think bonds are important because they can cushion that volatility. charles: all right. i don't know. i like consumer discretionary here. david, i will give your answer next time. thank you both very much. market's about where we were when we started the show. i got a feeling president trump, you know, if he talks about these vaccines and things, particularly this astra-zeneca news, could move this market. liz: yeah. you know, that news has been out, though, for several hours, so we got to get something else and we may very well, right, charles? because the breaking news is the gears of the nation's auto plants are starting to grind after a multi-month lockdown. let me show you a live picture of ford's plant in ipsilante, michigan. it happens to be wone of the factories ford repurposed to manufacture ventilators during the worst of the coronavirus outbreak. president trump is meeting with african-american leaders right now. we will then watch him take a tour in this hour.

we are then told that right after the tour, he's to deliver remarks. we will take you back there as soon as the speech begins. it all comes as the market sinks slightly after the labor department reported that nearly 39 million americans are now out of work. 39 million total. the bears holding the edge over the bulls right now as businesses do slowly come back online. lockdown orders come to an end here and there, but for now, the dow jones industrials, s&p and nasdaq are colored red. dow is down 84 points. we have the s&p down 18. the nasdaq lower by 63. so how then do you square the reopening of the u.s. economy with worrisome news that millions of americans are falling behind on credit cards, mortgages and auto loans? we have one of the biggest fish in the wall street pond. jpmorgan asset management chief global strategist david kelly is here to reveal the data he uses to cast his net for market winners and how deep he thinks the covid-19 recession might

just be. despite the continued freeze of just about all live sports, draft kings stock is riding high, bets on everything from korean baseball to "curb your enthusiasm" to "tiger king." yes, propelling the company to a massive market cap that with nascar back and other pro sports soon to follow, is best still yet to come? the ceo jason robbins joins us in a fox business exclusive. the country where uber eats left is now amazon's territory and we are less than an hour to the closing bell. let's start "the claman countdown." liz: all right. let us look at facebook right now. that is a record high right now, up about 1%. the record high as headlines pour out of a publicly broadcast livestream where ceo mark zuckerberg, on the right part of

your screen there, announced the company's workplace tool now has more than five million paid users. as the company takes on microsoft team and slack. needless to say, we do know intraday it has come well off the highs but nonetheless, the move upwards is a very big move for fb. zuckerberg told employees that facebook will shift toward permanent remote work post-covid, estimating half its work force will be remote over the next decade. 50% of that. who knows. maybe your company is going that way. but we do have a wall street bull bucking the trend on one particular stock in the dow 30. it's boeing. rbc analysts are saying it's a buy and they are slapping a $164 price target on the aerospace giant. we are at $138 right now and change. shares spiked as high as, you know, you can see on the intraday, about above $143 here even as commercial airlines are struggling mightily during the pandemic. rbc says it's looking beyond the

covid crisis. growth will eventually resume in the commercial aerospace market and the beleaguered 737 max will get recertified in the third quarter. what's behind the secret of l brands stock jumping in this final hour despite a 37% plunge in first quarter sales? yeah, the stock is up nearly 20% right now. the secret, well, a good news/bad news situation. yes, the company is streamlining and bad, it will close 250 of its north american victoria's secret stores this year. but the ipo market is actually reopening just a tiny crack today. check out shares of select quote. they are spiking on their first day of trade after pricing the offering at $20 a share, higher than the expected range. the insurance policy comparison website has raised $360 million. right now, when folks are looking for deals, any comparison on pricing is probably going to be something

that is really, really popular. the stock is up 36% to $27.31 a share. amazon making a move into india's online food delivery market as the pandemic hit that country hard. the stock is hitting a record high on the news. amazon, while down now 1.5%, earlier was up as its launch day weather for the business pretty clear as uber eats exited india. amazon food is first launching the select parts of it in india's equivalent of silicon valley. just as president trump is about to tour that ford plant that has transitioned from making engine components like transmission oil pumps, battery packs, ignition coils, fuel pumps and more to building ventilators, two of the automak automaker's other assembly operations that had literally just finally reopened monday once again had to shut down tuesday after returning employees tested positive for covid-19. they did restart last night and

just hours ago right before president trump landed in michigan, governor gretchen whitmer announced that gatherings of up to ten people are now allowed. as all the states at whatever pace they take are starting to reopen, when will the entire u.s. economy start to flourish? we welcome jpmorgan asset management chief global strategist, david kelly, who has been crunching all kinds of numbers to get the answer. david, great to have you. your up to the minute second quarter gdp estimate, monday you said growth could possibly contract by about 30%. i know we have gotten some data between monday and today. has that changed? >> yes, it got a little weaker, actually. the housing starts numbers suggest to us we are probably looking at maybe negative 35% for the second quarter, but i do want to emphasize, i think there will be a third quarter bounce. i think the economy will grow by somewhere between 10% and 15% in the third quarter. so you are going to see a partial recovery. but i think it's so important for people to recognize that

there are parts of the economy that can reopen such as auto sales and housing. i think that is coming back. and the part that really can't such as travel, entertainment, leisure, restaurants, the way we used to see -- visit restaurants. a lot of the economy really is going to be in shutdown or almost shutdown until we have a vaccine. that means full recovery, i think a strong recovery in the economy, will have to wait for that vooks seaccine in 2021. liz: fed vice chair clarida said in the past couple hours that the economy will begin to grow sometime he said after june. that's about as clear as we got. but how long do you think it begins before we begin to see some type of expansion and when the so-called green shoots begin to poke their heads out? can you give us a more pointed picture that you perhaps see? >> i think, you know, we will get sort of a january thaw in the third quarter because you will see that improvement in auto sales and housing activity.

you will see some people go back to work, some bounce in industrial production. but i think the real key here is going to be the distribution of a vaccine. it's not good enough to come up with a vaccine. you have to distribute it. when that occurs, hopefully maybe in the second quarter of next year, then you are going to see a surge in the economy. but i think it's still -- i think we are still going to go into 2021 with double digit unemployment, unfortunately. so it's very important that government policy be focused on how do you get from here to there, doing as little damage as possible to american business and american workers. liz: how fierce, i know you believe and you see a recession because we are already kind of there, but how fierce do you anticipate the recession will be? >> i think it's very fierce for the people who have lost jobs. so far, because of extended unemployment benefits, particularly because of enhanced unemployment benefits, a lot of workers have not felt the worst of this in their pocketbooks but those enhanced unemployment benefits are due to end in july.

i know a lot of small businesses, you know, they were grateful for having some small business administration loans or refundable loans or forgivable loans but that's going to run out, too. we have to have something that lasts us from june or july, from the summer, it's got to get us into the middle of next year, before we are really going to protect american business and american workers. liz: well, speaking of american business and workers, i think about 15 million americans, i was seeing a number, have fallen behind or are skipping credit card and auto loan payments. about three million for auto loan payments. beyond the people themselves who cannot pay, have you modeled for anything like zombie companies, a longer toxic trail from potential defaults that spreads elsewhere? >> it's hard to obviously model this, but what we do know is that we've gone into this crisis with the banking industry very well capitalized, and so long as we recognize that in most cases,

this is not somebody saying they will never pay, just they can't pay now. so long as we allow enough flexibility to the economy to do that, we should be okay. there are many businesses that can't pay the mortgage or pay the rent this year. they are perfectly viable businesses in a normal economy. so hopefully we can restructure some of these mortgages, restructure some of these loans, give people extra time to get going again once we get past this pandemic. we have really got to crush the pandemic before we can get back to normal. these assets aren't bad. they are just kind of frozen here. they are not useful right now in this kind of environment. liz: yeah. yeah, i know. i know. it's so difficult. i do have to ask because we are watching the yield on the ten-year, and it's really kind of stuck in the .67, .68 level. do you foresee negative rates, negative interest rates here in the united states? the fed funds futures are showing signs that could possibly happen next year. it kind of takes a little alchemy to get there but do you

see that as a bad sign or a good sign, like the president sees it? >> first of all, i don't think we will see actual -- an actual negative fed funds rate. i don't trust the fed funds futures market to be an unbiased predictor of this. second of all, you don't need to do this because right now, the federal reserve has -- is essentially enabling the federal government to borrow as much money as they want because we have qe infinity which means no matter how many treasury bonds steve mnuchin prints, jay powell is willing to buy them. if you do this, it's allowing tremendous fiscal stimulus into the economy, tremendous buying power into the economy, without the federal reserve having to resort to lower interest rates. or to negative interest rates. so i hope we don't get negative interest rates. it will disrupt the banking system. they haven't worked in japan or europe. they would be a very bad idea. very bad idea. but i do think the fed is able to stimulate the economy a lot by enabling an extraordinarily expansionary fiscal policy. liz: david kelly, great to have you. thank you so much. >> happy to be here.

liz: i wish the number were a little bit better than 35% contraction, but you're looking at the data, you work with numbers and we will have you back, definitely. dow jones industrials down 102 points, with 49 minutes left before we hear that closing bell. the dream's still alive for draft kings. how is it that the fantasy sports titan is thriving when we're in the midst of an epic live sports drought? in a fox business exclusive, draft kings ceo jason robbins is here next on power plays draft kings is making right now to race ahead with or without the major leagues. wait until you see the stock. the president meeting with african-american leaders right now. he just said that the army corps of engineers is galvanized to help with flooding in michigan after that huge dam broke, threatening many businesses and homes. president trump also saying there may have been mistakes made down the line. we will get more clarification on that. the president is expected to

make comments as he tours ford's ventilator plant. we will take the remarks live as soon as they begin. we'll be right back. it's best we stay apart for a bit, 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. [ piano playing ]

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liz: you can still smell the fumes in darlington. nascar holding its second live race of the week last night in south carolina, after being forced to cut the engines more than two months ago amid the coronavirus pandemic. what about the other major sports? we are hearing reports that the nba, mlb, nhl, they are all crafting plans to safely start smashing the ball or the puck as quickly and safely as possible, but for now, the fields and arenas remain dark. so how is fantasy sports betting leader draft kings surviving without sports? in his first interview since nascar's return, we welcome draft kings ceo, jason robins. good to see you. first let's hit nascar. what kind of engagement did you see on your app and on your site sunday night and last night when we started seeing races again? >> well, as we are starting to get some of these sports back, ufc had a big event, nascar now, pga is coming back, i'm really

excited about the slate of tournaments coming up in june. already had a really interesting one, skins game that was kind of cool. then of course, the match is coming up with tiger now tag teamed with tom brady and peyton manning. that should be interesting. what we saw with nascar i think is very similar to what we have seen with a lot of sports. there's a lot of pent-up demand. people are missing sports, they are hungry for something to watch maybe outside of "tiger king" on tv. they are looking to engage with almost any sport at this point. we are seeing people that we never previously saw engaging with nascar that jumped in and played fantasy and made some bets this past weekend. i think that's something we will continue to see as long as there's only a few sports going on. liz: interesting. there's a little bit of silver lining for you guys. do you see any change in betting numbers or behavior of your customers when there are no fans in the stands? because that's probably what we are going to see certainly with the nhl and nba in the beginning

as they restart. >> it's hard to tell, because it just kind of started. i think there's so much pent-up demand that it's hard to know if there is any positive or negative impact of no fans in the stands. i think conceptually if people are staying home, they are more likely to engage with digital products like draft kings. i think that could help. what will be interesting is what is the viewing experience like with no fans in the stands. i know there's been some chatter, the leagues figuring out if they can digitally add fans or ambient noise, things like that, that might make it look more normal. i watched some of the bundesliga, for example. it seemed weird, almost like watching a training or practice or preseason thing. it was different than expected. i'm sure they will figure all that out. liz: you know, i was thinking about you right around march, as the ceo of a company built very much around sports betting, what was march like when the nba

suddenly suspended its season after that jazz/thunder game when you had the player testing positive for covid, the ncaa canceled march madness, nhl, mlb followed. what's the first thing you thought and how was that to kick into in a way survival mode for a company like yours? >> you know, it was very fast. you mentioned nba and everything kind of snowballed from there. the first thought for us was okay, because this is also the same time that everybody was starting to shelter in place and everything, it's like let's make sure we're set up to actually work. we had been fortunately working from home and testing that out over the past week or two, so we felt very well prepared there. that was the first thing, how do we make sure we get thousands of employees, that they are productive and able to continue to be in a comfortable working environment and understand what's expected and all that. and make sure, of course, everybody is safe and healthy, first and foremost. then secondly, it was okay, how do we turn this into an

opportunity. it was a pretty quick pivot to that. within a few days, we had launched all kinds of content around pools we were creating, everything from survivor and curb your enthusiasm to the debate to, you know, we had a top chef one, we had a bunch of stuff. we started putting simulations using relationship we have with ea to use the madden nfl product to simulate games and people started playing fantasy on that. we saw a huge increase in e-sports. e-sports was probably the biggest beneficiary of all this. so we really tripled down on e-sports. we launched new e-sports leagues in a matter of days and got that going. it was an opportunity to engage people, get them to try new content they never tried before. maybe there's some interesting acquisition opportunities, getting to different types of people that are watching some of these shows that maybe wouldn't traditionally come on a sports product. liz: to that end, to that end, what were people betting on with

curb your enthusiasm and tiger king? i'm really curious about that. >> the product we created, it was good fortune because we didn't think we were going to use it in all these ways but we created pools. it was initially created so you could basically make difficult prediction ons on who would win what nfl game and you got entered against other people and whoever got the most predictions was right. we said all right, predict what's going to happen on survivor or at the debate. it was everything from how many times is bernie sanders going to say millionaire to how long the longest commercial break would be, all kinds of stuff. it just kept people engaged. liz: i do have to ask, because you are only active when it comes to mobile gaming in about seven states, as i understand it. about 12 states have it as le l legal. when do you anticipate the rest of the united states will make it legal? >> you know, i think that it's

hard to say. if you had asked me a few months ago, it might have been a different answer than i might have a few months from now, because i think there will be a lot of pressure on state budgets that maybe is more intense than it was before. you might see some -- liz: that would work in your favor, right? >> yeah, if that's the primary, which it is, that states want to legalize the activity, take something that's an illegal market and start taxing it and turning it in a positive thing for the state. i think the states that are going to be hurting on the budget front might be more open than maybe a few that were on the fence before will decide it's the time to do it. liz: jason, we are watching it and watching the stock. it is interesting to watch it go pretty parabolic in its first month or two of trade. when it becomes something and it is becoming something so much more, we are watching it closely. thanks for joining us. >> thank you, liz. liz: jason robins will draft kings. closing bell, we are now 37 minutes away.

we've got the democratic party coalescing behind joe biden in the fight to win back the oval office for the democrats but could one of the secret weapons in the former vp's war chest be about to slam shut on his campaign's fingers? charlie breaks it next. and president trump still meeting with african-american leaders in michigan right now. he said moments ago that the cdc is actually about to put something out quote, very soon, today or tomorrow, regarding churches reopening. we are waiting for president trump to speak at that ford plant. they are all ready for him with the shiny vehicles. we will take you there as soon as it begins. again, this is one of those plants where they repurposed it to make ventilators. fantastic. we'll be right back. (vo) since our beginning, our business has been people. and their financial well-being. it's evident in good times, with decisions focused on the long-term. and crucial when circumstances become difficult.

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has stood strong through every dark hour and bright dawn our country has endured. it has seen the break in the clouds before anyone else. for the past 168 years, we've also stood by you, helping you weather storms like this one, to protect your loved ones. and we'll do it for 168 more. liz: billionaire mike bloomberg

has been a key backer of causes such as gun safety and financially helping public schools. these are ideas that tend to align with democrats' interests so democrats have been counting on him to come through in this presidential election, but the data analytics outfit he formed that was supposed to give democrats a leg up may be in a bit of disarray, charlie? what's going on? charlie: yeah. liz, this is the company called hawkfish. my producer did great reporting on this earlier this morning. now cnbc and others are following her reporting. essentially, it's this. hawkfish which was supposed to be a main driver of the sort of behind the scenes warfare you see with data analytics, the stuff that brad parscale does so brilliantly for donald trump, he's an expert, he's the campaign manager but he's an expert at digital marketing and ads, and analytics, trying to figure out where the voters are, that bloomberg's outfit that was supposed to be part and parcel

of the democrat ic assault to rd donald trump of the presidency is in quite a lot of disarray. you know, no one really understands why, other than because of the covid pandemic and because there isn't traditional campaigning right now, nobody is really using them. biden hasn't hired hawkfish. he was supposed to hire them after mike bloomberg himself dropped out of the race in march. remember, bloomberg dropped out in march 4th, i believe, so just a couple weeks before the lockdowns and the pandemic lockdowns and quarantines began, and since then, they haven't been able to get much business, from what we understand. they are in what is best known as disarray. management changes up top, we hear. they brought in some people, you know, they have some really smart people there. google former executives, facebook former executives, these are house hold names in tech. they are not really being put much to use. what we understand is there's been significant layoffs at hawkfish in recent weeks.

lydia was first to report layoffs occurred last week. we will write all this up on foxbusiness.com because it's a fascinating story about how this unit that the billionaire, 60 times over, mike bloomberg, started a couple years ago, how its future in 2020 was supposed to be very bright. it was supposed to do not just his campaign, if he dropped out, but probably whatever democrat would come in there. it was supposed to be down ballot races. nothing is happening here. we are talking to people that are inside hawkfish that are telling me it's like, you know, a ghost town. now, obviously people are working remotely but there's not much work to do. one of the things we hear that's possible that bloomberg can start a super pac and maybe retrofit hawkfish to work for the super pac. that hasn't been done yet. again, there's quite a lot of disarray here in terms of management. there's not a lot of direction from the top. people are getting laid off at

hawkfish. and something that, you know, just a couple weeks ago looked like the future is very bright, people are talking about it not looking -- looking pretty dismal. again, we will have a full report on this for foxbusiness.com but just the broader story here, it gives you an indication how the coronavirus, the pandemic, the lockdowns, it's thrown a major monkey wrench into business as we all know. people are not working right now, people are locked down, trying to work remote. it's also had a major impact on the 2020 presidential campaign. people are having a hard time raising money. that might be one reason biden hasn't selled out the big bucks to do this. you know, they are not raising much money. it's unclear if there's going to be -- if there's going to be presidential conventions this year. i'm slated to go to both. i have no word whether i am or whether they are going to happen. i think hawkfish is one of the casualties of what's going on in the presidential -- in a

presidential election year. we should also point out, presidential ads, political ads in a presidential election are big bucks for everybody. there's a lot of money on the line here. huge spend. hawkfish, looks like, could be one of the major casualties. back to you. liz: charlie, we will look for that on foxbusiness.com and so much more. good write-ups on that website. i hope everybody is checking it multiple times a day. charlie gasparino. closing bell, we are about 27 minutes away. the dow is still struggling just a bit, down 100 points. s&p down 21. the nasdaq lower by 76. from masks and gloves to robots and touchless checkouts. retail about to look a lot more like your favorite futuristic movie, or worrisome futuristic film. will it be enough to make you a mall rat once again? retail industry leaders association ceo brian dodge makes the case to get you back in the stores and maybe the

stocks moving for an in-store return next. as we mentioned, we are waiting for president trump. he's running a little bit behind. he is supposed to take a tour at any moment, speak at a ford plant in michigan. we will take you there as soon as it begins. "the claman countdown" will be right back. ♪ where will you go first? will it be familiar streets? or perhaps unknown roads.

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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. liz: welcome back. add another threat to american workers' plates. just as another 2.4 million people joined the already 34 million unemployed since the coronavirus lockdown began, automation is kicking into high gear in the retail industry. gap is speeding up its rollout of warehouse robots with plans to more than triple its fleet by the fall. gap stores stock up 11.6% as the clothing retailer says it plans to reopen 800 stores by the end of this month. gap along with the biggest names

in retail is a member of the retail industry leaders association. brian dodge runs the whole operation. brian, what about robots and retail and returning, the three rs here post-covid and it really makes you wonder, what does that mean to the entire industry and their stock? >> well, i think those three rs all fit together around one other word that begins with i, which is innovation. we are seeing an incredible pace of innovation right now in retail as businesses look to operate in this difficult environment and the consumers who have been changed forever by the past two months of the covid crisis. liz: could i throw in two more rs? returning retail to normalcy. will anything about robots make people more comfortable about returning to the workplace? >> so obviously, retail is always going to be a hands-on industry on some major level.

people who are going to visit stores are going to encounter associates who will want to serve their needs to the best of their ability. the robots that were announced are really interesting innovation, primarily for distribution centers, and helps fulfill e-commerce purchases, things of that sort. we are seeing a tremendous amount of innovation, some that consumers are going to see in the stores, and in their experience. it turns out that a lot of the practices have been developed around the concept of contactless are also quite convenient, curbside pickup being a great example of that. consumers can expect to see more of that and it will likely persist past this crisis. other innovations apply to the supply chain, robots and things like that will affect the service but they won't be as visible to the consumer apart from the level of service remaining high and getting better over time. liz: you know, we have done a story about contactless delivery by drone of cars, you know, the drone will show up and deliver you the key to your brand new car. you really don't have to touch anything.

talk to me about what you are hearing from the war front here. we know that macy's and bloomingdale's, macy's owns bloomingdale's, macy's had to shut down 800 stores in the middle of march. they are trying to reopen as well. i believe they only have about 100 stores now open. beyond that, we have seen major chains file for chapter 11 bankruptcy. everybody from j. crew to neiman marcus to jc penney most recently. do you foresee more? >> there's no doubt about it, when businesses have been forced to close, they have no revenue coming in the door, they have expenses that they can't completely defer, and therefore, it challenges their budgets. but these businesses are thinking through the long term. they are planning for the long term. in some cases, these bankruptcies and other financial maneuvers they're making are with an eye towards how they can come out of this stronger and recover and serve their customers well in the long term. the important thing to recognize in all of this, we operate in an economy that is two-thirds driven by the consumer so

there's no replacing a functioning economy. so what these businesses need most is the ability to get back to some semblance of normalcy which we are starting to, so they are focused on the public health, contributing to the public health focus area so we can make sure we are eliminating the transmission of the virus, and then getting the economy back open again. so as you see these businesses reopen, you are seeing them employ really strong practices that should give consumers comfort to visit stores if they wish to and to make the purchase they want, if they would like to receive them at home. lots of great options for consumers right now. liz: yeah. i would think. i'm glad you brought up the health care issue because people are watching that so closely. it really is the one gigantic key to opening fully the economy is the possibility of a vaccine and i wanted our viewers to not miss this news in case they are just tuning in to business news for the first time today. that is that astra-zeneca is still in phase one and phase two of a vaccine trial, but the

united states has secured a potential 300 million doses if they do become successful. 300 million doses of this potential vaccine. so there are a whole bunch of companies that are taking as we call them shots on goal to try to come up with a solution here. at that point, if we do get that vaccine sooner rather than later, do you foresee a better holiday shopping season? >> so that's the goal, right. we want to make sure we are truly suppressing this disease so that we can all get back to the way of life we did before. getting a vaccine, getting effective treatment is a key part of that. in the meantime, however, there's something that every american can do to help limit the transmission and that's wear a mask. i keep a mask with me at all times. right now, the retailers are reopening their stores and they are encouraging, requiring their employees to wear masks. they are strongly encouraging their kuft mrcustomers to do so well. the workers on the front lines of retail right now doing

incredible work are there to help you. my message to the consumer is the thing you can do to help them is to wear a mask. liz: agreed. agreed. we are also waiting to see, the president said he might wear a mask depending on which part of this ford plant he walks through and how close he is to people. we should tell people to stay tuned because he is running a little behind but he will take that tour momentarily. we will have video of that. brian, good luck. thank you so much for joining us. brian dodge. >> thank you for having me. liz: closing bell, we are 16 minutes away and how about this story. from full house to the big house, yeah, that's going to get a little overused on this actress lori loughlin story. she is the former star of "full house." her fashion designer husband mossimo gianulli and she have taken a plea bargain for their role in the college admission scandal. what they copped to and how long they will be behind bars,

straight ahead. find out what cindy miller did have to do to find a seat in the c suite of the nation's leading medical waste management company. it's available on apple, google, spotify, fox news podcasts.com. it is such an interesting story. if you listen to it, it will make you understand that really successful people often start at the bottom and they just keep climbing. stay tuned. we'll be right back. every financial plan needs a cfp® professional --

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liz: breaking news. president trump has just begun taking questions during a q & a with african americans at michigan ford plant in ypsilanti. >> i think we would have had, you know, well over a million, could have been a million and a half to two and a half million

people dead and so we did the right thing. it would have been a horrible -- can you imagine if you saw what we have now and multiply that times 15 or 20 times, so we did the right thing but we now want to get going and we also learned a lot about the disease during this time nobody knew. we learned about the tremendous contagion and the problems, we learned a lot of -- lot of very important facts but now it's time for our country to open again and i think you'll start with churches, i think you'll start with some other states that have been very resistant. you have a lot of unfortunately in this case democrat governors, i think they think it's good politics to keep it closed but what arehurting themselves. i don't think it is good politics. they're hurting themselves, they're hurting their state and it's not good. i think you're going to see pretty much people are going -- i think they're being forced to open, frankly. the people want to get out. you'll break the country if you don't.

i think they look at it as a possible november question. it's not a november question. happens to be very bad for them. so you're going to see that happening. i think that your third quarter is going to be that transition quarter. we're almost there. it's going to be the transition quarter and it's going to be really good but the fourth quarter's going to be big and next year's going to be a big year for this country. reporter: how close are we to, in your words, breaking the country unless we start the reopening process more quickly? >> well, i think we're very close to opening up the rest. i think there's a lot of pressure put on certain governors that should be further along. they should be further along than they are. they really, they should not be doing what they're doing. so we'll see what happens. but the country's going to be in a very good place. very good place. we have a lot of ammunition left. you know what that means. there's a lot of ammunition left in the country in terms of the fed and the treasury and all the people that are working on it. we have a lot of ammunition

left. unlimited ammunition if we need it. but we won't need it. reporter: mr. president, are you prioritizing the reopening of churches over other establishments -- >> no, no, no. churches to me, they're so important in terms of the psyche of our country. beyond, i mean to me they use the word essential. i think churches are essential. so important. people want to be in their churches. it's wonderful to sit home and watch something on a laptop but it can never be the same as being in a church and being with your friends and they want to have it opened and i think that's going to be happening very shortly. very very shortly. so that will be put out. maybe tomorrow, maybe today. okay? thank you. reporter: mr. president, you had said yesterday in a tweet that you might withdraw funding from michigan. later in the afternoon you seemed to say that wasn't necessary. is that threat still on the table, sir? >> i didn't say it wasn't necessary. i said that i might have to do that. yeah. we're not going to go to voting

by mail. voting by mail is wrought with fraud and abuse and people don't get their ballots that happen to be in a certain district, whether it's republican or democrat, thousands of ballots are sent out but they don't happen to get them so people are calling where's my ballot. they call in a panic, where is it, where is it, the election's coming and all of a sudden the election comes, it goes and they say hey, i never got a ballot but wow, that didn't affect, but it did affect because thousands of people that happens to. you go and you vote. ideally you vote with voter id. then you really have an election. this country, you know, you go out and you buy things and you have your picture, you want to vote, the most important thing you can do is vote and they don't want to go voter id. so ideally that would be the ideal. there are many places that have that. many places don't. but no, we don't want to have vote by mail. we want people to vote.

now, if you are president of the united states and if you vote in florida, and you can't be there, you should be able to send in a ballot. if you're not well, you're feeling terrible, you're sick, you have a reasonable excuse, just a reasonable excuse, you should be able to vote by mail-in. you vote by mail-in. but when they send in the case of nevada, where they want to send out thousands and thousands of ballots and then they are going to send them back, who knows who signed the ballot. is anybody standing there acknowledging oh, that was mr. smith, that was pastor darryl scott, that was scott turner? it was john james, the great john james, who better win, because you would be missing something, michigan, if you don't vote for this guy. but you know, who says -- who are these people that are voting? they get it, it comes by mail, maybe, maybe it doesn't come. a lot of the problem is they're not shipped to certain areas.

you know, if you have an all democrat area, now, i have to tell you, the abuse tended to be on a certain side rather than another side. we won't get into that and frankly, the republicans won a very big event on tuesday where we have a mandate, mike garcia is a congressman in a democrat area, was not expected to happen and he won by a lot of votes. you know about that, john. that was a big decision. incredible victory. first time in 22 years. 22. so something's happening. but that was a vote by mail. they mailed it in and actually, the democrats saw they were losing and all of a sudden, they threw voter booths up in certain democrat areas. i wouldn't say that was so good, right? but it didn't have any -- it didn't have much of an impact. so mike garcia won and we won in wisconsin but we can't -- we can't do that. to vote, to really vote and without fraud, you have to go and you have to vote at the polling place.

people have to check you in. go ahead. reporter: can you just clarify, sir, what federal funding you are considering removing from michigan? >> oh, i'm not going to discuss that. there are so many forms of funding and we're not going to discuss that. what we want is we want good straight honest voting. okay? honest voting. by the way, that could be honest which obviously it can't be, you get a ballot, you're sitting in your bedroom signing it, who knows who's signing it? who knows if it ever gets to your house? who knows if they don't pirate, you know, they pirate these applications, they print new voting forms and then they send them around, people sign them or one person signs them with different pens and a different signature every time. obviously there's going to be fraud. we're not babies. there's tremendous fraud. you have all of the harvesting, you have all of the things they walk in at the end of a race, we had a lot of them in california.

they walk in at the end of a race and they dump thousands, you think the race is over, you think somebody won, then all of a sudden out of blue, come thousands of votes at the very end. oh, what happened. harvesting. wonderful thing, harvesting. they just happened to find thousands of ballots just at the end. so somebody that thought he or she was going to win the race, reporter: mr. president, in the midst of this coronavirus crisis the chinese government is considering a new national security law that would give it the authority to clamp down to a greater degree on hong kong. do you have a message for the chinese government about changing the relationship with hong kong? >> we'll have to see what happens. i haven't seen it yet. i have gotten a little briefing. but i will have a statement to make at the appropriate time. okay? hong kong's been through a lot. reporter: mr. president, we've seen the historic flooding, we seen this historic flooding here in michigan. we have seen forecasts we could

see a really severe hurricane season. is femme ma and fema and the federal government prepared to meet needs of some of these potential disasters? >> saying fema and the federal government. they're here right now. fema is here right now. they did a fantastic job on the coronavirus. fantastic job in michigan. they did a fantastic job everywhere. you have ventilators, you will see them now, this is one of the plants where we make thousands of ventilators. fema was involved. you know that the army corps of engineers at the highest level is right now in michigan working on the fact that you had some dams breaking that shouldn't have broken and they were probably, maybe not maintained properly? something happened to them. could have been human error from what i understand but it was certainly a physical error too. they were old. but you have the best in the word to fix them and get that

water stopped. we have fema here. we have the army corps of engineers here. they will be able to take care of it. let's go take a tour. you're all invited to join me if you want. and we'll take a look at great assembly line making ventilators. thank you, thank you very much. liz: president trump just finishing up a q&a with media who happened to be right there in ypsilanti watching as he spoke first with african-american people involved in detroit and renaissance of detroit. couple things newsworthy here. he did say he expects churches to start being allowed to reopen. i also assume means synagogues and other places of worship. he feels it is important for states to begin open. we could start breaking to see if we see most states open. he took a couple swipes at democratic run states.

he says that he thinks they believe it is good to keep the state closed. he disagrees. meantime. let's us bring in hudson valley investment visor ceo. gus, thank you for joining us. >> thank thank you, liz, for hag me. liz: what is happening in the market, you're welcome. clearly we're not entirely reopened but the president hints there would be further relaxation of all kinds of things. interestingly enough he was talking about voting by mail which he seems to be against, but many states relaxing their vote by mail standards due to the coronavirus. but that just has legs to go anywhere. what do you think it does for the markets? >> lessen the consumer wants to be out there. don't ever count them out. you want flexibility but as we move through there is a lot of pent-up demand. we have anecdotal evidence from places like red fin that saw 41% increase, i'm sorry, 41% of the

transactions for houses were bid up. we have a lot of other anecdotal evidence that car prices on used side are getting bid up. we're positive in terms of where the market is going. a lot of people are discounting this has gone too far too fast. something that is very interesting, liz, if you look at 57-58 when we had the asian flu, saw 4% decline in the gdp in fourth quarter of '57. 10% in the beginning of '58. strong growth through the end of '58. we believe that is really the way it is going to move. liz: v-shaped. with a little bit of a little part of a w there, or whatever. all of these numbers. we just put up your stock picks, you like the vaneck vectors retail etf. the retail picture is starting to crack open just a bit. at what point do you think this economy really takes off, gus?

>> you get layered. in you have only 25% access to put people into stores, you will be looking at a wave. ♪ closing bell rings] would i say -- liz: gus, we got to run. thank you so much. there is the closing bell. markets close in the red, off the lows of the session. tomorrow is friday. we'll see how we close out the week. that will do it. melissa building trucks to making ventilators, president trump just wrapping up remarks with reporters. he is about to tour a ford plant in michigan producing emergency equipment. i'm melissa francis. connell: connell mcshane. good to be with you here on "after the bell." the stock market down, not much percentage wise. almost half of 1% on the dow. a little over 100 points. concerns working into the market about the pace of recovery today but we also had millions more americans filing for unemployment benefits we found out about this morning.

we'll work throu