Are watching cnbc. Good morning and welcome. We are keeping a close eye on the rally in airline stocks. You can see hear the industry reaching the Biggest Airlines in america up 5 to 7 to 8 this morning in trade. The dow would open down by about 358, s p losing about 45, implied. The nasdaq down by 104, 105 if these future losses hold into regular trading after the opening bell 9 30 eastern time today. This is after a broad rally where the dow dropped to 560 points and the nasdaq capping the first fourday winning streak since early february. In the bond market, we are seeing a bit of movement there more mark theedly to the day dropping down 21 basis points. Noticeable move lower in the 10year benchmark note yield the 30year at 1. 31 there oil prices after closing down yesterday, the lowest since late last month, the iea is out with a new forecast this morning saying Global Oil Demand will fall this year by a record 9. 3 Million Barrels a day. Wti trading at 19. 70 they say this erases a decade or so of growth in the oilmarket. Going the world market with matthew in singapore it was a weaker session for the asian markets really reacting to that report we got from the imf where it said Global Growth would contract by 3 in 2020 it dug down into other economies in 2020. We did sow a lot of markets down on that cutting the oneyear rate to a record low the mlf is a mediumterm financial industry this injects 14 billion into the system why that is watched, that cut could foreshadow a cut to the loan prime rate, which is the guide that commercial banks use to lend to businesses when that loan prime rate is cut there effectively the 5 to 10 Interest Rate cut to china a choppy session to china. We still had the yen changed in banking stocks after sectors kicked off for us really dragging on the tokyo market fuji film was down it says it is going to expand manufacturing to increase production of the antiflu drug and will produce production. 300,000 by september worth showing you the Australian MarketConsumer Confidence there plunging to a 30year low on the back of the coronavirus shutdown to early trade in europe with goff cutmore that data matt was talking about or at least the forecast not helping here the imf talking about a 7. 5 drop of gdp in the eurozone for 2020 in the uk, saying Second Quarter gdp could be down 35 . That not helping and neither the fact that french government has extended the lockdown there. So no signs of light on new infections specific countries, no joy in the Airline Industry despite the fact that they say in coming days, theyll have an announcement around the klm french air adidas announcing that the German Government providing a 3 billion euro credit line for them that providing support for the sports stock in the headlines after suggesting that they werent going to pay rent on some of their stores we have a weakish start to the trading right now. Back to you. Thank you to washington, d. C. Now where President Trump is backing off his total authority approach to reopening the u. S. Economy saying he will work with governors to open some parts of the country as early as the first of may and also what the white house is calling, quote, Great American revival groups. Industry panels to advise the economy including apple ceo tim cook, bob kraft, the owner of the patriots and more. The president announcing the u. S. Will temporarily suspend all funding for the World Health Organization, the w. H. O. Over the handling of the pandemic good morning to tracie potts where do you even want to start . Well lets start with the w. H. O. , the president has been under fire for house hes handled the crisis now hes saying it is the World Health Organization that failed to warn the u. S. And other countries soon enough. Millions on hold President Trump claims the World Health Organization did not warn the world enough barely miss managing and covering up the spread of the coronavirus. The w. H. O. Failed in this basic duty and should be held accountable. Cutting funding to the w. H. O. In the midst of the pandemic is nothing short of insanity. The u. S. Provides nearly 15 of the budget. Nearly 60 million and other special guidance this comes after draft guidance on reopening schools, child care, summer camp and restaurants by may 1 the day will be very close. Certain states, as you know, are in much different condition and place than other states. The president pushing in a phased in approach for different dates backing off his claim of total authority. The best way im talking now from a manager standpoint to let different governors handle different states and come to us if they need help. The states seem to have their acts together more than the administration and stimulus checks expected to hit Bank Accounts today it turns out those paper checks that roll out will have the president s name on the memo line they will have his name prominently on the front critics accusing President Trump of trying to take credit for that Money Congress approved during an election year. Thank you for that. The developments out of d. C. Dont end with the president major news overnight for a package on one key Industry Group and its bailout. Rahel solomon with more. Good morning. Delta, american, jet blue, southwest and at least five others have reached a deal with the treasury department. This is according to the grant approved and according to the largest aid package ever requiring airlines not to furlough or cut employees through september 30 carnival ceo speaking out about the future of the industry despite the global pandemic, customers have already started to book trips for 2020 and 2021. In the future, it will be travel to return travel and leisure when it does, well return with it social gathering will return when when it does, people will want to cruise. We have a lot booking for 21 and even some for 20 Major League Baseball says 27 teams will participate in a study for Antibody Testing with the university of Southern California this is the largest test to date confirming the study will use rapid antibody tests reporting that 10,000 employees from those teams have volunteered to participate a big cross over between sports and health there. When we come back, jamie dimon shares his outlook for reopening the economy. And stock pickers as earning season rolls on and why shares of tesla are getting a big bump in the pmkereart trade. More when cnbc returns after this welcome back jamie dimon on his companys Earnings Call sharing the outlook for the eventual reopening of the American Economy saying contrary to the president s hopes, it wont happen by may. Caller the turn on will be regional and companies following standards for best health practices. In some way, you need to get that done. In some ways, the adverse economy has other bad impacts in terms of mental health, domestic abuse. We think it is a good thing to do it wont be may. We are talking june, july, august Something Like that. Joining me now on the cnbc news line, art hogan, National Securities chief Market Strategist i want to get your take on what jam jamie dimon said there he isnt expecting people really to go back to work until summer, june, july, august. Caller that is a good question weve gotten to a point where weve adjusted our estimate. We look at the earnings reporting and we used to think the First Quarter was going to be plus 10 . Now we think it will be minus 6 the other end of this is that we are starting to see new cases peak what does that mean for the duration of this i think that is much closer to reality in terms of that it is not going to be close tore may but well find a safe way to get back into the work place and get over the course of the summer much like china got back, they went from being 20 to 85 where they stand today but that took three months youve been covering markets for quite some time now. No commentary on your age but put it in perspective here how difficult has forecasting this quarter, how has this been now than any other time of your career this is probably going to be the craziest of the earnings weve seen in my career because of three things we have to ascertain how this was affected the second piece is when you give guidance, does anybody expect you to have a good handle of what the back half of the year looks like i expect that the s p will literally pull their guns this year with earnings season coming up, i think with earnings coming up like wear are new cases peeking. How does germany and spain look and how are we reacting to that . They always say investors hate uncertainty but they do climb walls of worry why is the market so constructive now given that there is so much uncertainty out there . They are focusing on the fact that at some point in time, this is going to come to an end where we are seeing a lot now in new york city. It is our hottest spot that is coming to an apex of New Discovery as well. That will be the catalyst. This will focus on that more than the fact that we lost 15,000 jobs in three weeks the flip side of this is we dont know what the other side of this looks like until we get to the top of the mountain still on deck, an unprecedented collaboration, what the ceo of one pharmaceutical giant is telling our own jim cramer about the future of the hopes of a vaccine. Announcer todays big number, 28. 42 thats how much the nasdaq composite has gained since its 52week low hit last month closed below the 200day moving average for the First Time Since march 6. Derek, seems like your team is operating just fine remotely. Yeah, everything is running smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. Welcome back new york continuing to deal with the climbing death toll but a you in metric is bringing some good news as you are seeing live shots of times square right now. Phillip mena is in the news room with the latest. Good morning. This pandemic continues to ravage the nation. The number of americans has surpassed 608,000 with fatalities near 30,000 mark. In new york city, the death toll soared past 10,000 after the state included people who never tested positive but were presumed to have died from it. There is a glimmer of hope new york governor said the states total hospitalizations fell yesterday for the First Time Since the onset of the pandemic a sign that new york may be near the peak the new York Attorney general is suing the Trump Administration over a rule that illegally limits paid leave the rule says they do not have to pay sick leave if there is no ruling for the employee saying the rule conflicts with the language and relief law passed in march. The Labor Department has not commented. Straight ahead, top ranked industry analyst Gerard Cassidy on what has been a tough week for banks so far and what names he says to watch first, check out shares of tesla. Rallying with a buy rating and 864 target price. Analysts say we are positive on tesla because we believe the company has significant product lead in electric vehicles which is a market we expect longterm growth well be back after this bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Daddy, i found you helping you weather storms like this one, good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Stocks on retreat this morning as investors digest signals over the coronavirus along with corporate earnings reports. President trump easing his war of words with several state governors a midst the push to get Companies Back to business u. S. Airlines. Stocks are surging after agreeing to a tsdser 25 billio bailout package. You are watching cnbc. Welcome back live at cnbc Global Headquarters stock futures, very much in the red. We would open down on the dow by about 350 points, s p lower by about 40 points and the nasdaq lower by about 100 points if these numbers hold this does represent near the lows of the session for the futures. After a broad rally where the dow jumped nearly 560. S p closing at a onemonth high and nasdaq at a fourday winning streak we are watching oil prices after wti closed down more than 10 . The International Energy agency out with a new forecast saying Global Oil Demand will fall by a record 9. 3 million they say that basically erases a decades worth of growth. Crude prices 19. 68 the last trade there. Lets go worldwide matt taylor is in singapore and Geoff Cutmore is in london matt, well start with you hi, dom we did see a broadly weaker session for the asian markets. The south korean market is closed for that election the pbo krarchd japan off by around half of 1 . We saw banking stocks dragging on the index because of the banking stocks fuji film is one to watch as well down 1 . After manufacturing the antiflu vac even increasing and expanding manufacturing and increasing production essentially before we let you go, can you take us back to the china Interest Rate picture. It seems as if that mlf is a medium term facility what does that mean for the prime lending rate in china . It is essentially foreshadowing a cut to the prime rate the mlf is that medium Lending Facility between Financial Institutions and the cut we saw of 20 basis points down to 2. 95 will inject about 14 billion. The cut well see will be the cut there as well. A lot suggesting that a 20 bay si point cut will translate to a 5 to 10 cut well have to wait until monday to find out about that the general term is easing there. Lets turn to early trade in europe with Geoff Cutmore standing by in london with early action there good morning good morning, dom there is a little frustration here sources suggest the easing. They have extended the lockdown there in social distancing through may 3. France also ex tnding the lockdown lifting restrictions on some areas all of that around 2 . We are waiting to see if there will be state aid for air france klm. Saying that decision will be in coming days. One other story, gsk and sanofi, coming together and working on a covid19 Vaccine Program lets wish them gods speed and hope they can deliver but as we leave you, we are in negative territory in most of these markets. Back to you. To washington, d. C. Where President Trump is easing his rhetoric and faceoff with governors about how and when to reopen states for business at the same time detailing advisory groups to assist in the reopening of the recovery. What can you tell us about what it will look like when the federal Government Works with states to try to reopen america for business good morning. One of the things it is going to look like is state houses and governors are largely in charge of this process. 24 hours later, President Trump has backed off his assertion he has absolute authority to order the United States to reopen the economy saying hell allow the governors to do what they were going to do anyway which is to make the decision on their own they know when it is time to open we dont want to put pressure on anybody. Im not going to put any pressure on any governor to open im not going to say to Governor Cuomo you have to open in seven days i want him to take his time. Im not putting any pressure on the governors. Some of them dont need pressure or not pressure. The they are ready to go and thats a good thing. Well open it up in beautiful little pieces. The president laid out the creation of two new task forces here one to help the president work out how and when the country should best reopen the economy the president suggesting this should be done in stages and areas where conditions are better the second task force is a large group comprising 17 different sectors that will help the president with almost a dozen different people here. The president begins today with round robin phone calls. Hes going to have three different massive Video Conference calls today broken up by industry sector the president will be getting a lot of advise here on what to do there has been a ratcheting down of rhetoric and tensions between the administration and states governors regarding opening back up. There has been a ramp up in rhetoric and action between the Trump Organization