morgan or crocket.i think march gone's failure to move west made him out of sync with the american story.gone's move west made him out of sync with the american story.gone's move west made him out of sync with the american story.gone's move west made him out of sync with the american story.gone's e west made him out of sync with the american story.ogone's fail move west made him out of sync with the american story.rgone's move west made him out of sync with the american story.agone's move west made him out of sync with the american story.ngone'so move west made him out of sync with the american story.one's f move west made him out of sync with the american story.ne's fa move west made him out of sync with the american story.organ'se west made him out of sync with the american story. a novel which i hope some of you know, a novel about a very simple man who is far from simple and who spends his life giving it to one small community, one small town in kentucky, not really getting much back, but sufficient

morgan. into j.p.l down more morgan.ight was the provision for losses jumping to $8 billion. the reserve build overall, 6.8 billion dollars. most of that coming from credit cards. what did you make of some of these numbers? david: it is hard to know exec he would everyone was expecting, but we expected a very big provision for jp to try to get in front of the credit challenges related to covid-19 as soon as possible, and they did that. unfortunately, they had a very strong trading in capital markets quarter. they also had a very strong loan growth, so the fact that they threw up an $8 billion provision fromtill made $.75 was, our perspective, kind of demonstrates the power that j.p. morgan franchise bradley. i am of -- j.p. morgan franchise broadly. i am of the opinion that they will be ok with the numbers this morning. alix: can it continue putting up these kind of numbers with that type of loan loss provision? because i amyes not of the view that an $8 billion provision each quarter is what i would consider to be norma

morgan stanley down by about 0.6%. let's get more into morgan stanley. revenue missing in the first quarter. joining me with more is bloomberg's sonali basak, and marty mosby, vining-sparks director of bank and equity strategies. walk me through what we are learning on the media call. sonali: then come the questions. we see from the ceo, who spoke to my colleague, that trading revenues are down in april. tradingtion is if those numbers are sustainable, not to mention the percentage increase we saw was a little less than what there was at jp morgan in equities and ficc, and that goldman sachs. the market share question will also come into play in that analyst call. lending was up, deposits were up, but what is the expectation moving forward? morgan stanley did say in their release that they don't know whether these financial targets they set are sustainable if these trading figures don't hold up. so more clarity around their goals for the rest of the year will also be continuing to come up. alix: is that similar to what we heard from goldman sachs, or is

jp morgan a priest -- jp morgan appears to be strong on all counts.losing a little bit, bouncing off its lows of the session on the morning. you're seeing some buying in the tre

morgan has bigger provisions.would also make sense that someone like citigroup would have a sizable position. we will see how that plays out, and if it will make g-v morgan either look more conservative or make jp morgan either look more conservative or less so. alix: i'm also struck by no covid layoffs. can you talk to me about the a,ficiency ratios for b of and for banks as a whole now? question withg the efficiency ratios is probably going to be on the revenue side of things. we did see jp morgan lowering their cost guidance, and that is related to business volume that's point. -- business volume at this point. america and j.p. morgan, the banks are committing , they've made different commitments, but in terms of the banks generally supporting their staff, making payments to the staff, saying they are not going to do layoffs , obviously that makes costs a little more sticky this time. but what we are going to want to hear about is what is happening on the investment side of things. jp morgan, even though they a

morgan andl morgan wanted to go swimming.n the water, and there three other kids at the end of the pool, two of them throwing a ball back and forth. she wanted to play, can ijoin in? she wanted to play, can ijoin in? she had ball and they quickly grabbed the ball and got out of the pool because it was not a normal way of saying, i want to play. morgan, that look on her face was like, dad, i don't understand, ijust want to play. it bothered me because all i wanted was the opportunity for my daughter to be able to play, and so where would we go for morgan? couldn't take her to a lot of parks because of certain circumstances of hers, and talking to others, we found the same situation. how do we develop a place where those who have settled the — — develop a place where those who have settled the —— need and those who don't come together and play? in a fully inclusive environment. those discussions, those to cats, those meetings eventually turned into what we now have here today, morgan's wonderland. that is so amazing. since then

at morgan's wonderland and morgan's inspiration island.om all over the united states and literally all over the world make special trips to come here. in an environment that is just different than any other environment in the world. right! whoa! alex, look! what do you think? this is amazing. alex really likes, you know, ipads and things like that that he can manipulate. so when he came into this room, there's not a lot of extra noise but there's a lot of things he can touch. you did it! i'm so proud of you. we started travelling with benny when he was six months old. sweet. before we really knew he was autistic. so he's very used to it. so we did as much as we could before he turned to. so by the time we did have a diagnosis he was so used to travelling. so you just acclimated him to it. ijust met danielle who has a five—year—old boy who is also non—verbal autistic. we had a really fun time catching up. my new friend — we just friended each other on facebook — and it was really lovely to talk to her about there are so many similarities, h

james gorman, ceo of morgan stanley.his is bloomberg. ♪ guy: from london, i'm guy johnson, with vonnie quinn in new york. this is "bloomberg markets." a lot of data out earlier on. markets seem to be largely ignoring it. abigail doolittle, over to you. abigail: certainly an interesting market day so far. if we take a look at the dow, you are going to see that index is sharply lower, while the s&p 500 down a little bit less. the dow down about 1%. the nasdaq, however, outperforming. up 0.3%. the dow transports down .1% -- down 2.1%. investors continue to digest the jobless claims data we've had over the last three weeks, the normandy of that number, the economic data yesterday. it feels like it could be an inflection point. however, the engine that has been keeping this really going lately, the faang stocks, and especially amazon. really incredible, hitting another all-time high, the best four days going back to 2016. it really interesting nuance to make of amazon with a climbing. investors assuming the company will be ve

we will go through the nuances of goldman sachs and morgan stanley.olate the power these big banks over to the super regionals, can you? ken: the regionals are much more .ensitive they don't have the capital one otherd they have point -- the card business is important. the downside is delinquencies for credit cards, but in terms of a growing economy that is a great place to grow. that draws the large banks on the consumer side. even with the rebound, how cheap are the banks? us -- is it super buy, is it buy? they are trading below discount net tangible values multiples. i think you have to look at the strength of the bank as long as the dividend is safe these could be in the second half of this year a great performing area if we use that cyclical stock, that is not going to be the focus of the market or strategists in till we see some recovery. these are great cyclical investments when we see a turn in the economy. what can you tell us about bank of america? they shifted about 3000 employees to small businesses. they have said they won't lay off peopl

morgan and wells fargo today.et aside for loan loss provisions is really the most significant piece we are watching. konrad is an analyst at da davidson and is watching this. we knew this would be the thing to watch. are you surprised we were lossaching levels of loan provisions near 2009? david: not necessarily. we are certainly in uncertain times with the economy shut down, hopefully not too much longer. uncertainty regarding the government programs, the banks, and now with the new accounting rules for the banks, they now have to provide or up to 2.5 years of consumer charge-offs and like learn -- lifelong charge-offs. some is a shift in accounting pulled forward a lot of credit losses. what was a little surprising for the investors for jp morgan is after the books were closed, the economists change their assumptions to more dire forecasts over the next quarter. they did forecast further provisions over the next two quarters. we have seen u.s. banks being supported recently but what happens given the dire foreca

morgan all reporting. jp morgan set aside the most cash in a decade. u.s.the treasury department to access billions of dollars in aid. it is a temporary lifeline, as the industry waits for customers to travel aai

morgan.h fixed income shining so brightly and morgan stanley being the leader in equities and trading volumes being where they are, the hope is trading will hold up for this quarter. that is in hindsight. we do not know what the next two quarters will look like. david: one of the things everyone will be looking at will be controlling the cost. we note will be a rocky road for the banks. thank you very much for sonali basak. power,"p on "balance of we will talk to massachusetts attorney general maura healey, who is using her office to try to protect those most vulnerable to the coronavirus. that is coming up next on "balance of power" on bloomberg television and radio. ♪ nowadays you do more from home than ever before. the xfinity my account app puts you in control with digital tools to give you the help you need when you need it. get fast and easy answers with personalized help 24 hours a day, 7 days a week. change your wifi password to a phrase that's easy to remember. even troubleshoot your

and morgan wanted to go swimming.ving fun, just splashing around in the water. there were three other kids at the other end of the pool, two of them were throwing a ball back and forth. she wasn't able to verbally communicate and say, hey, i want to play, can ijoin in with you guys? so she hit the ball. so they quickly grabbed the ball and got out of the pool because it wasn't a normal way of saying, hey, i want to play. and the look on morgan's face was, dad, i don't understand, ijust wanted to play. and it saddened me because ijust wanted my daughter to be able to play. so where could we go? we couldn't take her to a water park because of certain circumstances of hers, and talking to others, we found the same situation. so how do we develop a place where those who have special needs and those who don't can all come together and play in a fully inclusive environment? and it was those discussions, those chit—chats, those meetings, they turned into what we now have here today at morgan's wonderland. that is so amazing.

jp morgan and wells fargo out today. crude oil down on was 5% again. it can't catch a break these days. the 10 year yield at 74 basis points. guy: let's talk a bit about what is happening here in europe and around the world, equity markets and the virus story. we are starting to see maybe some indications that we are seeing a plateau in the number of cases in countries across europe. we are also starting to see some countries reopen their economies, starting to ease their lockdowns. however, countries like the u.k., france, and italy extending theirs. , headtalk to peter garnry of equity strategies at saxo. my question to you, is there a greater risk that we get more upside from here, or a greater risk that we retrace these recent gains? peter: i think we will retrace these gains. risk isthe downside bigger than the upside risk at this point in time. the s&p 500 and european equities are trading on sentiment of a faster recovery. be many falsewill starts in reopening the economy. of the earlyis one lessons we are seeing from asia. we did a study lookin

morgan go to a weaker euro call, john bilton, j.p. morgan asset management.rkets up today. 18.03, a good time to speak to mr. mcveigh of tkr -- kkr. henry mcvey. this is bloomberg. ♪ ♪ you are watching bloomberg "surveillance." shares of boeing are surging as the beleaguered aircraft maker is making plans to restart jet making in seattle, ending a shutdown last month from the coronavirus pandemic. over 30,000 workers will return. alarmom is sounding the on disruption, telling customers they need to place orders for parts at least six months ahead of time. that is a surprisingly long leadtime. end with billionaire sheldon suspending -- for the las vegas sands all the industry is shut down. almostar, he collected half of the $4.2 billion payout. the sands is looking to buy existing resorts from others. that is your bloomberg business flash. francine: earlier on i spoke to luke ellis, the chief executive officer of the largest hedge fund and we spoke about flows and how many clients wanted to redeem just because they had problems in terms of cash flows. that the

and morgan wanted to go swimming. fun, just splashing around in the water. there were three other kids at the other end of the pool, two of them were throwing a ball back and forth. she wasn't able to verbally communicate and say, hey, i want to play, can ijoin in with you guys? so she hit the ball. so they quickly grabbed the ball and got out of the pool because it wasn't a normal way of saying, hey, i want to play. and the look on morgan's face was, dad, i don't understand, ijust wanted to play. and it saddened me because ijust wanted my daughter to be able to play. so where could we go? we couldn't take her to a water park because of certain circumstances of hers, and talking to others, we found the same situation. so how do we develop a place where those who have special needs and those who don't can all come together and play in a fully inclusive environment? and it was those discussions, those chit—chats, those meetings, they turned into what we now have here today at morgan's wonderland. that is so amazing. and

morgan wells fargo bank of america and citibank just those 4 banks own 81 percent of it so those are the guys getting bailed out by the fed in the mean. time u.s. housing j.p. morgan chase to raise mortgage borrowing standards its economic outlook darkens it just got harder to buy a house from tuesday this week customers applying for a new mortgage will need a credit score of at least $700.00 and we acquired to make a down payment equal to 20 percent of the home's value but this is an interesting concept one of fairness as it relates to the economy and it's not really baked into be american system is not designed to be fair because fair is what is fair for one person is unfair to another person and it's a highly subjective term what america relies on is free market capitalism and it relies on competition and that if you are successful competing then you succeed remember in america possession is 9 tenths of the law now if you don't compete successfully then you get thrown out of the game basically but that's the way it is and you guys states and. having said that when you talk about b

morgan wells fargo citibank bank of america have their bad. debt spelled out the same ordinary 340000000 americans go oh cool so thankful for my government and the central bank bailing out are bad bets here's my bad. sorry we don't have enough money for that so that they feel like the ordinary person feels like this is unfair somehow that's jamie diamond you know bad bets get bailed out over and over every single time it crashes my belt bad bets never do yes and that's why on this show with kaiser report we have put forward the notion that you will never achieve fairness in the economy that's based on money if it's controlled by banks stores and central bankers who can print 10001 for you and it doesn't and they are free to break any law they want the only riposte. is bitcoin and gold particularly bitcoin bitcoin disenfranchises and de capitalizes i'm not for decapitating anybody but i am for be capitalizing all the wall street bankers by shifting the center of gravity of money from the dollar and fear to bitcoin and that's perfectly within ou

morgan chase. we had earnings from morgan stanley this morning. it has been a little all over the place, but down 1% now. the 10 year yield at 60 basis points after we got another whopping claims number, which we were expecting, but nevertheless is a shock to the system when you see it actually come out. crude oil back above $20 a $0.33. just up about the u.s. government said it was mulling paying drillers to keep oil in the ground. the vix just above 41. guy: a lot of oil. let's check in with the bloomberg first word news. here with the details, ritika gupta. ritika: the coronavirus outbreak has now effectively erased at decade of job creation. more than 5 million americans filed for unemployment benefits last week. in the months since the pandemic swaddled to the u.s. economy, 22 million have lost their jobs. the latest number suggests an unemployment rate of at least 15%. president trump will release plans to relax stay-at-home guidelines today, suggesting that the pandemic is plateauing in parts of the country. the president spoke to more than

how will morgan stanley differ from bank of america or jp morgan?ill see a big provision so even goldman sachs ,hat has an increased lending one billion for them, about 25 billion across the banks. togan stanley sticking research brokerage so we will see some marks but nothing compared to the last crisis. we think that is something investors have savored in recent weeks. of the thingserms we are focusing on, are you expecting trading for ficc and equity to be similar to their --als or alison: we are focusing on and equity jump. equity derivatives has been a major focus across banks. fixed income trading business is closer to goldman and less like jp morgan, bank of america, and citi in the sense that they do not have the same corporate base. we think there fixed income might not be as strong but that is not as important to them strategically. the other thing is the wealth business. have done ans, they great job bringing that up but they have have a lot of market help. they may take a step back this quarter and we saw that at bank of america merrill

morgan >> yeah. bob, i'll take it. continental resources suspending its dividend today as well pain in the oil patch in focus millions of americans, though, sheltering in place amid the coronavirus outbreak and insurance giant allstate announcing it's paying back its auto insurance customers more than $600 million in premiums since people are driving far less during this pandemic. joining us is the chairman, president and ceo of allstate thomas wilson. tom, thank you for being with us today. >> good morning, morgan. >> in terms of this shelter in place payback you've announced to start off the week to pay back some of these returns, some of these auto insurance premiums to customers, how did you arrive at that $600 million number and what does that mean for allstate customers that are going to start receiving these checks >> it means we're going to treat them fairly. when you look at what's happened in driving, we kind of began the month in march and everybody was driving about the same amount they did and then you got

if you think jp morgan is best in breed and you think they deserve that premium valuation, you've got to be looking at a stock that can rally 15% from here. >> 4% down, 9% up. crazy week for jp morgan chase >>> on deck, can tesla thrive even in the shaky economy where under $2 a gallon gasoline is widespread we'll talk more about tesla and its big week plus, is there any reason to invest in any casino company right now? some are indeed making the case and we're going to hear that case coming up on a special live bonus hour of "fast money" on a friday >>> welcome back just a reminder, the white house is holding its daily briefing on the coronavirus. any key headlines there about reopening the economy, economic aid, the small business program, the payroll protection act, of course, we will bring it to you or bring you live into that press conference for now, let's do what we do on cnbc and talk about the economy. but let's focus in on one company. that is tesla, because tesla through it all continues to make money for its investors, global pandemic or not. in fact, shares of tesla up mo

physicians dr matt morgan has written a letter to u.s. president trump. he writes transparent data honest answers and brave truths are the only way to cradle real hope that things get better giving your power to the people around you the experts in truth the experts in science and the experts in health is how you too can save millions through the doctor met morgan joins me tonight from cardiff in wales welcome to the day dr morgan what makes a british i.c.u. dr pin an open letter to the u.s. president well really this was a plea not a need to the u.s. press that the does around the world to really focus on 3 things in this crisis you know this virus doesn't care for politics but the way to combat it is the same it's 1st of all have transparency and have honest debate and conversation secondly to devolve the power to expert scientists and those who understand the complexities and the 3rd is about supporting the poor and those most at risk of in health the quality and when the dust settles on this pandemic in america i hope we explore it in that support of

thank you and dr met morgan joins me tonight from cardiff in wales welcome to the day dr morgan what makes a british i.c.u. dr pin an open letter to the u.s. president well really this was a plea not a need to the u.s. press that the does around the world to really focus on 3 things in this crisis you know this virus doesn't care about politics but the way to combat it is the same it's 1st of all have transparency and honesty that bates and columns say should secondly to devolve the power to expert scientists and those who understand the complexities and the 3rd is about supporting the poor and there is most at risk of in health the call it seems when the dust settles on this pandemic in america i hope we explore it in that support of them who will be something that comes out this what do you say to those who would ask you why didn't you write this letter to boris johnson or the u.k. government. well i think many governments around the world are already using these 3 basis as a way to combat the crisis because there's no simple answer is but there are 3 ways that we can approach the

a little bit later, we have jp morgan owning's -- earnings. little bit later on, the cfo of wells fargo joins us. this is bloomberg. ♪ this is ""bloomberg surveillance," i'm francine lacqua in london. a lot of the focus will be on earnings. this is as economists looked on the impact of the lockdown. analysts will try to figure out what the earnings season will bring. gold slipping from a seven-year high. if you look at jp morgan and wells fargo, the global heavyweights in the banking sector that actually will come out with earnings a little bit later. then we have audi saying they may restart car production at the end of next week. this is bloomberg. ♪ these days you need faster internet that does all you expect and way more. that's xfinity xfi. get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device that's connected is protected. that's a $72 a year value. no one else offers this. faster speed, coverage, an

morgan >> jon, that was a great interview. thank you for bringing that to us ibm stock is up nearly 6% on today's broader market rally as well meantime european markets are set to close in a moment and seema moody has the breakdown of that action overseas >> morgan, early signs that europe is turning a corner with the number of cases rising at a slower pace in italy and france suggesting the quarantine measures including social distancing are working some nations like austria looking to ease those measures following a decline in cases the chancellor saying the nation is cautiously planning to open smaller shops after easter and larger stores and malls like hair salons by may eu finance ministers set to meet tomorrow to construct a rescue package for european nations despite opposing views from german and french ministers, on the table easier access to loans for small and medium-sized businesses and eu wide insurance scheme and a fund to promote investment and reconstruction. back to the markets, best performing transports and

morgan has been extremely adept. i salute him.ther banks make money on volatility, but new issue business is really gone, so we m things down and get the investment-grade corporate sector back, asset-backed securities, everything else. that is what we need to see. shery ahn: right. thank you very much. hour, nowin the next is a once in a decade opportunity to buy high-yield credit. this is bloomberg. ♪ shery: welcome to "daybreak asia ." i am shery ahn in new york. haidi: i am haidi stroud-watts in sydney. we are counting you down to asia's major market open. halts u.s.rump funding to the world health organization, saying it has failed to share coronavirus at data. the imf warns a downturn will be worse than the great depression. u.s. bank earnings get off to a pretty abysmal start.

it's tracy morgan, everybody how are you doing, tracy >> yo, what up, what up? this is crazy, man this is freaky-deaky, man. i made love with my wife like this last night. [ laughter ] >> seth: oh, man, my goodness. tracy, you've gone through some - >> yeah, foreplay went like this this was our foreplay. [ laughter ] i took the mask off. that's foreplay. >> seth: tracy, where are you in the house right now? >> right now i'm in my great room see my piano, the dogs way back there. it's huge, man >> seth: yeah, do you play the piano? >> what? >> seth: do you play the piano >> what? do i look like i'm down with the commodores to you? i look like i was the son of the bass player from earth, wind and fire come on. that's for looks, brother. >> seth: let me ask you about something i know you know something about. your aquarium. how are your -- i know you have sharks you got eels you got an octopus how are the fish holding up? >> they're fighting. >> seth: yeah. >> they don't like wearing hospital masks in the water. >> seth: you're making the marine life wear the masks

morgan chase and i was 69 percent drop in 1st quarter earnings as a boost to its reserves ahead of the booming downturn. for more let's cross to financial correspondent against course in new york yes those figures from 2 of america's biggest banks are pretty dire how have the markets reacted. well clearly all the banking stocks not just for a merger p. morgan and for a move wells fargo didn't trade with the down site in an overall by the way upbeat trading environment clearly those banks they are preparing themselves that we will see a lot of clients being unable to pay back their debt paying back the credits if it comes to credit cards if who comes through mortgages the energy industry or also the retail sector is the only good news from those numbers was actually that trading over old trading bonds trading stocks or at least the chip in morgan chase we saw record revenue over there but clearly banks are preparing that things will get darker before well business overall turns around and the stocks were among the biggest losers. ok i'd say what's talking about something else as well th

nbc bay area's ian cull is live in morgan hill. ian, more things will soon be off limits. >> reporter: that's right, jessica. you know, many cities have shut down playgrounds already, but now it's going to be around the bay area. maybe looking just like this one in morgan hill. tape around the entire playground so no one can go on it. they're also adding new recreational areas like basketball courts and dog parks. it might already feel like we've been ordered to stay at home for months, but it's only been two weeks. and bay area health officers say it's not enough, extending the order until at least may 3rd. the new rules are more strict. sports that use a ball like soccer or baseball can only be played with members of your household. basketball courts will close. >> trying to get a little bit of exercise and get a little bit out of the house. >> reporter: manuel was playing with gloves as a precaution and wanted to put up a few more shots while he still can. >> people are dying, so i can see why they're trying to do whatever it ta

>> my sister, morgan's older sister asking what she can do locally in the l.a. school her kids go to knew a bunch of er doctors and people facing the challenge we heard that. the thing that kind of shocked her was they needed a good meal. she obviously didn't have the ability to appropriate a lot of ppes so meals were the most obvious choice they went and delivered 85 meals that night to the er it just blew the doctors and support staff away it was powerful for them and for the other parents at the school. they basically just scrambled all their resources and started immediately 501 c 3, they have 100% match every dollar that comes in goes to feeding doctors and frontline workers dealing with this. so far they have 24 hospitals. they have delivered 14,000 meals a week now they are just basically short on supplies so we're just in the fundraising mode giving them run until may. right now until may 1st is the money we have. we all kind of see the runway being through june 1st we're trying to wrangle up some more it's been incredible the response you get from the p

of jp morgan.are wondering what type of shape we will be in in terms of coronavirus and have -- and the impact it will have on the economy. will it be a that are you or v? my best guess is a sharp incline out. give me what you are using to model what kind of recovery we are likely to see here. john: the historical precedent but that the economy, response to a markets do, meaning six out of the last seven recessions, the recovery has been as sharp as the move down into recession. but looking how equities, credit, commodities, currencies, bonds paved after that, there is so much variance that i don't think you can use as a starting point. what will the economy do and therefore what will the markets do? you have to keep taking these on its own merit. we know that pretty much every country except china is going to go for a very gradualist approach in terms of the opening economy. that is why you are going to get a much shallower move back to normal growth than what you have seen in the past. when you l

morgan, thank you.orgia, hundreds of cars lined up for a food drive at the atlanta motor speedway where families could receive 40 pounds of food. joining me now keisha lance bottoms. good to see you again. and looking so well. we're glad to see that. what are you seeing in your city? talk about the toll this has taken both economically, emotionally and otherwise. >> reporter: well, it's been very stressful, alex. like so many people across the country, people in atlanta are anxious. it's an uncertain time. they are concerned about their health and also how they will feed their families. but thankfully, we were able to anticipate some of this as a city. so we put into place a series of executive orders that has allowed us to deliver meals to students, to our public school students and also to our seniors. we have escalated our summer food program that we normally do for kids in summer camp. so we have been able to fill in the gaps. and like the rest of the country, we are waiting over the next couple of

morgan and wells fargo. as you mention in your opening, the major thrust here, country to country come is on lockdown, and if and when anybody can really wish -- country to country, is on lockdown, and if anybody can relinquish the quarantine on society. francine: we will have a full round down -- rundown on the possibility of a vaccination, but we are nowhere near that yet. we also have to look at antibody testing. let's get to the bloomberg first word news in new york city with viviana hurtado. viviana: president donald trump hopes to reopen the u.s. ahead of schedule. the president saying within days the administration will issue guidance for governors who want to relax social distancing practices. the president says the guidelines will give americans the confidence they need to return to a normal life. now two big differences between republicans and democrats on capitol hill. this as the u.s. congress is under pressure to provide an of the stimulus package. publicans want to add $250 billion to the small

morgan, and it was 2.4, five times book and it's a whole book value of j.p. morgan that's lost, and obviously, they're going to have more big write-ups and they'll have more big charges, but i think this dichotomy where j.p. morgan is trading and where the rest of a lot of big companies are trading, not all, but many that's a big disconnect and i don't know where that will continue and i called the krp, and i think that's kre and that divergence is too big. >> i heard that jop morgan hassa i ceo that people are pretty fond of. >> yeah. >> i'm told. i have learned a few things in the last couple of months on "fast money. karen, we'll get you in a second in a 20-minute run of breaking news, we have more breaking news and this time it is on uber and for that let's go to deidre bossa out west >> it just doesn't top uber with the driving guidance also taking a writedown of 1.9 to 2 billion on investment and dealing with the assistance program for drivers and delivery people as we expect it will reduce gap revenue in $17 to $22 million in q, and it's taking's right

jane >> hi, morgan. yeah, you know, it's a really difficult problem here it's happening as the dairy industry is finally recovering after years of consolidation and bankruptcy the problem is half of the industry's revenues come from food service and restaurants and that milk market evaporated. you can't tell the cows that last week on your average day in american 4 million gallons of milk was dumped including 600,000 gallons in southern california where i am outside of fresno at roland valley farms he said the price he's getting has fallen about 30% in a month, but it's because he's having to switch from butter powder to mozzarella and everybody needs liquid milk to the grocery stores. >> when you are planning on a yearly, two, three, five-year plan it's difficult to switch from what you currently make and put it into something completely different. >> now to switch over to grocery stores also includes different processing, different packaging. meantime the government assistance programs only allow 1% mi

yesterday we spoke to the morgan stanley chief executive mr.he addressed his illness. >> i am doing great, thank you. i am completely recovered. i had the virus but i was one of the lucky ones. i was not hospitalized. my lungs did not get infected which was a blessing and while it is unpleasant, it is manageable. my heart goes out to the folks who were not that fortunate or who had underlying health issues , and the elderly who struggled and passed away. it is a curse and i wish everybody well who gets it, and wish them to stay hydrated and rested and wish them the best. yesterdayio told me that this is much worse than the 2008 financial crisis. what kinds of base case assumptions are you making at this point for the recession and the recovery? james: i am trying to think. i am not sure i agree with that. the economic impact, gdp decline is much worse but it is so specific and built around the virus, what kind of world will we have when we have immunity from it, the right testing? there are so many unknowns whereas in 2008 it was the fundamenta

happy easter. >> yeah, this is in morgan hill today, st.herine of alexandria church, kind of a nice way to do it. they decorated their cars, nice alternative while it's still social distancing going on. nice easter car parade. >>> before we go we want to remind you about a new "snl" tonight, airs live at 8:30 after date line. stick around for our documentary on how the bay area helped launch the surfing culture called "revelations, riding the waves." it's on right after "snl." thanks very much for joining us. "nightly news" is next. back at 6:00. see you then. >>> breaking news tonight, the devastating toll of the coronavirus. 2,000 americans killed in one day. more people have died now in the u.s. than any other country. the new field hospitals being built. >>> and this -- >> the number of hospitalizations appears to have hit an apex. >> new signs of hope in new york >>> the crack downs across the country, major outdoor parks now closed, new mandatory rules for face masks this man dragged off a bus for not wearing one. >>> back to business

morgan stanley buying e*trade, goldman sachs buying united capital.ure of all of those businesses is very unclear in such a rocky market. we know they could benefit from the growth in deposits. when we do not know is how consumer spending and delinquencies will be impacted. sonali basak, thank you for joining us. the latest on bank earnings, as bestw morgan stanley's trading performance in more than a decade. we see a mixed picture across markets. the s&p 500 down .1%. the nasdaq gaining ground. more market coverage ahead. this is bloomberg. ♪ ♪ is 2:00 in new york, 7:00 p.m. in london. i am scarlet fu. romaine: i am romaine bostick. this is "bloomberg markets: the close." interesting day in the markets. we have been all over the map. a strange day. we saw the nasdaq at one point recoup all the losses for the year and turn green. it has backslidden a little bit. the dow jones is below are a good portion of the day. the s&p down about .1%. only three of 11 sectors are in the green at the moment led by health care and discretionary names. is interesting