As many as 100 employees at amazons Staten Island, new york, Fulfillment Center, plan to walk off the job claiming the company is mishandling its response to the covid19 outbreak we speak to the protest organizer coming up. Its march 30, 2020, and you are watching cnbc. Good morning and welcome to the show im dominic chu kicking off this monday morning with markets in turmoil once again after the dow fell nearly or more than 900 points as you can see on friday wall street is looking to pick up where it left off futures indicate 165point drop at the opening bell. If these futures moves hold, the s p down by 10 and the nasdaq up by 1 point at this point this is, by the way, the first time in about a month we havent woken up on a monday morning with futures socalled limit down or stopped because of downside price action. Checking the futures over the past 12 hours, you can see the move has been pretty volatile. Weve seen green substantially at one point all the way down to where we are now, just hovering above the lows of the session. Still, those stock futures very volatile in intrasession trading so far in the bond market, the twoyear note yield, a hair over 1. 24 . Tenyear note yield, 6. 4 . The trade there continuing to watch a move slightly lower in those benchmark treasury yields. This morning the dow remains on pace for its worst month since august of 1998 when it fell 15 . As you can see here. The s p and nasdaq on track for their worst months since october of 2008 when they each fell 17 . So, the markets here again very, very much a big focus for investors. Let us now go worldwide with red arrows across the board in asia and europe matt taylor is in singapore. Julianna tatelbaum is in london. Matt, well send things to you first. Hi there, dom good morning it was a patchy picture across the asiapacific markets today a number of the big ones in negative territory by the close, but we saw a whole bunch of measures out of a variety of economies here to try and stabilize the situation and prop things up, starting with china the pboc cutting the repo rate by 20 basis points the biggest cut since 2015 the shanghai market off by 1 . A big move in singapore, the central bank easing policy by flattening the band in which currency is allowed to move in singapore. It was the most aggressive weve seen since about 2009. Especially moving the currency ban to zero. Didnt help the singapore market, closed 3. 4 . South korea announcing more stimulus measures with Cash Payments to families this is worth around about 5 to 6 billion it helped push the market into positive territory briefly the kospi finishing on the flat line take a look at australia one big movement to the upside because more stimulus out of that country as well in aussie dollar terms, 130 billion. This is around about 100 billion u. S. Workers 20 billion to businesses so they can retain their staff. Australia with the biggest gainer. To the early trade in london and our own Julianna Tatelbaum with the action there. Julianna morning, dom. European stocks are trading lower this morning the stoxx 600 is currently down about 1. 3 we have bounced off the lows its been fairly volatile with european stocks tracking the moves you described. European leaders at the moment are continuing to disagree around what they want to do next to coordinate a response to help european economies deal with the crisis investorating developments there lets take a look at the sectors because weve had some pretty interesting underperformers. A look at the different regions. The ftse 100 down 1. 7. The cac 40 down 1. 9. Sectorwise were seeing particular pressure in the european banks, trading lower to the tune of 3. 4 with several european lenders scrapping their dividends as European Central bank urges european banks to preserve their cash to support the economy. Industrials coming under a great bit of pressure. The aerospace and Defense Sector getting hit hard jpmorgan warning it could take more than two years to recover the losses incurred by this crisis. Julianna tatelbaum, thank you for that. The number of global coronavirus cases tops 700,000 and the nations top Infectious Disease expert warns we could see a surge in u. S. Cases and deaths heres dr. Anthony fauci. Looking at what were seeing now, you know, i would say between 100,000 and 200,000 cases. I dont want to be held to that because its excuse me, deaths i mean, were going to have millions of cases. I just dont think that we really need to make a projection when its such a moving target kate rogers joins us with the other coronavirus headlines this morning. Good morning good morning. President trump says he is extending social distancing guidelines through april 30th in an effort to contain the virus and keep the death toll as low as possible. The better you do, the faster this whole nightmare will end. Therefore, we will be extending our guidelines to april 30th to slow the spread. On tuesday we will be finalizing these plans and providing a summary of our findings supporting data and strategyto the american people. Reporter he had previously expressed hope that the country could relax some of those measures by easter cigma and humana, and cvs Aetna Division washed cost sharing on coronavirus hospital patients on in network physicians. Ventilators are being built at gms plant, building with ventech life systems and has been the criticism of the white house as of late back to the markets now. Its a big week ahead for economic reports, although much of the data may not reflect the actual coronavirusrelated shutdowns that went into effect in midmarch of the major reports, close attention will be paid likely to the Consumer Confidence numbers out tomorrow with the jobless claims, you can see on thursday, and the ism data on wednesday and friday as well lets bring in ben emmons from Medley Global Advisers thank you for joining us lets talk about whether or not there is any kind of Economic Data that has that can be cle gleaned with any confidence with the trajectory of how the u. S. Economy is going given were still in the early stages of the coronavirus. Good morning, dom thank you for having us. As you highlighted, there is some components is the ism bmi data that says early to midmarch period when we started to slow down the economy and durable goods come out, too. That will probably be shown as well there is, of course, impact i think what markets will try to do here, dom, as we have announced all the stimulus and enacting this defense production act, you know, how will those numbers behave from the next series that come out the market will calibrate like were going to get a collapse in data but also offsetting sectors, such as stimulus. That will be, i think, this week sort of the calibration and why markets will stay very volatile. So take us through the expectations i mean, were not going to go data point by data point, but what is the general feel from the macro big picture side of things then . How worse could this get how slow could the economy get how many jobs could we lose at the peak has the market really started to handicap or factor these things in as many talk about the possible bottoming process that may be in effect right now right that bottoming process is critical to how the market comes out. It projects out it could be positive in the future if you look data point by data point, we can take a cue from what happened overseas, the bmi in europe, japan, as well as asia showed a significant collapse that was all related to already slowing down if not shutting down parts of the economy. So, we can expect that here, too. Ism, pmi will see at least a 20 , 30 drop from the previous numbers that came out. Then the question is, the stimulus we put in the system, which is substantial by up to 30 , will start to cover the following period i think this is what markets will grapple with. Its difficult to precisely gauge how much that will be offsetting i think we can expect significant declines in our production and ism data. So thats the bad news. We could expect to see much worse data coming out. Are there any parts of the market, asset class wise, industry or sector wise, geographywise that give you some semblance of positivity in all this mess right now . Thats a great question, dom. If you look at the market broadly, we say nothing works, right, but i think obviously there is sectors, bio, tech, health care is you up because its predicting they will come forward with either measures to stem the virus or measures to stem the virus on the other hand, if, for example, you look at the bond market, you know, the stimulus that will come in there now, particularly in the credit side, will be relevant for markets programs that come up from the fed, that will be really important for broader stability in markets so, i think that will bear thats where the positivity may come through over the next few weeks. Ben emons, Medley Global Advisers thank you for your thoughts this morning. When we come back, putting the spotlight on the u. S. Small business picture and the struggles there amid the virtual u. S. Lockdown in place indicate rogers is back with a closer look there. Plus, the crude crush back in focus as brent hits its lowest level in nearly 20 years. Later on in the show, amazon under fire from its own employees about its response to the coronavirus outbreak a very busy hour still ahead cnbc is back right after this. Ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Yes. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Ok. Yep. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Xfinity makes moving easy with twohour appointment windows, even on nights and weekends. Go to xfinity. Com moving to get started. Welcome back to the show Gilead Sciences up wells fargo, analysts are upgrading a slate of soft line and retail type names, including ross stores, tjx companies, nike, you can see there, bottompicking as well other names in focus there those upgrades ulta beauty, canada goose skechers as investors find names to pick. They may have been relieved to hear about the aid package signed into law on friday but many are making crucial decisions right now about the future of their companies amid mounting financial pressures kate rogers has more on that story. Hi again. For Business Owners like adam, owner of roof in illinois, rescue aid cannot come quickly enough on friday he told us he was down to 20,000 in the companys bank account and deciding which bills needed to be paid now and what could wait hes laid off the majority of his staff and working with just eight employees, turning to takeout to keep his restaurant open. Im only paying payroll and food and beer vendors until we get through this so, were doing everything we can day in and day out just to keep our head above water so this cash cannot come soon enough. Hes waiting on an sba disaster loan application and he plans to exreplied for the expanded program Jeannie Wright is in the same boat with her company, confection things. She was preparing for a year of record growth in retail before the virus hit. As a seasonal employee, she wonders about the loan and how that will impact business. This was to be the year to explode and grow and he with invested in it and now youre like, whoa thats the way with business you have to be creative to stay moving forward so, like we said, dom, shes a seasonal business owner. Not sure what layoffs may do to the amount of loan she could possibly be forgiven as we move forward. Weve heard a lot of questions like this from small Business Owners details are beginning to come out. Well learn more people are nervous the main message we heard over and over again is we need this money now. So, if they need this money now, my big question is, how quickly can they actually get it, feasibly speaking, given the fact we know now relief plans are in place its not like these Small Businesses can just get that money tomorrow absolutely not. We talked about the sbas disaster loan program. Those are loans up to 2 million. You can apply directly with the sba. Those may take a little longer when they talked about the expanded 7am program. Secretary mnuchin said last week they hoped you could get to your lender and get them within a day or two hopefully those 7a loans will get into the hands of Business Owners much quicker than they normally would it remains to be seen. The Business Owners we were talking to were talking with their own financial planners, going to their own bank to get this information another thing through this program, more lenders will be approved so access to the 7a loans would be more widespread than it traditionally was. Well bring everyone the details when we get them. Unprecedented time. Still on deck for the show, trouble for gilead as demand for one of its coronavirus treatments overwhelms the supply announcer todays big number 12. 84 thats how much the dow jumped last week. Thats the indexs best week sie 38nc19 did you know prilosec otc can stop frequent heartburn before it begins . Heartburn happens when stomach acid refluxes into the esophagus. Prilosec otc uses a unique delayedrelease formula that helps it pass through the tough stomach acid. It then works to turn down acid production, blocking heartburn at the source. With just one pill a day, you get 24hour heartburn protection. Prilosec otc. One pill a day, 24 hours, zero heartburn. Now is welcome back. Oil prices are tumbling after President Trump extended social distancing through the end of april. Production is surging. Wti crude, u. S. Based prices briefly trading below 20 a barrel in the overnight session. 20. 42 the last trade right now, down 5 on the session joining me on cnbc news line is amrita sen, Energy Aspects chief oil analyst. I fueled up on my way to work and they are notably lower than the last time i fueled up. How much is demand destruction going to continue to impact the Global Oil Market . Morning i think youre exactly right demand destruction is going to be huge. It already is. We are expecting almost 16 Million Barrels decline across the month of april that could rise to 20 billion barrels or higher. Lets talk about the fact weve seen prices fall precipitously over the course of the last four to six weeks ist continuing a trend thats already been in place, but now the story has changed. What exactly is the main driver right now of oil markets the primary driver is absolutely the stopping of the Global Economy to arrest the spread of the coronavirus. There is a lot of focus on saudi arabia, russia and, you know, the oil price war, but really that increase is a drop in the ocean vessels, the demand were starting to see in the market. Yes, while that is putting additional pressure. Until we see a recovery or normalization in demand, the risk is we are going to run out of global storage capacity, which has never, ever happened in the history of the oil market so, its interesting you bring that up. Were already hearing reports anecdotally from places around the world where we hear in physical oil markets that people, deedealers are actually paying customers to come and take oil off their hands from them is there something we could see play out in a more widespread fashion that physical markets cannot at least for right now be balanced with all the supply coming online . Absolutely. Even though you mentioned wti prices have fallen below 20 and brent is around 22, the physical market is already starting to discount the crude far more severely. Brent is already trading 3 dated brent. Net backs for several producers, even in canada and parts of the u. S. , are already in Single Digits thats telling them to shut productions but it takes time. Thats why youre hearing of certain deals where producers are paying people to take that crude. In the united states, and im sure the story is playing out elsewhere around the world right now, im looking at the aaa prices for gasoline from the american automobile association. Right now the current average is 2. 01 per regular gallon of unleaded gasoline. A week ago it was 2. 13. A month ago it was 2. 45 the same time last year it was closer to 2. 70. This is supposed to be, in fact, a tax break for consumers but consumers arent getting it because theyre not driving. How much lower could gasoline prices go as a result of this . I think jet and gasoline are the two worst affected products. You could see gasoline prices in some parts of the u. S. , potentially even below a dollar at this rate however, to your point, nobody is actually benefiting from this because there is no driving or there are no flights at the moment nobody will really benefit from lower airfares either. So, only when and if things normalize will consumers feel the benefit of this. Right now refiners are urge huge pressure were expecting big refinery run cuts thats why this is unprecedented. Usually an Oil Price Crash is beneficial for refiners right now. Even they are under pressure because this is such a demand shock. Before we let you go, a few seconds left here, where would we see some of the positivity in the oil markets if we were to see a bottoming process start . What parts of the market will we look for first and foremost, you have to look at u. S. euro for government guidelines to see if things are starting to bottom out. Really the next step is going to be the supply side we are going to start to see in u. S. , in canada, it other parts of the world thats the only sign things are starting to rebalance. Then in the second half, really it was the back end of this year, we could start to see some easing off of pressure on storage. Amrita sen, thank you. As we head out to break, a look at the biggest dow laggards in the premarket, boeing, exxonmobil, united tech. Our coverage is back right after this yes.