>> starbucks is down 30% 2.5% dividend. opening stores in china. >> steve weiss >> yeah. i would just not put anymore cash to work here. cci. >> jenny harrington? >> pfizer. >> and joe >> microsoft will tell you where the equity market will go. >> thank you very much kelly evans picks up the breaking news coverage right now. great stuff, dom thank you so much. hi, everybody. stocks are up today with the dow hanging on to more than a 50-point gain. as we come off the best week since 1938 pretty big stuff this also despite the plunge in crude oil prices again today we'll have more on that shortly. but there's been some slightly better news today out of italy with reporting the lowest number of new covid cases in two weeks.

the first time since 2008 we have been negative every month of the first quarter let's get out to bob pisani with more on today's market action. hi, bob. >> we are just essentially at the highs for the day and i am somewhat encouraged not just by the good news of johnson & johnson but on the market internals. things are changing. the way the market looks is changing we are up more than 60 points on the s&p. essentially at the highs for the day but talking about the market internals changing, number one, seeing noticeably lower volume than we have seen in the last month essentially. volume's been double normal. we have seen a tighter intraday trading range. that's why the vix has been at 70 or 80 today the vix dropped below 60 that's the very, very low end of its recent trading range this is different than things have been in the last couple

weeks. hopefully indicates some calming down of the market certainly does at least for half a trading day. in terms of sectors, about 4-3 advancing declining stocks health care obviously abbott and johnson & johnson leading on their good news. retail still not doing very well an continuing to watch the market internals an pay attention to that. i think the vix going towards the 50s certainly a very good sign for things calming down back to you. >> bob, this was even as we got the awful dallas fed survey this morning, close or maybe worse than it got to in '08. what is the market's shrug in response to that tell you? i think it suggests bad news is priced in. >> right we are expecting really awful economic news this week, particularly non farm payroll reports. but remember, this time monday last week, we were down 35% from

the highs to lows. we have had a little bit of a rally. not nearly as much to the down side but goldman with the key point f. you see progress on the coronavirus front, that's going to be the key thing moving the market and that's why we are up today seeing progress. not seeing death rates go down but vaccination possibilities, dramatically increased and we have got a test that might do 15 minutes. that's real progress aen the markets are responding to that. >> great point bob, thanks. in the meantime, let's turn to the stunning jobs announcement of the day. macy's to furlough the majority of the employees this week courtney reagan with the full story for us now >> hi there, kelly macy's is joining several other retailers furloughing the majority of its workforce amid the still widespread store closures because of the covid-19 outbreak so the employer sent a

note to its employees today basically saying that while the e-commerce operations are open macy's lost a majority of the sales due to store closures. the department store says it's taken measures the shore up the financials like tapping into the $1.5 billion line of resolving credit, freezing hiring, canceling the orders the ceo is not taking a salary other salaries cut and not enough so that means now macy's, bloomingdales and bluemercury moving to an absolute minimum workforce needed the maintain basic operations meaning the majority furloughed this week. the digital business is open and some likely will be moved to a furlough situation health benefits will continue through at least may for those that have them and macy's picking up 100% of the premium. once things are back to normal, macy's says it will try to have staff return but in a staggered manner i think we are a number of weeks

to go before we even begin to consider that. >> i'm glad you mentioned the health benefits because that's a piece of that. there's relief money from the government for businesses, beefed up unemployment benefits. macy's case maybe one of the benefits of keeping people on an unpaid leave is that you do get those health care benefits which could be vital right now. >> absolutely. i think this is sort of a key point that many of the retailers are trying to figure out they know that they don't need that labor right in the moment. what can they do if the employees aren't able to get paid even at the full salary to make sure they're taken care of from a health perspective? macy's will cover the premiums for those already enrolled in the coverage macy's has part time workers so this is not necessarily the every employee getting a paycheck from macy's all the

time and likely the case with retailers, all looking really hard at the financials to do what they can but it's going to be situationally dependent. >> absolutely true courtney, thanks we appreciate it j. a new headline saying the coronavirus could lead to job losses that peak at nearly 50 million people and the unemployment rate hitting 32%. now the study out st. louis fed does ignore the impact of the fiscal stimulus. it's to try to estimate the impact joining me more, matt mayly and hugh jackson it's good to see you both. matt, i guess it's important to know, to have a sense of how bad the information could be because it's going to look really bad and i guess the idea is to try to take the sting out of it when it hits so people understand this is the size of the hit we're potentially talking about

but here are the things to get it down as quickly as possible, right? >> yeah. there's no question. it's good. you want to hear the instead of gradual things to roll out, it is going to be 10% unemployment, let's get the worst-case scenario out there so the marks can price it in. a lot of these things are starting to get priced in and does concern me that it's going to make it -- give us the -- a chance of any kind of v-shaped recovery is tough. with that number losing job and the concern that the coronavirus could hit us again next fall and people worried about to be laid off again even if they get the job back keeps it from jumping back in in a big way. >> matt, obviously paying close attention to the market feels and the technicals what jumps out to you at the moment >> one of the things is russell

2000 two things forced selling coming to an end like it did, two weeks ago, just massive and basically every single market. now that that's subsided the market's bounced back in a vacuum what happens next? i'm looking at the small cap russell 2000 that is bounced back very nicely it's been a great leading indicator of many years an especially the last few years. if that rolls back over and takes out the 2016 lows that's going to be a problem. if it can hold it should be a good sign. >> hugh, you are looking at the history of the economy and the market reacted to past pandemics. what does that tell you? >> tells you the most important thing which everybody should keep in mind and that is whether you look at pandemics, epidemics, bear markets or corrections, they have in common is they end and that's really important. we of course every one of them is different and don't know how they end and you have to look at every one differently and i've

been doing that and especially looking at the pandemics, the asian flu, hong kong flu, spanish flu and then ep dicks sin since 1980 and hard to learn except they learn is that i would guess it's somewhat short lived. in other words, somewhere in the six to eight months when we talk about the decline in stock prices i think when we talk about the decline in stock prices looking at history, that the answer is we probably seen the worst that's very important. we may go down and wall street says retest the lows and a real possibility and i think we'll do that in the third quarter and that i think will be it. we have got more duration to this so i wouldn't be surprised to see for the next, say, four to six months, a trendless and very volatile market setting the stage for sometime in the third quarter to start recovery towards what's going to be a much better economic and

earnings environment in 2021 doesn't look like it lasts a real long time when i look at history. >> you look at sectors, health care, utilities, consumer staples. such a moving target right now do you feel that those are the areas to most count on >> you got to really look at financial market history it is very clear there are defensive sectors, work well in a bear market which is what we're in consumer staples, healthcare, utilities, they work well. i'm saying a trendless and volatility market and keep your defense on the field in other words, i think you still have to have your guard up in case i'm wrong and the market retests the lows and goes lower. i don't think that's in the cards. keep the defense on the field. when we see things like matt's talking about such as we see small cap stocks start to more form well, signs that working,

that will come i think in the third quarter when we're looking at 2021. >> matt, a quick last word on that before we go. >> yeah. i agree with hugh. also some of the technology stocks, always been riskier names but some of the high quality names of apple and microsoft and even -- i'm sorry. >> amazon, netflix facebook >> exactly i'm sorry. these ones have done -- have not underperformed this time around, such a part of our economy unlike it used to be we are not run by the generals anymore. general electric, general many or thes. tech as a whole is still quite risky and big cap names, nowhere as risky and could be a good defensive play in markets like this which is a big change from the past. >> i blame google for the alphabet thing it trips me up every time.

good to see you both. shares of johnson & johnson up on news of a vac keen ready in record time abbott labs announcing positive news of its own. let's bring in meg tirrell now with the key developments. what can you tell us >> kelly, these timelines are just mind boggling for development. we have never heard of a vaccine get developed this quickly before johnson & johnson saying today it selected a lead candidate for the development, plans to start human testing in september potentially have that vaccine for broader rollout in early 2021 we have got to picture here to give you kind of a layout of where we are across the spectrum includi including ma der ma this month we can see multiple vaccines vanl in early to mid 2021 and not even counting developments coming from pfizer and santa fe not pictured here and a lots of

shots on goal. j&j ceo said how this is a company's moonshot take a listen. >> we expect to begin first in human testing in september but in parallel as you know not only do you need a safe and effective vaccine but you need to have one that can be produced and very large volumes. we are going to be doing that at risk smimultaneously right here in the united states and expect results at least from our trials likely in december at the latest early january. it should put us in a position early in 2021 to literally have hundreds of millions of doses available and then by the end of the year up to a billion >> and as we wait for effective vaccines and treatment testing is key to the response abbott announcing the approval from the fda of the fastest test yet, five to 13 moneys for results. this can be performed in

doctor's offices doesn't need to be shipped to a lab and have the results returned and they say they plan to supply 50,000 tests per day and folks thinking about this as a potential game changer for the testing landscape. >> it's fantastic. quick follow-up on the tests the joump "the journal" has a story of a doctor tested coronavirus negative knew he was positive anecdotally i hear from people who feel like they have covid-19 and have the tests and the struggle to get them, have them come back negative do you think that there's been -- do we know anything about the reliability of these tests? i understand that's obviously an important part of getting these out quickly is making sure they're reliable. >> absolutely. i've been talking with experts about this and said there could be variability in the quality of the tests but those through the process from the fda do meet a certain standard there are questions of when in

the course of the infection you get tested and when that will show up so it's possible folks were tested too early or there wasn't enough virus in the sample to show up on the test. so certainly there are possibilities of that happening. >> interesting all right. meg, thank you good news today. we'll take it. you can also catch abbott labs co-ceos tonight. oil dropping below $20 a barrel overnight are bankruptcies inevitable at this point plus, a look at the fed's unintended mortgage mess and why americans can't get lower mortgage rates right now. new york with the most coronavirus cases in the country and it's running out of beds today a navy ship hospital arrives to try to ease the burden we have those details next radin, radin, it feels like i'm just wasting time. wasted time is wasted opportunity.

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welcome back take a look at crude prices which dipped below the $20 a barrel mark. we are now back above that still down almost 6% on the session. russian president vladimir putin and president trump speaking by phone this morning to discuss the oil market situation and what can be done to prevent widespread bankruptcies across the oil patch now? it's good to see you both. bob, i'll just start with you.

what do you think president trump might be trying to accomplish here by speaking with putin about the oil price situation? >> president trump as he said finds himself in the odd situation of wanting higher oil prices he understands the fastest way to get opec plus back at the table and talking about and implementing cuts to get president putin put russia back at the table i think it is fairly clearly communicated to washington from riyadh we're not going to blink, not going to budge until putin comes back to the table they left in vienna march 6th president trump understands that's the way do get to a meeting. to your point, kelly, it is too late to avoid mammoth stock builds we are debating here and how we come out of this. >> we just got word from andrew cuomo holding a daily press conference later than normal, some updates on coronavirus in this region. let's listen in.

>> facts to give you an update on where we are today and then we'll take your questions. in terms of the number of cases, you see the curve continues to go up, 7,195 you see the people tested continues to go up this state testing more people than any state in the united states more per capita than china or south korea. that is a good thing we want to test and find the positives. and we want to find the positives so we can isolate, stop the transmission. tested 14,000 people yesterday the number of cases continues to go up. 6 rs 984, total 66,000 cases and those numbers are daunting to be sure you see it's continuing to move across the state of new york there's only one county now that does not have a covid case

anyone who says this situation is a new york city only situation is in a state of denial you see this virus move across the state. you see the virus move across this nation. there is no american who is immune to this virus i don't care if you live in kansas, texas. there is no american that is immune what is happening to new york is not an anomaly there's nothing about a new yorker's immune system different than any other american's immune system so new york is just a canary in the coal mine. what you see us going through here you will see happening all across this country. we are serving new yorkers and dealing with the pandemic at a

level that no one has seen before hopefully we learn lessons here that we can share with people across this nation in terms of the overall numbers, 66,000 tested positive 9,500 people currently hospitalized 2,000 icu pampblts 4,000 patients are discharged. that's an increase of 632. you don't often focus on this line when we have these conversations but people are going to the hospital and people leave the hospital you we have dealt with some really deadly viruses before we dealt with the ebola virus. that's not what this is. most people will get sick and stay home and have some symptoms that's 80%

20% will get sick, need hospitalization. they'll feel better and leave. it tends to be those that are acutely ill with the most problems most impacted states new york you see is at 66,000. new jersey is next with 13 california 6,000 so we have ten times the problem that california is dealing with. 2,739 deaths in the state of new york total of 148,000 cases 2,739 deaths. >> latest official case count for the new york region there. of course, one of the hardest hit parts of the country the governor giving the daily update we have been checking the price of oil which has plunged because demand for crude dried up. speaking with bob mcnally and

brian sullivan about that. bob saying that president trump is in the odd situation of wanting higher oil prices right now. brian, our question is whether that can be achieved here quickly and max out on global storage, and if it's too late to save many companies in this industry. >> there's no way the prices move higher in the near term bob would know more than i do. i go on his research why would they move up there are reports from many good sources that in mid land, texas, and canada, oil is trading at $5 to $10 it depends -- remember we are looking at the contract price for the official futures there are people in parts of wyoming, montana, north dakota, midland, texas, with no place to put their oil. i saw a letter to please don't send us more oil

a lot of pipeline companies issue what they call force matures and october of god unforeseen circumstances and in other words, yeah, we may have a contract but we are not going to take your oil. i can probably go find a barrel of oil somewhere in america for four bucks. >> wow less than we were paying for gasoline in this area. bob? >> brian's absolutely right. look the lesson of oil history and economics is very simple you either have an effective swing producer that prevents this price swings or the market balances by prices swinging from shut-in levels where you shut in and choke every available place to store crude and then demand destruction on the top. we are rediscovering this month what the truly free market in oil looks like the low-cost producers are producing. demand is collapsing because of the coronavirus and we find it's

challenging to find places to store crude by the end of the summer brian's right. the price is heading lower >> all right just leave it on that. quite clear note thank you both we appreciate it. the fed's effort to help the mortgage market could have the opposite effect. the mortgage bankers association warn of a large-scale disruption steve liesman has the details. people are asking me why the mortgage rate isn't lower now. >> it is complicated but from the department of unintended consequences, massive fed purchases to help the mortgage market and did succeed at doing that hurt another part, in this case, mortgage bankers, independent. and the mba warning that the housing market is actually in danger because of this these mortgage bankers with 55% of the mortgages in the country could go out of business they're getting tens of millions of dollars of margin calls with

the purchases. take a look at the chart shows the huge purchase by the fed totalling an unprecedented $185 billion last year. while they did that, the price of the mortgage bonds rose and again unprecedented ways full-point increases on a day. the market moves .2 or .3 one way or the other so this is just one of the problems in the mortgage business you have problems of servicers, people not paying and the fed is trying to successfully address this with unprecedented purchases. here's the problem big moves blow up a normal hedge that mortgage bankers use to protect themselves from falling rates or from rising rates let me show you how the hedge works. the mortgage banker locks the rate for the consumer. the banker shorts an mbs product there to protect itself from rising rates until closing but

these huge rate drops we saw and increase in prices created massive margin calls an difficult for anybody to get a mortgage these days. the mba writing sunday margin calls on mortgage lehners reached staggering and unprecedented levels mba asked for regulatory relief. in order to keep the broker dealers that write them from placing the margin calls but they and others in the industry want the fed to reduce the purchases. there's some indication in an operation that just closed the fed may be buying less aggressively we understand it's heard the outcry of this part of the industry and it is a little bit like whack-a-mole in the mortgage industry right now. >> that's well explained bottom line, is the only real solution to have the fed buy less of it or, is there something else to come up with

>> well, i think this regulatory relief that's being asked could help, as well. there could be -- you know, when they get done with this, kelly, there are other problems in the mortgage business right now. nonagency mortgages. my colleague diana is all over this the problem of servicers finding the sweet spot, the fed said it will buy as much as needed for smooth operation and may have gotten there and now back off and see if less aggressive buying to help this problem. >> so interesting. steve, thanks. of course not a big surprise given the unprecedented efforts. former fda commissioner telling cnbc that you need to see a reduction in coronavirus cases for two weeks before lifting the restrictions this after president trump announcing restrictions to stay in place through the end of the april. let's get to sue herera with the headlines at this hour. >> hello, everyone

the head of the world health organization says the coronavirus pandemic is reminding us how vulnerable and dependent we are on each other >> g20 countries to work together to improve the production and equitable supply of essential products shows that the world is coming together and coming together is the only option we have >> firefighters in barcelona are disinfecting every nursing home in the city after officials found tlooers one con fimpled case at more than half of them spain has more than 85,000 cases, third highest total after the u.s. and then italy. and in israel, drive-through virus testing coming to jerusalem. roadblocks set up to enforce strict anti-virus restrictions as always, for more on the coronavirus coverage, you can go to cnbc.com. i'll have more next hour back the you. >> see you then.

thank you so much. coming up, if your streaming speed is slowing, you're not alone. which services are doing them an enwhy. plus wall street gets bullish on paint, shampoo and a navy ship arrives in new york city to help deal with the massive rise in cases. now the most in all the country. we'll take you there live to show you what's happening. we're back in two. issues facing our world, what do you see? we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved.

welcome back with a check on the markets, half past the hour, higher across the board dow back above 22,000 with a 2%

gain today s&p up 2.5% and all s&p sectors higher led by health care, technology and utilities the dow johnson & johnson, microsoft and merck leading today. boeing once again dropping 8% back under $150 a share and speaking of which let's check on the airlines which are also down across the board unable to follow through on last week's mega rally american down nearly 12% today usually the sight of picnics and concerts, central park looking very different these days this is live images of emergency field operation tents going up and one of the navy's hospital ships now docked in new york harbor where we find contessa brewer the ship bringing about 1,000 extra beds to the city >> reporter: that's right. the new york city mayor was here today and behind him the "u.s.n.s. comfort" and the mayor said this is a clear message to

new yorkers from the nation. you are not alone. thousand beds on board this medical ship and at least a thousand navy personnel, medical personnel who will be available for noncoronavirus cases sick people who don't have coronavirus, heart attacks or stroke or other ailments will go to the javits center and may sent here to the "comfort. everybody on board is screened for coronavirus and all the parmts wh patients who come here listen screened i asked the commanding aurves of sailing now into the heart of the coronavirus crisis in new york >> we're military so we're trained for a little bit of everything this is not really a departure from what we do. again, because it is a virus, we are taking those extra precautions like our nation. >> reporter: the mayor says that

when they started they had 20,000 hospital beds in new york city now the coronavirus outbreak will demand 60,000 beds by the end of may so imagine that they would need 40 more of these hospital ships to have enough beds for now the hospitals are working to increase capacity by at least 50% and these emergency hospitals with 1,000 beds in each borough, kelly. >> wow that central park support, all of this getting up as the mayor today saying that they think they need more beds now. >> reporter: they think that they're going to be ready to accept patients at the central park tent run by mt. sinai hospital to accept patients starting tomorrow. it's such a change but they say they're doing it, getting beds in cafeterias and parking lots and they have called up all these doctors and nurses who are retired to help them volunteer to staff the other places that are going to receive the

overflow. >> wow such a grim sight and maybe hopeful to see that support from that ship behind you thank you. >> reporter: yeah. let's go now from what we're seeing to deal with coronavirus victims themselves to what's happening for the millions of people working from home right now. video games to search to streaming disney has consumers seeing a difference in the internet experience. julia boorstin with details of what people are asking will all of this break the internet looks like it just did go ahead. >> reporter: kelly, yeah the internet isn't breaking but the flood of people working from home and attending school from home is taking its toll on internet speeds. a new report analyzing 200 u.s. cities shows 44% are experiencing some slowdown of download speeds. hit the hardest is austin, winston-salem and oxnard, california all down over 40% of 10 weeks

ago and in new york speeds fallen by 24% on average the most popular streamers are lowering the quality of the video to ease the stress on networks netflix, facebook and disney reducing the size of the video streams. we are also seeing internet providers help out customers and not charge anymore comcast is lifting its data caps cox upgrading the higher speeds and at&t, verizon and charter are all taking steps to increase the capacity in their networks back orr back over to you. >> i'm surprised seems to me there's more bandwidth that we use. they can't deploy more that quickly, can they? >> reporter: there are a couple of factors here. one is what the companies like netflix do to minimize how much bandwidth they take up and so if you have all of a sudden

everyone's at home and people on -- a family all streaming at once, then you can see that a company like netflix trying to really minimize how much space to take up is a significant impact of that traffic through a netflix or youtube and then the other hand comcast or charter do everything it cannot only to not charge people extra if they exceed their data but also make sure that everything is functioning at the highest possible capacity and seeing the fcc take steps and will hear more about that today to make sure they open up the spectrum so the companies can have as much access as possible and really about everyone working together to make sure the internet doesn't break. >> that's a great point. julia, thank you i love how the segment is illustrating what we are talking about. yulia boorstin for us. online alcohol seller saw a 1,000% spike in users in a week.

we'll talk to the krochceo about next. amazon workers in staten island are walking out right now. the amazon workers aren't ale.on we have the details on what's going on across the country next

welcome back let's get to some of the big calls on the street. there are some bullish wells wells fargo upgrading tjx to overweight and lowering the price target to $60 saying the retailer is a market leader in the off-price space and usually outperforms in recovery periods. the shares are up nearly 2% to $48. next, jeffries upgrading p&g saying there's broad based portfolio strength and believes it will be a near term beneficiary of pantry loading in the u.s. and that china second largest

market is in recovery market up also nearly 2% today at 112 finally goldman sachs upgrading sherwin williams to a buy. while they acknowledge coronavirus will cause a temporary slowdound in activity saying when conditions normalize interest rate wills provide an incentive for new home buyers and for current ones to refurbish and think that they'll benefit from the oil prices. treasury secretary mnuchin says hazard pay should be included in the next rescue bill as warehouse and delivery workers are staging strikes and walkouts today protests safety measures to protect them from the virus. deirdre bosa has the latest. >> reporter: we are getting color from the on the dmon stragss. amazon walkout attracted a small group of warehouse workers and

in touch with sarah clark, a person behind the instacart strike and said she is overwhelmed by the response. dissatisfaction of warehouse and delivery workers is building before coronavirus and getting attention as companies like amazon and instacart play a role of groceries and cleaning supplies to more americans these days over the weekend bernie sanders and joe biden tweeting their support for instakartd shoppers. bernie sanders noting the latest private market valuation voicing really the chief concern from shoppers and delivery workers that they are risking their own health to provide groceries and supplies companies like the ones i mentioned have done things to extend sick pay leave and cleaning materials but policymakers and workers say that's just not enough and

certain certainly unlikely to end any time soon seeing the actions from workers. >> i expect to see them. i wonder if the economy gets worse and peter out on their own. everyone with a job feels like i'm glad i have it. >> reporter: yeah. and you take a look at instacart with a press release last week looking for 300,000 additional shoppers there's a difference between what inssacart and amazon is doing. they don't get the same protections as employees and that is sort of one of the chief points of tension here and then they don't get protections and feel sometimes the companies not providing the bare essentials. i spoke to a lawyer earlier today saying even though they're not technically employed instacart and others could see a slew of lawsuits if they don't at least act now to do things to protect employees and there's a

disconnect because the companies think they do enough and the workers don't think so. >> i think i probably speak for everybody saying we never so much appreciated everyone putting stuff on the shelves it is essential. thank you. we appreciate it. coming up, with just over about a trading day left in the quarter, the s&p and dow on pace for a worst first quarter ever dow's up just under 400 points 100 off the session highs. we are back in two woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com.

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welcome back sheltering in place is luke rative for certain businesses including liquor delivery

companies. frank holland has the trends we are seeing >> u.s. e-commerce alcohol sales forecast to grow to as much as $4.7 billion in 2020 because of the coronavirus outbreak, potentially doubling the 22% growth in 2019 the majority of those online alcohol sales from wine, direct to consumer or from other channels but as more and more americans are using e-commerce to get what they need, the demand for drinkings may be changing. drizly said new users spiked 1,000% last week corey, thank you very much for joining us. >> thank you for having me. >> i have to ask that's an eye popping number 1,000% growth. can you give us the new user sales growth in a regular week and what that number tells you >> i think easiest to talk about it as a reflection of our baseline growth rate and we were growing significantly prior to the virus changing consumer hablts but in the past three or

four weeks we have seen the baseline growth rate increase 400% unpre unprecedented and still okay semirating and couple of weeks,. >> what about the trend you're seeing we know wine is the majority of alcohol sales. has that been changing as more and more people are stuck at home and they can't get to a liquor sto liquor >> it's been the trends we have been experiencing prior to this moment, accelerating a bit the wine has taken a bit of share at the detriment of beer y you're seeing a lot of the known brands to be on shelves skucceed in this moment >> great one thing a lot of people have been talking about is they don't want people to come to their house and have to interact with them you're not delivering alcohol yourself you're relying on your partner

retailers to do it what steps have you taken to make sure delivery people are safe and customers are safe? >> it's a great question to explain the model a bit it's a technology platform that allows consumers sthop across local liquor stores and larger selection and pricing and the stores do the tlifr ri things like not having to sign on the screen itself or the recipient of the delivery. being able to check id at a safe distance of six feet or plus these different things to encourage social distancing and it acquires a lot of messaging to make sure the consumers are aware and stores are following through on what we believe to be the safest practices >> they are telling me how much they enjoy your service which i had not heard of before. last night i was making meat sauce and i needed red wine.

i ran to my neighbor's for help. are you telling me i could have used drizly to get something to my house in ten or 15 minutes time i'm kind of burn frds the food delivery things and the layers of fees in there what about you guys? >> it's great question the service is just listing the product and the pricing of the stores there's no markup on the bottle there's a 4.99 tlidelivery fee help pay for the labor you're paying a 4.99 delivery fee to have access it's a very different service. while we try to get deliveries

there in 30 minute, today ease time, it's unprecedented opinion within two hours is what we're looking at we appreciate the candor >> cory thanks so much >> thank you >> you're the face of delivery booze during this time job cuts continue to mount lbrands will put most on paid store leave. at the same time casino operator penn national plans to put 26,000 on paid leave the biggest of the day is macy's putting a majority of 130,000 employees on unpaid leave beginning this week. how long will it take to recover

from all of these layoffs and has the market priced in this awful news or not. do you think the market has found a bottom >> thanks for asking me. i think risk assets have found a bott bottom it will depend on whether policy makers can get traction and the news flow of the pandemic itself which has been worse very recently >> we have just today the study, yo i don't know if you see it that suggest we could have 50 million people out of work and 32% unemployment rate which is great than the great depression. they admit it's back of the envelope calculation what do headlines like that suggest to you

>> these numbers seem to get scarier and scary with forecasters almost trying to one up one another with scary number the u.s. economy has come to sudden stop here along with much of europe. we're going to see some very nasty numbers. we don't have a lot to go on so far. probably jobless claims which soared last week is the first line a continuation of a raft of pretty negative numbers. it was about 60% above previous record highs you know, the jump in claims that we have seen and it's probably going to get worse from here to be consistent with 16% unemployment i wouldn't necessarily write off any of these scary numbers but the skey is how quick do we

recover. the pandemic will end. they do not last forever we have to have policies in place that are strong enough for a v shaped recovery to get back to full health without another lost decade for the labor market >> you think the fed could communicate that by saying it will get gdp back. do you think that would work as a communication message to the entire country >> i think it would help because one problem central banks face, not just fed, but more acomputely in euroacompute -- acutely in europe and japan is policy staying in place it sort of looks like you end up in a liquidity trap purshing ona strong that's because markets know banks have pulled back before

there's any inflation. it could help policy makers get more traction and fiscal policy. there's a lot of emphasis on th that if the fed did communicate, it will grow to gdp, that could be quite helpful in v shape rebound after what's likely to be a pretty brutal recession. hopefully it's short lived >> keeps us from turning a temporary slow down into a permanent loss of wealth thanks good it's to check in with you the ceo of ll bean tells us what retail landscape looks like and a former fema administrator tells us what the u.s. should do next we're back in two. i'm part of a community of problem solvers. we make ideas grow. from an everyday solution...

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good afternoon, every one. our breaking news coverage continues this hour. i'm tyler mathison broadcasting what program we used to call "power lunch" straight from my home kitchen the dow is up 400 points since its back week from 2009. it's still on track for its worst month since 2008 crude crashing toward the lowest level in nearly 20 years sinking below $20 a barrel we'll tell you how low wall street thinks oil might go all of thf is as the u.s.as