stay invested and use these volatile moments that we're seeing in the markets to add to names in your portfolios and that's what you're doing on the fixed income side and the spread this week. the liquidity issue is still tight and they're still trying to buy and sell bonds in the open could market and we need to be cautious there in that arena. >> all right victoria fernandez and b.k., and i look forward to the day when we have a normal roundtable. it is going to happen, guys. appreciate everything. thank you very much. coming up after the break here what corporate insiders have been buying their own stock? they could be a good sign of a bullish view we'll tell you this much

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all right. welcome back to cnbc and "fast money," what corporate insiders are buying their own stock we'll look at insider score.com, appreciate your data to show you what insiders are doing the buying and the biggest buyer of his own stock was michael dell michael dell not only buying a ton of his own stock, but also it's his first open market purchase since the -- of course, he had two ipos, since the second ipo in the fourth quarter of 2018. you also had strong insider buying at oracle, alliance data, ads, in fact, six insiders there did buying cit group and equity commonwealth on all -- wall street journal story, 2800 insiders bought their own stock

for about $1.2 billion in the past week and according to insider's score, it was oracle, cit and equity commonwealth whose insiders stepped up and bought the most of their own stock. guy adami, is this something that you would look to a sell program could be automatic and do you look at corporate insider buying as a kind of a sign >> 100%. we talked about this weeks ago when we had a discussion about what are you looking for to see some semblance of normalcy and potentially a bottom and that's one of the things we mentioned, brian. all we have to do is go back to february 8, 2016, but i'm probably off by a couple of days it was that day, if you recall, the s&p bottomed out around 1810 and it was also on the day that jamie dimon announced he was buying back whatever amount of stock and he was trading 53 or so at the time i absolutely think that's an encouraging sign it's anecdotal, but not a bad thing, for sure. >> b.k., any of those names

stick out to you if michael dell is sticking in and buying a bunch of his own stock it might say something >> it's interesting. i agree with guy and put this in the win column for the markets and michael dell coming in and if you look at how he's played the market game over the last couple of years and he's done it phenomenally well by taking it private and going public and going back and forth and that to me, sticks out as, all right, we have one thing that's telling me there's some confidence among ceos and i'd like to see a lot more, but this is a good start. >> all right, dude b.k., thank you very much. coming up after the break r ngs with us with your playbook for next week stick around i know that every single time that i suit up,

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♪ >> i want to thank the all-stars, guy, b.k., tim, and victoria fernandez we'll see you next week. "options action" is coming up next on cnbc we'll see you after this break

>> and welcome back to cnbc's continued coverage of "markets in turmoil." i am brian sullivan. we have options action coming up in a few minutes and we do have a special guest, someone who last april said the s&p 500 could be setting up for a 40% decline and that is scott mine erd, and scott, welcome again. you did not foresee this global pandemic coming and it's not just the global pandemic, is it right? the market structure and the debt l