made, what do you say? >> we still haven't heard from the administration or majority leader mitch mcconnell. we have to make sure the is are dotted and ts are crossed before we make sure we have a deal on this new funding. maria: jon, close it out. >> i will say very quickly, now the onus is on treasury to get these implementation issues worked out. a lot of mishandling on the last round. maria: all right. for sure. we will see you soon. thanks, everybody. "varney & company" begins right now. have a great day. stu, take it away. stuart: i shall indeed. good morning, maria. good morning, everyone. first, the price of oil. we are still digesting the shock of negative pricing. yes, the price dropped to minus $37 a barrel. you had to pay not to take the oil you were supposed to have delivered to you. that's what happens when global demand collapses and there's nowhere to put the oil that's still coming out of the ground. the energy secretary will be on the show later this morning. what's the administration doing to -- doing for these

hard-pressed drillers? we will ask. now we are quoting the next contract for june delivery. the price coming in at, where was it moments ago, what was it, $15, $16 a barrel. the president will fill the strategic petroleum reserve with up to 75 billion barrels. that helps storage capacity. but it makes no impression on collapsing demand which is at the heart of the oil price problem. a lot of people expect that that price, the one we see right now, what was it, $16, $15 a barrel, expect it to down from here. we'll see. stocks, they're down in part because of the oil situation. it's another indicator of how badly the virus is affecting the economy. investors not happy about the demise of america's energy industry. the dow will be down 500, s&p, let's see, 54 points down and the nasdaq down about 82. a small loss in percentage terms compared to the dow and the s&p. well, the president's

twitter account active last night, late last night. he called the virus the invisible enemy and said he would issue an executive order banning temporarily further legal immigration. he says that will protect the country and protect jobs. the move to open some parts of the economy in some states, it has begun. some stores in south carolina reopened yesterday. georgia and tennessee plan to start opening up soon. and the protests at the shutdown, they continue and so does the counterattack. facebook will bar content that advocates in-person gatherings that don't follow government health guidelines. in other words, don't organize a protest on facebook. late news just breaking. important stuff. senator schumer, senate minority leader, says a deal has been reached on the next rescue package. $125 billion of it will go to the unbanked and to mom and pop

operations. $75 billion will go to hospitals. it is possible there will be a vote this afternoon at 4:00 eastern time. that news just coming at us. makes no difference to the market, though. we have a big show for you. here it comes. just wait until you hear what aoc is saying about our devastated economy. "varney & company" is about to begin. stuart: all right. we are going to have lots more on this possible deal that we are talking about here. look, the price of oil that you are seeing on your screens right now, that is for the close-out i believe of the may contract. that has nothing to do with the price of oil on the june contract which is what we really should be quoting. that's around $15, $16 a barrel. but yesterday, as you can see, the price fell below zero, fell to that minus price. i think we need some explanation on that so come in, susan.

what's the explanation here? susan: well, it's an anomaly according to the experts in the month of may. that's because nobody wants the oil, no one's driving at this point and no one's taking planes. the planes are parked and according to the international energy agency, we are back down to 1995 demand levels for oil, and as a result, there's no place to put it onshore. effectively at minus $37 a barrel, that was the historic drop we saw from may futures which by the way expires later on today, this effectively had the producers paying anybody to take the oil off their hands. recovering a bit overnight as you see, so we are down to minus $4 a barrel but some say this is just an anomaly in the month of may. take a look at june. we are at what, $15, $16 a barrel from what i see, july is trading at $23 a barrel. i know what you're thinking, because you are opportunistic. do people have to get paid to fill up their gas tank at the pump. no. that's not how it works. crude has very little influence on gas prices. what impact gas prices? wholesale gasoline. you are still paying $1.81

according to aaa this morning, that's the average across the u.s., which is down five cents from last week, but again, track wholesale gasoline prices which have risen, they are trading at twice the price they were trading at last week. there's a confluence of taxes you have to pay at the pumps and of course, profit margins for the oil companies. so no, you still have to pay to fill up your tank. stuart: i knew that but don't spoil my fun, because the price of gas is going to come down. it's just that most of us can't take advantage, can we, until we get back to start using cars and planes again. but it is coming down and rapidly so. we've got a winner in this oil price situation. there is a winner and it is the shipping companies. lauren, you better explain that one. lauren: what do you do with all this oil if you can find a buyer for it? you have to put it on a ship, a huge vessel at sea. these stock prices have been surging, they are up again today in the premarket.

diamond shipping, scorpio tankers. here's the deal. spot rate to quickly put some barrels of oil on a ship is going at $150,000 a day. that's up five times what it was just a year ago. there is estimated to be a record between 140 and 160 million barrels of oil at sea. how many tankers are there? well, they are limited and most of them have a lot of oil on them right now. they like the coast of south africa because that way you are near the european market, near the north american market and the asian market. it's kind of central in terms of how the buyers are thinking about it. stuart: what a story. who would have thought we would see shipping companies doing well because they are storing oil. but that's exactly what's happening. lauren, good stuff. thanks. now, here's what president trump had to say about the oil glut. roll that tape. >> based on the record low price of oil, that you have been seeing, it's at a level that's very interesting to a lot of people, we are filling up our

national petroleum reserves, strategic, you know the strategic reserves, and we're looking to put as much as 75 million barrels into the reserves themselves. that would top it out. that would be first time in a long time it's been topped out. we would get it for the right price. stuart: i think i said 75 billion barrels of oil in the strategic petroleum. that's wrong, it's 75 million they can put in there. that man on the right-hand side of the screen is scott shellady, the man with the cow jacket. today we are talking oil. look, the president says open up the strategic petroleum reserve, there's room for a lot more oil. does that put a floor of any kind under the price? >> stuart, it will struggle to put a floor because we have had other bullish oil news that has really not stopped the slide. you have mentioned the next month is trading around $15, $16 a barrel. we've got negative in the front month which closes out today but i have been concerned about

this. we have had the president trying to do some deals and get some oil offline to get that oil price back up and it just hasn't rallied. you know what, that could be one of the canaries in the coal mine and the other one i don't like, you kind of already mentioned, we can't get this ten-year yield going anywhere. we've got two big things, economic indicators out there, that tell me we've got a long way to go here. this shutdown is touching all corners of the american economy. every day we get up with more negative news and that's going to be the real story here, how bad this really gets. stuart: you just explained the bleedover from the sharp decline in oil to the selloff in the stock market. you are explaining it in terms of energy affects every corner of the economy. it's really in bad shape. therefore, stocks go down. that's it, scott? >> yeah. i mean, what's the price of a stock if you're not making any money as a country? look, we have had the retailers, we had nordstrom, neiman marcus,

lord & taylor, the airlines, everybody is getting affected by this. there isn't any good news. the bad news is day after day. i say this oil thing is a canary in the coal mine. watch that ten-year yield. we have some more negative news there. where are the inflation hawks because we have all this money that's supposed to be out in the system here, it's just not happening. so when we try to get things going bullish-wise, get good news to get the market going and it doesn't, that tells me there's more pain ahead. stuart: we hear you. hold on for a second. i want to turn to what the president was doing very late last night. he made headlines in a tweet with immigration. ashley, tell me about it. ashley: yeah. really interesting. let's get straight to the tweet to explain what the president said. he said in this tweet in light of the attack from the invisible enemy as well as the need to protect the jobs of our great american citizens, i will sign an executive order to temporarily suspend immigration into the united states. now, this will be an extension

on to already travel restrictions in place for most of europe, china, canada, mexico and what we don't know is when it will go into effect and for how long it will last. there are reports out there that it could be for about 120 days or so on some work visas. you know, those that support this move say it protects american jobs, millions and millions of people want jobs and they should get access to those as opposed to immigrants coming into the country. interesting with those, you can imagine democrats calling it xenophobic scapegoating. stuart: why am i not surprised. ash, thanks very much indeed. i want to turn to edward lawrence. we've got this late-breaking news from senator schumer about the details within this rescue package. what do you have for us? reporter: yeah. we have not heard from senate majority leader mitch mcconnell yet but senator schumer saying there is a deal. the senate will be back in

session at 4:00 p.m. eastern time today. there could be a vote on that potentially later on today. the house comes back in tomorrow to possibly take up this legislation. now, the payroll protection program ran out of money five days ago and republican senators clearly visibly frustrated with senator schumer and house speaker nancy pelosi for the delay here. senator john kennedy this morning, for example, saying this money's an emergency for small businesses, needs it right away. the other stuff they are going to put in the deal is not an emergency today, according to senator kennedy there. now, again, the frustration, there could be more delay. the small business administration, sounds like there are changes now to the ppp program with $125 billion going to community banks and rural area banks and those who do not have banking, so the sba now has to go through their process to figure out the guidelines in this for banks to go forward. once the bill is passed.

on one more note, the treasury department also finalizing the payroll support program. look at the list of airlines, american, delta, united, southwest, all of those airlines have now money, $2.9 billion under the payroll support program. that's designed to keep the airlines afloat. stu? stuart: thanks very much, edward. we got it. futures unaffected by this move towards the next rescue package. we are still down 500 points for the dow industrials. i can't resist taking a look at gas prices. they continue to come down. we are at $1.80 right now. that's the national average for regular. are they going to keep dropping? i think so but let's ask, we will be asking gas buddy, the guy who follows prices. we've got him later this hour. also in the 10:00 hour, energy secretary dan brouillette. i want to know what is he doing to help the drillers who are rapidly going bankrupt. i also want to know joe biden, what would a presidency, what would a president biden do

to our tax situation? that story and more after this. look, this isn't my first rodeo...

and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is how you pay it back. find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage,

you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing... and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions.

so you can... retire better.

stuart: some states in the southland are aiming to reopen their economy sooner rather than later. come on in, ash. who's doing what and how? ashley: yeah. well, let me begin with south carolina, where the governor has allowed some stores to reopen as early as, well, yesterday. can you believe. yesterday afternoon, only two weeks after asking them to close. department stores, sporting goods stores, flea markets now open in south carolina. in georgia, certain businesses able to reopen as early as

friday, including, well, bowling alleys, gyms, fitness centers, hair salons and massage therapy businesses. in tennessee, they are hoping to reopen by may 1st, at which time the governor there, bill lee, says almost all businesses will be allowed to open, in 89 counties, beginning may 1st. that is way ahead of what some of the other states we have heard from, certainly in new york, but those three states really getting on with getting their economies open and running. stuart: you're right. it's a start. glad to see it. thanks, ash. now, local governments have been doling out unemployment benefits but we have had 21.8 million newly unemployed in the last three weeks, more to come. have they got the money? the answer is no, they don't. grover norquist is with us. grover, look, they doled out all of this money. their funds for the unemployment benefits are clearly either running out or about to run out.

would you be in favor of helping these high tax states, california, illinois, new york, new jersey, because they have run out of this unemployment money? >> well, you are talking about states that when you give them money, spend it on new projects, not on the crisis of the day. all of them are asking money to deal with their pension problems which then created over the last 30 years of incompetent or dishonest state and city government where they have deliberately committed money to government workers that they have no ability to raise from their own citizens, and people actually leaving those states. so the challenge is if the worst of the states, california, illinois, new york, new jersey, if they simply had grown their budgets over the last 20 years as fast as people's incomes in the country have grown, inflation plus population, they would be in massive surplus

today and they wouldn't need a penny so we're not talking about dramatic spending reduction. we're talking about having the government grow over the last 20 years. stuart: well, but look, the question stands, grover. would you deny them the money? >> well, i think you have to go to the states and offer to help them find out how to reduce spending first. stuart: they're not going to do that, grover. they're not going to do it. >> then they don't have a right, they don't have a legitimate claim to ask competently run states to go out and have their taxes raised on them. all this money is coming from taxpayers. if it comes from federal taxpayers they're just taking it out of the left pocket instead of the right pocket. if the state either raises taxes, they ought to be reducing spending. if you allow them to start the conversation with what kind of money are you going to give us, you will never get to a conversation of how are you going to rein in spending. stuart: what about taxes in the

future? we are racking up an enormous amount of extra debt. are we going to be asked to pay more in federal or state taxes or whatever taxes, pay more, to in some way pay off this debt? >> the first thing you have to do when you have a crisis is not do permanent stupid things to solve a temporary problem. however awful the virus and the economic shutdown has been, they are temporary. they are not permanent. ragz t raising taxes is about as permanent as you get. when we fought the spanish american war, the taxes lasted 100 years. the war didn't, but the taxes did. the johnstown flood, taxes paid for that more than 100 years ago. that tax is still on the books raising money. you raise taxes because of a crisis, that tax will be here damaging the economy five years, ten years, 100 years from now. stuart: you follow the tax situation very closely and i'm sure you have been following joe

biden's candidacy. what would he do if he were elected president, what would he do with taxes? >> well, he's told us, you know, clinton and obama lied and said they weren't going to raise taxes on anyone who made less than $250,000 a year. that's gone. biden's promise to repeal the entire trump republican tax cut, about $2 trillion, his tax increases total $3.4 trillion that he admits to. he also doesn't put a dollar figure on it but he's raising tax on energy, a carbon tax. hillary clinton never agreed to a carbon tax. her internal pollsters told her it was death. all the polling said it was not anything you wanted to touch. maybe she would have done it but she didn't say it. biden says he's for that. he wants to double the capital gains tax for all people, rich, poor, anybody with capital gains, to 40% plus. stuart: ouch. hang on to your wallet for us, grover.

thanks for joining us this morning. see you again soon. couple of stocks in the news. start with ibm. they reported yesterday their financial situation. revenue took a hit. more employees started working from home, their cloud business still booming, though, but the stock is down 5%. $114 on ibm. amazon. morgan stanley now says the stock has done well but it's probably time to cash out. some warehouse workers are planning a mass call-out this week over poor working conditions because of the virus. morgan stanley's statement there makes no difference to the stock this morning. it's up another 24 bucks. $2,418 per share. boeing. add one more to its list of troubles. oil plunging, that's the last thing they need. it does affect the company. boeing is down 3%, $139. overall, we are looking towards a 500 point loss for the dow industrials and we will show you the full market coverage after

this. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

stuart: no surprise here, online spending, because of the virus, of course, up more than 30% in march and april, compared to last year.

okay. we know it's up sharply. lauren's going to tell us what we are buying. lauren? lauren: well, we are buying essential entertainment. used to be food that we were buying. now we are buying books, games, toys and fitness equipment. these items, online searches in the past one and a half months have surged as much as 777% compared to last year. i have two things to point out about this. number one, there could be shipping delays. i have noticed this because i bought several forms of entertainment for my kids and i'm waiting weeks now for it because honestly, it's not essential in a pandemic. and the other thing to note is what about the grooming supplies? walmart said a few days ago they have seen such an uptick in scissors and hair products that we can, you know, cut our hair. you need a haircut, i need a haircut. aren't we buying that stuff? how come that's not in the numbers? online demand. stuart: you say that there's items, some items are not

essential. if i had young kids at home and i was locked up with them, i think that games and toys would become highly essential items, lauren. i feel for you, because you've got two young children at home, haven't you? lauren: we bought a bounce house, we have bought this little roller coaster for the backyard. that's the item that's been delayed. it's like the little plastic roller coaster. and wine is a good investment. it's considered essential as you are mom'ing two kids 24/7. stuart: i'm with you on that 100%. hang in there. hang in there. all right. look at the markets. it opens in, what is it, 40, 50 seconds now. the opening bell will ring, we will start trading. we are going to be down pretty much across the board. i'm intrigued at this. we heard earlier from senator schumer that a deal on this next rescue package is imminent. they've got the deal. they are probably going to vote on it today. $125 billion to the unbanked and

mom and pop operations. here we go. we are almost opening the market but again, i don't see much impact from that announcement from senator schumer that the deal is very close and could be voted on. no impact on the market at this point. here we go. we are off and running. it is now 9:30 eastern time. we are going to see how we open up. we are going to see some red. we got it right there in the bottom right-hand corner of the screen. we are down 500 points, as expected. that is a 2.25% drop. the only winner among the dow 30 is walmart. they are doing well in this virus attack. they are the only winner on the dow as of this morning. recently, they hit a record high. okay. so the dow is down just over 2%, 500 points. show me the s&p 500. i think that's down 1.7%, 49 points. show me the nasdaq, please. i think that's narrowed a loss, down 100 points. that is 1.2%.

i want to quote for you the june contract on the price of oil. all the way down to $14 a barrel. don't be confused with yesterday's negative price. this is for oil for june delivery, all the way down to $14. i suspect it's going to come down some more as we approach the delivery time. big oil stocks, look at them. down across the board. 4% lower on chevron, 4% down on british petroleum. quick check of boeing. that's suffering because of the oil price selloff. they are down 3%. $138 is the quote on boeing now. and of course, the drillers, they are really in bad, bad shape. diamond shamrock is what, 71 cents per share. we've got -- the others are just way, way down there because they can't drill, they can't bring it out of the ground. quickly on coca-cola, please. they reported earlier. they did very well in january and february but volume fell off

a cliff in march and april, because of the virus. because a lot of their business is in bars and restaurants. they weren't doing any business at that time in that area and they fell off a cliff. netflix doing well, though, up another seven bucks at $445. >> good morning. stuart: good morning, sandra. how are you? >> good morning to you. talk us through what is happening with these markets because you and i have talked through these markets for years, over ten years. you and i sat on that desk, the desk in your studio, when oil prices were topping $100 a barrel and now we are talking about negative oil prices? what does it mean? stuart: let me do this in order. first of all, the price of oil, way, way down because there is an enormous glut on the world market, and there's no place to store the oil that we are still coming up with. in fact, there's 160 million barrels floating around on the

ocean in tankers at the moment. so just imagine you've got a contract, you bought oil, and you are supposed to take delivery of it now, but you can't take delivery because you can't sell it and you can't store it. so you've got to pay people to keep it off your hands. that's the negative price. this morning, we've gone to the june contract and we're all the way down to $14 a barrel. this cascades into the stock market because every sector of the economy is affected by this i'm going to call it a crash in the price of oil and down goes stocks in sympathy. that's what's happening. the crash in oil affects everybody i think in a negative way. >> but it's also the result and sign of the economic struggle that we're seeing in this country and around the globe because we look at oil as an indicator of economic health. so you've got oil prices coming down like that, at the same time that's got a huge impact on the energy industry in this country

which exacerbates the problem. oil goes even lower, stock prices go even lower, so that's what we are seeing this morning. a lot of technicals to the front month contract, this is the last day of it, that causes wild swings, the most active contract is june. those are still positive. we will keep watching that. meanwhile, we are getting a look at the economic impact of this pandemic, not just in oil and stocks, but when you look at some of these airlines, united airlines finally we are seeing some of the real numbers that are coming out of this pandemic, hit hard by all of this. stuart: well, i believe united airlines expects to report a loss of $2 billion in the first quarter. that is an enormous amount of money. >> $2.1 billion reported. yeah. stuart: it's easy to understand why. people are not flying. what is it, 90% of the regular domestic schedule is grounded. those flights that do take off have, what, five, six, seven, maybe a dozen people on board. you can't operate like that because your fixed costs are

enormous. you've still got to pay insurance, still got to pay your employees, got to pay the capital value of the planes but you're not flying so down go the airlines. on the screens right now, look at that, american airlines stock all the way down to $11 a share. united at $27. it is a disaster for the leisure and for the travel industry, period. >> stuart, you are an optimist, you are usually the optimist when we look at the markets. leave us off on a positive note this morning. we just talked to the maryland governor, larry hogan. he's trying to open his state. you have the president saying we are doing what we can so these states can reopen again. what are you hearing about the next few months? stuart: the market is looking to the other side of this thing, looking to the time when we do start reopening the economy and we have started that already, especially in south carolina, georgia, tennessee on board with that as well, and mr. hogan as you pointed out. so we're looking to the other

side, when the economy comes out of this depression which it's in and is going up towards growth, again, on the other side. the market anticipates that. we've gone from 18,000 on the dow, what, about a month ago, five weeks ago, now we're at 23,000. so the market perceives improvement in the future and backs stocks as a means of getting to that future. that's what's happening. >> going to be that delicate balance of reopening and keeping everybody safe and continuing to lower that curve. stuart varney, always great to catch up with you on the fox business network. thank you. stuart: thank you very much indeed. good to have you with us. thank you. all right. by the way, the president just tweeting, i'm going to show it to you right now. we will never let the great u.s. oil and gas industry down. i've instructed the secretary of energy and secretary of the treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future.

the treasury -- i'm sorry, the energy secretary will be our guest on this program just a little later on today. the president is tweeting about it right there. now, let's go through some companies. ibm, revenues took a hit and are down 6%, big selloff there. ash, give me more details on ibm. ashley: yeah, listen, the revenue was just a slight miss. they did beat on their earnings per share. the bad news, though, they saw a decline in first quarter sales. they have also withdrawn their guidance for 2020, like so many other companies, but on the upside, revenue from the cloud was up 19% in the last quarter and ibm says it will continue to pay dividends. by the way, 95% of ibm's staff which is 350,000, are working from home. just an interesting stat. stuart: that's the kind of technology company where you can do that kind of thing.

you are not making steel in a factory. you are doing software in your basement, maybe. here you go. ibm is down seven bucks, 6%. we are following the markets and here to take us through it in our 11:00 hour, will be charles payne. yeah, he's on the show. i got a number for you. only 53%, about half of major sporting events will take place this year. half. that's going to cost the industry a whole lot of money. we've got details for you. plus, netflix, they report after the bell today. will we see a jump in subscribers because of the virus and because of staying at home? i think that's expected. we will tell you all about it after this.

let's be honest. quitting smoking is hard. like, quitting every monday hard. quitting feels so big. so try making it smaller, and you'll be surprised at how easily starting small can lead to something big. start stopping with nicorette.

some day you'll have families of your own and if you're lucky, you'll remember the little moments like this.

now we're good. stuart: classic stuff. hbo's "the sopranos" owned by at & t. the prequel, "the many saints of newark" has been put on hold because of the virus. it will now be released next year along with "the batman." that's the proper title. "the batman." it's pushed furnished into ther. of course, many theaters are closed. you can't open in a closed theater, can you. pushed to 2021. i have streaming news for you. comcast and walmart, what have they got to do with streaming? lauren, tell me. lauren: you know fandango, the service where you can buy movie tickets, you can also watch and rent at-home video. they have decided they are going to buy voodoo, the on-demand video service walmart owned for ten years now, they sold it for an undisclosed sum.

now you can watch more movies and shows. they are ad supported but it's free on voodoo because fandango now owns it. these are more options for you to watch stuff. stuart: okay. we need options, do we not. thanks, lauren. netflix -- lauren: there are so many. stuart: netflix. the big earnings report comes out after the bell today. bring in mark douglas, steelhouse guy. the key number here is how many new subscribers they have signed up. what's your prediction? >> i can't provide an exact number but i think their subscriber growth in europe in particular and around the world is expected to be very very strong. i think what's going to be really interesting is when they finally start to see some growth in the u.s. and that's been stalled, even slightly declining in previous quarters. i think everyone expects that that number is going to increase in the u.s. also. stuart: would you be disappointed if they had less

than eight million new subscribers? >> yeah, absolutely. in previous quarters, recent quarters, they have been right around that number so i think anything below that would kind of be almost shocking. the other thing that's interesting is netflix's costs may be going up. if people watch more netflix, their cost to deliver the content against what they were expecting for households may go up. you may see a situation where their revenue is increasing but their expenses are also increasing at a somewhat faster rate. i don't think it's too disappointing on the stock but it may be unexpected. stuart: i know you think netflix is the big winner in this coronavirus epidemic and it is. i have news on disney. the stock has dropped below $100 a share. lauren, what's the news, disney? lauren: analyst at ubs says he doesn't expect the theme parks, the huge money maker for the company, to reopen until january of 2021. he doesn't think the business

will be very profitable until say 18 months, until there's a vaccine and people feel comfortable going into crowds again. so for disney, that's a big chunk of their business, not to mention they also have sports that have been dried up and movies that have been pushed back. disney, very much in the eye of the storm. the dow stock is down 2.2%. stuart: come back in again, mark. i know you do follow disney and companies like that. now, this statement refers to not going back to the parks until people are no longer afraid. is that your reading of consumer behavior, in parks and crowds of this kind? >> i think it's really hard to predict at this point. people looking at the world, we are basically five weeks into this crisis, like where we are at five months from now is a complete unknown. quite frankly, even two months from now, if you have any form of treatment that comes into

play, as we get more data, and i think there's almost a determination to use disney and say i'm going to get back into the world. stuart: forgive me for jumping in but i have a feeling people will really want to get back to what they think of normal, want to get back to the theme parks and the beach. we have already seen that. i think they will come back strong. last word to you. >> yeah, i agree with that completely. you are seeing it online, if you read comments online, people are like i can't wait to get back to disney. they have a strong following so obviously it's going to be some hit but what the world looks like, like i said, 90 days from now, quite frankly, no one knows. trying to make predictions about it as it relates to disney is a dangerous game. stuart: sorry i put you on the spot, mark. that's what this business calls for. mark douglas -- >> i love it. stuart: i know you do. let's get to uber. wait a minute, a new delivery service? uber? susan? tell me. susan: uber direct. this will offer delivery from shops like pharmacies and pet

stores and then another service called uber connect and it's a same-day courier service that lets uber users send items to one another on the app. they are trying to get innovative and pivot really in this really harsh economic environment, given that rides are down some 70% in some markets and some cities for uber so what are they doing? they are using their riders to do other things instead. we know uber eats deliveries are up some 30%, so are orders. they are also trying to find a different way to get their drivers some business so what about delivery and they are going to launch this in 25 cities across australia and mexico and the u.s., including here in new york city, where they will offer deliveries of over-the-counter medications from cabinet stores but you know, in these tough times, when you are a gig economy player like uber, and your main business is suffering, you have to find some innovative ways to adjust, right? stuart: you do. i like the sound of that, actually. if you can send a package to me and i send something back to you via uber, sounds like a good deal to me. susan: yeah, well, it's not good

for the stock price still. we are way below the ipo offer price. stuart: thanks, susan. there's a now docuseries about michael jordan. it's already the most watched documentary on espn ever. it's just two episodes into it. we've got numbers for you. amazon warehouse workers planning a new protest. stock down $15 right now. more after this. military veteran, ouse ofa here's money saving news from newday usa. your spouse's va streamline refi benefit lets you easily refinance when mortgage rates drop. and they just dropped to the lowest in newday's history. refinance now. there's no income verification, no appraisal, and no out of pocket costs. one call can save you $2,000 a year. refi now.

stuart: you got all these companies talking about the impact of the virus on their business. look at smuckers. they are reporting unprecedented consumer demand for jelly. no wonder. we are all at home anyway. look at grocery outlet. it expects a 17% jump in same store sales in the first quarter because of what they call pantry loading. nonetheless, the stock is down 2%. check out coca-cola. they've got a pantry loading element right there. their global sales volume down 25% since the virus struck. why? because half of their business is in bars and restaurants, which are closed, so they take a huge hit. their at-home business did well at first, when people were

loading their pantries but now it's tailed off. the stock, though, not doing too badly, down just 43 cents. that's it. let's get the update on amazon. there's another protest planned for today from the workers. tell me more, susan. susan: actually, today and across the rest of this week. this involves 300 workers from 50 facilities and they are calling for this mass call-out this week because they feel that amazon is not providing protections for these workers at these fulfillment and warehouses, so more than 300 amazon workers across these 50 facilities will be starting walking out starting tomorrow. what are they asking for? a long list of demands here. they want amazon to immediately close down the facilities and report any positive cases of coronavirus. so far, 13 of 14 reportedly have confirmed cases of covid-19 across the u.s. they also want amazon to provide testing, two weeks of pay for workers during this time when they are having to take the time off because of covid-19 and they are calling for amazon to

provide paid sick leave, guaranteed health care and eliminate rate-based quotas that make hand washing and sanitizing a priority for these workers as they are working hour-to-hour. also a corporate sick-out is being called for april 24th as well. stuart: they've got some leverage because of the extraordinary demand for amazon deliveries. they've got that. now, i understand you have news on facebook? tell me more. susan: well, okay. it's a controversy because the social media giant says they are now banning any material that has to do with these anti-lockdown protests but facebook says it's not that we are trying to breach the first amendment rights of protesters, but they say that they are banning posts that don't comply with government health directives. so far, they have taken off content related to protests in california, new jersey, nebraska, apparently according to cnn reporting, looking for guidance on removing materials linked to new york, wisconsin, ohio and pennsylvania. donald trump jr. joining the ranks of calls saying facebook, you are actually breaching the

first amendment rights of these protesters and want to get back to work and reopen the economy in those specific states. stuart: i really don't get it. why you can't organize a protest on facebook, i just don't -- susan: they say it's social distancing, these protests mean people are elbow-to-elbow. stuart: there are some ideas which are acceptable to mark zuckerberg and some which are not. that's just my opinion. just me. check that market. we are coming back a little bit. we were down 500 plus. now we are down 370 points. that's 1.5%. okay. still to come on "varney & company" energy secretary dan brouillette. i want to know what is he doing to help the soon-to-be bankrupt drillers with oil still crashing. plus, lockdown protests, rallies starting all round the country. they are asking to go back to work. i think that's legitimate, don't you? i've got my opinion on that coming up next.

. . 4.

stuart: 10 eastern time, here we are. very important numbers about to be released. these are the number of existing home sales. we're expecting a really bad number as a pointer toward the real estate industry. ash, do you have a number? elizabeth: i do, just getting it knew stu. annualized bases 5.3 million. we're down 8 1/2%. month to month on existing home sales. not a luge surprise we're seeing these kind of numbers.

we saw the new listings yesterday were down 2%. annualized rate, 5.27 million on existing home sales. stuart: that is for march, i expect. i expect numbers much worse in april, are you with me on that? elizabeth: absolutely that will be very ugly for this month. stuart: the market shows very little reaction toe those existing home numbers down 8 1/2% again. we're off 384 points. no movement after the release of the home sales. all right every one, now this. suppose you need a new hip, or a new knee, ah, that is elective surgery but that kind of surgery is largely off the schedule because all hospital resources must now be allocated to treating the virus. if you're in rural america where

your local hospital has very few or no covid-19 patients are understandably dismayed and perhaps a little angry at this delay. bad knees really hurt you know? the hospitals are not happy because they urgently need money that elective surgery provides. because of the lockdown, hospitals need massive government help. protesters around the country, asking why can't we go back to work, why can't you get a new knee? in some cases there is partial reopening. south caroline allowed some stores to reopen. demands forewider reopening they're growing. so too demands for more personal liberty. look at the response from the elites. as usual they are looking down on the ordinary people leading the protests. facebook is blocking some protest organizers. you push for in-person demonstrations that don't necessarily follow government guidelines, you can't post. to me, that is interfering with

your freedom of speech and freedom of association. more extreme reaction from joy behar on "the view." she called the protesters terrorists. yet the elites feel free to break their own lockdown rules. new york city's mayor, bill de blasio, king of the total lockdown, was still driven to his gym for a work out. chicago's mayor lori lightfoot, despite the rules, when out to get her hair done. i get the impression elites are not so much worried about the virus but as they are losing control of the masses. in the lockdown they call the shots. that is the way the socialists like it. they should get out more f they did, they would see the protest are fundamentally american and they're also rational. what is wrong with elective surgery if virus patients are not effected? why can't some stores reopen if precautions are taken, why not? these protest ares about

liberty, getting back to work and lessening the economic pain of the lockdown. that is america, isn't it? that is what we're all about, isn't it? second hour of "varney & company" is about to begin with lisa boothe. lisa, welcome to the show glad you could join me. i say the protests are fundamentally american. i'm sure i heard what you have to say. i don't like the way the elites are looking down on the protesters who are simply demanding their american freedoms? >> well, i don't even think it is necessary just about freedoms. it is about their livelihoods. it is about their life. it is about being able to put food on the table for families and roof over their children's head. that is what it is about. san antonio, 10,000 families lining up for food. 22 million americans out of work right now. you look at the fact that half of america's businesses only have about a month cash buffer. small business administration,

the paycheck protection program, out of money? so americans are struggling right now. this is just not about the minor inconvenience not being able to leave your home and being couped up. this is about providing for your family. something you worked for. the entire life, business you potentially being out of business and losing that source of life and livelihood. this is about so much more people are missing. stuart: it is about lessening the economic pain of the lockdown. are you with me on this? i say open up wherever you can, so long as you maintain all the rules and you keep a safe as you possibly can but open up, please. start it now. progress towards more opening because we can't take this pain for much longer. i'm talking economic pain. are you with me? >> i'm with you, stuart and you know more than anyone, i mean, look congress can't resuscitate the economy when every single company across the company has

been hit, when every single american has been hit. they can't stop that. they can't resuscitate the economy when it is at that magnitude to have to look to reopen. we need to be smart about it. you look at the state of new york alone, 25% of the deaths have been in nursing homes. clearly that it an area where we have to do a better job protecting the elderly or our nursing homes. and secondly we still can't answer fundamental and basic questions, what percentage of the population is infected and what the mortality rate is. you look at new studies out of stanford, out of the university of southern california finding that a much larger percentage of the population is infected than originally thought. that changes things. that changes things for those people who are saying look, we need to do contact tracing to reopen the economy. look, if you have got millions of americans that have been infected or are infected, that looks a little different. unfortunately you look at places like new york state. now they're going to be doinger

is logical testing of the entire state. they will start to get a better baseline to answer the basic questions. i'm with you, we got to be smarter. we got to reopen things. americans can't take it, their livelihoods can't take it. stuart: you're 100% right, those tests will make a big difference. lisa, thank you very much indeed for joining us. we always appreciate it. >> thank you, stuart. stuart: now we mentioned briefly the stay at home changes and the stay-at-home orders. some states are opening up. get the full story. here is ashley. elizabeth: hey, stu. they very, stu. state to state. colorado moves from stay at home scenario to safer at home. but on april the 27th, they say this should include maintaining 60, 065% rate of social distancing. who on earth enforces that, how

they calculate it i have no idea. have a look at pennsylvania. kind of a different scenario for pennsylvania. they have extended the stay-at-home order until may 8th. gives you idea how different states are managing this. colorado, safer at home. pennsylvania, no, stay at home until may 8. indiana, they will open for non-emergency surgeries starting april 24th. it is friday. it will include dental surgery which begins on april the 27th. so, i mean there are multiple different orders around the state, stu. i would thought i would pick these three out of interest. colorado, louisiana, a slight opening up of the door. pennsylvania the door remains closed through may 8th. stuart: but it is an opening ash, that is a big deal. ashley: it is. stuart: you can see the door opening. even if it is a fraction that is

opening. that is very important for a lot of people. ash, thanks very much indeed. market sill suffering from the price of oil. june contract, down $15 a barrel. extraordinary stuff. ed yardeni joins us now. am i right saying crash of oil yesterday and again today, hurting the stock market. is that what is going on here? >> i think so. the market was doing extremely well ever since march 23rd. that is largely because the fed provided enormous amount of liquidity. the fed is in position to open market operations in barrels of oil. the only thing that will really change that scenario, as you said, we need to start thinking about opening up the economy. as we do so, gasoline demand will start to pick up. maybe some of us will get on planes again. that is what is really necessary here. the reality, the plunge in the

price of oil is another of the casualties in this war against the virus. stuart: here's another casualty, the real estate market. top of the hour, we just reported an 8 1/2% drop in existing home sales. probably a lot worse to come in april. that is another indicator that we're, i'm going to call it a depression. i think we're in a depression. we'll come out of it but i think we're in a depression. -- >> depression-like for sure. we're basically had two quarter recession, second and third quarters. it will people like a depression and look like a depression on the charts. we have other indicators for april, particularly initial unemployment claims are depression-like. millions of people unemployed. but, hopefully the course of our economy will trace something like what happened in china. the chinese shut down their connie in january and february and then they opened up in march. their real gdp collapsed at an

annual rate of 45% during the first quarter but there is already signs that they are starting to pick up. i think that could happen here. i think we will see as the economy gettings opened, and i think pressure to open gradually but surely, by mid-may, at the latest. i think it is going to set us up forerecovery in the fourth quarter. i think damage is such that second and third quarters are pretty much done in terms of recession. stuart: but, ed yardeni, sees the other side. we like that. ed, thank you very much indeed. you look very comfortable. is that your library or living room right now? >> mylibrary, home office. stuart: we still have libraries these days. >> yes we do. stuart: and it looks good by the way. ed, see you soon. >> thank you. stuart: gas price, i think they're at a record low, a buck 80 is your average across the country right now. coming up we tell you where you fill up your tank for less than

one dollar a gallon. we have the energy secretary joining us this hour. will we keep our energy independence as oil prices plunging? we'll find out. makers unveil a new plan to get america back to work on both sides of the aisle. we'll speak with two congressman on so-called problem solvers caucus. one republican, one democrat, next.

now more than ever, you need technology you can rely on. and people you can rely on. i'm a dell technologies advisor. me too. me too. me too. and if you're a small business, we're with you. we are with you. we're with you. we want to help. so we'll be right here. at home. answering your calls. providing support. and standing by you every step of the way. bye bye. and let me tell you something, rodeo... i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other.

big difference is how you pay it back. find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing... and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using

a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity.

every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. stuart: the price of oil still hurting stock markets. we're down 400 points on the dow industrials because the price of oil is way, way down there, 14 or $15 a barrel, that's it. that hurts every sector of the economy. markets down. look at hertz for a start.

they're cutting 10,000 employees. the stock is down another 1.7%. first they were hit by the ride sharers, ubers of this world. then they were hit with nobody's driving any longer. and now they're laying off 10,000. down goes the stock. how about flir? they make thermal cameras. their sales are up nicely because some factory operations like amazon plan to use these thermometers to test employees on the job. they make this stuff and the stock is up 11%. now this, what a surprise, they're is in fact a bipartisan plan to reopen the country. i'm astonished. bipartisan? you have to tell me the bullet points on this one ash? ashley: yes indeed, problem solvers caucus, 25 democrats, 25 republicans, they're not

fighting. they're agreeing on things. this is the public health checklist. establish and implement operational protocols. okay. rapid and ubiquitous testing. okay. personal protective equipment restrictions. could probably use that. look at economic checklist out of caucus. establishing resill with respect supply chains they say. financing for business to reopen. good idea. some of it going out. agricultural relief. farmers could always use that relief. we her this before you about they are again touting infrastructure investment. we've been hearing about that since president trump took office, but there you have it. the problem solvers caucus. and their ideas, stu. stuart: pretty comprehensive plan i have got to say that it is bipartisan. good stuff. why don't we bring in a democrat and a republican who are backing this plan. we do indeed have two lawmakers who are backing its back to work plan. congressman lloyd smucker.

a republican from pennsylvania. he joins us. he is on the screen right now. congressman dean phillips. he is a democrat. he is from minnesota. he joins us on the phone. first of all to you, congressman smucker, this is a really, it is a comprehensive plan but it is jumping through hoops. you're not going to get many people back to work with all these restrictions still in place, do you agree with that? >> well, again we have to understand that we are fighting this battle on two fronts. to provide for the public's health and also for the health of our economy. businesses in my area are hurting. they want to come back to work but they believe they can come back to work as safely. this plan addresses that need by establishing a framework where that can be done safely. it is a collaborative plan by the problem solvers. there is 25 republicans, 25 democrats. it is a multifaceted, data driven plan.

and it's one that can work to bring people back to work as quickly as possible. stuart: okay. dean phillips, congressman dean phillips, democrat, minnesota, i think we got you on camera now, there you go, shortly. >> good morning. stuart: thanks for joining us, sir, this is quite a plan but it would seem to me it is not going to get people back to work very quickly because there are so many requirements here, rapid testing, personal protective gear, still travel restrictions. protocols have to be in place. the supply chain has to be organized. financial farm payments, farm payments, that is a, that really stands in the way to a quick opening, doesn't it? >> you know, stuart. i would say that one of the remarkable parts of the problem selfers caucus is that we're 50 people, 25 democrats, 25 republicans. we bring a broad perspective to the table. my friend and colleague lloyd smucker who is on the phone or on tv right now with me, we're

both business people. we understand that intersection between safety and speed. we believe the framework and benchmarks we propose are helpful ones because it is everybody's priority to get the economy opened as soon as possible. but if we do so without benchmarking, without insuring testing is widely available, without insuring the health system is prepared, stuart i'm afraid we will make missteps that will make the economic recovery even more difficult. stuart: okay. >> we believe this is a thoughtful, bipartisan good solution. stuart: congressman phillips, still with you for a second. what do you make of the these protests? all around the country people want to get back to work now! they want to get back to the work fast. >> that is a freedom that is protected. we need to insure that i understand why people are frustrated. i'm frustrated. my partner lloyd smucker is frustrated. with that said, responsibility

for us in the decision making positions, executives like the president, to help first and foremost health, safety, security of the country, followed by prosperity. there is intersection. we're getting a sweet spot in the middle. i understand when communities don't feel terribly affected by covid right now there is a false sense of security. our job is to be prepared, planful, mindful of the eventual eventualities. no one wants is it more than me. stuart: congressman smucker, we reported pennsylvania has extended the restrictions. they're not going back to work anytime soon. >> pennsylvania governor here has extended the restrictions to marchth. we had a test on the steps of the capital in harrisburg jugs yesterday. i talk to many business owners throughout the district and completely understand the frustration. our governor while he is working to protect lives has made some

missteps along the way in terms of the businesses that have been shut down. i think immediately we could open up construction like we see in -- we need, i hope we get to this, we do need a plan where we gradually open. we know that businesses are going to be impacted. we know we can't open everything immediately but we can begin to take steps. here in pennsylvania we have seen a leveling off and now a dropping off the cases. even if you follow the president's plan, we look like within a week 1/2, we can begin to open up businesses. so, businesses are frustrated the ppp plan worked for manies abouts to keep them open, to bring back employees but they're ready to get back to work. they understand that they will need to make some changes. that they will need to protect their employees but they want to get back to work. it is important that we have a blueprint like this, that sets the stage and really provides a

checklist of what we can do. stuart: coming up on a real hard break here. i have got to break away. congressman smucker and phillips. thanks very much for joining us. much obliged. bipartisan, something new on the show he might add. quick check of starbucks. the stock is down nearly 3%. can you tell me, lauren? lauren: let's put beyond meat on the screen, stuart, beyond meat is launching a partnership first time with starbucks. we'll see if they put plant-based options on the starbucks lunch menu, will the chinese where pork is staple in the diet, like plant-based foods? huge market. many companies clamoring to get in china. starbucks is starting toe reopen beyond meat far from the high of $139 but up 13% today. stuart: that is nice pop, thank

you very much, lauren. this is what america together is all about. new york city police officers deliver groceries to a korean war vet stuck inside. the cops bought the food with their own money from their own pockets. delivered it too. i think that is good. gas prices plunging in some places. some gas stations charge less than a buck. you can find 99-cent fast in more than a dozen states in some stations. should we run to the pump or are the low prices here to say and maybe going lower? find out next. energy secretary dan brouillette joins us later this hour. oil prices still way, way down. is there anything we can do about it because it is hurting us all? we'll be right back. i came across sofi and it was the best decision of my life.

i feel cared about as a member. we're getting a super competitive interest rate on our money. we're able to invest through the same exact platform. i really liked that they didn't have any hidden or extra fees. sofi has brought me peace of mind. truly thank you for helping me prepare for whatever the future has in store. witpeople at higher riskng, must take extra precautions. you are at higher risk if you are over 65, or if you have an underlying medical condition. please visit coronavirus.gov for more information.

confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. stuart: this is important. the fda has approved a new virus test. susan, this is an at-home test? susan: lab corps molecular at home collection test. meaning you can collect the sample through your own swab through your nose. you have to send off to lab corps to actually test their laboratories. this eases up the testing restraints. 1.18 million have been done. this at home test means you

correct the sample through a swab through your nose but it still has to be sent off to to a lab corps lab to do it properly. stuart: you have to do it properly. you have to put it through the back of your throat. susan: from what i understand, it is a not the back of your throat, goes through inner nasal area and selected to lab corps. stuart: we'll leave it right there. it is important. at-home tests are important. it is 10:30. we used to have some kind of a british element at 10:30 and we're going to do it today. today is queen elizabeth's 94th birthday! she is celebrating, however in quarantine. lauren, does zoom have anything to do with the celebration? lauren: she is having a zoom birthday party to celebrate 94 years. obviously she is in lockdown with her 98-year-old husband prince philip. what is interesting about this,

for 68 years she had a big bash for her birthday party including a gun salute. that will not happen, at her wishes for obvious reasons because of coronavirus and the pandemic, that will not happen at her request this year. but a zoom birthday party for the queen. stuart: she is a big celebrity on zoom i would take it. i'm sure it will be private. thanks, lauren. look at gas prices. i love this, because gas prices are plunging. lowest level in more than a decade. and less than a dollar a gallon in the states which you see on your screen. that means there is at least one station in those states with less than a dollar for gasoline. patrick dehaan is with us. he is the man who follows gas prices most closely. patrick, welcome to the show. should i run out and gas up now or should i wait a while on the grounds that prices will come down some more? what is it? >> well, stuart, i don't think you have to be any rush.

maybe have a delivery service deliver your gas. as you allude to, 1states now where you can find gas under a dollar but obviously yesterday the big hubbub was oil prices going into negative territory. of course today we have the june contract rolling into it about $14. excuse me about $10 a barrel. motorists need not be in any hurry. i think national average could drop another 30 cents a gallon. stuart: whoa, hold on a second. you were right. last time you were on the show a couple weeks ago, it will come down to a national average, 1.70, $1.80. it is a $1.81 now. now you're saying maybe $1.50 will be the national average? that is almost giving it away. that means there will be more than 1states where you can find 99 cents gasoline somewhere. >> that's right, stuart. we will be talking about tens of thousands of stations at 99 cents a gallon. one other metric to throw at you. it is impressive. we talked about 99-cent stations but we have our first three

cities averaging 99 cents a gallon. appleton, wisconsin, oshkosh, wisconsin, and henderson kentucky are averaging under a dollar a gallon. it will get better in terms of lower prices. stuart: every day for the past week or so i've been quoting the average price of gas in the state of wisconsin, the average for the whole state is way down at $1.22 i think. why is it so cheap in wisconsin? >> we're seeing fundamental pieces in place for low prices throughout the great lakes. when you just look at the great lake states, wisconsin has lowest taxes of them. wisconsin has the benefit of having a very low wholesale price because gasoline in the great lakes is being discounted there is no other avenues for refiners to get rid of it. you throw on the state gasoline taxes in wisconsin, epicenter of some of the lowest prices in the country. stuart: you ever seen anything like this before? >> boy, stuart, i think we've been talking 10 years, nothing has come even close to this.

stuart: just astonishing, isn't it. i love it, most people don't take advantage of it, because you're not commuting. >> that's right. stuart: that is the way it is. patrick, thank you very much for being with us. >> my pleasure, stuart. stuart: we like to have a theme on this program of getting back to work, opening up the factories and the car plants again. we have got the story for you. carmakers are indeed trying to reopen with a lot of new rules to keep people safe. got that. grady trimble at a ford plant in chicago. what is the safety plan, grady? reporter: it will be very intensive. factories are not going to look like when they looked like when they closed. for example, we're starting to see some european auto factories come online. one institute ad no carpooling rule. also within the factories there will be social distancing. people will be wearing facemasks. in some cases, employees might even be subject to having their temperature checked when they show up to work. we know that right you no the united auto workers union is in talks with the detroit three

auto makers to talk about safety plans for when factories do eventually eopen here in the united states. you see ford and gm have not announced a target date just yet. what the uaw says, testing is key. that will be very important. it will be important that employees feel comfortable self-reporting. if they feel sick, they need to feel comfortable, i'm sick, i still want to get paid. if they don't get a paycheck, they're fearful they might have to take time off, that is not going to be good either, because it will spread the virus. one other thing i wanted to mention, stuart, that ford is testing out, it is just a pilot program right now but i think you will find it interesting. there are wristbands when two employees get within six feet of each other. if we get our hands on a couple of those. i might share one with jeff flock to try to keep him at bay. what do you think? stuart: i think that is a very good idea. the bottom line for the whole story is, the opening up has

begun. when it gets to the automakers, you know factories are really are opening up. that is very, very important. grade i did, thank you very much, sir. see you again soon. i will stay on automakers. i have got an interesting story here. the price of used cars plummeting. ash, tell me why? ashley: yeah. down to 10 to 15% because, well no one is buying cars right now, let's face it. we're all stuck indoors. the used car market, far bigger than the new car market. and americans consumers that normally buy, 16, 17 million vehicles year. they're not just buying everything. it is hurting every aspect. used cars is integral part of the overall business it is having knock-on effects. for instance, carp part stores, online websites that provide parts, they're also seeing massive drops in orders and sales. it was interesting, even companies like rental companies that sell on leases, where the

car comes to the end of its lease, the price you can get for the car now, residual amount, profit for the leasing companies, has absolutely tanked because the value of the car has dropped so much. so it is not only used cars but it is the ripple effect out from everyone associated with it. it will take a while for this market to recover, in so many ways. but the used car market, really struggling. if you're in the market for one i guess it is a good time. stuart: i guess so. that expression you have to keep using it will take a while. it will take a while. it is gradual. that is the truth, is it not? thank you very much, ashley. i have a headline here i barely believe, general motors plans to run 100% on energy renewable energy by 2023. i don't believe this?

lauren: some. plants in detroit make electric vehicles run on 100% renewable energy. so pushing into green pretty fast. stuart: yeah, that is not general motors is going to be all 100% renewables in three years. that is discuss not, that is not the way it works. a quarter may be, and electric car facilities maybe. okay, three years away. let's get that right. thank you, lauren. the oil crash could really hurt college football. why? because college football often depend on oil money. brian kilmeade tackles that for us. first we speak with the energy second dan brouillette, what is he going to do, what can they do about crashing oil prices? brouillette is next.

america's oldest lighthouse has weathered many storms. seeing the break in the clouds before anyone else. together, we'll weather this storm.

stuart: we still have a sell-off on the market following from yesterday's sell i don't-off, tn is the, price of oil is down

again. the oil price dropped below zero, you had to pay people, we don't want it. energy secretary dan brouillette joins us now. mr. secretary, welcome to the program. >> thank you, stuart, president trump will have the strategic petroleum reserve buy up 75 million-barrels of oil. clear i that helps. what do you do to help the drillers, many of whom are rapidly going bankrupt? >> thank you for having me again -- [inaudible]. we need to reopen the economy at a very appropriate phase. stuart: look, i'm terribly sorry, everyone, we appear to have the problem with the audio connection with the energy secretary. i'm not sure he can hear me. we cannot hear him properly. so we'll hold on for a second. i will show you the price of oil. let's see if we can reestablish the connection. the price of oil is at $14 a

barrel. maybe you're confused a little because yesterday it dropped below zero. we haven't seen that before. now we're using the june contract for delivery, and if you take delivery of oil in june, that's a month away, you're going to be paying $14 a barrel right now. i suspect that that number will probably go down. that price will probably go down, assuming, we do not restore global oil demand. with the price of oil at $14 a barrel now, and probably going lower, that's why the dow continues to move lower because energy affects every sector of the economy. now there are reports that opec is debating a may 10th meeting. they may be discussing deeper production cuts. susan, do you have the story there? is that your story? susan: on open pending cuts? we are expecting 15 million, aren't we? we heard that from the u.s. president during the task force meeting. i think we should talk about the

front month contract as you mentioned. june is trading $14. but have you looked at july? we're still mid 20s for july futures contracts for west texas. that implies, maybe may, according to experts is a big after anomaly. we'll not see negative oil prices lasting possibly longer than may, maybe june. july is seeing upward revisions. i checked as far out for november oil futures contracts, we're trading 30 bucks or so, 32. stuart: 32, my goodness me. how about that? we have restored the audio connection with energy secretary dan brouillette. he joins us again. mr. secretary, i opened up the discussion by saying that the president will fill the strategic petroleum reserve, buying up 75 million barrels of oil. that will help. what can you do to help the drillers rapidly going bankrupt, what is the plan for them, mr. secretary?

>> make available storage in the marketplace. that is what the president directed me to do and that is exactly what we're doing. we contracted now for approximately 23 million barrels. up to about 75, perhaps 77 million barrels. we're also authorized to go up to one billion barrels of storage under the strategic reserve. i will be working closely with congress to continue the expansion of that reserve. as a matter of fact, i will meet with leaders later today in the u.s. house side to discuss exactly this. but what the president also doing is opening up the economy, doing that very appropriate way. we have a phased -- in place. he is working -- [inaudible]. we're taking a very balanced. it is really the key to having this energy industry make it past this pandemic. it is re-establish the demand signal in the u.s. economy. stuart: is that enough, opening up the petroleum reserve, buying up this oil so you got a place to store it and getting the economy rolling again at some

point in the future? the basic problem is still the lack of demand for oil. that's what is affecting the price. i put it to you, sir, there is not that much you can do about it? >> well, stuart, that is the key. the key is to reopen the economy. it is create a demand signal, put people back to work, have people use the automobiles you're talking about on your show. earlier, i heard your earlier segment. -- [inaudible] stuart: okay. >> this covid pandemic. stuart: mr. secretary, i'm terribly sorry, we're having audio problems. you're combing in, going out, breaking up. i do apologize for that. thank you for being on the program, you have outlined the plan, buy up a lot of oil and put it in the strategic petroleum reserve, get the economy going again, that is the plan, and we understand it well. mr. secretary, thank you very

much indeed. i will check the market one more time. oil prices still hurting the market. we're down 466 on the dow. that is the best part of a 2% drop. now we'll do completely 180, completely different story. we'll talk about travis scott. he is a rapper. he is going to tour "fortnite." you have to tell me about this, ash. ashley: yeah, it is a virtual tour. music artists using videogames as a new way to connect with fans. it's very unique. this is a virtual concert tour. as you say, rapper travis scott will be actually appearing in the "fortnite" game over several days. it is a concert tour, if you like. it will be called astronomical, based on scott's 2018 album, astro world. you will be able to watch him within the game itself. he will debut a new song. i think it is pretty interesting. we've seen this before.

the d.j. marshmallow i know you're a big fan of that one, stu, of him, he appeared in a "fortnite" game in february and it attracted 10.7 million players. so this is the new world that we live in and these artists are using video games to get to their fans. i find it fascinating. stuart: so do i, actually, ash. look i'm not part of that market and i don't pretend to understand it, and i don't play "fortnite." but when i look at that market, i realize how vast it is. i mean it is simply gigantic. you're talking about 10 million extra players because one star, celebrity appeared? i mean it completely dwarfs most other forms of entertainment. i think i'm right in saying that. ashley: you are. and what's interesting is, these artists ren that and they're very smart. they know they can get into these games in a virtual form and reach these people directly.

they can't go out to have a regular concert as they normally would. it is fascinating they're using this medium, reaching a ton of people. stuart: okay. producer, are we coming up to a break, yes or no? no break. okay. i have got to wait about, one, two minutes, one minute actually. then brian kilmeade is going to join us. we'll be simulcasting his radio show on this broadcast. i want to talk about college sports with brian, in particular college football because there is some teams which are heavily dependent on oil money. some of the big 12 teams apparently and that is a real problem for college football at the moment. as we walk up to brian, he is about 30 seconds away i will tell you that the dow has now established not quite the low of the day but certainly getting close to it, down 500 points on the dow industrials and again this is all about the price of oil. this is a new factor in the market for stocks these days. the price of oil has crashed and

it keeps on going down. that affects every sector of the economy and certainly downgrades america's energy industry. that hurts and it is hurting stocks as we speak. but i got to tell you, the dow still holding at the 23,000 level. all right, it is now 10:51. you know what that means? we can join brian kilmeade on the radio. he is the host of the "brian kilmeade show." brian, i just outlined to our viewers the difficulty that some college football programs are coming into because they're heavily invested in oil. is it a serious problem here? >> no question, heavily invested in oil. a lot of donors to the big programs allow them to compete, whether oklahoma state or oklahoma, texas. think about that right away, university of florida, a lot of the donations to the program come from the outside and that could be it but i just understand too, that is a little bit like the challenges you have every downturn, i imagine after

2008 or 1988 there was some downturns in the economy, hit the recession hard, harder to raise money. i think bigger story, will they have football? college football coaches and ads, they met with the vice president, they pretty much agreed if you can't have students on campus in the fall, you can't have fall football. what's the big deal? football and basketball fund almost every other program. what does that mean? it means you can't cut women's programs because of title ix. you cut men's program. university of cincinnati, already did it. made announcement. no more men's soccer. no more division one men's soccer. if you don't play football, you don't play basketball it will be carnage,. stuart: that is extraordinary. that is really a whole lot of year and a whole lost year of the careers of these brilliant young athletes. here is another story i want your take on this i have got a report that says only 53%, say, half of scheduled major sports

events will take place this year because of the virus. that's an enormous number of canceled major events, brian? >> yeah. i mean they're looking at, they're going, they're looking sport by sport you how they would do it, got on top of it, got a vaccine, got a therapy, we keep it at bay, bend the curve. hockey for example, go right to the playoffs. nba a third of the regular season. the nba might start june 1st. might have five days to warm up. play, 10, 15 regular games, go to the play offs. there are more games. baseball already missed a month. almost a month. so baseball's out. that is another 60, 80 games. then you have preseason football, you can count that in august and september. that is basically destroyed already. so there is a lot going on. stuart: no, look, you know, that i follow english soccer very closely. their season has been shut down.

and a lot of the smaller clubs in britain will just to out. they're bankrupt, they're finished. they're not going to play a game again. do you think you could say the same thing about some american professional sports teams? could they go out because of this? >> minor league? sure. i can't forget about the mls, by the way. a rising league. they can't afford to miss many more. they're just starting to get momentum now. they need those ticket sales. the nfl doesn't need ticket sales. baseball does. m mr. s does. so that could be problematic. minor soccer teams, mls, that could be it. i can't see professional sports leagues doing it, there is so much to invest, they will get the money back. you know better than that. the other thing to keep in mind the 2022 world cup. it was all scandal through the middle east, qatar got it. they're using slave labor to build their stadiums? they're getting to the bottom of it. there is talk about the 2022

world cup coming to america. so you think about that. so that would be something else. it would be a major story, how we're not being in the middle of this pandemic. soccer would come back blazing big time here, which would be a nice shot in the arm. stuart: 20 seconds, i'm going to watch that virtual draft on thursday, i think it is, because the mock virtual draft didn't go terribly well. i think a lot of viewers will see, can they pull it off on thursday night, right, brian? >> hey, here is your challenge. the xfl did it already. brand new teams. brand new organizations. brand new players. they did it. they should be able to pull it off. john elway said we got off to a rough start. it got really smooth afterwards. why not? go back to the 1970s, with the phone. make it a phone call, catching up to guys in their parents living room, reminding them if they want to play pro football the giants would like to sign them. now it is a little bit different. i think this would be the fun

for everybody. we'll be the least judgmental audience ever. we want to see something live and new. i cannot wait for this. this will be fantastic, something unscripted we can bet on. stuart: i don't know about that. brian, thanks for joining us. see you soon. big hour coming up for you. by the way we're staying on the virtual nfl draft. in the next hour we have a 2020 nfl draft pick. he is living the american dream. we got it. north dakota senator john hoeven leading this bipartisan effort that would allow $3 billion to buy u.s. crude. he is in on that. he will tell us all about it. he is on the show. congresswoman alexandria ocasio-cortez tweeted about the oil slump and market sell-off. she appeared to be happy about it. i will include that in my take which comes up next. announcer: wash your hands...

avoid sick people... and touching your face. there are everyday actions to help prevent the spread of respiratory diseases. visit cdc.gov/covid19. brought to you by the national association of broadcasters and this station. so to breathe better i started once-daily anoro. ♪go your own way copd tries to say go this way i say i'll go my own way with anoro. ♪go your own way once-daily anoro contains two medicines called bronchodilators that work together to significantly improve lung function all day and all night. do not use anoro if you have asthma. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you a heart condition, high blood pressure, glaucoma, prostate, bladder or urinary problems. these may worsen with anoro.

call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. the most common side effects are sore throat, diarrhea and pain in the arms and legs. ask your doctor about once-daily anoro to start treating your copd. ♪go your own way save at anoro.com

stuart: she tweeted and then deleted what she had posted. alexandria ocasio-cortez had gleefully opined on the crash in oil and the sharp losses for stock prices. quote, you absolutely love to see it. that's what she wrote. she's clearly happy to see co2 emissions cut sharply. got that. but if it takes 20 million americans suddenly unemployed, businesses ruined, and thousands in lockdown misery, surely she

should express a little less glee and a little more understanding of the catastrophe the virus has unleashed. her now deleted tweet went on to say now is the time for a worker-led mass investment in green infrastructure to save our planet. cough, don't know what the cough meant. never let a good crisis go to waste. aoc is pushing socialism again. perhaps she thinks capitalism has failed. well, she's wrong about that. it hasn't failed. the virus did this to us and wild schemes to borrow trillions for the green revolution are just that. wild schemes. big picture, it's another attempt to politicize the pandemic and the president's response to it. speaker pelosi and candidate joe biden keep sniping away about trump's delays costing lives. congressman adam schiff will investigate right before the election, and aoc chimes in with a callous tweet. she absolutely loves to see the

crash in oil and the wealth destruction in your 401(k). again, it's desperation based on unbridled contempt for our president. we will get through this, not by going to socialism and not by pulling down president trump. we will get through it by getting back to work as quickly and as safely as possible. my colleague charles payne, the guy who hosts "making money" joins me now. you heard what i had to say, charles. i say get back to work as fast as possible, safely and safely. that's my point. what say you? charles: you know, it's really not the first time unfortunately, stuart, we have seen these sort of tweets from aoc where it seems like she really is excited about failure or rooting for failure and the notion that this is somehow attacking capitalists or capitalistic countries and not

somehow socialist countries is really far-fetched. you know, here's the problem. they do this to gain power but they never really have a solution. really, you're going to take 22 million people and squeeze them into the so-called green energy business which last time i read last week, lost 100,000 jobs. we're not even sure what that is. often if you drive a truck, a bus, for instance, that runs on natural gas, to qualify that bus driver as a green energy worker, that's sort of a farce, right? so it's this rooting for failure to gain more political power is something that has never stopped. i remember the night president trump -- president obama was elected, the naacp sent out i thought it was going to be an amazing e-mail. it was an e-mail like now more than ever we are going to be attacked. we never have a chance to embrace america, celebrate america or in this case, say let's hold hands together and get through this. it's always a crisis, always something that is the blame of someone else and they don't ever

have more solutions other than give us more power. stuart: yeah, that's right. you got it. i want it, give it to me because i'm taking it. charles, let's refer to the current state of the financial markets. the dow is down 500 points. i think it's because the continued sharp decline, i'm calling it the crash in the price of oil. what's the relationship between today's market decline and the oil price crash? charles: there's a relationship but let's step back a moment and remember that we had the most amazing two-week period on the upside in the history of the stock market, so when the s&p rallies 31% in less than 14 days, it's going to pull back. now, the reason du jour happens to be the weakness in oil but we saw ibm posted an amazing earnings report, no guidance, the stock is down big, it's a dow component. you have this situation with boeing, up one day, down the next day. so i think what the oil situation does, though, it's a reminder when you turn off the

economy, bad things happen. it's a light switch. i was joking around yesterday with neil, my wife went out yesterday to the driveway and just to turn on the cars. our brand new navigator did not start up. they had to send a tow truck to it and take it back to the dealer. our economy is like that navigator. if we keep it off too long, we will have a hell of a time turning it back on. stuart: well said. here's my surprise. we learned from senator schumer this morning that they are pretty close to a deal, big deal on the new rescue plan. $125 billion to the unbanked and to mom and pop operations. $75 billion for hospitals. we are told a vote may come pretty soon. a, what do you think of that, and b, why no response in the stock market to this huge flow of money that's going to start all over again? charles: i think everyone's guarded, because it's become so politicized. there was a sort of emergency

that brought washington together, a rare example of washington, d.c. unity. in the meantime, we have let this thing, you know, run out of money a week ago and i think also the devil's going to be in the details. plus, you know, listen, it's a lot of money but it's time for congress to really sit down and figure out how much this will cost over an extended period of time. we do not want to go through this again. i really am worried, think about it this way. jpmorgan said this. they sent out $14 billion. they are still sitting on $26 billion. that's just jpmorgan, by the way. i just don't think it's going to be enough, the numbers i'm hearing so far, and that means we got to go back to d.c., more shenanigans as small businesses struggle to survive day to day, minute to minute. that's one of the reasons you don't see any preemptive cheering of this because we don't know what it is and it will probably not be enough. stuart: i think we both agree the real solution is get back to work, wherever you can, as safely as you can, as fast as

you can, get back to work. before we close, do tell me more about your town hall, the virtual town hall. you are hosting it tomorrow, i think? charles: thursday with mark cuban. it's going to be huge, stuart. the questions are flowing in like crazy. of course, mark cuban, self-made man, billionaire, and one of the good things about having a guest like this is he's known for his investments. when you make these type of investments that mark cuban makes, you've got to understand society. where are we going to be, what are people going to want. so yes, people want to ask him about this ppp program, they want to know how they should reinvent themselves in the age of coronavirus, and they also wonder how a post-coronavirus, covid-19 world will look, because a lot of people think it will look a whole lot different from capitalism and our day-to-day lives. i can't wait to talk about it. it's going to be huge. it's on thursday. stuart: you're right. those are the questions of the day. what's it going to look like when we come out on the other

side. thursday, 2:00 p.m. eastern, charles payne with mark cuban. good stuff. thanks for joining us. see you later. got it. charles: you, too. see you. stuart: an update on the timeline i think for the second rescue package for small business. edward lawrence, you have the timeline for me? reporter: yeah, stuart. this is sort of following up what you were talking about with charles, the market may not like this delay that has been happening. yes, senator chuck schumer says there's a deal but we haven't heard from senate majority leader mitch mcconnell yet. it's not a deal until both sides come out and say that it's actually a deal related to this. the changes that senator schumer is talking about, $125 billion of the $310 billion will go to what he calls mom and pop shops and the unbanked. the program ran out of money five days ago. there's a delay. then the small business administration, because of the changes, now have to go through their internal process to try and focus guidelines on the banks based on changes to the

payroll protection program. that took a week last time. it should be a little less than that but again, it's going to be a delay. so if republicans then do agree, there could be a vote as early as this afternoon, 4:00 p.m. eastern time. tomorrow it could be taken up, either tomorrow or thursday, by the house of representatives. let's say the president signs it that same day, with the process the small business administration still has to go through, money won't flow to small businesses until next week. stuart: delay, delay, delay. process, delay, process, delay. what a terrible thing. edward, thank you very much indeed. good stuff, sir. thank you. now, later this afternoon, the big streaming stock delivers its latest financial report. this will be the keynote for the whole afternoon. netflix reports. lauren, what do we expect? lauren: it's the most valuable u.s. entertainment company. bigger than disney and comcast. the number to watch is the number of subscribers added between seven and ten million.

but the lockdown orders didn't go into effect until the middle of march so what they say going forward in the second quarter, that's when you might see the real juice for netflix. would you agree this stock is acting like a defensive play, when people are stuck at home wanting something to watch? stuart: sure. sure. yes. lauren: they have more content, they have early mover advantage, and you have to look at some of their competitors. where is apple's content? on hold. a lot of competitors have to cut spending on content as a result. this is all good for netflix. one other thing. warner media are launching hbo max, may 27th. that's $15 a month. when all is said and done with coronavirus, and americans struggle to get back on their feet, are you going to keep your netflix subscription or are you going to add a $15 a month new subscription that you haven't used before? stuart: i guarantee that i will be keeping my netflix subscription. case closed. i think it's pretty good. thanks very much, lauren. we mentioned apple there. apple, by the way, right now is

around $269, $270 a share. susan, come in, please. is somebody saying it's going to hit $500 a share? susan: evercorps analyst has given a bold bull case for apple stock. this is where it hits $500 a share. this has to do with margin expansion and what does that mean? that means you make more per device that you sell and also on services as well. i just want to bring to your attention this headline that crossed this morning which is pretty bullish for apple stock. the nikkei news in japan is reporting that apple told several of its suppliers they plan to sell and make 213 million phones through to next year, 2021, in those 12 months, and that's rather bullish. that's usually the amount that they sell during that time period. also expanding their services, the biggest expansion since 2012 going to africa, asia and providing some services to other countries around the world. stuart: okay. thanks, susan. surprisingly, you see apple's

stock there is down $8. i see microsoft down $7. i see ibm down 5%. those are dow stocks. that is clearly hurting the overall average so it's big tech that's weighing on the market. perhaps as much as the price of oil. look at that. 28 of the 30 dow stocks are in the red. big tech leading the way down there. very interesting. then we have peloton. active recently during the virus, of course. down today, nearly 4%. what's the story, ash? ashley: yeah. it's interesting with peloton. yes, the virus lockdown has been a boon for them. people are prepared to pay big bucks for exercise equipment while trapped in their homes. we are expecting sales and subscriptions to beat all estimates. i know you love that word. but what happens when the world opens back up? has peloton gone through its target market quicker than

expected? they target people with a net income of around $50,000 a year and up so what does that look like in a recession? will these bikes be too expensive, will they have to drop prices? they have hinted they may provide cheaper products. by the way, their retail locations are being closed as well. they have also had to stop those live classes. so the question about peloton is in this world post-covid-19, have they already i guess peaked is what some analysts are saying and will they have to start dropping prices as this economy struggles to get back on its feet? stuart: i hear you. good stuff. thanks very much. peloton's at $29 right now. take a look at amazon. i don't think the stock price is affected by this particular story, although it is way down. $94 lower for amazon. today, warehouse workers are planning to walk off the job. it's supposed to be a nationwide protest over working conditions. not sure that that's why the

stock is down. tech in general is down. facebook, now that company has banned some pages which promote protests of the stay-at-home orders across the country. facebook, another big tech company, way down 5% lower, that's $9 lower. all of this really hurts the dow. then there's tom brady. he was asked to leave a public park in florida. can you guess why? i can. we will tell you coming up. stark numbers on home sales last hour. down 8.5% in march compared to the month before. that's almost depression level for housing and it gets worse in april. we're on it. first, though, take a look at oil. that's what's motivating the market a lot. $14 a barrel on the june contract. ouch. way down. coming up, i will be joined by north dakota senator john hoeven. he's got a plan to help the oil industry that his state really badly needs. we'll be right back. mother in .

and i like to question your every move. like this left turn. it's the next one. you always drive this slow? how did you make someone i love? that must be why you're always so late. i do not speed. and that's saving me cash with drivewise. [mayhem] you always drive like an old lady? [tina] you're an old lady. here's the thing about managing for your business.s when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds. that should clear things up.

stuart: look, i don't have a reason for you, but i've got to tell you the big technology stocks are way, way down today, serious selloff. apple is down 3%. amazon's down 4%. google is down 4%. if you move on to the microsofts of this world, you see that they, too, are just falling out of bed. many of them are dow stocks. that accounts for a good chunk of the dow's loss as of this morning. big tech, down. try to figure out why, i can't figure it out at the moment, but they are down. the dow is off 584. got that. we have some headlines from new york's governor andrew cuomo. he says they will start allowing out-patient treatments in hospitals where the virus isn't prevalent. that's new.

and he says new hospitalizations, because of the virus, continue to fall. i would call that good news. the virus is causing some meat processing plants to close. again, of course, they have got an outbreak within the processing plant. hillary vaughn is with us. what's the latest on this? reporter: well, one plant in south dakota, smithfield protein processing plant, closed down because 230 workers got sick with the virus, and so now a workers union that represents over a quarter million processing plant workers around the country is asking secretary sonny perdue to protect them, like we protect our health care workers giving them the essential ppe equipment that they need so that they are not spreading the virus to each other. they also want the usda to stop issuing waivers that have been issued in the past few weeks that essentially expedite exports of the protein or the products that come out of these plants, saying when those waivers are issued, that means more workers are just cramped together.

we did hear from secretary sonny perdue who told fox news yesterday that they are working to get this protective gear to these food workers. >> obviously the health of the workers is paramount and that's what companies have been doing trying to protect their workers. these companies are providing barriers in between the workers, face shields and other protective equipment for them, but there is a concern over the food supply chain, if we don't have enough food processing workers to manage these plants, then that backs up our food supply. reporter: several meat packing plants have had to close, major names like jbs, that's the larger meat producer, processer in the country, they have had to close three locations. tyson, smithfield, empire, cargill, all of them had to close at least one plant due to this pandemic and stuart, the smithfield ceo said the sign of shuttering of all these protein plants essentially means they could be nearing the edge in terms of meat production and

also supply to our grocery stores and really, essentially saying this issue needs to be addressed, getting the workers protected so they aren't spreading it to each other so they don't have to shut these plants down. stuart: we have to get that food supply chain moving again. that's vital. hillary, thank you very much. good stuff. let me bring this to your attention. house minority leader mccarthy says a deal on small business loans has been accomplished. as to what senator schumer was saying today, they have a deal but there's a delay in the vote and then there's going to be a delay in the processing from the small business administration. that's not great. back to oil. $14 a barrel right now. you can't fight this global drop, this collapse in demand for oil. that's why you've got the price so much lower. senator john hoeven, north dakota, joins us now. north dakota is a big oil state. mr. senator, you've got a problem here. i want to know what can you do about it? how can you avoid mass layoffs

in your state? >> right, stuart. you know, we have been dealt a double blow. both a loss of demand because of the fight with the coronavirus, and then at the same time, the price war between saudi arabia and russia. so we work with the administration, the administration worked to get an end to that price war, but we still have, as you see, oversupply so now i put in legislation to buy oil for the strategic petroleum reserve. you are going to see it introduced in the house today. i've got bipartisan sponsors, michael burgess, lizzie fletcher, both from texas, and we need to pass that so we can buy oil for the strategic petroleum reserve and also, i talked to both the president and secretary mnuchin, secretary of treasury, as well as secretary dan brouillette. we need to work to make credit available to our energy companies and you saw a tweet from the president, they are taking that step as well. of course, finally, the real solution, we got to get the

economy open and going again. stuart: that's it, isn't it, senator. >> yeah, absolutely. stuart: it's great for the drillers to have somewhere to store their oil, stra teenl i can strategic petroleum reserve, that's great, but -- >> not just energy, for everybody in our economy. we need to get people back to work. we need to do it safely. but that's really what needs to happen. stuart: do you think it's going fast enough? we have got south carolina opening some stores yesterday, georgia, tennessee moving towards an opening up. there are moves elsewhere in other states. i guess you would like to see it speed up. you want to see it faster, don't you? >> you know, stuart, i was a governor for ten years and that's what i really like is the way the president is working with our governors and he's empowering them and you are going to see this open up at different speeds around the country but we want to do it safely, we want to do it well, but let's make sure we empower those states and those areas that can be opened up to get

going again. obviously it's not going to be one size fits all. but i think that's the best way to keep moving forward. stuart: you know, you have been -- >> the other thing, the other good piece -- stuart: i'm sorry, senator, i'm out of time. i just want to tell you something real fast. you have been on our program many times. we have always said that the great people of north dakota are american heroes for helping us become energy independent. senator, we really feel for you in your hour of need. >> thank you. we have great people out here. thank you, stuart. stuart: come again soon. see you then. thanks very much. coming up, live sports. clearly on pause, but espn just saw a huge jump in viewership because of a new documentary on michael jordan. we have got staggering numbers for you. first, georgia's governor says some businesses like gyms, barber shops, they can reopen this week. i call that good news. georgia congressman barry lowdermilk joins me on that next. i'm searching for info on options trading,

and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now, you're binge learning. for a limited time, get up to $800 when you open and fund an account. call 866-300-9417 or visit tdameritrade.com/learn. ♪

and let me tell you something, rodeo... i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and,

it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other. big difference is how you pay it back. find out how reverse mortgages really work with aag's free, no-obligation reverse mortgage guide. eliminate monthly mortgage payments, pay bills, medical costs, and more. call now and get your free info kit. other mortgages are paid each month, but with a reverse mortgage, you can pay whatever you can, when it works for you, or, you can wait, and pay it off in one lump sum when you leave your home. discover the option that's best for you. call today and find out more in aag's free, no-obligation reverse mortgage loan guide. access tax-free cash and stay in the home you love. you've probably been investing in your home for years... making monthly mortgage payments... doing the right thing...

and it's become your family's heart and soul... well, that investment can give you tax-free cash just when you need it. learn how homeowners are strategically using a reverse mortgage loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. look, reverse mortgages aren't for everyone but i think i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. stuart: have a look at coke's stock. i think they're down, just 1.4%. here's the story on coke. they just reported their earnings and they had a pretty good january and february, but they fell out of bed in march and april. their global volume of sales was

down 25%. that's because half of their business is done in movie theaters, bars, restaurants, which of course are all closed. their at-home business did well at first. then it tailed off because the pantries had been stocked. there you have it. coke is at $45 a share, down 1.4%. starbucks and beyond meat, interesting. starbucks debuting beyond meat products in their china stores. that's part of a country-wide push for sustainability. starbucks down, beyond meat up. rosecliff founder and partner mike murphy is with us. he's a market watcher that we normally see in the 9:00 hour but today, he's joined us in the 11:00 hour. we let him lie in. why not. all right, you have to explain something to me. big tech today is way down. apple is down eight bucks, microsoft is down eight bucks. can you tell me why? >> i could try. nice to see you.

you know, tech has performed so well since the market bottomed. these stocks you point out, microsoft, apple, you can throw a lot of the other big tech names in there, they have all had big rallies over the course of the last few weeks. they really haven't sold off at all as the market has tried to find its footing and get back on a trajectory higher. so right now, you are just seeing some profit taking coming out of these names. we are going to hear from netflix later. there could be concern there. but i'm sticking with the same story. you see apple, you see microsoft, selling off on no company-specific news. that creates a buying opportunity for people. stuart: now again, another thing i need explaining and that is why has the sharp decline in the price of oil, that is a crash, basically, why has that spilled over and affected the overall stock market two days in a row? >> you know, stuart, i have been trying to figure that out myself.

and really, the more people i speak to, it just seems it's not just specifically the fallout that's going to happen within the energy space itself. there will be big bankruptcies, there will be a lot of losses of jobs, but now the president has come out and said he's going to support the energy sector. but i think the bigger concern for people is just coming off coronavirus, can we handle, can the economy handle, can the market handle another shock to the system like what we saw yesterday with oil going negative. so we will get past it but right now, it's a reason, it's a cause for concern for investors so some are selling rather than buying. stuart: so we kind of got a pause in the market runup. we've gone from 18,000 to the dow a couple weeks ago, 23,000 now, we are kind of paused on the runup to the upside. you think it will resume at some point soon? >> i do, stu. you know, when you look, oil is

having a big effect on the market right now. this is what's causing this fear in the market. but similar to coronavirus, if you look, it's great headlines. oil going negative is a great story. but as an investor, when you're looking out six months, 12 months, and longer, oil will still exist, it will not be negative, there will be an oil market, there will be an energy sector in this country and globally, so as an investor, you need to look past this short-term shock and you need to look at what companies do you want to own. if apple keeps coming down and microsoft keeps coming down, that's two great areas to start your investing on pullbacks. stuart: well said. for what it's worth, i think there will be a rapid get back to work, i think there will be a nice rebound for the economy when we start to get back to work, i think it's going to look pretty good a couple months from now. that's just my opinion. we will have you back again real soon, please, sir. see you again. did you want to say a last word?

you did. go ahead. last word. go ahead, go ahead. >> i was just going to say yes, absolutely, as the economy gets back to work, lower energy prices have a big positive impact outside of the energy sector on the consumers in this country, lower energy prices to heat your home and drive your car is going to be a big positive, as we are recovering that's going to put a little gas on the fire. stuart: i think you're right. mike murphy, thanks again. see you again soon. thank you. let's go to ash. some big events i believe around the world are being canceled. is that right? what have you got? ashley: yeah. both in europe, stu. the so-called running of the bulls scheduled to begin in early july has been canceled. great news for the bulls. not so great news for the economy. that's $162 million loss from that. and octoberfest in munich, germany. it runs through all of september and early october, a few days

into october. six million visitors were expected this year. the economic loss estimated at $1.3 billion. there's a lot of disappointed beer lovers in germany and elsewhere. stuart: dry your tears, ashley. you're not headed to munich any time soon. now then, i like this news. the state of georgia will allow some businesses to reopen starting april 24th. that is this week. georgia congressman barry loudermilk is with us. congressman, welcome back. good to see you. i like the idea of being able to get a haircut again. suppose in your state, supposing people congregate in groups, five or six, and start getting close to each other, would you rescind this reopening order? >> i don't think we are going to have to get to that. look, the businesses are desperate to reopen, to start serving the people. there's going to be some strict guidelines that are basically

following what the president has laid out in his three-phase plan that these businesses starting with barber shops, beauty salons, nail salons, gyms, fitness centers, will be able to open up on friday. but they are going to have to have additional sanitary operations. i kind of, if you think about a gymnasium or fitness center, i think of it as the young man that runs across the tennis court in a tennis match to pick up the ball, in between sets. it's going to be that kind of guy running out to sanitize the piece of equipment as soon as somebody gets off of it. they are going to keep their distance. businesses are very responsible. they want to get back to work but they also want to do it safely. stuart: i just get the feeling that there's a pent-up demand to get out and do some living again and that when you start opening up, it will be the flood gates. you feel like that? >> i think so. i mean, i'm sensing it here. people are contacting us all the

time. when i go out, the one place that has been extremely busy are the home improvement centers. so i will go over there, i will run into people, they are like when are we going to open this back up, we are ready to get busy again. you can't hold americans back. we aren't just going to sit at home. people are going to do things and they are ready to get back to business, ready to get back to work, and i think you are going to see it will probably ramp up a little bit, but i think you're going to see people, especially in the restaurants, people are dying to go in and have a meal but it's going to be a little different. tables will be a little separated, the servers may be wearing masks to start off with. but i think you're right, what you had said earlier in the previous segment is in a couple months, i think we will be very strong again. stuart: i think there will be a line out the door at the barbershop. inside, too. congressman, thanks for joining us. all good stuff. appreciate it. thank you. >> thank you, stuart. good to be with you. stuart: looks like tom brady may be in trouble. find out why the nfl star was

asked to leave a florida park. he was. this year's draft, virtual. we are talking to one of the top draft picks. he's one of the people who could be an instant millionaire, even though the draft is virtual. he's on the show. 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. i wanted more from my copd medicine that's why i've got the power of 1, 2, 3 medicines with trelegy. the only fda-approved once-daily 3-in-1 copd treatment. ♪ trelegy ♪ the power of 1,2,3

♪ trelegy ♪ 1,2,3 ♪ trelegy man: with trelegy and the power of 1, 2, 3, i'm breathing better. trelegy works three ways to open airways, keep them open and reduce inflammation, for 24 hours of better breathing. trelegy won't replace a rescue inhaler for sudden breathing problems. trelegy is not for asthma. tell your doctor if you have a heart condition or high blood pressure before taking it. do not take trelegy more than prescribed. trelegy may increase your risk of thrush, pneumonia, and osteoporosis. call your doctor if worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain occur. think your copd medicine is doing enough? maybe you should think again. ask your doctor about once-daily trelegy and the power of 1, 2, 3. ♪ trelegy, 1,2,3 man: save at trelegy.com.

confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org.

stuart: the lows of the day for the big board, down 667, and here's one of the reasons why. look at big tech. a lot of these big tech stocks, they are part of the dow 30 and when they go down, the dow 30 goes down. look at that. amazon is down 86 bucks, google is down 49, apple is now down $11. microsoft down about $10. so that's a real rout in the big techs and it shows up in the overall average. complete change of subject and why not. espn's docuseries called "the last dance" is about michael jordan and the chicago bulls'

'97-98 wonderful season. it debuted sunday. lauren, tell me how big the numbers are for viewership. lauren: most watched docuseries ever for espn. 6.3 million viewers watched the first episode. it's a ten-part series. espn moved it up by two months because they know fans are dying for something to watch. there's no sports on tv and, well, this certainly filled the hiatus. it was about michael jordan's last season, his last dance with the chicago bulls. by the way, all proceeds he receives, he's donating to charity. stuart: good man. i remember that wonderful season. i became a basketball fan on that day, as a matter of fact. lauren: oh, yeah? stuart: well, i watched that season because they were so good. i mean, so brilliant. i mean, you couldn't take away their talent and drive and ability. you just had to watch it. fantastic stuff. all right. lauren: yeah. many young people consider -- stuart: go on.

lauren: many young people consider kobe bryant or lebron the best players, but this shows them what michael jordan really played like. stuart: jordan was brilliant. that's a fact. we will leave it at that. lauren, thanks very much. the nfl draft begins thursday and it will be a virtual draft, of course, because of the virus. yesterday, the league did a mock draft to test the virtuality. didn't go well, ash, did it? ashley: no. it was a dress rehearsal. they hit a snag less than 30 minutes in. there was a problem with communication. also, the amount of bandwidth they needed more and also a bunch of people forgot to hit the mute button so you could hear everybody having their discussions across the system. that's what dress rehearsals are for. but they learned a lot, apparently. by the way, the team executives will be at home and they will be communicating through, well, there's microsoft teams, they can e-mail, they can text or

they can do it over the phone. it's going to be very very interesting. they did the first two rounds yesterday and as i say, there were some problems. there were some errors. let's hope they learned from it because they are going to do it for real on thursday. stuart: yes, they will indeed. thursday, virtual drafting. that's for sure. i think it's time we brought in kansas jayhawk, college football star, hakim adeniji who is going to be drafted this week. welcome to the show. it's great to see you. how do you feel about appearing in a virtual draft? >> thanks for having me on the show. different, but i guess it will be something that i can tell people about, the only virtual draft. i guess it's kind of cool. stuart: if it was a regular draft, on real live tv the way it used to be, you would be sitting there waiting to go on the stage with all different

jerseys and hats, ready to wear so that when you are picked by a team, out you go and flaunt the hat and jersey. what are you going to do this time? >> just sit at home and wait tank the pho and taking the phone call with my family. stuart: you are living the american dream. certainly your parents are. i think your parents came from nigeria, didn't they? >> yes, sir. first generation, me and my brother. stuart: yeah. you were born here? >> yes, we were. we were born in dallas, texas. stuart: that's the american dream, ain't it? >> oh, yeah. most definitely. this is why they came here, so that we could, you know, thrive and realize our biggest potentials. stuart: yeah. that's great. and you, sir, almost certainly will be an instant millionaire thursday. what have your parents got to say about that? >> they're just proud of me, all the work that i've put in, the

dedication and all the sacrifice they've made, you know, and obviously i'm going to help them out and give back to them. it's exciting. stuart: i am told, well, are you a defensive -- what are you? what position do you play? >> offensive tackle. stuart: offensive tackle. oh, there's a complete difference between offensive guy and defensive guy. so what does an offensive guy like you do? >> protect the quarterback, open lanes for the running back and set the tone for the offense. stuart: are you allowed to say which team you would like to be drafted on to? >> i don't know if that would be smart for business. i don't know if that would be smart. i'm going to keep it open for all 32. stuart: you are a smart guy. you really are. you learned a lot in your time in america and that's a fact. hakeem, i want to wish you the very best of luck. i want to congratulate you and your parents on succeeding in the american dream. i think it's absolutely fantastic.

i will be watching that virtual draft to see how you do. hakeem adeniji, thanks for being with us. see you soon. >> appreciate you guys having me. stuart: any time. you come back any time. i like an offensive kind of guy. come on back. i would hate to be in opposition to him. we've got a story on tom brady, following on from football, why not. tom brady, what's the story? susan: speaking of an offensive kind of guy, tom brady is definitely that. moving to tampa bay after leaving the new england patriots after winning six super bowls there, but you know, he's getting a workout on in a park downtown but you're not supposed to be as parks are closed, as residents are told to stay at home and this was cited by the tampa bay city mayor, if you bring up the tweet, saying sorry, tom brady, our tampa parks and rec team can't wait to welcome you and our entire community but back with bigger smiles. until then, stay home and stay safe. you're not supposed to be working out but he's doing it because it is the preseason and

he's trying to get his workout on. i like that. don't you think? you know, citing tom brady downtown, tampa bay? stuart: whatever. i'm not part of the tom brady patriots tampa bay discussion at all. i know when to steer clear of things. you know what i mean? susan: fair enough. smart thing to do. stuart: thanks, susan. coming up, the virus is really hurting the real estate industry. new numbers that came out last hour. existing home sales down a whopping 8.5% and they are going to fall even further in april. we've got a full story for you. could virtual open houses turn the number around? i'm kind of skeptical about that but i'll certainly ask a real estate agent next. virtual tours of a house. we'll be right back. awesome internet.

it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ]

stuart: we have existing home sales down 8.5% compared to last month and they are probably going to get worse in the month of april. mike aubrey is with us, vice president of compass, and he is a realtor. are you proeepared to write off april, may and june because it really looks grim at this point? >> i think write off is a dramatic thing to say. i don't know if i want to write

it off. i think we all agree that april's numbers that are going to be based on contracts from february and march are probably going to be worse, but i don't think that i want to write it off. i mean, even if you look at some of the other stuff besides existing home sales, data that's out right now, zillow reported on april 9th that listings in the country were down 27%. here's the reality. i think now 12 days later, we are probably 50% off of where we were this time last year. that's going to certainly create for some darker and grimmer numbers as we come into the summer. stuart: look, there's no question, we feel for you. i mean, this is no fault of yours, for heaven's sake. this just came right at you like a steam train and really blew the industry away. but you're trying to sell homes using these virtual tours. is that working? >> i mean, listen, technology is obviously awesome right now and i think that realtors tend to be

resilient and the real estate industry is innovative. i think that we are sort of embracing that kind of technology right now, stu. these 3d tours are pretty amazing and while i will say to you honestly i don't think that a 3d tour is going to make someone pull the trigger to buy a house, i think it will make someone pull the trigger to call me and say hey, listen, let's do a facetime together. stuart: last one, real fast. only got a few seconds. is it possible that consumer habits change after this virus and investment patterns change in what they want the buy? last word to you. 20 seconds. >> 100%. i think that they are definitely going to change. i think this is a realized change on the industry that is going to carry on well past the coronavirus. one last thing before we go. the 2.5 million dollar house i told you about last time i was on the air, 16% off. i got a buyer under contract on it for $2.1. stuart: glad to hear some decent news. mike aubrey, you are a good man

coming on the show in a desperate situation. really appreciate it. more "varney" after this. i came across sofi and it was the best decision of my life. . . . have any hidden or extra fees. sofi has brought me peace of mind. truly thank you for helping me prepare for whatever the future has in store.

and people you can rely on. i'm a dell technologies advisor. me too. me too. me too. and if you're a small business, we're with you. we are with you. we're with you. we want to help. so we'll be right here. at home. answering your calls. providing support. and standing by you

every step of the way. bye bye. stuart: this is happening later on today. new york's governor cuomo is going to the white house. they will meet with the president. this is all about discussing how states can partner with the federal government own testing. testing, that's emerging as a key factor here in getting back to work. you need a fast, accurate, easy test. that is what you want. you will go back to work faster.

the other big story is big tech. falling out of bed at this hour, way down. amazon is down 70. apple is down nine, et cetera, et cetera. that's what is hurting the market. the dow is off 600 points. neil cavuto, sir, it is yours. neil: thank you very, very much, stuart. an amazing turn of events with technology which has been leading the market higher now taking a big chunk out of that market today. we'll explore what is going on. also explore what is going on with oil right now. this is the june contract you're taking a peek here, down $13.41 a barrel. at its lows it gotten down to $11 a barrel. the may contract, that finishes up today, the source of all that negative pricing yesterday still negative, closing out today, a lot of people are saying, good riddance to it. the fact of the matter is though, with this particular contract, look at that now up, into positive territory. that is the one they have to figure out, all right, we have