breaking news, stocks trying to extend yesterday's gains as one major index caps its longest winning streak since early february as president trump announces some state economies may reopen for business within the next three weeks and call it the country's largest coronavirus antibody test to date. what one sports league is doing to get ready for an eventful opening day at the ballpark. it is wednesday, april 15, you

are watching cnbc. >> good morning and welcome. we are keeping a close eye on the rally in airline stocks. you can see hear the industry reaching the biggest airlines in america up 5 to 7 to 8% this morning in trade. the dow would open down by about 358, s&p losing about 45, implied. the nasdaq down by 104, 105 if these future losses hold into regular trading after the opening bell 9:30 eastern time today. this is after a broad rally where the dow dropped to 560

points and the nasdaq capping the first four-day winning streak since early february. in the bond market, we are seeing a bit of movement there more mark theedly to the day dropping down 21 basis points. noticeable move lower in the 10-year benchmark note yield the 30-year at 1.31% there oil prices after closing down yesterday, the lowest since late last month, the iea is out with a new forecast this morning saying global oil demand will fall this year by a record 9.3 million barrels a day.

wti trading at 19.70 they say this erases a decade or so of growth in the oilmarket. going the world market with matthew in singapore >> it was a weaker session for the asian markets really reacting to that report we got from the imf where it said global growth would contract by 3% in 2020 it dug down into other economies in 2020. we did sow a lot of markets down on that cutting the one-year rate to a record low the mlf is a medium-term financial industry this injects $14 billion into the system why that is watched, that cut

could foreshadow a cut to the loan prime rate, which is the guide that commercial banks use to lend to businesses when that loan prime rate is cut there effectively the 5 to 10% interest rate cut to china a choppy session to china. we still had the yen changed in banking stocks after sectors kicked off for us really dragging on the tokyo market fuji film was down it says it is going to expand manufacturing to increase production of the anti-flu drug and will produce production. 300,000 by september worth showing you the australian market consumer confidence there plunging to a 30-year low on the

back of the coronavirus shutdown >> to early trade in europe with goff cutmore >> that data matt was talking about or at least the forecast not helping here the imf talking about a 7.5% drop of gdp in the eurozone for 2020 in the uk, saying second quarter gdp could be down 35%. that not helping and neither the fact that french government has extended the lockdown there. so no signs of light on new infections specific countries, no joy in the airline industry despite the fact that they say in coming

days, they'll have an announcement around the klm french air adidas announcing that the german government providing a $3 billion euro credit line for them that providing support for the sports stock in the headlines after suggesting that they weren't going to pay rent on some of their stores we have a weakish start to the trading right now. back to you. >> thank you to washington, d.c. now where president trump is backing off his total authority approach to reopening the u.s. economy saying he will work with governors to open some parts of the country as early as the first of may and also what the white house is calling, quote, great american revival groups. industry panels to advise the

economy including apple ceo tim cook, bob kraft, the owner of the patriots and more. the president announcing the u.s. will temporarily suspend all funding for the world health organization, the w.h.o. over the handling of the pandemic good morning to tracie potts where do you even want to start? >> well let's start with the w.h.o., the president has been under fire for house he's handled the crisis now he's saying it is the world health organization that failed to warn the u.s. and other countries soon enough. millions on hold president trump claims the world health organization did not warn the world enough >> barely miss managing and

covering up the spread of the coronavirus. the w.h.o. failed in this basic duty and should be held accountable. >> cutting funding to the w.h.o. in the midst of the pandemic is nothing short of insanity. >> the u.s. provides nearly 15% of the budget. nearly $60 million and other special guidance this comes after draft guidance on reopening schools, child care, summer camp and restaurants by may 1 >> the day will be very close. certain states, as you know, are in much different condition and place than other states. >> the president pushing in a phased in approach for different dates backing off his claim of total authority. >> the best way i'm talking now

from a manager standpoint to let different governors handle different states and come to us if they need help. >> the states seem to have their acts together more than the administration >> and stimulus checks expected to hit bank accounts today >> it turns out those paper checks that roll out will have the president's name on the memo line they will have his name prominently on the front critics accusing president trump of trying to take credit for that money congress approved during an election year. >> thank you for that. the developments out of d.c. don't end with the president major news overnight for a package on one key industry group and its bailout.

rahel solomon with more. >> good morning. delta, american, jet blue, southwest and at least five others have reached a deal with the treasury department. this is according to the grant approved and according to the largest aid package ever requiring airlines not to furlough or cut employees through september 30 carnival ceo speaking out about the future of the industry despite the global pandemic, customers have already started to book trips for 2020 and 2021. >> in the future, it will be travel to return travel and leisure when it does, we'll return with it social gathering will return when when it does, people will want to cruise. we have a lot booking for 21 and

even some for 20 major league baseball says 27 teams will participate in a study for antibody testing with the university of southern california this is the largest test to date confirming the study will use rapid antibody tests reporting that 10,000 employees from those teams have volunteered to participate a big cross over between sports and health there. when we come back, jamie dimon shares his outlook for reopening the economy. >> and stock pickers as earning season rolls on and why shares of tesla are getting a big bump in the p-mkereart trade. more when cnbc returns after this

welcome back jamie dimon on his company's earnings call sharing the outlook for the eventual reopening of the american economy saying contrary to the president's hopes, it won't happen by may. >> caller: the turn on will be regional and companies following

standards for best health practices. in some way, you need to get that done. in some ways, the adverse economy has other bad impacts in terms of mental health, domestic abuse. we think it is a good thing to do it won't be may. we are talking june, july, august something like that. >> joining me now on the cnbc news line, art hogan, national securities chief market strategist i want to get your take on what jam jamie dimon said there he isn't expecting people really to go back to work until summer, june, july, august . >> caller: that is a good question we've gotten to a point where

we've adjusted our estimate. we look at the earnings reporting and we used to think the first quarter was going to be plus 10%. now we think it will be minus 6% the other end of this is that we are starting to see new cases peak what does that mean for the duration of this i think that is much closer to reality in terms of that it is not going to be close tore may but we'll find a safe way to get back into the work place and get over the course of the summer much like china got back, they went from being 20% to 85% where they stand today but that took three months >> you've been covering markets for quite some time now. no commentary on your age but put it in perspective here

how difficult has forecasting this quarter, how has this been now than any other time of your career this is probably going to be the craziest of the earnings we've seen in my career because of three things we have to ascertain how this was affected the second piece is when you give guidance, does anybody expect you to have a good handle of what the back half of the year looks like i expect that the s&p will literally pull their guns this year with earnings season coming up, i think with earnings coming up like wear are new cases peeking. how does germany and spain look and how are we reacting to that?

>> they always say investors hate uncertainty but they do climb walls of worry why is the market so constructive now given that there is so much uncertainty out there? >> they are focusing on the fact that at some point in time, this is going to come to an end where we are seeing a lot now in new york city. it is our hottest spot that is coming to an apex of new discovery as well. that will be the catalyst. this will focus on that more than the fact that we lost 15,000 jobs in three weeks the flip side of this is we don't know what the other side of this looks like until we get to the top of the mountain

still on deck, an unprecedented collaboration, what the ceo of one pharmaceutical giant is telling our own jim cramer about the future of the hopes of a vaccine. >> announcer: today's big number, 28.42% that's how much the nasdaq composite has gained since its 52-week low hit last month closed below the 200-day moving average for the first time since march 6. derek, seems like your team is operating just fine remotely.

yeah, everything is running smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

welcome back new york continuing to deal with the climbing death toll but a you in metric is bringing some good news as you are seeing live shots of times square right now. phillip mena is in the news room with the latest. >> good morning. this pandemic continues to ravage the nation. the number of americans has surpassed 608,000 with fatalities near 30,000 mark. in new york city, the death toll soared past 10,000 after the state included people who never tested positive but were presumed to have died from it. there is a glimmer of hope new york governor said the state's total hospitalizations fell yesterday for the first

time since the onset of the pandemic a sign that new york may be near the peak the new york attorney general is suing the trump administration over a rule that illegally limits paid leave the rule says they do not have to pay sick leave if there is no ruling for the employee saying the rule conflicts with the language and relief law passed in march. the labor department has not commented. >> straight ahead, top ranked industry analyst gerard cassidy on what has been a tough week for banks so far and what names he says to watch first, check out shares of tesla. rallying with a buy rating and

$864 target price. analysts say we are positive on tesla because we believe the company has significant product lead in electric vehicles which is a market we expect long-term growth we'll be back after this bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more.

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free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies, even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. stocks on retreat this morning as investors digest signals over the coronavirus

along with corporate earnings reports. president trump easing his war of words with several state governors a midst the push to get companies back to business u.s. airlines. stocks are surging after agreeing to a tsdser $25 billio bailout package. you are watching cnbc. welcome back live at cnbc global headquarters stock futures, very much in the red. we would open down on the dow by about 350 points, s&p lower by about 40 points and the nasdaq lower by about 100 points if these numbers hold

this does represent near the lows of the session for the futures. after a broad rally where the dow jumped nearly 560. s&p closing at a one-month high and nasdaq at a four-day winning streak we are watching oil prices after wti closed down more than 10%. the international energy agency out with a new forecast saying global oil demand will fall by a record 9.3 million they say that basically erases a decades worth of growth. crude prices 19.68 the last trade there. let's go worldwide matt taylor is in singapore and geoff cutmore is in london matt, we'll start with you

>> hi, dom we did see a broadly weaker session for the asian markets. the south korean market is closed for that election the pbo krarchd japan off by around half of 1%. we saw banking stocks dragging on the index because of the banking stocks fuji film is one to watch as well

down 1%. after manufacturing the anti-flu vac even increasing and expanding manufacturing and increasing production essentially >> before we let you go, can you take us back to the china interest rate picture. it seems as if that mlf is a medium term facility what does that mean for the prime lending rate in china? >> it is essentially foreshadowing a cut to the prime rate the mlf is that medium lending facility between financial institutions and the cut we saw of 20 basis points down to 2.95%

will inject about $14 billion. the cut we'll see will be the cut there as well. a lot suggesting that a 20 bay si point cut will translate to a 5 to 10% cut we'll have to wait until monday to find out about that >> the general term is easing there. let's turn to early trade in europe with geoff cutmore standing by in london with early action there good morning >> good morning, dom there is a little frustration here sources suggest the easing. they have extended the lockdown there in social distancing through may 3. france also ex tnding the

lockdown lifting restrictions on some areas all of that around 2%. we are waiting to see if there will be state aid for air france klm. saying that decision will be in coming days. one other story, gsk and sanofi, coming together and working on a covid-19 vaccine program let's wish them gods speed and hope they can deliver but as we leave you, we are in negative territory in most of these markets. back to you. to washington, d.c. where president trump is easing his rhetoric and faceoff with governors about how and when to reopen states for business at the same time detailing

advisory groups to assist in the reopening of the recovery. what can you tell us about what it will look like when the federal government works with states to try to reopen america for business >> good morning. one of the things it is going to look like is state houses and governors are largely in charge of this process. 24 hours later, president trump has backed off his assertion he has absolute authority to order the united states to reopen the economy saying he'll allow the governors to do what they were going to do anyway which is to make the decision on their own >> they know when it is time to open we don't want to put pressure on anybody. i'm not going to put any pressure on any governor to open i'm not going to say to governor cuomo you have to open in seven days i want him to take his time. i'm not putting any pressure on

the governors. some of them don't need pressure or not pressure. the they are ready to go and that's a good thing. we'll open it up in beautiful little pieces. >> the president laid out the creation of two new task forces here one to help the president work out how and when the country should best reopen the economy the president suggesting this should be done in stages and areas where conditions are better the second task force is a large group comprising 17 different sectors that will help the president with almost a dozen different people here. the president begins today with round robin phone calls. he's going to have three

different massive video conference calls today broken up by industry sector the president will be getting a lot of advise here on what to do >> there has been a ratcheting down of rhetoric and tensions between the administration and states' governors regarding opening back up. there has been a ramp up in rhetoric and action between the trump organization and world health organization. take us through that feud with the w.h.o. >> the president announced yesterday he will put a hold on the funding for the world health organization claiming they were slow to react and didn't investigate quickly enough saying he had reports and

information coming in on what was going on in china. nonetheless, the president placing the blame squarely on the world health organization for missing this and that eeld hold back the funding. congress controls the funding so he can only do this temporarily here but his point is toe blame someone else here. to the banks now, the banking sector braces for a recession. wells fargo cfo on just how bad things might get >> caller: there are some things that already happened. but elsewhere, foreshad heing what it might mean for credit we all do our best to capture them

in real time trying to hold on through the summer where things might get back up we and others. >> still early in the season we look ahead to more results today. joining me on the news line is rbc capital markets. perhaps no better time to have you on because you and your work have looked at bank stresses you are the father of the texas ratio. what is your early take on how stressed out the banking industry is and can get? >> thank you, dom for having me on we believe the early stress the

industry is experiencing will be referred to as an earnings problem and not a balance sheet problem. going back to 2009, they had book value we saw those numbers as described. due to the provisions for credit losses we think as we go forward, working under the assumption that we'll have the economic

growth facing earnings problem and not a capitol problem. if we are gloing to have recession through the early year to 2001. >> there has been a lot of focus now on the banks and their return plans as well with he know there have been banking authorities calling for them to suspend any kind of capital return to share holders. it is not the same kind of situation compared to the united states what can earnings expect whether dividends are safe or buy backs are suspended? >> i think what we'll see is that we've approached it much differently. in europe and uk they've

skpekded not only stock but buy back dividends the banks voluntarily suspended buy backs. when it comes to the dividends, our banks are capitalizing none of those are requiring you to cut the dividend. we don't expect those to come out with the top 20 banks or banking industry can we see a one on one situation where they have to cut revenue later this year not highly likely. until we think the dividends are safe the banks did not earn their dividends in the quarter getting through here on top of it, i think you'll see a slow down in the balance sheet

to the second part of this year. >> before we let you go, there has been a lot made on the effects of the coronavirus on small and medium-sized businesses talk about those banks that lend to those businesses. are they more at risk? >> it is a really good question here the a chillies heel here is the small business community that has been hit the hardest the community banks support that community really well. the good news at least temporarily is there is aid coming through the cares act there is over $300 billion directed to be forgivable loans. at this point in time, it looks like the smaller banks will navigate through this.

the real test will come toward the end of the year after the money is dispersed and companies can survive even after that. >> always great to get your thoughts coming up, as unemployment increases, why fidelity says it is ramping up its hiring cnbc is back after this.

>> welcome back. reporting the highest number of deaths with nearly 2,300 lives lost bringing the total death toll to more than 25,000 at this stage rahel solomon has more >> as a growing number of u.s. companies announce layoffs, fidelity it will accelerate hiring hiring about 200 licenses representatives, customer service and consultants. it is seeing an increased demand for financial guidance airbnb in talks for a $1 billion loan to combat a steep drop in business

fidelity and black rock among those. and the ceo of glaxosmithkline speak out about plans to work with sanofi and the hopes to produce a vaccine. >> they are going to contribute their antigen. we'll contribute the booster in the h 1 n 1, we needed four times less antigen so you could protect more people at scale faster >> that type of development typically takes 10 years a number of companies are trying to produce that in 12 to 18 months turning now to the airline industry and several u.s.

carriers reaching an agreement you request see the airlines are surging. what exactly does this bailout package mean what is the cost and what will airlines have to give up there is certainty now in the form that payroll is set for the next several months. >> what happens in the industry? it is a little less than what people were expecting. >> in terms of what the equity investor is looking at, that stock is move pg pre-market. 70% of that $25 billion will be direct cash they don't have to

repay. the other 30% in low-interest loonz. the terms stretches out over 10 years depending on how long it takes the airline or how long they want to take that pay back that money a couple to keep in mind southwest receiving $3.2 billion american is receiving $5.8 billion speaking of american you do not want to miss our exclusive interview at 11:00 this morning, we'll talk with doug parker, president and ceo of american airlines we are not only going to ask about the aid package and the $25 billion the airlines are receiving. we are also going to talk to them about the outlook for airlines that's the big question now. what happens as we move into a summer season where we still see

passenger levels where they are right now. don't miss this. coming up at 11:00 a.m >> that's a good point we already know there is little to no clarity to any business out there. what have you been hearing from the industry and source there's about what a potential rebound could look like? what could we expect to see it happen >> it is pushed out further than believed and a lot thought we thought a lot of these could happen in the fall that's not going to be happening. most will say you'll see revenue down 25 to 30% in the first quarter. you are looking at a rebound of pre-covid-19 levels maybe premiddle of next year in terms of what they are seeing with bookings, they are not seeing it when you look into

may, june, july. >> thank you for those thoughts on the friday overall. >> still on deck stock futures ahead of the opening bell seema shaw lays out the ras beings she still sees ahead. you can always watch or listen to us live on the cnbc app we are back right after this at leaf blowers.

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welcome back let's look at what is happening with futures now they are moving to the down side the dow will be implied lower than about 65 points we are, by the way, hovering near the lows of the session for stock futures. stocks are set to attempt to recover from the most recent lows the s&p set to rise higher

this is the 23rd move by 3% in either direction matching the total of all of 2009 during the great financial crisis joining me now sima shaw. can we be more certain in the base of stocks and not retest the lows >> i think we are in a better position than we were a few weeks ago. that's one of the reasons we can expect volatility to continue to come down. i think it is possible i think we do expect renews falls given the market is ahead of itself. at this stage, they did better than a few weeks ago we are looking at a much better

drop in equity markets >> what has been the big driver or drivers it has been sharp to the upside and happened quickly what is the main thing behind it and why is that still in tact going forward? >> we set out three criteria to meet that is a heavy stimulus fiscal policy stimulus, which we've also seen. we wanted investors to feel like the peak of the pandemic is behind them. we are still struggling to see among businesses, households feeling the benefit of those measures being introduced by the fed, same thing in the uk as well we are potentially moving towards an inflection point for

the peak that is driving markets forward. that brings some cautious. we may be near the peak. in terms of the lockdown, we are not going to see things lifting back up. this is going to be more gradual and you'll see household caution continue to raise very, very strong even after the lockdown has been lifted. >> throughout the past few years, we've spoken to you and others about the idea that one of the main pillars holding the global economy has been the strength of consumers. specifically in the united states you've now kicked that leg from under the stool. how long before consumers in the u.s. get back to spending at a level that can kick start the economy globally >> that is difficult to

pinpoint if we look at china where they've actively opened a lot of businesses but you are seeing retail sales not where they were you either have households worried about getting infected or concern $about finances at this stage i would suspect households would still feel cautious until job losses are behind them we are looking at quite a long period behind this long period here >> where would you stay away from >> my favorite part of the market would be technology ideally technology software. they have been really outperforming. the part of the market i feel concerned about is government bond space it has done some hedging but not

enough to be right back into government bonds >> thank you for joining us. cnbc's breaking market covage er is back after this stocks are slated to open sharply lower. all the good that we can do. to everyone working to keep america strong, thank you. the theater home to you,t to with xfinity movie premiere. there's a world full of other trolls. how different can they be? our brand-new service that lets you watch all the latest movie releases from the comfort of home. trolls world tour available now. i will protect you no matter what, pinky promise.

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after yesterday's 560-point gain for the dow crude dipping back below $20 a barrelafter the iea said the crisis will erase almost a decade of growth president trump says states will open by the end of the month. we'll talk to our of our advisors dr. scott gottlieb.

a saliva test being released today that will reduce the threat to health care workers. april 15, 2020 "squawk box" begins right now. good morning i'm becky quick along with joe kernen and andrew ross sorkin. yesterday, the nasdaq was up about 4% the dow close up by 2.4% we are seeing some give back this morning yesterday, the dow closed at the highest level since march 10, so did the s&p. the nasdaq had closed after a runup several days in a row. this morning, we see the dow down about 320, s&p down about 43, nasdaq down around 100 it is earnings season. we'll bring you thos