The n95 mask. Will he or wont he sport one . Thats the least of our interest here. We will take you there as soon as it begins, because there may be some big news. As wall street looks at a second straight day of gains, investors are ignoring what we all know has been a pretty stunning economic slowdown. As american businesses, though, begin to crack the door open amid the coronavirus, will that bring fresh oxygen to u. S. Growth . Glenn hubbard is the dean emeritus at the columbia Business School. Hes here in a fox business exclusive. We will ask him when he thinks americas economic engine will begin to hum once again. And the buffett blowoff is still grounding the Airline Stocks. The major carriers, certainly. As the oryacle of omahas exit from the sector brings cloudy skies for major carriers, its opening a clear runway for private jet companies of all different kinds. Okay, dont roll your eyes until you hear what the membership fee is for setjet. The ceo, tom smith, is here in a fox business exclusive to tell you. Ahead of disney earnings after the bell, we have the top investor who got his first share of disney at the age of 13. On what he says is the key to reopening the magic kingdom. Less than an hour to the closing bell on this tuesday, lets start the claman countdown. Liz just as the president lands, we have this breaking news. One of wall streets very top firms is easing its staff back in. Reuters is reporting right now that its goldman sachs. Goldman will gradually return workers to its offices but heres where. Hong kong, sweden and israel. What about here . Well, the bank will wait to start reopening offices in financial hubs like london and new york, which are still battling coronavirus outbreaks on larger scales. Goldman is up 2. 6 right now. The report does cite a company memo which also says goldman is looking into the feasibility of testing all staff and visitors for the coronavirus. Separately, bloomberg reporting that Capital One Financial is planning to keep most of its employees in the u. S. , canada and the uk at home, working from home, until september. So obviously, weve got conflicting moves here, but we do know that here in the u. S. , goldman and capital one are waiting just a few more months. Lets get to norwegian caribbean cruise line. The stock is plunging after warning, not a good warning at all, that with ships docked due to the coronavirus, there is substantial doubt that the company can continue operating. To stave off bankruptcy, it has laurened e launched a 1. 6 cash and debt offering. Investors are selling this, down 21. 8 . Your kids may really hate online classes, but shed, the investors absolutely love it. Look at this stock, up 35 right now. Its an etextbook and Online Education service stock and it is jumping because it passed its Quarterly Earnings test with flying colors thanks to students shifting to remote and virtual school. Lets look at gilead and abbott. We know they have been grabbing all the attention but check out diagnostic test maker chem bio. It was already up 196 year to date coming into today and is surging another 16 right now. Not only did it win certifications needed for covid testing in europe but stonybrook medicine in new york selected it to identify covid19 survivors for a plasma study. Nice move. Weve got stocks that are whetting investors appetites. Restaurant brands, after Pershing Square took a 9. 6 stake in the company, that move is about a 1 gain. Starbucks is moving up 3. 25 after announcing plans to reopen 85 of its u. S. Stores by the end of this week. Good news, if you are a half caf double cup extra hot chai latte fan. Shake shack causing indigestion. The stock moving lower by 5. 8 . The burger chain says it cannot estimate the impact of covid19 and bloomin brands, the parent of outback steak house and fleming steak house, is moving lower by 11 . Its an earnings miss even as the ceo announced that by the end of today, 336 of its restaurant dining rooms will have reopened. Not helping the company right now. All right. To President Trump. He is making his First Official trip since the covid outbreak began here in the u. S. He just touched down in phoenix, arizona in air force one. Hes heading for honeywells n95 mask plant and as we await for him to speak, the bulls are sprinting toward the session finish line. Should you join the buyers on a day like this . Andy brenner, lets get a couple perspectives here, put out a note this morning remarking that led by apple, the 23 billion of Investment GradeCorporate Bonds priced just yesterday shows that the market looks strong and thats putting a floor into stocks and pushing them higher. Then you got Warren Buffett who complimented the fed for saving a quote, near frozen market from the pandemic, but he also said that intervention ruined his shot at buying stocks at much cheaper valuations, because it stopped the slide in equities. Just last friday right here on countdown mohammed elerian told us the feds moves may actually be creating Zombie Companies and cautioned investors should only buy names that have a very strong balance sheet. Always good advice. But lets bring in our floor show traders. Sarge, is it time to back off, beware or buy . Well, liz, i told my readers back in early april that the s p 500 and then the nasdaq, neither of us have given a true sell signal so i have to go with buy. Thats what im doing. Im still adding. Now, im careful. Im focused. Im certainly maintaining high test levels so im not crazy buying equities when there is no Macro Economic support but theres been extremely impressive monetary and fiscal policy. This pushes people into equities, into less than Investment Grade debt, weaker municipals, that sort of thing. I think you have to focus. You have to focus on health care, the cloud, ecommerce, semiconductors. There are permanently damaged parts of this market i dont want to touch. You can do whatever you want but i dont want to touch lodging, travel, recreation, retail, entertainment. Or the restaurant biz. I think they will all be much smaller going forward. Liz all right. You just said that there are still some deals. I was looking at some of the big name tech and streaming stocks. Netflix, year to date, has scratched back nearly all of the 35 losses that its had. Let me go to chris robinson. The pickings are a lot slimmer than they were a month or two ago. They werent slim enough, certainly, at least when it came to some of the big moves downward for Warren Buffett. What are you, buy, beware or back off . I think you back off. Especially if, you know, six weeks ago, if you were frozen, sitting in the corner of your bedroom rocking back and forth, because you were watching the dow at 18,000, we had a tremendous rally back. The s p where it is right now, we are only 15 off the highs. I think for 90 of people out there who are professional investors, if you were really, really upset on the lows, this is the time you want to be rebalancing. Sarge is right. Be very selective of what youre looking at and this is the time where you say okay, we have had some good profits, how do we protect that and how do we drum up some cash so that if we do double dip, thats been the last two weeks, we are going to retest the lows, going to retest the lows and i dont know if we will or not but if we do, it sure would be nice to have some dough to put to work if we go back down there. Liz well, sarge, do you think we will retest the lows . That is the number one question because people who missed it the first time around are kicking themselves. How do you even look for Something Like that . Is it on data that will be very unattractive, so to speak . Well, the data will be unattractive. I think you have to be prepared to retest the lows. I dont think we are going to, but i certainly would be a much wealthier man if i knew the answer to that question. So i am prepared liz i know. I know. Thats why i maintain these higher than usual cash levels. But you know what, i think as an investor, i still say as a trader, thats what i really am these days, a trader has to pull in their time horizon. Im not looking out a year or two years. Im trying to make money liz i understand. Im trying to make money on wednesday. But the technicals are the only truth right now. I would love to be a fundamental analyst, i would love to be an economist and maybe the economist is truth but i dont want to look at that truth and the fundamentals are not truth because they are historical. Liz okay. Well, thanks for nothing. Im kidding. Sarge, we love you. Chris, great to see you. Chris, its the first time i have ever seen you without your trading jacket on. Ni know, right . Liz great to see you both. Thank you so much. See you next time. The closing bell ringing in 55 minutes and look at the dow, up 369. High of the session, 419. Not too far from it. Wayfair investors are thrilled right now. Look at the online retailer. It is spiking 26. 5 after reporting a 29 increase in active customers and a nearly 20 jump in sales in the First Quarter. Coming into today, the record for the stock was about 166. We have already been at 170 and higher today. We are at 168 right now. Ecommerce certainly a lockdown winner but will reopenings across the country reignite brick and mortar retail, and the rest of the economy with it . Former chief economic adviser to president george w. Bush, Glenn Hubbard, who also ran columbias Business School, games out just how long it might take to recover from the covid19 crisis. The claman countdown is coming right back. Liz and the doors are now about to open as they push the stairs up to air force one for President Trump to deplane. He is in arizona, specifically phoenix, as he just touched down. He will make his way to the honeywell plant where they are making n95 face masks. Those are the very crucial ones that medical workers have been trying to get their hands on. They are really ramping up the production here. The president will go there and when he makes remarks, which we are definitely expecting him to do, there will be a roundtable discussion and you know, what hes done this time around is he has left sort of the d. C. Bubble, as about half the states in the United States slowly and gingerly begin to reopen. But we are waiting and we are watching for whether that triggers the economy to get back on track sooner rather than later. As we keep the picture up of President Trump about to deplane, Glenn Hubbard joins us. He is the former chairman of the u. S. Council of economic advisers and Columbia University graduate school of business dean emeritus here in a fox business exclusive. Dean hubbard, great to see you. The country is suffering economically. We all know that. The first print of gdp showed a stunning contraction of about 4. 8 . When we get the final q1 number, do you expect it to be the same, better or worse . Well, i think its hard to know. I expect it probably would be slightly worse but the real issue is q2, because thats where the damage really will take root. And there, the numbers are going to be quite terrible, both for gdp and the knockon effects as we are already seeing unemployment. Then comes the real question, which is how fast the recovery. Liz the president s trip to arizona coincides with some states across the nation very tentatively or some just very confidently reopening, or even just easing the lockdowns. Do you expect to see perhaps, i dont know, a correlation, a positive one between that and perhaps an improvement in Second Quarter gdp, you know, the president is out there now, hes taking his first trip in the past couple of months. Whats your q2 gdp estimate . Well, im not sure it will take us past q2 gdp. I think many conventional forecasters are looking at between 25 and 40 declines of an annualized rate and i dont dispute that. I think the president is right to focus on reopening, but the question is less when we legally reopen and when more when people feel comfortable. There, the mistake were making is not enough testing, not enough tracing. Were not giving states and local governments and individuals and businesses the comfort they need to work and open again. Thats what weve got to do first. Liz okay. You just said 20 to 40 contraction in q2 gdp and you would not dispute that. I know its kind of a broad stratosphere there, but i will tell you, either one is horrible. But even with the cares act, the 2 trillion plus that the u. S. Government and Federal Reserve are just pumping into this system, we still have about 30 Million People who are unemployed right now, they have lost their jobs, which is so sad considering it had been so strong for the past several years. So you know, with all of this, will the stimulus bazooka hit its target in a way that we can save some of these people shortly after they have already lost their jobs . I think it definitely can. The structure of the cares act, the paycheck protection program, to the extent when recovery starts and reopening starts, that we give personal subsidies to employees, to businesses, i think that will help a lot. But to go back to what i said before, if we dont start with a regime of testing and tracing and making people feel comfortable about working and opening a business again, were not going to get very far, very fast. Liz okay. Well, thats your economic hat. I dont know if you just heard one of our traders saying that he could wear his economic hat or his investment hat and its just easier and less painful to wear his investor hat because the economy right now is very murky and quite frankly, very dark. But that said, i want you to now put on your other hat and that is having been the former dean of columbia Business School, now the dean emeritus. What is going to happen with at least on the ground at columbia come the fall . Will the Business School be having regular classes . Will they start that back up again in person . Well, i expect we will have some in person classes in the fall but i dont think it will be like february of this year. I think we will have some people on campus, some by technology. Columbia like all universities is experimenting here. I think theres a lot of good things about the technology but also a lot of good from facetoface. Like Everything Else in the economy, we are going to have to muddle through. Liz im not sure the students love it. They are paying a lot of money. I know that there are petitions at stanford, yale Business School, wharton, ucla Business School. People are really unhappy. Many of them are going to defer. Would there be any wiggle room on cutting the tuition if it is back to zoom classrooms . The good news about being a former dean is thats not something i have to decide. From where i sit as a teacher, the thing is to deliver the best possible product. The leaders will make whatever decisions they make. Liz well be waiting and watching. I feel for anybody who is paying a lot. My daughter is going into college in september. Its a lot of money to pay. Expensive proposition. We will wait to see what happens. Dean hubbard, thank you so much for joining us. The president has just deplaned. He is on the ground in phoenix, arizona. We will see you next time. We do have the president about to get into his limousine and he will head right to this very important plant. It matters a lot to the nation right now. The honeywell n95 mask making plant. There will be a roundtable. Weve got cameras there. We will bring that to you the second it happens. Hes journeying not too far from the airport right now, so as soon as we get that picture up, we will bring it to you. By the way, we know you have so many questions about what is going to happen and what about the job prospects in the future. On thursday, what an important broadcast. I will be joining neil cavuto and special guests ken langone and bernie marcus, two of the founders of home depot. Billionaires, successful, brilliant men. Its the next America Works together on fox business. Its a virtual town hall. Send us your video questions. We will answer them. Send it via facebook, instagram or email them to investedinyou foxbusiness. Com. Maybe featured in the special. Thursday, 1 00 p. M. , only on fox business. All right. Closing bell, we are now 38 minutes away. The dow is up 278 right now. Coming up, why top gun star tom cruises need for speed might just be jetting him to elon musks doorstep. Plus the big payday coming to the Silicon Valley titan courtesy of his selfproclaimed too highpriced tesla stock. Elons empire lighting up when the claman countdown comes right back. Need help like never before and wells fargo employees are finding ways to do our part. By helping people stay in their homes, through mortgage Payment Relief efforts. 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