The banks and government begin to roll out a 350 billion loan relief package Consumer Staples just turned positive rest of sectors are negative 59 minutes left of trade coming up on the show, well speak exclusively with Jeffrey Katzenberg well ask him about the Coronavirus Impact on the entire Entertainment Industry plus, the ceo of go daddy yoins us with a look at how Small Business clients are dealing with the kris and of course with job losses but we begin with breaking news in washington. President trump meeting this hour with executives from Energy Giants like exxon and chevron at the white house. Brian sullivan joins us now with more about what we know, brian, about this meeting yeah. What we know, what we dont, thank you very much. A couple of things here, one of which is obvious, one less obvious. These oil executives, the ones weve talked to, that ive talk ed to off the record, said theyre not looking for a bailout. They dont want any kand kind of a bailout. Theyre being requested to come white house, probably, everybodys suggesting, to get some kind of a deal that theyre not going to destroy each other and there are some of the names. Exxon, chevron, occidental, devin energy and others. Theyre not going to destroy each other remember theres an opec Virtual Meeting theoretically planned for monday trumps been talking with the saudis, so likely hes looking to round up the u. S. Troops and say whats your status so he can go back to the saudis and maybe the russians and say u. S. Producers agree maybe to cut back again, im speculating and well see. The other thing, guys, which is a little weird, is this idea of suspending the jones act, which requires all shipping in america to be done by american owned, american crude and american ships. You say what the heck does that have to do with oil . Heres why you care. Theres only about 100 jones act ships out there in the United States theyre about three times more expensive to charter than foreign owned ships. So if you suspend that, it would allow American Companies to use foreign flagged ships to say send u. S. Oil from houston to new jersey right now, its hard to do that or impossible so you end up buying foreign Oil Importing foreign oil. Even when youve got too much u. S. Oil so if you suspend that jones act, theer etically, i know its admiralty law 101, if you suspend that, it might make it cheaper to move american oil between american ports yeah, which would sound appeal iing a at a time like th, brian. What about the opec plus meetings on monday President Trump talking to joe kernen yesterday suggesting that theyre going to make a deal russia and saudi arabia. What are the chances of that and whats in the market at this point . Chances are okay, sara, as long as, not discounting what the president said, 10 to 15 million by saudi and russia isnt going to happen, but if hes talk iing about a coordinae deal where the United States, those seven executives we talked about plus the other 9700 Oil Producers in the United States, make some kind of coordinated effort to reduce or at least not increase output, that may soothe the saudis and russians enough that saudis can use their power to influence over opec to agree to some maybe six to seven million barrel a day cut so we have to be very clear. Ive been talking to people inside the Saudi Coalition for the last 36 hours. The saudis arent going to do anything unless u. S. Producers are also involved, guys, to share the pain wilfred likes the term glow pec. We can call it vopec scheduled theoretically for monday and ill be virtually covering it for real glow pec, both you kind of need to get the gl and vn all at once not quite sure how we managed that that would sound russian. At least brian got dressed for us today perfect brian, fully dressed good to see as always weekend we look forward to you at the top of the next show at 5 00 p. M. Eastern time well keep you updated on the meeting throughout the show if there are any headlines from it. Oil by the way, set for the best week ever, up 32 , but still down 54 year to date. Meantime, lets drill down on the other big stories. Steve liesman has more details on the dire jobs number this morning and mike is tracking todays market moves steve, kick it off for us. Yeah, wilf, the nineyear, five movie month expansion in the job market came to an end in march. With the jobs report picking up more of the initial part of the downturn that already made more starting by the idea that the numbers ahead are almost certainly worse and we captured a little bit of whats happening now, but it maybe shows what the leading industries and whats going to happen. Let me show you some of the sectors and eck plaxplain whatn on le hospitality. A complete collapse of the restaurant and bar business. Health care social assistance. Thats doctors office. Dentists they closed down relatively quickly apparently along with child care support thats social assistance professional Business Services employment offices temporary help that all closed down retail, you see there. You know much more, much worse is to come there as well as construction let me show you the other side of the report. The household side 1. 5 million additional workers part time for economic reasons 1 million on temporary layoff. 250,000 more not at work because of illness and 250,000 declined in the selfemployment. What can i tell you, guys . All this is about to get worse talking about jpmorgan said today, they see a jobless claims number next week of 7 million on top of the ten million who have already applied for jobless claims mike is joining us at the top of the next hour my question which weve been s discussing throughout the day, any way, if all of these programs the governments announced wered to try and keep people in work, to what extent with these programs going to be desperately inefficient, firing off millions of bullets just to hope that couple of them hit the target the nuances of the Paycheck Protection Program as weve discussed does actually allow them to get a loan and have it forgiven provided they hire certain people back, but none the less, theyre throwing so much money out and youre seeing Unemployment Rates spike significantly. You know, wilf, i think inside your question is the answer i covered the attempts of the Prior Administration to get up and running programs that would help regular people main street and it was very, very hard of course the political atmosphere was very different back then with a lot of opposition from the republican side this time, they haveeverybody together to go and do it so the issue now is you know, its already too late in the sense that ten Million People have already filed for jobless claims and theres a question as to whether or not you want to bring them back. The question is down the road, can they get this thing up and running. I know Small Business is desperate for the money right now. But honestly, a couple of days, two or three days, it dupt m doesnt matter as much as if they can get this thing up and running in a weeks time to really provide the assistance and keep people from being unemployed even further than the large numbers we have. Thank you the dow currently trading lower by about 411 points, so weve dropped about 100 points just in the last few minutes or so lets send it over to mike for more on todays sell off and the sell off for the week, which was small ner magnitude, but still very painful for investors yeah, sara, not so much as intense in velocity. More like the market has slouched lower gave back not quite half of the gains from the reflex rally. This is a two year chart there was the strong threeday rally and weve rolled over since then what areas are we looking at in terms of whether were going to give up on this rally . Well some are saying like 2450 where the downside acceleration started. So theres all these different lines you can point to and suggest that maybe thats kind of make break at least in the shortterm ive had people point this out to me. December of 2018, you did also have a little bit of a rollover after an initial rally and went up from there. I would characterize that as utter best Case Scenario because more damage was done i dont think necessarily we can be smoothed by the Federal Reserve chairman as we were back then this was the high yield bond etf. These are always linked assets, but just look at how tight the leadersh relationship has been. What this means is the Credit Outlook is sensitive to the duration of any economic shutdown were in right now. And that seems to be what whether theres a lead or a lag, doesnt really hmatter which one credit erosion, default rates, that part of the implication is what were going through now is very much an acute interest to the bond market. The corporate debt market. I would say, lots of issuance of cor corporate debt mike, where is the consensus right now on how long this economic pain is going to last and whether investors can see over to the other side feels like until we have any sort of clarity or mass testing in the United States or antibody testing, its really hard to figure out that question of a bottom without knowing whats going to happen to this country. Right the consensus is confusion is the way i would characterize it right now. I dont think anybody has a very High Conviction guess about what that duration looks like i think really the argument is what is the market already priced in in terms of a length of a shutdown and you know, i think its tough to be precise about that as well but i would suggest that were now talking about three quarters of shutdown u. That is not price d in, but something more modest than that. Maybe were in the zone, especially if you look at hardest hit sectors just getting obliterated. Energy, retail, travel and the rest thanks for that weve got 49 minutes left. We are down 2 right on 2 on the s p 500 as we stand for the week that means down 2. 5 we have been getting some relief for Small Businesses weve been see iing that roll o today. And we will discuss how its been processing with the consumer bankers soassociation ceo, rich hunt thats coming up there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Walmart under some pressure. Breaking news on that name courtn courtney yes so the headlines crossing here from the here from the wus journal looks as if they were able to get some documents and walmart sales in stores are up 20 over the last four weeks while walmart. Com orders appear to be up over 30 from the past eight weeks. This is according to a report from the wall street journal and while 30 sounds like a lot for walmart. Com, i went back and looked and some of the quarterly numbers theyve put up here in the u. S. Here for Net Sales Growth have been significantly above 30 in the most recent quarter, up 35 . No doubt the in store sales up 20 . Very significant as walmart is a key essential retailer now starting today, Small Businesses can apply for up to 350 billion in loans available through the Economic Relief package from congress. Many of the big banks have delayed accepting those applications citing late guidance from the Treasury Department but bank of america as of this morning and jpmorgan as of this afternoon are up and running with bank of america saying theyve received 60,000 applications totalling 6 billion. Thats as of last hour bank of americas Ceo Brian Moynihan weighed in on cnbc earlier this morning its a testimony to the speed at which we can move and so speed is of the essence here for these types of Small Businesses. Ppe is meant to keep their payroll consistent going against some of the discussion you were swr just having on jobs and other impacts in the economy which we expect to see in april the money will start to go out the door once the applications are processed over the next short period of time joining us now is richard hunt, consumer bankers president and ceo. Very good afternoon to you thanks so much for joining us. I guess ive been speakinging to lot of the banks this week and i know its been a monumental tas b k to get this program up and running. Some are running, some are not whos to blame for the fact were not fully up and running as of this morning, which was the original target, wh it was too optimistic or not . Yeah, look. Heres what i do now every hour, its Getting Better. We have more banks online. We expect ooen more money out the door sometimes this afternoon this is a huge effort by the banks. Banks worked overnight until about 6 30 last night, they worked overnight to put all the compliance or regulations in place. And also the compliance. Im very proud of what the banks have done so far i think this gets better next week where were going to process hundreds of thousands of loans. That number you just quoted from bank of america, 60,000 loan applications since 9 00 a. M. The amount of loans the sba processed all of last year so were going to do about 2 million loans in two weeks i know. The numbers are astonishing, rich as you said, the banks didnt get the final guidance until last night, so its very difficult to expect all of them to have been ready and up and running. But how unfair is this potentially on certain Small Businesses that may have needed the money today and were expecting it today, particularly an extra factor that this is a first come first serve basis program and its quite plausible the 350 billion could run out and some could be excluded by virtue of who happens to be their banker yes we are encourage eing existin t customeringing to go to the bank where you have an existing business first because we can get them through the pipeline faster so we can get to people who are newer customers to the bank. High, high buying, two to three million applications were working night and day to make sure all Small Businesses who need assistance do receive it we dont think were going to run out of money the treasury has done computations about how much payroll is needed. And if we do run out of money, i am sure congress when they return on april 20th or sometime in that area, will replenish the funds. It is our effort to move heaven and earth to protect the Small Businessmen and women who are the backbone of our economy. Those who are not participating in this program and if so, why do they have legal risks here that they take on or any kind of other financial risk that might make it unattractive for the banks . Yeah, sure. So the vast majority of banks are participating if they are a sba certified lender first off were asking all 2,000 banks to participate since its such a a high volume to do it for those not participating, they may have liquidity problems dont know, but were going to do everything we can from the cba standpoint to make sure Small Businesses can get it. Were asking for a little bit of patience again not even 24 hours into this process. We have more loans already in the pipeline than were made all of last year, were going from 20 billion in distribution to 350 billion. Every Small Business understands when you expand your group, its going to take some time to get through the process. I want to end on a very big, broad question, which may be on fair on certain individual banks, but i think its broadly fair on industry as a whole to say last time around, 08, 09, the Banking Industry was bailed out. Is it fair to expect the banks this time around, regardless of whats happened in the 12 years in between, to go above and beyond and potentially take some losses expensive costs to make sure the economy keeps going. Not only sure were going to this is our time to help out the consumer who have been with us for decades. Were going to do the right thing. We are reaching out to Small Businesses everywhere. Were not waiting for them to call us. Were calling them we want to lead in this recovery we understand people are both fiphysically and po associate press well so this is an opportunity for the Banking Industry small, regional, large even Credit Unions to lead the way back in this economy richard, thanks for joining us thank you kate rogers has been speaking to Small Business owners all day, all week, about their experience with the loan program. She joins us now with the loan program. What are you hearing well as this program gets underway, Small Business owners are anxiously waiting aupdates from their lenders we spoke with the ceo of omg accessories. Shes cut her staff from 20 employees down to 50 as customers cancel orders of her signature unicorn backpacks. Im hoping these loans are going to give us the necessary funds to bring back all of our staff and have everything functioning the way it did before all this happened many of the Business Owners e weve spoken to are in the same boat theyve prepped these applications theyre anxiously awaiting any word from their banks and lenders. This program is first come first serve so as you can imagine, theres a lot of stress going on on main street ive canvassed businesses all over and i have yet to hear from one who got a loan i hope that changes because a lot of people have a lot riding on this. Back to you. Thanks so much for that developing story im sure well be back with you over the next couple of days. Now news on the fed. Hey, steve the new york fed out with its schedule for next week saying the its going to reduce the amount of treasuries from 75 billion down to 50 billion. And also the amount of mortga s mortgages, from 30 to 40 billion down down 25 billion for monday and maybe a part of next week. I think theres two reasons whats going on here one is there has been as you reported, will f and sara, some improvement in the credit markets but also some negative things, the fed buying so much for example. The Mortgage Bankers have been squeezed as a result of that, so theres some backing off by the fed, which is a good sign for some improvement in the credit markets. Steve, thank you very much. Ill take it, steve we saw treasury yields tick up on that news just a bit from the lows of f the session. Weve got here just about 36 minutes left of trade. Take a look at stocks now. The s p is down 2 the dow is down 2 426 points all the sectors are in the red Consumer Staples are sort of flat utilities and financials at the bottom of the pile up next, well speak with the ceo of go daddy about the impact that covid19 is having on his companys bottom line and how his customers, which are all Small Business, are doing. Well be right back. Have you noticed how well all the departments have been working together since weve gone mobile with the now platform . Theres no friction at all. Its neat to see the Office Running so smoothly. Servicenow. The smarter way to workflow. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Welcome. Thank you for joining us i think you have what, 19 million clients, most of which are Small Businesses what are you seeing out there in terms of the pain . Thank you for having me go daddy has over 19 million customers and many are micro businesses ch smaller than small. The domain and website are essential tools especially in this time with foot traffic being low, Small Businesses need to be online to get word out and the services we offer tend to be amongst the last things that customers give up. In terms of what we see with our mers themselves, its a difficult time for our customers and godaddy being in the fortunate position that it is in in terms of our offerings, were just focused on doing the most we can by puttinging offers out there that they can use this this difficult time. To what extent have you seen websites and email traffic pick up because of the work from home culture thats in place at the moment in particular segments were definitely seeing websites pick up in the nonessential segments, were seeing a bit lower traffic to websites, but what we see is a ton of businesses expressing interest to get online and frankly a ton of businesses wanting to know what offering is out there for them so, weve put together a Resource Center for them of open we stand. Org where small and micro businesses can come and look at our offers from godaddy and our partners and find the offers that work for them at this moment, this is critical for them unfortunately, we had a pretty bleak preview with the b jobs report today of which industries are getting hit the hardest. Lieu sure and hospitality at the top of the list. Which businesses do you see being able to weather it better and just overall ability to survive . Yes, i think leisure and hospitality is hurt u. In terms of businesses that can survive, what we are finding is really, really innovative sort of offerings from our customers. Theyre quickly moving to shipping products. To Offering Services online and we need to do that in every sector and if we do that that, were going to see better results aa cro across the board we made sure we keep our employees safe, we keep them purposely working and we give them financial certainty so were not rlaying off anyone. That allows our Employee Base to really focus on Creative Solutions for our customers. I would imagine that the cost subscription to go daddy for providing a website or domain name is probably pretty small for a Small Business as a percentage of total cost its also probably pretty crucial. Youd think its the last thing they want to cut to rent which may might not be using their building anymore that said, are you having to have conversations with those Business Owners . Are they seeking flexibility because you might be able to offer it to them in a way rent may not be given that level of flexibility . These assets that are domain name, really the last thing you want to give up. Especially in these times. But for customers with hardship suppo support, we are offering capabilities we see low turn rates historically and low turn rates now. I want to it will you about businesses that are formed in hard times the reason we think our business at godaddy is resilient is because we looked at the past because we know businesses are formed and close in good times and bad. When we look at 2008 during the financial crisis, the businesses formed at that time did as well as the businesses that were formed in 2007 in fact, yesterday at our annual we shared those businesses have spent 1. 5 billion with us so we feel this is a great time to come onloin and start a business we cant forecast what the recovery will be, but i think people, human creativity will take over and people will form great ideas. How do you think about what this is going to mean for your own bottom line and your own forecast i know you held a virtual investor day what did you tell investors who see the headlines about Small Business shutting down and therefore, think thats going to severely impact your own business yes, so what weve told investors yesterday is that we see minimal impact in q1 and 25 to 30 million which is small in terms of revenue but we created the resilient nature of our business, the fact that the products we offer, 18, 20 on average for a year for a domain name, little very a website. The return for our customers is huge so we feel the business is resilient and we reenforced the guide for 2022, where we said look at the past we think this will be over at a certain point and for 2022, we actually called it the 411 on godaddy. Which is in 2022, 4 billion in revenue on an organic basis so that sort of gives you an idea of how strongly we feel about this business over the longt m longterm. Thank you for joining us. Thank you very having me. Appreciate it 28 minutes left of the trading session. Take a look at the s p sector heat map the one green spot in the market right now, Consumer Staples. Just barely positive utilities and financials are the hardest hit followed by Communication Services and technology the three outperforming sectors today, Consumer Staples, energy and health care, the only three that are positive so far this week energy at the top of the list. Up almost 6 for the week. But obviously, wilfred, has been brutally hit down 50 so far for the year and to all those that said you think oil is going to bounce buy the commodity rather than betting on x which companies, Energy Sector only up 6 time for a coronavirus update. Scott wapner has it for us appreciate it the u. S. Supreme court says it will not be hear iing the oral arguments it had scheduled for this month nbc news reporting that court will decide all its cases this term based only on the written briefs among those cases is the fight over President Trumps financial records. Frances death toll has now surged above 6500 as partial data on deaths in Nursing Homes get added to that total. Total cases now above 6400 new york Governor Cuomo says he is using his authority to seize medical equipment from private hospitals and companies that arent using them to relieve severe shortages im not going to let people die because we didnt redistribute ventilators the National Guard are going to be deployed to pick these up, which are all across the state and deploy them to places where we need them sx thats the governor of new york for more, head to cnbc. Com and be sure to tune in tonights special report with scott, the path forward. 7 00 p. M. Eastern time hell. Still to come, jeffrey kstzebbergs company set to debut and also the Coronavirus Impact on hollywood and the world of entertainment heres a check in on bonds treasury yields taking a yield lore the benchmark yielding around 0. 61 as we stand. Well be right back. 23 minutes left of trade here is where we stand on friday afternoon trade. Stocks are lower akrcross the board. S ps down b about 2 . Off the worst lows of session. Still down 455 points. All sectors now are lower and we are looking to end the week lower after last weeks rally. Up next, were going to dive deeper into todays sobering jobs number. 701,000 jobs lost in this country and how much worse the unu Employment Situation could get in america dont get mad. Get e trade, dawg. But when allergies attack,f any 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. Welcome back todays dismal jobs report only reenforcing the pain in the economy. Paul, great to see you as always or list ton you as always. What do you make of the pace with which weve seen unemployment claims spike and clearly a disappointing jobs number this morning and what that means for whether were going to have to see bigger or different Government Support programs i think what the job data tells us and what Everything Else that we can look at the window and see tells us is that we are at war. Our country has to think in terms of being on war footing. And essentially, the American People are being drafted in fighting this war, fighting this virus but being told to stay home so you can look at the unemployed as unemployed or look at them as draftees into a war against the virus. And accordingly, i think its going to get worse because we cant let the draftees go back to work until we win the war and between here and there, it is the moral duty of our country effectively to pay them. There are lots of various ways to do that but if you look at the Unemployed People as draftees in a war against the coronavirus, then its pretty logical that the bank of uncle sam, which is the combination of the treasury and the fed, needs to send out checks and send them out with all haste. That simple. And were seeing them do that, paul can we look to any historical precedent to figure out how long it can take to come back from this hole or are we just in totally uncharted territory . I think that were uncharted territory when youre looking at historical experiences but i think that we can apply logic here in that we have our economy in a state of suspended animation and that will last until we win the war. But on the other side, we will want to go back to being a vibrant, growing, capitalistic economy, so thats basically the game plan and between here and there, we need to keep our capacity as an economy, which is not just machines but organizations intact so we want to keep it so when we can go back to normal times, then we have an infrastructure broadly defined thats ready to go the real sort of disaster which can be avoid and i think will be avoided, is to allow the infrastructure of our economy broadly defined to be destroyed during this war we just simply need to sustain it financially and organizationally, which is why im such a huge fan of the Small Business program because essentially, it means that even if your workers cant come to work because they didnt have any work to do, keep them on the payroll as draftees in this war against covid and uncle sam will pay their salary it makes a world of sense so as on the other side, we have a going concern economy. Pa paul, to that point though, how easy will it be to go back to a fully normal economy . It would be a nice problem to have as it were because we got through the worst of it, but how hard is it going to be for the government to remove some of these policies once people have experienced them i think its going to be very difficult, actually. And the also going to be intensely political, which otherwise is known as democracy in action. In that what weve exposed is the severe holes we have in our social safety net and in emergency time, we can flood those holes for being displayed and i think the American People will learn that we have more capability than we thought we did from the standpoint of enhancing the social safety net so that will be the political tug of war on the other side if you want to scale back because we are a capitalist economy, but sat the same time, i would like b to believe that we will have a more enlightened, a kinder, gentler, if you will, safety net on the other side and i think thats what were going to get i think thats direction of the country. When we come out of this thing, we want not just to go back to quote unquote normal but a Better Normal from this standpoint of social justice paul, thanks for joining us thank you up next, we bring you uninterrupted coverage of the b nafil minutes of trade when we take you inside the market zone. Stay with us what do you see . 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Were not closing bell market mike here to break down these crucial moments of the trading day and today, weve got Credit Suisse strategist as well. Another volatile week for stocks with the dow, s p 500 and nasdaq all on pace to post their third week of losses u. S. Payrolls fall iing by 701,0 in march and the Unemployment Rate increasing to 4. 4 from 3. 5 the report mark iing the first decline in growth since september 2010 jonathan, the reaction actually you know stocks started off the morning strong, looked like we were going to have an up day and even with down day of 2 , its not the sort of eight or nine or 10 . How do you think the market now is going to be processing these very ugly data releases . Its funny t the vix which is still at extraordinary levels, has come down quite a bit, which means that were less likely to see these 5 to 10 kind of moves, but still a 3 move up or down on a given day is quite disruptive and in many cases, its almost independent of the news flow. If you look at the last two weeks on the days when you had these horrific unemployment claims, the market traded up so a bit of a disconnect from daytoday between the news and the market reaction. Mike, with nine minutes left in trade, weve been hopping around got down to 2. 5, now to 1. 4 so clearly a lot of Market Making happening theres theres been a lazy bid late in the day the past few days. I dont know if i want to make too much of that, but the market is basically in a slower way, just acting a little heavy this week and it was not surprising it was going to give back some of that very strong threeday bounce but here weve given back more than a third of it and i think were going to come to a level where perhaps either buyers have to step and really want this or just more kind of a visual for those lows. Thats going to be the debate coming out of the weekend. Mike, you know what, i just wanted to bring up Something Interesting this week, which is a huge divergence in Sector Performance for the market i mean you see groups like utilities and financials for the week down 7 6. 5 then energy, staples and health care higher by a few percentage points. What does that tell you . Theres some separation going on this is not just the wholesale get me out its a little more im just going to interrupt President Trump been in that meeting with the oil ceos. Lets listen in to some of the comments the industry as the pandemic brought on by Global Economy its an incredible thing thats happened nobody thought this was possible we had the greatest economy in the world. Probably were doing all of the best ever. Everybody was doing the best ever then all of a sudden, they said you have to shut down the country and had to shut down the world because the whole world shut down. Not the country. The whole world. 151 countries. Probably is higher than that now. That was as of a week ago. So the entire world has shut down, trying to get rid of this scourge and well do it. I thought what i might do is go a around the room and if youd just introduce yourself to the media real quickly then well have a discussion. Our 2. 2 trillion relief package includes provisions to allow businesses to deduct their losses this year against taxes which gets you a lot of liquidity and a lot of xaeps need it right now and hopefully, well be back in business very soon were going to be open very soon this country wasnt built to be closed and essentially, we have a closed country nobodys ever heard of a thing like this, but this was a, it was something the leading proflsales and they say not since 1917 has there been anything like this 1917 was a time when i guess you could say 50, 75 or 100 million, people died. 100 million. Maybe 100 Million People died so they had no communications they werent able to shut things down like we are doing but that was a plague. That was a plague. Started here, actually went to europe we were badly afgt aed, but europe was really affected so that was the worst and so not since 100 years ago, more than 100 years ago, has a thing like this happened. I want to start by say iing its an honor to be with you. I know most of you one way or the other. I know all of you by seeing you on the covers of all the business magazines and the magazines and youve done a great job and well work this out and well get our Energy Business back. Im with you 1000 honestly, youve been very fair. Youve kept prices reason bable for a long period of time. Weve done gone a long period of time with reasonable Energy Prices so i want to thank you all for being here and maybe well start with mike. Please all right mike wood with chevron corporation, mr. President proud of the work our people are doing to support health care providers, First Responders and all the other Vital Industries that keep our economy going. Thank you. Thank you very much vicki thank you for allowing us to be here today and thank you for all youre doing thank you very much thank you, vicki dave from devin energy. Independent owned gas company out of Oklahoma City thank you so much for the leadership youre providing during this challenging time youre the right man at the right time to balance the priorities and were going to be back p well get it done, david, thank you very much. Mr. President , again thank you for great leadership in this pandemic crisis and all that youve done on the stimulus package. Really for the american economy. Proud of our employees, theyre working to provide nrnl and improve lives. We think its going to come back quickly its ready and weve got the right packages out there. So were looking at a, i think were going to be really looking very seriously at an infrastructure package, where its so important for our country. As of this moment, darren, we have 7 trillion plus in the middle east for what for what reason. And we dont put money in our county country, so were going to do a big package on infrastructure fairly soon i think. Darren woods, exxon mobil id like to add my appreciation and i think all our companies are in line with your objective, which is to get the economy moving and make lives around the world better thank you darrell, chairman of Continental Resources also out of Oklahoma City thanks for having this moeeting its to timely and necessary really appreciate your leadership also the friendship that youve kept with the saudis saudi prince and also putin. I know those havent been easy sometimes, but at this time, it was particularly needed. I were about 10,000 companies of individuals its great, great job youre doing i think putin and the crown prince want something to happen badly. Its certainly terrible for them, too. Ive spoken to both of them and well tell you about that later on thank you very much. Jeff hildebrand, founder of chairman of appropriate energy were the only private company here this is the company thats base ed in houston. Domestic only exploration of Production Company and im really here today to represent the independent energy companies. The family owned businesses that are in this industry and to give you really that perspective and add to the conversation in that regard. So thank you for your leadership appreciate it. Appreciate it mr. President energy transfer. Were the only company so we try to do business with everybody in this room im pleased to do it actually. So. President trump hosting a number of executives from the oil industry at the white house today to talk about that industrys big problem with the sharply lower price of oil and the shutting down of the economy as a result of the virus well monitor for you, see if any head loins come out as they relate to the price of oil and the president s energy policy. In the meantime, youve been lookinging into the market internals and energy has been a big part of the story this week. They have and definitely to the upside thats one of the reasons that the up versus down volume on the exchange today is more mixed than just profoundly negative. Its about 32 on the negative side really just persistent selling in the russell 2000. Its almost back to its lows for this run thanks so much for that 24 seconds left of the session for today and the week and we are down 1. 5 as we stand on the s p 500. Dow down 1. 8 . 384 points lower the low of the session was down about 538 points well off the lows as we approach the close. The s p down 2 for the week 1. 6 today some real dif rentuation over the course of the week as a whole with utilities and financials down 7 for the week versus energy and Consumer Staples up 3 or 4 , but at the close today, we are down 1. 5 on the s p 500 down 2. 1 for the week as a whole. Sara and welcome back, everyone, to closing bell. If you are just joining us, were here with mike take a look at how we finished up the day of trading. Down for the dow 1. 67 so really off the e lows of the session that was a loss of 358 points on the day. The s p 500 losing 1. 5 , down 38 points we started the morning little bit higher looks like we were going get an up day then it sort of fell apart. We close d off the highs. Nasdaq down 1. 5 , the small caps, russell 2000, also lower on the day t been underper foming and it did today. Down 3 . Banks are a big part of that index and they were some of the hardest hit part of the market today and as on the week as a whole, some of the safe spots also the yutilities, real estate some of those places where people go when bond yields are lower as weve been seeing they got hit pretty hard coming up this hour, fameded hollywood producer, Jeffrey Katzenberg is with us to discuss his new streaming service. How he plans to compete in this very Competitive Industry as that service prepares to go l e live Jonathan Golub and Michael Peroli joins us as well. Looking forward to lahis latest estimates on the economy mike, to you first of all. You mentioned how wed seen a bit of buying into the close on certain days, but again on other weeks, weve seen selli ining io the close on a friday afternoon. I guess you can frame it as quite encouraging. You can take it that way. For the week, down 2 for the s p 500. Down about 5 from the highs of the prior thursday, which was after that really strong bounce. And you can look at it and say wow the market did absorb a lot of awful news. Yes, some expected, but did not fall apart that being said, didnt really prove much of anything that that investors collectively see great value here just because the outlook is still opaque so i think you have to reserve judgment as to whether that low from last week is going to be truly important and decisive one for this run, but not a terrible showing i would say for a down 2 week in the s p so jonathan, if you add it up, were down what, 27 or so from the high. Dow down 29 from the record high tally the damage for us. Just what kind of bad dmus is factored in there in terms of the economy and jobs and this virus, which is picking up steam in many parts of the country if you look at the last two weeks or so, its really been a battle between a deteriorating situation and unbelievable stimulus on the part of both the fed and the u. S. Government and i would stha this round goes to the u. S. Government if not for their actions, this would be substantially worse. If we look at what First Quarter earpings are tracking to be, its something probably down 15 to 20 in the First Quarter based on the way the analysts are being adjusted and the First Quarter is going to be nowhere near as bad as the second given that january and february werent really affected. So thats going to be the story over the next couple of weeks and i think the market is going to have a harder time because the good news from the government and fed is probably more behind us than ahead of us. Mike, lots of employment related data over the last couple of days sum up your latest expectations of the realistic level of unemployment in this country and where its heading for the next couple of months yeah, the news over the last two days has been much worse than was anticipated and we are in the process of rethinking just how high the Unemployment Rate can get, but certainly double digits now seems to be b a more reasonable expectation for the unemployment and we may get there as soon as were able to ort report, which will be reported a month from, not a month from now so we had you know expegting a little weakness from the first half of march. This morning, we saw a lot of weakness in first half of march and that was many times on this program today, the survey that predated this big jump in jobless claims we could see a double digit Unemployment Rate and job loss in excess of ten million pr one month so, certainly the news is coming in you know fast and bad and so i think were all in the process right now of marking down our expectations with the economy to do here in the Second Quarter. I mean we have to process that more than 10 million job losses in the month of april . The Unemployment Rate double digits how do you think about how that reverses can those jobs come back on the other side of this the last two weeks, we saw ten million initial jobless claims thats for two weak weeks out of four or five for the month a claim doesnt map one for one into a job loss, but it might be pretty close this time and again, we have a couple more weeks of 24. How do we recover ipg the first part is obviously Public Health measures have to sk seed. And then the stimulus will help and hopefully enough businesses have liquidity buffers to survive through this and hopefully the sfus can provide in that regard were thinking the government may need to do more before all is said and done just given the magnitude of loss of income were experiencing in april and probably into may. Mike, even if were all discussing terrifying forecasts like that already, can the market really bottom until we actually see that reported, whether thats a couple of weeks from now or a month from now to get the firm next Unemployment Rate its unclear, wilf. Obviously when you go down 30 something percent from an all time high, obviously the market was in its way, bracing for Something Like this, but until you really do have i think the metrics and enough data to where youre able to track the trajectory of the economic pain and when we might see things improve, its just almost a guess to say whether the market has figured that out yet i think theres wear and tear on psychology as we go through and kind of absorb all this new information. I think we have to see how the market does and what happens on the credit side of things that keep coming back because the longer it goes, the more Companies Fall by the wayside in terms of insolvency and things likethat thats where things break along the way as we wait for things to bottom out and get better. Its been another wild week on wall street lets check in with bob pisani for all the biggest movers over the day and the week, bob. Wide despairty between the winners and losers if you take a look at the sector laggards, its all those impacted by people who couldnt pay their mortgages or utilities frek, so banks, retail, ewe t l utilities and re its retailers, problem is nobodys in the stores right now. If you look at the dow lagrd, boeings moving toward it is lows that it had a couple of weeks ago. New rait ontrading j. Pmorgan is is lucky. Home depot down 6 gainers for the week, energy is a a standout nobody believes thats going to last, wu but the rest of the group is defensive the dow gainers is a very odd group. Obviously chevron and exxon, but walmart, cat pill lear was an outstanding stock and Johnson Johnson up 8 . We did rally into the close four of the last five trading days. Lower volatility guys, have a good weekend. You, too. Thank you. Meantime, Energy Executives have been meeting with President Trump. Aim eamon, what is the update . That meeting is going on now and weve been talking about the potential talking points the president just hit on one of those, this idea of filling up the straenlgic petroleum reserve. Saying hey, look, oil prices are as cheap as theyve been in decades. Now is the time to really fill up that reserve. He said we should fill every nook and cranny with oil that we can right now. The president also hear frg senator cramer from north dakota here an interesting one because cramer was say iing the United States spending billioning of dollars a year in defense and security for middle east rn country, but didnt name it, but clearly implying saudi arabia, saying why should we continue to spend all that money on defense for these countries if their going to treat us that way so theres some real frustration here that youre hearing from some of the members of congress who are meeting with the president about the u. S. Saudi relationship and what the saudis have done in terms of oil prices around the world thats really impacting some people in north dakota, which is senator cramers home state, so a lot of tension there in the room the big thing is going to be whether they can come up u with any kind of dmomestic production cuts back to you. Thank you jonathan, energy, is that a reliable source of strength for the Market Going Forward now this President Trump has been meeting with his executives and has been geting involved in this stand off between saudi arabia and russia well, fifrl, oil prices are up 40 from 20 to 28 over the last couple of day ss a very positive thing what we think about as higher gas prices may be, the u. S. Is oil exporter and there are other industries that actually benefit and it keeps people employed in important areas of the economy, but everything cyclical, energy, material, industrials, if we have a weaker economy, theyre quoing to come under pressure independent of what happens between saudi arabia and russia. How important is the Small Business program that began today and if we see that really take off in terms of saysful loan issuance to Small Businesses over the next week, could that spend the big spike weve seen in unemployment data . It could. I think the idea behind it is well structured in terms of getting basically giving Company Money so long as they keep their payroll close to previrus levels i think the question, the big question and well find out if its really hard the to tell, but i think the question well find out about is is whether that will actually be effective in terms of the structures its complicated when you have almost 5. 5 million Small Businesses many of whom dont have banking relationships or relationships through the Small Business administration so i think if for those companies that actually ak cements this murngs i think it should help. The question is whether it will reach enough companies and it can be done quick enough in time to save those jobs well leave it there, guys. Thats a live question. Thanks for joining us still to come, congressman ro khanna discusses a group of Small Businesses that may be running into roadblocks as they try to get loans and later, were joined by Jeffrey Katzenberg to discus how the hollywood coronavirus shutdown could imctpa his new streaming service. Back in 90 seconds. Our next guest says it has completed and funded the first loan by the c. A. R. E. S. Act a very good afternoon to you, frank, and just as you mentioned, youre about a half a billion market cap bank, 7 billion in assets. Talk us through it how many applications have you had for this ppp loan program and are we right in saying youve already got one loan out the door and to your customer . Great being with you guy us again today. Yes, thats true weve gotten over 2,000 applications through 3 00 today. We were one of the first banks that reached out to our clients and started the process of building an application process and we believe we were one of the first to go through the door at the sba, get to confirmation number and fund our first sba loan supporting our local communities and were so very proud to be a part of this program. Well congratulations on making that work relatively smoothly 2,000 applications as of 3 00 p. M. Today how many Small Business clintds do you have and where are you expgting that number to get over the next week . At connect one, we have an app, 10,000 business relationships so we dont know how many are going to apply for this program or not. Certainly anyone who is going to apply, we encourage them to. Weve had a an outreach out to our clients as to what they should do, how they should do it weve set aup portal to take in that information we expect the number to rise we also have a digital platform which we puchls ed last year which has over 10,000 applications on it and over 2 billion worth of loan applications on that platform. So we are affect iing quite a f clients. Both here in the new york metro market locally with connect one bank and through bo fly on a National Basis final question. Do you think this program is going to work . Do you think its going to prevent more layoffs in Companies Going out of business . I think this program is incredibly elegant i think its exactly the right thing we needed at the right time i think for Small Businesses to know they can stay in business if next couple of months, that they can pay their employees, give benefit to the folks who have helped them build their businesses, to be able to pay their rent, their mortgages, their light bills, their all their other expenses and then to have them paid while were doing through this crisis, this is a really elegant way to keep the economy aploet and hope for better kay days. Much preeappreciate it. Thank you bye bye. Were going to stick with story here sochlt businesses with 500 employees or less are eligible for the Small Business loan program however, some venture and equity backed start ups could miss out on that relief our next guest is trying to make sure those Companies Get protected. Joining us now is representative ro khanna from california. Thank you for joining us so, just to be clear, are companies, Small Businesses, backed by Venture Capital exclude fd from this program . Zpl initially because of the i filluation meaning if you had a Venture Capital investor in your start up, then you had to count not only the employees in your start up, but the employees of every start up that it was invested in, and that would be more than 500. Fortunately, Speaker Pelosi and i wrote to Steve Mnuchin others called him as well. And my understanding is he has made it clear when it comes to the Venture Capital start ups, that he is going to waive that affiliation rule for this program. Still waiting for the final guidance but if that happens, the start up community would be able to apply so youre not accusing the white house of purposefully excludeding. No, i think this has been the rule on the books for many, many years. The problem is that in a situation like this, they needed to modernize those rules i mean lets be clear whos going to get hurt. If start ups dont get these loans, the Venture Capitalists arent going to get hurt theyre going to be sitting on their hundred Million Dollar funds. The people that are going the lose their jobs are the Administrative Assistant as, the engineer engineers. The blue collar workers. First of all, Venture Capitalists arent in the Charity Business so they may not get the money and second e, they may insist on layoffs to get the money so if we want these start ups to be able to maintain their payroll, they should be able to qualify tr these lopes give us a sense of what youre hearing from the start ups in california with the state pretty much shut down. It has been now for a while. It was one of the earlier states to do so how much pain is there out there . Its very hard. Theres already the concept of the valley of death. For the first few years, they lose money the hardest time you had add to that this hit wrrks as a lot of start ups have gotten almost no revenue and theyre really hurting were talking about thousands of jobs in fact one report estimated that the total start ups of this were a million jobs potentially that could be lost i appreciate your previous guest as a bank getting these out. This is a matter of days theyre making decisions on layoffs or not. Yeah, weve heard all sort of reports. Some have gone smoothly. Some have hiccups. I want to ask you about the next potential phase of this relief package. What are you hearing how close are we heard everything from infrastructure to Industries Like cruise ships and restaurants that need to be included what are you fighting for . Certainly infrastructure has to be part of it and for science and technology as well this was a Public Health crisis. I wish we had invested more in going after Vaccine Development and invested more in the cdc so we had tests infrastructure. The cdc is 1. 5 of the amount we put in National Defense aingd most americans realize now we need more Public Health protection to keep us safe the second thing is look the president talked about expanding medicare for those who were unemployed i want support him if hes serious about that if people have lost their health care, there are going to be almost 30 Million People unemployed, why dont we give them medicare . That would cost less than all of the bout we did for industry my focus is this this is Public Health crisis. How do we make the appropriate Health Investments yeah, i mean it sounds like things are moving in a bipartisan way for a change, which is very good to see. Prz. You know, that has been one thing that is true look, this is not a crisis thats political there are people literally dying. There are almost 40 people who have died in my district over 5,000 americans who have died and people are hurting theyre losing their businesses. That theyve spent their whole lives building theyre struggling to pay rent theyre wondering how theyre going to pay their bills politics really doesnt matter at this time were all americans. We need to just come together and do the best we can for people amen to that. Congressman, thank you for join ing me ro khanna from california. Quibby is making a big bet on mobile video streaming just as americans are confining themselves at home coming up, we will talk to founder and legendary hollywood producer, Jeffrey Katzenberg, about his plans to take it public as a reminder, you can always watch or listen to us live on the go on the cnbc app closinging bell one will be right back there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Stocks chllose ining lower. Lets send it to mike looking at daily infection growth and how its been impacting the Market Investors have been b grasping for ways to rationalize and track the viral outbreak and what it means for the markets and how they relate to one another. This is from jason hunter at jpmorgan and it plots the number of countries with daily case growth that exceeds 10 so this is kind of the prevalence of highly fast accelerating viral outbreak along with the volatility index for stocks. Now this is tracked pretty the shutdowns are going to last globally, it makes sense that the volatility index might have some links to it, but take it for what its worth because hopefully not too long from now, the number of these countries is going b to be close to zero. The vix is not going to get close to zero. It shows one other thing the market is trying to track. In early 2009, it was the peaking of the foreclosure, single home foreclosure rate that roughly coincided with when the stock market bottomed. Even though it wasnt going to get better for a very long time. That is amazing chart very indicative. Strong correlation thank you. Hollywood has been shutdown by the coronavirus. Up next, we will ask Jeffrey Katzenberg whether that will hurt content productiofor n his new streaming service. For many of our members, being prepared. Wont be a new thing. And it wont be their First Experience with social distancing. Overcoming challenges is what defines the military community. Usaa has been standing with them, for nearly a hundred years. And well be here to serve for a hundred more. The dow losing 1. 69 certainly off the worst levels of the session at one point, it was down more than 550 points. S p having a rally, finishing lower by 1. 5 . It was the u russell 200 index of small caps that was down double 3 ending the week lower for stocks overall, but not the kind of declines weve been used to getting down a little less than 2 for the week wraeking news here on jet blue phil we are about a half hour away from the deadline for air loins to submit an application to the Treasury Department seeking f d funds in that 25 billion thats been set aside in cash grants. Jet blues ceo out with a letter to all of the employees at jet blue essentially saying we have applied to the Treasury Department we now enter into negotiations not saying how much they are asking for nor what they are offering in terms of stock warrants or equities within jet blue, but a couple of interesting notes within this letter one being they still are seeing more money going out the door in terms of f cash then coming in in terms of refunds versus new tickets being booked and also that the end of this, they make it clear its uncertain what they will get from treasury and because of that, fewer hours to work for everyone and far fewer flights. Total pay is likely to go down for both salary and hourly crew members. This is their way of saying were glad to have the help from the government not sure how much were dwoipg to get, but there are going to have to be changes from the structure of the airline because right now, this is an unsustainable Business Model for all the airlines the numbers are just staggersing in terms of the losses theyve seen there are zero new bookings. Thank you for that. Now as people are adhering to stay at home protocols, nielsen finding americans streamed 400 billion minutes of television in the first three weeks of march up 87 for the same time a year ago. Starting monday, viewers will have another streaming option with the launch of quibby. Very good afternoon to you, jeffrey. Thanks for joining us. Thanks for having me. Hope you all are safe and healthy. We are and like wooids we hope you are too jeffrey, were going to get to qui brbby in a moment, but i wae the start if i may on the impact of covid19 on the broader Entertainment Industry on hollywood more generally. How lasting will the damage be to sub sectors like movie theatres i think as for all of us, the situation is just changing every day and i dont believe i have a you know, a, i still all of us think have got a couple of tough months there are things that are going to have permanent changes, not just temporary adjustments but its so early for us to you know, sort of look at a crystal ball and think we know what the world is going the look like four, six, eight months from now let alone a year or two from now. Certain ly the industry has hunkered down. Doing its best to keep iing the network and cable and streaming services are up and run ining ad delivering content to the viewers, but beyond the shortterm, i dont have any real insight for you jeff fry, theres been a debate over the last couple of years about big screen Motion Pictures and whether they should all go on in movie theatres before they reach streaming Services Like netflix. Do you think this might change that debate permanently . Weve seen some movies have their release date kept and just go straight to streaming others like the james bond movie, like mulan from disney have been pushed back in the hope that movie theatres will be up and running again before too long i maybe have a slight sli different point of view about this i dont think these things are loosely exclusive. I think the idea of there being any great moviegoing experience of these certainly big highend, big broad entertaining movies, i think theres a place for them today and therell be a place for them tomorrow and i think there will be a place for them you know five or ten years from now. The analogy i would make is maybe where sports was if you think about it, 25 years ago, the yankees were playing at Yankee Stadium all of the new york tristate area was blacked out. You cant actually watch it on tv the fact is that you know fill up the stadium with 55,000 people, you dont have to black out 8 Million People to have a successful business aingd sports found a way to embrace both a live experience and also to have a very robust experience for a broader audience and i think the movie business is now ready to embrace that idea that movies, movie theatre business thats not access to be seen maybe not day in day, but certain ly remind us who youre target audience is. Or kind of like those netflix numbers we mentioned at the top. Because its an at home service, whether it might be helpful environment. Its very specifically been created, designed for the 18 to 44yearold, ma lillennial audie and theres no question i think meg whitman and myself and the three, four weeks ago look add at what was ahead of us. To continue on with the launch of it. People as you say right now today, i dont think weve ever as a country ever faced anything as dire and is impacting our daytoday life. In such a really, really difficult time from day one, weve talked about it over the last year, year and a half, has been designed to inform and entertain and inspire people and we have been a able to gather together the absolute top, top best talent show and Story Tellers in hollywood to create a premium content unlike anything anyone has ever seen before all u designed to be beautiful on this phone. And our decision was that this is a moment in time they really need a distraction to have these places in the course of our days right now, where you know were not hunkerhunker hunkered down home schooling our kids not answering emails, on video calls. That giving people these breaks in the course of their day as we all shelter in and to provide a little laughter and enterta entertainment, a little break from hard things were dealing with their timing might be in many ways an opportunity. We decided that we were going to give it free to everybody for 90 days recognizing these are such difficult and unsettling times. Were going the make it available to everybody starting on monday. Anybody can download the app and have it for the next 90 days there are so p other distractions we have and have been paying for. Isnt the whole premise it was supposed to be for people on the go, they dont have time isnt that at odds with the world were living in right now . No, not at all. I think heres what, heres how i would say, which is yes, it was designed for get up every day, leave your home and take a telephone with you, which is now a television and this is for those in between times. When youre waiting at school to pick up your kids. When youre online at starbucks. Those were the in between times we had today, we actually have as many now, ill make an argument, you have more in between times, theyre just different and theyre different in that youre sheltered in and youre day is preoccupied with what are still a number of different activities that we have depending on whether youre locking after children or involved in business daytoday, but you have many, many times during a course of the day, which youve got a five or ten minute break i can tell you for me, i dont have the time during the day to sit down and watch an episode of tiger king that, i do when ive got an hour or two when i can sit down and enjoy a series and so you know its quite different and so i believe quibi is actually going to arrive at a moment in time in which it actually is going to you know, serve an opportunity tiger king, jeffrey, has captured the imagination of so many people in the last couple of weeks will you need one of your shows to do the same for this to be a success or is it more broadly that your platform and offering is different and thats what will define success . Well, as you know, we actually have some of everything and that was in fact how it was designed just to begin with, we launched and in the first two weeks of f quibi alone, we had 55 shows and had almost 500 episodes. We have the wonderful really great movies with the best talent, best directors, best stars in hollywood we have quick bites of these especially sodic fun things. Chance the rapper. Doing a new version of punkeded or christie teaguens. Then the other part of it, which i think is not really appreciated yet, but will become monday is this thing called daily essentials, in which we are providing every day over 20 shows in which we are organizing in a premium bespoke way, information and making that information convenient for people information is about news or sports or music news or gaming in e sports or entertainment news, the best brands including one of your sister companies, nbc, the b brbc, espn, e entertainment, i can go on and on are all producing these fantastic five to seven minute quick bites about everything you need to know and why it matters. Jeffrey, thanks so much for joining us and good luck with the launch on monday and im sure lots of us will be b signing up for free as it will be r for the first three months. Thank you very much. Thanks for having me. One thing hes right about, i havent had time to watch tiger king youve got to do it its a must watch. Extraordinary stuff. Very busy stay iing home all day. Back to phil on the airlines 18 minutes until the airlines have to submit their application to tap into the 25 billion in cash grants that the federal government is putting aside to help the airlines out. Delta has done that. Out with a memo a few moments ago. The ceo saying that the airline has applied for its cash grant and giving us a glimpse of just how bad things are for the Airline Industry deltas revenue for the Second Quarter will be down 90 hooer one other data point nobody wants to hear, especially shareholders theyre burning through 60 million of cash every day. Add that up with jet blue saying theyre burning through 10 million cash a day things are not Getting Better for the Airlines Despite this government aid thats out there. Thank you lets get a broader coronavirus upu date scott. Not there for the news update but perhaps we can read it we have eamon were going to take eamon. Breaking news interesting on the White House Oil ceo meeting, at the end of the meeting, reporters asked the president about this idea of tesing the oil ceos for the coronavirus. Now theyve got a new policy at the white house in which theyre going to require now anybody who comes into close contact with the president or the Vice President to be test ed for coronavirus in advance with this new, fast test the president seemed may be unaware that that had been taking place heres that moment lets go we got the new guidance would anybody like to be tested how about you . Do you want to be tested i would be, actually. We might be able to do that its a good question i like it. Lets test these guys. Millions of jobs list listen, gave us millions of jobs if anybody wants to be test ete well test you i want a test ahead of exxon you heard the ceos telling the president we were all tested, you already did test us u. So thats the new policy if you want to meet with the president or Vice President. Youre going to have to get tested on the way into the that meeting. Apparently though, the reporters who are going into those same meetings are not being test ed, at least yet so all the reporters entering the complex are getting their temperatures taken before they can get on to the white house complex, so theyre ratcheting up that level of security around the president and Vice President. Back to you. Not sure they were six feet apart though, sitting around that table, around the president. Trying to figure that out. Yeah. They spread them out a little bit, but not quite enough. Eamon javers, thank you come lg up, health and wellness expert Deepak Chopra discuss how you can strengthen your spiritual well being during this incredibly stressful time. Well be right back. Ow, doing Everything Possible to keep you connected. Through the resilience of our network and people. We can keep learning, keep sharing, keep watching, and most of all, keep together. Its the job weve always done. It is the job we will always do. Why do things that are supposed to make life easier sometimes feel so complicated . Ibm watson is different. Its ai that works on any cloud to help your business tackle problems. From building smarter cars to predicting sales trends to improving customer service. Without slowing you down. The coronavirus outbreak in this country isnt just a health or economic crisis this is a human crisis one that will leave an indelible mark on the national psyche. Joining us now to discuss how well process and just cope with the stress and grief is health and wellness expert, Deepak Chopra thank you for being with us. How are you telling people to process the devastation and the news that we are getting and we are feeling on a daily basis now . Well, the news of course is devastating and social physical distancing and good hygiene, good practices like washing h d hands are hopefully mitigating the transmission ultimately h e hopefully flatten curve and the epidemic slowly disappearing or abating, but in the meanwhile, theres another contagious contagion happening. Its the emotional turbulence, the deep depression and grief people are feeling grief. This is exactly what is happening right now. People are feeling a loss and when people have grief, they go through certain stages fear, anger, resentment, why me, victimization. They get frustrated. And ultimately, they resign and trapped and finally, if they hang in there, theres meaning that emerges out of any crisis so when we say spiritual, it means taking care of yourself right now. Getting good sleep managing your stress meditation mindfulness. Oyoga practices deep breathing healthy emotions like empathy, emotions like empathy, compassion, love, joy, e kwa equanimity and using these technologies to create a whole seek system, for social wellbeing, Financial Wellbeing and emotional and spiritual wellbeing spirituality is not something that we should confuse with religion it just means being selfaware and being aware of your thoughts and emotions and directing both your mind and your body in the direction of selfregulation. Deepak, do you have tips for how people should best be using things like their smartphones, to have the technology we all have today obviously allows us to stay connected to our loved ones despite being limited to our own individual homes for much of the time at the same time it means we are permanently connected to the news flow that often creates the fear and creates the anxiety when we see various death rates. How should people balance being connected to their phones at these times . It is important to be aware of the latest recommendations and it is important also not to be totally obsessed with it. So i personally check the news in the morning and then again in the evening, and i divide my time, focus technology time, and focus meeting time, focused time, and we have that ability right now and also just so you know that your presenter, along with Oprah Winfrey is putting out a 21day meditation to cope with stress in these challenging times. It is free of charge and you can go to Chopra Center meditation. Com to download it. And theres lots of things we are putting out there, the research and how to mitigate inflammation to maximize your immune capacity, to follow simple rules like emotional support of each other through attention, affection, appreciation, acceptance and finding creative ways to actually resurrect our economies. Rate now the Digital World and the virtual economies are actually going to benefit in the long run because we have to find a completely new, different way of doing business, as well deepak, really quickly, how do you think our society is ultimately going to change as a result of this crisis . I think our society is going to be more conscious of the environment, interdependence, global economies and global societies of a global culture. Society is going to focus, hopefully as a result of this on social justice and Economic Justice and sustainability and climate change, all these things are connected, violence, inflammation, stress, climate change, social and Economic Justice, sustainability are things we need to address. We have to reinvent everything yep thank you for helping us cope, deepak, during a tough time. We appreciate the insight and to read deepaks full op ed about all of this you can go to cnbc. Com invest in you up next, uber eats stepping up and helping customers contribute to our Favorite Local restaurants and your daily rundown coming up next but right now, the world needs all the good that we can do. To all of our employees and everyone working to keep america strong, thank you. Time for our daily good news rundown, highlighting positive stories out amid the coronavirus. Uber eats is adding an inapp donate button to allow customers to give extra cash to their favorite restaurants and the Company Matching up to 3 million with an additional 2 million donation also going to the fund the new York City Department of education making three free daily meal available to any new yorker people can pick up the meals at any of the 400 meal hubs on weekdays Colgate Palmolive donating their 20 million in health and Hygiene Products and producing 20 million specially made bars of soap in coordination with the w. H. O. And hbo is making almost 500 hours of programming available to stream for free for a limited time on hbo now and hbo go Services Without a subscription including the sopranos, veep and succession and Reese Witherspoon donating 250 dresses from her fashion label to teachers across the u. S. Teaches can enter to win a draper james dress all great examples. The uplifting thing was the noise in the background there. Did we hear oh, yes samuel, you can come in, up from a nap and very curious every day about this television setup that weve got going on we get to see him, as well. Oh, my god, thats so arc dorable that beats the good news what do you say to the camera grandma and grandpa hes used to facetiming his grandma and grandpa. Samuel, will the markets go up or down next week up or down its that hard to tell. Ma mark santoli will have the answer for us. I am completely in tune with samuel, it could go either way obviously, for this week if you want to just talk about this, it was a low intensity decline and i think the market did not break down or fall apart and it may be digesting that rally from the week before, but very noncommittal at this point i think a lot of people expect this market has to retest those lows and theres the expectation of that mean it doesnt happen for a while and higher levels and thats the conversation that i think is going on right now. Mike, the other point, again, is the functioning of the market which had really improved over the course of the prior week, and there were some signs of stress picking up a little bit there was its pockets here and there. Things are not certainly back to anything we would define as normal and smooth, but i do think that the fed has managed to take away that real intense fear that things were breaking down in terms of the infrastructure and nobids and things like that so i think it is choppy and not that liquid, but so far its certainly off the worst condition. As bob pisani hey, wilfred and mike i just want to say, one other thing to watch and to read is about the innovations that are happening in American Companies to make fast tests and to make them more widely available and to make more ppe available for our hospitals and to make vaccines quickly it is hard almost to keep track of how Many Companies are doing this right now, but that is going to be the solution, and ultimately the turning point in this crisis and while we may have been behind on this, guys, read about these company, many of which weve never heard of before and many are big players like j j and abbott trying to move the ball forward and that is something hopeful and to look for next week. That will be uplifting and Game Changing for markets which ended the week down 2 and much more analysis coming up now on fast money that does it for us on closing bell. Thank you, guys. Welcome, everybody good friday evening and to fast money. I am Brian Sullivan and we are distancing from work and we are never far apart from the markets and the two big stories are the growth of the coronavirus pandemic and the devaluation of the u. S. And global stock markets. We are all over both this hour long weekly the dow down 360 points, off just about 3 for the week an