Welcome to the entire committee. Lets check on the markets first this hour. We have run out of steam the dow is marginally to the down side. Down about 31 points in the red. The s p 500 just about even right now. Flat on the day. Level 2798 there the russell 2000 flat as well. As you can see that steam running oult as we rallied so strongly off the lows that we saw just about one month ago lets go to our Investment Committee with the traders here and perhaps well start with you. Youre the one right next to me in this box. What exactly is happening right now. Have we run out of steam for this particular rally . Well, i dont know necessarily running out of steam is a bad condition markets, generally, when they rally significantly need a pause and that pause is generally a consolidation type of pattern in the markets. I think right now, most investors and most speculators are anticipating a rollover and the concern that identify is a lot of people are positioning for that rollover and losing money because they are not getting it one of the i understandicator t need to watch is the volatility in the treasury market the volatility in the treasury market, particularly u. S. Tenyear treasury that telegraphed the decline we saw through the beginning and middle of march we saw a significant contraction in that treasury market volatility over the last four weeks. Its concurrent with the recovery youre seeing in the equities market. For me, if were going to experience the rollover that every one expects to occur, youre going to have to see a bit of elevation in the treasury market and to put actual numbers to that, dom, one month ago when markets were declining the average weekly range for a u. S. Tenyear treasury was about 75 basis points this week we have a tenyear range of only 11 basis points. We have seen significant compression in that volatility thats a good condition. Its one of the reasons why were sitting where we are as we talk about some of the overall themes playing out, there is a close eye being paid to whats happening with the treasury side of things. Is that resonating with what youre seeing . Is this pause happening as gold prices maybe stabilize, treasury yields start to hover around and colease around certain levels, the safe haven doing what theyre doing . Does this mean its putting us in trading range yeah. Were at the upper end of it that could not contest lows. Were going to consolidate with the lower bias let ntell you why i feel that way. The market is trading like one big bio tech stock it took down a market that had been very strong during the day. Not sure that strength was warranted. Then today when we got the news that cnbc broke about the chl chloroquine trials being stopped because the outcome is death death is bad in any outcome. Lysol was the next recommendation that came out of the white house. Companies are reporting great quarters, some of them the market is not willing, at this point to look through what their guidance is. A couple of examples verizon, lets not take that one because they did lose subscri subscribe subscribers, which isnt supposed to happen if you look at others this reported great quarters its going to be squishy because you dont know when this will end. When you take those stocks down as well as a number of others, thats got to give you pause in the market that we have moved a lot. We have given a lot of credit to this coming out. Its coming out sooner than perhaps we will and normalcy returning sooner than what will happen were not trading down significantly lower but we are hitting the pause button saying exactly what am i paying for at this level and chances are youre paying too much lets talk a bit about this idea that the pause button is being hit because we are in trading range now and will be for a while, its something that could really perhaps benefit those people who take an active approach to managements. We have been talking so long about the prevailing theme for markets being passive investing yet gold mman sachs saying theres better opportunity for stock pickers and the best outcome would be for this market to be stuck in a trading range if that is, in fact, the case. If now the alpha, the out performance will be general rte because people can position in certain stocks and industries. Does that mean its a selffulfilling prophesy ive seen the vix, the volatility index that measures stock market volatility and the s p collapse from a high of 80 plus during the lows we saw last month to hovering around 40 it means volatility is coming down yeah. It has been coming down in a variety of places. The one you site is the broadest and the one that represents the trillions of dollars in the u. S. Market we saw crude Oil Volatility up over 500 its back down to 200 now. Its Still Holding onto gains but stabilization in that market, stabilization in our markets. I do not disagree with joe that consolidation isnt a bad thing. When you get consolidation, you get folks a little more comfortable than when the market is making these incredible gyrations up and down. Youre seeing baby steps youve seen more than baby steps becau because, as you say, its been a whole month we have seen that stabilization coming into the broad market s p 500, dow and even the iwm. It will be great opportunities its one of few times im agreeing with Goldman Sachs because i think the opportunities are absolutely in trading and not in investing at this level lets bring kate moore to this discussion right now. One of the other things that stood out to me in this goldman note, this idea that we believe the main reason why the recent market rally has offered better alpha out performance opportunities than typical ra y rallies is unlike others the rally has not been associated with clear out performance of cyclicals or economically sensitive stocks theres particular stocks and areas that are not just going all up together or all down together is that what you are seeing play out as well . First of all, good to talk to you. I would also say that when we think about the dispersion in the market, we think about dispersion in terms of the cyclicals and within each industry really is great environment for active investor. There are some tactical opportunities if you want to play the range if you want to think about increasing your beta at certain points when the market sells off or reducing in other points. We try to toggle up and down our risks as we look at positions around sentiment and flow. This is also great time for active investors you step away from your screen for a moment and you start asking questions about what the biggest drivers are going to be of the market, of the economy, where the changes in activity will be over coming years, you might really find yourself in a position to Start Building interesting positions in your portfolio that you wouldnt have had an opportunity to do say in january or february. I would say you can be tactical in the near term thats one bucket. At the same time, this is also great opportunity as the market is gyrating in a trading range, to step back and do longer term work about what the big persistent and changes will be in the market. I want to know in your mind, what are those trends, theme, the thesis that you want to develop given that kind of environment that you just laid out for us we have been focused on looking at themes and a couple of major sectors that are well loved. We see a huge amount of Growth OpportunityGoing Forward. Up with of them is in health care we talked about the opportunity for telemedicine and a slightly changed Regulatory Environment after this cooperation were seeing between some of the Health Care Companies and government as a result of this covid19 crisis. I think theres a number of different industry and specific themes within health care. Were looking a lot across Technology Something ive talked about a lot. Were seeing in individuals and Companies Use technology differently. Im really encouraged by the number of new companies that are coming out with Interesting Solutions as we all work from home blackrock has been talking about the fact we have 16,000 employees working in 16,000 locations seamlessly a lot of that has to dowith th investment we made in technology i expect more and more companies to increase their Technology Spend even if they reduce their spend in other places. I see a huge amount of opportunity there. Dont also forget theres other themes and technology around 5g and the speed of connectivity that will be really relevant to the consumer side over the next two years. This is great time to bring in mr. Wonderful, kevin. You deal with all different types of industries. Give us your take of whats going on with the economy. Has there been a change. Can you see from your standpoint the economy here, in the way its played out with the virus changing fundamentally in the coming months and years . I do. I do see some fundamental changes that will permanently impair certain sectors of our economy and boost to the upside some others. Ill give you an example it was clear to us that the government wanted us to sustain the Employee Salary of the snapshot through june 30th thats at the expense of the landlord and every one of my situations, practically 100 , we have asked to push our rent for 90 days. Theres another form of impairment occurring this one will be long term what we have noticed in operating remotely in all of these companies now for almost over two months is we can do it very efficiently after having spend new licenses on new technologies and upgrading Internet Connections and all the rest of it what were planning to do across the board is cut our use of office space and retail space by around 30 on average hoping to get another 7 to 11 cash flow right across the board because we learn frds the Employee Base there are many that are taking care of elderly parents or raising children or they just want to stay home and they dont want to commute. We dont care. The opportunity to save money on rent that we never needed, although could never test, nobody would have ever done this to a business. Blew it up and moved everybody afar and work remotely unless they were forced to and we were. Now we can save a ton of money will be a new america emerged from this. Not for real estate. That will be permanently impaired i see the cap rate on triple a towers in new york and boston going up because they will have to retrofits with all kinds of hazmat air systems, put cubicles everywhere whoever wants to get on an elevator with a hundred people again. Everybody will turn into howie mandel when this is over you want to sell your reits. That was a core holding for a long time. The other thing ill say about the trading range that i have come to live with is theres only one index to live with. It occurs between 12 noon and 3 00 every day everybody watches new york its a giant cruise ship stuck on a rock, 75 stories high and the virus is causing havoc even the traders and the Sovereign Funds in the middle east are watching the index. The entire world indices trade on the optimism of cuomo in new york or the pessimism. When you want to see recovery, it was the first green chutes of cuomo talking about stabilizing outcomes in new york city. Well learn first in new york when sports open we will learn everything watch that its interesting that you bring all these up and especially because later on the show youll want to Pay Attention because we have the ceo of agre realty his commercial trust deals with that space that stock is up about 15 so far this year. Well ask him why thats happening. Keep it right here lets bring in the chief Investment Officer at lockwood advisers lets talk a bit about kevin brought up this idea of permanence versus temporary. Theres some things that may change permanently regard with behavior and some things that may revert back to the way they were years ago lets talk about your view of this is anything temporary or permanent with regards to the investment themes Going Forward. In addition to all the things that kevin mentioned, who will want to sit in the middle seat on an airplane ever again. Who will want to go to a Movie Theater . Who will sit in another crowded theater for a concert . All those things are things well have to deal with. I think those things are real. We will focus on the kinds of things we can measure as to the difference between temporary and permanent. In the latest payroll numbers, we had only the first glimpse of the types of labor damage that well see to the economy which was 700,000 jobs or so lost. If that given an idea of the magnitude of temporary versus permanent, it might help us. We have looked at dividend futures which is also very interesting because that market is predicting it will take Something Like ten years to get back to the dividend levels that we were at before the crisis that is on the order of world war i or the great depression. It will take us quite a bit of time to get back to where we were before. Dividend futures in the Great Recession of the 2008, 2009 period, took only three years to get back that is an idea that some pieces of the market are really predicting a much more long term recovery and i think that points to the idea theres going to be some real permanent dislocation to capital labor resources in the economy. Thats an interesting take there. Lets bring it back to our investment economy here. As we talk about some of the bigger moves happening with the marketplace, steve weis, ys, you made a number of portfolio changes. Take us through what you did and what the reasoning behind it was. The reason behind it was is what join pointed out is you have to take what the market gives you and there are phenomenal Trading Opportunities in this market both on the long side and taking profits when the market gives you too much. For example, i sold quarter, before the comments were made by cornell. Sales are going higher but so are costs. They will be selling a lot more lower margingood it was an opportunity to go and buy it and trade around it ive been lowering exposure mode im comfortable where i am in the margin trading around it. I want to address a couple of things that have been said kevin said he sold all reits all are not created equal. If youre saying youll use less office space, you may need more apartment space. Particularly, if you want to put an office in your apartment. You have to look at apartments maybe theres an opportunity there. I know when joey will come on and talk about, his reits arent going out of style hes been signing up business. Walmart, for example, because it depends on where you are walmart, walgreens, lowes, theyre going to do quite well in terms of the theme im looking at, ive been consistent with this. 5g everything that was spoken about is 5g related. 5g was on a nice ramp before and soc some of the commentary has been skeptical. Thats why 80 of my portfolio is in 5g related stocks. They have been reporting very good numbers there are opportunities for a long term stand point. In terms of dividenddividends, t know ibm, great example of that kate, lets get you back in here with this given everything we heard from steve, there are places then of relative kind of out performance. If something kind of lags behind, its because somebody else is benefitting. Its not necessarily a zero sum game there are pivots and movements happening. Lets take us through what types of companies are the ones who could benefit given some of those im not going to call them seismic or techtonic but they are changing happening. The debate has been whether or not value can outperform or the cyclicals lead we have said there are a couple of characteristics around companies that will be the most important Going Forward even if we start to get better Economic Data or return to some level of normal activity. Not 100 thats a long ways away. Once we start to see live concerts again, ill be pretty excited to get out to see some of my favorite bands those companies that do have some level of visibility, even if they cant get hard and fast number, i think will be rewarded the second characteristic, like Balance Sheets matter. I think the quality of your Balance Sheet and how youre managing your cash, some of the moves they might be able to make, some of the Portfolio Companies and maybe in some case expanding markets, that will be critical i think analysts will be very, very focused on the quality of management teams how are management teams commune indicating what are the decisions they are making and how strategic are they being and what is otherwise fairly challenging operating environment. Those are the three characteristics that will differentiate compancompanies. The Balance Sheet theme has been brought up countless times. Joe, how much more are you looking at balance street strength, Balance Sheet health, debt to equity, things like that when it comes to the portfolio moves youre making and, if so, what kind of moves are you making that defines quality. Its a company that could withstand the absence of buybacks in a world looking forward that will significantly reduce the buybacks presented to the market and its company nas have a fast visibility to a return of earnings growth. Its a sector im focusing on and thats Health Care Health care in my exposure there is the etfs, the xlv i have abbott labs identi ive increased significantly the exposure the Consumer Spending will be resilient. The Balance Sheet is strong. Health care offers Something Else as a sector thats critical now. If you define the six sex tctor that are outperforming the actual s p, except for technology, five of those sectors have a lower beta exposure if you look at the sectors that are under performing, they have the higher beta Exposure Health care in its nature and construct defines all the qualities that youre looking for right now and its kind of a forgotten sector and its becoming important in term of relevancy again. Thats where im finding opportunity. Matt forester, one of the things that caught my eye this morning reading through all these notes, jeffrey is talking about the great reset. They say next opportunity for sharp market rerating lies in the discovery of a proven cure vaccine which under the most optimistic assumptions is months away the timeline on the roping re g remains certain. Do you agree with that were worried this will take quite a bit of time for us to actually reset the economy i think well get more buying opportunities. A lot of the trends in tact prior to the crisis is still going on we see these trends and i would question whether or not those are going to change. We see that on the macro size. We see the outperformance of the u. S. Dollar. The dollar continues to remain strong we have also seen some element of these factor sprentrends thae continued to stay with us. They have continued with us afterward. All right great discussion there thanks to kate moore at blackrock and matt forester. Coming up, a ton of earnings out next week. You have apple, mcdonalds, star buck, microsoft, the list goes on and monday, dont miss double line ceo Jeffrey Gundlach. Were back in two minutes. Theres tv. And then theres x1, featuring the Emmy Awardwinning voice remote. All the apps you love, including netflix, prime video, youtube and hulu. And the most 4k content. The best Entertainment Experience all in one place. There are times when our need to connect really matters. 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When they say its in china, just assume that virus got on a plane this night and flew to new york or flew to Newark Airport and its now in new york that has to be the operating mentality. The food and Drug Administration is cautioning against prescribing hydrochloroqiine to hospitals or clinical trials. Were learning a study of both drugs was stopped early after more than 20 pashtients died. Cardiologists have been warning about the drugs heart risk as the president repeatedly touted the drug for a remedy. Neiman marcus could file for bankruptcy as soon as sunday sources tell cnbc the retailer is in talks with its current lenders about 600 million in emergency funding. Theres a lot going on on the coronavirus front. You can get more by going to cnbc. Com back to you. Thank you very much for those headlines. We have a big week of earnings coming up its the busiest week of earning season 140 s p 500 companies. 12 of them dow components will report you have microsoft, apple, amazon, facebook, caterpillar, starbuc starbucks, boeing. I could go on and on they are all set to report next week the busiest season of earning season so far. John, what kind of things are you seeing out there right now in the market, in the Options Market ahead of what will be the busiest week of earnings and for some of the biggest names in the stock market several of those that you named. Microsoft, big upside call buying in facebook in apple, its not as large, its at the money. Its more of not so much a leap, dom, but a stabilization and a moving higher in smaller spurts over at apple. Almost none of that is to the down side. There was big speculation at the top of our show before that news broke about gilead that was definitely acted on by a whole host of players. As far as positive, take a look at zoom. It literally zoomed to another all time high. 300 Million People a day were on this thing back april 22nd, just two days ago. Thats up 100 million to people using it before that people were jumping all over upside calls before zoom, zm they were buying the may 170 calls. They already tripled in value in one day. Its interesting. You bring that up because you talk about the zoom numbers. Theyre on track to become surpassing the biggest social media platforms out there in terms of active users and whatnot. The one thing that has happened because of all this internet traffic is the focus on cloud commu computing and the Cloud Infrastructure that enables all of it. Youve got microsoft, amazon, alphabet all playing in that space. What exactly about some of these bigger cloud type players and technology has got you excited or maybe not as excited and what Earnings Report next week is top on your play list this coming week whats top is apple and amaz Amazon Microsoft is one of my favorite stocks i love subscription models i love what they are doing in terms of their business. How they roll out more product we switched over to their one driver from another product. We love it its fully integrated. That will be very interesting one that i would say out of the headlines more so than other whats driving both, amazon or what will be a big part of it because they made acquisitions there is 5g. That will power the cloud. Looking at some of the smaller companies. It will be a little week in if that stock gets hit, ill come with with both hands to buy it thats where you get the opportunities. Joe, amidst the busiest week of earnings season, all of those names are all headliners theres no undercard here if more of these stocks what has you salivating right now, so to speak, about how to play this. What Company Stands out to you this is the strength of the equity market whether its amazon or mike microsoft or starbucks or mcdonalds. Its the strength. Facebook again, we talk about this predetermined notion that markets should be rolling over im not so sure you want to place that wager ahead of the strength of the market reporting. I think youll be hearing from businesses that seem to be able to survivor e in a difficult and challenging environment. I think it will be a lesson there. House is it that the companies are thriving how are they able to navigate their Business Model looking forward. I think it will be extrapolated from the strength of the equities market presenting earnings next week those are key points to watch. We know many investors are trying to Pay Attention to some of the commentary coming out of these Earnings Reports especially from the ceos and chief final officers kevin, tii turn to you. What would you be looking for in the come week to give you an idea of what the state of the u. S. Economy or even Global Economy writ large is . In theres ever a quartzer or earnings publishing printing to take thats mattered less, its this one this is back waward looking in every way. I dont think the market is trading on these earnings. It will be some good ones from microsoft. They are the beneficiary of that all afternoon the world. These earnings have no impact, in my view, on whats going to happen if youre an institution or Sovereign Fund i talk to these guys every day, your bogeye is 5 or 6 a year. The mothers milk of those were long bonds the ten year is yieldsing 60 basis points theres nothing to do with that piece of paper anymore youre bias is the go Long Companies that are paying out 2 to 3 dividends you just dont know when thats going to happen. When you pour two trillion, 2. 1 trillion and another 2 trillion into this market from a helicopter, because its basically free money you have to start to worry about something we havent dealt with in decades its called inflation. Long duration assets like utilities, like reits, like Long Duration bonds are going to become toxic waste if inflation show up. That is not apartment reits. When unemployment skyrockets you cant raise rates on people while your head is being squeezed by the Long Duration nature of reits. I dont have any of them real estate is one of those place where is that debate is playing out full force thank you very much. John is tracking the action in the Options Market dont miss his latest trades in unusual activity coming up, the stand out stocks in the Communication Services sector this year. Its all about fun and games as we head out to break, take a look at the s p 500 sectors. Fairly evenly split among green and red at this point. You can also watch or listen to us on the cnbc app on the go, anywhere halftime is back right after this life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. However, there is one thing you can be certain of. The men and women of the United States postal service. Were here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way. Every day, all across america, we deliver for you. And we always will. Weve worked to provide you with the financial strength, stability, and online tools you need. And now its no different. Because helping you through this crisis is what were made for. Welcome wac back this sector focuses on communication ervices. A very wide array of industries. Its been a market performer, as you can see there. Would you believe it if i told you that among the big names in communication service, the real out performers have been in video games and video game publishers take a look. You can see clear out performance from the video game makers its one of those themes to watch in a sector thats filled with Companies Like facebook and netflix and other big internet names as well. With that in mind, jon, i go to you. Communication service s one of those maga type particular industries, sectors that we like to look at are the video game makers appealing to you or are there other places in Comm Services that get your attention more in. Well, nintendo is, dom. That one had seen an explosion on the internet ever since we had this lockdown. So has sony with playstations and so has xbox chwhich is microsoft. I think the play there continues to be with kid, in particular, or say younger adults, stuck at home a lot more, theres an awful lot of playing on these platforms and nintendo has been the clear winner here and its the pure play in that both the platform as well as the games that they have xbox and sony are there but those are Big Companies with a lot of different leveres theyr pulling. That where ill go, nintendo let me follow up for some of the unusual activity youre seeing now whats caught your eye with regards to whats happening in the Options Market two real quick. First one, tlt this is the bond etf and were seeing with that etf trading just under 170 now noii notice it moving throuh 170. Theyre buying the 180 calls doesnt mean they think it will get up to 180 but they are paying a little over a dollar for those. I bought those today ebay this is a down side play somebody buying puts the july 38th with ebay trading at 39. Theyre just under where the market is here they paid about 2. 50 for those puts and bought about 5,000 of them tlt long term treasury bond etf as well as those shares of ebay thank you very much. Coming up, we have the ceo b of agre realty how is this Real Estate Investment trust weathering the volatility in the markets . Thats straight ahead. Welcome back as some parts of the country start to reopen for business, the question shifts to how quickly consumers will come back to the economy joey agree the ceo of a company with nearly 900 properties in the United States. He joins us now on phone right noi. Joey, thank you very much for being here lets talk first about just how bad it is in the commercial Real Estate Market given covid19 good afternoon. I would tell you its obviously this is a pandemic and a crisis for the entire country our tenants took a broad approach to not paying rent. Unlike other landlords, were the opposite of a Shopping Center or mall, our tennant obligation is very clear its to pay their rent obviously the consumer with Discretionary Spending is far off from norm. We have a very clear obligation of our tennants. Theres a difference between walmart, best buy, best buy, tjmaxx and the other lower tiers but not able to pay the leases and the rents like the way walmart possibly can what are you doing as a Real Estate Investment trust to assist them or trying to stay in business so i tell you, with 900 properties, we have very small mom and pop retailers and focus on longterm retail winners in ecommerce world that we live in today. If we have a small mom and pop tenant without a private equity sponsor in the portfolio were willing to work with them to get through this pandemic and this Health Crisis but at the same time our portfolio is 60 is Investment Grade retailers and the top operators of the business here so were looking to context of the portfolio. There is a theme to explore for a few weeks now with record to covid19 and the types of temporary or permanent changes happening to an industry what are the permanent and temporary changes happening to real estate . Temporary changes are obvious, Consumer Spending drops significantly. I think what is more important to stay true to the pandemic and by no means a v or ushaped recovery but to see Retail Real Estate and Consumer Discretionary spending and also necessities and where those dollars are going to go and given the backdrop of commercial real estate for ten years with one of the strongest economies we have had and a strong consumer, were basically seeing the exact opposite in this pandemic and now staying true to the pandemic into what could be a retracted recession, where the dollars go and what retailers make it through the pandemic and live to survive, we are focused on the retailers that not only survive but thrive in this environment. Steve, you brought up real estate prominently earlier on in the show how do you feel . What would you be asking a guy like joey . Well, full disclosure, i bought more when it dipped a little bit and i have owned it for a while. Joey, youre obviously seeing opportunity. You raised a lot of capital just over the last few weeks, an incredible amount of capital where exactly do you see that in terms of regionally and in terms of the type of retailers that you are going to take on and is there part of that question, is that from the walmarts and the walgreens and the lowes saying we want to put more stores up youre correct. Nearly 6 million in april we have the ability to execute on well over a billion dollars of acquisitions with a conservative best in practice Balance Sheet. We are braced for a dislocation and think the lack of liquidity, impaired cost of capital to provide us additional opportunities with those walmarts and the best buys and the tractor supplies, National Battery and tires and the cost of capital, our tenant relationships and the ability to execute with the great team that we have is really going to put us in a very unique position here. Kevin, lets have you weigh in here. What would you you would ask agree realty something based on your view of the economy what is your thought what would you ask joey about this i do have a question for you, joey we were about 16. 5 online sales to consumers exautos coming out of this, say we are locked down to i cant guess when no one can i think somewhere between 20 and 25 . Im seeing this happen right now with my little portfolio of 50 companies of which half the sales retail moving to an online direct to consumer model speaking to your thesis, if all of a sudden walmart says to you, an aaa, you know, tenant for sure, look, we dont need a million square feet of retail space but half to be a Distribution Center right on your lot and youre going to pay the capx to convert it, will you do that for them its a great question we wouldnt pay the capx in that situation the tenants are longterm duration our pipeline and focus is heavily focused on the brand name retailers that frankly brick and mortar retailers that cannot be disintermediated by the strategies that will compliment the physical store. To your point, the 16 online is very interesting to see what that retention rate is and how that impacts different sectors and tenants. For example, this company is 1. 5 ecommerce grocery penetration. Great britain at 6 prior to this pandemic. What the Grocery Delivery Services are seeing is to penetrate probably the most difficult demographic segment in the country an thats my parents who dont want to shop online and want to go into the store and touch the vegetables and go to the deli counter. It is a different world to emerge from. I think the other piece of the equation, we are going do see significant contraction in gla in this country with 24 square feet per capita of retail space in this country today. Canada has 16 square feet per capita so we are all of that Consumer Spend goes is not only online but it is to the best and the brightest retailers and thats what were focused and what we have been focused on. Big things to watch joey agree, ceo of agree realty, thank you for joining us today good luck with the covid19 pandemic, as well. Ras d got final tdean thoughts straight ahead. Keep it right here after this commercial break when we first opened our doors, it didnt take us long to realize. We werent in the car business. At lexus, we were in the people business. We needed to be helpful. Respectful. And compassionate. To treat people like guests. Its what we all signed up for. And now when people need this most, we will do what weve always done. Take care of people first. The rest will follow. Has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Breaking News Coverage continues tonight on cnbc with markets in turmoil 7 00 p. M. Eastern time on monday on the Halftime Report dont miss Jeffrey Gundlach on the Halftime Report. Joe, to you first. Dom, im going to go with bio tech etf xbi. All right now lets go to jon najarian. Gdx, still love gold. I think it goes through 2,000 pretty quick. To you, mr. Oleary. Docusign. They got you by the signature if you use it once. Steve weiss joe had a great call on the xbi. Final thought, is im going to wait for more of a dip leer and be opportunistic when stocks are crushed. Thank you guys very much. We appreciate it kelly evans now picks up the breaking News Coverage right now. Thank you, dom hi, everybody. On this friday, welcome to the exchange. The markets are limping to the finish line after another exhausting week and the biggest week of earnings for next week the major averages are pace for the first down week out of the last three we were up nearly 200 at the highs. Nasdaq up. Crude is closing out the week as a teenager its just under 17 bucks a barrel but that big winner after going negative crude today up nearly 3 it is better than minus 36 which is where the may