>> appreciate the update shannon, final trade >> verizon reports next friday. >> all right steve weiss? >> i'm pairing back. only thing i bought is moderna. >> josh, quick. >> jpmorgan. >> have a great weekend, everybody. best you can see on monday. kelly evans picks up the coverage now. thank you, scott hi, everybody. i'm kelly evans. stocks are rallying to end the week and off session highs right now the dow's up 455 nearly 2% gain interesting is nasdaq is the laggard, up by .70%. the second straight positive week and third time in four weeks that's been the case, actually still it is another rough session she said for oil trading

in the $18 range hitting the lowest level since 2001 today and might be technical reasons for that we'll get into that later on maybe the split not as bad as it looks. let's get to bob pisani with this and the earnings of today hi, bob. >> and the important thing here, kelly, better treatment hopes combined with a timeline for getting out of this for rallies in the last few days the important thing today is most sectors beaten up on the week having a biggest rally today. the russell 2000 lagging and now rallying homebuilders bad week, up today. industrials same thing bad week you saw what kelly said, energy up despite the fact that we have seen a drop in oil in terms of the dow leadership, boeing with hopes to restart production in washington, a leader on the dow jones industrial jpmorgan up nicely and a horrible week. amex and visa horrible week and

trading to the upside and exxon up here and the laggards were doing well up until thursday night. walmart, flat today. merck, united health, up on the week apple "football night in america"ly down, of course, we got some downgrade from goldman sachs. kelly? >> speaking of earnings, bob, this whole discussion of companies even issuing guidance and so many withdrawn it or declined to provide it altogether what do you think? does this moment that it goes away >> we have the confluence of two events a bunch of companies withdrawn guidance uber, abbott, conoco phillips, jack in the box, gopro there had been calls, again, from people coming into the -- on wall street saying, why don't we just kill earnings guidance altogether this is controversial for a number of of years but the basic

arguments are simple there's a focus on short-term thinking that increases the volatility of stocks it's linked to lower earnings growth an investors don't want quarterly earnings guidance but guidance once a year i would point out that only 1 in 5 companies provide earnings guidance at all and companies are still required to file quarterly reports with the s.e.c. and it is there the earnings commentary is still going to be there whether we eliminate the guidance or not an wall streeting bet, kelly, to step into the vacuum with no earnings guidance, annu analysts provide more information a ten little guy gets a little less access to what's going on. i'm not sure that this necessarily solves things but definitely come back as an issue. back to you. >> that's an interesting point to help, might hurt us, as well, at this point. bob, we appreciate it. thank you. >> okay. stocks are pulling back from the session highs as investors

rethink the strength of the economic recovery we might see charlie munger today saying the downturn willcause them to shutter some businesses and a few smaller ones won't reopen when this is over, those remarks to "the wall street journal. joining me is nancy tangler and bob pavlic it's great to see you both nancy, what do you think about how this recovery might shape up >> yeah. that's the million-dollar question, kelly. we had said at the end of march, 18th, 19th, 20th saying we think we found a bottom not to say stocks couldn't go longer but now the rally has been so violent to the upside so quickly just like the downturn was that may be the offset, may be the right thing but i think as we move forward it's still difficult to tell whether or not this is going to be a v-shaped recovery or a u-shape or a swoosh whatever you want to call it so last night when you saw the president make the announcement

about unrolling the phase one, phase two, phase three get back to work programs, the futures up over 900 points and settled back down so i think there's a lot of noise in the short term, the computer program traders, the movements in an out of etfs, it is difficult to say that the market's forecasting a strong recovery because some of the moves don't make sense. >> is the rebound telling us that the recovery will be better than we think or the stock market fooled and we have other signals from the bond market and elsewhere that paint a more sober picture? some think that the borrowing to get through the crisis causing a hangover saying that the massive growth in debt and transformation of balance sheets will change the focus of comparison of buybacks and this makes far less intense bull

market than the last three. >> i think if you start to think out how this is going to impact towns an cities and governments around the world, because we have to be paying for the various programs for a very long time, so social programs will be impacted, after school programs impacted food stamps even you know this is not going to be something that goes away any time soon. but what the market is telling you is that it's looking out a year from now. in a year from now economic conditions are going to be better than they are right at this moment and i think that's what you have to focus on as a long-term investor the market gives you opportunities. you have to be opportunistic an step in at -- into the companys that are quality companies, solid balance sheets market leaders who have real defense positions around their products and i think as a long-term investor that's what you want to focus on you don't want to necessarily try to shoot for the moon with

the covid-19 type of plays but look for quality companies and i think that's how you populate the portfolio going forward. >> nancy, who comes up in your kind of like investment list right now? >> well, we still like technology i feel like a little bit like a broken record, kelly, but i think coming out of this in addition you will be in a good position with the many tech names we own and we have been adding to microsoft and some of the names i have mentioned before palo alto networks salesforce we are looking at workday to see if we want to add that to the portfolio and then bar belling that with a group we were already invested in and overweight in which is health care and added to those names. i thought the johnson & johnson dividend increase was very optimistic and good for stocks so we're continuing to add there. and then, also, in the consumer discretionary space because i agree with bob eventually we'll get there

i think this rally moved too quickly and wouldn't be chasing it but waiting for the stocks to come back to you as a buyer. chipotle we bought on march 20th i think it was at 555 and now at 800. >> wow. >> i can't justify that in my head it is a 50% move. >> right bob, you also are going company by company looking at qualcomm, eli lilly. we have heard the case made for those stocks but let me leave it on the question of being a stock picker in this environment with debt overhang, and so forth, you know, maybe you can buy the whole s&p but certainly trying to buy sectors, this seems like an awfully hard time to do so. >> it is difficult to even buy index etfs or mutual funds because you're taking the bad with the good. you want to focus on companies who are going to have demand for their products as we come out of all this a year from now, not all

companies will have the same kind of demand for either the products or services and so i think that's what you focus on, that's where you are going to be able to find companies so it's more bottom up rather than top down right now. >> yeah, yeah. makes sen to me. bob, nancy, thank you both good to see you. >> thank you. let's look at shares of gilead up about a percent. little off the highs on reports that the experimental drug remdesivir seeing success. meg, this is the story of the day. >> it sure is, kelly we have to take it with a grain of salt because it is not actual:call trial results but a peek from one hospital involved of gilead's drug remdesivir and reported by statin news last night with a video communication from the university of chicago which is running this trial essentially saying they saw rapid recoveries in fever and respiratory systems in the patients in the study.

they said only two patients included in the 125 they were including in the trial passed away now, we are going to have to wait for the real clinical trial results to come out to read conclusions. there's an nih placebo-controlled trial in late may and will be the gold standard and there's controversy over how to interpret the news on wall street, from citi they're calling it a ray of hope jpmorgan calling it directionally positive leerink says it's anecdotal and baird saying the exuberance is out of control gilead issuing a statement saying, quote, the totality of the data need to be ablized to draw any conclusions from the trial. anecdotal reports do not provide the pow ernesto determine the safety and efficacy profile of remdesivir there's a lot of hope that this is going to be an effective drug an we need to wait for the clinical trial results to really know

back over to you. >> that's a good point grain of salt. thank you. our next guest reiterated the buy rating on gilead and noted we could see a pullback in the stock after today's bump michael ye is covering the sector for jeffries. great do see you so skepticism or just valuation concerns >> no. i think what meg was alluding to is right i think in the bio tech community there seems to be a bit of overxub rans and enthusiasm for this but at the end of the day this is a piece of the data set. in the bio tech world, while there's enthusiasm, we understand there's not a huge financial benefit for gilead and so that also probably tamed some of the excitement. i think the stock probably pulls back a little bit because there's probably overdone and maybe expectations are a little hite. >> you're saying even in the best-case scenario for the drug you don't think gilead makes a lot of money from it >> i think that the key part of

remdesivir is while this is going to be fantastic if we can get a drug to patients, to the world, i think that's obviously fantastic. i think that gilead has been pretty clear that they don't plan to make billions and billions of dollars off this it is more really from a stock picking perspective what i have been talking about before, both gilead an the pharmaceutical industry could benefit both from a reminder of the innovation and the importance of what we are doing and also that, of course, drug pricing legislation probably isn't coming any time soon. >> it's interesting. i mean, this time the outrage if they charged anything too much for this drug would just be unimaginable and same time we rely on the companies for these kinds of innovations, the drug pricing legislation like you said is probably done and a positive for the sector. would there be any other companies, the others trying to come up with the vaccines that you think are in a better position either valuation-wise or in terms of the science for people who want to bet on a

possible -- bet on coronavirus basically? >> while i think that the data coming out of remdesivir is positive and i think over the rest of the year, you know, reiterating the buy on gilead, that stock is moving up and focusing on regeneron. it's been a great stock and they also have a coronavirus covid-19 treatment that will begin later this year. we are quite optimistic about that science so that data will be reading out that's a much improved story moderna, probably the first initial data set on the vaccine positively this year all of this leads us to be more optimistic about the bio pharma space the rest of the year. >> what would you tell the public to realistically expect a treatment and when we should realistically expect a vaccine the reopening plans hinge a lot on this. >> yeah.

you know, number one on the treatment landscape, you know, we do think that remdesivir pending this data coming up is going to be positive enough that it will get out there, there will be expanded use and unfortunately it is a hospital-based infusion and relegated to that part of the market we do think that going forward sort of a vaccine is probably going to be either moderna or j&j but for the public use of that, it's very clear i think that this is going to be at least 2021 if not 2022 to even have a potential to be broadly used in the public and i think dr. fauci and i think others understand that so we would warn people not to be over excited about that but markets want to be optimistic these days. >> especially if the vaccine isn't broadly used until 2022. that's sobering news we are hoping the testing is more an more widespread and not

a focus area but what's the sense for how quickly to ramp up for a million of these tests every week >> there's two parts the testing of the virus which i know that they're putting pressure on the administration to get out there because we shouldn't have people out there unless they're easily tested and know that they have the virus or could be infectious. that's part one and ramping up significantly. listening to dr. fauci yesterday over the next month or two or three. certainly by the fall that should be republicanty and then the second part which i think is longer term and extremely important is antibody testing to test those infected previously that's starting to get out there. i think a million tests a week or whatever you suggested takes sometime and a second wave and important an leads us back to the pending test, the pending therapeutics, all of this is good news and we're going to work our way out of this over the rest of the year. >> i hope so

michael, thank you so much good to see you. >> thank you. >> appreciate your insights. join cnbc far virtual event with health care leaders it's happening on may 12th and guests include executives of moderna, merck and regeneron to name a few get more details and register online. the presidenten veiling the government's guide lines for opening the states and saying the states have to step up testing. we'll speech with representative josh gottheimer about that we'll break down in what states testing is happening there are lots of this engs to ask alexa and now includes do i haveoravus conir we'll have the full details ahead.

welcome back. the price of oil dropping 8% right now and hovering just above $18 a barrel u.s. drillers cut 66 oil rigs this week, the biggest weekly decline since february of 2015 we'll continue to follow that throughout this hour and next. president trump meantime unveiling new federal guidelines for reopening and will be up to the state governors to make that call adding in a tweet today that the states have to step up the testing. for the latest, bring in kayla tausche. >> the white house's guidelines yesterday said if a state sees for 14 straight days improving

data on cases, hospitalizations then it should be able to begin a phased eopening of the economy and saying states like wyoming might be willing to do that but a more specific time line left out. senior administration officials say because the doctors did not want to be so prescriptive that states felt like they had to meet a deadline. president trump treating minnesota, michigan and virginia should be liberated but the latter two among those according to the heat map are still hot spots and then there's new york which is tapped mckinsey to build a reopening plan where governor cuomo says it will be based on science and testing >> as we're working our way over the next several months, the testing which is informing us as to who can go back to work, helping us isolate people, it's about testing. and testing is a totally new

challenge. nobody has done this >> reporter: previous draft from washington suggested that broad, widespread testing would be available mid-may but the final draft that we saw yesterday, kelly, again, put the onus on the states to procure the testing that they need for residents an employees to feel safe kelly? >> kayla, we are also getting some news of a break through in funding both for the small business lending program and for hospitals right now. are you hearing anything about that >> reporter: well, we have learned that the top house republican kevin mccarthy would support adding new funding for hospitals to an expansion of the paycheck protection program. democrats had been pushing for a whole host of different funds to be added to the expansion from hospital funding to state and local funding an hospital funding was seen as a sweet spot for compromise and just today leader mccarthy saying that he would support that which certainly would seem to break that stalemate and hopefully move forward in the next few

days kelly? >> curious about that timing so if it's friday now and even with this breakthrough, how quickly do you think we could get that funding reapproved? >> reporter: yesterday house speaker nancy pelosi said that she expected something to be done by the end of the month of course, both chambers are limited in what they can do without being able to hold full-scale sessions. we'll see whether there is unanimous support for a $250 billion small business expansion plus a hospital expansion. tbd and thinking the 150 billion to $200 billion range. if there's not unanimous support we'll see the format to take up that time of proposal to get it passed. >> maybe will take sometime still. really appreciate it the president delegating that reopening call to the states while pressing them to do more testing, how much more can they do on their own right now joining me is representative josh gottheimer of new jersey.

welcome back >> thank you. >> i guess let's just begin with new jersey which is one of the hardest hit states you know why isn't there more testing and how quickly -- is may 15th potentially the date to reopening? >> it is frustrating and especially, you know, our caseload is significant as you know and more than 4,000 new cases yesterday. in my district alone, we have more than 17,000 cases and more than 700 people lost their lives. it's devastating here and testing is essential we have made this point over and over trying to ramp that up you are seeing problems nationwide on this and it's very difficult and as focused as i am on reopening the state and reopening the country, for us, it is really challenging without those tests in place. >> i understand the decision to mack it a governor's call of whether to reopen the economies because they're all so different but coming to testing is that

going to pit states against each other for supplies >> we have to make sure that doesn't happen i think that's a federal charge, the testing. why so many of us have been pushing hard on it, working with so many businesses and like science companies. right in my backyard working on testi testing and so many are. we are best working together on that front and i push for that each state is different and we need to reopen the country an we have to have a very clear plan i've been working on a bipartisan plan with my colleagues on getting back to business and what that checklist looks like at the top is testing. >> right, right. but again, you know, i hear you saying there's coordination but it sounds like there's still -- the president is pushing the states themselves to kind of come up with this supply let me ask you about whether people want to -- go ahead. >> i think that's a tough thing to put on the states i think that has to be coordinated. one thing to make decisions about looking at our caseloads

and taking -- making sure the people are taken care of in nursing homes and hospitals. that's one piece and the states have to make those decisions for the businesses and another thing to make sure we coordinate in the supply chain right? the protective gear. our face masks and the tests that's got to be a coordinated national effort, not pitting each other -- one against each other like we did in the beginning with the face masks. right? >> exactly. >> every state fighting for the supply doesn't make any sense. >> yeah, no. i take your point. do people want to get back out there to work in push, to restaurants again or are they scared in a region as hard hit as yours >> i think everyone wants to get back to school and back to work. and people want to get back to their lives. we all do but i think people are anxious especially given and rightfully so given the daily

caseload we know so many people senior citizen or lost their lives so it's a very hard thing and people want to be careful, want to know what to do, what steps to take and that the tests are there and they have the protective gear there so, yes, we all want to get back to the lives but no one wants to put anyone's life in danger and i think that's kind of a tough balance to face here. >> i was shocked to read in the local paper that they're seriously considering whether kids finish the spring sports season by starting in late may or having a condensed thing. i know it would avoid a huge headache if they say you keep the eligibility and come back next year and would be an own problem but you think -- are kids going back to school this school year? is there going to be prom? >> i'm hoping an i'm not willing to say we're not coming back i think if you ask me today, we'll get there. i'm optimistic because, a, we've got to make sure that all the

kids have a chance to go to prom and the activities b, the kids want to play sports and really important but i think we are not going to do it and put anyone at risk so i think i'm not ready to say we should give it up for the school year yesterday probably announced in new jersey we announced through the governor it's going to be may 15th at the earliest so i'm -- that's my date to shoot for and right now i spent the morning doing long division with my kid. >> would you seasoned him back into school? >> today no >> ever? this year? >> may 15th? maybe. i mean, i think you really have to look at the things in two-week periods of time and that's how i'm looking at them we don't know -- what we knew two weeks ago is different than today and seeing the effect in different parts of the country, seeing the curve flatten in new jersey people are doing a phenomenal job by staying at home and social distancing, seeing that curve flatten out.

two weeks from now it could look very different and may feel more comfortable but you need precautions like kids with ppe and the teachers masks on to protect themselves if we can clean well and s sanitize well and socially distance the schools are working on that right now and the governor and meantime, you know, i still had a call this morning from mayor about another nursing home with 30-plus people - >> awful. >> i mean, just awful. >> horrific. yep. >> really is i'm sure you've read about it. horrific. >> it is a good reminder of what the priorities are as a society an taking care of everybody. governor -- representative, it's good to see you. congressman, thanks so much. again talking about the possible reopening plan. coming up, congress is deadlocked over funning for testing. in the next aid bill how much is needed

what is holding it up? what are the odds of that deal coming through plus the ppp, the lenning program for small businesses has run dry. what is next we'll speak to the head of the nfib for the survival of america's small businesses you can watch or listen to us live on the go on the cnbc app "the exchange" is back in two minutes. ever since we've gone mobile on the now platform,

something's gotten into the office. i hear you. feels like there's no barriers between departments now. do you think everyone appreciates it? i do. huh... forgot my glasses. serivcenow. the smarter way to workflow.

welcome back to "the exchange." let's get the very latest in the coronavirus pandemic over to rahel solomon for the headlines that the hour. >> good afternoon, everyone. new studies link severe cases of covid-19 to obesity. especially among younger patients obesity which is often associated with other preexisting conditions is now believed to be the most significant risk factor besides age. isolation gowns are the top shortage among health care professionals treating coronavirus patients a ramp-up in mask and ventilator production is limiting the necessary materials needed to produce the gowns.

and frankfurt, kentucky, protesters took to the streets and cars outside the capitol building to call for a reopening of that state's economy. and major league soccer extending the suspension of the season to june 8th with plans for championship games in december as always, for more coronavirus coverage head to cnbc.com. back to you. >> rahel, thank you very much. testing will be a crucial component to reopening the chi but access means very uneven ylan muoy has the latest. >> reporter: right, kelly. the debate over reopening the economy is a fight of who's responsible for that testing democrats pleading with the white house not to end the shutdown until there is widespread testing in place. house speaker nancy pelosi issued this statement on the president's fazed strategy saying that testing is key to opening the country to resume our lives. the white house's vague and inconsistent document does nothing for the president's failure to listen to the

scientists and produce national rapid testing. now today white house economic adviser larry kudlow pushed back, defended the president's outline and said that when he talks to businesses he hears that testing is also about psychology >> they saw it as a way to achieve confidence among folks who would go back to work or go shopping and, you know and i really understand that >> now, congress has already allocated $38.4 billion for testing, treatment and vaccines. democrats say another $30 billion is needed in order to implement a comprehensive national strategy. >> we talked about how some sort of coordination is probably needed to avoid pitting states against each other ylan, thanks. coming up, the doctor will see you now. the coronavirus crisis made tele health more important and more widely used than ever.

we'll speak to a ceo about the trends they're seeing and morgan stanley with a dire new call on how bad unemployment will be next month their chief economist joins us ahead. stay with "the exchange. achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement.

welcome back check in on the markets which were up substantially at the highs. dow up 450 a 1.9% gain. s&p, nasdaq higher the nasdaq the laggard andal of these gains come despite the falling price of oil which is just over $18 a barrel. even the energy sector is higher today but oil might be exaggerating the decline the small business loan program has officially run out of money

a new bill with funding for the program is at a stand still on capitol hill but just in the last half hour house minority leader mccarthy announced that he backs adding hospital funding to the new package, that's a major sticking point in the stalemate. here with more is brad close, president of the nfib. i imagine you want any deal with more funning as soon as possible. >> hello, kelly. yeah at this point, the fund has run dry. small businesses have no options out there so it is paramount that congress get this done immediately, replenish the funds because there's nowhere else for small businesses to go. >> you issued a 10-point legislative plan that you say is essential for the small businesses 400 billion more and earmarked for companies with less than 20 employees, eng lengthen the window for forgiveness other stuff, as well try to let people hire in good faith and competing with more

generous unemployment benefits and learning of what the small businesses need right now. >> we have talked to 20,000 to 30,000 business owners over 3 to 4 weeks and we are finding with the loan program is that many of the smallest businesses, those under 20, are having a difficult time getting their paperwork processed, getting the loan process started and imperative for congress to appropriate another $400 billion for the program, but that they reserve 200 for the smallest business out there to make sure that they have the opportunity to apply and get help. >> you know, there was a lot of press about how some of the small businesses applying for aid are financial companies, maybe some kinds of professional services frms that weren't as hard hit or immediate need necessarily as a main street small businesses come to think about that might be an asterisk if there's plenty more funding available but if not i imagine

there's blowback of who got the money and who didn't, right? >> i think so f. you talk to small business owners they're concerned that large businesses are getting a lot of this loan program. we want everybody to get help but really the smallest businesses are the ones that need it right now. they don't have great banking relationships with large banks. the relationships are going to be better with community banks that's who they're going through and taking a little while but they need that assurance that even though they may only have two, five, ten employees, that they're going to get an equal chanls at gelling help as the big guys. >> i wonder if $400 billion would be enough to fill the need if we have less than 2 million loans already out of 30 million small businesses in the country, that would suggest a number in the multitrillions if all of them got equivalent help. >> yeah. it is a great point. the reason we are asking for 400 is because we thought the original request of another 250 would be out in 2 weeks. i think congress will have to take a look at this after they refund the program

certainly the fed's main street program could stand to be tweaked to help more smaller businesses that would be another option that right now isn't really available to a lot of small businesses so there are other things that can be done but that 400 billion is not going to last forever. >> why -- am i reading this correctly that you want the loan rate increased from 1% >> well, we're concerned that a 1% loan rate right now will encourage some businesses who have easy credit access to the credit right now it is an inexpensive loan and want to make sure that businesss that are taking that loan out really need it, that aren't just putting it away for a rainy day. not true across did board but we have heard that from some of the smallest businesses right now that they're not getting it because the funds are used up. if we think the rate is higher that would be okay and that would ensure that all businesses no matter the size get an equal shot at the funds. >> that is a fascinating and counter intuitive point. thank you for joining me. >> thank you for having me. >> brad close, president of the

national fed relation of independent business. coming up, more and more people turning to technology for information and health treatment these days we will have a closer look at the health questions alexa is getting and the privacy concerns with it. then they're the nation east largest telehealth platform and a demand for virtual visits skyrocketing the ceo of a company joins us. "the exchange" continues after this

welcome back let's get to today's top calls and beginning with apple which was downgraded to sell by goldman. the firm cut the earnings estimates for the third time since february saying they see a deeper reduction in unit demand through 2020 and a shallower recovery into 2021 goldman, this is interesting, now expects services growth to slow for apple and next year in 2021 and that services as a percentage of revenue to stagnate, the price target goes

to 233 down 2% today. next tjmaxx parent upgraded to a buy. the firm thinks tjx will capture market share in a post-covid-19 world as department stores lose share and said that consumers going to value the stock is up more than 6% today. and finally, barclays downgrading u.p.s. to underweight saying that the company will be negatively impacted and analyst say they expect margin head winds due to less cost efficiency u.p.s. down 1.5%. and more and more people are turning to big tech for information and resources on coronavirus. and amazon is one of those places deirdre bosa with a look at the company's expanding footprint to health care and the privacy concerns surrounding it. deirdre? >> kelly, testing was a crucial

part of jeff bezos' letter to shareholders this week with details for the plans for the coronavirus testing site and said that they would be testing all front line employees, quote, soon now, about a month ago alphabet subsidiary started to facilitate testing in california. that has now expanded to four states adding new york, new jersey and pennsylvania. now, this is what you referred to you can even ask amazon's virtual assistant alexa what to do if you think you have covid-19 she'll follow up with a series of questions and then provide cdc guidance based on risk factors and symptoms when it comes to privacy which is always such an important piece of this, users may be willing to give up more of the personal information now in the time of global pandemic when they need quick access to information. google and amazon and others say that they have privacy protections in place and experts warn that the true cost of this is not yet known and may not be

known for sometime to come back to you. >> for sure. thanks. the online medical care service zocdoc with video visits that's helped to become one of the largest and fastest growing telehealth platforms in the country. for more i'm joined by dr. oliver karoz oliver, welcome. i want to ask you about a story cnbc pointed out which is a lot of platforms waiving the fees right now. is that a headwind for you even as the demand explodes >> i think -- well, first of all, thank you for having me good to be here. i think there is a number of problems and the actual platform with which providers see patients is one of them. the other bit is actually

finding that capacity. if you're a patient, it is great to know that there are doctors out there offering telemedicine and which doctor specifically are these? where are -- how do you get in touch with them? zocdoc focusing on the latter point. if someone needs to understand a doctor that took their insurance, that has telemedicine capacity they can come to zocdoc.com the doctor themselves use a whole range of telemedicine solutions and technical platforms. >> and, you know, there's a lot of interesting growth here you guys said now 35% of the bookings for video bookings and that number zero a month ago and 6,000 providers with video visits out of nowhere sort to speak. so while there's clearly demand for this, how much of our sort of visits will permanently change to this kind of telehealth and, you know, how many won't? still have to go to the dentist

office, unfortunately. but what do you think in terms of the rules around this or the way we do medicine could some of this permanently change? >> yeah. i think that's a great question and what we have seen is that while patients and providers have been reluctant to embrace telemedicine but now forced into the experience they actually love it. i talked to multiple patients myself who said i didn't think that telemedicine could solve my problem but it was a great experience and doctors see the same they feel that they can connect more with patients in some instances where they'ren vitded in some ways into the patient's home and understand more of the environment that the patients work in. i agree with you some specialties like orthopedics is harder to see how that will be delivered by telemedicine but mental health, one of the major demand areas for us right now alongside with

primary care i think has a fantastic experience when it comes to telehealth so i think it's going to be, you know, specialty specific as this sort of multiplies and today i can tell you even dentists are offering teledentistry to understand if there's pain medication or needs to come in and be treated in an emergency fashion. >> finally, you mentioned that you are seeing a big demand in the areas including mental health what can you tell us about where demand is coming from as coronavirus continues? >> so the demand is broad based. we have over 60 specialties, we have seen over 800 different reasons why a patient wants to see a doctor right now and i think what's important to understand is that on a regular day pre-covid in america 3 million patients would see a doctor in person

now that's less happening today and all that demand for care crucial to fulfill so patients don't go to the emergency room and potentially get infected the demand is channelled to telemedicine an the doctors are rising to this free for me to u? i know you have shifted your business model but for is it free for the users >> absolutely free for the patient. you can download the app and you put in your insurance information a and we'll show you providers in your area through telemedicine or what might be the right avenue for you now >> all right thank you so much for your time today. >> thanks for having me. up ahead, morgan stanley is out with a bold call for the unemployment picture for may here is a look at the s&p sector heat map all 11 sectors are in the green today led by energy. also financials and industrials.

all the sectors higher we're back in two.

welcome back governor of texas greg abbott saying schools in the state will remain closed for the academic year that makes texas the 28th state to order a recommended school close. after we spoke with new jersey congressman who was holding out state that state might return to school nearly 22 million people filing unemployment benefits in the past month that will put the unemployment

rate up to more than 16% in may. that's the highst level since the great depression one small piece of good news is that walmart announced they will hire another 50,000 people on top of the 150,000 people they hired last month, or said they would. joining me now on this jobs picture is chief u.s. economist at morgan stanley. there's no positive way to talk about the unemployment picture other than hope this may prove very fleeting. do you think there's any chance this will prove true how quickly should we expect it to drop back down? >> yeah, it is going to spike. it come down more quickly if past recessions especially if you compare it to the great financial crisis that's because of the support that we have gotten from the

fed. and from congress and treasury it's nothing like we have ever seen before. to the extent that some of these lending programs are successful, and you help keep enough businesses on ice so they can especially up more quickly on the back of this even if it's at limited capacity the better chance you have for bringing workers back into the labor force or back into having a job. the roughly 22 million, which is it is going to climb from here but the 22 million we have seen in jobless claims thus far, we think we can get 10 to 12 million back into jobs by the end of the year. >> it would be better if it was by the end of the summer i know that's unrealistic. there's a lot of differences in how unemployment is claimed and the tally is reported. i wonder how much we can trust the figures that are going to be all over the place the survey responses were pretty weak it lended more to an estimate error that we see. how do we know what the true

picture is job wise where we know some states haven't processed theirs and some people haven't gotten their money yet >> it's a really astute point that not that many people are talking about these measurement issues it's not just the jobs data. think about the inflation data when states are just inundated with claims, how can you get a proper read? when you need a lot of information from businesses that are not simply open, how can you get that what it means is it adds to that degree of uncertainty around forecast and it means that down the line, when we start to get benchmarker visions to the data, the revisions will be much larger than they are

i don't think that would surprise anyone. >> what's your letter for the shape of this rekcovery as we know it right now? >> economists are literal. it drives my husband crazy when you mark it down on paper, it looks like a v but it's got to be the weakest v i've ever seen restaurants are going to be at limited capacity for some time if there's one important point i can convey today is we are

moving through the worst of it now and households are seeing a light at the end of a tunnel before there's an upturn in activity, we have to see the worse of the decline first and that's what we're seeing now >> that will be true for gdp as well we appreciate it hope to check back in with you soon >> thanks. stay tuned tyler joins the action next hour paul krugman says the cares act was a down payment for what needs to be an even bigger stimulus package stay with us since 1926, nationwide has been on your side.

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