Futures pointed to the loss of more than 400 points we saw oil rebound then finally, can you see the dow futures up treasury yields suddenly backing down a little after getting up 1. 2 on the 10year yesterday now getting to the latest. Yesterday, california issued a statewide order for california residents to stay home other states and cities are taking similar steps mack, is that coming here . We dont know at this point. Closing dinein restaurants, bars, clubs and gyms washington is working on programs to keep the economy afloat steve leaiesman is like the norh star hes here. Hes got the tie on. Eamon jafers no offense that you went tieless. You have some response on the fiscal stimulus as well. Maybe well get to talk about that great market timing of a couple of those senators too that is an important one. That really angers americans we had a couple of u. S. Senators exposed in the press yesterday for uncanny timing of selling stocks richard burr sold his stocks on february 13. Somewhere between half a million to 1. 5 million at a time he was getting classified briefing. His office says he sold well before any market volatility, there is nothing wrong with that well see if his colleagues and the American Public agree. A couple of items on the stimulus plan. The issue of means testing they are proposing to send checks to americans across the country but that will be at a level below 100,000 breaking those levels out. Under 75,000, americans will be eligible for 1,200. Between 75,000 to 99,000, less than 1,200. And over that, nothing that is the proposal from Mitch Mcconnell. Theyll debate that with democrats. There are some are not on board with this at all yesterday, discussing whether the government will take equity stake in companies here is what the president said do you support the idea of the government taking an equity stake in Certain Companies i do. I really do. Which companies i wont answer that right now. So the president not answering that question. Boeing will be front and center in that conversation, joe. Been done before. Aig. Something similar. Why shouldnt the government pull a buffett a nice convertible, nice high dividend not too high the government doesnt need to get rich if things work out, the government could end up whole or even making some money some of that happened in the last crisis. The government was able to get out of some of those investments in very good shape you can see that happening here. It is not private but certainly public Equity Investment and stake. Why wouldnt the public get a stake as well. We are going to Steve Liesman. But quick. Percentage of books behind you, you have read . 100 i dont put books on my shelf i havent read this is my nonfiction section. I have fiction over there. I put andrews up ill put yours up when you write it at a point when fiction and nonfiction are not merging now to the recent fed action Steve Liesman joins us now hes all those oh, he doesnt have any i have. We can go over that later. There is more to talk about. This is an unbelievably historic week for the fed it has done more this week than ever before. It will do more today than it has ever done before there are calls for it to do much, much more. Lets look at what will happen today. Fed plans 107 billion in purchases in a single day. That breaks down to 75 billion in treasuries and 32 billion in mortgages. Thats a market the fed has been struggling to get under control. There is severe strain in the mortgage market. I went back and couldnt find a single week and i believe it has done that and will do that in the next few days here between yesterday and today. It will do more in a single day than in a week remember, this was reported a few weeks ago. He said when the rate gets down to zero. The fed will think about doing things like buying Corporate Bonds with the idea of buying equities in companies. Here is what he said to me yesterday. He said, we should go day by day. Everything should be on the stable for things that could help stabilize markets more and more on wall street the question is not if the fed goes further but when and how the fed goes further the fed has provided lick witness i had. Barclays said, quote, solving the gfc required the fed and the Public Sector to take risk that will be asking them to assume some of the bad debt and also including the possibility of the fed stepping into the muni market. That market is also behaving really poorly. The idea that these local and state governments will be under stress, barclays is among those saying, maybe the fed needs to come in and buy muni debt. There is really no place to that is needed. Certainly off risk trade. Are these worth anything can you sell for for me too . I havent seen a single noncorrelated asset in this whole thing, steve what you were talking about earlier. The idea of jobless claims shooting up. They talk about 2 million jobless strains. You are talking severe stress. Two and a quarter i dont know who that was, where that came from becky you are here i was listening the whole time i felt so alone the whole crisis itself puts stress on it, steve. Health departments and one of the criticisms i heard is that there is not enough money for states in the package being worked on on the republican plan right now. I cant believe the number of industries that jump in. You saw hertz rental cars. They want in on this package i hadnt even thought of that industry you start to see people raising their hands saying, wait a second, where is our bail outpacka bailout package too. Now the question is with the backstop of the residencetreasuy really extending the balance to say if things go bad in the economy because it is shut down for three months, we are going to assume that position. Not the position the fed wants to be in they want backup from the treasury on that thank you some extraordinary measures for extraordinary times. Joining us now for more on the virus is ken, a professor of economics at harvard university. We had been talking about that number that goldman sach put out that jobless number could jump to two and a quarter three times what we have ever seen before. That is plausible i could see unemployment going up to something we saw in the Great Recession before this is over we are talking about california going on pause that is the fifth largest economy in the world we are looking at extraordinary times. Ken, in terms of trying to figure out how that happens. It happened during the Great Recession but then over a much longer period of time. You you are going from full speed to shutting down entire states in more than a week what does that look like the big question is how it goes forward the whole management of the health crisis. That is the first thing. The feds mopping up liquidity. If you dont win on the health front, Everything Else falls apart. We need to have a recovery that gets people back to work ive met just in my neighborhood not yesterday but over the last week or two. So many Small Businesses drycleaners, restaurants, stores they dont know how theyll pay their rent or pay employees. I dont know how long that can last to hang on to people. The federal government is trying to jump in, state governments are trying to jump in you hear corporates stepping up to the plate bank of america will allow a pause in mortgage payments i believe that is extended to Small Businesses too you hope the rest of the industry will follow their need offering help to those needing it i absolutely agree. In other countries like the uk, they made it explicit that the government will backstop that. I think bank of america is pretty reasonable to assume the same thing will happen here. We are putting people, shelter in place are we going to kick people out of their homes in the middle of that definitely not we havent talked about it a lot here, at least there is a real need for hospitals to make sure they are getting backing in everything they need. These were hospitals that were cut pretty thin down to the bones. Youve got 10 years of the Affordable Care act that forced hospitals to cut back anywhere they could what does that mean will happen . First of all, we are in a wartime situation we need to do whatever it takes to produce masks and respirators. To train extra personnel to build temporary facilities im not impressed by what i hear so far i just dont see this happening at the pace and scale it needs to california is putting on a pause for eight weeks. What happens at the end of eight weeks. You want to put an infrastructure in place to take care of things and flatten the curve but that is not enough you hear President Trump talking about pressing private industry to do things that is great, if thats happening but i dont know what is going on. So as an economist, what do you see when you look forward eight weeks and to the end of this year . Ive been reading everything my colleagues have been writing. There is a lot of stuff. They are trying to think this through. It is so hard to know the pattern of the pandemic and what will be the policy response . How fast will the government let the infection spread and can it stop it and what is the response i think some of the more optimistic ideas that we do shelter in place there is a spike and after that, we release it after a fairly short period then there are smaller spikes, we pull it in. Nobody really knows. There are a host of papers out there. It is hard for economists to know we are in the middle of this war and it is not clear how it will play out thank you for your time today, ken thank you. Coming up, restaurants across the country are closing amid the coronavirus outbreak but Meal Kit Company freshly, busier than ever the companys ceo will join us live coming up, check out the best performing dow components this morning. Boeing is back up almost 12 stay tuned well be right back. You met on an app. Delete it. Why . Hes the one. Gesundheit. [sneezes] i see something else. A star. With three points. Youre in a. Mercedes. Yeah, we wish. Wish granted. With four models starting under 37 thousand, there could be a mercedesbenz in your very near future at the spring event. Lease the a 220 sedan for just 349 a month with credit toward your first months payment at your local mercedesbenz dealer. Welcome back to squawk box this morning if you are just waking up, lets show you the futures the dow jones looking to open about 775 points higher, the s p up about 85 points higher, the nasdaq about 358 points higher the government mentioning maybe taking stakes of Company Stock like boeing and others are up looking at oil prices. Barrel of wti crude right now, 27. 17. We have a lot more coming up on squawk box. When we return, well talk about one of the Biggest Challenges in this pandemic. Feeding people who are stuck at home well talk to Meal Delivery service freshly after the break. Lets take a look at the biggest market gainers and decliners on the s p. We are back in a moment. Promoti. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. But were also a company that controls hiv, fights cancer, repairs shattered bones, relieves depression, restores heart rhythms, helps you back from strokes, and keeps you healthy your whole life. From the day youre born we never stop taking care of you. Welcome back to squawk box. Meal Service Company freshly is partnering with nestle trying to help seniors and those most at risk during the Coronavirus Crisis joining us now, the cofounder and ceo of freshly good morning, michael. This is a great thing you are doing. How are you going to get those meals to people . And how across the country, people are going to be getting supplies over the next several weeks and months tell us what it is like on the ground good morning. We are seeing Unprecedented Demand now more than ever, people are looking for meals direct to their house. Before this, a third of our Customer Base was over 50 with a third over 70. A lot of people bought their parents meals through our service. You can imagine it is even better now with people trying to stay inside. The challenge for us and what we are seeing with our business is we literally are sold out four weeks in advance we are taking people on a waiting list and doing the best to service our customers and special needs and requests we wanted to do more and see how we could help Service People when literally we are at max capacity we worked with nestle. They were early investors in 2018 we worked with their senior team and said what else can we do we looked at services and for those most atrisk now which are seniors. We made a 500,000 donation yesterday to meals on wheels on freshly. Com, weve set up donation pages so you can go directly to make a donation now. We hope this is just a jump start of donations going to them it is critical right now that Senior Citizens are getting meals brought to them and especially for those that have compromised health michael, it is a great thing you are doing. One of the Big Questions with your company and others trying to stay in business but actually service the public now is keeping employees healthy and kitchens clean how are you dealing with that. Youve heard stories about employees not wanting to come to work for obvious reasons amazon closed down a warehouse yesterday in queens because somebody was identified as being covid positive as we think about the supply chain in the next weeks and months, that becomes an issue. First and foremost, we took nestles investment back in 2018 our number one focus has been food safety. Weve focused on food safety way before this. Before anything around covid19 came into place. We have full wash down facilities where we do full wash downs every day. Nestle has been a world class partner and absolutely number one leader in the Food Industry. I cant speak to others but for our employees, we have 1,700 strong every single one of them recognizes the value we bring. We are dealing with all sorts of stuff with day care being shut down and things like that. Weve seen a work force and a team coming together to say we are a part of the front line on this we are an important part of getting through this however long it lasts. And we need to buckle down weve always been a missiondriven company this is part of our mission. It is about getting healthy meals to our customers now more than ever, this so important. I think becky has a question for you. To Andrews Point about amazons warehouse being shut down because of positive test case have you had any positive tests in place if so, what would you do it seems hard to imagine it wont happen at some point we have not we are probably in a little better position in that we have already built in full safety protocols with a wash down every day michael, im going to stop you. You are talking about your business and god bless you it is impossible to believe over the next few months you are not going to have employees that test positive. This is an issue many people are dealing with sma you ha somehow you have safer kitchens than anyone else just talk us through what you will do when you have a positive employee very fair we were one of the first to shut down offices in new york we shut down over a week and a half in new york we have already put in place screening in all of our locations to make sure people are not testing positive or have temperatures or been around anyone when you say you are screening hold on you are screening every employee, every morning. How you doing that if you are the model, tell us how you you are doing this i want to be careful in saying we are working with our local officials. Last week, we set up screening in front of every one of our facilities every person is being screened 24 7 coming into our facilities. How are you screening them . Are you doing temperature screening on every person . So andrew, we are working right now. You can imagine the supply chain is struggling. We are working to get more supplies for temperature monitoring right now, we are doing full screening of employees weve issued immediate paid leave for all employees. Weve issued employees to stay home if they have any issues protecting employees but also making sure they are not being economically hit i feel we have been leaders in the front of this. It is a tough situation, andrew. I agree with everything you you are saying our employees safety is absolutely paramount the issue is the supply chain of america, the Food Supply Chain of america is critical are you seeing a break down of that supply chain we are not. We think we have a great supply chain in the United States so far, those we are working with are supportive of making sure the supply chain remains maintained it is critical we make sure that these important things are maintained look, no one is more proactive on employee safety we have been absolute leaders in this we wish you the best on all of this and the good work you are doing. We do hope to have you back and get a progress report. Thank you, michael thank you visit freshly. Com to make a donation for meals on wheels say that again. I said, visit freshly. Com to help make a donation for meals on wheels. It is a good cause. Thank you. Joe, back to you at nasdaq it has been a tough month well look at the challenges ahead and well talk to an executive from walmart for the race to keep food on the shelves. Well look at the weektodate dow losers boeing is a nnwier today but a loser for the week we are back after this mmm. Good. So ive spent my life developing technology to help the visually impaired. We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. Good morning, everybody. Welcome back to squawk box on cnbc futures are indicated higher after markets managed to finish in positive territory yesterday. The dow up and nasdaq up as well futures are ind