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welcome everybody. our breaking news coverage of the market continues now welcome once again to my kitchen. big rally to end the week on wall street. the dow up about 400 points right now on reports that coronavirus patients are responding positively to a gilead drug. it's tale of two dow stocks today. boeing surging as it gets ready to resume airplane production in washington state apple is sinking as goldman sachs says the stock could fall as much as 20% on lesser iphone sales. crude getting crushed. just how low can oil go? what happened with all those production cuts. kelly. welcome. over to you. >> thanks so much. we have full team coverage

>> we have a rally, kelly. it's getting harder to push it forward. we're now pushing up against the 50-day moving average for the s&p 500. sectors that are most beaten up this week are doing well we highlighted this all day. finally small caps out performing banks out performing home builders, industrials oil down as much today even the energy stock is rallying happy to see banks come off of the bottom since monday they have been selling off four days in a row some of the big names like key for third all trading to the upside the lagguarards flat to down about 2%.

where are we right now i want to highlight the fact that we have had a tremendous move off of the bottom about 53% of the losses we have recovered. we have been looking at 2021 earnings right now it's 18 times four earnings. those are pricey number pps a lot of people are arguing. it's good news we hadon't have a time line for reopening but the market has moved very fast in a short period of time i think you'll se a le a lot ofs back back to you. >> thank you very much let's get to rick on the stats -- state of the bond market yields where are they >> it's almost as if on cue we have gone from 60 basis points to 62. it doesn't sound like much but now we're only one basis point away and we're down about 10 basis points on the week we did dip below 60 basis points down to 58 briefly that would have been the lowest

intraday trade since early april. the deterioration, at one point we were over 1%. we're flattening out, hoverering on the bottom. we flatten nine basis points because twos are much more well behaved. short maturity glued on the wall we settled last year at 192. we're down 130 basis points from there and with stocks up and they better notion of maybe we can get our arms around the coronavirus, it seems as though the buying and treasuries is just two solid to get any up draft in yields. kelly, back to you

>> this is a peak into a clinical trial of gilead's drug. it's not the official trials themselves there's some controversial around how to interpret what we're seeing they have enrolled 125 people into the trial and observed rapid recovery and fever and respiratory symptoms they said only two of those patients in the trial passed away reports while encouraging do not provide the statistical powers

in necessary to determine the safety of remdesivir when will we see the clinical trial results? the first will come in at the end of this month. next month, we're going to see the nih trial. that was a double mind, placebo study, the gold standard that regulators look for to approve a drug that will be the key to watch, guys >> meg, let me ask you a follow up question. this is a drug that's already out there and approved for other uses, as i understand it couldn't doctors prescribe it even without that approval on an off label basis? >> gilead's drug has not been approved yet testifi

it was tested for ebola. it's still an experimental drug. the one drug on the market that's being used off market is hydroxychloroquine in order for any doctor to prescribe it, it would have to be approved. >> thanks very much. larry adams is chief investment officer and ron is a senior add vierz. you're a very senior fellow ron. >> let's talk about this possible use of remdesivir if it turns out that it clears

these hurdles, you would have to think that the market not just sustain its recent rally but add to it. >> i think we both agreed. i think anything that appears to be bullet proof is going to change the entire arc, not only how we deal with the virus but the conversation around the economy. if this worked and took a serious illness off the table, most people would fall into socsome of the behavioral patterns we saw before this occurred we're still waiting.

>> as you point out it's been the strongest s&p since 1938 can you believe it >> when we were down i think it was over reacting to the down side we put out this road map of four things that could help get the markets back up to closer to 3,000. you see in two of them come in much bigger than what people even thought they could. that is in the form of monetary stimulus i think the fed has been an unbelievable leader doing much more than what people expected when you think about the stimulus coming from washington, at one point they were talking about a trillion tlars dollars n stimulus and now we're up to 2.2 trillion if we do get some form of a they

are putherapeutic that will intensify the discussions of us reopening this economy i think we continue to move higher >> the therapeutic is one thing. the economy is quite another and the numbers that have come out this week and presumely are going to continue in a trickle and a torrent over the coming weeks are likely to be numbers that we have never seen before how much wind are those numbers likely to take -- how much wibds is it likely to take out of the sails of this market >> i think to the extent that any numbers come in worse than the worst possible estimate that we have seen thus far.

earn ngs the second quarter which we have yet to estimate. if they were to weaken you would have more head winds for the financial market we know where we are roughly we don't know if we will exceed our worst expectations and we don't know the pace of which we'll recover quite yet. there's a bilogic problem that comes before the economic problems the extent that gets solved at any period, at any point along the way determines a lot of the economic and market behavior the one thing i would say and i'm keeping a close eye on is the price of oil if there's an economic canary in the coal mine, a normalization is not an need term consideration. >> larry, let's say you've been pruning your portfolio, perhaps taking some losses on positions that you had and now you want to

redeploy some of that capital. what is the prudent place to put money. do you chase the winners, the netflixs, the amazons or do you look somewhere else? >> i think we're in market right now where selectivity the critical not only by sector but intrasector. if i look at the broad base sectors, the areas i continue to like are technology. i see the catalyst in front of us i think that will continue to be with 5g. with all of us working at home we have seen what we need. we need more power, speed, more storage and applications i think that's a broad catalyst for the entire sector. that's one area that has the most cash on their balance sheets i think that could buck the trend and you could see some dividend increases, buy backs and merger and acqisition

activity you not only get the traditional tech companies but you get some e commerce and the payment processors i do like tech then the other area i like is health care. i think one thing we got to keep in mind when we look at this economy is that the u.s. economy is not necessarily the u.s. equity market. while we may focus on some things like restaurants and some of these other smaller parts and department stores, they represent like 1% of the s&p 500. if i focus on health care which is a very big part, that's actually reaping the benefits of what's going on because i don't think we'll ever see a situation where we'll be undersupplied when it comes to medical devices and supplies i do like health care going forward. i think the viz blsibility for r earnings is strong as well >> let's hope you're right on that last point that we learn our lesson with respects to preparedness larry, we appreciate your time stay safe, stay well the senior commentator, ron

insana kelly. koling ingcoming up, we're today's market rallies the rally in energy is despite oil sinking. it hit the lowest level in nearly 20 years as it falls well below $20. it broke below 18. you can see the chart. a 10% drop there's a lot more to this story. stay tuned we'll dig into it right after this plap

. welcome back despite the market rally oil is in a free fall with kruds hcrud hitting its lowest level in years. john, we'll start with you i'm hearing this has to do with the rollover of monday expiration of the may contract rolling into june. if you look at the june contract, things don't look so bad. is it technical or is there something more fundamental going

on here? >> well, the bad thing that it is reflecting, kelly, is that the cash markets are flooded right now with crude oil it's backing up in the system. refiners are dialing back. that contract you referenced expires on tuesday some of those barrels will go to delivery there are some people who will take tlidelivery or try to make delivery into that contract to an already overly supplied system on top of what we have going on right now, there are concerns about storage tanks in the u.s. for crude oil filling the up probably in next eight weeks or so the real punch in the gut from our good friends the saudis, they're sending 20 super tankers our way on everything else the cash markets are a mess. there's some hopefulness about the drop in the rig count and other measures that are being taken. that's why you're seeing the following month much higher. >> there's a huge spread between wti and brent by about $10

maybe some of this will normalize next week. >> energy is leading the way today in terms of the stock market why do you think that is >> i mean this is an incredibly important event that's happening in oil markets that is a direct result of the coronavirus and how everything is unfolding on the demand side. we're heading into what looks like a recession oil demand is incredibly weak with further downside risks. supply is starting to respond. not only are we seeing rigs down, several operators are announcing major cuts for spending plans for the year. fracking activity is down. something like 40% in the last month. we had this all important opec plus deal. they agreed to 9.7 million barrel day cuts. all this is happening. it's just that it's not enough even with the opec deal taking off we have something like 7

million barrels day over the next month or two. we had about 1.5 to 2 many barr -- million barrels day of announced economic shut ins already on economic supply. prices still have a lot of work to do in order to resoevvresolv 15 million barrels a day >> john, it sounds like there's no good reason for the energy stocks to be up today. would you attribute that to anything special and would you have kind of similarly bearish views about how much lower the price of oil is going to go. >> i'm no total agreement about the bearish outlook for the price of oil as was mentioned, the industry is responding, kelly, in a big way.

you're going to see the u.s. production come down the future of energy here is the big oil companies. the companies who have cash in the balance sheet that can with stand this series of body blows that the industry is taking right now. whoever is still walking around with shares are the cockroaches will thrive. i think that's where the bets are being placed in the equity market on some of those companies. >> quick question here when do we run out of storage for this surplus oil when do we have to start using swimming pools >> yeah or joe's pool. i think eight weeks from now june, july time frame is when you really see that. they will also start to use pipelines. one company is looking into using their vast liquefied gas storage. their backs are up against the

wall >> all right, thank you both still ahead, shares of apple down 12% in the past three months falling today as goldman sachs says the stock could fall as much as 20%. paul krugman out with a new op ed saying starve the beast and feed the depression when it comes to fighting the coronavirus and reopening the economy. he will explain what he means by that more whepor nccoins n weluh ntue right after this issues facing our world, what do you see? we see breakthrough medicines getting to patients in record time. we see harnessing natural gas unleashing the promise of clean energy. we see engineers simulating the future to improve today. at emerson, when issues become inspiration, focusing core strengths to create a better world

isn't just a result, it's a responsibility. emerson. consider it solved.

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welcome back let's get to the latest on the coronavirus. >> good afternoon. new jersey governor reporting another decrease in deaths the state's total death toll has gone above 3800. deaths at long term health care facilities continue to rise. new york and new jersey reporting between 20 and 40% have happened at all such facilities 42 nursing homes with ten deaths and one with 55 fatalities more than half of the sites have crashed in the past month that's according to the information technology and information foundation florida says it has a backlog of 850,000 applications it's only managed to proses about 141,000 claims an expert at the world health organization is questioning whether antibodies in the blood will give full

immunity with reinfection. he says preliminary information shows few people's immune systems are making antibodies and the herd immunity in the broader population lay nmay note achievable tyler, back to you thank you very much. >> goldman sachs dropping it to a sell rating. the recovery cycle will take a lot more time. let's discuss with craig johnson and chad morganlander. goldman sachs says now the the time to sell apple do you agree >> i disagree. i look at the slowdown you could see here as what you would expect ahead of the 5g launch of the phones if you look at the dhachart thai

brought in, you can see the shares have pulled back. i don't see that being broken again. i think this is a time on any sort of pullbacks we want to be buying apple shares in here. >> chad, many people would say apple is up with of those tech companies you want to own. strong balance sheet, a good component annual growth rate what do you think? >> at the right price, unfortunately when it comes to where we are, large cap growth companies have out performed by a considerable margin in relationship to large cap value. for example, if you look at the rustle 1000 growth index you would see only 4%. if you look at the russell 1000 value, it's down close to 21%.

i understand why they move rapidly off the bottom due in part because of a lot of cash on the balance sheets and a high level of predictability. once again, valuation doesn't matter >> got it. compelling views on both sides chad and craig, thanks for joining us for more trading nation head to our website or follow us on twitter. back to you. still ahead, jpmorgan stopping home lines of credit overnight. that could put a further damper on already kracratering renova s renovations. paul krugman joins us with why he think is u.s. economy is in a medically induced coma and what congress needs to do to wake it back up. you can always watch or listen to us on the go on the cnbc app. our special breaking news coverage continues after this.

welcome back about 90 minutes to go until the close. let's check on tennessee market where the nasdaq is almost giving up its gains but not quite a enough more solid gains for the s&p and dow of 1.5%. we largely given up the gains when we were up more than 600 points at the high let chief executi let's check on the russell which was the big win of the day widespread testing for covid-19 will be necessary to reopen the committ economy but states access remains pretty uneven. what do we know? >> the president says the u.s. has tested more people than any

other country and that is true according to the covid tracking progress, 3.4 million tests have been run but that only represents about 1% of our population that important number is the per capita number. by that rate, other countries are far ahead of us including ice land, germany, south korea and canada access to administration of the test remains spotty at best. this map shows how wide that range is new york and louisiana have some of the highest per capita testing rates while california has one of the lowest. partly because it has a large population even though it did have one of the earliest outbreak outbreaks. a lot of finger pointing going on not just between republicans and democrats but the states and washington >> thank you very much the white house has released guidelines for reopening the

u.s. economy did so last evening. according to our next guest's latest column, we are still months away from a safe end to this lockdown and partisan politics are crippling our policy response to this deadly pandemic joining us now is new york times columnist and paul krugman always good to have you with us. thank you for carving out a little time today. >> good to be on >> fantastic let me read a comment from your latest column. you said what policy can and should do is plit gamitigate the hardship and the last relief package did do many of the right things but it didn't do enough of them. what would you like to see it have done. what do you think needs to be done now >> i would say that the biggest gap is in public service we're facing an enormous fiscal crisis at the statement and

local level. state and local governments unlike the federal government are required to balance their budgets. they are facing an increase of expenses because of the cost of coping with this and they rely extremely heavily on sales taxes as a source of revenue they are seeing the revenue collapse and the aid that was in the cares act. the cares act did much more for the unemployed than i expected it did not remotely enough hundreds of billions of dollars too little to insulate state and local governments from this really fiscal carnage. that's going to have a huge impact going forward it's going to mean that unless we address that, we're going to be seeing a secondary, second recession on top of what the virus causes because of this forced extreme austerity at the state and local level.

>> we're beginning to see and hear from mayor de blasio in ne york, calls for what you're saying that is if you want to use the word bail out, whatever, assistance from the federal government to the states to help them it's your argument that this has been all tied up in classic democrat versus republican politics and the republicans have been obstructing this because they don't want to help state governments. let me move off of that and maybe tie in thought here. i can't help but ask you are we in a depression and are we destined to go there if we're not in. >> this is something like we have never seen before it doesn't look like the great depression in terms of the causes in terms of the way it's manifesting. i've been say thanksgiving is like an induced coma we have deliberately shutdown a

large part of the economy. the consequences are depression level. a number of estimates that are suggesting that we may be heading for 20% unemployment or more to the extent we didn't have modern statistics in the 30s but we can reconstruct what the unemployment rate would have been if we did have them we hit about 22% in 1932 we're pretty close to depression levels of unemployment right now. this is -- the economics severity is full on and it could get worse. again, we should down a good part of the economy. that's unavoidable until we have testing in unt testing. until we have the ability to reopen it safely this huge loss of income by individuals, businesses, state and local governments can lead to a further slump on top. you can easily tell a story. this is worst than the great depression >> i would guess that part of your argument is to the extent that state and local governments

are unable to pay their workers and have to lay off teachers and first responders or that aid to hospitals is lagging and those health care facilities have to layoff people, that will compounds the unemployment problem and maybe even tip us into that depression >> 20 million people were -- >> go ahead. >> we have five million people at hospitals we have 20 million people working for state and local governments. that will vastly deepen the economic slump >> i don't get the privilege of speaking to a nobel laureate very often i want to get your broader philosophical approach, what has covid taught you or us about our economy and about capitalism american style >> well, i still -- i mean it

doesn't say that market economies are bad thing. i'm a social democrat is what you would call somebody like me in europe. i believe in a market economy but with a very strong safety net. what we're seeing is that our safety net has ig, big holes i it normally we think of this as being a problem of protecting people or redistributing to people who are persistently disadvantaged. right now we're seeing something even within classes it's very uneven if you happen to bei work ng the restaurant industry or travel industry your entire sustenance is gone. we need social insurance is what we talk about. we're seeing a real demonstration. how important it is that we have a system for dealing with really

a disaster relief where the disaster is on a scale we've never seen before. >> yeah. if you wouldn't mind sticking around for a second, we have some new details from washington from the small business administration about where the majority of the loan money went. i'd like to get that and have you react on the other side. kayla. >> reporter: the sba just put out a slide deck giving us a snapshot of that loan program. as of 12:00 p.m. yesterday, it had 343 billion dollars had been approved that's not disperse ebursed to businesses in total 1.66 million loans with an average value using that data of $213,000. about 74,000 of those loans were less than 150,000.

if you look at the highest percentage of the value, 23% of the loans were between 350,000 and $1 million construction, technical services, manufacturing and health care made up roughly half of the loans that had been approved and two lenders in particularly, according to the sba, themselves approved $24 billion of these loans those are the two highest volume lenders on record. sba kept those names anonymous tyler. >> thank you very much, cay l . laila -- cay lakayl kayla. i'm surprised that travel and leisure and restauranting were not as highly represented in that kcohert of first borrowers than we might have expected. >> the trouble is we did not -- we didn't have any existing machinery to allocate the loans to the businesses that needed

them most. they had some rough criteria but it was first come, first served. it was kind of like the oklahoma land rush. the money went not to those who needed it most but those who had the fastest wagons those who had existing relationships with banks and able to make a run for it, which in many cases did not include restaurants who just didn't have that kind of position, were not set up for it. i'm not going to be too critical because this had to be rushed out the door very fast it's telling you that we did not have, coming into this, the kind of add mministrative government capacity to do a proper bail out. >> you mentioned a moment ago about what you learned and one of the things you learned is we, in our current democracy and current capitalism don't have much of safety net it made me start to think and i've been thinking a good bit about the concept of the public good and what that means and whether we, in america, have

kind of lost touch with what a public good is with what the public good is, how it gets expressed and how it gets funded does that resonate at all with you? >> for sure. we've had a couple of generatio generations, ronald reagan, the govrt government is not the solution the government is the problem. freedom is the right to do whatever you'd like and keep your money i'm not going to say there's nothing too that no one wants us to turn into north korea. we certainly -- it turns out that we underinvested in things that really are public good. we underinvested in public health unemployment benefits. i was shocked to discover that

the unemployment offices in many states, including places like new jersey are running on 40-year-old software simply unable to cope with a flood of valid unemployment applications we really have -- we've let this kind of selfishness through the invisible hand, selfishness serves the common interest, which is not entirely untrue we went too far down that line and given the test of a major national disaster, we're finding ourselves really -- that particular closet is empty and it should have been full of emergency rations. >> mr. krugman,thank you so much we appreciate your time and insight. thank you. be sure to catch a coop py of paul's latest book

you can find it where ever, kelly, books are sold. >> tyler, thank you. coming up, major automakers like gm and ford as well as mom and pop suppliers are all pitching in to manufacturer ppesntly needed medical suli next on power lunch. plap

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hand phil has the story >> that shipment of gm ve ventilators, that is one of two deliveries today it will be another one this afternoon at a hospital in chicago. general motors under the contract it signed with the federal government is going to be making 30,000 ventilators separate from that they are also making surgical face masks sochl tho some of those materials comes from this plant in indiana this is gdc incorporated it is a company that usually is making insulation materials for the auto industry and other industries over the course of one weekend, one week, they retooled the entire plant, kept a number of their workers still working there as they started cranking out this material that goes into surgical face masks. here is one of the key executives at gdc talking about

how important it was and how quickly they had to change gears. >> we can plan a little bit but a lot of this gliterally gets changed day-to-day that's where we ree act and i think our strength of being agile has really paid off for us >> chris miller's grandfather started gdc back in 1955 we would be proud of how they switched gears on the floor over the past month general motors has delivered a quarter million surgical face masks. that's one just company we have heard from they have switched gears and done that. >> not just the auto industry. great story. phil, thanks tyler. thank you. still ahead, new data shows that home renovations have come to a basic stand still. why the mortgage market is

partly to blame for that and the ripple effects it could have throughout the economy that is next as companies continue to get hammered by the covid-19 pandemic, rbc expect a wave of mergers in the near future the near future. the sectors that could be most affected by that activity coming up after this. when you look at the critical issues facing our world, what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm,

not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved.

home building activity has dropped off precipitously during this pandemic and renovation business is fairing worse. diana oleic has more on the story! yeah, we saw housing starts for

singer family drop 22% in march, but home renovations are falling more sharply new committed projects plumeted to 18 on houses quarterly br barometer. down from 74 in q1, expected business activity fell to 18 from 74. values over 50 mean more firms report so that would be positive work is still being done on current project and that was steady as home construction has been deemed an business. now architectural and design services dropped dramatically as well homeowners often tap into their home equity to finance new projects and they have a record amount of equity at $6.2 trillion collectively, but lending is now tightening up jpmorgan chase just stopped new applications for home equity p lines of credit citing economic

uncertainty. wells fargo says they are still doing helocs, but in general, that market is really tightening up, tyler. >> i wonder, financing is one part of the puzzle and even though home building and construction has been exempted as an essential business, i wonlder if people doing mostly interior projects are leerily of having lot of people who they don't know where they've been, come in and out of their homes >> absolutely. i mean there are a lot of renovation projects around me in my neighborhood that i've been watching and the vast majority are the ones where the homeowner has been moved out where it's just the workers there or you're seeing some of the outdoor renovations, but you're right people thinking about, we're all sitting around our homes thinking about what could look better, what could i have redone, but you don't want

anyone in the house like you would doing normal times >> have a great weekend. kelly. >> all right let's e talk about the coronavirus pandemic's affect on mergers. deal volume is down 61% in the u.s. from march 1st until now. global deal making is down nearly by half but our next guest says as we start to reopen the country, we'll see a wave of mergers and acquisitions co head of m and a, vito, do you see what charlie munger said today? there's just nothing happening in business. beschloss shire's not even doing anything now why do you think people will start to pounce in terms of making deals here? >> look, i take a look at the m and a market, in terms of pent up demand and supply and i think coming into the year, there were a number of transactions that were primed to happen in terms of assets, they were ready to be sold.

portfolio companies and private equity firms considering i think given that the market is not allowing those to happen right now, we had expected coming into 2020 in a robust year b and you still have that issue, that there will be ca significant amount of that as we get through this pandemic. right now, you've still got significant amounts of cash available on balance sheets and it's just a matter of trying get the right market and understanding what the remainder of the year going to look like and you'll see some activity especially in sectors in the position >> what i don't understand is so i take your point there was a robust pipeline going into this, but wouldn't that be changed by everything that's happened i mean i could see a lot of maybe distressed death funds,

but anything that people were going to do previously, is that just out the window now. >> not entirely. we've spent a lot of times with companies valuating their alternatives and considering their positions to take advantage of those if you look back at the global financial crisis, you had an uptick in trans anchors among financial institution s coming up so we're expected to see a fair amount of transactions in the energy space, but they have been hit by the impact on all crisis, but also by this pandemic. then you take a look at the technology sector or the health care sector and there are pockets there that are well positioned to take advantage going forward. right now, in the technology space, if you look at the differentiated technology, those that have really come to the forefront that have helped with connectivity and communication as we adapt to this environment, in those companies, they're struggling to take a look at where they could take advantage of deals you saw verizon buy blue jeans

>> yep >> in terms of augmenting their communications in video conferencing capabilities and then if you look at the s&p 500, there's about a 1.8 trillion cash bounce sitting on those balance sheets at the end of the first quarter. half of that is in the technology sector. and so we'd expect the same wave there. in health care, you've got areas of bio pharma and health care i.t. that have been less severely impacted and certainly you'll see them come to the forefront. if you go back to the global financial crisis, we came out of it, starting to come out in 2009 some of the biggest deals that occurred were in healthcare. if you think of pfizer, berkshire, roche, they were merger companies use stock and what we see post financial crisis and significant debt is there's an uptick in the usage of stock for a period of time.

now that pulls back as we recovered. if you go back to the financial crisis, we had a three or four year period after that, from 2010 and 2012, companies were primarily using cash because they were concerned about their stock, but going into it is a bit different. >> bottom line it for us because we're running out of time. i take your point. is there any place investors should be betting on right now >> technology. i think de>> awesome we really appreciate it. thank you for calling in for your time today. tyler, looking back over the numbers here what we learned about the small business lending program and you know, not as many as much of the money went to retailers p no details yet on who got the rest of it >> this was really a first come,

first serve kind of program. it may be that construction companies who have existing lines of credit within banking rips had a kind of pole position to get in front of that, but it is very interesting. kelly, have a great and safe weekend with your family >> you, too. we'll see you monday >> thanks and our continuing coverage moves on right now with the closing bell >> thank you, tyler and kelly and welcome, everyone. sto stocks are rallying to close out the week let's look at what is driving the action right now more encouraging news on covid-19 and a potential -- some enthusiasm you've also got overnight in china, the g