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. welcome back, every one to our breaking coverage. welcome, everybody the dow up more than 500 points as the fed unleashes yet another wave of shock and awe on the

economy. more than two trillion more in programs today to support business and the bond market amid the covid-19 out break. fed chair powell saying the economy and the recovery can be robust this after another 6.6 million americans file for jobless claims that brings the total over the past three weeks to nearly 17 million. take a look at oil it was surging earlier today but pairing those gains now, it's now negative on conflicting reports on whether or not opec has reached a deal >> thanks. we have all the big stories covered today. crude being one of them. it's down 5% we'll have more in a moment. bob on the markets and kayla tracking the moves in congress, which didn't happen today. bob, we kick it off with you

>> we are just off the highs the banks are lagging. banks, retailers, just off the highs for the dow jones industrial average bank, retailers and real estate doing well energy has been lagging a little bit. we're awaiting for details on opec and the deal or no deal we don't know yet. there isn't much demand in the world. that's what's moving thing there's only so far you can go on the stocks. conoco phillips went down into the 20s a little while ago there's only so far you can push them we have been talking about the high yield movers. the fed will be buying high yield etfs that's good news for the high yield efts macy's gap, delta, ford are in the junk bond category you see what the news is doing for them the s&p 500 moved 1,000 points from the lie it's now moved almost exactly 500 points in the other

direction. a 50% retracement of the big move we had. it's a good way to look at the markets. sec gave major help to corporations saying we will encourage you to tell us what you know about what's going on with your forward guidance and don't worry if it changes in a few weeks. we're not going to come after you. they have given you a pass saying tell us what's going on don't worry. we're not going to come back and say you're messing around with heads. this will make the corporations a lot more willing to be forts coming on their guidance in the next several weeks >> thank you very much the federal reserve announcing another multi-trillion dollar effort to help out let's go to steve. >> another set of jaw dropping actions by the federal reserve going where it's really never

gone before out the credit spectrum setting up facilities provide loans directly to companies through the banking system totaling $2.3 trillion of potential lending from the federal preserve it will have a $600 billion loan program called the main street ending it will expand corporate programs and asset loaned back facilities to support $850 billion in credit. they will include high yield and the fallen angels. those investment grade fed chair, jay powell, in a web cast at brookings saying there's more the fed can do and really no limit on what it can do >> our abilities to do that is limited by the law we have to find unusual circumstances. the treasury secretary has to agree. we are using this fiscal backstop there's no limit on how much of that question do other than it

must meet the tests under the law as a mended by dodd frank. >> let's take a look at the main street lending program i'm sure a lot of viewers are interesting in the federal offer of the banks will offer four year loans and the banks put those to the fed it's opening to companies with 10,000 or fewer workers. revenues less than 10 per company but really the fed seems to suggest that the smallest business should work through the sba's ppp program. assignments more aimed at mid size companies the program and interest will defer for one year not to be out done, the municipal bond facility. something the fed had never wanted to do it will buy short term notes from states and large counties and cities it's going to take some time for

the fed to stand some of these program. that's the bad news. the good news is once it gets the programs up aunnd running, t can will lengthened. it's only using about 40% of the beco backstop for the treasury. >> steve, put it in context for us how much bigger in terms of tonnage and heft is what the fed has done over the past month compared with what it ditd over many, many months in the financial crisis of '08, '09 >> you just said it. it took months and months to roll out some of these programs back in the '08, '09 crisis. they were rolled out tentatively. the fed was scared it was going into areas it never got into before. it was a big to do about the federal reserve buying mortgage backed securities. it was involved in cramped allocation buying mortgage backed securities is old half for the fed. the new hat is buying corporate

credit, buying high yield corporate credit, providing loans. one is it's much, much bigger, much, much faster and much wierd when it comes to credit markets. >> all right thanks very much, stooefeve. it's ban historic week for stocks the s&p 500 on track to have its best week since back in october of 1974. the dow set to close out its best week since 1938 let's bring in sameer samana ron, let's talk about the stock market that people seem to be, i guess, modestly excited about. are you or do you think that we're in the midst of sort of a bouncing along here, sort of soft tooth recovery in markets and the potentially, ult maimat

the economy? >> i think soft tooth is way to describe it. not only have we seen or heard the worst economic numbers likely to hear through the course of this economy i'm worried about the bilogic side i would hate fout the cato put before the horse we are lining up assistance fwheewith need rushing back to work by may offers the possibility, the danger, really that we have another slide in the economy if people are reinfected. we're seeing soc ining some of china. we have crested in the u.s there are concerns this could come bang in the fall if it's seasonal i prefer to see us stay on the sidelines from a physical perspective until we're sure that it's safe to go back in

>> let me turn the question a bit differently. i don't mean to be a skeptic here the amount of fiscal rescue that's pumped in, the amount fed has done is truly monumental my question is, is the market over reacting to the rescue capital that's being pumped into the system and maybe undervaluing the possibility that this economic recovery is going to be slower and more tepid and more tentative than anybody could have imagined. i'm saying depression but i'm saying maybe prolonged demand construction, particularly in the consumer economy that makes the recovery weaker than some expect >> we think so what's interesting is we put a number out there for earnings

peryear end around 115 which has a wide band around it. might come in lower than that. you've got have fairly heroic next year to justify anything in there. we did have a year end target of right around 27.60 we think at some point these levels make sense. again, we saw that from october to january when they started to step into repo and expanding their balance sheets we have seen this movie before we know how it ends. it ends with the markets coming in the fundamentals. we want to take the opportunity to sell the areas you didn't get a chance to. energy and materials and industrial, we would take this opportunity to shy away from those. even small caps.

maybe you can start to step into sochl these other areas where maybe fed earning to give them a nice warm embrace around high yield. you're getting paid to wait. we rolled something out today that took money out of small caps and put it into high yield. fweel li we feel like that's a better way until you get to the other side of volatility. >> how about that? selling pieces where you have losses in your portfolio taking out soft me of the positn you might not like or either moving to cash or moving into some other high quality areas of the market what do you think? >> particularly the credit market

i believe that's probably the way to go. that's something we have been discussing off for a year and a half which made sense all the way along. i do think the bigger question with respect to just market behavior is whether or not we find the bilogic solution whether it's therapeutic in the short run or a vaccine in the long run that will determine the arc of economic growth and the behavioral aspect of this shock we're suffering to some people think it will step right back into action others believe it may change our behavior for some time to come as much as the fed is preventing liquidity crisis or financial crisis, i think the ultimate might be bilogic and behavioral. >> the behavioral part is a key part i think the change will be profound and lasting

ron and sameer, thanks kelly. let's look at crude oil now. it's down over 6% after being up as much as 12% that's an 18 percentage point swing. the opec plus meeting today started out with optimism but seeing a number of reports that opec has reached a deal on production cuts but awaiting more information on the details. we'll bring you the headlines as soon as we can nail them down. congress is hammering out details on a $250 billion virus aid package. kayla has the latest for us. >> reporter: the senate today failed to advance a $250 billion expansion of the so called paycheck protection program that the white house had proposed it was an all or nothing vote that senate majority leader mitch mcconnell put forward and some senate democrats rejected they support expanding aid pack angs but they want it to include democratic priorities as well

and isn't a clean expansion of the program that already exists. nancy pelosi echoed that concern as well. she said eventually we will need more money for ppp they haven't even spent a third. they have two-thirds of it left so we have time to negotiate to see if we have more time and money there. democrats have proposed a different break down of the $250 billion. they are proposing $125 billion goes to the program as it stands right now but the second $125 billion is divided specifically among community based banks and disaster assurance that is administered by the sba. that's not something that has been negotiated between both parties or negotiated between the house and the senate aides earlier said if any of these packages will go forward t it will require the white house to get on the phone with democrats and figure out what both sides can support and what the white house can can give political cover to republicans

to support as well guys >> this is first time i've seen you indoors. how bad was the storm? >> well, there was a thunderstorm in the middle of the afternoon. the winds are still whipping outside. i wanted to give the viewers my home office shot >> i was going to ask for a kid appearance as well but i don't know if we have that kind of time >> it is nap time. thank goodness >> your safe for now thanks have a great weekend >> bye >> nancy pelosi will join jim kramer tonight on mad money. don't miss it. >> i will not. we have breaking news now. walmart hiring more and more employees amid the coronavirus outbreak let's go to courtney reagan for those details and numbers. >> good afternoon. cnbc has learned that walmart has hired just around 100,000 workers, temporary workers in

its store, full ifillment centes and distribution centers they set out to hire 150,000 temporary workers. this is one of the measures walmart is taking as it an essential retailer it's limiting the number of shoppers it's checking employees temperature and providing masks and gloves we'll talk about all of this and more we'll talk about this late ner the hour with dan bartlett >> thank you coming up, hospitals are under pressure as the u.s. now has more than 400,000 cases of coronavirus trumping the rest of the world. the ceo of holy name hospital group in the center of the new jersey outbreak tells us what he is seeing on the ground.

pfizer identifying a new drug to work against the disease. it's a challenging market. edward jones is well aware of that. 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.

we have an update on boris

johnson condition. >> we were expecting a statement from number ten downing street the prime minister has been moved this evening from intense ifr ca ive care back to the ward he will receive close monitoring. he is in extremely good spirits. that's from the prime minister's press officer. this comes an hour after dominic rob who was deputized to run the government said we were going to get statement. this is very good news the prime minister is out of intensive care, back on the ward and in very good spirits a bit of good news back to you. >> all right thank you. this is good news. really appreciate it bill gates spoke with becky quick of cnbc about the pandemic gripping countries around the world. here is what he had to say about coronavirus. >> here with coronavirus, it's quite fatal and quite

transmittable. it's the nightmare that we have been talking about for a long time and sadly, although a few things like this coalition for vaccine, cepi were done after 2015, a very small percentage what we should have done where we would have diagnostics very quickly, drugs very quickly and a vaccine far more rapidly >> hospitals in the united states are on the front line offense the fight tirelessly treating the unprecedented number of patients that they are seeing many of whom need intense iive care welcome, michael

it's good to have you here you, yourself, contracted coronavirus. what were you symptoms how sick were you and what did you do to get well >> thank you for having me on. yes, i contracted the virus. i foolishly transmitted it to my wife and two of my sons. we all tested positive my symptoms early on were not the typical ones i never really spiked a temperature. my fever, never had a high fever, no real low fever a bit of congestion in my throat i did have some gi issues. what really struck me the most was extreme fatigue and a lot of people are saying, loss of smell and taste. i had that there was probably three or four days there where i was just sleeping the majority of the day and night. my wife as well. that was probably the lowest

point. >> you hear over and over exactly wa yexact ly what you describe that is extraordinary levels of fatigue. you were never hospitalized, i take it. you were able the fight it out at home? >> correct one of things that holy name has done since the onset is we rolled out a very robust, home telemonitoring program we don't just send people home and say here is your test results. we have nurse practictioners calling you and they did that with me and my family. twice a day we would have to report our temps we would have to report our oxygen levels, our blood oxygen levels and if we got worse, they were going to bring us in. if we got better or stabilized, they would keep us home. we're doing that at the high point with over 1500 people at

home otherwise, those people would end up in the hospital being extreme drain on the already very limited resources >> take us through some of the numbers that you have seen and are seeing now at holy name, which is a very prominent hospital and finally, as you take us through numbers, tell us whether you're beginning to see or sense a cresting of the wave in terms of hospital admissions or icu requirements? >> great questions we now have seen close to 3,000 people that we have tested over 1500 of them are positive over 1,000 of them are being treated at home. we had too increase our critical care icu beds by a multiple of six. we typically would only have 20 icu beds here. i now have 120 we would normally only have ten negative pressure rooms within the hospital

i now have 250 my facility crew has done an incredible job they are turning around 40-bed icus in 45 days, new construction absolutely amazing it proves it can be done they are designed to deal with this virus and keep staff, iv pump, ventilators, monitors on the other side we're allowing one nurse to care much for efficiently and their team to care for a larger number of patients in a much more efficient and effective way. that's helped us a lot we were seeing 150 to 200 people a day in our emergency room, coming to our out door tent for

testing. that's starting so slow. we're only seeing about 70 a day. with have snot seen the wave of seniors. we know the virus is present there. it's spread quickly. i'm very concerned we'll see that next wave we have absolutely, all our predictive models we have a robust data science team the curve has plat flattened the social distancing absolutely seems to be working and we need to stay aggress iive with that. we still have a few more weeks to go but it is absolutely starting to work >> you have just given us the

best news we have had all day and second best news is you're healthy and your family is recoverying and the third best news is your staff are bearing up well under incredible pressure michael, thank you very much we appreciate it >> thank you as hospitals are overwhelmed, pharma giants are stepping up dcombat the virus pfizer says it has identified a new drop to help with this disease. >> thanks for joining us on the phone. you came out with a ton of news today. let's start with the piece about you identifying a new potential drug that may have activity against this novel coronavirus how does it look like it works and when could we see it in people in first results from the trial? >> thank you, meg. it's great to be back with you today to share some positive news in this difficult time.

we are monitoring the battle against covid-19 it's common on the dates that we have released on our treatment we have now been able to confirm activity against the virus causing covid-19 in pre-cancer screenings we're pleased to say the last time i spoke to you, we anticipated it clinical studies before end of the year.

>> can you tell us what you see the time line looking like for a vaccine? we hear 18 months. how will it play out >> that's a great question as we finalize our work and agreement that's announced today, on the technology for vaccine, we remain on track to start clinical studies at the end of this month. if successful to clinical studies and by regulatory authorities we are now in our timeline able to predict we

could supply millions of vaccine doses by the end of 2020 this is much faster than the original prediction of 18 months and it's almost half the time. i think it's between a cut edge technology company and phizer taking them from the research lab to bedside and providing many millions, in some case, billions of doses. this is really the team that has mix of knowing the end game and being pick technologically cutting edge that's helped us to see an opportunity to move tasks. we have gotten some really good dialogue with experts in the field, including regulatory

experts and we're trying to operate like a one team here >> i also have to ask you about something that wasn't part of your update today but the l.a. times had a story a couple of days ago where it mentioned that viagra, a pfizer drug is being tested by chinese scientists because it has the potential to open the blood vessels does pfizer see promise in social of using this drug? >> we welcome physicians that use a repurposed method. drugs we know is safe.

i think we would like to learn more it's being used for lung disease and it's the same active co compounds but having pursued with potential antiviral activity we're sporting that as a task response to drugs not yet approved i just wanted to punctuate the second question on the vaccine is so important. if we work to return life in more normal, we needs to protect millions and hundreds of millions of people from being targets of this vicious virus. we have a vaccine in the end that can return us to more normal life as it used to be many medicines coming out and for patients coming into the

hospital to have a different voice than just spending time in the hospital we welcome that creativity very much, meg. >> absolutely. dr. dolsten, we appreciate you joini ining us today kelly and ty back over to you. we have break news on the federal reserve slowing its pace of purchases, at least for now steve has the details. >> thank you new york fed announcing it will slow its pay add the two up that's 45 billion. it's a reduced pace. it's still a quite a bit it's a positive sign in the fed

feels less need to come in on the daily basis and buy those securities in order to shore up those markets. jay powell talked about that today that if he thought it was better this is a policy sign or acting out the policy of what the fed chairman has observed. >> thanks. the oil market is closing up for the day. let's talk about the mass iive swings we have seen in crude it's plunging now. what am i hearing and seeing >> price of oil is down 6% we were up 12% we were down 9%. i don't know if i can remember where the price offensively has swung 0% intraday swings are remarkable

it has to do with where we stands in this virtual meeting that is tistill going. the debate is really settled as to how much they will cut. the question is off of what benchmark. are you going from 10 to 7 or 12 to 9 the debate focusing on the time line, how long the cuts may last extend the cuts for the rest o of the year but the economy takes longer to recover they may need to come back to the table we are over supplied by 25 to 30 million barrels per day. we're talking about total combined cuts, whatever happens today plus g20 tomorrow, plus

u.s. wells of probably 15 million barrels day. i can't make that point enough this is not about saving the markets, guys. it's about buying the one thing that the oil markets and many other markets need dramatically and that is time because otherwise those storage tanks are goingextending the conversation to timeline g-20 could be bigger than today. our markets are closed tomorrow. could be an interesting night. >> still crude down 8.5% just an incredible turn of i ve - events today we appreciate it >> thank you still ahead, as one third of renters are missed their payments in april, invitation home, the largest single family reet has fallen more than 12% in the past month this as the coronavirus pandemic reeks havoc on housing

we'll talk to the ceo, next. you can always watch and listen to us on the goe we'll be right back. our special breaking news coverage returns after this short brk theawi the dow up 313. h achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. - [narrator] at southern new hampshire university we're committed to making college more accessible by making it more affordable. that's why we're keeping our tuition the same for all online and campus programs through the year 2021. - [woman] i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer

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nearly a third of apartment dwellers could not make their monthly payment come april 1st this as eviction moratoriums are in place throughout the country. what about the single family rental, houses hi >> hi. thanks so much for joining us. let's get right to us. what is invitation for tenants who can no longer pay the rent >> that's a great question taking a step back many americans are hurting today in the covid environment. we're working with those families and providing options and figuring out ways to help people impacted by covid-19 today sever some help in the

term of forbearance. >> we have seen a huge number in apartments not able to pay rent. how many requests have you gotten >> our percentage has been relatively small we are -- ordinary course for us we have done this across hurricanes in texas and florida, fires in northern california we have a process to work with residents and we're fortunate. we have a very strong platform with tremendous associates that care dearly for the well being of our residents as we have established these programs over time that could help families in time of need in terms of what the broader community is doing it's probably a bit more difficult for the smaller landlord one of the things we have been working on with our peers in the space is putting forts proposal to washington and treasury and hud that is a simple program designed much like a long term interest free loan administered

through the tax system that is shotgun we'll continue to work on for the bet fit of all presenters >> looking forward, you have close to 80,000 rental homes across 16 markets. over the next few months, what percentage do you expect will be unable to pay their rent >> it's a great question we have to be careful in terms of forward looking guidance and things we say publicly through the month of april, we fill pretty confident in most of our residents ability to pay rent we can't expect, obviously, we can't see the future in terms of what the current and situation will bring going forward i think we're in a strong position as a business and industry to continue to provide for the wants and needs of residents. i think it's important that as landlords we strike the right balance. we have to help folks and need to make sure we're helping our residents in a time of need. at the same time we have to be careful. if we put too much pressure on landlords, we have to be

careful. >> are your concerned about you portfolio losing value if home values should fall because of all of this? >> we're certainly watching the markets and trying to be smart what will happen in and around asset values the fundamentals in u.s. housing are very strong. if you look at the underlying supply and demand, we're in a lot better shape than we are in 2007 or '08 when we went into the last crisis. i don't think wii e're in that p of environment the limited information we have seen through april, people are still transacting in marketplaces we are seeing home builders stay busy through april numbers i think those are positive i understand -- indicators residential real estate tend to

be much more defensive in nature where the supply and demand balances are today, it will speak to the strength of residential real estate. >> okay. dallas tanner, thanks so much for joining us back to you. while most states are being flooded with unemployment claims there are some processing those claims more easily than others some bright spots in all of this >> state after state admitted they are using decades old hardware and software. new jersey has said their 40--year-old equipment is not equipped for this volume he says that during this most e cent expansion, states chose to invest in their systems and modernize them or chose to gut them in terms of i.t. and now

that is making all the difference >> no state is really managing this incredible influx well from the perspective of something who has just lost their job and needs to apply for unemployment insurance benefits some states are coping with this better and adjusting and adapting to it better than other states >> many southern state, including florida, north carolina really struggling to meet demand after cutting back on the number of bep fnefit wee. there are states doing not well but less poorly. massachusetts, for example even new york, whose system crashes, that's one of the better states. they have expanded hour, added servers and working with google on a new platform that's expected to be unveiled tonight. >> thank you it's not all layoffs and

furloughs. walmart has hired 100,000 new associates in past three weeks across stores and distribution centers. court. >> thank you very much dan, thanks for being here with us kelly gave us some of the headline numbers there 100,000 employees. the goal on march 19th was 150,000. i guess it's a two part question are you a little short of the goal are you still going and where did you find 100 2,000 workers now? were they laid off from other retail jobs? >> we're seeing it across the board, across the country. obviously there's more layoffs and in hot areas there's been more hiring we eclipsed 100,000 in the last three weeks. we'll easily hit the 50,000. these new workers are providing critical relief to our own work force as we deal with these unprecedented demands.

the work force is coming from frankly all different demographics you're seeing younger people a lot of people maybe in college who have more time on their hands to work. we're seeing it from a gender standpoint, female, male, across the country. the hiring clip is robust. we're very heartened by that there's been an unprecedented amount of pressure with supply chains and our stores. >> you're rolling out temperature checks, putting up plexi glass at cashier wraps do employees feel safe enough to continue reporting to work we heard from a number of workers that are worried about working at groes stroirs for their own safety >> it's fair question. this is aen unprecedented

situation. we already decided to deploy masks as you just pointed out. we're continstantly reevaluating this is an unprecedented threat. at the same time, we're providing a critical public good access to food, fresh food and to supplies for the american people is a critical function that, frankly, front line workers never knew they were going to be like our health care workers and first responders they are on the front line offense this car against this public health crisis we're listening to public healt experts and doing everything question to provide those procedures and protocols we definitely have exceptions. we have people who don't feel comfortable. that's why we have a pto policy to not allow them come to work

we have a public duty now. it's in our interest that we perform this critical mission for the country. it's an anxious time, no doubt it's one where they are rising to the occasion. >> it's kelly here back in the studio you hit incredible sales growth. 20% overall, 30% ecommerce, just huge surges. the employees you're hiring now, do you think that will be temporary to deal with that sales surge or need a more labor intensive work force >> it's a mix. i would say the vast majority are coming in as temporary workers. they are likely to be in industries like the restaurant and hotel. these are probably workers trying to spot fill until their traditional jobs come back online about 10 or 15% or so are full-time jobs that we'll be hiring there's some mix in between. it's definitely starting mostly

as temporary work. i think people are keeping their eye on the horizon to see when industry and when the economy will crank back up but in the meantime they are providing a critical system and we welcome them with open arms. >> dan, you led me to my next question that see the economy crankin up again or what does the future look like? >> well, we never crank down we are one of the eunique industries out there that have been going full tilt and i think there are some lessons that we are learning as a company. the types of protocols you need to place to not only give confidence to your own workforce, but to the consumers, the american public and it is these basic things we've been hearing about over and over. social distancing. having sanitizer, mas b ks and those things available in the workforce. trying to discipline six foot rule inside a grocery store has taken time, frankly, it's not

normal for people to shop that way and we're getting better every day. those types of lessons are the types all industries across different sectors are going to have to adopt themselves to give people the confidence they need to come back to work >> dan, get a lot of questions from folks asking if things have been b replenished toilet paper lysol wipes, things that are considered fairly essential. can you give us an update and on your delivery availability so the general inventory picture for consumers potentially looking to shop at walmart during this time >> yeah, call it the new normal. the supply chain is under pressure, but performing well. the paper goods we've heard so much about those are still under pressure the typical instock that would take b about three days to go through is going through in about three hours.

toilet paper itself we're selling enough over a five-day period that every american can have their own single roll so it's unprecedented the type of numbers in that regard when it comes to food supply, there's a readily amount of food b available to the american people and it's important to the public when they shop, just get enough for the week, weekly stock up they don't need to be hoarding food or paper products for months on months the food is going to be there. the supply is going to be there going forward and we are seeing interesting things as people are home more often. all the do it yourself types of items like hair coloring and beard trimmers are selling quite well and in fact, another interesting insight is that as the government came forward last week with the notion of recommending people wear masks in public, sewig machines are flying off the shelves as well

so a lot of interesting behaviors. when it comes to pick up and delivery, we had to scale back at first on pick up. the number of lanes available just because of the pressure on inventory. those are opening back up u and we'll do that in a responsible way because the last thing you want to do is to not meet the expectation of our customers, so delivery, pick up, all those things are getting hit hard but we are getting into this new normal as they would say >> dan, walmart evp of corporate affairs. thank you for joining us please continue to do so back to tie tyler and kelly. >> fascinating details there beard trimmers, sewing machines and everybody can have their own roll of dtoilet paper those are the details that make it work. we're going to take a quick break and we'll be back right after this with a little more market toss as the rally is losing a bit of steam as we head into the last hour of trade. for this very, very upward bound

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welcome back stocks are losing the lion's share of their gains as we count down to the final hour of trading. we were up as we began this hour by about 500 points, but right now, the nasdaq has turned negative and the s&p 500 is up just abouthalf a percent to th dow less than that for more, let's welcome in mike, head of global equity strategy at qs investors. mike, do you have any instinct as to why the market may have lost a little steam other than maybe people just don't want to go into the long weekend holding a lot of stock >> you've got to cut the market

a little slack right now we're up almost 25% since the lows we hit in the middle of march. that's a pretty extensive rally just in a couple of week period of time. i think right now, the market is just kind of pausing and kind of taking in some of this because as much good news we're getting about flattening the curve, we're still in the very early stages of getting out of this crisis particularly as we start to think about what is the world going to look like when we get out of lockdown and try to restart the economy. >> that's the crisis we have to focus on beyond the public health crisis. that one may end before we would hope the economic crisis ends, but how we come out of is another discussion completely, isn't it, mike >> that's right. if you think about this crisis, there's the immediate health crisis which we're fighting and starting to win. we're seeing that in the flattening of the curve.

but the second crisis is dealing with the economic fallout. that's going to be b a pronounced crisis. how long does the lockout actually take on we're going into our fourth or fifth week here in new york. in wuhan, they were in lockdown for ten weeks and are nowhere near back to normal. in other part of the economy, it's going to easier, the economic recovery is going to be uneven the second is the spillover. the fed by its extraordinary actions and stimulus come frg the u.s. government stops the bleeding in the middle of march. from the actually the biggest days of panic. but the idea here is going to bankruptcies that's going to have a toll and the final one is the psychology of the consumer p. en an event like this is generational the terroring there was a scar left after the financial crisis on millennials for risk taking and they still behave today when you look at their portfolios, they don't take as risky positions as you

think they would based on their page the same as the great depression >> i think you really nailed it. i think the behavioral changes that may come both for investors and their willingness to take on higher levels of risk and for consumers. people going out i'm sure there are going to be people who still go to football games this fall, but maybe not as many as in the past mike, have a good and safe weekend. appreciate your time today >> you, too. thanks for being here. >> all right kelly, it has been one wild and crazy week in a string of wild and crazy weeks. stocks losing a little bit of momentum here as we move to the last hour of trade for this week >> yeah, i think a lot of that is oil you know, i also struck by what the walmart representative just said i mean sewing machine, i almost just ordered one myself.

my neighbor got one from a friend everyone's trying to go find their machine and order one and find those elastic bands to make the masks. >> it's at a new era of self-sufficient self self-sufficiency we realize we need to be more omo omish, independent and self-sufficient. have a great weekend and be safe >> you, too. that does it for us. closing bell starts now. have a great weekend >> i believe you guys have already dusted off your sewing machine. mine's been going for weeks now. stocks are rallying again but we're off the highs of the session. quite significantly. up less than 1%. the key things driving the action at this hour. the fed announcing a new massive liquidity injection that six and a half million more americans filed unemployment claims last week congress is negotiate it