thank you. >> jim >> patriciaing patience. you don't have to rush in. take your time. >> almost all in holding 5% cash. not much to play with. >> i'm a long equity manager and that 5% is precious to me and i will put it to work patiently. >> good stuff. got to go. thank you, everybody kelly evans picks up the coverage right now scot, thanks stocks turned negative the dow gives up the 300-point game it's a swing still above 22,000 for the blue chips but you can see nearly a 1% drop now for the s&p. these declines are a fitting move looking to close out a month an a quarter to forget and march the dow dropped 11%. the s&p 10% and the nasdaq 8%. the worst month for the dow and s&p since the financial crisis and a month marked by volatility the dow traded in a 9,000-point range and nearly half of the s&p

500 down more than 10% this month. for the quarter, the news not much better. the dow is down more than 20% for its worst-ever first quarter. the s&p down more than 18%, second worst first quarter got that the nasdaq is relatively speaking the best of the three it is down 12% so just some pretty stunning declines for all of the major averages. let's zero in on the action. rebalancing, what are the other forces at play here? bob? >> yeah. we may have what all the affects of the rebalancing yesterday and when the pension funds have to rebalance whatever weighting they are this quarter, of course, dramatic drop in stocks. rise generally in treasuries buy stocks and sell treasuries may have happened yesterday. we were essentially sitting at the lows of the day. volume's lighter the last two days the vix dropping a last couple of days and some of the extremes that we see midday are

moderating a little bit. that's the good news bad news is some sectors not acting very woeell. energy rare up day but don't kid yourself health care is performing better and so is consumer staples banks down 40% as a group and still even today overall underperforming. for the quarter to date, down 19% for the s&p 500. largest drop in the dow. treasuries joutd performing. up 20% we have seen the other ones. corporate investment grade basically flat high yield down 11% answering that question, you know, in times of great stress and in times of potential recession bond funds tend to act like stock funds.

coming down as much as -- not as much as we have seen in 2008. >> did you hear people talking act how, hey, maybe that was the bottom last week trying to jump in and chase the gains. don't get that feel yet? >> no. so there's two camps one camp is out there is the we drift lower in the middle of april but not much and then rebound as we hit a peak in coronavirus cases and some people are hopeful that will happen towards the end of april and then the other crowd, saying wait a minute, even if we peak in the next month or so in terms of coronavirus cases, the knock-on effects are greater than we have anticipated and could retest the lows we saw a week ago and that's really the lines of the debate right now. those two crowds. >> thanks. let's go from stocks to bonds. we have had movement to the downside let's head to rick santelli for

a look at why. what's going on? >> i tell you what you're right 2-year note yields are the only yield not at a historic spot here we are at 20 basis points on the 2-year note getting very close to all time but hovering back to 2013 but if you look at 3s, 5s, 7s right now 24 basis points on a 3. you look at what's going on here at 33 basis points and finally you look at a 7 and 51 what's unique is all of these at the lowest yields ever okay if we look at a month to date of 10s as on the screen, right now 54 basis points is the low and as we hover basically 11 basis points above that many believe you need to get back above the most recent high to negate that bottom whichever happens first. month to date of 30s their low yield close ever from the 9th of march just was a

whisker under 1% high since then, 179 back under 1% or above 179 those are the extremes that many traders are looking at but never seen something so aggressive with regard to all-time lows in the curve. kelly, back to you. >> is there a simple cause for this we'll talk about the pretty awful gdp forecasts. is it just growth? is there more to the story do you think? why are they all especially in the 2-year sinking so much >> well, you know, awful gdp forecasts. would you expect anything else turning the circuit breaker of all businesses off i think it's various issues, not the least of which is that we're seeing buying by central banks seeing avoidance of the low yields will we go negative? do you want to investment in the greater fool behind you to go more negative for a profit

i think investment grade is the answer to the bridge at this point. that's why it's going through the roof less volatility than stocks and a lot juicier yields than the treasury curve. >> all right thank you. now to the coronavirus itself new data showing that social distancing may be working coming to stopping the spread of this virus. meg tirrell is here with the details a the a safe distance. meg? >> hey, kelly. the numbers, of course, across the united states are still rising but we are seeing glimmers of progress that was the word that dr. anthony fauci used this morning talking to cnn and those glimmers are in a few different places the first is in seattle. according to two different reports cited by the public health department a study of mobility using mobility data essentially from people's facebook apps showed that mobility declined in march and transmission reduced in san francisco some hospitals

reported cases leveling off. kaiser and ucf here in new york, governor cuomo talking yesterday about icu admissions rate here slowing from doubling every two days to yesterday doubling every six days and saw updated numbers the case numbers are bad but the trend continuing kinsa tracks fever data. they have a million of the thermometers across the country and they have a map here showing the decline over seven days in that fever data across the country. experts say you can use this as an indicator of where you might see covid-19 cases going so that decline, the darker the blue, the bigger the decline, a potentially good sign. so a lot of these things together are spelling good news. however, we are still seeing case numbers rise quickly. new york's rising again today. scott gottlieb pointing to texas and florida as states to watch

the case numbers starting to go up very fast and may, of course, be undercounted based on the testing situation. >> aren't we talking to kinsa? that that's fascinating. >> yep they're coming up at 2:20. >> fabulous. all right, everybody stay tuned we appreciate it with that comprehensive update, that is meg tirrell. goldman sachs slashing its second quarter gdp forecast to a decline of 34% now, 10 points worse than the last estimate morgan stanley with a 30% drop and jpmorgan to minus 25 what changed particular joining me is mike feroli, the chief u.s. economist at jpmorgan mike, it is good to have you back why do things look so much worse lately what is the biggest delta, sort to speak >> one thing is just the extent of the number of stay at home orders around the country which

is extending where we see weakness from. before woe had thought it was consumer spending but now the economy is shutting down even those not related to the virus and what we have learned and of course saw the unemployment claims number last thursday continuing to be shocking. we expect something similar again unfortunately this thursday. >> right now we have anecdotal data of jobless claims inundated you said the biggest change is stay at home orders shutting down the economy and as phil lebeau reported, there's no major automake we are the production lines open. when this lifts and, again, maybe a rolling lift, but does that activity spring right back? how are you anticipating this recovery will look like? >> activity should come back, should spring back, yes. i think in the third quarter if everything goes according to plan to see double digit growth

rates but that's a growth rate that's important to think about levels here. to think about the unemployment rate, we and everyone really expected the big spike in april and may. and that should start coming down in the second half and we think by the end of the year the unemployment rate would be higher than where it is now and i think even if we have activity springing back there's lasting damage in terms of weaker balance sheets of businesses and households destroyed job matches and will take time to repair. >> right we know this friday is a big number, the march unemployment report but plenty of people point out the survey period of 12th day of the month before a lot of the stay at home orders hit and maybe the report won't look that bad and people struggling to find data to well sum up the economy right now what alternative or traditional data points are most focused on right now? >> it will continue to be the

marquee report on the state of the economy and looking at the high frequency big data ipd kay -- indicators they were interesting at first, with restaurant reservations and going to zero, kind of not all that informative anymore we're still focused on jobless claims for few weeks. >> wow that tells you a lot in and of itself that there's no big data, alternative data, to aggregate anymore. i guess the final question becomes, the president has been talking about an infrastructure package could be face forward. the fed has done a lot and had to slow some of the mortgage purchases the not mess up that market too much. what more is needed do you think? what more is expected? >> so i think it is likely that more is needed, particularly the aid to states and localities may

be insufficient. i think it is sensible to think about infrastructure even though the shock could be short lived in a number of months. the weakness in overall economic activity could persist putting in something now to provide support to the economy and is sensible thinking of how long to return to full employment after the last recession so i think having some added aggregate demand in the pipeline for 2021 is actually starting to look like a good idea. >> finally, mike, how long before you think we get back to what the previous gdp growth trend was? >> so if the experience of the last recession is any indication, it could be never. right? i don't think anyone expects estimates of 2006 or '07 i think there's some lasting loss of output, permanent loss

of output here that said i think with the right policies we can get back to full employment by the end of the next year. >> all right never one to mince words thank you so much. >> thank you, kelly. >> chief u.s. economist at jpmorgan. america is sheltering in place and binge watching like never before and this data illustrates the jump that the streaming companies are seeing julia? >> reporter: kelly, that's right. streaming viewership growth accelerating during the coronavirus crisis nielsen reporting that americans streaming minutes grew 22% the week of march 16th from the prior week to a total of 156 billion minutes, more than double the 9.6% growth from the first week to the second week of march. and netflix consistently dominates with 30% of streaming minutes followed by youtube with 20%, hulu with 10% and then

amazon with 9% we have seen this play out in netflix shares a rare stock in the green this year up 17%. about a third of the streaming to other apps, disney plus and a hallmark movies channel and all of those less than 9% each of streaming share. now, it is notable that disney plus is still just a fraction of the size of met flnetflix with streaming moneys but the category that's in -- did grow by three percentage points from one week to the next and based on all the numbers it seems like the increasing trend in streaming viewership is only going to continue. >> could be one of the -- we knew it was here already and lasting things to come of this thank you. we appreciate it. still to come, investors locking to put the dreadful first quarter behind them and with the major averages up 6% in the past week we'll ask if we

hit a bottom. frustrations and wait times rising as unemployment offices are swamped. the stunning numbers of just how grim things are straight ahead. the airlines moving high today despite the stats on how yiny people are not flng our breaking news coverage continues in two

welcome back dow's giving up the 300-point gain earlier the s&p down more than 1% and

trying to be one of only four time this is month to move less than that amount is this market turmoil in the rear-view mirror or not? joining me is two guests welcome to both of you craig, you know, what do you think? i know it's tough to opine on all of this but when people ask, look, is this a temporary clearing are we about to take another nasty leg lower, do you have any gut feel for that? >> there are some positives, the policy response, the size and speed, both impressive the fact that we have the gears of the market working on dollar funding and repo but you have to be patient think about this crisis, pandemic different than sars and h1n1 and spanish flu that they happened at the end of bear markets we were making the new all-time highs in february so the difference is they had excess wrung out of the markets here we will have a slowdown and

delever and a process to take time. >> so in other words, you are saying this market, this economy, was ripe for deleveraging this is going to sort of force us to go through it. how much longer does that play out? >> correct so that's after 11 years of a bear market, financial conditions are tightening and probably a multi-year process to be range bound an getting some positive things on the virus will help. stimulus probably coming to help the local and county governments, a positive but the deleveraging takes time. >> okay. i know, chris, there are specific things you are avoiding as you kind of put capital into the market right now, traps like energy and index funds why? >> what we have seen so far is a broad based selloff and heading into a recession and in that case you want to make sure you're careful of which companies you own so for those

companies to make it through a recession, good balance sheets, assets and short term cash to make all the payments through the recession is most important thing. i don't believe it's a time to own all the stocks in the index but be selective and look for those to make it through the period if it is a protracted recession. >> is there a way to do that on their own? you know i mean, i realize i'm asking you to talk against your book here a little bit i think people just feel more comfortable doing an index fund. low cost i don't know which companies to pick. >> sure. i think that makes sense you are right. talking about professional investors, they have some help if you're a do-it-yourselfer at home probably an index fund makes more sense but if you work with somebody with more knowledge might be a better way to go and might be one of the times with an index and owning all companies both those well positioned to make it through the process and not so well

positioned isn't as ideal. >> that brings up energy in particular which you refer to as a value trap would energy and financials go in the same category as airlines and cruise ships >> to be clear, we were saying trying to avoid the value traps that we are finding within the energy sector, material senior citizen or the we don't believe all energy companies value traps but they are ripe with companys that are. in general, looking for well capitalized companies, making it through the crisis and you can find them which are more, better positioned we would say within the sectors specifically be more careful than any other sectors as far as financial services, we are in better shape as a banking system than anything in the financial crisis and the good news despite the fact that this is a huge stress test, a lot of pressure put on the banks and

the rest of the economy, we believe that financials for the most part, especially the large capitalized banks are relatively safe and not a value trap in the financial sector like potentially in the energy sector. >> craig, reducing exposure to energy and thank you for allowing me to paraphrase and good to see you both today appreciate it very much. helping retailers get products to the door the ceo of commerce hub to tell us about the health of the product pipeline andthe delays to expect after this short break. should americans get used to walking, commuting and going to sporting events in masks jane >> yeah. kelly, we are getting conflicting information. we have been told not to wear these or buy these there's a shortage this is a used one increasingly doctors say maybe go outside wearing anything, even if it's this. mainthe truth about masks when we come back. this piece is talking to me.

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welcome back let's get the very latest on the coronavirus case count right now. sue herera joins us with that. sue? >> thank you very much good afternoon, everyone the coronavirus pandemic in canada is starting to accelerate the death toll there jumped by 35% since yesterday to 89 deaths, total cases are up 15% to just over 7, 00 national guard helping transport food in arizona. supplies in a warehouse near phoenix used to restock stores throughout that state. hospitals in chicago are preparing for an influx of coronavirus patients rush university medical center converted its main lobby into a low grade emergency room where non covid-19 patients to be kept from those with the virus. the head of the hospital's emergency medical team says the outbreak is frightening for everyone. and a temporary hospital with 200 intensive care beds

constructed at the milan fairgrounds to relieve pressure on italy's hospitals and built in ten days by about 500 workers. amazing sights from around the world. as always, you can get more on the coronavirus coverage by heading to cnbc.com. i'll send it back to you. >> thank you very much when the coronavirus epidemic began, doctors said that healthy people shouldn't wear masks but now some are questioning that advice and asking if everyone should indeed be wearing some kind of mask jane wells does join us with more on the story. hi, jane. >> reporter: hi, kelly dr. anthony fauci said the white house coronavirus task force to discuss the situation today because way back at the end of the january in california people wearing masks including me with an n95 mask i got in fire season wore it on a flight to chicago february 2 pd and then said healthy people don't need to

wear masks and gave away by mask to a nurse friend. i kept this one just in case and the cdc to reconsider the possibility of everybody wearing masks outside. you may think you're healthy and go to the grocery store but infected and don't know it and everybody is makes masks or many americans are. the upside is that it doesn't further strain the short supplies of n95 masks for health care workers and there are masks hacks which eunice showed me this month to keep the bands out of your hair. >> what i do is i cut that right down the middle and then i create it like this to put it on like this. >> she really is the expert that the. the surgeon general warned if you wear something, anything

like this, don't get close to people keep washing your hands. those are the most important things, kelly. even if you put this on to go to the store so you don't have a false sense of security. >> scott gottlieb said there's a difference and look at china's president wearing a simple pr procedure mask not an n95 like you said, as we look through the materials, basically a dish wash, cotton clothing, better in many cases than a scarf and i don't know why people shouldn't do that in public for the time being? >> reporter: we weren't told we needed to! if you're healthy you don't need a mask and going to the grocery store once a week and first week i saw people in the store wearing masks. i will do it from now on like this bandanna i want to stick you up or something. it will do the trick.

>> maybe get the groceries for free, too. jane, thank you very much. that's jane wells. going to the store, the gallon of gasoline below $2 nationally first time in four years. you can always watch or listen to us live on the go on the cnbc app you're turning 65 soon? yep. and you're retiring at 67? that's the plan! it's also a great time to learn about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. here's why...medicare part b doesn't pay for everything. this part is up to you. a medicare supplement plan helps pay for some of what medicare doesn't. call unitedhealthcare insurance company today to request this free decision guide. and learn about the only medicare supplement plans endorsed by aarp. selected for meeting their high standards

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welcome back about half past a. check on the markets right now. slightly off session lows and the dow from a 300-point gain to a decline. that's a 1% drop more for the s&p energy's the outperformer today.

last check slightly in the green up over 1% real estate and utilities, worst performers even though bond yields at record lows. within the dow cater pill hear is a leader and little bit of selling the leadership home depot an outperformer down 3.5% how about in the retail space? obviously one of the worst sectors of the year. continuing the declines. rh had some gains this morning jobless claims surged. 3.2 million filed. we just heard in governor cuomo's briefing the new york state unemployment office got a million calls yesterday. so now all of those people are causing big delays in filing for these benefits, huge delays for

some rahel? >> reporter: in neighboring new jersey, business went from booming to zero. this is in long beach island, when new jersey businesses were forced to close unless they were essential on march 16th. their expenses are too high and can't do take yacht or delivery and had to lay off all 75 employees including the general manager, robin she tells us that she is constantly calling the unemployment office and not just for herself. take a listen. >> i tried to get in touch for multiple of the workers because i'm trying to help them, as well and every day you call it says due to the high volume you will have to call back tomorrow and that's what we got all last week >> reporter: and take a listen to this. apparently the system was so overwhelmed at some point that appointments were being generated for the year 2040. 20 years from now.

a spokeswoman for new jersey's labor department tells us that was a system error and has been corrected and says in a statement that these are unprecedented times for our 40-year-old systems, but our information technologyteam has added capacity, allowing us to accept thousands of claims per hour we are monitoring our systems around the clock and we have staff working overtime to try to serve as many customers as quickly as possible. and the layoffs likely to continue just yesterday challenger pointing out in a note that 49% of companies report that they're very or somewhat likely to conduct layoffs in the next three months >> can you imagine seeing 2040 for an appointment just so, so frustrating. >> reporter: absurd. >> of course i'm sure hard for them to keep the systems going when they themselves probably have staffing issues from coronavirus. >> reporter: yeah. exactly. so the one thing i heard from the state offices is that they understand the frustration governor cuomo asked about it today in the state of new york

and hi said the system is not working as it is supposed to i think people realize that but for robin herself in particular she tells me that fortunately she and her husband have a decent savings account but the employees she's concerned about. >> absolutely. thank you so much. despite the mounting job losses there is one industry looking to hire. delivery and shipping. next guest works with suppliers to deliver across the country. for more and how supply chains are adapting i'm joined by frank pore, ceo of commerce hub. welcome. we need some better news after that report so are you guys hiring >> yeah. we have been continuing to grow. obviously there's a surge in growth in e-commerce as stores are closing so we continue to do well online. you know that said there's certain categories of products that are doing well and other categories of products not doing as well. we are in the business of

integrating large retailers online and large marketplaces with a network of about 12,000 distributors and brands that ship directly to the consumer so we have digital supply chain that's enabling significant flow and delivery at this time. >> we spoke with the ceo of ll bean yesterday saying he was seeing a big mix shift in the e-commerce, people ordering slippers what are you seeing in terms of what people are not ordering right now? >> certainly apparel is hit pretty hard. no one's getting a shirt for the friday's party and so, you know, the categorys that are doing well are the stay at home kind of products so everything from entertainment operated things, games and puzzles to home goods to doing it yourself type projects. there's a lot of that going on right now. >> absolutely. so in terms of the delays and kind of how the system is functioning, you know, i mentioned as i'm sure the

viewers can see, i need contact lenses but i don't know whether i should expect like they take 48 hours or something like that to arrive. what kind of delays to expect for products in terms of the system right now >> well, i mean, amazon is moving allot of nonessential products out of prime so you are seeing slowdowns in the chain opening opportunities for other retailers. right now if you have items for sale and leverage the sales i know personally i have expeerksed first time in the crisis a number of buy online and curbside pickup. i think a lot of trends are going to persist, these conveniences today will become expectations tomorrow. but there's a big shift towards those that -- where, you know, e-commerce first and leverage to shipping point and they have an advantage over those that don't have stores. >> amazon might be losing some share and i'll make a target

where you can buy online, maybe pick up curbside is that right? >> absolutely. i think there's a desire right now to goet things. people are turning to buy online and pick up in the store used to be in walk into the store. now they're offering curbside pickup and other conveniences and what people are looking for right now. they're doing well. >> final question. do you think these trends will persist and if so i wonder does amazon need and it has been increasing the physical presence over the years whole foods and lockers and kohles but is this revealing a vulnerability for them >> they certainly have amazon pantry and prime now and can deliver -- they have a network to control the moving parts from distribution to delivery where other retailers have to rely on other sources. i sort of feel right now having a network of partners,

suppliers, carriers, a really verse if i case of risk. right? your own facility that is go down, you have a lot more problem than relying on a network of partners to keep the supply chain rolling. >> so interesting the way the pandemic is changing the preconceptions frank, thank you so much. >> thank you. up next, a bullish call on cheap burgers and stuff for your home. the quarter can't end soon enough for the malls check out the etf down 34% since the start of the year. our breaking news coverage will be back after this break

welcome back with the markets down overall this afternoon, get to some of the calls of the day wedbush is upgrading wendy's well positioned for the post-covid world they say could accelerate growth.

analysts say they may have underestimated the breakfast launch they did trim the price target wendy's trading at $15 up fractionally today an upgrade of box to a buy with a $17 price target saying box to see increased demand of workforces at home and reliance on cloud technologies. box underperformed the peers for a couple of years with revenue growth but the analyst says the focus on profitability led to a large net cash position. and finally, dollar general, seems to always come up lately it was upgraded to overweight at wells fargo with $175 price target analysts say they have numerous underappreciated tail winds that are gaming steam dollar general should benefit in the second quarter and calling it a best stock in the arsenal if there's a sustained recession. dg shares just over $150 with a

nearly 5% gain today. stocks are on pace for the worst pace since the financial crisis where do we go from here joining me right now is jim jimiuorio. what are you watching here to see if the worst is behind us after the awful q1 >> if you look at the last four trading days, each day is market topped out which i think is becoming a huge deal f. you think of it in fundamental standpoint, the market wanted qe they got it in unlimited last week the market wanted a stimulus package. they got it. now the third shoe to drop has to be some real progress made on the virus and a real kind of believable time frame for coming to work and we know that's long in coming so my concern now is that we get disappointed in a couple of weeks. i have always thought from the beginning that mid-april was going to be the point that is

kind of a pivot and as we get to june a couple things will happen and i think it is a big deal is that the worries will subside a bit and the central bank money tossed in from around the world could be in u.s. stocks and i think the greater probability is that we fail here within the next couple of days and trade back to 2400 if we don't, two days go by and a bunch of people putting shorts on, every trader i talk to is tough levels, we have to short against it then we go shooting through the level but that's a secondary possibility. >> the market often seems to be looking three to six months ahead normally and i hear people conversationally talking about the fall saying what happens if coronavirus comes back what happens if there's not a normal playing schedule for football games and back to school and indicate life is back to normal, what if that's not the case >> okay. that's an ominous thought.

every time -- we have never seen anything like this but when we have seen something that smacks of being close to this i think markets job and emotions are to overreact. my hope is that it overreacts and my money say that is's an overreaction, as well. i believe that in american ingenuity and technology and if you give us three months to prepare for this, the summer mormts, coming back in the fall we'll be more ready for it and i won't worry about that with my trades. >> people, it will come back to haunt you if you say the wrong thing. i wanted to ask you about crude. it traded below $20 a barrel you say that's a rejection of the sub-$20 level and could be heading to 25. right? >> i do. the bearish case on crude is evidence and it's everywhere and it's been echoed from the

highest mountain we all get it. there's a bear case in crude traded below $20 a couple times. i wanted to see bigger rejection. it looked like that would happen and i think $20 is a big deal. and if it starts to rally, let' say that there's rumblings that the price war of russia and saudi calls a timeout and that could possibly happen if we release some sanctions on russia, maybe they play ball more, also, if that happens and think they're coming back to the table, got to be shorts in crude oil and squeeze it quickly and looking for a basing above 20 and then starts to move it could get 25 relatively quickly. doesn't seem like a lot but baby steps. >> absolutely. got to -- what do they crawl before you can walk? >> amen. >> jim, thank you so much. >> thank you well, the list of retailers shutting the doors putting the workforce on unpaid leave

climbing yesterday macy's today the gap. a major move by sidelining 80,000 workers courtney reagan is here to take us inside that story courtney >> reporter: hi, kelly of course when the outbreak started to take hold we saw many retailers close the doors. starting with two weeks and now for, well, who knows when? while the stores are closed the workers are getting furloughed as are many of the corporate workers because the majority of sales from physical locations. so some of the retailers that i have been counting, i have at least 24 here in the last couple of days. the department stores are names like that you mentioned. macy's, jp penny, neiman-marcus and spishlty retailers, gap, inc. including old navy, banana republic and ath leta. and ann taylor, loft, justice,

katherine's. and then urban outfitters, free people, victoria's secret, bath & body works many boards foregoing pay in the period of time even if they are still working. some of the kroeceos that are tg no compensation is of macy's and canada goose separately we got some new safety protocol announcements from walmart because those stores are still open. the retailer says, look, this is changing on a day-to-day basis and some employees asking for masks like your earlier segment and gloves if they want to wear those things, we are trying to make them available for employees we are installing plexiglass shields at checkouts and considering one way traffic in the aisles to continue with the social distancing and starting to take the temperature of the employees, first a distribution centers and then stores in the

hot spots and asking employees to do that for themselves at home every day, too. also walmart says they hired 50,000 people since march 19th kelly, back to you. >> wow one way traffic might be a good idea right now kour thank you. runways filled with parked planes and terminals are ghost towns. new data on the folks social distancing from the airport. %.rline etf down close to 60 no surprise. we'll be right back. community, we've seen you go through tough times and every time, you've shown us, you're much tougher your heart, courage and commitment has always inspired us and now it's no different so, we're here with financial strength, stability and experience you can depend on and the online tools you need because you have always set the highest standard and reaching that standard is what we're made for ♪

welcome back needed a sign that americans are starting to take the stay at home seriously, people who are

not flying phil is here with that >> i call this the chart of the day. take a look at passenger levels over the lasttwo weeks they have plunged. it's down so far that as we keep tracking this day-to-day, we say come on. could it really go lower than 200,000. it was down to 154,000 people who flew yesterday, were screened by the it's tsa. compare yesterday with the same day a year ago the decline, 94% 2.3 million people flew on the same day a year ago compared to 154,000 yesterday. not sprieds iurprisingly the ai cuts keep coming southwest say it will cut its schedule by 40% for much of the month of may that's an average of 1500 flights per weekday they are pulling out of the system. spirit airlines saying because of the sheller in plater in plal be stopping flights into new

york, la guardia, newport. nobody st quite sure where the bottom is. yet when you look at the airline stocks getting a little bit of relief today, moving higher in part because people sit there and say we're not going to see these guys go bankrupt any time soon we think there's perhaps a bottom that we're building here. >> perhaps phil, thank you. krucrude is down dramaticaly this year. it's on pace for its worst quarter ever according to aaa the average price for a gallon is below $2 my next guest seeing it plummeting more in the next two weeks. what can you tell us how low will it go >> prices will drop another 20 cents a gallon over the next couple of weeks. they could go down another 10

cents given the significant decline in gasoline futures which are off 57% early january. >> the irony is any time that happens it's because the economy is poor, people aren't driving and so forth there's not much to take advantage of, is there >> there isn't by my numbers gasoline demand in the u.s. is off nearly 40% it's even worse out on the west coast where it's down 50% with all the shelter in place orders coming from the variety of states >> 50% drop. how is it not down more. you have crude below $20 barrel. can you break down the average g gasoline price to say this is how much is fees, taxes and surcharges and this is from the price of crude sdplp sdp >> the futures price is about 60 cents. you look at what taxes and the fees are, you're looking at probably another 50 to 80 cents

a gallon depending on what state you're in. the local retailer on the street is the one who is recovering a lot of the margin these days because you'll notice that gasoline prices nationally are only coming off 2 cents a gallon per day while the price of futures has crashed. >> i have to fill up on my way home i was paying attention to that this morning i know you focus on this at the gasoline pump but can you quantify the damage this is doing to the u.s. economy. it's strange discussion we should be having but how much is it hurting thest being such major oil producing country? >> it's a significant hit in states like texas, new jersej n mexico, colorado, oklahoma and alaska you're seeing a capital expense. all the producers have been cut

by 30 to 50% where the layoffs are occurring is in those service industries that you've got like haliburton. >> production caps saying it's quotas it's a version of what opec does >> that's exactly right. in fact, you know, opec has invited texas to attend their next meeting texas would like to see oil prices rise but the fact of the matter is the demand destruction we're seeing worldwide is so grave there's not enough time for opec and non-opec producers to react to it and as a result, we're filling up inventory everywhere we can place a barrel of crude and refine products >> we spoke about this, the president spoke with vladmir putin about the collapse in oil

prices do you think he would lift sanctions on russia as they take their foot off the gas and that's way out of this or no >> i think that's part of the way out it the russians would be looking for a deal on sanction relief. in the meantime if you put this in context, oil demand is down 15 million barrels a day here in march and april there are estimates it will be down 30 million barrels day. at the same time russia and saudi arabia are increasing their imports. the gap is too wide for even a small agreement to handle. as we fill up these nooks and crannies and take tankers for floating storage, we might see opec is forced to cut production because there's simply nowhere to go. >> andy, thank you so much >> thank you breaking news coverage rolls on after this quick break. we'll take you inside the

mounting troubles for retail stay with us

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and call 844-214-2424. good afternoon, our breaking news coverage of the global pandemic in markets and around world. it continues right now welcome. we're glad you're here stocks are under pressure this afternoon. the dow erasing earlier gains as the number of coronavirus cases in the united states continues to rise. the number of deaths continue to rise and many states, many, many and more every day, it seerms ae working under stay at home orders the numbers arno