It will restart production of the 737 max in may we will have more on that decision in just a moment. Stocks are higher in the face of thousands of new cases of coronavirus a day here in the United States. We are now approaching 60,000 total in the United States, but there may be some good news coming from italy and china and we will explain it but first, lets go to Kayla Tausche with the latest out of d. C. , as Congress Tries to put the finishing touches on the details of this massive stimulus deal hi, kayla. Reporter hi, tyler and we are expecting a vote at some point today, but now three republican senators are calling for some edits to be made to the nearly final draft legislative language that was circulated early this morning senators tim scott from south carolina, ben sasse from nebraska, and lindsey graham, also from south carolina, saying that there is a massive drafting error that incentivizes people to seek unemployment bonuses rather than working in jobs where they would work up to 40 hours a week a spokesperson for senator sasse says that they are working on an amendment to fix this by making sure that the maximum unemployment benefit is 100 of someones salary, so that people get the benefits they need and supply chains in industries that rely on some of these hourly workers like the hospital industry can keep running. So we are going to stay tuned for that we might hear from some of these senators a little bit later today. Its not surprising that in more than 800 pages of legislative text, that theres at least one provision that lawmakers want change but speaking about this potential issue broadly, senator Chuck Schumer said its okay to make changes, even if it takes time, because of how long this legislation will be in effect. This legislation will be with us not for days, not for weeks, not even for months, but probably for years to improve this legislation was worth taking an extra day or two. To that end, there certainly will be major changes coming from the way that Corporate America handles its cash flow for the coming years there is an impact, as i was reporting previously, on executive compensation, on employee retention, and also the cash that can be returned for shareholders now, if Companies Take loans from the treasury department, they cannot engage in buybacks or issue dividends until one year after that loan is paid back it is midsized businesses, so businesses between 500 and 10,000 employees that are able to restart their dividends sooner as soon as that loan is paid back, so certainly congress is trying toput some onerous restrictions here in place, saying that you must pay the Government Back before youre returning that cash to your equity holders guys kayla, a quick question or two quick questions for you. Is this legislation likely to be changed in any material way when it moves over to the house of representatives . And what has the reaction been to criticism from some states like new york and its governor, andrew cuomo, that new york is actually getting short changed here zble well, tyler, two things first on the house question, because Speaker Pelosi was loopd in with senator schumer is offc for the large part of these negotiations, we wouldnt expect large changes to be coming from the house. The second point on that, the house did release a 1,400plus page by, but that was seen as more of a stocking horse to insert some provisions or put some brainstorming ideas out there for things if they wanted included but thats not expected to factor into this at all. This is expected to be a bipartisan piece of legislation that will clearly pass both chambers the second question, could you repeat it one more time, tyler im famous for my compound questions. I know theyre often forgotten or lost. Governor cuomo was critical. He felt as though the senate, being the senate, when there is not proportionality, everybody gets two votes, the same amount, has kind of shortchanged new york state in terms of the money that will be coming its way. Are you hearing those kind of criticisms and what is the reaction in washington and tyler, i want to make sure that i answered that specific exact question and dont just spitball. One of the issues that came up is that senator schumer was seeking a large chunk of change for the state of new york as part of these negotiations and there has been some criticism behind the scenes that he was negotiating on behalf of the state and not on behalf of the democratic conference as a whole, so perhaps that is one reason why that pool of money going to new york got whistled down President Trump has also made some comments that it needs to go both ways and in order to get some of those funds that there needed to be a better relationship between new york and the federal government so its unclear if the white houses posture playinged into that, too. Were seeking a little bit more clarity on exactly how that came to be, but with new york at the epicenter, its clear its going to need a lot of resources kayla, thanks so much, in washington for us. Stocks, meantime, holding on to gains this hour after yesterdays monster rally. Lets get the news from bob pisani with all of those wonderful posters behind him bob . Yes, we got a few new ones up the one behind me is a very famous one lets talk about the markets very, very powerful rally here i want to point out, 90 upside day again today. 10 to 1 advancing to declining stocks we had volume speck at 12 30 and 1 30, as we passed the old highs earlier in the day thats a sign of technical buying we havent seen that much on the buy side, at all, when the markets are up weve seen some very heavy volumes and exchangetraded fund like the spider and the russell 2,000 today. Thats good news, because buying on the upside, we havent seen that much recently thats a very nice sign to see that sectors, its those beaten up ones that are advancing the most the industrials, energy, banks and retail, interestingly, Consumer Staples which have held up comparatively well is lagging a little bit here. The vix, we like to gauge the vix. Kur curiously, still pretty high but out towards june, you can see it dropping down closer to 30 that june contract was 50 a couple of days ago so calming down a little bit the front month still very high. Finally on earnings, all over the map, i told you, dont we lie on these numbers bank of america this is well be down 15 credit suisse, 24 goldman, 33. These are very, very wide disparities. As you can see, nobody quite has a clue about whats going on the earnings, at least not yet guys, back to you. Robert, thank you very much, bob pisani now to the bond market where the onemonth and threemonth treasury yields dipped into negative territory what does it mean . Well, Rick Santelli will explain. Rick it means people like to buy tbills, is what it means, tyler. Look at a month to date of the onemonth bill, currently minus two basis points, and a threemonth bill, just a whisker under minus four basis points. When they were auctioned, they were auctioned at positive or zero like the last auction we had for threemonth bill was at zero the sixmonth bill was around positive three so what we see is that once its into the secondary market, theres high demand. Many investors say, listen, i dont want to deal with this volatility, and they buy the bills and end up paying up for it and effectively that puts the yield in negative territory. As for the rest of the curve, look at a threeday. A weektodate of fiveyear notes. And notice, it has a slight upward slope thats a good thing. An fiveyear note auction was kind of strange, but it was still above average. The rest of the curve on the long end is much familiarity as we see that the short maturities are grabbing a little bit more today. And finally, heres four sessions of the dollar index we almost touch every time right around 101 101 on the bottom, 103 on top. If we break out to the 103, theres going to be some nervous traders that are going to buy it and well probably have a quick spike. If it goes under 101, thats probably more sustained breakout and what traders are paying more attention to tyler, back to you rick, thank you very much and investors juggling optimism over the virus relief bill, if we can call it that, with worries about the longer Term Economic impact of this Virus Outbreak ben bernanke weighing in on the Current Crisis earlier on squawk box its much closer to a major snowstorm or a Natural Disaster than it is to a classic 1930sstyle depression so its quite different. And, you know, the different tools are necessary, and particularly, i would just like to emphasize that nothing is going to work, the fed is not going to help. The fiscal policy is not going to help if we dont solve the problem of the virus lets get some reaction from richard bernstein, ceo, cio, and all kinds of other os of Richard Bernsteins advisers. Hes also a cnbc contributor richard, welcome as always, its great to hear from you what do you think of what mr. Bernanke just said there its all moot if we dont get the virus response right i think, tyler, notice win started with, oh i think its i think hes absolutely right i think the science and the health has to come ferris and then the economy comes second. And i think if we dont get the science and the health right, you can have as many stimulus packages as you want i dont think the virus will care whether we pass a stimulus package or not so i would disagree a little bit in that his notion this is not an economic event. I think the risk is that it starts as a health event and turns into an economic event, which then turns into a financial event. I think thats what the fed is trying to prevent here lets talk about the last two days and why you think the market is reacting the way it has over the past two days lets start there and what do you think the market is mostly reacting to . So bear markets have three phases, tyler. The first phase is, people say, its only temporary and its not going to last. The second phase is people say, oh, this is a lot worse than anybody could have imagined, an the third phase is, people say, its never going to get better and i think whats happening right now is, we are in the first phase. I dont mean to be a big Debbie Downer here, but one has to remember that t. A. R. P. Was signed by president bush in october of 2008. We then suffered five more months of a down market. I dont think i mean, these bills are necessary. Dont misunderstand the point. But to think that this is the end of it all and this has just all been temporary, history says thats the wrong way to approach this so there was a spirited discussion on scotts show at noon on halftime about whether some of the members of his Investment Committee thought that what they were seeing were the incipient green shoots of a bottom being put in. From with you just said, i dont think you feel that way. No. I think the irony of green shoots is that people dont see them as being green when they really are green shoots. You know, people are under their desks, theyre in the fetal position, they think that things are never going to get better. When you have improving fundamentals and complete disbelief, thats where you get the huge buying opportunities. You dont get the buying opportunities where everyone is sitting there arguing, is this the green shoot or not sentiment is never that positive you have literally a handful of people its not an argument there is an overwhelming consensus that there are no green shoots and more importantly, there never will be any green shoots i dont think thats where we are right now not discussion you know, what occurs to me, richard, and i dont know whether you agree with this or not and what i think really doesnt matter, but what occurs to me is the idea that the denominator in the p\e, the e is absolutely unknowable for many of these companies right now. So we dont have a sense of what the fundamentals are and we dont have a sense youve got to know something before you can declare something is of value, right . Correct i think youve nailed that one, tyler. This is a situation where at the beginning of most bear markets, people say that the market has discounted the worst case. There are tremendous values. The problem is that those values turn out to be value traps in order, price moves faster than fundamentals, but fundamentals also move more. And i think thats what people are forgetting and weve seen the price prove, the natural reaction is people say, wow, look at all the values the second step is the fundamentals deteriorate and then it turns out that these were value traps, not values and i think again, i havent heard the word value trap at all and ive been watching cnbc more than normal, because were all cooped up, and i havent heard the term value trap at all, today, yesterday, last week nobodys using that term until now and you have and thank you, richard were sorry youre cooped up, but were glad youre watching thank you, tyler. Thanks very much. Well be back in touch breaking news now on the Federal Reserves new Lending Program and Steve Liesman has those details. Hi, steve. So what we have now, tyler, is the language in the senate bill that will create these lending facilities this is not just the main Street Lending facility, but its the broad Lending Facility that the Federal Reserve will establish first of all, its 454 billion, which is more than that was initially talked about by the way, this is the latest bill there may yet be changes, but this was received by Kayla Tausche not too long ago let me give you the details of who is eligible and what kind of restrictions you dont get money from uncle sam for nothing. Loans up to five years, but in this case, as short as possible. You would get an Interest Rate that would be comparable to a similar risky loan, at a rate that would be before the outbreak of the coronavirus. The treasury secretary is supposed to publish the procedure for application within ten days of package. Let me go on and give you some more the company receiving the loan cannot engage in stock buybacks or pay dividends to its shareholders over some period of time during the loan and after the loan the expectation here is to maintain employment if you get one of these loans the level of march 24th, 2020, or to the extent practicalable, but in any case, less than 10 and there are limits on executive salary increases that are actually pretty detailed if you make like 425,000 last year, you cant get a raise this year, and if you made more than 3 million last year, an executive cant make more than 3 million while they get these loans. Theyre very detailed, but really, tyler, this is just the beginning. These rules and regulations now go over to the fed and the fed has to figure out actually how to get this money out to main street and regular businesses here, that have trouble getting loans. One question, if i might, and one observation, any might just one . Thats all i can think of right now. Ive got limited bandwidth but the question is, is there anything in here that says if a company avails itself of these loan provisions, that they have to pledge not to layoff workers . Yes, there is so theres this thing in there that says, a recipient of the loan must maintain the level of employment as of march 24th, 2020, to the extent practicalable and theres actually two different sections on this that ive read. But you cant reduce your employment below 10 or 10 from where it was on that date. Theres another one that says, for mediumsized businesses, they have to maintain 90 of that level and so the idea you get the loan and have to maintain your Employment Level ill save my observation for our next conversation as you stay with us and we bring in lindsay, chief economist with stifel welcome. Good to have you here. My observation was this. As steve just described this package of a Lending Facility of 400 billion, one of the things that was in there was an agreement in part of the companies to take these loans that they will not pay dividends. That would be a big pill to swallow for a lot of companies and companies that arent paying dividends is one thing, but big businesstely another. What do you think . Of course, we would expect a lot of restrictions to come with these loans. This is not attended as a corporate bailout, but a bridge loan to assist these businesses to by extension then help workers and get the economy back on track so i think its very important that we do have these restrictions in place. But as steve mentioned, theres a timing issue with this bill as well when is bill pashd and the question is when are these checks to individuals or these loans to businesses going to be hashed out it could be weeks before we see some of smeez funds received and during during that interim, the economy will continue to feel the pain of being shut in so while i do think this is going to provide a welcomed lifeline for many, its hardly a panacea and the economy will still suffer an incredibly intense blow, particularly in the Second Quarter, even as the market seems to think this is the best sort of scenario that the government could provide ill come back to you on the question of how intense a blow it will be steve, jump in, but let me tee it up with a question, and that is this is there a possibility or how would you handicap the possibility that the restrictions in this package would be so offputting to some businesses that the whole thing could backfire i dont mean to be dire here i think thats going to be possible, tyler. I think people are going to some executives will look at this and say, you know what, i dont want to take a salary cut if i make 4 million, down to 3 million. That was my reading of it. I believe thats correct some people said, well, i made 425 last year i may deserve to make more this year i dont want to not pay dividends. I dont want to not do share buybacks and there will be some companies that say, you know, its the only way to do it. And i think what lindsay was getting at was this general notion, if you want to borrow from the government, it should hurt a little bit. It shouldnt be the easiest thing to do the government shouldnt be easier than the private sector in some cases and you get this money at a pre at a rate thats lower than it would be right now if you were going for that. But to go back to where you were before the outbreak. I was going to Say Something thats a little controversial about what lindsey said. I love that i hate to say that, theres a period of time where people will have to draw on their savings and scrape by because they dont have money from the government on the other hand, theres a potential positive here in the delay of the federal bureaucracy, that this money, it could hit the economy at a time where people are more able to use it so if they had the 1,000 now, and i understand that it creates pain by certain people, but for the overall aggregate good here, its going to be somewhat helpful for there to be a little bit of delay in at least some of this money that it gets out at a time where you want to be juicing up economictivity. And i know that engenders certain pay by people who dont have the ability to get by lindsey i think youre pointing to the ideaed that hardest hit to the economy will come in the Second Quarter remember, were still talking about the tail end of the first quarter. If this is delayed into april, into may, thats when the bulk of the hit is going to come into the economy. And were looking for a contraction, somewhere around 10 to 15 so youre right, if those checks are received during that hardhit period, we could actually see more of an offset but from the individual perspective, which the government is aiming to help the individual, of course, they want that cash now rather than later. All right, folks, well leave it there you answered, lindsey, my question, which is how deep a falloff in the Second Quarter. Let me quickly sneak one in. How long do you expect that falloff to persist i think were going to see more of a ushaped recovery. I would certainly more like to be more optimistic and say this is going to be a quick rebound, but we are expecting negative growth to continue sbeel the Third Quarter and maybe eke out bare minimum of positive growth as we reach the end of 2020, but more likely into 2021. Lindsey, appreciate it. Steve liesman, always great to see you, sir lets turn now to boeing that stock up an amazing 75 this week, but remember how low it had fallen. Lets go to phil lebeau for more on what is behind that move today. Hi, phil reporter well, its the government bill thats apparently close to being finalized in some fashion in the senate and then the question becomes, how can does it take until the house approves it . Do they change it . But clearly boeing get some government relief. Although exactly how much remains to be een. Thats the reason why shares of boeing, remember at one point, they were down under 90 a share. Now theyre up over 167 a share. We also know that the Company Announced yesterday that they will be resuming 737 max production in may. By the way, thats pretty much in line with what the company has said for some time, was the schedule and by the way, the start of production, theyre just waking up the assembly process. Its not like theyre going to crank one out in the middle of may. Its going to take a little while before that process is up and fully running. The conditions of the government bailout are still unclear. Thats what everybody is looking on when you look at boeing, youre looking at whats happening with the airlines in washington with the airline aid deal, the component of 25 billion of the 50 billion theyre supposed to get will come in the form of cash implagrants they will not be allowed to have job cuts or substantial job cuts and the government will take an equity stake our eamon javers just spoke with senator pat toomey who said there are more than a few who have some concerns about whether that government equity stake will be commensurate with the amount of aid that the government will be giving the airlines and a couple of specific airline stories we want to talk about. First of all, delta, its going to be offering its ground employees about 65 of all of their employees, were talking about everybody from the baggage handlers all the way to the people working the ticket counter, theyre going to be moving to three and fourday workweeks as a move by the company to save cash right now and finally, take a look at this chart, tyler because this says it all this is the reason that the airlines are hurting right now whos flying ill tell you whos flying just a fraction of the people who were flying back on march 16th, less than two weeks ago. Its down 78 . Tyler, this is the reason why. People in the industry are telling me they have reports of low Single Digits or high single digit load factors that means fewer than 10 of the seats on the plane are being filled one indication of just how much pain the airlines are in right now. Listen, phil. Ill tell you, i live in an area where i hear a lot of airlinerser traffic coming over my house and now its almost as strange i look up and i say, wow, theres a jetliner. Its like its unusual tyler, were going to get you some shots at some point of the one runway theyve shut down down in atlanta. You know why they shut it down because they parked planes on it they dont need it and thats an indication of the industry right now phil lebeau, thank you very much lets get to sue herrera right now for a report on the latest on the virus good afternoon, everybody new yorks Governor Andrew Cuomo says another 5,100 new yorkers have tested positive for the coronavirus. That brings that states total above 30,000, the biggest in the nation however, the governor says density controls appear to be working. The growth and hospitalization of new patients is slowing, and perhaps a peak is in sight thats our greatest load, is the apex and when is that going to happen again, that is a projection. Again, that moves around but the current projection is that could be in 21 days german chancellor Angela Merkel has tested negative for the coronavirus a second time, this after a doctor she saw tested positive. Merkle continues to work from home quarantine and will be retested at the beginning of next week. Italy has reported another 683 deaths from the coronavirus since yesterday. That countrys total death toll is now above 7,500 and it makes up more than a third of all virus fatalities worldwide italys Prime Minister says the government is working on added stimulus plans that are similar in scale to the 27 billion in aid that has already been announced. And as always, for more coronavirus coverage, you can always head to cnbc. Com. Ty sue, thank you very much. Appreciate it. Lets bring in meg terrell now with more on whats going on in italy and what it could signal here in the u. S hi, meg. Reporter hi, ty. People are watching those italy numbers really closely and as sue just detailed, we just got their update for today. The reason people are watching them so closely is because on saturday, we saw what looked like could be a peak in the new daily case counts and the new numbers of deaths reported each day. They did start to decline after that, although they picked up again yesterday. The numbers they just reported, which sue mentioned, those 683 deaths and 52,010 new cases, that is a slight downtick from yesterday. So people hoping, does this mean italy has turned a corner . I talked with several epidemiologists and Public Health experts who say, it is just too soon to know. Dr. Mike osterhome with the university of minnesota says we need at least two weeks more data to really get a sense of how much testing is being done, the workload there the numbers could be skewed because of how much theyre able to process bill henich at harvard saying we need four weeks to see an impact from the start of lockdowns. For italy, they began those regional lockdowns until the end of february. It wasnt until march 8th and 9th that they started to lock down the rest of the country we have a great graphic here build by our data guru that shows the first 30 days first 100 days so what does the trajectory look like we want to be getting to those horizontal lines that you see for south korea, correa, china unfortunately, the u. S. Is in the orange we are in the steepest trajectory for our first 30 days right now. But those numbers you heard from sue, that could be along the same trajectory as four weeks f from the lockdown to seeing a flattening of the comfortable. Meg, appreciate it very much. In the meantime, the number of u. S. Cases continues to grow, as meg pointed out there. American doctors are reaching out to colleagues in chooip to gain insights into battling the virus. Lets bring in sharon begley, Senior Writer for stat news. Good to have you with us what have we learned for better and for worse from the experiences of china on the one hand and italy on the other . So in china, tyler, the chief lesson is you have to take the protective equipment made available to and taught to Health Care Workers really seriously. And unfortunately, not only do we have, of course, the horrific shortages in this country that you and others have been reporting, but there has been conflicting information from Public Health authorities as to whats acceptable, as you probably remember, originally cdc said that only n95 masks should be used by medical workers and they be switched to, well, maybe surgical masks are okay and thats why the group i talked about, i wrote about at Johns Hopkins university has reached out directly to colleagues in china and said, please, tell us what your experience was one of the things that you point out in your note is that that the Coronavirus Spread within hospitals in italy has been breathtaking. It has. And that has been not soonly tragic for the patients, but once you start knocking out doctors, nurses, other Health Care Workers, they cant obviously cope with the flood that envelopes them. And spain, also. A horrible shortage of gloves, gowns, masks, and the last numbers i saw were of spains 40,000 cases, more than 5,000 were medical workers that is obviously a tragedy. Are we looking more like italy or more like china you know, iremain optimistic we are seeing some signs that the protective equipment will finally start making its way to those who need it. And crucially, people are understanding better how to use it but just a couple small things that the hopkins doctors learned from china people have to be trained in how to use it. You cant just hand out pieces of paper and say, here, do it. They have dedicated personnel who watch the fuirst line medica responders and say, wait a minute, you arent using this mask right, your gown isnt right. They have all sorts of things to back up the system and one piece of data, the team, 170 strong that flew into wuhan to help them, zero of them became infected. As a veteran reporter who understands this stuff, where do you come down on the very delicate and very controversial question of when it might be safe to begin to bring the United States economy back from its induced coma so funny you should ask, tyler. Im working on a story about that right now and the short answer is not right now, not today, not tomorrow, probably not next week, but as Governor Cuomo described, although were currently on the wrong side of the curve, we are going to be on the down slope eventually. And then the key question is, again, as youre saying, when is it too soon. But equally important, this thing could very likely have a lull in the summer, just like other coronaviruses, it could very likely come back in the fall what is the plan to meet it then without shutting down the economy a secondtime and that really is the question. You would really hate to see that please stay in touch, sharon its really good to hear your clarity and we appreciate your time of course, as critical as when we begin to bring this sleeping giant, American Economy out of its slumber is how we do it. Anyhow, thank you very much, sharon begley, we appreciate it. Tune in tonight at 7 00 p. M. Its going to be an extraordinary evening. A cnbc town hall, the pandemic and the path forward gary cohn will be here Scott Gottlieb, mark cuban, and more, hosted by scott wapner send your questions to cnbcpathforward thats 7 00 p. M. Eastern time tonight, not to be missed. Well, the oil market is closing for the day and lets go to eric chemi at the cnbc commodity desk hi, eric thats right, oil closing higher for the Third Straight session. Wti could end up with only its third positive week of the year, if it can hold these gains crude has had some pretty choppy sessions this week as we still see some resistance at 25 a barrel level thats 2445 right now. Thats where wti is. The cracks in demand are showing everywhere today a key proxy for u. S. Gas demand posted its biggest supply since december so despite todays gains, oversupply is still very much a concern for the oil market tyler, back to you eric, thank you very much were watching the dow, up 1,059 poi points, better than 5 still ahead, not just the straun restaurants and the Airline Industry are ask congreing congr financial help ranchers also find themselves in a bind is a beef bailout on the way and check out the names leading the dow, boeing among them nike up almost 2 . Big rally taking hold today. vo quickbooks salutes the grit and determination of those who work for themselves. Theyre the backbone of our economy. 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Download the xfinity my account app today. Welcome back, everybody. The dow industrials up about a thousand points, a little less than 5 now after yesterdays big rally. The dow is now up nearly 20 from mondays low, if you consider that, thats amazing. The s p is higher, as well, by about 3. 3 nasdaq up by less in percentage points, one in three quarter percent. The russell 2,000 splitting that difference, up 2. 29 it seems like every industry is pleading its case for a bit of assistance, as lawmakers continue to work on a 2 trillion stimulus bill in washington, and that would include the National Cattleman beefs association, as cattlemen assessment to keep up with falling prices and increased demand, the association is fighting to ensure Financial Stability for crimes during the crisis with us now is ethan lane, the Vice President of Government Affairs for the National Cattlemans Beef Association mr. Lane, good to have you with us if demand is up, why are prices down . You know, we have had an issue in our markets and continue to with price discovery in the live cattle and feeder sectors, what weve seen over the last few weeks obviously is a surging demand in the Grocery Stores on the retail side. Those box beef numbers have reflected that, but weve struggled to realize those gains in the live cattle and feeder cattle sectors, which is really putting downward pressure on those markets, just when those producers were dusting themselves off from difficult conditions coming out of last year so its really kind of a double whammy for a lot of those folks in ranch country and theyre watching those box beef prices rise at a time when their prices are falling its been challenging for them over the past few months it seems like it might be a heavy lift i know youve written to leader mcconnell, speaker palos, leader schumer and leader mccarthy. It might be a heavy lift, it would seem to me, just on the surface, i dont mean to judge, if meat sales are up 77 in the week of march 15 at the retail, it would seem to be a little bit of a heavy lift to go to the government and asking for what what do you want to see the government do in its phase iii package that would directly help your constituents . So, you know, what were looking for is some support for our producers that are in that supply chain, out on the ground. The industry and our supply chain is obviously a very complex one. That packer side has done very well in this current market environment. Beef demand is really high but we need to make sure we keep that supply chain going. And without some support for our folks, as far as some of these financial payments that are being envisioned under this current stimulus plan, ensuring that some of that money gets to the ground, gets to those producers that may only sell cattle once a year, and as this market shock has hit them, its not like theyve got another round of cattle to take to market next year, with training at 94 last week, and has made some recovery to 108 from the live cattle side today, thats obviously making up some ground there. But those producers that got hit in the fallout of the past few weeks, theres no way for them to get made whole moving forward and they also dont have access to a lot of the Small Business programs that are going to be part of this package sba lending typically doesnt apply to farmers and ranchers. Only coops in the ag sectors. So specifically, you are looking for a bolstering and an expansion of a Credit Facility that ranchers could use, right yeah, weve asked for full suite of credit options, flexibility on repayment of existing debt access to low and nointerest credit to make sure they have some liquidity in this environment, but we are, and this is uncharacteristic for us, we are asking as the government is looking at some fairly significant outlays of resources to support some of those Critical Infrastructure pieces, we are asking for some assistance in direct payment, as well and thats not something typically the cattle industry asks for and what weve continue to say is extraordinary times call for extraordinary measures and this is a fairly extraordinary set of circumstances in cattle country. And these are not folks that are comfortable asking for this kind of thing, but it speaks to the hardship theyre under right now. Ethan, thank you very much, and continued good luck to you and your constituents. Ethan lane, National Cattlemans Beef Association, we appreciate your time. Covid19, obviously, taking a huge toll on restaurants as dining in is out it is off the table. But one sector of the industry was already struggling before the virus hit and kate rogers has that story hi, kate hi, tyler thats right, its casual dining and estimates for casual dining traffic are reallydire nationwide as more and more of these shelter in place initiatives are put into effect. Now, for the week ending on march 22nd, casual dining comps are projected to be down somewhere between 70 and 80 with casual dining traffic following suit the hardest hit markets here, really no surprise new york city, of course, followed by boston and seattle with comps down at or near the mid80 mark a huge decline the casual dining sector, as you mentioned, it was already in trouble before coronavirus hit data from nap track shows that traffic incompstore numbers turned negative in 2006 and has remained that way ever since this is due to a few Different Things here, changes in consumer preference, the breakfast wars that these casual dining names have largely sat out, and the fact that so many of these locations are tied up in malls that have been strugging around the country and now many of which are closed darden talked on its recent Earnings Call about repurposing some of its servers into delivery, something they havent really explored in the past. Analysts at btig and morning star called out darden as well as texas roadhouse as two names that may have stronger Balance Sheets that will be able to stand up against a prolonged slowdown here. Red robin was one name that was mentioned that may not be as fortunate. Remember, with casual dining its all about the dining room and table service. If youre not able to go in, sit down and have a waiter or waitress come over and take that order from you, that is a huge, huge hit for a sector thats already been struggling. One of the things thats amazing to me through all of this is that youve got a nationwide decline on the order of 80 in this sector, and yet, its new york, its san francisco, its boston, now washington, new orleans. Thats where the spigot has really been turned out of. In other cities, i assume they have not put the same strictures on ones ability to go out and do it, so people are just not going anyway its not the same, tyler, but i think the fear factor is certainly there. And that will continue to grow all around the country the National Restaurant association is projecting this major sales decline over the next three months of 225 billion. That is a massive number for them to put out there. Thats why theyre asking for all of this relief from the federal government well see if they get it, but this part of the restaurant industry, you know, it doesnt necessarily team up with the aggregators in the same way that the Pizza Companies do, that chipotle does. Its a completely different beast here, one that they definitely have to get creative and tackle with. Kate rogers, thank you very much we have some breaking news out on United Airlines and phil lebeau has it. Hi, phil tyler, weve talked about united cutting back its schedule, simply because theres not enough demand. The company has announced another cut. Its now bringing down its capacity 42 thats an increase of 10 from where they were just a few days ago, where they said they were going to bring down their route structure 42 . This is domestic only. Remember, internationally, theyre already cutting 90 of their flights in the month of april. So, again, united cutting its domestic route structure to 52 . Basically half of their schedule, and it gets back to this, tyler. Now, this is for all u. S. Airlines, but it says it in one chart here just, people are not flying. Its a drop of 78 since march 16th and thats why the Airlines Continue to cut flights. Phil lebeau reporting on united, thank you very much. Well be back soon it has been a tough run for the Japanese Firm softbank the Venture Capital giant now planning to unload more than 40 billion in assets to help pay down its debt after plans to take the Company Private reportedly stalled for many, lets bring in mike isaac, a Technology Reporter for the new york times. Good to have you with us tell us what you can about softbank and sons plans for it . Its interesting. Just long before any of the coronavirus stuff started hitting, softbank was in trouble. Weve seen over the past, lets say, year or so probably more than that, a lot of their biggest bets have just been sort of tanking, you know they made a huge bank on wework, obviously. Their big bets on uber seems like a good deal they got sort of a valuation dou discount when they came in when uber was in a lot of trouble and now uber is in a lot more trouble. So that valuation down their market cap down huge sop, you know, a lot of the big bets that they had, you know, relied on early on, are not playing out. And i think the discussions to go private were an ability for them to say, we might have to make some big moves. Were probably going to take a lot of criticism for that. If we can do that, at least, you should the cover of not having to report our numbers to Public Market investors, maybe we can do that. They opted out of doing that and will try some different stuff in the interim, but it didnt sound crazy to me that they were at least considering it this is a perfect storm that has hit them of investments that went sour, then can coronavirus. Youve got an activist in there. Can this can this marriage be saved . Its really tough youre exactly right i think i keep thinking about sequoia capital, they just they sent out a letter to a lot of their Portfolio Companies calling the coronavirus a black swan, right . Which is something that essentially you cant account for and it can completely destroy tons of value of entire markets that we just didnt see coming and i feel like softbank has had like multiple black swans kind of happening at a different time plus, you know, plus actual bad bets that they have to sort of account for now. So i am very curious how they will pull out of it. Its really hard for me to see them coming out, at least in the shortterm, doing well but, you know, at the same time maya sorry, masa son. Masa son. I butchered it too, mike masa has fallen down and come back many times before if you were to compare him, masa son, to an american businessperson, who would it be . Thats a really good you know, i was thinking of jack welch just passed away hes probably got a big sort of legend behind him. I think actually, you know what, elon is probably a good comparison they both like doing these huge swings and sometimes theyre completely too big and people dont quite believe in him them, but people line up behind them i wanted to put him in a context that american listeners might relate to, because he is one of the heavy hitters, obviously, in japan. Its richest man, at one point, i do believe mike isaac, thank you very much, appreciate it. Thanks for having me. Wow bet pot stocks like tilray are lighting up in the last week, up some 80 as dispensaries across the country are deemed essential businesses and consumer stocks up ahead of quarantines. Jane welles joins us now with how that industry is faring during the coronaVirus Outbreak. Jane reporter hey, tyler, yeah. I mean, many of these businesses are seeing record sales as people who have to shut down are stressing out and stocking up. On average, were hearing that sales are double normal and flow hub reports that in denver, on monday, sales were more than four times normal. This is because states from california to new york have deemed marijuana or cannabis essential medicine, though in many states you can still buy recreational pot as well, like here in california, harborside is one of the oldest and largest chains with 60 million in annual revenues. Its switching over more to a curbside and delivery model, hiring drivers theyre also recommending that customers avoid smokeable marijuana because the virus attacks the respiratory system, but theres nothing uniform about this different states are enacting different rules. Not all cannabis businesses are benefiting massachusetts is only allowing medical marijuana, closing down recreational sales nevada will only allow deliveries, which shuts out stores that dont have delivery available. And nevada sales in particular are not going well because so much of that market is dependent on tourism on the las vegas strip, which is pretty much closed for business. Two questions one, what are some of those plants behind you . Those are not salable, are they . No reporter i would be allowed to grow six of my own, but i dont, tyler, no thats just the typical flor rae of california. Let me ask you about workers who may be displaced by this coronavirus issue. Do they in any sense qualify for any sort of federal benefit or is the industry just so quarantined federally that they cant . Reporter the employees will probably be able to qualify because theyre paying taxes and their businesses may forced to them the businesses may not be able to recoup any aid because cannabis is a schedule one drug. Where the businesses are doing well, like harborside, they dont need aid all right jean welles and her foliage, thanks very much we appreciate it tech stocks falling nearly 17 over the past month, but does the dip present some buying opportunities . Well talk to a Portfolio Manager with the names he is at nt. Apngp. Thsex at outback steakhouse, were committed to serving our communities by doing what we do best. Serving you and making one great steak. Thats why we have curbside takeaway and delivery on outback. Com because at outback steakhouse, were here to serve you. vo quof those who workthe grit anfor themselves. Theyre the backbone of our economy. And in these challenging times, theyre adapting to support their communities. So be sure to support them in return. Intuit quickbooks. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] welcome back, everybody. The dow up 20 from monday is it safe to buy . Do you trust it . The cia with wedgwood partners david, is it safe to buy should i trust this rally . Is it sustainable . Ive got to tell you, tyler, last time we spoke was about a month ago on february 26th and at the time i mentioned i thought this would have more ways to go we were just starting to decline. This has been astonishing. Quite frankly, i dont trust the rally, but i think we might have to redefine what we talk about of rallies and bear markets. From the market high, just 27 trading days ago, we had a bear market down 36 and, you know, you just mentioned the dows up 20 . If we have a repeat in the s p of what we see today just tomorrow, were going to have a bull market in three or four trading days so, i mean, this is absolutely one for the history books. Yeah, you know, were always in there looking to buy something new, even adding some new adding to existing positions all were trying to do here is look at the other side and assess if these Business Models are going to look pretty much the same or are they going to be intact i think some of the big cap tech stocks like facebook, apple, google, nvidia fit that bill but i dont think were done with the demand shock. I think the market is taking care of the supply shock bear market and supply shock bull market as you mentioned, but i still think this market needs to deal with the demand shock of all of this. So, im worried about that maybe our nomenclature is just kind of outdated, bear market, bull market. It feels like were in the new abnormal its just so abnormal, the violence of the swings here, up and down where do you prune where do you add in your portfolio today . You mentioned a couple of names and they seem to be ones that have fortress Balance Sheets, lots of cash on hand, and in technology yeah. You just nailed all the Key Attributes you look at those stocks that got hit hard in the downturn, and some are bouncing back sharpshar sharply because they got creamed, they were cyclicals, had poor Balance Sheets. I think thats what were going to sort out in the fullness of time through the summer. When we entered this, youve seen the numbers, Corporate America just feasted on cheap Interest Rates and ballooned up their Balance Sheets to buy back stock, paid dividends, maybe not so much on the cap exside. We need to reassess those Business Models. Do no harm im staying away from those right now. Lets talk about what you see as we move into lets say the third and Fourth Quarter of this year economically on the one hand and in the markets on the other. One would think that the market would move before the economy does it will it will. I mean, the market will the market has sniffed out the supply stuff, supply disruption pretty darn well, astonishingly quick. But when you think about the demand shock, i think the demand shock is absolutely going to dwarf the supply shock almost without exception. It has hit almost every industry some ecommerce and Grocery Stores and pizza delivery. We need to find out how many of those workers are going to come back, what the demand is going to look like, and i think thats where well sort it out. Well know more by the Third Quarter. The market will sniff that out late summer, early fall. David, appreciate your insights i want to draw your attention to 7 00 p. M. Tonight. A town hall, pandemic and the path forward its got some really smart people on it, including gary cohn, Scott Gottlieb, mark cuban and others, john rogers. Send your questions t to cnbcpathforward. It will be a very enlightening hour Scott Gottlieb has been early on this throughout if youve been following him and what hes been saying he has been a little bit on the early side in forecasting what was going to happen. Its been great to have you with us we appreciate it thanks for watching. Our breaking News Coverage of the coronavirus and the Market Reaction continues now into the last hour of the trading day good afternoon, everyone im wilford frost with sara eisen and Tyler Mattison back at headquarters not a big rally on wall street after a shaky start this morning, dow moving as much as 20 off its monday lows. The s p 500, by the way, peak to trough was down 35 . Where we stand right now, peak to where we are is down 25 . Lets have a look at whats driving the action today the white house and the senate agreeing on a 2 trillion