welcome everybody. we're glad you're with us. i'm tyler mathison glad you could join us stocks giving up early gains the dow was up about 400 points at one point early in the session. if it ends higher today, it would be the fifth day in a row in the green longest winning streak since january. this despite consumer confidence

suffering a record drop. earning season is in full swing. pharmaceutical giant merck topping estimates but cutting its guidance as the coronavirus pushes the rest of its portfolio to the sideline. the ceo ken frazier will join us for an exclusive interview in just a few moments kelly. looking forward to that. health care and tech are two of the stock sectors leading stocks lower today. let's get to bob with a lot more for us >> just the fact we're up three points on the s&p is remarkable. this is the second day in a row this has happened. i can't remember when but we're down 1 or 2% on all the big names. microsoft and apple, google and amazon

look at all those stocks down. the s&p is still up 3% the reason we're up is because banks and industrials have helped out today look at these industrials. 3m is seeing growth in some of the safety the blue angels just flew over there's a big roar outside pepsi, xerox, u.p.s., harley davidson withdrawing guidance. here is a list of the companies withdrawing the guidance 98 of them and our own tally here at cnbc, 30 have suspended or cut the dividend and 67 have suspended buy backs. this is just this quarter. we're only one-third of the way through earning season a lot more to come

back to you. >> thank you very much the federal reserve kicking off its two day meeting as i continues to help prop up the economy during the coronavirus out break. steve has more on what to expect with details from our exclus ifr cnbc fed survey. hey, steve >> we hoped to hear how the fed sees this economic downturn and recovery there's a long hard road ahead and a lot more money needed from federal reserve and from congress staying el valted through the year and only falling to 7% by the end of next year now, that's going to require even so considerable funds that. they already put in around $5 trillion another 3.4 expected in fed's

balance sheet. congress needing another 2 trillion according to the respondents. looking at the grading, powell getting an a steve mnuchin does well with a b plus this group that has been very, very supportive of president trump and the economy not so much when it comes to his handling of the coronavirus. tyler. >> thank you very much despiets t despite the mixed day, the s&p remains on pace for its best month since 1987 one of our next guests says right now might be the best time to buy the recovery rally. we'll explore that with barry knapp. gentlemen, it's great to you both here.

i'm not clear on what you think the market is going to do next in the short and medium term and why. can you just explain it to me? >> sure. i hope i wasn't the one that said i thought now is necessarily the time to buy because i've been saying that for over a moonnth, actually. i did think it was time to buy around the lows. the point of the note this week was to describe recovery rally looks like a typical cyclical recovery rally. there's been the focus on your program all day about the stocks that had been leading the recovery when you really break it down and look at the early stage, cyclical sectors, consumer discretionary small caps, material, financials, they've been performing as you would expect fairly strongly from the lows and all the way through.

we think that this is acting very much like a recovery out of a recession and those are the sectors you should be positioned and expecting an economic recovery as we get in the third quarter and be positioned appropriately for that i think that was the broad point of the note. from a tactical perspective, we're getting fairly close to the point and i use measures of risk, the vix but the term st structure of the vix futures market those kinds of measures of risk are getting closer to the point where people are starting to come around to my more favorable point of view. we're getting close to the point where i could see reducing risk a little bit >> right all right. let me bring in andrew here. he is the guy who said the best time the buy stocks is when things go from horrible to less

bad. i think that's the case here explain. >> well, i think the point is that bob pisani already nailed it why are a lot of the comingout stocks doing well because their estimates have already been cut. there's very low expectations for those stocks the key question is what is embedded in stock prices and a lot of these more economically sense tiitive stocks are down a and there's a lot of bad news embedded in them versus the big stock. they haven't had their estimates cut. i think they are more as a rulerable than the companies that's why value stock, cheap stocks do well as economies recover out of recession

>> one och tf the things you pot out is the top five stocks by market value in the s&p 500 are trading at forward multiple of something like 20. that leaves 495 others that aren't and they are trading at a palatable of 15. >> we know value stocks are all cheap because that's why they are value stock. sometimes they get really, really cheap that's when you make the most money many value stocks is when they get very, very cheap. they get very, very cheap in the bottom of the recessions no one wants tone a bank or housing stock or reit or things like that. they get very, very cheap. that's when you make your biggest money is coming out of

those situations if we look at what is in the value basket, it's the type of companies that have been most hit because of the economy shutting down. that is the area to hunt for whether it's banks, housing, retailers, restaurants, travel, le leisure. these are the stocks that are still down a lot >> i should point out that barry and you agree on some areas like financials disagree on others like reits. let's set that aside, barry and come back to a question that has interested me lately and that is which is the better buy right now? is it the credit side of a company where you have some protection you're farther up in the credit structure or is it the equity? where is the real value?

>> that's a great question i wrote about it a little bit in the context of what happened to me in 2009 when i was barclays equity strategist and i fell in love with bank preferred at 25% yields and missed some of the bank recovery rally. i think the answer is there's opportunities in both. i liked the comment about really looking for value. i pulled my underweight on it last week and said, perhaps you want to look at the credit side of the balance sheet there's a spot if you're further up the capital structure you might get some protection and you're really getting paid to wait i think there's pretty good opportunities in credit. high yield has lagged. the recovery is still pretty wide i think there's opportunities there. i would avoid the assets that the fed is buying like treasuries, agency mortgage backed security and buy more

value othriente eed equities an credit parts of the capital structure that are still very wide i actually think andrew and i were in sync on all of this. >> you know the best -- >> the best to both of you go ahead, andrew tie it off >> you know that performing sector of the s&p month to date? >> i do not. >> the energy sector >> i thought you were going to say that i was going to take a wild guess. that would be deep, deep, deep value where in some cases the lerndss may become the owners. thank you very much. always great to see you. kelly. thanks meantime, round two of the paycheck protection program is in full gear after a rocky start yesterday. it's seeing unprecedented demand despite the blow back about which companies are severing the

relief let's go to kate rogers with the latest >> the sba telling us there were double the number of users accessing the system compared to any prooefrs devious day of the ppp. from the minute it opened, the sba says more than 100,000 loans were processed with more than 4,000 lenders as of yesterday. the processing automation will make it more reliable and accessible as outrage continues over large companies accessing ppp funds, steve mnuchin said there would been audit for a loan above $2 million. >> it's the borrowers who have criminal lieblability if they me this certification and it's not true we'll do a full audit of every loan over $2 million this was designed for small businesses it was not a program designed

for public companies that had liquidity. >> now, remember, these companies legally applied for this funding some returned it after public backlash or seeing the new guidance out last week back over to you >> thank you very much we appreciate that coming up, merck is under pressure saying it will take a $2 billion hit even as it works on a possibly coronavirus treatment. we'll have a special interview with the ceo in just a moment. it's the debate happening all over wall street can every company get a bail out or should some just be left to file for bankruptcy. we'll bring you both sides of chorpouestion later this hour as mu me wer lunch continues right after this derek, seems like your team is operating just fine remotely. yeah, everything is running smoothly with the now platform.

(bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you. you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

featuring the emmy award-winning voice remote. all the apps you love, including netflix, prime video, youtube and hulu. and the most 4k content. the best entertainment experience all in one place.

welcome back here is a look at shares of merck this that will be worst performer in the dow they are reporting an earnings baelt but the lowered guidance let's bring in our own meg with merck's ceo. meg, kick things off >> kelly, thanks so much excellent timing

ken, thank you for being with us today. i want to start by askingyou about covid-19 vaccine merck has a tremendous track record recently with your ebola vaccine in developing solutions for these issues your chief of research said that during the past quarter century there's been seven vaccines against -- tell us about your efforts here >> thanks for having me. merck has deep expertise in ant anti-viral research. from the very beginning of this epidemic we have been looking at how we can play a useful role in advancing, for example, vaccine research we have been in collaboration with other people in industry, with academics around the world

and we have now gotten to a position where we are focusing on some proven platforms vaccine platforms that we have used before developed vaccines with desirable qualities and we are very optimistic and excited about moving forward with some of those programs. the details of which we intend to announce as soon as we can finalize the arrangements. p. >> merck has been a little quieter than other companies on this front and not uncharacteristically of the way that merck communicates. what can you tell us about a timeline for a vaccine >> i think, first of all, it's important to recognize the context in which we're oerpperag here this is a novel coronavirus. it's new to us we're still trying to learn a lot in terms of the basic body's immune response to that.

the challenge we face across the industry, not just merck but the other companies, is that we have to develop a safe vaccine with unprecedented speed. at the same time we have to manufacturer and distribute and deploy it at an unprecedented scale. it's no small challenge that we face the approach that merck take is let's make sure we do as much as we can to make sure the fundamental biology is understood and that will allow us to approach the design of a new vaccine with the greatest probability of success >> tell us about the antiviral search as well will that time line be shorter and what can we expect to see from merck there >> i think we expect that antiviral could be developed more quickly than the vaccine.

as roger said this morning, typically vaccines take a significant amount of time often, decades we're able to be successful in public health emergency. even that took years we think it's possible to either repurpose current antivirals or develop new antivirals that have significant impact on the covid-19 situation >> i appreciate the carefulness of your answer to meg's question about a time line regarding vaccines but others have said don't expect a vaccine to get fda approval for a year from now and it will take more time does even that forecast sound too optimistic and i have one more question i'd like to pose >> woini wouldn't say it's too

optimistic i would say merck has a lot of experience in getting vaccines across the finish line the time line is shorter than any time line that's every occurred with a successful vaccine. at the same time, i think every one recognizes the urgency of this situation and we have to look at ways beyond sort of the customary ways of doing this there is a certain amount of time that's inherent in doing clinical studies to ensure that vaccine that you would use and millions, if not billions of people is truly safe and effective. >> so, from a leadership point of view, i'm very curious. how do you pivot a company and specifically the research arm of a company the size of merck to focus on a pathogen you didn't know existed how in the world do you do that and when decide you make that pivot? how quickly.e lly did you make t >> let me start by saying my

scientific colleaguescouldn't be more excited and enthusiastic about taking on this challenge we have had a long history in developing antivirals, antibiotics. merck is one of the largest and most prominent vaccine companies in the world we have deep with deep expertise and knowledge in those areas it's easier to get them to pivot to these things. everybody sees this is an unprecedented global health emergency. people were willing to put their attention immediately on this. we are cautiously optimistic merck or one of our industry colleagues will come up with a vaccine with the right kind of

neutralizi neutralizi neutralizing antibodies against covid-19 bringing different avenues and different paths. >> since you're on this economy now with governor murphy to reopen new jersey, a lot of us who live in the state are wondering how quickly can that move along new jersey is one of the hardest hit. the last we heard from the governor, he said the stay at home order will stay in effect for the foreseeable future >> new jersey is one of the hardest hit states in the whole country. let's go back to fact we're still learning a lot about this particular coronavirus in terms of the nature and extent of it we have to make sure that we think about all those things and we have to be responsible in bringing the state's economy back into full service, so to speak. we want to make sure when we do

that and i think we will do that and it won't be forever to do that, we have to make sure that we see the number of cases beginning to plateau for a period of time that we have the testing in place so that we can send people whether they are consumers or workers back to more normalcy. >> i want to ask you about merck's outlook for the year you did reduce your guidance expecting a $2 billion hit to your sales what are you envisioning for the rest of the year in terms of seeing a second wave and how that will impact your business >> let me start by saying we're confident in the long term prospects of the business. our first quarter is indict tifr of the strong underlying demand for the products

as we look forward, we are seeing stay at home orders in place around the country people just don't have access to, for example, physicians offices for well visits. you've seen the huge impact on vaccines elective services. even in oncology oncologists are delaying some of the visits that would result in a diagnosis or treatment of patients we're optimistic we will start to see more normalcy there because people will be able to have more free access to those clinic, hospitals or physician offices or the health care system will find safe, alternative ways of treating people we will see more normalcy, so to speak, again i think at the end of the day to answer your question, i think money of us really can predict what will happen this is a new coronavirus.

the cdc has said we can expect to see in the fall, perhaps more cases of coronavirus our forecast are based on the concept by the fourth quarter we should see more normal access to physicians and hospitals and clinics. >> we sure hope that's the case. ken phrasfrazier, thank you for joining us thank you for being here >> always a pleasure again, i want to reenforce there's ample reason to be optimistic that we will find either a treatment or a prevention for this terrible virus. thank you. >> can't think of a better note on which to lever ave it thank you. interesting conversation coming up, oil falling as much as 20% at its low points today. wti hovering near $12 a barrel as demand drops.

the oil market set to close in just a few minutes we'll have more on that after a quick break. investors are bracing for first of the mega cap tech companies to report earnings that will be alphabet on deck. teisonafter thisho srt inrmsi ♪ ♪ ♪ ♪ ♪ ♪ ♪ however, there is one thing you can be certain of. the men and women of the united states postal service.

we're here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way. every day, all across america, we deliver for you. and we always will. say hi. ♪ a pandemic has the possibility of bringing us together in ways none of us would have been able to expect. ♪ i'm so small said the mole. yes said the boy, but you make a huge difference. ♪

♪ ♪ welcome back, everybody. let's go to sue. >> hellhello. some new numbers to tell you about. the u.s. now has more than a million confirmed cases of

covid-19 new york and new jersey continue to make up about 40% of the nation's total in new york, the number of new hospitalizations has fallen to its lowest level in a month. governor andrew cuomo calls it good news that helps move the state closer to reopening. nancy pelosi says lawmakers are considering aid for states and local governments. she said the funds could be in two separate stimulus packages with states getting some $500 billion. in maryland, a special election shows what voting looks like in the age of coronavirus election officials urged voters to cast ballots by mail but three polling centers are open for in person voting with officials and voters wearing masks and face coverings as always, for more on our coronavirus coverage you can

head to cnbc coverage. let's check in on oil which is back to its familiar territory of falling precipitously. we have the commodity close in here >> if you like volatility, oil is the place for you if you're an active follower in the oil market you have seen wti make intraday moves in the 20 to 30% range at various points just today from low to high levels. prices for both wti and brent are on pace for their fourth straight month of losses first time that's happened since 2017 all eyes turn towards the

prooif private sector oil inventory data ahead of tomorrow's big official u.s. inventory data back over do you >> a lot of key supply readings. alphabet is the first of the tech giants to report earnings after the market closed today. we have a closer look at what investors are watching for >> the age of austerity for google seems to be here. the company is slashing marketing budgets. it's implementing hiring freezes in some divisions and recalibrating the pace of some investments. we don't know whether ceo is being overly cautious and conservative or whether this is necessary as the pandemic hits its core business ad sales hard. that could have implications for capital return program which is street is watching closely last year alphabet expanded the pace of stock buybacks to the cheer of investors that 25 billion was seen as

small relative to its $120 billion cash pile. as alphabet cuts costs, will buy backs take a backseat as well. google cloud could be a bright spot remember, it makes up just a fraction about 6% of total revenue. that is nowhere near enough to make up for what could be slumping ad sales. cnbc digital reporter just reporting that google is telling employees that will not be returning to the office any time before june 1st. even then it will be a staggered approach you remember that google was one of the first large companies to recommend employees working from home more than a month ago >> i want to see what cubicles look like in the google office some day thanks very much let's get over to trading nation >> we're watching shares of alphabet up 7% even with its

losses what's the number one thing you'll be watching today >> obviously this is a stock revenues are coming from advertising and the lockdown has hurt a ton of businesses both small businesses and large like travel obviously our eyes are on that the world is changing and digital marketing is the future. i talked with a friend who owns a digital marketing firm he said total ad spent right now is flat to slightly negative he's got like ten times as many people reaching out to him to engage him it's not just the business owners anymore now it's the sales teams that are driving interest because they can't go knocking door to door anymore as far as the results for google go, they won't be immediate. they will see ad dropped and it will take a few months for this stuff to ramp up if you can deal with short term pain, short term blemishes here, i think this is stock that's

great hold for the long run. it's probably more o of a second half story >> it's the worst performing stock this year. what do you make of the chart? >> i like the chart especially with longer term i like mega cap tech as a whole. however, it's the shorter term set up that technically i'm a little worried about there's clear support at the $1,000 area. it was tested and hold numerous times over the last few years. on the other hand, there's clear resis stance at 1300 that is the exact level where this week google found resistance and started pulling back from. for me, it's always difficult to buy stock right in front of earnings while it's sitting under significant resistance i do like it longer term short term, i'm a little cautious on the perspective. >> got it.

thank you. ty, back to you. thank you. still ahead, is failure an option the pandemic and shutdown are threatening to send businesses all over the economy into bankruptcy is it the government's job, necessarily, to bail them out? america's largest mall operator planning to reopen 49 locations at the start of may. we'll tell you where those locations are and how they plan to do it, next you can always watch or listen to us live only at cnbc. our special breaking news coverage will be right back.

america's largest mall operator simon property group is reopening 49 of its malls across the country between may 1st and may 4th. these reopenings are in a variety of states. some have already started to tiptoe back towards reopening like south carolina, georgia, texas, tennessee, among others, oklahoma how is the company going to make it safe for shoppers to come back into these malls? >> sure, first offer, than, tha much for having me here. simon says it's time to reopen the malls. the biggest owner is planning to reopen 49 properties like you said, much of this is in south carolina, georgia, and these states where governors are

trying to get every one back to business but, of course, we live in world where social distancing is a thing and there's a lot of measures that simon is looking to take. this is all according to an internal memo that i obtained from the company some examples are removing chairs in the food court limiting the number of entrances to the mall. simon says it will be putting signage on a the floors to direct traffic to ensure that people only walk one direction throughout the property and it will also be one you neek examp -- unique example of making sure people keep distance it will be putting tape over every sink in the bathroom taking measures to ensure there's never too many people in the mall at once simon plans to hopefully not see more than one person per 50 square feet in the property at

any given time it will be using a tracking technology that it has to keep up with that again, really simon in my way s writing the play book for how we get back to normal or how retail getting back up and running in the u.s. the first big property owner to come out and try to open a bunch of its centers at once again, all of this said, it remains to be seen >> i didn't mean to interrupt. i was going to ask as you're discussing them rop reopening t mall, what are about the stores inside are they open them as recreational space where people can come and take a walk or is the expectation that the stores will participate >> right i think the expectation is stores will reopen but it's up to them. if gap wants to open its doors i think we have seen some

national chains in georgia holding back even though georgia, as of this past week was reopened retail was allowed to reopen a lot of companies are sitting on the sidelines it's going be interesting to watch this play out. i think one thing to take into consideration in all of this is just which companies, it might be easier for to get back open you're seeing a lot of the mom and pops maybe it's easier for them to get their staff back in place. a lot of these national chains have furloughed the majority of their store workers. it could be some hurdles in getting every one back >> can't wait to see what happens when they actually open the malls and how much traffic in which ever state there are. thank thank you fyou for your rg simon says, reopen the malls >> we're literally playing that

group on -- that game on the blog with the neighbors and i realized i'm way out of practice i got fooled every time. coming up, the debate that's been raging since chamath said this to scott wapner >> you keep saying propping up zombie companies are you arguing to let airlines fail >> yes >> with that one word the debate began over whom and what to bailout. should we rescue every one or let them fail? that's coming up on "power lunch.

there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us.

that's why working together ist more important than ever. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected . it's what we've always done. it's what we'll always do. 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.

welcome back some new numbers out on the ppp small business lending >> the sba saying over 145,000 loans have been given the etran numbers for an approved loan value of $52 billion for more than 5100 lenders. $52 billion already spoken for of this $310 billion program back over the you. thank you very much. trucking companies a major, major player in the economy now. helping to keep essential supplies flowing food, paper towels they were largely shut out of that first round of government

aid. frank holland joins us now with more >> hey there transportation and warehousing includes trucking companies. they only got about 3% of the nearly $350 billion of initial ppp loans despite being an essential service during the pandemic 98 of trucking companies have 100 trucks or less many are strapped for cash as trucking rate s have fallen double digits since march. they represent less than 10% of the overall market we spoke with a smallpplying foa second time after getting rejected the first he said this could decembisrupte nation's supply chain. >> if we can't get the funding, a lot will go out of business. the big guys will do the general freight hauler from the big warehouses to other big facilities the guts and the grinds and the

main meat and potatoes is done by us small guys >> in 2008, 30% of trucking companies went out of business the owner operator independent drivers association says it could spike even higher this year without some form of government aid kelly, back over do you. >> thank you, sir. it's not just truckers asking for help it's pretty much every one from hospitality to airlines to the energy patch over a trillion and counting as gone towards bailout ors support. at what point should the free market did the fate of some of these companies. is nfailure no longer an option? christian weller, senior with american progress who says protecting businesses from failure will help us get out of this crisis as fast as possible. dan, why call this a bailout if a giant tidal wave swept over

the country, would we call it a bailout to deal with the aftermath. >> this general giving everybody money in the economy and specific bailouts for certain industries or certaindegeneratey isra isra your the big guys will use bailouts as a way of increasing their market power b and the maul businesses will get left behind i don't trust politicians to do this fairly or effectively >> so you would have no cash support for xaeps amid this natural disaster or you would have cash support for households or nothing >> well, the reality is it's going to happen. i'm simply saying that let's not dilute ourselves about what are going to be the con quesequencen oh, by the way, it just means that rich bondholders and shareholders take a haircut. united airlines, the planes will

still be there their staff. brufsy is a chance for reorganization of poorly run companies. coronavirus is a once in a lifetime, hopefully even less than that, occurrence. but again, corruption and special interest favor peddling in washington, that's something we see every day and we need to be very careful that bailouts are not an excuse for the big guys to get in bed with big governments. >> christian, let me bring you in on this it's a point e he made when he said let the airlines go bankrupt because if you don't, you're just rewarding their investors. i've heard from pilots directly who were involved in airline bankruptcies in the past who lost their jobs, saw their colleagues lose their jobs and said bankruptcy is no picnic either what are you thoughts? >> we need to understand this is a pandemic downturn and we need the take care of it as such. we need the take care of the employees. brankruptcy is not picnic.

2003, 2008 so clearly, brankruptcies are a last resort. this is not a normal recession it's happening against the backdrop of already excessive inequality and you can address this through well designed policies we can make sure the companies a aren't calling people back too early or that people don't feel they have to go back too early or that the capacity is there when the economy starts going up again, we can then grow as fast and safely as possible >> dan, people say we have to let capitalism run its course. it implies the market is choosing winners and losers. this is government ordered destruction. it's a government ordered shutdown it's a pandemic causing people not to travel. why is that considered to you to be the same thing as traditional creative destruction >> it's not the same thing no question about it i agree with my friend that a

pandemic is a very rare thing and the rules might be a little bit different. i'm simply saying that creative destruction is a good thing. we want poorly run companies to go out of business to free up capital for the better run companies, the new businesses, the small businesses and when you have washington with its thumb on the scale deciding who gets capital in our economy, if it's just a one time thing, they're giving everybody money, i'll swallow that, but i worry that politicians will like this new power they're grabbing and that they will as they always do, misuse it. >> christian, that's the essence of the protests right now that people say the government is misusing its power by ordering them as shutdowns and having them as long lasting as they are. i want to ask you about the energy sector and whether you're in favor of supporting businesses throughout the pandemic, you would support the energy sector as well. >> they're two different things. especially in the energy sector. on the one hand, there's the drop in demand that's driving oil prices down and we need to

address that there are strurkal issues. there was overcapacity before the crisis hit and that's true in other industries. we can address, we can chew and gum and walk at the same time. we can help companies address the lack of demand and restructure businesses coming from but at the same time, also address the struck yural problems those are not mutually exclusive. we have the capacity from the government and policies to address that >> just to jump in though, when you say they're two different problems, they're not. there were many different industries who had overcapacity problems retail is one of them. maybe restaurants is one of them going into this. why is it that everybody says the it's different for energy. i suspect they just don't like it >> but nobody's saying the big gois all getting bailouts without any strings attached i mean clearly, the government, look at what is happening in the

airlines and say federal government you really need a big bailout, we're going to take an equities stake and help you figure out how to be better at your job those kinds of things and by better, we also mean take care of your employees before you take care of your shareholders take care of your ceos after you take care of your employees and make sure that the economy is working for everybody once we come out of it >> all right we've got to go. thank you for the discussion appreciate it. christian, dan two very different points of view about government support for these companies. tyler. >> all right right now, stocks are what we call mixed the dow adding to its best month in some 18 years but it had been up nearly 400 points earlier in the session. come up, back to the birds, is the coronavirus pandemic going to encourage people to move out of the big cities and go back to leave it to avbeer life? stay with us 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.

we're getting the single family home builders by the fourth fourth week, sale could tank to 15% of normal activity but in the past two weeks, the numbers have started to climb that according to exclusive data from john burn real estate consulting and that demand is primarily coming from renters in urban apartments i spoke to a small builder here in the d.c. suburbs who said everything stopped for a month then last week he sold three finished homes people want to move quickly. now this was echoed in dr r

horton's earnings today. they reported much weaker demand at the end of march then added the company's weekly net sales order volumes in the most recent two weeks have increased on the analyst call, the ceo said people want to be in a house right now and being affordable, we have more opportunity to put them in a house than our competitors that plays to young renters looking to become buyers back to you guys >> you know, i think it's a very interesting thing and i've been thinking about this. i'm a suburban dweller i grew up in the suburbs of d.c. as you know and i can see where people might not want to be in dense urban environments and at the same time, i can see where people might just not want to commute in the jobs are still downtown, i don't think a will the of people are going b to be wanting to get on the metro or on new jersey transit here and ride in in a pack eed car to th urban center >> no and especially when they

want more space for a home office, a home gym and the kids at home, right >> exactly i mean i think a lot of housing that don't have home offices are going b to be at a disadvantage or that don't have a room that you can turn into one. thanks so much as always, a beautiful suburban location thanks for watching. kelly, great to be with you. >> the dining room table that's the office. >> all right yeah that's the new office. the closing bell starts right now. >> thank you very much welcome to the closing bell. stocks struggle iing to stay ine green with about an hour left of trade. let's have a look at what's driving the action consumerer confidence plunged as coronavirus cases surpassed one million. and tech is selling off ahead of the earnings reports this week we've got amazon, microsoft, both trading lower by about 2% and we've go