Thing back. In the new york, new jersey, area, some promise that the worsthit states are at least pondering openings as soon as tomorrow. The very latest read on all of this from jackie deangelis. Hey, jackie. Reporter neil, as reopenings continue in slow phases across the country, reminder this mornings weekly jobless claims added three million more people to the list of unemployed. The number was higher than expectations but it was lower than it was last week. So that was positive. Remember the total number of jobs lost in eight weeks, more than 36 million. That is a backdrop here. That is why reopening is so important. The sooner the country can do it, the more people can get back to work. Now in florida universal orlando is partially reopening today. The citywalk portion is going to be on reduced hours but masks are a must. There will be temperature checks. On may 20th, the plan is to open disney springs. That is where the shopping and dining complex is. The rest of the park is closed at least until may 31st. Meantime, summer camps, this is huge issue for many people, right . It is child care in some senses. But people are looking to georgia because they can reopen summer camps with new rules. Still many opting to stay closed because theyre worried, the camps they are, worry how they can keep everything disinfected. The concern over supplies, cost of those supplies and health and safety issues make it easier to stay closed. The ymca of Metro Atlanta will open june 1st. In las vegas downtown cainer park will open today. It serves food and slew of retail. Employees will have mask and Hand Sanitizer stations all over the place. There are signs to remind us to stay six feet apart. Here in new york, Governor Cuomo announcing today that the North Country has met all seven metrics to be able to begin phase one of the states regional phased reopening plan. That in addition to the finger lakes, Southern Tier and mohawk valley. What does phase one include for new york . Construction, manufacturing, wholesale supply chains, retail for Curbside Pickup. Agriculture forestry, fishing. But that is a very positive sign, neil at least for new york. New york city has been the epicenter but the state has been hit really hard to see that phase one moving forward. Back to you. Neil right. When you think about it, the upstate region which would include rochester, binghamton, some of regions not nearly as affected theyre itching to do something. Well watch that very closely. Jackie, thank you very much. I want to go to blake burman right now. President will leave shortly for a trip to the allentown, pennsylvania area but he usually stops to talk to reporters. No doubt will want to follow up about comments he made about the chinese today, particularly that he can sort of kiss off this 500 billiondollar trade relationship. That got raised eyebrows. A lot going on down there. Hey, blake. Reporter hi, there, neil. Lets of questions should be put tote president as he leaves the white house here any moment now. He is set to head out to pennsylvania. He will visit a distribution facility there on the forefront getting out needed into ppp all across the country. As the president leaves to go to a distribution center. When you talk about supply chains and ppe, it also comes as he continues to raise the question about whether or not the u. S. Needs to have a relationship at all with china. The president bringing this issue, very issue up when he spoke with Maria Bartiromo saying that he doesnt feel it is right at this point to speak with the chinese president xi xinping. Even floated the possibility of ending the relationship all together with china. Listen. Right now i dont want to speak to him. I dont want to speak to him. Because you know, senator cotton was saying maybe we should be limiting amount of visas we give to students who want to study things like Quantum Computers and a. I. There are many things we could do. We could do things. We could cut off the whole relationship. If you did what would happen . You would save 500 billion, if you cut off the whole relationship. Reporter in that interview the president also embrace ad strong dollar, something he has not done in the past because of the implications on trade. He also continued to push for the reopening of schools later this year, something that dr. Anthony fauci has yet to endorse. So, anthony, is a good person, a very good person. I have disagreed with him. When i closed the border with china he disagreed with that ultimately we agreed. We cant keep going on like this. Youre having bedlam already in the streets. You cant do this. We have to get it open. I totally disagree with him on schools. Reporter talk about possible questions to the president here, neil, in upcoming moments, how about this one . The president took to twitter earlier this morning to prod senator Lindsey Graham who is the head of the Senate Judiciary committee to call president , former president obama in as a witness up to capitol hill for what President Trump called, the biggest political crime and scandal in the history of the usa by far, in the history of this country, neil. Only go former president s after time in office ever gone back up to capitol hill to testify. The last time coming in 1983. Neil . Neil wow. The president s comments on china, we dont need 500 billion or exact wording kind of lost me here, he does realize chinese own a lot of our debt, this could escalate very quickly. A lot of u. S. Companies do business in china. I mean, that is why stocks did sell off to the degree they did, wondering where this is going. That and the fact he is not talking to xi xinping, just adds fuel to the fire, doesnt it . Yeah. You bring up a great point as it relates to the debt, National Security advisor Robert Obrien was asked about that earlier this week, he said he doesnt have any sort of worries or concerns the chinese would stop taking on u. S. Debt which would throw the whole system out of whack but it is interesting, neil because while the president does levy this threat, saying quote, we could cut off the whole relationship, maria also asked him about the idea of yanking chinese stocks off of the New York Stock Exchange or exchanges here in the u. S. President , said, no, no, i dont necessarily want to do that. The reality if you take Chinese Companies off of u. S. Tock exchanges, they will go uk or elsewhere to bring their business elsewhere. The president does put this threat forward, when asked about a specific example by maria, well, maybe that is not necessarily the best business move for the country. So you know, both side to it, i guess, neil. Neil i dont know. They say you cant have your cake and eat it too but i dont know the case there you might as well eat it but that is a whole another argument. Blake, thank you about that. Ramifications, of that, stop doing business with the chinese, they might stop doing business with you. Dont worry necessarily about a titfortat, you roll the dice. If you walk away from the trade deal, warts and all what else are you walking away from . A big reason why the Big International players are sort of holding back not knowing where all of this is going. In the middle. Coronavirus, finding out what the chinese knew and when, this whole trade deal thing could be falling apart. Maybe that was to be expected. Maybe theyre factoring that in, but it is out there. Also to be expected was a continued surge in unemployment claims right now over the past eight weeks have ballooned right now to more than 36 million americans. Lets get the read on all of that from janice bryant, act one Group Founder and ceo. Janice, again, no big shock there. Some were expressing hope it is slowing down or the pace of claims are slowing down. Where do you see all of this going . A lot of people are looking at the next employment report where unemployment could touch, 1, 18 , 20 , where are you on this . Well, you know were already at just about 15 and with over close to three million jobs lost last week, we are seeing a lot of changes. Dont want to be a pollyanna in the midst of a storm, neil, got to tell you though, im in a meeting right now with some of my Key Executives who are probably goofing off and watching you right now, what youre telling me, were seeing across the countries we service reexamination of how work is being performed across the board. Even Manufacturing Companies who had already begun a lot of their a. I. Are looking new efficiencies in the age of coronavirus. Companies are working with around Safety Practices right now. Theyre engaging us with technology companies, bio companies, biopharma companies, just across the board, neil, but one of the big things im seeing is that colleges and universities who have been a major funnel for us for future talent as we work to help grow talent, not just provide it are looking differently how they are working with their students and expecting their campuses to operate for years to come in. My latest podcast with dr. Thomas morales, who services one of the more diverse institutions out on the west coast here, cal state san bernanadino, he shared some really serious changes that schools are going to be going through. Now, when you think about what that means to controlled employment, about 50 of whats happened in february shows, 55 job loss in just two months. So that means a lot of stem workers are being engaged differently as well. So no matter where you fit, 1 3 of the jobs that we have in the u. S. Right now require you to have some proximity to that job. You have to be at site. So no matter where youre working, working in stem, leadership, finance, gartner said when they polled cfos, neil, three out of four of them suggested at least 5 of the jobs they thought needed to be in office will now be work at home jobs. I think what were going to have is, a really remarkable resurgence of how Companies Look at work as being performed because companies are performing under these times. A lot of Companies Went out of business but those companies that were already embracing technology, are now embracing employees and in a different way. Heres something i want everybody to think about though, neil. No matter what youre doing right now in terms of how youre employing people your workers are going to remember how you treated them in the coronavirus 19 environment. Neil youre right about that. Youre right about that. That is well put. Thank you very much. Wish we had more time. Very good look at the horizon where we are right now. I want to pick up on this theme with alicia levine, bmy mellon chief investment strategist. Alicia, very good to have you. One thing interesting to look at the markets, it has been a volatile day, down as much as 400, almost paring our losses almost deadeven money, are stocks overvalued . By traditional measures they still are but others are pointing, there was a great piece in the wall street journal about this, if you think about it, since there is no way to gauge future earnings, those earnings come in a little bit stronger than the doom and gloom kind of forecasts out there, this is not a rich market. Where are you on this . Hi, neil, great to see you again. When you talk about valuations for the market what are you comparing it to, what are you valuing against . We still think 2020 earnings are given still too high for the year. Given where we think the recovery is going in the second hatch of the year. And the reason that matters is that you cant just look forward to 2021 because you cant value 2020, you cant then put a growth rate on it for 2021. We still think you have a about a threeyear recovery in earnings here, which is about what the historical record is in a recession. It takes 13 quarters to recover the old level of earnings so were there. We do think markets will have hard time getting much beyond 2800, 2900 here. Ultimately that number higher, you expect a much higher growth rate than we do. Neil the all right. So if were trading, roughly a moving target, 21 times the next 12 months earnings, as you accurately point out, we dont have a good handle on the next 12 months because a lot of companies arent offering guidance, you cant blame them, they dont know what the heck is going on if they tend to be much worse than people think, then these multiples look even richer, dont they . In the near term on paper at least this is a rich market. Where are you on this. We think it is a rich market for today. Ultimately the enemy of the real economy and the enemy of the recovery is time, and longer we spend trying to get businesses up and running and the longer it takes to really get the curve of the virus down, youre just not going to have demand recover that quickly. And in fact different sectors of the s p are telling you that. So the top five tech stocks are outperforming the rest of the s p yeartodate by 30 . Which tells you that investors are saying, look, we believe in tech. We believe in the noncyclicals like health care, staples. These are the sectors that even through this can grow their business, come out stronger on the other side. If you look at financials and reits though, the performance and the underperformance of those sectors are telling you that the market believes there are going to be many impairments going forward, questions of dividends of the financials. Thinking about whether or not landlords will collect rent going forward, what, what the commercial Real Estate Market looks like in the large cities going forward. So the market is actually telling you that the noncyclical sectors are going to outperform for a while. Neil very interesting. I always learn something, alicia. That takes a lot to get through my thick skull. Alicia, thank you very much, a good lay of the land. Alicia touched on this, hinted about what is going on with rents, leases, that sort of thing. In the new york metropolitan area they have almost been frozen in place. A lot of people are not renewing on leases. Those coming up, saying im out of here, im certainly not going to pay as much as i did before. Thats a early sign, one of the things we look at, as far as anecdotal shift in sentiment. In the new york metropolitan area, what a lot of renters seem to be saying is, were nervous. Very nervous. Stay with us. 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And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil the president is due to leave the white house right now. He will fly off to allentown, pennsylvania, visiting a Company Called owens and minor. They have been retrofitting making masks, gloves, surgical gowns, all of that. The reminder to get ahead of the virus, stay ahead of the virus remains even though we had disturbing news about surprising number of spikes in cases in key states, texas among them, with 1000 new cases being reported. That is not gotten in the way of cases reopening plans including new york and new jersey. In new york it is possible cities in the upstate region like rochester, utica, binghamton, will resume construction, manufacturing, forestry businessing, fishing, curbside, in store pickup as well that could happen, tomorrow. In new jersey similar moves now where stores can offer Curbside Pickup that would include nonurgent retailers. Also this, at times that we got covid19 cases have been down, and running about 30 below the april pace. 35 . These are some encouraging developments. Mix of new cases as well. I want to raise all of this with a doctor. Doctor, one of the things were seeing you do have spikes in cases in some states where reopening is beginning, texas among them, but it seems relatively contained but thats my, you know, big picture look at it. You know far more. What are you seeing . Is anything worrying you . First of all, thanks for having me. Mere in the emergency room a lot of patients are asking, do i need a blood test . What is going on. Theyre seeing all the stuff on the news. So i think it is a brief explanation of what the testing is because that correlates to the numbers youre discussing. So first of all if you get sick they can do a nasal swab or nasal pcrs, you may hear that term to detect viral particles. Then, once youre sick, your immune system creates antibodies, called immunoglobulins that is what the blood test detects. That is actually a blood test. You may hear iga antibodies and igm antibodies, and igg. Igg is immunoglobulin. The igg antibodies are what confer immunity. Theyre like policemen and memory cells. The reason people back in the day got chicken pox and didnt get it again because you created igg antibodies and didnt get it. In the past they used the igg antibodies from one patient to help other patients with coronavirus. So i expect, to answer your question, i expect the numbers to go up because were testing more. Were testing more people with the pcr testing in the nose and testing more people with antibodies right now. So we expect the denominator to go up right now. Neil all right. But when you meet, talk to Emergency Room Physician yourself, i mean, are they concerned, i guess it would depend on the patient, i get that, but there is this push