The n95 mask. Will he or wont he sport one . Thats the least of our interest here. We will take you there as soon as it begins, because there may be some big news. As wall street looks at a second straight day of gains, investors are ignoring what we all know has been a pretty stunning economic slowdown. As american businesses, though, begin to crack the door open amid the coronavirus, will that bring fresh oxygen to u. S. Growth . Glenn hubbard is the dean emeritus at the columbia Business School. Hes here in a fox business exclusive. We will ask him when he thinks americas economic engine will begin to hum once again. And the buffett blowoff is still grounding the Airline Stocks. The major carriers, certainly. As the oryacle of omahas exit from the sector brings cloudy skies for major carriers, its opening a clear runway for private jet companies of all different kinds. Okay, dont roll your eyes until you hear what the membership fee is for setjet. The ceo, tom smith, is here in a fo
A lot of people have been led to believe that at some designated time some magical time we will all receive some type of signal like that from authorities and everything is just going to go back to normal folks thats not going to happen in fact nothing could be further from the truth and ill give you an example the spanish flu of 1800 came in 3 different waves and it changed the world 1st of all it went on for 2 full years it changed how people lived and it also changed the business of health care with governments all over the world realizing it needed to somehow be a little more centralized so im bringing this to your attention today because Gavin Newsome the governor of the biggest state in america has come out to explain for the very 1st time how our lives will change because of the coronavirus this is important stuff right one example he cites get this. Yes we will be able to go out again and to restaurants but only after your temperature is taken before you enter the restaurants.
This as crude is also getting a lift. We were talking about the deal between the opec members cutting back supply. Take a look at the high yield etf, this as the fed says they will support the fallen angel market, those credits downgraded on march 22 from bbb to bb. Take a look at this curve. Yields on the front end falling after thesis points fed said that they would expand their facility program, buying shortterm notes from issuers as they engage in some deficit financing. I want to bring in our next guest. He has been talking about bears in hibernation as the fed is trying to increase that 2. 3 trillion stimulus program. Some of the small and midsized businesses. Some of the jobs numbers this morning. We got reaction from fed chair jay powell. He spoke earlier. Take a listen. We are deploying these lending powers to an unprecedented level, backed by the congress and treasury. We will continue to use these powers forcefully and aggressively until we are confident we are solidly on th
Gone red as weve gotten more guidance on Net Interest Income on the conference calls. Yeah. Absolutely the banks are in focus as this first day of earning season in earnest really kicks off one of the names im actually focused on that reported this morning is fastenal, distributors, thats what they make and they provide those distributors to quite a variety of industrial excuse me industries and end markets, early indicator of the state of the industrial economy, youre seeing those shares pop today in part because at a time where so Many Companies are cutting their dividends they actually raised their dividend and they noted that theyre seeing product produced significant shifts in business mix and that march sales of the fastener products declined 10 on a daily basis as industrial activity slowed but their safety business grew 31 as they were sourcing and delivering critical ppe supplies to the marketplace why do i bring this up this is essentially what were seeing and i have a feelin
Here as well. Also want to point out some breaking news. Macys says their cfo paula price is going to leave the company. They are looking at an external search currently. Premarket withn the overall market. Exxon mobil also coming out, finally the last of the big majors to cut their capex. They see overall Capital Investments for this year about 23 billion. They saw up to 33 billion. They are also cutting operating expenses by about 15 . They are maintaining their longterm outlook. They say Capital Allocation priorities remain unchanged. The longest chunk of all these cuts are going to be spending in the permian basin. That is interesting. We heard something very similar with chevron, a little easier to shale. Ex within they are dealing with the fallout of the crisis. Watching those stocks as we head into the open. U. S. , as wellthe as the markets, but the collapse of the Small Business optimism i was just talking about. Gauge falling by 8. 18 points in march. Michael mckee joins us w