Transcripts For CNBC Fast Money 20240713

Calls corporate welfare. The dow did manage to finish the day in the green, however, but well off its highs a positive, the first backtoback days in gains in the dow since early february a lot of todays rally driven by boeing, optimism around a bailout helping boeing post a 24 gain, its best day since the 1962 ipo were going to dig into all this with tonights trader panel standing by for you. Plus youll hear from new Jersey Governor Phil Murphy. That state just reported one of its biggest singleday jumps in coronavirus cases. Well speak with the governor about what is being done to stem the outbreak and help all those hardworking men and women and their businesses in the garden state. As is becoming a trend, were also awaiting a White House Briefing on the virus. Well bring it to you live as soon as it occurs. Let us begin with that bombshell out of capitol hill. We are seeing new signs that stomach husband aid bill could be delayed live in d. C. With more on this developing story Kayla Tausche . Reporter lateday snags in the stimulus bill that was supposed to sail through with bipartisan support after days of negotiations progressive alexandria ocasiocortez and Bernie Sanders are vowing to gum up the works and delay a vote in either chamber if Senate Republicans succeed in getting changes that they have sought earlier today aoc tweeting, there is absolutely no good reason why Senate Republicans are tying a historic corporate giveaway to getting relief money in the hands of families. Sanders says if republicans get their way, hell move to add more conditions to the 500 billion loan program that he is calling a corporate welfare fund earlier today three Senate Republicans objected to the fact that for some states workers who are laid off and get Unemployment Benefits would be making more than they would have made had they been employed. They say that is a perverse incentive. Heres senator lindsey graham. This bill pays you more not to work than if you were working. Very few people are going to turn down a 24hour dollar deal not to work. Reporter a gop aide says that this is the result of trying to standardize the dollar figure paid out to laidoff workers in different states. A second gop aide says that its understood that there will be changes needed to apiece either side, but its still unclear how substantive those would be brian . All right, Kayla Tausche, thank you very much. Well hear much more on all of this tomorrow morning when we interview treasury secretary steven mnuchin, 9 00 a. M. Eastern time lets bring in tonights trader panel, making you feel like the fast money of old names you know and trust great to chat with you guys wherever you may be. G guy, first two high day rally for the dow in a month, do you take some comfort from that . Absolutely. Hi, brian. Hi, everybody. You have to take comfort, without question something i said yesterday, you mentioned Bernie Sanders, how hes sort of putting a kibosh on this rally yesterday the volatility index went from 52 to 61 and today the volatility index closed higher on the day we can speak to how good an indicator thats been in this environment, but the fact that the vix is higher on a day or two days when the dows up 2,500 or so points is a little bit disconcerting. I think it speaks to me that i dont think were necessarily out of the woods yet. Its a little weird on that vix, something to watch. Tim seymour, lets talk about watching boeing, a 24 gain. The market is obviously betting that this stimulus deal is going to get done because boeing i guess would be a massive beneficiary of it, unless something material has changed in it between now and the vote well, again, boeings deal is also about the Airlines Getting a deal airbus, weve talked about this in terms of impact the big news for boeing was discussion that 737 max in june begins production. I think its critical. Its critical ultimately for a company, if people want to believe the former Business Model worked and airlines have the same appetite, and obviously theres a lot to work through on Public Relations and faa side, but thats the move youve seen. People have done the math. Boeing, i think a low of 91, or 89, and at some point today was in the 170s. This is the kind of reaction that if this company has a balance shed, and again i focus on the commercial aircraft, then this is a company thats not only going to survive but it will remain one of the Better Companies out there. Tremendous headwinds in the short to memedium term. If you believe in the longerterm Business Model, its far from easy sledding, but with support from the government, with support from the airline industry, with a plan to get th production, thats what were waiting for. Yeah. And b. K. , its not an overstatement based on what weve seen to say that every day, hundreds of thousands if not more americans are losing their jobs, every day. Its hard to believe that the senators are not going to come to some conclusion and get a deal done. That said, weve seen things happen in congress before, if a deal is delayed by a day not signed for a day or a week whats going to happen to the market then . Yeah, its funny. I traded through multiple crises i remember distinctly trading through 2008, 2009, when everybody thought, well, obviously the senate and the congress have to pass arp, and they didnt, and the market tanked so, you know, i think theres a danger of that danger, ill be shocked if that happens. But i do think theres a danger of that happening. I mean, our government by design is supposed to be slow and clunky and inefficient and were trying to pass something that people need money today. I mean, there are people with 400 in their bank account, over 40 of the u. S. Population has 400 in their bank account by the end of the week its going to start to get tight for people this is more of a humanitarian crisis than a political issue at this point. Yeah, it is dsw shoe warehouse, 80 of their staff is on basically leave without direct compensation. They will have employee benefits, but theyre not getting paid steve grasso, that story is replicated all across the country. We know, though, that the market is supposedto be a discounting mechanism. Predict the future, maybe six, eight, nine months out do you feel that monday was a bottom i dont know if you could necessarily call it a bottom just yet, brian. Obviously this market is going on stimulus right now because it wants a treatment, wants a vaccine, were not getting either one of those. Its all on stimulus right now was monday a bottom . When i look across my desk and i see that equity stakes are whats spooking the market now, even with the stimulus, i dont know if you can call it bottom until you really get a treatment or a vaccine but im determine encouraged going intomonth end because of the equity amount that needs to be purchased for Pension Funds yeah, thats it. Theres so many largescale problems out there, guy adami, its almost impossible to know where to start i want to talk about apple lets get mike key that stock fell. Nikkei reporting apple may be delaying its 5g phones we might start to see longerterm impacts if that report is true on these names that have been powering this rally, you guys have talked about on fast money for five years, if microsoft and apple and those start to roll over continuously, what then . Yeah, you got to find a place where its safe to get back into the water in terms of apple. If youre looking for levels, again, im not suggesting by any stretch its getting there but you know, if you go back to the 220 level which was sort of the highs we topped out in july of 2019 and prior to that in may, i mean, that makes a lot of sense. So you have to sort of say to yourself, look, if this stock gets to these levels, regardless of whats happening in the world, im going to step in and buy. You have to have a plan going in because if it gets there, ill tell you right now, its going to look terrifying but quickly on the boeing front, and dan nathan alluded to this i think the fact that boeing told the government they have no interest in being diluted by them in terms of an equity stake, i think that was really encouraging for the Broader Market i think a lot of people were playing boeing from the short side thinking, its going to get extraordinarily diluted, the stock is going to have a 50 handle i think that caught a lot of people off guard dont underestimate the power of the boeing move on this broader rally the last couple of days. Tim, can i ask you to focus on ford . The stock maybe 30 minutes ago, the Company Getting its Credit Rating downgraded to junk by s p. Obviously for many reasons the stock is down after hours. You know, i brought this up last night with a guest ill just ask you because i know that youre a plain speaker. Do you think that there needs to be some kind of a hold put on these Credit Rating downgrades im not knocking moodys, s p, or fitch im just saying these companies are facing exogenous events. Its not because their business is inherently bad. Do you think we need to stop that, or just let that function the way it always has . I wouldnt stop a thing ultimately i want to understand what the Balance Sheet of these Companies Look like. Ultimately debt covenant are what they are. Debt covenants invest, investors are judging their entire livelihood based upon the ability to pay, not the willingness. So look, gm was downgraded as well today what were going to see and what weve said all along and why we got so worried about this tranche of ddd debt out there across the investmentgrade corporate sector, the downgrade to junk was going to be dramatic and significant. Having said that, again, if you look at the investmentgrade Credit Investment scenario, not what a lot of our investors or audience look at in terms of understanding what is most oversold, i would say investmentgrade credit is probably cheap relative to its longterm average, as much as any other part of the market do i need Credit Rating agencies to step in now and downgrade i mean, you know, im not sure thats doing me a lot of good or telling me what i didnt already know ford over gm in terms of credit exposure, and i would say the concerns there are significantly greater. But look, market has to do its job, analysts have to do their job, transparency has to be there. You cant placate and you cant i think that would be disturbing to me the fact that the feds are getting involved and handling where both the public, the consumer, and Certain Companies need a bailout, thats fine. But saying that we cant look at the market for what it is and understand where Companies Went into this over their skis and are that much more beleaguered, i want to know that, theyneed to do that job. I hear you, its a fair point. I guess my point is, ford built up its own 156 billion in debt, thats the number. If were being told we cant leave the house to go buy a car, i mean, we cant actually do that in many states. I wonder if companies are going to be unfairly punished by the market i mean, fair is a subjective term, i get it weve literally never had this kind of a situation in modern American History yeah, thats listen, we have a governmentmandated recession. Everybody closes down. Stay home, dont go anywhere except the grocery store, and hopefully not to see your doc. Right thats no companys fault, necessarily. You know so i think theres an argument to be made there that you need to kind of look through that that being said, i actually think ford is a really interesting stock to watch for tomorrow im always looking for a stock that trades really well on bad news because that means its flushed out. That means its priced in. So i would watch ford tomorrow morning and see if that thing starts to go green thats going to be a really positive sign for the market because it means, you know what, everybody knew this was coming thats old news. Now were looking forward. So, you know, if theres one name im looking for tomorrow, its ford and how it trades. Green shoots for the blue oval, i like to hear it, optimism there steve grasso, tomorrow morning were going to get that unemployment number, the weekly jobless claims number, it could be 5 Million People applying for Unemployment Benefits. Is the Economic Data going to impact trading do you think no matter how bad numbers are the market is probably already priced that in . So the problem is the market and intelligent people can price that in. But the market has to have this systemic technology algorithmic drive to it. So i think the algorithms are going to read that number just as negative as if it wasnt out there already, just as negative as if all of us didnt realize it was already going to be thats where you can get the flush. But i think the other interesting point about ford and gm is that the way this rule is written in the stimulus plan, im not sure that the fed can buy their debt so we have to get a little granular, maybe it will change that, maybe it will change the wording on that. I think thats where it becomes interesting to say to the Credit Rating agencies, take a powder, lets revisit this in a month or to. Guys, we do appreciate it be well, thinking of you look forward to the day that everybodys around this desk again. On deck, the head of the u. S. Chamber of commerce is with us what he likes in the relief bill and what businesses around america still need from it, assuming it is ever signed. Later on, new Jersey Governor Phil Murphy his state now has the secondhighest number of cases in the nation. Were going to talk to him about what he is doing to try to stem the outbreak, protect all those hardworking small businessmen and women across the garden state. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. 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 ] we hopefully await the passage of that 2 trillion relief deal, lets focus attention on the economy 163 million americans are in the labor force. Yesterday canada had 5 of its labor force file for Unemployment Benefits, which means if we posted the same rate of jobless benefits tomorrow morning as canada, it would mean 5 million americans applying for Unemployment Benefits in one week obliterating six years of job gains across the country tom donoghoe, ceo of the chamber of commerce. Lets hope the number is not that large, but at this point we dont know yet Congress Continues to seem to dither over the details where do we stand on the bill . Are you optimistic something is going to get done . Absolutely. I believe that we can count on something being done either this evening or the first thing in the morning. The deal is all cut. There happened to be a few senators that are sort of exercising some of their ability to have a different view but its going to get passed and were asking the house of representatives not to bother to come back. They dont have to theres a way to just have them approve it tomorrow. We need to do that because we need to take all of these resources weve assembled under this very good bill and begin immediately to distribute them around this country so that no company goes bankrupt, no citizen goes bankrupt, no family goes bankrupt. We have things in this bill to avoid it, lets do it. Whats amazing and sort of bizarre, tom, that is youve got parts of the economy that are working. Obviously the first responders, they are working all the hardworking people at the grocery store, the Truck Drivers delivering it, some of us here as well at the nasdaq. Other parts are. Like you talked about ford getting its Credit Rating downgraded i brought up the idea of pausing some of this stuff do we need a two to threeweek total pause in the economy i feel like were kind of halfway there. Well, brian, you know we cant pause the part of the economy that produces and delivers food to the shelves of stores and the people that sell them we cant do that with gasoline we cant do that with the people that provide Power Generation for the whole country. And we can go on and on. There are hundreds of services and companies that are out there doing their job. What were trying to do, if you look for a second on the pandemic, is youre not going to cure this whole thing. The idea is to push down that bubble and get it down flatter so that well be able to have adequate services in every city across this country to take care of those that are really sick and need our help. Soon after that, were going to start moving more people back to work but that has to be done in an orderly, cooperative business between the government of the United States and the medical professionals, both in the government and out of the government, so that we make things better, not worse and i think were on our way to get there. Not tomorrow, not next week, but soon is there any realistic estimate or indication of the financial damage that has been done to the Small Businesses across the United States we have anything yet well, weve talked about that in recent hours. And the point is, youre not going to be able to figure that out until we put the resources that were going to put in place and see what is not there to be rescued. And we can even then go back and bring people back into a company that have already been let go and have those loans which turn into grants and companies will be able to, you know, get out of a hole that they might be in im not sure what the numbers going to be. It will certainly be something but were going to put a minimum right away of 350 billion into many of these programs and when you add it all up for the wbig companies, the small companies, the hospitals, and everybody thats going to get a break here, all the individual workers, and then go to what the Federal Reserve and the treasury are going to be able to do together, theyre going to have a package that will go up to 4 trillion you know the last two, of course, are going to have to pay back. But i think weve taken a big step forward we need to do it. 4 1 2 times larger than 2009. You remain optimistic, a bill will get signed soon well, im an irishman, i watched what this country could do for a long, long time were doing it were a little slowed down with whats going on in washington. Probably not hurt us yet, but weve got to move on it right now. Im an absolute optimist, this country will stand for nothing else. Well, tom, when this wraps and up we can get back together again, the first guinness is on me, irishman to irishman, tom donoghoe, thank you very much. Tonight at 7 00, an important program, catch a special cnbc town hall, pandemic and the path forward. Well speak with former chief white house economic adviser gary cohn, mark cuban, john rogers, former fda head scott godly, tonight, 7 00 p. M. It is back to your money mark mobius is with us find out where he is finding opportunity around the world in these wild swings. Then new Jersey Governor Phil Murphy the state reported one of the biggest singleday jumps in cases, but he may have some good news well ask him about that and what is being done to protect the rd stegaenta when you look at the Critical Issues facing our world, what do you see . We see breakthrough medicines getting to patients in record time. We see harnessing natural gas unleashing the promise of clean energy. We see engineers simulating the future to improve today. 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. Welcome back we are pleased now to be joined on cnbc by phil murphy, governor of new jersey. Governor murphy, thank you very much for joining us during these difficult times. My honor, brian. Thank you as a new jersey resident, im glad to speak with you as well you know, theres so much fear around whats going on right now. I understand that. Anxiety levels are up. I actually heard that you had a little bit of good news earlier today where you said, as bad as it is, we need to remember that 80 to 85 of cases end up fairly mild. Is that the correct data id say moderate to mild, brian. Thats the worldwide trend thats important for folks to know listen, were the number two impacted state right now in america. We have 4,400 folks who have tested positive. Weve lost 62 precious lives we knew these numbers were going to go up were in a war i would say to folks, no time to panic, but also no time for business as usual. This notion of staying home and social distancing and how us to build out capacity aggressively in the Health Care System, that combination will allow us to deal with this. And ive got a good friend who is a doctor at robert wood johnson, the doctors and nurses there are working their tails off. Heroes. Night and day what is being done as far as extra facilities, tents outside . Where do we stand on respirators, ventilators yep, so weve got ill put aside social distancing and flattening the curve and staying at home to one side for a second, although thats really important. On the health care side, there are three variables were trying to expand as dramatically as possible Critical Care beds ventilators, and thirdly, the Health Care Workforce who are our heros right now. On the first two, thats a lot of not entirely, not exclusively, but thats a lot centered on our relationship with the federal government. I was on with Vice President pence earlier, well be back at it again tomorrow, im about to get on a call with the fema administrator. We have four field hospitals being delivered right now from fema region 2, the army corps is helping set them up. Were opening wings of hospitals that were closed, were looking at opening whole hospitals that were closed, converting things like dorm rooms for lowsymptom folks. A lot going on there secondly on personal protective equipment, we dont have enough. Its really frustrating. Weve got a big ask to the federal government to their credit theyve given us two slugs but we need a lot more were turning over every stone, private sector has stepped up in a big way. We canceled elective sur ivive as of friday, so those health care centers, were going to get equipment there. Its literally scrap for every bit of it. Prices are going up on the world market, were all competing with each other, thats a big challenge. Expanding the workforce, things like school nurses, retired nurses and health care workers, folks who are in the last semester to get their degree, folks who have a license out of state, giving them a license to practice in new jersey those are the three big initiatives on the Health Care System side. Were full speed ahead on all three, trying to get ahead of this thing. Were talking about the stimulus plan from a federal level. I wrote something saying, if you want to build a stadium, you basically float the bonds, build the stadium, then pay it back with taxes and hotels and everything else. Is there something that new jersey is looking at doing on the statewide level that we can new jersey is a state where people the familyowned restaurant still exists. Its not all big chains. Not taking anything away from them how do we make sure those Small Businesses across the state can survive this, governor yeah, listen, theyve been crushed. As have the workers. Listen, we had two choices from the getgo we started meeting on this in january. Weve been at this for months. One possible road would have been to let the virus run amuck and take Enormous Economic pain as a result with a lot of fatalities and folks who get sick the other road that we have chosen affirmatively to take every step of the way is to rip the bandaid off, take economic pain up front, but break the back of the coronavirus. Hopefully keep our fatalities and sicknesses down. And then reopen the economy. I still think thats the right way to go. I dont think you can reverse that order and there is no price thats too much for us to try to save every single precious life but in the meantime, folks are getting crushed. The federal bill in congress that youre referring to is a huge xfactor for us, assuming it comes out the right way and it gives us flexibility for workers who are unemployed, for Small Businesses, hospitals, transit systems, for the state itself, frankly. Were getting crushed, as you can imagine. Thats a huge lifeline for us, potentially, going forward. I drove up here today on the turnpike, i dont need to tell you, its empty. What it also means is the revenues for the parkway and the turnpike and the lincoln tunnel, these are lost revenues. Correct. The pension fund. Where do we stand on funding levels for Critical Services like the highways and roads . We need to get the trucks up and down and to the grocery store. As well as whats the state of the pension plan state of the pension plan as you can imagine is challenged. The past couple of days in the market have been good ones i dont know whether or not that continues or not the Pension Plans, like any Pension Plans around the country, have been hit sideways. So theyre going to need some time here to stabilize again, i think the order of events here, as painful as it is, is to break the back of the virus and then responsibly begin to open society and the economy back the president has mentioned easter listen, i hope hes right, ill be the happiest guy in new jersey just based on the data were looking at, i dont based on science and medicine and whatnot, i dont think were going to be there yet. I hope we are, but were prepared for the worst you know, nj transit got clobbered. We asked for from the feds 1. 5 billion, 2 billion the parkway and the turnpike are largely selfsustaining, although as you point out traffic is way down. By the way, thats what we want right now. We want people to stay at home, painful as that may be were going to need the help from the federal government to get back on our feet were going to get through this. Were new jersey, after all, right . So were going to get through this but it aint going to be unscathed and it wont be tomorrow but if we all do our part, we will get there. Were still seeing price gouging, hoarding, how do we stop that . Hoarding, less so although thats been a challenge. Price gouging, the attorney general was with me yesterday, were taking aggressive action were also taking aggressive action at firms who employ people who dont let them work from home or dont allow them to social distance or noncompliant behavior some knucklehead was coughing on someone at a supermarket another guy was doing that today to medical personnel, claiming he had the coronavirus anybody who takes advantage of this time, we will deal with swiftly and aggressively you got to look at criminal charges for folks like that. Its incomprehensible in this time whats the message to i know theres a lot of people watching from new jersey right now. Its got a big cnbc audience many are business owners, whether a restaurant, a dry cleaner, Financial Services firm, gas station, whatever it is whats your message to them . Everybody right now i think needs a little bit of hope. Listen, we understand it. The anxiety is high. We get that. My job is to shoot straight with each other listen, this is a war. We won world war ii not because we panicked, but we stayed the course we were proactive, smart, aggressive we worked our tails off. We had courage thats exactly what we need right now. And we know the pain is high right now. Both of isolation, staying at home, Small Businesses, folks who are out of work. But i know with all my heart the order here is to kill the virus and get through the surge and get that behind us and then we can begin to get our economy and our society back on our feet if we all do our share, if we all do our part, from the Little Things washing with soap. All the way up to the bigger ones we will get through this and we will emerge as a state stronger than ever before. Yeah, i like the message. Final question, a lot of people are wondering about the schools. Because heres the challenge as you know, i mean, theres millions of people around the country, probably a million plus or more in new jersey, who probably cant go back to work if their kids are home all day because school is effectively their child care how do we balance out keeping families safe, teachers safe, kids safe, schools safe, but also enabling people that might need to go back to work to be able to do that . How do we make decisions on schools . Yeah, so brian, i just made an announcement today that i had signed an executive order which is going to focus our day care specifically to first responders, health care workers, essential workers in our state to make sure it was there, frankly, exclusively for them. Schools are going to stay out for more time. I dont have an answer for you yet in terms of how much longer. But its going to be awhile longer we understand the day care pressure 100 . Weve got to start with health care workers, first responders, essential workers in our current configuration. Then we can expand and back and fill from there. We had no choice but to close the schools. Theyll be closed for awhile longer weve got to be able to get that balance right, and again pull out of this stronger, i hope, than ever before. Governor phil murphy of the great state of new jersey, we appreciate your time, thank you for joining us, keep us informed, thank you. Still ahead, we are awaiting that White House Press briefing on the coronavirus were going to look for any comments on the aid package that might be working its way through congress as well also expecting to have mark vel us joining us, famed globa instor on what to do with your markets and your money right now. 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. Welcome back lets get you up to speed on the very latest on the pandemic. Sue herera with that. Were going to start as we usually do with the latest numbers. Global cases have risen above 460,000. The death toll is nearing 21,000 in the u. S. There are more than 62,000 cases, nearly 900 deaths. Apples ceo tim cook has gone on twitter to urge people to follow the guidelines from the health experts, but he us a announced a major donation by apple. Apple has sourced, procured, and is donating 10 Million Masks to the medical community in the United States. These people deserve our debt of gratitude for all of the work that theyre doing on the front lines. And we did a little digging, and believe it or not there is a patron saint of epidemics and she is saint corona. Yep, you heard me correctly. A cathedral in accen, germany, as dug out her relics and is polishing the shrine st. Corona was buried at the cathedral which is one of europes oldest in 814 as always, for more on the coronavirus coverage at cnbc, go to cnbc. Com. The patron saint of epidemics is st. Corona . I doublechecked it, i triple checked it. I dont doubt it, i hope thats some really good sign from above longterm. I hope so basically, news organizations picked it up because people in italy were praying to her very openly from their balconies. And that people were like, what do you mean, st. Corona that is where she is buried, in this cathedral and that was in 814. She is the patron saint of epidemics and they want people to come see her after the pandemic is done amazing lived during the time of Marcus Aurelius sue herera, thank you, be well. Bailout crackdown. Media mogul tom mobius will join us what needs to happen if Corporate America gets a big check from uncle sam. At twho do during these wild swings when we come back when you look at the Critical Issues facing our world, what do you see . 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. Welcome back to cnbcs continued coverage of the markets in turmoil stocks surged today a bit as investors waited for final details of the 2 trillion relief bill in congress. Kayla tausche broke the news earlier today part of the stimulus bill could include a oneyear moratorium on stock buybacks that any company that takes a loan from the government must adhere to our next guest saying thats only the beginning of what needs to be done tom rogers, founder of cnbc, serves on a number of corporate boards its your belief any company that takes government money should not be allowed to do a Share Buyback yes no doubt but before i get into that let me just say, having been at cnbc at the launch, i have never been prouder of what you and your colleagues are doing under incredibly tough circumstances and special kudos to you and your producer, kevin flynn, just doing a terrifically informative show under very trying times thank you very much. From everybody at cnbc, thank you. Look, ceo pocketbooks cant be our primary concern right now. Weve got to think about everybodys health work espocketbooks, main streets, all businesses part of this is maintaining support for the actions that are being taken now and looking ahead to the consequences of all this unprecedented action. And all the fear that everybody has right now about whats going on in the market and watching their pensions and 401 k s diminish is all going to turn from fear to anger if ceos and Corporate Executives make a killing here its one thing to ban buybacks during a bailout thats kind of an obvious issue. And clearly a bad use of cash. Although i dont think a very likely use of cash but the real backlash will come if companies that are helped grant options to their top executives at the deeply deep down prices, then off the back of government loans or government bail backs their stock rebounds and theyre able to make a ildidding, having gotten Stock Options or restricted stock at these incredibly low levels. So its one thing to watch out for wasteful use of money like buybacks in the midst of this its another thing to make sure that the kind of things that are really going to generate anger down the road, we protect against. Yeah, i mean, you noted in your oped the airlines have taken 40 billion in buybacks over the last whatever, 10 years or so. Now theyre looking for relief, and they will probably get it, and may deserve it because we need them to be up and running once this is over. But our memories were not that long lost from 2008, 2009, 2010. Theres still going to be a lot of anger around this when all the dust is settled. I think thats absolutely right, brian but you look back to 2008 and the auto bailouts and the ceo of ford at the time got a reduced salary package, saved some cash for the company in the midst of that but also got a stock option package that somehow was valued at the time at about 16 million. Two years later, 2011, that was worth 200 million and it just makes absolutely no sense to allow Corporate Executives who are getting bailouts to get stock grants of any kind that allow for that kind of huge compensation bonanza in the midst of this and thats the kind of thing that will just create enormous anger and has to be protected against. You know, tom, one of the companies that you work with actually you run, win view and others, involves Online Gaming i want to switch gears a bit Online Gaming. Were seeing the world change in many ways right now. We are learning that maybe we dont need to work in the way that we used to. Maybe we dont need to play in the way that we used to. There was a virtual nascar race on Linear Television on fox sports over the weekend. What are your projections for how this ultimately changes how we work, how we live, how we play well, ive been following this area very closely, because win view as you know is in the midst of a merger with two other companies, one of which is a Public Company called torque esports that specializes in car racing and it has been putting on esports competitions that are available to watch from home and the surge in viewership, the surge in visibility that they have gotten over the last week is quite astounding. Something that i think is going to be part of a longterm trend as were all at home thinking more and more about how do you entertain yourself at home be able to have that kind of ongoing sporting event that is virtual and not real, that has all the excitement of a real sporting event, is something that is clearly a major macro trend. So i am convinced that we will come out of this with a lot of changed habits about entertainment, about work, and generally what it means to turn your home into something where you can be incredibly productive in ways that we havent thought about before yeah, certainly tom rogers, we appreciate your view on that urge everybody to check out that oped which is in news line online tom, best to your family, and thank you for the kind words at the start. Coming up, it will be another big day for markets tomorrow because well get the first jobless claims since most of the country went on lockdown. The estimates range anywhere lln. 1 million to 4plus miio were going to break out your Thursday Market playbook when we come back. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. So it doesnt make a whole lot of Financial Sense for them to stay in this great big house. But, well, this is home. I want to take you to the Coronavirus Briefing at the white house. In the war against the virus. I want to thank the American People for answering the call following our guidelines and making the sacrifices required to overcome this terrible thr t threat more aggressively we commit to social distancing. So important social distancing. Such an important phrase and we do it right now the more lives we can save and the sooner we can eventually get people back to work, back to school, and back to normal and there are large sections of our country probably can go back much sooner than other sections. And were obviously looking at that also. People are asking, is that an alternative . I say, absolutely, it is an alternative. I have now approved major disaster declarations for new york, california, washington, iowa, louisiana, texas, and florida. That has great significance, as you know, and legal significance were in a constant grouping, and i can say this, we have a large grouping of people that does nothing but communicate with the various officials, including weve been spending a lot of time with new york officials because that really is by far the hottest spot. Ive got a number of very tough weeks ahead of them. The governors doing a very good job. I spoke to the governor, governor cuomo, last night and this morning and he mentioned that in his remarks that hes using the that we are using, and i think he feels, because he understands negotiation okay, that is the White House Task force briefing on the coronavirus. You can see the treasury secretary is there, Vice President pence, dr. Anthony fauci. If any headlines are made or if m mnuchin takes the podium well jump back in Rbc Capital Markets and lisa shalett, was monday the bottom for the stock market well have to see but i think theres a good chance it probably wasnt. What we know about bottoms is they do take time. I think where were pricing, what were pricing now in the market, is consistent with recession pricing. On friday we dipped slightly below the 2,300 mark the market was starting to tell us that something more onerous than ordinary recession was at hand i think that possibility is still out there. We really dont know whats going to happen in terms of the path of this virus i think thats really the most important thing for markets right now. Lisa, what do you think i dont think were ready to declare a bottom either. But i guess where we might differ is, you know, we are pretty constructive on the amount of firepower that is being thrown at this problem if you think about what the fed has done under the guise of whatever it takes, it is highly likely were going to see a fed Balance Sheet that is approaching, you know, 6 trillion to 8 trillion before this is all over the u. S. Is probably the u. S. Government is probably going to spend somewhere upwards of the 2 trillion in the bill, in the three bills that have, you know, thus far been proposed and i think when you take those two things in total, youre talking about a massive, massive commitment, you know, order of magnitude of 9 to 10 of u. S. Gdp in aggregate and so while, you know, we recognize that, you know, that the health carerelated part of the crisis is not over, you know what we do want to remind people is that never before in the history of our country, ever, including in the financial crisis, have policymakers worked this fast, this bold, in this kind of size, you know, relative to gdp, you know, to mitigate. And so i do think that theres reason to be constructive. Laura, you said you did not think monday was necessarily the bott bottom how much more do you think could be on the downside its interesting. In the Trading Community people are talking about 2,000, 2,100 that seems to be the consensus thats starting to emerge. My gut says we could probably trade a little bit below that. If you look at how bad we got hit in the tech double, 49 peak to trough, that would take you down to 1,700. If we dont see the market hold around the 2,300 level, that would be the next level that id frankly be worried about and i just want to echo something lisa said. We do think the stimulus thats coming through is extraordinary. My yearend target for the s p 500 is 2750. But ill also tell you my earnings estimate next year for the s p is lower than what we had in 2019. I think theres not enough conversation going on around the street right now about how behavior is changing and whats the longerterm fallout from this it and is well have that laurie and lisa, thank you very much 7 00 tonight, a special town hall, pandemic and the path forward. A bigtimelineup for you tonight, 7 00. Gary cohn, mark cuban, adina friedman, john rogers, Scott Gottleib thank you for watching my mission is simple, to make you money im here to level the Playing Field for all investors. Theres always a bull market somewhere and i promise to help you find it. 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