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Orders the numbers are not pretty the dow on track for its worst First Quarter ever falling more than 20 Retail Stocks are front and center as the coronavirus handcuffs the once strong u. S. Consumer how long will the pain last . Well dig in on that this hour bob, we begin with you and the markets today. Good riddance to this First Quarter of second worst quarter s p history. This is why everybody is hopeful about rebalancing a little bit here corporate bonds, flat and high yield down 12 be. Reminding us in a recession these kinds of bonds, high yield tend to act like stocks. A little bit reminder about that we have good news and bad news the good news is the president is out today pushing an infrastructure stimulus. That would be a number of programs out there we have progress on the vaccines and testing. The fed and congress have gotten very aggressive in the last few weeks. All good news. Theres still bad news we havent begun to see the really bad Economic News the market is very doubtful of a credible bottom without a peak in coronavirus cases thats the big skepticism. Theres evidence of longer term damages to services that are casting doubt on the u shape recovery crowd hast next . What is april going to bring for us theres two camps emerging in the stock market one is the shall bow pull back and rally camp they believe theres a peak in cases and deaths in april. That will be the major catalyst once we get the peak of cases over and the markets can get a credible bottom. Then theres the l recovery crowd. They believe it will test throes last week and return heavy volume selling even in cases where the bottom is at the end of april, the economic effects will linger well into the third and fourth quarter. Those are the two sort of battle lines that are driven. Let me show you the s p 500 because the lows we hit last week, february 23rd, 21. 91 and the close 22. 37. Thats the benchmark everybody is using right now back to you. Thank you very much. The yield has hit its lowest level since 2013 we just keep sliding down we shouldnt be that shocked 0 to 25 is where the fed is. It looks like twoyear note yields are aimed there as well when was the lowest yields ever. Youll see it on the next chart. It was in september of 2011. September 19th, actually 15. 5 basis points. Were about six basis points away from the all time low closing two years ever if you look at threes, fives, sevens, they will close at all time new lows. They have moved up just a bit. If we look at whats going on with respect to boons oversaeas, lets look at their two year its rallied all the way up to only minus 70 but it does demonstrate some of the issues that are going to be pushing back at the ecb and christine because their yields are moving the other way. Are they out of ammo, hard to say. Lets look at the spread between 10s and boons. Today at 112 its the lowest together its been in six years. That is something to watch back to you. Thanks. Goldman sachs dropping its Second Quarter gdp forecast to a minus 34 . Its using some alternative data to paint this cloudy picture economists on wall street know the official data will not do the job of tracking this virus and the impact or the potential rebound here the absolute actually of the rebound in anything resembling realtime they are relying on some alternative data here. First i want to talk about that goldman forecast which is a serious downgrades first surprise is they have gone down 9 for the first quartze q. This was going to be a positive quarter. They is gone from minus 24 to minus 34 they have created some alternative data to capture the impact of the virus and a potential rebound. You can see looking at china this is a bas kets of things consumers do arpt airport, hotel, sportss attendance, move going you can see its down a lot for china and stayed down much more of an l or u shape you can see that were only the very beginning really in the first two weeks of something chinas been going through for about two months it only just recently started to slow slope up it could give us early signs of a pick up. One of my favorite things is from yelp which is search going on there allows them to look at interest and various very specific categories. What you see here is the Restaurant Industry is way down. Down by 50 . Inside that, the relative performance, pizza doing better than chinese italian doing better and french being the worst. Its just one indicator of whats going on. People ordering in food. We can pick it up in Realtime Data the broader economic theyll talk about with Loretta Mester its maiamazing how much mor data we have and we can pinpoint whats going on. When we talk about the government collected data, sounds like it will be behind the curve. Theres the phrase again when can we start to believe the federal data again you know, i just had a conversation with somebody about this i think this may precipitate a shift to thinking more seriously about this Realtime Data we have ill tell you why. The official data is not set up to measure shocks like this. Its going to try the take the data and mold it into seasonality, into trend data ill be talking tomorrow about why the jobs data will not do the job of picking up job losses in the economy t going to be many months. Its not going to catch the downturn and its not going to catch the upturn because of the ways that the data is adjusting. Well be using this Realtime Data for a long time to come thank you very much from brutal numbers on the economy to a historically bad quarter forthe stock market. What can investors do as the calendar turns to april and beyo beyond lets bring in Quincy Krosby and jim mcdonell let me ask both of you to start with the same question quincy, what would hearten you the most what would you like most to see to give you the guidance you need to feel a degree of confidence about which way the market is going to head . I to see the vix continue to come down. Its in the low 50s. At these levels with volatility is concerned, they tend to be correlated as we see the vix coming down, youll start the see the equity market pull back particularly as we breakthrough into 40 and obviously down to 30 ive seen the credit default swaps, losing sochl that cost as Investment Grade spread throughout watching high yields it was very very taking of restaurants take of food watching deal for kfc. They raised 600 million. They expected 500 million. It was over subscribed and even the yields was better than expected i want to see more of this and the market going in and being over subscribe i think it lends confidence to the notion at some point we get through this it lends confidence or not so much confidence that tenyear treasury yields are so low and theres a search for yields. Nonetheless, this is the beginning. Its the opening of this market. I want to see all prices go up because a good portion of high yield comes from the energy test we have been worried about the spill over into other areas of junk this is a good start i love their brands. Lets move to jim what would you like to see to give you the degree of clarity that you need to be able to make some more defin tiitive calls on market direction or both two things i think we need to pay a lot attention to the first is the development of the cases globally we have seen some improvement in some of the leading european countries. For example, the cases in itly were starting to have confident projections that well see peaks in important states like new york and california in the next couple of weeks. The market will be keen on that. Well want to see the credit programs that the government is putting in place will be utilized initial comments from companies are they are having a difficult time finding out how to get the loans that are part of the new package. It is are there parts of the market that are particularly, jim, troubling to you right now or by contrast ones that you go, hey, listen, im seeing some Good Movement there illustration of how tricky the market is. You can look at baskets of stocks that are defensive, virus, other yenriented names se stay at home kind of stocks and the ones most exposed to the virus. Theres been a violent shift in relative performance of those as the market has looked at the opportunity for the virus to start to peak. I think you have to be a little care f careful. Our favorite sector remains the Health Care Sector is there a sector you have your eye on either as one that is heartening to you or that one youre keeping your eye on as a kind of talisman of what could come ahead yes i like health care, biotech. Sglim ools watching the semiconductors, the chips. They have been even before this hit in terms of china ease growth, in terms of the trade negotiation and even know when the market was coming down before we thought we were going to have a deal, at the end of that day because the market was tanking, we started to see the losses pairing back. Itsgoing to see restrictions lifted they tend to be a leadership like transportation is with the dow as confirming the market moving higher. All right Quincy Krosby thank you very much jim, great to see you as always. A wild trading session ends an unbelievable quarter with the dow on track for its worst start of the year ever well see the sectors that could see the biggest snap back. As the u. S. Trying to ramp up testing for the coronavirus, confirmed cases are not telling the whole story. Were back in two. Poppy come quick something huge. Like a lot bigger is coming to your home. Wait for it. Happy birthday. What a troll. All right, lets go to sue and get the latest on the coronavirus. Hi, sue. Hello here is latest that we have. As president macron toured a factory, france is reporting nearly 500 new deaths since yesterday. Its the Third Straight day the daily toll has increased even as france spends its third week in lockdown here at home, new yorks Governor Andrew Cuomo expressing fruchgs frustration at the lack of federal coordination as the panc its like being on ebay with 50 other states bidding on ventilator you see the bid go up because california bid illinois bid florida bid. New york bids. California rebids. Thats literally what were doing. How in efficient parts of the National Tennis center in new york are being converted into a temporary hospital the home of the u. S. Open tourn m will be set up with 350 hospital beds on the indoor courts kitchens will start making 25,000 meal packagesper day for workers and school children. Maybe we will get back to the point where we can be out in the open at the u. S. Open. You can get more by heading to cnbc. Com back to you. I couldnt agree you more thanks very much consumer confidences has dropped sharply this month why couldnt it as worries about the coronavirus and the economy bleed through. This is waumtslmart announced it will begin temperature checks for its u. S. Employees the retail taking such a hit this month what companies in best position to weather this crisis and how will retail be changed forever james is the editorial director of womens wear daily. He joins us with more. Will shopping ever be the same i think in the short term, probably not i think consumers are getting used to shopping online plus as anybody has gone to a store lately, the six foot distancing isnt going to go away when this pandemic hopefully ends and hopefully it will be soon. This con sent of goicept of goia crowded store, people will be wary of for a long time. We hear evidence that the sale of tops, those things that you can see on a screen like this, are way up the sale of bottoms are way down how many pairs of sweat pants do people need . Are people just not going as we switch over to more and more work at home, is the need farorn fancier fashion other yenriented clothing going to decline. Some people feel he be sick of sweat pants and rush to the stores or order online fancier clothes. As the economy and industries across the globe readjust, any ceo will be looking a t this idea of working from home seem to be okay so maybe we dont need all these office buildings. You will see a shift in apparel. I think youll already seeing a shift in terms of more casual clothing out selling suits and things like that, definitely i went with the full suit yesterday. That lasted day. Im wearing some jeans and some regular shoes today. Lets talk thats wasted i put a tie on. We were going to play trip anchor all week. I was going to lose one piece of clothing here are my shoes. There they are can i put them up . Were in the driving shoes not the full oxfords at any rate, thats too much information for anybody really lets talk about the retail foot print. We hear all the time that america is over stored is this going to be the ultimate test and ultimate weeding out of Retail Locations i dont know about the ultimate but there will be a weeding out. Even among the survivors and chains that will do well out of this, youll see a lot fewer brick and mortar stores. There has to be plus youll probably see a waive of retail bankruptcies coming out of this one. I dont mean to put you on the spot but i feel like i must. Will macys survive . I think it will survive in what form is the key question some of the others are significantly there were reports that Neiman Marcus was considering filing for bankruptcy what is going to happen this is random thought Companies Buy inventory well in advance. They were in the spring selling season what will happen with all that spring and summer inventory that they have. There arent enough tj maxxs and burling ton and marshals to take all that inventory in thats a key question a lot of brands were retails were writing their cancelled a lot of their later deliveries in the summer. A lot of them are being clever in terms of renamie ining some their spring merchandise, summer they are hoping they can sell some of it come july an august. Youll see some of the key vendors having Financial Difficulties as well james fallon, thanks very much woo well have you back soon i had so many questions that you are starting to answer here is the main one how long do you keep the tie thats what im wondering. Well, the tie friday when we have our happy hour, kelly, the tie will disappear the tie is going to be no tie friday then next friday and well see where this goes. Saturday, there will be no tie. I wont be here. All right well see you in a moment. Oil is bouncing after yesterdays steep sell off crude is still on pace for its worst quarter and worst month ever is 20 buck oil is new reality. America dealing with the impact of a surge of coronavirus cases and a growing number of states are keeping people at home well tell you how they are bracing for the economic fall out of that, next. You may be learning about, medicare and supplemental insurance. Medicare is great, but it doesnt cover everything. Only about 80 of your part b medicare costs. A Medicare Supplement Insurance Plan may help cover some of the rest. Learn how an aarp Medicare Supplement Insurance Plan, insured by Unitedhealthcare Insurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . These are the only Medicare Supplement plans endorsed by aarp because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. You may choose any doctor that accepts medicare patients. You can even visit a specialist. With this type of plan there are no networks or referrals needed. Also, a Medicare Supplement plan. Goes with you when you travel anywhere in the u. S. Call today for a free guide. Welcome back as the coronavirus spreads, kinsa health has created a national map of fever levels ceo joins us now along meg for more on this fascinating story meg. Thank you so much the data that you guys provide on your website is just a really fantastic look at where covid19 might be going tell us about how you set this up you really had a few weeks of data you put out there but already youre seeing some major signals. On march 18th we launched health weather. Us. You see where theres unusually high level offens of fever acro country. We get that from these we make smart thermometers that connect to a health a that provides basic medical guides. Not only does it help you to know,000 respond but through a million of those in homes across the country were able to plot fever on that map. When you see a risie ining levef fi fever, its like a flashlight. Send the test kits in. Investigate. We have looked at our map against covid19 case numbers. You mention the correlation between the fevers and the k covid19 cases testing is not widespread if it was widespread, the lag time might be shorter. We dont have any were just starting to see parts of the country really doing widespread testing, particularly in new york the lag time appears to be weeks. That will vary based on how fast zesting the rolled out we saw them rise rapidly in florida. We saw twice the number of fevers that you would normally expect from cold and flu season. Thats really concerning to me the reason why its concerning is because not only are we seeing Community Spread but were seeing im concerned because florida has specific demographics it has a large Elderly Population it has significant underserved and vulnerable populations im pretty concerned about the situation there. Were seeing on that map various different hot spots occur. This is a significant this is an unusual event where else are you seeing early signs of this and how can we get more of those thermometers out there were making them available at cost. Our costs have skyrocketed relative to normal times we want to make sure theres more smart thermometers out there. This is the only good Early Warning signal, Community Spread and whats happening at some point in the future well have to relax the social, the aggressive social distancing rules that are out there at some point. Its not today to be clear its not today we should be implementing further social distancing actions now. At some point well have to relax them we need a hot spotting tool to know where to send the test kits in youll see theres many different hot spots across the country. You see when theres agrezive social distancing, stay at home, shelt ner sh place, youre seeig the chain of infection broken. Youre seeing the level of fevers which were steeply inclining level off and decline. The one message i want to make sure to every one at home is you need to understand your sacrifices are making a difference you are helping to curve Community Spread were flattening the curve and its helping to make sure that people stay alive. The clear evidence is these aggressive social distancing activities are working we need to make sure we get to zero we dont want to stee fever clusters anywhere. Right thank you so much for joining us an Important Message there some bright spots. This is working. We all need to stay committed to it tyler, back over to you. All right fascinating interview. Fascinating tool there still ahead, the cares act provides more than a billion dollars in aid to each of the 50 states it will certainly not be enough. Potential pain ahead, next crude climbing higher today but still falling more than 66 in this ugly first quartze quar. You can always watch us or listen to us live. Go on the cnbc app well be right back. Our special breaking News Coverage returns after this. People know aflac. Aflac . But not what they do. So were answering their questions. Aflac is auto insurance, right . No. Uh uh. Is it Homeowners Insurance . No. Uhuhuhuh is it duck insurance . Nope. Ahhh do they pay me money directly when i get sick or injured . Yeah. Aflac you got it. You know aflac boom get help with Expenses Health insurance doesnt cover. Get to know us at. Aflac dot com. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Thats it. Im calling kohler about their walkin bath. Nah. Not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Welcome back here are markets with about 90 minutes left to go the dow is down 143 points after being up nearly 300. We did swing down. About a two third offense a perce thirds of a decline. The nasdaq only fractionally lower. Speaking of closing out, the oil market is done for the day eric ihe commodity desk. A slight gain for wti brent down about a kwaquarter oa percent. The numbers higher a few minutes ago. They came down as we close the session. The u. S. And russia have agreed to discuss ways to stabilize the market while the saudis still aim significantly boost their exports. Theres so much supply out there as noted to you last hour is that opec may be forced to cut production because theres simply no place to put it. Youre seeing that impact on Brent Futures with Contract Trading at a significant discount to the november contract its the widest spread we have seen as the market implies oil will be higher in the future pushing traders to store oil now to sell later. Back do you guys all right thank you very much. Is 20 oil the new normal and what does the future hold for that beaten down sector . Damien is head of Energy Research of goldman sachs. How close are we to a near term bottom in oil prices or have we seen it . Thank i think we havent seen it yet the supply system will take a long time to adjust. Well quickly run out of storage locally. Prices likely have to fall further to get the adjustment necessary on the supply side oil is unique. You have to store it somewhere that will create much more violent repricing. Increasingly, i think very different around the world if you are the inland you are, the more challenge you will be that should be to significant volatility and divergence in oil prices we look at from a u. S. Perspective in particular the rates are downside from here you say this will usher in major meg restructuring that they need. How fast does that take place . Who wins, who loses . The rebalancing process will be extremely great on the rebound in prices, access to capital will be much more expensive and that will naturally lead to a concentration of the industry. Producers that will grow are the ones that will survive the downturn and Balance Sheet perspective and the cost of capital perspective. Even before the downturn we were seeing a shoplift ift to small r producer the cost had already risen now its a significant hit to cash flow, to Balance Sheets the industry will look different. We went to the low 20s in february 2016. It was quickly followed by production, policies to support price or big fiscal stimulus globally which derailed the rebalancing. I think this time around we will have that healthy rebalances for the oil sector im curious if you agree with what andy did say where he said opec plus might have to cut production because theres nowhere left to put it could that force production cuts if you look at the u. S. Alone for gasoline, maybe as large as 40 this week. They reducing their runs it may be an attempt for barrels when the world cant take it it doesnt mean a sudden reversal in policy, a grand agreement to cut production across countries is sufficient even at that point its probably too little too late relative to enormous demand shot were going through. You know, usually the apocalyptic predictions turn out to be wrong. Are there long term consequences we come to know as the Carbon Economy. So much of what we do whether its flying, taking a train, driving, socializing, revolves or touches one way or another on the Carbon Economy are there implications there that we ought to be thinking about . I mean, its a good point 16 of oil demand is either people flying or people commuting to work. If we see a lasting shift in behaviors from this current experience of isolation, that demand may never return to its greatest peak. If inside the rebalancing process by which we shut in production actually creates more bullish set up later this year, High Oil Prices may also start to lead to further demand sfrux on the structural basis. Keep in mind two months ago we were focused on the carbon foot print of energy. That will come back. Thats not going away. In fact, when we will see how much pollution has been reduced to this slow down in activity, i think it will be clear possibly pathway to how you can achieve decarbonization which is less energy thank you very much kelly the federal stimulus passed last week. It almost will not be enough scott is here with a look at which states are most in need of this pulling from your annual report on top states for business we look at data and its really coming into play now. Like Everything Else this is not pretty think about it there are the Public Health costs. Theres the loss in revenue and double digit losses to already underfunded state pension plans. Illinois gets 5 billion in the stimulus but state budget forecasters are talk about revenue losses of 8 billion over time just from the recession illinois has so many other problems in new jersey which gets 3. 4 billion, the state treasurer has warned bond holders of declines in revenue this year and next. Significant changes in the budget and increased pension contributions for years in order to catch up. D revenues will be down by billions of dollars and private forecasters are saying the 21 billion budge et cetera surplus is likely to be gone no state is immune for this. Some have done better than others and savoring for this ultimate rainy day it says that this is based on fiscal 2019. Wyoming has enough in its fund balance to carry the state for more than a year on the flip side, pennsylvania can get by for all of about eight hours. The median is that state vs enough saved for about 48 days this really is a looming fiscal crisis that very well could out live this pandemic eight hours its not promising theres the unususual suspects. Pennsylvania i didnt realize was so fragile we heard people say watch texas and florida because the oil industry and tourism are hit so hard absolutely right. Were still kind of sorting out how this oil shock you were talk about before will play into that for states like texas, north dakota, new mexico states that already were on precarious ground as with the sort of boom and bust cycle in oil prices and they rely a lot on revenue from severance taxes from the oil business. Thanks so much. You know, kelly, i have some news right now that is going to make my 14yearold son happier than hes been in about two weeks. Espn as hes sitting right here, right now. Lets see him come on in for this. Come on over. Come on over i saw the cat espn is giving sports fans a major gift. Come on in here get down low as the sports seasons are on hold, they are moving up the Michael Jordan documentary how does that make you feel . I found out late last night this is the first time hes ever watched power lunch hes doing his full tony soprano. Lets take a look as we go to break. All right well have more of the break 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. Social distancing measures are expending through the end of april and travel restrictions remain in place. Check out this stat. Only 154,000 passengers went through tsa check points yesterday. Thats throughout the whole country. Fill holes in the sports fans calendars and boy, is that good new ifs more my son. Im glad your son is so excited about this espn is moving up the release date for the tenpart Michael Jordan documentary called the last dance from june until april 19th espn says the its responding to calls from fans to move up the launching following the Chicago Bulls in this time where there is no live sports. Its their later move to keep fans engaged and hopefully to keep them from canceling their live tv package. Again, you know after airing a series of odd ball events like cherry pit spitting, espn aired that, startding this week, this network is tarting to get people into a groove of what to expect every night on e srks prspn. Airing classic games from major leaguing monday. Football, baseball will be on tuesday nights then basketball on wednesday nights then there will always be a disney sports movie on friday nights now when it comes to this Michael Jordan documentary, its not just disney that will benefit. Right now, netflix has International Rights to air this documentary. Back to you. You know, its fascinating. You mentioned something that did not occur to me, that is the idea that espn is doing this not necessarily out of charity, but because they want to retain view uers who might you know, just say hey, i dont want to watch have espn on my bill if theres no sports to watch. Yes, they want to create sort of viewing habits if people are watching biennial game, they know theyre going b to be tune ng at certain times of day how does the people get into so with sports, espn, thep week as they roll out having different classici sporting events is trying to get people into those hasnts again but with old games thats fascinating stuff and of course the 30 for 30 series, just go binge watch those. Thanks very much lets turn to josh with the big win ners the video Game Industry as people are home bound these days josh right, tyler. So remember the video Game Industry is huge expected to reach revenues of 179 billion this year in fact, microsoft tells cnbc that x box live is already seeing a big boost the other area we are having peak demapd is on our exx box site if you look at the engagements, it surpasses even what happened in december, the holiday season. So one question for b investors is which publishers benefit. One bush says focus on games that generate lot of money from in game purchases. Meaning gamers buying weapons and costumes the idea being that if people are now spending more time playing, they could be spending more money as they coso, so which publicly traded publishers activision with its new free to play version of call of duty called war zone. Zingas entire portfolio and apex legends two risks though we need to think about though one, a recession and two, delays of game launches he isnt so worried about gapes this year, but instead whether publishers can meet their schedules in 2021. Back to you. I also like hate christian let ner. The dow is on pace for its worst First Quarter erev whether the worst is behind us and whether you should position for q2, were going to explore that next. Dont go anywhere. Welcome back another down day were dropping about 130 points now. To close out the worst First Quarter ever the s p 500 is on track for its worst month since the financial crisis the its clear the only constant in march was the average move was 5 joining us now, principal and chief investment strategist at cap trust. What are you looking at as your dashboard here hi, kelly it only felt like it was 7 . So 5 is great were trying to build a hypothesis the important part is that nobodys ever lived through any of this. We havent been through it i know thats sort of captain obvious, but its important to understand that as were sift ing through some of the ashes that are in the stock market, the question becomes whats next we think investors are starting to give 20 a mulligan and starting to focus on whats going to happen in 2021. You have to develop a working hypothesis the first is really that you know this virus will peak in about two to three months. Time is really, really critical here, right . The problem is with the stimulus thats coming on, we expect congress to come in the gates as much as they can the problem is that will only buy you so much time if this is more difficult, we have to stop full Economic Activity longer than expected. I think you could see some real some significant Economic Movement we dont know which way were going. The fear, no, fear of not getting out were up just a couple of Percentage Points in a week and you think people are already chasing this market and weve seen that with the fund flows. There are big flows into equities are these people going to be hurt its hard to say. The fact were getting some as dr. Fauci called it, some small little positive benefits, small little positive outlooks on the virus, the fact that social distancing is having an impact i think the market is starting to pick up on that and one of the things thats really important that i really like james bull lard here from the fed on this. In 08 when housing and debt was so debilitating to the economy the longer it goes, were going to get more bankruptcies in small business, more difficulty to get the engine started. And were putting money in the market today were betting this doesnt take too long thats really your gain. Thank you we appreciate it thanks, kelly and tyler, is mack ever going to recover from his National Debut today . I think he wishes he were dressed differently. Were going to have to wash that robe we got to keep the hygiene going here this 150 point dow day feels somehow comfortable. So much nicer than some of the wild swings weve had, but you never know what could come up. Thanks so much, we have an action packed hour or two coming your way as we stand, we are down 0. 75 on the s p 500. Three sectors are higher led by Energy Real Estate at the bottom of the pile yeah, coming up, were going to talk to lor et ta midwester, the head of the cleveland Federal Reserve. Were going to talk about the unprecedented action the Federal Reserve has taken so far calm the market and ease those blockages weve seen in the credit market

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