welcome back to our breaking coverage of the markets and tennessthe global coronavirus pandemic. stocks on fire with the dow up nearly 600 points right now and really higher from the get-go as investors get a little bit more optimistic about the path forward. plus, jpmorgan and wells fargo kicking off earnings season. both stocks under pressure right now. we'll tell you what jamie dimon says that has all of wall street talking. small business loans from the government they begin to hit the banks. the ceo of junior's cheesecake who received more than $5 million will tell us what it means for his business >> yes, he will. looking forward to that. thanks let's look at the naz sdaq which is paving the way higher amazon and netflix is hitting new highs.

there it is with the gains now approaching for netflix 5% let's get to bob for more on this big market rally. bob. >> it's hard to believe but we have retraced 50% of the losses in the s&p 500 from those numbers about towards the end of february towards the end of march 23rd that was the lows. we traced 50% of those lows. the biggest ones out there microsoft, apple, amazon, google, facebook this is more than 20% of the s&p, these five. apple shipped 2.5 million phones into china last month. that was much higher amazon is sitting at a historic high when these five stocks move like this, everything will move everybody is looking for good news today roku suspended their guidance. that's not good news they also had good number on their earnings and highlighted new account growth the stock is trading up. that's a path people are looking at suspending guidance

reserve building moves could be meaningfully higher in aggregate over the road we took. i think that's a welcome bit of reality about what the future losses could be. jpmorgan still down 30% from where it was in february back to you. >> i'll pick it back up. yields have been holding steady. let's check in with rick as to why that is the case tell us. >> yes, that is the case some time steady she goes is a good thing how good of a thing is it? let's put up a chart the reason i pick the 25th of march is you can see even though we're hovering in the 70s like

nuch much of the music from the beegees is we're starting to get a lot of positive talk we understand we're not on the sunny side of the coronavirus. many people understand there's a lot more that needs to be done and testing. in the end the markets are starting to gravitate to the upside in stocks and that is keeping rates rather level those movements of higher rate will be taken it's not only a good thing but accentuating what's going on in the stock market looks like the dow can have the best close >> thank you very much goldman sachs out with warning this morning that was bone chilling that the global

economic hit will likely be four times worse than the financial crisis of '08-'09. the firm says the recovery in this second half of the year could be stronger than anything theunited states has ever seen what should investors do now folks, welcome good to have you here. we're delighted you could join us jack, i want to puick up on something in my notes. the key question equity investors must ask themselves is whether their equity holdings will survive the downturn. that sounds ominous. in other words, go to zero, get wiped out? >> the fact is the fed is doing a fantastic job of trying to create liquidity and provide a bridge they're not doing it for every

company. companies that started out as junk that weren't recently downgraded aren't part of the federal reserve program. could be part of the congress's fiscal program one of the major trends that we saw early on especially in the first rebound was all about quality. we're seeing it today. we put together what we call internally our belt and suspenders portfolio among the largest companies with strongest balance sheets and high cash balances those are the ones that are still gaining a lot of the share these days >> i can well imagine, before tirn to kathy for a comment here, i can well imagine there are viewers out there who are saying he just said that some holdings are junk and are going to go away, will go to zero. i'm going to be wiped out. where am i likely to find them i know where the quality is.

i know where the fortress balance sheets re. where's the crap where's the garage -- garbage >> it trails along with size we're seeing that among small caps the russell 2000 has gotten hammered they are coming back but i do think and one of the things we told our clients was, you know, while i've been a huge believer of passive strategies for years, now is the time to really switch to active management allow a manager to go in and look at and try to disearn tcere winners and losers through this. we'll see low quality companies in the energy sector and a lot of the consumer sectors. already we're hear iing was it c movie theaters, now sure how they will get through this

like when you see this kind of downdraft and this kind of an economic crevice, there are going to be companies that just don't make it to the other side. >> kathy, you say the estimates of second quarter earnings are on average down about 25%. some of them as low as all 45% has the market discounted that steeper loss probability adequately or not? >> i don't think they've discounted it yet. that's sort of one of those things we have to wait and see what happens i would agree with jack. i think it was warren buffet that said when the time goes out you can see who has their swim trunks on and who doesn't. i think now it's a time we'll figure out who has the ability to succeed going forward and who is poivoting and who is sitting by and waiting you can't just sit and wait for this to pass any company, any leader needs to

take action and do things to help the company position well for the new investor, what should i be doing? jack says look out the low in some less than fortress balance sheets, smaller caps look out below in certain challenge sectors of the economy. what do you say about how -- if you say i can't sit here and do nothing. what should i be doing what should i be pruning what should i be inching into? >> i think those are great questions. one thing we niends find is we o do something we have some sort of control and if we can control the things we can then it feels better some of the things we're doing with our clients is we're upgrading quality holdings to jack's point, if there's areas that we think aren't as favrable or companies not going to continue to grow then we'll

upgrade those parts of the portfolio now. we'll try to book losses, tax harvest for clients. they're paper losses until you sell once you sell you're looking a loss you can carry forward we're up a little bit. i think last week we were up four days 12%. it's a great time to see what you don't want anymore everything seems to go up and down at the same point in terms of small caps to jack's point, professional management having professional managers over see that portfolio make sense. >> let me get one more quick question in for jack and a quick answer, if you don't mind. i see you like what you describe as quality energy. what's quality >> look at exxon mobile and chevron both double a. even one of the rating agencies has exxon as a aaa ratriple a rd

company. they are suffering the downdraft but they will survivor >> kathy, jack, thanks very much kel. >> thank you health care companies are making unusual alliances to help fight the coronavirus. meg has more on that for us. meg. >> we're hearing about timelines that we never envisioned for vaccine developments and partnerships that may seem unexpected two fierce competitors in the flu vaccine space are teaming up to work on a covid-19 vaccine together they say they could be in human trials in the second half of this year. sanofi will contributing the protein antigen. gsk contributing its adjuvant technology they might be able to have it available in the second half of

2021 these are a couple of what the institute is tracking saying amongst 79 vaccines in development for covid-19 we spoke with maderna, who is out in the lead partnering with the nhi saying they think a vaccine could be ready next year and potentially this fall for high risk groups like health care workers johnson and johnson hope to start human clinical trials in september. these are timelines we never hear about now we're starting to hear about partnerships that are unexpected as well. kelly and tyler. >> meg, thanks >> thank you very much we appreciate that coming up, stocks are rallying but the banks are sitting out the move after earnings from jpmorgan and wells fargo came out. we'll dig into what's weighing on that important group.

airlines in the green despite a major warning. the airlines could face a $300 billion revenue hit this year. we have those details. they are chilling. much more power lunch after this have you heard?

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starting to manufacture vent laters the company is announcing at the indiana plant where they have put a clean room into manufactured vent larts they are beginning mass production. those will be ready for delivery soon whether that's the next day, cup ol days, remains to be seen. this is a big change from just a few weeks ago, kelly when people were saying the trump administration is really had it with general motors. gm saying mass production has begun with the ventilators

expecting to deliver about 600 this month >> thank you tyler. two fed presidents stepping out of form today. >> st. louis fed president, chicago fed president, charlie evans both saying what is needed to get this moving is national massive testing regime to get the economy going. both saying it's still possible for there to be a v shaped recovery nap is we go up as quickly as we went down if we get that testing regime in place. bullard from st. louis said it's costing us 25 billion dollar a day to have the economy shut down it's got to beless expensive to do national testing needed to open it back up.

here is what he said >> widespread testing everybody in the economy would put an end to this crisis and would basically end this whole episode. we can't get there right now but this is costing us $25 million a day. things that didn't seem possible before become possible >> charlie evans adding he would like to see a manhattan project to create a vaccine. fed officials talking about the virus and what needs to be done to get the economy moving again. >> that's extraordinary statement. i think designed to maybe get some interest. thanks for bring it to us. despite today's market rally, banks are under pressure as jpmorgan and wells fargo miss the earnings mark. our next guest says it's not as

bad under the hood as it looks he maintains it's overweight on some of the other banks. jeff, it's good to have you hard why such an adverse reaction not just for these two but across the whole financial com plex for these results in. >> i think some of what seeing is the banks giving back it kind of started yesterday it made you look over last week. you had bank stocks up 20% the market up 10%. i think we're seeing sochl that unwind it's a bit more probably by the rumor cell to news i didn't think the costs were too bad. thinks looked fairly close to what we were expecting there's a little disappointment that we can't get some more clear answers as to exactly how this is going to play out as far

as the economy no one really knows and time will tell is one of the messages from jpmorgan. we're in great shape we'll do well. no one knows how this will play out for the balance of the year with the kind of covid related economic uncertainty >> one thing i wonder that rings in people's ears were jamie dimon said about how 35% drop in gdp could affect their dividend plans. he was talking about on a sustained basis. we'll probably see something close to that in the second quarter. do you think people are concerned about that or is that way down the list of issues. >> i think it's something investors are concerned act. honestly, i don't think it's something they need to be concerned about whether buy backs continue to year end that's maybe a more interesting question at the end of the day the dividend is fairly small part of jpmorgan's capital and earnings

for them to pay out to investors. they are really a wash in capital liquidity. i don't think it should be an issue. the dividend yields is important to stocks. that's something investors can't ignore i think it's going to end up with jpmorgan. >> as we move through earnings season, what will you be on the look for i know a lot of these banks you are overweight in. maybe a name like morgan stanley. i don't know how up to date these are. it's a tricky time a lot of this is in the rear you mirror >> that's yes, i don't think that's one of the things we like about it on jpmorgan j m jp morgan is strong. they'll get stronger a nice v shape or a u shape

recovery, jpmorgan is well to benefit and allow the businesses to come along with that. i do think the down side priced into a lot of these big bank stocks is probably too extreme relative to the outcome. to the point we really don't know you got to wait to see it play out. i think a name like jpmorgan is about a safe a place you'll find to wait it out >> thanks for your thoughts. >> good to be on thank you. >> we appreciate it. again, this market rally continuing to climb as we move throughout the afternoon session. a quick programming note wells fargo cfo will appear in an interview at 3:00 p.m. today. don't miss it. tyler. all right. coming up, gold touching its highest level in eight years up 18% in 2020 so far. we'll tell you how long the precious metal rally might last.

wework unable to pay the rent to its landlords after snapping up tons of leases in new york city. we have a special report on what the fall out could mn eanor the real estate and housing market all that when power lunch rum returns. every financial plan needs a cfp® professional -- confident financial plans,

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welcome back, everybody. leapt let's look at west texas crude it's down 10% now. it's at session lows more than about 10% below that 20 -- below $21 a barrel producer cuts don't seem to be enough to mitigate fears for investors.

>> good afternoon. phil murphy making an you are jents pl -- you aurgent plea. >> if you're in one of those long lines and you're frustrated, i don't blame you. you should be and so am i. we need more support for testing. >> confirmed cases in new york state have gone bovr 200,000 that's more than three times as many as new jersey, the second hardest hit state. new york state accounts for more than a third of all cases in the united states. italy has started easing its pandemic restrictions. book shops, stationary stoers and children clothing retailers are allowed to reopen today as the number of new infections in italy falls to its lowest level in a month for more coronavirus coverage, head to cnbc.com kelly, back to you >> thanks so much. >> gold higher again today

continuing its april rally up nearly 11% your trading nation team today a lot of investors, know it's too late to get in as they try to diversify their portfolio, what do you think? >> gold is a tough one for us. our job or expertise is forecasting cash flows and figuring out how to discount those back gold has in cash flow. you're trying to understand the demands and that's a gamble. uncertainty is high. we think we're starting to head into a period of healing you've seen credit spreads come in we're looking towards and forward to the recovery. we think over the long run, stocks are a better bet. >> bill, there's many withdrew

ne -- yunique aspects, how does te dha chart look for you >> it's an inverse head and shoulders pattern. a beautiful technical pattern that played out through march and april. we're not breaking out above it. we broke out at 1700 i still want to remind you, i don't like chasing gold. i don't like buying gold when rve else is screaming for it however, i do believe gold over this next -- over the rest of this year will get to $2,000 i think it should be in your portfolio. the massive liquidity is going to support asset prices. gold is benefitting from the rally in equity markets now. there's higher to go look for a move back to 1700 as your buying opportunity. >> the great gold debate we'll leave the conversation there.

head to our website or follow us on twitter at trading nation tyler. >> thank you very much still ahead, small business getting anadditional lifeline outside of the ppp we'll dig into what else is in the cares act to help main street we'll talk to the ceo of new york's city staples junior cheesecake about the steps he's taken to keep his business afloat and how long it took to get his ppp loan that's all coming up remember you can always check in with cnbc on the cnbc app. we'll be right back. the dow higher by 550.

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welcome back check out the markets about half past the hour. we're seeing a pretty nice rally

with tech leading the gains. dow is up 2.3% the nasdaq is up 4% today. the nasdaq on pace for its longest winning streak it closed positive yesterday even though the other averages were lower right now the russell is up about 2% although lagging the tech leadership we're seeing 10 of the 11 sectors in the s&p is higher. energy is the only loser speaking of which, the oil market is closing up for the day. it's been another rough session. crude heading back towards the $20 a barrel market. eric has more. >> that's right. the sell off in oil steelpening into the lohse it was below 20 a few minutes ago. brent here below 30. both of these down 10% and 7% for sure demand concerns taking hold today after the huge opec plus agreement and cuts from around the world including the united states the eia said monday that u.s. shale output would register a

record monthly drop for the month of april with a loss of nearly 200,000 barrels day analysts say the opec supply cuts are welcome for prices but it won't be enough to offset the coronavirus demand declines. views opec compliance as a hurdle saying he would be surprised if 50% of the group complied with the cuts through may. tyler, back to you the paycheck protection program is not the only vehicle in the cares act that aims to help small businesses. kate roger has a look at what else small business and the sba is doing to help kate >> hi, there there are other options available for small business owners including economic injury disaster loans you have to apply directly with the sba to get the loans of up to 2 billion companies we have spoken to have not gotten their disaster

grants an official tells us that funds will being disbursed nearly four million businesses have apply congress has only allocated 17 billion for that program beyond that within the cares act small business owners with current 7a loans can have payments waived for six months according to senator chris coons. >> these are some of our most vulnerable small businesses. if they got an sba loan, they probably had difficulty getting a traditional bank loan. these are the companies we want to make sure know we want to make sure they don't need to do anything they are el vibl figible to makr payment for the next six months. >> big news as of this morning loans assigned those all important sba e tran numbers did

surpass the 1 million mark remember there are about 30 million small businesses across this country it's safe to say most of them have been touched in some way bay this pandemic. as lawmakers like senator marco rubio are continuing to call for more funding to add to that 350 billion dollar mark. rubio said we could rount of money for this program as early as this week >> this is what the senate has been debating in recent days whether to have phase two of this program that gets more money in and it's all been stuck up on how much and where the money was going to go, right >> yeah. that's absolutely right. if more than $240 billion has been spoken for with just about a million small businesses applying, regardless of where it winds up going to, i think every one in washington will agree that more funding will be

needed it's first come, first serve if you're hearing that money could run out as soon as this week, the urgency is there to figure this out and act on it. >> all right thanks very much our next guest owns a business in new york city his first restaurant has been this business for 70 years it's home to the world's most famous cheesecake. he just severreceived a ppp loa worth more than $5 million which has saved more than 600 of his employees from losing the job. let's welcome alan welcome. >> thank you >> you had to furlough a lot of workers, didn't you? >> we furloughed all of our restaurant workers 650 of them in total to be quite honest, this paycheck protection program is a lifeline to all small business but really, really strong to restaurant businesses.

>> the money you got, $5.5 million, how long did it take you to get it and how long will it last in. >> it's a funny sto nny story my traditional lender had an asset dcap and i couldn't get a loan with them i was on the phone with a wealth manager, a friend i had a relationship with. he mentioned they would be doing these ppe lop loans. i said you're kidding me i put in four applications for our four restaurants last monday by thursday afternoon, i had already received funding for one of our restaurants to the tune of $1.4 million, but -- we're waiting and probably about day away from getting the balance of the $5.5 million that you mentioned. to be honest with you -- sorry >> go ahead, finish. >> i don't think people fully understand is even with that $5.5 million, the amount of capital needed to restart a

restaurant business such as ours or any of them across the country besides the human capital and the working capital required, just to populate a kitchen with food. we're like reopening again once we get the green light to do so. >> yeah. how does this work you're not bringing these workers back, literally, to work it's not safe for thoem be in a close confined space and so forth. you just pay their salary. >> we're not even paying them now. we can't if we were to pay them and didn't get the green light to open until june, the money would be wasted because we would be closed after we used up that money. restaurants don't have a ton of working capital sitting around they are month to month businesses this capital will carry us through our grand reopening for lack of a better term. if we want to do this smartly, we have to wait till people are comfortable from this medical crisis to sit shoulder to

shoulder in our restaurants or in broadway theaters or movie theaters until that time, it would be, in my opinion, wasted money to start spending it. we have to wait till we have a very clear pathway to success. >> so, let me understand this. this money you received from the taxpayers or backed by the taxpayers is not reaching the workers? >> not yet it will reach the workers. right now by law, tyler, we can't open today i wish we could. if we did open today and only did 70% of our revenue or 60% or 50%, that money would basically evaporate in a matter of two and a half months because that's the calculation for the ppp loan if we use it too soon but the purpose is to get small business back on their feet not for two months but for the rest of our 70 years

that's what we're hoping to accomplish >> so this is a cool cuelation that you've made there's nothing that stops you from saying to your 650 workers, here is your paycheck for the last two weeks since we had to lay you off. >> i can take people off unemployment today i am paying their medical insurance as we speak not have the opportunity to reopen our businesses and run out of funds in two and a half months as the ceo to an iconic new york business, i have an obligation to make sure this business continues for another 70 years and to our employees who -- >> you have to pay the loan back under what terms do you have to pay the loan back? >> the way i understand it is the loan, 75% of the loan value must be used for payroll the other 25% as it stands can

be used for rent and utilities no hire earnings are included. there's a cap at $2,000 a week we have segregated the money in our business anyone who is getting a ppp loan i recommend you do the same. we're only going to use it for bono fide expenses that qualify for the program. >> do you have any part of your business that's functioning right now? >> i do. i'm fortunate our wholesale business and our direct to consumer business which are housed in our baking facility in bi burlington, new jersey direct to consumer business is quite strong people's birthdays are happening. easter just happened mother's day is coming up. we're fortunate of that and our super market businesses is very strong right now because all the males th meals at new york city

restaurants are being taken from soup market. >> good luck to you. hope to meet with you again soon >> thank you for having me be safe. >> that was fascinating. still ahead, wework is the largest commercial tenant in new york city. it's not paying its april rent we'll tell you about those next. stay with us here on power lunch. woman: my reputation was trashed online. i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation.

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health care professionals. >> next hour, we have learned a specific policy they are going to be discussing conversations will center on a pa partnership. too many vent larts would be able to lend those ventilators to hospitals in need if that lending hospital happens to come upon a need for new v t ventilators, at that point hhs and fema would arrange for the hospital to receive the strategic stockpile. we'll see what shape this conversation takes, how receptive hospitals are to this policy it would be for many of those hospitals who are in dire need of those ventilators and haven't

been able to get them. kelly and tyler. >> thanks very much. let's go right to robert frank on weworks big new york city rent problem hi, robert >> wework did skip rent payments in april to many of its manhattan landlords putting pressure on the largest real estate market. brokers telling me wework is trying to renegotiate leases or even get a rent freeze it's the largest ten nanant with over nine million space. we have a question about half a billion tladollars a year the biggest are rosen group and ruden management those are all family owned private companies.

the companies each of them leases over 4,000 spaces they have said in the past wework is about 1% of its business wework may not be paying rent but it is still charging rent. its spaces remain open and it continues to charge the monthly fees it's not changed practices and continue to remain open. on its own rent payments the company says we are individually reaching out to more than 600 global landlord partners to work in good faith toward finding asset-specific solutions for all parties involved they will need to work out something. never before has manhattan been so exposed to one renter >> i was going to say this is

huge as you pointed out at the top, they are the largest tenant in manhattan and not by a small amount if they go bluey on rent, this is going to come back and snakebite an awful lot of landlords. >> bluey for the landlords and also if you look up the chain, this whole market of commercial mortgage backed securities which is the sort of debt load behind all of this commercial space is a market that's not getting any federal bail out money and could face a real risk just for manhattan and wework alone that's a market to keep an eye on >> all right thank you very much. robert frank reporting still ahead, boeing reporting the weakest first quarter order book in decades as air travel demand craters. we'll dig into those numbers next and they're not pretty. the airlines could be feeling the pain of that drop in demand, pass nenger demand for years to come how long it could take for the

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welcome back, everybody. shares of boeing turning negative after the company reported the worst first quarter order book and delivery numbers in tedecades. phil lebeau has the te tails ton the woes that continue to nag boeing >> it's really the order book. that's the worst in decades in terms of what boeing did in the first quarter. when you take a look at how many orders they lost because they did lose orders in the first quarter, negative 307 airplanes. the vast majority of those, the

737 max. here's the break down on how max orders went in march and in the first quarter. in march, they had 150 cancellations for the max for all of the first quarter, cancellations totalled 325 the backlog stands at just over 437,000 maxes. it was up over 3700 a year ago they did deliver 50 commercial airplanes in the first quarter tha about a third of what they did in if first quarter of last year and boeing and airbus, they have completely shut down commercial airplane production here in the united states so there's no commercial planes being built obviously because of everything going on with covid-19 one last note for you, tyler you were talking and i know you'll be talking more about the state of the airlines and how miserable it is, the international air transport association out with an estimate that losses worldwide will now

top more than $300 billion f it was at about 250 billion, i don't know, two months ago, a month ago. something like that. it just continues to mount >> yeah. emblematic of them and the rest of the economy thanks we appreciate it the e trtf that tracks the airle stocks is down more than 56% this year. those companies are under immense pressure and reuters is now reporting that some airlines are getting close to accepting the coronavirus payroll and more on its aid plan let's bring in brandon welcome and leets start i guess with the quote unquote strings attached does this money make sense for the industry to take >> well, thanks for having us on and this is money that's earmarked to keep employment levels where they are through the summer 20619 and in my own opinion, it's coming at low cost liquidity. only 40% need to be repaid with

a low coast loan and i guess treasury is acting for 3% of that, sorry, the total grant value in equity warrant. that will be diluted for most maybe 1 to 3% depending on how treasuries take this mortgage, but again, low cost for periods that that need a lot of cash flow >> where does this leave you i terms of your ratings on these names? >> we take these questions from investors all the time how do you differentiate the margins going into this margin sheet, but even southwest by our estimations probably burning 30 to 35 million of cash per day. united or american that's b probably burning 60 to 60 million per day. the carriers, some have discloseded those figures, so it's really now a question about liquidity and then when can we get people back to travel. you know if this goes beyond into the third quarter, the

fourth quarter sh i think all these companies need incremental capital. the government grant program helps. i think that gets us through the third quarter but given you know uncertainty here, it wouldn't shock me if every one of these carriers line up for government loans as well. 25 billion set aside in the c.a.r.e.s. act >> seems obvious this will go into q3 and 4, maybe not in terms of an economy wide shutdown, but people not traveling like onthey once did. if passenger traffic down, what's the relative decline where the airlines can start making money again is it minus 50% in minus 20%, minus 10%? how far do we need to climb back >> that's a great question we're modeling revenues down about 25% right now in the fourth quarter i think we have the company printing process by the end of year, but there's a lot of question marks with that how much capacity can we get out relative to a down 25% environment. i think the fact that we're not

seeing any travel demand today and you know those figures are pretty sharp revenue down90, 95%. some are reforming more cash so the negative revenue on the cash bases pretty profound periods of time here, but that goes in to more dramatic capacity decisions. their plan for 30 revenue by the core, so hopefully we'll see a cost structure because tho one knows. if we don't have conferences, conventions going on, we'll travel to plan drk if we get back to some normalcy by 2021 and you put a normal valuation on this group, you could see a lot of upside for the group that could get through enough liquidity it's a really double edged sword here >> but you think they're going to be taking all the distance they can get in the near term and that explains why. thanks we'll check in soon. >> thank you >> tyler >> well we'll get a final check

on the market next with the dow up very sizably this afternoon we'll be right back.

welcome back to "power lunch. tyler, listen, that discussion with junior's cheesecake making aheadlines, saying how can he not be paying his employees. it was a really fast decision that they have to make with that cash right now >> i was surprise wd the way you can tell i was questioning him i thought this was earmarked to immediately go to pay wages so the people basically got a float until the time in which they could come back to work, but he's using anytime a different way saying the restart, he has to conserve it basically as i understood it, for the restart costs an at that time, when he can bring them back, he will carry those workers on the payroll. >> to me, it gets to the heart of this. people can quote unquote come

back, but then he's really going to need the money to pay people. at least for now, they get the money plus the extra 600 fascinating. >> it was an interesting conversation kelly, see you tomorrow. >> thank you, sir. >> that will do it for "power lunch. thanks for watching. you can continue with our breaking new coverage right now on closing bell. >> thanks so much. welcome to the closing bell. stocks surging as get the first read of corporate earnings amid the coronavirus. let's have a look at the key things driving the action. continued sign that extreme social distancing efforts in the u.s. and around the world are working to contain the spread of the virus. jpmorgan and wells fargo shares slipping as the banks paint a grim picture of the coming months for the economy and boeing stock is is falling on a surge of cancellatio