Down big right now. In an attempt to get back to business in texas. Were going to speak with one restaurateur about how it went and what he sees ahead it is monday, may 4th. This is Worldwide Exchange right here on cnbc good morning, good afternoon, or good evening, welcome to wherever in the world you may be watching. Im Brian Sullivan the question is this, will the second trading day of the month be better than the first right now it certainly does not look like it dow futures are off about 240 points the dow opening the month on friday, losing more than 600 points it was the nasdaq hit harder Big Technology down over 3 . Apple, amazon, the big names you know disappointed some investors. Although its not gone negative again, oil is a big risk to the markets and investors as well and crude oil is down again. That is that june contract its higher as you look out july and august right now oil down as well as we have reported often over the last week or so, just a reminder, even as demand stays low and supply stays high, theres about 40 plus Million Barrels of oil in ships at sea still on their way to the United States two ships have actually arrived. One in long beach, one in the port of galveston, houston right off galveston, texas according to tankertrackers. Com. Well continue to follow this armada of oil as its on its way to the United States so, what moving the market this morning it is likely this. More tough talk from the Trump Administration over chinas role in covering up the initial risk of the virus reuters is now reporting the white house is, quote, turbo charging an initiative to remove Global Industry supply chains from china also weighing new tariffs to punish beijing over its handling of the outbreak. All this as a scathing new report from a u. S. Intelligence agency puts the blame squarely on china nbcs tracie potts joining us from d. C. With these big stories this morning good morning good morning. This gives us some perspective why with the president has been increasingly shifting blame towards china. The Associated Press reporting this morning, nbc has yet to confirm, the existence of a fourpage Intelligence Report by Homeland Security that shows that china deliberately hid its knowledge about the coronavirus to hoard supplies. According to that intelligence that they were trying to cover up the fact that they were bringing in more and exporting less in order to prepare for what they knew would be a very big virus. Now, President Trump being asked at a town hall last night, will china be punished . We have a very complicated game going our country was being ripped off by every nation in the world, and now we have made unbelievable strides unfortunately, we get hit by this whole situation we have done so well we have taken in so much money going before the virus china had the worst year theyve had in 67 years. Thats a reason. Im not happy about that but what it does is it says, they were taking us for a ride the president also still defending on twitter the fact that he says he did not know earlier than late january about this virus he says even then it was mentioned in sort of a matter of fact, nonthreatening way secretary of state mike pompeo weighing in here that china is responsible, that hes seen evidence of that, and that they will be held accountable, although he says theres no reason to believe they deliberately spread the virus, but the fact they kept information from the United States and the rest of the world, he says theres evidence of that along with a history of substandard labs in china. He was asked if this was manufactured, if it was man made or naturally occurring he said there was a history of problems with their laboratories so, growing evidence, the Trump Administration claims, that china is to blame for the spread of this virus. There was a big article in the telegraph of australia over the weekend about the same weve seen some stuff come out of the uk. Certainly every single day it appears there is one more piece to this puzzle tracie potts in d. C. , thank you very much. Will those new developments out of china be enough to steel investor attention away from earnings earnings set to continue this week in earnest. You have big names like gm, disney, marathon oil, paypal joining us is jeff kilburg good to chat with you this morning. Futures are down about 240 points you know, you look at earnings and you do wonder how much are they going to ultimately move markets given that everybody just wants to hear about guidance, not what has happened. Whats your take you bring up a great point, sully. Good morning im looking for guidance but s p 500, which we have 150 s p 500 reporting this week, theyre pulling guidance i get that, due to the pandemic theyre having a hard time providing visibility in the future but i do have optimism from last week the big tech earnings if its microsoft, if its amazon, apple, some of these names, even facebook, they gave a lot of stabilization comments about the month of april that was kind of unexpected. If you look at the s p 500, sully, basically from the last three weeks we havent moved weve been pegged at 2,800 i get excited about the crosssection of earnings this week because i think it will give us more and more clarity. Thats the biggest component of investors lacking clarity in confidence because its hard to imagine what that q2 season will look like. What names in particular are you watching to be honest, jeff, some of the companys numbers, they say something, its like, well, you dont know and youre saying you have no visibility what companies do matter to you . Well, disney matters a lot. You look at essential names. Disney name is an essential name were also looking at paypal, gm cvs is an interesting name because it touches health care were also looking at hilton obviously hilton has been decimated. The whole leisure and hospitality sector has been decimated. Names like disney helps us understand its a name we want to own longer term and i still own, sully. I want to ask you about this because this is probably one of the biggest pieces of breaking Business News over the weekend im sure you saw, Berkshire Hathaway chairman Warren Buffett says hes out of all Airline Stocks, completely out he has dumped more than 4 billion position telling shareholders at his virtual annual Shareholder Meeting that his outlook has changed for the airlines the Airline Stocks are hurting united, american, delta, theyre all down 8 , 9 , 10 right now on buffets selling out. Any take to add to this . Is that the right move by buffet would you be looking at airlines the ceo of southwest saying its safe to travel again im not sure a lot of people would agree with that. I dont want to question the oracle but to be selling here in the hole is a little suspect i think american airlines, united, delta, pick your airline, theyre all down over 60 . Now were seeing ever additional selling. Is this the bottom potentially the reopening of the economy and how that coincides with business travel, leisure travel, that will be challenging. Well see more and more in the month of may i get somewhat opted mystic. I do own american, thats a tough slog the question, is it going to be something similar to post9 11 two, three years to get the airlines back . We dont know. It is going to be interesting to see the oracle the oracles Top Five Holdings is apple, bank of america, cocacola, American Express and wells fargo. This 4 billion divestiture, if you will, not that big of a deal on his balance sheet. Let me let me get personal quickly to wrap up the segment on a monday morning. You fly every week, you used to fly every week. Thats right. When is the next flight you have booked right now . Well, im hoping to get out at the end of may. I think that may be premature. Probably not coming to the east coast but probably down south to texas. Were excited to see some clients down in austin im hoping to be on a flight at the end of the month, sully. The end of the month, good to know theres a traveler jeff kilburg, you have a good day and good week. Chat with you soon. Thank you, buddy. Youre the best. Take care. All right my next flight, by the way, is october. When we come back, a record drop the state of Small Business sentiment as the stayathome orders across the state or country are set to expire in some places. Kate rogers will join us with more on this important story. Rbc Capital Markets helima croft is here with the latest on oil and if the saudis and russians are ready to play nice. How one restaurateur is navigating the end of the lockdown and why he still hasnt reopened some of his restaurants. A very busy hour still ahead. Futures off 240. Were back right after this. Feed a healthy lifestyle, with pure protein. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. And try pure protein shakes, with 24 vitamins and minerals. And try pure protein shakes, yeah, everything is runningis 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. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Welcome back to Worldwide Exchange. The heart beat of American Business really is Small Business right now, that heart is skipping a few beats as our latest cnbc survey monk bey Small Business survey indicates. Kate rogers joining us with more on the results, which, kate, are a little tough to hear and a lot different than results of the past hi, brian good morning thats right confidence falling 13 points quarter over quarter to 48 thats the sharpest decline weve seen from quarter to quarter since we started doing this survey. And the first time sentiment has been net negative. Government aid is available for Small Businesses during this pandemic, but not all are applying for it. More than half of Small Business owners we surveyed said they did not apply for a loan onethird have applied 11 said they tried to but ran into issues. 21 say they applied for Economic Injury disaster loan through the Small Business administration while 71 said they have not applied and 6 said they tried before encountering some issues generally, the larger the business was, the more likely it was to seek aid from the government not surprisingly, those in accommodation and Food Services industry have applied for government aid at hider rates than other Small Businesses. Nearly half say theyve applied for a ppe loan and more than a third applied for eldie. Its a third of Small Businesses say theyve been required to close their inperson operations 72 say the outbreak is likely to have permanent impacts on the way the business is run. This one is dire here, about onethird say they can lost only a few months or less under current operating conditions back over to you yeah, that is tough the longer they stay closed, the more obviously their cash flow situation is worse you have more on the ppp, how many loans do we know have been made how much money do we know has been requested so far . So, the sba and treasury came out with new stats yesterday saying 2. 2 million loans had been approved. That means they have those etran numbers from the sba for a total loan value of 175 billion. The average loan size was 79,000. Its coming down from the first round. Remember, only 1. 6 million loan in the first round this one is smaller, 310 billion in total so far, 175 billion has been spoken for brian . Raitt rkate rogers, thank yo on deck, President Trump says he thinks will will be a vaccine by the end of this year. Well give you the names of two Companies Making that a reality when cnbc returns. Announcer todays big number 6 thats how much the Energy Sector dropped on friday the group is down over 40 so far this year. Welcome back to Worldwide Exchange. Good monday morning. Stock futures look like theyre going to start the week the way they ended last week futures indicating a drop of about 240 points right now after the 600point haircut we got on friday increased concern about reopening, increased tension between washington and beijing over the coronaVirus Outbreak. The threat of more tariffs all weighing on investors minds the story today for equities is going to be airlines at the virtual Shareholder Meeting over the weekend, Warren Buffett dumping out of his entire 4 billion stake in the airlines delta, american, united, jetblue, spirit, southwest, you name it, their stocks are off rba wh from 7 to 10 . Wee ckitmore Worldwide Exchange right after this it th to take care of yourself, thats why you can rely on natures bounty. To give you the support you need. 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Some states trying to reopen over the weekend, the early data is not great as trump talks tougher on chinas role on covering up the outbreak stock futures are down nearly 300 points right now that growing divide between washington and beijing putting further pressure on oil as well. Helima croft is here to break down what could further fuel crude turmoil and whether the saudis and russians are ready to play nice again. What Warren Buffett just did that has Airline Stocks down 10 right now even as he talks up American Economic resilience its monday, may 4th youre watching Worldwide Exchange right here on cnbc welcome back in. Good monday morning or good afternoon. Its 5 23 on the eastern coast of the United States you might want to go back to bed if youre a stock investor because futures are deeply in the red. Friday we lost 600 points. Were not there right now but stock futures indicating a drop of 300 points at the open. They have been weakening over the last half an hour or so. Keep an eye on futures in fact, down 334 right now. Futures tend to be very thinly traded in the 5 00 a. M. Hour as people, i would say, start to come to their desks. Not exactly what i mean. But you know what i mean, as they get up and now get involved from wherever theyre working. Futures volume tends to tick up, moves start to accelerate and dow futures are down 344 points right now all of this coming as President Trump weighs new potential actions against china for its role in the virus pandemic a number of new developments this morning including this the white house reportedly weighing actions to tear china from its place in the Global Industrial supply chain on top of new possible sanctions. The president also promising a, quote, very conclusive report on the outbreaks beginnings in china and whether or not china covered up the danger and the extent of that initial outbreak. Meantime, the ap is now reporting that a u. S. Intelligence report is accusing china of covering up the severity of the Virus Outbreak in order to buy time and hoard medical supplies like masks and ventilators from around the world. All of this, really three separate moving parts on this monday morning well have them for you all day long as the news grows and the day grows right hereon cnbc. Meantime, that growing tension between the United States and china potentially also putting downward pressure on crude oil this morning youve got also 40 Million Barrels of saudi crude headed to the United States. Theyre at sea right now and really no indication that demand is going to pick up in a meaningful way in the United States any time soon your stock story to watch right now is going to be the Airline Stocks over the weekend at his virtual Berkshire Hathaway annual meeting, Warren Buffett saying he is out of all airlines, saying their business has simply fundamentally changed too much selling out of a 4 billion total stake. The Airline Stocks right now, united, american, delta, jetblue, spirit, you name it, down 7 to 10 im sure phil lebeau and the group will have much more on the Airline Stocks throughout the day. It is not just red arrows here you have red arrows in europe as well the majority of asia is closed, by the way, for a holiday. In case youre wondering where those numbers are. Maybe thankly so Julianna Tatelbaum in london with more on some of the top stories and the european trade to kick off their week as well good morning, brian european markets are trading firmly lower this morning. The ftse 100 holding up bhes down just about 0. 6 the uk market was the only market here trading on friday. Were seeing a bit of a catchup trade for the rest of Europe Markets here were closed on friday to celebrate labor day. Were catching up to the losses that you saw on wall street at the end of last week the german index down nearly 4 . In france the cac 40 underperforming broader europe, down nearly 5 in italy, as the economy begins to reopen today, manufacturing plants getting back open, that index is down 3. 25 . Travel stocks coming under pressure alongside the selloff youre seeing in u. S. Airlines were seeing autos, oil and gas, banks and technology coming under a great deal of pressure one of the best performing sectors, health care, that sector is down less than 1 . Within that basket, one stock in focus, roche, shares up 0. 1 roach was granted emergency approval from the fda for its new Antibody Test on sunday. We had a chance to speak to the ceo of roache and ask him what a realistic time frame is for a vaccine. It will take years to develop a new medicine most experts agree it will take at least 12 to 18 months until we see a vaccine also available in the necessary quantities for patients. Responding to President Trumps suggestion we could have a vaccine by the end of the year he called that ambitious brian, back to you Julianna Tatelbaum in london, thank you very much. Now to the oil markets in the face of growing geopolitical tension, the continue demand shock. The price of oil down again this morning, off 7 . Joining us now is helima croft, rbc capital, also a contradictor and somebody im very happy to hear from to start off our week. Helima, great to hear from you i wish it was under different circumstances. Listen, theres so much going on right now. What is really the main thing thats going to move the price of crude i mean, right now obviously the big story is u. S. china tensions china was the place we were looking for the recovery of economic activity. Any signs we could begin renew trade wars, tensions in the relationship, thats negative on crude. On the supply side we get reports almost every day of Companies Taking down their production numbers exxonmobil, chevron last week announcing they would be cutting by 400,000 barrels the saudis, the russians, their productions cut went into effect on may 1st were seeing a supply side reductions coming but the big fear is demand this china u. S. Story is only going to accelerate concerns about demand. Is there any indication that demand anywhere in the United States has picked up at all, helima we have this realtime traffic data we use at rbc were starting to see a little recovery in places like atlanta. But its incremental demand recovery like 233,000 barrels of gas demand last week incremental numbers. Well watch what happens as states reopen. Again, we have a long way to go to dig out of this hole. Yeah, i mean, you look at some traffic data. Ive been looking at some indexes from around the world and trying to gauge where we might be and its not pretty, helima chinas data looks and this is coming from tomtom and others is a slow recovery, particularly on the weekends. Were a long way off. Were absolutely a long way off. Again, i think thats why the story about u. S. china tensions, that will only fuel concern because, again, what has been the engine of growth for the oil market has been china. Again, any sense that chinas recovery could be slower, i think thats going to only add to fears that we are not going to get a nearterm recovery. In fact, the Hong Kong Economic data showing a contraction of about 9 , the largest in history, or at least in many decades for that thats not a good indicator. Do you believe the russians, the saudis and the rest of opec plus, you know they had that threeday or fourday epic meeting a couple of weeks ago that theyre finally on board and these cuts, as the Saudi Energy Minister told me, will be deeper than the market is pricing in right now i mean, i think the saudis are very incentivized to basically do more than expected. They also want to maintain the u. S. Relationship. President trump was very clear to the saudis, to the russians, the mexicans at the end, that he wanted this deal done. I think economics is also going to force shutins across opec. Countries like nigeria anoubsing theyll make deeper cuts because of the economics of this the russians have been the perennial laggards but they have, where do you store the crude . Opec will be compliant because of design and sheer economics forcing these reductions we have a lot of ships currently at sea and on the way. Helima croft, rbc Capital Markets. Great to see you be well. Take care. Thank you speaking of in person, Berkshire Hathaways annual Shareholder Meeting had just a slightly different feel this year, obviously, going entirely virtual for the first time ever. We dont need to tell you why. Warren buffett addressing the state of the conglomerate on an empty stage in nebraska and generating plenty of headlines in the process becky quick joining us now to wrap it up becky, he said a lot but the airline comments, theyre the ones getting all the tensiatten and moving the markets. Good morning. As you said, it was a different feel this year none of the 40,000 people who are generally there. He took to the stage, show must go on, and he made the comments. He made the case that you should never bet against america but really the headline that came out of this was the news that he had sold his entire stake in all four of the airlines he built up united, delta, american and southwest. He had a stake of 10 in each of those heading into this. He sold the entire stake in all of those here he is explaining why. I just decided that id made a mistake. In the valuing the probability weighted decision when we bought that we were getting an attractive amount for our money when investing across the airlines business, so we bought roughly 10 of the four Largest Airlines we felt for that we were getting 1 billion roughly of earnings we werent getting 1 billion of dividends but we felt our share of the underlying earnings was 1 billion and we felt that number was more likely to go up than down over time, it would be cyclical, obviously. But it was it was as if we bought the whole company but we bought it through the New York Stock Exchange and we can only effectively buy 10 , roughly, of the four and we treated mentally exactly as if we were buying a business and it turned out i was wrong about that business because of something that was not in any way the fault of four excellent ceos i mean, believe me, no joy being a ceo of an airline. But the companies we bought, who are well managed, did a lot of things right its a very, very, very difficult business because youre dealing with millions of people every day if something goes wrong for 1 of them, theyre very unhappy. I dont envy anybody the job of being the ceo of an airline. I particularly dont enjoy them being in a period like this where essentially nobody people have been told basically ive been told not to fly but the Airline Business and i i hope im wrong, i may be wrong, but i think it changed in a very major way its obviously changed in the fact that the four companies are each going to borrow, perhaps, an average of at least 10 or 12 billion each you have to pay that back out of earnings over some period of time that is one of the gentler breakup statements youll ever get. He made a point saying, this is not the fault of any of these airs its not the fault of the ceos theyre all wellmanaged companies. I think hes reevaluating how well come out of this there are going to be longterm implications when he talked about this, he said in three to four years, he doesnt think well be back at the flying levels we were last year thats been saying something a lot of people trying to analyze what this means, when people will feel comfortable going back to travel a big part you have to realize is so much of the profit that comes from the airlines is from business travel. I think its Something Like 45 of the volume and 55 of the profit comes from business travelers. So, the big question is when business travelers go back, when consumers go back. That does tell you, in no uncertain terms, how Warren Buffett is evaluating the future for these companies. Hard to evaluate the future i dont know when your next flight is. Mine is tentatively october. Everyone i know has been told by their work, do not fly any time soon and maybe not for the rest of the year. These are the business travelers youre talking about i dont think anybody can blame buffett. Nobody could see this coming right and the other question that comes out of this is, what happens with the government . How do they get involved with this the good news for the airs, most of them have raised a lot of capital going into this so that should give them some buffers. Again, the question becomes, how does the government get involved what does that mean for the shareholders that are there already . The cash flow burn is tremendous they potentially may need more government help down the road. See you on squawk box in a few minutes. Coming up, the mounting concerns over americas food supply and getting employees back to work safely at Meat Processing facilities. As we go to break, j. Crew announcing it has filed for bankruptcy protection. 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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. Breathe happy. Welcome back in. The United States is making some progress in a bid to return to some normalcy amid the pandemic. Starbucks, costco, macys slowly trying to return to prekisz operations today air travel will notice something new in traveling on united as well employees will be required to wear masks and facial coverings. A bit surprising it took this long rahel solomon joining us with more on these stories. The Trump Administration reportedly planning to ramp up efforts to move u. S. Production and supply chain dependency away from china according to reuters, a potential move comes as a result of the u. S. s coronavirus death toll and Economic Impact and follows an ap report claiming that u. S. Intel officials believe china covered up the extent of its Virus Outbreak to stock up on medical supplies needed to respond to it. Meanwhile, seven North Eastern states have formed a consortium to buy personal protective equipment. Ahead of an expected coronavirus resurgence in the fall and the ceo of Gilead Sciences says the coronavirusfighting drug remdesivir will get in the hands of doctors and patients this week daniel oday says his company has donated entire supply of the drug to the u. S. Government. Good news there. Back to you. We could use a little good news this morning. Futures down 350, all the news, thank you for that by the way, costco in new jersey limiting meat buying to three items per customer i know they did that in california as well. Speaking of that, the ongoing outbreak has put a fresh spotlight on americas Food Supply Chains as well as concerns around it meat production has continued to decline as a growing number of major processing facilities have been shut down over workers catching covid19. Joining on the push to try to restart these facilities, allbet safely i imagine thats a fine line theyre trying to walk thats right, brian every bit right now is asking itself, what if i open my doors and people get sick . Thats the worst Case Scenario playing out at perdue farms, one of the biggest poultry producers on the Eastern Shore in maryland the white house has the power to mandate it keep operating despite an alarming new outbreak across the state of maryland, at least 279 poultry workers have been diagnosed with covid19 though perdue wont say how many of its own employees have been infected local official mayor jake day says hes worried the priorities are all wrong. While we have empathy for the desire to reopen business, and the importance of our economy, i have to be really blunt here in saying that we will always put Public Health first. Life safety matters far more than dollars in a statement the company did tell us that, quote, we remain focused on the health and safety of our people while continuing to produce highquality protein to keep our country fed. Perdue says the usda inspects the plants every morning employees are getting temperature checks, they have to wear masks, theyre social distancing brian, poultry is 1 billion business in maryland even as this region becomes a hot spot, just this weekend residents were out protesting to open all businesses back up. Back over to you obviously, the Food Supply Chain has to work. You know how people sometimes when you hear, oh, youre going to limit purchases to this, we have supply chain worries here, it causes the exact reaction we dont need which is people saying, oh, my gosh, i better get to the store then we get this rush, this hoarding sort of mentality this is kind of a really important time for these companies and our supply chains right now. Absolutely, brian i have a freezer full of frozen meat as well, so i definitely understand that concern. This is also an area where the federal government is starting to step in there are reports the cdc just began coming into the facilities on friday to contain the outbreak a new testing drivethrough center that just opened up theyre trying to contain the outbreak so the plants can keep operating safely thank you very much appreciate that. Lets kind of stay on this reopening type theme here. Texas Governor Greg Abbott allowing his states stayathome order to expire on friday it was one of the shortest such orders in the country. It permits things like allowing restaurants to reopen for dine in but only at 25 capacity. Joining us now from texas is Berg Hospitality Group founder and ceo, Benjamin Berg six locations in the houston and ft. Worth area thank you very much for joining us on cnbc you chose not to reopen some of your dinein restaurants because you say it does not make economic sense i know youve got friends, i have some friends in houston, that have opened and reopened in the restaurant markets tell us what youve heard about how it went. Good morning. Yeah, i mean, it was a quick turnaround for us just to get the motor going, we decided we couldnt do it safely and provide the same experience. You know, i think this weekend, you know, it went pretty well. By the same token, our togo business went up this weekend. We actually had our best togo weekend. I just think its a struggle people are trying to figure out how to do it, to get employees back there are people ready to get out and some still very cautious yeah, there are we saw some of the images out there, looking at local reports, the news the waiters are in masks, many customers i saw were not in masks. Do you think its going to be that customers need to see the first people go in, they say it was fine, then theres a Comfort Level and then it builds on itself how do you see it playing out in terms of sales and revenue i definitely think its going to be a Comfort Level. I mean, for us at 25 for the Larger Stores that are 9,000 square feet and bigger, the cost to get those stores going doesnt really make sense with 25 , as we look at our Smaller Stores we have less exposure with labor, et cetera, to open first. It should add a little bit still people the concentration is still on togo. But we do need to get back to work you know what i like talking is because one of your places, one of your chains, b b butchers is what people suggesting the model may evolve to, which is they call what do they call them youre a restaurant butcher shop. Do you see the industry im not talking about fast food. Im talking about dinein, evolving to be more full service, not just eating but shopping and doing everything because its just we want to limit our exposure out to as few places right no you. I completely agree. A lot of you hear all over the country, definitely in houston, a lot of businesses have moved towards some sort of store that represents what theyre doing. But also, you know, can evolve into some sort of Shopping Experience with what they do best our butcher shop has i mean, sales have probably trimmed during this time. There are parts of the economy. You mentioned takeout. You mentioned your butcher shop, that have actually evolved to become more necessary. If you look out a year, benjamin, how does it look to you a year out as a business owner, employer. I mean, you have to be positive, but were really cautious obviously, houston and texas is another animal with energy right now, which im very concerned about, as you said before, corporate spending you know, hopefully we get through this i feel it will come back obviously, its kind of pushed us all in fine dining and full service to get more involved with togo and other avenues of generating revenue out of our stores, but it should come back. I think well be better prepared and offer more experiences i wasnt going to bring up oil as well because youre dealing with another well get you back on cnbc i know its very early out there. Thanks for joining us. Best of luck to you, your employees, your workers and families as well during thes tough times. Thank you. For more on the challenges that all Small Businesses are facing across the country, go to cnbc. Com smallbusiness on deck, futures are down about 350 points right now and jim paulson will make an appearance on this fine show live in a couple of minutes after this short break dow futures off. Oil as well. Airlines down 9 , 10 . Healthy , with pure protein. 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. Edward jones is itswell aware of that. Et. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. 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. I came across sofi and it was the best decision of my life. I feel cared about as a member. Were getting a super competitive Interest Rate on our money. Were able to invest through the same exact platform. I really liked that they didnt have any hidden or extra fees. Sofi has brought me peace of mind. Truly thank you for helping me prepare for whatever the future has in store. Futures have come back in a little bit dow futures indicating an open loss of 270 points following fridays losses. Not quite as bad as they were a few minutes ago. Still deeply in the red this morning. Theres so much going on were pleased to be joined on the cnbc news line by jim pauls paulsen, chief investment strategist at Leuthold Group there are a billion things to look at and try to analyze and guesstimate right now. What are the one or two most important things to you when trying to understand these equity markets and global economies . Yeah, brian, we got a lot of uncertainty here i think for me right now the biggest thing that happens fairly soon is that the economic data, the flow of fundamental information, i think is going to start to bottom out and start to bounce the reason i think thats so important is that when data has been in complete freefall, because when we hit the off switch in the economy, it sort of becomes irrelevant. Theres little to be gained from whether the gdp is going to be minus 30 or minus 60 , its all just horrible either way but so what it does is disconnects everyone from any fundamental information flow and everyone is just left to judge things really by emotion thats kind of what weve been through so far, i think, is emotion is dictating a lot of whats going on in the financial markets. Yeah, it seems a little ridiculous on economists saying we estimate 3. 5 million job losses honestly, who cares. Its 3. 5 million people. Its a lot of families that are scared its just varying degrees of badness. Is there any way to gauge whats really going on . Were trying to tell the story on cnbc by talking to restaurant owners, looking at traffic data, doing those things what are you looking at so try to really understand where the collective American Economy is, because its very different were here in new jersey and new york this is kind of ground zero for whats going on. Its very different in other places yeah, i think so. Thats why i think its important that we start to get data that bounces a little bit and if we get confidence data that bounces, even unemployment claims have already started to bounce theyre still terrible but theyre starting to come down a little bit i think that will help us look at whats happening here there will be some parts that arent recovering, other parts will start to show recovery as we start to reopen the economy and thats going to do a lot that reconnects investors with some fundamentals, calming some anxiety, reducing volatility in the financial markets. I think companies have to make a decision every day, whether theyre going to hang on to get to the other side of this or whether they need to start cutting costs and cutting more jobs if they see data bounce, thats going to help build confidence for them to hang on. Its going to help bring information for policy officials. Do we need more support for the unemployed do we need more support for industrial activity . Do we need more support for retail as poe pose opposed to a blunt t providing stimulus everywhere. The reconnection, i think, is going to start as economies come back online. I think that will also help reduce anxiety and improve confidence to some degree. Let me ask you this the economy and the stock market are two very different things. Sfoement is supposed to predict. Everybodys like, its the reopening rally. Who is buying stocks right now the data shows 1 trillion has gone into cash in the last 30 days everybody i talk to on wall street says the only people trading right now are millennium and citadel and the big quant funds that sh else is sitting out. What do you see . I agree with that, brian. I think theres not a lot of buyers i think whats happened, which often happens, not uncommon at all, is selling has stopped. Oftentimes when the market takes off go back to march of 2009 when the market bottomed from the great financial crisis i dont think there was any buyers in 2009 after what we went through, but what happened is everyone that wanted to sell, everyone that wanted out, was out. Once you had all the nervous sellers out of the way, once you had all the force the selling out of the way, a few marginal buyers, no sellers caused the market to rise i think the same thing has happened here. What i think the next stage eventually is if confidence does start to rebuild again, that we are headed back up youll get buyers again. I think were not there yet. Yeah, lets hope youre right. Jim paulsen, thank you for joining us on Worldwide Exchange. I know its early in minneapolis. Have a wonderful day take care. Dow futures are down oil is dn. Ow well see you tomorrow squawk box is next but when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. To ever somethings goneors mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Across america, Business Owners are figuring things out. Finding new ways to serve customers. Connect employees. And work with partners. Comcast business is right there with you. With a network that helps give you speed, reliability and security. And enough bandwidth to handle all your connected devices. Voice Solutions Like remote Call Forwarding and readable voicemail. And safe, convenient installation. When every connection counts, you can count on us. Get the connectivity your business needs. Call today. Comcast business. Good morning stocks under pressure again after fridays 622point slide for the dow and crude is dropping sharply again overnight. New tensions between washington and beijing amid the fallout from the pandemic. Thats hurting things globally, equities President Trump reportedly weighing new tariffs but before we get to those stories, Berkshire Hathaway ceo can Warren Buffett making a lot of news over the weekend i will be an american the rest of my life. I hope my successors at berkshire do it. We have all the highlights of buffetts message to