April 10. Climbed the most since april 10. Millions of us are watching a lot of television. Netflix jumped, but investors questioned how long the binge will last. Shery look at how markets are trading. We are checking oil prices after we saw that crash this week. June futures are rebounding slightly. This coming after it plunged 70 may contracts expiring, sinking below zero for the first time ever, traders fleeing oil to avoid taking delivery of physical barrels. Seeing a rebound across the board but significantly lower from where we were earlier this week or last week. Look at how the broader markets are trading up your u. S. Futures after stocksg, tumbled the most in three weeks pay we had a frisch a fresh rout of risk aversion. Around the 2700 level. President trump and secretary of treasury mnuchin giving a briefing at the white house. Lets listen in. The certifications are quite significant. How many jobs have been saved while the money was going ppp is over 30he million jobs. That doesnt account for other money. We are pleased the direct deposits have gone out. We started sending out the checks. We are supplementing our capability and sending prepaid debit cards to get money out to people. Everything the president has had us working on is providing significant stability in the economy while we are dealing with this time when we have closed down major parts. Thank you, see you later. Pres. Trump that was a nice question. Thenoble fight against invisible enemy has inflicted a steep toll on the american workforce. Millions of americans sacrificed their jobs in order to battle the virus and save the lives of fellow citizens. We have a duty to ensure these unemployed americans regain their jobs and livelihoods. To protect American Workers i will be issuing a temporary suspension of immigration into the United States. You heard about that. We will help put unemployed Americans First in line for jobs as america reopens. So important. It would be unjust for americans to be replaced with new immigrant labor flown in from abroad. We must first take care of the american worker, the american worker. Pause will will be in effect for 60 days, after which modification will be evaluated by myself and a group of people, based on Economic Conditions at the time. This will only apply to individuals seeking a permanent residency. Those receiving green cards, big apply to thoset entering on a temporary basis. As we move forward we will examine what additional measures should be put in place. We want to protect our u. S. Workers. Forward, will become more and more protective of them. The pause will help to conserve vital medical resources for american citizens. A short break from new immigration depending on the time we are talking about will talk protect the solvency of our dr. System. Health care system. Vice president pence visited the people at General Electric of care in madison, wisconsin working three shifts a day to quadruple production of ventilators. We are ahead of schedule. It is never brought up by the media. They dont like to bring things up when we are doing well. Ge is working with ford to make 50,000 ventilators in the next 100 days, more than our country typically produces in a long time. Doing that in a matter of a few weeks and days. Earlier today i had a productive meeting with Governor Cuomo as you saw to discuss his statewide testing strategy and how we can Work Together to expand it with the goal of doubling testing in the next few weeks. New york state will be continuing to control the resting of their visit thei citizens. Locale a lot of state and laboratories there. The federal government will work on theith the state National Manufacturers and should be terrors. We will all Work Together to help them secure additional tests. We hope this model will work with the other states as well. New york has exceptional laboratories. Most of the states do. You saw the chart yesterday. I am proud of the relationship my administration has forged with new york. I can say very honestly with new york state and new york city, they have been terrific to work with. The metropolitan area has been in epicenter of the outbreak america. The federal government has spared no expense or resource to get new yorkers the care they need and deserve. We have sent over 5 million masks. Now that number as of two days from now will be more than doubled. Thousands of ventilators. So many ventilators the governor is sending some to massachusetts and other locations. We have a great deal of ventilators which people thought would be impossible. Thousands of hospital beds in nse u. S. And s comfort us comfort was sent to new york for a normal medical purpose but notice changed over to take care of people that have the unfortunate circumstance of going through the problem we know so well. Unfortunately that we know so well. I said no american who needs a ventilator would be denied a ventilator, and we have kept that promise all over the u. S. Other countries are desperate. They have many deaths because they dont have a ventilator and i have asked andrew if we could bring the comfort back to its base in virginia so we could have it for other locations. He said we would be able to do that. The Javits Center has been a great help. We are bringing the ship back at the earliest time. We will get it ready for its next mission which will be im sure very important. It was an honor. They converted it after it got there into handling an event they were not expecting to be handling. The fda has authorized more than including as tests of late last night the first test that a patient can take home. You can take it at home. It is highly accurate. Labcorp intends to make this available to consumers in both states with a doctors order in the coming weeks. We also have four different identifytests to help individuals who can donate convalescent plasma, providing potentially lifesaving antibodies to american patients. Dr. Hahn will be providing you with an update on these. He has done a great job at the fda. We continue to gain ground in the war against the unseen enemy. I see light at the end of the tunnel. I see a lot of light. Starting the process. We are starting a powerful, important process. People are getting anxious. They want to get going, back to their jobs. They want to make money, take care of their families. The light is getting brighter and brighter every day. I will ask dr. Birx to come up and dr. Hahn. You, mr. President. Shery you have been listening to President Trump briefing the press about his immigration cause in effect for 60 days. He said he had talked to governors including andrew cuomo in new york. Lets discuss the latest developments with our government congressional reporter Emily Wilkins on the line from washington. Line from washington. We were expecting some sort of action on the immigration front. Tell us about what this means and what sort of authority the president has to carry out this immigration halt. Trumpit was announced, will be doing a delay in processing green cards. This was something we expected last night. That began to be reported. It is something other republicans have pushed for including jeff sessions, saying it will improve the health of america to do so. It should be pointed out processing of green cards as well as other immigration request has slowed down because of the virus, because of changes in staff and everyone trying to adjust to the new reality of having to work from home and not being in the office at the same time. Heard when it comes to further relief for Small Businesses and struggling they managed to pass the 484 million stimulus package what does it hold . The president was talking about the futures what is in the pipeline . Reporter the important thing to know is this will go on to the house. Most of it is directed at the Paycheck Protection Program meant to be helping struggling Small Businesses. You are seeing more than 300 billion for that. It includes funding for hospitals, Virus Testing and other Research Related to a vaccine and a cure. It is not comparable to the 2. 2 trillion package that was passed several weeks ago. There is a sense that there is need for another major package which really addresses a lot of what individual americans are going through. Lots of lawmakers are hoping to get a wide brianti of things into the package, everything from making it easier for elections to be done, the mail in ballots, another round of checks perhaps for Americans Still struggling financially and have had uncertainty, that is another package lawmakers will try to get things into because so much is needed right now and there is so much uncertainty what will happen in the future. Government congressional reporter, getting the latest from the Coronavirus Task force press conference that is still ongoing. Lets get your update on the biggest market story possibly of this year, the collapse in oil a day after we saw the may contracts collapsing into subzero territory for the first time ever. We are having so much volatility with the june contract, wti plunging 40 in the new york session. We are seeing recouped in asia. Trading 13 a barrel. There is increasing lightning with the spread. We are seeing the situation widening in the etf world with accrued tracking fund moving the crude tracking fund moving. Opec taking the unscheduled Conference Call but no policy response as inventories continue to build and we get the situation where Storage Space is running out. Now first word headlines and get you caught up to date. The number of Coronavirus Infections has topped 2. 5 million 2. 5 million people. The recovery rate in italy has almost surpassed the number of new cases for the first time. Germany reported the smallest new infections this month but the worldfamous oktoberfest has been canceled for the First Time Since world war ii. E. U. Leaders open a Virtual Summit with no instructions on how to finance the Recovery Fund and no details on how it will operate. The Video Conference will be discussing a roadmap for tackling the pandemic but no timeframe, no vision of the investment needed to stem the fallout. Sectors thursday. Singapore is extending for a month after a surge in infections. More than 1100 positive cases tuesday, taking the total above 9000 cases. Fornesia is banning travel festival saying people are moving irrespective of the virus. There is a peek seen only at the end of may. The virus induced economic slump in japan is prompting the central bank to warn lenders to expect rising bad loan costs. The Financial System report says if the downturn is prolonged, more companies could face solvency issues and higher credit costs and they warn fx funding could become unstable. The economy remains resilient. To ourcoming up we speak next guest about his insight on the market and where the areas of opportunity are. The people Binge Watching tiger king helped netflix smash even for its own growth estimates and how long will this last . This is bloomberg. We are seeing u. S. Future showing moderate upside, a little higher looking at trading in s p futures after stocks fell the most on tuesday. The turmoil in the oil markets continued to trigger a fresh about of risk aversion. We had the jump in u. S. Coronavirus cases as well throwing doubt on the economic reopening. Lets discuss all of this. Guest, great to have you. Lets start off with oil first. Are we going to see a broader impact to the turmoil we are seeing . The may contract, a bit of a technical blip, but we are seeing that amount of volatility carried through to the june contract as well. At what point do we see a bigger across all risk assets . Is nice to be here. The move, the markets each and every day is going to be surprising with extraordinary volatility. And in the oil markets, the energy mark gets is incredible markets is incredible. We have had oversupply for a while. There has been pressure on the energy complex. Demand has plummeted, Airline Travel is off 95 . It is a concern for other risk assets. I am hopeful area one of the things i was looking at, i was worried Corporate Bond would get hit a lot harder. It did not. I thought Energy Prices would get hit harder. They were down but on relative terms they held up. Those were encouraging signs. We have seen the light at the end of the tunnel hopefully for the first wave of covid19. The markets may have put into in some sort of bottom. We have not seen the light at the end of the tunnel for economic data. But i am hopeful it will come. The morning always arrives. Haidi this is the beginning of a bottom bay we are not bottom. We have money going back into bull market territory. In terms of valuations, how selective do you have to be . Things are not cheap. Terms,erms of absolute it depends on the valuation metrics. It is not cheap but no longer expensive either. In relative terms there are pockets around the world of that appear cheap. They have been under pressure for years and value stocks in general, it is the longest and deepest bear market of relative performance value stocks have had versus growth. On a relative basis it is not bad. International markets, they butt have underperformed, their valuations are not the same levels the u. S. Market is at this point. Shery what is the risk of a stronger dollar . Withe so much uncertainty the coronavirus pandemic and oil prices. It is a risk to a couple of the markets i was talking about. I am probably being glass half full, but when it comes to bear markets, it is an Inflection Point or leadership within the markets. We are undergoing an epic bear market now. Once we get to the other side of this and we start seeing economic data, probably get to the point of being less bad, we will see more risk off type of trades. If you get risk off, it doesnt help the dollar. And looking at the federal deficit has exploded, i think you will see there is a lot of various pressures on the dollar. It could be inflation. I think a combination of factors suggests the dollar probably, it is harder to get stronger than weaker in the months and quarters ahead. Harvesting, what are the opportunities with such volatile markets . Off. Rkets are way lets say we get a vshaped or ushaped recovery. I think there is a decent chance of seeing that. For taxable investors, they should be taking tax harvesting area they are using these to offset future tax gains. Not only that, 10 of investors have concentration in their portfolios which suggests they might have individual names, worked there,as inherited or something. This is the time to use tax loss credits, harvest losses and byuce concentration risks taking gains. It is a great time to take action for investors, particularly taxable investors. Haidi what do you like outside of the u. S. . If i had to make a comment, i would buy nonus. I like emerging markets more than developed markets. With emerging markets, i like value stocks. When you look at valuations, singledigit valuations, which are incredible area we have not seen that for some time in the u. S. Markets. Expected returns for value stocks in emerging markets, you could see doubledigit returns in the years and decades ahead. Officer,ief investment thank you very much for your thoughts today. Lets get a check of the business flash headlines. Newlix added twice as many subscribers in the First Quarter than predicted, cementing its place as a rare company to benefit from the virus. They gained a fraction under 60 million new users. The forecast was 8. 5 million. Netflix itself predicted 7 million. The snapchat parent also benefits. Daily users have soared and they expect to keep growing as people stay connected. They have reached 200 million daily users in the First Quarter , 500 million more than the market was expecting. But they say it is too early to know if it will boost revenue as advertisers go back. Epic games has embarked on a new fundraising round to value the company above 15 billion. The maker of fortnite and the house party app, which has exploded during the pandemic, has hired a Financial Advisor and is aiming for a cash injection up to 1 billion. Encent owns 40 of epic games another company withdrawing Earnings Guidance for 2020. It is lyft pulling the estimates it gave in february blaming uncertainty of the impact of the virus. They say passenger numbers are down but declined to say how much. The information estimates bookings have dropped 80 for lyft and uber. Take a look at how wti futures are trading, there is upside in the rebound for june futures as well as cutbacks for the following month. This is coming at a time when 70 at one point during the new york trading session. May contracts are going below zero for the first time as the coronavirus pandemic destroyed oil demand, not to mention we have a supply glut in the market and traders avoiding taking delivery of physical barrels. Even secretary mnuchin saying trade was extraordinary and they are looking at all options on Energy Independence for the United States. This is bloomberg. Haidi we are getting breaking news. The travel booking website is in talks to sell a stake to silver like silver lake. And the angel risk for this company has risen given a number of readings downgrades have been cut to sell by a number of Financial Institutions per they have laid off 3000 staff already as of the middle of april and looks like with flight restrictions flight restrictions, people inside their homes, the pressure on Companies Like expedia will be coming do