much more dramatic than they have to be. >> i agree, charles. i actually could not agree more. i think we have to really sit down with leaders in business like yourself -- charles: my time is up, david. i got to hand it over to my dear friend liz claman. liz, i'm buckled up because if we are down 900 points now, i know your hour is going to be another treacherous one. liz: yeah, i know. the nasdaq just hit a new session low, down about 327 points. we are watching all of this. the markets are really kicking off the second quarter with a kick to the ribs. pretty much an unfunny april fool's joke playing out as investors toggle between confusing economic headlines and news that the death toll from the virus is actually continuing to spike and in some cases, double over just a few days. dow jones industrials right now down 942 points. you can check the s&p, it's down

116. now the nasdaq is down 335. another part of the problem is that it's the first of the month. the rent is due for shuttered businesses both big and small across the nation. the ceo of the international council of shopping centers, the landlords, is here in a fox business exclusive. we will ask are the checks coming in and if not, what's the plan? evictions, waivers? we will find out. plus, the unintended consequences of working and learning at home. zoom bombing, have you heard about this? it's like a photo bomb on video conferences from complete strangers who are hacking and weaseling their way in. some are funny, some are downright criminal. coming up, the company that allows everyone to sign checks and documents remotely has all employees working at home. the ceo of docusign on balancing that challenge with its skyrocketing business and stock

price, up 70% year over year. remember last week "countdown" was the first to tell you how 3d systems was converting its 3d printed scuba masks to ventilator face masks? well, now the 3d community in just days has begun making the first 3d knitted reusable washable n95 masks. the ones that everybody needs in hospitals. 3d printing pioneer, former ceo of 3d systems and he is about to unveil the very first one of these here in a fox business exclusive. you've got to see it. we have a lot of questions about it. i know you do, too. airbnb is ready for prime time and is anyone really obsessing over getting a 5g phone? with less than an hour to the closing bell, let's start "the claman countdown."

liz: breaking news. the worldwide death toll from the coronavirus, this is worldwide, has now crossed 43,000. that's according to reuters. reuters is tallying this up. again, 43,412 dead with more than 878,000 infected. here in the u.s., the total deaths have now hit 3,889. meanwhile, twitter says it is patrolling its social media site for potentially misleading and harmful content about the coronavirus. get this. twitter is now saying it has removed more than 1100 tweets containing content that violates its policy because it's putting out misinformation, fake cures. twitter stock down about 5% right now. as coronavirus forces consumers to change ingrained behavior, apple supplier foxcon is assuring investors and iphone users they will still be able to

do what they do every fall, upgrade their phone model. they are now promising the 5g iphone rollout this fall is still on track. but if the shares of apple are any indication, the apple faithful are not obsessing over getting their hands on a 5g phone. that could change by fall but shares are down 5.25% to $240.85. what about this. quarantine and social distancing can be lonely. some of you are feeling that right now. capitalism to the rescue. match group is looking to quickly add video chatting capabilities to more of its subservices. so far, match has plenty of fish and those are two of his subsidiaries, match.com expected to have the service sometime in the next couple of weeks. let me get to this airbnb story. the home rental giant is committing $250 million to hosts who have been hit by coronavirus cancellations.

the company also says it has successfully lobbied congress to get their hosts to qualify for federal aid to small businesses. charles has just been talking about the big moment when small businesses are allowed to apply. airbnb hosts apparently do qualify. it's been a dismal day for auto makers. auto sales crumbling during the first quarter and of course, during the month of march. two of the worst hit names last month, hyundai and mitsubishi. hyundai sales plummeting 43% although the stock is up just under 1%. and mitsubishi sales dropping 52% in north america. mitsubishi stock down 3%. let's flip it over to u.s. auto makers. they did not escape the scourge, either. gm reporting a 7.1% sales decline during the first quarter. that stock down 7.6%, now below $20 a share. fiat chrysler slid 10.4% for sales during that same amount of

time, those shares down 5%. fiat chrysler now a $6.82 per share stock. as the number of virus cases here in the u.s., talking cases now, hit 200,000, doubling in just five days here in the u.s., we have team fox business coverage standing by. we've got trader teddy weisberg to break down this market selloff and explain what we are now calling rose-colored data. blake burman on the possibility of a $2 trillion infrastructure plan. and former ubs america chairman robert wolf, who has testified before congress in the past on infrastructure plans, now says right now, put that on the back burner. let me start with teddy. we got two major pieces of economic data that did not look as horrible as expected. the adp private sector march jobs report showed a loss of about 27,000 jobs, but the estimate was for a loss of 150,000. even adp says the march national

employment report does not accurately or fully reflect the most recent impact of covid-19 on the overall labor situation, including unemployment claims reported on march 26th of 2020. let me give you this. the ism manufacturing number also oddly beat estimates, coming in at 49.1 versus the expected 45. but teddy, investors are not buying it. look at the dow, down nearly 1,000 points right now. what is going through their minds? they are just not looking at this through rose-colored glasses? >> i think that everybody is looking at these numbers, you know, on the surface they look pretty good but the reality is that we all know that behind the curtain, the numbers are probably much worse. it's just not enough time for these numbers to actually reflect what the actual ism is and perhaps the unemployment numbers. we will know more on friday. but clearly, it takes time for this to work through the system

and we also know that with the benefit of 20/20 hindsight, certainly when it comes to the unemployment numbers or the employment numbers, they always tend to be revised a month or two later. i suspect investors probably have this one right. liz: yeah. you know what, we are at 20,956 for the dow jones industrials. the picture looks really bad for technology. you can look at the nasdaq as well. this is the intraday picture. so much red on the screen. would you recommend that on these days, people are even thinking along these lines that you want to buy on down days but hold off on the days where we are seeing furious rallies to the upside? >> well, certainly you don't want to buy on the rally days. i think any rally in what clearly has been a bear market are just relief rallies, just the opposite of the selloff you get when we have the bull market. i think any rally until proven otherwise is a better selling

opportunity than a buying opportunity. on the other hand, for those folks that have long-term horizons, six months, a year, two years down the road, the computers are completely agnostic when it comes to selling. they sell the good ones along with the bad ones. a lot of stocks tend to get mispriced, even dramatically mispriced. so i think there are opportunities here, there's always opportunities. perhaps not for jumping in with both feet but certainly to put a little toe in the water and you leg into these selloffs and listen, we don't know where the bottoms are. trying to catch a falling knife can be very painful and very expensive. but the fact is you can't pick bottoms. picking bottoms is like buying lottery tickets. chances of winning and finding those bottoms are far and few between. i think the only choice you have, if you have cash on the sidelines, that you look at some opportunities, you keep a shopping list and you put a

little toe in the water. not two toes, not a foot. just a little toe. you kind of nibble around the edges of some of these values that are being created. clearly there are values being created. unfortunately, we just don't know when it will end. liz: yeah. nibbling and toes. right now, florida, we want to let our viewers know florida has a shelter in place order now and it just continues to see bad headlines. that's why we are very close to session lows. teddy, thank you. now let's get to blake burman. blake has been looking at the sudden push in washington, d.c. for a $2 trillion infrastructure plan because the president had tweeted it but what's the reality once you dip below the surface here? reporter: he's tweeted a couple different things. we saw him again today push for this idea of deductibility of meals and entertainment so it would be a boost to the restaurant industry. that hasn't been in play for more than two decades. yesterday he tweeted the idea of a $2 trillion infrastructure

package which he says would be phase four, something nancy pelosi has been pushing for as well. however, here's what i can tell you in speaking with senior administration officials earlier this morning. right now, the white house and those within the white house are not worried or at least working on phase four. what they are worried and working on right now is implementing phase three. as one senior administration official put it to me earlier today, they are focusing on the now things now and will worry about the next things next. elsewhere today, the vice president mike pence, he visited a walmart distribution center in virginia, staying at home of course for so many means the need to stock up on necessary food and supplies. speaking to charles payne earlier today, the vice president tried to reassure that the food supply chain remains intact. >> these are the folks that are keeping food on the table. from the farmers working in the field to a distribution center

here, over 1,000 strong, people are coming to work every day, they are loading those 18-wheelers. the food supply in america is strong. reporter: back to this idea about a phase four relief measure, stimulus package, whatever you might want to call it as it relates to $2 trillion and infrastructure. i'm told that within the administration, there are some staff level people who are working on what a buildout might look like but this is staff level, very small at this point, very early in the process. the reality is $2.2 trillion on phase three and implementing that is what they are working on right now. liz? liz: blake, that dovetails perfectly with robert wolf. let's bring him in, the former ubs america chairman and ceo who during the financial crisis testified before congress on passing an infrastructure bill, but now, robert, you say put the shovels on the back burner. why? >> for a few different reasons.

one, i totally agree we need something now. we do need phase four. it's just not an infrastructure bill. what we need is a bill that i would call a continuity bill. making sure that small businesses are meeting their payrolls so we can keep businesses open when we are ready. i think we need to have continuity on wages and we need to have continuity on small business. otherwise, when we see this downturn that we have been speaking about, unemployment and gdp in the second quarter, the question is how do we move from an l-shaped recovery to a u-shaped. the key is making sure those businesses get ready to go. they're not going to be ready to go on this prior $2 trillion package. that was not even really much relief. that was like a band-aid. we actually need to make sure these small businesses are ready. you were talking earlier, we have over a million retail stores. we have over a billion restaurants in this country. we are talking about how do we

actually go back to some sort of normalcy in six months so the recovery comes. i love infrastructure. i testified. but we're not going back to the president's infrastructure week he spoke about three years ago. liz: yeah. you know, i think that it's something both sides of the aisle under decent circumstances would get on board with, but the pork issue, when you say infrastructure, what happens? immediately states are piling in saying we need the bridge to nowhere, we need this, we need that. i get it but it would start a huge fight and people would have to bring out fine-toothed combs to sift through all the junk in there. >> let's be clear. every committee in the senate touches infrastructure from literally next generation gps at airports to rails and highways and electricity in the national grid to literally wifi, renewable energy. everything is infrastructure which is why over a decade ago,

i said this country needed a national infrastructure bank for water treatment centers and for national electric grid. we have to go back to that. but right now, what we need now is a phase four. the idea that congress is out for the month of april is actually unbelievable to me. we should be back working to make sure we can figure out how to copy thekeep these payrolls direct payments going. yes, we need to implement phase three but we can walk and chew gum at the same time. that's what congress needs to do. liz: oh, yeah, bring on the wrigley's gum. let's see that happen. no problem. but i'm not sure they can. robert, good to see you. thank you very much. robert wolf. all right. we do have about 45 minutes before the closing bell rings. while we were talking, the dow hit a new session low, down nearly 990 points. we are off that right now but still lower by 978. we are below 21,000 now. it's a loss of 4.5%.

the s&p has turned its back on one of the most iconic names in retail. macy's getting the boot from s&p after falling more than 73% since just january 1st. macy's credit rating downgraded to junk status. the retail licking these latest wounds, down 8%. macy's is now a $4.52 stock. think about it. macy's is one of the most well-known anchor stores at malls across the u.s. but with april 1st upon us right now, will the famed retailer and your other favorite mall stops be able to sign, seal and deliver the rent checks? as stores remain shuttered and foot traffic goes down to zero, is eviction around the corner? the international council of shopping centers, the landlords, if you will, the ceo of that group, tom mcgee, he represents the landlords, we will ask him

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liz: all right. new low for the dow, just so that you mark it, is a loss of 980 points and right now, we are off that, down 921. but again, we've got 40 minutes, exactly 40 minutes left before the closing bell rings. we're watching it all for you. we know you know this, it is the first day of the month and the rent is due, but in the midst of a global pandemic and a market catastrophe, what will happen to businesses who don't have the money, can't make the rent deadline? one of the nation's largest mall owners, taubman centers, has instructed its tenants to make their rent payments even though their malls are closed. so will they or any of the other

big shopping malls really kick out the tenants who don't make rent during a national crisis, or should they instead be allowing stores to pay rent once they reopen? with us now, tom mcgee, the president and ceo of the international council of shopping centers, which is the global trade association of the shopping center and retail real estate industry. tom, don't sugar-coat it. what are you hearing about whether checks are coming in and what are mall operators doing? >> well, first of all, thanks for having me on. we are, you're right, in the middle of a national crisis, because of appropriate health and safety actions taken, stores are closed cross the country, restaurants are closed across the country and frankly, shopping centers across the country. today, as well as yesterday, and i'm sure as well as tomorrow into the future, landlords and property owners and tenants are having a conversation on how to appropriately deal with rent

payments. i quite frankly am more concerned not just about how these individual conversations happen for the month of april, but really about the long-term threat to the industry as a whole. there's a trillion dollars of debt that underlies the shopping center industry. without a continuity of payment, that repayment of that debt is clearly a threat. that would cause rampant issues in the market, obviously rampant unemployment. so i'm concerned about the viability of the industry going forward. that's why we have called for government to provide temporary forbearance on unsecured and secured debt underlying the industry. that would allow time to have those kind of productive conversations. i also, your previous guest raised an important point as well around business continuity. who while we think forbearance around mortgage obligations is important, we are part of a coalition that is calling for

the establishment of a recovery fund as part of the next relief act. we fundamentally believe customers, clearly the cares act was an appropriate first step but it was just a first step. there's a lot of hard work that needs to be done. we have fundamentally shut down the u.s. economy and the government needs to step in to provide the recovery funds to allow for the continuity to take place. liz: tom, is there an opportunity where some of the mall operators would grant waivers and say you know what, when the stores reopen, you can pay the back rent, et cetera, or is that just an unrealistic possibility and people face eviction? >> look, i think that across the country, property owners and tenants are reaching conclusions and having productive conversations. there's a mutuality of interest and no property owner wants to have a vacant space. no tenant wants to leave that space. i think there's generally a working together. i am concerned, however, around

if you don't have cash flow coming in and this is a cash flow business, obviously retailers depend on cash flow, property owners depend on cash flow to repay mortgage obligations, and unless there's kind of a productive and pragmatic solution, there really is a significant threat to the industry and quite frankly, communities across the country. we don't want to have a situation where we have foreclosed properties across the u.s. and that is fundamentally what the risk is. every one of us in our community cent center, neighborhood centers and regional malls, without there being some productive solution to this, i think the government plays an important role in it, because we are in a crisis [ inaudible ]. the government is really the only institution with the large enough balance sheet to step in and backstop these issues. liz: okay. tom, thank you very much. tom is with the international

council of shopping centers. the dow just fell 1,000 points. now it's down 996. when we come back, a brand new 3d printed knitted n95 face mask for hospitals. we've got it. - to have gold coins in my possession,

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of course, nothing is without risk. and that being said, i feel that by diversifying with precious metals, that i am covering my bases. it's a hard asset. you can turn it back into cash. whereas keeping a lot of cash in your bank account can really almost end up being nothing. you have these dollars over here sitting in a bank drawing practically zero interest. i think gold and silver has a greater potential for increasing in value. i mean, you have to keep cash. but you don't have to keep everything in cash, and you don't have to put everything in the stock market, and you don't have to put it all in a bond market. you do a little bit of everything. and then you sleep at night and don't worry about it. in fact, i sleep better with gold than i do with the stock market. because it's tangible, it's there. - if you've bought gold in the past,

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and clorox wipes combined? hospital grade n95 face masks. hospitals around the nation do not have nearly enough of them, or ventilators, for that matter. the most crucial medical device needed to treat coronavirus patients. however, just days after spearheading a 3d printing army by centralizing a mass effort to retool 3d printers all around the world, today the army is delivering. exponential works avi reichental, the man coordinating the global 3d printing push, is here to unveil the first 3d printed knitted washable and reusable n95 mask. avi, the n95 is considered the holy grail of hospital masks because they offer the most effective protection from the virus droplets. unveil this new 3d mask, show it to our viewers and tell us about it. >> absolutely. good to be here. this is a mask that was designed

by variant, a 3d company that physically would be making things like sweaters that are customized. well, what they have done which is genius, they created a program that can create a washable, reusable and disinfectible mask, and they are supplying an n95 filter that will go in here and is disposable. the filter and mask has been applied for fda designation and we expect based on the specifications of the filter and the fact the filter is the size of about a quarter micron, it should work. i want to clarify that it's not designated as of this minute as n95 but we are very hopeful the

fda can [ inaudible ] because we believe this will be a game changer in terms of supplying hospitals in particular and we are going to give this will be available on our website this afternoon. anybody who wants to get in the game, there are thousands of 3d knit machines around the world. we have the software for these machines and we will supply you with the filter courtesy of variant. liz: i know that we have a market selloff. i just want to let our viewers know we are now down 1013, 1008 at the moment for the dow. it is all related, is it not, to what's going on with the coronavirus and how fearful everybody is. can you just talk a little bit about the fibers? these are 3d knitted, i believe

we have an animation and some type of video where we show the actual knitting in the 3d machine that has made the sweaters before, but is now making these masks. can you scale up? can variant, this company in malibu that's doing this, can they scale up quickly once they get full-blown approval? >> well, as i mentioned, the install base for this machine is significant, in the thousands around the world. in a good economy, we would have fashionable attire. in coronavirus economy, we need to very quickly scale this and we need to reconfigure and reuse many of the capabilities that are installed in place and that's exactly what variant is doing. they are taking an existing install base and unleashing it for the emergency response.

liz: you told me last week on the phone supercraft is a company you helped found and they have come up with this clever 3d printed valve. i think we have pictures of that as well. tell me about what they are doing there. that i believe allows a ventilator to be shared among at least two people? >> that is exactly right. we kind of got caught with our pants down in terms of our emergency preparedness not just here in the united states, globally, and one of the most precious pieces of equipment today is a ventilator. while many good companies are jumping in to manufacture an additional capacity of ventilator, we think that the easiest place to start is to try and multiply and basically make ventilators so they can support at least two patients at the same time. that's exactly what supercraft did, and quite a few other 3d printing companies around the world are working on this effort

to make sure that we can immediately double the capacity of existing ventilators while we add new ones into the supply chain. liz: i also understand, it's our last one that we want to talk about a 3d printed swab. tell me about the company that's doing this. >> so there are quite a few companies that are already actively working on 3d printed swabs to basically do testing, to do a nasal swab. the company that lent its effort is out of massachusetts. they came up with the design with the help of northwell health. we have taken this design and are basically making swabs here locally in california because we have some very high [ inaudible ] 3d printers and

can scale this to tens of thousands of swabs weekly until the normal supply can get back in the game. liz: avi, it's a virtual army. you and all the 3d printers around the world have amassed and as we say good-bye, hold up that 3d knitted mask one more time so our viewers can see, as we thank you. we totally appreciate you coming up and being able to do that. let us know when it is finally approved and we will be thrilled to have you back. thank you so much. >> thank you, liz. liz: we are going commercial-free for the second half hour. yes, there it is. amazing. commercial-free. we are now down 1,007 points, the s&p lower by 125. the nasdaq is suffering in particular here, down 4.75%. we are coming right back. the stay at home stockpiling movement sending one grocery giant to the top of the market charts at this final hour of

trade. we'll be right back. sorry. are we going to break or no? okay. commercial free right now. kroger is one of the big winners on the s&p. intraday it is up just 1%. that's now considered a big winner on the s&p these days. we are seeing sales rising at kroger 30% in just the month of march at its supermarkets as preppers near and far ready for lockdowns across the united states. you have been seeing florida now, everybody is being told stay inside. one of many states now where they are putting out and issuing that order. working and living and studying at home is a new experience for millions of americans. have you heard about this? you know about zoom video communications. i know you do. a lot of you are using it. it's a breakout technology during this crisis. however, they have had new unexpected challenges. we can show you some of this video that's called zoom bombing. people are sitting there working

and suddenly, somebody, a total stranger, it's like they are weaseling their way in and hacking their way in. one example the fbi is highlighting is a massachusetts high school class that had ann invited guest join the video conference meeting to yell out profanities and reveal the home address of the teacher. meanwhile, docusign has been the standard for e-signing documents and dealing with agreements digitally so you could be half a world away and sign a check or document. that is accelerating trend amid the pandemic. docusign's corporate clients include recognizable names, everyone from unilever to t-mobile, uber, santander bank and more. we are joined by the ceo, dan springer, in a first on fox business interview. dan, you were early, you were early i believe in around february, you told the entire team of 4,000 employees to start working from home. what have been the challenges, before we get to how successful

docusign has been for so many people? >> thank you, liz. yeah, we were quick to realize that for the safety of our employees, it was going to make sense to get them working from home. about 4,000 folks, it was a big change. lot of people didn't have the infrastructure to be able to do their job from home. we have a fantastic trust and security team and they led an effort to get the right i.t. infrastructure in place. that was probably the first thing. the second big thing, of course a lot of people have families at home now so we have employees trying to call meetings having little ones running around. we actually created a fund where we gave everyone a $1,000 credit so they could get child care or some people have parent care they needed to deal with so our employees could be focused on serving our customers. that's the key thing we have been trying to get done. liz: well, you guys are actually on the flipside of this helping many corporations and many individuals get documents signed and they don't have to social distance because they don't have

to be anywhere near the recipient. they can simply sign the document and send it electronically. how has your business fared? i was stunned to see that your stock has done very well, but year over year, you are up 70%. 7-0%. tell me about the adoption and what people are doing jumping on and becoming customers here. >> yeah, absolutely. i think what we have seen is we just reported our year end results where we had revenue growth and billing growth of 38% and 39%, so we are really excited the core business has been growing as more and more companies are doing just what you said, jumping on that band wagon to do things remotely and to leverage the power of the signature. the other big thing we have done to drive growth, we broadened beyond the signature business which is what people know docusign for, many people bought their house or found their first job that way. now we have a broader agreements lab where people can create the agreement in addition to sign them and manage that agreement

so moving into that broader space is allowing us to continue to grow even further. liz: yeah. even on a day like this, you are actually up slightly, depending on the minute, for your stock. zoom ipo'ed last year. you ipo'ed the year before that. you guys have been around for years. keith is a friend of ours, he has been on the show. of course now he's working at the state department. what i really learned about docusign, it has gone paperless and that certainly is a very positive development. but looking at what we are all facing right now, what has really surprised you about the pandemic as a leader, as a ceo who is trying to continue running a company during unbelievably challenging conditions? >> well, i think, you are spot-on about unbelievably challenging. this is truly an unprecedented situation, at least in my business career and life. i think for us, the piece that

has really surprised us is the magnitude of the impact. not just in terms of our own employees we talked about, our business as you said is fortunate to be strong in the space. but we have customers, we have partners, suppliers, that are coming to us in really difficult situations. we are trying to figure out things we can do to support the various folks in our ecosystem. we figured out programs for small businesses to try to support them through attractive pricing for them, and we looked at certain industries like real estate which has been an important long-term partner for us, the national association of realtors, and come up with packages for them, then lastly, i think the piece that's maybe the biggest impact question is what's going to be the economic impact after we have the human crisis that's going to be so severe and what's that going to do to our economy. that's of course the big question none of us know. that's the place where we are starting to make sure we feel that we are set so that we can

continue to support our customers no matter what the economic crisis is that follows this pandemic. liz: docusign is helping a lot of people stay safe and definitely distance themselves simply by allowing electronic signatures. dan springer, good luck to you and your company. thank you so much for coming first on fox. >> thanks for having me, liz. liz: any time. we just want to mark it here. the closing bell is ringing in about 18 minutes. yes, it is a very ugly picture. the dow is now down 1,080 points. the s&p down 132. the nasdaq down 5% now. same with the s&p. a loss for the nasdaq of 388 points. we've got this breaking news. madison square garden's board has approved a pin off of its entertainment businesses -- spinoff, rather, from its entertainment businesses, from its sports businesses. you may not know this. the msg group own the new york

knicks, the new york rangers, radio city music hall, set for a move mid-april. msg stock down 2%. we do know the ceo, jimmy dolan is recovering, we hope, from the coronavirus. we wish jimmy the very, very speedy recovery. it's really affecting so many people and of course, msg has been hit to the tune of 2.25% right now but it's been a lot more difficult because there are no nba games, no nhl games, no big concerts. here's a question. can wework survive in a work from home society? the now infamous coworking space giant is reportedly battling client cancellations right and left, by offering discounts of up to 50% in exchange for signing longer term leases. insiders say the offers are targeted at current month-to-month tenants who comprise more than a 25% chunk of the company's memberships.

many wework locations have remained open through widespread business shutdowns on the grounds that some tenants provide essential services, but the outbreak is still taking a toll. wework has been forced to implement major job cuts and also announced that it will most likely miss its 2020 financial targets. now we go to charlie gasparino. you talked about wework yesterday but now we are talking about social distancing becoming the new norm. banks looking for ways to capitalize on work from home movement, right? charlie: wework's problem is everybody's problem, obviously to a much bigger extent. as you know, yesterday we reported that a lot of people on the street, people that follow wework's finances think this company is one of those that, you know, there's always a few that don't make it through one of these market upheavals and that's one of them. so we will keep an eye on that story. but the other story out there is what's going on at the big banks and how are they going to adapt to this. here are the two themes i hear from sources at the banks.

these are people that work at the major banks, jpmorgan, morgan stanley, goldman sachs, citigroup, you name it, bank of america. this is what they are saying. they are all like publicly saying they are keeping their dividends, right? citi's ceo was on cnbc today saying he's going to keep his dividend. we should point out that usually an appearance on cnbc saying you are going to do something means the opposite is likely to happen. that's been my reading of cnbc and -- during financial crises when these ceos get on there. what we understand is that every major bank is talking about in the short term cutting their dividends, okay, cutting or maybe eliminating them. that's one way to save money depending on how deep and long the pandemic recession and its impact on the markets last. every major bank is talking about it. i know the citi ceo went out there and said they have no plans but remember, that's currently. that could change, particularly

if -- liz: yeah, but can i just say, charlie, you've got lots of time, you've got lots of time -- can i just add this, charlie. charlie, listen. you have four european banks, four uk banks that have cut their dividends. b barclays, hsbc, standard charter, and rbs, royal bank of scotland. that's the canary in the coal mine, isn't it? charlie: i know. they s alreahave already done i. the only thing i can say is publicly, these guys are going to say no, we're not ready to do it but that's currently. every analyst i talked to, everybody at the banks say it's on the table, it's going to remain on the table because if this thing keeps going, that has to go, they will have to cut something. they will have to save money somewhere. this is obviously a recession that's hitting banks as well. why is it hitting banks, because of commercial real estate exposure, exposure to the oil patch. there's costs involved here. the other thing i hear, this is fascinating, because this is

much more of a long-term trend. the banks are all talking about how to reduce their footprint in major cities. do they need all this office space if brokers, as they are doing right now, can really deal with clients working from home. so they are all talking about major reductions in their real estate footprints going forward. that again is not going to be good for the real estate sector which is getting hit hard amid this pandemic recession. but the banks are looking at the work force and saying listen, aside from the people that have to deal with the plumbing, those are the essential personnel to make sure trading systems work right, computers work right, brokers, guys that -- and women that are on the front lines of making business investment bankers can do a lot of their stuff at home and they don't need to be in a central location. there's a big cost saving there. we should point out that wall street firms and banks are pretty quick to react to trends. during the 2008 financial

crisis, the firms changed their business models. they became less reliant on short-term trading, on prep proprietary trading and more reliant on brokerage trading assets. client business became a big thing. even goldman sachs was forced to accept that as a new reality. these are things that are downicoming down the pike. short term, it's on the table, dividend cuts. long term, it will be long term structural changes in the way they do their business. does an investment banker need to be in the office every day. they often travel. can brokers work from home. can they reduce their real estate footprint in major cities like new york city and elsewhere. these are the stories and issues that the big banks are dealing with because the bottom line is what we are going through now is not going to just end on a dime. people are just not going to go back to normal. things will normalize but it's going to change the american psyche. people will go out less. it's also going to change the psyche on how business is done. people can actually do business

at home and if you can save money by doing that, the banks will react and react very fast to that trend. back to you. liz: yeah. yep, indeed. charlie, thank you. that's been something we just want to tell our viewers at the forefront of a lot of business leaders, how much does it cost to take out a lease on an entire floor in a skyscraper and at this point, we are watching a lot of people work from home. it's rough and tumble, it's not easy, it's challenging. things are slipping through the cracks but in a month, will it be more smooth? we will be watching it. charlie, thank you so much. the closing bell is ringing in 11 minutes. while we were talking, the dow fell to a session low of about 1,132. we are off that now. we are down 922. but we are going commercial-free because obviously, this is a very fluid situation and we have been watching every single headline, getting them to you. anything that pops up, speaking of working under different conditions, i'm watching the

wires as best i can. despite branching out to grocery delivery with its uber eats branch in france, soon in spain and brazil, uber is skidding into the close. it's down nearly 10%. the ride hailing leader which has yet to turn a profit is seeing its business stall out in the u.s. amid the break. yes, even bringing in the idea of uber eats. investors are unwilling to share in the risky ride at this hour. shares of uber at this moment are at about $25.18, down $2.74. ten minutes to go. let's set that button. ten minutes left before the closing bell rings. carnival cruise lines sinking to the bottom of the s&p after reducing its share offering from 1.25 billion to $750 million. this according to bloomberg. the cruising giant and its competitors are still hoping for some sort of government stimulus intervention. what is the problem with that?

they are not american companies. they do not employ the greater number of employees in america and they are domiciled elsewhere, in liberia, in bermuda, in panama, specifically for carnival cruise. carnival cruise down 33% right now to $8.79. the coronavirus is continuing to clobber the airlines. cheryl casone, what's happening now? cheryl: i have been watching the sector all day and there is this new group of the airline industry making its voice heard at the highest levels, flight attendant union leaders, very concerned that the conditions by which the government would agree to loan money to the airlines would actually hurt the airlines in the end and therefore, kill airline jobs in the long run. they sent this letter today to treasury secretary mnuchin. they are pointing to the possibility and they say this to the secretary, that because he could authorize the government to possibly take an equity stake

in the airlines, we talked about this a lot, they say that's a poison pill that would cost them their jobs. that is the opposite, obviously, of what the agreement was intended for. now, the question is, by the way, speaking of downgrades, a lot of airlines were downgraded today. jetblue, southwest, american, delta, united, all on your screen, all of those stocks are down, in particular look at delta and look at united. american really, the biggest airline by capacity, taking some of the biggest hits with their routes being cut, especially internationally. a lot of talk about american maybe the first to go to the government. but these stocks are certainly on our radar. dow transports obviously are in the red today, along with the general market. but you know, these airline groups have a point in that it could actually be the reverse effect if indeed the government goes into the airlines and let's talk and remember, liz, you were with me here at fox business when the government took a stake in the auto makers. didn't necessarily work out in the best way for the auto makers for several years. hopefully we are not going to

get a repeat of that with the airline industry. liz: cheryl, i know you have been watching the airline sector and airlines use jet fuel. we got to just quickly touch upon oil for the moment. we were watching, i was looking at this this morning, the saudis are just flooding the market. they are just ready. they opened the spigots. they don't care. they are still in that dispute with russia. russia says it will hold steady but today was the day the original cuts of about a year and a half ago to try to bolster the price of oil had gone into effect. now today is the day that they expired. we are looking at crude oil right now, yeah, it's up 2%. but i mean, if you look at any of the integrated oils or any of the, you know, any of the names in there, it's just important to note, i think -- cheryl: i do want to add really quick, there are reports now, several reports, and we are reporting it here, that the white house is going to be hosting energy executives so they are going to obviously,

invitations have been put out, we know that. that's likely going to be on friday. blake burman, john roberts at the white house reporting that today. that's going to be a conversation about what do you do with the spr? do you actually, these oil companies are sitting on this glut of oil, right? does the trump administration lease out part of the spr to energy companies? it's a thought. it's a thought. liz: yeah. yeah. and let our viewers note, if you are listening on xm sirius 113 in the car, the wholesale price of gasoline, 55 cents a gallon. cheryl: wow. nobody can drive. and nobody can drive. thanks, liz. liz: yeah, i know. nobody is driving. six minutes to go before the closing bell rings. check the dow right now, down 947. let's bring in forbes top wealth adviser in new york state, ubs's jason katz along with phil flynn of the price futures group. jason, give me a sense of what you see as an opportunity here

when we had such a furious and amazing rally last week and it has been a very rough start. >> today is april fool day's liz, this is furthest thing from a joke what is happening in this country and this market. the sobering comments out of our president last night are ringing home for everybody. i think we're in trading range now, we had so-called good news with respect to the fiscal and monetary stimulus. we're waiting for the third leg. that is obviously what happens on the health front a month, month 1/2 from now we're looking for a binary outcome for the market which i think will be to the upside. i think we have tough weeks ahead of us. liz: yeah, that is absolutely true. phil flynn, a couple of stocks have been halted, restarted trading, due to volatility.

we don't know the names or much of the reasoning behind it, what is going on the floor, i know you're not there, if there were a floor that were operating at the cme, it has been closed for about two weeks what you do you suspect is going through the mind of traders and investors? >> i think we're getting all the different headlines hour-to-hour that is starting to panic people how bad this thing is going to be and we heard some comments from the fed's eric rosengren a little while ago says he is expecting the coronavirus slowdown could cause two quarters of negative growth in the united states. he is also talking about this record high unemployment, this big surge in unemployment. those type of headlines are not allowing market to look behind what could be a very explosive fourth quarter. that is really what is going on. as far as the individual companies and their impact what we're hearing a lot of different stories about funding issues, and whether or not, we're going

to see this thing balloon out of control, whether the stimulus money can get to these companies fast enough to save them. we're hearing a lost companies talk about layoffs, other issues. and you know, macy's of course, today, they were downgraded to junk, you're hearing all the headlines. this will be a big shakeout for a lot of companies but at the same time, it will be a lot of opportunity for companies that are prepared in better situationed to get through this tough time. liz: yeah. docusign was one of them, jason. we just had the ceo of docusign on and dan springer said they got their act together. it just happens to be one of those companies that is extremely useful during times like this where you can sign documents electronically. so their stock has been unbelievable, 70% gain year-over-year. you're saying if people are ready to at least buy on the dips, the dividend area is really important. tell me what you think about

dividend-paying stocks and how long dividend can even last? we have four banks overseas, uk banks, that have ended their dividend for right now, totally suspended it. >> right. so it is not really so much about the dividend. it is about the cash flow. companies that produce high cash flow through a variety of different economic cycles and pay out a portion of that in the form of a dividend and are consistent in holding that dividend, if they're lucky enough to raise it, those are the companies. you don't want to look for fallen angels or buzzard bait with stocks plummeted and yields have gone up. no, you want to look for high free cash flow. liz: that would be, yeah, no, i mean i was going to say we just showed a couple of names on the screen that are the top dividend payers for the s&p. one of them is macy's. macy's is getting kicked out of the s&p 500. so you're right.

>> so looking at some dividend payers you look at cash flow and some of the industries they're in the you want to avoid hospitality and energy. go back to the docusign comment. information services is place to look at. think what happened. a 10-year cycle of digitization of travel, education, how we consume media has been crammed into four weeks. who will be the beneficiary of that? that is the digital economy. look at communications services where they get an abundance of advertising once these companies can afford to pay the bill. liz: phil, give me your last thought as we look dow jones industrials down nearly 1000 points. >> yeah i agree with him right now. you look at some of these companies like zoom. we're on skype today. microsoft owns skype, right? that stock has done good because of that. some of these other social networking sites will do very, very well because this is the way we'll have to work for the

foreseeable future. [closing bell rings] once again i want to keep everybody in mind, big sell-offs, don't panic yet. we can hang in there. liz: got it. jason katz, phil flynn, there is the closing bell. markets kicking off the second quarter. let's call it a gut punch to investors. dow jones losing 975 points. until tomorrow that will do it for the claman "countdown." melissa: kicking off the second quarter with huge losses. stocks in the red following the worst quarter since the financial crisis. i'm melissa francis. connell: i'm connell mcshane. welcome back to "after the bell," everybody. these major averages closing not far off the session lows. 4% down across the board or more than that we'll talk about everything that went on in the markets today, as well as all the big headlines of the day. our reporters are set up with fox business team coverage this afternoon. blake burman could