Gilead sciences, as you heard from maria, positive news from a government trial of their remdesivir and also from two of their own trials. Positive news on a treatment. That sent futures straight up earlier this morning and look at the stock, also straight up, 6. 8 . Thats the effect of this effective trial of remdesivir. Up go futures, up goes gilead stock. More on this in a moment. A second reason for the dows gains, investors expect a strong recovery for the economy starting in the summer. The market always looks to future conditions. Theres a third reason. The Federal Reserve is likely to say today they will do whatever it takes to stabilize your money. Wall streets expecting more stimulus. The dow will be up close to 550 points at the opening bell, close to 2 . The s p up 2 . The nasdaq solid indeed, up over 2 . We had boeings numbers out this morning. Continuing problems, but its cutting 10 of its work force and investors like that. The stock is up nearly 6 . Okay. More on all these stocks in a moment but look at the price of oil. We are at 15 a barrel as of this morning. Thats up 23 . How about that. The price of gas, down another swoe one cent. The average nationwide, 1. 76. Wisconsins average price went up again. Its now at 1. 22. How about that. Now that that flyover yesterday, great video from all over, but it raised a problem. Crowds gathered to watch. Not everyone was wearing a mask. This shows the difficulty of enforcing the rules when people pour out of their homes to celebrate a spectacle in great spring weather. This weekend, its the rules versus spring fever. We will follow it. We have a really big show coming up. Larry kudlow in the 11 00 hour. The ceo of chipotle, who is doing a huge online ordering business and in just a few minutes, the man who runs googles allimportant cloud operation. Big deal. Varney company is about to begin. Stuart its the story of the day. It emerged moments ago. Gilead sciences. The cstock is up, theyve got positive news on their remdesivir as a treatment for the virus. Ashley, the details . Ashley yeah. The antiviral medicine according to the National Institute of allergy and infectious diseases, met its primary end point, meaning they had done the trial, it appears to be, you know, worthy of more study so it will go on from here. We will hear more from that Government Agency today. But very encouraging. Remdesivir, of course, has been around for awhile, first tried out with ebola patients. Has not been licensed or approved anywhere in the world and gilead itself is in phase three trials on this drug, saying that fiveday courses and tenday courses seem to show the recovery rate among patients was around 50 for those patients who were totally recovered within 14 days. But again, still more trials to go but this is promising news. Stuart thanks very much indeed. Lets get dr. Siegel involved in this. Welcome on board. Youve got three studies here which suggest remdesivir is a promising and successful treatment for the virus. Now, what do you make of these test results quickly . Very encouraging, stuart. Nih, National Institute of health, is overseeing this and ashley just said 53 of patients, they studied 19 patients, showed remarkable clinical recovery after 14 days. 52 were discharged. Its only a small number, 19, but it already tells me its got a place in my armamentarian against covid19. This is the first drug we can say thats shown to be of clinical use. What remains to be seen is how early in the game do we give it. This was late in the game, which is even more encouraging. A lot of these patients already have severe symptoms and you wouldnt think that an antiviral drug would necessarily work in that stage. If its working later, its probably going to work earlier. As more and more trials come out, we will figure out exactly how effective it is, but it clearly showed effect in this clinical trial. Very encouraging. Stuart doctor, its not a pill form, is it . Its an injection which imply or intravenous infusion, not sure which, but that implies you can use it in hospitals and not in your home. Its intravenous but it doesnt necessarily imply it only can be used in hospitals. It can be used in treatment centers. It can be used in home, with home infusion. But what it does imply is that it has to be carefully supervised. I wouldnt want it to be given without a nurse at least in attendance. Doesnt necessarily have to be in the hospital. Of course, with severely ill patients, thats where it will be used but i anticipate that it will have uses outside of the hospital as well. Stuart doc siegel, thanks for jumping on so quickly. This news broke literally 25, 30 minutes ago. Thank you very much. Lets get back to the economy. Its shrinking at an annual rate of 4. 8 in the First Quarter of this year. John lonski, economist at moodys, is with us. Its bad in the First Quarter, probably getting worse in the Second Quarter, april, may and june. Does this change your outlook for the recovery on the other side . I still think we will look at a fairly vigorous recovery. We should have double digit percentage growth in the third quarter, maybe slowing down a bit in the Fourth Quarter. But whats important to remember is that the equity market has been moving higher. My goodness, its up by more than 25 from its low of march 23rd so the equity market believes that Economic Growth will be sufficient so that profits growth can become a recurring phenomenon and if thats the case, a lot of these jobs that have been lost are going to be returning. Stuart okay. John, real fast, positive results from the remdesivir trial, a treatment for the virus, looks promising. Does that help the economic recovery . Oh, most definitely. This recession is entirely about covid19 and anything which can substantially reduce the risk associated with covid19 is going to help the economy. If you want to have a vshaped recovery, then go ahead and develop a vaccine that will prevent covid19 in the first place. I promise you that. Stuart okay. John lonski, again, thanks for jumping on board real fast. We appreciate that, john. Now, lets get to boeing. They reported earlier this morning. Grady trimble is here to break it all down. I see the stock up 7. What did they do right . So its unusual to see a company post a quarterly loss of 641 million and then its stock is up so high but the Company Also Announced 10 of its staff would be either laid off voluntarily or involuntarily and investors like that and they see that as a plan. The ceo, dave calhoun, also announcing that the company would have access to funding should it need it, and it will. As of this moment its exploring all options. But this was by no means a rosy picture. The company cutting production of two of its planes, the 787 dreamliner and the 777, the 737 max is still grounded and they expect this to take several years to recover from. Stuart thanks very much, grady. The real price of boeing is not that chart you are seeing this morning premarket, it is up seven bucks. Remember that. Now google. Reporting late yesterday. Susan, look at that stock, up 107. Dont give us all the numbers, just give us what they did right. Susan i will tell you the story. How about that. Indications also that Silicon Valley will probably do better than most. We had actually a tale of two quarters, according to the cfo of alphabet who i spoke to after the earnings release. She says january and february, strong. March, of course, when things fell off a cliff because of Coronavirus Spread around the world. Still, you saw strong increases in cloud, up 52 . Youtube up 33 in sales and even searches on games and also april is stabilizing and they are still returning cash to shareholders. Big banks, chevron, at t, intel have had to shelve share repurchases. Not the case for alphabet. When you have 100 billion on the Balance Sheet you can afford to continue buying 21 billion in your stock. By the way, also a big feature on the Earnings Call, google meets which is their answer to zoom, we will speak to the head of google meets later on today because they are making it free for everybody. Stuart thats good news. Javier soltero will be on later on in the 9 00 hour. I want to bring in sthah gilani. Looks like big tech is leading us to the Promised Land of higher stock prices. Looks like big techs leading. Not unusual, stuart. It has led for so many years. The markets really tliek see big tech leading once again. We had a couple days where it was a little bit suspicious in terms of some of the stocks were selling down coming into earnings. Google sets the stage i think for the rest of the Big Tech Companies to post good and if not decent earnings, good earnings, and i think the markets going to see that as a positive. They are going to continue to lead the markets higher. As long as the big tech stocks are going to go higher, this market is going to go right along with them. Stuart premarket, all those Big Tech Companies are way up, in percentage terms and dollar terms. Im still looking at google up 107. Shah gilani, thanks very much indeed. Quick check of other stocks in the news. Pfizer, their chief executive now says a vaccine, their vaccine for the virus, could be ready and available by the fall only for emergency use. The can sto stock is up on that best buy slated to reopen stores at some point in may by appointment only. Make an appointment to buy your tv. How about that. Stock up 1. 8 . More reopenings on the horizon. Simon property group, the biggest mall operators in america, maybe in the world, actually, they are planning on reopening 49 of their properties this weekend. The stock is up 7 on that. Darden restaurants own olive garden and many others. They reopened all olive garden restaurants in georgia. The waitstaff were wearing masks, of course. They wont take parties of six or more. Lots of social distancing. Stock is up 4. 7 . The futures still show a solid gain. Youre up nearly 400 for the dow. Busy news day. We have National EconomicCouncil Director larry kudlow here exclusively to react to all the numbers. Did you see this. Twice failed president ial candidate Hillary Clinton endorsing joe biden. It comes as accusations of Sexual Assault continue to grow for the 2020 hopeful, joe biden. Theres lots of chatter about a fourth stimulus or rescue plan. Do we really need it . House ways and Means Committee chair kevin brady joins me next. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief 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 cloud, powered by vmware. A single hub for a consistent operating experience across all your clouds. That should clear things up. Stuart friday, may 1st, thats mayday, thats big for the socialists and guess what, of course, walkouts are planned. Lauren, whos going to be affected . Lauren i count six Major Companies where the front line essential workers are expected to either call out sick or walk off the job at their lunch break. Amazon, walmart, target, whole foods which is owned by amazon, fed ex and instacart. This is what they want, stuart. They want better pay and Safety Standards as well as hazard pay. The companies have been generous in upping their wages but say we are incredibly important to these organizations and our work is largely invisible. Stuart it reminds me of europe but lets not get into that too much. Okay. Next case. We are hearing talk about a fourth rescue package. It may be on the horizon. Watch this, please. Payroll tax cuts, ive liked that from the beginning. That was a thing i really would love to see happen. In passing a bill that does not have Liability Protection so thats an integral part of our economy. Minimum income for, a guaranteed income for people, is that worthy of attention now . Perhaps so. Stuart well, theres lots of suggestions there about another rescue package. The gentleman on the righthand side of the screen is an old friend of the program, kevin brady, texas congressman who used to chair the house ways and Means Committee. Congressman, do we need right now or at any point in the near future another rescue plan . You know, stuart, i dont think we need a rescue plan per se. I think we need to assess other smart things we can be doing to help reopen the economy. The jobs numbers today are a bit heartbreaking from the standpoint of the virus turned the strongest, most competitive economy in the world in january and february on its head but also, tells us how important it is for us to reopen safely as Health Conditions permit and from that standpoint, i think congress ought to be looking at what more do we need to do to help as we keep maximum pressure on the virus, what more do we need to do to help businesses reopen in a way thats safe and healthy for the workers and for their customers. How do we create an environment where businesses can invest again with confidence and i do think we need to address this issue of the unemployment being more generous than the salary you get at work. I know why the senate and white house agreed to this. Democrats were insisting on 100 wage replacement which is just a recipe for extended recession. I think they battled it back to where it is today but i think theres a huge disincentive in some regions, in some industries, to work. So to the president s point, we may need a payroll tax cut, a pay raise of 7 for workers just to compete against an Unemployment Benefits that are in some cases more than what you would get at work. Stuart okay. The states, many states, i should say, are demanding help. They want the money they have lost from the virus replaced. One suggestion from Governor Cuomo of new york is that you repeat salt. You put that in place when you were chair of the house ways and Means Committee, or you helped put it in place, the state and local tax deduction, done away with largely. Would you consider getting moving back to allowing state and local Tax Deductions against your federal tax return . Because that really would help the states, especially new york, new jersey, connecticut, california, illinois. Would you consider it . Well, those states havent lowered their taxes since tax reform got in place and if we repeal the salt, more than half of that go to homes and households making 1 million. Im not sure thats the middle class relief thats needed and the truth is, congress has sent over 700 billion, 700 billion to state and local governments either directly through unemployment, mass transit, their schools, colleges, hospitals. We have seen dramatically increased their medicaid. So its not like theres a lack of dollars from washington coming down the state and in fact, what i am really concerned about is that of the dollars we sent, congress sent to the governors, to be sent to those smaller communities, some governors are hoarding those dollars, not helping local cities and local communities with the costs of coronavirus. And i dont think congress should have any discussion about additional dollars until we see if states are handling these dollars correctly and in my view, many of them are not. Stuart okay. We got it. Congressman kevin brady, thanks for joining us, sir, on a very busy day. Appreciate it. Thanks very much. Its busy because you look at the futures. Look at that. We will be up about, what, 400 points for the dow industrials. You are getting way above the 24,000 level. Across the board we are up, what, 1. 5 , 2 . Mcdonalds, their locations in canada will start importing beef from other countries. The virus hits the domestic supply chain. Mcdonalds is up to 188 per share. Mastercard profits fell. The ceo says however, the spending is stabilizing. Thats done their stock a power of good, up nearly 15 bucks on mastercard. 5. 5 . Starbucks, i know theres news on them. I know the stock is up just 1 . Whats the news, lauren . Lauren all right. Too good, too bad. They reported earnings. Heres the bad. We will get that out of the way first. Their global sales fell 10 , first drop in 11 years, okay . Number two, they expect the impact of the virus to intensify in the second half of the year so things might get worse. Heres the positive and i think you are going to like this, because on monday, they are going to start to reopen their closed stores here in the u. S. Not the dining rooms, but the drivethroughs and the delivery options so those stores that were shut will start to reopen. 90 will be running by early june. Stuart we always like the news of getting back to work, getting back to business. Thanks very much indeed. Youre looking at a rally when the market opens. 400 points up for the dow. Remdesivir may be an effective treatment for the virus. Thats whats helping to move this market. Well be right back. Stuart lets get to the price of oil. Thats interesting. Its up three bucks this morning. 15. 52 is your price. That is a 25 gain. Maybe thats good news for the stock market. How about tesla. Whats their stock doing . This is premarket. They are up another 22 bucks, 2. 9 . Whats the news on tesla . Susan we also have earnings, by the way, very shortly today. Musk set to get a 725 million payday if tesla keeps this 100 billion market cap for six months. They are just two months away from that. That means he will get and pocket 725 million which would be a record for any ceo. Compare that to sindar pichars alphabet. For someone who is worth 40 billion which elon musk is, this might be pocket change. More importantly is that elon musk and tesla might be on the verge of being included in the s p 500. You have to prove four quarters of profit which they are close to doing, and if it does, can you imagine the etf and index funds that have to include tesla and