good afternoon welcome back to our breaking news coverage of the markets in turmoil. we continue for a new week of "power lunch." stocks are selling off to start this post-easter week following last week's historic ral plip the dow is down about 400 points, give or take as investors brace for earnings season there are 33 s&p 500 companies that will report their profits or their losses. ford out with warning this morning ahead of its report,

those shares are sinking as well the government's small business lending program ramping up with more than $200 billion in loan processed as companies wats it get paid out we'll tuk the ceo of presman auto who has already received his money. >> one of the fortunate ones let's kick it off with bob who has a closer look of what to expect from this quite unusual earning season >> very unusual. one for the record books we'll be starting tomorrow with jpmorgan and wells fargo they are trading down. that's not surprising. the banks tend to trade to the down side. the regional bank vs been week with the rally that are 30% where they were at the end of february what are we expecting from earnings season overall. it's a real mish mosh. clue lessness. the range of estimates on these companies from q1 and q2 from

high to low is enormous. that means people don't have any idea of what will go on. there's a number of company, almost 100 at this point that have withdrawn guidance recently it's very hard to figure out earning situation when you know that look what ford did today they will be reporting on april 28th they gave some preliminary guidance they'll have $600 million loss for the quarter. they have no revenue because all the plants are closed except for the china joint venture. they didn't provide any earnings commentary it's about survival and whether or not they have down the road, maybe a massive infusion of new capital. we don't know what's going on but not about earnings it's about survival. we had a number of companies had their bonds cut to junk status recently ford was among them. we saw macy's gap, delta all their bonds cut to junk status as results with coronavirus here all the companies that continue to withdraw guidance almost on daily basis.

we saw companies that are furloughing people the upperwarye groupon, disney world is furloughing look at the number of companies that are withdrawing guidance or furloughing employees. it's a useful reminder that we may think we're through this but we're not. back to you. >> all right, bob, thank you very much. let's go out to chicago and check in with rick on the action in the bond market looks like the ten year yield has stayed pretty stable in recent days. >> exactly you nailed it. at this point we're in the eye of the storm, so to speak. we already priced down the stock market the government, fed is ramping up trying to aid the economy at this point in time it's before earnings we kind of video a loss of information. tyler is right, everything is steadying out. two year note yields

lot of movement but now flattening out flattening out pretty much in the lowest levels we have seen in six years a lot of volatility in march if we look at the tyvix. we can see it's close to 17. finally, look at boons some different here with boons boon yields popped up but they flattened out. the ecb will have a real issue trying d ining corral all the c. tyler, back do you

the major averages are lower for the first time in three days as investors brace for earning season it's likely to be an eventful one. we won't see normalized earnings for two years. jerry is president and cio with castle management. jerry, do you agree with lee cooperman we're not going to see normalized earnings or earnings unaffected by this pandemic for two full years >> that's far out. there's so much we don't know. we don't know where the virus will have its full impact. there's a lot you'll probably learn in the next six to eight weeks that will determine that run way.

just tremendous, no one has every thrown $7 trillion in the economy let alone this one and let alone now. we have no way of understanding that until we get going into next year. >> i found myself wondering how much of that 7 trillion makes it into the economy and how much spillage there will be you say most of the negive impact from the coronavirus is already being discounted in the market how can you say that if we don't know what the outbreak will be how can the market know what the actual discount ought to be? >> again, discounting is taking the highest probability outcome

and applying some degree of uncertainty to that. we don't know how long this will last and we weren't sure of the impact from the stimulus $7 trillion is a third of the year for the entire u.s. economy. we leased that in last handful of days. instead of wondering about whether the river is 10 or 20 feet deep, you're pretty confident it's only three or four or five you'll be at waist high level at worst. i think that's the question the market has finally resoever vred it's discounting this hard shock. it will come to employment, earnings, a lot of different aspects. a lot of those are captured in stocks now

what will the affect on the economy and the market be if unemployment in the united states stays above 10% and lord help us, maybe even above 15, toward 20% for any extended period of time say through the remainder of 2020 >> it will have a big negative effect, as you can imagine remember going into this pandemic it was the strength of the consumer that we thought would push this expansion forward and the bright light of this consumer spending was the labor markets. tths knocking. pu it's all about now. not just the magnitude but the duration

it can arrest some of the worst effects, the most extreme of affects of having this dislocation in the labor market. it amples up ts up the paymentsa weekly basis >> i think of the stimulus like cardiac paddles to reshesesuscia patient that's been artificially put to sleep for a while once they have activated the patient, that doesn't mean the patient is healthy again i know in a previous life you paid a lot of attention to housing and the health of the housing market is a big yardstick of americans wealth. the health of the housing market is high hi depen dent on people's jobs and sense of job security what do you see happening for

housing? >> i still pay a lot of attention to housing the reason is housing has been the sector that is traditionally, historically led the economy into and out of recession. housing sector like all sectors in the economy is more or less on pause as the social containment efforts play out housing will be a factor to watch in terms of the strength of the overall rebound housing is also the primary mechanism or has been for the fed policies to hit mainstream now the fed has amped up the aid with the credit facilities as goes housing, as goes the economy. housing will be the leading indicator for how quickly the economy rebounds from the

pandemic >> nela, we have to leave it there. jerry, wethank you for your time today >> thank you we have some breaking news on espn. julia has the details. >> espn is asking about 100 of its commentators to take a 15% pay cut for the next three months they say this is affecting their highest paid commentators and this is designed to help further furloughs. they have already furloughed some of their employees working on producing live events. disney shares are trading down nearly 2.5%. back over to do yoyou. >> we'll speak of bob taking the reins back later in the show thanks coming up, stocking are under pressure after last week's blow out rally real estate and financial utilities are leading the declines we'll have more on the biggest

movers businesses remain shuddered as they away more help from the government there's much more power lunch after this quick break life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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welcome back businesses across america remain shudserred president trump tweeted the timetable to open the economy will be decided by him though he will work with state governors he said a decision will be med shortly. french president macon says the lockdown will be extended until may 1 pst my next guest says the economy may not be ready to wake up. would you describe yourself as pessimistic or optimistic at this point >> it's hard to come up with one description. i guess i would be on the optimistic side because i think our government is doing a fantastic job of using the full force of everything we have at

the governmental level to bridge us to this other side of an active guide capitalism or the real economy is in state of suspended animation and we have to have government effectively step in and they are i think they are doing it in a really comprehensive way i have some complaints about some things but i'm optimistic that we will have a economy on the other side it will be a different flavor of capitalism than what we're used to >> explain that and what your complaints would be about what the government has done so far >> from the sample of complaints it's a matter of work in progress so far i've been able to count up nine special purpose vehicles that have been created which are joint ventures between the fed and treasury and ongress

the two are the payroll protection program and the municipal finance program. i think they're doing a great job on the ppp, as it's called those will be loans that are forgivable there's a funding facility but it's all structured as loans and ultimately i think that congress will have to allocate some old fashioned taxpayer dollars, which are printed up by the fed in these circumstances to effectively make a lot of these loans forgivable, make them grants because state and local

governments literally can't reopen with the deep hole that has been dug as a result of lost revenue. >> let's talk about capitalism when you have the government coming in with such tonnage and force with its loan program as kind of a payroll supplement or backstop that might fail when you have the government issuing $1200 cash check, stipends to help them get over a hump. that seems like a very interesting road for the government to go down and alter the relationship between businesses and the federal government and individuals and the federal government

>> you said it beautifully i think you're right the relationship between public sector and prooifrt sector or if you go between democracy and capitalism, it will be fundamentally different on the other side it will be a long time by the hand or fist of government, itself i think we'll have a lot more of a mixed economy on the other side, which i think pure cappists will beknomoan and i understand that because it gums up the process on the other side and this is very optimistic, i think on the other side we will probably see, and i think we should see, a lot more public investment i think this country was built with a large portion of public investment and we shirked that

in recent decades with this love affair with cowboy capitalism. to the extent that i see increased public investment on the other side, i think that's a very good thing. cowboy capitalists won't like it but it's going to be the new reality. >> thank you for joining us. >> my pleasure >> we appreciate it. always good to hear from paul we have some breaking news out of washington. >> reporter: bernie sanders has endorsed joe biden for the presidency bernie sanders suspended his campaign for the presidency last week about five days ago now he is joined a joe biden conference call that's in progress right now to say that he endorses biden. he wants to make donald trump a one term president he called president trump dangerous and said that's why he's jumping on board to support the biden campaign you remember back in 2016,

tyler, bernie sanders was subject to some intense criticism for holding on too long against hillary clinton even after it had become clear he wasn't going to be nominee. i don't think bernie sanders endorsed hillary clinton until the middle of july so this endorsement today of joe biden coming in the middle of april gives biden some more opportunity in terms of timing here to sort of pull the democratic party together which has been divided by this primary and see whether they can take on president trump in fall. an interesting move. an early endorsement of joe biden. >> i think your recollection of that last race is right. i think it was days before the convention that sanders finally endorsed hillary clinton there was a lot of bad blood between those two campaigns, as you'll recall. >> yeah. you see some reporting just within the past week or so, biden very carefully courting bernie sanders and trying to bring him in terms of getting ideas from bernie sanders on who

biden should choose as his vice presidential running meate. that is to make sure that sanders and his supporters feel included trying to smooth over those sharp divisions. they'll need to do a this if they want to take on the president in the fall. >> all right thank you very much. still ahead, kacaterpillar s down about 8%. it got a downgrade from bank of america. we have the details on the big cap. delta airlines among the storied stocks we're following small business owners waiting on pay outs from the federal government small business lending program. the ceo of presman auto. his check is already cleared that and much more right after this break we cannot do all the good that the world needs. but right now, the world needs all the good that we can do.

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welcome back the power lunch for a monday let's get to the latest on the coronavirus. >> good afternoon to you and to every one watching in a joint telephone conference call the governors of new york, pennsylvania, new jersey and delaware say they will work together on reopening their economies when it's safe to do this after the president retweeted a followers using the hashtag fire fauci it's unclear if every one who recovers is immune to a second infection. data shows only some patient vs strong antibody responses it's still not known if nay convey

immunity to the virus. the head of the world health organization is urging nations to move slowly and listen to health experts the organization will public new crew ti criteria to help nations as always, for more head to c thrcnbc.com tyler. >> thank you very much let's head to trading nation >> let's take a look at shares of caterpillar down 8% after bank of america downgraded the stock to under perform citing a severe downturn in capital spending your trading nation team today, katie stock ton and quint tatro. less demand for caterpillar's heavy equipment. >> that make a very good point.

the stand point if you're looking at a growth name they do make a case the balance sheet is strong and they believer safe. we still own some from a dividend perspective but from a growth perspective, i think it's hands off. >> katie, you have been looking over this stock. can it continue? >> it's been a nice rally. we saw it rally 48% from the march low. unfortunately, what that means when it really can't handle the bad news when that occurs where you have this nice run up ahead

of the bad news and an other bought condition that had been in place for a prolonged period. now this gap down and loss of short term momentum does suggest we'll see some retest. maybe not of the march low but some kind of retracement of that relief rally i'd keep in mind as it pertains to caterpillar it was in a long trend back trend that stock was at a disadvantage rel toif the broader market. i would translate what we're seeing here as to the risk for the broader market going into the earning season i think they are in store for the same kind of overbought, downturn >> good perspective. thank you for joining us today for more trading nation head to our website. cnbc trading nation. back to you. small businesses across the country have applied for more

than half of the amount allotted for the paycheck protection program. disney has two bobs. we'll have the details on how bob iker continues to run the company despite stepping down as ceo at the end of february you can watch or listen to us live on the go on the cnbc app we'll be right back.

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welcome back here is a check on your markets. the dow is down 520 points

the nasdaq not quite on the verge of turning green but not far off of it either the small cap russell down 3.3%. one reason why, energy financials, a couple of different place where is we have seen some red lately the oil market is closing up for the day with crude turning negative eric that more >> that's right. a choppy session for crude continuing the wti falling more than 1% as you can see right now in the last few minutes today's move follow those lengthy discussions between opec and its allieallies 9.7 million barrels per day. that begins may 1st and will taper off in july. oil prices hit their highs of the session early this morning shortly after the president tweeted that opec plus is looking to cut 20 million barrels day. some analysts suggest the president may be referring to global cuts that had been previously announced for this year not just the agreement that

was reached this weekend tyler, back to you >> eric, thank you very much small businesses have applied for lots of those loans under the ppp nearly two-thirds of the money has been applied for >> a senior administration official said 925,000 loans had been assigned the etran number frs for a value of $225 billion. some two-thirds has been committed to the businesses. the average loan size for small business owners applying for ppp is about $70,000 the national federation of independent business says 70% of its membership has tried to apply for the loan with varying degrees of success we're starting to hear from more business ordinary reason and prudence who are moving along in the process.

others are still in cues waiting to hear from their banks as more and more of these loans get committed. loans will start getting into the hands of business owners pretty soon particularly those with etran numbers the lender has to make the first disbursement no later than ten calendar days of loan approval we continue to ask how many of these small business owners have gotten the loans, what the disbursement figures look like and we're told not yet available. we'll let you know when we find out. >> kate, thank you very much our next guest owns a car dealership out in utah his business has received a ppp loan he said he was shocked at how quickly the funds arrive let's welcome jason olson. how much did you apply for how much did you get and how

long did it snake. >> we applied last saturday when the application went live through our bank we sat around all day waiting for that link to go live and make sure we could get in the cue. we took our average payroll by 2.5 to apply for the loan. they did fund by tuesday afternoon, i had received call that it was approved and funded by tuesday afternoon we were shocked not only to hear the approval so quickly but also the funding that hit the account. we were really grateful for what the credit union had done for us >> did you find the process -- we heard some people who say it's easy and some people say it's anything but easy i gather you found the process fairly simple and routine. >> what was frustrating was we had been following a lot of different guidance out there

at each stage of what we thought would be required was a lot different than what was required the good news is what was required was very straightforward and simple compared to what it was assumed to have been prior to the application going live we were -- it was nice it was fairly straight line to what the rumor was on the street. sflp this is not my area of expertise but from reports we heard some businesses feel as though their banks or lenders are acting like banks, believer it or not and going in and finding out whether you're credit worthy. are you good for the loan and applying some of the hard strirs if you were a new customer others have said you can't get this unless you have a business checking account with your lender did you find any of those thing

sns. >> no. we didn't. early on when this was all coming up before the application went live, what i did hear over and over is it would be critical for people to use a bank they had a relationship with which is why we went with mountain america. i did think that does make a difference i think the banking relationship does help expedite that. they knew us already i don't see a lot of the stringent qualification thinks in place that a lot of other people might be getting. >> we're glad you found the process doable and the money hit your account quickly let's talk about your business are people coming in and buying cars you're an auto dealer. what's foot traffic like are you making sales can you do them virtually? what's the deal? >> luckily for the last several years we have been a digital retailing dealership where we sell a lot of our vehicles online we have a digital contracting process that's already in place.

what we did do was impressivepi immediately to a virtual sales process to kind of help people inspect car, test drive over face time, tlidelivery at their house. a lot of dealerships are struggling and very down we're down by about 25% overall. i know most dealership ks be 50 to 80% down in business right now. it's tough time for every one. i think for now people are still buying and we're going to hope that keeps us. >> good for you that you're down only 25% that's really is a wonderful number thanks very much for your time today. >> thank you let's talk a bit about the impact now the coronavirus is having on state governments. state and federal governments are delaying their tax filing

deadlines. that could be a huge challenge for state budgets. scott is here with more on that story for us >> scott >> all of them have delayed their deadlines like the feds and in most cases shifted that to the new federal deadline of july 15th. nearly all of those states and then some are supposed to be coming up with baa budget for a fiscal year that in most case begin on july 1st. how do you do that when you don't know numbers on your biggest source of revenue? >> it is creating a lot of uncertainty and questions tr state officials. >> it gives you situations like

pennsylvania which was already basically had its reserves taped out. they are two billion sort for this fiscal year they will make a lot of that up in the next fiscal year. they are still coming up short in ohio, income tax receipts were down nearly $50 million year over year in march with significant declines as people expect to put off filing their state taxes again. the states will make some of that money back in new nfiscal year >> yeah, you can't delay the fiscal year forever. i like to be able to say i'm delaying my tax filing i'm going to start the year later. they are in real pickle. that's why it was interesting to hear what paul said a few moments ago when he said he thinks the municipalities should be grants. there's no way they will reopen

for business with this much -- when they're on hold for this much >> yeah. the situation there is money available to the states. there is the fed actually buying short term municipal bonds which is going to tides some of these states over in next year the whole forecasting aspect of this has been thrown way off really it's hard to rely on any of the numbers coming out of the states it could lead to tax increases it most likely will lead to a lot of states going back to washington needing more funds. >> scott, we appreciate it thank you, sir tyler. all right. bob stepping down as the ceo of disney on february 25th. since then shares have fallen more than 24%. he does retain the title of executive chairman gnaw piece in the new york times indicates he is still playing a very important role at disney as the company grapples with the

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welcome back shares of netflix are hitting a fresh 52 week high they are up 7.5% julia has more on what's behind this move. julia. >> that's right. netflix shares asserting today well over 20% this year. now, netflix has been bolstered can raising price target on the stock to $450 up from $415

lo this comes after netflix aired a surprise final episode of tiger king last night. that series is a huge hit acrossing to nielsen data. subscriber cancellations are slowing after spiking when disney plus first launched over two-thirds are positive on the stock and it's worth noting that roku shares moving higher today on that bullish sentiment. now up over 3% kelly, back over to you. >> thanks. tyler. thanks before the coronavirus was declared pandemic, disney really seemed like the most magical company on earth the stock has since plummeted by nearly 30% as one by one, parks, cruises and movie business decline because of the virus with the media giant scrambling to figure out its own survival

strategy, the chairman who was set to leave disney on top is back to fight for the company's life, so writes our next guest joining us now is ben smith. raid your fascinating story last night. take us through the narrative of what happened and when to bring bob iger, who has been one of the most successful ceos back into the game. >> did we lose ben smith it's a fascinating article that as i'm sure you read describes the process there and actually says that now disney, one of things i want to ask ben if we get him back is he says, he's good to go, this idea that disney is fighting for its life. i'm told we have you back. i began asking, tell us the

narrative of what happened and when to bring bob iger back from sort of the executive chairman role into a real ceo and operating role what happened? >> iger had this remarkable 15-year run. the end of last year was a victory tour he published an autobiography. he started talking to his board about leaving it quits, levering with launch of disney plus. end the january, they make the plan just where the stock starts to go off the cliff in february this is after they've had to close their park in shanghai after you started to see the market move but he hands off the reins to a much lower profile figure who has run to parks to date tried to step back his goal was to work on tv shows. let them operate the company and grow into the role after three week, i think the

depts depth of the crisis has become clear and iger stepped back in he is thinking about disney returning as a changed company how do you reopen parks with lots of thermometers outside and open the company with less real estate and fewer employees >> you have a company that has probably in the perfect storm of businesses, thaiey've got park, cruises, all of which is basically literally dead in the water right now. you describe this as disney fighting for its life. my initial reaction was how can that be. this is one of the fortress companies in america obviously, their revenues have dried up here. that's no place you'd like to be but is it really that dire that this company is fighting for its life in?

>> yeah, all the things that made this was a strong company which was the abilities to export ip. it's made them incredibl vulnerable that said, they were able to borrow $6 billion at the end of last when ever anybody, if anybody ever wants to go on a cruise line again, disney is sort of safe trusted brand will make it likely to be a disney cruise >> and of course espn announcing today they're going to bring forth some pay cuts. i'm sure steven a. smith can get by with 8 million as opposed to 10 million, but what does the idea that this crown jewel of their broadcast properties is asking people to do pay cuts and of course espn is coming into a round of bidding for nfl rights here over the next 12 months or so >> yeah if ever there was a tv business that soaps totally

unassailable, espn with rights to most of important sports events for americans is obviously the one it would be heart to think of anything that could shut espn down the pan ddemic is it. you can go on there now to watch p athletes now to play video games with each other. huge problem for them. like much of the rest of disney, you awe sim people are going to watch basketball again and come back, but right now, it's yus this hitting the brakes just unbelievely hard for that company. >> yeah. of course they have however this ear li anticipated chicago bulls michael jordan documentary they've advanced i believe it debuts on friday. ben smith, i commend the article if you have not read it in today's "new york times. kelly, over to you >> thanks so much. let's check in on the dow which has posted double digit gains over the past week but u falling now. 'lta authatoxpt

there and how to be positioned right after this and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. a partner who makes sure every step is clear, 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. - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

the dow off its lows but down about 450 points as we kick off earnings season this week. we'll have much more on today's sell off coming up as we head for a break. take a look at some of the most searched ticker symbols on cnbc.com dow, followed by amazon k west texas oil. disney and fordment we'll be right back (soft music)

- [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love. welcome back here's the final check on markets as we kick off an important earnings week.

nasdaq's down two tents of a percent. they have more than 3 trilli$3 in assets under management are you locking to do any special positioning around earnings season? you might be leaning into the credit side of things instead here >> we've been cautioning investors not to do anything rash in this environment we continue to be overweight equities, kind of quality growth securities we continue to like the margins in technology and the growth rates in technology even though they've come down and we like the noncyclical nature of things like health care and staples so as we head into this earnings season, we think those sectors in particular are likely to hold up better than cyclical parts of o the economy or more defensive parts of the sectors >> how are you thinking about valuations because with staples in particular, there are some

areas that are incredibly expensive. even health care technology even after the recent declines. there's a big split with people we talked to last hour who want to take now to buy things they like at a low price and the kind of strategy you're advising, which is to buy businesses that will hold up well now, even if they're at a high multiple >> what's happening with earnings and multiples, most investors and corporate investors are in the dark so i think until we reopen for business, it's going to be difficult to determine on traditional metrics on what to buy or sell at this point. so i think a lot of this earnings season going to have to deal with investors interpretation of future growth expectation so holooking at cyclicals trading, the relative performance of bank stocks will give me an indication on how comfortable folks are with the rebound we may or may not get. credit spreads will be important and certainly how copper and oil

are trading will give us indications about future growth prospects. getting too tied down on today's earnings and the forecast, which is largely been abandoned, i think is a recipe for zdisaster >> and i imagine jobless claps, those kinds of real time indicators, do they trump all? >> i think that's what we're going to keep an eye on. the fed has done a tremendous amount to lower the discount rate basically supporting future cash flows out of assets and supporting markets and the government through fiscal policy has put cash flow in the hands of businesses and consumers. certainly we want it more quickly. so i think the key determinant on this is what's happening with the pandemic is the rate of growth slowing? hospitalization slowing? fatality rate slowing. >> absolutely. it was going into this and it still is with earnings and everything else coming our way thanks so much chief investment strategist for

state street global advisers ty >> good b to be with you hope you had a good weekend and happy easter look forward to being back together soon. thanks for watching "power lunch" right in the kitchen, our breaking news coverage into the last hour of trading with the closing bell take it away, guy. >> thank you stocks sinking to start the week the dough down 2%. let's look at what's driving the action in the final hour of trade. a group of governors saying they are developing plans to reopen the economy as new york governor andrew cuomo says in his state, quote, he believes the worst is over despite the biggest cut in production ever from opec, russia and the u.s., oil prices have failed to really gain traction and rally today and reports that some individual small businesses have begun to receive rescue funds but