What may be the most important stock in the market right now. The roller coaster ride that is crude Oil Continues last night, july falling below 18 a barrel a lot going on on this wednesday, april 29. You are watching Worldwide Exchange here on cnbc good morning welcome from wherever in the world you may be watching. Im Brian Sullivan here is how your money and markets are setting up their wednesday. The dow did fall a bit yesterday but as bob pointed out, many thought it was a relatively good market day for this reason it wasnt just the four or five big cap tech stocks leading the way as they always had been. Banks, small cap stocks, which had been notable underperformers were actually stand outs some people want to see that kind of rotation today, Big Cap Technology could be in focus. Following googles quarter which wasnt as bad as some feared, stock up nearly 8 premarket. Oil on a macro level becomes the metric to watch. Crude oil in the frontmonth contract, which is june, is trading slightly higher today. The july contract today is at 18 and change it was below 18 last night it is very clear as you look out. Traders clear of demand. Well get more on oil throughout the show also in focus. First quarter, the market expects pretty relative things likely theyll Pay Attention to the fed meeting and talk by jay powell, which will be later today. What we have got a lot to do here in the states, lets see how asia fared as china makes its way back matt has more now. We had a cautious day of gains for the markets ahead of everything you were talking about. The fed decision and the u. S. Gdp number we have the japanese market closed the best performer was the australian market. A fair number of corporate earnings there south korea up by. 75 q1 net profit fell by nearly 3 . Saying in the second quarter, the numbers will likely drive higher again with smartphones and chip numbers as more people work from home and cloud spaces benefit. In hong kong higher by about a third of one percent the asian, british bank listed in hong kong, those shares spiking more than 6 despite a 12 drop in the q1 profit. Credit impairments getting the fall that wasnt as bad as some were expecting. Shanghai composite, you mention china getting back to business watching crucially tomorrow, more pmi crossing over thank you very much now that youve had your coffee here state side. We have some good news to begin your day the race for a vaccine is going faster than expected we still have some tough numbers to process around the coronavirus here in the states lets get it all wrapped up with rahel solomon. Good morning. So pfizer joining several other pharmaceutical companies saying they have accelerated the timetable. U. S. Tests will Begin Next Week and one could be ready for emergency use as soon as the fall pfizer is just one of the companies speaking with cnbc yesterday alerting investors of the progress and treatments developing at a rapid pace here is mercks ken frazier yesterday. We have been with collaboration with other people in industry and academics around the world. We have gotten into a position where we are focusing on some proven platforms the vaccine platforms we would have used with desirable qualities. We are optimistic and excited about moving forward with those programs President Trump said, quote, the u. S. Will soon run 5 million corona tests a day saying that is a requirement for opening the u. S. Economy President Trump signing an executive order compelling Meat Processing plants to stay open and protect food supply, this comes despite the covid19 that has shuttered the industry we have the ceo of a Major Grocery store chain coming up to talk about that later in the show back to the Macro Markets and stock futures, up hire over 200 points now oil ticking up a bit trying to hold its ground. If you are thinking about playing either market right now, stocks or commodities, your next guest says you need to be a little careful chief Investment Officer at Equity Armor Investments it is good to chat with you. I think all these retail traders, many of whom were here, many in asia just getting absolutely decimated last monday when oil went negative if you are going to venture into the etf world, youve got to be really, really careful right now. Absolutely do, brian. When you talk about oil and any sort of futures commodity product, you have to be careful how you are owning that. Imbedded is not just the contract spes ifndications you see. You brought up the oil futures trading as high as 24. Behind that is the imbedded cost to carry the storage, the transportation behind that instead of buying an etf like a uso or Something Like tharks i rather bet on the guys, the professionals. I rather bet on the oil people to do that for me. Like conocophillips, phillips 66, valero, rather than betting on the actual futures market good point. When you buy an etf, you are buying a bundle of companies that has been a positive some of these Companies May go away you are saying if anybody out there wants to bet on oil, buy a couple of big cap individual oil stocks and maybe avoid the etfs . Yes avoid the etfs that track futures or commodities if im going to bet on an etf, Something Like xle look as track tiff to me thats something i might dip into today that has had a nice uptrend moving on. Trading above its support line thats an etf i might own. That has the big cap names im talking about. Those top holdings in Something Likethat have those big megaca names. Im either looking at those big cap names or individual names like you mentioned from a macro market perspective, what a bounce this market has had nobody is saying it has been a good year. With err still down for the year look at the last two weeks, weve done about 60 retracement. Not to quote 15th century mathematicians, they have failed in the past. Is this rally going to last or is this literally one of the biggest head fakes in history . I have a masters in engineering. Yes, it is a dangerous level what markets move like that, they move to those levels. Im looking for the s p to trade at 29. 50, to get a bhof that level. The nasdaq to trade slightly higher both those big indices have hit these magical math levels where we could see a pull back here. The one concern when you look at vix and volatility the vix is still up right now. The daytoday moves in this market, the 2 swings. It is still a dangerous time to be investing here. If you are betting in science, wed love to continue and see the vix come off it has been a remarkable 2. 5 weeks. Thank you for joining us well chat with you soon on deck, the countdown is on how many days are left until the world runs out of storage for oil . The question rattling the world. As more Meat ProcessingCompanies Shut down, do you need to worry about the food supply the head of one of the areas most wellloved chains will be with us to talk about that and why is the stock market going up when the numbers around main streets economy are still so dismal. Well talk about that and more futures, they are up, 242. Well talk about that after this and ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. Pure protein. The best combination to help you stay fit. Pure protein. And. L music fades in . Hey hi welcome back 5 14 on a wednesday morning. The global drama that has been crude Oil Continues today. Slightly firmer right now. Still around 14 a barrel. The july contract higher late yesterday falling under 18. Meaning traders still worried about the future the story has been about storage. There are other key things to watch along with that. The head of oil markets at rye stad energy. Joining us now thank you for joining us lets get your take as the days creep on truly, how close is the world or maybe the United States to running out of viable storage . We believe that is not too far out into the future. It is true, United States does have most of the remaining on Shore Storage capacity within its country. What we will see now is a gradual in phases, various places in the World Running out of Storage Capacity during the coming weeks during may. And also, United States may run out of its practical Storage Capacity during may. Especially in cushing at the delivery point of the contract that is one thing our viewers have really learned about the industry that contract we kwoquote, that price for oil, is really the oil price in a tiny little town northeast of oklahoma city, oklahoma what happens if indeed that storage fills up what does the day look like when people simply have no place to put it i think we actually saw the Early Warning signs of what that might look like last week when the may contract expired when we saw the negative prices for the may contract for trade at the end of the day essentially when we run out of the physical Storage Capacity and expected the takeaway possibilities for crude, due to be delivered at a specific point. In this case, cushing, oklahoma. During one month, essentially, the market breaks down the seller needs to pay the buyer to take the oil off the sellers hands because simply it is too expensive to take that oil at a positive value. So that is what we saw the Early Warning signs of it might also be the case for the june contract. The difference of supply and demand is so that we are accumulating storage into the United States still. We might see the report of alltime high u. S. Crude commercial storage levels when the eia reports its levels at 4 30 cet okay. Two questions which are incredibly basic i keep getting them. I dont have an answer im going to ask you, which is given that why we see prices firm up a bit and why the heck, given the storage situation you just outlined, why do people keep taking oil out of the ground thats a very good question we also are a bit skeptical to this little rally. And the positive sentiment wave we are now seeing started yesterday and continuing today because, okay, there has been some positive news about the prospect for oil demand from europe when it comes to opening up the economy there is positive news about a recovery at some point soon. Still in the oil market where we are producing a lot more where refineries are still consuming losing you a bit, my friend good stuff there well get you back on again soon still to come here state side on this busy wednesday morning. Another sign that Corporate America is not expecting a rapid or vshaped recovery for the crisis anytime soon. Well reveal the stock to watch around that. Announcer todays big number, 9. 5 thats how much the russell 2000 has jumped in the past week, the small cap logged fifth straight day of gains closing above the average yesterday for the First Time Since february 21st sometimes the challenges of todays world 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. Add a little more health to your day. Sleep this amazing . Thats a zzzquil pure zzzs sleep. Our gummies contain a unique botanical blend, while an optimal melatonin level means no nextday grogginess. Zzzquil pure zzzs. Naturally superior sleep. Welcome back coffee, internet search and semiconductors are in focus. Lets get to starbucks they said samestore sales fell 10 last quarter first decline since 2009 the Company Expects the impact of the coronavirus to be greater this quarter roughly half of Starbucks Stores remain closed. They say its Customer Base is growing a little from the worst of the crisis as everybody places large group orders while going to the drivethru. Google could be a big bright spot for the Macro Markets today. Revenues rose 13 . The company saying it was really a tale of two quarters ad sales taking significant hit in march following a strong time of year. Time spent on google and youtube growing. Device activation is down. Stock responding positive up 8 in the premarket. And last, advanced microdevices, amd shares are down now. First Quarter Results were in line chip maker cutting for the year as it sit supply chain and demand that ceo lisa su will be on squauc squawk on the street about 9 00 a. M. Today and another name returning the taxpayer loan it was given and what is ahead for boeing we will speak with a topranked industry analyst on what might be the most important stock in america right now. A tale of two carmakers document na dominating the conversation. A look at how auto demand looks. 5 32 on a wednesday morning. We are back right after this to keep me moving the way i was made to. It nourishes and strengthens my joints for the long term. Osteo biflex. Find our coupon in sundays paper. Osteo biflex. Jimmys gotten used to his whole yup, hes gone noseblind. Odors. He thinks it smells fine, but his mom smells this. Luckily for all your hardtowash fabrics. Theres febreze fabric refresher. Febreze doesnt just mask, it eliminates odors youve. Gone noseblind to. And try Febreze Unstopables for fabric. With up to twice the fresh scent power, youll want to try it. Again and again and maybe just one more time. Indulge in irresistible freshness. Febreze unstopables. 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Will the ceo calm investors with guidance today and the feud supply chain at growing risk trump moving to keep it open well talk about what to expect when you go to the stores . Coming weeks that and more still to come here on cnbc. Welcome back it is almost 5 30 on this wednesday morning. Im Brian Sullivan hope you are having a good start. Happy 16th birthday to the world war ii monument in washington, d. C. Hopefully soon all of us can go see it again in person good wish there. Now lets get to your markets. Stocks looking to continue the remarkable come back for lows indicating the jump at about 260 points oil remains one of the metrics to watch june delivery slightly higher around 14 a barrel. The july contract. It weakened late yesterday it is above that right now traders very worried about demand you heard our guests saying by midmay, all of the storage in the world could be filled up youve got gdp numbers coming up backward looking. The market likely to pay more attention to the Federal Reserve. The Interest Rate decision expected there we are already at zero but they will listen closely to what fed chair jay powell has to say. Going around the world on Worldwide Exchange. Earnings dominating here and in europe as well, which is where we find our Julianna Tatelbaum in london. Good morning, brian absolutely fair to say earnings dominate the news flow this morning. It has been a choppy session for european equities. Generally, we have seen them trend higher banks in particular focus. Weve heard from a number of lenders. Barclays setting assign 2. 1 billion for credit impairments. Deutsche bank swung to a loss. We heard from the cfo there saying credit losses are manageable despite more contain to come. In addition to banking stocks, airbus also in focus the Aerospace Giant reported no guidance regarding limited visibility we spoke directly to the ceo who commented on a recent letter to employees warning that they are bleeding cash. Take a listen to what he had to say. We are hit by the gravest crisis weve ever had in Civil Aviation the purpose of that letter was to share with employees the situation and the need for action thats the picture here in europe this morning, brian well hand it back to you. Julianna tatelbaum in london, thank you very much. One year ago, boeing was a nearly 400 stock but then the 737 max crisis, the ceo fired and the global lockdown. Shares now at 133, down 65 in 12 months. Boeings earnings are out this month. They are working on a bond fuelled financial package. Joining us now on the cnbc news line is analyst covering boeing and institutional magazine runner up winner of coverage i dont even know where to start. What is the new thing Ceo David Calhoun needs to reassu