a volatile week for wall street as stocks gave up a nearly 1,000-point gain. on the mend is oil after a more than 9% down yesterday after hopes of a coordinated output cut. same story, different day for boeing finding another technical flaw in the now grounded 737 fleet.

it is thursday, april 8, 2020. you are watching cnbc. >> good morning, we begin this morning as we have for weeks, breaking news and a futures market searching for some direction. this now, can you see the dow jones down by 70 points, the s&p around 10 points and nasdaq around 27 points relatively stable. indicating the volatility we've seen as of late can continue after equities staged a major come back most of the day yesterday before wiping out a more than 900-point gain to end the session slightly lower check out the bond market to the down side implying people are buying up some safety on that

debt two-year note yields below ba.2% or .72%. that's the bond picture. oil prices bouncing back on renewed hopes of a coordinated output crude oil prices wti benchmark prices 3.5% to the upside ice brent crude up half a percent as well. 32 the figure there the last trade. wti made a sharp move around 9.5% investors worried any move will not outweigh the global overproduction going to matt taylor in singapore and julianna tatelbaum

in london. matt, we begin with you. >> thank you it was a choppy session across asia as futures moved between positive and negative. mostly the picture was lower one stand out was japan. the nikkei up by 2%. yesterday, we told you about the amount 1 trillion stimulus package they had announced to small business and households. that pushed the nikkei higher. we saw some weakness in the chinese market on the main land and hong kong as well. the city of wuhan, the so-called epicenter of the coronavirus outbreak ending its lockdown today. there is expectation we'll see a mass exodus. we have seen social distancing

rules in that city extended for another two weeks. i want to show you australia as well lower after that. back to you. >> down to the early trade, julianna tatelbaum is standing by with the latest there good morning >> good morning. european markets are trading lower. oil and gas stocks are leading the decline we are also seeing heavy selling in the insurance space. announcing the uk regulators on the flip side travel and leisure are among stocks on the

stoxx 600 after securing nearly 2 trillion in funding. technology also holding up well. taking you to the bond markets the 10-year yield has hit the highest level in three weeks after the finance ministers failed to reach an agreement on the coordinated stimulus they are going to reconvene for another video conference tomorrow something the bond market will see. >> the latest there. >> we are going to stay in the united kingdom where prime minister boris johnson has spent his second night in icu in a london hospital. steve, what can you tell us about the prime minister's

current state and situation? >> dom, i think it is going to be a long haul he is stable and standard. he is using regular oxygen treatment and not ventilator when we look at the statistics, they are sobering. i'm going to go through the latest data. so far in the uk, 2,249 people have been admitted to icu. so far, 1,559 are still in if 2,200 have gone in, 1,500 are still in 344 have been discharged alive and 346 have passed away if anyone is looking and thinking if he can get back up and running, perhaps that is too

wishful thinking he's in good spirits and on oxygen this comes on the highest death toll number. 700 compared to 349. there is a crumb of hope the hope is that the new cases was the smallest we've seen in a week we are hoping we are in the early stages of a leveling process. >> steve, we do know now there is some talk or speculation that an apex could be coming soon is dominic raab involved more in the planning processes what is the government doing now with regard to this progress

>> dominic raab really on show let's address that as well we are not at the peak if anyone thinks the lockdown will end soon, that is kookoo land a lot about the european testing program, i can tell you there are 14,000 tests 100,000 by the end of the week i will say here is a letter we are all getting, every single household signed by boris johnson telling us you need to listen to the country. stay away from the street stay home and save lives.

>> it appears the social distancing plan is helping >> the global virus death toll is up 81,000 with four states in the united states reporting their highest daily totals ever. frank holland has more >> that's right. new york, new jersey and illinois reported their highest daily death tolls as officials stress certain hot spot outbreaks are starting to slow down continuing to deal a tough blow to the economy a report says the crisis could wipe out 6.7% of working hours globally equal to 129 million workers. issuing a mandate late last night. all employees and customers at nonessential businesses will be

required to wear face covering and can deny service to any person not wearing a face covering new help for doctors and hospitals to about $2 billion. the move could shave weeks off the time it takes for some to get paid for services which can take as much as 30 days. >> back in washington, d.c., president trump placing blame on another group, this time the world health organization or the w.h.o. despi despite dismissing the warnings from one white house leader saying the w.h.o. response was too china centric. >> they missed the call. they should have known

they probably did know we'll be looking into that very carefully and put a hold on money spent to the w.h.o we'll put a powerful hold on it. >> that comes as wuhan, china sends its 76-day lockdown today. eunice yoon joins us what can you tell us about what we'll see given any kind of market move amid a lockdown in wuhan? >> that is the hope. as the pandemic eases, a lot of business people here had been focused on efforts to get medical supplies out of china. they are saying it is really a near nightmare on ventilators, people have been

telling me, including manufacturers, they have full order books over the summer working over capacity. saying today, they are turning out 2,200 invasive ventilators per week their priorities is orders directed by the chinese government, either for domestic use or international sale, then international government orders and finally, those orders coming in by brokers. saying a shortage of key components is holding back production and authorities today said those shortage issues can't be fixed short term. another major problem is finding a plane to get those out he said he is still trying to get 100 million masks to germany

but the capacity there for cargo is very limited. this is what he said >> 65% of normal goods in normal days are transported by passenger planes there are no passenger planes. we have hired some planes. they have regulations if pilots come into china, they are tested despite they don't leave the plane. it is like whack a mole. >> they say a lot of hospitals have been pushing back on receiving ppe from here because they are weary about receiving anything that isn't fda or cdc approved apart from the problem that

china makes a lot of fake products another problem is the competition because cash is king >> a very complex web there with regard to medical supplies in the supply chain in china. when we come back, much more about this week's volatility and has our next guest saying buying opportunities and a lifetime of buying and the u.s./india riff may be over. we'll speak to former u.s. ambassador to india. later on, the problem with instagram and the corona crisis. the problem will when we return. [ "one more time" by daft punk ]

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welcome back stocks slightly lower only after they erased a very big gain. the dow had been up as much as 937 points they blue their biggest intraday gains since october 2008 we are slated for some modest declines the dow down around 100 points

joining me now sylvia jablonski. what exactly have you seen given the volatility we have witnessed. where are people placing their bets as far as the market goes >> caller: good morning. we expect a lot of that will continue as job numbers come in. people are ready to get back to work but they can't. there will be continued data you've got this supply and demand shock it is tough to feel comfortable. it is always tough to be a buyer. certainly something to think about where we are now we are off 20% and continuing with a v-shaped recovery

we are testing lows here and that is an opportunity that is reacting fully off the market after the news of the coronavirus where we get it. one of the thoughts comes around toilet paper we've got a need and a want. the interesting thing about that is that you've got proctor and gamble which sells charmin and amazon on the other side that sells toy l sells toilet paper as well the use of basic household supplies are not going away. both of those industries and sectors and top needs in there

like procter & gamble, walgreens, walmart, costco they could be well positioned. so there is one idea for you >> interesting you bring that up there have been a lot of moves to the upside for these companies. is there any regard or concern that many of these plays or consumer staple stocks are even getting more overvalued now given there is a flood of interest in them over the past month or so. >> a lot of interest in them but they have been operating along with the rest of the market. you have to pick your spots. the market is likely to test some of these lows if you look at these days, we still are pretty low

health care is another really good one there are a lot of qualities to health care. there is a race when it comes to the company. we started here with the forward earnings they are pretty much still there it is time to look at the gains in terms of the blns sheet but higher than what we saw in february >> thank you for joining us. we appreciate your thoughts. still on deck, taking stock with teens. the retail and apparel brands that will come out stronger than ever and those that may not likely survive first, major apple

contractor foxconn confirming this morning it is designing and developing ventilators with med tronic amid the pandemic hoping to speed up production time so devices can be put to work as soon as possible we are back after this i know that every single

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boeing says it is making two new software programs to the

flight control on the 737 max jet as it works to get approval from the now grounded fleet. one issue involves a fault that could lead to a runaway stabilizer and the other leading to thea pilot becoming disengaged on decent still on deck for the show, president trump placing blame on ndicbotched response to the bc is back after this.

breaking news, stocks searching after nearly giving up a 1,000-point gain what billionaire investor is telling reddit users president trump playing the blame game is the w.h.o. responsible. and piper sandler out with the teen survey. what brands are not and what are not as thousands of gen zers are

stuck home you are watching cnbc. welcome back take a look. we are going to kick this half hour off with breaking news. you can see the dow jones at current levels would open down by around 90 points. the s&p down around 12 points implied if these futures moves hold amid the cash trading check out the action in futures in the last 12 hours we've seen green and red moves higher and lower the 100-point higher and lower given that point now after staging a major come back most of the day before wiping out a more than 900-point day

for the dow. oil also as well bouncing back on some renewed hopes amid the agreement. tomorrow, benchmark prices up 24 that's about 3.5%. benchmark crude up 31% as well wti crude sharply lower. worries that any output cut will not move our way let us go worldwide to julianna tatelbaum in london. julianna >> thank you, let's kick off with asia where trading was mixed overnight where countries take various measures to try to battle that pandemic further

seeing a major turn around after the nikkei 225 ended higher. major chinese stocks dipped on the day about 2% lower the hang seng also under pressure shedding about 1.3% in south korea, the kospi dropped. in europe, trading is taking place on the back foot with trading stocks in negative territory. oil and gas on a sector basis. also selling after a number of the uk insurers came out after stronger dividends at best as tui has soared after they secured more than 2 billion in funding as part of a bailout

overall, investors taking a cautious approach after the rally. >> a round up of world markets thank you. in washington, d.c., president trump is assigning blame to the botched crisis to another group now. this time to the w.h.o. despite warnings from one official of a potential pandemic that happened in january eamon joining us there this is an interesting development because the w.h.o. did actually say in january that this was a global health emergency. what is the president trying to say about why its response was botched? >> they did say that early on. the president here placing blame on the world health organization of some of the criticisms which is simply being too slow and

failing to warn the public this is what p the president said to the public yesterday >> they missed the call. they could have called it months earlier. they would have known. they should have known they probably did know we'll be looking into that very carefully. we are going to put a hold on money spent to the w.h.o we are going to put a powerful hold on it >> the president later in the same press briefing when asked by the reporter if it was a wise thing in the middle of a pandemic to put a hold on a world health organization and he insisted he didn't say the thing you just heard him say but that it was under consideration

ultimately, he'd need congress to defund the world health organization that doesn't seem like it would happen soon. >> we want to take the other side there are folks out there saying given the fact that we are seeing a leveling off of cases in certain key hot spots in america that the government response at state and local level including los angeles and its mayors including the prot co protocol of the governments are doing what is necessary to slow the virus especially in places like new york and around here. is the federal response coming under more scrutiny or maybe more praise because of what is happening now? >> sure. let me be clear on the w.h.o. piece. the president is particularly upset with him they disagreed with his earlier

decision to stop travelers coming from china to the united states saying it wasn't the best course of action to stop travel. the president feels he was vindicated on that point and that the w.h.o. was dead wrong on it. we'll see where the credit and blame gets assigned on all of this there are encouraging signs in new york regarding the slow down on the rate. it is just far too early to start figuring out how this happens. i do think this is going to be the central issue now of the 2020 presidential election >> thank you for the update from washington, d.c. hours after president trump threatened india for threatening the export of hydroxychloroquine, he has praised other potential treatments india yesterday reversed its

decision my next guest shows how this is an example that the world was and is not ready to fight this crisis joining me now, our next guest currently the vice chairman at hills and company. ambassador, good morning to you. what vul ner innerabilities havn exposed given the response to covid-19 so far. >> thank you dominic, that question is important but not the only place where it is a difficulty the problem is that everybody is competing for everything given the rush with which the virus spread and the degree to which people are vulnerable. the death rates are increasing

rapidly. even with some places plateauing off. some places such as testing and test kits. therapies that don't exist and seem to be attached to hydroxychloroquine a drug used for in some cases, lupus the president saying there is no cost to this and others say to themselves to be cautious. the president has said take medical advise before taking it. that means the international community is in some what the same shambles that the u.s. is wherefore example each governor in many other institutions are

competing for short medical supply items like respirators and ppe and there seems to be no overall basis for assigning those to the places with the need the federal government has seemingly backed off and let the state governors take it. indeed, the governor in illinois, obtaining from china through brokers who profited or took advantage of the shortage to try to sell to the highest bidder and customers who complaint about being outbid

in some way, where people make a fair profit and where items went to where the highest need was. the second was internationally others have begun to talk about this before dealing with several problems not just amid skarsity and supply but on the question of how to pursue and find the therapy on the vaccine those were the questions that would recall the united effort so that doesn't exist. one could see something like the un and others playing a role there are four areas one could think of now which would require or value that cooperation.

not world government but something in way way recommend advice on the best things to do or the right things to pursue. those four things are testing, therapy, vaccines and related materials and equipment for treatment. and the economic question of what to do now to fund all of this and finally working these things out >> those are a huge concern as well as the concern and eco system always great to get your thoughts, especially during this time the trouble with tracking of billions in dollars in loans across the country most of us have yet to see a

penny. checking shares of pintrest after issuing q1 guidance expecting revenues of $269 and $272 million that number was compiled before the pandemic hit keep an eye on those pintrest shares up in the market. we'll have more after this your doctor, and call 844-234-2424. but right now, the world needs all the good that we can do.

to everyone working to keep america strong, thank you.

edward jones is it'swell aware of that.et. which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual.

welcome back to the show the number of cases reported are the highest daily death tolls recorded yesterday frank holland has the latest numbers. >> president trump says roughly $70 billion of the $350 billion of loans originated by lenders, an investigation have found they have not been able to track payments or confirm how much money has reached the hands of small business owners. facebook says instagram platform has seen a surge of users attempting to sell medical face coverings that could be fraudulent the new accounts have popped up.

some appear to be scams and many originate in china tesla is the latest company reducing operations. the carmaker announced it will cut the pay for all employees and furlough hourly workers until may 4. when it will resume manufacturing. piper sandler is out with the 39th survey tracking teen spending brands and social media use. some conducting with teens quarantined at home. the spending down for teens year over year. when they do spend, it is on athletic brands and food joining me now on stocks you can

watch is report coauthor and piper sandler managing director erin murphy. this is normally one of those surveys i pay attention to even more so now what were the key take aways fra this result and what does it say about the consumer and teens when it comes to coronavirus and their spending patterns. >> good morning. it was an interesting survey we've been doing this 19.5 years. we were physically conducting the survey we do it on line for a six-week period from the end of february to the end of march. these teens are physically writing in responses while they are at home doing homeschool, on line modules the three things probably most

unique about this, number one, 47% of teens -- that do believe our economy is heading towards the worst -- >> erinn we lost you for a second there you were making a point about what is going on what were the key take aways i guess from what you were saying. we lost you there for a second on skype >> a popologies if you talked to teens about their view of the economy, 47% said it was getting worse. one year ago, that was 28%

food is 25% of their budget. so they do care about that as a category with apparel and footwear with lulu lemon significant brand. >> on the bottom of the list, it was cosmetics. down 26% and you saw a lot of move towards big established brands to up and coming brands ralph lauren, spery top cidesid.

>> and under armor being a brand they are not wearing >> take out being something. where does it show these teens want to spend about 20% of their income on food >> the number one restaurant is chick-fil-a. that continues to take share sh starbucks two and chipolte is three. that shows where they are spending their time. and it depends if you can get the delivery >> what will it take to get consumers spending again especially on the teen side of

things what would you need to see to make you feel comfortable that this industry emerges in the next weeks or months from this particular issue >> a great question. now, retailers are closed at least through june the distinction are those that have on line and strong digital platforms and connections with consumers. people spending more time at home the average teen says they are spending 12 hours a week on social media i think that goes higher at this time the names will weather this storm the best is nike and lululemon of the world that can come out with strong connection. engaging with in-home exercise

or different events on line, y they come out stronger in the end. >> it is one of the most important channel checks >> thank you for joining us. for more on the teen spending survey, teen spending takes a dive read that. a great recap. on deck, why famed hedge fund manager still says cash is trash.

there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. welcome back famed investor ray dalio says there are better things to hold on to than cash. in an ask me anything session,

he said cash is trash relative to those who will retain in periods like gold and stocks there is a, quote/unquote short kweez on the dollar as most people are using it for savings and transactions >> we've seen an improvement we were down about 150 points. now we are implied open down 100 points, s&p implier lower by 16 and nasdaq lower by 38 if these gains hold our own jim cramer said this last night on mad money. >> no matter how much money the government pumps into the economy, without treatment or vaccine, the best you can hope

for is a u-shaped recovery i'm expecting the stock market to pull back again that's when you put your money to work. >> joining me now, mark tepper we've become very familiar with the letters l, u and v what is your thought there is jim right an l, u or a v >> i think it is more like a u it's not going to happen overnight. i've heard people talking about the economy snapping back in four to eight weeks that's probably not realistic

talking about a 30% contraction. we've lost a decade of growth. i agree. we need to see the flattening of the curve and better rallies of the stock market when you look at it, the reversal yesterday was not good. before that, when the dow was up 900 points, it was more like watching an episode of the biggest losers department store, airlines that doesn't make for a healthy rally. it is important to look beneath the surface to figure out what is going on and is this sustainable or is it a baear

market rally >> what is your favorite pick right now? >> home depot. had friends that went over the inekend and it was packed. usg the overthe counter to check out. doing home improvements. >> more after the break. these days you need faster internet that does all you expect and way more. that's xfinity xfi. get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway,

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good morning new this a.m., the number of coronavirus cases in the u.s. topping 400,000. dr. scott gottlieb will join us off the bats stock futures are el tiffly calm they had seen some of the worst levels

roller coaster ride on wall street yesterday twitter ceo donates $1 billion towards the fight against covid-19 good morning i'm becky quick along with joe kernen and andrew ross sorkin. at the end of the day, the dow was around 2600. a gain of better than4.1%. as we headed into the close, it gave back all of those gains and then some. other averages slightly lower.