>> okay. jm jim to you from rose. how do you avoid passive investing? quick. >> you can do sector analysis, buy a small cap fund a plan with a small cap fund, diversify across sectors. >> stay healthy. kelly picks up our coverage now. thank you, scott hi, everyone i'm kelly evans. at home and out of work. shocking 701,000 jobs lost many say the number fails to capture the full extent of the ongoing economic blow we are experiencing the stock market originally shrugged off the report and now sitting near session lows. talking about declines of just under 2%for the dow, the s&p and the nasdaq this afternoon. stocks are also unimpressed with oil. and we're awaiting a key meeting with industry executives at the

white house today. we'll have more on that in just a moment but first, we do begin with more on the market action bob pisani is hoar for us. >> the l-shaped crowd is winning over the u-shaped crowd. and you can see that in the -- what's going on here in the intraday trading in filly and the week here. you look at the dow jones industrial average, just off of the lows for the day this is not as volatile as the other days in the past few weeks. i want to point out the sectors indicative of who will be the winners and losers banks, utilities and the reits this week, these are three groups affected because they tier ones that might get hit if people decide to stop pay mortgages or stop paying the utility bills. that's a major issue of course, retail's a big, big mess right now down 10% this week banks are down 10% got a lot of new lows in retail.

it's hard to describe what the numbers are looking like here. kohl's for example $45 a month ago. $11 now. nordstrom was $40 a month ago. now a $12 stock. this is a simply catastrophic month overall for the retailers. any good news here it is a little calmer. sounds unbelievable with the market down 200 or 300 here. we were moving in 2% and 3% swings in the week today, a week and a half ago we were 5%, 6%, 7% intraday swings and the vix below 50 and haven't seen that more than a month and a little bit of good news and hopefully things calm down a little bit more. market will flatten out sometime maybe next week. kelly, back to you. >> bob, we have seen this pattern for the last couple of months with coronavirus where people don't want to be long and exposed to the market into the weekend. do you think that's starting to -- people are getting more comfortable with the numbers as

bad as they are? we have projections and kind of know what we expect. do you think that's changed at all or still pretty risky? >> on the terrible numbers, we were off by magnitude on the jobs number this morning and the market actually went up on this. part of this is because people are -- the whisper numbers are now back to the whisper numbers much worse than the actual numbers that people make guesses at and then the crowd that the worse the numbers the better because that means more federal aid, more federal reserve. more qe down the road and back to the bad is good really bad is even better story. it is that perverse way of 2008 and 2009 about thinking about the markets, kelly. the record setting pace of job growth coming an end steve liesman is combing through the numbers. this was supposed to be before

the worst of the shutdowns hit. >> yeah. it did surprise people with how much of the downturn was captured but, of course, everybody is still saying there's a lot more to come this is like a hurricane with the first dark clouds to hit inside the numbers there's information about the industries to be hit hard and harder yet. take a look at the list by industries and give you details on what's inside that. leisure and hospitality, 459,000 jobs in that industry. it's accommodation in it and probably more to come in that business health care and social assistance, what's that? doctors and dentists offices shut down in addition the social assistance part, child care. professional/business services what's that? employment inside that number. employment services. temporary help in there with the janitorial services.

retail, expect much more there and construction also a lot of projects shutting down there's other ways to hit the data household survey 1.5 million additional people working part time for economic reasons. they want full-time work 1 million more people own temporary layoff 252,000 people not at work due to illness and 250,000 in the employed there was other stuff in there telling that it could be worse very low response rate on the employer side and household survey the surveyors couldn't do the survey it was dangerous, misclassification for a perce percentage point and a personal note here inside the leisure/hospitality is arts and musicians. see if you can think about a way to help a musicians. >> you can't do shows right now, right? nothing going on. >> we have day jobs. there are guys out there with night jobs and that's their

business and i'm making a plea to help them people are doing live streams raising money for themselves or charity so maybe you can tune in and donate money that way. >> great idea. thanks very much those larger than expected job losses are raising alarms. my next guest said if don't think they'll go back to work soon we'll facing a breakdown. joining me is larry lindsey, ceo of lindsey group and former director of the economic council under president george w. bush i thought your point poignant. it certainly sums up the urgency i think in getting the government programs right, but also, i think there's a big part that's communication and communication of this economy is coming back and people not permanently out of work. >> i think we need that a lot. we forget about the psychological aspects of this. economists are probably more guilty than most because we talk

in terms of numbers but there's a lot of economic evidence that higher unemployment leads to more domestic violence, more alcoholism, more drug abuse and more suicides. and there was another study, it's not a perfect study but good round numbers in it found that 10% higher unemployment for sustained rate reduces life expectancy for a year and a half. that's an enormous reduction and leads to hundreds of thousands more deaths every year so continuing the current lockdown for an extended period and damaging the economy means losing lives and not just losing money. >> but you're not one saying that we need to go back to work sort to speak, right we need to understand that shutting things down for a long period of time carries it own risks including health and

mortality risks. >> yes and -- but i think we also need to realize that we can't do this for months and months and months so i think that it would make sense to use a -- to begin -- stress that word begin -- a fazed reopening of the economy on a common sense basis starting at the end of april but people have already been on lockdown depending on where you live between two and four weeks and that would be another four weeks on top of that that's a long time to be cooped up and not in your usual lifestyle. doesn't mean everyone has to go back to work right away. i'm certainly not one who believes that but just being able to do more things and, you know, have relatively healthy

people, the people who, you know, don't high risk factors be able to go back to work i think would be important and send an important psychological symbol you know, one of the things i'd love to see, for example, is to have the nba get back to playing. that would give us something to watch although i'm not particularly a basketball fan but give us a sense that life can return to normal not just play in front of a big stadium but they can play in a high school gym if they had to with tv cameras there. but things like that have to start to reopen and happen in order for us to feel life will be normal some point. >> you think in other words we're reaching the point where the risk of reopening things, having the small group gatherings, sending people back to work is less great because maybe the health care systems can handle the strain, people wear masks an be careful they don't spread to vulnerable members of the population an some people who have to stay home and i wonder about the

example of china with a hard time in some cases convincing people to go back to work and the traffic flow still looks anemic. >> i think that's right. once burned, twice shy none of us will rush back to work and i think that's something that the people who want to keep us shut down longer need to remember we don't want it to be assumed and a habit for people to just, you know, not go back to work and very hard to recover and for those people that don't go back to work. we got another problem, kelly. if i can just pivot to that. unfortunately the unemployment insurance program that was passed actually pays people more to stay home not working than they got at their previous job i've never heard of any government anywhere doing something so foolish it's basically incentivizing the economy to stay closed longer

and keeping people home longer even when things have gotten back to normal makes no sense and that's going to be another hurdle we will have to overcome. >> my guess is a lot of this will continue to get changed because we have never had to try -- you can go to the small business loans today that are a work in progress and other things i think the most important thing is for people to understand if i act in good faith will i be rewarded for that? if i'm a company trying to do the right thing is that laying people off to get more money or keeping them on parkwyroll beca i get astans but the demand might be down in 30% in a year it is tricky. >> i think it's very important that small businesses take advantage of the program we want them to keep their institutions and establishments running. it's a lot easier to reopen a

semi-closed or low volume establishment than open one from scratch and want to keep them there and we particularly want to keep workers engaged to the extent possible. even if there's a lot of working from home, even if there's a lot of social distancing and even if you're just in there part time i think it is important for people to continue to feel like they're participating in the economy. >> great, great points larry, thanks. we always appreciate your time. >> thank you very much, kelly, for having me on. >> larry lindsey it's going to be a tough time we have breaking news from the department of transportation i believe. phil >> kelly, because the department of transportation received a couple of thousand complaints of travelers who have had flights canceled and unable to get a refund from the airline that chance elled the flight, the d.o.t. warning airlines if somebody has a canceled flight they are entitled to a refund on that ticket. a lot of airlines saying maybe

we'll give you a voucher and now the d.o.t. saying you have to give a refund if they -- the customer requires it also today, delta extending the ticket change waiver for up to two years and southwest extending the amount of time to use the money for a nonrefundable ticket byup to a year >> again the airline index down 4% on that news today. trying to work for the long run. not necessarily the short term phil, we appreciate it today's the first day as we were just discussing that small businesses can request cheap government loans to get through coronavirus. treasury secretary steven mnuchin saying by about noon community banks processed nearly $900 million an not everyone is able to get up and running today. let's get the latest from kayla tas -- tausche. >> reporter: pnc, wells fargo, many bank it is sites saying the

loans are not available yet. bank of america is lending to prior loan customers that has angered others. chase's website crashed and the billion dollars loaned so far is by community banks already sba lenders. two industry executives tell me all banks likely not online until the middle of next week. connect one in new jersey has so far seen a thousand applications in the last week from its customers and its online subsidiary has demand for $2 billion in loans i spoke to its ceo earlier today about what he would say to all of those customers who are worried that there won't be enough money for them. here's what he said. >> don't worry i think the administration, our government, congress, the sba and everyone has made it crystal clear this is an incredibly important program that we are here to support the economy, the banks are going to be here to support the economy.

>> reporter: he's just waiting on confirmation to get that money to his customers today house speaker nancy pelosi suggested that small businesses would need more. this $2 trillion package is a down payment on eventual needs but at the white house larry kudlow said it's still too soon to tell. >> the key right now is executing this package it is a gigantic package covers enormous ground and you know, i don't want to say yes or no. our job is to execute and then take a look at this and give it three, four, five weeks, six weeks before we jump into something new. >> reporter: kelly, this is an impossibly heavy lift and will be hiccups and unprecedented the needs that many of the small businesses have. >> bank of america was up and running today but there's blowback of senator rubio. i don't know if you can tell us what that's that about and jpmorgan gone live with the

lending program, too. >> reporter: well, the backlash from senator rubio is he posted a video on twitter where he said the government was here for the banks back in the last financial crisis and we gave you guys taxpayer funded bailouts and need to be there for your customers. that was in response to the fact that bank of america has prioritizes its small business customers who have already taken out a loan with the company. and that's a way that bank of america can underwrite the loans more quickly they have to do less due diligence on the loans brian moynihan said after those loans are processed they'll get to customers with a checking or credit card relationship and then evaluate new customers after that and figure out a priority queue to sort it through and especially for the big banks where they're still having to comply with a lot of these regulations. they're trying to find a way to do this in the most seamless way. damned if you do, damned if you

don't because not being online angers customers, too. >> absolutely. we appreciate it tune in tonight at 7:00 p.m. eastern time for a cnbc special report "the path forward -- your business." the prophet himself marcus lemonis will answer your questions. coming up, house speaker nancy pelosi telling our jim cramer that the government action so far is not enough and just a down payment. what more do we need we'll ask. plus, been a two-day rally for oil but still down about 55% this year. now major energy ceos are heading to the white house to lay out their needs amid the downturn and look at what to expect. going to break, here's a look at the top dow performers all in the green caterpillar up more anth % 7%

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welcome back might not feel like it but the market is calming down here in april so far the dow's point range this week about half of what it's been recently but still almost three times what it was at the start of the year. for more i'm joined by jamie cox and charles bravinskoi welcome to you both. charlie, i don't know if you heard larry lindsey's comments a moment ago or respond to the point it's doing more harm than good to keep the economy shut

down right now. >> i have said that before and i have to be careful we don't want to pretend to be medical experts. there's a tradeoff there's huge negative impacts on the health of individuals. there's no study, no fact, no hypothesis more well documented that unemployment, negative economic affects cause depression,cause higher suicid rates. there are tradeoffs here and so i understand how government officials in order to increase compliance with stay at home want to say scary things but some point we are going to have to reopen this economy. >> scary is certainly what we're seeing in the unemployment numbers right now. and i think everyone's surprised by is that the layoffs so bad last month in the survey week. even if people answering and knew it had gotten worse by the time they answered the following week, there's kind of a projection into the future effect but the numbers no matter

how you slice them are dismal, charlie. where does that leave you when you figure out what to do? >> my view, kelly, that we are right now at peak bad news the next two weeks are peak bad news i do a lot of -- been invested in health clubs and restaurants and other institutions they all let people go thinking it was better for them to put them on unemployment they planned to hire those people back once they have the go-ahead to do so. my opinion, we'll see the numbers will be worse. right now in terms of unemployment but i think on this topic we will actually see a v-shaped recovery with a lot of people being rehired after we get the okay. >> jamie, what is your point of view do you have to have a point of view on this to invest or ways to kind of, you know, position based on either value and some of the incredible price movements or secular growth stories? zoom comes to mind. >> there are so many things down, kelly. if you look at energy, for

example. i try to ask myself when is there -- if i'm going to buy an integrated oil company, when am i going to buy one if i can't buy it when there's an oil price war combined with a 30% or more, you know, demand destruction so i think that, you know, people can look at that and objectively say, you know what maybe now it's time to nibble in royal shell or exxonmobil and take a position in a company well capitalized, coverage, these are the type of things to do with cash that you are trying to deploy but a lot of people are doing other things that are more financial planning like roth conversions, alterations to the portfolio to take advantage of the declines in prices to manage the recovery in a nontaxable account on the other side i see that going on right now. >> roth conversion could make a lot of sense right now and looking at companies for a

similar dividend yield and very different interest coverage. diamler pays the same as ford but 14 times the interest coverage versus 2.5 times for ford or procter & gamble and clorox so in other words you are saying -- we have heard this theme before you can't go sectors but company by company. >> yeah. this is one of those types that stock picking does matter and understanding the companies you own will pay off the pair that you mentioned a minute ago, maybe have reversed a little bit with the circumstances we are in but if you take a look at maybe a longer term view and not sanitation play, procter & gamble is a better company to own and you can pick it up at a discount and what i think investors need to be doing and concentrating on than data we know are bad and getting worse until the only data point that matters changes and that's when

the number of people in the country are no longer dying or we hit that crest in coronavirus deaths and that's going to make a huge difference to everything, whether we restart back and the data we see right now are horrible but looking through it that's why you have to pay attention to the metrics and buy the companies and on one off instead of sectors. >> charlie, quick final word >> we're trying to find companys that are going to be fine that are going to have pent-up demand zimmer is a name we love they have replaceable hips and knees. people are not doing that elective surgery today the business will be down but the surgeries are put off, not canceled they will happen zimmer is very well positioned long term. >> charles, jamie, thank you this afternoon we appreciate it. coming up, oil executives are heading to the white house as the energy industry struggles with oversupply and cratered

demand there's a disagreement on the best policy approach. plus many americans are awaiting the stimulus checks you can always watch our listen to us live on the go on the cnbc app. we're back in two. when you look at the critical issues facing our world,

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is what defines the military community. usaa has been standing with them, for nearly a hundred years. and we'll be here to serve for a hundred more. welcome back to "the exchange." crude is rebounding today but off the session highs. this follows the single biggest rally ever yesterday and it's up about 26% this week. breaking news in the past hour -- russian president vladimir putin says a reduction of 10 million barrels a day in reduction is possible. energy executives are at the white house. eamon javers has more for us. >> reporter: that's right. that putin headline crossed within the past 45 minutes or so not clear global production or russia is committing to contribute to. larry kudlow, the national economic council director out

talking to reporters about what the president thinks he heard in what kudlow described as muld pl conversations with vladimir putin and saudi arabia. >> production cuts have been president trump talking on a number of occasions with president putin and mbs of saudi arabia and president trump believes that they have given agreement and commitments to, you know, ending their spat. >> reporter: so kudlow saying that the president believes he has a commitment from the two leaders to end the spat. not sure how it ends plays into the putin comments all of that sets the table for a meeting at the white house with oil industry executives. here's what i'm told is on the agenda from people who are

familiar with this one of the things that the big companies will ask for is they don't want to see tariffs on the saudi oil. some do. there is a question of royalty and leasing relief for drilling on federal lands there's a possibility of talking about storing excess reserves. jones act waivers are also on the table. kelly, i'm told a thing that might be discussed here today is idea of getting access to the fed's new lending program. that's an interesting possibility. seeing how that plays out at 3:00. >> for sure. thank you. let's talk more about the state of the oil markets fred kemp is president and ceo of the atlantic council. fred, welcome. only way to figure out where the oil price goes from here is analyze this concord or lack thereof between the u.s., russia and the saudi, i guess. >> it is a face nating

situation. you have three alpha males president trump, crown prince mbs and putin and have different interests in this but an interest in the price going up and need a way out of this situation and it sounds as though the president trump has put himself in the middle of this as a moderator and navigating a way forward what is the u.s. giving? because president putin believes it's a global situation and the u.s. has to give something, as well we can't compel our companies to do things in the way that the saudis and the russians can. one of the things we are hearing -- there is going to be an emergency opec plus meeting on monday. others are invited to it unclear whether the u.s. will be at the meeting, virtual meeting, or not this is a rumor and not able to confirm this but may be a shutdown in the gulf of mexico

of production there. that's 1.8 million barrels a day. that could come close to helping get to the ten that's u.s. production it should be shut down for coronavirus reasons so one would be able to skirt the issue whether or not the u.s. is joining opec as a defacto opec member making cuts. >> we'll speak with the commissioner of the texas railroad commissioner in a few minutes. when you look at the headlines coming from putin and the energy minister novak this morning they talk about how saudi arabia's fault for negatively influencing the oil market and unfortunate to announce plans to boost oil production and that they're trying to get rid of shale producers. so is the u.s. going to be able -- if saudi's not on board with this idea, this, you know, notion that the u.s. and russia are negotiating a cut, then is there a deal

>> well, everyone has different interests in this. but i do think they're close to a deal how big of a difference will the deal make? the estimate for april is that some 20 million barrels a day has come off global production 100 million barrels a day. it could be as much as 30 million barrels a day. so if you take 10 million barrels a day off the market what difference does that make they would have taken market share off with limited storage what's really interesting here is the lobbying of the shale producers which seecms to have shifted president trump. he was of the view that the lower oil prices were a tax cut and called them for the u.s. consumer i think two things intervened. one of them is the loss of jobs and the shale producers who are lobbying him by the way, they have enlisted not as a paid lobbyist but an

interested party the former energy secretary rick perry who's close to the saudis and former governor of texas so that's some of the pressure and then the other part of the pressure is the election texas is, you know, the oil producing states of the united states are not swing states by and large and texas could be and the other thing that's interesting in this three-way scrum of putin, mbs and trump is other two do have an interest in trump being re-elected they would not do well with a president joe biden or as well as they've done with the president trump. >> so final question, fred, as the executives gather at the white house, what should we expect out of that meeting >> i think that there is some optics to this i think the president wants to be showing he is in charge, showing that he is moderating this global crisis in the interest of the companies. there may be some talk of production cut that is aren't production cuts. i'm interested to hear what the

texas commissioner is going to say to you as they have about 40% of u.s. production and would they be interested in joining the global cuts? so i think -- but i think they steer away from tariffs. as your reporter said, the majors do not want tariffs there are real differences between the majors and the independents in the room and he is going to have to navigate those. >> all right fred, thank you. good to see you. >> thank you >> fred kempe of the atlantic council. first of all, we will be speaking with the texas railroad commission with a ton of influence in texas 40% of the u.s. production will they vote to curb production and the meantime, millions of americans are hoping to see a stimulus check in the bank account soon and not everyone will be eligible we have the answers on who is next heading to the break, the dow down more than 500 points. taking a leg lower, just under that level hanging on below

21,000 we'll have more in just a moment

welcome back let's gate check on the markets right now. all the major averages lower after the rough jobs number this morning and continued to move to session lows 2.4% decline for the dow and similar trt s&p and nasdaq and all 11 sectors of the s&p lower with utilities, financial, communication services youty till's biggest laggard today. ibm and american express are the laggards cat down 3% as mentioned still up about 7% on the week. it is another weak day for

airlines with red in the sector. american, united and southwest all with big declines and casino stocks having a rough day, too wynn and mgm with losses of roughly 10% and a look at shares of fedex falling the company pulled the guidance today and warned of taking government assistance. shares down nearly % and positives. tesla higher on the delivery numbers. etsy is in the green. let's get the latest coronavirus headlines at this hour. >> good afternoon to you and everyone wisconsin still plans to hold the primary next tuesday but a federal judge says the results must be withheld for another week until absentee balloting is complete april 13th. wisconsin is the only state with the primary this month despite the pandemic. the spread of the coronavirus in italy appears to be stabilizing with just under 4,600 new cases since yesterday. that's down slightly from the

previous day and well below the record 6,500 on march 21st. prince charles officially opening a temporary hospital in london's excel center remotely following his self isolation after contracting the coronavirus. and queen elizabeth announcing she will deliver a rare tv address on the virus this sunday, the fifth such address made in her reign. as always, for more on the coronavirus head to cnbc.com kelly? >> thank you see you soon. treasury secretary steve mnuchin said stimulus checks could go out as early as monld who qualifies and how much do they qualify for sharon epperson has the answers for us sharon >> reporter: we have hundreds of questions about this the irs is going to use your 2018 or 2019 tax return to determine if you qualify for a stimulus payment, what they call an economic income payment and if you're single you will be

eligible to receive the full $1,200 payment if your adjusted gross income less than $75,000 making between 75,000 and $99,000 you get a reduced payment and the income over $99,000 you are not eligible to get a check. a married couple filing jointly, you get a $2,400 check unless the adjusted gross income less than $150,000. between $150,000 and $198,000 you'll get a reduced amount and if you're over $198,000 then, again, you don't qualify for parents who have a qualifying child, and that means the child under 17, then you get a $500 payment for each child. and then another important point to note here this is not taxable income the payments are an add vanlsed refund on the taxes to owe in 2020 and if it turns out that you are not due a tax refund you don't have to pay it back.

>> that's super interesting. how long does it take to get a check if you are not doing the direct deposit nobody has to pay this money back >> reporter: you don't have to pay the money back as long as what we've been told and seen in legislation and talking to tax policy experts if you qualify for it in terms of getting that check, direct deposit key f. you did that on the 2018 or 2019 return that's great f. you did not and usually get a paper check if you get a refund or you've turned it in by paper, you will get it in the mail but it could take a long time. according to what we're hearing those checks may not start to go out until the first week in may but with direct deposit, the week of april 13th is likely when the checks start to go into the direct deposit to bank accounts. >> i don't think you run out of reading material in this time. >> reporter: not at all. >> looks like you are at the local library. coming to borrow a book from you but that's not allowed.

>> reporter: when you have an author in the house that's what happens. >> sharon, it is good to see you. we appreciate it. >> reporter: you, too. >> for more and what you might qualify for go to cnbc.com. the ceos of some of the biggest oil companies will be at the white house speaking with the president. up next, we'll talk to one of the most influential men in texas coming oil and a regulator in charge of a commission i bet 99% of the country didn't hear of until yesterday "the exchange" will be right back as we go, here's a look at the week's top s&p performers. four names leading the way we're back in two.

welcome back to "the exchange." let's get to the big calls of the day. goldman sachs upgrading twitter

to a buy the firm say it is recent selloff created an attractive entry point. it could create future users to better monetize they say b riley fdr is upgrading lululemon and today trading down 2% the firm believes that they will benefit as consumers continue to exercise at home the retailer offering free online workout classes that could increase loyalty and should been fit they say from an increase in casual wear as consumers work from home and seek comfort and peloton with a buy and a $42 price target nearly 50% upside saying peloton is positioned with an attractive business model with economies of scale and should be a beneficial of coronavirus in the short term with gyms closed peloton has been holding up

relatively well. and we're just over an hour away from the president's roundtable meeting with executives of at least seven energy companies this as the price of oil coming off the best day ever up 8% an on pace for the best week since 1986 down more than 50% for the year. my next guest said some producers are getting offers at $6 a barrel and he predicts to take the market up to two years to recover from the damage done by the outbreak. i'm joined by texas railroad commissioner ryan sitten, one of three tasked with regulating oil and gas. welcome. >> thank you for having me. >> the question is would texas agree to cut production? >> if the president's negotiates an international deal which it seems like is in the works and got a call from the russian oil minister yesterday and if us cutting helps promote that i think that texas would be

supportive of that. >> there's three commissioners as i understand it do you all have to agree to a vote on that does it mean quotas? how formal of a decision would something like this would b? >> it would be a vote and take 2 of the 3 to vote for it. the mechanism to do this is in place in the state of texas for nearly 100 years back from the 1920s to the 1970s. texas prorated the production and actually the primary driver of global oil prices for those five decades so we have a long case history we have the mechanisms to do this does it help get an international deal done? if so we have the mechanisms to do it. >> some of the critics of this move say quotas in particular could help the weaker players in the oil patch and hurt the stronger ones. what is your response to that? >> well, right now, you know, people talk about this being a market situation the fact is i don't know who's doing well in the oil business right now.

and when you have demand destruction of 20 million to 25 million barrels, this is not a normal market condition. if you believe this is a normal market then we have a 90% oversupply of restaurants in the united states. we are not talking about normal market forces so does not take a normal market response us looking at how to simply stabilize the oil business through this crisis so that those jobs remain and produce more oil in the future when demand comes back, that's got to be the top priority. >> people wondering to come up with an unconventional way of cutting or capping production. one of the things i have seen is requiring companies to kind of agree to the natural gas permitting, not that greatly enforced right now and to avoid nat gas flares, could shut production or stopping offshore drilling are there different levers that you can pull here? >> there are there are different ways to

prorate. in the end the railroad commission has a specific charge in texas law which is to prevent waste and one of the criteria for preventing waste is looking at market demand so if we want to follow our constitutional, t constitutional prescribed powers, then we need to look at what the market is yes, we could say we're going to eliminate flairing but you may be disproportionally impacting stronger our weaker performers how do we share in that market reduction rekwaully during this specific coronavirus downturn. >> would you be comfortable with $42 hollywooil?

that's what vladimmir putin said he would be kvrtabcomfortable wh >> i'm trying to keep it from crashing it will keep the massive amount of bankrupties from going on if storage fills up there's nowhere to put the oil which is the track we're on now >> is texas joining opec >> no. if this is part of that international agreement, in light of the fact we're in arguably the worst economic pandemic in man kind's history, then we will participate in extraordinary measures due to those extraordinary circumstances. s

>> thank you for your time coming up, it's been another volatile week for the markets. we had move of more than 900 points to the down side and 600 to the upside. our breaking news coverage of these markets continue right after this the dow is down 485. direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. a partner who makes sure every step is clear, - [female vo] restaurants are facing a crisis.

and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

welcome back another volatile day for stocks. the dow is down just under 500 points and we're on pace to close out the third negative week out of the past four. my next guest says it's far from over kevin mahn is here kevin, welcome how do you ride out these times? >> i think what main focus for investors is right now is focus on quality

certainly we seen a tremendous amount of response from the federal government, but that's not going to be enough to stave off -- it's not going to prevent it investors position their portfolios to take advantage of the period >> kevin, you're breaking up a bit. sounds like you said you're looking for good quality equities and fixed incomes can you give examples. >> the companies that have strong balance sheet, low asset ratios that showed the company declaring bankrupty over the next two years >> kevin, apologies, again the audio quality, for the most part

we're doing good we'll get you back when we can clear that up a bit, if that's all right. kevin mahn joining us. stick around i'm going to join tyler for power lunch after this quick break. former new orleans mayor will join us plus we'll get the pulse on commercial real estate. a big sector of the moment retailers, restaurants and small businesses have shut their doors during the coronavirus crisis. we'll have more on that when we come right back. life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

a partner who makes sure every step is clear, - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

good afternoon, every one. welcome to our continuing breaking news coverage of on power lunch. stocks, as you see right there are near session lows right now as the market gets set to wrap up another week amid this global turmoil. major averages on track for their third down week for the last four. i would have thought it was four out of four. third out of four. that's as the u.s. reports a stunning 700,000 person plunge in payrolls this month it's a first decline in payrolls in a decade. to provide some relief the government is launching small business loan program today. we'll talk to the ceo of a small business lender about what he is seeing on the ground and some of the red tape and tangles he's having to deal with. cases of coronavirus are increasing at a very rapid pace. there's more than a million confirmed cases around the world with about a quarter of those, kelly, right here in the united

states >> before i move on, what happened to the fireplace? >> it's behind me. we'll have to adjust it. we have a different shot today we'll get the fireplace in the shot >> i think you have a lot of your sleeve. we have every angle covered of this story as we close out the week bob will look back at what a wild week it's been the steve as more on the shocking payroll numbers that ty referred to. bob, let's start with you. >> tyler, i love that vest of yours. you look very classy in it i'm a little jealous about it. it's banks, you tutility, it's s and retails. those are affected by people who may not be able to pay their mortgage or impack by that and with no consumers buying things for the retailers. banks are the most important thing this week. just ridiculous declines this week fifth, third, down 23. this someone week. some of these companies have been cut down 40% in the last month.