Good morning and welcome to the show im dominic chu live at cnbc global headquarters. We begin with breaking news as stock futures indicate what could be a losing start to the day after the long holiday weekend. If these futures losses hold into the opening bell for regular cash equities trading, the dow would be opening by down by 300, the nasdaq off by 28 and the nasdaq down by 100 as well this selloff after an historic week for wall street the s p posting its best weekly gain on a percentage basis since 1974 the russell 2000 Small Cap Index posting its best week ever and as of this morning, the dow, s p 500 and nasdaq are all less than 20 off its most recent record or 52weekhigh levels. Turning to the bond mark, the twoyear treasury yield ticking higher, 23 below basis points. The tenyear benchmark treasury note yield a little below 74 basis points or 0. 74 . Well just take a look at the 30year long bond, 1. 35 the last trade there to the Energy Markets now and the group known as opec plus finalizing an historic agreement over the weekend to cut production by a record 9. 7 Million Barrels of oil per day after countless discussions between its members and partner countries. This is the single largest output cut in the cartels history. President trump weighing in on twitter, quote, saying the big oil deal with opec plus is done. This will save hundreds of thousands of energy, jobs in the United States. I would like to thank and congratulate president putin of russia, king solomon of saudi arabia i just spoke to them from the oval office. Great deal for all now, sundays emergency meeting, the second in just four days, came as oilproducing nations scrambled to reach an agreement on to help prop up oil prices amid historically low demand mexico was one of the final countries to fall in line agreeing to slash 100,000 Barrels Per Day instead of the 400,000 it was originally asked to cut wti grud right now, 23. 15, up by 1. 7 . Those cuts are set to begin on may 1st before trailing off starting at the end of june. There is hope among opec as well as the countries like u. S. And canada will join in cutting production much more on this throughout the course of the morning. Lets now go worldwide trading in europe remains closed for the Easter Monday holiday, but asia was open for business matt taylor is standing by in singapore with the overnight action there matt reporter hi there, dom a number of markets still closed in the asiapacific as well, including australia and new zealand. Those markets that were open, it was a fairly lackluster session to start the week because the volatility we saw in Oil Prices Also played into the equity trade as well. In particular, japan, it was a weak spot. We saw a lot of strength coming back into the japanese yen in fact, that traded beyond the 1. 08 level currently sitting right now about 107. 95 that impacted the trade when it came to japan. Were watching corporate earnings in asia as well Big Department store in japan after the close reporting net profit for the full year came in weaker, decline of 2. 5 . We also started to see some impact of shuttering of shops and stores and malls over the month of february playing into some of these numbers. South korea, the market was lower for the first trading day of the week. We got some export numbers as well for the first ten days of april, showing that exports there in south korea sliding by 18. 6 when it comes to south korea. And, of course, china coming out with trade da that tomorrow. That market ending weaker. The perils of broadcasting from home when your light goes off halfway through the hit. I know that feeling as well matt taylor, good luck with your lamp thank you for that. Back home the u. S. Has surpassed italy with the country with the most virusrelated deaths in the world, according to the latest data from johns hopkins, as every state in the United States is under a major disaster declaration amid the pandemic for the First Time Ever rahel solomon has more on the details. Good morning. So, president trump, lets start there, pushing back against the New York Times investigation claiming that he was warned about the potential for a pandemic numerous times earlier this year but internal divisions, reported lack of planning and, quote, his faith in his own instincts led to a halting response from a series of sunday tweets the president said the New York Times story is a fake, just like the paper itself it was criticized for moving too fast when i issued the china pan long before most others wanted to do so secretary alex azar told me nothing until later and Peter Navarros memo was same as ban, fake news. Disney will furlough 40,000 workers starting april 19th. Adding, however, it will maintain Health Insurance and other benefits for up to 12 months a group of less than 200 workers will now remain on the job during the shutdown. Sources close to cnbc say macys is tapping Investment Bank lazar to bolster the Balance Sheet as the u. S. Shutdown cuts deeper and deeper into sales the largest u. S. Department store operator has asked its advisers to help manage its liabilities and explore options that could include new financ g financing. Sources saying no debt restructuring is imminent, at least at this time dom, back to you shares of macys are pretty much flat. Back to the u. S. Markets now. Equities are coming off one of their best weeks with the s p posting its best performance since 1974 investors will get a big test this week as firstquarter Earnings Reports start to roll in from the big banks such as Jpmorgan Chase, wells fargo and bank of america as well as Johnson Johnson, dow component, and companies are expected to drop 25 in the First Quarter and greater 21 in the Second Quarter joining me now is ben ammons from medley global advisers. The earnings season is the catalyst because it drives that companys specific story just how clear will the Earnings Report be this time around and how much can you actually read into it . Good morning, dom i think you can read some of it in obviously eroding, for example, as projections show but then we have no activity on the ground to make a real good assessment, how much profits are generating going forward. I think to that point well get data looking at retail sales, Consumer Confidence and support, again, highlighting that were in the collapse of the economy currently and these earnings are added to that, its a very bleak picture, whereby the roefr in the future is still to be soon as a macro at list or strategist, how much are you looking at these particular microEconomic Data points to add to the Bigger Picture of whats going on we know the Economic Data is bad and possibly getting worse how much does that factor in, these companyspecific reports into the overall narrative for how you craft strategy one interesting thing as we cap the earnings goals is how companies are preparing for the opening of the economy how they operate because were in a new economy, so to speak. In other words, we have to have social distancing for quite a while. Thats an adjustment that is an interesting aspect of earnings this week the other end is about there is some futures still ahead of us we will see recovery to what extent these companies are confident they will be recovery in the future, how are they going to cope with that i think those two things are relevant. What exactly do investors and traders have to look at or consider what do they have to take into account as we take a look at the trajectory of the coronavirus and the potential for reopening of the economy both here and abroad i think three things to look at the first thing is that the virus does consistently moderate and from the signals were getting from the administration that were going to get measures taken in terms of testing and therapeutics to make it possible we can start reopening the economy. The second thing is data, we have leading indicators, such as jobless claims, have become extremely important. Same store stores are relevant, too. That needs to be watched because any change there will give us a sense of how strong the recovery will be in the future. Lastly, we do have, in general, what we call a breach, the Federal Reserve and the Central Banks have built that, the liquidity. That liquidity is really key now because months ago we had big stress and were in a much better position as to market functioning improvements, and consistency, continuation to carry us to the opening of the economy, and hopefully some time in may. Thank you very much for those market thoughts this morning be. We appreciate it. When we come back on this show, take a look at whats happening right now. What may be behind the markets muted response to opecs record cut. And the challenge of getting back to business under a new normal in china. Our live report from beijing coming up. Later on, minneapolis fed president neon the band wagon oa vshaped recovery. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back the number of new coronavirus cases in Mainland China has climbed to a fiveweek high with more than 100 confirmed cases yesterday. That uptick as that country looks to get back to work following its lockdown to contain that virus spread. Cnbcs eunice yoon is joining us now. What steps is being taken to get people back to work. Increased Health Monitoring people are asked to prove they most likely dont have the coronavirus with the help of Technology Reporter walk around beijing and its hard to miss these bar codes meant to get businesses back to work i want to go to a japanese restaurant to get into the building, not only do i have to get a Temperature Check and sign my name, but scan these codes that shows where ive been for the past 14 days at the restaurant i have to do the same thing this restaurant says, one code is enough. The owner says with this code system, we have a better idea if a customer is safe or not. Tech giants alibaba and tencent have been working with authorities, so individuals are green, yellow or red the qr code requires you grant permission to your mobile operator to check on your movements. As you can imagine, the codes raise privacy concerns its unclear what medical data is collected, medical records, for example. Authorities say once the pandemic is over the information will be destroyed. Whatever the case, more and more businesses in china are asking to use the codes because at the end of the day, they believe that these codes will build Consumer Confidence. Part of the reason businesses feel more comfortable because if your code comes up yellow, that means you have to be in selfquarantine. If it comes up as red, it means that you should be in government quarantine so, people feel like most likely they wont see people who have yellow or red codes, dom like i said in the piece, it raises a lot of privacy issues. This is interesting because you mention that the business comfort or confidence is a key part of this because you want businesses to open up again and this whole tracking process, this monitoring process, this bar code process could be huge is it actually now translating into consumer or individual behavior have you seen more people comfortable enough to go back into the stores, back into some aspects of normal life can we expect to see more people going to restaurants and businesses now reporter definitely. In china, obviously, some of the businesses we talked to said people would push back in the beginning, they felt uncomfortable. Because of the circumstance, they understand its a pandemic, so, its odd, but people have gotten quite used to the idea they have to go through Temperature Checks, they have to register their ids, write down their cell phone numbers, give up a lot of the privacy, including your Health Information as well as your whereabouts over the past 14 days in order to go back to the shops or eat at restaurants. Because there is a need and a desire to have a bit more of a normal life, people decide they are going to give up some of that privacy in order to go out and buy that new apple speaker, for example. Its going to be a big debate here in the United States, how much in terms of Civil Liberties will we give up as a nation in order to prevent this kind of spread of virus. Well see if that debate plays out in the coming weeks. Thanks for that. Still on deck for the show bracing for a pork production shortfall. Why the Worlds Largest pork producer is shutting production at a major u. S. Facility. Comments from venture capitalist going viral as the Airlines Look to the feds for more bailouts amid the pandemic. Were back right after this. On main street today, people are getting wiped out. And right now rich ceos are not, boards that had horrible governance are want, hedge funds are not, people are. 6 Million People just this week alone basically saying, holy mack ra mack recommend, i dont know how im going to make expenses for the next six weeks, days its happening to individual americans and what weve done is disproportionately prop up and protect poor performing ceos, companies and boards you have to wash these people out. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Aand were here for you ry day fespecially now,rs. Doing Everything Possible to keep you connected. Through the resilience of our network and people. We can keep learning, keep sharing, keep watching, and most of all, keep together. Its the job weve always done. It is the job we will always do. Its only human to find inspiration in nature. And also find answers. Our search to transform. Farm waste into renewable natural gas led chevron to partner with california bioenergy. Working to provide an alternative source of power. For a cleaner way forward. Welcome back what youre seeing right there, live shots of times square in new york city. Midtown manhattan. Its still dark out there and a lot less traffic given the shelterinplace orders. New york is coming off another deadly week as the state remains the number one u. S. Virus hot spot nbcs phillip mena with the latest good morning. It is eerie to see times square in that state. The coronavirus is being hit the hardest the death toll, one of the hardest hit states is new york death toll surpassing 8,000 but experts say they are seeing a decline in new hospitalizations due to social distancing measures state Officials Say the crisis isnt over just yet. Mayor de blasio announced schools will remain closed for the rest of the school year until fall andrew cuomo says, not so fast he says the mayor doesnt have the authority to close the district, which serves 1 million schools. In neighboring new jersey, governor murphy announced an executive order to cut the capacity of all train, bus and light rail transit by 50 of their maximum. The move ames to cut down on crowd sizes and asked all passengers to wear face coverings. This goes into effect at 8 00 p. M. Tonight. Straight ahead on the show, trouble ahead for the housing sector as the virus continues to take a big economic toll plus, not bouncing back any time soon. A new warning from minneapolis fed president Neel Kashkari. Cnbc returns right after this. Stocks poised to kick off the new trading week in the red as investors gear up for a new round of corporate Earnings Reports. Meanwhile, oil prices getting an initial boost after opec and its partner countries agree to an historic Production Cut on oil and as the u. S. Airline industry remains at a standstill, the u. S. Government is attaching new terms to a potential bailout of the industry its monday, april 13, 2020 and you are watching cnbc. Welcome back to the show im dominic chu live at cnbc global headquarters. Lets get right to the markets halfway through the 5 00 a. M. Eastern time hour, looking at futures right now, we have seen a slight improvement over, perhaps, the last hour or so still the dow jones is implied lower by 271 points at the opening bell the s p would lose about 33 points and the nasdaq down by just about 85 again, a slight improvement over the course of the past half hour, hour or so in terms of the trajectory of todays declines now, this mornings potential selloff comes after an historic week for wall street the s p posting its best weekly gain on a percentage basis since 1974 the russell 2000 Small Cap Index has posted its best week ever on record as of this morning, the dow, the s p 500 and nasdaq are all less than 20 off their most recent record highs taking away at the bond market as well, we are seeing an uptick to yields so people selling off some of the safety of those Treasury Bonds and notes pushing yields higher. Twoyear b