Yielding around where it had been. 8 is roughly the mark weve been sitting at. It looks like the 10year is yielding as well i know people are short and anxious. These two days backtoback are we putting in a bottom these numbers in new york look promising like the numbers may not be going up as rapidly as imagined well see. We have a lot of big guests to talk about that. We want to get everybody up to date about what happened last night. The Senate Passing that stimulus bill it now goes to the senate. Steve liesman will cover the potential impact on the economy. First, well go to washington, d. C. Where eamon javers is this morning. I cant think of another major vote that was this unanimous, 960. It would have been even more if it hadnt been for the fact that so many members of congress are back home or suffering themselves from this virus we could of seen a 1000 vote yesterday. Buts that where it handed. What is in the bill . Just about something for everybody in the economy lets whip through the details for almost everybody, there are these direct payments of 1,200. 500 per child, that phases out at 75,000 extending benefits to 39 weeks from 26 weeks. Extends benefits to gig workers. For Small Business, 350 billion for Small Business loans that could be forgiven entirely if the Small Business doesnt lay anybody off after the eightweek period is over that is an important one for big business, a lot of different pieces but 500 billion in loan or direct aid. The Federal Reserve will massively expand lending for the states 150 billion for direct aid for hospitals. There is a bump in cases here. 2 trillion is the initial score but i believe that cost could go up over time as everything is taken advantage of by americans across the country eamon, we need to get this i mean the clock is ticking. In terms of timing for the house to pass this, how quickly does this happen . You are hearing from folks like aoc and others that says they want to get everybody there in person, which would be impossible in the time line. There are folks that want to push back on the bailout it does appear to me to allow, highly paid executives to keep that pay throughout. What do you think is going to happen here . Look, the plan right now, this is not a thursday thing, it is a friday thing. What the house is going to try to do is have a voice vote on the floor with nobody objecting and then without bringing the majority back. Bringing them back in this era of the virus and limited flights, it could be tricky. You have a number from the house that are dealing with covid. If they decide they want to make a ruk us here. The house can get it to a unanimous place like the senate did. We dont know that yet yesterday, we saw a minirebellion from four republican senators that were concerned that the stimulus paid workers more than they were making before and disincentivizing returning to work those senators voted for it. Well see if the left does the same thing on the house side as well you saw mnuchin talking yesterday saying even if things were to pass right away, you are talking about three weeks before this money makes its way to the American People and businesses that need it the sense of urgency we are talking about here, is that understood i think it is thats part of why you saw that unanimous vote one republican senator who had some kwaums about this but said, look, im going to vote for it this is important. Ive got some problems with it but we need to get this thing done thats where a lot of them landed i cant tell you just on twitter, small people reaching out to me with questions of how do i get this 7a loan . The banks, the Federal Reserve, all of it will strain to get this money out the door but it will have to be done i agree with you, eamon you are getting these emails too. We all are the number of people getting laid off people saying, look, i dont know whats going to be in this bill or if ill ever get this money. We are laying off people now, then you will ask them if you lay them off now, will you retire all of them they say that is impossible to say. Call your banker if you are running a Small Business today to get a sense of how much time you have and get that grace period built in right now. That is the other piece of it, some of the bankers that will likely be responsible for some of the loans are also not sure how quickly this is going to go and not necessarily telling Small Businesses, you know, hank on, well try to work this out and figure it out with you too the big unknown is landlords as well. Whether theyll give rent holiday or any grace period. Steve, youve been speaking about the need to call your banker how do you see it . There are provisions in there to expand the Small Business lending to allow more branches to provide it and ease restrictions i dont know which version i read i read a dozen of them it seemed to ease the conditions of the Small Business loans. So, it is going to take time but less time than it otherwise would have if the fed gets the program up and running, there could be two sources of money but it is not right away the idea for the Small Businesses that theyll expand to the socalled 7a program. You dont have to go to the federal government you as a Small Business owner, go directly to your usual banker theyll issue these 7a loans and there is a provision fof forbearance on existing sba loan there is another bit of relief there for Small Businesses we need the bankers to step up here. This is a difficult time i do want to talk about this terrible jobless claim number that is coming and why it is a little bit of good news. Bare with me, we are about to have an historic surge of the jobless number that will come out at 8 30 double the amount of people filed for the fiers time for jobless claims the previous record was 695,000 in 1982. The number could be a lot bigger weve seen numbers up to 3 million here lets talk inside the number, what the story is. There is a lot of drama behind the scenes a number of people lost their jobs second is the ability for states to process huge claims like this third is these efforts by some employers trying to do the right thing and retain their workers this is a big surge. Lets show you a story of why it is good the economy is starting from at least a good place theyve surged to 6 or 7 million. Beginning from a lowstandpoint. So that is a good sign here for where we have to go. It may go up all the way but it is better to start at a lower number hey, steve. Thats a stretch go ahead. Becky . Thats a stretch for a Silver Lining the good news is we are starting from a low base. The governor in california said theyve seen a million from california last week i know. But if we were starting from 400,000, it is a better place to start where we were at 200,000 i agree. It is a stretch. Here is another stretch. Let me give you one more stretch for a Silver Lining, which is this it is always bad when somebody looses their job the jobless claims program is designed to be the first line of defense to any kind of a shock to the system here what you see is people that will get aid and theyll get it faster than eamons folks in washington who are saying three weeks. It is a good thing and on one hand people will be getting assistance i know those are stretches but i would prefer to see people getting the aid they need. Has anybody talked to a small banker to see if they understand this at this point are they saying, the fed has our back, lets go talking to bankers who are saying well have this figured out by next week well have an Application Form as soon as next week it will be an enormous surge. There will be a flood of people applying for this. There has to be some guidance as well. Next week is optimistic. What are the numbers . Something like 5. 5 million Small Businesses not all of them will apply then you have this other pot of money, this 450 billion that goes over to the fed and creates the possibility of Something Like 4 trillion of traditional lending aimed more at the mediumsized businesses. The fed has to get that standing up over the next couple of weeks what we heard yesterday is that theyll have to use the commercial banks for that as well. The Small Businesses started laying off last week if we are talking about two or three weeks, that is a long time before they see aid. If you are not getting any sales or doing any business if it is not a forgiven loan, you wont be in position to bring those back right now, this is a liquidity issue. It depends on how long it goes on that is so critical. Steve liesman, thank you dont miss treasury secretary steven min Steven Mnuchin in the 9 00 hour. A little later, Paul Tudor Jones will talk about how he is investing. He warned us about the coronavirus back in january in davos. Watch out at 8 30, well get jobless claims numbers, expected to shatter the previous record as we head to the break, here are some images of the Pandemic Impact across america. Tomorrow. Its a day filled with promise and new beginnings, challenges and opportunities. At Ameriprise Financial we cant predict what tomorrow will bring. But our comprehensive approach to Financial Planning can help make sure youre prepared for whats expected and even whats not. And that kind of Financial Confidence can help you sleep better at night. With the right Financial Advisor life can be brilliant. But inside every etf. There are untold hours of careful construction. Infinite what ifs . And contingency plans. Creating funds that help target gaps in client portfolios. Tap untapped potential. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Welcome back apple trying to bounce lack this morning. The company is considering delaying the annual iphone launch for months because of issues related to the coronavirus. The newest phone expected to be 5g capable raising pressure on apple after more devices are expected to be a big hit with consumers apple headquarters currently under shelterinplace orders right now. The supply chain may very well be the other mcdonalds pulling the allday break fast menu to simply things. Saying, quote, well regularly reevaluate and look to move back to our regular menu as soon as possible. Shares of mcdonalds will show you where things stand right now at 161. 39 new data outthat our partners put together every year revealing a record 2019 for hedge funds, that should say before the virus broke out the Top Fund Managers made 20 billion. Topping the list was london based chris hohn tied with jim simons and ken griffin at 1. 5 billion. My only note when i say this every year is this isnt just how much they are paid a lot is also how much money they have in the fund. A combination of the fee but what their total stake in the fund was and went up by. That is where that number comes from because so many of these guys have huge, huge money in their own funds. Not to say these are outsized to begin with will be interesting to see this list because of everything that happened over the last six weeks or so, right to think. He called it right bill ackman will be on that list did you see what ackman did though ackman was super short when he came on and talked about how everything is going to hell in a hand basket and then covered it. Then covered it but he had been right. I dont know where his numbers were he did call this one right he had been hedged into this whole thing. Hes now saying hes buying stocks it will be very interesting in last week was a bottom this morning, things are looking into the red as people are worried about jobless claims let me tell you about a warning last night from the mayo clinic they are concerned that some of these leading contenders of offlabeled drugs could actually cause sudden cardiac arrest in some patients. Doctor Michael Ackermann is a doctor from the mayo clinic who issued this guidance hes with us to talk about this concerning news. Doctor, thank you for being with us good morning. Great to be with you lets talk, first of all. You are a cardiologist, you are not making any judgement of whether these drugs are effective in treating coronavirus. You are just saying there are concerns people should know before hand in using those off labels yes, im just a genetic cardiologist ill leave it to dr. Fauci and others to z learn if these drugs work do these increase the patients chance for the heart to spin electrically out of control to a dangerous rhythm if that doesnt revert back to normal, that patient will go on to experience druginduced sudden cardiac arrest and worse, sudden cardiac death what are the drugs . They are hydroxychloroquine and chloroquine. I hope there is edthecasy. These are powerful drugs it is one thing when the side effect is a runny nose its another thing when the side effect is tragic cardiac risk. We have to do everything to make sure that there is a healthy dose of respect, not fear but respect, for navigating the qt issue and potential for sudden death. Those drugs are being tested here in new york to try to help some of the sickest corona patients what would you advise these doctors at this point, they are doing their best right now, how do you check that these patients dont have underlying issues one of the ways is to know your patients qtc know that number just like a diabetic would know their numbers. The ecg can tell us the patients qtc value. Is it too hot, too cold . If its too hot too long, we know the patient is vulnerable if they cant even obtain a qtc, we need to do the mitigating factors and say, can i remove preempt tiffly any and yall qtc factors. Is their magnesium level normal . I better get it normal are they on any drugs potentially setting them up. There are over 100 drugs that could increase the chance for sudden druginduced death. There is a powerful website, www. Credible meds. Org that could help with that we should try to know what are patients qtc is 90 could be qt cleared. They have plenty of safety margin, 90 . It is really that 1 that has a red alert value that they are approaching the edge of the cliff. We better make sure we have all appropriate qt Counter Measures in place to make that side effect as unlikely as we possibly can the problem is that the ecg is a machine a patient has to walk in with exposing him or herself to coronavirus using up personal Protection Equipment the fda just gave emergency approval last friday for a smartphone enabled device to obtain a mobil ecg that mobil ecg from a live core, could already be in the patients room and be real time to show the patients vital signs. Thats fantastic. Thank you for bringing us the concerns it is great to hear just about the innovation and how it could be done on an iphone as well if you have additional updates, will you let us know about them . I would be delighted to thank you for having me this morning. Again, dr. Michael 5 0ackerm is from the mayor clinic talking about how some of the drugs that are top contenders could have some side effects but that there are ways to treat that andrew, over to you. Well get a read of the impact of Small Businesses from the ceo of paychecks that is next at 8 30, an important number to watch. Well get jobless claims that number expected to shatter previous records as we head to break, a look at yesterdays s p 500 winners and losers back in a moment life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. Im part of a community of problem solvers. We make ideas grow. From an everyday solution. To one that can take on a bigger challenge. We are solving problems that improve lives. Good morning, u. S. Equity futures are indicated lower. Down somewhere around 210, 200 points an update now that the u. S. Has over 69,000 cases of coronavirus, the death toll has surpassed 1,000. Global deaths has surpassed 21,000 worldwide becky, i know what you are dealing with joe and i spent much of the morning face timing tryitiming m through this you have what we are calling a pad caster right ive been dealing with my router turning it on and off to get a higher bandwidth Everything Else had to be turned off in the house the shot kept freezing like yours did, becky there is a better way im so ready now to impart wisdom and analysis. I too am worried about that number, andrew ive been watching that is a very important number. The 8 30 jobless claims but im here ready and raring to go ive got tips for you later youve got to get off wifi. Thats the biggest problem now that i have a hard lined connection, that is better you have a camera, sorkin we are not running off that we had spectrum bring in here and bring in two extra highspeed lines so that this thing could hopefully never go down well see what happens you went down yesterday our sound went down but that wasnt a function of the cable that wasnt a cable issue. We have a lot to talk about. Lets go. Lets talk about the Senate Passing a 2 trillion stimulus bill to help workers including 350 billion in aid to Small Businesses a look at how to get this money to businesses. That is the issue on the table going to the ceo of paychecks. Lets talk about the number coming and what that could look like and what the world should even think about that number it is going to be a shock it is the first time weve maybe seen a number like that ever the stimulus package and getting it approved but now we have to get it into the hands of Small Bu