sure hourly workers are being paid sarah? >> keep the stories coming mike, final quick start from you as we start the second quarter tomorrow after a brutal one for so many people just ended. >> obviously, the market's ability to look through what's going to be still a huge pile of bad news and sobering infection news will be very much tested, down 30% is a lot of discounting and it's not clear it's enough >> from mike, sarah and i, thanks for watching. stay healthy we're out of time. brian sullivan has you covered on the other side. ♪ ♪ and welcome to cnbc's coverage of "markets in turmoil," everybody. thank you very much for watching it was a down end to what was a miserable month and a miserable quarter all in all in so many different ways the dow closing the day down at 410 points ending its first worst quarter ever and the worst month since 2008 listen to some of these

statistics in march the dow jones industrial average finishing down 13.7% there were three drops of 2,000 points or more overall, the index traded in a nearly 9,000-point range and half of the dow 30 lost more than 10% or more of their value for investors, all within a 31-day month where so much changed in the markets and really, so much changed in the world. also, you know what changed? oil falling 67% so far this year a number of oil stocks have lost 90% of tlheir value in 2020 all because of demand destruction and the price war and the economy on edge because of, what the coronavirus. covid-19 and when the white house press conference begins we will take you to any major market-moving headlines or headlines concerning your health that you need to know from that press conference when it begins and now a daily occurrence at

5:00 p.m. eastern time i am bright an sullivan and i know it was a tough start, and guy adami, tim seymour, karen finerman and chris vrone guy adami, let's do what we do here and that is focus investments and give some sound advice the vix fell today, but it's still at 53. volume is down although elevated from a month ago all in all, i think you might agree another reasonably orderly day for the equity markets >> i'm glad you mentioned orderly and again, great to see you, brian orderly is the word. you can't underestimate what it is to get back to some semiplans of normalcy and the markets. i get it the vix at 53 is still an absurd number especially when you look at it in the context of what we were talking about three or four months ago, but that's off, obviously, the recent highs and

it moved lower today despite the broader market moving lower, as well that's encouraging i don't want to be pollyannaish, and i took good things away from it today that and the fact that there continues to be some semblance of normalcy again in the bond market. so those things are encouraging and the s&p and the dow not withstanding today >> tim seymour, did you find anything or maybe the same or different encouraging about this market today >> well, at midday we did our production calls and seeing the s&p had 33 basis points and said wow! this is a lovely july day and the takeaways are the markets have certainly priced in, if you're the bull and you say the markets have re-priced the coronavirus and we have the central bank that's buying everything that moves and this is the case where pessimism got to that point where there was extreme. bears are going to rightly point

out that we have no idea what the economic data impact going to be. we know the data will be poor and we know there are terrible p.i. numbers and at this point these are the moments when data bottoms and i'm not saying that we have is when you want to be buying equities even though the world doesn't want to be a great place. i will continue to say, brian, that we got to peak pessimism already and i think that's something that is generally good for the markets when you have this wall of worry >> i'll tell you what, tim i wish you were right. i wish it was an average july day. that sounds pretty good right now. karen finerman, good to see you, although i can't see you, our audience can youio look at this market. goldman sachs coming out with a second quarter gdp estimate for a contraction of 34% i mean, i think tim used the term cartoonish with some of these numbers yesterday.

as a fund manager, do you pay anyattention to this data, karen? >> well, i mean, that's a pretty unbelievable headline. i think that's an 8% quarterly gaap contraction and then annualized, but either way you slice it, even a quarter of it is still a horrific number i think that is possible i mean, who knows? who knows what kind of contraction we're going to see but i've been pleasantly surprised that both tim and guy talked about a little return to some normalcy. this was your run of the mill down 400 and change day which didn't feel bad at all relative to some of the other days we've had. the credit markets opening and functioning and that's really important. i mean, the idea that today carnival cruise talked about doing a debt deal, a junk deal and a convert -- and equity, that's astounding to me that they would consider that so, i mean, ten days ago it

would be a complete non-starter and i don't know if they'll get it done. we'll see, but the idea of that is so amazing, maybe they don't have a choice, no matter what. to me than the equity markets functioning. -- even with the terrible 34 >> chris vereone i was lookinging at technical analysis was off the relative strength indicator a couple of days ago and we knew for a while that during the abtechnicals seemed to be mostly out the wend owe and has a sense of orderliness also returned? the pattern, the charts and the things that you look at? >> i think it has.

i know we don't know here and we're all playing in the dark, but when you put this into some type of historical context as tim talks about, as well, you were in the historic, historic oversold camp and the number of stocks was as bad as we've seen since 2008 worse than we saw in '87 and worse than we saw at the '62 low and to put this into some type of context, you have to go back to those data points and say okay, how did markets respond from here in the past and what we see historically is the returns over the next number of weeks or even over the next couple of months can be very, very random, but looking out six and 12 months in the future they tend to be very, very, very strong i think it notable that under the surface and even on a day like right now where we had s&p lower, risk was not bad. high beta was better than low beta any breadth was not bad you had just as many stocks up as you had down, so the

internals are starting to thaw we've seen it in corporate credit and the vix ask put call ratios and those are helpful over the surface. >> i don't want to get personal and i don't know about you, but i can tell you when we do the 8:15 company-wide call the moment i get off it, i get on johns hopkins and new jersey.com i start to look at case totals from around the world, from the united states, from new jersey, from my county in new jersey obviously, looking for some signs of hope. is that the primary data point that we've talked about before that will ultimately move equities, with those numbers, as bad as they are start to roll over and go down, we talk about humanity are those the key data points and rather than the goldman sachs gdp number >> yeah, goldman sachs gdp number and anybody can throw a number out there and i understand that to care know's poi karen's point and that's what sort of scares me a little bit

because everything you read, hear or watch on television indicates that we're probably still seven to ten days away from this thing at it's worst which is really somewhat so if we were to see the things that they're warning us against that could be somewhat disconcerting and it is good that we're getting back to some level of normalcy here i'm not saying we're going to retest the lows. i have no idea i do think there's a chance and chris row will probably accept this as well that we do a 50% retasment ar retracement and get to the 2790 level which makes sense, but with that said, to your question, that's the overriding factor here for everybody. >> tim, would you agree with that >> i would i do think we have some data

points remember when we first started turning a blind eye to what's going on, and i mean markets, we were turning a blind eye to what was going on in asia and china and we got a sense that this was going to be a moment and even in investing in asian securities that there was a sense that we'd seen it with sars and two to three months out and 9 to 12 months out this was something that you were buying as an equity investors and hey, china's back china was three months ahead of us in terms of the impact. macro isn't something that should necessarily parlay into the u.s. economy last night china released pmi which were in expansion territory, 52.3 on manufacturing, and 52.0 on services and these are numbers that were drastically better and i realize that again off of what base and off of what comparison, but that's the good news the good news is that china's

second-quarter gdp we talked about u.s. is going to be down 1% in the second quarter and the duration and this is back to the question of how long before we get to essentially inflexion points in the country. is someone determining how the economic impact is going to be and we have companies and countries that are further along in the process than we are >> south korea, china, great points i want to get to our guests in a second and we have numbers crossing on cnbc and a fund manager and jeff saying that the coronavirus sell-off is going to worsen again next month in april taking out the march low i have one headline foh on equie thinks we'll mack a new low, agree or disagree? >> i disagree. what's important is this market

deteriorated before anyone knew how bad this virus was it will heal itself before anyone can believe the virus data will look better and we'll look to funding markets for some evidence of that and that's where the fed has been effective over the last two weeks and we have returned to some normalcy in the macro world and i think the most consensus word out there is retest. >> everyone is talking about a retest they're only retesting hindsight. >> let's bring in our guest, oppenheimer's asset investment chief investment strategist. welcome. i look forward to having everybody back on set with melissa and the whole gang that day will come, by the way i promise. but let's talk about right now and you heard me mention the headline by jeff gunlock and do you believe we'll make an overall low for the stock market next month >> i don't believe we will i think we've likely put in the low or we put in the low

it really depends upon the quality of the news flow related to the virus we're held hostage by the virus, but right now based on what we've seen, we've seen improvements in the now, and the response to the virus and the response to the economy and the market all of this is beginning to flow forward. initially, the response was like the three stooges for those who remember -- or abbott and costelo. who is on first, you know? a lot of mayhem, but what we've got right now is we're beginning to get it together, whether it's ford, gmor brooks brothers making masks and ventilators and other types of equipment we're beginning to come together there is a moment here that appears like rosy the riveter. >> yeah. >> john, listen, you can't see my house

i've got a picture of the lemans ford versus ferrari and there's a scene where he said we defeated germany and we won the war by building these bombers plane and we're putting the might of the public and private sector together. i get that we're going to get this. the united states will overcome it somebody will come up with a vaccine, j & j, regeneron or multiple vaccines, we'll do it so that's good, but let's step back to where we are right now which say lot of people who have sold their investments and we know that from the data. hundreds of billions have gone into money market funds. should that money be put back to work in the u.s. equity markets right now and if so, where >> okay. we'd have to say this, first of all, anybody putting money back into the market they've got to know themselveses. so essentially they have to right sign expectation and be realistic that whatever they buy

can fluctuate significantly. they need to practice diversification and they need to look at babies that have got know thrown out with the bathwater, the stocks that have good business premise and good management and have the capability to travel in rough waters and -- >> like who? john, who is that? >> you know, i've got to give you sectors in this because i'm limited to what i can say by compliance what we can tell you is we want technology we want industrials and we want consumer discretionary as the three main plays here. we want to be cyclicals instead of defensives in terms of sectors and we saw the utes getting hit today and the rates were having a tough time and they were very popular in an overbid of defenses and sectors we would say, but we want to position for coming out of this, even though it's early that said, people have got to understand themselves and know

what their risk tolerance is because if they don't have risk tolerance they probably should stay on the outside, but we would have thought most people should not have sold their equities if they were properly diversified and they should have held or ridden or gone through the course of this when you hold on to what you have, the reality is usually in the upswing when you come out of these things and you pivot and start moving upward usually the gains that you have from the lows happen in a very, very short period of time. >> yeah. >> if people were so worried that they sold out the problem is when the market starts picking up, they'll miss it to the upside that's what usually happens. >> yeah. >> you've got to have confidence you have to have -- you have to have confidence in your convictions. >> but fear and panic are hard to overcome and that's exactly what we had i think about a week ago. john stoltzfus, thank you for

being on i look forward to having you back on set. >> karen finerman, consumer discretion, guess what there might be a lot of companies that don't make it through this in terms of being equity, if you know what i mean. were there any consumer discretionary names that you've been buying over the last couple of days? >> well, one i tried to buy a couple. starbucks i did buy. i think that they will come out of it. we have their road map from seeing what happened in china and how they're coming out of it there, and so i think that's one that -- i don't think we will get another chance -- maybe we will i don't know if we do get another chance to buy it in the 50s, i will buy it in the 50s and probably higher, as well. home depot, i think we might get another chance there, but i know that i am not going to be able to pick a bottom, so i'll buy even if it's not, you know, if it's not at the lowest price ever once you see that lowest price

and you think i'll wait for it to get back there again and sometimes it never gets back there so even here, i still like a starbucks so that's one and there's only just -- target is sort of consumer discretionary and sort of a grocery play and that's another one that i like so those are the -- there are good companies out there and the balance sheets and that's where you want to be the ones with the good balance sheets and something like starbucks rid in the front of consumer discretionary because i am concerned for the broader retailers. >> as are a lot of people. what do you want, guys, we have more coming up this hour on c nbc, the president saying we need a couple more trillion at the problem and specifically with infrastructure. interesting notes on airlines

getting grants and ceo pay and tim seymour will give you his views on that, along with an analyst and as a remind e the white house nightly coronavirus press conference has not begun when it does, we may dip in and bring relevant headlines and we'll be right back with cnbc with more. back after this. when you look at the critical issues facing our world, what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer.

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♪ ♪ >> all right welcome back to cnbc, everybody. i am brian sullivan and i hope you're having as good of a day as you possibly can in the country that you are watching. thanks for joining us. we have a couple trillion dollars and we have the president and congress doing a $2 trillion stimulus plan, but the president doesn't believe that may be enough in pafact today the president

tweeting out that we need to get a $2 trillion infrastructure program going as well. the president chris verone has been hot on infrastructure and all of those infrastructure weeks nothing occurred some of the material and gravel makers and asphalt makers they soared today, are you a buyer or recommender of some of these names? >> think these stocks are interesting and they've s.t.a.r.t.ed to outperform a little bit, as well and it's not just going up in absolute terms and outperforming, as well a name we watch side jacobs ticker is j and the longer term trend there is still intact, and i think that's important that these stocks or this group is not at the scene of the accident here and that's the big problem when we think about discretionary and airlines and whether it was a state in 1991 or tech in '01 and teches in

'08, they never returned as secular leaders when the cycle got better when you look at these infrastructure stocks they are at the scene of the crime here and that puts them in a good spot for leadership coming out of this. >> guy adami, any of the infrastructure names wet your whistle? >> martin mariota comes out mlm, before the date in march was it traded down and basically held levels we saw back in 20 sxa2016 and vulcan materials and the other stock with levels we saw in 2018, but again, these stocks aren't necessarily cheap and not that any of that matters right now and the pushback i would have and the question that has to be asked is i want to win the lotto tomorrow, as well. where is this money coming from that the president wants to magically do this infrastructure spend with we are pulling a lot of things out of thin air right now for

good reason and i understand it, but you can't continue to go down this rabbit hole, i think maybe i'm wrong. >> it's mmt, baby, modern monetary tip, tim seymour and what people ridiculed in dire circumstances is here. that said, infrastructure stocks oil's gone down and that's a big spender and we've had a lot of head fakes here. >> i think there will be another round and we've heard this and i think there's political consensus and the guy brings up some important issues and how we're going to pay for this, but again, my view is if you look at sam masco that makes belling supplies as chris pointed out, one of the proxy plays and down 45%, but has rallied back almost 30% in five or six sessions. my problem here is that while i think we are actually seeing first of all, we're seeing a

steepening of the yield curve and we're seeing sleetly higher implied inflation expectations and arguably, this is what's supposed to happen when you put rates to zero and the jury is still out to that's what's going to happen and if anything, i get the fact that an inflation, or some type of an infrastructure package brings some relief to what have been traded and they've been traded cheap and i don't think they're cheap even here i don't think buying it you'll get relief anything we do will be just that, it's going to be stimulus, but look, we're questioning global growth right now and this will not return overnight and this is an investor to invest in, but i'm not chasing that on the headline >> karen, i'm speculating and we know there are going to be a lot of people unemployed and part of the infrastructure idea is it could be a good way to get people back to work.

>> on the infrastructure side, anything that you would invest around or buy around some of this extraordinary government spending >> well, the infrastructure, and i actually think there's a reasonable chance of it happening, more so now than a really long time i own united rentals which will benefit, and it is up a fair amount after having a terrible run. i think that would be great for them and the thing about an infrastructure spend is you do actually have something concrete, literally, at the end of it and as you pointed out that you're putting people to work, as well. >> so i we need all of this stimulus, and for companies to be able to make payroll, but i think doing an infrastructure spend you end up with something tangible so i don't know if you can get it done, but it should be on the

table. >> all right good discussion there. we'll seeif the president gets what he wants and another couple trillion in infrastructure we'll see. coming up, oil, we'll talk about it it held up a little bit today, but what happens when and if all of the storage runs out? guess what they've got a guest that says they're putting it on ships and again, waiting on the white house press briefing, as well, plus the very latest on your coronavirus numbers. know taught with a lot more on cnbc we are back with more right after this (upbeat music)

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>> all right welcome back to cnbc's coverage of "markets in turmoil." welcome, everybody i am brian sullivan. a tough end to the tough month

in a tough year, the dow falling for the first worst quarter ever for the dow jones industrial average. the white house about ready to hold its nightly press conference on the coronavirus. the white house press briefing, of course, any key headlines, of course, market moving or otherwise we'll bring those to you, but we have a little bit of good news on that front, as well and who else is going to deliver that than meg terrell and meg joining us, and i know how tough it is being physical distancing, social distancing, whatever you want to call it. how hard that is for so many people in the united states and the world, but you've got some data that shows that as tough as it is, it does appear to be working on many fronts >> yes, brian, it does appear to be working and that gentleman you just showed waiting for the briefing to start, that was dr. anthony fauci and he said he is seeing glimmers of where this is working. two of those cities and counties are seattle and san francisco. this is where it appears that

social distancing really is starting to flatten the curve. seattle's can count the cases at 2300 san francisco is under 400 there and those curves are looking like they're flat. in san francisco, hospitals reporting that they're seeing a leveling off of cases. in seattle two studies showing they decreased mobility and the transition of the virus to climb, as well >> here in new york governor cuomo, the state could see its peak in seven to 21 days and we saw a pretty big daily increase in new york at 15% finally, some shot hot spots that, so that one is starting to pick up a kroeching 2,000 cases there and cook county, illinois, where chicago is and 3700 cases and detroit one on watch with more than 3100 cases we want to show you an interesting map. this is a map of fevers across

the united states and their decline over the last week this is from a company called kinsa health and what they see is the social distancing is working. fevers are lower the dark blue is where it is the most pronounced and there is a flag when the fever data start becoming the case number data for covid-19, but brian, when we're looking that it could really start to have an impact from the briefing tonight. yeah we certainlywill, bringing's about the of good news for are, and we are monetarying, and we'll brinth tg ato you and we'll take a short break and be back on cnbc right after this. through the resilience of our network and people...

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>> welcome back to cnbc. as bad as pretty much so many things were in the first quarter, it wasn't as bad for anything as it was for oil the price of oil down 67%. you've got two things going on, of course. you've got a market share price war between the saudis and the russians and now the u.s. after its own companies exxons and the bigger ones according to scott sheffield of pioneer and global demand disruption and 13 to 20 million barrels a day being taken offline. oil at 20 bucks. the problem is what happens when oil's storage runs out and it is starting to fill up? let's talk more about this side of the story and bring in clay seigle and they specialize in offshore, storing oil on ships clay, it's a pleasure to have

you on the fact that so many ship owners or oil owners are willing to pay ships high rates because rates have gone up to store oil offshore says a lot. where do we stand in oil storage right now? >> hi, broadwian. thanks for having me we believe there are tankers worldwide. is that a lot? that sells about the same amount of oil, and their highest point a couple of years ago, so it is a lot. the question is what does that buy us in terms of a buffer to balance this very skewed, physical market we're seeing today. >> yeah, well the stuff i'm reading onshore suggests we're probably anywhere from 30 to 60 days roughly between pretty much filling up every tank, every pipe, and every bathtub and when

prices are expected to rise, it pays to pay these ship owners, when or if does that turnaround, clay -- at some point does it become uneconomical to store oil on a giant super tanker and let it sit somewhere in a harbor >> part of it is the arbitrage and part of it is the supply chain around the world is backing up and seizing up. the time scale that you're asking about depends on the size of that surplus and whether the freight and the futures markets can keep up with the physical market so we've done some calculations. by the time floating storage really begins to flow, we think it would be seven to nine continuous weeks so in theory, by early june, maybe late may you can fill that half billion barrels of capacity in real market conditions it probably won't play out exactly like that because it won't be continuous >> remember, it largely depends

on the differential between the time spread in the futures market and the cost to carry sometimes that will be open and then when freight weights increase it will close so instead of the slope up like threating storage think of a zig-zag or point higher. >> we had a guest on -- days are fading into each other and randy gibbons, most of them are well up and this is well before coronavirus broke out because their freight rates were up for a lot of different reasons that we don't need to get into now and the tanker rates have soared and the tanker stocks have done well how many more price increases do you think the market can bear? >> there is room for a freight to go higher, certainly and that's our baseline expectation for what we're going to see this spring keep in mind, too. it's not only the super tankers that are associated with crude floating storage we're seeing some unusual

patterns in the karges cargos o refined products last week we started seeing gasoline cargos and switch direction and head for storage location in the caribbean and singapore, amsterdam and it's expensive to pull a 180 like that mid-ocean so when we see moves like that, we think the market conditions have deteriorated so much at the original destination that it's basically worth it to reroute to the international storage and another interesting to watch is jet fuel cargos because we've seen barrels that were supposed to go from the middle east to india to ports in europe and they're getting moved around and they're getting sent into storage in places like the caribbean and what's interesting, brian is they're taking a long way, okay? instead of cutting straight through the suez canal they're going around africa to deliberately postpone their arrival and that's a version of the floating storage play, right? >> it's amazing. the arbitrage, what they're

doing and you can watch it on tanker trackers and some of these names and why are they doing that and going here? a fascinating side of the story we don't talk about a lot. clay seigle, great thank you very much. thank you very much. we just talked about jet fuel and why don't we talk about actual jets and he found interesting and let's bring in hunter to talk about it. it is not buy this and sell that although you have outperform and it's more of the grant program that is part of the bailout of the airlines and the fight overpay rates and dilution of shareholders in a very basic way, what's the conclusion for our audience. are some airlines more investable in others because of what's happening behind the scenes >> yeah. good afternoon, by the way i would say that's always the case, but in terms of what's going on with the government and

the bailout is thrown around a lot and it's not really a bailout because there's going to be a price for this, and the real debate is that people want to understand is what the treasury wants in exchange is the $21 million for passenger airlines and it was ambiguous language any appropriate composition and right now it seems to be that secretary mnuchin is the sole decider and some of the trump's cabinet members and what does that mean? it could be warrants and stock options and an equity position, and currently negotiating with treasury right now so the idea being, hunter that you take a certain amount of executive pay and a certain amount of grants and the market caps have been wiped out delta has up pretty well and the notes and american airlines have been hit and if they take the

same amount of money they'll have wildly different levels of dilution based on the remainins should we impact the airlines and which airline stocks won't exist in six months or a year. >> that's a fair question, and i think in terms of the dilution and that's the debate and for example, i know we talked about delta and american take $5 billion and it will be plus or minus, and that's not the point. they both take $5 billion it will take a $5 billion market cap and it wouldn't be fair to dilute them by 15% also in the same note, if you want to dilute them by the amount of the grant by $5 billion, and the ceo, and the shareholders and proposed the 100% dilutive event whatever the math is somehow good for them. and the worry is no, that's not

right and that's not what it's going to be and that's an unrealistic scenario and at this point it's whether or not mnuchin is willing to say it's still a fair deal for me because there's a tax angle attached to this and they'll get $800 million on an $800 grant and he'll take it to his republican base and that's where things get real hairy in terms of which airlines exist on the recovery, i think the cash they'll get they'll get through it in four months and it will increase for airlines this thing prolongs in the next year there will be airlines that don't make it through. >> let me ask you a question does each airline have to take a deal and can american take an equity deal that could be more

dilutive for them or does it have to be the same structure for everyone >> all we know is that it's appropriate compensation we don't know that the deal will be the same. i do believe that airlines are being represented by a single entity and they're in general consensus to what these comp sayings should look like i think the level of dilution will be different. i don't think the instruments will be different. they may they may, but if the terms are too onerous or the airlines feel that the dilution is too heavy or their hands are too tiedand they'll probably reject it and walk away from it, so you may see a divide occur between the airlines and at this point it will be pretty aligned, but when the devil is in the details with these types of things or the dilution is too much, and they have one or two and they walk. >> hunter, before i let you go, i want to ask you a question based on what you previously said is it theoretically possible for some airlines to take a few billion dollars in taxpayer

money and then still go bust >> yeah. absolutely this is a temporary solution the government made available $25 billion in grants and they have another $25 billion in loan guarantees above and beyond that american says they'll take $12 billion from the government in may, i suppose they said that's 6 billion in grants and another 6 billion in loans and that can probably get them through the end of the year, but if demand is not recovered by 21, american would have probably burned through that cash and they'll be in a difficult position, and they're not the only one, by the way they're the ones that said $12 billion. so they need to recover. you can't survive with 75% revenue down as we have in the models in the second quarter and down 50-some-odd percent and you can't survive when the cash runs too deep. >> triauly amazing. thank you very much. tough times for everyone in that

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welcome back well, like us here at cnbc, everybody out there is trying to work from home, stay connected with high-speed reliable access. so many companies out there are on the front lines of making

sure that happens. one of those companies you may never have heard about is nsego, a san diego-based company and the ceo and chairman dan mondor. i might have to blast through this because we are expected to get to the white housepress conference you guys do 5g and invented the mobile hot spot and super in demand right now if somebody wanted to buy one, would they be able to? >> well there, is unprecedented demand, i will say this, brian unprecedented and worldwide. so we've seen demand levels three times and growing from our normal levels. so verizon, sprint, t-mobile we also sell a device to at&t to connect laptops to wireless networks we are working around the clock increasing production lines, ships and we're responding to demand so we're ramping up and

expecting to catch up soon >> how long do you expect that massive demand spike to last is this you buy it once and have it for a couple of years or are you seeing rolling increases >> rolling increases it started with u.s. carriers earlier this month and now in the last week or so we're starting to see demand come from international mobile and i think a couple of things changed i use the word surge rather than spike. i don't think it's going to return from all of the conversations we're having to the prior levels i think that's going to plateau at a new, higher level basically through the discovery of working and schooling from home, and obviously bandwidth, huge demand on capacity. so it's really spurring 5g we have a 5g device hot spot we launched last july and the demand is surging for that, as

well as our 4g >> well, and that's so many of our viewers right now, they work on wall street, dan. they've got fat pipes. they have a lot of data coming in, whether or not they're terminals or trading, they need the bandwidth. your supply chain, is it safe, secure and is it functioning and are you pretty much assured that we will have the bandwidth we need if this goes on for a couple of more month, god forbid >> yeah. i think the carriers and the operators and you've seen the statistics and verizon up 75%, and i think at&t, wi-fi calling up 70-plus percent and we're seeing the same thing in europe, vodafone, but we served those marks. we make our products for the financial sector, and goldman, morgan stanley and our customers used to device chase city and the department of defense and home land security so it isn't juf to have the

combies. it has to be very secure and there was an fbi news alert a week ago that talked about the nature of vulnerability and regular home wi-fi you need performance, connectivity and security. >> dan mondor, chairman and ceo of inseego, because we need to stay connected you and your team be well. thank you very much. let's go to the white house press beefing. ambassador deborah birx is speaking >> the pharmacist and laboratory technician is working together to stem this tied of unrelenting sick people coming to their doors. no one has been turned away. no one when has needed ventilation has not received ventilation, but you can see how stressful it is for each of them so i know it's stressful to follow the guidelines, but it is more stressful and more difficult to the soldiers on the

front line as we started and we will end with it's communities that will do this. there's no magic bullet. there's no magic vaccine or therapy. it's just behaviors. each of our behaviors translating to something that changes the course of this viral pandemic over the next 30 days thank you. >> thank you very much, dr. birx mr. president, mr. vice president. so what dr. birx has really said very simply is that there are really two dynamic forces that are opposing each other here as i mentioned several times in our briefings, the virus, if left to its own devices will do that dark curve that dr. birx showed you the other dynamic force is what we are doing, what we're trying to do and what we will do in the form of mitigation now these are very revealing

bits of data because you saw what happened in italy where you make the turn around the curve and you go that doesn't happen all at once. it's a stepwise fashion and if i explain the steps which i will, you will see why we are really convinced that mitigation is going to be doing the trick for us because what you have is you have increase in new cases at a certain rate when the increase in new cases begin to level off the secondary effect is less hospitalizations and the next effect is less intensive care and the next effect is less deaths. the deaths and the intensive care and the hospitalization always lag behind that early indication that there are less new cases per day, the way we saw in italy and the way we are likely seeing -- i don't want to jump the gun on it, we're seeing

little inklings on this right now in new york. what we will see and we have to brace ourselves in the next several days to a week or so we will continue to see things go up we cannot be discouraged by that because the mitigation is actually working, and will work. the slide that dr. birx showed where you saw new york and new jersey and then the cluster of other areas, our goal, which i believe we can accomplish, is to get the hot spot places, the new york and new jersey and help them to get around that curve, but as importantly to prevent those clusters of areas that have not yet gone through that spike to prevent them from getting that spike and the answer to that is mitigation now the 15 days that we had of mitigation clearly have had an effect although it's tough to

quant tate quantitate it because of those two opposing forces and the necessity of the additional 30 days is that now is the time whenever you're having an effect not to take your foot off the accelerator and on the brake, but to just press it down on the accelerator and that's what i hope, and i know that we can do over the next 30 days. and as i said the other day and on one of the interviews, we are a very strong and resilient nation if you look at our history, we've been through some terrible ordeals. this is tough. people are suffering people are dying it's inconvenient from a societal stand point, from an economic standpoint to go through this, but this is going to be the answer to our problems, so let's all pull together and make sure that as we look forward with the next 30 days we do it with the intensity

and force that we can. thank you. all right. that was, of course, that was the voice of the nation right now from the health perspective, dr. anthony fauci saying that we will get through this, trying to leave some of these grim statistics with optimism there the president earlier saying that it will be a very, very difficult two weeks for the country as cases in so many places like here and maybe where you are, everybody, are expected to peak. let's do what we do, and the second quarter and we have two minutes left on the show, what are you looking for the for the second quarter and when should we be doing? >> the leaders are still the leaders. semis have been a beast and biotechs are just fantastic. i think we have to fight the temptation of buying the laggards you don't want uncle sam as a shareholders that's a problem with airlines it's a problem with consumer and we saw that in the last '08 and '09 time period when the banks

and fannie and freddie and the autos got government as the shareholders and they were never returning as leaders and i think that's important here. >> karen, it's sort of a semifinal trade, if you will, a little bit of a longer version let's call it trades for the quarter and trades for the rest of the year and just ideas and thoughts what are you looking at? >> well, normally we get to the beginning of a new quarter and we look forward to hearing earnings and i do absolutely want to hear what companies have to say and no more so than the banks. they're right in the heart of the storm and not in their business, but helping other businesses, so i want to hear what they have to say, but fundamental earning analysis doesn't really matter anymore so to me, you know, if we trade down again and if we do test the lows i will be out there buying before it hits the low for sure because i never, ever buy at the low, but there are companies that absolutely will survive and thrive and i am looking for good balance sheets and i like tech, as well and i like names like

starbuck and are we able to flatten the curve and is there any treatment that works those are the most important data points to me this quarter >> they really are tim seymour, a great and wise man named guy adami that every day we get through it, is one day we get out of it what are you looking at for the second quarter >> over the next couple of quarters, there's $600 billion of allocation money to go back into the equity market just to be clear and i am very worried about the bbb credit curve where 20% to 30% can overwhelm high yield and i'm constructive here. >> guy adami what do you think? what's going tl quick. i think banks are interesting. again, i don't think the worst is over. i can't say i'll make a new low, i have no idea and what i say is you have an opportunity at a j.p. morgan at levels of price

to book we haven't seen in quite a long time, brian >> everybody, it was a pleasure to have you on cnbc's continued coverage and "fast money," thank you to chris, karen, tim and guy. we'll see you tomorrow night the dow down, worst quarter ever jim cramer picks it up on "mad money ".