welcome back welcome to my house. our breaking news coverage continues now. stocks are well off their highs at this hour the dow giving up almost all its gains now. up about 100 points, 111 as chick i check my screen down there we will have a full explanation on that. oil bouncing back. up another 20% today

still hovering at just $16 a barrel in the futures market the ceo of the oil and gas drilling company patterson-uti energy will be here. that as another 4.4 million of americans file for jobless claims in just one more week bringing the total to more than 26 million in the past five weeks. it's a stunning number we'll dig into it. kelly, over to you >> tyler, thanks it's been a volatile day in the market after the gilead report hit the requires about an hour ago. let's get to bob for more. >> kelly, i want to show you the s&p 500. there may be conflicting reports about what it said the market viewed it as disappointing. t there was a very sharp drop in the s&p 500. we lost about 35 points. we're now below 3,000. that's a significant drop. reports that the remdesivir

trials were not good look at this exxon and chevron just keep chugging along although pretty low levels for them. i want to remind everybody how many companies withdrawing guidance there's many, many every day now. today, we saw pulte, union pacific withdraw o'reilly automotive with drew, net gear the list is very long. this makes it difficult to figure out what the proper prices are for stocks because we dmoents what the earnings are. they saw a surge in digital activity 275% surge in april. look at the comment here mid-march they saw a surge in retail comps overall in april, they said the trends softened significantly as a result, we're seeing target down but so are some of the

other consumer stocks. walmart, campbell, coca-cola we have seen some of these comments from other companies. surges in march, parts of april and slowing down after that. that's a bit of warning sign why we're seeing the stocks move to the down side. back to you. >> robert, thank you very much let's get more on thon conflicting reports regarding gilead's drug remdesivir and meg will explain it to us. >> constant caveats coming out this one is a report on one of the studies run in china that was stopped prematurely due to low enrollment case numbers were declining in china. they couldn't continue to study. this was accidentally posted on the w.h.o.'s website and stat news and the ft found it before it was removed 237 patient ws were included.

the stud by planned to enroll 453 patients after 28 day, the number of patient who is died were about 14% of those on the drug versus 13% in the control group a summary posted in the screen shot saying quote, remdesivir is not associated with clinical benefits they do say that trends in the data suggest a benefit for remdesivir particularly among patiented treated early in disease. this is controversial because this was not a fully completed study. it was too early and stopped due to low enrollment. we're all waiting for the gilead data which we should see within the next week fp the first data from the trial is without a

control group. this will continue to be complicated probably for the next month until we see data from an nih study. >> one thing that is just been on my mind with this remdesivir is this treatment is only for patient's whose disease has progressed pretty badly, isn't it >> because it's way it's administered, it's administered in the hospital. patients are pretty sick what we are starting the hear is it will probably make sense to use the drug earlier in the course of the disease. it interferes with the virus abilities to replicate you should use it bvr tefore th virus has taken over in the body the studies were done in the more severe cases. you're hearing folks coming out saying it will work better in the earlier courses of disease when pashtss are in the hospital, they're already pretty sick it's a catch 22. >> when those goals, those better studies come out by the end of next month from gilead, will it account from people able

to get remdesivir early on or will they still rely on those more severe and in the hospital already? >> i believe all of the patients were in a hospital setting there were some given earlier if the course of the disease known as moderate patients with covid-19 >> interesting thanks really appreciate it as we mentioned, another 4.4 million americans are out of work this week we learned that this morning that brings the total to more than 26 million in the past five weeks. steve is here to walk us through the numbers. what do we know? >> it's oots stunni ianother st at 4.4 million the kind of numbers you dreamed would happen in a single week. it's down for the third straight week but it's the equivalent of

saying we downgraded to a ten alarm fire down to a nine-alarm fire the number is still six times the worst week we ever had in 2008 it's pretty bad but not as bad as it was. 5.2 million in the prior week. 4.4 now. total 26.5 million that's 16% of the total u.s. labor force has filed for unemployment claims. california leads at 3.4 million followed by a big pack there between 1.5 and 1.2 million cumulative claims over the five-week period we have been tracking when you look at it as a percent of the work force by each state, different results. michigan lead, pennsylvania. this reflects two things it reflects the pain in each state and the ability of states to process when you look at the chart of those who are not doing quite as well, for example, texas, florida, virginia. do they have less job loss or they just unable to process claims as quickly as the other

states other things we don't know but we're watching for in the data do some states have more people who can work at home as a percent. what's the state ability to process the claims full-timely, t l finally the affects of the ppp payroll that's supposed to keep people on the payroll but we're hearing maybe not so much. >> tyler >> could i ask a quick question. as i look at numbers as a percent of work force, does that suggest that unemployment in those states like michigan and pennsylvania and several of the others is going to easily be above 20%? >> it could be, tyler. just so you know, these are separate -- what i've done with this data is put together two different data sets. the work force numbers come from the household survey that's done monthly. the unemployment comes from the unemployment claim's office. i totalled up the last five week, what you'll have is a survey that's done by the

government that will find out the unemployment rate and by state. it's not a bad proxy for where the unemployment rate could be if all of these claims get counted as the unemployed. >> all right thank you very much. one area where unemployment is bad and likely to get even worse is retail, which is under pressure as stores remain closed because of local and state restrictions owing to that coronavirus pandemic and worries about these retailers are beginning to mount earlier on squawk box the target ceo weighed in on one of the bright spots for his company >> we went into the month of april and millions of americans are sheltering at home and heard from public health officials it's best to try to minimize your time in physical store locations. we saw a huge spike in digital comps. for the quarter we're seeing up

100% in april, our digital growth is over 275%. we have just seen cyber monday, occur almost every day, except the volume is twice the size we have seen on even a cyber monday peak >> all right despite that good news on the digital front for that company for target, shares are lower today and have been hit hard this year like a host of other retailers. our next guest says you should expect a tsunami of retail bankruptcie bankruptcies michael calendar is head of consumer and retail investment banking and courtney reagan is also with us welcome. good to have you with us >> thank you >> bankruptcies are not unfamiliar in the retail space, but this volume of bankruptcies, the level that you expect, the big boldface names that will probably go through it, that's what's different this time around

>> i think that's what's different but the quantity we had a period for several years where we had bankruptcies in regular part of the environment but we're now expecting a significant number of bankruptcies that file between now and june and july. record numbers >> this doesn't mean, however, record numbers, put some decimal points on that >> it's hard to tell we're tracking several dozen potential bankruptcy filings that could occur over that period of time across retail >> i think many of them will go through a going out of business sale you reduce under performing stores and some may go away totally. they don't have the capital pace to survivor the bankruptcy p

proce process. >> courtney, come nonand askon a couple of questions. >> a lot of attorneys that are operate ing in these restructurg and they say another issue is retailers are trying to get their house in order and figure out what their liquidity positions are. in some cases they might be working on some pre-packaged ideas how to restructure so when they go to court, they have their items lined up why that's important is because it could also be sort of a race to file, if that makes sense you don't really want to do it now because stores are closed. a key part of some of these retailers liquid daating some o the store s they have to have an open store and paa public that a come in and buy the merchandise. once stores are reopened you

might want to be among the first to file because you don't want to have competition with every one else trying to liquidate that merchandise >> is there going to be race to do this and to courtney's point, it's not actually advantageous to file now because you can't have a liquidation sale now in most parts of the country? >> right it's not advantageous the file today. for the most parts of the country the stores are closed and liquidating into closed stores is impossible >> i'm sure lawyers in this area have never been busier at all. what are we talking about in terms of potential job loss.

as the stores cease to exist and we can name some of them if you want that may be on the short list of those that are in most danger but a lot of them are going to come back with much smaller footprints and smaller employ bases, correct? >> i think that's absolutely correct. >> the entire retail segment, it's between 40 and 50 million jobs one of the single largest employer, i expect we'll see significant permanent loss of jobs through this bank rupruptcy process. >> the big and super stores are best positioned, most people say, michael do you dispute that and who is on the short list of the vulnerable >> i'm not going to comment on the short list because i'm a banker and many of them may be clients but we expect a significant number of bankruptcies in the segment. we see bankruptcies in the depts

segment. those are two of the segments. >> courtney, any final thoughts there? >> it's one of these things we'll have to watch carefully. a lot of the retailers can't answer the questions we have posed. what normal looks like when stores do reopen >> as we discussed it's incredible period of time because of how many may come at the same point in time the dynamic the supply chain has been shut down remerchandising stores when they do reopen will be difficult. we have inventory out of season and apparel retailers when they closed in march and reopened in june it's incredible period of time along with this landlord dynamic but with rents being held by most retailers in april. >> thank you so much for for your time today and invietsing us, i suspect, into your home. we appreciate it

>> thanks. tyler, thanks. coming up, stock mixed this afternoon. you ti utilities and real estate are weighing on the market as crude continues to tank higher you can see an even split there. oil and gas driller pa patterson-uti reporting earnings the stock is now down about 75% this year. the ceo will join us right after this break stay with us these days, it's anything but business as usual. that's why working together is more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for.

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welcome back stocks struggling to hold their gains. losing steam after reports that gilead promising coronavirus treatment flopped in a trial the market seeming to hang on any headline about the virus we talked about whether to read too much into that one or not. you can see the concern. we're still hanging onto half percent gain for the dow let's bring in global chief ineine ineine investment officer kevin mahn.

how important is it we get better news and not just gilead but there's other treatments out there. how important is that for the market >> it's very important we have gotten a lot of good news coming out of the federal government and reserve with respect to additional stimulus and liquidity measures they have put in place to help us manage through this economic downturn that we're going through right now. the market is looking for a more positive news on the health front whether it's with respect to therapeutic, a vaccine or sochl these stay at home orders being lifted so that the american economy can be gradually lifted again to the point where consumers can go out and start spending and help our economy grow over time it's all related the better we feel about treatment, the more likely people are trying to take safe reopening measures how do you sort of take that back to the stock markets valuation today. the rally we had off the lows and whether that's justified.

>> i think it's interesting many companies are suspending earnings guidance. the big question will be what will the 12 months normalized earnings look like every one is hanging on the virus but the big question is when does this end and when does the economy normalize. i think a lot of that is a result of fed. the fed drew the line in the sand i think the equity market has responded in kind. >> kevin, let's go back to your thoughts about the market. you said we need better news on coronavirus treatments and vaccines and testing and so forth. what do you do stocks in the meantime >> i think the focus should be on quality quality companies tend to out perform low quality company pps

what that means to investor on the equity side is they should be looking at companies with strong balance sheets, low levels of debt, experienced management team, history of earnings growth across multiple sti cycles we believe they should be considered fixed income securities focus on quality during these periods of economic stress >> are you not worried about the munis and the fact that mcconnell would bring up support for state bankruptcies >> i think munis were relatively strong coming into this cry issues on the investment grade side we did see some support for municipalities in the cares act. we saw the federal reserve providing some additional liquidity and we do believe there may be a potential fifth round of stimulus that will also provide some additional support. again, it's a focus on quality for municipals as well >> kirk, your advice as we go.

>> i think there's increase demand for computing services. people in medical, the need for structure upgrades i think you want to look in those areas. a lot of opportunities with great bonds that are still good credits and under pressure again, there's a line in the sand here. the big companies will do well others are seeing fixed income, i would argue an energy pnds they will survive. the companies that are leveraged more than six times and independent producers will have a tough time >> thank you guys. we appreciate it >> my pleasure >> tyler all right. thanks very much still ahead, semikwconductor stocks are up about 25% over the

past month as the group stages a comeback i can't imagine the number of semiconne se semiconductors it takes to pull this shot off. it's a lot despite bouncing today, the uso etf tracks crudes prices is down more than 35% just this week alone as oil, you know what it did why are retail investors piling into this security we've got a special report, after this life isn't a straight line. and sometimes, you can find yourself heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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but that will never change who we are at lexus. now, more than ever, you and your needs come first. find out what service options are available in your area at lexus.com/people first welcome back, every one. let's get to sue for an update on the coronavirus sue. >> hello, good afternoon here is what we know at this

hour over in italy new cases fell for the fourth straight day. however, the daily death toll rose slightly to 464 only the united states has recorded more deaths overall here in new jersey, officials are rolling out a saliva test for the virus developed by rutgers university. it develops no swabs and health care workers need less protective gear. they expect to do 10,000 tests a day within a few weeks the house of representatives looks a tllittle different lawmakers are wearing masks thaz repair to vote legislating is being slowed down as the house chamber is closed for cleaning between votes more than 50,000 detroit student will be receiving tablet style laptops. a $23 million fund raising effort weeks ago will cover the

costs. back to you. thank you very much. let's go to seema for trading nation >> we're watching intel reporting results at the bell. the largest semiconductor company to release results they are trading lower today they are leading the gains for the technology sector for the month. how do you trade the space there's this natural appeal to own the chip makers. what do you make of the space in. >> i think the space is made up of definitely more than one flavor of semiconductor. i would say you have to be careful here i wouldn't trade it in a broad way. i would look at very specific stories. i think the remote working, wok working from home, cloud storage and gaming are strong stories. internet of things and other discretionary use, automotive,

household automation, i think those will suffer. i think it's an interesting name and one that benefits from the things that are very strong right now. >> todd, what do you make of it? >> we like the stock whoelds we hold it in our portfolios i would say the volatility we have seen among this covid-19 is a garden variety correction. we have seen a series of 23, 34, 26% declines we saw a 37% decline we have seen it three other times. support is in place around the 46 we are heading into earnings it's a nice yield at about 2.4% right now. we're constructive we are around a time line to go towards the digitalization of communication. i think based on events it's going to be accelerated.

that plays in. another stock that has been a favorite is amd. 20 years, we have broken above range around the $55 region here amd, i do hold personally and something we'll be looking to add. we do have earnings next week, the 28th i think there's a lot of relative strength in the semi. >> got thanksperspective. back to you. thank you so much. still ahead, we're going to speak with the ceo of patterson-uti energy about the collapse of the oil industry plus the coronavirus outbreak disrupting the global supply shachain. our next guest says the system could be broken beyond repair. you with watch or listen to us live on the go on the cnbc app stay with us

welcome back we're off the highs off the session and we briefly went high all of this volatility after conflicti ining reports over the gilead, remdesivir drug. the dow is still hanging onto about 150 gain at this hour. the s&p and nasdaq are both now up by about half of 1% tyler. kelly, you know the oil market is closing for the day. what a week it's been. today, no exception, up strongly dom is there and covering the close from our commodity desk. >> it's a rally across two days hitting historic lows and prior month's future contracts going negative and price all the big headlines. it's a 20 plus per gain.

world benchmark crude futures are $21.53 part of those gains driven by rhetoric from the white house threatening iran with military action if it attacks any bases oil producers around the world and specifically here in the united states will start to shut in oil producing wells trying to attempt a balance of surging oil supplies with those severe drops in fossil fuel demand given the coronavirus next we'll see evidence of that. the incremental data point will be the weekly oil and gas count. we'll see you then back over to you >> thank you despiete the jump in oil price, the industry industry has been hit oil shares of patterson-uti energy are down more than 70% this

year its market cap has fallen to $500 million to two billion back in january the stock up more than 18% today in part of oil rebound here for cnbc exclusive, the ceo of patterson-uti energy. andy, brave man for joining us in these circumstances thank you so much. what do you want viewers and investors to know? >> it's good to be with you this afternoon. it's a very unprecedented time for oil and gas. it's challenging time for our industry today we're going to go through a severe down cycle. i think if there's any positive right now, it's that the old saying goes, low oil prices cure low oil prices a number of our customers are shutting in their wells. this will bring down production in the u.s that's what has to happen today. we all know about the demand collapse that we have seen production comes down as well. i think you'll see production in the u.s. start to come down as

the number of rates come down. activity slows on top of that we have emps >> i read you got your bachelors in petroleum engineering way back when. can you explain the process of shutting in wells? how expensive is it? how risky is it and why are companies so reluctant to do this more quickly? >> there's a number of reasons they have decisions on when to shut in wells. you have to take a number of precautions and it's preparing for the oils restart there's a number of technical things that have to happen to be able to shut in oil. we've had a number of our customers make that decision i've got a few that shut in all their wells. i've got some that are shutting in about half. at the same time, i've got some that are continuing to produce because they have agreements with the pipelines and their agreements allow them to

continue to get take away. >> that's whoo we'at we're tryio understand we have spoken with the railroad commissioners about whether they would try to prorate production. they seam to be wanting to do something like that but saying maybe they need to coordinate with other states. it's not clear whether they legally can and the american petroleum institute isn't in favor of something like that what would you like to see would you like to see regulators try to throttle back production? >> well, that's a difficult question as you mentioned, there's a number of different players in the emp. you have small independents. you have the large majors that work around the world and different states in the u.s. i think it's difficult to coordinate especially for something that's happening so quickly in terms of the drop in global demand. just trying to meet that by coordinating states would take a fair amount of time and probably not be as effective. it's the overall economics that we're seeing right now >> frankly, texas oil production

could go to zero and the oil price would barely recover that's how big a demand hit we're talking about. are you concerned that the industry, in your company, might lose market share longer term or is this a question of survival right now? >> in our particular case, and we posted our earnings this morning and posted a solid first quarter, unfortunately going into this down cycle the important part for us at patterson-uti is we have strong liquidity. we don't carry a lot of debt we'll be one of the survivors and we have a history of going through the cycles and coming out stronger we'll gain a bit of share as the cycle gets to the bottom but we'll typically come out stronger in these cycles because of our balance sheet >> all right thanks for joining us this afternoon. >> thanks for having me. tyler. >> thanks. at the same time oil was plummeting to record lows, individual investors were piling into an etf.

the uso. it tracks oil. that etf is down 42% in a month. kate joins us with more. >> young traders on robinhood rushed to by the uso oil etf this week but it was likely case of mistaken identity retail traders didn't know what they were getting with this etf and were attracted to its $3 price tag. they thought they were betting on oil's rebound on robin hood uso was the most bought security. on sofi it was a top buy jumping 300% in a month. since april the amount of people buying that etf has increased 20 to 30% every day this etf is meant to track oil futures contracts. not the spot or cash price of

it it's used by hedge funds the make bets. the fund is no longer tracking oil prices in lock step. the uso only gained 12%. g back to you. >> a loot t of lessons are being learned. we have a lot of breaking news >> the federal reserve announcing a fairly robust transparency program for all the lending. they are saying on a monthly basis from all the care facilities they will release the name, the amounts borrowed in each lending program, the rates charged as well as the total fees and revenue that the

federal verve greserve gets for bram we'll have our work cut out for us as we pour through this transparen transparency >> we are. >> thank you very much kelly, over to you the nfl draft is a huge spe spetacle we'll tell you what the draft ayituslike st wh

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all right. the first major sporting event since march, yeah, it's been that long. it's the nfl draft my son could not be more excited for this social distancing will make it look a lot different than in recent years it's a spectacle most year, not this year. >> that's right. instead thouf sanof thousands oe watching in las vegas and hundreds of thousands of people outside in the cities hanging out, camping out being part of the live event, this is the digital nfl draft. roger goodell will be announcing the picks from his basement in west chester county. he and his dog, they participated in a social media promotion to encourage fans to boo him on social media just like they would boo him at for real in the stands

that's the commissioner making those picks from his basement. the team general managers and the koeccoaches and executives e setting up their war room, in dining rooms like this that i'm in, in their basements and most of these executives are relying on special helpers, mainly their spouses and kids to answer phones from their team and other teams looking for trades and to cross off players off the board when they have been drafted by other teams. as for the prospects, themselves they will be at home many of the top prospects have been sent cameras so we can watch their live reactions with friends and family but they have been told by the league, you better keep o up that social distancing we better not see a bunch of people at home hanging out and celebrating. they have been given hat for every nfl team because they don't know which team will draft them the actual picks are being made on a microsoft team's conference

call all the team gm and coaches are on that call they had a rehearsal this week and hashed through a few problems like what do we think people that can't figure out how to do the dial in and putting the mute button on they got those issues and they should be fine for tonight the league is stressing technology and information security they do not want picks being leaked out they want to make sure the goodell can do the pick first. they strukinstructed their media partners don't leak any picks. don't let your reporters tip anybody off. make them on the conference cal and give them to commissioner goodell. a lot of gamblers are gambling on who will go in which position maybe you and your son can have fun figuring it out. >> he's got his own draft board all set up with his friends, who

include scott wapner's young son. there's rapid competition as to who will come out on top what you said was very true. the mute button is your friend the mute button is critical. we'll see if they are as good as we are at pulling this off >> exactly >> i love everybody gets a hat it's going to be -- maybe it will make for good tv. coming up, 26 million americans filing for unemployment benefits in the last five weeks. that's putting a tremendous amount of stress on state systems. we'll get the latest from florida which has been especially hard hit. china is getting back to business but theirupy ai is far from running like normal. we'll very what they can do, next i know that every single

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zblncht 4.5 million americans filed for unemployment r for the first time we have a look at the issues unemployed workers there are facing >> hi, kelly so like many state unemployment offices, florida has been riddled with problems. website crashes. people co people complaining they can't get through to anyone via phone and prior to the $600 from the c.a.r.e.s. act, benefits were kept at 275. that's among the lowest in the untri and we're rerning the people in florida may be waiting the longest in america to get their benefits approved according to a recent analysis, since march 21st, about 86% of

floridans who have applied are still waiting for benefits compare that to about 39% nationally and even before coronavirus, the ui system was created to serve nearly 12% of unemployment workers, adding nobody who's been paying attention can be surprised at florida's challenges they created a system intended to keep workers from accessing benefits and it's doing just what the designers intended with horrific consequences for the whole state. so kelly, officials in florida say they made significant upgrades over the weekend. they say they've been able to process many more people that way. in fact, processed claims jumped from about 6% prior to those upgrades to about 17% the last i checked before this hit. >> thank you and as we know from steve liesman, they even tried to estimate the number this week. tyler. >> thank you as the world struggles to reopen and recover from the pandemic, the global supply chain remains

severely disrupted and with so much uncertainty in china, many u.s. companies may need to reconsider where they source their products. with us to discuss is dennis he handles lots of mergers and acquisitions for county are tris all over the world dennis, welcome back good to have you with us you said a couple of months ago there would be hundreds of thousands of small and mid sized companies in china that will go bankrupt have they and what is the effect >> i think the last time i was on your show, thank you for having me on again, i predicted that china would have significant financial problems earlier today, you were talking about brufs bankruptcies in january and february this year, 247,000 companies in china declared bankruptcy. now some may be in chapter 11 and are working it out, but

that's an enormous number and yes, china is seriously suffering as a result of a broken supply chain. i don't think it's disrupted ch i think it's basically broken. >> is this as simple as china loses peter navarro wins in other words, will china ever ever come back to dominate the supply chain the way it did before >> in my opinion, the answer is no two things are going to happen either companies that are now in china are going to go from one to multiple facilities and more likely they're going to realign. the biggest winners in this i think will be southeast asia the philippines, vietnam malaysia those are countries that would be delighted to do a lot of the supply chain work but the other part of it is realignment. i do believe for the first time in probably 30 years, we're going to see significant

reshoring from manufacturing being done outside the and i think a lot of it is going to come back to the yit one of the reasons is that i see growing nationalism around the world. not just talking about donald trump or boris in the u.k. countries are saying we need to be more self-sufficient. and so i think there's going to be a lot of pressure from congresses and ledge is laytures and parliaments to look at their companies and say how do i make them more effective and as a result, i think a lot of u.s. companies are going to reshore back to the united states. >> you know a lot more about than i do, but intuitive ly, i feel i gree with you yonk we as a nation or other nations, whether it's spain or italy or the u.k. or whomever, will ever let ourselves get into position of vulnerability the way we have before that's easy to say right now it may change. but this could be good for america and american jobs,

couldn't it? >> i think in the long run this is going to be a terrible health problem which we all know but from a business standpoint, i think america four or five years from now is going to be truonger and more vibrant as a result of understanding. simply chain works and just in time works as long as everything is perfect when one thing breaks as it did in this case, then the whole thing comes tumbling down. so if you're a manufacturer and you need products, i think in the future, yes, you'll do offshore but three things to remember are they going to realign out of china or reshore back to the united states. but my advice for the people who watch this who they should look at these things now. don't wait two or three months because two or three months from now u, everyone's going to be out looking for help one other thing. there's a lot of unemployment out there now, but i think the best employed people in america in the next three to five months will be those who know supply chain so if i were rupping a

company and i had a supply chain problem, i'd go out and look for the best and brights to work for me because that's where the problems are going to come >> thank you as always, great to see you. and we'll get a final check in the maetrks. you bet. right after this heading in a. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

make it tough to take care of yourself, that's why you can rely on nature's bounty... to give you the support you need... to stay motivated keep active and sleep well. add a little more health to your day... with nature's bounty. let's check on shares of gilead which plunged earlier today. they were down more than 5% at the lows after the w.h.o. accidentally briefly posted a snippet of a study thfound in china its remdesivir has no better effect on mortality outcomes than no treatment at all gid yal has since said that study was incomplete and suspended because it didn't have sufficient enrollment and that full information will be coming later on as it's come off the lows, so, too, have stocks the dow and nasdaq briefly turned negative, but are now

back in positive territory z >> goes to shhow headline drif n market can be. it was just ten days ago that remdesivir seemingly showing promise i believe it was in the united states. again, a small test and there are going to be many more of these small tests that will be subject to in coming weeks and months that will to it for "power lunch. >> nice living room, ty. >> thank you very much good to see you, kel and yours, too. the closing bell continues right now. >> thank you, tyler and kelly and welcome, everyone. i'm sara here with wilfred stocks higher now as energy continues to recover let's look at what's driving the action 59 minutes left of trading new reports that one trial of a coronavirus treatment locked in china but there's more beneath the headline that we'll dig into in a few moments terrible economic data as millions of americans, millions more now, seeking unemployment benefits that's more than