maria: jam-packed show today. thanks to dagen, ali and governor huckabee. right to stu we go. "varney & company" begins right now. stu, take it away. stuart: thanks to you, maria. that was a terrific interview with the president. great stuff indeed. good morning to you as well. maria: thank you so much. stuart: sure thing. good morning, everyone. listen to this. in the last eight weeks, 36.46 million people have filed for unemployment benefits. the weekly numbers have gradually come down, that's true, but over 36 million in two months, that is obviously a vast number, comparable to the depression years of the 1930s. fed chair powell, he warned about this and that warning took

stocks way down. this morning, down some more. look at this. the dow is going to be off over 250 points at the open. the s&p, 26. the nasdaq, 64, 65. now, treasury secretary mnuchin says we can get those jobs back by going back to work. the president is very forceful on this. this is what he told maria on opening up the economy soon. watch this. >> i want them to open when they can, when they want, the governors are opening them. most of them are either opened or opening or considering it. i think that we have to get back to work. we have to get our country back. we have to take it back. it was artificially closed. we did the right thing and now we got to get back. we got to bring our country back and it's going to happen and it's going to happen fast. i call it a transition to greatness. stuart: he's going to pennsylvania where six counties are defying the governor's strict lockdown rules. the president will likely address that issue today.

meanwhile, a successful court challenge to a governor's lockdown powers. the wisconsin supreme court struck down the governor's extension of the stay-at-home rules. so a court is now saying a governor cannot make laws. like pennsylvania and elon musk in california and shelley luther in texas, it is a revolt and it's spreading. more on this throughout the show. now the blockbuster story the media has completely ignored. it was top officials in the outgoing obama administration who unmasked general flynn and the list includes joe biden. so he was in the room, he was part of the group that started the russia collusion fiasco, dragging the country through the dirt for years. asked about it, he contradicted himself. today, he says all normal procedures were followed. we have a lot more on this for you as well. "varney & company" is about to begin.

they weren't after general flynn. they wanted him to lie about me, make up a story, and with few exceptions, nobody did that. there were many people, i watched kt mcfarland the other day, i watched where she was knock, knock, fbi, you know, the fbi, okay. this was all obama. this was all biden. these people are corrupt. the whole thing was corrupt. and we caught them. stuart: another excerpt from president trump's interview with maria on what he believes was a setup by former president obama and then vice president joe biden. you heard him mention kt mcfarland. she is on this show in our next hour. i want to know what she thinks now that we know the names of the obama officials involved in the unmasking of general michael flynn. that's next hour. first let's get back to the jobless claims number. almost three million jobs lost

last week. treasury secretary mnuchin says okay, those jobs will come back. roll tape. >> i'm very sympathetic to the american business and the american workers that are going through this. i think we're doing everything to rebuild our economy and i think that we will rebuild our economy. we will conquer this virus. i'm very optimistic as i listen to the doctors and others about the progress that's being made on vaccines, on virals, on testing. when you literally turn off the economy, you create big unemployment. when you open up the economy, you are going to create those jobs back. stuart: all right. let's bring in dr barton. the market has been way down on this negative economic news and it's going down again this morning, off another 300. is this the time when you have a really strong stomach and buy the dip again? >> stuart, it is, and i'll tell you why. we were off a half a million jobs from what people were expecting, a half a million worse, yet the dow is down maybe

90, 100 points since the announcement. i believe that the fiscal stimulus, the monetary stimulus, is giving people continued underpinning for this market and i believe this is the exact point where you can add in and i'm buying, stuart. stuart: buy the dip. stay there. get more from you in a second. i have a vaccine warning, this is big news, warning from one of the biggest drug companies in the world, novartis. lauren, what are they saying about the vaccine? lauren: the ceo is cautious. he says it's going to be one and a half to two years before a coronavirus vaccine becomes available, so the pharmaceutical industry, much more cautious than the researchers who are hoping to get a vaccine out sooner. at least 90 vaccine candidates in trial right now. novartis does not have one. stuart: does not have one. stock's down. i got that. let's move on to boeing. i think the stock is down and i think there's news on them that is not great. ash, what is it?

ashley: no, it's not. it's quite shocking, really. delta airlines saying they will retire their entire fleet of the 777 jets. they have 18 of them. the boeing 777s, they are going to be put out of business by the end of the year. delta saying the carrying value of that aircraft is just not recoverable. they will say over the next two to three years, the airlines will be operating a smaller network, smaller fleet, smaller operation because of reduced demand. the main financial goal of these airlines is to try and get that cash burn number down. delta is estimated to be burning through $50 million a day. they hope to bring that down to zero by the end of this year. stuart: got it. boeing is down nearly three bucks. got that. i'm looking for positive news. have i found some in mcdonald's planning a reopening? lauren, what would it look like? when are they reopening? lauren: table service. imagine that, being delivered your food to your table at mcdonald's.

the ceo, the president has been having meetings at least three times a day and so far mcdonald's has implemented 50 coronavirus social distancing changes, including closed seating, face masks and gloves and they will bring the food to your table, all to protect consumers. you don't have to wait around, you place your order, then sometimes wait for it on the side. this way they just bring it right to you. stuart: i'm just not sure how positive that is. mcdonald's is down two bucks, back to $170. let's move on to starbucks. they have reopened some stores with restrictions. susan, what's this about they're looking for help, starbucks, to pay the rent? susan: that's right. they have requested some of their landlords for rent relief starting on june 1st and this is because it's a tough time for corporate america. we know starbucks is aiming to reopen about 90% of their restaurants across the u.s. by early june, so they own about 8800 stores. it will depend on localities and

city by city, county by county, how they operate these restaurants. some say there will be limited in-store dining meaning mostly carryout, mobile ordering, delivery and such, but we know starbucks reported sales down some 3% in this recent quarter and they are looking for sales to be down 5% in the next three months. it's tough out there. they might as well get some relief while they can, especially with limited services in some of these restaurants. stuart: i see the point. thank you. look at norwegian cruise lines. this is a badly beaten down industry. but ash, this prompter says they might have some good news. what is it? ashley: they do. they have been able to manage to raise enough cash through a mix of stocks and debt, they say, to carry them through the next 12 to 18 months, even if no one took a single cruise, in a worst case scenario. they have about $3.5 billion in liquidity now after raising that money. also some other good news. while demand has dropped off a

cliff this quarter through the third quarter, they say there is demand for cruises in the fourth quarter, and the bookings for next year are within what they call historical ranges. so yes, it's been absolutely awful but there is a little hope on the horizon. stuart: you know, when i came to you saying it was good news, the stock was up about 1%. that was about a half hour ago. now it's down 4%. norwegian cruise lines. all right. hey, d.r., hope you're still there. i do read your stuff and i know you are hot on those two stocks that you have been hot on for years, amazon and microsoft. would you buy more microsoft now at $177 and amazon at $2356? >> absolutely, stuart. i would, and i am. both in my personal account and with my -- for my clients. here's why. two numbers. 15% for microsoft, 25% for amazon. that's year over year revenue

gains for two of the three biggest companies on the planet. they are just doing everything right. microsoft is going to have gaming news coming out with the new xbox. amazon is just killing it and has some good news coming out on the other side of coronavirus for health care. so i think these two stocks have to be in your portfolio. stuart: one more. this sounds like a workplace of the future kind of play. rockwell automation. tell me. >> yeah. this is a simple story, stuart. we are going to have to bring a lot of manufacturing on, back on to the country, back on to u.s. soil, for security reasons. we got to make antibiotics here. we have to make a lot of the high end tech equipment here that we have outsourced to china and other places. rockwell is going to be able to be the automation interface for that. they are one of the few purely u.s. companies that do that. for safety reasons, people, we

can't have people working too closely together. they are experts in human-to-machine interaction and doing that well. that is going to be a stock of the future. stuart: we will watch it. d.r., thanks for being with us today. d.r. barton. president trump just tweeting this. i will tell you. good numbers coming out of states that are opening. america is getting its life back. vaccine work is looking very promising for end of year. otherwise -- likewise other solutions. president just coming out with that one. we will be down again at the opening bell. the dow has lost 4.5% in the last three days. it will be down another 1% plus at the opening bell today. we have a big show ahead. white house economic adviser kevin hassett reacts to the jobless numbers. congressman dan musa, pennsylvania, that's where the president heads today. will the president support the revolt there? probably. pete hegseth, i know he's fired up about reopening the country. and we have ohio senator rob

portman. wasn't to really go after china. all coming up. next, we now know the obama officials who requested the unmasking of general flynn. joe biden's on the list. "varney & company" just getting started. watch this. >> what you saw just now, i watched biden yesterday, could barely speak. he was on "good morning america" and he said he didn't know anything about it and now it just gets released right after he said that, it gets released that he was one of the unmaskers. meaning he knew everything about it. so he lied to your friend george stephanopoul stephanopoulos. in my line of work,

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i know nothing about those moves to investigate michael flynn, number one. number two, this is all about diversion. this is a game this guy plays all the time.

the country is in crisis. we are in an economic crisis, a health crisis. we're in real trouble. i thought you asked me whether or not i had anything to do with him being prosecuted. i'm sorry. i was aware that there was -- that they had asked for an investigation. stuart: now, that was joe biden on tuesday. a day later, we received the list of obama officials who unmasked general flynn, joe biden was on that list. the former vice president joined by a slew of other top intelligence officials from previous administration, james comey, john brennan, james clapper, they all hate trump basically. that's my comment, by the way. senator john barrasso, wyoming republican, joins us now. sir, this morning, joe biden says quote, all normal procedures were followed. is that the end of this? >> to me, stuart, this is a clear abuse of power. the obama administration was bitter over the fact that hillary lost the election. they wanted to do everything

they could to undermine the incoming trump administration and joe biden, as the documents show, was right in the middle of all of it. the thing that is so disturbing is that the day he did his unmasking is the same day the information got leaked to "the washington post." now, that's a crime punishable by ten years in jail and we know that joe biden likes to talk even though on "good morning america" he did his sergeant schultz impersonation and said i know nothing. stuart: we don't know for a fact that joe biden leaked to "the washington post." we could assume it was one of the 38, 39 people on the list but we cannot assume that it was joe biden, sir. >> well, we don't know who did but it was leaked and that is a criminal offense but you're right, you just said 39 total people did this unmasking. this is an effort by that last administration to undermine the incoming administration, a

direct affront and attack -- we're supposed to have in this country a peaceful transition of power and we didn't have that when the obama administration left and the trump administration came in. stuart: at some point, the former vice president has to be interviewed by serious journalists who will pursue him on this. it has to happen. if it doesn't happen from the media, it will certainly happen in the debates with the president. >> i would expect this will be part of the presidential election. only one part of it. there are a number of reasons that joe biden shouldn't be president of the united states. this is just one of them. it's his whole leftist view he's now adopted eliminating fossil fuel, the green new deal, his efforts to undermine health care in america, all of these reasons disqualify him from being president. this just adds to the pile. stuart: a couple weeks ago, when you were the last guest on this program, you said there should be a pause in new stimulus for the economy coming from congress. well, fed chair powell yesterday said we need some more help for

the economy. where do you stand now on future rescue packages? >> number one is all of the money that we have already appropriated hasn't gone out yet. there is still hundreds of billions of dollars that have not gone out. i heard what the chairman of the federal reserve has said. if we need to do something additional, it has to be targeted, it has to be temporary. it needs to be bipartisan and focused specifically on the coronavirus. but if you have seen what nancy pelosi has put out yesterday, $3 trillion, that's on top of the $3 trillion we have already spent, it is in so many ways a pipe dream for her. to me it would be a nightmare. i have a list i put together as chairman of the republican conference for our republican colleagues. there are 28 things that would turn your stomach and make you sick looking at the things that she wants to do, completely unrelated to getting the economy, getting our country

going again that are clearly not focused on coronavirus. the president is right, we need to reopen the country. i'm happy to say that yellowstone national park in wyoming will be reopening on monday and we are welcoming visitors. stuart: got it. senator john barrasso, republican, wyoming, thanks for joining us, sir. always appreciate it. >> thank you, stuart. stuart: next, governor cuomo of new york, he wants the next stimulus package to include a repeal of the cap on state and local tax deductions. ashley, he's really pushing hard for this. ashley: he really is. he says look, that salt costs new yorkers $29 billion per year. he calls it the very best piece of action for the state of new york and says it has to happen. by the way, analysts expect a fresh exodus from these high tax states including new york and new jersey. many of those people have second homes and many have moved there in this pandemic.

now they are worried about their health and frustrated with their taxes. there is a belief they may make that move permanent which just adds to the revenue woes of the new yorks and new jerseys of this world. stuart: do you sense a deal coming of some sort? maybe you get a little bit of revision of salt, in return maybe for liability protection for employers? there's a deal in the works, surely, somewhere here. ashley: i think so. this $10,000 cap, maybe raise it to $15,000 with that liability issue addressed. stuart: thanks, ash. look at the futures market. we are approaching the opening bell for wall street. we will be down. remember, please, the dow has lost 4.5% in the last three sessions. looks like we are down another 1% at the opening bell this morning. we are below the 23,000 level. this is all because we've got some very negative economic news. there are some doubts about how soon we come out on the other side.

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stuart: we've got red ink all over the place, down for the dow, s&p and nasdaq. take a look at disney's stock. premarket, it's down to $101.

or next guest says disney plus, the streaming service, will hit 202 million subscribers by 2025. the man who says that is simon murray, digital tv research analyst. simon, welcome to the show. 202 million people, that's a big number. will it provide that much revenue? because disney plus is cheap and a lot of people get it free anyway. >> it's certainly cheaper than netflix. i don't know how many people get it for free in the u.s. but in other countries, not many people get it for free. disney declared 54.5 million subscribers earlier on this month. got to remember the service is only six months old and it only launched in eight countries towards the end of march and early april, taking the total up to only 14 countries. many more countries are going to come onstream soon. stuart: okay. now, is disney's future as a big

company dependent more on disney plus or the theme parks? >> great question. i think it's going to tie in both, really. i think one advantage of launching disney plus is the fact it can offer bundling, cross-selling across its various media assets, including the theme parks as well. stuart: my problem with disney plus is they don't have a whole lot of new stuff. whereas i'm a netflix guy and i see new stuff popping up almost every day and i like what i see. there's a difference here, isn't there? >> yes, stuart. you're not quite the target market for disney plus, i'm afraid. stuart: true. >> disney plus appeals to younger audiences. younger audiences will watch the same content repeatedly, so there's less pressure on disney plus to launch new original

content, but they are going to launch some. than there is on netflix, where say adults are less patient and want new stuff all the time. stuart: i can see the point where disney would release movies straight on to disney plus, bypassing the theaters. is that likely? >> i doubt it. they still make a lot of money from the theaters, and a lot of money from pay tv. i don't know how much bypassing is going to go on in the future when we can all go back to theaters. stuart: there are just too many british accents on this program and your time is up. it was a pleasure having you on the show, joining myself and ashley. simon murray, you may be back. thanks for joining us. >> great speaking to you. good-bye. stuart: 30 seconds to go and we will open this market on a thursday morning. the red ink is still right there. let me recap here. we have had some pretty bad economic news in the past few days and this morning, we found out that in the last eight weeks, 36.46 million people have

filed unemployment claims. that is an astronomical number. in the latest week, last week, it was nearly 2.98 new unemployment claims. that's a real bad situation to be in. how fast can we climb out of this chasm? we are off and running. it's 9:30 and we are open. immediately, we have dropped 260 points, better than 1%. we don't even have all the dow stocks open at this point. we are headed south right from the get-go this thursday morning. okay. that's the dow. how about the s&p? what's the loss there? in percentage it's, about the same, down just over 1%. the nasdaq composite is down, i know it for a fact. it's down less than 1%, .8%. maybe there's a bit of comeback for techs. we will find out in a moment. i will show you tesla. their head of human resources now says if you are furloughed, furloughed employee, and you are called back to work but you don't want to come back in

because of the virus, you lose your unemployment benefits. that's an important point for other companies which are going to invite workers back a little later. okay. tesla is down nine bucks at $781. mcdonald's, they have unveiled their plan to reopen restaurants. the market doesn't think much of it, down $1.37. $171 on mcdonald's. boeing, delta is going to retire their entire 777 fleet of planes and boeing is down to $117 a share this morning. another loss of 3%. the airlines overall, red ink across the board. we are used to that by now. pay attention to american airlines, in particular. look at that. they are down to $8.60 a share. that's american airlines. the cruise industry, we had norwegian post profits earlier. obviously the virus hurt the bottom line. but they did rack up around, what, $2 billion in advanced ticket sales for later this year. nonetheless, norwegian is down

2%. royal caribbean, 3%. carnival, 3% down. red ink all over the place today. q. le back to that jobless claims number. 2.9 million people filed for unemployment claims last week alone. bring in kevin hassett, white house economic adviser. kevin, welcome back to the program. we have not seen you for a long time. in a nutshell, we have lost, what, 36.4 million jobs in the last eight weeks. how do we get those jobs back? >> i think what we're seeing is in fact, looking at the claims data today, they came in a little bit better than i expected. in fact, i think you are starting to see signs that people are trying to grab the economy back and it's working. especially if you look at the state level details, where the states that are gradually starting to open are starting to at least stop the decline. so i think the way to think about it right now is that over the next few weeks as we watch the claims data which is really the best indicator, that we are hoping to see that we are sort of entering the corner and getting ready to come out on the other side and hit the gas. i think the fact that we came

in, these claims came in below three million, i think that that's a key marker. it suggests that the gradual opening up of the economy is beginning to slow the decline. what we have to do is turn that into an advance, but i think the claims data today was a positive sign, the turning on of the economy is starting to slow the descent. stuart: there's got to be a shift in the working population, surely. there's got to be a shift from more people working from home and more people working in different industries from where they were a couple months ago. it's a major shift in the work force. do you see it the same way as me? >> i think you're right. i think there are going to be many many long run changes that happen because of this. there was actually one change that was part of the cares act that had a big effect on the claims data which is worth mentioning, which is that basically if you were self-employed, then you qualified because of the cares act for unemployment insurance and that was north of 800,000 people who basically, you know, don't go to an office every day but got unemployment insurance

claims because their self-employment activity was slowed the a halt. so i think the economy is changing. there's a gig economy, there are more and more people that are basically controlling their own lives and working from home and i think that that is going to accelerate now because it's so much a safer place to be for many people. stuart: the fed doesn't see it your way. the fed sees a very serious economic plunge that we are now in, more serious than the fed was expecting, and they don't expect a rapid recovery on the other side. you're at odds with jay powell. >> well, i'm not really sure that's true. i think that at the white house, we about agree with the congressional budget office that we will have a very strong second half of the year, you know, the second quarter, we've still got more bad news to take in but by the time we get to the third quarter, the fourth quarter and next year, things are going to be a lot greater. we are kind of transitioning back to the very very strong economy that we had and if we do have that strong second half it will be because back when i was on the show with you and we were

talking about how strong the economy was, we came into this crisis with about the strongest economy ever, but as a final thought, that in terms of what markets should think, if the fed is very very concerned about the risk, that's exactly what the fed gets paid to do. so i think it's a good sign that if chairman powell came out and said you know, it's going to be fantastic and we don't need to do any more policy, i would guess that would be worse news for markets. stuart: kevin, thanks very much for being with us this morning. we appreciate it. thank you. look at that market, because it really still is reacting to the negative remarks from fed chair powell yesterday. we are down another 1.1%, back to 22,981. couple more indicators for you. where's the yield on the ten-year treasury? the yield is .61%. it's down. again, that means that money is coming out, maybe money out of stocks into bonds. the yield goes down, the price goes up. people are buying. the price of gold, $1731. nice pickup this morning, up

nearly 1%. oil, that's strong again. $26 a barrel as we speak, up 3%. take a look at amazon. i'm looking at the prompter here and it says what's this about jeff bezos becoming the first trillionaire? susan, what's this? susan: by 2026. we have trillion dollar companies, some say very shortly we will have trillionaires on the planet and the first one will likely be jeff bezos. this is according to comparison which is a company that works with small and medium sized firms and how they calculate this is that they take the five-year average of wealth gain and for jeff bezos over the past five years, his wealth has grown 34% so he's now worth $143 billion. then they extrapolate that and apply it to future years. now, i think there's a few flaws, there's a little too much simplicity because there's a law of large numbers and what about compounded interest and i can't give you a stock price because of all the complexity in

calculating this for future years. stuart: but it makes a good headline, doesn't it. the world's first trillionaire. susan: on social media, there's a lot of backlash because people say why does he deserve to be a trillionaire the way he treats his workers, not paying them enough, worker safety and the lot. stuart: yeah, yeah. i have heard that before. all right, susan. thanks very much indeed. amazon, by the way, is up 15 bucks in an otherwise down market. $2382 on amazon. the wisconsin supreme court strikes down the governor's extension of the lockdown rules. a win for the revolt. that's how i see it. you will hear more on that in my take in the 11:00 hour. bombshell revelations in the flynn case and it doesn't make flashbacks like these look good. watch this, please. >> do you recall any u.s. ambassadors asking that names be unmasked? >> i don't -- i don't know. maybe it's ringing a vague bell but i'm not -- i could not

answer with any confidence. stuart: the gentleman on the screen was john brennan, former cia director. he was one of the unmaskers. kt mcfarland, who is involved in all of this, joins me next hour. twitter telling their employees yeah, you can work from home permanently if you like. is this the start of a real new trend? twitter's former vice president joins us next on that. we'll be right back.

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stuart: 12 minutes into the market and we're down 290 points, 1.25%. how about kroger, the grocery chain. really investing in their employees. they have increased their average hourly pay rate to $15 and they are hiring 100,000 workers. the stock is down 14 cents. have a look at big tech. that's really taking it on the chin recently. some of those stocks are down again today. apple is back to $304. amazon is up, okay, but facebook

is back to $202. i think microsoft is down as well. yes, it is. google is down 12 bucks. no comeback at this point for big tech. netflix, different story. they just hit another all-time high. look at that, $450 on netflix, up 12 bucks. microsoft, they are calling the virus progress disappointing. that was in a leaked company memo. i don't understand what disappointing about the virus to microsoft, susan. tell me. susan: well, disappointing in the recovery here in the u.s. microsoft is eyeing a potential reopening in 16 countries around the world, one of them will not be here in the united states. in fact, they are looking at washington state which is the home to microsoft and they are looking at worsening conditions. don't forget, washington state was one of the first hot spots in the country, but it appears to be worsening, according to this internal memo that was obtained by the "new york post." microsoft has also set up five stages for reopening offices and that means most of its employees

who can still work away from the office, you can work from home until the fall. but we have heard other big tech companies saying that you don't have to return to the office for the rest of this year. twitter said you can do that permanently. stuart: let me follow up on that, because you are quite right. as we reported, twitter will allow employees to work from home forever, and we just heard this from zoom. workers at zoom will work from home until new offices are built and the virus restrictions ease. zoom is up again, $168. bruce daisley is with us now. bruce wrote the very famous book, "eat, sleep, work and repeat." bruce, welcome back to the show. good to see you again. >> thank you, stu. great to see you again. stuart: we are intrigued about what the workplace looks like when we get back to normal, quote unquote. i can see maybe 10% or 15% of office workers who will stay working at home, they're not going to come back to the office.

that's kind of a big number. what's your number? >> well, the u.s. office space market is $2.5 trillion and i suspect there's a lot of firms right now who have got their chief financial officer saying you know, i think we can lower our footprint. there was one stat at the end of last year saying that half of u.s. multinationals were debating moving to these hot desking situations where you share a desk with other people. i suspect a lot of cfos are thinking hey, we are up for renegotiation, how about we halve our office space, make sure we keep some of these prestigious meeting rooms, we maybe have space to invite everyone in now and again, but we have demonstrated that people can work from home and the really fascinating thing is that there's been comments from the ceo of morgan stanley, the boss of nielsen, a research company, the british ad man, the madman.

he said he's realizing the money he spent on his rent is certainly money he could spend on wages. i don't believe a word of it. he will bank that money. but it's an indication there's a massive disruption coming, i think. stuart: yeah, and think what that would mean for the cities in the united states. look, all over america, you look at downtown and there are huge office buildings. if they were, you know, not emptied out but if they didn't bring back all of the people who used to be there, that makes a completely different surrounding for restaurants, bars and other services in our cities. this is a major shift. >> it's transformational. the reason why a lot of people are starting to believe that there may be something in this, that we're not just following the hype, google just pulled out of a two million square foot deal in the bay area and it's a suggestion i think we are seeing more and more. we are seeing that a lot of firms are really questioning do we need this bigger footprint. while you think about that, that restaurant you go to maybe at

lunchtime, the sandwich shop you go to, the cabs that get you there, the metros that maybe bring you into town, the parking, all these things depend on this ecology of bringing workers into cities. if we disrupt that, who's to say what impact this will have on big famous cities we have grown to love. stuart: if a lot more people are working from home, if a lot more people are doing video conferencing, doesn't that increase the importance of the cloud and any companies which have a big position in the cloud like amazon, microsoft, alibaba? the cloud is going to become even more important from all of this. >> resolutely. we will all know the experience of trying to connect because things don't work first time. we get increasingly frustrated. there's going to be a premium on being the most reliable, the most safe of these products. i think absolutely, the challenge for us, of course, is how do we maintain our relationships. there's a website called

glassdoor that measures people's satisfaction with their job. the highest performing category on there is workplace culture. if we are only engaging with our colleagues through a screen, wouldn't that mean we will start missing that connection, that laughter, that rapport we built with colleagues? i think it's going to be a fascinating time to try and work out which companies can start creating something that is more than just a relationship with our laptops. stuart: you are absolutely right. simon murray, you are the last british accent to appear in this hour of "varney & company" but i'm sure you will be back. simon, good stuff. mr. murray, see you again soon. thank you. adam schiff is back in the spotlight. remember when he was all over the media shouting russia, russia, russia collusion. well, we remember. watch this. >> there's clear evidence on the issue of collusion. there is significant evidence of collusion between the campaign and russia. >> have democrats found any

evidence of collusion? >> yes, we have. the trump campaign were conspiring, were colluding with the russians. >> you can see evidence in plain sight on the issue of collusion. stuart: i kind of miss that. however, new documents do show, yes, he knew there was no proof of collusion after all. will he ever be held accountable along with the other obama officials behind the unmasking of general flynn? we are on that story. check uber and grub hub. they are in talks of maybe getting together, a merger. i want to know, is food delivery the big thing after the lockdown is over? it's big now. will it stay big? we're on it. cover it next. tums versus mozzarella stick

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stuart: uber and the food delivery company grub hub are discussing a get-together. if it happens, uber would be the dominant food delivery player. now, bring in tom white, d.a. davidson senior research analyst. my question, though, is what happens when the lockdown is over and we go back to whatever is normal? will food delivery still be as big then as it is now? >> stuart, good morning. thanks for having me. look, i think one of the things that we've learned during this pandemic is that the online food

delivery category is expanding overall. a lot of the kind of future demand and future share gains this industry was likely to see over the next few years is really getting pulled forward as a result of us all getting stuck at home, and so when things open up, fingers crossed hopefully that's soon, i suspect a lot of that demand and that kind of category expansion will remain. presumably some people will continue to, you know, want to sort of venture out and go out to eat but i think a lot of that demand pulled forward, if you will, will remain and that's i think one of the reasons why uber is trying to kind of move quickly here in advance of this category expansion to potentially tie up with grub hub. stuart: who will be the big food delivery company after the lockdown ends? >> i think if grub hub and uber can come to some sort of middle ground and consummate a transaction here, i think uber's in a pretty good position to be the dominant player over time. one of the main factors being

that the fact that they have ride sharing as well as online food delivery will enable them to have just a much more what we call liquid marketplace in terms of drivers who are basically plugged into the platform trying to generate earnings by either driving for ride sharing or for food delivery, and also on the consumer side, you know, the idea that uber can be sort of a day in, day out sort of habitual use case for consumers because they are using it for ride sharing and getting around but also eating, you know, could be a pretty powerful combination. stuart: i got it. all right. tom white, thanks for joining us. we appreciate it, sir. by the way, have you noticed, look at the market, please. we have been open, what, 25 minutes and the dow is down nearly 400 points. it was down 400 moments ago. that's where it is now. you are off 400 points, 1.7%. i think it's this bad economic news that continues to weigh on the market and fed chair powell's comments from yesterday where he said look, this is a pretty dire situation and we ain't getting out of it any time

real soon. dow is off 400. next case. things are not looking good for joe biden now that we know he was one of the obama officials who unmasked general flynn. i say it may be the biggest political scandal that i have seen in my lifetime. i'm going to tackle it with a my take coming up next. watch this. >> what you saw just now, i watched biden yesterday, could barely speak. he was on "good morning america" right? and he said he didn't know anything about it and now it just gets released right after he said that, it gets released that he was one of the unmaskers, meaning he knew everything about it so he lied to your friend george stephanopoulos. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. unlike ordinary wmemory supplementsr? neuriva has clinically proven ingredients . .

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options and rates to fit your needs oh, and happy birthday... or retirement... in advance. stuart: 10:00 eastern, precisely that is, we have a new low for the dow, we're off 418 points. that is 1.8%. 23,800 on the dow. s&p down 1.6%. i'm sorry, the nasdaq is down 1.6. the s&p is down 1.7%. just coming at us right now the latest on mortgage rates. the 30-year fixed-rate mortgage pegged now at 3.28%. that actually is up a couple ticks last week. 3.28% is close to historic lows on the 30-year fixed. all right. check the market again, down 490 now.

still got major losses across the board. i see plenty of red across the screen. now this. if you want to find out how the russia collusion fiasco got started don't bother watching the media. they're not interested. wednesday, dramatic news. 39 obama officials made 49 requests to unmask general flynn. a little excessive perhaps? no. not when you see general flynn as the key to reversing the election that you just lost. of course they went after him but amazingly, nbc and abc did not cover it, not at all. cbs gave it 50 seconds. extraordinary, isn't it? the crew that dragged our country through the dirt for three years turned silent. it is par for the course. but for joe biden, it is not over. he was one of the unmaskers. he was part of the group. he was in the room. first he said he didn't know

anything about it. then he said he was aware they asked for an investigation and i don't think anything else. listen for yourself. watch this. >> i know nothing about those moves to investigate michael flynn, number one. number two, this is all about diversion. this is a great many this guy plays all the time. the country is in crisis. we're in an economic crisis, a health crisis. we're in real trouble. no, i thought you asked me whether or not i had anything to do with him being prosecuted. >> okay. >> i'm sorry. i was aware that there was, they had asked for an investigation. stuart: that was tuesday. "good morning america." today he says, all normal procedures were followed. the whole thing is a distraction he says. no, it's not. joe biden was one of those high officials who launched the flynn takedown. they launched russia, russia, russia. why did joe unmask flynn eight days before leaving office? what did he think about the leak of flynn's name to the

"washington post." by the way leaking national security secrets is a crime. so were normal procedures followed there? come on. you can't run for the presidency if you can't come clean about your role in undermining the president you're now trying to replace, can't do that and you have to consider the disgraceful treatment of general flynn. he is still dangling in the win. the judge in the case, an obama appointee called in an anti-trump lawyer to essentially retry the whole thing. how convenient for joe. it could drag on past the election. effectively shielding joe from embarassment. it wasn't mr. trump who dragged america through the dirt it was top officials at the obama white house that included joe biden. watch this. >> they weren't after general flynn. they wanted him to lie about mee, make up story and with few exceptions, nobody did that. there were many people, i watched kt mcfarland the other

day. i watched where she was knock, knock, fbi. the fbi. okay. this was all obama. this was all biden. these people were corrupt. the whole thing was corrupt and we caught them. stuart: that was president trump, again in that ground breaking interview with our own maria. he mentioned kt mcfarland. miraculously kt mcfarland appears on right-hand side of the screen this morning. i have two questions here. i want to know how you feel about the unmasking news? then i want to get to general flynn twisting and dangling in the wind. how do you feel about that? first unmasking what do you think? >> people are looking at the wrong thing i think with the unmasking. i carefully gone through the names and the circumstances. i'm not as certained with the senior people. i figured they all wanted to find out what flynn was doing, who he was talking to and who was he talking to when he talked to president, but, the midlevel

people they had no reason to unmask flynn. they had no reason to even be involved in any of this. even samantha power, u.n. ambassador when asked under oath, your name was on the unmasking requests. i don't know anything about it. it wasn't me. i didn't make those requests. i think there may be something else going on here. stuart: like what? >> people in the obama administration, people in the offices right down the hall from the president in the west wing, wanted to make a lot of requests but they didn't want their names on all of those requests. so they had one or two for biden, one or two for the chief of staff but had all the other people. i think those people were not, they may not have even known their names were used on the forms to justify those unmaskings. so if that is the case, that is an even bigger scandal than the one we've already seen. stuart: was it a cabal in the white house right after donald trump won the election, was it a cabal that said we can't have this, let's undermine him? is that what happened.

>> yeah. i think so. they did it for a couple reasons. one, they were stun the. they didn't think donald trump was going to win. they had never covered any of the tracks of what they were doing in the obama administration. all of sudden they had to think, gee, president trump will get his hands on all of this, he will know all the things we were doing. and because president trump as a candidate has said we'll clean up washington, we'll drain the swamp, we'll look at the intelligence community, we'll reorganize, many of those unmaskings stu, came right at a period where there were news accounts that general flynn and president trump were going to look at the intelligence community, particularly the cia, similar to what general flynn had done to the intelligence agency years before. they were running scared. that is number one. it was preemptive strike. get rid of flynn, kt mcfarland, so confused, hobble the trump administration they will never be able to govern properly or

drain the swamp. i think something else was going on, at the same time, they were leaking to the press, as you pointed out these are crimes, leaked to the press classified information of transcripts of rush call to russian ambassador. they were setting up hoax. they were not talking about russia. they were not telling us what they were doing with russia. i think they knew from the beginning there was no collusion. there was no corruption. donald trump won fair and square but they couldn't live wit. so they started the russia hoax right then and there. they were telling the american people, oh, trump won because of the russians. trump's a russian asset. at the same time, they were saying in classified briefings on capitol hill which were just declassified two days ago, we were there was no corruption, there was no russia. it was a lie entire time embedded, aided by the u.s. media. stuart: i do have to mention general flynn, the lawyer, the

judge in the case has delayed the outcome, brought in an anti-trump lawyer to basically retry the case. to me, general flynn is left dangling in the wind. his reputation and his finances still a mess. how do you feel about this? >> angry. because the same, they tried to do the same thing to me. i had a better lawyer. i wasn't going to sort of succumb to their pressure. general flynn and i, the fbi comes knocking, the guys that we're, they're supposed to be our friends, right? protect us against foreign enemies and terrorists, yet they were used to go after a political opponent. that is the biggest, biggest crime of all is that powers we gave these people. they turned on their political opponents. they turned them on general flynn for the reasons i just said. so now, after general flynn is bankrupt. he lost his house. he lost his reputation. he lost his career. he is now in debt millions of dollars. they will keep going with this. stuart: just terrible. >> it is a dirty little secret,

if they can't get you on a crime, they can't pin your scalp to the wall, what can they do? they can bankrupt you to punish you. that is what they have been doing to flynn. they tried to do to me and tried to do with others. stuart: we feel for you, kt, on behalf of myself and all our viewers we feel for you. we think you're okay. >> thank you, stuart. stuart: come sees soon. >> you bet. stuart: keep your eye on the market. we hit a new low. we were off 450 a few seconds ago. there is major red evening across the board. bad economic news, we are in a whole in this economy. the market reflects that. a couple stocks we're checking for you, mcdonald's. they unveiled the reopening plan. they will have some closed seating areas, more cleaning of any high touch surfaces. facemasks, gloves for employees. beverage procedures which will be modified for minimal contact. i think they will deliver it to your table in a bag. that is mcdonald's down

2 1/2%. novartis, the ceo is it will take one 1/2 years to two years to get a vaccine. not good news there. sanofi, french company, they're getting some backlash for what their ceo said about vaccines. lauren, tell me more about that. lauren: paul hudson told "bloomberg news" because the united states was the first to invest in sanofi's coronavirus vaccine, they are likely to get the first and the largest doses of the vaccine. that has sparked outrage. next week there will be a meeting between president macron's office and executives at sanofi but this is a very large and encompassing issue right now. what do governments, countries, companies do, when there is a vaccine? how do you distribute it? who gets it first? what's there, what's not? stuart: i can see the fight coming a mile off. actually you're right, lauren, it has started already right there. you got it. sanofi is down 1.3%. we got some new safety

measures from uber both for drivers and riders. susan, how are they going to make us safe? susan: riders, drivers, have to wear masks starting monday around the world for anybody that take as uber. drivers need to verify they are wearing a mask by up loading a selfie on the app. they have to be asked whether they cleaned their car or washed their hands. riders need to prove they are wearing a mask but they don't have the selfie component this is part of uber's push to make sure people are riding safely. they shipped $50 million in supplies, including 0 million 20 million drivers. they have limited riders from four down to three. uber, rest of ride-hailing industry has been suffering. in april they're down 80% in most of the cities they operate in. they're hoping if they make things safer people with will want to take trips again.

stuart: it is a gamble. they're down 80%. you got to do something. now this one. tampa bay ace pitcher blake snell says he will not play for reduced salary. the risk of contracting the virus is not worth it. major league baseball proposed 50/50 revenue for virus shortened season. the guy says i'm not playing. governor ron desantis says teams from other states can set up shop in florida. gary kaltbaum, joins us now. you are a market watcher, i will get to the market in a second but you're a florida goo guy, a florida resident, you've seen your state open up. give me a report on the front lines of florida economy. >> here in orlando, much busier. restaurants 25% open, which by the way is good news but not good news because most of these

restaurants cannot stay in business at that level. most definitely you can feel it. you can see it on the highways. you can see it on the roads right now. it is trying to get back to business but i do say we have a long way to go. stuart: we hear you. now let's turn to the market. we're down across the board. we lost 4 1/2% on the dow in the last three sessions. we're down another 1 1/2% now. so, gary, would you buy the dip? >> not yet. if i did selectively i can tell you i love the way netflix is acting here. it looks like it wants to move out to new highs. but, stuart, i would suggest 80, to 80 5% of this market is bearish again in big way, led by the financials on the way down. new yearly low is picking up, yearly lows, lower than the crash for a bunch of areas. so i'm very, very careful on the broad market. so we'll be very selective at this juncture t would be mostly big cap. you know the areas, the tech,

the internet, software and the like. that's what's been leading. i'm hoping it continues to lead. stuart: all the big hitters on wall street are saying watch out, watch out below. gary, thanks for joining us. see you again real soon. all right. still to come on this program today, pete hegseth. he is fired up about reopening the country. also on the show, senator rob portman, republican from ohio. he wants to really go after china. well, he will make his case this morning. the fbi has seized senator richard burr's cell phone this is all about the investigation into that senator's stock transactions ahead of the pandemic. serious stuff here. we have details. president trump heads to pennsylvania later. he will visit a factory making facemasks. we'll talk to pennsylvania congressman dan muser. he will be with the president. i want to know, will the president encourage the revolt that is breaking out in pennsylvania? this is the second hour. we're just getting started.

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stuart: all right. got red ink all over the place. the dow is down 400 points. on your screens right now, counties in pennsylvania, which threaten to reopen in defiance of the governor's lockdown rules. president trump is going to head to pennsylvania today. congressman dan meuser, republican from pennsylvania, he will be with the president and he joins us now. congressman, you think the president is going to encourage this redeveloped by these six counties? >> i'll tell you what, it is very wonderful to have the president here. we need his realistic, optimistic outlook on things. the president understands that we got to be as his leadership shows, about saving lives but also saving livelihoods. his approach is very data driften. it is very science based. look at his task force, it is

with him all the time. we've got to, we got to follow in line with this lean forward inclusionary approach. our governor frankly in pennsylvania looks at the data but he doesn't follow the data. i believe most liberal governors look at the data but they follow their preconceived agenda to keep things shut down and not appreciate that livelihoods matter. stuart: i got to press a little harder, congressman. i can see the president taking a shot at the governor of pennsylvania when he arrives there today. and you can too, i suspect? >> well, again, we're dealing with, things are very troubled here in pennsylvania. that is why i'm so happy and thankful the president is coming in to give us some cheer, to talk, to see the people. you know the president is a person of the people. last time he was in pennsylvania he was mixing it up with those. today of course will be a little bit more after distance. he came back and said, hey, what is with this rain tax?

you have to help me work on it and kill it. he needs to hear from the people. it energizes him, and he energizes us. so right now we're getting nothing but dour reports on regular basis. our office tells us it is bad and it will get worse, folks. shut down indefinitely. the president is thinking forward guy, leaning forward, data based, save lives, yes, sir but we can't kill livelihoods. stuart: why in a recent "fox news poll" joe biden leads the president by eight points? now that was taken april 18th to the 21st. about 2 1/2 weeks old but none the let's, that is a big winning margin for joe biden. can you explain it? >> you know what, stuart? i mean this stats show that 67 out of 70 media hits, should not call them news are negative on president trump. they paint him in the worst

possible propaganda possible. look, president trump has delivered the best economy america has ever seen. pennsylvania, wages are up. manufacturing is up. we're becoming very energy independent. our natural gas is doing well. soon as the people start saying that joe biden wants to ban fracking, wants to raise your taxes, wants to put beto o'rourke in charge of gun control. now he said aoc will be his new energy deputy, i guess he is grooming her to be his next energy secretary to adopt the "green new deal." that is not what republicans in pennsylvania want. certainly not what democrats in pennsylvania want. we want a positive out look. we want jobs. we want, an outlook that america is great, you know what? we have the right governor here as well in the future, i say it often, pennsylvania can be the new texas. we could even be better. that lifts everyone. again, president trump is about.

stuart: pennsylvania, the new texas. those are fighting words right there, congressman. great to have you on the show. dan meuser, i'm sure you're seeing the president later on today. thank you, dan. >> will do. stuart: now this, the fbi reportedly seized senator richard burr's cell phone this. is in connection with the investigation with the sale of stock right before the virus outbreak. the senator avoided a big loss by those sales. ash, come in to this. what is the senator saying about it? >> senator burr says he denies any wrongdoing. he does acknowledge he sold his stocks because of the coronavirus, but he says, importantly he said, he relied solely on public news reports but have they a warrant for his cell phone but earlier got access to his cloud accounts to monitor the communication between himself and his stockbroker. he did sit in on early briefings on the virus. he is also chairman of the

senate intelligence committee but the republican from north carolina said i didn't do anything wrong. stuart: but they have taken his cell phone. ashley, thank you very much indeed. we still have a lot of red ink all over the place. i will run it through for you. the dow is down 320. s&p down 40. the nasdaq is down 28 points. red evening ink across the place. we heard from disney and universal about reopening. now we hear from six flags. they have a new reservation system to insure proper social distancing. tell me more, lauren. lauren: the stock is down 6 1/2%. they have the system but you can't make a reservation yet because they ever not announced reopenings of any six flags theme park. when they do launch this, go online, put a lot of information. watch a video about health. takes five to seven minutes. then you get a number on the day and time that you can show up at the park. so you cannot just go.

it could be nicer to be at six flags with fewer people, fewer lines but you know, you can't do things on a whim anymore when the country starts to reopen and can go to theme parks, right? do it all ahead of time. stuart: i just wonder what happens when you get inside after park, i don't care which park it is, you have to wear a mask. you get inside, take the mask off, running around on the rides, take your mask off, what do they do, throw you out of the park? give you a warning? i don't know how this kind of thing works. have you any clue. lauren: nobody knows how it works. i know wearing a facemask in the thick of sum are has got to be uncomfortable. if there is, they're not nearly at full capacity and social distancing is being respected, i'm assuming outside you could lift the facemasks. i do not know that but i don't really see these companies and their workers being policemen. stuart: right. >> whether on an airplane, it is

a flight attendant or someone letting you on a ride. stuart: exactly, who is the cop? is there a cop? good question. lauren: yeah. stuart: thanks, lauren. a barber in michigan won a court case against the governor's shutdown order. then the state suspended his license. now he says he won't close his doors, quote, until jesus comes. that is his quote. he is on the show next hour. next though, i'm talking to two restaurant owners. they both have businesses in a town called bristol, just a few streets away from each other. here is the catch. one restaurant is in tennessee and the other is in virginia. that means only one of them can open. both restaurant guys on the show next. - [announcer] we've all seen it.

the story where the chances are low, and the cost is high. the sacrifice is real. it's all around us. but this isn't a story about how tougher times beat us. this is our comeback story. the time when we rally and come from behind. the time when we defy the odds and get back to work while the whole world watches. yeah, this is your comeback story. and when it's time to come back, we'll be ready.

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stuart: tell red ink, we're coming back a bit. we're down 330. similar losses on the s&p and nasdaq. so far it is a down day. i like this headline, tyson, slashing beef prices. lauren, tell me more. lauren: they are. you might see a 20 to 30% price

cut on meats. tyson wants to keep meat on dinner tables. wholesale prices have gone up triple since early march for beef. steak prices more than doubled since early march because of the coronavirus pandemic. they closed a lot of their plants. customers are trading down. buying other things. tyson is aware. they're considering a price cut for food stores. hopefully the retailer passes it on to the consumer. stuart: that means the processing plants still not supplying all the meat we need, still so tyson cutting price to the meat counter. that is what is going on. we have not solved the supply chain problem. lauren: we certainly have a supply food shopping. you go to stores frequently, some stores are limiting amount of meat you can buy. others don't have meat in stock. others are plenty, they have plenty of meat. depends on where you go. i put this out on twitter.

people across the country are sharing stories and how difficult, how expensive it is to find beef and steak right now. supply issue. stuart: i got it. thanks, lauren. this is a classic story here, look at the map, please. two restaurants straddle the town of bristol which sits on the boarder of the state line of virginia and tennessee. one restaurant can open, one cannot because they're in different states. i will deal with travis penn, delta blues restaurant owner. deal with travis, first of all. your restaurant is in tennessee. i will get to joe in a second. how's business? i imagine you're picking up a lot of business from virginia, right? >> i think we are, we are. for a while we were 100% take-out. then we were able to go to 50% inside capacity. and when you look like you said downtown, tennessee on one side.

stuart: virginia on the other, there is a lot more going on the tennessee side right now. stuart: are you doing good business? you have limited access, limited number of people allowed in but are you filling your tables? >> we are, we are. it picked up slowly. we, the first few days that we were able to do so we were running 25% dine-in versus takeout. and now we're probably 50/50% sales. during our busier periods, during lunch and dinnertime we do have a full dining room. stuart: come on in, joe diehl. you run the burger bar. you're the owner of that, joe. how do you feel, you have got to be fit to be tied across the street you will open and you are restricted. how do you feel? >> oh, it is tough. travis is a real good guy. i don't feel any animosity toward business owners. if i had the opportunity to open i would open myself.

i don't begrudge travis a bit. he has a great establishment. he puts out a great product. i'm waiting for my turn. my gripe is with the governor. i wish he would come to southwest virginia, look at our location, not judge us based on richmond's numbers. stuart: you want to open, i'm sure. have you any idea when the governor will let you open? >> as of tomorrow we're allowed to open with 50% outside capacity. stuart: outside. >> yes, sir, outside. a lot of restaurants don't have outside seating. we're lucky we have 18 seats outside. the city has been good to me. they will little us do a street closure, to try to maximize a little space. we'll do six foot distancing. no more than 10 people to a section. but, oh, yeah, i'm dying to open. this is really been a rough time on us. right now of course, everyone drives across the street. it is not streets away. it is look behind me through the

window, it is a little bright. but that is tennessee. stuart: back to you, travis, do you serve alcohol in your delta blue's barbecue? >> we do serve beer. stuart: beer. do you have a bar? i'm intrigued how you handle a bar with social distance. >> we don't have a boar. and actually in the state of tennessee right now bars are not allowed to be opened. so we just a few taps and some bottled beers. you know, that goes to the tables with the customer. stuart: okay. i wish, gentlemen, it was great having you on the show. it is such a strange contradictory kind of thing different sides of the street, different opening regime so to speak. travis, joe, thanks for coming on the show. hope you both get back in business and do good business. >> sure thing. stuart: let's go to see d.c. hillary vaughn is with.

if i'm desperate for a drink in d.c., i can get one but i can only drink outside. is that true? reporter: stuart, you have to order it to goo. you can't drink with open container. you can order it to go. what bars in d.c. are asking mayors to do to open up the streets so they can open up their business to bring what they have inside outside. they say it will make customers feel a lot more comfortable, allow them to socially distance in the open-air. it will boost morale in a city essentially been in lockdown for months. >> for u.s. one of the things we're trying to petition for on connecticut avenue, some way shut traffic down southbound lane, from our door here, to that door, straight across, be able to have outdoor seating to coinvite what we have on the inside. we're asking for it to be shut down on the weekend from saturday, sunday, 10:00 to 8:00 on weekends, like they do over in europe. reporter: d.c. does allow you to

buy alcohol to go but really, stuart, the sales do not compare. you of course drink more when you're at the bar than what you would order out. owner of across the pond pub tells me normally between st. patrick's day and now they would make $450,000 in revenue. today they have only made $5000 in that same time period. so the message here is that bars have been hit, even harder than restaurants because they don't really make a lot of money from food take-out. so they're asking for the mayor to let them bring their business out on to the street so they can start to make some money. stuart. stuart: yeah, if you come from 400,000 to 5000 you really want to make money pretty fast. hillary, good stuff. thanks for joining us. see you soon. the fbi warns that china is launching cyberattacks to interfere with virus research for vaccines. senator rob portman says they have been stealing research for years. he is on the show with the what

he is going to do about it. will schools open in the fall? good question on every parents mind right now. they want to know when will kids get back to class. even the president said they should reopen. what is the hold up? i will ask that question. ♪

♪ ♪ ♪

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for the best reverse mortgage solutions. call now so you can... retire better stuart: looking outside on sixth avenue in new york city, there are more pigeons than people on sixth avenue at 10:40 eastern time. look at that look at that no people. couple of cars. that's it. let's check the markets. we have come back nicely. we're down 200 on the dow. we have been down 450. so we have come back a bit. delta, the airline of course, a seven-year low for that stock earlier. it is down another 4%.

$18 a share on delta. by the way american airlines is now at $8 a share. they're really taking it on the chin. now this, with schools around the country closed for the rest of the academic year due to the virus of course, what happens to summer camps? lauren, give me an update on the summer camp business because it's huge. lauren: they're allowed to open in georgia. same with connecticut. connecticut to the end of june. if california has its way or maryland, there would be summer school. if there is summer school that likely means no camp. for camps planning to open it will look a lot different. kids will be very small groups. temperatures are taken. likely pools will be closed because they invite crowds of people, close contact. likely no bus service. when you think about it, service, camp is about getting dirty and being rowdy. coronavirus environment, you got to be really clean. and separate. so i do hope that it will be safe for camp to open because

parents need to go back to work, to send the kids somewhere but we're not entirely sure this can happen. stuart: no we're not. thanks, lauren. on the subject of opening schools the president had something to say about that he wants them open. >> i think they should open the schools absolutely. i think they should. have very little impact on young people f you're instructor, teacher, professor, over a certain age, let's say 65 or maybe if you want to be conservative, 60, perhaps you want to stay out for a little while longer but i think you should absolutely open the schools up. our country has to get back and got to get back as soon as possible. i don't consider our country coming back if the schools are closed. stuart: come in please, sheila gonzalez, california school board president. the lady on the right-hand side of the screen. i'm sure you want to get the

schools open again but you cannot possibly eradicate all risk. you cannot say, come back to school, there is no risk. so what level of risk are you prepared to accept to open the schools? >> yeah. i think you're exactly right about that. we are hoping that we can through state guidance and local planning really clear we can at least minimize the risk. but i will say, we don't want to reopen until we can guarranty we're minimizing that risk. stuart: well, but, you got to tell parents what kind of risk they're facing. you have to be up front and open about it, haven't you? >> yeah, i think so. i think that is the most important thing to be transparent about what we're doing and some of the triage we're making. i think it is really important though that we are putting in, pieces like fiscal distancing to make sure kids can be safe in school. stuart: can you do it, can you put in physical distancing, can

you put in cleanliness, can you really do that on a mass scale? >> well, i'm hopeful that we can. i think we're looking at other countries across the world that are going back to school. i think we can learn from what they're doing. you see a lot of testing of students. you see a lot of separation. you see using masks and other personal ppe. so i am hopeful. obviously we have to have contingency plans what would happen if we get a second spike or something happens at a school. stuart: when do you think california schools will reopen? >> right now we're looking to try to come back in the fall but it is still very unclear. stuart: the fall? now you're looking into september, october? >> well, i just mean the next school year. most of our schools come back in august but really unclear what that will look like. until we understand what guidance we need to put in to be able to open schools and make sure the funding is there to do that work, we really can't

guarranty anything. stuart: okay. i'm sorry to cut this short but, this is clearly a very important subject. thanks for joining us. we appreciate it. we'll get back to you when we got the plan to reopen the schools. i want to hear about it. thanks very much. >> okay, great. stuart: i want to get back to the restaurant business. here is this one, the parent company of burger king, popeye's, tim horton, same company, restaurant brand, they will begin reopening dining rooms. so susan, another of these stories, what is it going to look like, what is it going to feel like? sues it will look different than it before. according to business insider, 1000 of these dine-in restaurants from restaurant brand is now reopen to the public. it will look different because they have acrylic shields being erected. contactless service, drive-throughs, no more self-serve soda fountains. that is disappointing to a lot of people. there will be social distancing. you see a lot of sanitizing that takes place. we have seen, by the way, a

v-shaped recovery in popeye's, that fried chicken brand. i was really surprised by this, you will be too, there was 32% increase in sales in popeye's in the first three months of this year. compare that to three% down for burger king and 10% down for tim heart sons. why are people buying so much fried chicken all of sudden? stuart: it is comfort food, susan. susan: why not burgers and french fries, isn't that comfort food? stuart: don't get me, fish and chips is still my limit. what have we got here? look at this, look closely at this, that is a restaurant using mannequins to fill out the half-empty dining room. what is the story behind this one, ash? ashley: this is the inn at little washington, in washington, virginia. no ordinary restaurant. it is a michelin three-star

restaurant. to get a table here it is very coveted. so rather than leave them open, the owners of the restaurant said let's put in the mannequins. very well-dressed i might add. three-piece suits, ties, hats, dresses for the lady if the company is a little lifeless. tasting menu, tasting menu is 24bucks. i hope you get more than fried chicken and fish and chips. stuart: i want a mannequin. that is what i want. [laughter]. i will put a picture up on the screen. i think you will know this person. his name is joseph. [laughter]. he has a mask on. okay. you know the guy. he is from "the sopranos." right now that gentleman is donating food to the people on the front lines. he is on the show. he will take his mask off. you will recognize him. ceo of glass house, a legal cannabis company wants to be

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stuart: we have the dow industrials coming back, we really do. look at that! we take a quick commercial break. all of sudden we gone from minus 200, to a minus 46. i'm not aware of anything dramatic happening in the last couple minutes but nonetheless we really come back on the market. how about that? we're down 50 points, back above the 23,000 level. next one. i want to check the pulse of the pot, the marijuana industry. kyle is with us, the ceo of the glass house group in california. kyle, welcome to the program. i know you have written to the president, asking tore money, support, bailout for your industry, the marijuana industry. explain to me why taxpayer money should go to your industry. >> thank you for having me on, stuart. i think a lot of people don't know that last year in 2019, the cannabis industry created more jobs than any other industry in

a booming economy. as we've seen with another three million layoffs in unemployment rolls we need to stop the job losses. we need to protect all american tax pay being jobs. cannabis, we pay a lot of cacs. stuart: how much do you want? >> you know, i have the "tale of two cities." i own a large apartment property management firm out here and we were eligible for pp. so i received a million 640, laying nobody off. i would just say, just extend eligible of ppp to the cannabis industry so it gives us a little bit of insurance to get us through until the economy opens up. stuart: but the pot shops are open, right? >> the pot shops are open. you can say the same thing about a lot of businesses but a lot of mom-and-pops they're really struggling out there like every other business. so i'm just, i'm advocating to not add more to the unemployment rolls. that red evening i ink, when i w

that on your show to add another three million. if you're an american taxpayer, keep you employed for the next two months. stuart: kyle kazan, thank you for being on the show. it is important. we appreciate you being here. >> thank you, stuart. stuart: who is next? i will tell you, he is fired up about reopening the country. also on the show shortly. rob portman, the representative from ohio. he will really go after china. i will tell you how he is doing. my take on governors abusing their powers. they are trying to keep us locked up but we need to get back to work. i have got an editorial coming up right after this. more "varney" coming your way.

stuart: 11:00 here in new york. stocks are off the lows of the morning. we were down 450. now we're down -- 81 points on the dow industrials. first thing this morning, 8:30 eastern, we found out that nearly three million workers applied for jobless benefits last week. 36 million over the last eight weeks. that's a huge number. so america is trying to reopen. 11 states and d.c., washington, d.c., they will ease more restrictions by tomorrow so the opening up process is off and running and now this. the wisconsin supreme court has struck down the governor's

extension of lockdown rules. that's a big deal. it means that in wisconsin, at least, the governor can't make the law. the governor enforces the law and there is no law that forces bankruptcy on thousands of businesses. this is part of the general nationwide revolt. we have lost track of the barber shops, restaurants, stores, all across the country that are defying the authorities. elon musk opened his factory in california against the rules. he won. he is still open. shelley luther, she's out of jail. six counties in pennsylvania are defying governor wolf's orders. president trump goes to pennsylvania today. let there be no doubt he wants to open up and open up the economy and fast. watch this. >> we have to get our country back. we have to take it back. it was artificially closed. i call it a transition to greatness. i think next year with all of the stimulus, all of the things we've done, we are going to have one of the best economic years

we have ever had. stuart: look, you can't stay locked down forever. are we going to stay at home, not go to work, until there isn't a single case of the virus, or there is a 100% effective vaccine? in other words, absolutely zero risk? of course we're not going to do that. we have to consider the extraordinary pain of continuing the lockdown versus the risk of an uptick in infections. the president says let's get back to work. the protesters are saying let's get back to work. and i'm saying stop forcing businesses to go bankrupt, stop telling abused people you can't get out of that house, plus stop governors abusing their powers. we are responsible people. give us back our freedom. that's my take. look who's here. pete hegseth. look at your screen. 1,000 new cases five days in a row in texas after they

reopened. so come on in, pete. i know just like me, i know you favor reopening quickly, as fast as possible. let us be adults but when you do, you get this rise in cases. how -- what do we say about that? >> you do, but you have to look at the data in those cases. so testing has gone up dramatically in texas, which means you're going to find more positive cases. but what texas is pointing out, their governor there is pointing out, the percentage of people who are actually infected after getting tested is going down so more people are being tested but less people are being found to be positive. also, people are going to get infected, stuart, and what you need to look at is hospitalization, intensive care and hospitals in texas are not being inundated in that way. so what the governor is saying is we respect you enough to give you personal responsibility and apply common sense to your personal situation. the only one size fits all solution that works is the one

size for me. if i'm healthy and i want to open up and i'm going to be responsible with social distancing and cleaning my facility, then people should be welcomed to come if they so choose. the states that have done the best, florida, texas, georgia, have also sheltered the very vulnerable. we know who this affects, nursing homes, the elderly, pre-existing conditions, those people shouldn't be running out into public and can be sheltered properly. this is common sense, stuart. this is what fwovgovernors understand. respect your citizens. stuart: wait a second. wait a second. you and i both live in the state of new jersey, the garden state. the governor has just allowed us to go to church and go to a movie so long as we stay in our car. what do you make of that? >> oh, how nice of him, stuart. i got to give the stuart varney shoulder shake on that one. what a benevolent governor that man is.

this is the same guy, phil murphy, who said that the bill of rights was above his pay grade. these are governors who are so gripped by power and by the fear of being held responsible for death and listen, no one wants a single death. the president has said that. everyone says that. but ultimately you don't get to lock us down in our homes and tell us we can't go out. here in new jersey, i passed four stores where i could have purchased something to go into a target, where the parking lot is packed, the line is a football field long and everyone's going through the same register. tell me how that's better than smaller stores being open who can responsibly social distance. all common sense is out the gate. i'm not even just talking about states where there are low cases and infections. i'm talking about new jersey and upstate new york, a world away from new york city. these places should be reopening right now. people can do it and make their own risk tolerance threshold for it and especially the first

rights like speech, like protest and assembly which are proscribed in our constitution. stuart: you and i are like peas in a pod. we think alike. >> and we are both stuck in new jersey. stuart: yes, we are. that's the truth. let's get to the economy. fed chair jerome powell says we are in for a long recession. he said that. it really moved the market yesterday. might have affected it early this morning as well. brian belski is with us. i think you are still bullish on the economy and the market. make your case, please. >> we are. thanks for having us, by the way. pete hegseth is a good old minnesota boy just like myself. there's a lot of common sense we will use here as well. given the fact this is not we think the great depression, in fact i think we need to start looking at what's happening in the economy and stock market, quite frankly, as a natural disaster and i think because of that natural disasters go away and i think this will go away as

well, and we think too that given the fact that we have had so many people be so negative on the down side with respect to what we have seen in terms of these economic projections, i think they have been way too overblown and we are actually starting to see less negative economic data starting to kind of creep in. now the major thing is the market's been weak here the last couple of days and we have all the statistics, it's been the worst day or worst week since the first week in april. come on. the market's not going to go straight up from here. what we said in our note on march 23rd is we said listen, we think markets are going to rally 40% to 50% from the lows, we think this is going to be massively hated, massively doubted but the strength of american companies are going to be the wherewithal. we still think american companies are the best companies in the world. and we are going to get through this. now, over the next couple of quarters, that's why we have seen such concentrated performance in the five tech stocks we know that are leading the way, on the way up here. they are leading the baway becae

they are some of the best companies in the world. as we start to feel better about companies from a bottom-up basis in several different sectors, that's when we will see a more broadening out and surprising on a fundamental perspective positive performance in the second and third quarter and then by then, you are going to start to see the economy start to rebound. the market leads the economy by two quarters. that's exactly what we are seeing, the traditional relationship is still there. we should not be reacting on a daily, weekly basis to economic data because oh, by the way, that's all lagging data anyway. we need to start looking at things from a bottom up basis. stuart: okay. look, we have a lot of viewers in the same situation as myself and some of my friends and family, which is you own some stock, you have done very well, you have had a nice rebound, i was tempted to sell on grounds that, you know, i'm in my 70s, maybe i should just pull back, get out of the risk business of stocks, and get into florida real estate or something. what's your opinion?

>> i think how we are measuring risk is interesting, because i think what's the risky asset? are bonds risky or are stocks risky? we think bonds are risky, especially considering that rates are going to be at some point, yields are going to go higher. that means the total rate of return is down. i don't think investors are set for that yet. with respect to real estate, i mean, i live in minnesota. i know some of my team members live in new jersey. if they want to try to close on their refi or buy a new house, they can't get a closing appointment because of shelter in place so we have to start to apply common sense to this. at the end of the day, low rates benefit stock prices. low rates benefit real estate. i think we are going to have a rebound in same store sales in terms of houses on the market, existing homes and new homes, coming out of this. i think we will -- i think real estate will be a very strong place to be. stuart: we like that positive voice there from minnesota. good stuff indeed.

brian belski, come back soon. good to hear from you. >> thanks for having us. stuart: check the banks, please. jpmorgan, wells fargo, citi, all of them on the upside right now. that's interesting. there's a group, financial group that's done well in an otherwise down market. look at tesla. they are starting to build a long-range model 3 in china. what do we know about this, susan? susan: cut the prices of it but yes, long-range model 3 will be rolling off the production lines in china where they are having some problems right now. we know china's sales are down some 60% for the month of april from march, whereas other people have seen and other car makers have seen recovery in that particular car market. so the long range model will still cost close to $48,000 but we know that tesla is going to cut the price of it by just around $3,000 so think about 6% of the msrp or ticket price, and that's because there aren't any rebates for the higher priced range when it comes to these

model 3s. the basic standard price will still be around $40,000 for the standard range but for the long range one you get 400 miles for one charge which i think is pretty good. stuart: it is good. it is good. that's one thing that stops me from buying -- not the only thing, but i want to be able to be sure i can drive for a few hundred miles before i need a charge. 400 miles meets my definition of a fair distance. susan: check the stock price. i just want to make you aware that we were close to $900 just a few days ago for tesla but we are down again today, recovering from the losses and fremont will be rolling off their first cars off the production line on monday. so there's positive and there's a little bit of negative in china. stuart: but still very close to $800 a share. that's tesla for you. riding it out nicely. susan, thank you. jpmorgan's credit card holders using their cards less. how much less, lauren? lauren: well, this is a sign of the times. if you are stuck at home, you are not spending money, you are

not swiping your credit card on entertainment or retail purchases, aside from stuff like the food store. so you can see here that for credit card holders only at jpmorgan, that spending was down 50% and obviously more, 70% on restaurants but here's the thing that is positive but i give it a question mark. the data and researchers found that this story of less spending is not about job loss as much as it is about the fact that most things are closed. so the data covers march and early april. i'm curious what the all of april and may numbers look like. stuart: they are the key numbers, definitely. that's when we were just flat on our back, closed down. those are the important numbers, actually, for sure. thanks, lauren. i'm going to show you the white house. we often do that here. in about an hour, the president leaves for lehigh valley, pennsylvania. he will tour a medical supply distribution center in the battleground state of pennsylvania, where six counties

are in revolt against the democrat governor. wonder if the president will say something about that. take a look at this. a drone flies over a baseball stadium, disinfecting seats from the air. the company behind the idea hopes it can bring back sports in a kind of way. we will explain it for you. looks good, doesn't it? president trump slamming joe biden for his comments on the michael flynn case. watch this. >> i know nothing about those moves to investigate michael flynn. >> he said he didn't know anything about it. and now it just gets released right after he said that, it gets released that he was one of the unmaskers, meaning he knew everything about it. stuart: what did he know and when did he know it? and what does it mean for his campaign? we will discuss with dan henninger, "wall street journal" guy, coming up. a michigan barber has his license suspended after defying state orders and opening up his shop. he said he won't close his doors, quote, until jesus comes. he joins us next. to everyone navigating these uncertain times...

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stuart: do i see green for the dow industrials? yes, i do. now we're up 35. that's a total turnaround in the space of an hour. we were down 450. now we're up 38, 40, 4243, 46. stick around, sports fans. we will get back up to 24,000. 23,295 is where we are on the dow right now. as we have been reporting, salons getting ready to reopen in all different parts of the country. they're going to keep social distance while giving haircuts. we got that. grady trimble is following all of this from indiana. what do you have for me? reporter: boy, stuart, it's a very different process now. before you even set foot through these doors, you have to fill out a health questionnaire with

questions about whether you have coronavirus symptoms or have come into contact with somebody who has coronavirus symptoms. they also take your temperature and then at that point, once you have passed with flying colors, you are allowed into the salon to get your hair cut but note the entire time, everybody in here, both customers as well as employees, they all have masks on at all times even when they are getting their hair cut which can be a bit of a tricky process at times. the owner says yes, this is a lot of hoops that we have to jump through but it's worth it both for our customers and the employees that rely on us for a paycheck. listen. >> i'm a fighter and i wanted to make sure i thought of my staff and clients that needed to get in. as long as we had the protocols in place, then i was okay to open. reporter: they have quite a backlog of customers. their regulars take up about a month and a half of customers trying to get an appointment so if you want an appointment any

time soon and you're not a regular at this particular salon, you are going to be waiting awhile for that. stu? stuart: thanks, grady. going to a barber used to be fun. that doesn't look like fun to me. anyway, our next guest runs a barbershop in michigan. his name is carl. he joins us now. carl went to court against the governor's lockdown order. he won, but now his license has been suspended. carl, do you have to apologize and grovel to get your license back? >> so far, that's been kind of a misnomer. i still have a license, as far as i know. they haven't served me with anything that says i'm not licensed. all wanted to do was come back to work. i started out the 4th of this month, made a decision that i was off long enough. i need to support my family and i came back to work. our governor is not my mother.

if she has taken my license, it's a unilateral shutdown with no hearing, with no representation, nothing. just she takes my license, it will be the beginning of a police state or it will be a police state. we are already there. our legislature told her that they gave her 28 days, her time was up, she refused to obey that law and she wants me to obey her rules and i refuse to do that. this isn't a police state yet. stuart: okay, look, i'm going to pick not a fight, but maybe pick an argument with you. you've got armed militia people outside your store. i believe that's the case. i've not seen them this morning, not seen them on the videotape but i believe you have those guys with the rifle and camo outfits right outside. why do you do that? i've got to tell you, i don't like it because that distracts from the real argument here, which is about when we can

reopen our businesses. it's not about the right to carry a gun. >> that may be true, varney, but i'm going to tell you something. this is a free country. those people have, as long as they don't shoot anybody in the leg, i have talked to them, i said you guys, obey the rules, just do what you want to do, stay and stand and obey the laws, you're okay. i'm not going to legislate for those guys. in michigan, we have an open carry, that's our law here. they are obeying the law and i'm not about to shut those guys out. stuart: it's intimidating, karl. you are intimidating the authorities by doing that. >> i didn't hire them, i didn't ask them to come. they showed up. stuart: okay. any thoughts on closing at all? >> no. no. no. i will be here until jesus comes. either that or i go out in handcuffs, one or the other. stuart: karl, i like your style. thanks for joining us, sir. we appreciate you being here. many thanks. okay. president trump just

tweeting this. i am proud to announce the first $500 million worth of $3.9 billion in cares act transit funding headed to the new york metropolitan transportation authority. important funding to keep transit systems clean and operating to get people back to work. spend it wisely, at new york gov cuomo, new york city mayor. got that? there's money coming to new york for the subways. we've got that clear. how about sanofi. their ceo says they will be ready to ship virus vaccines round the world once they're ready and it will be affordable. that's what they say. i think there's a different story about sanofi earlier today and their ceo, about who gets the virus vaccine first. anyway, the stock is down 1.8%. look at 3m. their sales down 11% in april, but their health care segment

did show an increase. not helping the stock, down 2.3%. several senators really going after china for what it did about the virus. ohio senator rob portman is one of them. he says china's been stealing our vaccine research for years. what's he going to do about it? he's on the show to tell us. and we now know that joe biden was one of the obama officials seeking to unmask general flynn. dan henninger is with us. he says the flynn investigation is the result of lost faith in the american system. he will make his case after this. 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.

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stuart: if you turn away from this market for just a couple of seconds and you look back, you've got a completely different picture. literally seconds ago, we were up 40 points. now we're down 102. just like that, real big change. let's see if there's any change in big tech. all the interest is there, of course, and all of them are now down. amazon, facebook, apple, microsoft, google, all of them on the down side. however, we call this a technology stock, netflix. it hit an all-time high earlier. it's backed off a bit but it's still at $445, still up seven bucks on the day.

delta. we told you that it had hit a seven-year low and it did. we understand that they've got 7,000 too many pilots come the fall of this year. when that was announced the stock went straight down. got it. look at this. a piece in the "wall street journal." the headline is the flynn debauchery. dan henninger is the man who wrote that. real fast, dan, make your case. what is this about? >> well, it's about america's institutions, washington's major institutions, stuart. look, the flynn case involved the unmasking of michael flynn by 39 separate members of the obama administration between november, right when donald trump got elected, through january. if they had suspicions that michael flynn was involved with the russians, they would have been obliged to inform the president-elect, mr. trump himself. that was never done. instead, the flynn story was

leaked, it was fed into what came to be known as the russian collusion narrative and then we were off to the races after that. the mueller report and all the rest of it. why did this happen? because the people who in the fbi and the department of justice and the intelligence community who are entrusted with protecting us, felt that they could not trust the system. they were upset about donald trump's presidency and they decided they would go outside the system and begin to undermine it. they thought donald trump was going to subvert the american system but they themselves became the subverters. they are the ones who went off the rails and began to do things that no one who believes in the protection of individual rights in this country would ever have done. that's what i mean by debauching the very institutions they are entrusted to protect all the rest of us. stuart: i think that's the right word to use.

debauchery. let me backtrack a little. still on the flynn case. listen to what joe biden said on "good morning america" this week. >> i know nothing about those moves to investigate michael flynn. i thought you asked me whether or not i had anything to do with him being prosecuted. i'm sorry. i was aware that there was -- that they had asked for an investigation but that's all i know about it. i don't think anything else. stuart: that was joe biden, "good morning america" tuesday. now listen to what president trump told maria bartiromo today. roll that tape. >> they weren't after general flynn. they wanted him to lie about me, make up a story. i watched biden yesterday, could barely speak. he was on "good morning america" right? and he said he didn't know anything about it and now it just gets released right after he said that, it gets released that he was one of the unmaskers, meaning he knew everything about it so he lied to your friend george stephanopoulos. stuart: we will hear more about this, dan, because joe biden is the leading candidate for the

democrats in november. >> yeah. i think that's game and set for donald trump on that one. joe biden is listed as one of the people who requested the unmasking in january of 2017 and it doesn't help mr. biden at all, all things considered, about the way he's been forgetting things to say that he doesn't forget -- he doesn't remember the flynn unmasking in january. it just makes him look as though he does have the kind of psychological problems that the trump -- mr. trump has been accusing him of having. i think this whole thing, quite frankly, is beginning to look like it is unravelling for all those members of the obama administration who fed the russian collusion narrative back just when the president was taking office, and a lot of people may have still had doubts about what exactly was going on, but i think this is going to prove extremely damaging to mr. biden's presidential campaign if it comes out, especially with

john durham's department of justice investigation later this year, if he establishes that members of the obama administration were in on it from the beginning. stuart: strong stuff. i like the word debauchery. dan henninger, thanks for joining us. see you soon. got it. the market still shows some red ink. we are down 60 odd -- 70 points at 23,166. now, susan, what comment do you have on the market? susan: i just think it's a recovery of the sectors that were sold off yesterday, so the financials as you pointed out earlier on, citigroup, jpm, wells fargo is rallying 7% today. energy shares also being picked up. these were the sectors that led the losses yesterday. you know, we are on track for the worst week since the end of march which is when we hit bottom and then we have accelerated some 30% from here. some say we might be overdone at these levels, stu. but if you look at the actual sectors leading the advance and the recovery from that 458 point selloff today, it's these proxy

plays, we call them economic proxies meaning those that depend on the u.s. economy doing well. so the energy, financials, industrials. some say these might be oversold given the relative valuation and expensiveness of other stocks, namely big tech, which by the way, still sees heavier losses than the rest of the broader market. stuart: it's about how fast we recover. that's what the market's betting on. susan: also the levels and valuations. because if you look at the metrics, right now, price to profit is the most expensive in nearly 20 years according to dow jones data. you heard that also from hedge fund managers as well. so have we really accelerated too much, too fast without real signs of recovery in the economy. stuart: what will profits look like early next year when theoretically, we are out of this. are profits going to hold up to the levels we expect? that's a very good question. i don't have an answer frankly. i simply don't have it. all right. we are down 66 as we speak right now. i'm going to show you a

labor saving device. see this? that's a drone, disinfecting stadium seats. ashley, i like the look of that. labor saving, isn't it? ashley: it is. it's inventive, to say the least. these drones are operated by a company called eagle hawk based in syracuse and buffalo. they normally use these drones to survey large facilities like sports arenas. all they have done is add the disinfectant spray. they say they can do an average arena in under two hours, spraying all the seats. they are already getting some interest, by the way, from stadiums and other outdoor facilities and indoor, for that matter, around the country. and it is safe, otherwise you would have to use humans with big, you know, buckets of disinfectant on their back wearing personal protection equipment to do the same job. they are apparently going to use this in a local ice hockey

stadium and as i say, in most stadiums they can do this in under two hours. makes you wonder if it's a very windy day, how effective the spray is. nevertheless, this could be a look at the future. stuart: it sure looks like it, doesn't it. a drone spraying sanitization. we will take it. thanks, ash. now, look, we will need a lot of masks. on the left-hand side of your screen are the mask makers. there are a lot of them, by the way. come in, lauren. researchers are working on masks that could detect the virus. i want to hear about that. lauren: they have actually been working on this at harvard and m.i.t. for six years. now they are doing it with coronavirus. so it's a mask with a sensor inside the mask and a light that lights up if you come into contact with someone who is breathing or coughing or sneezing and they are infected, it can detect the droplets. lights up, you know move away, get out of there. this could be used in emergency rooms, in mass transit, you name it. they will have a demo ready in a

few weeks' time. stuart: a few weeks. my goodness. that's real progress. lauren: i'm curious if it becomes the actual mask or if they can just sell the sensor and then you can put the sensor in another mask. not sure. but i would like to know who among me has coronavirus. imagine technology being able to detect that. stuart: so long as it works. i don't want a false positive. everybody running away from me and there's no need to run away. i wouldn't want that. you have to make sure this thing works. all right. thank you, lauren. lauren: that is true. stuart: from wise guy to nice guy, we will talk to joseph gannascoli. he's feeding health care workers on long island and doing a great job. he's on the show. the fbi warning that china is hacking our virus research. ohio senator rob portman says china has been doing this for years. he's trying to do something about it. he will tell us what he's going to do about it after this.

nancy pelosi has a stimulus package now, we know that it is $3 trillion. what is your take on proxy votes and mail-in voting? this is part of the speaker's stimulus package. >> she knows it's dead on arrival. stuart: that spells it out, doesn't it. the president says dead on arrival. says it all, doesn't it. however, speaker pelosi is pushing ahead with a vote and the vote will be tomorrow. ashley, this is in the house. she's got a majority. does it pass? ashley: well, even if it passes in the house, so what. the bigger question is how many will there be any, you know, people not on the democrat side voting for it. it's an exercise in trying to prove on miss pelosi's part that the party is unified and not fractured. this is paying homage to the progressive far left who say they want all of these issues, these very liberal issues

included in this massive, massive $3 trillion plan. she knows it's going to fail. she's just trying to appease those who say there are too many moderates in the democrat party. i would argue against that, too. but it's really an exercise in just saying look, we can embrace liberal issues when in reality, they know it's not going to fly. stuart: what was that about homage? ashley: homage. thought i would go french. stuart: as in homage. let's get serious for a second here. the department of homeland security and the fbi say china is hacking our virus data. now, arizona senator martha mcsally says she's not surprised. watch this. >> this shows again that communist china is continuing to hack into our systems to try and steal our technology. this is just another example. they have been doing this all along. stuart: all right. bring in senator rob portman,

republican from ohio, who has been saying they have been doing this for a long long time. okay, senator. what are you going to do about it? >> well, stuart, it shouldn't surprise any of us because for two decades they have been doing exactly that, not just through hacking, but even prior to, you know, the hackers being able to do this, they have been coming to our country and taking our research for military, science, medical purposes. it's helped fuel their economic rise and helped fuel the increase in their military strength. we had reports at the end of last year, you had me on talking about it, where we were able to show that through what they call their thousand talents program, they were targeting professors and scientists here in this country, getting their good stuff. we just had another case of it this week, an arkansas professor who was arrested by the fbi. he was arrested because, you know, he wasn't telling the truth but this need to be tougher laws there. one thing we are doing is putting a new law in place to make it illegal to hide your contacts with the chinese government. remember the harvard professor a couple months ago, same thing. he was getting paid $150,000 and

living expenses, 50 grand a month, $1.5 million from a lab in china and they were taking his research. the research was paid for by u.s. taxpayers, $150 billion a year. so the accountability needs to be there but frankly, stuart, i think it needs to start with us. we need to better protect ourselves and that's what our legislation will do at every level. stuart: okay. now, if we are going after them for lots of different reasons here, is the ultimate objective to take some money off them? i understand what you are doing with your bill. but a bigger thrust here is, is it to take their money back? let's get the money back. is that where we're going? >> well, the mcsally bill allows for cause of action in a federal court to be able to sue, and i think that's fine. that's a good thing. very difficult to enforce those judgments, as you know. so one way to do it again, tighten up what we are doing here. our bill does that at every level from the state department visas that shouldn't be given to chinese visitors who are coming

here to do us harm, to requiring our universities and colleges to tighten things up which is what the fbi and dhs said today, you know, with these hackers, you research institutions, universities, you got to tighten things up. don't be naive. stuart: isn't there a problem, though, senator, if you take that approach, pretty soon a lot of students in american universities from china will be looked at in a negative way as if you're a bunch of spies. that's going to happen, isn't it? >> well, there may be some of that but this is not about the chinese people or the chinese students. it's about the chinese communist party. and if they are, in fact, coming to our country and stealing our research, again, the communist party is the one in charge of all this. remember, then that has to stop. but it should not be something that we then blame the chinese people for or even chinese students that are coming over here for the purpose of learning and contributing to our economy, because many of them do, as you know. so it's a balance. we have to be careful about it.

but we can't let this continue to go on. i mean, it's outrageous and it is causing us to fall behind both economically and militarily because it can effectively leapfrog us by getting our taxpayer paid research and using it before we do. stuart: what support are you getting from the democrats for this? >> well, senator carper and i are introducing the legislation together. senator carper is the ranking member of our investigative subcommittee that's spent a year looking at this. we came out with a hard-hitting very thoughtful report at the end of last year. we tried to keep this bipartisan and it should be, because we want to actually get something done here. and there's no reason that we as republicans and democrats shouldn't be able to agree on this issue of protecting research that's paid for by u.s. tax dollars. stuart: senator rob portman, republican, ohio, thank you very much for being with us. >> always good to be with you. stuart: yes, sir. uber introducing new safety guidelines. all right, susan, tell me what they're doing. susan: riders and drivers have to wear masks starting on monday. they will take an uber ride and for drivers, they also have to

verify whether or not they are wearing a mask through the app. they will be asked to upload a selfie and then also prompted on other questions about whether or not they have been keeping their cars clean or washing their hands. riders also have to verify they are wearing masks as well. but there will be no selfie component for riders. speaking to the global head of safety at uber, he says there will be repercussions for those that don't follow these guidelines. listen. >> in addition to the reasons that we have always had, we have added a new one called no face cover or mask. if the riders are violators and they are time and time again not following the regulations or not following the necessary policies, we can take further action and we can take them off the platform as well. >> you will be kicked off. you heard that there. uber also limiting the number of passengers from four down to three and we know that ride hailing is suffering, down 80% in the month of april as people are stuck at home and they can't go anywhere. stuart: down 80%. my goodness me.

susan, thanks very much indeed. now this. joe gannascoli best known as his role as a gangster on "the sopranos." watch this. >> i want back in. >> can i sit? >> no, you can't sit. stuart: well, not only will we let him sit, we will also let him tell his story about how he is really helping health care workers during the pandemic. he's doing a lot of good stuff. he will be with us after this.

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65/35. >> all right. stuart: you know him as vito in "the sopranos." his name is joe gannascoli. this guy is going around new york donating food to front line workers, and he's with us. that gentleman on the right-hand side of the screen, he's not evil. he's a good guy. joe, welcome to the show. it occurs to me that people

assume you've got the same character as the person you're playing in "the sopranos" but it's the exact opposite. you're a good guy, aren't you? >> yeah. well, for the most part, i'm good. but you know, sometimes i get in certain situations. one thing about it is when i make these deliveries, so many nurses and doctors come down and we safe distance but we like to take pictures or they want to take pictures. it's a lot of fun. stuart: tell me how you do it. i know you're a chef. i'm presuming you cook the meals, you package them, then you go down to the hospitals and to the medical areas and just distribute them. is that what you do? >> no. i could never do all this cooking by myself. no. what i wanted to do, i have a sister-in-law that works in labor and delivery at mt. sinai in south nassau, oceanside, and my niece runs the department at jacoby hospital.

she came down with the virus, she got better and went back to work. my sister-in-law was telling us all stories, what's going on, so i was thinking how can i help the restaurants in my neighborhood and also take them food and make them feel good. i started a go fund me with a goal of about $1,000. i upped it, i got a generous donation from a restaurant in my named called villa maria and that started snowballing, went from $5,000 to $10,000 to $15,000. now i'm just over $28,000. my goal is 50. and so many restaurants, i want to help these restaurants in my neighborhood survive. some haven't opened but the ones that are, i cokeep spreading around trying different restaurants and taking to all these different hospitals, nursing homes, police departments, fire departments, post office workers, sanitation. i get so many requests and i hate saying no. stuart: before we close this out, what's the go fund me page?

what's it called? >> well, if you search my name, joe gannascoli, you will see it come up. it's food for restaurants and helping hospital workers, restaurants or something, i forget. stuart: we will find it. >> yeah. my twitter page, you will see the link for the go fund me. i want to go for another month. i have been doing it for six weeks. i made over 100 deliveries. stuart: i'm going to repeat, it was great having you on the show. joe, i think you are a good man. you are doing a fine thing right there. great to have you, sir. joe gannascoli. great go fund me page. more "varney" after this. bi, but that doesn't mean you're in this alone. we're automatically refunding our customers a portion of their personal auto premiums. we're also offering flexible payment options for those who've been financially affected by the crisis. we look forward to returning to something that feels a little closer to life as we knew it, but until then you can see how we're here to help at libertymutual.com/covid-19.

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stuart: there is the white house. the president will be emerging shortly, making his way to pennsylvania. my time's up but neil, it's yours. neil: stuart, thank you very much. we will monitor in case he says anything to reporters on the may to marine one. he made very, very clear dealing with the chinese he is not all that interested in talking to the chinese. we'll get into that in just a second. that really weighed on stocks earlier on, the fact this trade impasse could last quite a while here. residual effect of the coronavirus situation, what china knew, when it knew it, what it was sharing with us, what it wasn't sharing with us could jeopardize $500 billion of trade the president is happy to see go away if need be. we'll follow gradual reopenings in