dagen, jon, maddie, great to see you. i just want to point out this selloff in oil once again, you guys. oil prices down sharply. we are talking about another double digit move in the price of oil. that's certainly going to be an issue for these markets. have a great day and thank you. "varney & company" begins right now. stu, take it away. stuart: you're right, maria. oil is a big deal for these markets today. oil is down but the market's up. go figure that one. good morning, everyone. the big story this morning is surely the ongoing relaxation of the stay-at-home rules. it's rolling on, it's gathering steam. state governors are having a hard time keeping the lockdown going. a judge temporarily blocked illinois' attempt to extend the lockdown until the end of may. california threatened citations for people crowded on beaches. but from so many states, we are seeing people getting haircuts, getting their nails done, eating in restaurants, actually shopping again. we are seeing more people traveling and leaving the house.

come friday, that's mayday, with spring weather, getting out of the house and back to work will surely take another step forward. look at this. investors love it. we know we are in the middle of a seriously shrinking economy but back to work means a way out of the mess. top officials including the president and the treasury secretary expect a vigorous recovery later this year. and soon, we will see the financial statements from the all-important big tech companies. investors are expecting solid results and that, too, is helping the overall market. here's the big negative of the day. the tumbling price of oil. we dropped to $10 a barrel. now we are at $11.87. at the moment, it's not hurting the stock market, but the possibility of going back to a zero price or a negative price as we did two weeks ago, that is still on the table. gas, yep, keeps on falling. not quite quickly enough, maybe. $1.76 is your national average. wisconsin still the cheapest.

the average price today actually went up in wisconsin to $1.20. all right. politics. trouble in the democrat camp. a neighbor of tara reade and former co-worker have come forward backing up the sexual assault allegation against joe biden. but he's locked down, not answering questions. and the new york primary's been canceled. bernie sanders angry about that. he's been aced out of winning more delegates and therefore more influence at the convention. with six months to go to the election and democrats' presidential campaign has been sidelined and divided. coming up on this hour, literally a few minutes from now, treasury secretary steven mnuchin will be joining us. there's a lot going on. "varney & company" is about to begin. the third and fourth quarter in particular are going to be i

think spectacular. nobody's blaming anybody here. we're looking at a group of people that should have stopped it at the source. you are going to see a big rise in the third but you're going to see an incredible fourth quarter and you're going to have an incredible next year. we're going to have economically, from an economic standpoint, next year, an unbelievable year. stuart: big words. the president clearly very optimistic on the economy. by the way, tomorrow we get the numbers on how the economy performed in the first quarter of the year. that's the gdp figures. going to be absolutely awful, i'm sure. by the way, national economic council director larry kudlow joins us exclusively. that's tomorrow. going to react to the gdp numbe numbers. later this morning in a few minutes, treasury secretary mnuchin. all-star cast. mike murphy is with us. mike, we know that tomorrow's gdp number is going to be really rough. but this back-to-work movement is really rolling and that i think is why the economy's going to recover rapidly and that's

why the market's up so much, up 400 for the dow right now. are you with me on this? >> i'm with you 100%, stuart. good morning. great to see you. so everybody knows it's baked in, first quarter gdp is going to be horrendous. but the bigger story for investors is looking out at when we get the economy back open and that's what we are focusing on and we are starting to see real progress there. that's why we are up this morning. stuart: thanks very much. stay there for a second, please, mike. i've got to deal with a couple stocks in the news. got to check for you. how about tesla? they canceled plans to bring workers back to their plant in california. health and safety orders were extended in that county. they can't go back but look at the stock. $800 a share. caterpillar reported earlier. profits down, what, 42% from last year. they say the virus will affect their operations for the rest of the year. no surprises there, the stock is actually dead flat. boeing, more bad news.

their chief executive, david calhoun, says the company is going to have to borrow more money for the next six months and they're killing their dividend for several years. nonetheless, the stock is up two bucks at $131. susan, come in, please. tell me about harley davidson. susan: not good. we saw a 45% drop there and harley davidson, 3m, also some of the names reporting just before the bell today. merck and pfizer, southwest airlines, pepsico, the names go on and on. the uncertainty on the outlook for the rest of this year. after the bell today, we are expecting starbucks which is the largest coffee maker and coffee chain in the world, then also the rollout of the big tech companies, alphabet, parent company of google, will be kicking it all off for these big silicon valley behemoths. we are looking for profits to be down from last year because they are spending more to get people to use their sites. on google search, youtube and the like. they also for the first time started breaking out their

individual businesses so google cloud will get some individual numbers, youtube and search as well. advertising spending is expected to be down about 30%. they rarely give guidance heading into this but it will be interesting to see what they give us for the rest of the year, how coronavirus has impacted the big tech rollout. stuart: you know, what about 3m? is that up as well? whatever -- yeah, it is, up $6. 4%. seems to me that all the stocks, all the companies you mentioned with all their earnings reports, all of them are up. is this because we are expecting to go back to work and expand the economy? susan: i think people are just looking past the first quarter, the second quarter of this year, and looking for what happens in the back half of this year. there's a lot of distortion effect, right? you have a lot of central bank money, stimulus money out there. we know people have been forced to stay at home. i think people are just looking past this unforeseen circumstance in the first and second quarter. stuart: the $6 trillion or $7 trillion going into this economy

is an awful lot of money. let's get to the real estate market, specifically home prices up 3.5% but that was february, compared to last february. it was, by the way, the fastest growth in, what, 14 months but again, got to remember those are numbers from february and that was before the shutdown of the country which was around mid-march. there's something called the united states oil fund. it's the world's largest oil etf. lauren, they've got bad news coming out of there, i think. lauren: yeah. the stock has been down for the etf and the reason is, is by thursday, they are looking to sell all of the june contracts that they own of oil because they don't want to be caught what happened last monday when oil prices turned negative, because there was no one -- there was no one to buy the oil. where are you going to put it? the june contract doesn't expire for three more weeks, but already, you see traders getting nervous as storage fills up and

demand is very low, where do you put the oil. so this fund, down more than 80% this year, getting whammed again today and so is the price of crude oil. stuart: absolutely. they are going to be selling a ton of oil contracts, i mean, again, the negative price or zero price is basically back on the table. i do see that crude's back to $12, all of $12 a barrel as we speak. come back in, mike murphy. why is oil, which is way down again today, not a negative for the market? the dow is up 400. >> well, stu, i think oil going negative a couple weeks ago really spooked the market as the market tried to figure out how it got there and how negative it could go. but we got over that pretty quickly. that was a 24-hour occurrence with the negative oil. so now i think the market's saying hey, if it's going to go negative again, so be it. it's a very small percentage of the s&p 500 companies that are actually tied to manufacturing of oil or the oil price.

so i think oil, although it looks real ugly or scary when you are watching it drop so much, net-net it's going to have a positive impact on the economy, not a negative. stuart: mike murphy, thank you very much indeed. i want to move on quickly to the auto makers, the big three. general motors, ford, fiat chrysler. ashley, do we have some startup dates for them? ashley: we do, although ford has not confirmed this. they are looking, the three big auto makers, gm, ford and fiat chrysler looking to open may 18th. now, originally, the start date was may 4th but the uaw balked at that, saying they didn't believe the science and data was strong enough to allow for that earlier opening so we have been told that may 18th is the projected date for these three auto makers that were shut down since march 20th and it's been incredibly expensive. just in the first month, ford burned through $8 billion in

cash. they need to get up and running and when they do, it's going to be on a limited basis. they will start to slowly ramp up production. but these are factories mostly in michigan but elsewhere around the country, in some states they have perhaps looser rules but may 18th is the date. stuart: okay. we will take it. ashley, thank you. look at futures. rising constantly throughout the morning. this back-to-work movement which is gathering steam is really helping that market. dow up 400 at the open. then there's politics. joe biden and the dnc remaining shall we say radio silent as two new people come forward to corroborate accusations of sexual assault. the media still not asking any questions. we're on it. did you hear about this. speaker pelosi pushing for minimum guaranteed income. i say she's taking advantage of the virus to put a policy out that voters have already widely rejected. never let a good crisis go to waste. texas, it is going to open up. we've got details on that and

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we're not just going to open up and hope for the best. instead, we will put measures in place that will help businesses open while also containing the virus and keeping texans safe. >> we wanted to make sure we were able to open up as quickly as possible but as safely as possible. stuart: that's the governor of texas, mr. abbott there. open up cautiously and safely. come in, ash. when texas does open up, i think it's going to happen soon, they're really opening up, aren't they?

ashley: well, they are. they are going to do it in phases. phase one actually begins on friday, mayday, may 1st. let's take a look at what will be open. doctors, dentists, they can reopen on may 1st. hospitals are being told they must reserve 15% of beds for covid-19 patients. however, barbers, salons, bars and gyms excluded under this phase. they remain closed. now, after two weeks, they will proceed to phase two and that's when capacity levels can go up to 50%. now, also on friday, you have museums opening, libraries, some retail stores, restaurants, movie theaters. but again, with limited capacity and social distancing and as we go through the next two weeks, the phase -- the second phase will allow even more capacity in some locations but it's very important, texas is now i think on the forefront of getting the economy reopen and it's the second biggest economy in the united states behind california. very important. stuart: well said.

they are on the forefront of opening up. thanks, ash. staying on the virus and what the medical side of the story here, and bring in dr. siegel, dr. marc siegel. doctor, we keep hearing that we've got to test a lot of people before we can get back to work and open up the country properly. obvious question. do we have enough reliable tests in place now? >> not now, but we did hear from the president and the task force yesterday that things are moving in the right direction. i was very happy to see the public/private partnership opening up there with more engagement with abbott, with roche, with labcorp, with cvs, all saying they are going to be ramping up testing to the point where 2% of a state can be tested every month. i think we need even more than that and i will tell you why but we are heading in that direction. the reason we need more than that, i want to know the

asymptomatic carriers, i want to know the people with mild symptoms so that i can say these are the people that we really don't want being in touch with people at higher risk. we are heading there. stuart: you're right. we really need to know that. now, moving fast here, doctor, but there's a headline in the "new york times" that says in the race for a coronavirus vaccine, an oxford group leaps ahead. that's oxford university. they are looking to get a couple million vaccine doses out by september. that's real fast, doctor. is it realistic? >> it's possible because we're not talking about the virus itself. remember, we are talking about genetic technology. once you figure out that it actually works and that it works safely, then you can start to give it to volunteers and to mass produce it and as you have said on the show here before, mass production means money but there's going to be a lot of money coming back at the other end. stuart, i'm a little concerned about a company in china that's already shown that eight monkeys

were shown to be immune to this vaccine -- the vaccine caused actual immunity. that vaccine manufacturer is an excellent one, it's created vaccines for hepatitis a, hepatitis b, foot-and-mouth disease. it seems they may be getting ahead of us. maybe we need to ramp up, too. they are using a technology that's been tried and true in the past called inactivated meaning it's not a live virus, meaning they should be able to give it safely to volunteers. stuart, a volunteer in china doesn't mean what a volunteer here means, if you know what i mean. stuart: i'm with you. i've got to move on quickly. thanks very much, dr. marc seek will. moving on quickly because joining us on the phone is the treasury secretary of the united states of america, mr. steven mnuchin. mr. secretary, thanks for jumping on to the show real fast. we do appreciate this. in the past, you have told us that we are going to start seeing the economy expand in july, august and september. what is it that will get us to that point, an expansion, when

we are already in such a deep hole? on the phone: first of all, great to be here with you again this morning. you're right, we are in a deep hole but we are in a deep hole because of a virus and because of the fact that we have to shut down major parts of the economy, not because business was bad. matter of fact, we had the best economy ever. as states start opening up, i think you are going to see a lot of demand come back. now, again, the states are going to open up slowly so you are going to see june and july pick up but i think by august and september, you are going to see a big bounce back from what has been a very rocky period and let me just also emphasize, you know, the $3 trillion that we are plowing into the economy is going to have a huge impact. the ppp is going to impact over 60 million workers, that's half of the private work force. you are going to see the enhanced unemployment insurance, the direct deposit payments, and other programs that we're

working on with the federal reserve to inject unprecedented liquidity into the u.s. economy. stuart: i understand that you are dealing or trying to deal with some of the problems of getting those loans out to small business. as i understand it, you are going to propose to -- that any loan over $2 million will have the full analysis before the money goes out, and larger companies which have claimed wrongly the money could be subject to criminal liability. is that what you're doing about these snafus with small business loans? on the phone: it is. let me just say overall, this program has just been an outstanding success. we launched an unprecedented program in a short period of time. we did have systems issues yesterday. we had the sba team working through the night. i think we have corrected a lot of those issues today. but you're right, there's been press on a small number of companies, the vast majority of these companies are companies with ten workers or less, but

there's a small number of companies, they were either owned by public companies or the los angeles lakers or big lakers fans outraged they took that loan, glad to see they paid it back. there was a borrower certification that people had to initial and it said that the loan request was necessary to support the ongoing operation. and if that certification is inaccurate, people will have criminal liability. the one thing i would just say is we're not going to be able to check all the loans before they go out the door. there's over 26,000 of these loans. but before we forgive these loans, we will check every single one over $2 million. so anybody that took the money that shouldn't have taken the money, one, it won't be forgiven and two, they may be subject to criminal liability which is a big deal. i encourage everybody to look at this and pay back these loans so we can recycle the money if you made a mistake. stuart: am i right in saying the extra money, this extra $310

billion plus $60 billion through small business, that is now flowing unhindered rapidly out to the people who need it? is that the case as of right now this morning? on the phone: that is correct. i can assure all the people who were waiting in line for this new program to get up and running, we wiill get their loa and are now in the process of taking new loans. again, i expect over 60 million americans to be impacted by this program, half of the private work force. this is a great program that the president designed with us and it's going to be enormous support to the u.s. economy. stuart: mr. secretary, the president has said look, no bailouts. we're not doing bailouts for industries. does that mean that the money that went to the airlines and which may go to the oil companies will have to be repaid? on the phone: well, the airlines, there was two components of it so there was one component that we already sent out the door and on that

component it was a combination of grants and loans, so there was a component of it where we knew we would get reduced unemployment insurance, we knew we would get additional taxes, we knew that we would get some flights and we have been very clear, this is not a shareholder bailout. the president has been very clear, he wants me and the secretary of energy to study very carefully the oil industry and we are looking at providing liquidity but again, that won't be a bailout but oil and energy is critical to us and our energy independence and we are absolutely determined to protect our energy independence. stuart: would you have any comment on bailing out the states, specifically illinois, which the state legislature there is asking for $40 billion, which includes $10 billion to fix their pre-existing pension condition? any comment on that, mr.

secretary? on the phone: well, i think it's very clear that anything that congress does is not going to have a bailout of pre-coronavirus issues. so states that were mismanaged beforehand are not going to get a federal bailout and anything that the states that we do with the states, as you know, this has been a bipartisan effort. the two last bills went through 96-0 in the senate and by unanimous consent on the other one, so i'm sure there will be a healthy debate. as we have already done, i think it is appropriate where states like new york and new jersey had very very high coronavirus expenses, we have already sent money to them that will reimburse them specifically for the coronavirus expenses, not for lost revenues. but again, this will be a healthy debate going forward and nothing will be done unless there is absolute bipartisan support. stuart: treasury secretary mnuchin, thank you very much indeed for coming on the show this morning on a very important day. we always appreciate it, sir.

thank you. on the phone: great to be with you. stuart: good stuff. the market still showing a gain when the opening bell sounds. 400 points for the dow industrials, up better than 1%. same for the s&p. almost 1% gain for the nasdaq. we'll be right back. (announcer) in this world where people are staying at home,

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stuart: here we go. 15 seconds to open this market. we are going to go up right from the get-go. the back-to-work movement is really rolling. it expands the end of this week, m mayday and into next week. the investing public loves it. here we go. it is tuesday morning and we're off right from the start. here we go. lets's see, we are up 1.5% righ from the start. dow industrials up 374 as we speak. 24,500. that's what we have reached. okay. look at the s&p. that's up 1.3%. solid gain. getting close to 3,000 again on the s&p. as for the nasdaq, well, let's see what's happening there. there's a gain, again, straight up, a gain of 1.1%. now look at tesla, please. earlier before the market opened, we were up, we are still up. what's the news from their plant in california? susan: well, the stock rallied yesterday on hopes maybe its single car production factory in

fremont, california could reopen as soon as this week. there have been e-mails sent to the paint department asking for workers to come back to work on wednesday, april 29th. but the health officer of alameda county where the factory is based joined six of her peers in nearby areas and in a statement saying they have revived their orders saying that yeah, the shelter in place until at least may 3rd and any of those that go in -- i guess against that order will face misdemeanor charges. stuart: $800 a share. let me get to the airlines real fast. we've got lauren, come in, please. some airlines are taking steps to stop the spread of the virus. what are they doing? lauren: the new airline etiquette is going to be you wear a face mask. jetblue says passengers must wear them starting on monday for check-in, boarding, while on the plane and when you get off the plane, and american will provide the masks and sanitizers starting on friday.

stuart: i got that. all right. thanks very much indeed, lauren. state of play, we are up 359 points for the dow jones industrial average. that's 1.5%. we've got gains across the board. all right. sandra: we welcome stuart varney. you are hosting your show, we are hosting ours. we bring you on as we see this rally on wall street. what is driving markets this morning? stuart: several things going on, all good stuff. first of all, moments ago, we had treasury secretary mnuchin on this program. he told us that the economy is going to start expanding in july, august and september. in other words, we are in a deep chasm at the moment but come out of it in the middle of the summer. that's good news. second reason, we've got, what, $4 trillion flowing into the economy from the federal reserve, another $3 trillion flowing into the economy

mandated by the congress. that's a lot of money flowing into the economy. it has to have an impact and the impact will be to expand the economy. also, i think perhaps more importantly, right now, we are seeing this back-to-work, get out of the house movement really gaining steam and it's going to gain even more steam at the end of this week, friday, which is mayday when a lot of these stay-at-home orders are either reviewed or reversed. now, when you get back to work, that's what puts some oomph back into the economy. that's why we are looking at a rebounding economy later this year. that's why the market is up this morning. 300 points on the dow right now. sandra: yeah. a decent gain. we'll take it. couple earnings reports also coming out. pfizer which is one of the companies racing to find a vaccine for this covid-19 strain. 3m, maker of the masks, both impressed wall street with better than expected results.

there's also talk that perhaps the worst is behind us as far as the market selloff in reaction to some of the doom and gloom that's out there, as far as the economic numbers. i want to read this to you. this is goldman sachs. they are basically saying stocks don't need to fall on the economic damage from all this. one of their analysts writes investors usually discount at least the next two years of macro economic performance, suggesting markets may continue to look through bad news over the near term if it can reasonably be expected to reverse in the coming quarters. that is really interesting, because it is basically saying guess what, something we all know, markets are forward looking and if there is largely an expectation that the economy will rebound, stocks maybe have seen the worst. stuart: well, i agree entirely. the market looks forward. the market doesn't react to the news about the economy today which is absolutely awful.

tomorrow, we get figures on the first quarter of the year and it's likely to show a significant contraction. next week, we get the unemployment number which is likely to be huge. the market doesn't react to what's happening right now. the market reacts to what it thinks is going to happen six months, nine months down the road. as you say, it's quite prepared to look past the bad news and look towards the rebound and the good news which it believes is coming down the pike in the future. that's why we've got a rally right now. there are also analysts out there who say look, a rally like we've seen, from 18,000 to 24,000 on the dow, that sets up a big selloff, because that's the way markets move, up and down, up and down. well, you may see a pull-back from these current levels of 24,000 but i don't think, i shouldn't really try to forecast the stock market, but the odds are it is unlikely that we will get back down again to 18,000 on

the dow industrials unless we are hit with a shocking second wave of the virus and we have to shut down all over again. sandra: which of course could happen. not all economists agree with that forecast from goldman sachs. it is one of them that is out there. but certainly, it's on a day when the markets are choosing to be optimistic and you know what, after everyone had a look at their 401(k)s, their 529 college plans for their kids, their investment portfolios have taken a hit through all this, so we will take a positive day when we get one and we are this morning. stuart, great to see you. we will see more of you on "varney & company" on the fox business network. thanks. stuart: thanks very much indeed. let me recap and check the market, where we stand now. we are six minutes into the session and we are up 1.25%. that's a 300 point gain for the dow industrials. other indicators, we will check them for you. the ten-year treasury yield, .63%. it's been in that range for some time now. the price of gold has been

firmly above $1700 an ounce. it's still at $1723 per ounce. individual stocks. here we go. check yum brands. they own kfc and others. wait a minute. what's this? ashley, they are rolling out steak chicken in china? ashley: non-chicken nuggets, plant-based chicken nuggets. they have been testing these, a pilot program in the united states in a limited number of cities and now they are expanding it to china, where we are told the chinese consumer has a lot of interest in these fake meats. of course, they are made of soy and all sorts of other lovely things, peas. they will be launched in very limited number of cities in china, including one in shanghai but get this, they were selling vouchers for the fake chicken in the shanghai store and they sold out in under an hour. so maybe non-chicken nuggets were going to be a big hit in

china. stuart: you look skeptical. you don't look like you are really in favor of fake chicken nuggets. i understand entirely. i wouldn't go into a fast food joint specifically to get a non-meat burger. i wouldn't. that's just me. thanks, ashley. moving on. the nfl reportedly considering major schedule changes to the 2020 season, including pushing back the super bowl. brian kilmeade will join us. what does he think about that? did you see this? the mayor of new york city, bill deblasio, breaking his own rules, taking a leisurely stroll in a brooklyn park. that's 11 miles from his home. where he is supposed to be holed up. my next guest predicted the 2008 crisis. now he says the signal to sell stocks big-time is coming soon. we will let him make his case. he's on the show next.

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stuart: it's a rally, still, and

by the way, the dow and s&p are on pace to be the best month since 2002, and the dmanasdaq o pace to be the best month since 1987. check the big tech names, please. that's where the money is and it's still going in. apple, $284. microsoft, $174. facebook, $187. google down a bit. they report today. we had another one, down 20 bucks. look at harley. ouch. now up 16%. they did well on their profitability. i guess they really did. they're up 16% at $22. that's harley. wynn, casino people, got it, they are now taking room reservations. when can i stay on the strip again? susan: we'll see if you actually want to go but may 22nd is when they are accepting reservations again on the wynn website and according to michael weaver, the wynn resorts spokesperson, he says southern california tourists like to come to las vegas during the memorial day weekend.

still, we have a shelter in place order set to expire at the end of this month on april 30th but the governor has not stated whether or not that will be extended or whether or not it will be lifted. we know las vegas's independent mayor, politically independent mayor, has called for the reopening of the las vegas strip as she calls it total insanity to keep it shut down. $7.7 billion in wages and salaries will be foregone if this closure extends from 30 days to 60 days and over $1 billion in lost tax revenues but still, the governor says safety and health concerns come first. stuart: okay. i would be there if i could be there. that's a fact. susan: really. stuart: i don't gamble but i kind of like vegas. look what you can do with private enterprise in the middle of the desert. that's what always occurs to me. disney, $109.96 a share. have we got news on the "star wars" latest movie? lauren? lauren: yes, lockdown surprise, if you will, from disney. they are putting "the rise of

skywalker" two months early on disney plus, the streaming service, starting on monday which is may 4th. get it, may the 4th be with you. if you are stuck at home looking for something to do, on monday, you can see all nine installments of the skywalker saga. disney having a great day today. stuart: i don't think it's the "star wars" movie that did it. that's my own opinion there. we need some analysis on the other side of the fence. we have a lot of guests who say look, this market's going straight up and look how well we have done. our next guest is the man who called the 2008 crisis correctly and he's now selling -- saying sell stocks. the signal is coming soon to sell. raul pao is a former goldman executive and he's with us now. you are used to spending time talking to wall street types. please address our audience in the simplest english that you can muster and tell us why you think stocks are poised to go down sharply.

>> so i think i deal in probabilities and i'm a macro guy, so my job is really to live a little bit in the future. as you rightly said earlier, the market discounts all the news we already have, so there's nothing in that. the market's discounted and starts to look at a more v-shaped recovery outcome. the question is, is that the most likely outcome from here. if you think about it, when people start going back to work, and we start opening up the shelter in place restrictions, if we look at what happened in china, singapore, japan and other countries where we have seen similar things, what we find is that the economic output is still reduced because consumption is reduced. basically, if you go to restaurants there's going to be some sort of reduction in the number of people who go to restaurants or restrictions in the number of people or the density of people that can go into restaurants. that applies to stores, applies to a number of things. so the reality is even though we get a bounce-back, the question

is, does that drive year on year gdp growth positive or does it remain negative for a period of time. my fear is it could be negative for longer than we think, even though there is some recovery, and in that case, the market's probably overpriced the optimism going forward, and my fear is actually there's a lot of companies with a lot of debt there and a lot of people with debt, and if revenues don't match what they need, then we have that shortfall. that could lead to more insolvency and that takes type to play out. stuart: that's very good. plain english with a british accent. that is excellent. thank you very much. i've got 30 seconds left. i want you to tell me why you think bitcoin is going to get to $1 million per coin in three to five years. go. >> it's all about the stresses we are putting on the monetary system, with so much printing of money by all the central banks around the world, and the movement by central banks towards digital currencies, the digital future is looming large.

i think it has a great risk/reward even if it goes down 50%, it has a huge upside. stuart: wow. you even speak in sound bites. you agree with time constraints. i asked for 30 seconds and i got 25. that's really good. if you are not careful, you will be back on the show and we do appreciate, seriously, we do appreciate you putting out the other side of the coin. it's valued on this program. we like it. thanks very much. check some individual stocks. start off with cvs. they will begin offering self-swab tests at a lot of locations starting in may. they are planning up to 1,000 stores by the end of the month. they say that will shake out to around 1.5 million tests per month. the stock is up. verizon are now going to extend service for people who can't pay their bills because of the virus. extending through june 30th. the original shutoff date for those people was may 13th. the stock is dead flat. i will tell you that right now. here's what's coming up. florida's stay-at-home order set

to expire thursday. governor ron desantis says the state's reopening may differ by region, within the state. florida senator rick scott joins me but he's in the 10:00 hour. oil, are we heading for negative oil price again this month and how long's the glut last? we are at 12 bucks now. daniel yergen coming up on the show. 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.

stuart: take a look at live nation, the concert promoters. saudi arabia just bought a $500 million stake in the company, even the virus cancellations pile up, the stock is up 5%. that's what a half billion dollars will do for you. nathan's hot dogs will return $1.2 million in small business loans. they are giving it back. the stock is up. next let's talk oil and bring in one of the top oil guys in the world, bar none. his name is daniel yergen, making a welcome return to the program. daniel, is it possible that we will get back to negative prices for oil again? we are at $12.95 right now. >> stuart, it is. the next four weeks are going to be a particularly difficult time roughly for the oil industry. we talk about peak demand, we

will discover it can go to zero, particularly in the united states because we are just out of storage. stuart: the end of the contract month, you are supposed to take delivery of the oil but you don't want it. you can't sell it. and you can't store it. so you end up paying somebody to take it off your hands. do you really think that can happen again? >> normally, a financial investor has no plans to take the oil because they have no place to put it. it's purely a financial transaction. but what happened recently was that in fact, they couldn't find somebody to take it. you had to pay. so if you are in that situation, but i think we see people getting out of the contract because they don't want to be caught again, clearly there's a fear of this negative price and that's affecting the futures market. you see a gap between the united states and europe which tells you that right now, the biggest storage problem is here in the united states.

stuart: the big problem is obviously the worldwide glut, because of the destruction of demand for oil. how long does the glut last? >> well, the opec non-opec cuts president trump really negotiated start on may 1st. that will take some of the oil out of the system. the other thing is producers are just saying we're not going to sell our oil, we are going to lose money on every barrel so we see people cutting back now on what's called shutting in production and that's going to help balance the market. then there's another feature out there, at least in some parts of the world, which is the virus. the mexicans are having to close in some of their production because people are sick on their oil platforms in the gulf of mexico. so that's why i say the next few weeks are really, as the market finds a new balance to deal with this very unattractive reality that we are living in right now. stuart: we're not going to get back to 100 million barrels a day of usage for, what, into well into next year, right? >> i think that's right. it all depends on what happens

to overall gdp. we just lowered our expectations for gdp in terms of decline this year to we may see a global decline of 4%, 5%. we have to get into 2021. stuart: thanks for joining us this morning. i might add that while you have been on the show, the price of oil went up to $13 a barrel. what did you do? daniel, thanks very much for joining us. >> you have to have me back on. it's what the market needs. stuart: it's a deal, sir. it is a deal. thank you very much. big show for you coming just ahead. florida senator rick scott. arizona senator mar that mcsally. fox & friends guy brian kilmeade and kennedy is here. what a show. more after this.

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stuart: 10:00 here right here in new york city an and along the eastern seaboard. look at the market go, still going up. we have the latest read on consumer confidence. ash, the number please. ashley: i will try to do some pretty fancy tap dancing. we don't have the number yet. this is the consumer conference board index. this is not the university of michigan. we're expecting an 88. put that in context for you, stu. in february it was 132.6. it dropped to 120. 86.9. we gone from 132.6 on this index in february. this is for april. it is down to 86.9. so that is a significant drop.

not a big surprise, we know that, but certainly eye-raising when we look at previous numbers we had up before the pandemic. stuart: i want to bring in scott shellady in this. i always think of consumer confidence. that is forward-looking thing. that drastically low number is negative as we go forward. how do you read it, scott? >> i absolutely read it that way too. that is more of a fact than feeling. the facts is this, in last recession, we lost 8.7 million jobs, but we're losing 8.7 million jobs every 10 days now. when you talk about gdp, 30 to 40%. morgan stanley thinks 40%. they're just trying to get through the dose of real reality i think. stuart: scott, i want to look at latest manufacturing activity report this is from the richmond

fed. this is important, susan. it is the state of play right now. so tell me, how bad is it? susan: it is pretty bad. we're down from plus two by the way in march. for april, pardon me, we're looking minus 53. minus 53. that is falling off a cliff. indicates second quarter of this year we're looking at pretty dire shrinkage in the u.s. economy. stuart: i'll say. pack to you, scott. forward-looking number disappointing a current number absolutely horrible. the market shows a gain of 160 points. figure it out, scott. >> market is trading on feelings. i can feel a a the light at the end of the tunnel is not a train, actually it is a light. couple that with low interest rates, very low oil prices, we've got a ready and willing

workforce. that could be a good sign. so i think that is what the market is trading but it is all feelings right now, right? we talk about the facts. when market wakes up to that, i think that is when we have the tussle. stuart: that buoyanting, get back to work, get out of the house. get economy moving. treasury secretary mnuchin said on the show, we will expand, starting july, august, september. the bottom line for this market, back to work, get the economy going again. the market feels that we're going in the right direction. last word to you? >> that is exactly what the equity indices are trading today. we talked about the facts. they don't look too good but remember one thing, stuart. like gymnasium light, at end ever basketball practices you shut of lights off they cut off quickly. when you come back in the next morning, takes five to ten minutes to light up gymnast numb.

that is the economy. it will not be as quick but will 457. stuart: that was good analogy, scott, where do you come up with that one? in arizona? i can see you're in arizona? >> i am. a lot of light here for sure. stuart: scott shellady, you are all right. thanks very much indeed. all right, everyone. now this. i guess this is politics 101, how to use the virus to get what you want when you can't get it at the ballot box. i call it virus abuse and there are plenty of examples. start with illinois. that state wants you, the federal taxpayer to cough up, what, $40 billion! governor pritzker says states need money because of the virus. that is true. $10 billion would go towards paying pensions of retired government workers in illinois? what has that got to do with the virus? their pension problem has been festering for decades. now they're using the virus as

an excuse to grab your money. here is what treasury secretary mnuchin had to say about that. roll tape. >> i think it is very clear that anything that congress does is not going to have a bailout of precoronavirus issues. so, state has were mismanaged beforehand are not going to get a federal bailout. stuart: all right. not going to get a federal bailout. there is straight talking for you. speaker pelosi, she is using the virus to push a universal income scheme. that is it where every adult gets a big payment, no strings attached, every month. democrat tim ryan on this program suggested $2,000 a month. that would be on top of unemployment pay, welfare and check from the treasury. the speaker says, this kind of scheme is worthy of attention. please note, universal income schemes have failed elsewhere and been soundly rejected by voters. but, hey, why waste and opportunity to buy votes and dress it up as virus relief.

the virus also has its political uses. first it allows joe biden to avoid serious questions about the sexual assault allegations against him. he is conveniently locked down in his house, free from dangerous interaction with voters. when he does appear in the media, the network anchors do not even mention the allegation. secondly, the virus is useful politically as a club to beat up the president. congressman adam schiff will hold hearings on the president's policies right before the election. please don't tell me mr. schiff embodies objective analysis. he is a democrat who detests the president. he will use the virus as excuse to pour out his contempt. the left sees a opportunity. they were losing on the economy. glory, the virus came along. here is the bottom line, some states have messed up their own economies. so now they use the virus to grab your money. some democrats use money to buy votes with your money.

which leftist can resist the temptation to use virus as yet another excuse of extreme dislike of president trump. it is called virus abuse. well you heard what i got to say. i hope elizabeth macdonald heard what i got to say. she is the host of "the evening edit." she joins us now. elizabeth, have at it. did i say something wrong or did i say everything right? >> i think you said everything right. i've been studying state and federal finances for some time. you're laughing, you nailed it, stuart. i'm not just trying to flatter you. i've been studying on this, reporting on this for a really long time. here is what is going on. i hear what congressman, like former congressman peter king is saying, need federal tax money to help out cops and firemen. what is not addressed, i understand what he is saying but the states have been reckless. we have seen the states reckless with their pension funds.

they spend pen fun shunneds. they don't have money in the pension funds because they spend it on other things. illinois they have 20,000 state workers retiring with 100,000 plus in pensions. we already reported on lifeguards getting cushy pensions. these states did not have pandemic plans. they did not have adequate rainy day funds. they have done things like basically pad overtime into their calculations for their pensions, ratcheting up overtime to get cushy pension payouts. so now they're turning to the federal taxpayer. i got to say, stuart, this is sort of like paying off the amex card with your visa card because state taxpayers are federal taxpayers too. we understand new yorkers hey, we pay more into the federal funds whatever than other states but that is really not the issue. it is about reckless state fiscal mismanagement, coming up at the time of a virus, when they should look to their own houses and fox their own shops

before they come running to the federal taxpayer for a bail out. stuart: fortunately we had treasury secretary mnuchin on the show half hour ago, he said categorically we're not bailing out states for the mistakes they made before the virus came along. liz, feel free to flatter me any day you like. >> sure. stuart: i'm a glutton for flattery. liz, thank you. >> i will do it any day, when you deserve it. stuart: come on back. thanks, liz. check the market, holding on to a solid gain despite some unfortunate numbers at the top. hour. we're up 230 points. that is up almost 1% on the dow. caterpillar say their first quarter sales dropped 21%. we knew it was going to be bad. the reaction on the market is not that bad. they're down just a buck 70. check 3m, they saw stronger sales in the first quarter, as demand for personal safety supplies increased. up 4% on 3m.

missouri senator, josh hawley, sent a letter to the justice department, asking for, wait for it, a criminal probe of amazon. what is he getting at, susan? susan: "wall street journal" report last week that alleged amazon uses independent seller data to better make and price their own private label goods. this was exposed in a expose' in the journal last week where they interviewed 20 past employees at amazon say this was common practice. josh hawley says this goes against section 2 of the sherman antitrust act which was used to prosecute microsoft nearly 20 years ago that amazon is an illegal monopoly using its power and abusing its position in order to kill off the smaller competition. now amazon says we don't allow, this is not good practice within our own company. there is restrictions to, what type of data employees can access, but in the expose' they say this is easy to get around some of these firewalls. they say this is common practice we've seen as well.

hawley argues this is not fair obviously to the smaller players. european union launched a similar investigation. stuart: we were hearing a lot about break up the big techs and go after them. that was before the virus hit. then we didn't hear much about breaking them up for a long time. but now we've got this charge from josh hawley. interesting that it surfaced now. it appears to have taken the stock down a bit. amazon is off 1%. they're back to $2350 a share. susan, thank you very much. latest on the joe biden me-too problem. two more people, new people, they have come forward to corroborate a sexual assault allegation against joe biden. the media, not even mentioning it. that's a story, we are on it. more states open up. the treasury secretary told us last hour the economy will take off in the third and fourth quarters of this year. newt gingrich joins us on that in the next hour of the show. listen to this, a trump

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stuart: the rally holds, not huge, but it's there. 1% up for the dow. that is 250 points. 24,300. tesla, that stock is down 18 bucks. their factory in fremont, california, can't just reopen yet. shelter-in-place orders in the county where that is happening. it is still in place. they can't reopen. stock down 19 bucks. boeing will resume 787 production in south carolina. most staff return there on may

the 4th. however they will need to borrow more money to get through the next six months. i believe they have cut their dividend. the stock is up 4%. ups and cvs will start to use drones to deliver prescriptions in florida. lauren, is this happening soon? lauren: it is happening early as next month. so maybe next week. the two companies are teaming up. they have approval to do this, to deliver senior citizens living in the villages in florida, their prescriptions via drone. this is how it works. medication goes to a main site at the villages. then a truck will deliver it to the residents doorstep. why are they doing this? obviously to keep that population safe, but this is going to be, this is big, stuart, a regular service. while still a test, it will be on going. it is not a pr stunt or anything like this. covid-19 is presenting an opportunity for advances in

drone delivery testing. stuart: did you say the villages? lauren: yes. stuart: we're real big in the villages. we have gigantic audience. it is a wonderful place. lauren: i know they are. if they use this service, if they like it. we're all ears. stuart: producer said, let's take the show to the villages. you really want to do that? figure something out. ashley, come in please. news on testing. two news items, one from cvs, one from quest diagnostics. start with cvs. ashley: yes. good morning to the villages by the way. expanding self-serve swab tests at cvs. by end of may, there will be more than 1000 locations where you can go online, schedule a test. they will do it through the drive-through window or in in in area set up by the parking lot. they hope to equip 1000 stores with testing capabilities.

stuart: quest diagnostics ceo was on the show yesterday talking about these tests. have we got something new from them? ashley: they announced direct to consumer. you don't have to go through a doctor. they're offering antibody tests you have been exposed, you didn't know, you have the antibodies in your system. you have to go online. they will screen you from quest. if they think it is appropriate to take an antibody test. you go to a lab, get blood drawn, get results one or two days. the cost, according to the website, $119. stuart: i'm sorry here i made a mistake. it is quest diagnostics you had the news on, not codiagnostics, he was on the show yesterday. sorry about that, everybody. ashley, thank you. trump administration official tells fox news china could have 50 times more virus cases than they admit to. florida senator rick scott joins us now.

that's, that's really quite something, mr. senator. what are you going to do about this? >> we'll hold them accountable. we're doing an investigation of the w.h.o. they clearly were the parrot for communist china but we're going to get the facts. we'll find out exactly what the truth is. then we're going to hold the w.h.o. accountable and we'll hold communist china accountable. the fastest way americans can hold communist china accountable, buy american products. stop buying products made in communist china. remember, they're stealing our jobs, they steal our technology and their lack of transparency has killed americans and clearly impacted this economy. stuart: i don't know whether you saw this or not, mr. senator, but earlier this morning, in germany, the germans presented the chinese with an invoice, as in a bill, for $160 billion worth of damage that they say china did to germany. so it is knots just us. this is worldwide i think.

>> absolutely. they need, we need to know, we need -- look at all the money, first off, look at the dollars we spent to take care of people and try to get the economy going. we should send a bill to communist china for those dollars. they caused this problem because they were not transparent. stuart: several senators are launching an investigation into the world health organization. i believe you're one of them. can you give me a progress report on that? >> sure. we, i'm on the homeland security committee. chairman ron johnson said i could lead the investigation. of the w.h.o. we already sent them a letter to start getting information before we start the investigation. when we get back to d.c., we're clearly going to hold them accountable for, we give them a lot of money. what are we getting for it, and why weren't they transparent? did they follow the pandemic plan? it didn't appear they did. stuart: next one, the opening up of florida.

governor desantis, he is taking a methodical, fairly slow approach, but i take it that different sectors of florida are opening up in different ways at different times. because florida is a very varied state? >> yeah. i put together a plan, put it out a little over a week ago. it takes everybody helping here. first off, you as a family figure out how to stay safe. the businesses will have to figure out to open, entice us to come back to work. entice us to come back as customers. they will have to do a lot of different things. they will have to have a lot of protective gear. where will they get that. every level of government, federal, state, local, they have to be part of this. we have to get more testing out there. it is happening. we need a lot more out. there we need a stockpile of american-made products in case this happens again. we just got to be ready. so i put out a plan. if we follow that plan we're going to get our economy going again. stuart: do you sense as i do here in new york city, do you sense pent-up demand to get out

of the house, go to the beach, take a walk? just spring fever. >> absolutely. i was in d.c. for four days. i got back yesterday. just the traffic change was unbelievable. number of people outside. people want to get back to normal as quickly as they can. you know, i did take-out last night. the restaurant was telling me they're working on how they are going to make sure they can do social distancing and get open again. stuart: it started. may day is friday. i think that will make quite a difference to us all. senator scott, thank you as always for joining us. always appreciated. >> thanks, stuart. stuart: here's what's happening in our 11:00 hour, 11 eastern that is. the president meets with the governor of florida, rick desantis. you will see when it happens. might get a sound bite. oil prices $13 a barrel. actually up nearly 4%. that is still a depressed price. what does that mean for the future of gas prices?

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of gas down to $1.76. wisconsin still cheapest in the nation. the price went up a cent overnight. but it is still $1.20. where is the price of gas going from here? patrick dehaan is with us. patrick, you were on the show three weeks ago you said gas is coming down to $1.08. you were right. two weeks ago you said it was coming down to $1.70. you're right. it is $1.76 right now. what is your forecast. >> national average will continue dropping perhaps down to $1.49 a gallon. you mentioned wisconsin prices inching up. you will see that in couple days. final last call for 99-cent prices. look like the ultralow prices may be going up even as many high prices, california, hawaii, will still come down. stuart: do you have any numbers on increasing demand for gas? i ask, because i see a lot more traffic on the roads in the last

week than i did in the first three or four weeks of the shutdown. do you have numbers on increased demand? >> we do, stuart. looking at our pay with gas buddy card, which is a free payments platform, we noticed demand has bottomed out and is struggling to rebound. we're only noticing single-digit increases in gasoline demand but what we've also noticed, for example, last friday, is that we saw our weakest friday of gasoline demand since the whole situation started. stuart, that is something underreported by the media. let's make it available. that obviously millions are without a job. and so usually friday is pay day. millions of people fill up. we are noticing less people doing that. stuart: back to your forecast. we might see $1.49, 1.50. that is a very low price. my last question, is, sure little will stay way down there

at low prices for a long time to come, surely? >> stuart, i think you have a point there. i think it will be rebound slightly when some of the nation's biggest economies reopen. look at california, texas, florida. those are the top three gasoline consuming states. it will rebound. to your point i think we could be seeing sub2-dollar gasoline most of the summer. stuart: most of the summer? i was hoping rest of the year. i'm an optimist about these things. great stuff. always appreciate you on the show. patrick dehaan, gas buddy. >> thank you, stuart. stuart: nasdaq holding a modest rally. nasdaq turned south. big tech stocks are naturally losing ground. that is taking the nasdaq down. what a shame because the nasdaq was on track to turn in the best performance of april, of any month, since 1987. we'll see if that holds. check jetblue, they are the first airline to mandate passengers must wear facemasks

on the flights. that starts may the 4th. american airlines start to offer personal protective equipment to customers before they get on the flight. that is like masks. that is what american is going to offer. southwest airlines, they posted the first loss since 2011. nine years since they posted a loss. the virus drove their revenue down 18%. the stock is at $28 a share. wynn resorts, las vegas people. they're taking memorial day reservations. stock's up half a percent. got that. maybe the strip will reopen. maybe. 11:30 this morning, 11:30 eastern, president trump hold as news conference with florida governor rick desantis. say that. when we get there we'll take it. we want to hear what the president has to say and the governor of florida. believe me, we'll take that thing. cosmeticses company, coty, they

bounced back. not much after bounce, 23 cents. what is going on, lauren? nobody wearing makeup? lauren: exactly. it is not leaving your house if you're not going into the office are you going to spend your money that could be going toward rent and essentials on makeup? you might have a zoom call here and there, face time calls, people are buying less makeup. coty is struggling as a result of that trend but bouncing back somewhat after they got downgraded and several price target cuts on the stock yesterday, stuart. stuart: it may be obvious, lauren, i'm doing my own makeup. i probably missed a few patches there. lauren: you look fantastic. stuart: very good, lauren. you want to coanchor show for next three years? that is fine and dandy. next, luckin coffee, big competitor to starbucks but they are under investigation in china. what is going on, susan?

susan: we all could use a haircut, susan. stuart: that's true. susan: luckin coffee, we talked about the company, so when you make china lose face by fabricating your sales, china will not be happy. over the weekend, state administration for market regulation, which is one of the top financial outlets in china, they raided luckin's headquarters. what are they looking for? company accounts, transaction records, internal systems, according to the "wall street journal" reporting. after luckin said its chief financial officer, pardon me, chief operating officer and other employees fabricated $290 million in sales. the stock wiping out five billion dollars for investors and halted since april the 7th. china they say, is trying to make an example of luckin coffee. now you eroded confidence in global investors investing in chinese firms. we have the sec warning last week of significant risks when it comes to investing in chinese

companies and emerging markets. that they are a little more opaque in terms of company sales and company financials. stuart: i got it. tough stuff right there. susan, thank you very much indeed. if you go into -- look, the supermarkets i've been into recently, do show some shortages, different items, but shortages across the board. cns wholesale grocers is the largest wholesale grocery supply company in this country and we're joined by c&s wholesale grocers ceo, mike duffey. good to see you with us. i do see shortages. you're the guys who support and supply the supermarkets. what's the problem? >> good morning, stu. it is not a problem. i think in aggregate we have enough food across the supply chain. i think the issue is, we've seen consumer demand 40, 50% normal and system is really built to

reflex 30% increase. we need some time to catch up and move the product from the factory to the shelves and that's happening and it is improving every day. hopefully you're seeing in stock rates increase t will take time to get stores, fully backed, fully stored like they were precrisis. stuart: are your drivers, are you fully staffed with drivers or do you have a real problem with recruiting drivers? you are? >> we are fully staffed with drivers. we use our own drivers. we also contract with third parties. stuart: what kind of precautions do you ask the drivers to take? if you drive into new york city with supplies, the driver doesn't get out of the cab. they poke the paperwork through a crack in the window. they take care of that. they leave, pronto. is it somewhat similar across the country? >> yes. we implemented the touchless delivery a couple weeks ago across the country to protect our drivers. also supplying them with ppe

equipment, so they feel safe in case they have to get out to drop pallets. touchless was started in new york city. we rolled out across the country. stuart: there has been talk about closing of these meat processing plants in iowa, south dakota. we're told that is really holding up the supply chain of processed meats going to the supermarkets. are we in danger of a real breakdown in that particular supply chain? >> i think the protein supply strain will be stretched next couple weeks. you will see more out of stocks retail probably next week. doesn't mean we'll have zero protein at the grocery stores because 60, to 70% of the capacity will still be online but consumers are buying, you know, buying protein very heavy these days as compared to precrisis. so what going to see more spot outages. you may not get variety you're used to, all the cuts. but that doesn't mean we'll be out of meat. stuart: i want toll -- tell you,

mike, on behalf of you and our viewers, thank you very much. you're doing your job. we appreciate that. >> i appreciate it. the people truly are inspirational, heroic what they're doing to keep our shelves stocked and food moving across the supply chain. stuart: get this economy moving again, please. mike duffey, c&s, we can all drink to that one. >> that's right. stuart: thanks for joining us. we appreciate it. >> thank you, stu. stuart: here is this one for you, waffle house. this is important, they reopened the dining room in georgia. are they ensuring people stay safe? i presume they are. we'll be back with that story in a moment. arizona, stay-at-home order is set to expire or certainly be reviewed come thursday, april 30th. what's the plan to get that state's economy up and running? i'm asking arizona senator martha mcsally. she joins us next. ♪

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>> this present crisis government is not the solution to our problem, government is the problem. stuart: oh, i remember those days very, very well. that was of course the great president reagan. look who is with us now, arizona senator martha mcsally. senator, we ran that sound bite because we wanted to demonstrate, now government is increasingly the answer these days. that we are all big spenders, including republicans. what do you say about that? >> well, stuart, we're in this unprecedented crisis and you think we couldn't afford not to provide relief to the restaurant owner who is poured their whole life and life savings into building their business. they were doing well. and now people have been asked to stay home in order to save other people's lives. i think we couldn't have, you know couldn't afford not to provide the ppe to our front line health care heroes and nurses and doctors, to make sure

they're safe every single day. they go in to care for others so this is an important investment. i talked to people all over arizona who have finally, they're getting a lifeline from the ppe. people who have filed for unemployment for the first time in their lives, they never asked for government assistance, but they need a little help to get through this, while we work together. i have my rosy the riveter coffee mug here. we work together in order to keep america strong and safe and you know, move forward to defeat this virus which we will. stuart: well-said, in arizona, april the 30th, this thursday, the stay-at-home order is set to be either reviewed or expire. how do you see the state reopening, because i see a real demand to get out there, go shopping, have your haircut, drive someplace? i see a lot of person up demand as spring fever hits us. how far are you going to open up the state of arizona?

>> well governor ducey is going to be making this decision. he is getting great advice by the experts. look, every, as you know not one size fits all. what is happening in a rural county in southern arizona is not the same as new york city but we have been hard hit. the navaho nation has been hit very significantly with a lot of cases. and i'm up in northern arizona right now, the hospital here, i actually delivered ppe here, some innovation happening in arizona. they're caring for these patients. i think sometimes media, mainstream media talks about this like it is an on-off switch. it is more like a dimmer. the governor is making testing decisions. doing a testing blitz next three weekends to get best practices for businesses open. they're using ppe. they're disinfecting those who are essentially work. how do we learn from them and apply that to other businesses so we can keep people safe, allow them to safely return to work and continue to save lives? it is not either/or.

stuart: it is not either/or but i feel the demand to open up fairly quickly and safely if possible. senator mcsally, thanks for joining us. see you real soon. >> thanks, stuart. stuart: check the market. we lost the rally. woe were up 400 points at the opening bell, one hour 15 minutes ago, and now we're up just 45 points and losing ground as we speak. look at johnson & johnson. i hate to hear this news but a judge has ruled the talcum powder lawsuit against the company can proceed. there is more than one, by the way. there is multiple lawsuits. down two bucks, j&j. sports they really want to come back and the fans really want them to come back too. the nba wants to return, maybe practice by may 8th. nfl is talking about making big changes to the schedule so they can play a full season. what does kilmeade think about that, as in brian kilmeade? he is with us after this.

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stuart: look at that market. we recovered a little bit of ground. we're up 58 on the dow. up three on the s&p. we're down 57 on nasdaq. by the way the nasdaq is on pace for the best month since 2002. the s&p on track for the best

month since 1987. let's get that right. dow up 67 as we speak. live nation, concert guys. the stock is higher. saudi arabia takes a 500 million-dollar stake in the company. it is up just 2%. the nfl coming up with a plan to reopen. tell me more, ashley. ashley: well different scenarios, stu. normally the season would open on september the 10th and end on january 3rd. there are reports they are going to release the 16-game schedule early next month. they could start the season as late as october the 15th. now the question is, it is still unclear, will they include preseason? they have five international games, what happens to those? we believe they have not spoken to the players union about all this. by the way the super bowl scheduled for february 7th, could be pushed back to february 25th. we'll see. stuart: that is interesting. they're in the driver driver's seat because of the time frame here. they could legitimately start,

albeit start late with a truncated season but they get a season in, unlike premier soccer in england, ashley. ashley: absolutely it is true. stuart: it is. i love the etl. i can't see it these days. look at time. 10:51 precisely. that means brian kilmeade, host of "the brian kilmeade show joins me and i join him. brian, i like the nfl plan. they will get a season in but it is shortened but it is a season. i think that is terrific. >> normally doing something in the spring and immediately get their draft picks in this week. then have another, have june off. they get started in late july and august but this time it looks like they will start october 15th. they will finish up february 28th. i think that is a sunday, 24th. i basically forgot. no bye week. play 16 straight games. hopefully with an audience. they're making great progress

with the vaccine. they have one in oxford that is extremely encouraging. that, if the nfl is giving a template to college football. maybe college football follows same way, stuart. you hate to see a whole year of college football revenue and players not get the chance to play. stuart: what about this, if they put the games on tv, know audience, fans in the stands, what about putting in a laugh, audio effects, sound effects like cheering and defense, defense, what is wrong with that? >> you mean, you mean like kevin james sitcom? or like "king of queens" with lavatory and cheering? stuart: not the laughter so much. look a gam game with no fans is really strange. i've seen soccer games with no fans. it is odd. not the same. why not put sound effects in there. >> i hear the bun desleague is starting this weekend without fans.

used to get loud stadiums on seattle, they will practice and blast sound, noise from stadium noise of cheering and yelling and screaming. so wouldn't be that weird. the whole thing is going to be strange. if you sweeten it, it will be bad. if it is silent it will be bad. you know what is really bad? no games at all. stuart: yes. that is you awful. that is real bad news. quickly, the nba says, no earlier than may the 8th to allow individual workouts in cities not subject to government restrictions that means you could have some guys practicing and doing workouts in some states that allow it but no practicing, no workouts in state which won't allow it. that's a problem i would say. >> in a way but knicks, nets have play off aspirations. the knicks are having bad season. maybe they move to philadelphia,

pennsylvania, let the team work out in another season. we're adjusting our lives because of this. i don't see them upset by that in the big picture, i surprisethey want to start may 1st this friday. the teams and players pushed back. they did not feel secure going back in many cases. they would come back four at a time. work out a little bit. four leave, the other four come in after two hours. still teams didn't like that. nba started all the leagues suspending play. mark cubans sitting in the stand when his mavericks were playing this, will be the last game of the nba season for now. the nba has a couple weeks left. they will go to playoffs. they will be without fans. first ones to play without fans. nhs is talking about neutral sites in areas like north dakota and south dakota, maybe if minnesota continues on track it is. but i think they will go right to the playoffs. that will have, that will make people, at least something to watch. stuart: yes. that's right.

>> besides us. not that we're bad but people want sports. stuart: speak for yourself. i do want sports, i really do. hey, brian, you're all right. see you again soon. good stuff. thank you. >> he is always surprised when i'm all right. stuart: okay. the boss of xbox says the pandemic is creating a flood of new gamers. i'm not on that list but susan, a lot of people are. susan: i'm not schur you're the designed demographic. it was a huge mark by the way for video game makers, 1.6 billion in meant of march. best mark more than 10 years going back to 2018. they sold $1.6 billion worth of hardware, accessories, game cards, software, you name it. software sales went up 63% to 461 million. best-seller, nintendo switch. outsold the xbox and other consoles. the best-selling game on the switch. i never heard of it, not for my

demographic, animal crossing. put in gaming companies along with other stay at home winners. stuart: my hand-eye coordination is not just fast enough at my age. that's life i guess. susan, thank you. we'll have more on the nba's comeback. we have with us later in the show, boston celtics center ennis kanter is back on the show today. president later on the show meets with the governor of florida. we expect them to see each other next hour. when it happens you will see it. we americanses are sick of being locked up. my take on that is next. (announcer) in this world where people are staying at home,

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over a billion dollars in transactions, and more than a half a million clients world-wide, u.s. money reserve is one of the most dependable gold distributors in america. stuart: it's 11:00 eastern time, precisely, that is, and we are waiting for president trump's meeting with florida governor desantis. it will be at the white house. it's happening shortly, we believe. no exact time. if they say anything publicly, you will get it on this program real fast. all right, everybody? now this. lockdown 300 million americans, tell them they should not leave the house, that they should not mingle, and that they should keep this up for weeks on end and you will end up with quarantine fatigue. the research tells us we are indeed fatigued and we are starting to do something about it. we are starting to get out and about. at the university of maryland,

they are tracking our cell phones. since most of us keep our phones with us wherever we go, the researchers can tell us how much we travel, how much travel we are doing, that is, how much are we getting out of the house. this is fascinating stuff. the research shows that the number and frequency of the trips we take and the distance we travel has increased recently. 47 states showed an increase in getting out of the house. crowded beaches in california, lot of people strolling in new york city parks, even new york mayor bill deblasio and his wife caught strolling in a park in brooklyn. they were of course criticized for it. dr. lee zhang who conducted this phone tracking research says we are restless. as the weather improves we will get more restless. there's blossom on the trees. the grass has turned green and you have heard of spring fever? it's alive and well and arrived in america. friday is may 1st. that's mayday.

traditionally an outdoor day. if you spent weeks inside, maybe with your energetic children, you are climbing the walls to get out. state governors are having a hard time keeping the lockdown going. in illinois, a judge said no to governor pritzker's demand to extend the stay-at-home rule until the end of may. it was a temporary no but a no nonetheless. in california, governor newsom threatened citations to people breaking the rules for going to the beach. in michigan, lawmakers say the governor exceeded her authority when she imposed draconian restrictions. when you couple cabin fever with spring fever, the bust-out we have already seen will only get more widespread. and throw in the desperate need to make a living and you have the floodgates opening. some polls show majority support for continuing the lockdown. dr. zhang's research shows we are not obeying the rules like we used to. given the spring weather and ongoing economic hardship, the

get out of the house trend is about to take off. and the third hour of "varney & company" is about to begin. stuart: i want to get right to grady trimble. he's in wisconsin. you have a town there breaking from the state's stay-at-home order, allowing businesses to reopen? tell me more, please. reporter: in a way, stuart. it's the city of hartford, wisconsin. they are not encouraging businesses to reopen before the state's stay-at-home order expires on may 26, but they are telling them if you do choose to reopen, we won't penalize you, we won't enforce the stay-at-home order. so they say this has been crippling to their small town america that they have here in a county, by the way, with fewer than 100 confirmed cases of coronavirus. the common council got together and voted to put out a plan that is now out that outlines a

framework for small businesses like barber shops, bookstores, salons and tattoo shops to reopen and it encourages them and recommends them to keep social distancing in place, limit customers and potentially even keep a customer log. here's the mayor of hartford. >> please understand we are not giving you any type of absolution. we are saying through our discretionary choice, we are not going to kick in your door if we happen to see an open sign and one person or two people standing in your store. reporter: we reached out to the governor's office to see if they will come in and crack down because the state does have the ability to do that. we have not heard back, but stuart, it makes you wonder if other cities and communities across the country will start doing this in the states with the more strict or longer-lasting stay-at-home orders. stuart: absolutely right. absolutely right. as the spring fever catches us all, we have all fwgot cabin fever, the demand to get out and

go back to work can only increase. i do see clashes coming. grady trimble in wisconsin, thanks very much indeed. now, the dow has lost its 400 point gain. we are down 35. we have got news coming in on boeing. what do you have for us? ashley: yeah. the report being put out right now by the "wall street journal" says the investigation into the production of the 737 max is expanding. expanding on what is already a grand jury investigation which looked into perhaps poor designing that led to problems with the stall prevention feature on these planes. now they are looking at widespread or alleged widespread quality control lapses in the production on the assembly lines. also, they are wanting to look more at debris left behind by workers, as has been talked about before, some of that debris found in fuel tanks and other inside spaces. now, boeing says we are aware of these issues and have taken

steps to address all of them. however, this increased investigation, stu, could open up boeing to even greater legal liability. that is the issue. not having a huge impact on the stock right now but they could be facing more fines and as we know, they are trying to ramp up the 737 max production again in the coming months. but this news of federal prosecutors and faa officials are looking even closer at the whole if you like manufacture of the 737 max and what boeing knew and didn't know prior to it going to the market. stuart: my goodness me. the bad news just keeps on piling up, doesn't it. although i agree with you, ash, the stock is holding but at very low level of $129 a share. all right. back to the markets real fast. if you remember, at the opening of the market we were up 400 for the dow. now we are down 27. look at the nasdaq. big tech selling off and the nasdaq composite is down 1%. couple of individual stocks in the news. i will start with southwest

airlines. they reported their first loss in many, many years. i think its first loss in about 11 years. they will start leaving the middle seat open to support social distancing. the market selling them off to the tune of 1.7%. harley davidson reported a profit, a profit better than expected, as they say. they plan to overhaul their strategy as profit dropped 46% from this time last year because of the virus, of course. the stock's up 9%, solid gain. oil, earlier on the program treasury secretary mnuchin said -- spoke about oil. it's at $11 a barrel now. what did mnuchin say? roll tape. >> the president has been very clear. he wants me and the secretary of energy to study very carefully the oil industry and we're looking at providing liquidity but again, that won't be a bailout. stuart: exactly. the secretary said look, no

bailout for anybody but we are providing liquidity. that is putting some money in there, presumably it will be paid back. the dow is on pace for the best month since october 2002. the s&p is on pace for the best monthly gain since january 1987. let's bring in former chief economist at chase, anthony chan. anthony, i'm not interested in whether or not this is the best month since '87 or 2002. i could care less. frankly, i'm interested in why this market keeps on going up and i think it's because the economy's beginning to open up. what do you say? >> well, i think that that's certainly something that the market wants to see, the economy picking up so that after the deep hole we will see in the second quarter, that we could start to see in the second half of the year the economy picking up, and the sooner it opens, the sooner that you can see that recovery. the big concern i have, stuart, is that we want to make sure that that opening is such that

we don't stumble and have to reclose again. hopefully we do everything right and everybody practices safe distancing and trying to minimize reinfection. we won't have to close up again and that's what the market is hoping for. that's why you are seeing price earnings ratio so high. look at the forward price earnings ratio, stuart. it's at the highest level it's been in the entire prior boom market, we didn't see a forward price earnings ratio this high. stuart: how about that. in other words, the market's expecting very solid profits going into the early part of next year. that's what the market's saying, right? solid profits? >> that's what the market is saying. and so right now, the market can continue to go up, because these price earnings ratios are so high that the only way you continue to go up is if these stock analysts are being too pessimistic and the earnings turn out to be even better. the problem with that is that historically, the stock analysts tend to be too optimistic, not pessimistic. maybe this time is different.

we certainly hope so. stuart: i want to look toward the recovery of the economy and how fast a pace we are going to recover at. anthony, hold on a second. listen to what president trump said about that. roll tape. >> i think we're going to have a recovery, look, i built, they were just telling me inside and it's fact, i built the greatest economy with the help of 325 million people, i built the greatest economy in the history of the world. stuart: now, anthony, the president says the recovery, third and fourth quarter of this year, and into next year, is going to be spectacular. that's a very strong word. would you go with spectacular recovery? >> i would go with improving economy and by the way, i would go with i hope it's spectacular because we are all americans and we want the economy to do really well. but certainly, if we see a gradual reopening, it's very difficult for the third quarter to be spectacular but if we open up quicker, and somehow we get

no reinfections and everything goes well, then of course we can get spectacular. that doesn't seem to be the consensus view, but let's hope that we get it. we all want good news. stuart: we are going to get some bad news tomorrow, i think. first quarter performance of the economy, the gdp numbers. i know, we all know it's going to be bad. how bad do you think it's going to be? >> i don't think it's going to be that bad. i think we can get a 5.5%, 6.5% decline in gdp in the first quarter because remember, we saw the economy basically shutting down in march. january and february were still okay. we are going to get the super bad news, if you really want it, that's going to be the second quarter. because that's where we really experienced almost a complete shutdown of the overall economy. that's where the congressional budget office is already telling us that you are going to get a 40% decline in real gdp in the second quarter. my number's not that pessimistic. i think maybe 35% decline.

but there's not a huge difference between the two. the only good news is that i looked at the congressional budget office track record and they have been pretty good but during these business cycle turning points, the forecast ability is not so good. in fact, the forecast errors are twice as large as they are during regular periods. still, when you are looking at a decline of 40%, we are going to see that number in the neighborhood of 30% to 40% decline in the second quarter. that's not good. let's hope in the second half of the year we see better numbers and i think we will. stuart: got it. anthony chan, thanks for joining us. see you again soon. thank you. by the way, tomorrow, national economic council director at the white house, top economist larry kudlow joins us with the breaking gdp report. don't miss it, please. he will be on the show at 11:30. we just got this from fox news' chad pergram. steny hoyer now says the house will quote, not, not return next week. after consulting with the capitol physician, i don't know what that means. the house was set to return on

monday, may 4th along with the senate but hoyer has now reversed that decision because the virus numbers in d.c. still going up. that's where the physician comes in. the physician is saying you can't do that. hoyer also says the fourth stimulus bill is not ready to go. okay. airlines adding new policies to keep people safe and feeling safe. what are they doing? susan: as you mentioned, people have cabin fever, they want to get out and some are slowly traveling again. we had recent video of some of these cabins and people, yes, are sitting six feet apart but not wearing masks. from now on, starting on may 4th, jetblue has issued a new policy fwiedan anguidance that have to wear face masks. we do have flight attendants and employees, personnel on american airlines, delta airlines, united was the first to institute this regulation, and jetblue, they all have to wear face masks

while attending the flights that they are working on. southwest, meantime, here's a statement from them. they say southwest employees including flight attendants are allowed to wear face masks while on duty and in fact, southwest encourages this practice by providing employees with personal protective equipment. we also have been hearing from other airlines as well, that includes american, saying that in early may they will start distributing sanitizing wipes, gels and face masks to customers in the future but this makes sense. if i travel in the future i will be wearing a face mask. stuart: you have to reassure the public. you've just got to do that. if they're not reassured, they don't fly. they don't eat in restaurants. you have to satisfy the customers first and foremost. thank you. ah, here's what i'm looking for. a positive sign from the housing industry. lauren, what do you have? lauren: i got one. people are eager to buy homes, particularly in popular big cities. zillow found traffic to its site

nationwide rose 13% versus that same week in 2019. san francisco, los angeles, minneapolis saw big gains. however, it's not a positive story, unfortunately, all around. cities including new york city, boston, detroit, philadelphia, among cities that are still suffering a bit. stuart: the cities are suffering. that's the truth. thanks very much indeed. pro basketball teams could be back to practice by the end of next week. are they gearing up for some kind of season? we will discuss that with boston celtics center enes kanter. he's on the show later this hour. he's been on the show before. he's back. got that. more people are backing claims by joe biden's accuser. he's staying silent. kennedy is here. we will get her take on that. the senate returns to capitol hill on monday. senator bill cassidy is ready to hit the ground running.

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stuart: 3m reported a big boost in profits, strong demand, of course, for their protective gear like masks. they are not going to issue any guidance for the rest of the year. they say you can't do that in this era of the virus. but 3m is up 1.3%. pepsi also reported a nice big profit today. the ceo says that pepsi is preparing for ups and downs as states reopen. nice gain for the stock, up 1%. here's what i'm looking for. waffle house. i think they are usually the first to reopen after a catastrophe. what's the news on waffle house,

lauren? lauren: yeah, they are a barometer for how bad a catastrophe really is so this coronavirus is their biggest test yet, because they shut smeso many of their restaurants and are open again in georgia. how did they do that? tables six feet apart, no more plastic menus, literature everywhere that they are cleaning and sanitizing, trying to make customers feel comfortable again. so waffle house, back open in some parts of the country. are diners actually going in and sitting at the counters and tables? it depends on the waffle house that you look at. one in atlanta, the manager has said there are so many news crews outside because it was such a big deal that we opened, that that might have scared some of the diners away. stuart: okay. those news people, i'll tell you. thanks, lauren. senator bill cassidy, republican, louisiana, joins us now. frequent guest on the program and a welcome guest, too. mr. senator, welcome back. good to see you again. >> hey, stuart.

thank you for having me. stuart: i hope i don't have a bone to pick with you, because you're smiling, keep smiling, last time you were on the show you told us about a $500 billion plan to help state and local governments. fine, but you're not going to bail out illinois's pension plan, are you? the money's not going to go to solve problems that existed before the virus, is it? >> absolutely not. that would be a mistake. we cannot bail out unfunded accrued liability, irresponsibly accumulated and not paid for. what we can do is help support cities, states, to support essential community services needed so that restaurants, small businesses, can open their doors. one example. if your state, your city, say your city depends upon tourism, sales tax, airplane fees, a bed tax, and all of a sudden it goes away, how are they going to pay the sanitation workers, fire and

police necessary for the city to return? who will go into a restaurant if garbage is in the street in front of it with rats running around the garbage? nobody. these billions we put into small businesses will be wasted because of lack of city services. we need to support the ecosystem, those city services that allow the small business to reopen its doors. stuart: fair enough. understood. thank you, senator. all right. now, the governor of louisiana has extended the stay-at-home order for your state, i think until may 15th. i perceive a real pent-up demand to get out there, go back to work. maybe it's spring fever, i don't know, but there is that pent-up demand and i see a lot more traffic here in new york and various places around the country. why the delay until may 15th in louisiana? >> i don't know what he's looking at but i can look and

see, i advocate an approach that would allow a more rapid opening, still balancing public health. if you look at hot spots, there are hot spots within hot spots. it's not the entire new orleans region, for example. it is certain tracks within that region that have more cases than others. if you go into those tracks, maybe even go apartment by apartment and find out who is infected, test everybody, if they are infected, congress is giving states money to quarantine, to provide medical and food services, those folks would do better because you are checking on them every day, but they are not transmitting the virus to others. this is what south korea has done, what germany is doing. it will allow the economy to reopen sooner while balancing that physical financial health aspect. i think that's a plan we should be implementing. stuart: do you sense that there is this pent-up demand to get outside and also go back to work, and that just maybe we are beginning to open the flood

gates and people will flood through any opening they can? i get that sense. what about you? >> i do, too. an elected official friend of mine calls me, says hey, bill, listen, man, i don't care what anybody says, people are starting to go out. you can look at traffic. you can look at people walking around parks. they may say it's closed. they are out there. so i think we need a certain rationale. if we can go to an area that we know is a hot spot and we can identify it as a hot spot within a hot spot, i'm okay with that. on the other hand, i'm looking around and there's nobody in my neighborhood who is sick, i'm starting to think this isn't true, then the officials lose credibility. i do think we need to be more targeted but out here allow more freedom. stuart: got it. senator bill cassidy from louisiana, republican, thank you, mr. senator. thanks very much for joining us. okay. thanks very much. >> thank you. stuart: house speaker nancy

pelosi considering a new plan to help people pay their bills. watch this. >> others have suggested a minimum income, guaranteed income for people. is that worthy of attention now? perhaps so. stuart: that is the universal income scheme. remember that? it's reappeared. what would newt gingrich think about that idea? we will find out because he's on the show. two more people come forward backing claims made by joe biden's accuser. kennedy on that, next. and president trump, well, as you know, he's meeting with the florida governor at the white house. if they speak publicly on camera, we will bring it to you real fast. we'll be right back. you wouldn't accept an incomplete job from anyone else.

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stuart: dr. fauci says reopening too soon could hurt the economy and hurt us all. maybe that's why we have turned a little around on the market. we were up 400. now we are up 68 for the dow industrials and we are still down on the nasdaq. look at gap. they say they don't have enough money to last more than 12 months if these store closures continue. nonetheless, the stock is up 8%. maybe it's good they have got enough money to last 12 months. up 7% now. kennedy is with us. kennedy, here's what i want to

talk to you about. two more people have come forward to corroborate claims by the accuser against joe biden on a sexual assault allegation. he's not saying anything. journalists are not asking him any questions. i think this is terrible, it's a double standard and i don't like it. what say you? >> i think it's a miscarriage and it's utter hypocrisy because what we need regardless of who is being accused, how powerful they are and what the stakes are for their future and our investment in it, we need a uniform set of standards for vetting stories when victims come forward to talk about their experiences and you know, the left has surgically used t the #metoo movement to try to do damage to the political careers of people they consider enemies and that's not okay because then you are just using victims as pawns and that's not only

incredibly offensive and insensitive, it's also counter to the movement and why it started in the first place. stuart: joe biden's got a problem with this allegation but so, too, i would suspect, is whomsoever is his vice presidential pick because he says it's going to be a woman. well, what will that woman, when she is selected, say about these sexual assault allegation against joe biden? it's a dual problem here, isn't it? >> well, it is. it's also i don't think the most politically swift thing to back yourself into a corner and really, you know, cut out 50% of the potential vp candidates before you have secured the nomination but let's say it is a woman and he's got a number of women to choose from across the political landscape. i hope whoever it is, whether it's stacy abrams or michelle obama or amy klobuchar, i hope they sit down with him and really ask him and you know, think of it as though tara reade, who has come forward with

these claims, think of her as your sister or your daughter or, you know, your best friend and how would you have that conversation with someone that has been accused of inappropriately touching someone in this sort of sexual misconduct? and you can't have a different set of standards for people you don't like versus people that you do. the basis of our criminal justice system is equal protection under the law. stuart: absolutely. let's change the subject, shall we. kennedy, we are going to change the subject. i want to show you and listen to president bill clinton. here's what he said at the state of the union message in 1996. roll tape. >> the era of big government is over but we cannot go back to the time when our citizens were left to fend for themselves. we must go forward as one america, one nation, working together to meet the challenges

we face together. stuart: okay. isolate what he said at first. the era of big government is over. well, it may have been there but it sure is not now. everybody's a big spender these days. you are libertarian. you can't like this. >> no, i hate it. it's awful. it's something, you know, you talk about a uniform set of standards. we need a uniform set of standards when it comes to politicians taking money from us. i mean, there's a reason that people say taxation is theft, because they take money and then they spend it irresponsibly on giant corporations and they get in bed and have cronyist orgies and we're the ones who suffer the consequences. it's wrong and we know when you cut taxes and cut spending, that's how you grow an economy. it's a very unfortunate and inconvenient truth for socialists. unfortunately, both parties have been populated by populists who

want to look out for everybody and see government as a tool of do-goodery that really in the long run does much more harm. stuart: they are buying votes, kennedy. they are buying votes with our money. vote for me and look what you get. it's a dreadful story. but that's what we've got today. kennedy, it's always a pleasure having you on the show. >> i miss you, stuart. stuart: come back soon, thanks very much. come in, ashley. you've got news on pennsylvania businesses taking the fight to reopen to the supreme court. this is news. what have you got? ashley: yeah, it is. these businesses first went to pennsylvania's supreme court wanting the court to reverse governor wolf's executive order shutting down businesses. the suit was rejected by the pennsylvania supreme court so now they have gone to the supreme court of the united states. basically they say the executive order has and is continuing to

cause irreparable harm to all businesses forced to close. it goes on to say that they have been deprived of their property without due process of law that is guaranteed by the u.s. constitution. and they say tens of thousands of businesses may never be able to recover as a result of this order. stuart: they filed an emergency request to be heard at the supreme court. whether or not they are going to do it or not, okay. thanks, ash. we all know the hotel industry has been severely hit by the virus. i want to bring in hillary vaughn, who will tell us how bad is it? i think you've got details from marriott? reporter: yeah, that's right. we just heard from arnie sorenson who spoke to the economic club of d.c. and he says the fallout from coronavirus has been three times worse than the fallout after 9/11 for their industry. he says 90% of their hotels are

closed. they only have about 2,000 hotels that are open or sorry, 2,000 hotels that are closed. of the ones that are open, they are only operating at about 10% occupancy. he says they are going to have to make significant changes to the industry moving forward. they are going to move more towards digital check-in. he also explained or kind of gave his comment on how their stock price has had an impact. he says he thinks it's had a little bit of rebound because they have seen the worst that they thought could happen is not necessarily going to happen. stuart? stuart: okay. marriott stock is up this morning, as of now up a buck at $86. got to see this. baseball season kicks off in taiwan. got it. the fans in the stands are cardboard cutouts. is this the new normal? we will discuss. by the way, with boston celtics star enes kanter. he's on in a few minutes. newt gingrich joins us. he's got a plan to get back the a pre-virus economy. he will let us in on that after

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others have suggested a minimum income for -- a guaranteed income for people. is that worthy of attention now? perhaps so. there are many more people than just in small business and hired by small business as important as that is to the vitality of our economy, and other people who are not in the public sector, you know, meeting our needs in so many ways that may need some assistance as well. stuart: okay. speaker pelosi there pushing for a minimum guaranteed income. that's a universal income kind of scheme. former speaker newt gingrich is with us. my comment, newt, forgive me for doing this, but never let a good crisis go to waste. why not suggest something which is widely discredited because you can use the virus as an excuse to get it? where am i going wrong? >> no, look, i think if you are nancy pelosi, this is your

chance to pay off every left wing ally you've got, whether it's sending extra money to states or it's proposing really left wing ideas. what we need to do is get the economy growing. i think 100% expensing to maximize investment, six-month holiday on the fica tax for both employer and employee to accelerate instead of giving people money for not working, what we want to do is get people back working. i think that's what america is all about. we will have a special incentive for everybody willing to bring factories back from china and insource rather than outsource and then we need to have an all-out effort on the virus in terms of therapies, because peop people, if we are going to really recover, people need to have a much lower level of fear about going out, traveling, going to hotels, your last report. and finally, we should plan starting right now so that we have a thorough defense in the

fall if the virus does come back so we can defeat it without closing down the economy. i think -- stuart: do you sense, as i do, an urge to get out of the house, go back to work, spring fever is here, and i think the flood gates are going to open. i'm sure people want to be reassured about their safety because before they go to a restaurant and before they go to the beach, but i think the flood gates are opening here. do you get the same sense? >> absolutely. i was talking to my daughter who lives in key biscayne and she said when the word came out they were going to reopen boat docks and the arenas, her husband's morale went up immediately. he loves to fish and has been totally caught up in their condominium, a nice condominium looking out over the ocean but still, it isn't like being out on the water. tomorrow morning, he will be down at their local marina. i think people, americans are very energetic, very optimistic

and very future-oriented people. i think as you know, i'm talking to you from rome, where my wife is ambassador to the vatican. we have been watching eight weeks now of italians being shut down but here, the crisis was so great, the whole country was like new york city. so i think the italians have been very patient with the very severe lockdown, only grocery stores, gas stations and pharmacies have been open. even here, they are beginning to open up starting this coming weekend and i think people are going to be just desperate to get out, particularly because it's spring. it's nice. people want to have a chance to go out. stuart: there is such a thing as spring fever. it's real. i can feel it, good lord, at my age. mr. speaker, i just want you to listen to what president trump said about china, then we will discuss our response to china. roll tape, please. >> we are the not happy with ch.

we are not happy with that whole situation. we believe it could have been stopped at the source. it could have been stopped quickly and it wouldn't have spread all over the world. stuart: newt, i don't know whether you saw this, but this morning, the germans presented china with an invoice, a bill, $160 billion. you owe us this for the damage you did to our german economy. are we going to do something similar, make them pay? is that possible? >> well, we should. first of all, i wrote a book called "trump versus china" that came out last october. i think if you read it, you will see they are behaving just like the dictatorship they are. this virus is their fault. there's a university that came out and said probably 95% of the people would be alive today who have died if the chinese had told the truth. they are clearly guilty and i think we should, one, open them up to american courts as we did with lockerbie bombing and allow

families who have lost a loved one to sue them. in lockerbie they got about $8 million per person. i suspect with inflation it would be about $11 million now. second, we ought to take total economic damages and charge it to the chinese. we ought to impound our escrow, all of their u.s. bonds, all of their holdings in the u.s., and say we are going to hold all of this at risk until you pay what you owe, and we should consider potentially a virus tariff that would charge the chinese and we should encourage the whole planet, people ought to be furious at the way this dictatorship has lied to the entire world, leading to several hundred thousand unnecessary deaths, a worldwide depression, trillions of dollars of lost wealth. these things aren't an accident. this is the chinese dictatorship running amok thinking it can lie to everybody and get away with it. you are exactly right, we should

react very aggressively. stuart: you are playing hardball there, newt gingrich, all the way from rome. all right. newt, thanks for being with us. we always appreciate it. >> thank you. stuart: thank you, sir. see you soon. all right. in a moment we will talk basketball and getting back to some kind of season or certainly training. boston celtics center enes kanter is with us. how is he staying in shape during this lockdown? we will ask him. he's next. 49...50!

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stuart: lauren, i can smell socialism a mile off. what are they doing at whole foods? lauren: you have been talking about mayday, friday, may 1st as spring, spring fever, go out. well, it's also international workers day. whole foods employees and reportedly employees from instacart and amazon and target and walmart and fed ex are slated to walk off the job at their lunch break, just walk off because they are demanding more hazard pay, double pay in some cases, more ppe, you name it. the workers, essential workers right now, are angry and many of them do plan to walk off the job on mayday, friday. stuart: that's called socialism. but let's get beyond that. at least i'll try.

thanks, lauren. the nba will allow players to use team practice facilities in cities not subject to restrictions on may 8th, that is, okay. enes kanter is back with us, center for the boston celtics. enes, always good to see you. welcome back. great stuff. >> thank you, guys. always good to see you. hope you guys are doing well and staying safe. stuart: okay. now, the nba has moved that date back, may 8th. you're not happy about that, i take it? >> i mean, we are just staying at home, you know, we just want to go out there to practice [ inaudible ] we are just waiting like everybody else. stuart: how do you stay in shape? >> we actually, with the celtics, i hope you are a celtics fan, we actually have this virtual workout, the strength coach calls us three times a week and we have this virtual workout that he's telling us what to do.

we are actually doing a lot of situps, pushups, jumping jacks, because we still don't know when is the nba going to start or not. we actually try our best to stay in shape in our house. stuart: you look like you're doing okay, i've got to say. but look, how do you feel about -- you look okay. how do you feel about playing, getting back to playing, but with no fans in the stands? we just ran a picture of a game in taiwan where they are using cardboard cutouts instead of real fans. how do you feel about it? >> it's tough because nba fans are what makes the nba atmosphere what it is so i feel like for nba, it's the fans' safety first. i know we want to go out there and of course play but the nba is doing an amazing job taking care of the players and the fans but i think if it comes to that, i think -- of course it's not

going to be the same but you know what, i will take anything right now. stuart: i bet you are just itching to get out there and shoot some hoops. >> oh, you have no idea. stuart: i'll bet you are. look, enes, thanks very much for taking time out to be with us on the show today. we all wish you well. we all hope that you can get back to playing big-time real soon. and come back soon and tell us how you're doing. enes kanter, everybody. boston celtics. more "varney" after this. eoy have you worried about your finances in retirement? ar

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♪. stuart: i sure hope you get to see this. looking at the blue angels. that is file tape from last year. the blue angels are about to take off, they will fly over new york city. i will show you their route. there it is. they will fly over the city. they will fly over long island. they're honoring first-responders in the state hit hard by the virus. they will also fly over philadelphia and new jersey. ladies and gentlemen, they fly f-16s. they are huge planes. when they fly in formation, you're anywhere near them you will know that it has real impact. the noise is extraordinary. the visuals are absolutely fantastic. hope you get a chance to see them. hope you watch the show tomorrow. we have larry kudlow on the show again. he is the top white house economist. he will report on the gdp report. how is the economy doing in the

first three months of the year. we'll find out tomorrow morning. larry kudlow will tell us what he thinks about later on the program tomorrow. i leave you with the dow up 18 but the dow and nasdaq and s&p on the downside. a mixed market. neil, it is yours, take it away. neil: thank you very much, stuart. we're waiting to hear from the president, he is meeting with florida governor ron desantis. looking how he is helping states. it is certainly not a black and white issue. certainly no bailouts, or that the states will file for bankruptcy, something mitch mcconnell raised. president talked to reporters in the room with the governor and the president. so when he comes out of there, when the tape, when they leave that room, get us the tape i think by now you know the drill, we'll prey it back for you, all of it. blake burman on what we're learning not only about florida but other states reopening. this pace will pick up quite ag