Transcripts For FBC Varney Company 20240713

York have been discharged. Meantime, italy seeing its lowest number of deaths in more than two weeks and that is helping the market this morning. A strong rally in store as investors begin this holiday shortened week with some optimism. As you can see, the futures up, the dow up 788 points, the nasdaq and s p all well above 3 . It is a different story, though, for oil. Even with hopes of a deal between the russians and saudis, we still have a glut of oil because, well, no one is using it. Oil down, as you can see, down nearly 5 at 26. 94. Meanwhile, questions begin over whether to reopen the economy, when exactly. That will be a political decision as well as a medical one. And President Trump warming to the idea of a second task force whose job would be reopening the economy. All of this while the need and scope of a fourth stimulus package is also being discussed. Hello, everyone. Im Ashley Webster in today for stuart. We begin with your money. Joining us now, economist john lonski. John, thank you for being here. Does this rally today, based on some more optimistic news, could this mirror what we see once we get through the virus and come bouncing back on the other side . Without any question. We are at a point now when i go back historically and look at the beating the market has taken, where the vix now resides, 12 months from now, by april of 2021, we could be looking at a yeartoyear advance for equities in excess of, well, in excess of 20 . Im being conservative there. Of course, all of this assumes that we manage to reduce covid19 related risks sufficiently. That remains the big question mark. Ashley it does. Whats your thought on that . When does the economy essentially reopen . I know its a tough question. What are you thinking . The question we have to ask ourselves is how much longer can we afford to pay this very high cost of trying to deal with the virus. To be perfectly honest, right now, what we are trying to do is we are engaging in social distancing, primarily to give the hospitals, the health care professionals, a chance to deal with this problem before it just gets out of control. We dont want hospitals to be overrun with new cases for covid19, so the idea is keep people apart, flatten the curve. Youre not going to eliminate the virus but at least you will lessen the burden its placing on the health care system. It very well might be that come the month of well into may, we could perhaps slowly begin to reopen the u. S. Economy, slowly begin to normalize it and hopefully begin to make some progress so that we will actually see an increase by Third Quarter real gdp that would come this summer. Ashley right. May would be good. We have to wait and see. John, thank you so much. Stay right there, if you can. I want to bring in lauren sim simonetti for news on boeing. Lauren this year, boeing is down over 60 . They have now extended the temporary suspension of their seattle area factories that makes planes until further notice. It was two weeks and now because at least 100 of their 160,000 employees do have coronavirus, they have tested positive, and also worried about their suppliers. They have extended those closures in the seattle area indefinitely. One final thing, boeing will update tomorrow their orders on deliveries, as you know the travel market is essentially dead in the water right now. Jpmorgan expects boeing to deliver just 60 max jets from the grounded backlog for all of 2020. Thats not good news. Ashley yeah. No, its not. The last 15 months for boeing have been an absolute nightmare. All right, lauren, thank you. Lets bring in susan li. Susan, interesting story. A big admission from the ceo of zoom. Susan he says i really messed up and this is after, of course, a lot of these zoom bombing attacks. The fbi has warned that conversations could be hijacked. You have 27 attorneys general raising questions about the privacy and the security of using zoom. Also, elon musks spacex and tesla have now dropped using zoom because they dont think its safe. We have heard numerous accounts of what they call zoom bombing which is these conferences and calls being hijacked so you have hate speech being uploaded, pornographic imagery as well that surprised a lot of people on a lot of these conferences. Zooms ceo saying i really messed up, im going to work on this, try endtoend encryption although that wont be ready for the next few months. Zoom hosts everything from classes to professional linkage and discussions in the corporate environment and its gone from ten million active users to 20 million active users. Some are saying they will not use zoom going forward. More than 1800 schools across the citys five boroughs will not use zoom in the future. The stock is up 100 since the start of this year. Ashley yeah. Its their moment to shine. Its not a great time to mess up. Thats for sure. All right. Thank you so much. Appreciate that. Lets get back to the medical side of all this and bring in dr. Kate tulenko. Doctor, thank you for being here. I want to get to this issue of face masks. The cdc recommends that americans wear face masks voluntarily in public. If i go walk my dog or just want to walk down the street and back, should i be wearing a mask . So whether or not to wear face masks in public depends a lot on the type of housing you live in and the density of your neighborhood. If you have to pass through a shared corridor, stairwell or elevator, i would definitely recommend wearing a mask because we are now finding out the aerosolized virus can hang in the air for three hours or more. As far as Walking Around your neighborhood, if its an urban area where you will be passing a lot of people, definitely wear a mask. If its a more residential, rural area and you can stay well out of six feet range, you dont have to wear a mask. Of course, if you enter a store, you should definitely wear a mask, because the whole issue is that of ventilation and the aerosolized particles being able to be swept away. Its also important to note you need to be very careful when you remove your mask not to touch the outer side because thats the side that might be infected with virus. Ashley so a lot of people cant get their hands on a mask, so how effective are the homemade remedies, bandannas, scarfs that cover your nose and mouth . Are they really realistically effective . So our Research Institutions are now studying these homemade masks and they are less effective on protecting you from virus, but they are more effective in protecting other people from you. So the idea is that my mask protects you, and your mask protects me. So wearing a bandanna could definitely help protect other people you come in contact with. Its definitely worth doing. Ashley Something Better than nothing. Dr. Kate, we have been asking our viewers to send in their questions and here is the first one. Sharon asks what overthecounter meds really help them . Do they use tylenol for the fever, cough medicine, soup, tea . The viewer says we are concerned there wont be enough meds to help people. How effective are those meds, essentially . Certainly for a fever, tylenol will help. There is some concern about ibuprofen, it might upregulate the receptors the virus uses to get into the cells so we are asking people to avoid that. This is more a theoretical concern than something thats been directly observed. We do know theres a shortage of medication is in the u. S. Both hospitals and at the pharmacy level. One important thing to do would be to use the defense production act to ensure that we have adequate supplies. For other medications such as chloroquine where people are thinking it might work, we need to have a stock taking, because whether or not physicians prescribe it on an outpatient basis depends on the stock. If theres an adequate supply, we can try and use them more for the general public but we have to know what the supply is and we just dont know that right now. Ashley try and get one more in. Ken writes on facebook, he says i notice three cars ahead of me at the traffic light were each stopped about six feet apart. Is that taking social distancing too far . I think when you are in the car, its not a concern. I think you can maintain a regular distance with a car. Absolutely. Ashley good. I have to get this in. A tiger at the bronx zoo testing positive for coronavirus. A, thats absolutely surprising. B, why are they testing a tiger . And does this have any implications for domestic cats . Are they more liable to contract it and pass it on . So we do know dozens of different types of animals can get the family of coronavirus from camels to bats to civet cats and birds. We are now seeing in this outbreak domestic pets such as cats and dogs getting the coronavirus. I think as far as action, your viewers should make sure they wash their hands before preparing the animals food and they dont let that animal lick their face. On the tiger, thats a bit of a puzzle because theres no shortage of tigers in american zoos but i guess somehow they were able to get access to the test. Ashley we have to leave it there. Dr. Kate tulenko, thank you so much for joining us. Appreciate your expertise. Lets take a look at the futures, if we can. They are pretty impressive. We are about 20 minutes away from the opening on wall street. The dow up 779 points, up 3. 75 . Same story on the s p and nasdaq. Lets see whether that, in fact, turns into reality. Meanwhile, Small Businesses lining up for loans through the federal governments new program which may be extended. Those details coming up. Plus, italys daily coronavirus death toll drops to the lowest in two weeks. Newt gingrich is in italy. Hes on the show next hour. We will get an update from him. And joe biden criticizing the president over his handling of the virus. We will have exactly what he said coming up after this. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Mortgage rates have dropped to all time lows. Which most pills dont. By refinancing now, you can save 2000 a year. And newdays va streamline refi shortcuts the process. Veterans can refinance with no income verification, no appraisal, and no out of pocket costs. One call could save you 2000 a year. o to help you stay informed just say coronavirus into your xfinity voice remote to access Important Information and special reports from around the world. And to keep your kids learning at home, say education to discover learning collections for all ages from our partners at common sense media, curiosity stream, history vault, reading corner and many others. For more information on how you can stay connected, visit xfinity. Com prepare. Ashley lets get to some politics. Rnc chairwoman Ronna Mcdaniel joins us. Good morning to you. Okay, joe biden making some bold claims about the president s Coronavirus Response. Listen to this. Look, there are a few things he can do. He can immediately fully implement the defense production act, which i and many others called for a long time ago, and hes just getting under way with it. Theres still no defense supply act production act for gloves, masks, all the things First Responders need. Weve got to save jobs. Weve got to save peoples businesses. We have to exponentially ramp up testing. Ashley you know, let me just say its easy to snipe from the sidelines in such a difficult time and lets face it, joe biden needs the attention. He also needs to do some fundraising. What do you make of his comments . He also needs to get his facts straight. The president has enacted the defense production act but a lot of companies have stepped to the plate and said were going to help anyway so they havent had to use it. The president s ramped up testing. We passed a million tests in this country. We are testing day. The president passed the rescue package to help Small Businesses. Joe bidens finding ways to nitpick from the side and be critical and i think joe biden more than anybody recognizes that in a time of crisis, we should rally around our president and we should be doing everything we can to help our country instead of focusing on the petty politics of a campaign. Ashley and ronna, biden not the only one with criticism for the president. Lets listen to what Bernie Sanders is saying. Take a listen to this. It goes without saying that this crisis has been exacerbated by trumps initial downplaying of the crisis, his many inaccurate and misleading statements, and his inability to respond effectively to the dimensions of the pandemic. As a result, tragically, many, many lives will have been lost. Ashley so Bernie Sanders essentially accusing the president of having blood on his hands. So unfortunately, this is what we are seeing from the democrats. You have already seen them open an investigation. You have seen nancy pelosi use that same rhetoric. We are seeing their playbook. They want to blame the president for a Global Pandemic thats affecting the whole world when he shut travel to china down in january, when he was called racist and xenophobic by democrats for doing that when the president declared it a Public Health emergency, bringing on people like dr. Fauci and dr. Birx, and hes communicating with the American People every day. It is disgusting. To see democrats trying to politicize and go against our president in a time of crisis. You know what . Put down the mic, go over to the cdc and make sure you are working with the president hand in hand like other democrats are, like cuomo, like newsom, who are in this together, because this is an american crisis. Its not a republican or democrat crisis. Thats how the president s treating it. Democrats are going into that rhetoric already. We will see more of that come november. Ashley a whole lot more. Thank you so much for joining us this morning. We are moving on. We got a big rally on our hands with the markets opening up in just under nine minutes from now. As you can see, some of the work from home stocks we are putting up there, we like to keep track of these, zoom video down 11 because their ceo says i messed up, people are zoom booming and putting inappropriate material on the zoom video conferences. Thats not good. As you can see, the futures up 818 points on the dow, the nasdaq up nearly 4 , same story on the s p. Very nice indeed. Can we bring in Edward Lawrence to talk about Small Business loans . Reporter hey, ashley. Ashley how you doing, edward . Listen, we know the line has formed. Theres a lot of businesses out there desperately needing money. Hows that process going . Reporter you know, there have been some hiccups in it but we are talking about a lot of money here so already, 17,502 loans have been written or processed on this for 5. 4 billion. This is a massive amount. As banks have opened at 8 30 today, this morning, there will be more. That number is expected to explode later on today at some of the big banks, as they start to process and send through their loans. This has mainly been led by Community Banks but i can tell you wells fargo now saying they are accepting no more applications as of last night because they said as a company, they want to just give out 10 billion worth and the applications they currently have are at that level. So they are not going to participate beyond the 10 billion at this point. Bank of america, jp chase still working through the kinks coming online. Bank of america allowing those loans only if you have an existing customer as well as a credit card with bank of america and Jpmorgan Chase doing their due diligence. Thats why its taking a little longer to verify that each Small Business is actually who they say they are. Again, the federal government pushing this program, expecting it to explode later on today with the numbers, as they go up to that 350 billion that they have available for Small Businesses. This is a lifeline for some Small Businesses and they are really looking for it. Ashley . Ashley yeah. Great stuff, edward. Thank you. As you can see, the bank stocks in premarket, all nicely higher as people line up for those loans they so desperately need as the economy is shut down. All right. Lets try we mentioned this at the top of the show, some perhaps light at the end of the tunnel though i always wonder how long the tunnel is. A sign of hope. Susan, coronavirus deaths in new york are now down, is that correct . Susan we are looking on sunday, 595 coronavirus deaths that were being reported. Thats actually less than what they saw on saturday when 630 people died of coronavirus. Also, if you look at the hospitalization rate, a very interesting chart andrew cuomo, the governor of new york state, put up yesterday and that means hospitalizations, try saying that so early, right, is half the rates. We are looking at 500 people that were hospitalized compared to 1,000 cases the previous day. Thats half the rate. Thats very, very promising given we are looking at 122,000 cases across new york state itself. Italy also looking at its smallest number of deaths as well in the six weeks they have been trying to get over this epidemic. So there are some green shoots around the world. Ashley yes, hospitalizations. Its not an easy one, believe me, at any time of the day or week. All right. Susan, thank you. We will take a quick break before we get going on wall street. We are expecting a gangbusters open. You can see the futures pointing the dow up more than 800 points, close to a 4 gain. Well be right back. Announcer wash your hands. Avoid sick people. And touching your face. There are everyday actions to help prevent the spread of respiratory diseases. Visit cdc. Gov covid19. Brought to you by the National Association of broadcasters and this station. Ashley all right. Welcome back, everybody. Markets opening in less than three minutes now. Lets bring in Keith Fitzgerald all the way up there in the beautiful pacific northwest. You know, before we get to the markets, seattle was the very first place that the coronavirus was confirmed. You are at least two weeks ahead of us. How has life been in seattle right now . Well, i tell you what, its still very much a ghost town. People are finally behaving themselves and social distancing. The emotional impact seems to be focused more on the light at the end of the tunnel than the onset of a very dark time. So thats actually extremely encouraging as far as im concerned. Ashley yeah. With that in mind, we know the first and Second Quarter are going to be very very tough. Are you a little more optimistic now about the Third Quarter and the Fourth Quarter . Definitely, i am much more optimistic. A couple things are going on. Number one, we have formative cures being worked into the pipeline. We have release statistics, healing statistics beginning to come into the headlines. Third, weve got peoples emotions actually shifting. So if you look at how the markets reacting as evident by today, volatility is going down, buyers are starting to come back in, that is a good thing even if we havent seen the bottom yet. Ashley we are a consumerdriven economy. I often wonder as a result of this, keith, have Consumer Habits changed forever . I think thats a fair question, and i think they have. People have discovered how to shop at home. They have discovered that they can get what they need, more or less. They have discovered that they can really live their lives in a very different format. I think we will see a shift away from cash. We will see a shift to online shopping. We will see a lot of the kinks worked out in the Home Delivery which we are using right here in the northwest every day. Ashley we are seeing this nice bounce in the premarket, based on some more optimistic news about the virus here and in europe, for sure. Is this kind of a forerunner of what we can expect once we get on the other side of this thing . To my way of thinking, yes, it is, ash. Because volatility works both ways. It tends to be very sharp to the downside but when the programs come in, it can go ripping higher just like it did when President Trump was actually elected. Ashley we like that. Ripping higher, about 20 seconds away now from getting the bell going on another trading session on wall street. Of course, theres no one actually on the floor. Its all electronic trading. There you go. The bells ringing. No one is smiling. We are all in this together. Flatten the curve, thats the sign outside of the nasdaq as that clock counts down. We will be off and we are expecting a lot of green at the beginning. All the major sectors showing they will move higher based on hopes perhaps the areas hit hardest by the coronavirus are starting to see a downward trend of new cases and deaths. That is very encouraging, of course. All right. Lets take a look at the dow. Bang, up 900 points, up 4. 33 . The dow closing in on 22,000. The nasdaq also up 283 points at 7656, good for a near 4 gain. Same story on the s p, up 97 points, up nearly 4 on the s p. There you have it. The dow starting off very nicely. Lets look at some of the stocks, if we can, go through the sectors. We like to check these whether its big tech, airlines, grocers, you name it, we will take a look at them because so many have been so beaten up. You know, lets have a look. Zoom video communications, this is one we were talking about earlier. Susan was talking about this, down 12. 5 . Its been on an absolute tear because of course, so many people are using the product as they are stuck at home, using the the Companies Using these zoom video conferences. However, hackers have gotten in, its called zoom bombing, and that has been a major problem with a number of companies and School Districts saying we cant be using this if its going to be hacked. The ceo himself saying i really messed up. Thats what you get when you do that. You are down 13 on zoom video communications. All right. Lets have a look at boeing, maybe. There you go. How about that. Also, they are continuing to shut down production but the stock itself up 6. 5 . Boeing at 132. 76, good for an 8 gain today. Apple, we want to talk about apple, helping Health Workers on the front lines. They are donating a lot of masks. Right, susan . Susan Million Masks sourced from around the world. Originally it was ten million a week ago but if you are apple with a large, complex Global Supply chain, you can find 20 Million Masks somewhere. Also, they are starting to make shields, face shields for front line medical workers. I call it the eye shield but thats not apples words. So these will be delivered, they will be making one million each and every week, already delivering one million last week with the Kaiser Hospital group in santa clara, the first to receive them. They will be making a million each week as well. 20 Million Masks, 1 million face shields each and every week for front line medical workers. Ashley great stuff. Eye masks, eye shields. Good stuff, susan. Lets take a look at disney, if we can. They face some backlash over charging park pass holders fees. Whats that about . Lauren well, disney parks have been closed since march 15th so should you be charging people the annual pass holders Monthly Payments for something they cant use . The answer is no. So now you will be refunded for any payments that were taken from your account from the 14th of march until the 4th of april and you wont be charged going forward. In addition, disney workers, nonunion employees who work at disney theme parks, their furlough starts on the 19th of this month. Ashley all right. Let me bring in Keith Fitzgerald on disney. You like disney. I was reading an analysts report over the weekend that said if it ever gets back close to 90 bucks again, it is a screaming buy. Whats your take on disney . You know, i would agree with that. But i tell you what, im a little concerned by the way they reacted with this pass holder information. The time to make that move would have been when they closed down the parks and said we value our customers. In fact, they were after the case. Contrasted with apple which went ahead of the curve and said we will find these masks, make these shields, do all of these things. I agree with the analyst but i would watch that far more closely than i would otherwise. Ashley all right. Lets move on, talk about amazon. The company on a hiring spree. Come in, susan. How many workers have they added . Susan they are looking for 100,000. So far, they filled 80,000 jobs. Dont forget, they have been i guess trying to bandage up some of the bad p. R. They have experienced with the Amazon Warehouse walkout that took place last week because 13 facilities across the u. S. Right now have confirmed cases of coronavirus amongst its workers so i guess in reaction to this, you heard from amazon saying we are going to start checking employees temperatures when they walk into the facilities, in europe and the u. S. , also providing more personal protective gear like gloves and masks. Amazon employs around 500,000 people in the u. S. That makes it i think the second largest private employer right after walmart who employs 1. 5 million. With ten million employees, 100,000 jobs at amazon, 80 of those already filled. Ashley impressive. 80,000. Susan, thank you. Lets take another quick check of the big board for you, if we can, just five minutes into the new session. Look at some of the winners, why dont we. Grocers, walmart. They are up half a percent at 120. Costco up nicely 1 . Target also up. 5 . Foot traffic for these stores has dropped off a cliff but they s tried to step up with the online deliveries and curbside pickups. Nice to see the grocers gain a little ground today. Can we check the tenyear yield, if possible . Its been all the way down to about. 5 . Tenyear yield, 0. 664 . That is up 7. 1 basis points, up slightly, but of course still extremely low. Take a look at gold, if we can. Its one of the few things thats up, i think up 6 or 7 year to date. Up another 27 bucks, 1673 per troy ounce. Good for a 1. 5 gain. Lets take a look at oil. Oil plunged again premarket and overnight. West texas down 5 , 26. 85. We were hoping to see some sort of meeting today between the saudis and russians to come to some sort of agreement on cutting production. That meeting has not taken place, although russian minister said we are very close to a deal. Nevertheless, crude selling off, down 5 , under 27 a barrel. Lets move on. Gm is encouraging some of its suppliers to produce face masks. Susan, you are the face mask guru today. Susan gm will also provide the blueprint as well, the manufacturing blueprints for face masks and they are offering this to 600 of their suppliers, parts suppliers in order for them to hopefully produce some of these face masks. We know the u. S. Is in dire short supply of them. So you know, they have 600 suppliers hoping to make these, will provide the blueprints, please do so. Gm expects to have 20,000 masks ready for delivery by wednesday but 20,000 masks for delivery by wednesday seems to be a lot less than what we hear from other suppliers. If apple can source 20 million, alibaba shipping a million, it seems like its behind the curve, doesnt it . Ashley a little bit. Yes. Seems like a low number. Lets bring in Keith Fitzgerald. These companies now lining up to help. Is it a little late or have they just not been given enough leeway . You know, i could go both ways on that. This is an unprecedented time, and susans point, whether the number is a little light, a little late, the fact is a lot of people are stepping up. They will have to retool manufacturing, retool production. Sooner or later they will have to comply with all sorts of osha regulations they are not familiar with to manufacture unfamiliar goods. I love what i see because this is how america functions. This is what makes our country great. We are stepping up. We are doing it together. And at the end of the day i think they will produce a tremendous number of masks. Ashley very good point. By the way, ford is shipping face masks all the way to new york city. How many, lauren . Lauren one million face masks coming to ground zero of coronavirus here in the u. S. , which is new york city. Get this, ashley. They have 120 union workers, uaw workers, making the masks in michigan using 3d printing so that is very cool. But the speed, they are producing one every ten seconds. So ford, the union, technology with 3d printing, coming to new york city. Thank you very much. Ashley thats a beautiful thing. Also, mcdonalds making a donation of masks, right . Lauren i believe mcdonalds is as well, yeah. Grady trimble is in the chicago area and he did say that. Mcdonalds is, give me one second, Ashley Ashley im sorry. Lauren what is mcdonalds doing here. Do you have it . Ashley one Million Masks, apparently. Yes, i do. Im sorry. Lauren the n95 respirators. Ashley very nice indeed. Thats a nice wrapup of all those companies, to keiths point, all pulling together. It is wonderful. It makes you feel good that everyone jumps in and helps out at this unprecedented time. I just want to thank everyone for being here. Keith fitzgerald all the way out, i always say it, but its beautiful in the pacific northwest. Thank you everyone on this day, where the dow is up 779 points. Cant beat that. Also, nasdaq and s p up more than 3 . Can we hang on to it throughout the day . Thats the key, of course. We never quite know. Certainly theres a little ray of hope when it comes to the coronavirus and the number of new cases and the death toll. Both appear to be dropping off, both here, certainly in new york and in the hardesthit areas of europe. Thats why we are seeing a little more optimism on the markets today. Lets get into this. President trump threatened tariffs on oil imports as a way to protect American Energy workers. In our third hour, i want you to know this, north dakota senator john hoeven has been at the center of oil talks. He actually spoke to the saudi ambassador. We will get that news from him. We are also several months out from the next election. Hows that going to work if we are in a lockdown situation . Hopefully were not at that stage but you never know. Is america ready for electronic voting . I will ask bradley tusk in the next hour. Up next, former toys r us chairman Gerald Storch on the future of retail. More after this. Ashley we know that most sectors of the economy have been absolutely shut down and none more so than the retailers. Joining me is Gerald Storch, former toys r us chairman and ceo. Gerald, welcome to you. You say retail will come back to a changed world when things do start to reopen. How changed . Well, i think its going to be dramatically changed. People talk about a u or vshaped recovery. I think we are going into a different universe. We are going into a parallel universe that can still be very exciting, as long as capitalism is alive, we will have innovation, the pace of change will be accelerated. We will see some amazing things. This is what happened after big wars, this is what happened after our terrorism issues, when those were massive, in every economic downturn, depression or recession, we came out different when we came out the other side. Just take a look at todays market caps. I just looked at it before coming on. Jc penney is worth approximately 96 million. Probably you, i and stuart could put together a conglomerate to buy that. Amazon, well ashley stu, maybe. He could buy it himself. But amazon by themselves are worth 960 billion. Thats 10,000jc penneys. Thats how dramatic the changes have already been. The market is telling you whats going to happen. The old style of retailing, the malls, department stores, mallbased apparel in particular, these are going to shrink dramatically. Of course, you see the growth in online retailing. You so tee the growth in Home Delivery. Whatever you can do from home, working, playing, whatever it might be, those will increase dramatically on the other side. Change is in the works. The supply chain ashley gerald, let me ask you this. Will some retailers be gone forever . Many retailers will never open their doors again. Or if they do, they will be hobbled so badly. If you take a look at the Credit Condition of some of the retailers, particularly those that were highly leveraged going in or maybe the result of an lbo, they may be able to get the cash to get through this closedown period but theres still debt. They will come out the other side very weak, unable to order inventory. A lot of these retailers have dramatically cut orders for fall delivery so christmas will be very different from christmases in the past. The retailers who can afford to will have a lot of inventory and others arent. We will be in a different kind of dip reflecting our changed mindset as consumers. A lot of these retailers when we get to that period, will not be able to finance the inventory they need to get through the Holiday Season and beyond. We will see a spate of bankruptcy by the end of this year, early next year. We will see a dramatic increase in what was already a very difficult sector for bricks and mortar retailers. Ashley thats a very sobering analysis. Gerald storch, sorry its so short. Weve got lots of news to get in today. As always, very, very interesting stuff. Thank you very much. Appreciate it. Just getting some late news on sea world. Lauren, you got that . Lauren their ceo, who was only on the job for five months, sergio rivera, has resigned Effective Immediately because of disagreements with the board. As you know, sea world has been struggling. Their parks have been closed and they have been struggling even before that. This comes after the news that 90 of their employees would be furloughed. Now the ceo is out. Ashley. Ashley tough times. Stay right there, lauren. Gilead sciences donating an experimental coronavirus drug to hospitals, is that right . Lauren this is remdesivir which we have been speaking about a lot on this program. It does not have fda approval but it is showing signs of promise for people who are very sick with coronavirus. They are donating, so for free, every dose that they have. Thats 1. 5 million doses, to hospitals and clinics across the country. It should cover about 140,000 people. They have also activity ramped up production of new doses of remdesivir and when that is ready, they can ship that out as needed. Just so you know, this is a drug thats successful in treating ebola but it is showing signs of promise for those with coronavirus. Ashley all right. Thats encouraging. Lauren, thank you very much. All right. Lets move on. President trump says hes optimistic nfl season will start on time this year, but we will see what College Football hall of fame coach lou holtz makes of that in our third hour. Up next, airliners slashing flights across america. I want to know will they return in full capacity when all of this is over . Good question. More Varney Company after this. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Ashley American Airlines and united have drastically cut their flights. Lets bring in jeff flock. Hes at Midway Airport in chicago. Jeff, i guess this is the new normal, right . Reporter well, you know, i heard Gerald Storch talk to you about what it looks like for retail in the future. Could this be the same of the airlines . This is the checkin at southwest. Normally all of those kiosks busy. Now, of course, all shut down. I took a flight to chicago yesterday here at midway from philadelphia. Take a look at what it looked like. I was the last person on the pla plane, one of ought peopeight p. You could see from the pictures, perhaps, that almost nobody on there, everybody had their own quadrant. Of course, no inflight service, no magazines in the racks for fear of spreading the disease. Inside the terminals, all the businesses of course shut down and the tsa lines, no lines. They dont start up the line until somebody shows up. Maybe you come back live and look at the flight boards here. About threequarters of the southwest flights from chicago, canceled right now. You wonder going forward, will it be that people just say hey, we can do those zoom meetings, we really dont need to travel as much, maybe there wont be as much interest in leisure travel. Scary times going forward. Ashley indeed. And does it change the way we conduct business. You are absolutely right. Jeff flock at Midway Airport in chicago, thanks so much. Lets bring in market analyst mitchell green, lead edge capital managing partner. You like, im just reading this, alibaba and uber. Make your case. Sure. Thanks so much for having me on. So alibaba, q1 data is quite difficult but china is coming out of it, will come out of it. They are past their peak. We are kind of on our way to the peak. The china government has done a very good job as it relates to controlling a lot of this disease. Alibaba is the amazon of china, plus the ups of china, plus the netflix of china. These guys are the 100 pound gorilla. I think they are very well positioned. You also find in situations like the crisis that were in or like the 20082009 crisis, whether its china or the United States, you will see a trend towards online so people will shift ashley im sorry, we are going to have to cut you off. Its a crazy busy day. You made your case for alibaba and uber. We appreciate it. Well be right back. There. I wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Witpeople at higher riskng, must take extra precautions. You are at higher risk if you are over 65, or if you have an underlying medical condition. If youre the spouse of a military veteran, heres money saving news from newday usa. Your spouses va streamline refi benefit lets you easily refinance when Mortgage Rates drop. And they just dropped to the lowest in newdays history. Refinance now. Theres no income verification, no appraisal, and no out of pocket costs. One call can save you 2,000 a year. Refi now. Ashley welcome back, everybody. Im Ashley Webster in for stuart today. It is 10 a. M. On the east coast of the markets have been open for 30 minutes and we are on a roll. A nice rally as you can see. Check out the dow jones up above 22,000. Up 1000 points. S p up nicely, more than 4 1 2 . Nasdaq up 4 1 2 . This is a nice rally perhaps based on some optimism more encouraging news of the coronavirus out of italy, spain, france, here in the United States. That is helping the mood on wall street. Look at the 10year yield up 5. 9 basis points to. 652 on the 10year. Look at oil if we can. Oil is down. We still have no agreement between the russians and the saudis. They were supposed to meet today. Maybe later this week. But oil down almost 4 but now getting above 27. 25 a barrel. Lets bring in Newt Gingrich. I believe he haas been pretty much trapped in italy. Newt, great to have you here. I want you to listen if you can what Bernie Sanders said about President Trump. Then i will get your thoughts about it. Roll tape. It goes without saying that this crisis has been exacerbated by trumps initial down playing of the crisis, his many inaccurate and misleading statements and his inability to respond effectively to the dimensions of the pandemic. As a result, tragically many, many lives will have been lost. Ashley well no big surprise Bernie Sanders is coming out with this kind of rhetoric but whats your response . Well, first of all, the first big thing that President Trump did was cut off flights from china. Im talking to you from italy, a country where they did not cut off. They had 100,000 chinese in northern italy. They had three flights a week from wuhan to northern italy. Did not cut them off because of political correctness. So the result was in italy they got into a real crisis. They closed everything down across the whole country, so they that you have, you can go to a grocery store, you can go to a pharmacy, you can go to a gas station. You cannot be out on the street for some good reason, or they fine you 3,000 euro. Police are on the street asking people, why are you here . What is your reason. We have been accused being way too slow. President trump went in initially. Doctor birx was exactly right in a White House Briefing if the chinese had not lied and the World Health Organization had not lied we would have all been seven or eight weeks faster, we might contained it in wuhan but because they lied to all of us, they thought the controllable sarslike infection was nothing like the pandemic we got. I think china and the World Health Organization, which is basically now run by the chinese have a lot to answer for what they did to the world. In terms of sanders comments, look, that is nonsense. If you go back look how Many Democrats attacked trump when he cut off the trips from china and those trips bought us six or seven weeks. Lastly i say, we just put in four hospitals, 2100 hospital at the javits center, four medical centers and a u. S. Naval hospital ship in new york. Now that is a real surge. That is really focusing resources. I dont know what sanders thinks he would have done but i will guarranty you he doesnt have the management talent donald trump has. Ashley you know, newt, as you probably are aware, following it from italy, it is just the blame game now. Not only do you have sanders and joe biden, you have a lot in the Mainstream Media here pointing the finger a the president saying youre giving us misinformation and you were very slow to act. This blame culture continues to gain momentum. Certainly as we head towards the november election. Look. I think there are people in the news media who hate trump so much that even if it damages america they cant help themselves. They get up every morning knowing donald trump did something terrible. They just dont know what it is. So they spend the whole day looking for an excuse to fight. I think the president in organizing the quality team he put together, the Vice President who has done a great job of managing this process, the number of companies who have come in to help. In fact if anything the repudiation of sanders kind of socialism, there has been a huge number of private companies who have brought a great deal of assets to the table, including in particular the pharmaceutical companies that the democrats like to attack all the time and yet it is the pharmaceutical companies that give us the hope that were going to be able to actually solve this. So i dont think the president was perfect but i think he did an amazing job in a very difficult environment. Nobody saw this coming on january 1st when we tried to go see the chinese by the way, secretary azar first approached the chinese on january 6th. So it wasnt that we werent trying. We were just being lied to. I think the president will be regarded by historians having done a pretty good job and his pushing and shoving, he has done a lot of things to improve the system pretty dramatically in speed and effectiveness and in getting things done. We put up a hospital in new york in less than fourdays. That is better than the chinese did in wuhan. Could only be done by using emergency decrees which the president did. Ashley last question for you, newt, and you touched on this, about life in italy right now but we have the dow is up more than 1000 points in part because of more encouraging news out of italy. Do you get the sense, youre there on the ground, that the country has turned a corner perhaps . My wife as you know is the ambassador to the vatican. She is involved every single day reviewing information from around italy. It does look like the rate of increase has slowed dramatically from over 10 to about 3 1 2 . We got a few more days continuing to slow down we might actually be at the crest and begin to come down. It is encouraging. Were all still hunkered down in place. Were all still very aware how dangerous this is and i dont think anybody wants to rush out and risk reigniting the pandemic here in italy. Ashley absolutely not. Newt gingrich, we thank you so much for taking the time to talk with us today. Stay safe, well talk to you again soon. Thanks so much. Great, thank you. Ashley all right. Lets bring in ed yardeni. We want to talk about earnings estimates, the markets. We have to start though, ed, with this Market Reaction today. The dow up above 22,000, up 1000 points. Again a lot of this based on perhaps the hope that were seeing the flattening of the curve and maybe were getting through this in some of the hot spots around the world . I think that is absolutely right n addition weve had some good news here. You know, weve been flooded with so of bad news that it has been kind of been slim pickings to find the good news. University of Pittsburgh School of medicine apparently has a vaccine that they believe could be rolled out very, very rapidly. I think that news might be helping. Also the fact that there is a way forward here on testing. Abbott labs has a test that works very quickly around cvs, apparently is rolling out right down to states. I think the ruling by the Health Officials that we should be Wearing Masks when we go out to work, when we go out to the grocery stores. I think that is just common sense. I think the market is starting to perceive we may very well be entering the worst week in new york and maybe in the United States but, it looks more like a top in case count. If thats the case, looking forward we may very well find the economy has a decent chance of coming out of this before the end of the year and that earnings will recover next year. Ashley that is good news. Lets hope thats true. You know, ed, where are you looking today . Are you buying today . The markets are up 1000 points. Is there anything that is tempting you . You know it was march 23rd that the market made its low for this bear market. That may not be the end of the bear market but im kind of thinking that the market is doing its best to make that the low. The market has been doing very well ever since march 23rd and i think it was the feds introduction much what i call b52 money. We used to talk about bazookas and helicopters what the fed is doing but this is b52 money. The fiscal stimulus trillions into the economy. The economic front and a health front and a financial front. The financial front seems to be stablized. If we can turn the corner on the Health Crisis than the Economic Outlook will improve. Ashley well leave it there. Ed yardeni, thank you so much, ed, for joining us on a very positive day for the markets. Ed, thank you so much. Thank you. Ashley lets bring susan li back in. Bill gates has been saying things, what exactly has he been saying. Susan he was on fox news sunday. That the u. S. Will have to pay a huge economic price unless we get testing right. He doesnt expect the u. S. To come out the current economic mire till the end of april. The social distancing should continue till then. He said number one factor is this, listen. It is fair to say things wont go back to truly normal until we have a vaccine that we have gotten out to basically the entire world. And so like china, there will be a partial opening up which some jobs will resume, school will resume but well have to be very, very careful not to have the rebound until the vaccine comes. Susan also this morning announcing they are donating billions from the bill and Melinda Gates foundation to several makers of a Coronavirus Vaccine to build factories, maybe two out of the seven might be viable. They dont want to wait until you find the right vaccine in order to ramp up. By that time, you want to get ahead of the problem, right . That is what bill gates has been. Back in 2015, ashley, he said that a Global Pandemic would bring the world to its knees. Ashley right, he did. Susan, thank you. This, when we got news that uk Prime Minister Boris Johnson was being taken to the hospital got a lot of attention. Now were hearing from him, right, lauren . Lauren for the First Time Since being hospitalized last night, Boris Johnson tweeting this from his hospital room. Last night on the advice of my doctor i went into the hospital for some routine tests. As im still experiencing coronavirus symptoms. Im in good spirits and keeping in touch with my team. As we Work Together to fight this virus and keep everyone safe. So yes, he is working. The housing secretary says he is still very much in control but Boris Johnson did test positive for coronavirus about 10 days ago. And we have to ask the question, at what point would he have to step back . That has not happened yet. Ashley thats right. Dominic raab, the for win secretary would have to take over. He is still running the country from his bed. Lauren, thank you very much. Were getting news out of china and germany. Lets bring in Hillary Vaughn with that part of the story. Reporter good morning, ashley. Germany is stopping the lockdown on april 19th. But theyre limiting public gatherings and people are being forced to wear masks outside. Would you hand, china, had first full week of no infections. They opened up the economy quick. Movie theaters were opened but shuttered. Karoake bars were opened but told to close again. Theyre limiting flights coming into china. Theyre worried about people from other places bringing a resurgence of the infection back. All of this is sparking conversations how to reboot the economy here in the u. S. The president is open to putting together a second task force of business leaders, economists to figure out how to reboot the American Economy once restrictions are lifted. He did talk about a few weeks ago possibly a teared system of opening the economy back up perhaps in regions that are not highrisk. Restrictions on age. Letting people who dont work in large groups coming back into work but yesterday he knocked that down saying, nope, restrictions will stay in place until april 30th. Ashley. Ashley all right. Hillary vaughn, thank you very much. Let me take a quick look at the check of the markets if we can. What a way to start a new week. The dow ral i laked up over 1000 points. Above 22,000. The dow last week lost 2. 7 . The s p 2. 1, nasdaq 1. 7. Wiped out those losses from last week and then some. All right, well, yes, we are seven months from the president ial election but we are still in a lockdown crisis. I want to know is america ready for electronic voting . Im asking bradley tusk later this hour. It is kind of his thing. Plus President Trump says he will send 1000 military medical personnel to new york, the epicenter of the virus. General jack keane will join us later this hour to talk about that and other issues. Next, los angeles mayor, Eric Garcetti getting sued after he closed gun stores in the city. Andrews napolitano joins us next on that. Well be right back. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Ashley were getting news from Morgan Stanley making some projections. Lets bring in susan. What are they saying . Firm expects new york city peak in coronavirus cases maybe in two weeks time, despite the fact we saw the first drop in coronavirus deaths in the city since the pandemic really i guess has spread across the city, but Morgan Stanley says the nationwide social distancing measures unlikely to recede noll 70 days from now. June 15th. Morgan stanley expect as huge contraction in the economy to shrink by 38 in the Second Quarter of this year. So in all, for 2020. Theyre looking at possibly declines in the economy by 5 1 2 . That is pretty dire. So this pretty much goes in line with their expectations. Ashley yeah, dire indeed. Susan thank you very much. We also have news on right aid. Lauren . Lauren rite aid is hiring 5000 workers, ashley to work as cashiers, as pharmacy technicians and also in the distribution centers. They also say this. I thought this was very comforting. That they dont anticipate any significant near term supply disruptions. So they will be able to fill your prescription. If you need medicine rite aid will be able to get you that medicine. Very good news. Stock up 2 . Ashley very good news indeed. Lauren, thank you very much. Well talk about guns and gun stores. This is interesting. Lets bring in judge Andrew Napolitano who is the perfect person for this. What were talking about is l. A. s mayor, Eric Garcetti is being sued for closing gun stores. Judge, do they have a case . I think the plaintiffs do have a case, ashley. I mean, this is not the law in the entire state of california. It is just in the city of los angeles where the mayor, there is a picture of him now, who is the former prosecutor for los angeles county, is trying to use the covid19 crisis as a means to engineer social policy by restricting people from buying guns. Now why do i say that . Well the cdc guidelines list gun shops and other places that sell guns as essential. So they are open even in such liberal states as new jersey. And on top of that is the fact that the Supreme Court has characterized the right to keep and bear arms especially in the home as a personal fundamental liberty. That put it in the same category of freedom of speech, freedom of the press, spread dom of worship. It is nearly impossible for the government to inter fear with that right without showing fault on the part of the person who wants to exercise it. Stated differently, i believe these lawsuits against the mayor, which by the way will be heard virtually with judges in their homes, is, are likely to succeed. Ashley is this more of a statement, judge . Because you mentioned new jersey. Didnt the governor of new jersey tried to do the same thing, but then did a complete reversal realizing he couldnt win in court . To me, surely garcetti knows this. Is he trying to make a point . I think he is trying to make a point. Youre quite correct of the governor of new jersey. His guidelines originally listed guns as not essential, gun shops as not essential, when gun rights owners threatened to sue and pointed out the cdc guidelines, again, ashley, the president said 1000 times, these are just guidelines. The states are free to accept them or reject them, arguably the most liberal governor in the union, phil murphy, backed down on this. You can only buy guns with appointment. The guns have to be wiped down before and after you try them. You have other hoops to which to jump but you can still purchase them and your right to keep and bear arms is not going to be interfered with with the state the purpose being public safety. So i dont know how mayor garcetti is going to win this one. I think his edidnt will be overturned as soon as the judge hears the case which would probably be this afternoon, los angeles time. Ashley while we have you, judge, i wanted to get your thoughts on some of the restrictions being put in place around the country. We just had the mayor of boston saying he is going to impose a curfew from 9 00 p. M. To 6 00 a. M. If you have no good reason to be out, not an essential worker, you could face fines or jail time. What are your thoughts of that. I think it is problematic and government established laws, well give you exemption if you have a good reason. What is a good reason . Us did the legislature or the case of boston, does the city council decide whats a good reason . No, the cop on the spot decides what a good reason is. Cops dont want doing that. They want clear guidance what the law is. Or the mayor decides what a good reason is. I took my dog to be boarded over the weekend. I said while she is here, can you trim her nails on her paws. Theyre getting a little long. The people at the boarding place, guess what . Nail trimming of dogs is not an essential activity but boarding them is. So we can board gina, but we cant trim her nails. This is government overreach, making decisions of this nature which ought to be made by on basis of personal choices. Ashley even gina cant get her nails done. That is the very end, my goodness. Judge, judge as always, great stuff. And keep us updated on gina. Thanks for joining us this morning. A pleasure, ashley, thank you. Ashley all right. Lets move on. News on tesla, susan li. Susan so they have unveiled a prototype after ventilator that uses some of their old car parts from the model 3s. On the Youtube Channels we can bring up the video. It is pretty interesting. Tesla engineers showed off two versions with entire prototype model and components laid out across an entire desk, and one that is actually built. I thought we would roll the tape. They have been criticized, tesla is criticized, why do you need to reinvent the wheel . We have prototypes and plans for building ventilators. Why do you need to do it from own model 3 sourcing. As you know elon musk walks his own line, doesnt he. Ashley yes he does, and then some. We have news from restoration hardware, lauren . Lauren they call it hr these days. The stock is up 11 , ashley, but the news is pretty bad. They have furloughed 2300 employees. Permanently cut 440 workers. That is essentially nearly the entire workforce. And what the company said in its statement is really telling. They said this, a complete return to normal operations may occur over time but not all at once. I think that is the reality for a lot of companies out there, that the economy will come back but we might not see that v shaped recovery and rh certainly affected by this. Bad news, 2300 workers furloughed, 440 jobs permanently cut. Ashley yeah. That is a lot of folks. All right, thank you very much, lauren. Were seeing that of course in many places. Lets take a quick check of the market, why dont we . More positive news there the dow up over 1000 points. Up nearly 5 . Same story on s p and nasdaq, the dow above 22,000 after losses of last week. This week, april 9th, 2 00 p. M. , write this down in your calendars, making money host Charles Payne, will be hosting a virtual town hall. It is called, America Works together. He will talk to experts about the biggest financial questions were facing during this financial crisis. Tune in to fox business. Guess what, Charles Payne is with us in the next hour as well. April 9th, 2 00 p. M. , America Works together. The election is seven months away. I want to know if america is ready for electronic voting . I want to ask bradley tusk. He is spearheading a mobile voting platform. Is now the time. Well ask him. With va Mortgage Rates suddenly dropping to near record lows, my team at newday usa is helping more veterans refinance than ever. The newday va streamline refi is the reason why. It lets you shortcut the loan process and refinance with no income verification, no appraisal, and no out of pocket costs. One call can save you 2000 every year. Call my team at newday usa right now. 100 online car buying. Carvanas had a lot of firsts. Jy4houm car vending machines. And now, putting you in control of your financing. At carvana, get personalized terms, browse for cars that fit your budget, then customize your down payment and monthly payment. And these arent madeup numbers. Its what youll really pay, right down to the penny. Whether youre shopping or just looking. It only takes a few seconds, and it wont affect your credit score. Finally a totally different way to finance your ride. Only from carvana. The new way to buy a car. 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. Ashley all right, lets take a look at these markets. What a way to start a week. The major markets were down 1 1 2 to 2 . Not this week. Were already up. Were coming off the highs. Were up still 970 points on the dow, still above 22,000, up 4 1 2 on the nasdaq. Up 4 1 2 also on the s p. Not a bad way to start the week. All right, lets bring in bradley tusk. He is the man who likes to look for innovations for the diamonds in the rough, my goodness what a time to try to find some of those, bradley. Are you seeing any opportunities out there . Yeah, hey, ash. Early stage tech star ups, not stocks. Telemedicine is one. We were lucky to made a bunch investments in the telemedicine space before this happened. All the companies are doing quite well right now. The second is direct to consumer. For example, were investors in a Company Called sunday lawn. It is organic fertilizer, so directly from the manufacturer online to consumers. The idea for the business was some people want fertilizer that may not have pollutants in it, things that could be dangerous for the dogs or kids, things like that. But right now you cant go to lowes other home depot to by fertilizer in most places. Their business is booming. Every day is a new record. Direct to consumer has big opportunity. Telemedicine has big opportunity and were lucky to be in both. Ashley i wanted to get to the mobile voting effort. That is something youve been very much behind for quite some time now. Yes. Ashley my question to you though based on this pandemic, god forbid were in the position we may need electronic voting in november, this country capable of pulling that off . I dont think were capable of pulling it off for an entire president ial election conducted over mobile voting. We have so far run nine different elections around the u. S. And they have been for relatively small groups of people, deployed military, people with disabilities, and those have worked really well. They have all been independently audited, came back clean and safe, turnout doubled pretty much every occasion, so i think if you wanted to say, hey, people over the age of 70, or people seriously ill or have disabilities, anyone who might be greater risk to in person voting making it available for them could work, that would pack good test case but i dont think we can go from where we are today, 200 million votes recorded in a few months. Ashley well, maybe beyond a few months, do you see it as the future . Absolutely. Look, we do Everything Else on our phones, right . From our banking to our communications to managing every single facet of our schedule and the reason why voting is so low because it is really difficult to go do it. People dont want to miss work on a random tuesday or not take their kids to school, whatever is it requires, turnout especially in primaries is 12 or 15 . You wonder why this country is polarized and dysfunctional that is all you need to know. If only 12, 15 of each side of the aisle are voting, the furthest, furthest right are engaged that makes it virtually i amable to get things done. If you want more people to vote, you need to make it a lot easier. The cloud making global voting secure. Been testing it out in small elections around the country. But ultimately if we want people to vote easily around consistently it has to be on peoples phones. There is no reason we cant do that. Other than that, people currently it in power on either side of the aisle wont want to do necessarily do things to change the status quo so theyre going to be the obstacle. Ashley i will finish with a market question with the dow up nearly 1000 points now, based on perhaps some optimism that we may be getting through to the other side in the hardest hit areas of this pandemic, do you share that optimism. I certainly hope so. Investment habits at different stage hard to tell. Cheered to see the market up 4 when i checked a little while ago. Even more cheered, i live in new york, you guys see each other on set quite a bit, and the fact that cases declined last two days in new york city to me was a really good sign. I hope were at the peak of it. In a week or two things start getting safer. With that said, i feel like every day we learn things that we didnt know a day or two or three or earlier. So my fear is that we think were over the hump, then we learn more about the disease in a month or two, and were right back where we started. So i dont know but fingers crossed. Ashley all right. Well have to leave it there, bradley tusk, great stuff as always. Bradley, appreciate it. Thank you. Ashley stuck indoors in new york city like some others. Talking about things we didnt know, lauren, news on a tiger, right . Lauren nadia, a fouryearold tiger, ashley at the bronx zoo is the first animal in the u. S. To test positive for coronavirus. Okay, let me answer a couple of questions. Why would we test a tiger . It wasnt the type of coronavirus test that you or i or any human would get. It was a test done at a Veterinarian School laboratory, that was number one. The reason they tested her because there was atom tick zookeeper who asymptomatic zookeeper who tested positive for the coronavirus. We now know humans can transfer the virus to animals. Should you have a cat or animal at home, should you be worried . That is a tough question to answer. You had a doctor on the show, you prepare the animals food, wash the your hands before and you might not want the animal to lick your face, ash. Ashley we learn something new every day. That was a very strange story out of bronx zoo. Lauren, thank you. Lets get back to sues soon. Nice from the airlines. Susan we have jetblue, United Airlines volunteer to fly medical workers to new york free and charge to and from. They have flown 50 Health Care Workers to the city according to mayor de blasios office, but those numbers will increase in weeks to con, pitching. Jetblue is the new york airline. New york City Hospitals are gravely understaffed, way too many cases pending cases as well to oversee. De blasio the citys mayor saying we need additional 45,000 health care front line workers. If you want to come here you will get the flight for free. Ashley very good. Hop on board. All right with more animal news lets go back to lauren. News on pet fostering. Lauren we turn to our best friend in times of loneliness. Animal fostering is at record numbers across the country. A lot of people hunkering down are wanting to shelter, and adopt pets. If youre interested, actually hard to find an animal right now that needs adoption or foster but good luck if you can. Ashley aw. Always a good excuse to run cute video. Thank you, lauren. Aw, look at that the dow above 22,000. Good for a near 5 gain. Pretty much the same story across the board. Nasdaq, s p up as well nicely, nearly 5 . Now this, President Trump says he will send 1000 military medical personnel to new york, the very epicenter of the virus crisis in this country. So what does general jack keane think about that . Well ask him. He is on the show next. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. 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I mean, you have to keep cash. But you dont have to keep everything in cash, and you dont have to put everything in the stock market, and you dont have to put it all in a bond market. You do a little bit of everything. And then you sleep at night and dont worry about it. In fact, i sleep better with gold than i do with the stock market. Because its tangible, its there. If youve bought gold in the past, or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold, which will provide you important, never seen before facts you should know about making gold, silver, and platinum purchases. With nearly two decades in business, over a billion dollars in transactions, and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. Home values are up, and Mortgage Rates are at record lows. Thats good news for veterans with va loans. Thats me. By using your va streamline refi benefit, one call to newday usa can save you 2,000 a year. Thats me. Theres no income verification, no appraisal, and no out of pocket costs. Thats me. Put your va home loan benefits to good use. Call my team at newday usa. Ashley white house Economic Advisor larry kudlow talking to reporters. Lets listen in. I think the fed has done a great job. They have acted very wisely to stablize Financial Markets and sectors of the markets, things like commercial paper and money market funds, municipal finance. They have expanded the balance sheets. They have put a lot of dollars into the economy for liquidity purposes. You know, fortunately right now we have a liquidity problem. We dont want to turn it into a insolvency problem. The fed has done a great job on that. They have also increased swap lines with foreign Central Banks because there is a huge dollar demand around the world. I think that is great. They have opened up a number of specialized lending facilities. In this past interview i mentioned the main Street Lending facility which will be fleshed out and could be, i say could be, i dont want to get ahead, could be used for mediumsized businesses. For example, and other purposes. And they may, you know if they deem it necessary to open up additional facilities. So, thats what weve done. Our part, we want to keep people as close to their businesses as possible during a difficult, difficult contraction and, were going to get some lousy numbers coming up. We know this. We talked about this last friday with the jobs report. I still believe, giverren our assistance package, and hope and maybe prayer, that were at a fourday a week period we can get a pretty good snapback. That is my hope. Reporter [inaudible] well reporter [inaudible] the sooner we begin to reopen, the faster that snap back is going to be that is the rule of thumb i think most economists would agree with. Again, as weve said, we came into this with a very strong economy, all right . It got interrupted by the virus if that is the right word and if this thing could be stablized fairly soon, yes i think well snap back. May be more after prayer, and a hope, i understand that. That is my view. Im an optimist. I cant help it. Reporter can you talk a little bit about the Heated Exchange that happened last saturday between you and Peter Navarro and those are private meetings in the sit room. Reporter is there mixed message about that with [inaudible]. Is the president pushing for i, i will say our health specialists, people, have done a great job and theyre parsing through all of these kinds of things. You had one young man, i want to be as polite as i can . Reporter answered before i got here what are the metrics that youre looking at when it is safe to let people go back to work . I wasnt, i wasnt specific, specific. Obviously testing surveillance is vital, right . , vital, vital. And, hospitalization, capacity, recommend is it, therapies, all of that. It is not my place to go through a list. Im not the health specialist. I said yesterday at the meeting the economists are house broken. Were taking our lead from the health specialist. Well have ideas of our own if and when it comes back. Just a couple more, yes. Reporter do you have a rough date in mind, that restart the economy or you know i cant answer that question. You know. I have appreciate i have to raise it but i cant. Yes, maam . Reporter [inaudible]. Yes, yes we are. Reporter any updates about a payroll tax cut . Payroll tax cut. Well we have a Business Payroll tax holiday through the yearend, you know that . You didnt know that. Yeah, im here to tell you it is in the plan. Worth a lot of money. Deferral. It will be paid back over the next couple of years. So thats, you know, a key part of our package. I go the to go. Reporter thank you. Reporter [inaudible]. Ashley all right, there you have it, white house Economic Advisor larry kudlow just stopping by to chat with reporters saying that we know some lousy numbers will be coming out but he says we are optimistic about a strong snapback in the conm he was asked any idea when that would be . He said no, but i do believe we will see a strong snapback. He said our part is to keep people as close to their businesses as possible. He began by praising the fed for their policies and stablizing the economy and it is administrations job to try to keep people as close to their businesses as possible but only owners, but of course the workforce. He was asked again about going back to work. He says, well, testing is vital but ultimately we are taking the lead from health authorities. So there you have it. Larry kudlow speaking to reporters at the white house today as the market it system, weve been up well over 1000 points. Just coming off the highs. Up 900 points on the dow. Have dipped below 22,000, but still impressive. Nasdaq up 4 1 2 . S p also up 4. 25 . Larry kudlow saying that, you can read banners on our screen, the fed has thrown a lot of money into the u. S. Economy. That indeed they have done. All right, time to move on. I want to get into this story now. The captain of the uss roosevelt has tested positive for the virus. He is also has been i guess the expression, relieved of his command or removed from his command. I want to bring in general jack keane to get his faults on this story. It has gotten a lot of question. The captain in question, brent crozier, crazed a concern about his crew. He sent out a letter to too many people, general, is that what got him into trouble . Not surprising he tested positive given 155 of his shipmates are. Any captain of any ship is out among his own seamen is effect i have. Im sure this captain is effective as anybody out there. That is largely the issue here. I dont think he is relieved. Frankly not become a publish issue. Lets put that on the table although the, i think the Navy Secretary would take issue with me over that, but that is my issue of it. That is a the sad thing about this. Everybody is so wellintentioned here, ashley. The captain is trying to take care of a crew obviously is getting sick every single day, the numbers are going up. I would suggest nobody in his chain of command to include the Navy Secretary ever had an experience like this and sometime over the last weekend, even though he had been talking to the senior members of his chain of command, he didnt believe things were moving quickly enough im assuming. He wrote this letter on a nonsecure net, which was a mistake and he included other people in it other than his chain of command which is a mistake. I think it is a boneheaded mistake although well well intentioned. That is basis for his relief. I dont know what the Navy Secretary is reaching down four levels, with four admirals between him and the captain who have years of operational experience, him, the secretary, although he is authorized to do so, removing a captain at sea. It doesnt make a lot of sense to me. Let the admirals take care of this. Let them make the assessment. They have got considerable more experience. The Navy Secretary should maintain emotional discipline about this, and let the chain of command work. After all he is taking issue with the captain going outside the chain of command, here the Navy Secretary reaches down four levels around removes somebody, that is his chain of commands business. Ashley let me bring in lauren simonetti. Lauren, what did joe biden say about this . Lauren joe biden told abc yesterday that it is close to criminal for the navy to out of captain crozier from his leadership on the Aircraft Carrier the theodore roosevelt. He was relieved because of that letter you guys are discussing. It wasnt sent through the appropriate channels and there is an argument that in doing that, he worried the families of the sailors on that ship, and he portrayed american weakness abroad. Joe biden says, close to criminal that this captain was relieved of his duties. Ashley i think that is a little strong. You know, general, the thing is, the sad thing about this whole episode was he beloved by his crew. And clearly there was a strong relationship between him and those unhis command. It also feels like youre shooting the messenger. I understand he went the wrong way about it but it seem pretty harsh. I think it was illtimed. I cant speak for the admirals that oversee him, i will bet anything they probably would not have relieved him in the middle of the crisis when theyre trying to focus on what, the health of the crew, and take the man who is in charge of that away. But dot assessment. Make some judgment. Get emotional distance from that, make a determination whether, days or weeks later whether the captain will continue. Being he is sick, he would have to turn it over to his number two anyway to be frank about it. Ashley all right. Were out of time. I want to get into other issues. That will be another day. General jack keane, thank you for being here, sharing your expertise with us on these military issues. Really appreciate it, general. Thank you. Good talking to you, ashley. Ashley all right. Lets talk about restaurants. We know they are, well, theyre shut or providing takeout food but now theyre turning into food banks, right, susan . Susan one example is field trip restaurants in harlem. Chef, j, j, johnson is used to opening his doors serving thousand of customers. Instead of relying on delivery he is deliverying meals to hundred of workers on health cares crisis. Offering rice bowls, barbecue brisket un 12. Serving meals to Health Care Workers. Donations coming across the country. You heard of 11 medicine park, considered one of top restaurants if not the one of the top restaurants in new york. They actually reopened their doors serving as commissary kitchen. Theyre helping to collect excess food from restaurants and grocery stores. Jeff bezos donated 100 million to food banks across the country this is thinking across many cities across chicago and l. A. Restaurants are closed. Youre making meals for those in need and also the front line workers. Ashley good stuff. All right, susan. Thank you very much. Lets bring in michael shlo to talk about restaurants. Youre saying this crisis is causing especially small restaurants having to rethink its delivery, right . That is for sure. Doing delivery and takeout is not what we were built for, not what we signed up for that. Is small part of our business. Our industry is made up much resilient, hardworking creative people. Theyre coming up with Creative Ideas how to drive revenue n our own restaurants we created margarita windows, you can come up to take margaritas home with you. Take whole to go. It has to be in container obviously. We have a bar we use. We have all sorts of ideas to drive revenue in a difficult time. Ashley it is a difficult time. Do you worry once we come out of the other side of this, peoples habits will be changed . They will be more inclined not to be inside after restaurant with memory still fresh in their mind and it changed habits in other words of customers . I think time will tell of that i think eventually we get back to what was once normal first. But sure, it will take a little bit of time as everybody is sort of getting used to this right now, delivery and takeout. Were trying to make really great food, and give you as close to a experience, obviously youre not going to be in the restaurant with the same social interaction you would have. I think it will take a little bit of time. Eventually well get back to it. Restaurants become the place we all gather once again. Im optimistic about it. That will take time. Ashley that will be nice. Look forward to that. Michael, sorry were out of time. Thank you so much for joining us. Well head to a new hour coming up, the 11 00 hour. Well be right back. One call to newday usa can save you 2000 a year. How . By refinancing at todays all time low Mortgage Rates. And best of all you can do it from start to finish without leaving the house. Its fast, too. With our va streamline refi, theres no income verification. No appraisal. And not one dollar out of pocket. Our team is standing by right now to help every veteran who calls. Ashley it is 11 00 a. M. On the east coast. Hello, everyone. Im Ashley Webster in for Stuart Varney today. Lets take a look at these markets. My, oh, my, what a way to kick off the week. They were all down last week and here we are. The dow up 975 points. We are up on session highs. We were up more than 1,000 but still above 22,000 on the dow, the s p 500 and nasdaq both up 4. 5 . Lets take a look at Morgan Stanley. They put out a note and they expect a virus peak in new york city in the next two weeks. But believe nationwide, social distancing measures are unlikely to recede until 70 days from now, or june 15th. Morgan stanley up 6 today. Lets turn to the president now, who is giving an alarming warning to americans about the tough week ahead. I think we all know that we have to reach a certain point and that point is going to be a horrific point in terms of death, but its also a point at which things are going to start changing. We are getting very close to that level right now, and the next week and a half, two weeks are going to be i think theyre going to be very difficult. Ashley very difficult. The White House Coronavirus task force will give us another update today at 5 00 p. M. Eastern time. First, lets get to your money and bring in our good friend, Charles Payne. Charles, what a day for the markets today. Based on a lot of optimism about some of the numbers of the pandemic appear to be slowing down and maybe on the bottom side of the curve or at least plateaued. When do you think when we look towards the economy, and larry kudlow was just asked this about 10, 15 minutes ago, how, you know, confident are you that maybe, just maybe we can get this economy up and running a little sooner than first feared . Charles well, i think it will be sooner than what Morgan Stanley is talking about, you know, without a doubt in my mind. I think the administration probably will spend this whole month while theyre working to combat the coronavirus on how to gradually get the economy back and the wheels of commerce moving and theres a lot of ways they can go about this and im sure they think about all of it. In austria, they already laid out when they will open up Small Businesses, open up malls and they plan on doing it very aggressively very soon. All of europe is talking about this, particularly in germany, where they have talked about these certificates, you know, for folks who have had it or have antibodies where they wont get it or havent gotten it. We have to be smart. We are on a dual track here. Wall street, i have been for the last several weeks, waking up and the first thing i look for are numbers out of europe, then i brace for the numbers in america. Yesterday we saw a pretty good press conference from Governor Cuomo, and its just really sort of a hopeful thing but remember that the stock market historically has traded to where they thought the economy would be six months to a year from now. So you are going to start getting more of this. Obviously price discovery is tough when we dont know what earnings are going to be other than disastrous, but we also know to what kudlow just said a moment ago, the snapback idea, think about the economy and stock market as a rubber band. Its elastic. If you pull it all the way back and release it quickly, it typically comes back quickly and sharply. If you hold it for a long time, it bounces back slower. Of course, you can pull it back to the point where it breaks and we dont want to go there. Ashley no, we dont. We had Gerald Storch on earlier, the exceo of toys r us, to talk about retail. He said there are going to be a number of retailers that will never come back. In fact, our world with regard to retail will never look the same. Are you expecting some radical changes in the way our economy, in particular the consumer, behaves . Charles i think with respect to retail, i think we are going from a to b already, and i think this will hasten that move. So the names that could not compete in an online world, in a world where you can order online and pick up on your way home, places that didnt have the footprint, those kind of places i think were already in trouble. This may happen a lot quicker. That being said, one of the things thats starting to emerge also, the other side of the consumer, and that consumer discretionary, but consumer staples. Those names have been very solid. We can get back to a point where it reminds me of the 1960s and 70s, they called them the nifty 50s, 50 rock solid boring stocks that did extraordinarily well for almost for about 12 years until they got so overvalued they came down. But it included names that are still household names to this day. Look for those names to fit in there, where some of these other retailers, discretionary retailers, fall off. Ashley love it. Charles, hang on there for a second. I want to get your thoughts on this next story. Edward lawrence has some new numbers from payroll protection program. This should be interesting. What have you got . Reporter yeah, as we know, this is starting to really grow in size. The big banks havent even started to put in their applications to be processed. They are taking applications but we will see this number really jump today. So far, 129,000 loan applications have been accepted and processed through. We are talking about 37 billion. Thats money thats been paid out already to Small Businesses. This is mainly being led by Community Banks. But this next one is an important number. Theres 3. 4 million jobs that have been saved, according to the Small Business administration. They are getting that number maybe a little bit inflated because its the number of employees that Small Businesses are telling them they have on their payroll, a portion of it would be laid off, maybe not all, who knows in some cases, but again, 3. 4 million jobs, theyre saying, could now have been saved by this money thats being put out. The numbers here are expected to rise. The big banks, as i said, going to come in in earnest. Wells fargo may be an exception, saying they would only give out up to 10 billion. Thats their own internal number they wanted to handle for them. They have already reached applications that add up to that. Bank of america, though, looking at a huge number. Bank of america saying they have 32. 6 billion worth of loans sitting there. They are doing their due diligence. Different banks taking a little longer time to verify the business is who the business says they are before they start doling out a lot of that money. But again, this program really starting to take off this week. The administration expecting it to do good things and sort of dent that unemployment number. We will see if it actually works. Back to you. Ashley indeed we will. Edward, great stuff. Charles, clearly this money is critical, especially for those Small Businesses desperately hanging on, trying to keep their workers. Is this enough . Charles its not enough. Its a heck of a start, though. Those numbers are really impressive, to think that 37 billion already paid out. Remember, in the great recession, efforts to get money to main street took three months or longer. Its very impressive. We have already had everyone from President Trump, this morning marco rubio saying they are willing to put more money. I want them to do it before it runs out. We know 350 billion is not enough. Do what you have to do asap to increase that number. Friday night at 10 00 they allowed charities and churches in this. Its going to get wider and bigger and more refined. So many people, i spent so much of this weekend trying to allay fears or at least encourage Small Businesses to take part in this, even though many of them dont know that it will be enough, at least its a lifeline of sorts until we can get more. I believe the administration and congress, this is one of those rare things, they are going to be on the same page and this program will evolve, so you want to get involved in it yourself as a Business Owner immediately. Ashley very good. Charles, before we let you go, you are such a busy person, always in demand and rightfully so, you have a big virtual town hall coming up later this week. Charles i cannot wait. Like i said, i have been deluged with so many questions and but they are amazing questions, smart, brilliant questions. Lets face it, this thing was cobbled together. There still arent answers for most of these questions. Hopefully we will have them by thursday. We will take them. Please, folks, participate. Send us a video of your question, send it to our facebook, instagram accounts. We want to be able to help you get through this and believe me, that is the main mission of this. I think larry kudlow will be on the show but we also have really amazing other guests as well. The most important person in that show or persons will be our audience. Ashley indeed. And you, Charles Payne. You are the man with the answers. Thank you so much for joining us this morning. Appreciate it. Thanks, man. All right. Lets talk about social distancing. Easier said than done, maybe. Todd pirro joins us now. I would suggest the numbers we have seen, perhaps a little bit of a light at the end of the tunnel, is proving that people are getting the message about social distancing. It took awhile, especially among the younger population, but do you think people in this country are getting the message . I think that they are getting the message but if you look at all the numbers and what the experts are saying, this is a crucial time to do it. I understand, look, you talk numbers on this show, you talk about bringing the economy back. But if that handful of people, again, im just guessing at number, lets make an arbitrary number, 100,000 people, if those 100,000 people arent social distancing, that could have such horrible impacts on our economy and its not like those 100,000 people going to work is going to resuscitate the economy from what has happened over the course of the last three weeks. Its so important over the course of the next 30 days that we hunker down so we can get back to some sense of normalcy as soon as possible and thats what our economy needs. Ashley are you surprised that the mayor of boston, for instance, is now saying im going to put a curfew in, 9 00 p. M. To 6 00 a. M. , you cant be out there. If you are, you have to have a very good reason, otherwise you are facing fines and possible jail time . Is that what it takes . Well, because a number of us are following but theres that small handful that arent, and its one of these things, Everybody Needs to be on board. I heard dr. Safire talk about this on fox news earlier today. She basically said people didnt follow the seat belt rules when they were first put into place until the government stepped in and said you got to follow these rules or theres going to be fines. When people get a fine or some type of governmental punishment on the back end, they have a tendency to listen and follow those rules. When you look at what is at stake, our economy, our health, what else do you need . There was a picture of these people in brooklyn just enjoying themselves, sunning themselves on a nice sunny day. You cant do that. We just need to stop being selfish for 30 days at the very least, maybe a little bit longer, but if we do that, we are going to be in much better shape than if we dont. Thats why the mayor of boston was right to do that. Ashley very good. Have to leave it that. Todd, thanks so much for joining us today. Really appreciate it, with wise advice. Next story, susan, news from cuomo . I assume thats Governor Cuomo . Susan thats right. Hes holding a press conference at the top of this hour. Look, you are looking at a 1,000 point rally because it looks like we might be looking at the light at the end of the tunnel, especially with new york reporting its first drop in deaths. They reported on sunday 594 coronavirus deaths, compared to saturday, when they saw 630. Thats positive. Also, the new rate of cases is declining as well. Hospitalization rates, right, so on sunday, they saw hospitalization rates half of what they saw on saturday, 50 that. So there are some hopes, maybe, that we are seeing the light at the end of the tunnel at least when it comes to new york. Italy as well reported its lowest death toll in the sixweek crisis. So deaths went up 525, tragically, but if you think about it, thats the smallest number you have seen in terms of growth in the past six weeks. I think theres some positives to take away from this. Ashley yeah, Newt Gingrich joined us from italy and said the lockdown is a lockdown. People are paying attention to it and apparently its working. Susan, thank you. Lauren, come on in. News on a new covid19 test, right . Lauren this is more good news. Yeah. This is a blood test from the mayo clinic. Its an Antibody Test being released today. It can tell by testing your blood did you have covid19 and are you recovered. This is a way as we talk about how we will get people back into the work force and open back up the country, if you will. Well, if you know these people are immune or have had it, they could enter the public space. Their blood, their plasma, could also be used to treat patients who are in critical condition. Ashley very good. By the way, we had the codiagnostics ceo joining us later to talk more about this. Good stuff. Susan, lets bring you back in. News on apple. Susan of course joining in helping combat the coronavirus, apple sourced 20 Million Masks which is more than the 10 million they said they found a week ago, and they are also, by the way, building face shields for front line Health Care Workers, the eye shield, eye mask, whatever you want to call it, my name, not the companies, but they are going to make a million of these face shields each and every week. With a company like apple, the largest in america and probably one of the best Technology Companies in the world, if they step up to make face shields, i think there will be high demand for those. Ashley i think youre right. Susan, thank you very much. President trump, by the way, says hes optimistic the nfl will start on time. Legendary football coach lou holtz joins me later on that issue. What about College Football . Joe biden says President Trumps Coronavirus Response isnt fast enough. We react to that next. Well be right back. An i. Safe drivers save 40 guys guys safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him safe drivers do save 40 . Click or call for a quote today. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. As someone with hearing loss i know what a confusing and frustrating experience getting hearing aids can be. Thats why i founded lively. Affordable, highquality hearing aids with all of the features you need, and none of the hassle. 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[ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Ashley we have a headline for you from the sports world. The 2020 british open has been canceled and this just in. The masters is now targeting for a november 915 rescheduling date. They are targeting that date. But the thought of the masters in november seems strange but they are trying to save it for this year and thats the date they are looking at. November 915. Meantime, check cvs. They are launching drivethrough coronavirus testing in rhode island and georgia. Cvs up 1. 5 , up nearly a buck at 56. 63. Also take a look at wells fargo. They will cap, they say, their total contribution to the Government Loan Program at 10 million due to regulatory constraints. Wells fargo like the rest of the banks today up nicely, 5. 5 , 1. 39. Lets turn back to politics. Katie pavlich joins us now for some observations on the coronavirus leadership of mr. Trump and why mr. Biden says hes not doing enough. Roll that tape. Look, there are a few things he can do. He can immediately fully implement the defense production act which i and many others called for a long time ago, and hes just getting under way with it. Theres still no defense supply act production act for gloves, masks, all the things First Responders need. Weve got to save jobs, weve got to save peoples businesses. We have to exponentially ramp up testing. Ashley well, its easy to snipe from the armchair. In a situation thats totally unprecedented, you know, joe biden is just trying to get attention right now. Yeah, hes doing everything he can to try and stay relevant as theres a president ial election going on, but the campaign of course is very different this time around. The problem joe biden has, and has had throughout this process, is that he touts a 30year record in washington, d. C. But he has to stand up and be responsible and accountable for the actions that were taken. He wants to talk about what president s should do when it comes to pandemics. He has to answer the question about why the obama administration, while he was Vice President , did not, you know, redo or replenish the stockpile of n95 masks for the federal government once they used them in 2009 for the swine flu epidemic, they never actually fully replaced them. Thats why we have a shortage of that now. So in terms of the things the president has done, joe biden has suggested things after the president has implemented them. President trump has done a very good job of asking companies to voluntarily produce the products that the Health Sector needs without having to force the federal government to make them do it. Hes worked very well with governors. He oftentimes does not politically agree with or get along with on other issues. Joe biden can be at home while the president is in the White House Briefing the American People every single day and comment and criticize but at this point, you have to ask why you wouldnt just be in the fight with him even if hes an opponent for the sake of america rather than just trying to criticize from his library in his house. Ashley but this is the narrative, is it not, everything thats happened before the pandemic has now been gone away and the election very well could turn on how President Trump handles the crisis. Thats what it boils down to, dont you agree . I certainly think that the economy will be a huge factor when it comes to the end of the quarantine period that we have now. The president has received high marks so far but there is a patience period here that eventually will run out. So theres this difficult balance that the president has had to strike between the Public Health issue here and the issue that comes when you have tens of millions of people unemployed overnight and unable to go out and look for another job. So hes been very clear over the last few days especially that he doesnt believe the cure for the coronavirus issue should be worse than the actual problem so hes been talking to his economic advisers about how they can safely reopen certain sectors of the economy, certain parts of the country, while also making sure that the Health Advice from the people who have been watching this thing roll into the country is taken seriously. Ashley very quickly, joe biden perhaps suggesting that the Democratic Convention may need to be a Virtual Convention. Right . Yeah. This is after they moved their convention from july to august. Keep in mind that tom perez, the dnc chairman, just a month ago was saying he didnt want to do a Virtual Convention. Thats why they moved it back to try to get everyone in the same place at the same time. The Biden Campaign was behind the push to get it pushed into august. But a Virtual Convention would require the dnc to change the rules and the chairman has said hes not interested in doing that. We will see if its inevitable given the timeline here of whether they have to do that but so far, the chairman has been very hesitant to go that route. Ashley yeah. All right. We are out of time. Great stuff, katie. Thanks for joining us today. Appreciate your comments. Susan li, we got a message from queen elizabeth. Susan elegant and reassuring. Its very rare the queen makes these nationwide addresses outside of christmas. Shes only done it three times. That was before 1997 with princess dianas funeral, during the gulf war and when the queen mother died in 2002. In this really elegant address to the country she said better days will return. I really like that. We will be with our families again and we will meet again. I think she probably needs to make shthese assurances because the Prime Minister, Boris Johnson, is currently in a hospital bed with coronavirus after ten days of confirming he does have the pandemic and the illness. So the country needs some leadership right now and its so lovely to see the queen step up. Ashley i couldnt agree more. We will meet again, which is a throwback to a song during world war ii, well meet again. Great stuff. It was great stuff. Thats where that came from. By the way, Boris Johnson, we have heard from him, he has been tweeting from his hospital bed, says hes doing fine and just being treated for symptoms that are persistent. Hes tested positive but just cant seem to get rid of the symptoms. He has tweeted hes doing okay. Lets take a quick look at the markets. You can so the dow off its session highs but still impressive, up 989 points. Also look at codiagnostics, up 23 at ten bucks. Later this hour, the ceo of that company will join us. That should be good. Take a quick look at oil. President trump threatening tariffs on oil imports from saudi arabia. Oil, though, sinking today. No agreement between russia and the saudis on production cuts. Crude oil down 7 at 26. 35 a barrel. Thats next. Attention veterans with va loans. Mortgage rates are now at all time lows. By refinancing, you can save 2000 a year with one call to newday usa. Our team is standing by right now to take your call. And from start to finish, you can do it all without ever leaving the house. With our va streamline refi, theres no income verification. No appraisal. And no out of pocket costs. One call can save you 2000 a year. Ashley we are entering the next couple weeks, a critical time as the president said last week, but the markets starting off on a strong note. We are back above 1,000 points on the dow, 1,042 at 22,095 on the dow, the s p 500 and nasdaq also up close to 5 . Its a very impressive start for the week. Lets talk about oil, too. Oil has been slipping again after weve gotten no, as you can see, down nearly 7 at 26. 37 on crude oil. Lets bring in daniel yergen. Today, i thought we were going to get some sort of meeting between the saudis and russians to agree on some sort of production cut. But it hasnt happened. Right. Ashley, i think its time for you to sing that song we will meet again that you did before the break, because thats what its all about. When will they meet again. Now they are saying at the end of the week. There is still a lot of acrimony and finger pointing going on among the various parties and of course, President Trump has stepped in as a kind of divorce mediator here to get them back to the negotiating table and to get some cuts and i think we are seeing it now being talked about, something we proposed about two weeks ago, within the framework of the g20, bring more countries into it who are not in opec, but the big question of course is the United States itself now is talking about the end of the week that they will seek to meet again. Ashley yes. Seek to meet again. You know, i guess the question is, i have seen reports that maybe, there may be an effort to stockpile some oil in order to try and support prices. Back in the old European Economic community days, they used to have butter mountains and milk lakes to try to artificially support the prices. Is that something that could be considered for oil . One thing is we have something called a Strategic Petroleum reserve. We could put oil, 77 Million Barrels into that. What has to happen, though, is congress has to appropriate the money to do it. It would be a very good investment because the money would be buying priced at this price and it would go up later. Theres a lot of oil flowing into storage because the big thing is oil demand has really collapsed with the shutdown in the global economy. We are going to probably at the end of this month or beginning of next month, run out of places to put the oil. Thats when you will have downward pressure unless these folks all make a deal. Ashley yeah. Finally, daniel, the saudis did this, as we know, the u. S. Frackers have been able to fill any gap based on production cuts from opec and i think this is a race to the bottom to try and really put the frackers out of business or put them close to going out of business. Are they achieving what they wanted to do . This has been a shock because this amazing thing has happened. The United States has gone from being the largest importer of oil in the world to being the biggest producer of oil in the world. This is a hit to the frackers because they need to keep drilling and if they dont have the money, the price isnt right, they wont drill. We are on a course to see u. S. Production decline. This is putting pressure on them. The u. S. Will still be a very major producer but we may not at the end of this year hold the number one position if we stay where we are. The president made very clear that he wants to ensure that the u. S. Maintains the strength that comes from having this industry and all the benefits that flow to the rest of the economy, including the industrial midwest. Ashley how long can these those in the oil patch survive with prices at this level . Its nowhere near to even breaking even. I think, well, now actually you have had some relief because just the psychology of the talking, the intervention of President Trump, has really raised the price because a week ago, one would have been talking about 10. Now one is talking about mid high 20s, even 30s. But it is a lot of pressure. Like the rest of the economy, like everybody else in the country, this crisis we are in needs to be over. The longer it goes on, the more difficult it is for them, as it is for everybody else. Ashley we will be singing we meet again between the russians and saudis later this week. Daniel yergen, great stuff. Appreciate your expertise on this issue. We will meet again. Ashley we will meet again. No doubt about it. Thank you very much. Time now to bring in north dakota senator john hoeven. Obviously north dakota, a big part of the oil patch. Senator, thanks for joining us. President trump threatening tariffs on oil imports. You happy with that move . Well, hes trying to end this price war between opec, essentially the saudis and russia and thats what hes saying is look, we need to get some reduction in supply at a time when the demand has been destroyed because of the coronavirus, and if not, the United States is going to have to take other action. Ashley how has it impacted, these prices at this level for so long, what impact has it had on your state and the people who work in that industry . Well, you just talked about it. Thats exactly right. Its having a real impact on our Energy Industry here in north dakota and throughout the energy belt in the United States. So youre seeing our companies, youve got a whole gamut of companies from small companies, oil service companies, all the way up to the large companies, and a lot of employees have their jobs at stake here because of that price war. Ashley how long can they last at levels like this . Well, thats it. Already theyre starting to shut in wells and again, its because of the price war at the same time that you have no demand because of the restrictions that go with fighting coronavirus. What we are working to do is two things. One, stop this price war. Thats why i have talked to the president and his economic advisers, i was on the phone with the ambassador last week. Now it looks like we are going to get saudi arabia and russia to come to the table, i think this thursday. I have also talked to other countries, the Petroleum Marketers in canada and norway, other countries, to try to get some reduction in supply or management of supply while we fight the coronavirus. That will help. But also, doing more to put petroleum in the Strategic Petroleum reserve like you talked about. Im introducing legislation as well to do that. We wanted it in the cares act, we got blocked. Im bringing back another bill to get that done as well. Ashley very good. We appreciate you taking time out to talk to us today, senator hoeven, and talk about the horrible impact these low prices are having on states like north dakota. Thanks so much for joining us. Much appreciated. Time to move on. Lets get to lauren with news on boeing. Lauren yeah. Big news on boeing. They have indefinitely suspended their factories and operation in the seattle area. Translation, 30,000 boeing workers after tomorrow will either have to go on unemployment or start taking their vacation and or sick time. 30,000 workers affected because they were expecting to reopen these facilities after a twoweek period but that twoweek period is nearly over, still dealing with the coronavirus and it will be suspended until further notice. Stock up 9. 33 . Ashley yeah. Thats a familiar story. Many companies. Lauren, thank you very much. As we head to the break, check out codx. That is the symbol for codiagnostics. Guess what . The ceo joins us next. Well be right back. 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Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Ashley we have a tweet from the president , just tweeting this. Joe biden wanted the date for the Democrat National Convention Moved to a later time period. Now he wants a Virtual Convention. One where he doesnt have to show up. Gee, i wonder why. Also, whatever happened to that phone call he told the fake news he wanted to make to me . There you have it. The latest tweet from the president calling out joe biden. Lets bring in dwight egan. Hes with codiagnostics. The big news for his company is that the fda has approved emergency authorization for your covid19 test. Is that right . That is correct. Its good to be with you. It means that codiagnostics with now sell our easy to use, easy to interpret and costeffective test throughout the United States. Its a great day for accessibility for testing. A great example of this is in the state of utah, where the state of utah along with silicon slopes has done an initiative called test utah, and in the first 24 hours, since they inaugurated this thursday afternoon last week, they have screened 35,000 patients, set up 2600 testing appointments and have tested over 800 people. So this kind of authorization from the fda allows our test to have great accessibility. Its a great day. Ashley how does the test work . Our test is a realtime polymerase Chain Reaction test, it is the Gold Standard thats used by many other providers of tests. It takes about 90 minutes from start to finish, including taking the patient sample and doing the extraction and putting it into the pcr machine which takes about 45 minutes to give you a complete result. Ashley is there something unique about this particular virus thats made it difficult to find a treatment . I dont know about whats going on on the treatment side, ashley. We are focused on the identification of the virus in a patient sample. Ashley have you seen an effort like this, including the fda and other Government Entities who have really fasttracked these types of things . Is this kind of a unique situation that you have never seen before . It certainly is. Its a worldwide pandemic. We sold our first test in the first part of february. We received a ce mark in the last part of february so we have been distributing this test pretty much worldwide since then on five different continents, then the fda gave us approval on friday to distribute in the United States on an emergency use authorization basis. We had previously been authorized by the fda to distribute it in the United States under certain circumstances. So it has been in the United States for awhile but now it really opens it up and breaks the logjam for us. Ashley so the question being, can you meet that demand . Im sure you are having to ship out an awful lot, large number of these tests. Are you able to keep up with demand . We are, and we are pleased to say that we have ramped up our production now to where we can accommodate somewhere between a million and a million and a half tests a week. So we are shipping worldwide and now shipping within the United States at a pretty nice clip as well. Ashley well, congratulations to you and your company. Dwight egan, its a great story and congratulations on getting that test out there as quickly as possible. Appreciate your time, sir. Thank you. Lets look at retailers, if we can. We talked to Gerald Storch earlier, had some pretty bleak things to say about the retail landscape. After we get through this pandemic, he says there are many that never come back. We can show you those that are going along strong. Best buy, macys, kohls all moving higher. Kohls up 20 , 2. 31, up to 13. 82 for kohls. Lauren, you have news on retail . Lauren lets start with the bad news first. The National Retail federation is predicting that over six million retail jobs will be lost by may. Thats 40 of the industry, jobs completely lost because of the coronavirus pandemic and obviously, the health of the retailer before the pandemic struck. If you are thinking in the future hey, can we celebrate christmas and the holidays, what about the fall, you have to worry about inventory because so many retailers are tight on cash. Will there be inventory on store shelves. You have to think about things like that. Heres the good news. Some companies are indeed hiring. As you know, we did the news today, riteaid hiring 5,000 workers, walmart. Amazon says they have already hired 80,000 of their 100,000 employees addition goal. So there is good news that comes along with the bad. Ashley there is indeed. Talking of hiring, lets go to susan for some of those numbers. Amazon and walmart, they are going gangbusters. Susan thats right. 80,000 out of the 100,000 positions already filled. In fact, amazon said they got 50,000 applications in the first 24 hours that they made the announcement and they are spending about 350 million to get more head count online and that includes paying 2 more per hour on top of 15 minimum wage. As for walmart, looks like they have hired so far 50,000 out of the 150,000 they are looking for. They are hiring about 5,000 people a day. Is this enough to make up for the fact that ten million americans have now filed for Unemployment Benefits and we could be looking at close to 15 to 20 unemployment rates in the next month or so, probably not, but its a good start and its good work if you can find it. Ashley it is indeed, a good start. Thank you very much. Take a look at kraft heinz, adding more shifts at plants that make packaged foods due to a spike in demand. Up 2 today at 25. 87. Good for a 55 cent gain. Also check general motors, gm. They are encouraging 600 suppliers to produce face masks. That stock up 6 today, up a buck at 19. 10. Guess what . President trump says he is optimistic the nfl will start on time. Legendary football coach lou holtz joins me to talk about that and more, next. Heres huge news for veterans with va loans. Mortgage rates have dropped to all time lows. By refinancing now, you can save 2000 a year. And newdays va streamline refi shortcuts the process. Veterans can refinance with no income verification, no appraisal, and no out of pocket costs. One call could save you 2000 a year. Ashley breaking news for you. Reuters is reporting that russia says it is ready to discuss very substantial Oil Output Cuts due to Global Demand collapse. Thats the headline from reuters. Talk is cheap, as we know. Whether they actually can get together with the saudis and get this agreement in writing or whatever they do, we shall see. Oil, though, still down 4. 5 today but coming back just a little bit. Now to sports. The u. S. Open Golf Championship in new york has been postponed. It was originally scheduled for june 1821. No word on when it will take place. We have already heard that the masters will be maybe targeting a tournament in november. Wouldnt that be interesting. The british open has also been canceled. Lets talk about sports. President donald trump optimistic the nfl will start on time. Lets bring in legendary coach lou holtz. Lou, thank you so much for joining us. You have been a great friend of the show. I want to talk college lets talk about the nfl first. Do you think theres any chance it could start on time this year . I definitely think it can start on time. Will it, remains to be seen. So many times the cure is much worse than the illness. I have been on this reservation for four months. Am i going to be another four months . Whats going to happen to the economy. Its insane where were going to go. Ashley yeah. You know what, there are those in College Football who are now kicking around the idea of having this season played in the spring of next year. Whats your thought on that . Well, i think financially its going to be devastating to all the colleges, not just the power five but go look at the money, look at the economy, look at the unemployment. To me, as i said, the cure sometimes is worse than the illness. I think if you use some common sense, yes, we have to protect Peoples Health but what i hear on tv is true, 99 of deaths fall into four categories. The elderly which i certainly qualify, the people that have respiratory problems, which my wife qualifies, obese people, overweight people, and diabetic account for 99 of the deaths. Now, i think we ought to be able to say those people could stay in until you feel safe and secure. The rest of us, we need to get back to work. Most of the young people, unless you fall into those four categories, my understanding is its like the flu and you will get over it in a week, et cetera. People are going to go stircrazy. You think about yeah, all the sadness about the medical hardship, i took my wife to the doctor this morning. 125 waiting chairs, there was one other person in it. You look at the Small Businesses, the hotels, everything is devastated. But the misery and agony that people are going to have and the Financial Hardship theyre going to have when this is over is even going to be worse than the problem we have now. Ashley lou, very quickly, are you confident we can get back on track . Because the fear is we go back too early and let the pandemic loose again. We dont want that to happen, but once again, what is the criteria we are going to have where we can go back into society . Im an old man. I have never seen anything like this before. We have been through ashley lou, im so sorry. We are out of time. You are the best. We will have you back again very soon. More varney after this. Ashley markets continuing to gain ground, close to session highs now. As you can see the dow is up 5 . Same story on the nasdaq and the s p. Susan, lauren, i tried to hold down the fort for stu. Look what weve done for the markets, guys. Not bad at all. Take all the credit for that. Our time is up, but neil cavuto, take it away. Neil thank you, ashley, very, very much were waiting to hear from new yorks governor andrew cuomo. He will outline the latest case there is. A lot of people say owes much of the rally not only happening in new york but the United States as rate of deaths and increase begins to slow. That is not across the board. Well get reading from iowa. That states governor about to address the press. Iowa is one of eight states who do not have the stay at home provisions. This is boying optimism, that maybe, maybe the worst could be over. That may be premature. They will take anything they can