Transcripts For CNBC Closing Bell 20240713 : comparemela.com

Are moving slowly. Were down 1. 5 on the s p with one, two, three four sectors down more than 3 as we stand. Coming up on todays show, a rare and exclusive interview with the apollo manager and ceo, leon black well get his tack on this volatile market. Plus the big push with air mark to support new York Health Care workers. Well also speak with germanys minister of health as that country grapples with when and how to reopen its economy. A a better performer in a relative sense with handling the virus to come European Countries and coup tris. Lets focus on the big stories bob is tracking the sell off meg has new details on the rush to find a treatment for the virus. Phil is watching the airlines. Brian sullivan covering the historic opec deal its lack of impact on oil prices so far bob. And a great rally of last week, 12 on the s p fizzled a little today, but no surprise. Let me just show you today so banks were going to get earnings tomorrow. No surprise ch banks usually wilt a little going into earnings season. Weve seen Home Builders weak, airlines weak, industrials weak. All had a good week last week. Caterpillar, downgrade at boeing, excuse me, bank of america. So deere, illinois, all the other big names dragged down a bit. You want to see how tough it is to figure out the guidance look at ford theyre not going to report until april 24th, but 600 million of pretax loss. Essentially no revenue from them didnt even provide estimate because it doesnt really matter that much. Its really b about survival heres the difficulty. Illustration of how difficult it is to get on the earnings side of things here stay at home stocks doing great. Netflix, new two year high froms amazon is closing in on an historic why i think back february 19 zoom and activision strong today. Back to you. Thank you now to the virus itself and the incredible race for a treatment. Meg has the latest for us an a gileaded over the weekend. These were highly anticipated data and what we got on patients who received drug on whats known as compassionate use these are very sick patients give p the drug outside of clinical trials. These were not controlled data comparing them to a controlled group. Looking at 53 patients who got the drug this way. 68 showed clinical improvement in terms of how much oxygen support they need. 30 patients were intubated to be on ventilators and 17 of those patients were able to come off that system after receiving treatment. Seven patients though in this election did pass away so people who are welcome i looking at these data pointing out the limitations that there was no control group, but the lead author on a study in the new england journal saying there is no treatment for covid19 we cannot draw definitive conclusions from this data, but this group of patients who received remdesivir are hopeful. So we are waiting to see actual data from clinical trials, which gill add says we should see this month from its data. That china trial was discontinued so we dont know when were going to see those results results, if we see them and the nih is running a a study we should see in late may and that will be sort of the Gold Standard of what were looking for as to determine how well this drug really works, guys over the next weeks, two month, well be getting more information. So, obviously, meg, the signs were hopeful and encouraging better than expected on the gilead drug but one point out there is this is not the only treatment or trug that is this trial, that is in the works, that is being worked on. There are so many. Its hard to even keep track and theyre not just antivirals. Who else would you be watching right now . Some of the earliest term information were going to get will be from regeneron they started a trial of an existing Rheumatoid Arthritis drug in really severe patients in the hospital. So we should see those data within the next couple of weeks. To see how well they do at really rescuing patients who have that lung inflammation in the most severe forms of this disease. So that will be incredibly important to watch and then longer term, regeneron is working on antibody drugs to those are different from these antiviral drugsment they along with vir, eli lily, amgen. But u the nearest term are things like regenerons Rheumatoid Arthritis drug and roche has start those studies. Thanks very much for that now Airlines Taking a leg lower today as the major carriers weigh their options for a government bailout phil lebeau has the details in chicago. Not crazy about those options and we could see a carrier or two this afternoon or this evening finally say you know what, well take the cash grant bailout offer. They thought it was going to be all an immediate payroll cash advance that they would not repay. No, thats not whats happening here 70 is a bowel money they would not have to repay. 30 would come as a low interest from the Treasury Department and when i talk the people in the industry and washington, everyone says the same thing treasurys not budging on this they are keeping it structured at a 7030 split when you welcome look at the pa levels, they show no sign of improving. Fitch is concerned you could see the revenue for the airlines in the Second Quarter because these low passenger levels drop 90 then for the Third Quarter, drop down 60 to 65 so theres a good possibility as you take a look at more of the airline stocks, they may have to go back and borrow more. Say three or four months down the road they werent planning on borrowing in this round from the Treasury Department b, so how much more, guys, can you ask them to lever up before you start to see further pressure on their Balance Sheets we could hear from some airlines this afternoon more likely by tomorrow. Worst performing s p Industry Group in the market today and for a while now. Thank you. Opec and its allies agreeing on big Production Cut over the weekend, but is it enough to stabilize the oil market lets bring in Brian Sullivan for that answer. Brian. Answer your second question first, apparently its not because oil fell today despite this massive, unprecedented, historical cut, insert adjective here this was supposed to be an easy decision the g20 was thrown in on friday they got the deal done mexico created a sticky point, we can get into that if you want, either way, the deal is done, but the market is more concern ed ant demand. Earlier today, did an interview b about a 15 minutes interview with bin salmon, songs of the king and Saudi Energy Minister one of the things he said is the market is misreading this while the official announcement said 9. 7 Million Barrels a day is being cut, he factors it in as more like 12. 5 listen the number is way much bigger twice that 12. 5 million. My country, the 9. 7 is too we are doing 1. 3 to bring this back to the 8. 5. This is as a the result about protection effort. The ue is coming by about a million. And i believe amid another announcement that theyre coming down by b about half a million more than what they were doing so guys, what hes saying is the uae, kuwaitys and saudis are going to cut more based on their april higher production levels still the market didnt think it was enough and we are down yet again. Same old story for oil well have to see how long this cut holds as well if it doesnt have the effect of pushing up prices, one would think the incentive to stick to it will fall as the time goes op, but thanks so much for that. Crude down 1. 3 . Broader markets down more than that as we stand with 51 minutes left after the break, germany logging more than 120,000 coronavirus cases so far but its managed to keep the death toll relatively low. Well speak with germanys minister of health about when and how that country may be able to consider reopening its economy. Back in a couple of minutes. soft music [female vo] restaurants are facing a crisis. And theyre counting on your takeout and delivery orders to make it through. Grubhub. Together we can help save the restaurants we love. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp® professional. Our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. 48 minutes left of trading a check on the markets down b about 2 on the dow s p down less than that. 1. 66 . If you look at the sectorses, everyone is down except for Consumer Discretionary individual stock moves, shares of facebook trade iing lower af its advertising rates plunged up to 25 in march according to the wus journal as advertisers pull back on spending amid the downturn the journal saying facebook trying to make that up by targeting ad budgets originally allocated for televised sports tesla moving higher today following reports it will furlough half of its u. S. Sales and delivery employees this week the company has halted production at its california car plant and told employees it expects production to resume on may 4th. That stock surging almost 12 . Thank you indeed were down sorry 1. 7 now germany like many other nations, has been hit hard by the coronavirus, reporting more than 120,000 cases since late january but the number of deaths in germany has remained lower than many other countries, rather in europe r or around the world. Joining us now to discuss is germanys minister of Health Thanks for joining us. Good afternoon to you. Good ooempk from berlin hello. Lets start on that topic that i just mentioned. If we could chlgt whether were looking at total cases relative to population or in particular the number of deaths so far in germany. Its a terrifying number in absolute u terms, but u relative to so many similar countries youve clearly performed a lot better than some nations why do you think that is well, wilfred, in general, first of all the fact that germany is doing better so far makes one humble, not overconfident. There are many reasons i would outline two or three one is we have a Health Care System that is in very good shape and that is because of u a Success Story actually of several governments. We invested in two, but that is already a good base for many, many years secondly, we have a good network of general practitioners here in germany. They take care of soft cases to avoid overrun of the hospitals so the hospitals can take care of the worst cases we have a high number of icu cases. We have managed to increase it up to 40,000 icu beds here that is a high number for r a country like germany so we took it very serious from the very beginning and that gave us time to prepare it seems as well that your testing capability has been far sue per yor to that of the United States or the united kingdom. Why is that . Were you already prepared for this in years past or did you just manage to ramp up capabl capability very quickly in the early months of this year . First of all, testing the crucialment. Its like pointing a flashlight in the dark. If wrou dont do it, you just see different shades of gray with extensive testing, you can see whats going on. Not just the sifr tommatic ca cases, but the mild. So far, we have testing 1. 5 million germans here and we are trying to increase capacity day by day what helped us is from the very beginning, that we have a Broad Network of labs all over germany. Traditionally as well. So actually that help ed us from the start and actually the first test in the world for coronavirus for this one actually was developed in ge germany. And so do you think that were getting closer to a point when germany will be able to reopen its economy theres been sound of good news on that front coming out of germany in the last week then just yet today about an hour or two today, president macron pushed back the date for france. So where does germany stand . Well, so far, we have managed through it very well but now we need to find the right balance its not i would say its not the health of people versus the economy because they are very much interlinked you need a Strong Economy to have a well equipped Health System for example unemployment recession is harmful for the mental and physical health of people, too so what we need to find is the right balance. And now with numbers down, the numbers of new infections per day in the past weeks with all the measures that we have taken, we are thinking about step by step, that is important. Step by step going back to a new normal that is important, too because all the measures we have taken like keeping distance, wearing masks, no parties. That are definitely measures that need to be there in place for months to come and im very proud this our fellow germans actually follow the rules. Actually not because the government tells them to, but because theres a broad support for this and that is of course very helpful and gives us confidence and now step by step coming back to as i said new normal. Mr. Minister, its sara its dpood of you to join us were also wrestle here in the u. S. With the question of how and when to reopen the economy and get bapeople back to work. Yrn youve done exper menation with the serology test what have you u learned . Are they accurate and do they signal that people can actually go back to work . Are people being infected at a big enough scale to do that . Well so far theres no Antibody Test in place as far as we know thats good enough to really take the decision if people are immune enough to go back to work for example in Critical Infrastructure like hospitals but our people, our experts assume within two, three, four weeks we might have these tests. Already tested as you mentioned many the region of hines burg and as soon as we would have them, that is of course a real, real game changer. If i might add something, we got in production in germany for example, car manufacturing factories were not brought to a standstill by political decisions. That was a skigs by the companies because many markets arent accessible now and this is not a good time to sell cars to the world obviously and so many of the production lines in germany are not working right now. Not because of political decisions, but because of not having no access to their markets. Germanys rates of mortality are so much lower than that of italy as wilfred mentioned, even with a a a bigger population i think its eight times few er death, but also lower than that of the United States what are you doing that were not doing . We also have a very strong Health Care System in this country. Well, actually, as i said, all we did and we tried to do is is prepare as good as possible and to actually take care of patients as soon as possible especially with the general practitioners taking care of the soft cases because what we see in some countries is that peopl only show nup the Health System when they are already in a difficult critical status. And then coming to the clinics and what i find important is to try to reach out to them as soon as possible and to treat them as soon as possible to avoid as many severe cases as possible then of course our icu capacities, ventilation systems we have here in germany, im very grateful and humble, actually, that we had this big base, this big number we could start from that really helped us in this crisis for example, three weeks ago, we asked all hospitals to postpone elective operations and by doing so, within ten days, we had 10,000 empty beds in our icus and most of them are are by the way, still empty and can be used for whatever comes i wanted to ask about the longterm future of the European Union. I mean Free Movement of people was such a central tenant of the eu b and clearly its not happening at the moment and at the same time, theres a lot of clashes on the shape of bailouts and the like do you think theres longterm damage been done to the unity of the eu well these are definitely a stressful time for the European Union. And as too auch a crisis at the very beginning, the European Union seems to be b very tis organized, but i would say now we have pulled the ends together and we are standing strong in this we are helping ochore for example, germany is taking patients from other countries to treat them in our hospitals from spain or france or italy and then there is as you just mentioned the economic dimensions with this 500 billion our package that negotiated by the european financial ministers in the past days, i would say we have a good base to help to support those who need economic support in this crisis and at the same time, we dont set the wrong insecentives for e future theres a good balance between financial softness and solidarity that was found. After some b problems in the beginning, were definitely the European Union is back on trade. Thank you so much for joining us we appreciate your time. Thank you very much indeed. Still ahead, a rare and exclusive interview with Apollo Global management founder, leon black. Well get his take on the wild market swings and details on his big push with his company to support new yorks York Health Care<\/a> workers. Well also speak with germanys minister of health as that country grapples with when and how to reopen its economy. A a better performer in a relative sense with handling the virus to come European Countries<\/a> and coup tris. Lets focus on the big stories bob is tracking the sell off meg has new details on the rush to find a treatment for the virus. Phil is watching the airlines. Brian sullivan covering the historic opec deal its lack of impact on oil prices so far bob. And a great rally of last week, 12 on the s p fizzled a little today, but no surprise. Let me just show you today so banks were going to get earnings tomorrow. No surprise ch banks usually wilt a little going into earnings season. Weve seen Home Builders<\/a> weak, airlines weak, industrials weak. All had a good week last week. Caterpillar, downgrade at boeing, excuse me, bank of america. So deere, illinois, all the other big names dragged down a bit. You want to see how tough it is to figure out the guidance look at ford theyre not going to report until april 24th, but 600 million of pretax loss. Essentially no revenue from them didnt even provide estimate because it doesnt really matter that much. Its really b about survival heres the difficulty. Illustration of how difficult it is to get on the earnings side of things here stay at home stocks doing great. Netflix, new two year high froms amazon is closing in on an historic why i think back february 19 zoom and activision strong today. Back to you. Thank you now to the virus itself and the incredible race for a treatment. Meg has the latest for us an a gileaded over the weekend. These were highly anticipated data and what we got on patients who received drug on whats known as compassionate use these are very sick patients give p the drug outside of clinical trials. These were not controlled data comparing them to a controlled group. Looking at 53 patients who got the drug this way. 68 showed clinical improvement in terms of how much oxygen support they need. 30 patients were intubated to be on ventilators and 17 of those patients were able to come off that system after receiving treatment. Seven patients though in this election did pass away so people who are welcome i looking at these data pointing out the limitations that there was no control group, but the lead author on a study in the new england journal saying there is no treatment for covid19 we cannot draw definitive conclusions from this data, but this group of patients who received remdesivir are hopeful. So we are waiting to see actual data from clinical trials, which gill add says we should see this month from its data. That china trial was discontinued so we dont know when were going to see those results results, if we see them and the nih is running a a study we should see in late may and that will be sort of the Gold Standard<\/a> of what were looking for as to determine how well this drug really works, guys over the next weeks, two month, well be getting more information. So, obviously, meg, the signs were hopeful and encouraging better than expected on the gilead drug but one point out there is this is not the only treatment or trug that is this trial, that is in the works, that is being worked on. There are so many. Its hard to even keep track and theyre not just antivirals. Who else would you be watching right now . Some of the earliest term information were going to get will be from regeneron they started a trial of an existing Rheumatoid Arthritis<\/a> drug in really severe patients in the hospital. So we should see those data within the next couple of weeks. To see how well they do at really rescuing patients who have that lung inflammation in the most severe forms of this disease. So that will be incredibly important to watch and then longer term, regeneron is working on antibody drugs to those are different from these antiviral drugsment they along with vir, eli lily, amgen. But u the nearest term are things like regenerons Rheumatoid Arthritis<\/a> drug and roche has start those studies. Thanks very much for that now Airlines Taking<\/a> a leg lower today as the major carriers weigh their options for a government bailout phil lebeau has the details in chicago. Not crazy about those options and we could see a carrier or two this afternoon or this evening finally say you know what, well take the cash grant bailout offer. They thought it was going to be all an immediate payroll cash advance that they would not repay. No, thats not whats happening here 70 is a bowel money they would not have to repay. 30 would come as a low interest from the Treasury Department<\/a> and when i talk the people in the industry and washington, everyone says the same thing treasurys not budging on this they are keeping it structured at a 7030 split when you welcome look at the pa levels, they show no sign of improving. Fitch is concerned you could see the revenue for the airlines in the Second Quarter<\/a> because these low passenger levels drop 90 then for the Third Quarter<\/a>, drop down 60 to 65 so theres a good possibility as you take a look at more of the airline stocks, they may have to go back and borrow more. Say three or four months down the road they werent planning on borrowing in this round from the Treasury Department<\/a> b, so how much more, guys, can you ask them to lever up before you start to see further pressure on their Balance Sheets<\/a> we could hear from some airlines this afternoon more likely by tomorrow. Worst performing s p Industry Group<\/a> in the market today and for a while now. Thank you. Opec and its allies agreeing on big Production Cut<\/a> over the weekend, but is it enough to stabilize the oil market lets bring in Brian Sullivan<\/a> for that answer. Brian. Answer your second question first, apparently its not because oil fell today despite this massive, unprecedented, historical cut, insert adjective here this was supposed to be an easy decision the g20 was thrown in on friday they got the deal done mexico created a sticky point, we can get into that if you want, either way, the deal is done, but the market is more concern ed ant demand. Earlier today, did an interview b about a 15 minutes interview with bin salmon, songs of the king and Saudi Energy Minister<\/a> one of the things he said is the market is misreading this while the official announcement said 9. 7 Million Barrels<\/a> a day is being cut, he factors it in as more like 12. 5 listen the number is way much bigger twice that 12. 5 million. My country, the 9. 7 is too we are doing 1. 3 to bring this back to the 8. 5. This is as a the result about protection effort. The ue is coming by about a million. And i believe amid another announcement that theyre coming down by b about half a million more than what they were doing so guys, what hes saying is the uae, kuwaitys and saudis are going to cut more based on their april higher production levels still the market didnt think it was enough and we are down yet again. Same old story for oil well have to see how long this cut holds as well if it doesnt have the effect of pushing up prices, one would think the incentive to stick to it will fall as the time goes op, but thanks so much for that. Crude down 1. 3 . Broader markets down more than that as we stand with 51 minutes left after the break, germany logging more than 120,000 coronavirus cases so far but its managed to keep the death toll relatively low. Well speak with germanys minister of health about when and how that country may be able to consider reopening its economy. Back in a couple of minutes. soft music [female vo] restaurants are facing a crisis. And theyre counting on your takeout and delivery orders to make it through. Grubhub. Together we can help save the restaurants we love. Woi felt completely helpless. Hed online. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp\u00ae professional. Our Retirement Plan<\/a> with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. 48 minutes left of trading a check on the markets down b about 2 on the dow s p down less than that. 1. 66 . If you look at the sectorses, everyone is down except for Consumer Discretionary<\/a> individual stock moves, shares of facebook trade iing lower af its advertising rates plunged up to 25 in march according to the wus journal as advertisers pull back on spending amid the downturn the journal saying facebook trying to make that up by targeting ad budgets originally allocated for televised sports tesla moving higher today following reports it will furlough half of its u. S. Sales and delivery employees this week the company has halted production at its california car plant and told employees it expects production to resume on may 4th. That stock surging almost 12 . Thank you indeed were down sorry 1. 7 now germany like many other nations, has been hit hard by the coronavirus, reporting more than 120,000 cases since late january but the number of deaths in germany has remained lower than many other countries, rather in europe r or around the world. Joining us now to discuss is germanys minister of Health Thanks<\/a> for joining us. Good afternoon to you. Good ooempk from berlin hello. Lets start on that topic that i just mentioned. If we could chlgt whether were looking at total cases relative to population or in particular the number of deaths so far in germany. Its a terrifying number in absolute u terms, but u relative to so many similar countries youve clearly performed a lot better than some nations why do you think that is well, wilfred, in general, first of all the fact that germany is doing better so far makes one humble, not overconfident. There are many reasons i would outline two or three one is we have a Health Care System<\/a> that is in very good shape and that is because of u a Success Story<\/a> actually of several governments. We invested in two, but that is already a good base for many, many years secondly, we have a good network of general practitioners here in germany. They take care of soft cases to avoid overrun of the hospitals so the hospitals can take care of the worst cases we have a high number of icu cases. We have managed to increase it up to 40,000 icu beds here that is a high number for r a country like germany so we took it very serious from the very beginning and that gave us time to prepare it seems as well that your testing capability has been far sue per yor to that of the United States<\/a> or the united kingdom. Why is that . Were you already prepared for this in years past or did you just manage to ramp up capabl capability very quickly in the early months of this year . First of all, testing the crucialment. Its like pointing a flashlight in the dark. If wrou dont do it, you just see different shades of gray with extensive testing, you can see whats going on. Not just the sifr tommatic ca cases, but the mild. So far, we have testing 1. 5 million germans here and we are trying to increase capacity day by day what helped us is from the very beginning, that we have a Broad Network<\/a> of labs all over germany. Traditionally as well. So actually that help ed us from the start and actually the first test in the world for coronavirus for this one actually was developed in ge germany. And so do you think that were getting closer to a point when germany will be able to reopen its economy theres been sound of good news on that front coming out of germany in the last week then just yet today about an hour or two today, president macron pushed back the date for france. So where does germany stand . Well, so far, we have managed through it very well but now we need to find the right balance its not i would say its not the health of people versus the economy because they are very much interlinked you need a Strong Economy<\/a> to have a well equipped Health System<\/a> for example unemployment recession is harmful for the mental and physical health of people, too so what we need to find is the right balance. And now with numbers down, the numbers of new infections per day in the past weeks with all the measures that we have taken, we are thinking about step by step, that is important. Step by step going back to a new normal that is important, too because all the measures we have taken like keeping distance, wearing masks, no parties. That are definitely measures that need to be there in place for months to come and im very proud this our fellow germans actually follow the rules. Actually not because the government tells them to, but because theres a broad support for this and that is of course very helpful and gives us confidence and now step by step coming back to as i said new normal. Mr. Minister, its sara its dpood of you to join us were also wrestle here in the u. S. With the question of how and when to reopen the economy and get bapeople back to work. Yrn youve done exper menation with the serology test what have you u learned . Are they accurate and do they signal that people can actually go back to work . Are people being infected at a big enough scale to do that . Well so far theres no Antibody Test<\/a> in place as far as we know thats good enough to really take the decision if people are immune enough to go back to work for example in Critical Infrastructure<\/a> like hospitals but our people, our experts assume within two, three, four weeks we might have these tests. Already tested as you mentioned many the region of hines burg and as soon as we would have them, that is of course a real, real game changer. If i might add something, we got in production in germany for example, car manufacturing factories were not brought to a standstill by political decisions. That was a skigs by the companies because many markets arent accessible now and this is not a good time to sell cars to the world obviously and so many of the production lines in germany are not working right now. Not because of political decisions, but because of not having no access to their markets. Germanys rates of mortality are so much lower than that of italy as wilfred mentioned, even with a a a bigger population i think its eight times few er death, but also lower than that of the United States<\/a> what are you doing that were not doing . We also have a very strong Health Care System<\/a> in this country. Well, actually, as i said, all we did and we tried to do is is prepare as good as possible and to actually take care of patients as soon as possible especially with the general practitioners taking care of the soft cases because what we see in some countries is that peopl only show nup the Health System<\/a> when they are already in a difficult critical status. And then coming to the clinics and what i find important is to try to reach out to them as soon as possible and to treat them as soon as possible to avoid as many severe cases as possible then of course our icu capacities, ventilation systems we have here in germany, im very grateful and humble, actually, that we had this big base, this big number we could start from that really helped us in this crisis for example, three weeks ago, we asked all hospitals to postpone elective operations and by doing so, within ten days, we had 10,000 empty beds in our icus and most of them are are by the way, still empty and can be used for whatever comes i wanted to ask about the longterm future of the European Union<\/a>. I mean Free Movement<\/a> of people was such a central tenant of the eu b and clearly its not happening at the moment and at the same time, theres a lot of clashes on the shape of bailouts and the like do you think theres longterm damage been done to the unity of the eu well these are definitely a stressful time for the European Union<\/a>. And as too auch a crisis at the very beginning, the European Union<\/a> seems to be b very tis organized, but i would say now we have pulled the ends together and we are standing strong in this we are helping ochore for example, germany is taking patients from other countries to treat them in our hospitals from spain or france or italy and then there is as you just mentioned the economic dimensions with this 500 billion our package that negotiated by the european financial ministers in the past days, i would say we have a good base to help to support those who need economic support in this crisis and at the same time, we dont set the wrong insecentives for e future theres a good balance between financial softness and solidarity that was found. After some b problems in the beginning, were definitely the European Union<\/a> is back on trade. Thank you so much for joining us we appreciate your time. Thank you very much indeed. Still ahead, a rare and exclusive interview with Apollo Global<\/a> management founder, leon black. Well get his take on the wild market swings and details on his big push with his company to support new yorks Health Care Workers<\/a>. Well be right back with about 39 minutes left of trade flexshares may look simple on the outside. 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<\/a> objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. 35 minutes left of trade with the dow down u about 390 points two massive tech rivals are teaming up to help track the spread of coronavirus but its also leading to concerns over privacy. Those concerns were inevitable but perhaps not as many as you might have thought a month ago when this entire idea might have been unthinkable. Now for one, the companies are proposing using Blue Tooth Technology<\/a> so that is decentralized revealing less user information than say your typical mapping app. Secondly, Contact Tracing<\/a> is seen by medical experts as a critical case of gradually lifting isolation measures a number of start ups and ak deck ims have tried to develop their own apps, but that requires a download. A Apple Google Partnership<\/a> doesnt require you to download anything its already in your phone together, their operating systems cover about 99 of all smart phones globally. So Widespread Adoption<\/a> here for this to work is key. They may provide the best chance at that. Now this is still months away, guys, and plenty of questions remain such as will this actually be opted in by a large number of users and will the white house endorse it but this is certainly a major, major step into finding an effective track and tracing system that could help lift those quarantine measures. Thanks for that i guess the question is whether or not its going to be required to reopen the economy or just a bonus feature. If its former, it might be optimistic for some level of reopening the economy. Weve got 33 minutes left of the session. Down 1. 4 on the s p still to come, get a read on the state of commercial real estate and how the virus could change this layout forever when we speak with the ceo and chairman. Heres a check on bonds. Yields moving higher to kick off the weeks. Tenyear yielding 0. 757. Back in a couple of minutes. Here are the key things driving the action a group of governors say theyre developing plans to reopen the economy as andrew cuomo says he believes in his state, the worst is over. Despite the biggest cut in production ever from opec, russia and the u. S. , oil prices have failed to rally today and reports of some p businesses have started to receive rescue funds, but payouts moving slowly so far half hour left of trading. Lets get a coronavirus update with kelly evans hi, again, guys good afternoon, everybody. Just moments ago, confirmed cases tickeded around 1. 9 million according to the Johns Hopkins<\/a> count. The virus death rate may be starting to slow down in new jersey the nations second hardest hit state after new york Officials Say<\/a> 93 people died over the last 24 hours thats down substantial ly from 168 the day before emanuel macron is extending the nations lockdown until may 11th he says progress has been made b, but the battle not one u and putin says they made need their military the intervene in the fight against coronavirus. Today they are reporting their largest oneday increase and putin warns that number will continue to increase and later this week, amazon will aloe Third Party Sellers<\/a> to ship nonessential items to its warehouses the giant has been prioritizing household items, medical supplies and other essential products for now and for more coronavirus coverage, head to b cnbc. Com kelly, thank you very much. Weve got just under 30 minutes left of trade. Heres where we stand in the markets. Off the lows of the session. Still a down day except for the nasdaq,which ha popped into positive territory up about. 2 thanks in part to amazon which is having a good day. S p down 1. 1 . The only group thats higher is Consumer Discretionary<\/a> the dow down 345 points. Caterpillar is the worst performer. Walmart, intel, apple all higher and powering that index. Russell down almost 3 still ahead, Apollo Global<\/a> management founder leon black joins us in an exclusive and rare interview hell discuss his new push with airmark to support new yorks Health Care Workers<\/a> plus his take on whether weve reached a bottom in the market thats all coming up on the show stay with us dont get mad. Get e trade, dawg. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Theyre all possible with a cfp\u00ae professional. [narrator] at Southern New Hampshire<\/a> university were committed to making college more accessible by making it more affordable. Thats why were keeping our tuition the same for all online and campus programs through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look we can do this [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. Stocks are down today as earnings season kicks off and this week joining us by phone is Charles Shaub<\/a> chief investment strategist how to we 1navigate earnings season do the numbers matter . Not sure the numbers matter that much. Of course january and february were decent months so you really only have a third of the time span reflecting the carnage that were in right now so i think its going to be whatever semblance of Forward Guidance<\/a> we get from Kane Companies<\/a> that might give more color to analysts who have been stymied by how Many Companies<\/a> that have withdrawn guidance i watch the consensus estimate every day and on a dollar earnings basis for the overall s p for the full year, about dollar getting lopped off every day. Just stripped down as analysts wait for something resembling guidance before they estimate further. Going down as you said every day and also such a widespread of estimates depending on which broker youre look iing at certainly the case for the banks which kick off tomorrow. I guess b even when we hear from some of the companies starting from this week and they give guidance Going Forward<\/a>, its hard for them to give accurate guidance based on the key factor, which is when the economy opens back up. Whats your take with the bounce weve seen in arguments where investors are expecting things to reopen and if we didnt get a reopening in may, would that be a disappointment to markets . I think probably. I think the market is now coming around to the realization that this is not going to be at a moment in time where theres some directive that everybody can open back up it will happen on a rolling basis and i think where weve had sort of extremes of hot spots, the epicenter in new york, i would assume theres going to be a more sort of conservative bias in term of when to open things back up. Especially given the concentration of a large city. I also think youre going to go industry by industry to see not only where theres significant pent up demand that could kick in quickly, but rather where theres corresponding simply that comes back online quickly even if we have a scenario where much of the company, country opens back up say within a months period of time, making an analysis industry to industry is going to depend on both the supply side and the demand side. So i think the Recovery Across Industries<\/a> is going to take many, many different shapes with many different timelines so how can you and other investors make a call on whether stocks or groups look cheap now without knowing where those estimates actually go . You cant i think valuation analysis is futile right now i think its persistent regardless of the environment, even if we were in a normal market environment, i would always say two things. Number one, valuation is in the eye of the beholder and a function of what metric youre using to value whether its a stock or an index. Its not just about pes. But also its as much a sentiment indicator as anything else even though in a normal environment, you can quantify the pay typically, the e but what investors are willing to pay in pe terms is as much a sentiment factor as anything else and those factors are consistent no matter what the environment is in addition, the fact that valuation is even in a normal environment, a Terrible Market<\/a> timing tool. Theres literally no correlation between whatever the pe is and what the market does in the subsequent one year and all those things are in normal periods of time. So i think valuation analysis is sort of a futile exercise. We can focus on technicals, sentiment. Even there, youre somewhat limited because you could easily say the market was washed out on march 23rd same thing with sentiment, but much as we needed a catalyst which came in negative terms with the virus, back in mid february when sentiment and technicals were at the opposite extreme. We were way overbought, sentiment was too frothy it stayed that way for a while until we got the catalyst in the name of the virus. I think the catalyst will need to be more than just a bending of the curve it has to be consistency and maybe something hopeful on either the vaccine or the treatment front. As always, thanks so much for joining us thanks. Weve improved in the last ten minutes. Were now down only 1 on the s p 500 with 20 minutes left in the session. Breaking news from the new york fed. Steve liesman has the details. Hi, steve. Hey, wilf, good afternoon the new york fed just now announcing its going to be reducing the number of daily repo operations it does down to one from two it had been doing two 500 billion repos per day and its citing more stable conditions in the repo market and also reducing three month repo down from once every week to once every two weeks, so something actually improving you were talking about improvement there. I was looking at previous operations its rare for them to take down any more than 20 or 30 i saw one at 90 billion so the fed had flooded the Market Making<\/a> as much overnight repo available. The market clearly doesnt need as much as the fed had made here scaling back this one small sign of improvement in the credit markets. Thanks for that this is the last commercial break before the close up next, uninterrupted coverage when we take you nsds the market zone down 1 on the s p 500 as a reminder, you can u watch us live on listen on the go on the b cnbc app wel rhtac lbeig bk. At t has connected us every day for over 100 years. And were here for you especially now, doing Everything Possible<\/a> 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 a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options<\/a> are available in your area at lexus. Com people first you should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission<\/a> free today. We have 16 minutes left in the trading day. Commercial free coverage of all of the action going into the close. With us today, paul hicky and shannon from Boston Private Wealth<\/a> we are down less than 1 , sara been a nice little recovery stock trading lower still today. As wall street digests new virus data and oil Production Cut<\/a> frs the weekend. Two notes out today offering different views on where the market goes next Goldman Sachs<\/a> predicts the market is unlikely to make new lows barring a second surge of infections after the market reopens, but Morgan Stanley<\/a> is cautioning investors that this acute period is just the beginning. Preticket d incompetenting that waves of people wont return to work until summer. I think they put an august 1st date on that paul, this is the question right now. How do investors make a call on the market without knowing how and when the economy reopens its a tough question i think the fact that were citing a bio tech Analyst Report<\/a> from Morgan Stanley<\/a> and his views on the Market Going Forward<\/a> just shows the position were in right now because you cant trade right now on fundamentals of the economy and last weeks rally was all not on okay maybe better Economic Growth<\/a>, it was on the fact that case counts were starting to plateau across you know hard hit areas in europe and here in new york so i think that just shows where they are right now were trading more off of Health Headlines<\/a> rather than economics or earnings at this point. Shannon, what do you feel the market is expegting in terms of economic, when the economy starts to reopen again i think the expectations baked into last weeks rally were that we were going to be able to recover from this quicker than anticipated if you look at the potential for Consumer Spending<\/a> to return to 100 of what it was precrisis and previrus, i think thats a little optimistic and probably a bit knave. Think about the activities that youre not going to go back to doing what you were doing previously i would say Consumer Spending<\/a> come king back probably isnt until 2020 so theres probably too much optimism crude finishing the session lower, giving up gains from earlier today ending up down about 0. 35 . Opec reached a deal to cut production by nearly 10 Million Barrels<\/a> per day. The recent crisis has all stocks cat pill lehr county grading today on its exposure to the sector, firm saying that while caterpillar derives only 10 from oil and gas, it will be hit as well. Paul, what do you expect here on the oil prices not only is it a possibility that cut doesnt hold or lead to price is rising, but the fact that a cut is coming at sort of desperate time for the industry does suggest already that the issues that theyre facing. In any other cut, that would have been a major, major event and it still is. But you know were cutting production by 15 as we noted in our Morning Report<\/a> r, but demand is county 30 so you have a 15 gap. When 10 Million Barrels<\/a> a day then if you go up to 12, theres still a shortfall and i think thats why trump was talking more today about 20 million because thats what you have the get to make up for this production mismatch at this point and on caterpillar, exposure to energy and xh commodities. Both sectors have been weak for some time. Im sure some of that is is priceded into the stock. I think the encouraging aspect about that analyst note though is that the dividend remains safe in his view and the fact that i think if you have a longer term perspective, caterpillar probably sent. I was going to ask you what you thought of this call because in the note, theyve mentioned and this is true, usually during the depths of recession, buying caterpillar is the way to play that things will come out on the other end and well come out of this stronger in terms of the economy. The cyclical side of things. Is this time going to be different because of the Energy Factor<\/a> i think theyre making a call really on the relevance of cyclicals as we come out of this rebound. I think theyre try iing to poit to it not being an apples to apples comparison with previous recessions where weve been led an an imbalance then see a recovery of Economic Growth<\/a> coming from a low level so i think theyre b probably using this as cover to make a call on cyclicals excuse me. So you know i think theres a tone of that in the report cruise stocks getting hit hard seema. It doesnt look like a cruise lines will be resuming sailings anytime soon after the cdc extended its no sail order possible y until mid july this is a devastating blow for an industry that was looking to get some of their ships back to sea by mid may and historically, the Third Quarter<\/a> is when the Cruise Companies<\/a> generate most of their revenue as nearly all geographical regions are open for sailings and the more time these ships stay idle, the more their costs go up. Patrick scholes estimates a 900 million cash burn for carnival today they canceled north american sailings through june 26th now the cruise lines are now working with the cdc to address how they handle potential covid19 cases on board. Strengthening their isolation techniques, but certainly this is going to be a developing story here as we try to see how the cruise lines try to reinvent not just their brand, but update their safety guidelines. Guys this is one of those industries that you really hear two sides, bulls and bears, just they differ so widely. Some thinking that the companies are not going to survive and others saying you know, cruises are american theyre going to come back and theyre the cheapest deal. The stocks are down what 70 to 80 this year even with enormous rally last week. Where are the analysts and where, where are you hearing investors in terms of what they think is ahead and whats moving the stock on a daytoday basis for these companies . Yeah, this is one sector thats been hit hard by the coronavirus and seeing a number of cases on board and how they handled those situations as well that attract ed a lot of negatie attention. Heres where experts are at. One, addressing the concerns that many of the cruise operators need to do youve seen carnival be very successful despite is issues raising money in the debt and equity market. More than 6 billion also getting a foreign investor, the Saudi Sovereign Wealth Fund<\/a> on board disclosing an 8. 2 stake and that to your point has been one of the reasons weve seen a relief rally in the cruise lines. The question now is how long will it take for these cruise lines to get back at sea and once they do that, how long h it take for consumers and americans across the nation, to feel confident about getting on board. Thats something that well have to see in these new guidelines the cruise line is expected to unveil and that will p top of mind thank you so much for that. Shannon, are you confident enough to get on board in terms of buying the stock . So we recently sold Royal Caribbean<\/a> and owned carnival in the last couple of years so we actually understand the case for cruise sz. Its a life tile experience which has been growing in importance as far as our discretionary spend. There are people very much committed to the cruising lifestyle. The challenge here is really about that duration. If youre looking over the next 12 to 18 months and you have a place where you can put your capital to work, the opportunity cause for cruises is just too high one of the benefits was very strong Free Cash Flow<\/a> they generate its not going to be there theres going to be a lot of impeeri impairment on the cash, so for us, as much we like the story longterm, better opportunities in the market right now. Thanks for that the coronavirus having a huge impact on disney and the legacy of former ceo, bob iger. Hi, julia. Wilf, thats right. Disney shares have declined by nearly 20 since bob iger announced he was stepping down now disney is furloughing the majority of its pasches employees as well as cutting jobs and pay across divisions. Now iger had been heralded for inves gting in disneys theme parks and cruises and for growing their eventmovies that drew people to theatres. Now disneys strength in gathering people and the business of live sports with liabilities. The longterm questions though are how long until people want to be in crowds again. And how quickly will bob i guge pivot to focus on digital distribution over the past few years grow to compensate for some of these declines in his other businesses julia, to what extent is this idea that bob igers helping out more than perhaps would have been expected after his semiretirement to what extent is that a big blow look, i think at this point, its all hands on deck i think its natural that someone whos run the business for as long as iger has would want to be there not just to help with the transition because remember, he was supposed to be there as executive chairman to help with the transition, but also to help figure out how to really deal with coronavirus impacting so many of their divisions. So i think in a positive to have him in there as opposed to having him announce that he was leaving and there was a new ceo and he wasnt going to help with that transition. Right now, ik i think its essential to have them him in there as well. Unusual timing. Thank you. Shannon, are we going to go to disney world before we have a covid19 vaccine, which could be a year out its going to be challenging on the parks side. I think theres such a strong brand and when you think about disn disney, you think about the quality. Its not particularly repeatable in other vacations especially for children and young families. However, i think its going to take some time before people feel comfortable if anybody, disney is able to show through the processes of their practices that they apply that theyre probably going to be earlier than others are in this real m, but i think we should be kshed and take a discount to what we expect for parks even once we get back through this social distancing climate were in today hitting some other stock stories with five minutes left in the close ford, shares falling there after a warning of a big First Quarter<\/a> loss phil these are preliminary results from ford. Well get the final ones on april 28th its hard to say people arent really focused on First Quarter<\/a>, but its not whats moving the stocks what people are focused on, liquidity level. Which means whats happening now all the way through the Third Quarter<\/a> and today, ford gave us some indication of where they stand. As of april 9th, last thursday, they had 30 billion of cash on hand they said even if sales dont increase, we dont build more vehicle, thats enough to get us through the Third Quarter<\/a> and oh, by the way, more loans are possible so its the b possibility of them taking on great er debt that has people saying whats the cash burn going to be. Rbc is out with an estimate saying theyll be burning through likely 1. 2 billion a week now thats just an estimate from rbc but the bottom line is this. This draws the focus even more intensely on where the automaker rs in terms of cash position and how quickly theyre going to be burning through that cash especially if theyre not going to be ramping up production maybe until the middle of may, end of may who knows. It depends on how quickly different areas of the country come back online when you start to talk about cash position and worst case scenarios, not a great reminder. How are the rest of the automakers fairing relative to ford thai got pretty decent cash positions, but again, this is such an intense business when it comes to capital outlays, that it doesnt take long to say guys in good shape through the Second Quarter<\/a>, yes, Third Quarter<\/a>, yes. If things are still rough, its a different discussion thanks for that back to the broader markets. Just under three minutes left. Down only 1 or so nicely off the lows of the session. Paul, broader markets, where do we stand on the s p 500 as it is relative to the lows and the recent highs we came into this week in mo mans land halfway between the highs and lows from past month and individual stocks weve seen less than 10 of stocks in the s p 500 are overbought and less than 10 of stocks in the s p 500 are oversold that may not sound all that notable but its rarely happened going back to 2007, its only happened in december of 2008 and in january of 2019 so in january, wasnt a gate period but r for the long eer term it ended up being very attractive point and where january 19 was also attractive. You just have this major shock to the market and so theres no stocks that really it just shows were hanging into a new chapter of this whole crisis as we get into earnings season. The feds responded. Federal governments responded now next chapter is how with the Companies Going<\/a> to respond in earnings season this year and to what phil was saying about ford, theres not a lot of earnings or revenues or even guidance to speak of at this point because people simply dont know so were goeng to be focusing on how much cash the companies have, how to get them through. Thats what investors are going to be focusing a lot on Many Companies<\/a>. Thanks so much for that just one minutes left of the session. As we mentioned, weve improved steadily into the close. Down just 0. 9 on the s p 500. Dows down a little more than that, at 1. 25 or down 300 buoyants it was down as much as 624 points at the low, so again, steady improvement from those session lows which came around the middle of the day. In terms of sector performance, three sectors holding on to gains, Consumer Discretionary<\/a>, the main one up over 1 . We have three sectors down more than 3 . Utilities, financials and real estate financials very much in focus ahead of banks kicking off earnings tomorrow. The dollar has been largely flat today for the broader index. Just slightly lore oil has been front and center. Wti crude down 0. 6 despite that massive cut in production announced wii the by the opec plus russia members and a bit of the u. S. As well brent did hold on to 1 of gains. A reminder that europe was closed today u. S. Also lower by just b about 1 s p 500 1. 3 for the dow nasd nasdaq holding on to gains about half of one percent. Sara welcome back, everyone. If you are just joining us, im sara along with wilfred. Taking a look at how we finished, better than where we are at the lows of the session the dow closing down 325 points. Caterpillar was the biggest drag on the dow walmart is bigger winner s p 500 only closing down about 1 it was down worse than that throughout the session got three groups that actually popped into the close. Consume every discretionary, technology and Communication Services<\/a> all ended the day higher real estate though got hit hard. That sector down more than 4. 5 . Financials down 4 as well the nasdaq closed up about half a percent ft that was thanks in part to some of the big stocks in tech doing well today amazon, netflix, some of the chip makers having a good day. Tesla had a double digit up day. Russell 2000 underperforming again. Has been the case all year down 2. 8 on the small caps and just to put the stock declines today in perspective, were coming off a a very strong week. Last week was a rebound week the best for stocks since the 1970s. Coming up this hour, well ask Apollo Management<\/a> founder leon black where he thinks this market is is heading as well as his partnership with arrow mark to help support new yorks Health Care Workers<\/a>. Joining us to talk about the day, paul hicky, shannon and liz young. Good afternoon to youl after you. Liz, ill come to you first of all. What do you make of the bounce weve seen over the last couple of weeks and as we approach earnings season, whether we need to have a strong earnings season to justify the bounce were seeing the bounce weve seen has been supported by the fiscal and monetary flood that we got a couple of weeks ago and to be fair, if we get further fiscal support Going Forward<\/a>, i dont think were going to see as big of a bounce, but whats happened so far is that theres a little bit of a backstop and theres not going to be as much opportunity for the market to blow through to the downside because we have that support as far as earnings go, i think the market now expects that earnings are going to be dismal with sort of thrown away the Second Quarter<\/a> were not really having High Expectations<\/a> about the First Quarter<\/a> either so i think really the information that we need from earnings is is is this going to hurt companies into summer and the Third Quarter<\/a> the market seems to be pricing in a recovery that starts in the Third Quarter<\/a>. At least the expectation that we can cocome back online and see more revenue if that changes, were going to see more downside. So are you say iing the mashg is still too optimistic and the economic and ayeshaings recovery in the second half of this year . I think the market is is a a little complacent about how quickly we can restart the rally in the last couple of weeks has shown us the market is optimistic, that well come back online still in 2020, but i think were being a little bit too optimistic about how quickly well come back online and how quickly revenues will recover in those companies. Paul, i wanted to come to the vix, which of course relative to history still elevated, but it did decline again today allbeit just a little bit and clearly is well off the highs do you think volatility is going to continue to be elevated though in the weeks and months ahead . I think certainly the weeks ahead as we come into earnings season the Federal Reserve<\/a> has stepped up the federal government has stepped up were hoping were going to get clarity on the part of companies as to how theyre businesses are going to look, but unfortunately, most companies dont have a clue. Depending on when the economy can get back up and running. Its going to be a combination of case counts plateauing and people getting an idea how serious this virus really is if you do get it and how many people have actually had it. So i think well get more info on that in the coming weeks as more testing and studies are done, but i think at this point, uncertainty will remain here Going Forward<\/a> and the average daily move in the s p 500 in the last five weeks has only been higher one other time in history. After the crash of 29 this is unlike anything weve ever seen before just going to pause for some breaking news on the governments mortgage fore berns program. Wee just getting the latest numbers from the Mortgage Bankers<\/a> association right around 2 million borrowers are in the program that is allowed to miss their mortgage payments for up to a year then make those payments later. The share of Services Portfolios<\/a> went from 2. 73 to 3. 74 in that past week. Those shares are small, but its a 37 jump just in one week. Break it down by type. General pmy may is seeing the worst going from 4. 31 to a 5. 89 its a little less than a third of all mortgages now for loans backed by fannie and freddie, just over half the market, fothey went to. 44 . Just to throw one more number at you, the volume of requests to call centers and online jumped 78 just in the past week and remember, were not b ooefb even to april 15th yet, which is when mortgage payments would officially become late so you can expect these numbers to rise significantry over the coming weeks is there any warning here, if youre thinking about requesting a mortgage forberns . Its not forgiveness, youre going to have to pay it, but are there any other Strings Attached<\/a> zpl no, no sfrings at all. You dont need any documentation of any hardship at all that is in the law, in the c. A. R. E. S. Act, but again, its not a free ride. You have to pay it back either at the end of the loan or in a payment plan over a time so its not like theyre giving these away a a total holiday, just letting you have at least six months or a year of not having to make those Monthly Payments<\/a> thank you lets get to bob b for a look at todays biggest moves on wall street nice late day rally cut our losses almost in half going into the close, but it was a rough day for banks, builders, airlines, industrials in general. Were getting earnings tomorrow in jpmorgan, thats down, but typically goes downgoing into earnings season. Well see what they have to say. We want to hear about loan loss verves caterpillars had a remarkable run. 135 in februariment went to 85 or so. Back to 130 and finally, bank of america came in and said thats enough they downgraded the stock and that drop ped the industrials. One of the First Companies<\/a> announcing theyre going to be delaying earnings by just about a week thats remarkable, but it would have been three or formonths ago. I expect youll see r more and we had stay at companies do well netflix, a two year high they led the nasdaq into the green toward the end of the day. Amazon closing on an historic high its getting closerment zoom and activision did well and gold closing at essentially an eightyear high. Its getting a lot of action these days back to you. Thanks so much for that lets get a check on what happened in the bond market as well rick santelli. Well, if you look at the long maturities, you pretty much get the picture, short ones were compre compressed, small ranges look at the ten year started out early in the we, hours at 75 basis points and ended up there as stocks cut their lozs going into the close. That 75 is an important level. If you start a chart at mid march, what youll see is the highest close, 119, after established historic close were coming back up now and 75 seems to be b that resistance. Many believe were going to have a retest of the 54 the all time close and have a double bottom, but we may test 1 first and if you look at the yield curve, b obviously it steepened today, holding up nicely above 50 basis points one week of the dollar index it is scaling back were close to unchanged all session. Just down a bit, but in the final analysis, were only still about a half a cent away from 100, which is a harbinger of strength in the big picture. Sara, back to you. Ill pick it up thank you for that shannon, in terms of constructing client portfolios how big a waiting do you have to bonds at the moment and particularly, the balance between treasuries and credit . So we have were pretty much at our neutral stance for bonds, but were taking advantage of the difference on issues ch we had been increasing our credit call quality over the past couple of years, however we think theres certainly some value in Investment Grade<\/a> credit in this environment so were being selective. Adding to issues we think are going to be able to maintain their value and we want to see that income portfolio. It provides a decent amount of diversification and general volatility dampening but we are trying to take advantage of what were seeing in the market now. Paul, since mike is off this week, i feel like this is the portion of the program where he tells us with this incredible bounce we have had in the market, were only down 18. 5 from the highs back in february. Seems unbelievable because at one point, we were down more than 30 how does this action feel to you . As weve priced in the economic carnage and the jobless claims numbers were going the get out of the economy and companies i think its a market trying to regain get some sort of equilibrium here the 1 move is a relatively quiet day for the market lately so thats an encouraging sign there. But what weve seen is what we like to look for on the fundamentals here. Were just looking at the market and like the play book for Economic Data<\/a> is out the window with the numbers were seeing so were looking at Market Performance<\/a> and the way it acts and looking for parallels. When you look at things like upside volume, 49 o o 0 days in the last four weeks, that the only time thats happened since 1970 are march 2009, may 2010 and then december 2011 so and those were all positive periods for the market here, but our number one focus looking forward is the semiconductors. Towards the end of last week, they were faltering even as the market rallied, but today what we saw is the semis up over 1 on a down market day making up some of that lost ground and if were going the see any rally in the market, i know i mention this all timt, its go got to take place with the semis. Thank you good to have you all here with us after the close. Up next, a rare and exclusive interview with Apollo Global<\/a> management founder and ceo, leon black, on his new partnership with arrow mark to ply food and other products to new yorks Health Care Heroes<\/a> plus, well ask him about where hes finding opportunities in thisart. Mke were back in just 90 seconds. Woman my reputation was trashed online. I felt completely helpless. My entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. Breaking news out of washington thats right, steny hoyer, the majority leader in the house of representatives says the house is not coming back until may the 4th at the earliest. The earlier date has been late in april so now it looks like house will be out of session for a longer period of time. That implies the phase four legislation that a lot of people are are looking for in terms of economic stimulus wont be happening before that time because theres no real procedure as weve discovered for the house of representatives to vote on anything remotely when all the members of congress are scattered across the country. So may the 4th is the in date to circumstance is l there. Meanwhile a new statement here from treasury just at the top of the hour saying that about 80 million americans will get their coronavirus payments this week the treasury saying that the large majority of eligible americans will get them within the next two weeks the first payments started going out on friday they report and theyre going to people who filed 2018 or 2019 tax returns and got those refunds by direct deposit. Thats because the treasury already has the banking information for all those people and can wire the money directly to them. The irs is also setting up a new web portal its going b to be up and running this week. Its called get my payment you can check the status there and update your Bank Account Information<\/a> with treasury if they dont have it from that direct deposit process and make sure that you get your money that way and they can wire you the money directly so treasury saying about 80 million americans getting though stimulus payments that were promised this week back to you. Since the coronavirus outbreak, we here on the show, have highlighted a number of individuals and companies who have been stepping up to help those on the front loins air mark, theyre announcing a new initiative to get shelf staple food, household splice and Health Products<\/a> to new york citys Health Care Workers<\/a> the black family is committing 20 million which includes an initial 10 million donation and p plans to match any additional donation up to 10 million joining us now in an exclusive interview, leon black, chairman and ceo of Apollo Global<\/a> management and ceo of air mark gentlemen, good afternoon to both of you. Thanks for joining us. Leon, how dhid idea come together hi, sara. Thanks for having both john and i. Hope your family and friends are well through this difficult time i want to thank john for joining me today it started out really over the last two and a half weeks when my wife deborah and i were looking to do something for the front line Health Care Workers<\/a> who were doing such amaze iing, Incredible Service<\/a> under such dangerous conditions can we see whats happening were born and raised here and were just in yao of the Incredible Health<\/a> care professionals putting their own health on the line to care for others during this pandemic. So basically, seeing all these great people stepping up, a mutual friend introduced me to john and suggested we team up to help 100,000 or so Health Care Workers<\/a> on the front lines and across all five buoroughs, so as you said, our Health Care Heroes<\/a> program is going to provide between 300,000 and 500,000 packages of shelf stable food. Household cleaning and personal Care Products<\/a> as well as over the counter medication to alleviate the burden of Health Care Professionals<\/a> have to shop for themselves and their families the whole goal is to reduce stress and be in that positive so we also teamed with the new York City Department<\/a> of Emergency Management<\/a> and the Greater New York<\/a> Hospitals Association<\/a> to make sure all the logistics were coordinated and the distribution ran smoothly and safely air mark is handling supply chain procurement, pack iing th bags and distribution to the hardest hit hospitals. The deliveries will be made at different times to accommodate shift schedules and the red cross has also teamed up with us to help with direct distribution at the hospital sites to workers while ensuring proper social distancing robin hood also came on to manage a match component because we know people in new york are looking to make a difference we have already received significant donation pledges thanks in large part to many of my Apollo Partners<\/a> and other friends and theyre well on their way to the 30 Million Program<\/a> goal so with this match, just 30 buys a package for a Health Care Professional<\/a> that includes 60 to 70 worth of food and household supplies, but any amount is welcome. And were flashing the details on the screen as you speak. John, talk a little bit more about your role and your broader role in this crisis. How youve trannsitioneded uniform factories into ppe first off, onbehalf of all of aramark, let me thank deborah and leon as lesson said, this is an extremely difficult time were hoping these packages make their lives a little easier. Aramark is the largest provider of food and Facility Services<\/a> and we have a number of employees that are being reengaged the support this program. People weve had to furlough as a result of the lack of activity so weve reengaged our workforce to provide these services. Weve got a long history of addressing urgent needs, supporting others in and were converting some facilities to manufacture personal Protection Equipment<\/a> for the food and Health Care Industries<\/a> john just curious how your businesses have been hit from nba teams, stadiums, schools and other corporations are essentially shut down right now. Thats absolutely right we provide in sectors that continue to operate, both in the health care community, k12. Serving over 1200 meals day to districts, over a quarter of a million a day in the city of chicago. Were also providing Facility Services<\/a> to many other companies that need deep cleaning, hygiene services, as the business continues to operate as you would imagine at full tilt then were in a couple of other businesses that continue to be very active. Our traditional business dining for the sports and entertainment are significantly impacted but at this point, campus dining was beginning to close down for the balance of the year, so were hopeful that universities will continue to operate Going Forward<\/a> in the fall. And were looking forward to hopefully a whole school year then and the operations to their unique needs to the degree they need them. And were able to manage through this pretty effectively. Got a Strong Capital<\/a> structure, balance sheet. Were placed for a recovery and waiting like everybody else for that day how are you thinking about just how severe and long lasting this presession is going to be its a l challenging environment. Im fundamentally an optimist, but its really far too early to make predictions when we founded apollo 30 years ago, we set out to create a value of the firm that could manage for investors as a cross private equity, across credit and across real estate and do it through market cycles. Were in a downturn since 1990 one to protect the pensions and retirements of those on the front lines which includes police officers, firefighters, teachers, government workers and clearly, the last few weeks have shown us the benefit of our apollo value approach which has emphasized protection and less leverage use and also to really be able to navigate cycles and to protect our own portfolio for investors. And because we have a will the of dry powder, we try to be opportunistic and find ways also to serve the same investors. In the downturn, but i think as we know, this is a two part play the first part, i think the government, the congress, the treasury, the fed have actually done a very good job b that was basically to make sure the Financial System<\/a> didnt collapse because i think there was that concern three weeks ago. By injecting so much liquidity into the system, i think one, it helps all the workers that are being furloughed, but it also gives real confidence which is incredibly needed to stop a real panic. Thats really only the first part of the occasion part one of two act play clearly, the big question is how quickly can we get workers back o work generate demand, revenues, and make sure that this is a recessionand not a depression and so clearly, were modeling you know coming out of this in six months, in 12 months, in 18 months and to try to deal with each scenario appropriately. So you said you were being opportunistic. I think during the last recession, financial crisis, you bought a lot of disstressed debt where are you seeing those kind of opportunities present themselves right now well you know i think the markets are incredibly volatile. You see them one week and theyre gone the next week so you have to be prepared you have to have done your work. You could clearly, we try to deal with industries that we know well. With Capital Structures<\/a> that weve studied well to figure out where where we want to be at what price levels and i think that takes real patience you know there was a quick high grade opportunity a few weeks ago and that basically bounced d back so i think it was a one week window and now i think it will be a much longer patient you know, study of many, many different credits and its not just a matter of buying debt its also being able to supply capital. To to industries that are in real need. Or businesses where are you doing that . Help iing a lot of glaet American Companies<\/a> who dont have access to liquidity right now. Are you talking about hospitality and leez yur companies, cruise lines offering what, bridge loans to those companies . Were all of the above. Were looking at leisure, entertainment. You know but were looking at you know, areas in insurance, were looking at companies that weve followed you know, basically we have the largest alternative credit platform in the world. And weve been one of the greatest i think providers of return in the private equity business and that covers 20 Different Industries<\/a> i wanted to ask if i may about what your views are on how any government bailouts if they happen, should be shaped if a company does take Government Funds<\/a> on board and talking more about Bigger Companies<\/a> than the smaller ones, do you think its fair thatere haircut of some sort to the equity holders and do you think its fair that the government gets exposure to future upside, which ever way thats structured you know, i dont think im smart enough to give you an intelligent answer on that i remember the last downturn the talth program i think was very successful. There was 200 billion made available. Every penny was returned government equity upside from the past, some businesses were overlevered they were maybe not managed as well but, you have so many great businesses today through no fault of their own that were doing terrifically as recently as a few months ago where the bottom has fallen out i think government is doing what they need is to make sure that the economy is really the Financial System<\/a> is well oiled and theres enough liquidity out there. And then it will have to look industry by industry. I dont view this in the same bailout lens that was used 13 years ago. You mentioned youve got lots of dry powder. That youre biding your time and essentially should be able to make some investments that longterm make you a profit during this time do you think it is fair for a lot of companies owned by private Equity Companies<\/a> like your own to receive government help if youve got dry powder, shaul that be going towards companies feeling the stress that you own as opposed to fresh investments . Well, i think we are using our dry powder as i mentioned earlier, first and foremost, is a sacred trust u, teachers, firemen the first thing to do is to protect our portfolio, use capitcap for thand a try to get better returns for those investors and pension funds. Weve made recommendations as have many basically to help the economy. When the economy is helped, were help as are many, many others i dont view it as private equity versus the rest of the world. The investments were to help the Investment Grade<\/a> market. It wasnt for private equity so you know, again, were all in this together and its pretty important that we have a healthy economy. Speaking of your performance and your firm, we dont get the chance to talk to you b about this every day, so wanted to ask you everything is doing. I know youve sent a company wide email last year following yefry epsteins indictment context yizing your relationshi with him has it had an impact on the firm i dont believe it has. It was a professional relationship that we had never involved apollo. And it really never affected any of our investments or any of our vinvestors or any of the new money thats been raised which was raised at the greatest clip weve raised wanted to ask you about energy what do you think the sector of the u. S. Economy is going to look like when we come out of this its hard to tell. Unfortunately, apollo has not been great in terms of our investment portfolios but nothing terribly dramatic. Those markets are very hard the gauge right now. Youve seen the agreement between saudi and russia i think its a good thing. I think probably shale will be kicking in also. Its going to take some time to create parody. Weve never been through dramatic jolts such as this pandemic worldwide basis as has generated. Have you seen the worst im not smart enough to know that leon black, we appreciate the interview. And all youre doing for the Health Care Workers<\/a> in new york. And john thank you for your participation in that effort thank you have a good day commercial Real Estate Company<\/a> announcing its new Six Feet Office<\/a> concept well ask the companys ceo about the future of office space in the post coronavirus world. People know aflac. Aflac . But not what they do. So were answering their questions. Aflac is auto insurance, right . No. Uh uh. Is it Homeowners Insurance<\/a> . No. Uhuhuhuh is it duck insurance . Nope. Ahhh do they pay me money directly when i get sick or injured . Yeah. Aflac you got it. You know aflac boom get help with Expenses Health<\/a> insurance doesnt cover. Get to know us at. Aflac dot com. Our Retirement Plan<\/a> with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. [spokesman] if youve tried colleg group cheering shed, snhu lets you transfer up to 90 credits toward you bachelors degree. [woman] it doesnt matter how old you are, you can do it, you can finish. [spokesman] finish your degree at snhu. Edu make it tough to take care of yourself, thats why you can rely on natures bounty. To give you the support you need. To stay motivated keep active and sleep well. Add a little more health to your day. With natures bounty. And unveiling a new office concept. Called Six Feet Office<\/a>, the concept being tested in the netherlands and includes protocols to ensure employees maintain social distancing guidelines once back in the office the chairman and ceo, brett white, joins us now for more a very good afternoon to you thanks for joining us. Thank you i guess this could suggest when people go back to work, i dont mean spin, concept, that companies will need more space in their prime offices if theyre going to push workers apart more where its clearly the flip side at the moment, the debate as to whether in the longterm, companies will take as much office space in the first place. I guess weve tested the technology in the last couple of weeks to see if work from home functions and it does. Is that a concern for your industry i dont think its a great concern that were going the see a lot of firms reduce the amount of space theyre taking in the marketplace. You know we just moved 800 million square feet properties employees back into properties over the last five weeks and from that movement that we did, we were able to identify a number of best practices and protocols around the workplace and one thing we know for sure is the workplace is going to be anything but normal. The protocols were going to need to implement in offices and industrial and retail buildings in which we operate in these buildings is completely changing and it will involve everything from the moment a person leaves their apartment or their home, how they get to work, public transportation, private transportation what do thoi do when they get to the office building, get access. Are they temperature or health checked at the front door . How do they get in an a elevator when they get to the lobby, are they going to be health checked again . And what does your work space look like. It will be b quite different the technologies that most Big Companies<\/a> have invested in, things like cloud based systems have really allowed most companies to have their people work remotely during this period of time and be incredibly productive whats it going to look like for retail are some of the anchors going to come back . Its a great question, sara. Lets get to that by acknowledging the obvious. For many bricks and mortar retailers, the last five or six years have been a period of wrenching change some have come through it fairly unskacathed others have been quite frankly on life spoth and this pandemic. This black swan event, i think will probably illuminate a number of large retailers from the marketplace but u many are going to survive this just fine and remember, retail eers are a the retail asset class, the most creative, most adaptable near all the asset classes. These folks, their business is adapt iing to change and so whe we get through this and we start going back into those stores and shops and restaurants that we enjoy so much, its going to be different but many, many of them will come through this okay. Whether youre being optimistic about Core Commercial<\/a> real estate. Very shortterm on air in recent weeks, Morgan Stanley<\/a>s ceo says theyre operating 90 work from home Goldman Sachs<\/a> ceo told us 95 from home and clearly, their offices are in prime locations in the most expensive cities all around the world surely longterm moving forwad, they will be taking less space at those pique prices in those cities its a very strong point you make so right now, in our company, we have probably 80 of our workforce, maybe 75 of the workforce at home. Of that 75 thats at home right now, all of them are going to come back into the offices because its just a better operating environment for what we do. Certainly to your point, there are companies that have learned more in the last four weeks than theyve learned in the last ten years b about how people can work remotely and some of these firms are going to be able to shift some of the workforce out of the the offices and into a remote environment absolutely will it be half their employees or 30 i dont think so could be 5 , 10 , maybe 15 so over the longterm, i think companies they always have been and always will be looking to reduce the cost of their commercial footprint its harder than it sounds to do ive been doing this a listenon time ive watched many, many events hit the commercial real estate sector but the one thing thats true is that we operate and occupy more real estate here we look forward to checking in on an update on where this falls, but thank you for joining us today thanks. Still ahead, earnings on deck big banks gearing up to report tomorrow what investors need to be mi uhing in those repos rtp rtp congp. The worwhat . Emiere of trollswhat . Tour. [ gasps ] is now in your home. Pinky promise. A pinky promise. Dang. 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. Time now to get a coronavirus update with meg. Hi, good afternoon, everybody. California governor Gavin Newsome<\/a> says hell Work Together<\/a> with the gors of oregon and washington on when theyll ease Health Restrictions<\/a> and open their economies. Earlier today, six northeastern states announced a similar collaboration. New jersey governor says hell sip an order prohibiting internet and phone services from being disconnected until after 30 days after the states Public Health<\/a> energy is lifted. Cu customers who lost service after march 16th due to nonpayment must be reconnected and the death toll in italy has gone above italy as the number of daily deaths increased however, new cases fell below 3200, the lowest count since april 27th the number of people in intensive care continues to decline for the tenth day in a row. And in brazil, a 97yearold great grandmother has become the oldest coronavirus survivor. She got a standing ovation as she left the hospital. Guys as always for more coronavirus coverage, head to cnbc. Com meg, thank you very much. Particularly great story to end it on as well. Up next, getting the green light. Square and paypal securing their shot of the Emergency Loan Program<\/a>. What this could mean for Small Businesses<\/a> and those stocks when come back for colon cancer, dont wait. Because when caught early, its more treatable. Im cologuard. Im noninvasive and detect altered dna in your stool to find 92 of colon cancers. Even in early stages. Tell me more. Its for people 45 plus at average risk for colon cancer, not high risk. False positive and negative results may occur. Ask your prescriber if cologuard is right for you. Im on it. Thats a step in the right direction. [female vo] restaurants are facing a crisis. And theyre counting on your takeout and delivery orders to make it through. Grubhub. Together we can help save the restaurants we love. 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. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp\u00ae professional. Find yours at letsmakeaplan. Org. Welcome back getting breaking news on the census eamon javers has more in washington thats right. The Commerce Department<\/a> is saying theyre going to need a delay in the 2020 census because of the covid virus and the situation with workers out in the field trying to collect some of that data the Commerce Department<\/a> saying theyre going to need 120 additional days to complete work because they had to stop canvassing in march. Theyre saying in order to ensure the completeness and accurateness, theyre seeking relief from congress of an additional 120 days. So theyre going to need congressal approval to do this under the plan, they say theyre going the extend the plan for field Data Collection<\/a> until october. That will allow counts to be redelivered by the president by 2021 and Congressional Redistricting<\/a> day to to be delivered to the states no later than july 21st, 2021 so the virus causing a lot of delays around the country and now the census switching gears, non bank tech focus lenders are now allowed to participate in the Emergency Loan Program<\/a> for small and medium sized businesses. Kate rooney joins us with that story. After weeks of lobbying, square, paypal and in to it were allowed to distribute loans. Paypal is already taking those applications scare and into it plan of Square Capital<\/a> who says they are starting with existing square customers and only those that they can submit to the sba immediately, so they avoid sitting on any paperwork the argument has been they can do this faster and more efficiently than the banks, some of the guidance in the program, still requires that these programs are done manually, they cant automate everything here as far as industry impact, analysts said this is really a legitimizing moment for some of these nonbank lenders. Its also a make or break moment will, back to you . Ill take it, still ahead, at t stepping up and giving back to medical professionals in the wake of the Coronavirus Crisis<\/a> unwndetails and full rdo from companies after this break. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. 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. A partner who makes sure every step is clear, to all those on the front lines caring for our sick. Stocking our shelves. Bringing us packages. Delivering our food. Those who are there when we need them. And the millions of americans doing their part, just by staying home. Our communities are beyond grateful. At citi, we are too. Even if were apart, well get through this together. Heres the thing about managing for your business. S when youve got public clouds, and private clouds, and hybrid clouds things can get a bit cloudy for you. But now, theres the Dell Technologies<\/a> cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. As the toll of the coronavirus pandemic marches on each day, so too does the number of companies, celebrities and Community Members<\/a> pitching in to relief efforts exxon mobil donating 30,000 gallons of fuel for Emergency Response<\/a> vehicles. Rapper ja rule donating medical masks to the Homeless Population<\/a> in new york city and launching his own line of more fashionable masks at t announcing it will provide three months of free Unlimited Service<\/a> to nurses and doctorses across america a dunkin franchise in pennsylvania has turned his store into a siouxing assembly doubletree has revealed the recipe of their chocolate chip cookies for the First Time Ever<\/a> so people can enjoy them from home and this is the best story of the day to us a Brand New Team<\/a> member over the weekend welcomed James Derrick<\/a> hinchey into the family, born 11 03 a. M. Yesterday, weighing 7 1 2 pounds, congratulations. Thank you for sharing the picture pictures its uplifting to see babies are being born she will have stories to tell young james about the time of his birth. Hes a perfect looking baby. We did a sweep stakes on the names. I went for the tony and guessed anthony fauch chi. I think everyone was wrong on this one its a perfect name, perfect baby we miss you. Up next, it is one of the biggest question marks hanging over wall street at the moment how will earnings season play out amid the economic shutdown [narrator] at Southern New Hampshire<\/a> university, were committed to making college more affordable. Thats why were keeping our tuition the same through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. Our Retirement Plan<\/a> with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Breaking news out of the ought tee industry phil lebeau has the details. Toyota and massa building a joint plant in huntsville, alabama. Theyre pushing back plans to open it up early next year, going to happen later in 2021. Again, thats toyota and mazzas joint venture in huntsville, alabama. Guys, back to you. So many plans being rewritten. What should we be watching here . By far, sarah, the biggest focus for this quarter will be the scale of credit loss increases in light of the severely deteriorating economy as banks wright down loans, we can expect an enormous impact on earnings for the quarter for individual banks will be the key focus along with management on the topic. The interest margins will decleaning well see fees of wealth management, assets under management have declined and no buy backs will be hitting earnings per share there could be a couple bright spots, such as revenues from trading. Thats likely to bounce significantly. For the bottom line, its an important moment for investors to gauge whether the bounce in bank stocks and the market was premature. Traded down significantly today ahead of the earnings tomorrow is jaime dimon going to be back on the jpm call i understand from a source he will be. They kick off earnings tomorrow morning, 6 45 eastern time, also on closing bell, well have the cfo of wells fargo, John Shrewsbury<\/a> were out of time here on closing bell thanks for watching, stay healthy. Thank you very much we are continuing our coverage of markets in turmoil. Welcome to fast money, everybody. Hope you had a long, wornderful Holiday Weekend<\/a> wherever you may be we have a big show for you tonight as the markets do this a little bit the dow falling 1. 3 the tech","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia902905.us.archive.org\/29\/items\/CNBC_20200413_190000_Closing_Bell\/CNBC_20200413_190000_Closing_Bell.thumbs\/CNBC_20200413_190000_Closing_Bell_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}