breaking news. investors bracing for another wild week as covid-19 cases exceed 700,000 dr. anthony fauci says the nationwide count could hit 200,000 in the months ahead. this as president trump extends social distancing guidelines weeks past his original easter deadline and in energy markets, crude sinking to its lowest level in 18 years our next guest says the bottom is not in just yet.

as many as 100 employees at amazon's staten island, new york, fulfillment center, plan to walk off the job claiming the company is mishandling its response to the covid-19 outbreak we speak to the protest organizer coming up. it's march 30, 2020, and you are watching cnbc. good morning and welcome to the show i'm dominic chu kicking off this monday morning with markets in turmoil once again after the dow fell nearly -- or more than 900 points as you can see on friday wall street is looking to pick up where it left off futures indicate 165-point drop at the opening bell. if these futures moves hold, the s&p down by 10 and the nasdaq up by 1 point at this point this is, by the way, the first time in about a month we haven't

woken up on a monday morning with futures so-called limit down or stopped because of downside price action. checking the futures over the past 12 hours, you can see the move has been pretty volatile. we've seen green substantially at one point all the way down to where we are now, just hovering above the lows of the session. still, those stock futures very volatile in intrasession trading so far in the bond market, the two-year note yield, a hair over 1.24%. ten-year note yield, 6.4%. the trade there continuing to watch a move slightly lower in those benchmark treasury yields. this morning the dow remains on pace for its worst month since august of 1998 when it fell 15%. as you can see here. the s&p and nasdaq on track for their worst months since october of 2008 when they each fell 17%. so, the markets here again very, very much a big focus for investors. let us now go worldwide with red

arrows across the board in asia and europe matt taylor is in singapore. julianna tatelbaum is in london. matt, we'll send things to you first. >> hi there, dom good morning it was a patchy picture across the asia-pacific markets today a number of the big ones in negative territory by the close, but we saw a whole bunch of measures out of a variety of economies here to try and stabilize the situation and prop things up, starting with china the pboc cutting the repo rate by 20 basis points the biggest cut since 2015 the shanghai market off by 1%. a big move in singapore, the central bank easing policy by flattening the band in which currency is allowed to move in singapore. it was the most aggressive we've seen since about 2009. especially moving the currency

ban to zero. didn't help the singapore market, closed 3.4%. south korea announcing more stimulus measures with cash payments to families this is worth around about 5 to $6 billion it helped push the market into positive territory briefly the kospi finishing on the flat line take a look at australia one big movement to the upside because more stimulus out of that country as well in aussie dollar terms, 130 billion. this is around about 100 billion u.s. workers $20 billion to businesses so they can retain their staff. australia with the biggest gainer. >> to the early trade in london and our own julianna tatelbaum with the action there. julianna >> morning, dom. european stocks are trading lower this morning the stoxx 600 is currently down about 1.3%

we have bounced off the lows it's been fairly volatile with european stocks tracking the moves you described. european leaders at the moment are continuing to disagree around what they want to do next to coordinate a response to help european economies deal with the crisis investorating developments there let's take a look at the sectors because we've had some pretty interesting underperformers. a look at the different regions. the ftse 100 down 1.7. the cac 40 down 1.9. sectorwise we're seeing particular pressure in the european banks, trading lower to the tune of 3.4% with several european lenders scrapping their dividends as european central bank urges european banks to preserve their cash to support the economy. industrials coming under a great bit of pressure. the aerospace and defense sector getting hit hard jpmorgan warning it could take

more than two years to recover the losses incurred by this crisis. >> julianna tatelbaum, thank you for that. the number of global coronavirus cases tops 700,000 and the nation's top infectious disease expert warns we could see a surge in u.s. cases and deaths here's dr. anthony fauci. >> looking at what we're seeing now, you know, i would say between 100,000 and 200,000 cases. i don't want to be held to that because it's -- excuse me, deaths i mean, we're going to have millions of cases. i just don't think that we really need to make a projection when it's such a moving target >> kate rogers joins us with the other coronavirus headlines this morning. good morning >> good morning. president trump says he is extending social distancing guidelines through april 30th in an effort to contain the virus and keep the death toll as low as possible. >> the better you do, the faster this whole nightmare will end.

therefore, we will be extending our guidelines to april 30th to slow the spread. on tuesday we will be finalizing these plans and providing a summary of our findings supporting data and strategyto the american people. >> reporter: he had previously expressed hope that the country could relax some of those measures by easter cigma and humana, and cvs aetna division washed cost sharing on coronavirus hospital patients on in network physicians. ventilators are being built at gm's plant, building with ventech life systems and has been the criticism of the white house as of late back to the markets now. it's a big week ahead for economic reports, although much of the data may not reflect the

actual coronavirus-related shutdowns that went into effect in mid-march of the major reports, close attention will be paid likely to the consumer confidence numbers out tomorrow with the jobless claims, you can see on thursday, and the ism data on wednesday and friday as well let's bring in ben emmons from medley global advisers thank you for joining us let's talk about whether or not there is any kind of economic data that has -- that can be cle gleaned with any confidence with the trajectory of how the u.s. economy is going given we're still in the early stages of the coronavirus. >> good morning, dom thank you for having us. as you highlighted, there is some components is the ism/bmi data that says early to mid-march period when we started to slow down the economy and durable goods come out, too. that will probably be shown as

well there is, of course, impact i think what markets will try to do here, dom, as we have announced all the stimulus and enacting this defense production act, you know, how will those numbers behave from the next series that come out the market will calibrate like we're going to get a collapse in data but also offsetting sectors, such as stimulus. that will be, i think, this week sort of the calibration and why markets will stay very volatile. >> so take us through the expectations i mean, we're not going to go data point by data point, but what is the general feel from the macro big picture side of things then? how worse could this get how slow could the economy get how many jobs could we lose at the peak has the market really started to handicap or factor these things in as many talk about the possible bottoming process that may be in effect right now >> right that bottoming process is

critical to how the market comes out. it projects out it could be positive in the future if you look data point by data point, we can take a cue from what happened overseas, the bmi in europe, japan, as well as asia showed a significant collapse that was all related to already slowing down if not shutting down parts of the economy. so, we can expect that here, too. ism, pmi will see at least a 20%, 30% drop from the previous numbers that came out. then the question is, the stimulus we put in the system, which is substantial by up to 30%, will start to cover the following period i think this is what markets will grapple with. it's difficult to precisely gauge how much that will be offsetting i think we can expect significant declines in our production and ism data. >> so that's the bad news. we could expect to see much worse data coming out. are there any parts of the market, asset class wise,

industry or sector wise, geographywise that give you some semblance of positivity in all this mess right now? >> that's a great question, dom. if you look at the market broadly, we say nothing works, right, but i think obviously there is sectors, bio, tech, health care is you up because it's predicting they will come forward with either measures to stem the virus or measures to stem the virus on the other hand, if, for example, you look at the bond market, you know, the stimulus that will come in there now, particularly in the credit side, will be relevant for markets programs that come up from the fed, that will be really important for broader stability in markets so, i think that will bear -- that's where the positivity may come through over the next few weeks. >> ben emons, medley global advisers thank you for your thoughts this morning. when we come back, putting

the spotlight on the u.s. small business picture and the struggles there amid the virtual u.s. lockdown in place indicate rogers is back with a closer look there. plus, the crude crush back in focus as brent hits its lowest level in nearly 20 years. later on in the show, amazon under fire from its own employees about its response to the coronavirus outbreak a very busy hour still ahead cnbc is back right after this. ever since we've gone mobile on the now platform, something's gotten into the office.

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welcome back to the show gilead sciences up wells fargo, analysts are upgrading a slate of soft line and retail type names, including ross stores, tjx companies, nike, you can see there, bottom-picking as well other names in focus there those upgrades ulta beauty, canada goose skechers as investors find names to pick. they may have been relieved to hear about the aid package signed into law on friday but many are making crucial decisions right now about the future of their companies amid mounting financial pressures kate rogers has more on that story. >> hi again. for business owners like adam, owner of roof in illinois, rescue aid cannot come quickly

enough on friday he told us he was down to $20,000 in the company's bank account and deciding which bills needed to be paid now and what could wait he's laid off the majority of his staff and working with just eight employees, turning to takeout to keep his restaurant open. >> i'm only paying payroll and food and beer vendors until we get through this so, we're doing everything we can day in and day out just to keep our head above water so this cash cannot come soon enough. >> he's waiting on an sba disaster loan application and he plans to exreplied for the expanded program jeannie wright is in the same boat with her company, confection things. she was preparing for a year of record growth in retail before the virus hit. as a seasonal employee, she wonders about the loan and how that will impact business. >> this was to be the year to explode and grow and he with

invested in it and now you're like, whoa that's the way with business you have to be creative to stay moving forward >> so, like we said, dom, she's a seasonal business owner. not sure what layoffs may do to the amount of loan she could possibly be forgiven as we move forward. we've heard a lot of questions like this from small business owners details are beginning to come out. we'll learn more people are nervous the main message we heard over and over again is we need this money now. >> so, if they need this money now, my big question is, how quickly can they actually get it, feasibly speaking, given the fact we know now relief plans are in place it's not like these small businesses can just get that money tomorrow >> absolutely not. we talked about the sba's disaster loan program. those are loans up to $2 million. you can apply directly with the sba. those may take a little longer when they talked about the expanded 7-am program.

secretary mnuchin said last week they hoped you could get to your lender and get them within a day or two hopefully those 7-a loans will get into the hands of business owners much quicker than they normally would it remains to be seen. the business owners we were talking to were talking with their own financial planners, going to their own bank to get this information another thing through this program, more lenders will be approved so access to the 7-a loans would be more widespread than it traditionally was. we'll bring everyone the details when we get them. >> unprecedented time. still on deck for the show, trouble for gilead as demand for one of its coronavirus treatments overwhelms the supply >> announcer: today's big number -- 12.84% that's how much the dow jumped last week. that's the index's best week sie 38nc19 did you know prilosec otc can stop frequent heartburn

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now is welcome back. oil prices are tumbling after president trump extended social distancing through the end of april. production is surging. wti crude, u.s.-based prices briefly trading below $20 a barrel in the overnight session. $20.42 the last trade right now,

down 5% on the session joining me on cnbc news line is amrita sen, energy aspects chief oil analyst. i fueled up on my way to work and they are notably lower than the last time i fueled up. how much is demand destruction going to continue to impact the global oil market? >> morning i think you're exactly right demand destruction is going to be huge. it already is. we are expecting almost 16 million barrels decline across the month of april that could rise to 20 billion barrels or higher. >> let's talk about the fact we've seen prices fall precipitously over the course of the last four to six weeks ist continuing a trend that's already been in place, but now the story has changed. what exactly is the main driver right now of oil markets >> the primary driver is

absolutely the stopping of the global economy to arrest the spread of the coronavirus. there is a lot of focus on saudi arabia, russia and, you know, the oil price war, but really that increase is a drop in the ocean vessels, the demand we're starting to see in the market. yes, while that is putting additional pressure. until we see a recovery or normalization in demand, the risk is we are going to run out of global storage capacity, which has never, ever happened in the history of the oil market >> so, it's interesting you bring that up. we're already hearing reports anecdotally from places around the world where we hear in physical oil markets that people, deedealers are actually paying customers to come and take oil off their hands from them

is there something we could see play out in a more widespread fashion that physical markets cannot at least for right now be balanced with all the supply coming online? >> absolutely. even though you mentioned wti prices have fallen below $20 and brent is around $22, the physical market is already starting to discount the crude far more severely. brent is already trading $3 dated brent. net backs for several producers, even in canada and parts of the u.s., are already in single digits that's telling them to shut productions but it takes time. that's why you're hearing of certain deals where producers are paying people to take that crude. >> in the united states, and i'm sure the story is playing out elsewhere around the world right now, i'm looking at the aaa prices for gasoline from the american automobile association. right now the current average is

$2.01 per regular gallon of unleaded gasoline. a week ago it was $2.13. a month ago it was $2.45 the same time last year it was closer to $2.70. this is supposed to be, in fact, a tax break for consumers but consumers aren't getting it because they're not driving. how much lower could gasoline prices go as a result of this? >> i think jet and gasoline are the two worst affected products. you could see gasoline prices in some parts of the u.s., potentially even below a dollar at this rate however, to your point, nobody is actually benefiting from this because there is no driving or there are no flights at the moment nobody will really benefit from lower airfares either. so, only when and if things normalize will consumers feel the benefit of this. right now refiners are urge huge pressure we're expecting big refinery run cuts that's why this is unprecedented. usually an oil price crash is

beneficial for refiners right now. even they are under pressure because this is such a demand shock. >> before we let you go, a few seconds left here, where would we see some of the positivity in the oil markets if we were to see a bottoming process start? what parts of the market will we look for >> first and foremost, you have to look at u.s./euro for government guidelines to see if things are starting to bottom out. really the next step is going to be the supply side we are going to start to see -- in u.s., in canada, it other parts of the world that's the only sign things are starting to rebalance. then in the second half, really it was the back end of this year, we could start to see some easing off of pressure on storage. >> amrita sen, thank you. as we head out to break, a look at the biggest dow laggards in the premarket, boeing,

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let's party people! ♪ one more time president trump extends social distancing guidelines for americans as his administration grapples with the ballooning coronavirus cases. and amazon workers at one of new york's warehouses are set to

strike today over virus protections. we're talking with one of the walkout organizers it is monday, march 30, 2020 you are watching cnbc. welcome back to the show i'm dominic chu, live at cnbc global headquarters. let's get straight to the markets taking a look at where symptom futures sit right now. a wild ride for futures so far this morning as things stand, you're seeing some green here. it's been all over the board the dow would open down by 63 points at this stage if the futures move hold into the opening bell the s&p just about flat and the nasdaq up about 25 points. a wild ride for those equity futures over the past 12 hours as you're seeing here. we have seen at one point some fairly decent highs earlier in the session and some pretty decent lows again just about flat right now the roller coaster ride

continues. this is, by the way, the first time in a month that many traders and investors have woken up on a monday morning and not seeing futures limit down. perhaps a bit of a respite there. the dow remains on pace for its worst month since 1998 while the s&p and nasdaq are on track for worst months of 2008 taking a look at the bond market right now, we're seeing a slight tick lower in yields across many parts of the maturity curve. two-year note yields on the short side of things, 25 basis points ten-year treasury note yields, 63 basis points or 0.63% plenty of red around the world as well this morning matt taylor has more on the trading day that just closed in asia in singapore and julianna tatelbaum is tracking early moves in the european borsis matt, we start with you.

>> dom, a weaker session across asia for the bigger markets but we saw central banks come out trying to prop up regional economies. the pboc cutting the seven-day repo rate by 25 basis points here in singapore, the de facto central bank flattening the ban at which currency allowed to move the most aggressive easing we've seen in a decade, moving the currency ban to zero did not help the singapore market, closing town 4.5% there. south korea announcing fresh stimulus with cash payments to families worth 5 billion u.s. dollars. it did help push the market in south korea into positive territory briefly but that market closing, as you can see, on the flat line stimulus measures out of australia as well, $100 billion.

that pushed the australian market higher by 7% at the close. these are cash payments, $1,500 per fortnight to businesses so they can continue to pay their workers as a result of the market >> matt taylor in singapore, thank you for that let's swing over to julianna tatelbaum in london for the latest there julianna >> dom, you mentioned wild ride for u.s. futures it's been a volatile session here in europe as well the stoxx 600 is now gathering some positive momentum and is now down just about half a percentage point we were seeing much steeper losses earlier this morning. it's fair to say investors are lacking irection, lacking conviction at this point the big question for european markets, will the stimulus measures put in place be enough to offset the economic hit from the covid-19 containment measures let's take a look at the sectors

and see what the split looks like now we're a couple hours into the session. a much even board. at one point every sector was trading in negative territory. chemicals up 1.4%. health care performing quite well, up 0.5%. on the flip side, travel and leisure coming under a great deal of pressure, down 1.6%. banks down 2.5%. we've had a number of european lenders come out and scrap their dividends. the ecb has urged european banks to withhold their dividends and preserve cash to uphold the economy. that's taking a hit. >> julianna tatelbaum live in london with the latest there, thank you very much. let's get a check on the coronavirus outbreak with kate rogers and the headlines. >> hi again. vice president pence says he will deliver a recommendation to president trump on whether to reopen the u.s. economy this week speaking in an interview over the weekend, the vice president says the decision will be based on data and scientific advice.

the cdc has issued a travel advisory for the new york tri-state area after president trump decided against a short-term quarantine for the region the advisory discourages people living in new york, new jersey and connecticut from traveling domestically in new york city, construction is under way to build an emergency hospital inside central park workers from the organization samaritans purse has begun constructing a 68-bed emergency field hospital across from mt. sinai hospital gilead sciences is overhauling the process in which it considers emergency requests for experimental coronavirus drug they say they will no longer consider individual requests unless in certain circumstances amid overwhelming demands. they hope it will speed up the process and expand access to more patients. very important back to you. >> thank you for that. turning back to the markets, stock futures pointing to a relatively stable and, dare i say, flattish open you can see there the dow would open down by just about 25

points the s&p up by 2 and the nasdaq up by about 34 if these futures moves hold into the opening bell for regular cash equities trading after the dow posted its biggest weekly gain since 1938 while the s&p 500 and nasdaq are coming off their best weeks since 2009 during the financial crisis for more i'm joined by jeff mills, bryn mar contributor. this is a welcome respite, whether you're a bull or bear, just the idea we aren't seeing a limit down picture for futures right now. does this mean possibly that the bottoming process is starting to play out right now for markets >> you know, it's very hard to know whether the bottom is actually in or not it does feel good the market has stabilized a bit here. i would caution investors to automatically assume that the worst is over. if you go back to 2008 as an

example, you can use other bear markets as an example, but there '08 from september to december you had the market rally six times between 9% and 19% what is going on right now is not unusual within the context of a bear market what would make me start to feel better is multiple days in a row where the market's only moving 1% or 2% to the positive or negative these wild swings back in one direction or another, what it tells me is investors are still having a hard time finding the price they believe is accurate for the most probable future outcome. there's so much uncertainty. we don't know how long the economy is going to be shut down the blind spot, as it relates to jdp contraction earnings, it's so big, to presume the worst is over is probably premature at this point. >> there's a number of wall street strategist types out there who think the volatility downside could continue. what exactly would be the driver of that? there are those who argue that much of the bad news has already been priced in given the

precipitous drops we've seen what could get worse about the coronavirus that would then send markets into another hypothetical leg lower >> to me it feels like we're in the eye of the storm where investors have gotten comfortable with the idea that the economy is going to slow, they've gotten comfortable with the idea that there's going to have afternoon impact on earn pgz as the unemployment claims came in, i think as the data comes in it will have an impact on the market. as we hear more from companies and understand the impact on earnings, i think that will have some sort of negative downside effect even though the slowing economy is a known, i think the magnitude is perhaps unknown as we start to see data prints come across the screen, i think that in and of itself could be enough of a catalyst to at least prevent the market from moving steadily higher from here. >> we've talked at length in months and years past about the fact that corporate earnings are

one of the primary drivers of stock prices we know corporate earnings are going to be bad this year. how bad could they get >> well, that is very hard to know because we don't have visibility as it relates to the economic shutdown. what i will say is they haven't come down in terms of expectations as much as they need to. as an example a the beginning of the year, i think wall street estimates were somewhere around 170, 175 i think expectations have come down to 165. if you just look at your typical recessionary year that would put us in the neighborhood of $118 per share for earnings if that gives everybody a little idea of what they can expect through the end of the year. the good news, once we move into, say, the third and fourth quarter and investors start setting their sights on 2021, then i think the market can actually start to move ahead a little bit if you assume things snap back to a reasonable degree and we have are $170 a share for earnings in 2021, then i think

you put a reasonable multiple on that and the market can move higher. >> jeff miles, thank you for those thoughts on the market and valuations as a reminder, you can get a full recap of the market's fast-moving developments and latest coronavirus headlines at 7:00 p.m. eastern time only here on cnbc. coming up on the show, shares of abbott labs on the rise this morning after -- as its coronavirus test gets the green light from the federal government as we head out to break, check out the biggest s&p 500 laggards premarket so far this morning. they include technipfmc, carnival, kohl's down 4% as well and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424.

haveworking together well allsince we've gone mobileeen with the now platform? there's no friction at all. it's neat to see the office running so smoothly. servicenow. the smarter way to workflow. welcome back the number of coronavirus cases globally has topped 700,000, this as the u.s.'s top infectious disease expert, dr. anthony for you whichauci s virus-related deaths in this country could be 100,000 to 200,000. >> jeffries chief financial officer said he died from coronavirus-related complications. at the age of 56 broadband has served as jeffries

ceo since 2007 the fda has given approval to abbott for a test that detects coronavirus in roughly five minutes they will make them available to health care pryers some time this week. president trump praised the company yesterday. >> normally this approval process from the fda would take ten months and even longer, but we did it in four weeks. abbott has stated they will begin delivering 50,000 tests each day starting this week. >> and employees at food shopping and delivery service instacart in high demand of late are preparing for the possibility of a strike today. contractors are demanding the company provide hand sanitizer, increase hazard pay per order and expansion of the current sick pay policy. instacart says anyone diagnosed or placed into mandatory quarantine will get up to 14 days of pay, saying health of the entire community is its top priority. it's not just instacart.

as many as 100 employees at amazon.com's staten island fulfillment city plan to walk off the job at 12:30 p.m. eastern time today alleging the company is mishandling its response to the covid-19 outbreak among the demands, employees want the facility closed, cleaned and sanitized because as many as seven workers have reportedly been diagnosed with the disease at the warehouse alone. in a statement to cnbc, amazon calls the organizers' accusations, quote, unfounded, adding, our employees are heroes fighting for their communities and helping people get critical items they need in this crisis we are working hard to keep employees safe while serving communities and the most vulnerable we have taken extreme measures to keep people safe, tripling down on deep cleaning, procuring safety supplies that are

available and changing processes to ensure those in our building are keeping safe distances >> joining me now via skype is walkout organizer and management assistant at the aforementioned amazon fulfillment center, christian smalls who amazon notes is on a self-quarantine for 14 days with pay he was added into quarantine out of an abundance of caution because he was notified that he may have had close contact with someone at the building who was diagnosed. thank you. i hope you're doing well from a health perspective take us through what exactly is the impetus behind the actions you're taking walking out on the fulfillment center operations today. >> yes, no problem first of all, i want to say thank you for taking the time to interview me today i'm being the voice of the people i'm being the voice of the

people that are afraid to speak up i'm taking a stance against a company. i've been with the company a little over 4 1/2 years. and this right here is the tipping point for me i'm standing up for those who cannot speak for themselves. what caused this walkout, pretty much started a few weeks ago when i brought to the attention of the company that people were being sick in my department daily. i witnessed people have various symptoms, dizziness, vomiting, people fatigued. people just being sick it was like a domino effect. i tried to escalate this to my senior team, my hr reps. they pretty much shut me down saying, you know, we have the unpaid option, which doesn't really help us we're trying to, you know, make

ends meet, bring money into our family we can't afford to take off work just because we don't feel safe at work. it's not fair to us. so that was one thing i didn't agree with first confirmed case happened, it happened on march 11th i was in the building, the entire company was in the building we had an activities committee that day we don't know how long the guy had the virus, we don't know anything all we know is somebody tested positive and my employees felt unsafe from that moment forward the building should have been shut down, just like the previous building in queens that was shut down and sanitized that's all we were asking for at that time. >> christian, here's my question if this were to happen, what exactly would make you feel better we know what the demands are,

but are there immediate steps that can be taken by amazon to address these concerns to help keep this operation up i say this only because amazon has become a pivotal service for many people in america who are trying to get through this covid-19 crisis. the shutdown of a facility like this disadvantages a lot of folks in the community what can be done to make sure that amazon and other fulfillment centers from other companies stay up and running so people like me can get the goods we need? >> i'm going to be honest with you, don i understand we're doing a service to the community in the public eye, but, to be honest with you, that is not entirely true i work with the outbound process. i see the items customers are ordering firsthands. the items are not as essential as people think they are they're really not our inventory has been depleted as far as essential items for weeks. they

ininven story like they claim they have. what service are we doing if we're infected my warehouse alone holds up to 4,500 people 5,000 people come in and out of that building weekly still hiring and we have known positive cases that were in the building. we do not know how many people were infected. we do not know how many people were exposed they can't narrow it down. they're not informing the employees who have tested positive that other employees that's working around them, they're not even giving them the opportunity to make that conscious decision to risk their lives and come in to work. we're not doing the community no good if we're bringing home the virus to our families. this is the number one thing just do the math there's 5,000 employees. the virus can affect up to 2 1/2 people we're in the epicenter of the

pandemic this is new york we have all five boroughs in the building, we have two states the building, people riding the subways, the buses, public transportation and good luck getting a test in the state of new york right now. it's very hard to make appointments. >> of course. >> it's very hard. the time you get the test, it's days later the time you get the results, it's days later. from that moment the company does not pay quarantine until they have a confirmation letter from a doctor. >> christian, thank you very much for bringing this story to our attention. we wish you and the rest of your employees and everybody else out there high health here in this ongoing coronavirus outbreak thank you for bringing us that story this mni. orng >> thank you. cnbc is back right after this

welcome back take a look at the futures picture. a volatile session

we're down implied about 125 points for the dow, down 11 points for the s&p and 7 points for the nasdaq last week's volatile looks to continue s&p posting daily swings in three of the last five sessions. joins me is the news line is michael bapis from vios advisers and rockefeller capital. is the volatility something we can hang a hat on? >> i don't think we can hang our hats on anything right now these are unprecedented times. one of the biggest issues we're having is people are juggling and struggling between moral and health concerns for them and their families and their colleagues as well as at the same time, trying to figure out economic well being for themselves and general markets so in that time, when we're trying to all figure this out,

we look at this more like a natural disaster than anything unprecedented we've seen in our time, i think. >> so, how are you guiding your clients then your clients have financial questions, needs, they have questions about their future, their retirements. what exactly are you telling them given what we've seen so far? >> that's a very good question about a year and a half we started moving into 20% to 30% alternative investments for the portfolios and we're going to continue that. we look long term. i know it's such a cliche, easy to say if you look 12, 14, 18 months out, we will have figured out the toughest part of this economy, which right now fundamentals and earnings changed overnight. we're advising companies that have cash on the balance sheet that are not overlevered, because a lot of the banks right now and a lot of the companies we're looking at are in much better positions than they were in '08 bond spreads are way out of whack. i think there's some value in bonds, especially high-grade

bonds. you're seeing spreads we weren't even seeing in '08 when the banking sector failed. i think there is value out there. >> i think it's interesting you bring up the bond spread point there. one of the drivers behind the big bond spread is energy sector it's come under so much pressure at this point. is the energy sector in the u.s. ever going to look the same again? >> it will look the same it's going to take time. they got hit with oil as well as the virus epidemic it was the perfect storm for them they're going to struggle. a lot of them have strong balance sheets a lot have manufacturing being brought back to america which is, i think, one of the things that will bring us out of this economic issue once the pandemic has been solved. a lot of companies are doing american repatriotizing in america. >> what's the one name sector you like right now >> i'm sticking with technology.

look, we are technology hot time right now. i think it's unprecedented times in technology we'll see for the next 50 years. >> michael, thank you for joining us this morning. ntui cere it for cnbc's coinngovagand picks up next right after this commercial break. [ "one more time" by daft punk ] woo! [ laughing ] woo! play pop music! ♪ no way dude, play rock music! yeah! -woah!

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good morning investors bracing for another week of volatility as coronavirus cases in the u.s. rise to 143,000. deaths topping 2,500 president trump extending the social distancing guidelines through april 30th after dr. anthony fauci warned deaths in the u.s. could rise to as

many as 200,000. crude prices plunging again this morning hitting the lowest levels in 18 years overnight it is monday, march 30, 2020 "squawk box" begins right now. with becky quick and joe kernen, becky will be joining us in just a minute good morning to you, joe let's take a quick look at u.s. equity futures at this hour. things are still moving around the dow looks like it would open down 196 points. nasdaq off 17, 18 points s&p 500 off about 13 points. all of this coming after a roller coaster of a week last week and what may be a roller coaster of a week this week. we do have some rebalancing taking place as we get towards