Transcripts For CNBC Power Lunch 20240713

The state department advising u. S. Citizens not to travel internationally and return home. They raised the advisory level to four. Huwan which was ground zero reported its first day without a new case we have full Team Coverage for you here bob is tracking another wild session for stocks rick, is watching the bond market for us. Kayla has the very latest on the action this d. C. We start with you bob. An important thing here today is even though 50 point swing in the s p 500 would have been insane a month ago, its kind of normal now its lower volatility than what we have been seeing recently i think thats the key point about whats been happening. If you look at the leadership, its also different. For once were seeing, for example, bank stocks doing Better Energy stocks doing Better Technology doing a little bit better what has been the leadership or what has been going down has been held care, for example, Consumer Staples and they are lagging today. There is a an attempt to buy the most losing sectors and some of the most sectors that have been down the least they are playing something different. You know whats going on if the malls. Its been down 60 this month. Biggest landlord in the u. S. Said they closing their malls and outlets. Take a look at apache. Trying to rally for two days banks some of these stocks down 50 or many. Having the best way to its crisis began over a month ago and several of the big super regionals. Also having their best day in a month. Back to you. Bob, thanks very much hi, rick hi, tyler were down about 20 basis points and two year note yields were down the curve is steepening. Its called the bull steepener because prices are going up but steepening nn thel ining noneth. We pretty much whitewashed yesterday. Every one was nervous. We saw raises rate a bit its a strange dynamic in fixed income land. Look at the dollar index this chart starts january of 2017 its just been a stellar move with regard to whats going on in Foreign Exchange volatility remember, tomorrows the third friday of march. March, june, third fridays, quadruple. It might no t be as intense as people think many of those put are rolliworr about rolling over going to be a big one tomorrow back to you. Kayla, what can you tell us . Reporter well, kelly, we are awaiting the president going to fema, having that teleconference with the governors, talking about efforts at the state level to combat this virus that is expanding by the day ive been talking to sources who are close to discussions on capitol hill where the senate and the house are trying to put be ento pap pen to paper on what this stimulus package looks like. The price fashion is expetag iso grow its likely to only get bigger the second point is lawmakers are skeptical about a bail out of boeing. They believe there are Many Industries and Many Companies that are deserving of stimulus because the coronavirus, as they see it, is an act of god boeing have been describing in the same realm as aig become in the financial crisis whose Current Situation is the result of their own corporate decision. Underwriting a lot of risky securities in boeing case, the issue with the 737 max throughout the course of this year. Unclear whether the administration will step in and say theres a National Security or some sort of strategic importance but its clear the way that lawmakers want to describe this package is provide much needed injection into the American Economy as i explained yesterday that legislation was hardly perfect it imposes new cost and uncertainty on Small Businesses at precisely the most challenging moment for Small Businesses in living memory. The senate is even more determines that our legislation cannot leave Small Business behind reporter its clear that helping Small Business here is politically palatablpalatable. Then theres the question of what do you do for businesses that are stuck in the middle who are not small and theyre not being but really hurting at this time back to do you thank you very much the dow is on base for its worst week since the financial crisis in 2008 out doing last weeks record selling sell off. The president and mobile chief i vestment for Wells Fargo Asset Management let me begin can some discuss about the bond market and why were seeing what were seeing there. It seems counterintu tiitive tht yields might have moved higher in recent days what does that tell you. Does it tell you that nobody wants to buy longer dated bonds and wants to go into cash so they got to pay more interest to attract buyers i think theres some of that. You have to remember theres a lot of unwarranting of leverage and in the equity market collateral like treasuries that you were posting are fo longer needed i think thats had some effect dont forget theres going to be an awful lot of supply here. I think the market is digesting that as well to your point, the trade given all the volatility earlier in the week was the short end of the Treasury Curve look, i think at the end of the day i think the treasury market is functioning as best it can. On the run treasuries are trading. A lot better than it was on monday whats interesting to me is i think were all benefitting in an ironic way from the problems in 2008 because the government, in my mind, is bringing out the same play book in a lot of ways that we did in 2008. The money markets are much more stable today with this new facility than they were yesterday. Joe, were assuming the market is pricing in a recession here what if this is worse than a recession . Well, its possible we have done some work on recessions and the different kinds of you get there are cyclical recessions and structural ones. This is clear an event driven recession which means on average its about a 30 , 29 if you go back in time typical decline. If its a secular decline it can go as much as 58 . Going into this, pes were fine there were no structural issues with the banks were coming in with a very different backdrop than we did in 2000 when valuations were very stretched we had a lot of people other financing their homes. Thats not the case. That means while the earnings projections are questionable today given the uncertainty we have the recovery should be a lot quicker. Event driven recessions, average 29 . Were down 35 already. The recoveries tend to be much, much quicker again, i think what i would suggest to people is we already priced in the recession do you really believe it will be a lot worse. If it is, are you going to be able to get back in soon enough to capture the recovery. What we si ay to people is keepa long term perspective. Were going to get through this. Were eight weeks behind asia. Asia is coming back online it will be messy but we have already gone through the big part of the decline. That doesnt mean were not going to mess around, bumping around bit the worst thing you do is make short term emotional decisions it will completely change your long term plans. Are you worried that companies will be furloughing workers whether its marriott and others will be quick to fire and not so quick to rehire were very concerned about the labor market and unemployment well have to see. I think a lot of the Government Programs are going to help in terms of assisting individuals the what impact will that have on Consumer Spending in the economy. Theres no question the economy is taking a big dent were going to have to keep watching those particular sectors and individuals will be affected by this joe, you meant to reassure me that, thank goodness we dont have a structural problem in the economy. I guess i am grateful for that fact but we have an economy when you drive to work, it feels like christmas morning. Nobody is on the road. No businesses are open it is a ghost town we have an economy thats fundamentally, at least in the region, ground almost to a halt. My question has to do with leverage we have much more debt and liquidity. The amount of leverage when you have a global shutdown, it exposes the risk that maybe other bsh was really incon sooefrable before. If youre diversified youll be fine were doing it kelly did a very nice job with her newsletter every day that will mean, that if you take some of the leverage out of the system or change the terms on that that a lot of the return on equity might come down a little. That does not mean with the 35 decline we priced a lot of that in there it lacks one event that will change our models about the level of risk you can take when you boar remoney or lend money the ramifications where its the unemployment that we talked about how aggressively people furlough or rehire how we borrow and lend money will change some even if we have a recovery that 70 or 80 of that in the next five or six month, multiples still look quite attractive. Thats the thing to keep in mind thank you as well we appreciate your time today. Well be checking back with you soon hotel stocks have been bouncing back today. Marriott hilton. We have more on the Hotel Industry lets start with marriott they said occupancy levels have fallen to below 25 from about 70 a year ago its roll out a number of changes. Its suspended dividends and halting sharer buyback cutting salaries for executive team members by 50 . I spoke with the chairman who owned 130 hotels he is looking to convert three properties hes drafting a proposal that he will be sending to each city that those hotels are located in stay with us. We want to discuss this further with david hes the ceo and president of best western hotels and resorts. Its one of the hotel leaders who met with the president on tuesday. Its great that you can join under the circumstances. First of all, how bad are things for your operations right now . Its very bad if you consider the last worst decline that we had in the industry was in 2009 and we declined in revenue by 16 last week it was worse than 40 . It happened so abruptly. Now, of course, every one is trying to figure out how to keep your employees please remind us how many of them you have. How you can keep them going. What would it take in terms of support and assistance from the government we have well over 2,000 hotels in the United States alone. Most of these are Small Businesses owned by hard working men and women. Theyre business is up tremendously only about 3 of the hotels are closed most of our hotels that are still open dont know how much they can last given the situation. Thaim very thankful for kon congre congress and the administration moving so fast to provide relief for Small Businesses im hopeful it will provide further relief to say open you said 3 of your hotels are closed are you going to convert any of those into makeshift hospitals to make with the shortage the nation is dealing with now every one has to do his or her share. I think our hotels would want to help out in this regard. At the same time we cant put our employees at risk. David, you alongside other hotel ceos, you were at the white house on tuesday you proposed or requested 150 billion bail out when do you expect to hear back from the Trump Administration on that well, at the white house meeting with the president and Vice President and secretary ross, we impress on them the you are jen urgent and dire situan the industry is in we talked about employee rehiring i was very encouraged with the president s reception. He was interested. He w he demonstrated the Leadership Qualities that one hoped to see. He said he was working on solutions for businesses large and small. For individuals who had been harmed he projected optimism about the future im impressed with how Fast Congress with working with the administration to get things done david, im curious if you can elaborate a bit. You said you were down 40 last week in terms of business. How much thats picked up from two weeks ago. How much worse do you think it might get. Maybe you can kind of give us more of a decryscriptive languae and where the declines are the worst now . Its tied together. Let me comment that the decline is uneven. The major cities, new york city, chicago, los angeles, these cities are hurting the most. They have seen the worst decline. When i say 40 some percent, thats the average industry. You think about those major cities, some of them running 10 occupancy or in single digits. Those are the hotels that are having to close because theres no way they can make it. The impact is uneven at this point. All right david, we thank you for joining us today for some of the color on that meeting with the the president add well and whats happening in your Hotels David Kong is the ceo of best western. The Federal Reserve has been working to stabilize the markets. Steve has been speaking to the boston fed president good afternoon. The boston fed is in charge of this new Money Market Fund he hopes this new fund will restore the liquidity where businesses put their money and where they have to take them out. That causes the money markets not to be able to fund other businesses that are out there so the fed stepped in boston in charge of that and it opens up on monday here is what else he told me he expects markets to stabilize. It could take a week or two. Talking about the credit markets because it takes time for this stuff to work. Cant just expect it to happen overnight. He says this backstop should address the dysfunction and he will see significantly more layoffs over nec week or two we also talked about some other things here is what he said i think at this point we should just go day by day and everything should be on the table. Things we think will help stabilize financial markets. The goal of the Federal Reserve is to avoid financial spillovers theres nothing we can do about the fact that the coronavirus is a major hit to the economy people that are working in Public Health and fiscal proil are going to have very fa substantial roles. Here is a list of things. Theres only two things on the list it opened dollar swap lines with nine foreign Central Banks the day is young it was midnight in europe when they did their 750 billion euro purchase the day is still young we may get more stuff from the fed. He says everything should be on the table. For sure. Thanks again, steve. Well have much more news still ahead. Going to take a quick break. Here are the sectors leading with the dow up 374 points today. Its energy with a rebound in oil. Well be right back. Through the at t network, edgetoedge intelligence gives you the power to see every corner of your growing business. From using feedback to innovate. To introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. But when allergies attack,f any the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. When yowhat do you see . Itical issues facing our world, we see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Mortgage industry is responding for the potential in a big spike of delinquencies from borrowers who cant make their payments thanks. Thanks for joining us. You Just Announced a 60 day mor tor rum for e kwiks so l are u considering something more drastic . Were immediately focused on the next 60 days well roll out something larger, if it looks like this crisis will go beyond that. We are hoping to extend that time period if need be nobody has to worry about losing their home and people can stay in place during this crisis. Will it hit their credit score . If you are experiencing a hardship because of this crisis, you have to reach out to your servicer if youre in a forebearance plan, it will not be reported to your Credit Bureau if you dont reach out to your lender and boent pay, you will get hit. Its so important for lenders, for borrowers to reach out to their lender we have no idea how long this will go on we have changed our expect to expect more flat price environment, if this does go on for a considerable amount of time, we may see some real price declines everybody wants to stay in their home thats the positive. What were trying to do is facilitate people staying in their home and not walking away. If quicker we get through this, the quicker that people who have lost their jobs can regain their jobs and get back to this. I think this will be something we can get through pretty quickly. Our informs today is dealing with the Public Health and hardship affects on the families the borrowers dont pay, what about the mortgage bond holders. For the delinquencies if this is a short term event six to eight weeks we believe the servicers are equipped to get thu this time if this goes beyond that, then we may have to look for public assistance from congress, from the fed. Thanks so much for joining us back to you. Thank you very much ill kick it over to kelly lets get to sue in terms of the latest in italy, the death toll continues to rise. A total of 3405 deaths have been reported thats 150 more than in china. Its pivots from yaz asia. The red cross has been forced to cancel all blood drives. The u. S. Concern general says that has created an acute shortage of blood. Donated blood is an essential part of caring for nations one donation can save up to three lives. Blood centers are in need of your donation. Blood donation is safe carnival is asking governments to consider using cruise ships as temporary hospitals. It says it has more than 100 ships with room for more than 250,000 noncovid19 patients. That would free up hospitals as they deal with the influx of coronavirus patients President Trump says he will ask the governors of new york and california to see if those ships would be helpful as fualways, you can head to cnbc. Com lets bring in meg with a look at what the United States is learning from the likes of china and italy about flattening that infection curve our team sees this looking first to china for what it diz did to flatten its own curb. It took about 25 days in other words to see the red line that is chinas total cases start to flatten. Thats the blue line is global cases. Those started to rise from italy, across europe and in the United States. They are using that data to see when the mortality rate started to spike they found that by early april on the current trajectory thats when they start to see us getting into real trouble in the u. S. In terms of our intensive care sp care capacity. If we want to flatten the curve thats the best case scenario. They say we need to start seeing Even Stronger quarantines across the United States. How hearted are american epidemologists that theres not been new cases in china. They think that is good news. Everybody is taking that as its great but we need to see what happens as china starts opening up, going back to work, moving around more and people are closely watching whats happening with imported cases into china and other countries that seem to be able to quesque their own outbreaks. Everybody is cautiously optimistic but waiting to see what happens youre in the running for best home set design here. Im glad you said it. I was thinking think its looking good out there im northerned. Thanks lets move onto oil. Thats right. See seemingly rare rally you can see wti of 22 brent up 13 this is a lot of green in is the best sale percentage gain. Its important to note its still on track for its worst month ever just another indication of the wild markets that were seeing of late. Some analysts caution that any gains are likely temporary as the primary focus is still coronavirus and its long term demand impact. Back to you. Still ahead, coronavirus has rattled the markets and shut down Small Businesses around the world and Silicon Valley is no different. How the pandemic could lead a start up acquisition boom. Thomas keller will join us to talk about house his restaurants are holding up amid closures well be right back. Plap creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. It is a mixed bag and thats pretty good news for restaurant stocks while some are holding up and others continue to fall. Concerns as the industry pushes d. C. For a bail out. Kate rogers has the details. While stocks are rallying from casual dining names the the Restaurant Industry is facing an uncertain future the National Restaurant association projects lost saells up to 225 billion requesting a relief fund of 145 billion for the industry some 9. 4 million jobs may be impacted at bars and restaurants. Restaurant tour Cameron Mitchell laid it out. I was in d. C. To meet with my bankers. I expretsssed the great start o the year this was march 3rd tomorrow, march 19th, we will be completely shut down i laid off 4200 people on monday the National Restaurant Association Says this is the biggest challenge for the industry in a generation back over to you. Do you have any sense of how many restaurants have been shuttered that will never come back i believe i heard a chef on one of scott special broadcasts saying he would expect a massive rate ive seen numbers of like 75 . You have no idea but the other thing is they were already facing a labor challenge because the my was doing so well theres no guarantee they will be there and ready to hire once youre ready to reopen its really uncertain. Very uncertain future for a lot of these Companies Thanks very much. Coronavirus is freezing Silicon Valley in its track and its drying up deals katejoining us with that story hey, kelly. Venture Capital Investors tell me most deals are on hold until coronavirus uncertainty clears up and start evaluations may take a hit the in bern meetings, management cant happen investors arent sure both parties can build up enough trust to make decisions around huge amounts of capital. In weaker economy, investors arent as comfortable betting on future growth. They may have to cut costs another factor, credit markets many tell me they wont be yudsing debt yuds i using debt in the near term. When the time is right they had 1. 5 trillion dollars of dry powder going into this year. Not all start ups will make it some founded in down times will thrive you have square, uber and instagram built around the 2008 financial crisis kelly. I think about that all the time we were a couple of years out of that we were focused on wall street and the banks. You had this whole new crop of companies out west some activity like that will still be happening today let me ask you about the deals thats such a great point. Are these guys coming up with any substitute, you cant get to no someone over zoom video but are they coming up with any ice breakers or ways of trying to keep that going. The ones that have met the Management Teams seem the continue with the deal flow. It does seem to be up to zoom video or some sort of video chat to get to know these guys. Its getting to know the founders and the Management Team physical you can do that in person some people arent comfortable spending the huge amount of capitals that it takes. Thanks so much. After the break, the we expect Thomas Keller to join us on his international business. Well be right back. Sfx [phone ringing] you still have service . Call the Insurance Company its them, calling us. Its going to be a week before they can get through on these roads shhh, sorry, i didnt catch that. I said ask how soon they can be here right now . Whats now . He says theyre surveying our property now theyre probably at the wrong house i dont see any hovering his name is hovering . Look up . By automating claims with Machine Learning and analytics, cognizant is helping Insurance Companies advance how they serve even hard to reach customers. Cool dealing with our finances really haunted me. Ttle cranky. Thankfully, i got quickbooks, and a live bookkeepers helping customize it for our business. live bookkeeper youre all set up janine great vo get set up right with a live bookkeeper with intuit quickbooks. Our next guest is one of americas top chefs. We welcome chef Thomas Keller. Chef keller, welcome good to have you with us thank you very much its great to be here. Sorry about the timing but happy to be part of this how are you holding up . Its difficult. We have laid off or furloughed over 1200 employees. Its difficult a lot of them are counting on paycheck from week to week to support themselves and their family its difficult situation thats probably my biggest concern. Second to that is making sure our restaurants are able to survive through this time and reopen we cant survive and reopen then theres no knobs for our team to come back to those are my two most important aspects thats going on at this moment what have you done, if anything, to soften the blow of those 1200 employees who you had to furlough . We will continue to offer them their Health Benefits thats going to be good for them they have that were starting with what were calling a soup kitchen in one of our restaurants that will be able to help feed them through this time. We offer them food and nutrition through this time. We have a garden for them to work in. Well continue to try to do the best we can to keep them as busy as possible through these uncertain times. What have your relationships been with landlords and the Property Owners . I assume you rent some space and probably own some of your spaces have you gone to those landlords and said what relief can you give me in. Some of them. We own three of our properties here in california we are our own landlords but the ones we do lease whether its in new york or miami, were really working with them to defer some of our payments and the same thing with our banks to help defer some of our mortgage obligations for the time being those are huge these are huge obligations for us, financial obligations. Trying to mitigate it the best we this ripples through because you have suppliers and their business dries up. It moves back up the supply chain in a very serious way. Are any of your domestic locations open for business, open for carry out we have the baker here that well start to begin to do take out tomorrow coffees in the morning and just if you ha muffins so people have place to come and get some nutrition. We dont know how that will work out. We dont know if theres a demand how quickly did this disaster come down on you if you went back to the first of march when you were still operating in many places, i assume at lower turn ous than normal to today, how much has fallen off now its at revenue zero pretty much across your system but how quickly did the slide it two weeks two weeks or less. It went from being fully capable of supporting our restaurants and sporting our teams with the revenue being created through our guests thats the most important thing is our guests coming now were down to zero there are zero revenue coming in which means we have to really, really tighten our belts and make sure that we are acting responsibly for our restaurant at the end of the day, we need help there are 15 Million People in our profession that dont have health care or who live paycheck to paycheck. The National Restaurant Association Says fi5 to 7 millin of our jobs will be lost 225 billion in losses, loss of restaurant just short term alone. Were looking at major difficulty in the coming year. Well need some help im proud of our colleagues who have come together throughout the country to help support the ideas of what we need to do as a profession its not just restaurants and chefs. Were talking about everybody in food services. The cafeteria workers at the schools, the hospitals everybody who supplies it, its extraordinary. I was listening to the other day about an oyster farmer on the jersey shore he sid his business supplying restaurants has just fallen to zero because no one is going to restaurants. Hes still got expenses to take care of his oyster beds. I dont mean to be too dire here but how long could you hold on before you get to a point where you say were not beginning to be able to open this particular relocation its new we have one here and thats in new york which are very new restaurants so theyre requiring ing a lot of attention certainly a lot of resources, beoth financially and Human Resources to make them successful so you know, we have to be very careful moving forward and being able to really maintain as much resources. Financial resources that we can so that we can reopen the restaurants. How long will that be . Were not sure yet yeah, we wish you all the best our mutual friend neftali said he had three apples and a chocolate bar. Go follow his advice good luck to you zpl thank you. Ill sign up for that, too. Lets get a quick check on these markets. Weve got the dow, the s p and nasdaq all holding on to their gains but the nasdaq is the real standout today the nasdaq is up almost 5 in the faang index is up about 8 in terms of breakout, its crude. Up 25 on pace for its best day ever still doup 18 in the past week. Lets bring in tim and sarat good to have you both here and tim, i just want to begin with you on this rebound today. Is this just exhaustion from the selling, almost kind of a clock work kind of rebound because as bill miller said yesterday, you cant keep sustaining panic at these levels i think people are assessing brent prices, which ever youre following and if you look at spot prices, theres a combination of some Technical Levels you got back down to those 2016 First Quarter lows in both wti and brent and some part of the technical soir tories i think on the fundamental story, theres plenty of speculation theres a push on the additional pumping thats coming out of opec and the reality those fiscal both budgets and saudi arabia at 85 a barrel and even in russia, its 45. You know, there is a moment of sanity here and theres a lot of geo politics behind the scenes that i think are starting to weigh in we are an extreme oversold positions. Obviously, recession as a fallout from the crisis here is how people need to assess oil and gas demand and the its particularly acute and very different than in 2016 when you consider whats going on with the airlines ultimately in commodity prices, in oil, weve seen this so many times. Theres a supply response. In some cases comes from cutbacks and loss of cap ex. In other words, youre saying you think that the oil rebound today is leading the rest of the market higher . Is that what youre saying and b, do you think that pattern can e persist or is it more descriptive of todays action . I think what cant persist is seeing present prices at 27 a barrel or certainly not you know couldnt at 20 a barrel so my view is i dont know that oil prices are leading global markets. I think investors have had a chance to see where first of all, speculation and then you kind of from extreme leverage come out of a lot of Commodity Funds in addition to all the other funds and get back some levels of fundamentals we know were going to be massively oversupplied in the short to median term the futures curve et cetera weve seen this before oil demand will be grgrowing ins weve seen the last 20 years, its inching up every year a lot of the socalled faang names are leading the market today. Are those where you would be investing or are you looking elsewhere . Zbr i thi its a combination g at a few other things. No doubt googles and facebooks are well capitalized especially when you think about where people are using their free time. Whether theyre searching or on instagram and a few other things if you look at the Broader Market to tims point, the market isover sold at this point and nobody can e tell you where the bottom is. Weve been saying hold on to what you have even though its painful then look to add if you have the Risk Appetite to good, High Quality Companies that we feel have been oversold. You had Companies Like disney and jpmorgan to that list and you look at the rebound today and look, youve seen this seesaw every other day im 10 . But if you can add to high quality good Balance Sheet Companies Going into what we know is a slow down for one or two quarter, i think coming out of this, this gives you that opportunity to feel much better to the companies you own and to kind of get companies you want to own for the next three to five years and like you said, disney, jpmorgan, i see here lowes, cvs, google. Is that the only place you feel comfort snnl. I think the list can be longer those are just some examples what i was try iing to show is doesnt all have to be in technology it could with cvs and health care it could be a blackstone in financials that has so much dry powder that when things get disstressed, they have the ability to go in and buy companies and theyre also well diversified in other assets. So when i look at louis for example, people are going to spend more time at home and theyre going to spend more time you know building up their kitchens doing other work there so heres a company again thats not very levered that is a consumer driven company and i think once we get back to some type of normalcy, this is a company that i think is going to attract a lot more capital. A lot more interest. So what i was trying to do is say hey, you dont just have to be focused on one different area its faangs are great, but then if you spread it out and look at health care, look at industrials, you look at you know, consumers discretionary, there are opportunities there that i think investors if you own them, hold them and if you havecapital and the appetite, add to Companies Like that all right thank you both guys, we appreciate it today sarat and tim. Thank you a final check on the markets right after this short break a golf course is designed to be difficult. To challenge your thinking and test your execution. But great minds are driven to seek out the complex. They see what others dont, from an angle others wont take. They learn that embracing those challenges is what sets them apart. I am justin rose, and we are morgan stanley. I need all the breaks, that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. As we look at the final numbers for this hour, the industrials are up b about one and twothirds percent the s p b about one and three quarters nasdaq is the big mover with some tech stocks improve markedly and look at the s p 500. It is now 7 higher. The dow still despite these gains on track for its worst week since 2008. Now the nice rebound. Faang stocks are higher. You hard sarat say, thats a tongue twister, there for quality, but also other names. Health care, too well be watching for the next hour here thank you all for watching and our continuing breaking News Coverage starts or continues now in the last hour of the trading day welcome, everyone tyler is holding down the fort at cnbc headquarters for us as the New York Stock Exchange prepares to temporarily close the Trading Floor on monday. Stocks are bouncing modestly 59 minutes until the closing bell governments around the world pumping money into the Global Economy including Central Bank Action from the European Central bank and bank of england as more industries seek bailouts jobless clai