to date basis. a few of the health care reits reading lower like well tower. there's weakness in shopping operators including simon property and vornado, down between 5 and 7% carl, over to you. >> thank you very much good morning, everybody. welcome to "squawk alley." i'm carl quintanilla with morgan brennan and dominic chu. we look at the market down about 520, worse day since april 1st a lot to watch the oil deal, of course, this goldman call out of david kostin, some downgrades of deere and caterpillar and now the president saying on twitter it is the white house that has the authority to open or close states, not the governors. that's going to get interesting. >> that is going to get interesting. that is increasingly the focus of not only the american public but of investors in the markets is how and when we're going to start to see the economy begin

to come back to life, whether we've actually based on the numbers we've had in the last couple days seen a peak in confirmed cases, what all of that looks like. then, of course, the fact that we have earning season kicking off in earnest this week, the big banks reporting and some key other names that give us some insight into the state of the economy and things like trade flows like jb hunt will report this week too. number of analysts and strategists saying the number is meaningless, the eps number is meaningless, any guidance for q2 probably up in the air as well, that it's really going to be the health of these companies, it's going to be the balance sheets and how they're able to weather what has been a complete shutdown in so many different parts of the economy, so many industries, so many different businesses dom? >> i mean, what's curious about this whole conversation debate, guys, that's happening right now is there are so many takes about just how much damage has been

done to the economy, just how much damage will happen to markets if things don't get going again, that the takes are numerous right now the one that caught my eye from this morning was one out of the team over at morgan stanley. they've atemtds to put a timeline on what they think restarting the economy will look like the story is up on cnbc.com right now if you want to check it out in essence, here's the summary, they feel as though by april, the month that we're in right now, we will see a peak in east and west coast epicenters for the virus, come may is the peak in new cases on a national basis for the united states. by june, serology testing will be widely available. by june the first wave of employees in the united states can actually go back to work and by mid-summer they say is when wave two or that secondary group of employees that are perhaps outside of the essential and even nonessential employees can actually start going so as we talk about just the forecast for what's going to happen, that's just one take

but there are so many of these takes, guys, out there about what the predictions will be about how we can get this economy back going again >> yeah. the levels of uncertainty in that timeline, dom, are stunning on multiple levels, but essentially if everything that morgan stanley is arguing, morgan, were to come to pass, starting in march of next year you would be looking at what you could maybe call back to normal, once you had a vaccine available not just for health care workers but readily available as they say. >> yeah. i mean march of next year. i don't know about you, but just as somebody who has been sequestered in my house it's a painful stat to think about, but in that sense it makes sense and so much of this does hinge on health care and sara made a key point at the beginning of the last hour which is that you also need to include in this modeling potential treatments that could keep patients or people that test positive for covid-19 out

of hospitals, out of icus and what that process is going to look like. obviously we have been covering so closely all of these different treatments, all of these different services that are currently being tested right now and we have to see how all of that plays out. obviously you had the gilead data over the weekend getting a lot of focus and attention for good reason today as well. >> so -- >> the gilead data is -- go ahead, dom. >> what i was going to say, if you take a look at that data it's encouraging because there are at least signs that there is movement in the right direction. we have the w.h.o. saying that there are 70 some vaccines being worked on globally for what's happening right now. the health care sector becomes the huge focus, carl, something that a lot of folks out there are putting a lot more scrutiny on and spotlight on because these companies are now seen as, you know, we talk about the doctors and nurses and frontline health care employees, there's a cadre of companies out there, a slate of them, now seen as on

the front lines of developing this particular vaccine and cure and there is so much more attention being brought on them right now and the updates they provide, carl. >> and by the way, not -- the timeline -- we still do -- i was going to say not included in the timeline we still do have the presidential election that's going to play out in november as it stands right now, so that is going to affect this timeline over the coming year as well carl >> all right let's get to this morning's market action and bring in morris mark, the founder and ceo. it's good to talk to you again, good morning >> good to virtually see you, carl >> yeah. we're having all kinds of issues given the weather out here as well i am going to ask you, morris, what prism you are using to assess risks right now going into earnings? is it about balance sheets

are you watching health metrics? is it about the policy support what's key for you >> a lot of things, but i will say that we think that we've come as far as the financial markets are concerned, not as far as the economy, to the end of the beginning world war ii, when the british defeated the nazis, churchhill made that speech and i think that the federal reserve, congress, the treasury by their actions with respect to stabilizing things, stabilizing the markets and putting some sort of a floor under the economy, have brought us to that stage in terms of the financial markets. unfortunately, we're not at that stage in terms of the economy. i think for the economy to get to that stage, we need a combination of safe, effective and ubiquitous testing both for the virus and for the antibodies

and for the market to do better i think we need a safe and effective treatment and ultimately a vaccine >> and until then, you do what kind of buying and selling >> i'll give you some idea of what we've done in the hedge fund long only our focus is to be invested in really good companies and we pretty much have maintained that strategy through the first quarter. we're doing really well. in terms of the hedge fund, our objective is capital appreciation, so our normal net exposure without a lot of leverage is 70, 75%. our net exposure in the first quarter was 30% for the quarter and basically zero during the month of march and now we have

raised our net exposure to 45 to 50 that gives you some idea we think that you want to be invested in good things. we think you want to avoid any businesses that are going to have a problem financially either surviving or economically maintaining their value during a period of economic weakness, which is still undetermined. >> morris, to hear that you've raised your net exposure, your former place of employment goldman sachs out with this note u.s. stocks are unlikely due to make fresh lows do to this whatever it takes approach of policymakers, do you agree >> i love david kostin, i think he's fabulous. i don't know how you can measure whether the market is going to test its lows or not but the way we look at it we have been given by the fed, by the cups and by

the treasury imperfectly but given financial stability. so if you look at -- if you say we're in an environment of financial stability by very, very significant economic uncertainty you don't want to be too negative and you have to be able to take advantage of the upside when and if it occurs i think because this is a very different dynamic, we have the worst economic crisis, let's just say, since the depression, but it's triggered largely by a health crisis. when and if and i have a great deal of confidence in the quality of american biotechnology and technology and the focus that a lot of great companies such as johnson & johnson as one example are putting on this now, that one of these days, hopefully sooner than later, but i don't know when, we'll really get some good news with regard to therapy and

or vaccine the market is a discounting mechanism and we want to be there for that. >> morris, it's dominic here i'm in studio and we've talked to so many folks throughout who say that from a business and kind of a cultural standpoint, often times these crises exacerbate trends that have already been in play prior to the crisis themselves. as you look at your investment thesis, are there companies that you see right now that will benefit from the changing paradigm that's developing right now or some of those really big trends that have already been in place since before the crisis began? >> dom, i really think that's a great question because, number one, there were certain patterns of behavior that were ongoing for a long time and i think that the economic crisis are intensifying those patterns. simple example, two simple

examples, amazon just announced today that after hiring 100,000 more employees to facilitate getting goods to people and vital good ts to people, they're hiring another 75,000. the pattern of using the internet integrated with the physical world, remember we're physical people, not virtual people, i think that's intensifying and when and if we come out of this, and i'm looking forward to that, but when and if we come out of this i think those patterns will be more embedded in our lifestyle second thing, i think you see what i'm holding up and it's an iphone the smart phone is obviously part of our lifestyle, but one thing we noticed in needing material we're doing, iphone usage per phone in the month of march was up something like 60%.

when you think about that and you think about the things that we do with that, to entertain ourselves, to learn, to get the news, everything, i think that pattern intensifies. we had a funny thing happen to us, wasn't very funny, but my team, we virtualized the firm on march 6th but we've been working pretty well, my iphone broke and i really panicked and through great work i got a new one in three hours. two points, i really look at my new iphone which is an 11 pro and the battery is fabulous, the visualization is better, it's faster, and i think in a world of 5g which we're coming into, faster than i think most people recognize, t mobile i think is going to accelerate that so that's good news, i think getting the best device, the

most useful device, is just going to become that much more important. okay those two simple -- >> so -- >> i apologize, morgan. >> yeah. i was just going to say, to dig into that a little more then to hear you talking about the role that technology is playing, do you see that sector as a good investment opportunity right now and i guess on the flip side, what would you be steering clear of >> okay. i think you want to be invested in businesses number one that are financially really solid because you don't know how long this is going to last and if nothing else, i think the fed has removed some of the risk, they're buying all kinds of paper, maybe some paper they shouldn't be buying, but buying all kinds of papers. it's not just a question of companies going broke, but the companies that have the cash flow, the companies that have the balance sheet can continue to build value so that's our most significant

criteria and, you know, i think we highlighted a couple examples, but i think there are a number of them. conversely the areas that we're seeking to avoid are sort of in three categories -- businesses that have leverage whose ebitda is going to be challenged in this environment and may be challenged on a secular basis, whether you short them or not is a separate question but that's not an area where we want to invest secondly, areas of the economy which definitely have excess capacity simple number will give that i think an example i think in europe or other parts of the world and my numbers aren't precisely correct, there is two or three square feet of retail space per person. in america it's eight to ten we're learning we don't need

that much. >> yeah. >> i'm not being negative on any particular name. the third area -- >> of course not >> hydrocarbon and energy. i think that there was a great article in "the journal" last week and he said, people are seeing what clean air looks like because nobody is driving. and i think he made the point, i think they're going to want that i think that's incompatible with burning carbon those are three areas. >> morris -- >> yeah. that's good. >> okay. sorry. >> really quick, before we let you go, alibaba and ten cent, can you blame investors for not wanting to touch anything highly levered to china given uncertainties in geopolitics. >> you're raising two questions, carl it's important for the future safety and security of the world, to use the president's words, that the united states get along with china and get

along well it's the single most important geopolitical relationship. i've heard dr. kissinger speak about that looking at it in that context i think an area you want to invest in, as long as the geopolitical relationships are maintained and there is a deal that was made, are the really great businesses that can operate in that economy where you can count on in numbers. i think alibaba, whose president was a former top executive at goldman sachs, michael evans, is one of those companies tencent is i think another great example. i think those are two businesses i think you want to own. they will expand internationally, whether they become very active in this country or not, i don't know, but they will expand internationally and they're run by really smart entrepreneurial people hope that answers your question. >> morris, that's great stuff. good answers on -- across the board. we thank you and talk to you soon >> okay.

cara swisher is back with us after a bit of an absence. >> hi. >> co-founder and cnbc contributor. how are you? >> good, how are you doing are you wearing a suit at home >> yeah. we've discussed this already when you talk about people's money you wear a suit even if it's in your living room. >> not me. >> i do want to get to -- i do want to get to the apple google news over the weekend and this idea that there might be some kind of tracing technology at play what was your first take and what should people know about it >> well, the apple google news about them working together i think it's amazing they're going to do that obviously -- they worked together before butthere's bee tension between the two companies. i don't think so much under sundar pichai and tim cook these are the two places that have so much information about people and can they keep it, the privacy issues in place the way they need to and can they not

continue to do this after this is over a lot of people should be concerned about any tech company getting too much information as you know i'm already concerned about it in the first place. but in this case there's a whole lot they can do. again, i think the federal government is the one that should be at the front of this, but i think turning to some of these companies that are critical to our infrastructure like apple, google, even facebook is important. >> do you think you would be a little more trusting givens the potential benefit versus the cost >> yo i don't. i think if it's opt-in, consent, if it's done in a right way certainly. i mean in terms of people wanting to do it you can't force people into it i think they already can do this in a lot of ways there are ways people can be tracked through their wearables, watches, all kinds of stuff which takes temperature and heart. i'm wearing a ring testing it out for a program they're doing

at ucsf. i think there's lots of ways to do it, but it's how they do it and making it clear to consumers. i've always find if they make it clear, the consent issues are critical here, even though it's a difficult time and we're all fearful it's really important to get the cooperation of the public in doing these things >> it absolutely is, cara. great to see you you know, you mentioned privacy and you mentioned trust and it makes me think of another tech company that's been getting a lot of attention in the last couple weeks as their user numbers have more than doubled and seen security and privacy issues thrown into the spotlight as well and that's zoom. you've had some personal experience with some of these issues. >> yes. >> an event that got zoom bombed recently i wonder if you think they're doing enough and they've been aggressive in making announcements and high-profile hires and whether businesses, the american public like my mother-in-law, who is considering using it for her

book club now, whether they should >> you know, "the new york times" had a really good primer on what to shut off and not to shut off the whole appeal of zoom is frictionless you turn it on when it gets more friction it's harder to use. can you put the stuff in place they're there. ultimately you get what you pay for. if it's a free service you're not going to get enough protection as you need they hired alex stamos, sort of as a consultant, used to work at facebook and yahoo! and they've made a lot of good announcements and trying really hard to get up to speed, you know, having those servers in china was problematic. i got zoom bombed. it was really bad right in the middle of a thing on women and tech, which was even more ridiculous but, you know, i think it's just still hard to use and i would be wary of any of these services. google is not using it, for example, internally because of

security issues. all kinds of school systems, berkeley my kid uses it for his school but he was telling me other kids giveaway the addresses and people come in and say all kinds of -- i'm not going to say the names teenagers think of, but it's subject to humanity they have to be strict in terms of adding things the more they add the more difficult it will be to use and that's just the way it is. >> cara, it's dom. one of the things we were talking about in our previous segment with morris mark was the idea that there have been fundamental changes in the way people do things because of what's happening with the coronavirus. i know for myself personally i use contactless payment whenever i can now, i use my phone to pay for things, my daughter's 3-year-old toddler day care class is zooming with each other now. is it fair to say this is -- not to say that zoom is -- more the idea this is a fundamental altering of the way we do certain things do you think that these are paradigms and constructs that stick around, that are not

forgotten in two or three or five years >> i think they will be completely forgotten we'll accelerate trends that exist. retail was struggling and will struggle with more people continue to shop with amazon anything already accelerating that way will be moving that way. i don't think we're going to be doing schools on zoom. i don't think we're going to be doing all -- i think we'll forget about it and move on and be shaking hands an hugging and licking trees and things like that before you know it. i think it's just acceleration of things. that's why getting back to the first thing you talked about more power to the tech companies mean more power and will they give it back once it's over? that's a big question. they certainly aren't going to get monitored for years now. i think a lot of that legislation is going to be, you know, put on hold while we try to recover jobs and everything else >> yeah. imagine all those conversations we had about the tech and what do they mean at this point

you talk about big tech trying to offer solutions, what do you think of the actual founders themselves, dorsey, benioff, gates, bezos, how would you give them the grade in terms of coming to the -- answering the call of what we need right now >> i think it's important. i think the question is, scott and i talked on pivot a lot this week, the money, 28% of jack dorsey's wealth is a lot, some of it is not very much, even though it seems like a the lot and it's great that they all step up and do things but where is our government? there is a debate about whether you can have two things at once, these things are great and at the same time maybe we should be taxing them so our government can pay for the things they should be paying for like testing and other things any help is great help and it's wonderful what mark is doing i think jeff and -- jeff bezos and mark zuckerberg have been quieter and smaller in terms of their donations. what jack dorsey is doing is quite amazing.

i can still be concerned about privacy and not feel like i have to be constantly saying thank you. so it's -- again, thank you but i still think you need to -- i think there should be legislation around big tech. i think that's an appropriate response >> cara, it's good to have you back we'll see you soon thanks. >> all right thanks bye. >> we're going to take a quick commercial break but first a check on the markets stocks are sliding following that long holiday weekend giving back some of the grounds after the s&p 500 had its best weekly gain since 1974. the dow is down 497 or about 2%. s&p similar move lower down 1.9% the nasdaq is down about 1%. ayitusst wh life isn't a straight line.

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welcome back let's get the latest on the coronavirus outbreak >> dom, good morning let's start with the supreme court saying that it will hear oral arguments by telephone next month in cases that includes the fights over president trump's tax record and the electoral college. now lower courts have used teleconferences but this is a first for the supreme court. and president trump retweeting a call to fire dr. anthony fauci. in an interview on cnn fauci said lives could have been saved if the country had been shut down sooner and warned it's complicated and there were many factors involved poll have shown more americans trust dr. fauci for virus

information than trust president trump. new york city mayor bill debass yo said the city is having a, quote, very good day citing a drop in the rate of new cases and hospital admissions. now despite signs that curve may be flattening the mayor also warned that mitigation efforts are still necessary to ensure progress continues. air traveler traffic hit another record low only 90,000 people went through tsa checkpoints nationwide yesterday. compare that to the 2.4 million people screened on the same day in 2019. as always more coronavirus coverage you can these our website cnbc.com carl, over to you. all right. rahel thank you very much. coming off the session low of about 624 on the dow when we come back, robert, the chief business officer for youtube, on content and the impact from the coronavirus en rurn.wh at cdw, we get that trying to simplify data storage can get very complicated. but cdw will assist your needs and implement

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welcome back over to julia boorstin who joins

us with a special guest. youtube's chief business officer. >> thank so much robert kyncl chief business officer for youtube thank you for joining us this morning. we really appreciate it. we understand there's been a surge in viewership on youtube how are you staying ahead of all of the misinformation about coronavirus and also about treatments for it when it seems like the misinformation just does not stop? >> first of all, thank you for having me on it's a pleasure to be here let me step back for one second and tell you what's going on youtube across the board our engagement is up across the board. people are coming to youtube for two reasons. one, to find helpful information and two, to connect with one another. when you think about people finding helpful information think about information from health organizations such as the cdc and nhs, et cetera and all

of their equivalents around the world, and to have their children learn on youtube through the destinations we've built. when people want to connect with one another, it's merely to impact their well being and to get entertainment. i think there's no greater example of that than the concert for hope done yesterday on youtube from the palace in milan to the tune of 26 million views, which is just incredible so we are seeing this engagement across the board and it's just incredible >> now, i've seen an increase in educational videos being watched in my house as my kids are home from school but give me a sense of this misinformation it's important to promote the accurate information, but there is also this nonstop flow of false information that is being posted on youtube. what are you doing to get ahead of that both with people and also with algorithms

>> yeah. so it's an issue that has been important to us for many years and we've invested in resources and products and people over the last few years and our investments are paying off we've built the framework, which is remove violent content, reduce content that is not violent but borderline, reward content that is great for our platform and invested in our resources along those lines so we've had quite a lot of success removing and reducing thousands of videos specifically referencing coronavirus that violated these policies or bup e up near them our framework is working. >> you're in a quiet period but i want to ask broadly about advertising trends facebook warned its advertising has been really adversely impacted by coronavirus. you're seeing an increase in viewership but is advertising

increasing with that and what does that mean for your creators who generate revenue from youtube as well as for youtube itself >> yes so for us, we are mindful that our ecosystem consists of three parts which is viewers, creators and advertisers and we want to make sure those three are in harmony. our first and foremost effort goes towards making or users safe through the activities you and i discussed. two, that we help creators drive revenue and build their businesses on youtube and reach their audiences. they're reaching their audiences an we are making efforts such as the $340 million ads grant that we made as part of our $800 million package and the ad grant specifically the driving adoption of ads and making sure our creators continue to earn a living on youtube. >> robert, this is morgan.

i want to go back to the steps you're taking and the moves you're making to basically crack down and police misinformation where coronavirus is concerned on the site right now. what have you learned from that process and i guess how has it helped shape or change, if at all, your methodology for how you're assessing misinformation and what stays and what needs to be taken down on i guess a more general or more broad level? >> so for us it's actually the opposite, that we are applying everything that we've learned over the last few years and investments we've made to covid. for instance, we have an authoritative sources of information, cdc [ inaudible ] nhs and the equivalence in 40 countries around the world who are driving traffic to their sites through our home page. we've triggered a covid show

based on our breaking news which we've had quite a while on youtube and in that one we're triggering information from authoritative sources, authoritative news sources localized in 30 countries around the world. we're making sure we're not only doing things in english but reaching as many people as possible in the local way. to us it's very important because everybody is experiencing covid in their locality and we've also been triggering info boxes which drive towards the authoritative sources of information on covid and we've had 10 billion impressions from -- of these boxes it's an incredible reach that we're providing for these organizations but all of that is built on the hard work that we've done over the last few years. >> robert, it's dominic here s there's no doubt that technology platforms like yours,

other mega tech companies like facebook, twitter, everybody else out there, are getting a the lot of this traffic. can you take us a little bit through, you mentioned the editorial process, the authorities you're putting out there. what exactly is the process from a broad stroke standpoint about how you determine which sources are authoritative, which ones deemed worthy of your promotion, which ones are the ones that represent the best source of information for viewers, listeners, readers out there i guess i'm just curious how that looks from a big tech standpoint >> sure. so in terms of information that we're driving from our info boxes we work with the world health organization and then we work with the cdc in the u.s. and the uk and you can pick one national health organization in every country and those are the ones that we work with there is really no room for interpretation there is only one in every country.

we drive traffic to their websites making sure users are finding the right information. as it relates to our [ inaudible ] news organizations with whom we've been working with for many years through our google news initiative and those are news organizations that, you know, such as yourself and many others who have been vetted by their peers and who are fact checking their information we've had this program for quite a while and it's proven to be very successful in driving traffic to authoritative sources. >> now, robert, you mentioned all of this news content that's being consumed but are you seeing advertisers request not to be placed on covid-related news this is something we've heard about with publishers but is that something you're experiencing as well >> it's actually a great question, julia. i mepgntioned we have a three legged stool, creators, users,

advertisers, and one of the ways we care for advertisers, we protect them from sensitive news content such as earthquake, terrorist attacks. we don't monetize that content because it's a very short burst for a couple days and advertisers generally don't like to be associated with it we initially started the same with covid but then quickly we relized today you cannot go anywhere without hearing about covid-19 and we wanted them to create content with covid. we had dr. fauci, large campaigns to stay at home with billions of impressions that we're running all around the world so we wanted that content to be created. we've decided to change that policy, not change the policy but decided that covid is no longer a short-term sensitive event, that, in fact, it is here to stay for a few months and, therefore, it's monetized.

advertisers have their usual options to opt out of certain advertising if they choose to. >> interesting robert, i'm curious, this is a social scientist in me right now, just stepping back and looking at how many people are tuning in to and turning on youtube right now and ingesting more hours of viewing, what is the most popular what -- has it shifted or is it still what it has always been on youtube? >> so i'm going to give you a few statistics, but like first my most popular of the last 24 hours was andrea bocelli i think it's incredible when you see a opera singer reach 26 million people around the world in less than 24 hours and an incredible moment of hope and connection but we're seeing news content up by 75% in the last couple months the learning content, well being content is up anywhere from 50

to 500% depending on which you look at. tremendous consumption in people trying to learn new things and take care of themselves. obviously what we're seeing is that the whole world is kind of becoming youtubers john krasinski with his good news network is having incredible success with two episodes getting north of 10 million views and it's just incredible what's happening. i'm also incredibly impressed with the fact that theaters are putting up their plays on youtube. the national theater in london andrew lloyd webber, "jesus christ super star" and the english touring company. the most amazing thing is that we're seeing people of all ages, young and old, on youtube engaging with content they lovep i think that is here to stay >> now, robert, what's

interesting you're talking about all these new ways both hollywood stars are creating content and broadcasting directly and new consumption trends my question is after this coronavirus crisis is over and people are no longer in lockdown at home, what are the entertainment trends that are going to stick around? how is entertainment and youtube going to be permanently changed by this? >> i think there are four contents that we're focusing on in addition to our day job making sure that everything is running smoothly during this tremendous engagement. we're focused in four areas, one is authoritative content we spoke about, well being, learning, and entertainment. those four areas all of those are up and we think that those will remain because people love coming to youtube to learn new things and new skills and especially if you're home and have a lot more time what's also happening is that uploads of this content is up which means that people who are

publishing this content are finding our platform useful to reach large aud yeiences and bud their businesses around it learning as a category on youtube is going to stay post-covid you're going to see audiences, young and old, staying on youtube post-covid and you're going to see content creators who might not have created for youtube previously, suddenly being drawn to the fact that they can reach these incredible audiences. john krasinski and andrew lloyd webber those are examples you can reach anyone on youtube if you have amazing content. >> yeah, certainly weber's "jesus christ super star" was streemd in my house over the weekend julia and robert, thank you for joining us. meantime we have just heard the latest numbers on covid-19 from new york from governor andrew cuomo here what is he said a few moments ago.

>> here's the good news. the curve continues to flatten we talked all along quote/unquote the experts said that there were two possibilities -- you could have a high point and then an immediate drop-off or a plateau. it appears that we have a plateau. it's flattening. it's the flattening the curve. the increase has slowed down, flattens out for a period of time, nobody knows how long because nobody has been here before if you look at the number of total admissions, 18,000, 18,000, 18,000, that's definitely a flattening. that is good news. still going up a little bit, by the way. but a basic flattening as opposed to increasing gaps the total number of

hospitalizations net down, a little bit up, a little down, overall just follow the line don't get caught up in the day to day as we say, three-day rolling average, which is more accurate than any one day is down again the net change in icu admissions is down. again, i discount this icu admissions because the old demarcation of an icu bed in the hospital and a regular bed in the hospital is gone almost every bed is basically an icu bed. net change in icu admissions is also down. intubations is real. intubations is the worst signal. people who are intubated wind up on a ventilator. most often do not come off the ventilator somewhere 70, 80% xwendepepdingn who you talk to. when that's down it is good and the three-day rolling average is down so that's good news we were worried about the spread

from new york city to suburbs upstate, and we have been very aggressive when we get a little cluster, a spot that's acting up we jump on it. this is like watching a fire going through dry grass with a strong wind and it's blowing the fire and a couple of embers wind up on one side of the field and embers start to catch fire and that's a cluster and you have to run over to those embers and stamp them out right away before they grow. you see the stabilization there. that has been good too this is a new take on it we talk about net hospitalizations this is the number of new coindividucovid hospitalizations to date this is how many new covid diagnoses or people walking into

the hospital had covid, you see still about 2,000 people per day are walking in or being diagnosed with covid you're still increasing the hospital population. initially by 2,000 people testing positive for coindividucovid, people are being discharged. the net is what we with talk about because we've always been worried about lack of capacity in the hospital system where you pour the water into the glass and the glass overfills, where the hospital systems can't handle the number of people coming in and that's why we've been studying the net. but this says, you know, take a deep breath. you still have 2,000 people per day who are coming in to the

hospital system. and the terrible news is as terrible as it gets and the worst news i've had to deliver to the people of this state as governor of new york and the worst news i've had to live with on a personal level, number of deaths is 671. not as bad as it has been in the past, but basically flat and basically flat at a horrific level of pain and grief and sorrow this is 671 people who passed away on easter sunday. for me, i'm catholic, easter sunday is the high holy day in many ways, and one of the high holy days, and to have this happen over this weekend is really, really especially tragic and they are all in our thoughts and prayers.

the -- that raises the death total to 10,056. again, for perspective, 19/11 changed every new yorker who was in a position to appreciate on that day what happened and the number of lives lost was horrific after 9/11 and the grief was horrific and we are at 10,000 deaths. new york, 10,000 deaths. new jersey 2,000 deaths, massachusetts 756 and then you have the state of michigan why new york >> that is governor cuomo. obviously some grim statistics as the state death count in new york goes past 10,000. however, net hospitalizations, the three-day average is the

lowest since tracking began. net icu admissions negative, net change in intubations negative so you heard the governor there say it appears that we do have a plateau. at the same time, a health code or a code that shows where you've been the last couple weeks may be the

is is people are categorized with red, green or safe. red indicates you can confirm with kor the qr code allows you to check movement government says once the pandemic is over, the information will be destroyed. at the end of the day they believe the codes will build consumer confidence. a big reason they feel it builds consumer confidence because anyone ha has a health code that isn't green is turned away

if you have a red code you should go to government quarantine that is controlled and centralized. guys >> thank you opec plus reaching a deal to slash output by 9.7 million barrels per day. this is the other big story. the single largest output cut on record mike, thanks for being with us today. >> great to be with you. >> as reported, 9.7 million barrels of production of output and we got this tweet from president trump saying the number could be more like 20 million. is the 10 million a enough and could it climb to double that? >> if you think about what the demand contraction has been since this crisis started, you're looking at about 25 million barrels day in terms of

lost demand. we expect that demand to come back once we're through the crisis in the short term we need for there to be less oil until the market american producers have already responded to this. as a consequence of that, we think other producers throughout >> do you think it's a moot point or argument that the government should be stepping in or regulators in texas should b stepping in to impose cuts when you're seeing the private sector

do so? >> absolutely. in fact, what happened this weekend is a perfect example of that when you have a cartel system in place, it responds not to the market but to what government wants it to do that's why we would oppose any kind of a quota system in texas that would mimic opec at this time because it wouldn't respond as quickly as markets are. american producers are responding to low prices they are cutting their production we believe that's the best answer to what is going on within the oil markets today >> mike, it's dom here the last time we spoke earlier this year, wti crude oil was about 50 some dollars a barrel we're more than -- we have lost half that value in that time how much distress is going through the u.s. shale patch right now because of what's happening with prices and is it

going to be a factor in terms of the way the industry moves in the coming months, if we do emerge from coronavirus? >> this is a really tough time in the oil industry, of course we have dealt with supply shocks before we dealt with demand shocks before we have never dealt with them at the same time. i think there's a lot of concern throughout the country because prices are so low. we really welcomed and appreciated everything the president and secretary did over the weekend to get to a negotiated settlement with opec. you're going to continue to see supply go down as a response to price here in the meantime, american producers can take advantage of some of these facilities that have been set up by the fed and the sba to meet some of the short term liquidity challenges that they're going to have through this time.

you're starting to see rigs laid down and we're concerned about producers during the time and trying to help them through with some of the things that we're doing on the regulatory side >> how many companies will not survivor what's happening right now with the economy >> the american oil and gas industry will be around for a long, long time because americans will continue to demand these products. the economy will come back and the american producers will continue to step up to the plate to deliver energy independence for america. it's only because of that energy independence that the president was able to lead these negotiations from a position of strength over the weekend.

>> you do put out weekly report inventory report at the api. looking at the numbers and the builds we have seen versus the abili available storage and i realize the federal government stepping in, when do we run out of storage. could that happen in the u.s.? >> it could happen that's next big hurdle for this industry we could hit the storage wall in late april orrer may that speaks to the importance of the deal that happens this weekend. we'll have less supply and hopefully more storage available for american producers

>> gasoline demand has collapsed as well. we're seeing demand for jet fuel go by the wayside, heating oil as we move into string, summer, are there other types of petroleum products for which there's demand and refiners could be focusing their attention. >> demand for petro kmchemicals continue to increase a lot of the products people are demanding in response to the covid-19 pandemic is petroleum based. the masks, the gown, rubber gloe gloves we're stepping up production to meet the demand as a consequence of this terrible pandemic. >> mike sommers, thank you for joining us today

guys, just taking a look at the markets. in general, we're off lows of the morning for now. the dow is down about 443 points the s&p is down 1.6% >> the interesting part o about that whole interview and i want to explore more about is this idea when it comes to the upcoming earning season we know that energy will be the worst performing sector in terms of earnings growth. we want to see what plays out in terms of how oil price will have an effect on this energy sector overall. >> cuomo's briefing does continue he does say we are controlling

the spread in words that i'm sure he was very careful to choose, he adds i think you can say the worst is over by that he means probably on net hospitalizations and on death count in new york state. we'll keep our eye on that a big afternoon ahead. the judge has lee. let's bet gget back to headquars in the half. welcome to the half. many of the most followed strategists on wall street growing more positive on the markets. we'll discuss where stocks go from here with our special guest today. our investment committee is here as usual mr. cooperman join