Trade iing at levels we havent seen in nearly two decades amid falling demand and an expected jump in production and the virus itself remains front and center. President trump e iine ining gus until the end of april as the u. S. Cases top 150,000 weve got great guests join ing us, the ceo of medical supply Company Henry Schein and the head of amid this turbulent market with 59 minutes left, we are up 2. 8 led by helhealth care, tech and Consumer Staples lets focus in on the big stories. Meg is going to join us with the latest on testing and treatment. Kayla has the latest from lawmakers and mike is tracking all the Market Action but meg, first to you hi, guys. Lets start with Johnson Johnson. That news theyve selected their lead candidate for Vaccine Development. Really moving their stock higher and causing a lot of optimism that well see a vaccine in timelines that are faster than expected companies saying it plans to tart human Clinical Trials in september. Months faster than they previously guided to here you have a layout of the different companies, at least some in the lead m moderna already started. If all goes well, we could sew them ready to deploy early to mid next year. The ceo of j j joined squawk box this morning to discuss. Not only do you need a safe and effective vaccine, but you need to have one that can be produced in very large volumes were going to be doing that at risk simultaneously here in the United States and we expect to have results, interim results at least from our trial, likely in december at the latest, early january that should put us in a position early in 2021 to literally have hurricanes of millions of doses available then by the end of the year, up to a billion. And guys, that would be the fastest Vaccine Development in history if successful. Meanwhile, abbott out with news of the fda approving the fastest test of the coronavirus. It can return results in five to 13 minutes and its done on a small testing machine thats available in doctors offices and clinics. Abbott says it plaps to make available 50,000 tests available a day starting this week so a lot of hope this will ramp up our Testing Capacity as we wait for those vaccines and treatments guys meg, how much of a surprise did it come to you that j j was able to make this positive initial announcement over the weekend and how credible is it given that its coming from a company of their size . At the same time during that interview, mr. Gorskysying its a bit its bit of a moon shot, h was on twitter quite a lot today. It surprised me a lot, seeing the timelines being expedited that much. Not that it was Johnson Johnson. They have an incredible amount of credible in this space. Having developed an ebola vaccine, so the fact they are saying they can do this so fast it just gives you a lot of optimism that we may see a vaccine in those timelines however, its a moon shot. Everybody is working around the clock on thissing project. They still need to go through the testing and make that it works and they say theyre doing this on a nonprofit basis theyre partnered with the u. S. Government with barta whos b contributiing funding. Stocks going up theyre not saying theyre going to be making money on this down the line its sort of hard to keep track of all of the developments happening behind the scenes in the medical world. Thats vaccines, the testing then treatments. The antivirals just wondering if you have an update for us and if they are being more widely used this this country ar compassionate use cases, why we are seeing still so many people dying and in such Critical Condition in this country. Its a really important question so we know that drugs are already being deployed on a compassionate use basis in Clinical Trials and hydro hydroxychloroquine and chloroquine, novartis has donated some and bayer has doe mated some those are being used now in Clinical Trials and outside of them as well but we need the data to see if they really work at the same time, regeneron has a drug that is being used in Clinical Trials for the most severe patients. We should hear about that in april. And Gileads Remdesivir we should hear about the that in political as well. As for why were not seeing this make an impact on a broader basis probably has to do with fact that maybe these arent being deployed so widely and we dont know which ones are going to work. Thank you and we look forward to the outstanding and incoming ceos of abbott labs, both on with jim cramer tonight at 6 00 p. M. Five minute testing. Scott gottlieb former fda commissioner calls it a potential game changer zblncht President Trump officially signing the 2 trillion relief bill into law friday, but whats next from lawmakers . Hi, kayla. Hi, sara. The money from that historic bill is just starting to be unlocked this week even so, the federal government is keeping its options open for other ways that it can help the economy from relaxing regulations to potentially exepmpting things from tariffs there is also talk about what could be included in a fourth phase of stimulus funding from Congress Even as congress is out of session until april 20th one specific thing that will need to be include d is funding for the Oversight Program into the Corporate Loan Program that was a glitch by an aide left out of the third phase of that bill, but interestingly and most critically, Democratic Senators and members of the house are calling for more money from hospitals and states. Those fighting the b front lines of this virus. Heres andrew cuomo earlier today. There are no red states and there are no blue states and there are no red casualties and blue casualties. Its red, white and blue this virus doesnt discriminate. It attacks everyone. And it attacks everywhere. Governor cuomo was asked about the white house Infectious Disease expert, Anthony Faucis worst Case Scenario that there could be millions of cases in the u. S. And between 100 and 200,000 deaths he said he would not comment on that, but that the state is being provided its own estimates by mckenzie and the Gates Foundation and theyre going to use those estimates as guide posts. Guys kayla, can you just gi give us an update on when people and businesses are going to start to see those relief checks because were coming up on april 1st and the quarter, the bills are coming due the bills are coming due. In many cases, theyre going to be deferred. If you are paying Student Loans run by the federal government or if you have certain rents coming due, we know foreclosures and evictions are going to be put on pause. For people who do not have direct deposit set up with the irs, the checks are set to arrive over the next four to five weeks if youre a Small Business applying for one of toews loans, the money will be aavailable starting friday. The different tiers will have the spigot turned on at dimpb times but the government is working to make that happen as quickly as b possible. Thank you so much for that. As we stand, were right at session highs up 570 points or so on the dow. Moves hey, mike. Hi, i would say the relative calm is the initial story here its relatively method cal about 3 advance in the s p 500. Even the rally days weve had in the past couple of weeks have been have been jumpy and grabby, so i guess you would have to say this relative calm is a Welcome Change of tone if wer going to setting into a range its very dominated by the large cap indexes as opposed to the rank and file stocks look at the oneyear of the s p 500 to place this rally since last monday in some context. Were basically just at todays highs getting back to where we closed ond thursday. Recouping fridays losses is about all were doing. Also right up ahead of the index is several levels that are going to provide a test. One is a level we really accelerated to the downside from on march 12th into the 13th. So all this stuff i think is where were going to say its going to tell us a little bit about whether this is just a little bit of a bounce or something a little bit more consequential than that. Then take a look at mega cap growth against a cyclical proxy. What youll see the those huge growth stocks, secular growers, have retaineded their advantage. If you really thought that their excesses at the top of the market was the problem with equities, that havent born out. I think there are good Balance Sheets and the secular growth stories are still working here whether thats good remains to be seen, but its telling that today, its b about health care and big growth stocks. Mike, so the defensives themselves, how do they stack up against the big cap Growth Tech Companies . For one thing, i would categorize them as defensives of sorts. But today, its mostly about health care. Semis are doing fine i dont want to categorize it just as a defensive move but its not the market saying we sniff out some kind of reacceleration in the economy. Its really lets you know we think equities got overdone on the downside its coming to quarter end people are reallocating and b buying the big cap type index names as opposed to picking away at the really obliterated stocks on the smaller end of things mike, as you were speaking, we just got a slightly above where we were on friday. So now more than recover iing t loss into the close on friday, but only fractionally. Up 3. 2 on the with about 49 minutes left of the session. After the break, boeing taking a sizable leg lower today after a big boost last week. Well discuss whats behind that move coming up next and heres a check on our data tracker. The dows fed general business index plunging to minus 70 in march plus 1. 2 in february pending home sales beat expectations in february up 2. 4 . Well be right back here on cnbc welcome back weve got 45 minutes left of the session. We are right at session highs. Up 634 points. 2. 9 s p 500 leads the dow, 3. T2. Nasdaq leads them all, up 3. 4. Health care tops the list. Shares of carnival falling today. The cruise line announcing it will extend its pause on voyages to may 16 from its current date of april 11 due to the coronavirus outbreak the stock is is low by more than 12 with other cruise stops also down for the day Royal Caribbean down 16 eldorado reports down. Due to the coronavirus if regulators end up squashing the deal, theyll end up having to pay an 837 million break up fee. The stock down about 22 so far today. Airlines are lower. Boeing and the airlines all taking a leg down after vastly outperforming over the last week on stimulus hopes. Phil lebeau is tracking that sector in chicago with new strategies that the airlines may take, phil well talk about that in a bit. When you look at boeing, these shares are pulling off after a huge rally last week so its not a surprise theyre pulling back and remember, a number of investors are saying we want to see what the details are of the aid package. How much of that does boeing access what are the terms does boeing say yeah, we agree or does the government say we want a stake and boeing says were not crazy about that we should find out more about that over the next seven to ten days in terms of whats happening with the airplanes, the fact that so many are parked. 40 of the worlds commercial airplanes right now are parked they are not being used and heres the reason why. Look at the patsz gjere passenger drop here if the United States over the last two weeks. Stunning, they are seeing what 180,000 people who were cleared by the tsa yesterday thats compared to 1. 25 million less than two week ago and year over year, its a 93 drop so if you took yesterday and you compared it with the same day last year, look at this. No comparison at all 2. 5 Million People were flying on the same day last year as were flying yesterday. Thats why were going to take a look at shares of american, delta. Really the big four here in the u. S. Theyre still all trying to find footing here they got a little bit of a rally last week. The interesting thing to node is that the airlines and i know this from talking with executives over the weekend, they are considering whether or not to go to the d. O. T. And say ing on the same route, is it time to change the rules temporarily so we can consolidate those passengers on one plane with one airline thats making that route then perhaps a Different Airline on a different route would take the passengers on that route at least thats the idea thats been pushed around guys, theyre still hemorrhaging cash they have yet to find a bottom here in terms of demand. Its sort of an interesting idea so if i book a delta flight, in united is running a same flight at the same time, i guess they would consolidate and i could fly united but how would that work with the they would have to work out the schedules. They would have to work out who shares the cost and how those costs would be shared. Youve also got a number of clauses within the different contracts which arows them to say were not supposed to be flying other peoples passengers in that kind of an environment all that would have to be workeded out and remember, after 9 11, there was some discussion about doing this and at that time, the federal government said no, you guys continue flying your own routes we had Gordon Bethune on today and he said they didnt do it after 9 11 what are the odds they might do it this time around. Phil, i wonder what your take on whether once we get through the other side of this, there could be any winners and with that in mind, when you compare what other countries are doing in terms of the level of bailouts theyre offering versus what the u. S. Is doing, whether there could be a reduction in capacity on International Travel that could longterm come out to help some of the bigger players like united and delta and american who have a lot of exposure transatlantic and asian travel routes thats the theory out there, that eventually, even as bad as things are for the u. S. Carriers, they are by far in the best shape financially of any of the airlines around the world and the north American Market is is the most profitable or was the most profitable prior to this coronavirus impact, so they are in the best position to potentially win when the market expan expands, say eight months, a year, year and a half down the road and you start to see more normalized levels of swer national travel, they may be in the best position to capital iz on that. Phil, thank you very much you bet were about 40 minutes left of trade here before the bell and were looking at near session highs on the major averages dows now up 63 is points. S p 500 up 3. 2 . Its led by health care and technology up next, the Trucking Industry quickly evolving amid the pandemic of Grocery Stores stock up and other retailers close down well check in on that sector with the ceo of ch robinson. Stay with us where people go to learn about their Medicare Options before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. This part is up to you. A Medicare Supplement plan helps pay for some of what medicare doesnt. Call Unitedhealthcare Insurance Company today to request this free decision guide. And learn about the only Medicare Supplement plans endorsed by aarp. Selected for meeting their high standards of quality and service. This type of plan lets you say yes to any doctor or hospital that accepts medicare patients. Do you accept medicare patients . I sure do so call unitedhealthcare today and ask for your free decision guide. Oh, and happy birthday. Or retirement. In advance. Were up 3. 2 on the s p 500. A number of Companies Using their skill set to help in the coronavirus efforts. One is ups hi, frank. You know ups announcing today it expects to ship at least 50,000 test kits this week its part of the companys commitment to the Coronavirus Task force that includes helping california, georgia and kentucky set up testing sites and providing support for 20 states total. Ups and a number of companies have also partnered to give personal Protection Equipment to professionals. Dupont distributing supplies and bergen to maintain the delivery of medicines for other critical needs like chemo therapy theyre also giving them air mass in kentucky to handle the delivery back to you. Frank, stay with us we want to dive deeper into the logistics conversation joining us now is c. H. Robinson ceo. A Third Party Logistics provider nearly 20 billion in freight under management robert, thanks for joining us. Tell us how your company has changed as a result of the pandemic and the fact americans are stocking up now on groceries and pharmaceuticals. What are you seeing . Good afternoon. Thank you so much for having me here today you know, given the Global Nature of our company and the fact we operate on multiple continents around the world, weve really been into helping our customers of all sizes manage through supply chain continuity planning since the onset of this at the dpibeginni of the year, so we tend to look at the progress weve seen at this Global Pandemic across asia, europe and now into north america. Weve seen a different story in each case. When we think about asia and the start when this happened in the lunar new year, we saw delays in manufacturing. We saw more canceled sailings in the Ocean Freight industry than with all the tariffs leading up to it to put it into perspective. Within europe, we saw a peak in demand of essential goods and now as more and more europeans are sheltering in place, weve started to see things really stabilize and deaccelerate in europe in north america and particularly in the u. S. , we see that chain changing really hour to hour and daytoday theres a chart that i think we have that you know really depicts the changes in the u. S. Marketplace weve seen over the course of the last few weeks theres a chart that indicates the steady state of what we would expect this time of year in terms of the balance of supply and demand and pricing. Kind of towards the end of february what we saw the week of march 5 15th was really an uptick of demand in the Trucking Industry in the u. S. And talking to many of the larnlest retailers in the world, i heard them describe this as holiday like sale, although across many different categories, we saw pricing increase and we saw across the nation, inkrecrease in trucking demand into areas that seem to be hardest hit by the virus. As time progressed here, weve seen things deaccelerate but weve seen continued demand in food and grocery but off set in other Industries Like food service and outmotive and oil, gas, et cetera bob, the logistics is as important an industry as there is right now right up there near the top of the list how are your front line employees holding up and what are you doing to support them . Yeah. You know at the center of f this is an effective supply chain and i couldnt be more proud of our front line employees today, we have over 15,000 employees across the globe at the beginning of january, we put in place our continuity plans and started at that point people working remotely. Today, about 90 of our staff f is working remotely across the u. S. And europe as well as the rest of north america and south america while employees in china are starting to find their way back into the office and our facilities weve been ak ative in terms of supporting our employees ensuring they get paid during this crisis, whether theyre able to work or not and also taking extra precautions to ensure our people are safe and healthy to the best of our b ability. This is Frank Holland add cnbc headquarters. Trucking is a leading indicator. Can you give us a sense of demand youre seeing for things like refridge traited trucking and also demand for dry goods like sanitizer and toilet paper. What are you hearing from your customers . Yeah, its across the industry, if i look at retail as an example, food retail. We saw increases in demand of 30 to 40 over the course of the last couple of weeks and the same can be said with things like food and bef rajai. The things that go on to the shelves at those retailers likewise large increases to 15 to 20 in things like you know Health Care Goods and anything thats involved with technology and working from home. So on the fresh side on the temperature controlled side, its another great callout and the fact we have seen dramatic increases for fresh fruits and vegetables as well as d displacements and supply chains, where youve got retail which accounts for half of the dollar increasing rapidly youve got the other half and the food sfts really shutting down so weve workeded hard to bring those industries closer together so food Service Resources help support the distribution of Retail Grocery where people need it the most. Bob, is Lower Oil Prices and also i guess lower traffic in general whether its in the roads or in the air or the sea, is that helping off set any falls in demands youre seeing well, you know theres no question that oil prices are helping costs, but right now, with more of the country and world going into the shelter many place environments, what you see is trucking markets start to get tis pladisplaced se natural rhythm, the outbound just isnt there as Small Businesses and manufacturers are shutting down so while the operating costs may be positively impacted by oil prices, trucking is really an stri built out of Small Businesses weve got over 250,000 Trucking Companies in the u. S. Alone with the average fleet size of five or six trucks so the networks are becoming more inefficient, which is where robinson tries to step in with our technology to optimize the yield e as well as taking additional steps to our carriers to offer them access to cheaper diesel fuel through our carrier advantage program. Any carrier is reduce their fuel costs by 30 cents a mile, which is really helping to off set some inefficiencies in the network. Thanks so much for joining us we appreciate it thank you thanks to Frank Holland add cnbc hq as well. We have just under 30 minutes left of the session. Were off the seg highs, which were 660 points on the dow now only 512 still a healthy performance. 2. 8 for the s p 500 here are the key things drive ing the anchor a number of positive medical and vances johnson and johnsens leading the dow after identifying a vaccine candidate. Crude oil falling off a cliff trading at levels not seen in nearly two deck katds aades ands remaps front and center. Of course President Trump extending social distancing guidelines until the end of april. As u. S. Cases approach 150,000 time for a coronavirus update. Sue herera has it for us i do, indeed. Thank you very much. Heres whats happening at this hour, everyone virginias governor is cracking down on state residents not following social distancing fwlins people who break the rules risk being fine d, jailed or both everyone who is gathering in a crowd at any place around the state is putting themselves and others at risk so today, im announcing a stay at home order for all virginians in california, some closed Retail Stores in Beverly Hills apparently concerned about break ins are boarding up their windows. And that inchludes luxury brand along the world fals rodeo drive. And the Maryland National guard has set up shop at a the nfl Team Building a facility in the parking lot of fedexfield. It is meant on only for those with an appointment or those shows symptoms you can get more on the coronavirus coverage at cnbc by going to cnbc. Com. Wilf thank you very much well see you again next hour. Still ahead, the ceo of medical device maker henry schein will join us to discuss his new Antibody Test which can deliver results in 15 minutes. Bonds, treasury yields moving lower. 10 year dipping below 7 just above that level. Our special coverage here on cnbc resumes after this short break. Welcome back heres where we b stand nasdaq leads the charge up 3 . Russell small caps does lag. Its up only 1 . But u none the less, a good positive start one sector just hit into negative Territory Oil prices slipping, the other ten higher up next, Jeremy Siegel will join us with the four steps he says are necessary for a broad economic and Market Recovery to last you u dont want to miss it. Back in a couple of minutes. Dont get mad. Get e trade, dawg. Ever somethings gone mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Stocks rallying today after an historic day on wall street. But where are we on the path for recovery joining us is professor of economics at Wharton School of business great to have you join us. Thank you i guess my first question is what we just teased before the break. Weve seen a great bounce. Significant bounce do you think that this will last and what do you need to see to be confident that it will last yes, wilfred, i outlined four steps that we needed for economic and therefore Market Recovery first its fiscal and monetary support. Havent checked that box both congress and the fed came up big enough. I think that thats off the table as a worry now for the market the second, flattening the curve. We are getting some encouraging signs on that. There are, is a reduction even in europe, the number of new cases, deaths, even several places in the u. S. , distancing does work. This is important. Obviously for saving lives thats number two. That looks like its working partially check that box number three, vaccines and therapeutics i applaud j j for its vaccine progress its quite amazing, but lets be honest we cant wait till next year to reopen the economy we really have to reopen the economy earlier than that. Thats the end game. The vaccine will finally put an end to it, but wii cant wait until next march or june for that to happen so, therapeutic, yes, were testing some of the trug drug, this is very, very good buti think the most important thing and and very impressed, Scott Gottlieb, dr. Gottlieb, came out on behalf of the American Enterprise institute with other doctors with a road map to economic normalcy. We need deadlines for surveillance systems, diagnostic tests, sx erology tests. These have to be the new deadlines. We have to put in dates by which we can get what we need to reopen the equity market i think is giving two to three months of f a closed shutdown. If it goes longer than that, thats not going to be good. So the road map to reopening the economy now becomes priority number one is is it possible, professor, to make a valuation call on this market at this point with so many unknowns about when the economys going to reopen and virtually no Company Giving guidance i think again, i think if we develop a road map that tells when these criteria are made and decrease in the numbers in certain areas, we can selectively reopen them. Keeping high risk people away. The cdc may change its recommen dax that everyone should wear masks. Does cut down. If we can make that sort of plan, i think the bottom was put in last week when trump delayed by two week, it reminds me of sit ng the departure lounge on an airline where i get an announcement, we have a minor mechanical delay, dont worry, it will only be 15 minutes. I put my head in my hands, then it becomes 30, then 45 many of these flights dont even get off the ground eventually. I think its good to be aspirational and hope for the best, but if we have hard criteria, on what we need to accomplish and i think we can get there, but it means that all of our production and our guidelines and skills should now be pushed towards what we need to reopen. Then i think we hit the bottom and i think we can rise from here without u that, the drip, drip, drip is going to weigh on investor psychology. Professor, you applauded the size and scale and speed of the fed and and the governments actions that help but a bottom in markets and the economy if we do get through this and on to the other side, are there certain types of stocks or o sectors that you think will disproportionally benefit from the sectors and therefore once we know that there is a flaw, well bounce and rally much more than the rest of the market. Well, the market has made a lot of those judgments obviously, technology has held out pretty well. Health care, were throwing billions on it as we should. We need Vaccine Preparedness into the future. Thats going to be big, obviously. A lot of that is already discounted the big question of whats going to happen in retail, some say this is just accelerateded three or four years of decline in retail now a lot of that has been put in prices. Some arent going to survive and others are not this is sort of speeding up with the economy. Its fast forwarding where we are going in terms of technology, in terms of retail and commercial real estate you know do we need to go to office e ingcommuting. So much this speeds up in terms of the future. And by the way, i think in the future, were going to be a much healthier society than we ever will be as a result of this. Its too bad we werent prepared, but you know i think the upside is that there will be changes that is are going to make us a Better Society professor siegel, thanks for joining us thank you very much all right, about 15 minutes left this is the last commercial we are going to take before the close. Up next, uninterrupted coverage of the fal mutinines o trade when we take you inside the market 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. Bewere bringing the theater home to you with xfinity movie premiere. Such news. I know what this is. This is a real thing. Our Brand New Service that lets you watch movies at home, while theyre still in the theater. Oh, mister elton. Ahh he has figured out a way to be invisible. They picked the wrong woman. Just say xfinity movie premiere into your voice remote to bring the theater to you. 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 13 minutes left. Up 650 on the dow. Commercial free coverage of all of the action going into the close. Seen yonior markets commentator break down the moments and today, weve got paul hicky with us as well the broader markets and this nice bounce we are seeing today. The semiconductor etf moving higher by more than 3 this comes on the heels of new data from bespoke showing relative strength of semis hitting a new high last week paul hicky, how do you read the action in semis . Is. So, what we looked at with the semis over the last several years is every major turning point in the market whether its been downturn or upturn, has been proceeded by relative strength in the semiconductors, so what we saw at the beginning on the 18th, the s p 500 reached its low on the 23rd. But in that period, if you can see in this chart which is the blue line turning from the semis, weve actually, they lagged there in late february and they really got pounded, but the sector surged in the last say week or so and this isnt, its only a few days, but in an environment where sort of grasping at straws for positives and green chutes, this is one you can look at and follow even today, were seeing continued outperformance not to a major degree on the part of the semis, but we are seeing an outperformance none the less mike, clearly, tech is one of the best performing sectors to date second best, the nasdaq leads the other two. Interesting its buttressed by health care and consumer stap staples, which we dont think of as having similar characteristics to the semis not typically, no i do think semis, they were leadership before the market rolled ore they remain a relative outperformer i think whatever the longer term growth stories that the market was fixated on before, they mostly remain in tact and especially when it comes to s i semis, now the asia asia exposure was a big detriment thats becoming less of a drag so that makes sense, but in general, the market tone today is is a little bit stay away from the consumer and the deep industrial cyclicals and just as i said, put some money into the equity markets if you think they got overdone on downside but i dont think besides that, its really rewardinging t ining ther side because were in this noisy zone just above the panic. Nine and a half minutes fresh session highs. The dow is up over 700 points. 3. 3 oil hitting an 18year low today. Fell below 20 a barrel during the session. The move lower comes as Global Demand continues to fall amid the coronavirus outbreak and the head of opec plus production cuts expiring in april early april. Oil on pace for its worst month over down over 50 . Year to date, wti is down 67 and mike, the Energy Sector is in fact positive today what is the worst performing sector, but it is up over 1 but it is encouraging even with wti down were up u session highs as we approach the close yeah, i dont think its necessarily been a consistent correlation here between these levels between equities and energy right now especially with this massive down shoot the 30 decline has made stocks act like stocks more than like instruments in the u. S the credit is not really doing great, but its holding up so its not as if its being dragged. All right, stocks near session highs. Lets take a closer look at apple. Those shares are high after a bullish call from bank of america. Josh lipton with the details josh so, sara, at b of a, theyre still bullish on tim cooks company. In fact in a new note, theyre telling clients they are adding apple to their best investment ideas list calling the companys strong Balance Sheet with 100 billion in net cash. App store large install base and brand value. They suggest the companys supply chain in china were an estimated 90 of the companys products were assembled, investors were worry ied about demand as well one of apples big Contact Apple stocks seeing a lift in the past week those down double tigt digits for the year guys, back to you. Thank you very much. Down 13 or so percent. 13. 5 we may have lost saras connection well get back to her question in a moment. Thanks so much for that update quick question on apple. How important with the buy backs to the outperformance in recent years . Are they going to have to reduce them its not likely that apple would have to reduce buybacks to the extent that others have. I think everything has been contributing to the upside, the Balance Sheet hob the iphone cycle being smoothed out i think theres a stiff challenge in getting back to the challenge of getting back up to 300 a share because it was stress on a multiyear basis. Fix saras ipad for us. Comcast giving an update on how the coronavirus is impacting its ber net business maybe you can fix saras connection as well i cant help with that, but comcast says its network for its nearly 30 million high Speed Internet customers is performing well amid a surge in traffic peak traffic is is up more than 30 and its up over 60 in some areas but still within Comcast Network capacity and the peak is move frg the typical peak of 9 00 p. M driving this increase is video conferenc conferences. Its up 212 game down i loads are up 50 comcast says its seeing traffic plateau in cities which was earlier exposed to coronavirus, which is giving them a sense of what to expect in the rest of the nation back to you. Thanks so much. Were up 3. 5 on the s p again, very close to those session highs. Over 700 points higher on the dow. Just under five minutes left pharma stocks getting a boost. Hey, meg a ton of headlines to tell you b about coming out of the weekend. Lets start with Johnson Johnson. They select ed a lead candidate for its vaccine. Plans to start human testing in september, potentially if all goes well, have a vaccine ready by early 2021. Abbott also moving today on the fda approval of its tests that return results in as little as five to 13 minutes a big game changer there theyre supplying 50,000 tests a day starting this week well just quickly run through some drug headlines on bayer, novartis, regeneron and s arano. Donating doses of hydroxychloroquine and chloroquine to the u. S. Government the anti malaria drugs used for coronavirus treatment. Regeneron and sanofi expanding their Clinical Trials to europe and were expecting data from the u. S. Trials sometime in april. Back to you. Meg, this topic has come up a lot today, but clearly, a lot of covid19 related action from Health Care Companies is not going to make them a profit. As it shouldnt, but as also should warrant accommodation for those companies for doing that, so when we see the likes of j j rally hard on good news, is that a little shortsighted of the market or is it true to say theres so much money moving towards health care at the moment that b when we get through this on the other side, theyll be well placed to benefit from the rebound its a great question so j j has said its planning to do this on a nonprofit bases and its partnered with barta, part of the government thats supplying some of the fund iing for this program but youre seeing the stock move billions of dollars and value being added to that company and you just have to think thats a reflection of the good will that would be poured on Johnson Johnson or any developer of a successful vaccine here, so is even if they dont make money on this program, if its really successful and can prevent this b horrible disease, thats going to help the economy, it will help them. You can imagine it makes a lot of sense the stock would be up of course it does thanks so much for that. Up about 4. 5 . The dows up 3. 3 as we stand and paul hickey clearly, near market highs, intraday highs awe approach the close is it encouraging to see this bounce continue iing after the start of a new week . I think so. One of the things weve been talking about for several weeks and the last time i was on, we know that the head loins were going to get worse at some point and theyre going to continue to get worse. The key was when will the market look through these negative headlin headlines. And being perhaps to the other side were seeing some signs from the other models that maybe the apex wont be as high as its forecast to be or the peak in cases may be a few days or earlier than originally expected so if we can start to see those positive signals and on day over day basis continue, i think that will be a very positive sign of the market this is just one day at this point. As mike was saying earlier, were still grasping at different data points now. The economys on, the stock market is looking for signs of when the economy will come back. And unfortunately no one knows the answer to that we have to focus more on these Health Statistics because theres no economy to watch right now. Okay, weve got just under one minute left of todays session. We are up near the session highs, up near 654 points. Over 3 for each of the three major indices. It was over 700 points, but were near the highs of the session. S p leads the dow. Nasdaq leads them both up 3. 5 . All 11 sectors on the s p 500 are higher with 30 seconds left in the session it is led by health care, technology and Consumer Staples. At the bottom of the list is energy, industrials and financials, but even those three are up more than 1 . Energy particularly encouraging given that oil prices are still down severely, down 5. 5 on the session, though crude is now above 20 a barrel having been below 20 briefly the dollar is rebounding a bit, but declined a lot last week as the bell goes for the days session, we are higher by 3. 3 on the s p 500 the dow higher by just under 700 points, so a little under the session highs, but up close. Nasdaq wins the day. Up 3. 6 . The comeback continues. Welcome if youre just joining us the Market Action positive again today for the fourth time in the last five sessions we closed higher at least 3 higher across all the major averages, the dow finishing up 3. 2 , 688 points. S p 500 was up 3. 3 and nasdaq, the winner, up 3. 6 . As far as the action in the markets, health care was the biggest winning sector technology, Consumer Staples right behind it, but all sectors higher including energy after crudes lowest close since 2002. Up next, henry schein tells us when an immunity test could become available joining us to talk about the market day, paul hickey, tony dwyer and union Bank Private Banks margaret reed. But first, breaking news here on blackrock chairman and ceo just releasing a letter to shareholders talking about blackrocks performance. This is the sort of annual letter here, but also commenting on the coronavirus for the first time really havent heard from larry fink and on what has happened to the markets. Some head loins and some quotes that stuck out to me, he says larry fink, the world will get through the crisis the economy will recover and for those investors who keep their eye not on the shaky ground at our feet, but on the horizon ahead, there are tremendous opportunities to be had in todays markets. Its a long letter and a lot focuses on finks and blackrocks focus on the longterm. Saying keep that perspective he says in his 44 years of finance, hes never seen anything like this the outbreak has impacted Financial Markets with a swiftness and ver osty only seen in financial crisis. Fell from record highs into a bear market. Talks about the longterm and how were going to be very different, but does say i do believe the economy will recover steadily in part because the situation lacks some of the obstacles to recovery of a typical financial crisis talks about the Central Banks moving quickly to intervene in the credit markets the governments moving quickly to enact fiscal stimulus and talks about how that is going to bode well for the longterm. Talks a lot b about their own performance, the fact theyve had 90 of their workers workin from home, remotely, so the technological innovation thats made that possible but just digging through this, well continue to bring you any headline i thought it was valuable because we just dont hear, havent heard from him since the onset of this crisis absolutely and just to pick up u on most of the passages you pulled out, he said these conditions were exacerbated by record low liquidity levels in u. S. Treasuries which serve as a benchmark for pricing risk then as you said, commended the speed with which governments and Central Banks acted to address issues like that saying their actions are likely to be more effective and work more quickly this time since theyre not fighting against the same structural challenges as they were a decade ago, referring to the financial crisis and i only got through the first four pages or so, but he did talk as well about some of the options. Fidelity, excuse me, blackrock offers to their clients and says over the last decade, investors increasingly recognize their portfolio construction, not security selection, drives the majority of returns and i do think thats been important because if you had a typical 60 40 portfolio stocks and bonds, thats whats protected you much more than if you happened to hold one stock that fell slightly less than the others because the it was f such a broad range of selling the end of that section, he does go on to say very few managers apart from blackrock can offer our clients those capabilities thats patting himself on the back and many other investment firms would legitimately argue with that, but ipg thats interesting. He talks up the benefit of their acquisition of i shares in the financial crisis and how thats helped them through this and offered clients the ability to off set the declines fairly cheaply. I think the point on stimulus as you highlighted is an important one because mike what larry says is that clearly, policymakers were sort of spurred into action fast because of this scars from the financial crisis we all remember, they remember what happened. And he said their actions are likely to be more effective this time and work more quickly because were not fighting against the same challenges we had a decade ago, which a lot of people had been wondering, the similarities and differences between 2020 and 2008, just in terms of the shape of recovery and what Financial Markets are going to do. Right i mean the suddenness and the depth of the shock to the markets and the revaluation of the markets was so fast then the response to it was also of alarming speed and it was informed by the 08 experience i think that leaves us with a little bit of a puzzle to figure out just what now applies in terms of the cadence, the rhythm, the kind of life cycle of this crash and recovery versus what happened in 2008 because i think a lot of folks like me finding out that we had these strong rallies from an initial low in 2008 in the stock market then kind of fell away from there as the economy worsened and it just wore on i think what we dont know in this instance, yes, we know the policy response. We dont know the duration, the wear and tear on real business and corporate Balance Sheets and all the rest of it its interesting to be informed by 08 still doesnt tell you what lessons are going to apply writing both the longterm investors and addressing issues like longterm portfolio construction, but if we pivot the conversation little bit now into whats been happen ng the shortterm, clearly its been a strong bounce extended today another 3 of gains. Do you think that thats the start of something more prolonged and that we found the bottom or could we retest the lows well, its a great question and the vast majority of the time, when weve had a crash, we looked at two different scenarios. A crash like a 1987 or 2011 and the pushback is going to be there were no Major Economic shutdowns so we went deeper and looked at the s p 500 and looked at the relative strength index when its gotten as low as its got a week ago this last friday, in both scenarios, whether you use the crash scenario or the specific stream oversold scenarios, what you get are the three phases of a significant drop the panic phase, which clearly we had at the beginning of last week. Then you get relief rally. And literally, the market has had the median rally when it has been this oversold so its part of the playbook weve talked about on this show, where you get this longterm bottoming process where i total ly agree with larry this is going b to be a generational kind of low but its also going through a human nature transition. Panic to relief rally then you get the economic and corporate kind of demoralalization data a that cause you to retest that low. When it comes to your in a balance diversified portfolio is critical its also critical to reduce risk in you can. Driven by this health kis is and there will be winners and losers in that backdrop. There will be some longterm pain in Certain Industries and sectors in the market so its kr critical to focus on the companies that the both endure this crisis, whether through their Balance Sheet, cash on hand, but also their positioning as it relates to the consume rer and how consumers and businesses, their behavior, might change from here paul, where do you stand on the importance of what the u. S. Dollar is doing . Clearly, last week, there was a pretty strong correlation of when the dollar was softening back we saw stocks rally. Today, that broke down and we had a strong dollar and strong stocks did you think that could continue from here i think in one day, you cant read too much into it, but i think the strong dollar and interest rates, treasury yields are signs at these levels are signs of apprehension and are probably a negative sign for the equity market. But going over what we were talking about before, the whole active versus pass ive, i think on the passive side of eric tfs, theres lots of pros about it, but you have to look at some of the negatives, too its this idea of investing where investors are no longer focused on individual companies. Theyre focused on their exposure to the market and not an individual stock. So if you look at the last couple of year, 2008 saw the fastest 10 correction at the time from an all time high in history late 2018, we had the 15 drop in the second half of december and 15 rally within a couple of f days it was very uncommon we vpat seen that throughout market history and now weve seen the biggest 30 and the fastest 30 drop in market history from an all time high. I think part of that ha is its a lot easier for investors to hit a button and say get me out of the market rather than go through and focus an an individual company you may say hey, this company is more likely to withstand whatever the shortterm emp kagkag implications of f this crisis are where as some retailers, which have been under pressure and already had the deck stacked against them, are only getting hit harder so in this environment, were just selling everything and were not focused on the individual companies lets focus on one group. Pharmaceuticals. Johnson johnson, mo drderna, pfizer, sanofi while others are working on treatments. Michael joins us now thank you for joining us what would be the strategy for investors when it comes to investing in these names trying to find a treatment or vaccine or a test . Thanks for having me. I think theres a two point approach i think investors need to understand while its exciting to have a treatment or antiviral approach such as gileaor hydroxychloroquine and some others weve talked about as well as a vaccine approach to prevent spread, i think investors need to recognize while thats exciting for the market and for humanity, none of these companies are going to significantly profit from that its all b about multiple expansion. Looking good so our primary advice for investors so to be focused on diversified companies such as gilead or regeneron. As well as a potential for a treatment to benefit people. But to that point, michael, if you see good news come out on remdesivir for example, should gilead be bouncing on those days or not how do you think about that in terms of the preferences you have for the stocks in this space. Thats right. Were not saying that companies are stocks shouldnt move on that or thats not good news or theres value created. Gilead and regeneron recognize the stocks that have nod had great performance over the last 12 or 18 months have been marked by bio pharmas have been penalize and depressed really with the advantage of some of these coronavirus treatments or vaccines, i think there should be Value Creation from that. Not necessarily financial or earnings related, but more from the standpoint that it reminds us about innovation, about the pipeline it reminds us that its less likely to have drug pricing legislation. One person asked me whats the probability of legislation on drug pricing this year probably nil i think you guys would agree op that so that means some stocks should rebound. They were a political punching back for so long. We thank the lord for our pharmaceutical Companies Just name some names for us. It can be dizzying to look at the treatments and tests and Clinical Trials out there. Who should we be watching . So were most focused on number one, on gilead, which the ceo had an open letter penned about remdesivir last night. Talked about how some of the y data from global studies could be ready at the end of april were optimistic, but not positive on the data regeneron will have some of its antibody data as well for the treatment last summer or by the end of the year. The companies, plasma companies, which doctor Scott Gottlieb has talked about, that would be humanetics as well as ta kad da. Thats been getting a lot of news today obviously really focused on gilead and those type companies. Thank you very much and our condolences to you and the whole team at jefferies for the sad news of the passing of your krrk fo over the weekend. Thank you very much absolutely. Hit here on that point, sara one final broad market question, tony, if we do retest the lows, will they be significantly lower than the lows we made last week in your view we look at the 14week rsi, the its only been oversold a week ago this past friday. Only been that oversold six occurrences. Of those six, three of them yo 10 . 10 being the 08 occurrence then the other three came within 4 so the real answer isnt if it touches it nicely and neatly the answer is how is credit and the other various market indicators like correlations, volatility how are they acting into the any kind of pullback towards the low. You want them to be behaving better in other words, lower volatility lower correlations on a test tighter credit spreads on a test you want to see the market pop where they as you pull back. Tony. A lot of that is happening they say because of the fed action intervening in an open ended way. I think the question is though the longer this goes on and the word from President Trump this weekend is that its going to go on a lot longer. How much can that really last in terms of providing liquidity it feels still a little fragile. And i agree with that thats why i havent gone back and im waiting for the low. This is not you know, there are people that are absolutely out of work and i feel for them when theyre sick we havent gotten into the economic phase so to your point, you want to secret behaving better on its own. Not because the fed is intervene ing in the corporate buying market so i think the monetary and fiscal stimulus we talked about a month ago has been extraordinary and its probably going to work. I want evidence before i say its going to work i dont want to buy the market because its a guess on how oversold it is i want to buy it because its functioning better in the underpinnings of the economy thats behind it thank you all very much for joining us thank you we closed higher of course up by 3. 35 today on the s p 500 up u next, the head of Global Wealth management at ubs will break down their new Investor Survey and what it mnsea for the markets. Back in a couple of minutes. Hey frank, our workers comp insurance is expiring, should we just renew it . Yeah, sure. Hey there, Small Business owner. Pie insurance here with some sweet advice to stop you from overpaying on workers comp. Try pie instead and save up to 30 . Thirty percent . Really . Get a quote in 3 minutes at easyaspie. Com. Wow, that is easy. So, need another reminder . No, no no, im good. Uh, yes please. Oh. Ho ho ho, yeah need workers comp insurance . Get a quote in 3 minutes at easyaspie. Com. Yes. Its the first word of any new discovery. But when allergies attack, the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. Theyre also see iing adjustmen in the way they run u the business with more than 70 of their employees working remotely 70 say their sales are down however, in the current environment, because they see this crisis eventually subsiding, 33 of them plan to hire more and only 19 plan to downsize now however, the key thing there is the length of the covid19 crisis is clearly the critical factor. If the outbreak continues as is for a longer period of time, say another six months, then that net hiring begins to flip to negative and you u certainly see that as if the outbreak grows further from here. Tom, does this relatively surprising optimism just for the longterm inform your Investment Decisions at ubs and have you increased risk exposure since we bottomed weve been encouraging our clients to use the opportunit s opportunities, came into 2020 with a lot of cash in fact, the most amount of cash that theyve held since the financial crisis, the Global Financial crisis in 2008 and 2009 so last year was the bull market everyone loves the hate. Investors came in with a lot of cash b and they have been putting it to work cautiously as weve seen that as weve seen some assets price lower. Certainly, we see great opportunities in some of the long er term theme areas that w see like fintech, e commerce also areas around health care. Like genetic therapy for example. In addition, we do think that the Investment Grade credit market is beginning to price in too negative a scenario and we believe there are good opportunities there as well. Thanks so much for joining us thank you still ahead for us, the ceo of Health Care Products provider, henry schein discusses when its new coronavirus immunity test will be made available to medical professionals and you can always watch or lten isto us on the go on the cnbc app. Well be right back. 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. Nothe xfinity my account app puts you in control withe. Digital tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Welcome back over to mike with a look at dividends as more companies are cutting back on Capital Allocation plans what have you got for Us Goldman Sachs today came out and forecast 25 decline this year in s p 500 dividend levels so not just the suspensions and the dividend cancellations weve seen, but probably this will continue for a while which complicates any kind of valuation exercise that uses dividend yield comparing it to bond yield so if goldman is correct and this chart shows the path they see dividends taking over the next several years as well as with the dividend swaps market is implying, if theyre correct about that, it means the current s p 500 effective yield is closer to 1. 7 as opposed to 2 tnt 32 , based on the most recent annual pace of dividends. Creates a challenge out there and they did have a list of some 40 companies where there are higher than average yields but it creates a little bit of a di dicey scenario if you want to use them on a tale of attractive stocks there was a downgrade of 3m on the prospect of not having its dividend be safe which is a departure of it hisry. They havent said anything like that, but it tells you u were in a phase where it was f a shareholder paradise and now its running in reverse this year yeah, theres a really interesting note out by research assessing whether the banks are going to cut dividends of course theyve cut their buybacks which account for 75 of their capital return plans. I was a little surprised in their note, theyre not suggesting it their base case, but they said not ruling out the possibility, which would come as a surprise to the markets after they cut buybacks assuming the dividends were safe. But i guess the bottom line for investors is trying to weigh up whether they think a company is doing it to save face a little bit in this clearly political environment or whether theyre doing it because they desperately need the capital and that certainly would be a crucial distinction in investors minds when it came to banks if they were to cut dividends yeah. True with banks, i think that would be a very relevant evaluation youd have to make although in general, i think theres reluctance on the part of boards and ceos to suspend or cut a f dividend and therefore for the most part, youd probably have is to assume its because the outlook is so cloudy, they dont know if the cash is sing gob there and they have to conserve what balances they have. Thank you Health Care Distributor henry schein announce iing it has a nw blod test that can identify if someone has antibodies to the virus. The test requires a pinprick and in just 15 minutes will provide results. Joining us now is stan bergman, the ceo. Thanks so much for coming on to talk about this test when i saw the news released week, i thought it was a pretty hopeful sign that you could get tests out there like this. Explain what exactly this does and how it can be used thank you for inviting me on your show. So corona testing is not as simple as a pregnancy test not a yes or a no. There are really three kinds of tests. Theres the pcr test, which can be taken shortly within the first seven or so days of infection for the accurate seven to ten days then you have an antigen test a little later then you can have the Antibody Test, which is a blood test, the one we will be marketing or distributing is a pinprick test which can be taken and results received in about 15 minutes without an instrument. And can be used by practitioners, physicians primaril primarily, in conjunction with previous tests, symptoms and this case, whether a patient was likely to be exposed to the virus or not so it would seem that its basically a test for immunity, is that right . And it can help determine who can go back to work if they are indeed proven to be immune that is correct but the physician has to make that decision at the end of the day. The test can be administered by any Health Care Worker but the physician should make the decision as to whether the patient can go back to work or not. And stanley, talk us through the level of approval that youve needed for this i think im right in saying it doesnt require fda approval, but have you been working closely with all the government and regulatory bodies and how quickly can you wrap this up to have how many tests kits out there how soon the test has not gone through the fda approval process having said that, the f drda did bring new pub lired guidelines on how companies, what Companies Need to do to comply with whatever the fda is seeking to ensure the products could be marketed having said that, it was not approved by the fda per se we will have hundreds of thousands by the end of this week and into next week then millions over the next period of time where will they go . How can people get them . Well, the tests can be ordered through henry schein by physicians henry schein is the largest provider were a company that focuses on servicing medical practitioners, whether they are in their own practices or in Large Group Practices and the best way to have a test taken would be to consult with your physician and wed be able to ship the product to the physician and how much will these cost . We have not published a price yet. But the price will be relatively inexpensive compared to some of the other tests that are associated with coronavirus. I know youre talking about in the millions. So are you working with multiple manufacturers to make sure you have an adequate supply of these tests . I would imagine there would be demand well beyond the United States well, we are distributing this product primarily in the United States at the moment. We have announced one manufacturer that we are working with and we expect that if nothing is confirmed yet, that we will have other manufacturers that will be able to distribute the products through henry schein its a company that focuses generally on point of care tests for the Physician Office and carry most tests for most office space practitioner type diagnostics and this will be just another one to test in our offer. Im curious as such a major distributor to so Many Health Care offices and workers in this country, what youre seeing an what you make of the supply sharnortages we hear about in te hospitals, the masks, gloves and necessary equipment and whether you can play any role in helping to get them that yes, well we have been working on this area in the area of ppe and particularly relating to the masks, where theres a shortage as you know, what happened is that the virus started being detected in china in the early part of this year. At the time, just before the Chinese New Year so the virus expanded in china during the Chinese New Year. Manufacturers were put in a perfect storm. They had sent their workers home and they came back from Chinese New Year to be changed by a need for these masks and not have enough masks so china now is gradually coming back into business and delivering masks and we expecting the supply of masks to go up were working very closely with their administration in washington the five major distributors of medical supplies got together with the president and a task force that is been put together to deal with this matter yesterday in fact. And we are going to find ways to bring in now that production is up and running. The lesson to be learned here is is that timing of production of masks in the United States yep its a big wake up call. Stan, thank you for join iing us keep us posted on the test thank you meantime, breaking news on ford and ge. Phils got it for us hi, phil ford and Ge Health Care executives have just wrapped up a Conference Call on how many ventilators they plan to build its a lot 50,000 in the next 100 days. Initial lyric theyll be ramping up production at a facility in florida, but by the week of april 20th, they plan to begin production, mass pruk, at a plant, a ford plant outside of detroit. They will start that production on the week of april 20th. Theyll build 1500 by the end of april and again, 50,000 in the next 100 days. Those ventilators by the way are going to be built by ford, uaw workers who have volunteered to be b a part of this. Theyll be paid, but volunte volunteering to be a part of the production process one last note. You know about the problems between the Trump Administration and gm last week, where they said they werent moving fast enough in announcing theyre ramping up production, the ford put in a quote from peter navarro, who is in charge of the defense production act from the white house and he say the ford Ge Health Care team is is movin in trump time to speed urgently needed ventilators to the front lines. Making it clear they Want Companies to move quickry and thats what their doing. Back to you. Gl thanks very much for that we hope they deliver on those impressive delivery numbers. Coming up from hockey to health care, the ceo of baugher hockey joins us to explain how his company is pitching in amid the pandemic back in a couple of minutes. Just wondering if youre going to hear calls from that group as so many have to close their doors. 130,000 people working for macys amazon and instacart workers are striking for pay diedra so we saw a lot of attention lead iing up to those demonstrations today, but both instacart and amazon say those actions have barely affected their operations have a look at this video from Amazon Staten Island Fulfillment Center today youll see a small group of workers outside. Amazon said there was only 15 and they made up less than half a percent of its more than 5,000 associates at this site. Instacart telling us that todays action had quote absolutely no impact to operations adding that today they saw 40 more shoppers on the platform week over week now shoppers and customers alike though, gois, they say there are signs that the platform is stretched. Amazon and instacart keep in mind they are trying to hire hundreds of thousands of workers when theyre trying to get groceries to more and more americans so even if today was more noise than numbers, this tension is likely to continue and were likely to see more of these demonstrations question is, will they get more participation from workers back to you. Thanks so much. For that meantime, lets get over to sue for another coronavirus update sue. Thank you very much good afternoon, everybody. Heres whats happening at this hour new jerseys governor says limited resources and insufficient aid from the federal government are forcing him to focus testing only on people showing symptoms. We like to be south korea, would i like to have unlimited specimen collection, material, would i like to have all the Health Care Workers at my disposal, would i like to have tests that turn around in 45 minutes which i think we will have at some point you bet. Two parents have died after being evacuated from a Rehabilitation Center in tennessee and another 59 people from that fail silty has been taken to the hospital after dozens of patients and Staff Members tested positive for the coronavirus. You can get the latest coverage on cnbc. Com. Hearing a lot more about Nursing Homes and rehabilitation hospitals being hit hard its a trend they expect to continue absolutely, sue its tragic and very sadly probably not the last well hear of it. Thanks very much up next, help arriving for new york city. Dramatic images of a ship carrying thousands of hospital beds and personnel when we come back. Yes. The first word to any adventure. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu the usns comfort docking in new york today bringing hospital beds and 1200 medical personnel. Contessa brewer here with more some amazing images as it arrived today. Thats true and its a sight for sore eyes in this city a massive ship, but a drop in the bucket of what new york city needs in terms of hospital beds. The mayor said in a News Conference just on land with this ship over his shoulder, look, we had 20,000 hospital beds before this began we60,000 to that end, they are also e erecting emergency hospitals on every borough, theyre erecting an emergency tent hospital in central park and the hospitals are for patients who do not have coronavirus. Everyone going on board this ship would be scanned to keep it coronavirus free wil frk. How quickly is the capacity being increased on some of those other sites and to what kind of numbers of beds . Well for instance in central park, theyre hoping to accept their first patients beginning tomorrow the jabbot center is accepting patients then theyll be moved here this hospital ship comes in ready to go. The beds are all set up and the doctors and nurses are waiting i dont know if you can see, but there are a lot of disturbing sorry i dont know if you can see, but there are a lot of disturbing image on social media of people coming out in midtown manhattan coming out to take pictures of this boat when theyre supposed to be home. This is the west side howie alock the huds b b b b river theres a lot to see there were a lot of people who wanted to come in here those compression shocks we see make it look like people are even closer. It looks like though people should be giving each other more space. Yeah. Contessa brewer, thank you an amazing sight to see pulling into new york harbor this morning. Up next, yum brand ceo taking a big pay cut to help employees amid the coronavirus pandemic. The details and the rest of your daily good news rundown when we come back. Welcome back, a look at our daily good news breakdown. Underarmor working with the university of maryland medical system to make face shields, masks and gowns. They will produce upwards of 500,000 masks and thousands of hospital gowns to donate to local baltimore hospitals system Richard Bransons virgin Rocket Company plans to mass produce face masks the ceo contributes to the companys foundations Global Employee medical relief Fund Facebook pledging 100,000 in financing and ads to help those reeling from the coronavirus pandemic our favorite segment of the day. It doesnt stop there as well abbott labs moving higher after the company saw a 5 minute coronavirus test jim cramer just spoke with the companys outgoing ceo there are more tests coming, theyre putting a lot of efforts into the organization into capacity expansion while 50,000 a day sounds like a lot, its not enough, and we know that. For a while, well be allocating and prioritizing to high need areas. We flow that fighting this virus and being able to go back to a world thats more normal is going to require a lot of testing in the right places with rapid turnaround fortunately, we have multiple formats to do that with. You can catch that full interview coming up 6 00 p. M. Eastern time right here on cnbc on mad money with jim. Scott gottlieb calling that abbott test a game changer still to come, shaking up production, bauer has been making hockey gear for a century, now its shifting its attention to making medical gear were ingog to discuss that with the ceo straight ahead in nearly 100 years serving the military community, weve seen you go through tough times and every time, youve shown us, youre much tougher your heart, courage and commitment has always inspired us and now its no different so, were here with financial strength, stability and experience you can depend on and the online tools you need because you have always set the highest standard and reaching that standard is what were made for welcome back, hundreds of American Companies have met the call to fill the huge shortages in 345sings and other personal protective equipment for doctors. Bower, one company that is shifting from hockey gear to medical equipment making shields like this one. Ed, thank you so much for joining us how difficult is it to transition from making hockey gear to medical gear how did you do that . It actually was not difficult at all we saw a problem and created a solution the problem was quite different, but the process we used was not compared to what we traditionally do when we approach creating products for athletes how quickly have you been able to ramp up production of these products and have you seen significant demand already since youre making these announcements demand way outstripping supply at this stage we started the project 2 1 2 weeks ago, we had a prototype developed and builtin 48 hours and used last week to finetune our production capabilities in both of our north american facilities we turned on production full speed today. Were going to be able to produce about 20 to 25,000 units a week ramping up to 70,000 units a week later in april. Because were capped and were only a small part of the solution what we did was put the design specs, the billing materials and Assembly Instructions online for any company to come and download in an effort to try to get a little bit of a scale to this process we want to be as inclusive as we can, to help as many other companies try to lend a hand to the situation. Whos been getting the masks that youre making, and do they have to pay for them they do have to pay for them, but were not making any profit on these its a complete pass through, whatever the Raw Materials cost us, the overhead associated with the manpower to produce them, were passing those on to hospitals, government administrations from both the u. S. And canada, we received inquiries from overseas, particularly in europe, and right now, as it stands aftereffectively being live with this product, weve had demand for almost a Million Units quickly, pivoting back to your core traditional business, hockey products and the like, do you think those types of products are going to see demand lost forever in these months of shutdown or will it play catchup when it bounces back i think the beautiful thing about sports is, you always see it come back, its really one of the constants in society so i have full confidence well see a full rebound the question is the timing of that rebound when will we see it . Theres going to be a lot of people impacted. Obviously economically by this situation. We have our partner retailers that are being impacted. Consumer purchasing power will be impacted for a particular period of time based on the strengths of our brands, we feel good about our market position and the business coming back, kids are always going to want to play hockey, lacrosse and baseball. Its really just the function of how us and other leaders in the industry can help bring those consumers back into the sports as quickly as possible as soon as were through this. Thanks for sharing your story. Its a good one, and we wish you the best of luck making those masks and essential equipment for medical workers. Just wanted to bring it back to the broader markets. We saw a pretty strong session and a pretty strong close. More than 3 gain across the major averages and we saw the debt credit markets open up a little bit yum brands brought the first high yield offering in nearly a month, and it was met with pretty Strong Demand i mean, 8 paper thats pretty appealing. That does offer some reassurance for those that were worried about, the clogging of credit. I was going to say at a price, youre going to get buyers for a resilient businesslike fast food i think thats a bright spot, big parts of the markets are under repair right now after what the fed did, you can look at the Mortgage Backed mortgage, its progress so far on stocks, but the debate is not over. Were out of time here from mike, sarah and myself, stay healthy and brian sutherlands got you covered on the other side welcome to cnbcs continued coverage of the markets. I am brian sullivan, thanks for joining us here at 5 00 p. M. Eastern time we hope you are doing as well as can be the market is doing as well as they could do over the last couple sessions. We ended