Transcripts For CNBC Fast Money 20240713 : vimarsana.com

Marco rubio will talk to us about the stimulus plan and whether it doesenough for smal business if youre out there and not a professional investor wondering what to do in these tumultuous times, dont worry, realworld pr practical advice, with suze orman. Scott chef feeshlgsd the ceo of Pioneer Natural Resources will join us along with Janice Henderson ceo dick wilder. It is a big hour, but weve got to start with the markets. The dow closing up about 1300 points and yes, its best threeday run since the 30s. The only problem with that is were also coming off the worst threeday run since the 30s and you have names you know and need to hear from we have put all of the allstars together, we have guy, tom, b. K. And steve. Everybody, its great, wherever you may be to join you on this tristate edition of fast money. Guy, im going to begin with you. A nice rally and you guys all said we could have the violent rallies to the upside, but not to throw water on it, we still have a vix around 60. I was going to mention that again. I hope everybody is well my thoughts are quick. On the Positive Side of thing, brian, as we mentioned a few times now the indiscriminate selling and just selling everything seems to have abated. And there are winners and losers which are encouraging and the banks are finding their footing finally, thats encouraging and j. P. Morgan which Everybody Loves and obviously for good reason and that in its trough traded down about 1. 3 times price to tangible book which a lot of people have signed up for many times over and thats encouraging and the other thing that i think is good that although its still extraordinarily volatile, the swings and yields have seemed to slow down a bit and on the negative side of things and you mentioned it, the vix is still hovering around 60 is a little bit alarming i think a lot of people think the worst is still yet to come on the health front which is terrifying for a number of Different Reasons and as you just mentioned some of the biggest rallies in history are taking place in extraordinarily scary times. I think youve got a lot of good and a lot of bad and were starting to weave our way through. I guess, tim seymour, what im a little confused by the rally because we always get the violent rallies and the biggest downturns. What brought us here what turned around from friday i think, brian, part of this is credit. Part of this is the dollar part of this is getting clarity of the fiscal package, and had a backstop because to me the credit has been the biggest unknown, but more importantly on the credit side. Today we had another day where you had investmentgrade cdx coming in about 30 basis points and emerging market cdx coming in 35 to 40 and he yield coming in almost 20 and this is also part of the last three days and coincident with that and part of that is the move where the dollar is finally given back some ground. Remember, three days ago we were within 40 or 50 pips which is currency talk for bips, which i wont bore you and we were near 18year highs on the dollar. I think there are Market Mechanisms that are coming back into play here and confidence, certainly listening to companies talk about some uptick in both their businesses and even airlines, boeing, travel companies, giving some insight at least into what their businesses look like in this environment. What are b. K. s keys, b. K. . B. K. s keys and i agree with what most of the guys are saying here we have a little bit more clarity we didnt know what the stimulus package was going to be we still dont know how long its going to last, but every day that passes its one day close err and the investors will price that in and everything that he mentioned is positive. Nonetheless, it was one of the best days since the 1930s. Ive been doing this for a while and maybe guy remembers this from the 30s, but i think its a heady team for stocks. Im skeptical, but i think it could be a bit of a rally. Its interesting, steve grasso, we had the horrific, record breaking jobless claims number this morning 3. 2 million. The market shrugged it off and Steven Mnuchin effectively saying it didnt matter. I dont think he meant the job losses didnt matter, but the Economic Data and it could be whatever numbers they are that maybe they dont matter. Would you agree with that and when do you start to Pay Attention to certain parts of the data if that is a case i think you have a month or two, brian, before you start paying attention to the Economic Data points. Lets talk about that monthend rebalancing because it is about the stimulus plan, but it is about the monthend rebalancing. Today on the close we had 7 billion to buy in equities thats a huge number at month end, quarter end, next tuesday there is approximately 160 billion, to buy. Thats a tremendous number thats got to cascade through the markets from now until then so everything is going to java what i didnt find healthy today, utility, real estate, health care. Those were your leaders. So youre starting to see some shift into value, but dont kid yourself we can revisit the lows right after month end. Okay. The lows may not be and ill get more on the Macro Markets in a minute, gang sit tight. We have breaking news right now on General Motors. Lets get the gm news with phil lebeau in chicago. Brian, no surprise gms leadership is doing what a lot of other companies have started to do or will be doing, informing employees that theyll have to cut some costs and part of the costcuts will start at the very top today ceo mary barra, along with the ceo, sent a letter to employees, the Senior Leadership at General Motors cutting their pay between 25 and 30 . Salaried employees, they will have their Cash Compensation deferred by 20 and then there are another 6500 salaried employees in the u. S essentially people in engineering and manufacturing who cannot work remotely, theyre going to be taking a paid leave of absence, if you will, in which they get 75 of their pay while not at work. We are not surprised that gm would do this, and Ceo Jim Hackett said, look, the top 300 employees and the top 300 executives, theyll have their compensation deferred anywhere from 20 to 50 of it will be deferred and this is from a whole host of companies and theyve got to conserve cash as much as possible in they aring if to be making 75 of their income right now. They will be getting a paycheck at home. Thats separate than the guy on the line. Guy or girl, excuse me, on the line will end up getting 70 to 80 of the compensation. Some of that is unemployment and supplemental benefit paid by the company. What i was just explaining here is those salaried employees who cannot work from home at General Motors those are the people who are out in the plant or in engineering they have to be there on the scene. Well, theyre going to get basically a paid absence because these functions are not happening rate now where they get 75 of their pay, but brian, dont be surprised well see this from suppliers and all manufacturers and this type of move to save cash as much as possible i hate to say it, phil, youre right well see it from all kinds of Companies Across saturday. Phil lebeau, and lets get back to the panel and the allstar guide. Steve grasso said he didnt think the bottom was in. Do you i understand its extraordinarily difficult and a lot of people just find themselves staring at the screen which is okay, by the way, as well and you have to ask yourself how much further does this thing have on the upside and if you want to play a little math game, you can take the recent alltime high of whatever the s p was 3393 and the low we made seemingly just a week or so and the 2190 low and you can see the s p trade up to 2800 or thereabouts and thats probably the level we feel at im in steves camp, unfortunately, and it gives me no pleasure to say it. For the life of me i dont understand how the negative headlines are going away any time soon. So maybe you have another many you have another 150, and the next leg is down again, brian. Okay. So steve and guy on the lake down tim seymour, do you agree with that or do you think what is that the downside on go and what looks per attractive to you right now. Whats your time horizon, like hes to have some monthend buying and i would agree on those old resistance and old support. If you think about whats been outperforming on the outside think about small caps and they started it before the s p sailed off, and i think watching will be another barometer to where the market moves and if you look at 2016 and the way it outperformed after that massive drawdown and recession scare it was value, and i think bank, you know, make up 35 of essentially that value trade and if you look at how the banks have acted over the last couple of days i do think thats an interesting place to play. If youre looking for timing the market, i think the better approach for folks at home is to think about how you can upgrade your portfolio, and dont cut your flowers and keep the weeds. This is a little different how about when you see big stocks, value stocks that have been beaten up, rally off the bottom especially if you think stocks can move a lot higher maybe tactically take profits and roll into a unitedhealthcare and roll into a home depot and the highquality stocks youd roll into the portfolio. Thats the activity i would be doing here and i would not be trying to time it. Well leave it there. We look forward to hearing more from you and in the nights to come and we need your voices at a time like this thank you very much. Coming up after the break, though, we have to talk about stimulus and realworld advice on the 401 k and retirement side and we have senator marco rubio will join us is there enough being done in the stimulus plan with Small Business and suze orman, well ask her, if youre 50 plus and sitting on losses, what do you do suze orman with continuing coverage right after this short break. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice lettuce. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. Shouldnt you pay less when now you can. Data . Because Xfinity Mobile gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. And welcome back to cnbcs continued coverage of markets in turmoil. Theyve been on the turmoil to the upside in the last two days, up 251 points and its the best threeday rally and of course, the dow is still down 20 on the year lets talk about something that is more important than the markets right now and that is stimulus getting paychecks of those being laid off by the millions as we found out today and we are pleased to be joined now by florida senator marco rubio. Senator rubio, thank you very much for joining us here on cnbc first and foremost, do you believe the house will pass your guys bill tomorrow morning . Well, the indications are theyre going to try, and i believe they will. I want to believe they will. I cant imagine what the alternative will be. It took too long for the senate to act, but at least it got done so im hopeful that theyll pass that tomorrow. I think it will be really important. No bill, of course, is going to be perfect, especially not one that is a, this big, b, this important and c, that was done this quickly what is the part you like most about the stimulus bill that the senate has passed and what is the part that you might like the least . Well, look, i mean i would just say overall the spending of the 2 trillion that i would do over the normal course of business and this is pretty extraordinary. We have to stop ourselves and remind ourselves of whats happening here our government at every level, the cities, counties, state have told businesses you cannot function you cannot open your door, you cannot sell things and people cant travel and your workers cant work this is not the market downturn and this is the government that has stopped the economy. What i think is really harmful and the part i selfishly like the most and that is what it does for Small Businesses and what were basically trying to do is keep them whole for five to six weeks so that we dont have the economic pressures in addition to helping people economically, and we dont have the economic pressures to cause to lift these restrictions before they need to be, before Public Health concerns with the call for them. And help us understand how it works, senator i think the bill is Something Like 1400 pages and we all have time, and well read it this weekend, i supposed, and there are so many different types of Small Business and of course, you mentioned bartenders and waiters and waitresses and Restaurant Owners and there are hair salons and barber, but there are also things like uber drivers and car salesmen car salesmen who may have done very well in a good economy last year and so their income may be above certain levels and this year they may have made very little or nothing in the last few months, who is truly helped by this bill im going oversimplify it and the oversimplification will cover the 80 of people helped by it. If youre an independent contractor, a 1099 worker, if youre a Small Business, less than 500 employees or meet the Small Business standard of the Small Business administration which is a they have a theres a code out there that goes literally by field to tell you how much employees are in your categories caqualified if youre in the 501c3 with employees and c3 into 500, you will go to a financial institution, preferably your own bank over 800 banks participate in a Similar Program and it shouldnt be hard to stand it up and that bank will be authorized and it will transfer to you 250 of your monthly payroll as of february 15th. And you, if you spend that 250 on payroll, on rent, on lease or other type of expenses for your business, you and i have to pay it back. If you spend it on anything else or a portion of it on anything else, that will become a loan a year from now at 4 to 5 . Basically, youre not going go to the Government Agency and all of the big banks already participate in the program with the infrastructure and repurposed it for the purpose of getting money into the hands of Small Businesses quickly for payroll. I guess all over simplified and my question, senator, and that was a great explanation, what if the banks arent open. Do you believe you have the online capability to handle this rush because it will be a rush weve been talking to some of the larger banks, obviously. They have online capabilities to do it. Were more concerned at the Community Level and the Credit Union Level and some of the smaller lenders to build that up a little bit and that is a concern. If you asked me what my biggest worry, my biggest worry is do we have lenders to process paper. You have to prove youre a real business and you have to prove you have payroll and you have a place to deposit it and a year from now youll have to prove how you spent the money or it will turn into a loan. My concern is that there are a lot of branches that arent open physically and were thinking about partnering with mayors and counties and local officials and theyve permitted them and they know who the Bank Branches are in their community and providing a safe place where they can set up shop to invite Small Business in and acting as the final connector and local government can be an enormous help in that regard and were at the level of our economy and theyll be a great liaison to make that connection you know, senator, unfortunately, your state in the last week has gotten a bad look for good reason. A bunch of ding dongs kind of ignoring all of the warnings has that been cleaned up for the rest of the country. Can they say people in florida, whatever age or whatever level of intoxication, are taking this seriously now . Well, look, first of all, these are visitors that we invite to florida every year we want them to come to spring break and stay in hotels, but the hotels are closed now and the beaches are closed as well you can take a stroll on the beach, but you cant gather and have a big party all of that has calmed down. Its unfortunate with the timing with spring break and right as the orders were coming down at the local level and it created very negative imagery. There are a number of highprofile gatherings in new york city and mardi gras in new orleans that are now being linked to outbreaks 14 days later. These folks went back home, wherever it is theyre from and well see how that plays out thats not happening anymore its unfortunate, the timing there and but many of those hotels are people that will benefit from the program that was created. Yeah. Eventually that will all reopen. When that will be, hopefully sooner than later because a lot of businesses rely on it senator marco rubio, freiggreat with the bill getting done thanks for having me on two big names in their respective businesses and you need to hear from one on the markets and Janice Henderson ceo dick weil. Hale it will you what to did with your money and how the Financial Community is handling it and Pioneer Natural Resources<\/a> will join us along with Janice Henderson<\/a> ceo dick wilder. It is a big hour, but weve got to start with the markets. The dow closing up about 1300 points and yes, its best threeday run since the 30s. The only problem with that is were also coming off the worst threeday run since the 30s and you have names you know and need to hear from we have put all of the allstars together, we have guy, tom, b. K. And steve. Everybody, its great, wherever you may be to join you on this tristate edition of fast money. Guy, im going to begin with you. A nice rally and you guys all said we could have the violent rallies to the upside, but not to throw water on it, we still have a vix around 60. I was going to mention that again. I hope everybody is well my thoughts are quick. On the Positive Side<\/a> of thing, brian, as we mentioned a few times now the indiscriminate selling and just selling everything seems to have abated. And there are winners and losers which are encouraging and the banks are finding their footing finally, thats encouraging and j. P. Morgan which Everybody Loves<\/a> and obviously for good reason and that in its trough traded down about 1. 3 times price to tangible book which a lot of people have signed up for many times over and thats encouraging and the other thing that i think is good that although its still extraordinarily volatile, the swings and yields have seemed to slow down a bit and on the negative side of things and you mentioned it, the vix is still hovering around 60 is a little bit alarming i think a lot of people think the worst is still yet to come on the health front which is terrifying for a number of Different Reasons<\/a> and as you just mentioned some of the biggest rallies in history are taking place in extraordinarily scary times. I think youve got a lot of good and a lot of bad and were starting to weave our way through. I guess, tim seymour, what im a little confused by the rally because we always get the violent rallies and the biggest downturns. What brought us here what turned around from friday i think, brian, part of this is credit. Part of this is the dollar part of this is getting clarity of the fiscal package, and had a backstop because to me the credit has been the biggest unknown, but more importantly on the credit side. Today we had another day where you had investmentgrade cdx coming in about 30 basis points and emerging market cdx coming in 35 to 40 and he yield coming in almost 20 and this is also part of the last three days and coincident with that and part of that is the move where the dollar is finally given back some ground. Remember, three days ago we were within 40 or 50 pips which is currency talk for bips, which i wont bore you and we were near 18year highs on the dollar. I think there are Market Mechanisms<\/a> that are coming back into play here and confidence, certainly listening to companies talk about some uptick in both their businesses and even airlines, boeing, travel companies, giving some insight at least into what their businesses look like in this environment. What are b. K. s keys, b. K. . B. K. s keys and i agree with what most of the guys are saying here we have a little bit more clarity we didnt know what the stimulus package was going to be we still dont know how long its going to last, but every day that passes its one day close err and the investors will price that in and everything that he mentioned is positive. Nonetheless, it was one of the best days since the 1930s. Ive been doing this for a while and maybe guy remembers this from the 30s, but i think its a heady team for stocks. Im skeptical, but i think it could be a bit of a rally. Its interesting, steve grasso, we had the horrific, record breaking jobless claims number this morning 3. 2 million. The market shrugged it off and Steven Mnuchin<\/a> effectively saying it didnt matter. I dont think he meant the job losses didnt matter, but the Economic Data<\/a> and it could be whatever numbers they are that maybe they dont matter. Would you agree with that and when do you start to Pay Attention<\/a> to certain parts of the data if that is a case i think you have a month or two, brian, before you start paying attention to the Economic Data<\/a> points. Lets talk about that monthend rebalancing because it is about the stimulus plan, but it is about the monthend rebalancing. Today on the close we had 7 billion to buy in equities thats a huge number at month end, quarter end, next tuesday there is approximately 160 billion, to buy. Thats a tremendous number thats got to cascade through the markets from now until then so everything is going to java what i didnt find healthy today, utility, real estate, health care. Those were your leaders. So youre starting to see some shift into value, but dont kid yourself we can revisit the lows right after month end. Okay. The lows may not be and ill get more on the Macro Markets<\/a> in a minute, gang sit tight. We have breaking news right now on General Motors<\/a>. Lets get the gm news with phil lebeau in chicago. Brian, no surprise gms leadership is doing what a lot of other companies have started to do or will be doing, informing employees that theyll have to cut some costs and part of the costcuts will start at the very top today ceo mary barra, along with the ceo, sent a letter to employees, the Senior Leadership<\/a> at General Motors<\/a> cutting their pay between 25 and 30 . Salaried employees, they will have their Cash Compensation<\/a> deferred by 20 and then there are another 6500 salaried employees in the u. S essentially people in engineering and manufacturing who cannot work remotely, theyre going to be taking a paid leave of absence, if you will, in which they get 75 of their pay while not at work. We are not surprised that gm would do this, and Ceo Jim Hackett<\/a> said, look, the top 300 employees and the top 300 executives, theyll have their compensation deferred anywhere from 20 to 50 of it will be deferred and this is from a whole host of companies and theyve got to conserve cash as much as possible in they aring if to be making 75 of their income right now. They will be getting a paycheck at home. Thats separate than the guy on the line. Guy or girl, excuse me, on the line will end up getting 70 to 80 of the compensation. Some of that is unemployment and supplemental benefit paid by the company. What i was just explaining here is those salaried employees who cannot work from home at General Motors<\/a> those are the people who are out in the plant or in engineering they have to be there on the scene. Well, theyre going to get basically a paid absence because these functions are not happening rate now where they get 75 of their pay, but brian, dont be surprised well see this from suppliers and all manufacturers and this type of move to save cash as much as possible i hate to say it, phil, youre right well see it from all kinds of Companies Across<\/a> saturday. Phil lebeau, and lets get back to the panel and the allstar guide. Steve grasso said he didnt think the bottom was in. Do you i understand its extraordinarily difficult and a lot of people just find themselves staring at the screen which is okay, by the way, as well and you have to ask yourself how much further does this thing have on the upside and if you want to play a little math game, you can take the recent alltime high of whatever the s p was 3393 and the low we made seemingly just a week or so and the 2190 low and you can see the s p trade up to 2800 or thereabouts and thats probably the level we feel at im in steves camp, unfortunately, and it gives me no pleasure to say it. For the life of me i dont understand how the negative headlines are going away any time soon. So maybe you have another many you have another 150, and the next leg is down again, brian. Okay. So steve and guy on the lake down tim seymour, do you agree with that or do you think what is that the downside on go and what looks per attractive to you right now. Whats your time horizon, like hes to have some monthend buying and i would agree on those old resistance and old support. If you think about whats been outperforming on the outside think about small caps and they started it before the s p sailed off, and i think watching will be another barometer to where the market moves and if you look at 2016 and the way it outperformed after that massive drawdown and recession scare it was value, and i think bank, you know, make up 35 of essentially that value trade and if you look at how the banks have acted over the last couple of days i do think thats an interesting place to play. If youre looking for timing the market, i think the better approach for folks at home is to think about how you can upgrade your portfolio, and dont cut your flowers and keep the weeds. This is a little different how about when you see big stocks, value stocks that have been beaten up, rally off the bottom especially if you think stocks can move a lot higher maybe tactically take profits and roll into a unitedhealthcare and roll into a home depot and the highquality stocks youd roll into the portfolio. Thats the activity i would be doing here and i would not be trying to time it. Well leave it there. We look forward to hearing more from you and in the nights to come and we need your voices at a time like this thank you very much. Coming up after the break, though, we have to talk about stimulus and realworld advice on the 401 k and retirement side and we have senator marco rubio will join us is there enough being done in the stimulus plan with Small Business<\/a> and suze orman, well ask her, if youre 50 plus and sitting on losses, what do you do suze orman with continuing coverage right after this short break. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice lettuce. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. Shouldnt you pay less when now you can. Data . Because Xfinity Mobile<\/a> gives you more flexible data. You can choose to share data between lines, mix with unlimited, or switch it up at any time. All on the most reliable wireless network. Which means you can save money without compromising on coverage. Get more flexible data, the most reliable network, and more savings. Plus, get 300 off when you buy a new Samsung Galaxy<\/a> s20 ultra. Thats simple. Easy. Awesome. Call, click or visit a store today. And welcome back to cnbcs continued coverage of markets in turmoil. Theyve been on the turmoil to the upside in the last two days, up 251 points and its the best threeday rally and of course, the dow is still down 20 on the year lets talk about something that is more important than the markets right now and that is stimulus getting paychecks of those being laid off by the millions as we found out today and we are pleased to be joined now by florida senator marco rubio. Senator rubio, thank you very much for joining us here on cnbc first and foremost, do you believe the house will pass your guys bill tomorrow morning . Well, the indications are theyre going to try, and i believe they will. I want to believe they will. I cant imagine what the alternative will be. It took too long for the senate to act, but at least it got done so im hopeful that theyll pass that tomorrow. I think it will be really important. No bill, of course, is going to be perfect, especially not one that is a, this big, b, this important and c, that was done this quickly what is the part you like most about the stimulus bill that the senate has passed and what is the part that you might like the least . Well, look, i mean i would just say overall the spending of the 2 trillion that i would do over the normal course of business and this is pretty extraordinary. We have to stop ourselves and remind ourselves of whats happening here our government at every level, the cities, counties, state have told businesses you cannot function you cannot open your door, you cannot sell things and people cant travel and your workers cant work this is not the market downturn and this is the government that has stopped the economy. What i think is really harmful and the part i selfishly like the most and that is what it does for Small Business<\/a>es and what were basically trying to do is keep them whole for five to six weeks so that we dont have the economic pressures in addition to helping people economically, and we dont have the economic pressures to cause to lift these restrictions before they need to be, before Public Health<\/a> concerns with the call for them. And help us understand how it works, senator i think the bill is Something Like<\/a> 1400 pages and we all have time, and well read it this weekend, i supposed, and there are so many different types of Small Business<\/a> and of course, you mentioned bartenders and waiters and waitresses and Restaurant Owners<\/a> and there are hair salons and barber, but there are also things like uber drivers and car salesmen car salesmen who may have done very well in a good economy last year and so their income may be above certain levels and this year they may have made very little or nothing in the last few months, who is truly helped by this bill im going oversimplify it and the oversimplification will cover the 80 of people helped by it. If youre an independent contractor, a 1099 worker, if youre a Small Business<\/a>, less than 500 employees or meet the Small Business<\/a> standard of the Small Business<\/a> administration which is a they have a theres a code out there that goes literally by field to tell you how much employees are in your categories caqualified if youre in the 501c3 with employees and c3 into 500, you will go to a financial institution, preferably your own bank over 800 banks participate in a Similar Program<\/a> and it shouldnt be hard to stand it up and that bank will be authorized and it will transfer to you 250 of your monthly payroll as of february 15th. And you, if you spend that 250 on payroll, on rent, on lease or other type of expenses for your business, you and i have to pay it back. If you spend it on anything else or a portion of it on anything else, that will become a loan a year from now at 4 to 5 . Basically, youre not going go to the Government Agency<\/a> and all of the big banks already participate in the program with the infrastructure and repurposed it for the purpose of getting money into the hands of Small Business<\/a>es quickly for payroll. I guess all over simplified and my question, senator, and that was a great explanation, what if the banks arent open. Do you believe you have the online capability to handle this rush because it will be a rush weve been talking to some of the larger banks, obviously. They have online capabilities to do it. Were more concerned at the Community Level<\/a> and the Credit Union Level<\/a> and some of the smaller lenders to build that up a little bit and that is a concern. If you asked me what my biggest worry, my biggest worry is do we have lenders to process paper. You have to prove youre a real business and you have to prove you have payroll and you have a place to deposit it and a year from now youll have to prove how you spent the money or it will turn into a loan. My concern is that there are a lot of branches that arent open physically and were thinking about partnering with mayors and counties and local officials and theyve permitted them and they know who the Bank Branches<\/a> are in their community and providing a safe place where they can set up shop to invite Small Business<\/a> in and acting as the final connector and local government can be an enormous help in that regard and were at the level of our economy and theyll be a great liaison to make that connection you know, senator, unfortunately, your state in the last week has gotten a bad look for good reason. A bunch of ding dongs kind of ignoring all of the warnings has that been cleaned up for the rest of the country. Can they say people in florida, whatever age or whatever level of intoxication, are taking this seriously now . Well, look, first of all, these are visitors that we invite to florida every year we want them to come to spring break and stay in hotels, but the hotels are closed now and the beaches are closed as well you can take a stroll on the beach, but you cant gather and have a big party all of that has calmed down. Its unfortunate with the timing with spring break and right as the orders were coming down at the local level and it created very negative imagery. There are a number of highprofile gatherings in new york city and mardi gras in new orleans that are now being linked to outbreaks 14 days later. These folks went back home, wherever it is theyre from and well see how that plays out thats not happening anymore its unfortunate, the timing there and but many of those hotels are people that will benefit from the program that was created. Yeah. Eventually that will all reopen. When that will be, hopefully sooner than later because a lot of businesses rely on it senator marco rubio, freiggreat with the bill getting done thanks for having me on two big names in their respective businesses and you need to hear from one on the markets and Janice Henderson<\/a> ceo dick weil. Hale it will you what to did with your money and how the Financial Community<\/a> is handling it and Scott Sheffield<\/a> of Pioneer Natural Resources<\/a>, could we see low teens oil or even singledigit oil should the u. S. Take a political role in the oil world with suaui arabia and russia . A lot of questions youre watching cnbc back after this. Ee i know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income<\/a> from an annuity as part of your Retirement Plan<\/a>. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. When yowhat do you see . Itical issues facing our world, we see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Welcome back to cnbc i am brian sullivan. Lets get the very latest on the Virus Outbreak<\/a> and the pandemic and hope for some good news. Once again, heres sue herera. I wish i did have good news, brian, but well start with the latest numbers so here they are global cases broke above half a million this afternoon they have already risen to more than 523,000 the death toll has swelled to per than 23,500, more than 2300 have died in italy where coffins are temporarily being stored in some churches. The nba is trying to do part to educate on the virus curry joined dr. Fauci dr. Fauci emphasizing the deadly nature of the coronavirus. It is not just the flu its very, very much more transmissible than flu and more importantly, its significantly more serious let me give you some very quick numbers. Okay. Mortality of seasonal flu that you and i confront every year is about 0. 1 the overall mortality of coronavirus is about 1 . And the virus is changing cultures a french ritual is running into the harsh reality of the pandemic some in france are buying baggetts and masks and freezing them in normal times that would be a gastronomic faux pas some sacrifice fresh bread in order to fight the virus as always, you can get more on the coronavirus coverage at cnbc by going to cnbc. Com. Brian, back to you all right sue, herera, thank you very much we do appreciate that. Well see you soon. I want to give you a live shot of the white house. The deadly Coronavirus Briefing<\/a> is under way if any headlines are made from that briefing well certainly bring them to you live when they occur. What in the stimulus bill is being done to protect Hotels Across<\/a> america that are pretty much entirely empty. Could they become roving hospitals . Well talk to the head of the Hotel Industry<\/a> association about that and its not just about investing. Many of you, douno doubt facing potential job loss and how to manage through that through the financial perspective with suze orman after this short break when you look at the Critical Issues<\/a> facing our world, what do you see . We see breakthrough medicines getting to patients in record time. We see harnessing natural gas unleashing the promise of clean energy. We see engineers simulating the future to improve today. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. And welcome back to cnbcs continued coverage of markets in turmoil. We are very pleased now to be joined live from london by dick weil, the ceo of Janice Henderson<\/a>, a longtime running an Investment Company<\/a> and he was at pimco during the 2008 great recession. Dick, it is great to chat with you although under very, very difficult circumstances. Thank you for taking some time i know its late there what kind of advice are you giving to your clients what kind of Financial Advice<\/a> would you give to our viewers, client or not, because theres a lot of people who are very nervous out there for a variety of reasons right now hi, brian its great to talk to you again. Our advice from Janus Henderson<\/a> is its too late to panic at this point the equity markets are down 30 and theyve come back in the last few days and now its more like 20, but its probably too late to make that panic sale and get in front of things, and its also too early to jump in. The severity of the crisis were getting an inkling of, but the thing we really dont know is we dont know how long its going to go and the duration has a huge impact on valuations across bonds and stocks and not knowing the duration, its pretty hard to run a math model or intuitive guess about what things are worth. So what were doing now is with our clients is were taking a considered view. Were up in quality a little bit and were raising some cash carefully because liquidity is a problem in the market, but mostly were playing a wait and see game to see when well get a better handle on what the duration of the global heart attack is going to be. I think at that point well have a chance to go and make purchases that hopefully will appeal returns in the next ten years. This will be an amazing buying opportunity, but were not confident yet that you can suss out the duration and absent that its pretty hard to jump in with both feet. So if its too late to panic sell and too early to jump back in, what do our viewers do i think you want to cautiously raise cash. You want to make sure you have a highquality portfolio and you want to stay away from companies that dont have a strong Balance Sheet<\/a> because if this does go a little longer than expected, folks are going to have a hard time staying in business if they dont have a strong Balance Sheet<\/a> so you want to make sure youre up in quality and raising cash because youre anticipating that when we do get a slowing of the growth of the virus and we do get a sense of how long the global house arrest will continue, at that point you want to have dry powder in order to make good investments, and so again, its probably too early to make those aggressive investments at this point. You want to be preparing for that by going up in quality and raising cash i dont know if you know this, dick, but do we know who is behind the selling . For two weeks the market was going down in a freefall pretty much every day and data i looked at showed the size of the average trade didnt look up that much and it didnt appear that mom and pop, maybe your clients and investors and a couple of hundred thousand in their Investment Funds<\/a> were the ones that were selling who do you think was selling and did you have to onvince, talk to some of your clients and say, hey, be in it for the long term and now is not the time to sell. When you look at the Global Retail<\/a> investors heading into this corona crisis, i think the money was sort of coming in towards us in a pretty nice stream and we thought there was an appetite to increase risk investing. Obviously, thats all reversed through the corona crisis and folks have backed off that position and sort of the rivers of nickels coming in slowly is going out slowly, but we didnt see a mass selling from our clients either institutional or retail, and so we were asking the same question. It wasnt visible to us, but it looked pretty broad and it wasnt that we dont think the largest institutions or the mass retail population so its hard to put your finger on. And we appreciate you trying and i guess theyre keeping fairly calm and investing on with Janice Henderson<\/a>. Dick weil, sage words. Too late to panic and too early to jump back in. Be well and to your employees and their families thank you very much. Coming up, what is best for the Hotel Industry<\/a> which has gotten hit perhaps harder than any other segment of the economy besides airlines and restaurants or just as bad well talk to chip rogers. And does the u. S. Need to take a political role in the price war being raged in the global oil marks by russia and saudi arabia wlle ask scott sheef field, just that next at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission<\/a> free today. Dont get mad get e trade and start trading when yowhat do you see . Itical issues facing our world, we see a billion more people breathing free. We see access to fresh food being the global norm, not the exception. We see homes staying cooler, without the planet getting warmer. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. People know aflac. Aflac . But not what they do. So were answering their questions. Aflac is auto insurance, right . No. Uh uh. Is it Homeowners Insurance<\/a> . No. Uhuhuhuh is it duck insurance . Nope. Ahhh do they pay me money directly when i get sick or injured . Yeah. Aflac you got it. You know aflac boom get help with Expenses Health<\/a> insurance doesnt cover. Get to know us at. Aflac dot com. But when allergies attack,f any the excitement fades. Allegra helps you say yes with the fastest nondrowsy allergy relief and turning a half hearted yes, into an all in yes. Allegra. Live your life, not your allergies. And welcome back to cnbc and fast money and our continued coverage of these markets in turmoil and the dow up 1350, a big threeday rally since 2001 and that does nothing to soothe the economic pain felt by businesses across america. Perhaps no industry being hit harder than had theity and travel, airlines, restaurants and in particulars, hotels being hit very hard. We are joined by chip rogers he is the ceo of the American Hotel<\/a> and lodging association and chip, i wish you could join us on a happier time i understand that occupancy rates among your constituent hotels are somewhere around the low Single Digits<\/a> right now. Well, yes particularly most of your major cities we saw something, and all of these are things we havent seen before and the most recent reports show that the Group Meeting<\/a> business has fallen to less than 1 and its virtually nonexistent and what this equates to is the hotel indtre industry is losing 500 million a week in revenue right now. Are you happy with the stimulus plan . Chip, do you feel that it will do enough to help many of the hotels and im not talking about the hiltons and the marriotts of the world. Im talking about the thousands of hotels which are owned by a family thats their entire source of income will it do enough for them im really glad you pointed that out and the airlines and the cruise ship industry which is important it is made up of tens of thousands of Business Owners<\/a> and 61 of the hotels are classified as a Small Business<\/a>. We think this will help, no question about it and were looking for any lifeline we can get right now, our main focus is how do you help the millions of people that are employed by the industry maintain some level of income so they can pay their bills and how do you help the Small Business<\/a> owners service their debt so when this passes theyll have jobs that people can come back to, and thats the two focus that weve had, and the bill thats making its way through congress and hopefully it will be voted on tomorrow it works both of those things and you will probably need to be more in the coming weeks. This is a tough line of question or one question, i guess, chip. Ive got to bring it up. The industry, i would imagine like weve heard the cruise ships like some of the cruise lines and we can be floating hospitals and thats the case, what conversations have been had about Hotels Filling<\/a> some needs and either for beds or for people that are healthy, but under quarantine you want to get out of your home, and youre worried about your family. Is there a safe way to go to a hotel and say im here for a week i have a kitchenette and there are ways that the industry can help that were not thinking of yet. Well, im glad to announce that we did start thinking about it and we created a program called hotels for hope and we back on saturday night were talking a week ago went to the membership and asked the question, would you be willing for your hotel to be used for either some form of a quarantine location or some version of a hospitallike is the best description we could give it where hospitals get filled up and they need to put patients somewhere. We were expecting a few hundred hotels to agree to do that as of this morning we have over 12,000 hotels that have already agreed to do that and there are only 56,000 hotels in the entire country. So hoteliers are stepping up and they want to be part of the solution wow, you know what . Private industry, and still willing to help out and lets hope thats not needed, by the way, chip rogers and at least we know we have other options should we need them. Chip rogers and the american Industry Association<\/a> thank you very much. Best to you and all of your constituent companies. We have breaking news right now out of the virtual g20 lets go to Kayla Tausche<\/a> for that g20 leaders conferenced earlier today and the result of that which President Trump<\/a> is talking about now at the briefing at the white house is a pledge of 5 trillion by these countries to help shore up businesses that are affected by the global pandemic. Much of this will go through the imf and the world bank a press release that was put out by the g20 just a few moments ago says that this money will go to protect workers and businesses, specially micro, small and mediumsized notes and the sectors most affected and to shield them through social protection and its part of targeted fiscal policy to counteract the social, economic and financial impacts of the pandemic so no small figure coming out of the g20 countries while were right in the middle of this pandemic and putting the financial power of these companies through the various International Organizations<\/a> trying to get more money, brian, just into the hands of businesses worldwide all right Kayla Tausche<\/a> with breaking news there on the g20 thank you very much. Lets bring in now a very special guest and a man often thought of as one of the smartest men in the oil patch and he is Scott Sheffield<\/a> and the ceo of Pioneer Natural Resources<\/a>. I think coming off the kayla headlines it is very important because saudi arabia and russia are members of the g20 they are currently involved in a Devastating Oil<\/a> market share price war in the Global Markets<\/a> of which the u. S. , industry, your company and employees are caught in the middle of it do you believe there is some kind of political solution to stop this oil dumping war where its clear and its just the last country standing . Yes, brian. Its great to hear you again a lot has happened since the Goldman Sachs<\/a> conference, but were focused on the industry. Weve asked poet us potus to st the price war. Pompeo has called mbs and the g20 and the g7 have both put significant pressure to stop this price war and if we dont well be importing 60 of the crude from the middle east what have they said theyre dialed in and youre the only ceo in the opec meeting i know your ear is to the ground have the saudis made any explanation for what theyre doing . Why suddenly this massive rift between two countries that were sort of joined at the oil hip. You have two personalities between mbs and putin that are fighting each other, as you know russias been cheating since last december with the comments with the relaxation at the recent opec meeting in december and then you go into this recent meeting and they wouldnt cut and they wanted to see what happens to the man and i dont blame them at the same time, u. S. Products are up 8 Million Barrels<\/a> a day since opec plus put together their agreement in 16 i believe that one of them will blink. They both have about 500 billion of foreign reserves and saudis estimated to be dropping about 100 billion per year and russia is somewhere in the 50 to 70 billion per year and they will definitely blink i dont know if it will be three month, six months or nine month, but something will happen. Its incredible. And when you say mbs, youre not talking about securities, you are talking about muhammad bin salman of saudi arabia in your years of business have you ever seen such a destructive price war. Opec has sort of become an ally to the United States<\/a> if they can stabilize prices independent is asinine on so many levels. I dont speak french, but you get my point im probably the only ceo thats been around since 1986. Most ceos did not go through that it reminds me of 86 and it will take a long time to balance the marks and thats why the independents are seeking a global settlement to increase products with all states, opec opec plus and weve run into road blocks and had opposition and they prefer the independents to go bankrupt and pick up the scraps and we have Companies Like<\/a> marathon and inventive who are opposed to it because theyre so financially stressed they cant cut production because theyll go bankrupt. The action is to prevent waste and loss of jobs and to save our oil to National Security<\/a> and we really need trump to do something or hes going to lose all of the Energy States<\/a> in this election. Wow so basically, if im hearing you right, scott it is breaking news to my ears, anyway, which now its not just russia and saudis against america, it is now the big super majors against the mid and small companies. Exactly thats definitely whats going, and we have no how does it end we have no solutions. What happens as you know there are about 74 public independents there will only be about 10 left at the end of 2021 that have decent Balance Sheet<\/a>s. The rest have become ghosts or zombies, i hate to compare them to chesapeake because lawler has done there and theyll have public independents and theyll have debt of ebitda of 5 to 1 and you havent asked me about consolidation and consolidation wont happen because too many have too much debt thats right. I mean, weve already seen bad deals out there. Scott, weve got to get you on again soon because what youre saying is powerful stuff i wish we had more time. Saying theres maybe ten Public Companies<\/a> and i know youre one of the ones that are left. Scott sheffield, thank you very much for joining us and the Straight Talk<\/a> we needed to hear. You be life isnt a straight line. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. A partner who makes sure every step is clear, at t has connect us every day for over 100 years. And were here for you especially now, doing Everything Possible<\/a> to keep you connected. Through the resilience of our network and people. We can keep learning, keep sharing, keep watching, and most of all, keep together. Its the job weve always done. It is the job we will always do. When yowhat do you see . Itical issues facing our world, see breakthrough medicines getting to patients in record time. We see harnessing natural gas unleashing the promise of clean energy. We see engineers simulating the future to improve today. At emerson, when issues become inspiration, focusing core strengths to create a better world isnt just a result, its a responsibility. Emerson. Consider it solved. And sometimes, you can find yourself heading in a new direction. But when youre with fidelity, a partner who makes sure every step is clear, theres nothing to stop you from moving forward. All right. Welcome back to cnbcs continued coverage of markets in turmoil. We are pleased to have a very special guest on and that is personal finance expert suze orman author of obviously a number of book, the latest of which is the retirement guide for 50 and women in money podcast. It is a pleasure to have you on because these days our audience here on cnbc is not just traders and hedge funds and investors and ceos it is people who maybe have never watched Financial Television<\/a> before. Theyve got a 401 k of 529. Theyre worried. Theyre worried about their onand Financial Stress<\/a> they need to hear from people like you whats your advice for those folks that dont do this every day . Yeah. First of all, hi, brian. Second of all, heres the thing is that most people that youre talking about, everyday people who are investing in their 401 k s and their iras and everything, they really arent watching the markets every day nor should they be because it would drive them crazy their key to success if they have time on their side is to stay in the markets assuming most of them have five years, 20 years, 20 or 30 and most of them are invested in index funds and mutual funds and very few of them have any of these individual stocks. If they just continue to stay in and dollar cost average they would be absolutely okay the biggest mistake they could make is come out of the market and try to preserve their money and not know when to get back in because look at what happened these past three days and now theyre all depressed and they came out of the market because they missed it you have to stay in the market and continue to dollar cost average if you are able to have the money to do so and lets get real basic and explain what you mean by dollar cost averaging basically, you might be down in your portfolio, but you want to add money now, too if it goes up, even though you may not be where you were, you can balance out, correct and you balance out. Ive always said to people, why would you buy something when its not on sale you would wait until it goes on sale the same is true in the 401 k why did you want this market to continue to go up . You want actually this market to go down, which it did, so every time you put dollars in, your dollars buy more shares. The more shares you have, the more money you make when the market goes up and you may need this money you know, youre speaking, preaching financial expertise. Of course. The reality is as you know issue the pain of loss, psychiatrists or psychologists have found this out is much greater than the joy of an equal gain in other words, losses affect us more its a gut punch in so many ways how can people navigate around sort of the emotional money is emotional you bet its emotional. So the main thing people need to understand, and i just do this every sunday on the markets on my women in money podcast is that if you look at history, history will repeat itself in time and the biggest mistake you would have made was to come out of the market in 2008, to not just keep doing it, and if you just keep and you get them to understand that theyre going to be made out of their time, and this is probably the best buying opportunity out there bar none obviously, for those people who are stock pickers its really fabulous right now, but when youre everyday people and all you have is your 401 k and you do have time on your side you have to fight it because i can tell you, everybody is writing me now and theyre all saying im coming out of my Retirement Plan<\/a> and im going to pay off the mortgage on my home, and i keep trying to tell them, please, what are you talking about . If you come out youre going to lock in a 30 loss and then youre going come out of the plan and youll have to pay ordinary income taxes on it. Oh, good, you just created another 20 or 30 loss. Yeah. Just stay calm. I understand very well that its very difficult, but ive noticed that people are listening, if you can just keep them calm, and they should be calm. This will be okay one day. When i dont know, but i can guarantee you, that if you stay in and you just stick with it, two years from now you will be very, very happy that you did. I know were running out of time in the program, suze, but we have time for more. Is this a good time to start investing . Oh, my gosh, of course, it is there couldnt be a better time to start investing right now heres whats funny, everyone who was crying about how the market was going down, they mississippi that, why did i get in youll never, ever know the bottom youll never know the top, consistnessy is guy fido your size really, its in a 5 29 on these rallies and thats when you have to come out and its never in the market to begin with and unfortunately, there are people who do need the money right now and were thinking about them as well and hopefully we will come out of thisity in mare sooner than later suze orman, the ultimate retirement guide for 50 and always great to get your practical, great advice. Thank you very much and be well. Thanks, bri and by the way, for more on managing your personal finances, i know there are people that are thinking about more than personal finances right now. We get that. Theres a lot on your mental plate, but you can go to cnbc. Com and invest in you and maybe take your mind off of Everything Else<\/a> going on as well thank you very much for watching cnbcs continued coverage. My mission is simple, to make you money im here to level the Playing Field<\/a> for all investors. Theres always a bull market somewhere and i promise to help you find it. Mad money starts now hey, im cramer. Welcome to mad money. Welcome to cramerica other people want to make friends, i want to make you some money. My job isnt to entertain you, im here to teach you. Call me at 1800743cnbc. Tweet me at jim cramer di","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia902906.us.archive.org\/19\/items\/CNBC_20200326_210000_Fast_Money\/CNBC_20200326_210000_Fast_Money.thumbs\/CNBC_20200326_210000_Fast_Money_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240716T12:35:10+00:00"}