tom hayes, phil flynn, thank you. but again, i would be remiss if i didn't stress here you can't have the recovering economy with sick people. it's being worked on and wait until you see one of our segments in just a few minutes how close we are to at least a cure. >>> a fox business alert. we have just gotten this. the federal reserve is going to buy those small business rescue loan banks -- bank loans the banks and treasury department just began making friday. this is a move to apparently encourage the banks to participate and more details on this will be released later this week. that means that the fed and the treasury will have to lay out $38 billion because that is the current tally of loans paid out by the program since it started grinding to life three days ago. the white house now says 129,000 loans have been approved. now, let us turn to the individual taxpayers who don't own businesses. according to treasury, they are next. >> i am assuring the american public they need the money now. what we are going to d

phil flynn, a couple of stocks have been halted, restarted trading, due to volatility. we don't know the names or much of the reasoning behind it, what is going on the floor, i know you're not there, if there were a floor that were operating at the cme, it has been closed for about two weeks what you do you suspect is going through the mind of traders and investors? >> i think we're getting all the different headlines hour-to-hour that is starting to panic people how bad this thing is going to be and we heard some comments from the fed's eric rosengren a little while ago says he is expecting the coronavirus slowdown could cause two quarters of negative growth in the united states. he is also talking about this record high unemployment, this big surge in unemployment. those type of headlines are not allowing market to look behind what could be a very explosive fourth quarter. that is really what is going on. as far as the individual companies and their impact what we're hearing a lot of different stories about funding issues, and whether or not, we're going to see this t

sean o'hara, david joy, phil flynn, i miss you guys.industrials just turned negative. [closing bell rings] it is more than 950 point swing. that will do it for "the claman countdown." what started as all green on the screen, now red. ♪. melissa: connell, you will have to take it away here, i'm looking at a market just turned negative, down 34 points. connell: yep. melissa: this is "after the bell." i'm melissa francis. connell: i'm connell mcshane. welcome, everybody. we lost a lot of momentum in the last few minutes of trading. what looked like a big day to the upside turned into quite the opposite with the dow down 30 some points. nasdaq also moved lower. one of the big things we were watching was the s&p 500, broader measure of the market whether it would exit bear market territory and be up 20 some points t would

to phil flynn now. phil, the problem was even cutting 20 million barrels a day if it were ever past doesn't come close to the lost demand we're looking at, right? >> absolutely correct and the thing you have to realize too, the contract we're looking at, the may contract that expires tomorrow, it is not coming fast enough. the opec production cuts have not even started. they don't start until may 1st. so if you're getting oil today there is no place to put it. that is why we're seeing this incredible sell off. we're going back to look in the history books this i today, neil, maybe 25, 50 years from now, as an example what can happen to a market when everything goes wrong. this is going to be the biggest sell off in crude oil history because one day move right now i think we're down over 44% in one day. and it is really combination of right now. delivery is coming due. nobody wants the oil. there is too much oil out there. so they can't give it away right now. that is why the prices are collapsing. neil:

charles: joining me now, our oil expert phil flynn. il, if you heard that, i got to tell you, this kid, young 3-year-old oil industry executive said early last week, texas oil commission they have to stop production. maybe white house has got to stop production. opec and russia have got to come to their senses. he was so prescient when he said it could trade in the single dollars. >> he sure was and he is absolutely right. we're seeing that. the texas railroad commission will meet tomorrow to make a decision. they have been already debating this concept. should the texas railroad commission join opec cutting production? is that collusion or is it a situation where they have to act to save the global oil industry? i think right now, based on what is happening with the futures prices today, they will lean towards, you know, hey, we're doing it for what is good for the oil industry. it is kind of industry, because you mentioned the texas railroad commission. they have a checkered history. kind of years ago they controlled price of oil. the

phil flynn, scott redler. we are looking at 50 minutes before the closing bell rings. the dow is really only 15 points away from its session high at the moment. a lot of good will and good feeling at the moment but general motors cutting the ignition on its dividend and buy-back programs on an effort to preserve cash during the covid-19 pandemic. shares are up 2%, shaking off early morning sting of the news. of course, gm is just one of the many tightening its belt when it comes to companies but the outbreak is giving one biopharma, you ready, failed drug a second chance at success. up next, how one left for dead antiviral treatment is now being brought to the forefront of the coronavirus fight. the ceo is viralclear is here next. so i listen to audible almost any time that i can. it's my own thing that i can do for me. since i don't have time to read, i mean i might as well listen. if i want to catch up on the news, or history, or learn what's going on in the world, i can download a book and listen to it. i listen to spanish lessons sometimes to and from work. yea, it

best oil reader on the planet, phil flynn. he joins us now. phil, how is this playing out in your eyes and what can we expect now? >> what we're see hearing is is a lack of confidence. yesterday when you looked at the back end of the curve, june, july, august contracts, they were saying quite clearly that oil demand will come back and the situation we're seeing with the may delivery going negative was a temporary situation but it seems 24 hours later, this fear is growing that maybe this isn't going to be a short-term situation. maybe, just maybe we'll have this situation where we're going to run out of storage and it can affect later months. that the economy will not open up fast enough. that opec is not going to cut fast enough to alleviate this shortage. in fact it has gone down so much today, neil, that it actually caught the attention of opec quite clearly because there is now a very hastily-arranged opec conference call. that's right. they're talking about fast forwarding the production cut to immediately cut production and not wait until

phil flynn on that effect. phil, what are you hearing? what are you seeing?m hearing right now, this is a big blow to hog producers and a lot of the ag economies right now. because this just adds to a situation that has been worse for these producers. they have nowhere to bring their hogs and their cattle to get slaughtered and put out into the marketplace. so right now, based on this plant, this plant, this tyson plant in waterloo, iowa basically processes 4% of the entire country's pork supply. you add to that we have already had 10% of other processors shut down, the farmers are getting pretty desperate what to do with these pigs. it probably means they are going to have to euthanize a lot of these pigs, kill the baby pigs because basically, they are going to have no place to go with them. from a price impact for the consumer, it's not going to be as bad as it looks. in the short term, we are going to probably see pork prices go up. if you look at the futures prices on the front end of the curve, they are up almost to the daily limit, not quite, up about t

we have to get phil flynn to explain what that means. know it was the expiring contract but certainly looked strange, the market having collapsed the way it did. dagen: right. is phil on with us? have we gotten them yet. i will never big-foot phil on oil. [laughter] maria: phil, do you want to explain first, phil flynn, how it's possible that oil prices are negative $37 right now. phil: it's a perfect nightmare and there's a perception and growing reality that all of the oil that's being produced, that there's no place to put it right now. if you look at the global storage tanks around the entire globe, they are filling up to the brim. in oklahoma where they delivered the oil, that storage facility is about 80% full and at the current rate it's going to be completely full mainly by the end of may, so what the market is saying right now if you're an oil producer, don't try to jump to oil unless you want to have someone -- unless you want to pay to take it away and because there's no demand, what we are seeing here is the reflection of wha

phil flynn is, maybe he knows why that has eased up. what do you think, phil?ter: neil, i'm sure you're glad saudi arabia, russia, buried the hatchet when it came to the little production war but they have been under unprecedented pressure not only from the price of oil but geopolitical pressure from places like the united states and canada, that have really taken the brunt of this crash in the oil crisis. what we're hearing a deal is actually done. the question is, exactly how it is going to play out. the 20 million barrel-a-day cut production isn't going to be opec alone. from what we're hearing the opec production cut is going to be mainly about 10 to 12 million barrels. the bulk of that, at least six million barrels will be taken by saudi arabia pulling down production from 12 million barrels a day to six million barrels a day. the russians will kick in about two million barrels. the rest of the cartel will make up that difference. so that's the talk right now. but there is another big meeting that oil traders are going to be watching even though the market

phil flynn is the man of the hour watching all the oil action for us so we'll get to phil. lauren simonetti on market. blake burman from the white house. we'll have more reporting from washington. phil, like i said you you are te man of the hour. you never saw a day like this. take us through it. >> never in my life. a lot of people watching this market never thought they would see a day like this. you have a perfect situation where the contract coming for delivery with no demand there is somebody out there right now that wants to sell oil and there is nobody there to buy it. in fact this is the first time we've ever seen this kind of situation, connell, and it could be a short-term situation because you look at some of the back months and the price of oil, there are still relatively strong compared to the front month but this is a disaster. it is a disaster because opec didn't act fast enough to cut production. it is a disaster because u.s. producers didn't pull back fast enough. it is a disaster more than anything because this is a snapshot of what the world looks like wh

neil: neil: phil flynn.eantime we he would told but hospitalizations going down, death counts going down, the fact of the matter, i think people forget this, 80% ever the people who test positive for the virus. they survive. they're the weapon against this. their blood plasma. that is the weapon. a woman leading the charge, a survivor, who is happen to be that weapon, to rally other weapons to help the country. after this. ♪ ♪ ♪ ♪ ♪ about medicare and 65, ysupplemental insurance. medicare is great, but it doesn't cover everything - only about 80% of your part b medicare costs, which means you may have to pay for the rest. that's where medicare supplement insurance comes in: to help pay for some of what medicare doesn't. learn how an aarp medicare supplement insurance plan, insured by united healthcare insurance company might be the right choice for you. a free decision guide is a great place to start. call today to request yours. so what makes an aarp medicare supplement plan unique? well, these are the only

phil flynn and thomas hayes. what do you make of mark's assessment of the next steps? do we need to do to get to america 2.0? phil, you first. >> okay, great. i think he's absolutely right. i think we're doing the right things right now. i see a massive amount of stimulus by the federal reserve, the way the banks have reacted, the way that we're helping out small businesses, that's going to be the thing. because he's right, this is like winning the war. remember, we didn't worry about the debt when we were trying to win world war ii, right? we were spending whatever it took, we did whatever it took to win the war. and look at the incredible economic growth we had after world war ii. we built our infrastructure, we did things like that. so there could be a new move. this could be an opportunity for america to come together, rebuild the country unlike anything we have seen before and get that kind of boost. so good out of all the bad that we have gone through. liz: look, the dow is on pace for its best month since 2015, october. then i looked and i saw that -- let's see.

jason katz, phil flynn, there is the closing bell. markets kicking off the second quarter. let's call it a gut punch to investors. dow jones losing 975 points. until tomorrow that will do it for the claman "countdown." melissa: kicking off the second quarter with huge losses. stocks in the red following the worst quarter since the financial crisis. i'm melissa francis. connell: i'm connell mcshane. welcome back to "after the bell," everybody. these major averages closing not far off the session lows. 4% down across the board or more than that we'll talk about everything that went on in the markets today, as well as all the big headlines of the day. our reporters are set up with fox business team coverage this afternoon. blake burman could covering thet from the white house, lauren simonetti on markets and. lauren with, dow down 1000 points we start with you. lauren: good news t was off the lows of the session. this is ugly. what a way to start off the new month and new quarter. the dow down 973 points. broad selloff. president said it would be tough new weeks. number of cor

phil flynn, give me your picks on who will see big earnings disappointments. >> you know, anything in the energy sector right now. because everything that john just mentioned, the airlines and everything else, are covered by energy. listen, we know the banks are going to be big. jpmorgan, the reason why their numbers were so bad is because they have a lot of exposure in the energy space. lot of these companies, of course, are not selling any oil. their profits are minuscule. they are not paying their loans. you will see a lot of those businesses perhaps being taken over by the banks. we're not seeing the type of lifeline to the energy industry that we are seeing to some of these other industries. like airlines and such. we hear a big bailout for the airlines, i'm not hearing the democrats saying let's bail out all the oil companies and shale producers. we are not seeing that. obviously, the opec deal is going to help quite a bit but i think energy stocks are going to have one of their worst quarters probably that we have seen probably in 25 years. liz: well, yeah. and unlike the airli

joining me right now is price futures group and fox business contributor, phil flynn. reading your writing. you're really spot-on on this market for so long. the shutdown for the country has meant demand drying up for oil. >> it really has, maria. thank you for that. i tell you, when you look at what we've been seeing in the global market, it's really a barometer of what we've been seeing in the global economy and negative oil prices shows you what the world looks like when the economy stops dead in its tracks. that what we're seeing. energy prices, we like to see them low for businesses. this is the flip side of the equation. you see what's going to happen. this is one of the reasons we're going to see bankruptcies in the energy space, energy earnings are probably going to be down 50 or 60% from what they were a year ago and really a vibrant energy market really reflects what i see as a vibrant economy. when the energy sector hurts, you can tell the rest of the economy is hurting as well. maria: we don't know when the demand is going to pick up again. we're talking abo

let's get the read from heather zumarriaga and phil flynn. i phil, i end with you, another wild card, this oil deal was supposed to be a cut in production, we're told $9.7 million a day by principle opec players and additional members, but the president said it could be as much as 20 million barrels. do you know what is the real figure? >> what we're hearing now the saudi oil minister just spoke, neil. he is confirming what president trump is saying, that the cut in actuality will be much closer to just under 20 million barrels. when it comes to opec you have to be ready for fuzzy math, right? is not real production cuts but production cuts by opec under 10 million barrels a day. 3.6 million barrels from other opec countries. then the amount of oil we'll buy for the global strategic petroleum reserve. that is how they get to the number. the international energy agency is vowing to buy over 200 million barrels for the strategic global reserve. that means every country in the g20 that is part of this club is going to be kicking in buying it. the

joining phil flynn and joining the conversation dagen mcdowell, pollster and president of maslansky +ers lee carter and pwc partner mitch roschelle. thanks to all. great to see everybody this morning. phil, let's talk about the oil deal, the president said it was going to be between 10 and 15%. it looks like what we are seeing now is a little lower than expectations, how does this play out phil, and why don't we see a bigger move in the price of oil? phil: yeah, i think there's little bit of disappointment and this deal is better than no deal at all. at least giving some of the oil producers some hope that there's some price stability in the future and one of the big things when you look at a deal like this, we have a tendency to look at the first couple of month's contract like the june contract. if you look out a few months, the reaction to the deal is a lot better, shows that prices will come back but that's assuming the demand will come become and that's the big question for this oil market going forward. maria: yeah, i mean, at this point what would a 10% cut do? it's taking how

flynn. then he is essentially exonerated. david: we have been listening to president donald trump at a meeting in the white house with the new jersey governor phil murphy. at the end what we heard was a defensive general flynn, his former national security advisor. for most of the remarks he said there would be a strong recovery in the united states. he said the economic numbers for the fourth quarter would be tremendous, and going into next year as well. he also touted the testing system they have in place and said they are on track to setting records. at the same time he is asked about the food supply chain and says that has been fixed and taken care of with his order that the meatpacking plants remain open. that was donald trump at the white house with new jersey governor phil murphy. alix: from the united states to europe. we have european economic numbers today and those were worse than expected. overall gdp shrank 3.8%. christine lagarde said in a news conference that it could get as bad as 12% over the overall year depending on how long the coronavirus is. we welcome stephanie flanders, our senior executive editor for economics at bloombe

neil: the president making a little bit of news there with new jersey governor phil murphy on the general flynn case where now there are emails revealed show it might have been a case of investigators trying to entrap. president seemed to be holding out the signal the entire case could likely be dropped as a result but he didn't dismiss the possibility of a pardon. didn't even get into that. but the other issue of course here is the continuing dealing with the coronavirus. he thinks he is making great progress here. they are rapidly looking to speed up the process which time they get a vaccine to the market and in americans hands and worlds hands in short order. he is taking a lot of efforts to make sure that could happen, some say by the end of the year. the fall has been a target and a possibility here. there are a variety of vaccines being worked on all around the world. three or four companies working in conjunction with various governments. united kingdom has one working in conjunction with oxford and astrazeneca. in our country you've been hearing a lot about gilead sciences what have you