the president says he may extend physical distancing guidelines until early summer. stock futures are down with the major indices lower on the week. the house signing off on nearly $500 billion of aid for small businesses one republican looking to close congress's checkbook permanently on the matter. and companies vowing to repay the money they've received in taxpayer loans

it is april 24, 2020, this is "worldwide exchange" on cnbc >> good morning. welcome wherever you may be watching i am brian sullivan. i think i speak for everybody when i say tgif. it has been a rough and wild week indicating we may not get another break today. lower now off about 100 points the index lower on the week with the dow, s&p losing between 2% and 3% that looks now to continue those losses today crude oil is down 30% since monday prices are lower now if we extend physical guidelines to

summer, that could keep gasoline and jet fuels low. one of the biggest world storage producers will give us the story. that has certainly been a market mover. in asia, plenty of red across the board. japan down nearly 1% shanghai and kospi also down more than 1% to close out their week stocks in asia declining largely on report of doubts from treatment from gilead sciences to the trade in europe, early following the foot steps of asia markets there are sharply lower with major indices all down 1% or more. let us stay here at home and get

the latest outbreak figures. the number of cases in the united states approaching 900,000. the situation here in the new york, new jersey area remains difficult. a bit of good news for small business owners as more taxpayer money is on the way. all of this now with frank holland. >> the very latest, president trump is expected to sign off on nearly $500 billion fresh relief today. the legislation approved more than $220 billion for spaycheck protection for small business. >> a report from gilead that showed remdesivir did not improve covid conditions gilead is calling the study inconclusive noting it was

terminated early due to low enrollment leaving the company underpowered to come to meaningful conclusions ruth's chris will repay the $20 million loan it got. the company was eligible for the funds to help employees but has been under fire for accepting the loan meant for small businesses >> the biggest question facing the economy is simple, when outbreak guidelines are released, how quickly is the economy to return to any normalcy with stores full of customers. going to our guest rob, it is good to chat with you, my friend the biggest question i am

getting out there on social media, texting or zooming. the market is down fairly significantly this year but fairly surprised it is holding up as well as it is given how dismal the economic situation is what is your answer for that >> brian, i think the markets are going to price in whether we have a v-shaped recovery or u-shaped recovery. you've had guests on both sides of the debate. the fact that market has held in so well, i think the market is pricing in some type of v-shaped recovery that would start in the third quarter that would imply we have a third quarter recession. that is probably why the equity markets are hanging in as well as they have. >> one of every five stocks

remains hire the faang names, technology names many have held up. do you worry that everybody preoutbreak are crowding into the same names >> we'll take whatever good news we can get at this point equity markets start the next bull market during a recession let me back up we may have a couple more months and then a recovery. it might already be in the next bull market. we are off already, which was 22.37. markets are playing out

historically along the lines of what we see during a recession >> it may be even worse for small caps the s&p small cap 600 is down 30% in the last 90 days. the ones that pretty much have all their sales exposed to the u.s. economy they are not global in nature. is there any economy there or is it still too early >> i think it is probably too early on the small cap side. overall, we continue to market weight stocks here the dollar will continue to sag here growth companies are overweight here talking about that we'd underweight large cap value stocks are there certain parts of the market that remain uninvestable

because there is no visibility of what is going to happen in the next couple of months? >> yeah. getting into the s&p 500, we'd underweigh some of those cyclical sectors materials, energy, industrials you started off the show talking about how oil is looking right now. so that still looks pretty grim. the defensive sectors, utility, health care. they have more utility those are the areas we would focus ongoing forward. >> rob morgan, you and yours have a terrific weekend. stay healthy >> thank you, brian. when we come back on this friday, what are other investors saying about the economy this

year we have a survey with surprising results. we go live to georgia, which is becoming a battleground in the fight to reopen the nation pinning the governor of that state against president trump. later on, sports was back last night. kind of. how the nfl pulled off a real draft virtually. we are back on "worldwide exchange" after this i came across sofi and it was the best decision of my life.

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welcome back good morning it is 5:11 on this friday. boston consulting group out with a study on what investors expect from t from the economy and the markets. 65% of investors far more negative than they were only back in march. they also say they may need more to keep the economy from collapsing more. with us first, boston consulting group partner and associate director welcome to cnbc. looking through your report last night. pretty tough to hear any optimism anywhere in this pulse check that you can find? >> there is. now, it is more around the stock market than the economy right now.

it is further out than it used to be. as you mentioned, we've been serving investors bi-weekly since march. there is still hope, it is just moving further away. initially as most investors thought, this was largely going to be done by q 3, q 4 2021 will be great we are now hearing throughout 2020 will be more impact we'll see earnings pick back up in early 2021, which is not as good news as we were hoping for. >> no. your survey is surveying investors with about $4 trillion under management i was shocked to see these were unchanged on expectation for the

stock market through 2023. three and four years out, what do they see and what are the biggest concerns right now the good news is, starting in later 21 and 22. our three-year view are a lot more positive. we have a lot more bulls once we look more than 12 months ahead obviously that is the light at the end of the tunnel here that is still pretty far out in a sense, what they are looking for is anything that is even if it is a delayed but a strong recovery. very few people are expecting a v-shaped recovery right now. even with bumps in the road picking back up, they are looking for signs the immediate crisis is lowing down.

underemployment is starting to tail off those are some of the early signs they are looking for >> they are optimistic longer term with basically a 3,400 target we saw a chart that said 44% of investors are bullish. we need to remind investors that that is for next year. it sounds like they've written off this year financially and from a stock market perspective. >> at least they are very realistic about the economic head winds they are a little more positive on the stock market after the s&p had reclaimed what it lost out. we are back in more normal t

territory for the returns will be more normalized so there is not a huge catchup there either. that is for the market as a whole. some companies have an opportunity to make up what they lost or what they build on current momentum >> sounds like we've got a long road to hoe. we appreciate you joining us with those results have a good day and good weekend. >> thank you on deck, the real story on one of the market's hottest topics just how much storage around the world exists for oil ahead, one of the largest brokerage firms for storage will join us to talk about just that. dow futures gaining back a bit basically flat right now we are back right after this >> announcer: today's big

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welcome back and good morning. hope you are having a good start orphanish to the day dow futures have come back a bit to basically a neutral position. it has been a tough week major indices all down 2 to 3% this week. let us step out of the world of money and business and get the latest around the country including the latest on the virus outbreak frances rivera joins us from new york >> good morning. new york has revealed the startling early results of the antibody study showing more than 13% of new yorkers have likely been infected. an estimated 3 million people. the state randomly tested people across counties. nursing homes are pleading for more help.

more than 11,000 deaths, most locations don't have enough access to tests. an industry group said only about a third of the country's homes have ready access to kits. a stark sign of the times. an airport in billings, montana is busier than new york. 77 planes left logan on april 22 while only 70 went through jfk when on a normal day averages more than 800 flights a day. >> i guess if you can get out of new york and head to the hills of montana, you probably are i am surprised 77 were leaving montana. stay in montana. >> everybody stay put. >> montana sounds pretty good right now. thank you for joining us

let's take a turn to the state everybody is watching. not montana. it is georgia. that state's governor is doing something every other state will watch closely. beginning today, starting to reopen that economy very slowly. stores like gyms, tattoo parlors, bowling alley set to reopen today joining us live from marietta, georgia. >> good morning. we are inside the trains gym they are going to practice strict social distancing guidelines and say they hope they can help lift the weight of concern for so many dealing with the outbreak >> scrubbing, reorganizing and scrambling to try. >> we are going to have a sign

on every other piece of cardio equipment. georgia prepares to reopen today. >> it is going to be a new normal the governor providing some hands on businesses like gyms, spas, salons to reopen followed by more restaurants next week. >> this is following the data we have seen. >> following the president questioning the move >> i want the states to reopen but i wasn't happy with brian kemp >> businesses don't feel safe either >> it doesn't feel safe. >> they do know infection numbers are still growing one model indicating they will peek next week. >> it is risky everything we decide has a much bigger impact. >> even for a lot of struggling

business owners now taking in cash just doesn't make sense >> another thing that doesn't make a lot of sense here the fact that while businesses are reopening, the governor's stay-at-home order doesn't expire until the end of the month, so it doesn't seem to add up >> when you talked to that gym owner, jay, do they expect to have any customers i understand the guidelines. the idea that you are going to sweat and pick up weights that other people have picked up. do they believe they are going to have customers? >> i think when you talk to people, especially in that type of business or any business people are interacting, they expect it to be a trickle.

they believe some people will come in at various times they say they've got to get back out there and do what they can >> you see a lot of stuff out there on social media saying we are in georgia, we are a small business but we are not going to reopen jay gray, be well. thank you. still ahead, following the corporate inside we'll take a look at the c suite insiders that are buying up chunks of their own company's stock with their own money what companies are they bullish on we'll take a look at shares of intel under pressure this morning despite topping expectations the company not providing full-year guidance others below forecast. maybe wasn't as bad as some had

hoped. dow futures turn pite.osiv we are back here on cnbc after this

stock futures are flat crude oil under $17 a barrel as fears of oil storage running dry. the president set to sign off on billions new loan money for americans struggling for business. saying we may all need to distance longer than we had

planned. you are not the only ones working from home. the nfl taking a different approach to draft day last night. they pulled it off who got picked first it is friday, april 24, 2020 you are watching "worldwide exchange" here on cnbc thank you for joining us here on cnbc major averages down 2% and 3% this week. it is unclear which way we'll end the week they have turned around flat to perhaps slightly higher. all but three down stocks j&j, exon mobil are down this week.

five dow components are down boeing, it has been continued tough run for boeing that stock is down 10% just since monday those numbers as tough as they are still seem better than oil crude oil is down 30% since monday it is flat it could be higher right now but still under $17 a barrel the president considering keeping distancing guidelines longer than expected keeping demand for gasoline and jet fuel all down. we'll speak with one of the head's of the world's biggest storage brokers to get the real story of how much storage exists in asia, pretty clear trend. all red on the screens major averages on japan, china, south korea are down 1% or more. in europe, mostly lower.

ftse 100 looking positive. most of the country averages are in the red let us begin your friday in washington the president is set to sign off on another nearly $500 billion in fresh taxpayer dollar loans for small business but he also warns we may have to physically distance longer than many may have planned eamon javers is live with more first, let's talk about the bill what's in it >> it is $484 billion, brian about $322 billion of additional aid to small businesses which have been so badly hurt by all of this. you remember that small business fund ran out of money quickly. this ups the tank in there

$65 billion for small business hospitals and $75 bill kwon for coronavirus testing. this passed in a huge bipartisan way. the final vote was 388 to 5. overwhelming by democrats and republicans that led to this moment where we saw the speaker of the house nancy pelosi do something she rarely does which is praise republicans. >> i'm about to sign this historic legislation and i want to acknowledge the cooperation we had from the distinguished republican leader mr. mccarthy i wish he could have been here now. i want to thank him and the members. >> so there is nancy pelosi praising the republican party. not something you see every day but shows you how popular this ppp program is on capitol hill

the treasury secretary mnuchin saying yesterday, they've already helped a million small businesses with 10 employees or fewer. mnuchin suggesting that kind of lifeline will go out as a result of the president signing this bill which we expect to happen at noon today, brian >> as difficult as a time as it is for some families and businesses out there everybody is trying to find small comforts we are playing board games again. when it is not raining, families are taking walks and sitting around the dinner table and opposing parties together on this before i go there, i've got to ask you about this all it took was a global pandemic to realize that we are all in this together. it is not all wine and roses out

there. the senate majority leader mcconnell is threatening to block certain parts of this. >> there is an interesting fight going on between mcconnell and cuomo in new york. the state budgets have been so badly hit like this. revenue has been turned off. states are struggling to fill this enormous hole and are turning to the federal government for help. a lot of speculation that aid to states will be in the next bill. mitch mcconnell says no. he would like the states to explore the idea of bankruptcy that is not currently in the law right now but he'd be willing to work it out with them. there was a firestorm suggesting that these were blue state

bailouts like new york and california getting aid andrew cuomo in new york blasting that and the president sort of caught in the middle here >>ly take what i can because it has been another eight or nine-day week. the fact that we have political parties praising one another listen, i'm not joking, maybe there is a sign of a great new beginning realizing that it doesn't matter what political party you are in i'm on the are he hred team or e team we are on the recovery team right now. >> silver lining >> i think i quote the great eamon javers when i say, weekend, have a good one >> thank you >> take care oil has been the driver of the stock market what has driven oil is the

concern of storage if there is no place to put excess oil, it has little to know negative value. what is the real story on storage now. joining us now, storage broker when you look at your data, what is the true storage capacity left around the world right now? >> maybe 1%. it is really, really hard to find tankers now it doesn't really mean all the tanks are full there is always movement in the tanks. not necessarily the tanks are full 100% but they are all rented we have a few odd balls left in really difficult locations, when

limitations and restrictions those are the last ones we are currently working for very prone availability in general, the tank storage market is sold out >> wow 1% of global tank capacity is sold out some of that storage is where you probably don't want to be because they are hard or expensive to get to. we did a segment yesterday showing that, listen, there is a huge amount of oil at sea right now looking for a home what's the storage situation going to look like in a week or so >> yeah. a lot of ships have been loaded and they counted on an offset around the world

they are sent to this location these ships are waiting for orders if you are waiting for orders, you are being considered floating storage it is indeed the current situation. hopefully for areas like china coming back in business. we see again, some consumption and homes for these cargos the most hot location especially for these big ships because they are limited where they can go. it is hard to find a home anywhere >> is there any indication it will open up anytime soon or are we going to be dealing with this for weeks and months >> if we keep on pumping

product, there is no quick solution the only solution is use the product or stop pumping or producing, refining the product. >> what would it cost me today if i had oil and i wanted to put it in a tank and you and your team find me a tank somewhere in the world, what would it cost me today versus six months ago? >> the problem is not the money. it is just the availability. this is a very hypothetical question i can't give you even a rate to it there is nobody willing to offer. everybody who has a tank keeps hold of it and will use it for its own plans. probably when you would offer

like $1 per barrel, that still wouldn't get you the tank. everybody who has tankage keeps to it and they can make money with it, a lot of money with it. >> pretty much amazing i think you summed it up the best saying it is not about the money. it is about finding it and making sure you can get it thank you very much. have a good weekend. coming up, for those of you still flying there is not many. united airlines announcing some new safety protocol for its crew as we all try to figure out a way to get around the country right now if we have to. dow futures are down now maybe a mellower friday. we need it we are back right after this

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welcome back the numbers are staggering the united states has nearly 900,000 infections and the deaths continue to grow. frank holland has more >> good morning. jp morgan warning that despite the funds for relief, they may be better off applying for aid

at other banks they've been flooded with applications and suspecting that new funds are gathering quickly at the bank. united airlines requiring all flight attendants to wear face coverings. urging washington to expand the rule to allpassengers. >> reuters reports that hertz is working to shore up cash and work with finances announced plans to layoff 10,000 employees earlier this week. brian, over to you >> thank you the nfl draft was supposed to take place in lof, the new home fought raiders instead, it took place right here in home offices and

basements. announcing the picks virtually last night from his basement office the night was full of surprises with the exception of one pick that pretty much everybody saw coming >> with the first pick in the 2020 draft, the cincinnati bangles select joe burrow. >> there you see joe with mom and dad there. >> congrats to joe burrow and his family with us, the director of sports program in washington. with the exception of a team, my l.a. slash san diego charges will move.

i suspect the must bes will be starved. >> we saw last night that espn set a record with that with 6 million viewers. more than double for their best documentary prior to that. they are starved pent up demand for sports. i wouldn't be surprised if it was over 10 million viewers. >> they did it with the expectation that we will have a season do you think, patrick, we'll have an nfl or college football season >> brian, there is a lot to be determined the numbers are staggering when you think about what would happen when we lose weeks to the season the one thing college and pro football have in their favor is time there is nothing that says they could push those seasons back if

they push the start well into 2021 in college, they have said they could start the season in february if they don't feel comfortable letting kids back on the campus the massive share of revenue that helps support the program you have to understand, they'll do everything they can in college sports to make sure everything is in play. >> i want to give a shout out. i said it last night our cnbc crews producing everybody at home scattered around the world the amount of learning on the job. the hard work that crews have done have been tremendous. when i was watching the draft, i thought about all the different feeds. the amount of innovation that

has gone into this the hard work with crews that don't get any credit is truly stunning >> i thought they did a masterful job. leading off. payton manning providing a message of hope. they were respectful and aware they weren't tone deaf technology, i'm god you brought that up. when you talk about what will help pro and college sports to come out of this, there will be a lot of possibilities for people in the tech world whether machine learning or technology to enhance the broadcast and make the experience more tangible let's face it, even if we can come back in late august or september for games, there will be a scare teams will have to find ways to

use technology and make the experience more tangible even from home. >> you look at the feeds from roger goodell's home office. there were flubs to put that on. just like for us every day by the way, i like to move things around in the office. that number people ask, 78 that is nfl hall of famer bruce smith who i am proud to call a friend virginia tech hokie. who knows more about stocks than the industry insiders? we'll show you the exclusive list of top five companies this week well a lot more to do when are back on "worldwide exchange" right after this

some of the names on tap of earnings in the coming week. it will be a busy week is guidance. company like 3m, the maker of the n95 mask, boeing, facebook, tesla, apple and more that will be reporting in the week to come time for a new segment for us on "worldwide exchange. one that will keep you up to spot on some good investment ideas based on what their own corporate investors are doing with their own money the top five companies with the most c suite buyers this week. top insider buys this week, starting with the bank keycorp,

ceo buying over $1 million groupon. owner of the washington wizards buying more than $1 million. morgan stanley, director there buying schwab and gamestop. the most insider buys this week. let's talk about the long-term imp implications talking with nancy davis. good to talk to you. what will be the fall outfrom not only the pandemic and

economic disaster but what about the trillions of new debt being owed >> caller: we are creating a massive debt load where we are creating debt for our children and future generations it is a mass safe policy response in future spending and stimulus by the fed and around the world. that will catch up with us eventually it leaves me with an uneasy feeling about what will happen down the road after we get through this >> the people i trust and i'm reading and talking to, all i hear is d word deflection people think given low interest

rates in the cycle and that burdenle of trillions in debt, they don't see anything but the possibility of severe deflags for years to come. what do you see? >> i think 99% of the world thinks there will be deflating i'm on expert in volatility and derivatives. i think that is probably skewed to that outcome. we are having a textbook stagflation. higher unemploy, lower growth, higher prices. in this case, the form of supply side shocks and disruption it is just on the consumer staple and food side not on luxury goods and travel

i do see that as a real potential. especially with all the fiscal stimulus it is unprecedented the amount of monetary and fiscal stimulus. i think it will catch up with us eventually the disaster in markets will be the bond and stock tradeoff together >> quickly, i might go out of your comfort zone here but i don't see anyway out of this other than higher taxes out of this on everybody. do you see anyway out of this besides higher taxes given the debt we have >> no. it will come around. we will have to pay for it i do hope the u.s. doesn't copy europe and japan with negative interest rates i think that is the pewest form of tax out there you think about it, you give

them a $1 or euro or yen and they give you less back. that is really a tax a direct one >> nancy davis, big topics there. love to have you back to talk more these are big, big time issues thank you. have a great weekend folks, thank you all for joining us all week here on "worldwide exchange." hope you have a restful, peaceful and safe ekd.ween we'll see you monday "squawk box" picks up right after this take care. you doing okay?

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good morning the president says he may extend physical distancing guidelines until early summer as the house signs off on near billions of

new aid to small businesses. one major steak house chain, a well-known one, giving back millions in government aid bowing to public pressure. and in the future, flight attendants will be wearing masks on airlines. will passengers be next? "squawk box" begins right now. good morning welcome to "squawk box" live on cnbc we are watching equity futures at this hour things are pretty flat on this friday all sorts of questions raised about gilead's remdesivir.