Wilford frost in this final hour of trade markets rallying again today, stocks at their highs of the day around 3 , although we did see yesterday anything can happen in the final minutes or hour of trade. It can evaporate at a moments notice 59 minutes left. Driving the action this hour, encouraging numbers from the u. S. As the government lowers its projection model for the devastation from coronavirus and after fauci says the government is planning ways to, quote, ease back to normal fed minutes out from the last meeting showing the u. S. Central bank intends to keep rates near zero until the economy has weathered the Coronavirus Impact and senator Bernie Sanders suspending his president ial campaign, removing a mesh huasuf uncertainty before novembers election coming up on todays show, well speak with mark cuban. His read on how Small Business is faring and this i take on the market volatility ahead. And the ceo of etsy will join us as many etsy sellers pivot to homemade facemasks well discuss etsys move to help Small Business owners more broadly. We are up, as sara said, at session highs, 750 points higher on the dow, 3. 3 in percentage terms, also for s p, the nasdaq up 2. 6 . Lets focus in on the big stories were watching today mike santoli is tracking the market contessa has a look at the new york market. And Bernie Sanders suspends his campaign mike, first to you we basically recouped all we lost in the interday downside reversal yesterday in the s p. Not quite. High for the s p was about 2,750. Were almost there its doing it today in a fairly kind of tight rally, fairly methodical, low drama, not so jumpy. Thats a net positive. I want to look at the market seems to be attempting to do if you want the optimistic case, is kind of close off this area of a downside overshoot, 2,650 is an area people felt was important, a 200week average if you nose up there, stay up there for a weekly close tomorrow, it would probably give people some encouragement with nothing else were rising into another trading range as opposed to having that suspense as to whether an air pocket will open up towards the march lows. An active debate as to whether this is a fleeting rally or in fact a sustainable advance look at this, obviously a key driver is everyone looking for the next incremental bit of information about whether weve peaked in terms of the spread of the coronavirus. This is from Renaissance Macro it basically shows the s p 500 year to date against e. R. Visits in new york city for respiratory illness. Obviously a proxy for the daytoday intensity of this Health Crisis. Naturally you see markets bottom here as we saw a peak in that e. R. Visitation rate we cant extrapolate this forever. I dont think its going to be the metric that will matter months from now because it will get to be more economics but this is what we have to go off right now. I also think just one final thought, theres a chance that wall street being in new york means were privileging new yorklevel data and thinking that the peak in new york means the peak everywhere. That may or may not be true, so we have to see how the market absor bs the rest of this incoming information one thing that stands out to me today in terms of the Market Performance is the difference of the u. S. Versus the rest of the world. Todays performance really is a stark example, something that kind of stands on most i mean frames when you look at it week to date now, s p up 10. 4 , stocks 600 europe only 5. 7 . Whether you look at it year to date or so far this month, the u. S. Is outperforming and it shows the scale of the bounce weve seen in the last couple days makes you raise that question of whether its sustainable when the rest of the world isnt following. Its interesting because part of the explanation of the outperformance of the u. S. Going into the highs is we have a lot more big, stable tech companies, quality Sustainable Growth businesses thats not whats been leading off the bounce its much more the kind of distressed value cyclical sectors that have been beaten up to me, its about the policy response, the size and the speed of the fed and the treasury getting money out into the system and perhaps thats why we did see this rapid market response yeah. More on that in just a minute on the fiscal side of things. Mike, thank you. A leveling off of hospitalizations in new york is sparking a conversation about how exactly the state will reopen when the virus is under control. Contessa brewer has that story contessa yeah, but sara, today new york hit its highest daily death toll at 779. Governor andrew cuomo is trying to manage expectations about what a return to normal life was, life before the outbreak, looks like, and instead hes talking about what the new normal is, and much of that involves continuing use of these new Online Platforms using technology for health care using technology, work from home using technology for education i think these are all positives that we can learn. Testing capacity, which we still have to develop, that is going to be the bridge from where we are today to the new economy that widespread testing will be crucial because you dont workers coming back on the job and sparking another viral outbreak new york state has developed its own covid19 Antibody Test to determine who has already recovered from coronavirus and the state will invest private companies to help get and ramp up enough testing so that it can be widespread. Today also Governor Cuomo ordered more testing in minority populations which have been hit much harder by coronavirus and often people who work in these crucial frontline jobs like mass transit, health care, child care, those are crucial jobs and we need to make sure theyre healthy so hes ordering more testing there. Sara and wolf . He also alluded to the fact were not getting a clear picture, contessa, on the full number the true number of deaths or the mortality rate what did he mean by that well, for one thing, we know that there are people dying at home its something that the Funeral Directors have talked to me about before this week and new york city mayor bill de blasio is trying to grapple with, people who got sent home from the hospital, sent home frommer urgent care or never got to see their doctors, theyre having about 235 deaths per day at home, where normal is about 23, 25 deaths per day. Thats a significant increase. And those numbers may not be right now factored into the death toll its the same thing that we have to keep in mind when were talking about whether were seeing a leveling off of coronavirus cases that so many people are not getting tested and so we dont really have a clear picture of how widespread it is in our communities wow contessa, thanks so much for that some stark figures once again. Turning to the big political story of the day, Bernie Sanders has suspended his president ial campaign t. Despite a zeitgeist among the progressive win of the democratic party, today Bernie Sanders told supporters in a live stream that he did not see a path forward for the nomination i see the crisis ripping the nation, exacerbated by a president unwilling or unable to provide any kind of credible leadership and the work that needs to be done to protect people in this most desperate hour. I cannot in good conscience continue to mount the campaign that cannot win. Despite suspending his campaign, sanders says that he sbnds to remain on the ballot for all the remaining primaries, notably june 2nd is shaping up to be a sort of super tuesday redux with many of these contests being delayed until then because of the coronavirus. Sanders currently has 883 delegates by nbc news count, and he says that he intends to amass more delegates to try to wield more influence over the platform that the party takes as it heads into the november general election for President Trumps part, his Campaign Manager is already tweeting likening former Vice President joe biden to senator Bernie Sanders on the policy front, trying to paint them in the same vein. Well see how far that messaging goes and whether its a message that lands with voters wolf and sara . Kayla, thank you. More from senator mark warner from virginia later on the show. Looking at the markets, we have about 50 minutes left of trade and stocks are near session highs, up more than 3 on the s p 500. Every sector is higher joining us to discuss what to do next is the chief Investment Officer of wells fargo wealth and Investment Management and president of Wells Fargo Investment Institute also joining us is omar aguilar, the chief Investment Officer of equities with Charles SchwabInvestment Management. You both have long titles. Daryl, first to you, you put out a note to your clients a few days ago saying the bear market is still in its infancy. Doesnt sound like youre a buyer here why . Yeah. Good afternoon, sara so it looks to us like this is a large bear market rally. Its very normal that the deeper the decline we know how deep the decline was in 23 days, peak to trough the higher bounce, often the deeper the retest. Thats been proven over and over again historically at 2, 50, we are bumping up against key resistance levels and based on where we think earnings are going to go this year, markets still look like they need to reset those earnings expectations possibly lower. So we would kind of fade this rally, be a seller into this rally of particularly mike made a good point about the leaders this week have all been the stocks that have trailed for the last 12 months in performance. Quite frankly, the ones that were leading us for the last 12 months are woefully behind by almost 12 full percent this week, so were getting a lot of the junkier sectors rallying here your take on the same question is this bounce happening too fast and too high . Well, you know, it is very hard to describe, you know, the bear market, so this is the fastest bear market we got into in history therefore, its very hard to address, you know, how much of the bear market is over. But what we do know is that because of what we know Central Banks are doing and we know what the governments are doing, that there is asignificant amount o support for these bear market, unlike other bear markets. This is the one we just heard from the fed in the minutes today that they will do everything in their power to be able to support this so what i while i agree that, you know, clearly the market is driven by sentiment and there is no fundamentals or Economic Data that is fully priced into this, there is a significant amount of support provided by liquidity from the Central Banks and from the stimulus fiscally. Darrell, just to play devils advocate, even the fact that dr. Fauci, whos been very cautious and open about, you know, how painful this is going to be for our country, is talking about an opening of the economy. The fact that Governor Cuomo is talking about it, yes, theyre tentative and early and the numbers are still devastating, but the fact that conversation has moved there, doesnt that give you optimism . Doesnt that change the trajectory yeah. I mean, let me be clear, sara. It is very optimistic we may be opening the economy hopefully sooner rather than later and he v rehitting the start button if you add up the optimism, its better coronavirus case, hope for this opec plus deal coming later this week or early next. Its more stimulus out of washington its more clarity on elections so the headlines this week have been overwhelmingly positive so it doesnt surprise me the markets reaction. That said, discussing a plan to reopen the markets still is a long way from, a, reopening the economy, and, b, repairing whats probably going to be almost irreparable harm to labor markets, to consumer confidence, to ultimately spending were not going to return or resume to the level of Economic Activity that we were at in january or february or the level of confidence or any of that so i think we have to price that into the markets here. Not trying to be too bearish were trying to help our clients understand, this is not a time probably to chase this straight back up close to the highs of where we were 30 days or so ago. Omar, if the economy manages to open up relatively soon and we dont see any kind of worrying second wave of this disease, with all the stimulus that weve seen, would that warrant going above earlier in the year record highs fairly quickly . Well, i would actually say that the key part of your question is the word quickly. I do not think that the vshaped recovery that people have talked about or that talked in the past is something that is potentially feasible a lot of that is related to the fact that reopening an economy of our size is not going to be that quick even with everything that is being already portrayed as possibilities you know, first we need to solve the Health Crisis and Health Solution is something that is not here before we get to that point, even with everything that is put in the table, its going to take a while for things to get restarted and start getting to the right place. I do think, however, as i said, the big support that we get for the stimulus and the liquidity is something that will provide a good path to make sure that the volatility is a little tame. I would actually say that the key component for being, and we tell our clients, is to continue to watch the credit market because thats the area that will probably give an indication of whether or not things will start getting a little more closer to what we are. I do think, however, because of the unknowns of the impact of the crisis and the length of it, it is going to be very hard to just anticipate how this will work darrell, omar, thank you both for phoning in with your take on the market we see every sector higher, real estate in the lead breaking news on zoom. Deirdre bosa has the details deirdre . Hey, sara take a look at zoom shares they fell about 6 though they are still positive on the session. This comes after a buzzfeed report that says that google is banning the Popular Service from its employees devices, citing security vulnerabilities. This comes after a number of other challenges for zoom privacy and security related and they seem to be piling up. Yesterday a shareholder filed a lawsuit claiming zoom has been covering up security flaws, and it feels like the number of schools and businesses banning the Popular Service for its employees and students is just growing. Shares are still up, though, we should note, about 70 year to date thanks for that the Broader Markets up 3. 2 as we stand with about 44 minutes left of the session. Still ahead, billionaire ventilator mark cuban will join us with his take on this volatile market and how his Shark Tank Companies are faring amid the pandemic r p the fed taking a key ste foone bank to offer more Small Business loans those details after this short break. When we first opened our doors, it didnt take us long to realize. We werent in the car business. At lexus, we were in the people business. We needed to be helpful. Respectful. And compassionate. To treat people like guests. Its what we all signed up for. And now when people need this most, we will do what weve always done. Take care of people first. The rest will follow. Welcome back 40 minutes left of trading were not too far off from the session highs. The high on the dow was about 3 00 up about 715 points. S p up 3. 5 , every sectontor higher staples and health care lagging. Lets check on individual Market Movers at this hour. Pinterest issuing early guidance for its First Quarter that topped analyst estimates the company is saying despite weakness across the advertising market, pinterests exposure to the most affected sectors like travel and restaurants has not been that significant. The stock is up almost 11 nordstrom says the pandemic so far has had a, quote, substantial impact on its business the retailer saying it expects its results for the quarter and beyond to be, quote, adversely impacted in a significant manner that stock popping 6. 8 along with some of the other beatenup retail lately, which has been a hardhit group, wilford. It has indeed the fed taking steps today to allow wells fargo to make more Small Business loans Steve Liesman joins us with those details. Hi, steve. The Federal Reserve temporarily and narrowly lifting a cap that had restricted the growth in wells fargos Balance Sheet, had been capped at 1. 95 trillion totally because of compliance issues and what the fed called a breakdown in governance at wells fargo. What theyve done is lifted the cap for wells fargo to awe lallo it to make more Small Business loans specifically under the Sba Paycheck Protection Program and the forthcoming main Street Lending facility from the Federal Reserve will not count against the cap. Wells fargo, as wilf reported, had complained it was up against the cap. There were talks going on between the fed and wells fargo. Wells fargo said they couldnt participate in the programs because it was just underneath the cap in terms of its total assets tremendous demands o