expected. >> michael, what do you think about this market? >> increasing quality in your portfolio. names of pepsi, johnson & johnson and microsoft are good cores. wait for a pullback and sell your speculative stuff now this takes a while hang in there. we'll get through. >> for sure. thanks very much, everybody. kelly evans picks up the breaking news coverage right now. thank you, dom hi, everybody. welcome to "the exchange." i'm kelly evans. we have a massive rally on wall street today i'm not used to saying rally the number of coronavirus cases in the u.s. appeared to slow down a little bit but the dow up 1200 back above 22,000, nearly 6% increase right now and similar gains of the s&p 500 and the nasdaq today now we did move to session highs after new york's governor cuomo said it could suggest a flattening of the curve in the

u.s. while a big increase in number of new cases that increase more than 33,000 on saturday to just over 28,000 on sunday so again, stocks looking for a little bit of better news wherever they can find it these days let's get more on the action with bob pisani now. hi, bob. >> we are just off the highs for the day and a rather titanic upside day and saw some 5% down side days a few weeks ago and upside days on 5% haven't seen that very much we rallied 15, 16 points in the middle of the day as governor cuomo talked about a possible flattening of the curve, plateauing the market responded to that volume spiked up a little bit. sectors all the worst in march are the ones rallying today. home builders up almost 14%. banks, retailers, industrial names. consumer staples interestingly are lagging. we even had some at the open down

the big consumer staple names that worked well a few weeks ago. all of them as you can see here flat to slightly down. maybe up 1%. the market trends still intact the vix is at 44 down from 80 intraday price swings of 2% to 3% until today and now a big one up 5% on the day. back to you. >> do my eyes deceive me home builders as a sector up 15% today? >> yes itb up 15% these were the groups most beaten up on concerns of not getting a mortgage or house given the circumstances and obviously people are now -- it's the glass half full rather than glass half empty and the u-shape crowd has been arguing that we can have a better upturn sooner than expected is having a bit of a moment right now up until now the l-shaped crowd had the upper hand. >> well put.

we appreciate it bob pisani with the latest there. stocks are rallying on the hopes that coronavirus will level off soon and the efforts to flatten the curve are taking a major toll on the economy. here's janet yellen voicing her concerns of this earlier on "squawk on the street." >> probably now if we had an unemployment statistic the unemployment rate would probably be up to 12% or 13%. at this point. for the second quarter at an annual rate we are going to be looking at a decline in gdp of at least 30%. >> joining me are rich weiss, chief investment officer at american century investments and scott wren at wells fargo investment institute welcome to you both. rich, you have been cautious about the performance of the economy. what is your latest thinking >> yeah. i think we arein agreement wit

former fed chair janet yellen. she was i believe invoking what's called oaken's law, the old professor came up with a rule of thumb based on the historical relationship between unemployment and gdp basically dictating a 1% rise in unemployment coincides historically with a 2% drop in gdp. that's where you get the kinds of numbers so it's very possible that the fly in the ointment is the relationship is strong in the normal or typical changes of unemployment not when you start hitting double digits. >> right. >> so we'll have to see if it holds but we are still very cautious here. the market seems to be very anxious to believe in a v-shaped, quick recovery here. certainly a strong second half and there's a lot of downside and vulnerability here both medically speaking an economically speaking to turn

this into a "u" or worse so we are a little more cautious. >> i thought it was interesting you said you see potential everywhere but the tougher question is when you know, what makes you so sure that it's better to wait as opposed to moving on that opportunity that you do see in front of you >> oh, because what's happening, for example, today you know there's some good news on curve flattening both in china and now new york but even with good news on the virus front the economy could still be vulnerable with secondary effects, secondary and tertiary effects supply chain disruptions, defaults and bankruptcies and credit downgrades to come so financially the fallout could be much worse even if the virus were to trend off here so we do see a lot of opportunity but -- and of course, you think, the old adage buying on the dips, it really

works but i've never heard anybody say buy on the recessions and we're still just starting into a pretty bad recession. >> let me bring you in, scott, on that note f. you want to respond to kind of the way that rich is approaching this, i see here you also would stay away from the small caps here and in the last week or so we heard different voices saying maybe there's value there. doesn't sound like you're one of them. >> we have been underweight small caps for a long time, typically late in the cycle. underperformers. today they're outperforming by about 100 basis points relative to the s&p so they would typically in a normal cycle whatever that is halfway through the recession into the early years of the recovery, you know, small cap and value outperform so i don't think we're there yet. but we're certainly trying to pay close attention. you know, for us we have been recommending that clients, you know, to stick a toe in the water on big down days

they can be patient. you know we have had obviously a really good bounce off what i would call a panic low we've been here, 2730, three times in the s&p 500 over the last say five or six trading days and resistance there and up at 2750. you know if history is any example you're going to have a pretty good bounce but then you will have a pretty good meaningful pullback so we continue to think that this is an opportunity we expect a sharp but relatively short recession. we want our clients to stick with large cap growth type quality stocks right now. >> okay. >> tech, consumer discretionary. we like comp, communication services so for us we are looking that the as an opportunity that we want to take action on and leg into on the big down days. >> so yeah you are starting -- like you would say to tiptoe into the

markets. i thought rich's point was interesting saying you don't want to buy going into a recession but coming out of one. in 2009 i think the market bottomed in march but the recession technically, scott, didn't end until june so if this is a short event we could already be needing to think about coming out of it or is that too early >> well, you can tell the market's thinking about it today with the small cap outperformance i think really sector-wise today and today is, of course, only one day. it is more mixed in terms of sectors and certainly at some point here it is going to be the more cyclical sectors. not staples and utilities that lead us out of eventually, out of this bear market and take us higher it is things sensitive to the economy. so that's what we want to be paying attention to. we expect a sharp, very sharp but relatively short recession

here where you see positive gdp in the fourth quarter and then some better news not wildly better but better news for 2021. >> rich, quick final word on that if we are talking about a positive gdp by the fourth quarter, do clients need to be thinking about kind of gingerly starting to buy here >> if you have speculative money, powder dry, for sure. if you're risk tolerant, tolerance for risk is very high. but if you talk about 401(k), retirement savings, again, treat them like your face. don't touch them. >> okay. all right. thank you both today we appreciate it richard weiss and scott wren with their thoughts on the markets. the number of workers filing for unemployment benefit last week broke a record. if the next guest is right we're act to break the record this week when can we expect this curve to crest? joining me is jesse edgerton jesse, it is good to see you

certainly caught attention last week with the forecast to hit 7 million new claims this week is this as bad as it's going to get? >> i would hope this might be as bad as it will get but hard to know if you look at past events like september 11th or something like that, the level of unemployment levels stayed elevated for four or five weeks afterwards and just in the third week here on this event right now >> so if that's the case, that 9/11 comparison, relatively hopeful one, there are a couple of things different this time. the unemployment benefits with a big incentive. extra $600 to get people through. and the wider array of people to get them freelancer and gig industry workers for the first time how much is that increasing claims relative to the economy itself generating? >> honestly, i think there are tens of millions of people that would be filing for benefits without these extra incentives

right? you have got 12 million people to work at restaurants, another 10 million people that work in nonessential retail outside of grocery stores and pharmacies, another 20 million people work in nonessential manufacturing and construction so even without the special factors right now there's easily tens of millions of people at risk of getting laid off here. >> right you just i think that's 32 million people right there you referenced so if claims hit 7 million this year plus 6 1/2 million, that's 13 1/2 million. is that about right? >> that might be a little bit on the pessimistic side easily say 50 million jobs at risk from the shutdowns here but we don't know exactly how many people are going to get laid off right? we don't know if restaurants lay off 50% of the employees or 90% or what. you know i think we are getting close to that 50% level at this point so

i would kind of hope that we slow down after that. >> and obviously, you know, all of these forecasts are contingent on what happens with the coronavirus. i'm curious if you think the claims is relatively tracking the coronavirus curve in realtime or with a lag of a week or two any early indications there? >> definitely a bit of a lag of a few weeks. a month ago tracking things like the movie box office numbers and the number of people riding the subway in new york and hotel occupancy and things like that those things were already starting to plummet maybe four weeks ago and then just been getting the claims numbers hitting for the last two weeks here so i think the claims numbers are one of the most timely indicators and behind the things directly hit right away by the virus itself. >> what is your total forecast for the number filed >> i mean, i would guess getting to something like maybe 25 million here over -- that would be the sum over the last two weeks plus the

next two or three, something like that. >> from there, just then like to see it drop as quickly as possible with continuing claims? >> yeah. you know, there was a little bit of a puzzle last week where the entire rise on initial claims from the previous week didn't show up in continuing claims and i can guess maybe that's just like a processing lag and will see the vast majority of the initial claims show up as continuing claims at some point there. >> absolutely. jesse, thank you for joining us. we appreciate the information. >> sure. you're welcome. and coming up, the white house is saying it's already approved 130,000 loans for a total value of $38 billion to small businesses it's unclear how much of that made it to the way to those that need it. bio company vir with a timeline of an antibody drug for the coronavirus. we'll speak with the ceo ahead. oil unable to rally amid hints that saudi arabia and russia is close to a deal.

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welcome back let's get to the very latest coronavirus headlines. over to sue herera hi, sue. >> good afternoon, kelly and everyone here's the latest numbers as we know global confirmed cases are nearing 1.3 million and the death toll is now over 70,000 worldwide from data of john

hopkins. new york's governor cuomo reporting a decline in hospitalizations and icu patients, signs he says the curve could be starting to flatten. but he warns that state's health care system continues the operate at maximum capacity. >> the engine is at red line and you can't go any faster and by the way you can't stay at red line for any period of time because the system will blow xerox teaming up with vortranmedical to step up the ventilators manufacture usually used by first responders they will not replace the ventilators used in hospital icus but they would serve as a stop gap for patients with less severe symptoms. as always, you can get more on cnbc's coronavirus coverage going to cnbc.com. kelly, back to you. >> sue, thank you very much. shares of vir bio technology soaringtoday up about 29% on a

partnership with glaxosmithkline for a potential coronavirus treatment and taking an equity share in vir up 2% with vir higher, as well meg? >> the two companies are working together on multimilliple appros to coronavirus and for the one that causes covid-19 that is driving the vir stock up today with the news of that $250 million equity stake from gsk. what vir focuses on is targeting antibodies isolated of survivors of disease and in this case both sars and from covid-19 and they find the best ones and then engineer them to make them into optimal medicines so these companies working together saying they have two candidates that they aim to bring into human testing in a phase two trial within three to five months and this comes, of course, as we mentioned with gsk making that

equity investment in vir getting to the guest who's the ceo of vir, dr. george scangos for the partnership and the timelines. tell us about the time lines, human testing and how long it could potentially take to get a drug for use more broadly. >> appreciate the interest we are working together with gsk now. we have a huge amount of respect for gsk and the capabilities we have lead two antibodies. targeting covid-2. they bind potently and neutralizers of the virus. they're currently being manufacturing at wushi and we have a process development going on together with bio tin and hope to have them ready for clinical testing in three to five months and very accelerated timeline recognizing the urgency

of the situation and the need to get relief as quickly as we can. >> what is the timeline look like after that? once you get into and skipping over phase one it sounds like going to humans in phase two what do the timelines from then look like? >> we'll test the antibody in a couple of different ways first understand if the antibody and to what extent it can prevent people from getting the disease and test it as a prophylactic setting and understand whether the antibody treats people early in the disease and prevent them from progressing to respiratory distress and likely to do a trial in patients who are sick and in respiratory distress to see if we can help to reverse that so we'll do those three trial designs. they'll be, you know, the time of a clinical trial is dependent on the time to enroll the patients and then to follow them we are planning to do the trials on a worldwide basis to enroll

very quickly the follow-up period is typically will be 30 days or relatively short period of time. so we're hopeful to get through the clinical trials in a matter of months and then assuming the antibody works to make it available to people as quickly as we can and i think everybody involved in the process certainly, gsk and we and the regulatory authorities as well as clinicians doing the trials understand the urgency and doing everything we can to accelerate the program. you know consistent with, of course, patient safety. >> sir, it is kelly here in the studio thank you again for being with us and an early congrats on what might be a big break through here number one, i understand that the antibodies kind of come from blood donation, especially people who have had coronavirus. i looked at trying to give blood lately it is not that easy as you might imagine right now. not clear if it's safe can you tell us if you need more

of that and what people should be thinking about and can you talk about the competitive landscape or bringing the product to market? do you think you're first and the best and why >> sure. well, we like the way -- of course, we like the way we generate invites we get these from patients who have recovered from the disease. so these are fully human antibodies made by people and they are circulating in people already. so we believe they are likely to be safe and well tolerated of course, we will have to test that but we would anticipate that to be the case. in this case, we isolated the antibodies from people recovering from sars those are related viruss so these are antibodies that neutralize sars and screened a collection of sars antibodies of previously isolated prior to this epidemic and screen them to

neutralize covid-2 some are potent neutralizing for covid-2 and recognize both viruss obviously something that is the same in both viruses and conserved over all the years that these viruses evolved separately and so that part of the virus is probably harder for the virus to alter and therefore escape the antibodies so we think this is a very good way to isolate antibodies and potential advantages in being able to prevent viral escape. >> right. >> we also have engineered the fc region, a different part of the antibody so that it in a way that induces t-cell response, a long-term response that protects the animals after the antibody's gone and going to test the ability of the antibodies of the same effect in humans an if they do then the antibodies can

hopefully from provide protection in the short term and then over the long term, as well both therapy and vaccine. >> dr. scangoes, such an important approach and excited to hear the update today and hope to continue to hear updates as the trials proceed. thank you so much for being with us today. >> okay. thank you for having me. i appreciate it. >> george scangoes and meg tirrell. thank you so much. we have breaking news on airbus what's going on, phil? >> airbus is suspending production at the plant in mobile, alabama. a plant that builds the a-220 and a-320 and suspending production at two of the plants in germany all of this is because the covid-19 impact taking safety precautions. kelly, this move one day after boeing said that it's plants out in the puget sound in the seattle area suspending production indefinitely. no indication when that production will resume back to you. >> wow okay phil, we appreciate it now let's get back to the

government small business emergency loan program which is live since friday and demand is fierce here's what larry kudlow told cnbc earlier. >> gets a monumental undertaking and i think we have to give secretary mnuchin and sba a lot of credit. this thing's not easy. i just came as of 9:30 this morning, david, there are commitments for $38 billion worth of loans the loans are 130,000 loans themselves 2,400 lenders so that's a terrific start. >> our kate rogers is following all of this from the small biz and joins you now. how's the process for people trying to get money? >> reporter: hey there, kelly. from the information made available to cnbc we understand the process works like this. small business owners would contact the lenders they have relationships with and submit the ppp application from sba.gof to the bank. new applications were released

last week and some small business owners to resubmit applications to the bank and then the bank verifies the information on the application an submit that form to the small business administration. the sba then gives each application an sba loan number from the e-tran system w. that loan number back to the bank the sba said the banks have delegated authority to make the loans but according to industry sources more information is needed many small businesses say they have not received the funds as their banks are awaiting guidance from the sba. larry kudlow told cnbc this morning the sba given out 130,000 e-tran numbers but unclear how much $38 billion made the way to main street so far. lenders take the next steps in depositing loans into small business owners' accounts and the sba declined to give a lump sum number of how much of the $38 billion is made the way into the hands of small business owners and will push and someone

is tracking this this is a $350 billion program a lot of small business owners we are hearing from are concerned. who's getting access to the money is when is crucial in this time. >> sounds like, though, as of now -- i mean, are they planning on friday access to the independent contractors and others if there's still funds available? >> that's right. we haven't heard change of contractors and self employed businesses to apply friday and secretarymnuchin said he plan to go back to congress if the $350 billion runs out. so there is a promise of more money coming down the line but as we keep saying and hearing, first come first serve is a scary proposition to small business owners who may have submitted applications to the lenders, may not have heard back from the bankers yet and in queues waiting to have the loans processed. 2,400 lenders on the platform now. hopefully more will join and it's a waiting game for main street. >> kate, thanks. coming up, zoom video has

seen a 70% rally in the past 3 months as more and more people work from home and some of us group chat with the friends and we have an analyst saying that this big run for zoom won't last and we'll tell you why that is. fintech companies could be in the small business lending program. we'll talk to the founder of square that they could play to get money to businesses. jamie dimon said there are things about the crisis that remind him of 2008 you can watch or listen to us live on the cnbc app

welcome back to "the exchange." here's a look at the biggest calls on the street today. first up jeffries upgrading tesla to a buy but lowering the price target to 650. the firm saying the only original equipment manufacturer in the space legacy free, doubling market coverage and leads the technological

transformation shares up 5.5% to just about $507 today credit swiss downgrading zoom to underperform today while raising the price target to 105. the firm saying zoom with an ultra premium valuation and the richest in the software space and the recent surge to prove short lived and comes from users difficult to monetize and also worries about zoom's growing competition. zm down nearly 9%. finally g finally guggenheim is upgrading ebay ebay which we haven't talked about in a little white with a rally today and then again so is everything up to just under $31. lots of drama and changes and saber rattling that's the state of the oil market as leaders can't agree on the next move. we will have the latest on the play in the energy markets after this

plus, i really messed up that's what the ceo of zoom is saying in fact as the company continues to face backlash over 'llo aty issues. wel okt the plan to get back on track. stay with us at cdw we get you want happy, productive employees. well we've made our office pet friendly. [ bleat ] [ cooing ] maybe a little too pet friendly. well you know cdw can design a mobility solution with light powerful devices from lenovo to make your people more productive in or out of the office. anyone have any questions before we go? that's great cause i really need to get out of here. snake people are freaking me out. hey sheryl, you have a sec? -nuh, uh. for work place productivity you need lenovo, and it orchestration by cdw. people who get it.

welcome back let's get a check on the markets. we have a big broad based rally today. the dow up 5.6%. just under 1200 points similar increases for the nasdaq and s&p. this coming off again just a difficult stretch for the last couple of weeks. all 11 sectors higher today led by utilities, materials and consumer discretionary within the dow all 30 names higher american express, boeing, visa

and dow, inc. are the big winners. retail is also leading the s&p today. capri holdings, kohl's, nordstrom. 25% or more in some cases. huge rallies and pushing the markets up more than 5% today and not oil. oil itself is down about 6% and it's on track to break a two-day win streak this is coming despite report that is a deal might be closer for russia and the saudis. lets's bring in brian sullivan to explain, brian, what is going on in the oil market these days. >> i hope i can. because about 600 things going on, kelly. so the saudi/russia deal that the president referred to, 10 million barrels a day, the reality is those 2 countries alone are not going to go to 10 million barrels. almost impossible if not impossible any deal would have to include everybody. supposed to be, kelly, an opec plus plus virtual meeting today.

we know that got moved my sources tell me likely to thursday there's reports about possible g20 action on friday the president now talking about potential tariffs on imported oil, as well there is a ton of things that are going on can opec get together on thursday if they do, can they agree on anything that's going to be big enough kelly, might have heard of opec plus which is russia anything we do will have to take in opec plus plus plus plus. we are talking about opec, russia, norway, mexico, canada and by the way, the 9,000 or so american producers if you don't get everybody on board, the saudis, they have told me over the weekend they're not going to do anything it's a cut for all or a cut for none. >> a cut for all or a cut for none stick around on that note for all that's happening in the market, bring

in greg sankey is there any hope for the sector >> there's hope because i think we are hopeful that demand will snap back pretty clear and i'm sure you're aware of the new york governor saying mr. cuomo this torning that the end or the peak is in sight i think things will come back. there will be an overhang of inventory which is really the focus on the opec plus agreement. they don't think -- i don't think anyone thinks you can solve today's oil market problem but hoping that some sort of throttle back particularly by saudi to avoid a total overflow of inventories. >> right paul, there were people coming to you saying, look, i think energy's oversold or i think it's going to finally experience a rebound and i want the know where to put my money to work in a space relatively safe. what would you recommend >> we are very much in the

permian, the best quality acre and. we think there's potential for consolidation with low leverage names. names like pioneer, diamondback fang, parsley, they all offer we think long-term attractive valuati valuation and sustainability the problem is if you risk buying something with debt that the market going to the upside and that's a naughty one and i wouldn't advise that necessarily as brian said the potential for no agreement from opec. >> right brian, with that question, as well, i imagine some of these talks must already be taking place or are the companies hoping to ride it out? we have seen the bankruptcies already beginning. >> yeah. by the way, shout out to paul. paul is one only only sell side analysts i have seen at an opec meeting. he gets on a plane and goes and it matters i'll tell you why. those that physically go there because you get to learn the

nuance of the language the language they use. we parse the fed statements for every change in wording. the saudis, they're the same way. they talk about a fair agreement meaning -- code for u.s., you need to practice what you preach, as well. behind the scenes i'm sure a lot of people making calls the head of the iaea active on twitter saying i called canada and norway the paul's point, if there's demand destruction of 30 million barrels a day and even if everybody gets together and cuts 15, kelly, you don't need to have gone to virginia tech's engineering department to know there's 15 million barrels a day of oversupply and slows down the excess fill of inventory that paul referred to it won't stop it the only thing to stop it truly is if this stupid virus gets killed sooner than later we just put it away and the u.s. economy comes back up and demand

comes back half of all gasoline demand is gone in a month. one half. >> it is wild. so paul, in that -- give us the two scenarios. if there's no deal or if there is a deal or a sign where does the oil price go >> i think we are finding support definitely here. the other thing to look at closely is the physical markets, trading much below the paper markets which is obviously a major concern and will be rolling the oil contract this week so do be careful of that one. i would throw in there there's a bull case for natural gas here because you have to reduce u.s. supply as part of the overall process and then if we get an agreement, you know, the reality is the saudi barrels are already on the water and they're going to keep coming right through may and into sxwrjune pretty much ad bouncing around here until we get through covid and into driving season hopefully and everyone has very happy stay-cations at local hotels

opposed to distant hotels. >> would you go back to opec once -- when to you is the all clear to go to the meetings in person again >> well, firstly let me -- >> stay well >> let me -- brian naturally stands out at the opec meeting not just because he's a good couple inches taller than anybody else there and i'm happy to go straightaway i'm frustrated for my teenage kids i feel it's a rough situation for my soccer playing son harry and desperate to get out there i misinterpretded what cuomo said he said go out for a walk an i was ready to head out. before he said, no, that's not it i realize the risk to people and more than ready to head to vienna but the headquarters are still shut and as long as everything is shut there's not much to do. >> yeah. well, paul, best wishes in the meantime and we appreciate it.

>> thanks a lot. >> brian, thanks to you, as well superstar of the opec meetings there. ahead, the new york city school system becomes the latest to ban the use of zoom over security concerns. we're going to talk about how the company is responding and whether investors will look elsewhere. take a look at the s&p sector heat map. green across the board in fact, pretty much near session highs right now for the averages we're back in two. for nearly 100 years, we've worked to provide you with the financial strength, stability, and online tools you need. and now it's no different. because helping you through this crisis is what we're made for. it's a voice on the other end of the phone. a note to say you're on our mind. a willingness to come to you. the world and how we interact with each other is changing. but that will never change who we are at lexus.

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welcome back square ceo jack dorsey voicing support of mobile payments to help small business owners dorsey tweeting march 26th people need help immediately the technology exists to get money to most people today even those without bank accounts. square can get it done u.s. government, let us help joining me here on "the exchange" is jim mccalvey and

author of "the innovation stack. we need resilience right now, jim. it is good to have you here. this morning, by the way, on "squawk box," it sounded like they would allow fintech companies to participate in the program. >> we hope so because we have a lot of technology that's relevant and it can move money very fast and a lot of systems are safer than paper-based systems and hope that's the decision. >> what do you think square could achieve that the current structure is not able to accomplish right now >> well, the two basic things. we have efficient means of transmitting money and can be done quickly a thing to look at at the fed and the treasury are people who are being really hurt very quickly and so we want to be able to respond quickly. well, if we have electronic payments we can make a very

quick response and that's what electronic payments allow us to do. >> i was thinking of the business model because i want to say something like half of the revenue from small business loans right now. am i in the ballpark in other words -- go ahead. >> so we have a pretty diversified revenue stream at square but certainly we do a lot with small business, yes. >> so right now the reason to go through the bank is so people know what is eight week's worth of pay for a small business and not go to a portal for a number so square would you guys be able pretty instantaneously say thanks to the point of sales systems we can tell you what eight weeks of catch flow looks like and then make that in a trustworthy way? >> basically everything's on the table. we have very good data on the people who are square sellers and systems that have been proven and could we think be scaled up to help in general but

we are trying to help and the government's taking the lead on this so it's whatever treasury and the fed and the irs want to do we're just trying to make sort of modern tools available because sending out paper checks is probably not the best way to help some people. >> i know that, i mean, for you the idea of square is why couldn't an iphone be used to process credit card payments if american express isn't, for example? there's a lot of things i think you look at today say why should this work this way can't technology make it better, right? >> ironically square was founded in the depths of the last recession 2008, 2009 when things were pretty dire and jack and i decided to, you know, build a system to help small merchants and still sort of on that path. >> yeah. so finally, just to return to the concept, if what the government wants to know is what is eight weeks of cash flow and how quickly can it be

demonstrated do you think square plays a role right now more quickly than pushing small business administration loans through the existing banking system, especially for people who might not have that relationship or that documentation at the ready >> oh yeah but again, it's not just square. any electronic payment system has a huge advantage over sort of the tradition paper-based banking system but you want to use the modern tools. >> yeah. well, we appreciate you joining us, jim. and congratulations on the book. >> thank you. >> it's a good times. >> ironic time to be pun lishing a book on disruption and handling crisis. >> and corporate resilience, yeah. >> yeah. >> thank you for your time today. >> thank you. jim is the co-founder of square. still ahead, shares of zoom are down, well, talk about this right now, actually. down 8% as the backlash against video conferencing grows new york city is banning zoom for the schools out of security

concerns d deirdre bosa has the latest. i think it is better than the rivals but security concerns are cropping up. >> yeah. it's built on the ease of use and turns out zoom is not immune to the systems that plagued other popular platforms like facebook and youtube it's ease of use and that's what's made zoom so popular. it is looking like a liability video recordings showed up on public websites and the fbi warned against zoom bombing. in addition to new york city schools, banning the app, this's a measure to affect more than a million students new york's a.g. is looking into the company's privacy practices and tesla and space-x have banned the service for its employees. the ceo yooun uan saying is sayh messed up and moved too fast and

looking to fix the issues and arriv rivals will not wait skype announced meet now, it is very zoom-like and you have google's upping the number of users allowed in one session. yes, you mentioned zoom is up 70%. year to date still outstanding one of the hottest work from home plays look at the last week. it's now down 20% over the last 7 days >> we remember when market leaders like tivo the technology gets kmcommodity. the interface is great it's easy to use some of the other ones, have annoying features to me that i won't bog every one down with. it featured the links where you could send it to anybody or if you tried to come up with yourself, you could zoom an existing chat. now i notice there's options reich a waiting room that you

have to click to accept people into they're talking about more password protections are there security concerns that go beyond that or do you think making those tweaks will do enough >> there are security concerns beyond that. you have to have a password. there's a waiting room, but zoom before has said there was this end to end encryption that wasn't the case. they are working on that back end. this was an app meant for enterprises but given the coronavirus outbreak, you have yoga teachers, student, you have a whole list of people socializing. these weren't purposes they had in mind when they created it they are playing catch up and in a big way. when you consider the daily active users has gone to 10 million to 200 million, that's m major task and we'll have to see

if they are up to it especially with rivals on their heels jpmorgan jamie dimon is back on the job he's got a grim outlook to how the banking sector will weather. osdeilwh tthe tas enhe exchange returns. when you look at the critical issues facing our world, what do you see? we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved.

jamie dimon is out with his heart procedure. hugh, what do you think jumps

out most maybe concerned about the impact that coronavirus will have >> i think that was not surprising i think the one real hard news headline out of this report, pst a must read around mill of every year he cut the dividends you've ahead people like david and james gordon no, no, the united states. for jamie dimon, the head of the number one bank in united states has broached that topic, i think that's really interesting. it's down the line if we can talk about this. if it's not safe at jpmorgan, it's not safe at any bank. >> i'm not sure if to take this

at face value or say this is an investor letter where i don't know if he's required to turn out outcomes, if this really dire scenario plays out then we'd have to go this route do you think other ceos will say any different. theuation is die ma'amic if it comes from jpmorgan, we know they are the blue chip, the standard bearer for the industry and jamie dimon has been the chief spokesperson if it's coming from jpmorgan and jamie dimon then perhaps he's giving the rest of the industry permission to broach this topic. you call they, as a group, decided we're going to voluntarily bring back our stock buy back as a group they have done a

couple other things including tapping the discount window. i think this him saying if the situation deteriorate, by the way, the extreme adverse scenario he's talking about cutting the dividend, 35% decline at gdp and unemployment we're janet yellen talked about that today it's what we are in currently. >> maybe the difference if it's sustained. like you said, the idea it couldn't happen. it could happen in quarter hugh, thanks we appreciate it next hour, new fears that the mortgage market is on the edge of disaster as millions of borrowers don't have the money to make their payments we explain why they are sounding the alarm. checking on markets. nearly 6% rally for the dow

inga 10 dustrial average25 pot in back in a minute 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. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. - [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.

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welcome back breaking news coverage of the fwl global pandemic continues. a big rally on the street with the dow up more than 1,000 points more than 1200 points right now. we're just about on session highs. there are nearly 340,000 cases here in the u.s. about a third of those are in state of new york where the infection and fatality rate is showing some signs of slowing down oil is in the red today after last