Transcripts For CNBC Power Lunch 20240713

Most confirmed cases of coronavirus around the world major developments giving investors something to be hopeful about. We need it well have more on that in just a moment i wouldnt mind seeing some w who der hors doeuvres behind you. Its cozy and homy i feel better already. Well have happy hour on friday. Crude oil crashing below 20 here its a problem for the energy complex. Overall its a bit more advancing stocks and declining stocks were not far from the highs today. This time exactly last week we were 34 off the historic highs. We hit february 19th that was the bot too mantom. A lot of people thought it was the bottom and we got smacked in face or prid we have seen lower volume on the day. Weintraday ranges. The vix has dropped below 60 im not saying its over im saying the market is acting a little calmer today than recently great news from abbott about a potential 15 minute test exxon is flattish today. Boeing, i cant describe it. It was 97 at the end of the week now its 140 it has no idea with it wants to go we dont know what the earnings will look like we see you nieunited technology. Its closing this week it will be called raytheon technology, rtn at the end of the week back to you. Thats right. The ten year yield falling today. Rick has more. Sometimes tame is good. Today seems to be a tame session. Were 23 basis points of two year note. Last time we closed at this level was may of 2013. They have been lower also down two basis points pretty much the entire curve is under a little bit of buying pressure pushing yields down we could see whats making many traders a bit nervous especially at a time where we balancing is supposed to put selling in the market were so close to 54 finally, whats going on with the dollar index, volatility thats what. We bounced rather nicely back to you and tyler. President trump yesterday extending the social distancing guidelines by another 30 days to april 30th as the number of cases of coronavirus continues to multiply here in the United States lets go to kayla in washington for more on the administrations response over the weekend. There were lots of backs and forths and travel bans and possib possible quarantines tell us about it. Reporter now President Trump says the white house expects peak virus in two weeks and is backing off a reopening the economy by easter. Virginia and maryland now announcing stay at home orders and new yorks governor says the Competition Among states for supplies is intensifying were fighting amongst ourselves. Were kpeetsi icompeting amongs ourselves. When we started buying, they were under 20,000 they are now over 50,000 if you can find them. Reporter as providers try to get supply, businesses try to keep the lights on will have access to those Small Business loans beginning friday the corporate loan program, the o oversight is coming into view. The watchdog has been named as glen find. The acting Inspector General will be the Pandemic Response accountability chair one glitch of the relief bill is that funding for oversight was not included in the bill that will have to be addressed in what they are calling phase four the question is when congress can actually pursue this action being out until april 20th and how quickly those funds would be needed fie h tyler and kelly thank you very much major developments on the treatment and at the timing front for the coronavirus. Lets bring in meg for those details. Johnson and johnson saying today its selected the lead candidate to bring into human Clinical Trials for coronavirus vacci vaccine. It plans to start the first stage in september, thats months earlier if all goes well they could have a possibly vaccine, the first batches to deploy in early 2021. This is a line i of all of the programs going on right now or some of the ones that are in the lead if all goes well for them, they could have something ready to e deploy early to mid next year. We have very good early i understand indicators that we can count on this to be safe but al effective based on the early test and modelling that we have been doing now until a vaccine or therapeutic is available, testing will be what people are focusing on to try to rain in. Abbott has authorization for the fastest test yet it can give you results in 5 to 13 minutes a lot of hope this will ramp up the u. S. Capacity and help with the response guys that will really hasten matters. I know you and i have both been hearing lots of stories of people who are tested and then they dont get the results for a week or ten days its very obviously anxiety producing and probably counter productive this, if it works the way its advertised could be real breakthrough thank you very much. Thanks. Stocks are jumping today but underneath todays gains, economic anxiety is building not just on wall street but all across the country, every town and corner of this nation. Jpmorgan expecting Second Quarter gross doe mmestic produt to contract by 25 almost at doubling from their prior forecast bank of america warning that despite an aggressive and relatively timely policy, none of this is enough to prevent a major recession. Do you quarrel with any of that that were in for a major recession . Its hard to argue that we have not created for all the right reasons an economic recession. Theres a lot of optimism. I think its hard to fight the fed. Its hard to remain at panic levels for so long you have a lot of optimism around the stimulus level and the Federal Reserve and the bazooka of tools its brought out. You have continued optimism around this tension that we have seen between policy makers and the economic side and Public Health officials and going to the end of april i think aligns that better. Definitely low volume. Hopefully this continues for a while but were not there yesterday. You have given us a lot to think about. I want to drill down on one of the things that a lirli mentiond early in her answer. Its one im hearing about and that is month end and quarter end rebalancing. How much of the rise that we have seen in the past four days from tuesday forward to today, do you attribute to that kind of rebalancing as portfolios get reshaped in light of the losses they have suffered. I think thats a very big part of it theres been a lot of chatter about the size of the rebalancing trade that needed to curve by the end of the First Quarter. As Pension Funds and other large institutions that have multiasset portfolios see their bond portfolios hold up well, their Equity Portfolios fall, theres this automated rebalancing that needs to occur. Some of that happened last week and part is the reason the market was strong last week. Tomorrow is officially rebalancing day. After that were in a period where thats done. A lot of companies are in their black out period in terms of buy backs. Buy backs are very unpopular any was as Companies Look to preserve capital it may be a lack of a bid to the market as wie get past tomorrow. Well have to see what happens i guess my job is to push back a bit if over the next few days we begin to see even darker images on the Public Health front as deaths accelerate as they believe they going to and the pictures will be grim and then on a much less meaningful level, we begin to get in a week or ten days some of the first numbers and commentary out of global and american corporations about how deep this bite is going to be. Those are going to be hard for the market to move forward in face of. I didnt say that very well, but you get my point yeah, i agree i think thats why the vix remains above 60 and were pricing a 4 to 5 move every day. We have some really heavy things and heavy economic thing, heavy social things in front of us the question is how, what will that do given the way the market is pricing now the market is pricing at its current level at about 15. 5 times last years earnings thats a model that we dont see used so much because its back ward looking, not forward looking. Its one good way to give a relative sense of where we are that is in line with prior recessions i think there is some negativity priced in there. I think this is probably a bright spot of day for a number of things that are coming together there will be opportunities but i continue to see downside volatility and urge people to prepare for that im an observer, not a practictioner like you i would have bet last night after watching the president s News Conference with numbers attached and the extension of the restrictions on movement and the recommendations there that the market would have been way down today it did move down but it is up and fairly substantially today why . I think it goes back to the last question. The pension from rebalancing people only Pension Funds but the hedge funds that derisk two weeks ago are starting to put risk back on they dont want to be caught offsides if we get a big cyclical rally the earnings numbers are be all over the place Economic Data will be all over the place. Until we get clarity on the Public Health front, its hard to see what would cause the vix and other measures of volatility to settle down all right thank you very much. Enjoyed the conversation today really did we hope to have you back again soon coming up, well have more on the marks as stocks move higher take a breather from all the selling today. Check out the sectors that are leading the way today, especially health care, technology, Consumer Staples as well plus, fema is working with states as the virus takes a toll on local bids and hospitals across the country the former fema administrator will join us right after the break. We got much more coming up right after this poppy come quick whats going on . Something huge. Like a lot bigger is coming to your home. Wait for it. Happy birthday. What a troll. Welcome back some good news to bring you. Virgin orbit says its partnered with medical researchers to develop a ventilator device that it plans to mass produce and send to hospitals around the u. S. To fight coronavirus. The company does not have a precise time line but is hopeful the approval process will only be a couple of days. Well take that kind of news where ever we can get it some much needed help headed to the epicenter of the coronavirus out break. The Navy Hospital ship, the uss comfort arrived in new york city a few minutes ago. Its about 1,000 beds and a dozen operating rooms that will help ease the burdens on new york struggling Health Care System it comes as President Trump is extending federal social distancing guidelines through the end of april as the number of u. S. Coronavirus cases continues to climb that ship is not for coronavirus patients but as over flow for other pashttient who is are not suffering. Lets welcome in craig, former fema administrator under obama welcome. Good to have you here. Thanks for having me. This Emergency Response is like no other we have ever seen. Describe the ways you see it as being so marketedly different from anything you had to deal with these is a kind of Natural Disaster but a very different one. Right this was part of our pandemic planning one of the things we had to focus on is unlike most disasters that are geographically posted, you cant move resources in pandemic all 50 states, territories are being impacted at various degs at the same time unlike other disasters where you can take resources from one part of the country and go someplace else, theres limited came blt how much of femas mind share or bandwidth is devoted to dealing with pandemics like this one as opposed to dealing with the more common sorts of disasters that we associate fema with which are hurricanes and storms and tornadoes, maybe earthquakes cant speak to the current team but it was something we were dealing with. When i got to fema in 2009 in may, we were still looking at h1n1, how bad that could be. Fortunately, vaccines had come severe when we talk about all hazards, we plan for all hazards and one of the things i tried to get people focus on is theres a lot more that can happen besides hurricanes and earthquakes we were looking at epidemics, cyber, storms. We have to look at those types of events that our system is not readily built for and figure out how wii going to adjust. They are using fed and congress and so many others. Could a beefed up fema in future be way of responding in terms of money, getting to peoples doors, not having to go through the traditional Banking System in terms of Disaster Relief for pandemic i think if we had given the states more guidance, had issued the directive that the president did, made it broader to include states taking action and reimbursing that as well as turning on programs under a major president ial disaster like Disaster Unemployment, disaster snap or food stamps. Theres been some questions as to could fema declare a major disaster for a pandemic. I think in absence of all else, this is something that could have been done early it can still be done and in many cases you would need the supplemental given the magnitude but money could have been flowing and Disaster Unemployment could have been flowing several weeks ago. What is it that fema in is current circumstance does best what is their most Critical Role here what are they uniquely qualified to do in this circumstance . Its not just fema when requests come up we can best source, best resource those but one of the things that fema is having to do is make priority decisions about where stuff will go theres not enough stuff to go to everybody on the beginning. As this gets further down the road and fema is able to get more supply shachain and other things in place where they have good understanding of whats available, when it will be delivered and the demand from the states and start prioritizing the most critical it h areas but getting ahead of states that are seeing the next waves coming thank you very much craig is former head of fema kelly. Still ahead, oils in a free fall again this afternoon dipping back below 20 a barrel and on track for its worst month ever north of the border, you can buy a barrel of oil for less than a bottle of moulsen. Companies are switching gears to help out in the fight against coronavirus. They will explain how they are making dog beds into face cksks. Thats next. For over 100 years. Ry day and were here for you especially now, doing Everything Possible to keep you connected. Through the resilience of our network and people. We can keep learning, keep sharing, keep watching, and most of all, keep together. Its the job weve always done. It is the job we will always do. Lets get to sue for the latest on the coronavirus. Hi, ty. The numbers continue to increase global cases have risen above three quarters of a million as new infections surge around the world. The death toll has jumped above 36,5 36,500 france added 418 deaths. That only includes deaths in hospital hospitals. Its likely to soar one deaths in Retirement Homes are added. The governor is calling for politics to be put aside while the nation fights pandemic if there is division at this time, the virus will defeat us if there was ever a moment for unity, this, my friends, is the moment in this situation there are no red states and there are no blue states and there are no red casualties and there are no blue casualties its red, white and blue a painting by van gogh had been stolen from a dutch museum that had been closed it happened at east of amster m amsterdam. It was taken early monday morning as everybody in that country is sheltering in place as always, for more coronavirus coverage you can head to cnbc. Com ka kelly, back to you that wasnt a story i was expecting coronavirus to deliver. Thanks very much ll bean has been through the great depression, world war ii and financial crisis now its ready to help out the medical community in the fight against covid19 they are using material meant for dog bed liners to produce mask that is being tested by the Massachusetts Institute of technology we have the president and ceo of ll bean, mr. Steve Smith Courtney thank you very much i want to bring in mr. Smith before we get to you about the manufacturing of those masks, i want to sd you hask you how is e of business for you. Are shoppers still buying online or have they shifted entirely to essentials good afternoon, courtney. Thanks for having me on. I appreciate it. Were holding up okay. About twothirds of our business is ecomm and a third is stores the stores are at zero being closed what are customers doibuying now were seeing a huge run on slippers they are selling close to christmas pace were seeing work at home. Anything cozy, anything lined. Anything you can get away with wearing on a video call where your lower half of your body might not be shown, were seeing that move very quickly that makes an awful lat of sense. I know you have a lot of colleagues out there, competitors, colleagues. Im not sure what you want to call them but hopefully everybody is in this together from a business standpoint and otherwise. Whats going on in retail now. I know the airlines, travel and leisure, cruise ships is getting a lot of talk. If you have one in four americans offline with Stores Closed or consumers not spending on anything but work from Home Essentials and other food and health essentials, what is going to happen to the Retail Industry in your opinion . I think its a serious situation. I dont think its getting enough attention you can break retail into three segments you have big retail, essential retail walmart, target, some some of the folks who sell essentials and they are moving right along selling essential products then you have small mom and pops most of the businesses less than 500 employees and a lot of stimulus has been focussed on the smaller businesses theres a huge segment in the middle, sort of from number 11 to number 50 in retail those are the products that people actually want to buy and like to buy. Were an economy of people that like to buy things all of them are struggling with full payroll and if they are store based, close to zero sales. I think thats a group that is being missed they are close to 30 million employees or supporting employees. Thats a group that needs attention in the next stimulus package for sure you think that washington lawmakers should be paying more attention and should be doing more as opposed to the relief thats being provided for a number of the countrys workers right now. You want the Retail Industry looked at more specifically by lawmakers . I do. I think its really important by our banks and banking groups and as well by our government, for sure theres opportunities for that middle market retail that seems to be missed right now we want to talk about what youre doing with the fabric made from the masks. I understand they are being tested by m. I. T. Can you tell us a bit about what youre take maiking and if the hospitals and Health Care Workers will be able to use them many of the hospitals or the doctors there say were not allowed to use anything thats not medical grade but at some point we might get there where are you with production and how will it be used . We operate under a stake holder philosophywhere our employees and our communities are critical to our success. Our employees came forward to us to say what more can we do in the Main Community we have three major initiatives under way. Its delivering e commerce orders to prepacking, packing and shipping food for the Good Shepherd food bank in state of maine. Were using our own logistics and buying offices around the world to procure a Million Masks for main health and Main Medical Center here in the greater portland area. A number of our employees said we are the best stitchers, cutters and sewers we make the best boots in the world. We can make mask, gowns and booties. They immediately started kpeerting, making patterns and landed on using our dog bed liner. Its breathable, very durable. Its washable and easy to use in machines that we have in our brunswick manufacturing facility were making 5,000 a day nap will be through one shift. By the end of the week we should have two shifts running and about 10,000 masks day this is a direct request from our Maine Medical Community as well as our Governors Office and the maine cdc to be helping with procuring masks and gowns and ppe as well as manufacturing if we can. Steve smith, ll bean ceo and president. Thank you for coming on and sharing about whats going on with your business and beyond. Thank you we hope youll keep us updated. Thank you its fascinating the see how companies and individuals are improvising and coming up with ways that can make a difference and save lives courtney, thank you very much. Coming up, stocks are soaring. The dow up more than 400 points. Up 467 points as i check my little iphone. Snapping back from losses. Well tell you the key level that traders are watching right now as we head into that precarious final hour of trading. You can watch or listen to us live you can go with us on the go on the cnbc app well be right back. 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Welcome back lets check on the market which is are hanging onto some pretty solid gains as we move through the session today. The dow is up 478 points just slightly off the highs it puts us up above 2,000. The nasdaq up nearly 3 today. Even the russell 2000 which has been the hardest hit sector up about twothirds staples are leading sectors higher today you can see the 3 gain. Energy is amazingly up its positive even though oil plunged into the close did we close below 20 . Bryan is here with the details hell be here shortly. Hes here with the details im here now. Where am i going . Im stuck in my office its fine. Get some ll bean slippers i actual you know what true story yesterday i did order some ll bean slippers. We all need slippers any way, lets move on lets talk about oil right around 20 bucks a barrel i want to point Something Else out because the oil we always talk about is this wti west texas intermediate kind of light, sweet stuff a trader sent me a screen shot of trades being done which you wont be able to believe, theres this blend in canada called western select. Its heavier, its thicker stuff. You can get a barrel of wcs right now for 4. 18. 4. 18 for a 42 gallon drum of oil up in canada they are not shipping it to asia they have to rail it down the gulf of mexico which costs 8 to 11 bucks per barrel. Theres no storage or very little storage thats been one of the concerns. Congratulations on that. Its less than the price of a beer, as youreferenced earlier oil in canada is now the same as one penny 12 ounce bottle of beer if my math is correct all right, thank you very much drink the beer, store the oil. Thats my advice, okay dont do the opposite lets drill down on this shocking move in the price of oil. What the origins are its crashed to below 20 per barrel with us the managing director. Shes a cnbc contributor is anybody talking sense to the saudis and the russians . I think what is really interesting is we got reports that President Trump was going to pick up the phone and phone Vladmir Putin. So much of the talk has been on what the u. S. Can do to get the saudis to cut production but i really think the path to a Production Cut deal that could help save this market goes through moscow it was the russians who said they werent going to cut production at the last opec meeting. I think they are essential to putting this whole opec plus arrangement back together. Again, so much emphasis has been on saudi arabia but its interesting today that President Trump is phoning moscow. Whats the president s leverage i think the interesting question is will the u. S. Or will the white house want to give some sweeteners to moscow in terms of sanctions relief the u. S. Is imposed sanctions on key western Energy Companies we sanctioned the north stream two pipeline project the question is will the president give some relief on sanctions to get the russians to agree to cut production . I think thats the potential path to an early deal. No guarantees but i dont think we get a big grand bargain until russia is willing to participate. So the headline is these two countries are engaged in a price war between each other yes are either of them the ultimate targets of the price war or Oil Producers the ultimate targets thats a great question at the opec meeting where everything fell apart at the beginning of the month, it was really clear the russians were targeting u. S. Production. It was a stand point of the Russian Companies that they should not have to shut down their barrels first. The u. S. Companies, the high cost u. S. Producers should be the ones to blink. Also the Russian Companies were tired of sanctions on their Business Practices they are squarely focused on the United States. Now the saudis are very focused on the russians. They are trying to get the russians back to the table the deal that might make this work would be a u. S. Russia deal in my view go ahead. Go ahead. I was going to close off by asking you this. Theres two things that are happening at once here you have a supply surplus and youve got a demand that is collapsing if you take away the supply surpl surplus, how much help is that in a world where the demand is falling off the table . Thats the problem. We have a twin crisis now. Its unprecedented to have producers raising production into a demand collapse that could begin to provide some p relief for the oil market. We have to have a recovery and demand taking care of supply side will be very important. On that note, i was going to mention the white house is saying that phone call between President Trump and Vladmir Putin earlier today, they did agree that it was this is saying they agreed on a telephone call on friday it was important to stabilize the Global Energy markets. The you would take a lot from that what kind of agreement are the u. S. And russia talking about. How significant would that be for the oil price which is slightly off the lows here in. The question is what is slad picture putin looking for as part of a deal is he looking for relief on sanctions. Is he looking for the u. S. To basically say, were no longer going to sanction rading i think that could be part of this big deal. I think this is key part of the story. Were so focused on saudi arabia but if the u. S. Can kind some way to offer some type of carrot to putin in terms of sanctions, that could put this whole deal back together. All right thank you very much. Great always to see you. Thank you i look forward to the next time were together side by side again. Up next, selling homes in the age of social distancing would you go to an open house right now if your house w if your house was on the market, would you want people coming in . Its all about the virtual house tour Small Businesses across america are saying we need the cash now. Kate rogers will be along with main streets plea for action and money now. Our special coverage returns after this [narrator] at Southern New Hampshire university, were committed to making college more affordable. Thats why were keeping our tuition the same through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. All right, welcome back, everybody. Right about now, the spring home sellinging season is in full swing or really its not it should have been but as a result of coronavirus outbreak, open houses are basically on hold still, realtors are figuring out how to sell in the social age of distancing diana. Pend iing home sales which measure signed contracts to buy existing homes came in much truonger than expected in february but thats likely going to be the last surge well see for a while. The Housing Market as a whole is not under total quarantine virtual, robot and solo home tour demand is surginging. This robot allows you to be in the home alone and talk agent on a screen and another start up called rently makes digital lock boxes so you sign up online, give minformation and a credit card number then use the app when you get to the home to get a onetime entrance code theyve seen a huge spike in demand from major landlords. So much so, theyre hiring our shipping center as an essential service, has stayed open and we have added more shipping and receiving hires to facilitate the outu bound shipments so yes, weve actually seen a hiring increase in our shipping center. Now both zillow and redfin have seen big jumps in virtual tour kraeg as well as requests hope it works weve got to fwget two of our neighbors homes sold. The president and congress are trumpeting the fact that was passed week, but Small Business owners are saying show me the money. Kate has the details on how they can get it thats right. For Small Business owners like jason duff, really this aid can want come quickly enough he runs small nation, a business that focuses on revitalizes cities and towns theyve been opening up bars, restaurants gyms he said about two weeks ago, the city was in the best financial shape it was in for years but then students were sent home, businesses shut down and things took a turn. We saw 80 of tenants be mandated closed but what was more scary and challenging was the way that our Small Business owners were having to lay off their friends and family thats the thing is that employees really are family. Hes waiting now to hear on his sba disaster loan application. He told us he also plans to apply for that expanded 7a loan you mentioned. 350 billion Dollar Program but time is his biggest concern. A lot of maul businesses are making these decisions moment by moment we heard secretary mnuchin say the loans would be available on friday thats a welcome development, but this morning on a media call, the u. S. Chamber of commerce said its too soon to tell how many Small Businesses will be helped by the act and how many will survive. Back to you. Appreciate all the work youre doing lots o critical details here up next, wall street is pacing for a record breaking First Quarter in a bad way not the kind the markets proud of can investors hope for a spring rebound . Well have steve grasso after e quick break. F blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Welcome back the president announcing that the country will keep the shut in and b social distancing protocols in place until the end of april today, Scott Gottlieb outlined his road map for the Coronavirus Spread i think by the end of april, were going to be peaking with the number of infections in this country and probably into mid may, well be able to start contemplating lifting these tactics if youre following what we outlined in the plan we released this weekend. How would markets react to that lets get the traders take. Steve grasso is director of Institutional Sales and cnbc fast money trader. I dont think ive seen your home shot yet, steve, but it is god to see you how are you what happens for the next month here is all this priced in to the market if were talking about it, it must be to some extent, rig right . Well, if scott is right, Scott Gottlieb is right, then the markets are a forward looking price mechanism. So if were looking at april, may, then the markets have b on absorbed it all. Further than that, theres a lot more room to the downside. Thats what the market is is trying to do right now whats the most important thing to watch from here i mean everybody agrees right its the coronavirus case count. Its the progress on viruses and treatments or would you say hey look to the markets, theres some kind of you know levels or a breakout if its small caps that you think will be telling all right, so lets rehash. The market today recooped what it lost in the last 30 minutes on friday. So you have to hook at the levels 26. 50 is resistance in the s p cash were a little bit below that now. Now lets watch the rebalancing for tomorrow gold man saks projects it as basically 150 billion to buy, but they also that 40 of it has been done. So if you do the math, the quick math, its around 90 to 100 billion still needs to be allocated to stocks. You have to watch the cases. So if you look at italy, you want to look at this is the joys f working from home, i have something just jumped on my desk was it a cat . That was a cat. A british blue so she doesnt like when i yell. So if you get italy, this is the second straight day of less deaths and if you look at spain, this is the, basically the first time where you see those deaths decrease so if you look at it on a whole, energy is still await on the economy. You have to stick with stocks that work. Stick with your apple. Your microsoft, blue chip companies. If you want to go to the deep end of the pool, get involved in chemicals, id stay away from energy for the long haul why kemchemicals . Lets think about what those chemicals are doing. The chemicals basically are in bleach so those numbers are going to be much higher than weve seen for quite some time. Yeah, thats for sure and weve seen that clorox number. We want to see the cat i got to be honest hang on one sec a british blue . Yeah, its a brush blue can we get a name this is bella she has her brother as well, bailey and bella aww, steve, youre a good sport. Thank you, sir, we appreciate. That was fun. We need these moment of levity, dont we we czerniejewskily do and i have the oaf under that my two cats are going to walk right up on this counter, but i lost. Theyll be down this week. Youll meet mj and peter my son went through the spiderman phase great to see you cant wait to be back with you closing bell takes over now see you guys later no cats here. Welcome, everyone. Im sara along with wilfred. A new week of trading in the coronavirus era and it is off to a more positive start than lately stocks trying for their fourth gain in the last five sessions an hour left of trade iing to g. Lets look at what is driving the action in this final hour of trade. A number of positive medical advances providing some hope of treating the virus Johnson Johnson among the leaders in the dowft