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 payouts

are moving slowly. >> we're down 1.5% on the s&p with one, two, three four sectors down more than 3% as we stand. coming up on today's show, a rare and exclusive interview with the apollo manager and ceo, leon black we'll get his tack on this volatile market. plus the big push with air mark to support new york health care workers. we'll also speak with germany's minister of health as that country grapples with when and how to reopen its economy. a a better performer in a relative sense with handling the virus to come european countries and coup tris. let's focus on the big stories bob is tracking the sell off meg has new details on the rush to find a treatment for the virus. phil is watching the airlines. brian sullivan covering the historic opec deal its lack of impact on oil prices so far bob. >> and a great rally of last week, 12% on the s&p fizzled a

little today, but no surprise. let me just show you today so banks we're going to get earnings tomorrow. no surprise ch banks usually wilt a little going into earnings season. we've seen home builders weak, airlines weak, industrials weak. all had a good week last week. caterpillar, downgrade at boeing, excuse me, bank of america. so deere, illinois, all the other big names dragged down a bit. you want to see how tough it is to figure out the guidance look at ford they're not going to report until april 24th, but $600 million of pre-tax loss. essentially no revenue from them didn't even provide estimate because it doesn't really matter that much. it's really b about survival here's the difficulty. illustration of how difficult it is to get on the earnings side of things here stay at home stocks doing great. netflix, new two year high froms amazon is closing in on an

historic why i think back february 19 zoom and activision strong today. back to you. >> thank you now to the virus itself and the incredible race for a treatment. meg has the latest for us an a gileaded over the weekend. >> these were highly anticipated data and what we got on patients who received drug on what's known as compassionate use these are very sick patients give p the drug outside of clinical trials. these were not controlled data comparing them to a controlled group. looking at 53 patients who got the drug this way. 68% showed clinical improvement in terms of how much oxygen support they need. 30 patients were intubated to be on ventilators and 17 of those patients were able to come off that system after receiving treatment. seven patients though in this election did pass away

so people who are welcome i looking at these data pointing out the limitations that there was no control group, but the lead author on a study in the new england journal saying there is no treatment for covid-19 we cannot draw definitive conclusions from this data, but this group of patients who received remdesivir are hopeful. so we are waiting to see actual data from clinical trials, which gill add says we should see this month from its data. that china trial was discontinued so we don't know when we're going to see those results results, if we see them and the nih is running a a study we should see in late may and that will be sort of the gold standard of what we're looking for as to determine how well this drug really works, guys over the next weeks, two month, we'll be getting more information. >> so, obviously, meg, the signs were hopeful and encouraging better than expected on the gilead drug but one point out

there is this is not the only treatment or trug that is this trial, that is in the works, that is being worked on. there are so many. it's hard to even keep track and they're not just antivirals. who else would you be watching right now? >> some of the earliest term information we're going to get will be from regeneron they started a trial of an existing rheumatoid arthritis drug in really severe patients in the hospital. so we should see those data within the next couple of weeks. to see how well they do at really rescuing patients who have that lung inflammation in the most severe forms of this disease. so that will be incredibly important to watch and then longer term, regeneron is working on antibody drugs to those are different from these antiviral drugsment they along with vir, eli lily, amgen. but u the nearest term are things like regeneron's rheumatoid arthritis drug and roche has start those studies.

>> thanks very much for that now airlines taking a leg lower today as the major carriers weigh their options for a government bailout phil lebeau has the details in chicago. >> not crazy about those options and we could see a carrier or two this afternoon or this evening finally say you know what, we'll take the cash grant bailout offer. they thought it was going to be all an immediate payroll cash advance that they would not repay. no, that's not what's happening here 70% is a bowel money they would not have to repay. 30% would come as a low interest from the treasury department and when i talk the people in the industry and washington, everyone says the same thing treasury's not budging on this they are keeping it structured at a 70-30 split when you welcome look at the pa levels, they show no sign of improving. fitch is concerned you could see the revenue for the airlines in

the second quarter because these low passenger levels drop 90% then for the third quarter, drop down 60 to 65% so there's a good possibility as you take a look at more of the airline stocks, they may have to go back and borrow more. say three or four months down the road they weren't planning on borrowing in this round from the treasury department b, so how much more, guys, can you ask them to lever up before you start to see further pressure on their balance sheets we could hear from some airlines this afternoon more likely by tomorrow. >> worst performing s&p industry group in the market today and for a while now. thank you. opec and its allies agreeing on big production cut over the weekend, but is it enough to stabilize the oil market let's bring in brian sullivan for that answer. brian. >> answer your second question first, apparently it's not because oil fell today despite this massive, unprecedented,

historical cut, insert adjective here this was supposed to be an easy decision the g-20 was thrown in on friday they got the deal done mexico created a sticky point, we can get into that if you want, either way, the deal is done, but the market is more concern ed ant demand. earlier today, did an interview b about a 15 minutes interview with bin salmon, songs of the king and saudi energy minister one of the things he said is the market is misreading this while the official announcement said 9.7 million barrels a day is being cut, he factors it in as more like 12.5 listen >> the number is way much bigger twice that $12.5 million. my country, the 9.7 is too we are doing 1.3 to bring this back to the 8.5.

this is as a the result about protection effort. the ue is coming by about a million. and i believe amid another announcement that they're coming down by b about half a million more than what they were doing >> so guys, what he's saying is the uae, kuwaitys and saudis are going to cut more based on their april higher production levels still the market didn't think it was enough and we are down yet again. same old story for oil >> we'll have to see how long this cut holds as well if it doesn't have the effect of pushing up prices, one would think the incentive to stick to it will fall as the time goes op, but thanks so much for that. crude down 1.3%. broader markets down more than that as we stand with 51 minutes left after the break, germany logging more than 120,000 coronavirus cases so far but it's managed to keep the death toll relatively

low. we'll speak with germany's minister of health about when and how that country may be able to consider reopening its economy. back in a couple of minutes. (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. woi felt completely helpless.hed online. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it.

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48 minutes left of trading a check on the markets down b about 2% on the dow s&p down less than that. 1.66%. if you look at the sectorses, everyone is down except for consumer discretionary individual stock moves, shares of facebook trade iing lower af its advertising rates plunged up to 25% in march according to the wus journal as advertisers pull back on spending amid the downturn the journal saying facebook trying to make that up by targeting ad budgets originally allocated for televised sports tesla moving higher today following reports it will furlough half of its u.s. sales and delivery employees this week the company has halted production at its california car plant and told employees it expects production to resume on may 4th. that stock surging almost 12%. >> thank you

indeed we're down sorry 1.7% now germany like many other nations, has been hit hard by the coronavirus, reporting more than 120,000 cases since late january but the number of deaths in germany has remained lower than many other countries, rather in europe r or around the world. joining us now to discuss is germany's minister of health thanks for joining us. good afternoon to you. >> good ooempk from berlin hello. >> let's start on that topic that i just mentioned. if we could chlgt whether we're looking at total cases relative to population or in particular the number of deaths so far in germany. it's a terrifying number in absolute u terms, but u relative to so many similar countries you've clearly performed a lot better than some nations why do you think that is >> well, wilfred, in general,

first of all the fact that germany is doing better so far makes one humble, not overconfident. there are many reasons i would outline two or three one is we have a health care system that is in very good shape and that is because of u a success story actually of several governments. we invested in two, but that is already a good base for many, many years secondly, we have a good network of general practitioners here in germany. they take care of soft cases to avoid overrun of the hospitals so the hospitals can take care of the worst cases we have a high number of icu cases. we have managed to increase it up to 40,000 icu beds here that is a high number for r a country like germany so we took it very serious from the very beginning and that gave us time to prepare >> it seems as well that your testing capability has been far

sue per yor to that of the united states or the united kingdom. why is that? were you already prepared for this in years past or did you just manage to ramp up capabl capability very quickly in the early months of this year? >> first of all, testing the crucialment. it's like pointing a flashlight in the dark. if wrou don't do it, you just see different shades of gray with extensive testing, you can see what's going on. not just the sifr tommatic ca cases, but the mild. so far, we have testing 1.5 million germans here and we are trying to increase capacity day by day what helped us is from the very beginning, that we have a broad network of labs all over germany. traditionally as well. so actually that help ed us from the start and actually the first test in the world for coronavirus for this one actually was developed in ge

germany. >> and so do you think that we're getting closer to a point when germany will be able to reopen its economy there's been sound of good news on that front coming out of germany in the last week then just yet today about an hour or two today, president macron pushed back the date for france. so where does germany stand? >> well, so far, we have managed through it very well but now we need to find the right balance it's not i would say it's not the health of people versus the economy because they are very much interlinked you need a strong economy to have a well equipped health system for example unemployment recession is harmful for the mental and physical health of people, too so what we need to find is the right balance. and now with numbers down, the numbers of new infections per day in the past weeks with all the measures that we have taken, we are thinking about step by step, that is important. step by step going back to a new normal that is important, too

because all the measures we have taken like keeping distance, wearing masks, no parties. that are definitely measures that need to be there in place for months to come and i'm very proud this our fellow germans actually follow the rules. actually not because the government tells them to, but because there's a broad support for this and that is of course very helpful and gives us confidence and now step by step coming back to as i said new normal. >> mr. minister, it's sara it's dpood of you to join us we're also wrestle here in the u.s. with the question of how and when to reopen the economy and get bapeople back to work. yrn you've done exper menation with the serology test what have you u learned? are they accurate and do they signal that people can actually go back to work? are people being infected at a big enough scale to do that?

>> well so far there's no antibody test in place as far as we know that's good enough to really take the decision if people are immune enough to go back to work for example in critical infrastructure like hospitals but our people, our experts assume within two, three, four weeks we might have these tests. already tested as you mentioned many the region of hines burg and as soon as we would have them, that is of course a real, real game changer. if i might add something, we got in production in germany for example, car manufacturing factories were not brought to a standstill by political decisions. that was a skigs by the companies because many markets aren't accessible now and this is not a good time to sell cars to the world obviously and so many of the production lines in germany are not working right now. not because of political

decisions, but because of not having no access to their markets. >> germany's rates of mortality are so much lower than that of italy as wilfred mentioned, even with a a a bigger population i think it's eight times few er death, but also lower than that of the united states what are you doing that we're not doing? we also have a very strong health care system in this country. >> well, actually, as i said, all we did and we tried to do is is prepare as good as possible and to actually take care of patients as soon as possible especially with the general practitioners taking care of the soft cases because what we see in some countries is that peopl only show nup the health system when they are already in a difficult critical status. and then coming to the clinics and what i find important is to try to reach out to them as soon as possible and to treat them as soon as possible to avoid as many severe cases as possible

then of course our icu capacities, ventilation systems we have here in germany, i'm very grateful and humble, actually, that we had this big base, this big number we could start from that really helped us in this crisis for example, three weeks ago, we asked all hospitals to postpone elective operations and by doing so, within ten days, we had 10,000 empty beds in our icus and most of them are are by the way, still empty and can be used for whatever comes >> i wanted to ask about the long-term future of the european union. i mean free movement of people was such a central tenant of the eu b and clearly it's not happening at the moment and at the same time, there's a lot of clashes on the shape of bailouts and the like do you think there's long-term damage been done to the unity of the eu >> well these are definitely a

stressful time for the european union. and as too auch a crisis at the very beginning, the european union seems to be b very tis organized, but i would say now we have pulled the ends together and we are standing strong in this we are helping ocho're for example, germany is taking patients from other countries to treat them in our hospitals from spain or france or italy and then there is as you just mentioned the economic dimensions with this 500 billion our package that negotiated by the european financial ministers in the past days, i would say we have a good base to help to support those who need economic support in this crisis and at the same time, we don't set the wrong insecentives for e future there's a good balance between financial softness and solidarity that was found. after some b problems in the beginning, we're definitely the

european union is back on trade. >> thank you so much for joining us we appreciate your time. >> thank you very much indeed. >> still ahead, a rare and exclusive interview with apollo global management founder, leon black. we'll get his take on the wild market swings and details on his big push with his company to support new york's health care workers. we'll be right back with about 39 minutes left of trade flexshares may look simple on the outside. but inside every etf... there are untold hours of careful construction... infinite "what ifs?" and contingency plans. creating funds that help target gaps in client portfolios. tap untapped potential. and strengthen confidence in you. flexshares. powered by over a century of investment expertise before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com

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35 minutes left of trade with the dow down u about 390 points two massive tech rivals are teaming up to help track the spread of coronavirus but it's also leading to concerns over privacy. >> those concerns were

inevitable but perhaps not as many as you might have thought a month ago when this entire idea might have been unthinkable. now for one, the companies are proposing using blue tooth technology so that is decentralized revealing less user information than say your typical mapping app. secondly, contact tracing is seen by medical experts as a critical case of gradually lifting isolation measures a number of start ups and ak deck ims have tried to develop their own apps, but that requires a download. a apple google partnership doesn't require you to download anything it's already in your phone together, their operating systems cover about 99% of all smart phones globally. so widespread adoption here for this to work is key. they may provide the best chance at that. now this is still months away, guys, and plenty of questions remain such as will this actually be opted in by a large number of users and will the

white house endorse it but this is certainly a major, major step into finding an effective track and tracing system that could help lift those quarantine measures. >> thanks for that i guess the question is whether or not it's going to be required to reopen the economy or just a bonus feature. if it's former, it might be optimistic for some level of reopening the economy. we've got 33 minutes left of the session. down 1.4% on the s&p still to come, get a read on the state of commercial real estate and how the virus could change this layout forever when we speak with the ceo and chairman. here's a check on bonds. yields moving higher to kick off the weeks. ten-year yielding 0.757. back in a couple of minutes.

here are the key things driving the action a group of governors say they're developing plans to reopen the economy as andrew cuomo says he believes in his state, the worst is over. despite the biggest cut in production ever from opec, russia and the u.s., oil prices have failed to rally today and reports of some p businesses have started to receive rescue funds, but payouts moving slowly so far half hour left of trading. let's get a coronavirus update with kelly evans >> hi, again, guys good afternoon, everybody. just moments ago, confirmed

cases tickeded around 1.9 million according to the johns hopkins count. the virus death rate may be starting to slow down in new jersey the nation's second hardest hit state after new york officials say 93 people died over the last 24 hours that's down substantial ly from 168 the day before emanuel macron is extending the nation's lockdown until may 11th he says progress has been made b, but the battle not one u and putin says they made need their military the intervene in the fight against coronavirus. today they are reporting their largest one-day increase and putin warns that number will continue to increase and later this week, amazon will aloe third party sellers to ship nonessential items to its warehouses the giant has been prioritizing household items, medical supplies and other essential products for now and for more coronavirus coverage, head to b

cnbc.com >> kelly, thank you very much. we've got just under 30 minutes left of trade. here's where we stand in the markets. off the lows of the session. still a down day except for the nasdaq,which ha popped into positive territory up about .2% thanks in part to amazon which is having a good day. s&p down 1.1%. the only group that's higher is consumer discretionary the dow down 345 points. caterpillar is the worst performer. walmart, intel, apple all higher and powering that index. russell down almost 3% still ahead, apollo global management founder leon black joins us in an exclusive and rare interview he'll discuss his new push with airmark to support new york's health care workers plus his take on whether we've reached a bottom in the market that's all coming up on the show stay with us

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stocks are down today as earnings season kicks off and this week joining us by phone is charles shaub chief investment strategist how to we 1navigate earnings season do the numbers matter? >> not sure the numbers matter that much. of course january and february were decent months so you really only have a third of the time span reflecting the carnage that we're in right now so i think it's going to be whatever semblance of forward guidance we get from kane companies that might give more color to analysts who have been stymied by how many companies

that have withdrawn guidance i watch the consensus estimate every day and on a dollar earnings basis for the overall s&p for the full year, about dollar getting lopped off every day. just stripped down as analysts wait for something resembling guidance before they estimate further. >> going down as you said every day and also such a widespread of estimates depending on which broker you're look iing at certainly the case for the banks which kick off tomorrow. i guess b even when we hear from some of the companies starting from this week and they give guidance going forward, it's hard for them to give accurate guidance based on the key factor, which is when the economy opens back up. what's your take with the bounce we've seen in arguments where investors are expecting things to reopen and if we didn't get a reopening in may, would that be a disappointment to markets? >> i think probably.

i think the market is now coming around to the realization that this is not going to be at a moment in time where there's some directive that everybody can open back up it will happen on a rolling basis and i think where we've had sort of extremes of hot spots, the epicenter in new york, i would assume there's going to be a more sort of conservative bias in term of when to open things back up. especially given the concentration of a large city. i also think you're going to go industry by industry to see not only where there's significant pent up demand that could kick in quickly, but rather where there's corresponding simply that comes back online quickly even if we have a scenario where much of the company, country opens back up say within a month's period of time, making an analysis industry to industry is going to depend on both the supply side and the demand side. so i think the recovery across industries is going to take many, many different shapes with many different timelines >> so how can you and other

investors make a call on whether stocks or groups look cheap now without knowing where those estimates actually go? >> you can't i think valuation analysis is futile right now i think it's persistent regardless of the environment, even if we were in a normal market environment, i would always say two things. number one, valuation is in the eye of the beholder and a function of what metric you're using to value whether it's a stock or an index. it's not just about pes. but also it's as much a sentiment indicator as anything else even though in a normal environment, you can quantify the pay typically, the e but what investors are willing to pay in pe terms is as much a sentiment factor as anything else and those factors are consistent no matter what the environment is in addition, the fact that valuation is even in a normal environment, a terrible market timing tool. there's literally no correlation

between whatever the pe is and what the market does in the subsequent one year and all those things are in normal periods of time. so i think valuation analysis is sort of a futile exercise. we can focus on technicals, sentiment. even there, you're somewhat limited because you could easily say the market was washed out on march 23rd same thing with sentiment, but much as we needed a catalyst which came in negative terms with the virus, back in mid february when sentiment and technicals were at the opposite extreme. we were way overbought, sentiment was too frothy it stayed that way for a while until we got the catalyst in the name of the virus. i think the catalyst will need to be more than just a bending of the curve it has to be consistency and maybe something hopeful on either the vaccine or the treatment front. >> as always, thanks so much for joining us >> thanks. we've improved in the last ten minutes.

we're now down only 1% on the s&p 500 with 20 minutes left in the session. breaking news from the new york fed. steve liesman has the details. hi, steve. >> hey, wilf, good afternoon the new york fed just now announcing it's going to be reducing the number of daily repo operations it does down to one from two it had been doing two $500 billion repos per day and it's citing more stable conditions in the repo market and also reducing three month repo down from once every week to once every two weeks, so something actually improving you were talking about improvement there. i was looking at previous operations it's rare for them to take down any more than 20 or 30 i saw one at 90 billion so the fed had flooded the market making as much overnight repo available. the market clearly doesn't need as much as the fed had made here

scaling back this one small sign of improvement in the credit markets. >> thanks for that this is the last commercial break before the close up next, uninterrupted coverage when we take you nsds the market zone down 1% on the s&p 500 as a reminder, you can u watch us live on listen on the go on the b cnbc app wel rhtac 'lbeig bk. at&t has connected us every day for over 100 years. and we're here for you - especially now, doing everything possible to keep you connected. through the resilience of our network and people... we can keep learning, keep sharing, keep watching, and most of all, keep together. it's the job we've always done... it is the job we will always do.

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so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. we have 16 minutes left in the trading day. commercial free coverage of all of the action going into the close. with us today, paul hicky and shannon from boston private wealth we are down less than 1%, sara >> been a nice little recovery stock trading lower still today. as wall street digests new virus data and oil production cut frs the weekend. two notes out today offering different views on where the market goes next goldman sachs predicts the market is unlikely to make new lows barring a second surge of

infections after the market reopens, but morgan stanley is cautioning investors that this acute period is just the beginning. preticket d incompetenting that waves of people won't return to work until summer. i think they put an august 1st date on that paul, this is the question right now. how do investors make a call on the market without knowing how and when the economy reopens >> it's a tough question i think the fact that we're citing a bio tech analyst report from morgan stanley and his views on the market going forward just shows the position we're in right now because you can't trade right now on fundamentals of the economy and last week's rally was all not on okay maybe better economic growth, it was on the fact that case counts were starting to plateau across you know hard hit areas in europe and here in new york so i think that just shows where they are right now we're trading more off of health headlines rather than economics

or earnings at this point. >> shannon, what do you feel the market is expegting in terms of economic, when the economy starts to reopen again >> i think the expectations baked into last week's rally were that we were going to be able to recover from this quicker than anticipated if you look at the potential for consumer spending to return to 100% of what it was precrisis and previrus, i think that's a little optimistic and probably a bit knave. think about the activities that you're not going to go back to doing what you were doing previously i would say consumer spending come king back probably isn't until 2020 so there's probably too much optimism >> crude finishing the session lower, giving up gains from earlier today ending up down about 0.35%.

opec reached a deal to cut production by nearly 10 million barrels per day. the recent crisis has all stocks cat pill lehr county grading today on its exposure to the sector, firm saying that while caterpillar derives only 10% from oil and gas, it will be hit as well. paul, what do you expect here on the oil prices not only is it a possibility that cut doesn't hold or lead to price is rising, but the fact that a cut is coming at sort of desperate time for the industry does suggest already that the issues that they're facing. >> in any other cut, that would have been a major, major event and it still is. but you know we're cutting production by 15% as we noted in our morning report r, but demand

is county 30% so you have a 15% gap. when 10 million barrels a day then if you go up to 12, there's still a shortfall and i think that's why trump was talking more today about 20 million because that's what you have the get to make up for this production mismatch at this point and on caterpillar, exposure to energy and xh commodities. both sectors have been weak for some time. i'm sure some of that is is priceded into the stock. i think the encouraging aspect about that analyst note though is that the dividend remains safe in his view and the fact that i think if you have a longer term perspective, caterpillar probably sent. >> i was going to ask you what you thought of this call because in the note, they've mentioned and this is true, usually during the depths of recession, buying caterpillar is the way to play that things will come out on the other end and we'll come out of this stronger in terms of the

economy. the cyclical side of things. is this time going to be different because of the energy factor >> i think they're making a call really on the relevance of cyclicals as we come out of this rebound. i think they're try iing to poit to it not being an apples to apples comparison with previous recessions where we've been led an an imbalance then see a recovery of economic growth coming from a low level so i think they're b probably using this as cover to make a call on cyclicals excuse me. so you know i think there's a tone of that in the report >> cruise stocks getting hit hard seema. >> it doesn't look like a cruise lines will be resuming sailings anytime soon after the cdc extended its no sail order possible y until mid july this is a devastating blow for an industry that was looking to get some of their ships back to

sea by mid may and historically, the third quarter is when the cruise companies generate most of their revenue as nearly all geographical regions are open for sailings and the more time these ships stay idle, the more their costs go up. patrick scholes estimates a $900 million cash burn for carnival today they canceled north american sailings through june 26th now the cruise lines are now working with the cdc to address how they handle potential covid-19 cases on board. strengthening their isolation techniques, but certainly this is going to be a developing story here as we try to see how the cruise lines try to reinvent not just their brand, but update their safety guidelines. guys >> this is one of those industries that you really hear two sides, bulls and bears, just they differ so widely. some thinking that the companies are not going to survive and others saying you know, cruises are american they're going to come back and

they're the cheapest deal. the stocks are down what 70 to 80% this year even with enormous rally last week. where are the analysts and where, where are you hearing investors in terms of what they think is ahead and what's moving the stock on a day-to-day basis for these companies? >> yeah, this is one sector that's been hit hard by the coronavirus and seeing a number of cases on board and how they handled those situations as well that attract ed a lot of negatie attention. here's where experts are at. one, addressing the concerns that many of the cruise operators need to do you've seen carnival be very successful despite is issues raising money in the debt and equity market. more than $6 billion also getting a foreign investor, the saudi sovereign wealth fund on board disclosing an 8.2% stake and that to your point has been one of the reasons we've seen a relief rally in the cruise lines. the question now is how long will it take for these cruise

lines to get back at sea and once they do that, how long h it take for consumers and americans across the nation, to feel confident about getting on board. that's something that we'll have to see in these new guidelines the cruise line is expected to unveil and that will p top of mind >> thank you so much for that. shannon, are you confident enough to get on board in terms of buying the stock? >> so we recently sold royal caribbean and owned carnival in the last couple of years so we actually understand the case for cruise sz. it's a life tile experience which has been growing in importance as far as our discretionary spend. there are people very much committed to the cruising lifestyle. the challenge here is really about that duration. if you're looking over the next 12 to 18 months and you have a place where you can put your capital to work, the opportunity cause for cruises is just too high one of the benefits was very strong free cash flow they generate it's not going to be there

there's going to be a lot of impeeri impairment on the cash, so for us, as much we like the story long-term, better opportunities in the market right now. >> thanks for that the coronavirus having a huge impact on disney and the legacy of former ceo, bob iger. hi, julia. >> wilf, that's right. disney shares have declined by nearly 20% since bob iger announced he was stepping down now disney is furloughing the majority of its pasches employees as well as cutting jobs and pay across divisions. now iger had been heralded for inves gting in disney's theme parks and cruises and for growing their eventmovies that drew people to theatres. now disney's strength in gathering people and the business of live sports with liabilities. the long-term questions though are how long until people want to be in crowds again. and how quickly will bob i guge pivot to focus on digital distribution over the past few years grow to compensate for

some of these declines in his other businesses >> julia, to what extent is this idea that bob iger's helping out more than perhaps would have been expected after his semiretirement to what extent is that a big blow >> look, i think at this point, it's all hands on deck i think it's natural that someone who's run the business for as long as iger has would want to be there not just to help with the transition because remember, he was supposed to be there as executive chairman to help with the transition, but also to help figure out how to really deal with coronavirus impacting so many of their divisions. so i think in a positive to have him in there as opposed to having him announce that he was leaving and there was a new ceo and he wasn't going to help with that transition. right now, ik i think it's essential to have them him in there as well. >> unusual timing. thank you. shannon, are we going to go to disney world before we have a covid-19 vaccine, which could be

a year out >> it's going to be challenging on the parks side. i think there's such a strong brand and when you think about disn disney, you think about the quality. it's not particularly repeatable in other vacations especially for children and young families. however, i think it's going to take some time before people feel comfortable if anybody, disney is able to show through the processes of their practices that they apply that they're probably going to be earlier than others are in this real m, but i think we should be kshed and take a discount to what we expect for parks even once we get back through this social distancing climate we're in today >> hitting some other stock stories with five minutes left in the close ford, shares falling there after a warning of a big first quarter loss phil >> these are preliminary results from ford. we'll get the final ones on april 28th it's hard to say people aren't really focused on first quarter,

but it's not what's moving the stocks what people are focused on, liquidity level. which means what's happening now all the way through the third quarter and today, ford gave us some indication of where they stand. as of april 9th, last thursday, they had $30 billion of cash on hand they said even if sales don't increase, we don't build more vehicle, that's enough to get us through the third quarter and oh, by the way, more loans are possible so it's the b possibility of them taking on great er debt that has people saying what's the cash burn going to be. rbc is out with an estimate saying they'll be burning through likely $1.2 billion a week now that's just an estimate from rbc but the bottom line is this. this draws the focus even more intensely on where the automaker rs in terms of cash position and how quickly they're going to be burning through that cash especially if they're not going to be ramping up production maybe until the middle of may, end of may who knows. it depends on how quickly

different areas of the country come back online >> when you start to talk about cash position and worst case scenarios, not a great reminder. how are the rest of the automakers fairing relative to ford >> thai got pretty decent cash positions, but again, this is such an intense business when it comes to capital outlays, that it doesn't take long to say guys in good shape through the second quarter, yes, third quarter, yes. if things are still rough, it's a different discussion >> thanks for that back to the broader markets. just under three minutes left. down only 1% or so nicely off the lows of the session. paul, broader markets, where do we stand on the s&p 500 as it is relative to the lows and the recent highs >> we came into this week in mo man's land halfway between the highs and lows from past month and individual stocks we've seen less than 10% of stocks in the

s&p 500 are overbought and less than 10% of stocks in the s&p 500 are oversold that may not sound all that notable but it's rarely happened going back to 2007, it's only happened in december of 2008 and in january of 2019 so in january, wasn't a gate period but r for the long eer term it ended up being very attractive point and where january '19 was also attractive. you just have this major shock to the market and so there's no stocks that really -- it just shows we're hanging into a new chapter of this whole crisis as we get into earnings season. the fed's responded. federal government's responded now next chapter is how with the companies going to respond in earnings season this year and to what phil was saying about ford, there's not a lot of earnings or revenues or even guidance to speak of at this point because

people simply don't know so we're goeng to be focusing on how much cash the companies have, how to get them through. that's what investors are going to be focusing a lot on many companies. >> thanks so much for that just one minutes left of the session. as we mentioned, we've improved steadily into the close. down just 0.9% on the s&p 500. dow's down a little more than that, at 1.25% or down 300 buoyants it was down as much as 624 points at the low, so again, steady improvement from those session lows which came around the middle of the day. in terms of sector performance, three sectors holding on to gains, consumer discretionary, the main one up over 1%. we have three sectors down more than 3%. utilities, financials and real estate financials very much in focus ahead of banks kicking off earnings tomorrow. the dollar has been largely flat today for the broader index.

just slightly lore oil has been front and center. wti crude down 0.6% despite that massive cut in production announced wii the by the opec plus russia members and a bit of the u.s. as well brent did hold on to 1% of gains. a reminder that europe was closed today u.s. also lower by just b about 1% s&p 500 1.3% for the dow nasd nasdaq holding on to gains about half of one percent. sara >> welcome back, everyone. if you are just joining us, i'm sara along with wilfred. taking a look at how we finished, better than where we are at the lows of the session the dow closing down 325 points. caterpillar was the biggest drag on the dow walmart is bigger winner s&p 500 only closing down about 1% it was down worse than that throughout the session got three groups that actually popped into the close. consume every discretionary, technology and communication services all ended the day higher real estate though got hit hard.

that sector down more than 4.5%. financials down 4% as well the nasdaq closed up about half a percent ft that was thanks in part to some of the big stocks in tech doing well today amazon, netflix, some of the chip makers having a good day. tesla had a double digit up day. russell 2000 underperforming again. has been the case all year down 2.8% on the small caps and just to put the stock declines today in perspective, we're coming off a a very strong week. last week was a rebound week the best for stocks since the 1970s. coming up this hour, we'll ask apollo management founder leon black where he thinks this market is is heading as well as his partnership with arrow mark to help support new york's health care workers. >> joining us to talk about the day, paul hicky, shannon and liz

young. good afternoon to youl after you. liz, i'll come to you first of all. what do you make of the bounce we've seen over the last couple of weeks and as we approach earnings season, whether we need to have a strong earnings season to justify the bounce we're seeing >> the bounce we've seen has been supported by the fiscal and monetary flood that we got a couple of weeks ago and to be fair, if we get further fiscal support going forward, i don't think we're going to see as big of a bounce, but what's happened so far is that there's a little bit of a backstop and there's not going to be as much opportunity for the market to blow through to the downside because we have that support as far as earnings go, i think the market now expects that earnings are going to be dismal with sort of thrown away the second quarter we're not really having high expectations about the first quarter either so i think really the information that we need from earnings is is is this going to hurt companies into summer and the third quarter

the market seems to be pricing in a recovery that starts in the third quarter. at least the expectation that we can cocome back online and see more revenue if that changes, we're going to see more downside. >> so are you say iing the mashg is still too optimistic and the economic and ayeshaings recovery in the second half of this year? >> i think the market is is a a little complacent about how quickly we can restart the rally in the last couple of weeks has shown us the market is optimistic, that we'll come back online still in 2020, but i think we're being a little bit too optimistic about how quickly we'll come back online and how quickly revenues will recover in those companies. >> paul, i wanted to come to the vix, which of course relative to history still elevated, but it did decline again today allbeit just a little bit and clearly is well off the highs do you think volatility is going to continue to be elevated though in the weeks and months

ahead? >> i think certainly the weeks ahead as we come into earnings season the federal reserve has stepped up the federal government has stepped up we're hoping we're going to get clarity on the part of companies as to how they're businesses are going to look, but unfortunately, most companies don't have a clue. depending on when the economy can get back up and running. it's going to be a combination of case counts plateauing and people getting an idea how serious this virus really is if you do get it and how many people have actually had it. so i think we'll get more info on that in the coming weeks as more testing and studies are done, but i think at this point, uncertainty will remain here going forward and the average daily move in the s&p 500 in the last five weeks has only been higher one other time in history. after the crash of '29 this is unlike anything we've ever seen before >> just going to pause for some

breaking news on the government's mortgage fore berns program. >> wee just getting the latest numbers from the mortgage banker's association right around 2 million borrowers are in the program that is allowed to miss their mortgage payments for up to a year then make those payments later. the share of services portfolios went from 2.73% to 3.74% in that past week. those shares are small, but it's a 37% jump just in one week. break it down by type. general pmy may is seeing the worst going from 4.31% to a 5.89 it's a little less than a third of all mortgages now for loans backed by fannie and freddie, just over half the market, fothey went to .44%. just to throw one more number at

you, the volume of requests to call centers and online jumped 78% just in the past week and remember, we're not b ooefb even to april 15th yet, which is when mortgage payments would officially become late so you can expect these numbers to rise significantry over the coming weeks >> is there any warning here, if you're thinking about requesting a mortgage forberns? it's not forgiveness, you're going to have to pay it, but are there any other strings attached zpl no, no sfrings at all. you don't need any documentation of any hardship at all that is in the law, in the c.a.r.e.s. act, but again, it's not a free ride. you have to pay it back either at the end of the loan or in a payment plan over a time so it's not like they're giving these away a a total holiday, just letting you have at least six months or a year of not having to make those monthly payments >> thank you let's get to bob b for a look at

today's biggest moves on wall street >> nice late day rally cut our losses almost in half going into the close, but it was a rough day for banks, builders, airlines, industrials in general. we're getting earnings tomorrow in jpmorgan, that's down, but typically goes downgoing into earnings season. we'll see what they have to say. we want to hear about loan loss verves caterpillar's had a remarkable run. 135 in februariment went to 85 or so. back to 130 and finally, bank of america came in and said that's enough they downgraded the stock and that drop ped the industrials. one of the first companies announcing they're going to be delaying earnings by just about a week that's remarkable, but it would have been three or formonths ago. i expect you'll see r more and we had stay at companies do well netflix, a two year high they led the nasdaq into the green toward the end of the day. amazon closing on an historic high it's getting closerment zoom and

activision did well and gold closing at essentially an eight-year high. it's getting a lot of action these days back to you. >> thanks so much for that let's get a check on what happened in the bond market as well rick santelli. >> well, if you look at the long maturities, you pretty much get the picture, short ones were compre compressed, small ranges look at the ten year started out early in the we, hours at 75 basis points and ended up there as stocks cut their lozs going into the close. that 75 is an important level. if you start a chart at mid march, what you'll see is the highest close, 119, after established historic close we're coming back up now and 75 seems to be b that resistance. many believe we're going to have a retest of the 54 the all time close and have a double bottom, but we may test 1% first and if you look at the yield curve, b obviously it steepened today, holding up nicely above 50 basis points

one week of the dollar index it is scaling back we're close to unchanged all session. just down a bit, but in the final analysis, we're only still about a half a cent away from 100, which is a harbinger of strength in the big picture. sara, back to you. >> i'll pick it up thank you for that shannon, in terms of constructing client portfolios how big a waiting do you have to bonds at the moment and particularly, the balance between treasuries and credit? >> so we have we're pretty much at our neutral stance for bonds, but we're taking advantage of the difference on issues ch we had been increasing our credit call quality over the past couple of years, however we think there's certainly some value in investment grade credit in this environment so we're being selective. adding to issues we think are

going to be able to maintain their value and we want to see that income portfolio. it provides a decent amount of diversification and general volatility dampening but we are trying to take advantage of what we're seeing in the market now. >> paul, since mike is off this week, i feel like this is the portion of the program where he tells us with this incredible bounce we have had in the market, we're only down 18.5 from the highs back in february. seems unbelievable because at one point, we were down more than 30% how does this action feel to you? as we've priced in the economic carnage and the jobless claims numbers we're going the get out of the economy and companies >> i think it's a market trying to regain get some sort of equilibrium here the 1% move is a relatively quiet day for the market lately

so that's an encouraging sign there. but what we've seen is what we like to look for on the fundamentals here. we're just looking at the market and like the play book for economic data is out the window with the numbers we're seeing so we're looking at market performance and the way it acts and looking for parallels. when you look at things like upside volume, 49 o o 0 days in the last four weeks, that the only time that's happened since 1970 are march 2009, may 2010 and then december 2011 so and those were all positive periods for the market here, but our number one focus looking forward is the semiconductors. towards the end of last week, they were faltering even as the market rallied, but today what we saw is the semis up over 1% on a down market day making up some of that lost ground and if we're going the see any rally in the market, i know i mention this all timt,

it's go got to take place with the semis. >> thank you good to have you all here with us after the close. up next, a rare and exclusive interview with apollo global management founder and ceo, leon black, on his new partnership with arrow mark to ply food and other products to new york's health care heroes plus, we'll ask him about where he's finding opportunities in thisart. mke we're back in just 90 seconds. woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy.

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breaking news out of washington >> that's right, steny hoyer, the majority leader in the house of representatives says the house is not coming back until may the 4th at the earliest. the earlier date has been late in april so now it looks like house will be out of session for a longer period of time. that implies the phase four legislation that a lot of people are are looking for in terms of economic stimulus won't be happening before that time because there's no real procedure as we've discovered for the house of representatives to vote on anything remotely when all the members of congress are scattered across the country. so may the 4th is the in date to circumstance is l there. meanwhile a new statement here from treasury just at the top of the hour saying that about 80 million americans will get their coronavirus payments this week the treasury saying that the large majority of eligible americans will get them within the next two weeks

the first payments started going out on friday they report and they're going to people who filed 2018 or 2019 tax returns and got those refunds by direct deposit. that's because the treasury already has the banking information for all those people and can wire the money directly to them. the irs is also setting up a new web portal it's going b to be up and running this week. it's called get my payment you can check the status there and update your bank account information with treasury if they don't have it from that direct deposit process and make sure that you get your money that way and they can wire you the money directly so treasury saying about 80 million americans getting though stimulus payments that were promised this week back to you. >> since the coronavirus outbreak, we here on the show, have highlighted a number of individuals and companies who have been stepping up to help those on the front loins air mark, they're announcing a

new initiative to get shelf staple food, household splice and health products to new york city's health care workers the black family is committing $20 million which includes an initial $10 million donation and p plans to match any additional donation up to $10 million joining us now in an exclusive interview, leon black, chairman and ceo of apollo global management and ceo of air mark gentlemen, good afternoon to both of you. thanks for joining us. leon, how dhid idea come together >> hi, sara. thanks for having both john and i. hope your family and friends are well through this difficult time i want to thank john for joining me today it started out really over the last two and a half weeks when my wife deborah and i were looking to do something for the front line health care workers

who were doing such amaze iing, incredible service under such dangerous conditions can >> we see what's happening were born and raised here and we're just in yao of the incredible health care professionals putting their own health on the line to care for others during this pandemic. so basically, seeing all these great people stepping up, a mutual friend introduced me to john and suggested we team up to help 100,000 or so health care workers on the front lines and across all five buoroughs, so as you said, our health care heroes program is going to provide between 300,000 and 500,000 packages of shelf stable food. household cleaning and personal care products as well as over the counter medication to

alleviate the burden of health care professionals have to shop for themselves and their families the whole goal is to reduce stress and be in that positive so we also teamed with the new york city department of emergency management and the greater new york hospitals association to make sure all the logistics were coordinated and the distribution ran smoothly and safely air mark is handling supply chain procurement, pack iing th bags and distribution to the hardest hit hospitals. the deliveries will be made at different times to accommodate shift schedules and the red cross has also teamed up with us to help with direct distribution at the hospital sites to workers while ensuring proper social distancing robin hood also came on to manage a match component because we know people in new york are looking to make a difference we have already received significant donation pledges

thanks in large part to many of my apollo partners and other friends and they're well on their way to the $30 million program goal so with this match, just $30 buys a package for a health care professional that includes 60 to $70 worth of food and household supplies, but any amount is welcome. >> and we're flashing the details on the screen as you speak. john, talk a little bit more about your role and your broader role in this crisis. how you've trannsitioneded uniform factories into ppe first off, onbehalf of all of aramark, let me thank deborah and leon as lesson said, this is an extremely difficult time we're hoping these packages make their lives a little easier.

aramark is the largest provider of food and facility services and we have a number of employees that are being reengaged the support this program. people we've had to furlough as a result of the lack of activity so we've reengaged our workforce to provide these services. we've got a long history of addressing urgent needs, supporting others in and we're converting some facilities to manufacture personal protection equipment for the food and health care industries >> john -- just curious how your businesses have been hit from nba teams, stadiums, schools and

other corporations are essentially shut down right now. >> that's absolutely right we provide in sectors that continue to operate, both in the health care community, k-12. serving over 1200 meals day to districts, over a quarter of a million a day in the city of chicago. we're also providing facility services to many other companies that need deep cleaning, hygiene services, as the business continues to operate as you would imagine at full tilt then we're in a couple of other businesses that continue to be very active. our traditional business dining for the sports and entertainment are significantly impacted but at this point, campus dining was beginning to close down for the balance of the year, so we're hopeful that universities will continue to operate going forward in the fall.

and we're looking forward to hopefully a whole school year then and the operations to their unique needs to the degree they need them. and were able to manage through this pretty effectively. got a strong capital structure, balance sheet. we're placed for a recovery and waiting like everybody else for that day >> how are you thinking about just how severe and long lasting this presession is going to be >> it's a l challenging environment. i'm fundamentally an optimist, but it's really far too early to

make predictions when we founded apollo 30 years ago, we set out to create a value of the firm that could manage for investors as a cross private equity, across credit and across real estate and do it through market cycles. we're in a downturn since 1990 one to protect the pensions and retirements of those on the front lines which includes police officers, firefighters, teachers, government workers and clearly, the last few weeks have shown us the benefit of our apollo value approach which has emphasized protection and less leverage use and also to really be able to navigate cycles

and to protect our own portfolio for investors. and because we have a will the of dry powder, we try to be opportunistic and find ways also to serve the same investors. in the downturn, but i think as we know, this is a two part play the first part, i think the government, the congress, the treasury, the fed have actually done a very good job b that was basically to make sure the financial system didn't collapse because i think there was that concern three weeks ago. by injecting so much liquidity into the system, i think one, it helps all the workers that are being furloughed, but it also

gives real confidence which is incredibly needed to stop a real panic. that's really only the first part of the occasion part one of two act play clearly, the big question is how quickly can we get workers back o work generate demand, revenues, and make sure that this is a recessionand not a depression and so clearly, we're modeling you know coming out of this in six months, in 12 months, in 18 months and to try to deal with each scenario appropriately. >> so you said you were being opportunistic. i think during the last recession, financial crisis, you bought a lot of disstressed debt where are you seeing those kind

of opportunities present themselves right now >> well you know i think the markets are incredibly volatile. you see them one week and they're gone the next week so you have to be prepared you have to have done your work. you could clearly, we try to deal with industries that we know well. with capital structures that we've studied well to figure out where where we want to be at what price levels and i think that takes real patience you know there was a quick high grade opportunity a few weeks ago and that basically bounced d back so i think it was a one week window and now i think it will be a much longer patient you

know, study of many, many different credits and it's not just a matter of buying debt it's also being able to supply capital. to to industries that are in real need. or businesses -- >> where are you doing that? >> help iing a lot of glaet american companies who don't have access to liquidity right now. >> are you talking about hospitality and leez yur companies, cruise lines offering what, bridge loans to those companies? >> we're all of the above. we're looking at leisure, entertainment. you know but we're looking at you know, areas in insurance, we're looking at companies that we've followed you know, basically we have the largest

alternative credit platform in the world. and we've been one of the greatest i think providers of return in the private equity business and that covers 20 different industries >> i wanted to ask if i may about what your views are on how any government bailouts if they happen, should be shaped if a company does take government funds on board and talking more about bigger companies than the smaller ones, do you think it's fair thatere' haircut of some sort to the equity holders and do you think it's fair that the government gets exposure to future upside, which ever way that's structured >> you know, i don't think i'm smart enough to give you an intelligent answer on that i remember the last downturn the talth program i think was very successful. there was 200 billion made available.

every penny was returned government equity upside from the past, some businesses were overlevered they were maybe not managed as well but, you have so many great businesses today through no fault of their own that we're doing terrifically as recently as a few months ago where the bottom has fallen out i think government is doing what they need is to make sure that the economy is really the financial system is well oiled and there's enough liquidity out there. and then it will have to look industry by industry.

i don't view this in the same bailout lens that was used 13 years ago. >> you mentioned you've got lots of dry powder. that you're biding your time and essentially should be able to make some investments that long-term make you a profit during this time do you think it is fair for a lot of companies owned by private equity companies like your own to receive government help if you've got dry powder, shaul that be going towards companies feeling the stress that you own as opposed to fresh investments? >> well, i think we are using our dry powder as i mentioned earlier, first and foremost, is a sacred trust

u, teachers, firemen the first thing to do is to protect our portfolio, use capitcap for thand a try to get better returns for those investors and pension funds. we've made recommendations as have many basically to help the economy. when the economy is helped, we're help as are many, many others i don't view it as private equity versus the rest of the world. the investments were to help the investment grade market. it wasn't for private equity so you know, again, we're all in this together and it's pretty

important that we have a healthy economy. >> speaking of your performance and your firm, we don't get the chance to talk to you b about this every day, so wanted to ask you everything is doing. i know you've sent a company wide e-mail last year following yefry epstein's indictment context yizing your relationshi with him has it had an impact on the firm >> i don't believe it has. it was a professional relationship that we had never involved apollo. and it really never affected any of our investments or any of our vinvestors or any of the new money that's been raised which was raised at the greatest clip we've raised

>> wanted to ask you about energy what do you think the sector of the u.s. economy is going to look like when we come out of this it's hard to tell. unfortunately, apollo has not been great in terms of our investment portfolios but nothing terribly dramatic. those markets are very hard the gauge right now. you've seen the agreement between saudi and russia i think it's a good thing. i think probably shale will be kicking in also. it's going to take some time to

create parody. we've never been through dramatic jolts such as this pandemic worldwide basis as has generated. >> have you seen the worst >> i'm not smart enough to know that >> leon black, we appreciate the interview. and all you're doing for the health care workers in new york. and john thank you for your participation in that effort >> thank you >> have a good day commercial real estate company announcing its new six feet

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add a little more health to your day... with nature's bounty. and unveiling a new office concept. called six feet office, the concept being tested in the netherlands and includes protocols to ensure employees maintain social distancing guidelines once back in the office the chairman and ceo, brett white, joins us now for more a very good afternoon to you thanks for joining us. >> thank you >> i guess this could suggest when people go back to work, i don't mean spin, concept, that companies will need more space in their prime offices if they're going to push workers apart more where it's clearly the flip side at the moment, the debate as to whether in the long-term, companies will take as much office space in the first place. i guess we've tested the

technology in the last couple of weeks to see if work from home functions and it does. is that a concern for your industry >> i don't think it's a great concern that we're going the see a lot of firms reduce the amount of space they're taking in the marketplace. you know we just moved 800 million square feet properties employees back into properties over the last five weeks and from that movement that we did, we were able to identify a number of best practices and protocols around the workplace and one thing we know for sure is the workplace is going to be anything but normal. the protocols we're going to need to implement in offices and industrial and retail buildings in which we operate in these buildings is completely changing and it will involve everything from the moment a person leaves their apartment or their home, how they get to work, public transportation, private transportation

what do thoi do when they get to the office building, get access. are they temperature or health checked at the front door? how do they get in an a elevator when they get to the lobby, are they going to be health checked again? and what does your work space look like. it will be b quite different the technologies that most big companies have invested in, things like cloud based systems have really allowed most companies to have their people work remotely during this period of time and be incredibly productive >> what's it going to look like for retail are some of the anchors going to come back? it's a great question, sara. let's get to that by acknowledging the obvious. for many bricks and mortar retailers, the last five or six years have been a period of wrenching change

some have come through it fairly unskacathed others have been quite frankly on life spoth and this pandemic. this black swan event, i think will probably illuminate a number of large retailers from the marketplace but u many are going to survive this just fine and remember, retail eers are a the retail asset class, the most creative, most adaptable near all the asset classes. these folks, their business is adapt iing to change and so whe we get through this and we start going back into those stores and shops and restaurants that we enjoy so much, it's going to be different but many, many of them will come through this okay. >> whether you're being optimistic about core commercial real estate. very short-term on air in recent weeks, morgan stanley's ceo says they're operating 90% work from

home goldman sachs ceo told us 95% from home and clearly, their offices are in prime locations in the most expensive cities all around the world surely long-term moving forwad, they will be taking less space at those pique prices in those cities >> it's a very strong point you make so right now, in our company, we have probably 80% of our workforce, maybe 75% of the workforce at home. of that 75% that's at home right now, all of them are going to come back into the offices because it's just a better operating environment for what we do. certainly to your point, there are companies that have learned more in the last four weeks than they've learned in the last ten years b about how people can work remotely and some of these firms are going to be able to shift some of the workforce out of the the offices and into a

remote environment absolutely will it be half their employees or 30% i don't think so could be 5%, 10%, maybe 15 so over the long-term, i think companies they always have been and always will be looking to reduce the cost of their commercial footprint it's harder than it sounds to do i've been doing this a listenon time i've watched many, many events hit the commercial real estate sector but the one thing that's true is that we operate and occupy more real estate here >> we look forward to checking in on an update on where this falls, but thank you for joining us today >> thanks. still ahead, earnings on deck big banks gearing up to report tomorrow what investors need to be mi uhing in those repos rtp rtp congp. ♪ ♪

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time now to get a coronavirus update with meg. >> hi, good afternoon, everybody. california governor gavin newsome says he'll work together with the gors of oregon and washington on when they'll ease health restrictions and open their economies. earlier today, six northeastern states announced a similar collaboration. new jersey governor says he'll sip an order prohibiting internet and phone services from being disconnected until after 30 days after the state's public health energy is lifted. cu customers who lost service after march 16th due to nonpayment must be reconnected and the death toll in italy has gone above italy as the number of daily deaths increased however, new cases fell below 3200, the lowest count since

april 27th the number of people in intensive care continues to decline for the tenth day in a row. and in brazil, a 97-year-old great grandmother has become the oldest coronavirus survivor. she got a standing ovation as she left the hospital. guys as always for more coronavirus coverage, head to cnbc.com >> meg, thank you very much. particularly great story to end it on as well. up next, getting the green light. square and paypal securing their shot of the emergency loan program. what this could mean for small businesses and those stocks when come back for colon cancer, don't wait. because when caught early, it's more treatable. i'm cologuard. i'm noninvasive and detect altered dna in your stool to find 92% of colon cancers... ...even in early stages. tell me more. it's for people 45 plus at average risk for colon cancer, not high risk. false positive and negative results may occur.

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a partner who makes sure every step is clear, there's nothing to stop you from moving forward. confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. welcome back getting breaking news on the census eamon javers has more in washington >> that's right. the commerce department is saying they're going to need a delay in the 2020 census because of the covid virus and the

situation with workers out in the field trying to collect some of that data the commerce department saying they're going to need 120 additional days to complete work because they had to stop canvassing in march. they're saying in order to ensure the completeness and accurateness, they're seeking relief from congress of an additional 120 days. so they're going to need congressal approval to do this under the plan, they say they're going the extend the plan for field data collection until october. that will allow counts to be redelivered by the president by 2021 and congressional redistricting day to to be delivered to the states no later than july 21st, 2021 so the virus causing a lot of delays around the country and now the census >> switching gears, non bank tech focus lenders are now allowed to participate in the emergency loan program for small and medium sized businesses. kate rooney joins us with that

story. >> after weeks of lobbying, square, paypal and in to it were allowed to distribute loans. paypal is already taking those applications scare and into it plan of square capital who says they are starting with existing square customers and only those that they can submit to the sba immediately, so they avoid sitting on any paperwork the argument has been they can do this faster and more efficiently than the banks, some of the guidance in the program, still requires that these programs are done manually, they can't automate everything here as far as industry impact, analysts said this is really a legitimizing moment for some of these nonbank lenders. it's also a make or break moment will, back to you? >> i'll take it, still ahead, at&t stepping up and giving back to medical professionals in the

wake of the coronavirus crisis unwndetails and full rdo from companies after this break. allegra helps you say yes with the fastest non-drowsy allergy relief and turning a half hearted yes, into an all in yes. allegra. live your life, not your allergies. 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, ♪ to all those on the front lines caring for our sick. stocking our shelves. bringing us packages. delivering our food. those who are there when we need them. and the millions of americans doing their part, just by staying home. our communities are beyond grateful. at citi, we are too.

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as the toll of the coronavirus pandemic marches on

each day, so too does the number of companies, celebrities and community members pitching in to relief efforts exxon mobil donating 30,000 gallons of fuel for emergency response vehicles. rapper ja rule donating medical masks to the homeless population in new york city and launching his own line of more fashionable masks at&t announcing it will provide three months of free unlimited service to nurses and doctorses across america a dunkin' franchise in pennsylvania has turned his store into a siouxing assembly doubletree has revealed the recipe of their chocolate chip cookies for the first time ever so people can enjoy them from home

and this is the best story of the day to us a brand new team member over the weekend welcomed james derrick hinchey into the family, born 11:03 a.m. yesterday, weighing 7 1/2 pounds, congratulations. thank you for sharing the picture pictures >> it's uplifting to see babies are being born she will have stories to tell young james about the time of his birth. he's a perfect looking baby. >> we did a sweep stakes on the names. i went for the tony and guessed anthony fauch chi. >> i think everyone was wrong on this one >> it's a perfect name, perfect baby we miss you. up next, it is one of the biggest question marks hanging

over wall street at the moment how will earnings season play out amid the economic shutdown - [narrator] at southern new hampshire university,

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it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement. breaking news out of the ought tee industry phil lebeau has the details. >> toyota and massa building a joint plant in huntsville, alabama. they're pushing back plans to open it up early next year, going to happen later in 2021. again, that's toyota and mazza's joint venture in huntsville, alabama. guys, back to you. >> so many plans being

rewritten. what should we be watching here? >> by far, sarah, the biggest focus for this quarter will be the scale of credit loss increases in light of the severely deteriorating economy as banks wright down loans, we can expect an enormous impact on earnings for the quarter for individual banks will be the key focus along with management on the topic. the interest margins will decleaning we'll see fees of wealth management, assets under management have declined and no buy backs will be hitting earnings per share there could be a couple bright spots, such as revenues from trading. that's likely to bounce significantly. for the bottom line, it's an important moment for investors to gauge whether the bounce in bank stocks and the market was premature.

traded down significantly today ahead of the earnings tomorrow >> is jaime dimon going to be back on the jpm call >> i understand from a source he will be. they kick off earnings tomorrow morning, 6:45 eastern time, also on closing bell, we'll have the cfo of wells fargo, john shrewsbury we're out of time here on closing bell thanks for watching, stay healthy. >> thank you very much we are continuing our coverage of markets in turmoil. welcome to fast money, everybody. hope you had a long, wornderful holiday weekend wherever you may be we have a big show for you tonight as the markets do this a little bit the dow falling 1.3% the tech