let's get back to wilfred frost with more on the numbers and we love these bank reports, at least you pretend to >> reporter: i really do particularly now more than ever. let's get to the numbers so the all-important provisions for credit losses how much of the loans that the bank has made, do they fear might go bad given the current environment. we saw a jump there to 4.8 billion. the number in the same quarter was 1.1 billion. an increase of 3.7 billion the other factor we've been looking at to give us a kind of a guide of the scale of provisions that these companies have made is total reserves relative to total loans and for bank of america that has increased by 50 basis points to 1.51%. 1.51% of total loans they made fear could go bad moving forward. mine the numbers yesterday, jpmorgan increased by 90 basis

we want the results to be well you have a great weekend stay safe, meg >> i super bowl we have wilfred frost, what have you got wifor s >> we came up with bank of america and the size of the applications for the paycheck protection program at 2:00 p.m. they received $6 billion of requests for loans. the number as of now is 22.2 billion dollars worth that is from one bank in one day from when they opened the application process at 9:00 a.m. this morning in total, 85,000 applications totaling 22.2 billion. it is an astonishing amount of requests don't forget the size of the total package that congress has allocated is 350 billion you could chop this up any which way, but i'll do it this way, brian. bank of america has over 2 million small business clients just 85,000 of them have requested 22 billion just one banks -- clients don't need a loan, and it's just some of them haven't made requests yet. >> yept to assume anything, but if you just do the math that you raid out, it is conceivable, not impossible that bank of america's clients alone could hit that $350 billionnumber based on the percen

will fr wilfred frost monitoring it, as well >> we broke that j.p.gan chase most likely will not be ready to accept applications tomorrow as you just said, the treasury secretary made some fresh announcements and alterations to the tpp plan increasing interest rates from 0.5 to 1% and i can confirm that had never been a concern of chase's that alone won't change their decision on this, their readiness. their concern is they haven't had the broad guidelines from the sba in time to be ready for tomorrow and under that same issue, i can confirm that one of the other top four lenders in the nation whoey spoke to about 20 minutes ago and also in the same position. without those guidelines they are also not ready to go by tomorrow though they had a slightly more optimistic tone to it saying if the guidelines came in they could be ready within a couple of hours after that again, not something we got there from secretary mnuchin in the press conference one other point that stood out to me during the press conference, brian. the treasury secretary made clear

pick it up next time with wilfred frost picking it up right now. thanks, guys. >>> welcome to "the exchange." i'm wilfred frost in for kelly the dow back above 23k right now. why? investors optimistic following developments dr. fauci saying that the virus death count is lower than thought and should be a turn around after this week stocks continuing their climb after the vermont senator bernie sanders announced that he was dropping out of the democratic presidential race and hit session highs in just the last half hour after new york governor cuomo said that hospitalizations in the state are down and that the curve is flattening let's get to bob pisani with the market moves for us today. hey, bob. >> good news right across the board on the coronavirus front we have already had, of course, very good news from the federal reserve and their programs, the course of congress working on a potential fourth package a lot of things coming together and caution how far the stocks dropped. near the highs today energy stocks, people are excited about energy sto

guys >> all right wilfred frost, thank you >>> let's get to eamon javers for some details on white house efforts regarding the oil industry and supply. eamon? >> yeah, jon, we're expecting the oil ceo meeting at the white house tomorrow i've been talking with an oil industry source over the past little while who gives me an expectation of what the industry or the players in the industry will be asking for from the president and the main thing is, this issue of oil tariffs which some players in the industry believe the president is inclined to do here even with this announcement in the past hour or so on a potential deal with the saudis and russians they're concerned about that so a number of the players in the meeting tomorrow are expected to argue to the president tariffs are a bad idea and they are going to argue for royalty and leasing relief for drilling on federal lands and storing excess reserves in the strategic petroleum reserve, something that d.o.e., department of energy, is coming now. also jones act waivers, that's the law that mandates that if you're shipping between u.s. po

pick it up next time with wilfred frost picking it up right now. thanks, guys. >>> welcome to "the exchange." i'm wilfred frost in for kelly the dow back above 23k right now. why? investors optimistic following developments dr. fauci saying that the virus death count is lower than thought and should be a turn around after this week stocks continuing their climb after the vermont senator bernie sanders announced that he was dropping out of the democratic presidential race and hit session highs in

wilfred frost, thanks for bringing us that info. >>> let's get to -- oh, i love that head shot, wilfven think you should come on live anymore if you can just always have that head shot. let me get to cnbc headquarters where jim cramer joins us now. jim, i want to take your pulse it's a monday. mondays aren't great i know you don't like big -- >> no. >> -- futures moves that might not be warranted, but how are you feeling? >> i think we've become estranged cheerleaders for good news or bad news we get good news and if you dive below it's just means maybe fewer people are dying good news in new york, a few different -- let's just say better numbers about hospitalization and we start crying stocks. i wish there was more to it. how about how companies are doing, whether companies are able to go through this period and then again, when you dig down, retail suddenly got demand because of this? no restaurants got demand because of this? no i want to be a little more sensible i want to be a little more thinking about what happens because we're about to be in an earnings period andalso a sens

wilfred frost joins us >> caller: some of the banks are not ready. it was meant to launch at midnight as you suggested. they've been working overnight since about 7:00 p.m. last night. the message posted yesterday before those guidelines will likely not be able to accept application tomorrow, meaning today, friday. that message is still on their website. wells fargo says we don't have a start date yet bank of america and citi websites suggest they are not up and running yet. >> that said, all of the conversations over its last 24 hours suggests a case of when, not if is that today or this weekend. the applications will be made on line on a first come, first serve basis adding more stress that they'll miss out all together if their banks were the last to be ready that said, secretary mnuchin reiterated he would return to congress for moral owe indication for this $350 billion if it were to run out. >> let's go through what the conversations are like then in trying to get this up and running. what is the sticking point here? what clarity are they looki

welcome to closing bell, i'm wilfred frost. particular in the spotlight, in free fall right now. let's have a look at what is driving the action the cost of wti's may contrast went negative as ever as global demand and storage option evaporate. still no deal for small business, beginning a rescue package for state governments and nasdaq outperforming, certain big tech names like amazon and netflix, which by the way reports earnings tomorrow. down

welcome to closing bell, i'm wilfred frost. energy in particular in the spotlight, in free fall right now. let's have a look at what is driving the action the cost of wti's may contrast went negative as ever as global demand and storage option evaporate. still no deal for small business, beginning a rescue package for state governments and nasdaq outperforming, certain big tech names like amazon and netflix, which by the way reports earnings tomorrow. down 1.7% on the s&p, sara. >> 555 dow points. ahead on today's show, we're going to dive into this plunge in oil prices, what it means for the u.s. economy and jobs to the financial losses reverberating through the market right now plus we will speak with illinois governor j.b. pritzker and former commerce secretary penny pritzker, his sister, about illinois's battle against the coronavirus and the race for more protective gear and testing. let's focus in on the big stories we're watching with 58 minutes left of trading. brian sul vab focusing on crude oil collapse, mike santoli

i am wilfred frost with sara eisen. stocks rallying for the first time this week as we see the energy market recover. let's look at what's driving the action congress on track to pass nearly half a trillion in extra stimulus funds oil prices recover and corporate earnings providing a bit of relief today. tech companies like snap and consumer stocks like kimberly-clark and chi pochi pot lay showing signs of strength. >> we'll take a deep dive on the debate over how and when to reopen the economy we'll speak to the mayor of las vegas, who has called the a stay-at-home order in nevada total insanity and florida's lieutenant governor and we'll speak with cme ceo terry duffy about the wild swings in the oil market those negative prices. and billionaire harold hamm's call for an investigation of crude futures trading. let's drill down on the big stories we are watching. 59 minutes left of trade mike santoli tracking the market rebound. phil lebeau has fresh comments from delta's ceo on the back of earnings and meg tirrell wit

we do want to get to wilfred frost this morning who has some highlights from jpm's conference call >>o the key focus throughout the morning has been provisions for credit losses. there was an extra 6.8 billion for the quarter. that splits roughly two-thirds from the consumer, mainly credit cards, one-third corporate which was oil, gas, real estate and retail how big is that 6.8 billion number it's billed in one single quarter. bigger than for an entire year since 2010 and it increase their total reserve build, built up many years by 40% the total of 25 billion. they reserved against roughly 2.3% against their entire trillion dollar or so loan book. the cfo said on the call they were factoring some of the potential benefits from various government bailout programs and an improving economy in the second half of the year. so it's still not a worst-worst casary joe >> after we closed the books for our quarter our economists upped their outlook. if that scenario were to hold, we would be building in the second quarter and builds could be higher in aggregate over the next several quarters r

thank you for an epic show i'm wilfred frost with sara eisen. stocks kicking off the second quarter the same way they closed the first with more losses a right near the session lows on the dow, the major averages on pace for their third decline in four sessions. as you can see, we're down 4.3%, 59 minutes left. here's what's driving that selling. president trump warning meshes to prepare for a very, very painful two weeks due to the coronavirus with the white house now projecting anywhere from 100,000 to 240,000 total deaths in the u.s big investors are weighing in. rosengren says the feed needs to adapt as the crisis proceeds and he expects the unemployment rate to rise dramatically >> we've got a big guest lineup coming for you in just a couple minutes, talking to james gorman from morgan stanley. he'll talk about the market volatility and how the banks have fared so far in this crisis let's focus in on the big stories we are watching at this hour, the final hour of trade. mike santoli watching the market plunge meg tirrell has new details on

i'm sara eisen here with wilfred frost. stocks are higher, just off session highs, as the fed chairman paints a pretty gray picture of what the economy is looking at, characterizes the hit as severe, certainly on unemployment, on economic growth, on household spending, both in the short and medium term, which is getting a lot of attention. the medium term outlook has the risk that was characterized in the statement. and saying the federal reserve has already put in place extraordinary action to keep markets working, borrowers borrowing, credit flowing, and is prepared to do more and has more tools if needed, trying to send a message of confidence that the fed is here and calling on fiscal authorities to keep working as well to support this economy. >> the fed very much doing what it takes, not an optimistic outlook in any way, shape, or form for the economy we did see a fractional tick-up in the long end of the yield curve in terms of yields, ten-year got up to 0.63%, having been at 0.59% earlier in the session. the dollar

i am wilfred frost with sara eisen. stocks rallying for the first time this week as we see the energy market recover. let's look at what's driving the action congress on track to pass nearly half a trillion in extra stimulus funds oil prices recover and corporate earnings providing a bit of relief today.

thank you for an epic show i'm wilfred frost with sara eisen. stocks kicking off the second quarter the same way they closed the first with more losses a right near the session lows on the dow, the major averages on pace for their third decline in four sessions. as you can see, we're down 4.3%, 59 minutes left. here's what's driving that selling. president trump warning meshes to prepare for a very, very painful two weeks due to the

wilfred frost joins us with more first on jpmorgan. >> reporter: hey, andrew we mentioned the revenuefor jpmorgan revenue in line. miss very much on the credit costs and the provisions at $8.3 billion. provisions for credit losses well above last year's number of 1.3 billion for the same quarter. another gauge on this, if we switch to total credit reserves, there was an additional 6.8 billion this quarter on their books they have 25 billion total reserves built up over time. that means they've reserved 2.3% of their entire trillion dollar plus or so loan book as for this quarter's bill that splits to roughly 2/3 from the consumer, 1/3 corporate would be corporate focused on oil and gas, real estate, and retail now the key thing for the call will be what have they factored in in terms of timing to get to that estimate. we mentioned strong trading revenue earlier as expected. also wanted to mention within asset management it rose 7% by cumulative net inflows despite market levels. very impressive. in terms of guidance, net interest income for the full year lowered to 55 billion, previou

if you are just joining us, i'm sara eisen here with wilfred frost.ook how we finished up the day on wall street we did see stocks pull back but not as ugly as it looked earlier in the session there's the dow closing down 442 points it was down more than 700 at the lows loss of less than 2% s&p 500 losing 2% on the day, but a real divergence in terms of the sectors for instance, health care finishing down only half a percent, but energy, materials, financials all got hit harder than 4%. real estate also hit pretty hard, industrials just behind that the nasdaq down 1.4%, technology has been an outperformer of late the nasdaq actually is the only one of the major averages that is higher on the week. it's up 3% everybody else is down or flat the russell 2000 index of small caps, hit the hardest, a lot of the banking closure in that. it's been an underperformer pretty much all year coming up this hour we'll ask ariel investments co-ceo mellody hobson about when she thinks the economy could begin to recover from the coronavirus and how to invest around tha

i'm sara along with wilfred frost. stocks are are higher to start the week s&p up more than 1%. let's look at what's driving the action more states are preparing to ease the stay at home orders and outlining plans for roeopening their economies. plus, more stimulus going online more central bank action from japan helping fuel the bulls and despite all of that, oil plunging again, down more than 20% as we see one energy company file for brankruptcy. >> ahead on today's show, we're taking a deep dive on the path forward for retailers. that sector deals with the fallout from the lock down we'll speak with about the issues facing the industry and be joined by former macy's ceo as department stores deal with their own challenges and bankruptcy concerns swirl around the sector we're up 5% on the s&p with 59 minutes left citigroup is up 8% still down 42% year to date. let's focus on the big stories we're watching today mike is is tracking the market moves. meg has the latest mike, let's kick it off with you and the broader markets. >> after about two weeks of going sideways, the s&p 50

morgan >> welcome i'm morgan brennan along with wilfred frost also joining us mike not only the day, but this holiday shortened trading week on wall street the dow finishinging the day up 1.2% at 281 points 237.15 for the week. 12.6%. best week for the dow since 1938 taking a look at the s&p as well finishing the day up about 39 points or 1.4%. 27.89 and again with a gain of 12% for the week, looks like the it's the best week for the s&p since 1974 nasdaq also finishing the day higher first time we've seen back-to-back gains for the nasdaq since the beginning of march. finishing up about .8% the russell 2000, the big outperformer today finishing up 4.5% coming up, we're going to pask max levchin about whether the coronavirus will make working from home the future for many americans. and joining us to talk about the market day in the meantime, stephanie link, also larry adam. chief investment officer at raymond james, but first, mike, i'll go to you i know you've been talking about it in the past hour and really all day. this rally we have seen within the markets, the fact that the do

i'm sara eisen with wilfred frost and mike santoli there is the dow, losing 2.7%, a loss of 630 pointsown about 700 points merck, boeing, intel, cisco, biggest losers travelers the only dow stock to finish higher. s&p 500 lost 3%. sell-off losing steam into the close. with groups like technology getting hit especially hard. that sector closed down 4% financials down more than 3. healthcare down 3. communication services as well the faang names got hit hard today. the nasdaq down 3.5% it has been the outperformer over the last few weeks for sure russell 2000, index of small caps did better today. it has been the big loser pretty much all year, down 2.3%, better than 3% drop for the overall market coming up, a wave of big earnings reports we'll break down results from netflix, chipotle, snap, texas instruments and interactive brokers. and then joined exclusively by interactive brokers chairman thomas peterffy in an earnings season unlike no other joining us to talk about the market today, nancy tengler with us and ed lee from "the new york times times" to help us get through the earnings

sell i listened to the wells fargo call wilf and i -- wilfred frost, he and i had difference i felt thethat shchari c scharf gave me very little confidence about the dividend, gave my confidence about little. procter announced a dividend early. what does that say they get the zeitgeist of the moment if you can pay a dividend and increase it, that's a stock to own. if you have to cut the dividend, no thank you there it is. that's theearnings season in a nutshell >> yeah. yeah jim, speaking of wilf, let's get across the room. i know he's been listening to some of these calls. what have you got? >> also just mention on the dividend before i get to the script, bank of america's chairman and ceo brian moynihan saying even if in terms of the payout ratio it's going from 25% to 30% up to 40%, they discussed it with the board, they have three, four times cover for the dividend and i thought that the cfo of wells also clearly confirmed commitment to the dividend on "closing bell" yesterday as well let's get to the key factor that we've been comparing against all of the banks of where they stand

sara >> been a while since you said bang-on flat, wilf i'm sara eisen with wilfred frost and mike santolind that's the story check out how the major averages closed the day lower but just barely, fractional moves, which has been an oddity lately in trading. the dow closing lower by 34 points, losing a bit of sneak peek the final seconds really of trade. the s&p 500 down about 0.2%. you did have grouping hold their gains like materials which ended the day up 2.4%, consumer discretionary and financials all higher utilities, consumer staup ples r lower, as were health care and technology the russell 2000 index of small cap, which has been doing better lately, thanks in part to the rebound we've seen in energy and financial s ending the day almos bang-on flat several big bank ceos said they will not cut their company's dividends in the economic outbreak coming up, we'll talk to the ceo of state street and whether he plans to keep his dividend intact as well >> one of the eight globally systematically important banks, part of the financial services forum, the route by which they're cutting the

dow, 2.6% on the nasdaq sara >> strong close, wilfred welcome back, everyone i'm sara eisen with wilfred frost mike santoli look at how we finished up the day. the bounceback continues for stocks, the dow up 772 points, just off that session high that we were at a few minutes ago, 3.4% gain, most dow stocks ending the day higher. if you're fan of the round number, today was a day for you because the dow closed above 23,000, first time that's happened since march 13th. s&p 500 also gaining about 3.5%. all sectors higher 3.4% is really where we closed out the day. as you can see, some strength into the close and we just went off those session highs. s&p still below its 200-day moving average, key technical level, down 15% for the year but has had a nice bounce. you're off the lows of more than 20%. the nasdaq higher and another round number for you, closing above 8,000 for the first time since march 10th 8,090 is your final read, up 2.5%, 2.6% the russell outperforming, up 4.5%, up for the third day in a row. keep in mind this is the one that's gotten hit the hardest. small caps down about 28% o

we want to get to wilfred frost who has newed on jamie dimon >> hey, yes, indeed. so good news jamie dimon, the chairman and ceo of jpmorgan, is back at work albeit, working remotely like a large portion of the companies as opposed to temporarily handing over the reins to his presidents and coos. he had a message, saying my hope goes out to all of the individuals and families most affected by covid-19 there were some thanks in there for his workers who he said are working hard to protect their fellow citizens while working to support the financial system, and he expressed his pride in them now, specifically, on the bank and what it's doing at the moment, he said as one of the world's largest financial institutions, our actions are critical to keep the global economy going. from processing $6 trillion in corporate payments each day, worldwide keeping more than 3,900 of our branches open to meet individuals' financial needs. he said the countries and citizens of the global community will get through this unprecedented situation, but it does serve as a vivid reminder

challenging but we're working hard to keep our people safe >> bob, stay with us we have news from wilfred frostt to get to him quickly and come back to you. >> reporter: joe, looking through those numbers from morgan stanley, revenue looks like 9.4 billion a bit behind 9.7. eps 1.01 per share versus 1.14 which is the estimate. they were behind on both of the lines. the all important provisions for credit losses. they break them out in non-compensation which has rizzs enfrom 1.7 billion to 2.1 billion. on the surface that doesn't look like a massive increase. estimates are 2.8. that could be a bit more do more digging on that number trading is pretty strong 4.9 versus 3.8 billion expectation. that did like the others for mainly the fixed income area as opposed to equities area wealth management revenues has been key 4 billion. the forecast is 4.3 billion. that's a little behind we have to dive into this a little bit more. at the moment, trading down a little bit 2% or so worth noting morgan stanley was the best performer coming into earnings this weekend. >> thanks. let's get back to bob grover