telling cnbc the white house will likely report another round of debt relief checks for american families. voting on a $3 trillion proposal today. the white house preparing an executive order which will require certain essential drugs to be manufactured only in america. that order from president trump could come as soon as today. now let's get back to cnbc hq and more of the headlines this morning. for that, we go to frank holland. >> we begin with a warning from the fda saying there is early data that suggests abbott labs rapid covid dying not tick tests may deliver false negative results. the fda is still evaluating data and in direct communication. the abbott tests still can be used to identify positive cases. shares now lower on the news boeing ceo david calhoun trying to smooth over relations with carriers sources telling cnbc a high-ranking executive at united and another both complained about comments theater going, may have to let it go. disney is shutting down the production of frozen for good making it the first broadway show to be canceled. the show already the weakest of disne

however, sources tell cnbc the white house would likely support a new round of checks in exchange for a payroll tax cut for businesses. the head of the federal reserve warns we could see permanent economic damage if congress doesn't provide more stimulus money quickly. >>> the president of the new york stock exchange announced some brokers will return to the trading floor at the end of the month. they will return in small numbers and are required to wear protective masks. the exchange shut down its trading floor and moved online in march after two people tested positive for the virus. >>> the pandemic is prompting another week of chilling job losses. nearly 3 million laid off workers applied for unemployment benefits last week. the total number of jobs lost is 36 million. some hopeful news. most economists predict unemployment will pick up in the coming weeks as more areas loosen stay at home restrictions. >>> the pandemic has left california with a deficit of $54 billion. that forced governor newsom to propose billions of dollars in cuts for the next fiscal year. he's asking the stat

the white house is likely to support another round of stimulus checks. the first stimulus bill included payments$1,200 per individual. according to cnbchite house would support more stimulus in that form. as you say, the broader bill certainly looking like a struggle in washington. given the economic backdrop, the labor market backdrop we talked about, clearly, there's more need for support for the millions of americans who remain unemployed at this point. back to you. >> cnbc's julianna tatelbaum, live from london for us, thank you. good the see you. >>> up next, a look at axios' one big thing. >>> more from the testimony of ousted official rick bright, who warns the u.s. lacks a coordinated plan to deal with the pandemic. >>> also, with graduation ceremonies canceled across the country, we're going to get a preview of tomorrow's virtual event, honoring america's class of 2020, that will feature a keynote address from former president barack obama. "morning joe" is moments away. they are the heroes, the helpers - working on the front lines, and here's one small way that you can help them in return. complete your 2020 census today. 20

. >> i love it >> that would be appealing to some >>> to washington news sources tell cnbc the white house would likely support another round of stimulus checks relief that could be a positive sign that republicans and democrats are willing to negotiate the house is expected to pass the democrat's $3 trillion package today but republicsenatd trump have said it would be dead on arrival $2,400 for married couples and $500 per qualified dependents. >> sources tell cnbc the order could come as soon as today. it is only 6:06. >> i wanted to talk about stay-at-home orders. it is only 6:07. normally we go to like 6:15. >> we haven't been you are quick. getting us out early >> yesterday, it was like 6:12 i've been watching >> not planned they have been trying to get us out earlier with a short a block. >> questions on a widely used coronavirus test and someone who can help us with this, dr. scott gottlieb first, take a look at shares of deny's first quarter profits fell as dining rooms closed. can you imagine trying to one a denies stream lined menus, reduced hours, shareable family meal facts. th

cnbc reporting the company told the white house that the president and his aides will have to wear masksrump has so far shunned wearing a mask. and any protective gear. we've seen him in goggles at some points. that would other protect others there his vicinity. here's what he said when asked about it. >> i don't know. i haven't even thought of it. it depends in certain areas, i would. in certain areas i don't. but i will certainly look at it. it depends on what situation. if it's appropriate, i would do it, certainly. >> so, ford has said its policy is that everybody wears ppe to prevent the spread of the coronavirus. the company says it has shared that policy with the white house. but says the white house will make its own determination. a trump campaign official is confirming to nbc news that republican operatives are recruiting, quote, pro-trump doctors to publicly back the president's push to reopen the country and revive the economy. the communications director for the trump campaign telling nbc news this, anybody who joins one of our coalitions is vetted. so, quite obviously, all

cnbc way back when. he's in the white house. i'm just saying. it out we appreciate your point of view is all i'm saying. do you think it's going to last? what happens if people are in the suburbs and maybe that corporate customer. >> landlords have to realize as great as the business, sales are everything when you start talking about a retail store or manufacturing company, restaurants, thoehotel, when you're down 50%, that's huge when we report same store sales on cnbc and somebody is down 5%, that's a problem let's say you're a $5 million business and you're down a quarter of a million dollars this year. now you're not getting the leverage of those sales. that 250,000 is your more profitable money when you start talking about retail, restaurants, hotels, manufacturing down 50%, you're eventually going out of business it just depends on how much liquidity you have we have to fix this and get people moving around at some point when we know it's safe to get back in all these accomplishments or 21 is not going to be pretty you can talk about the r

let's get the latest on this progress with kate rogers back at cnbc hq. >> vice president pence is expected to be at the white house today. a spokesman disputing reports over the weekend that pence was self-isolating after one of his staff members tested positive for coronavirus. dr. fauci and several white house coronavirus members have quarantined themselves over potential exposure to the staffer. treasury secretary mnuchin admitted the unemployment rate may be closer to 25% than the current 14.7%. mnuchin said next year is going to be, quote, a great year the trump administration is reportedly in talks with semiconductor companies with building new factories in this country. administration has held talks with intel in taiwan semiconductor manufacturing. the goal is to reduce the u.s.'s reliance on asia for the chips, brian. back over to you >> thank you for that update. >>> let's get an update on america's food supply. president trump announcing the federal government plans to offer new support to the country's farmers amid the ongoing economic lockdowns announcing the united states will buy $3 billion of dairy,

the president would sign it. a draft obtained by cnbc outlines a policy process for social media dictated by the white house that would see the fcc write new rules for how these platforms can remove content. the ftc take the lead on enforcing any violations and the justice department to convene a working group of attorneys general across states toisolat any incidents that are happening at the state level this is an captured that has been in the works for nearly a year at this point a senior administration official tells me that the interagency process had recently broken down, but that the president wanted to resurface this effort in the wake of an effort by twitter to begin fact checking his tweets when he was talking about mail-in ballots earlier this week. jack dorsey, the ceo of twitter said our intention is to connect the dots of conflicting statements and show the information in dispute, so people can judge for themselves. more transparency from us is critical so folks can clearly see the why beyond our actions the house speaker, nancy pelosi, said that she does not support the way that the president is go

no indication from the white house on exact details of that news conference. we'll cover that event right here on cnbc the moment that it begins let's get back to the market asks your money. and the growing shift of investor focus and the global lockdowns to the global reopenings and rising geopolitical tensions. joining us now is mark haefele, mark, thank you for joining us bright and early on this friday morning. the markets, we're talking about a second wave. the mrkts look like they have had a second wind particularly lately what will it take to you and your team to keep this recent momentum for stocks going? >> i think that you're right, that the fear is for this second wave of. we think that there's reasons to believe that that won't materialize. that a second wave of the virus that leads to further national lockdowns won't materialize. that should give people some optimism that there is upside to this market, particularly in some of the sectors, as you mentioned. maybe the mid-in the u.s. or germany in europe. so that's one of the thing this is we're looking to today beyond some of the politica

the white house thanks very much. >>> in the last few minutes the treasury secretary was asked on cnbc about the future of international air travel in the midst of the outbreak. here is what steve mnuchin said. >> do you think international travel will be opened up this year? >> too hard to tell at this point, maria. i hope down the road it is, but i'd say we're taking this -- our priority is opening up the domestic economy. obviously for business people that do need to travel, there will be travel on a limited basis, but there is this is a g for people to explore america >> that interview on fox business, not cnbc. >>> still to come, dr. deborah birx says there is hope for the possibility of a vaccine by january, but what if a vaccine comes later, if it's never developed? a credible one? that has happened before. >>> plus global backlash against china over coronavirus. president trump has called it a coverup, and now china's firing back calling secretary of state mike pompeo evil. >>> how is the pandemic affecting our food supply? farmers hard-hit by coronavirus are now speaking out. achoo! ...do your sneezes turn hea

the white house for retaliation. it is tuesday, may 26, 2020. you are watching "worldwide exchange" here on cnbc> welcome back and good tuesday morning. i'm brian sullivan thank you for starting or ending your day with us what a day to join us. dow futures are up 530 points right now on hopes for a potential vaccine. another company. we'll name it in moments with new trials beginning right away. some night tail winds driving equity the dow coming off its best week since back to early april. the nasdaq 100 now just 3% from its all-time high. not just equities. look at oil. coming off its best month every. up 70% in may topping gains in 1990 and 1986. of course, 34 still not a good number almost every company will lose money on that price per barrel but does mitigate some mass immediate bankruptcies in the oil patch. this is going to be your stock, your story, maybe your company of the day that is novavax. a maryland biotech the stock soaring just up 20%. they are beginning phase one trials those first results could come as early as july they look good, they move on to phase two and join moderna a

the way, an estimated one in four are out of work. cnbc reporting that some americans have returned to work. the unemployment rate for may, though, still expected at 20%. meanwhile, "the washington post" reporting the white house has decided it will not release updated economic projections for this summer. and while you can guess why, today trump's economic adviser said this shouldn't be viewed as an effort to hide something. >> we're extremely transparent. we're every day talking about what we think the economy is going to be doing. >> with all of this, the president will also now have to grapple with the reverberations from the death of george floyd. federal and local authorities are investigating his killing. earlier today, trump was asked for his thoughts on the matter. >> have you spoken to the family of george floyd yet? >> no, i haven't, but i feel very, very badly. that's a very shocking sight. that was a very, very bad thing that i saw. i saw it last night, and i didn't like it. >> do you think those police officers should be prosecuted? >> i'm not going to make any comment right now. i can tell you i think what i saw was not good, was not good. very bad. >> here for our leadoff discussion on a busy t

the white house has multinational executives a meeting with the president and his economic team, to talk about the recovory and reopening hereh united states. a senior administration official tells cnbc that that list includes executives from united airline, southwest airline, windham hotels and kroger. we have seen some of those ceos going in today, we are expectin to see them on camera potentially with the president answering more questions in a few moments time and we'll bring that to you when we have it. >> thanks for that mike, i guess a little bit of a surprise this week with geo political tensions not to see the chinese yuan weaken more and more broadly, the dollar strengthen in fact, the dollar down about 1.5% this week and the dsy close to the 98 level. is that encouraging to see that we've seen the dollar soften even with the bullish risk of embracing of risk didn't hold for eck quities all week >> yeah, i would say although i do think that you know the movement in the dollar index and the dollar itself has a lot to do with the euro as we talked about and the fiscal there. eemed like it forthe our that's all to the good it fits in with the general idea ha the mark that the

. >>> cnbc's senior market commentator mike is here to break down the trading day welcome, keith let's start with the broader market fueled in part by worry that the white houseffs on china larry kudlow stressing that china should be held account bable for not doing enough to contain coronavirus and the pandemic and discuss whether additional tariff are in fact on the b table. >> it was really just a few months ago we signed a good phase one trade deal with china. usdr's put out a report e recently which indicates that the chinese are cooperating and implementing so that's a very important piece. with respect to future tariff decisions and other measures, that's going to be up to the president. i don't know there's any rush u. our efforts here are first of all to kopt to get this virus down >> he didn't say yes or no, keith. how much do you think that's playing into the move lower today? >> quite a lot when you take a look at it and i think market participants are also exploring or trying to game out or put into their calculus what else could happen from a political standpoint and a financial standpoint i know there's been a lot of talk about the u.s. just no

the white house. and so and they earn profits on that theft so i just don't understand why we interface with an enemy like we do. one thing that's not brought up on b cnbcover a million prisoners of conscious in religious camps yus for their religious preference i thought we went to never again after world war ii why does u.s. and wall street engage with such a murderous regime you guys are saying why now. i don't know why we ever did in the first place. >> what, kyle, do you think the likely reaction is going to be from china if things continue to amp up and this time, there's no phase one deal that takes the kind of heat out of the room where do we end up in six months or five years? i mean i'm going to put the word out there. is it possible this goes to the military level or not? >> well, look, i think there are four different wars that can be fought with china. we're already in the midst of three of them and the only one we haven't been fighting is a connectic war. i believe chinese economics as somewhat of a paper tiger. they claim to be 15% of global gdp yet less than 1% of global cross border transactions settle in their own currency. they have a