welcome back welcome to a friday and to my kitchen. our breaking news coverage continue s as we look at the markets on a downwards trend stocks under pressure to begin this month of may. the down down more than 600 points after april was its best month since 1987 number of week earnings reports one of the reasons why the market is stelling off right now and the earnings reports detail strain of the coronavirus impact that is under girding this market sell off from apple and amazon to chevron and exxon. j. crew the latest company to

sit on the brink of bankruptcy this could be just the tip of the iceberg. kelly, meantime, over to you as more thanhalf of states in the u.s. get ready to lift lockdown restrictions, could the biggest risk be no one showing up bob has more on this question. >> we have been talk about this the last 24 hours. efb kn everybody knows the possibility there could be another wave of secondary reinfections that and might force states to close. a lot of people are talking about the fact it will not roll out the way every one thought if we have a relatively successful rol role he said he questioned the about how big the roll out will be he said people will not be flocking to bars, restaurant,

mooe mooe movie theaters in the way he hoped. there's a lot of good news and bad news out visa said they were hit hard by downturns of travel, fuel restaurants, entertainment they said there's a big surge in online spending. whirlpool said 2020revenue will decline 13 to 18%. they said consumers are buying freezers to put things in. we had the same thing with brands you're talking about rubbermaid. they are selling lot of them and home and out door living products are much weaker again, good news and bad news. hard to sort all of this out in term of today, you can see a lot of bad news here a lot of concerns that things aren't going to roll out the way they thought you see the weakness in the

airlines and the semi conductors as well. >> yields are moving higher low pressure rick is here to join us >> we are down a bit we're up two on the week let's look at a chart from mid-apr mid-april. you can see we had a range from the height to mid-60s down to 5758 what really draws my attention is when you include the first half of month. you see the scaling issue now. since march 1st, the high it's been t wide is 69. tightest at 16 exactly the mid point we're at

right now. markets are somewhat comfortable. that's good information. we should break out of these ranges in either direction there should be follow through the dollar index here is the dollar index it's down over a percent on the week it really isn't a bearish week for the dollar it's a bullish weak for the euro currency which is over 50% of the dollar index kelly, back to you >> thank you the markets are starting off the new month with a sell off. according to bank of america, investors a cautious pulling more than $6 billion out of stocks and pouring over 91 billion into cash this week. what does that tell us about what's the come. i'll start with you. do these major outflow, this move to cash tell you that something bad is coming or what

do you make of it? >> i don't know about that i think the market is moving around enough it has individual and professional investors i think the market has gotten well out over its skis we got a lot of bad economic data we have seen likely to get worse. we had the president suggest there could be retaliatory steps taken against china as the economy is weakening which is our version of the tariffs in the 1930s that exacerbated the great depression for the president to take steps like these. had some consequences in market psychology i think all of that and then what the earnings picture still mixed, it's just a market ran too far, too fast and not to get really wonky and technical there's been a 6.18 retracement in the market which a lot of technicians look at.

>> i do agree with ron i think their commitment to provide unlimited support to keep the market and the economy afloat have, in a lot of ways rendered economic data and corporate earnings largely ir relevant does the economy reopen without incident

these things aren't going to come as quickly as perhaps they anticipated. i think folks could get impatient with how long this could take >> we have talked a lot on this network about the fed put and how it's effectively beneath the stock market either they are backstopping everything or they are not equities are just kind of the residue of that. even if you're concerned about the roll out, the reopening of the economies antsz ad all that at some point that support has the count for something, right >> absolutely. i think the fed's purchases of high yield debt which is a equity proxy in many ways. to the extent they are not just buying trash ining treasury, tn more risky credit assets which does put a floor underneath the markets. the question is with an

increasing number of bankruptcies and the potential as bob pointed out earlier of a return to work not working out terribly well. a will the of tholot of those te looking at with a more jaundiced eye. we still have to see some normality return for the markets to function properly going forward. i do believe the fed put us there and may keep us from retesting or fully penetrating the lows of this market. it can't do everything this is a bilogic problem that's turned into an economic and market crisis. >> right that's certainly the one thing everybody agrees on. michael, ron, thank you. we appreciate it tyler. all right. the small business administration dealing with another hurdle as the department of justice now looks into possible fraud involving applications to those ppp loans.

kate rogers has the details. >> the department of justice says it's working with the sba and lenders to identify outliars our analysis found fraud among certain loan applications in connection with the program. the sba declined to comment on this so far there haven't been any public reports of fraud but this comes after big outrage that larger companies both of those companies have returned the funds to speed up the lending process for small businesses under the ppp program, the application is shorter and more streamlined for applicants with just a two page application. there's no personal collateral on the loan. a certification has to be made in good faith that current economic conditions make the loan necessary the traditional 7a requirement

of looking for funds elsewhere before applying for the loan is waived the treasury and sba did issue the guidance last week that hedge funds did not qualify and the treasury secretary said loans above $2 million were going to be audited. a lot of last minute changes after the program that we'll continue the monitor back over the you. >> kate, fraud is one thing and if there is fraud, i'm sure one way or the other the treasure department, the department of justice will get to the bottom of it. a lot of businesses have been saying the rules and stipulations were so fuzzy, this was rushed so quickly to market that they thought this good faith they were eligible to do what they were doing >> that's such a good point. there's enough blame to go around you can't fault the government for wanting to get the money into hands of small bid owners as quickly as possible you can't fault the businesses

for applying and thinking they were eligible. it does clear up some of that. it was made after the fact another thing we mentioned yesterday, businesses want some potential changes to the forgiveness windows because if you hire people back now, you use the loan right now, there's no guarantee in another eight weeks that your business will still be there there are a lot of tough decisions for borrowers to make in this program. >> when you talk to restaurant owners who are having to open at 25% of capacity one said last night, at 25% capacity that'sba. thanks so much >> thank you all right, coming up, energy is the biggest drag on the market right now surprise, surprise the sector down about 5% there's one group of stocks benefitting from the outbreak. we'll explain. wall street bracing for a wave of bankruptcies amid the

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welcome back, everybody to "power lunch." j crew the latest company that could file for bankbankruptcy, e as soon as this weekend and it might be the tip of a very large iceberg. a wave of distress in bankruptcy is coming and could be worse than expected. good to see you again. how have you been? >> great thanks for having me on. >> so, how big is this tsunami of bankruptcies and defaults likely to be we know some of the probable suspects in retail and energy, but where might it hit in places we don't expect right now? >> tyler, i think we haven't seen the worst yet as far as numbers of filings

this -- it feels like we have been going through this for a long time. it's only been a few weeks it take a while for liquidity to dry up and for the full brunts of this to hit companies, for them to plan with their advisers, the filing, to have some preliminary negotiations with their creditors in the right situations you know, obviously, we're going to have a massive number of filings in retail. i think we'll have many, many in retail those are in the works we'll see them in the coming days and weeks there hasn't been a particular press to file those because, frankly, the stores aren't open and you can't even liquid date the inventory properly right now. those are coming there's going to be a great number of bankruptcies still to come in the energy sector and

we'll see those in the coming weeks and months behind that, you have industrials. you have some telecomm that's going to get in trouble. i think what's happening right now is every one is evaluating the longer term implications of this in the near term we never had unprecedented events to cause revenues to shut down like this and sectors are exempt technology, for example, is doing well it's evidenced by the rally in the technology equity markets but, you know, we have seen these cycles many time and the first thing that gets cut is unnecessary expenditure and things like marketing. after a while we say what about our rnd. do we need to have that rnd budget next year if our revenues will be down by 20, 30%, whatever the case might be we may see it.

>> is next year likely to be worse than this year because either the way maturities are stacking up or because that's when it's ultimately to hit. they they will limp through 2020 but in 2021, all of this reserves are gone. >> i think you may very well be right with that for the reasons you cited as well as other reasons. i think every one, the jury is out and bankruptcy should be the last resort. in cases we're involved with it, we try every which way to avoid bank ruprupt bankruptcy it's protracted and expensivexp. i can give you examples of companies that might have had equity value i think companies should try in every way they can to avoid bank rupts bankru bankruptcy creditors have been reasonable

in giving extensions to try to see for themselves where things are going. just on the pure number, we track a universe of companies that are in what we call distress and define that by k n companies that are trading in excee excess of 10% yield. everybody knows that signifies distre distress that universe has over $300 billion of amounts of bonds in it of that only 3.5 billion or so mature this year a full 25 mature next year we're going to have a lot more maturity issue next year companies aren't successful in extending those and you'll have the liquidity issues that go with it that usually force the bank rupruptcie bankruptcies >> let's talk and pivot to an area i know interest our viewers. that's municipal debt. a couple of leaders leader mcconnell said one thing to explore would be allowing states

to go bankrupt even if the states don't go bankrupt which they didn't do right now, under law i would imagine there will be health bank rupruptcbankruptcy,s in municipal debt, including that of state as they try to balance their budgets will be very, very hard for many of them to do given the expenses they face walk us through that a bit if i'm a municipal bond owner right now, what should i be thinking >> i'm sure we have a lot of municipal debt holders watching us april has been much more orderly as the fed has pumped liquidity into the system and not only provided support but confidence

so issuances are getting done. i wouldn't have my hair on fire about my portfolio i don't think states will be filing bankruptcy any time soon. there's a provision in the bankruptcy code called title nine which is sort of similar to title 11 but not really because it has to take into account the constitutional rights and separation of cities and states from the federal government. that does not give states the authority to file. it only gives municipalities an with the approval of the states the right to file. i think the sector of the market that will be most in trouble are some of the smaller companies that have been allowed to tap the municipal market to generate capital at an inexpensive rate

from hospitals, nursing home, paper plants, waste of energy plants maybe universities in some cases. those will be most at peril. when it comes to states i guess we could have a debate with coastal states that rely on property tax and income tax versus the southern states that rely on sale tax for their revenues some of the coastal states could have issues and you've seen some of the back and forth between cuomo and mccon nem akoconnell that i don't think states will be allowed the file bankruptcy or want to file it. >> all right one of the real experts in this field. he's worked in restructurings from puerto rico and back good to be with you casinos taking a hit after mgm reports a sharp drop in revenue. we'll have the details with the

stock falling 10%. the aswath will join us to break down the shift in the ipo market more "power lunch" right after this [horns honking] birthdays aren't cancelled. hope isn't quarantined. first words aren't delayed. caring isn't postponed. courage isn't on hold. and love hasn't stopped. u.s. bank thanks you for keeping all of our spirits strong. we've donated millions to those in need and are always here for our customers and employees. you should be mad they gave this to thoseguy a promotion.

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to pufeaturing the emmylors 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 let's go to sue for a update on the latest involving the virus >> thank you very much good afternoon new jersey's death toll, daily death toll has fallen to 311 after hitting a record high of 460 yesterday. governor phil murphy says new infectionfections and hospitalizations are trending lower. in california's orange county, some cities are pushing back against closure of beaches

by the governor. they are seeking an injunction to keep them open. the northern california community allowed non-essential businesses to reopen today in defiance of statewide restrictions officials there say there's been no cases among the county's 9,000 residents. over in france, fire brignge dogs are being trained to recognize the coronavirus with their sense of smell as they can with cancer and park inson's. they are trying to get them to learn the scent by sniffing the sweat of covid-19 patients ty, back to you. >> fascinating stuff let's go to seema mody for some trading nation. >> i want to draw your attention to to casino operators tumbling

today. mgm one of the worst hit group down on a massive 97% decline. are there winner here or is this a losing hand. the trading nation team today, craig johnson and borsi. do you think the worst is behind us for the casinos >> i think in some ways yes especially for lvs which probably stands the best chance to rise from the rubble at this point. yes. it's not the first time until that region where people deal with a pandemic. i think in asian ya tasia the ps much more adaptive i think once that happens, lvs which is a strong balance sheet is going to be able to capitalize on the position despite the gloom and doom, i think asia should rebound first

and lvs will be the beneficiary. the fact they have a strong balance sheet allows them to look for other acquisitions. i think they will come out of this a winner. >> craig, the industrial companies this week, discussed a cautious but close recovery in china. if that's the case, is this a sector you want to buy at the casinos? >> i look at chart like mgm, there's no doubt we got to look at these things and we have to decide when we want to hold them and fold them. we start a nice upward trend challenge. i agree with boris a lot of the bad news has opinion discounted into the stocks and well auch theraoff t. this is one i would hold mgm is one i would be buying >> got it. >> we'll leave the swugs there for more head to our website or follow us on twitter kelly, back to you >> thanks so much.

has the pandemic destroyed the sharing economy. plus, virtual wall street. how this quarantine may have changed the trading business for good remember you can watch or listen to us live on the go on the cnbc app. we'll be back with our special breaking news coverage stay with us

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welcome back stocks are near session lows this afternoon on the slew of weak earnings and the pace of re-opening the economy the worst performer of the major three is the nasdaq. it's trimmed its losses. it's only down more than 3%. the russell 2000 is down more than 4%. oil, the commodity has been

okay the energy etf is another story. dom is at the commodity desk >> it's a four day winning streak those u.s. benchmark west texas intermediate prices $19.50 3.5% gains just fractional losses there the gains are being fueled in parts there's a bottoming pro s process in place for crude oil earlier in the week a continued build in stockpiles but not by as much as some analysts were expecting. also helping matters is a little bit of optimism about plans. about many states to start easing business restrictions this weekend into the coming weeks. those oil prices have collapsed a lot in the wake of the covid pandemic the number of active u.s. oil rigs fell by 53 to 325 total it's the 7th straight week of

falling rig counts in the u.s. back over to you >> down from 990 over year ago the big question facing america right now is how to balance the risks for safety that come with reopening states against the hit to the economy with the shutdown. now someone is trying to put a number on it elon has that story. >> we know there are going to be trade offs when you try to weigh the economy against public health a new analysis out today shows just how stark those choices can be the model looks at three different scenarios. under the first one, all current restrictions remain in place we all keep social distancing, the death toll by the end of june would reach 117,000 gdp this quarter would plummet by 11%.6% a year ago if we partially reopen and relax some of the social distancing measures the death toll would triple to 370,000. the economic hit would be less at about 8.5% decline.

now if we decide tomorrow to just all go back to normal, you would gain gdp to 7.9% a decline. the number of deaths would increase dramatically to 950,000. guy, some of these dynamics will differ by state, according to where they are in flat ping their curve but there are going to be some pain and some difficult choices on both side offense the scale. back over to you >> whether or not the exact numbers are true because the models have been all over the place but it does seem, everybody knows deep down there's a trade off between public health and gdp. it really comes down to place by place, doesn't it, state by state or location by location. >> not even just state by state but person by person one of the most interesting parts of this analysis was they found that what makes the real difference in terms of both the death toll and the jobs is not

necessarily the policy decisions by state governors and by the white house, it's what each of us decide to do. our personal behavior. what do we do within the parameters of the policy decisions that really will make the difference >> for sure. thanks so much tyler. the coronavirus pandemic hitting valuations across the board. public company vs taken the most obvious hit so far but some private names like air b and b have seen their valuation slashed by investors joining us is the dean of nyu school of business professor bring me up to date on the likes of uber and lyft >> i think much of damage was

done even before the crisis. it was coming down to expectations i don't think this crisis causes the shared economy to collapse i think the trouble with these companies face is they need fresh capital to keep growing. >> i think you would agree a discriminating market in some ways companies like peleton have done relatively better than some others because people are exercising at home because of zoom on slack.

>> in both cases market vs been volatile this has been a remarkable crisis the kinds of companies that get punished are the kinds that you expect to get punished big infrastructure companies with lots of leverage. it's amazing how discriminating the market has been in meeting our punishment not only are the winners, but you're pointing to the ones. what about companies like amazon and net flflix which seem to ha held up really well. i think this crisis will create its own set of winners >> as you look at the ipo market right now, it would seem like it would be a pretty baron place across the board for any consumer facing companies, but one exception i could imagine would be biotechnology

companies. this feels like a moment where young pharmaceutical companies, particularly biotech companies might, might have a nice and peculiar window. if you're a company that could benefit from any shift in behavior practices, over the last four or five weeks this has shown remarkable resilience. that makes it easier for companies to go public i wounldn't be surprised if it goes with it in the second half. it's really a function of whether you think the market is resenti reseptemberticeptive to takes rs

>> this is a terrible time because of cover there should be a normalize valuation. the ceo says he wants to go public others have said they don't think that's possible. what do you think the company is worth right now? >> i think at the minimum they will wait until the economy opens up to show people there's still a use. i think there will be a use. the pricing we saw before the crisis was 30 to 40 million. i think the marketdown on that number will be roughly the markdown you've seen in the market >> just to be clear, you said the markdown is for the overall market the overall market is down 15% the hotel stocks and others are

way down more than that. what would you view as their proxy? >> it's less because of fact of the travel business and more because of the fixed costs and the leverage you tell me how much you boar e borrow and how much you have in fixed costs, i can tell you where you are in the spectrum. i would expect to do better. that's my prior based upon what the market seems to be >> fascinating >> let me ask you for a quick answer

is wework toast? >> it was toast before it started. i guess this buries it completely >> that was a quick answer thank you very much. have great weekend thank you for inviting us in today. kel. coming up, an update on one of the many doctors facing a threat to their practices because they can't see patients now. as the calendar switches to may, rent and mortgage payments are due for millnsio of americans. what's happening to those who can't pay? we'll talk about that next

we live in uncertain times. 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. well, it is the first of may and you probably know this the rent is due. the mortgage payment probably is due. for more and more americans it's

becoming a mayor challenge to pay those bills whether you're a homeowner or a business owner. diana joins us with some grim numbers on this. >> reporter: nearly half a million more homeowners asked to delay their mortgage payments in just the last week roughly 3.8 million homeowners are now in government or private forbearance plans. that's over 7% that's $841 billion in unpaid principal and 6% of all fanny and freddie loans and 10% of all fha loans. 95% paid by april 26th last year and this year 91.5%. the ceo says so far most are being proactive in helping ten nantss with hardship they have not come to him for

help yet, on their loans >> thest a waiting game to see what may and june and july rent looks like to see how many come to us for forbearance. >> reporter: there's been reports of increased searches on rental websites in the last few weeks which could be a brighter sign for the sector overall. back to you. >> how long are landlords or mortgage holding companies likely to extend this forbearance and are states and localities getting involved so they are foreclosing on foreclosures >> under the cares act lenders can forbeara thrnce up to a full

year it was call for rent strike today by many groups across the nation mortgage holders are in a bit of place than renters as for the landlords and those who need to pay those to bond holders, that's a bigger problem. there's no bail out for them yet. >> thanks very much. >> that's it sorry to step in there, tyler. appreciate it very much. i want to quickly update you on the story about struggles of doctors in private practice who haven't been able to see patients in the pandemic >> a little bit of good news from doctor laura. she's the chiropractor who was shut out last week for ppp loans. she has been approved for a loan

of 8,000 there are she also got $1,000 in eidl. the injure disaster loan that will help her through much of june. half of primary physicians say they are still struggling. 47% have laid off or cut costs that's up five points from a week ago 16% say they have been approved for an sba loan. more of them are still pursuing that option and now 6% say they're looking to personal loans to help them through we're going to be watching next week for a big data point in the jobs number. last month we saw 12,000 jobs lost at doctors offices and 17,000 at dentist practice >> the interesting thing after you were last on, i got a couple of e-mails who said i'm supposed to feel bad for these wealthy individuals with these practices but these people do not need help that their businesses would be fine on their own support or some other ways. there seems to be a big

disconnect here. >> primary care doctors, solo practictioners make up a minority of the number of doctors out there. when talking about solo pr practictioners they really just get by they're not among the big, wealthy sort of specialists and big wealthy practices. all of them are under pressure because they are having trouble seeing patients and for the smaller practictioners they have trouble getting ppp. if they can't protect themselves and can't see patients in person >> that's one of the least of the challenges at this point especially for these hand on practices including dentists thanks very much now as wall street tries to figure out how to get back to business, are crowded trading floors a thing of the past we'll veha more on this topic when we come right back. i just love hitting the open road and telling people

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welcome back with most traders working from home, wall street has gone virtual. cnbc.profiled one of those traders from goldman sachs here is hugh son, banking reporter for cnbc.com. hugh, i think the most eye catching part of this story is that everyone expected a story about a dude, a trader this is a 33-year-old woman who's 8 month pregnant and what did her story tell you >> thanks for having me. she's an exceptional person. became managing director at the age of 30 andshe was clearly pregnant when covid struck so she decided to with the permission of her manager to start working from home early. she was e a test case for the

new wall street. in an interview, she basically said this. it doesn't matter that her colleagues are now in atlanta in some cases in florida new jersey. in connecticut she's as close and connected with her colleagues and clients as ever and that's a game changer for wall street. what do you think that means because we have this debate around here about wla it is really efficient to work virt l virtually. it's kind of a pain. i wonder if it's driven more by desire or litigation are the banks too worried about having a bunch of people close by is this we've heard this from the likes of jpmorgan, they think it's a valuable asset to have people in physical proximity. >> there is and proximity will never truly go out of fashion. here's what i'll say about this. it worked. they made a ton of money in the first quarter. they made collectively five biggest wall street banks made the most they made in eight years. so i think as long as it works,

i think that's, that is the main sort of the main concern here and you know when traders badged out of their off the trade floors in march, i think most of them suspected they would be back in a couple of weeks. the reality is there's some percentage of wall street that may never have to return to the office on a permanent basis again and i think that shape has been properly appreciated. >> yeah, i wonder how much things are going to permanently change though. one hand, you'll have barclays saying you'll never put 7,000 people on a skyscraper again when i asked the ceo about this the other day, he kind of dismissed the notion that cities and skyscrapers in manhattan are going to permanently chain as a result >> let's talk about the intermediate future to go r forward. here in new york as the cases sort of level out, we're having discussions about reopening the city that going to look like? what we can say here and these discussions are happening in real time.

people will return in phases so you can have ten to 15% of your trading workforce come in at first climbing up to maybe 40 or 50% at that point, you're going to have a hard time getting past 50%. because social distancing is going to have to still be in effect traders are going to have to work from home the ones who do come back, it's not going to be like it used to be investment banks are looking at having infrared scanners in lobbies. on site corona testing masks required even at your desk and even plexigrass partitions >> is the response to this likely to be different depending on what part of the country you're in? i was speak tog a neighbor who works for a european bank. they don't expect to go back this year or next at the least but bhab it's different in dallas or oklahoma city or

seattle. >> nice to talk to you again been too long. you're definitely on to something there. i think when you think about it, all the financial centers of the world happen to be in really densely populated cities and these are cities where it's going to be hard to take mass transit. so there's some discussions about you know getting vans, picking up people and circumventing mass transit that way, but you know when you think b about it, the only true solution to this problem is lower density and that means you know when you look, think about trading floor and think past those, those have to be a situation where they're going to leave every other seat empty >> okay. we've got to leave it there. thanks very much appreciate it. cnbc's banking reporter and we will take a final cheblg on the markets right after this first up is this exquisite bowl of french onion dip.

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all right, welcome back. kelly. you know one of the interesting things we're watching is new numbers out of the tsa that are tracking the number of travelers. it goes along with the story of the reopening of america 87,000 travelers one week. that was the low last week apparently 155,000 as you look at the airline stocks. they are not feeling the love as we' there. >> no. because it's not enough. we had what 2 million this time last year. american airlines down 10% today. ever corp. said they could be worth $1 even brian sullivan who was talk ing about oil last hour said you look at china, their car traffic has started to come back, but not the air traffic. heard the same from the oil companies saying the demand for jet fuel is still really weak. >> airlines, n bankruptcy many if not most of the big names have gone through it once.

we spoke with the mayor about the coming wave of bankruptcies. you shouldn't overlook the possibility that an airline or two might fall prey to that. have a great weekend e see you next week. >> you, too. see you in the kitchen or maybe the living room. >> yeah, that's right. we'll turn it around we like to mix it up a little bit. stay with us now as our continuing coverage rolls into the final hour on the closing bell >> have a good weekend, tyler and kelly. stocks are sharply lower on this friday afternoon e erasing gains of the week. let's look at what's driving the action in this final hour of trade, a week corporate outlook from amazon is weighing on sentiment. the president threatening new tariffs on china which would put pressure on the market and the economy. and more troubling economic data u.s. manufacturing plunging to an 11-year low as states like texas, georgia and ohio move to open their states. >> dow