So much for social distancing. You are watching cnbc. Good morning and welcome we are live and waking up to another day of potential losses for major averages stock futures now pointing to modest declines from a relative perspective. The dow jones opened down 244 points, nasdaq down implied 77 points that is much more than normal. This after the wall Street Market staged a rally yesterday for the dow. Major averages on pace for the third down week of the last four checking the treasury side of things, we are seeing movement for the bond and notes higher to. 227 10year at. 61 . Oil on a wild ride it had been lower Early Morning but ralied after news after a meeting on monday by Conference Call to discuss cuts President Trump meets with Top Energy Executives at the white house today. Full details on that summit at the white house coming up. Global Team Coverage dan murphy is in singapore Geoff Cutmore is in london, nbcs tracie potts with the latest out of washington and Frank Holland with the latest on the coronavirus outbreak dan, we head to you first. Trading started well. We did see stocks drifting lower with prices hitting sentiment. Japans nikkei 225 is flat stocks in hong kong also fell and chinese equities after the pmi drastically missed expectations the kospi also on a flat line. And singapores Prime Minister has just ordered all nonessential work places and all schools close in a major covid crackdown. Reporting its fifth death today as well as 65 new confirmed cases. Stocks here fairly negative on that news. Back to you. To the early trade now in europe, Geoff Cutmore in the london news room good morning. Weve been unable to get out of reverse gear this morning. There was better news. The president of the commission telling us that there is 100 billion euros to be made available to support employment to try to help with some of the effects. That didnt help when we got a whole slew of pmi data when the numbers we have seen from february in many of these economies that does show the pace of construction we are seeing in Service Sector optimism we are negative across the markets within an hour or so of opening here let me show you what is going on the euro not getting a break either we are down against the dollar as you can see here. One spot 079 back to you. Now to washington, d. C. Where President Trump is invoking his korean war era guidelines. Tracie potts has the latest, good morning good morning. Lets start with the president and the defense production act and 3m the president tweeting theyll have a big price to pay producing face masks democrats urging the president not to wait for volunteers but to force production of this protection gear. Several companies have new guidance coming out of the white house affecting certain areas, hot spots where the coronavirus is growing that guidance that everyone should wear some sort of face masks but not hospitalgrade masks because they want to save those for health care officials. Also focusing on business. Small Business Loans rolling out. Big banks saying they are not ready. 350 billion of loans that will be forgiven if people use them to keep people on the payroll. Take us through the narrative right now not just from trump but in the congress about what the priorities will be on the focus. Is it face masks is it getting Economic Relief . It seems as though the medical things are front and center with ventilator sourcing and face masks . Yes we are hearing more about that from around the country that there is a shortage. The National Stockpile is virtually empty when p it comes to many of these when they are holding back the other gear is pretty much gone that has become the bigger focus. In relief where this is possible, the president says he is for it and pelosi says it needs to happen and Mitch Mcconnell says not yet outside of washington, urgency grows as the global number surpasses the 1 million mark Frank Holland has more ge ceo weighing in on the companys decision to furlough 50 of the staff caller we are doing all we can to support our customers in this time of rampent change and uncertainty. We are doing what we can do to address cost actions to weather the storm. Today marks day one of the Trump Administration 350 billion Business Loan program. Weve brought in External Resources to make sure there is additional capacity. That doesnt mean everybody will get their loan tomorrow but the system will be up and running. Starting today, hbo will be offering a collection of shows for freon their platforms for one month. It may give people stuck at home a break and may help company attract fans for the hbo max streaming service. Opec and Partner Companies are set to discuss production cuts in a Conference Call on monday oil prices there in the green. Moving higher on that bit of news joining me now, chief investment officer, also a cnbc contributor. Thank you for joining us lets talk about whether these markets are going to get some semblance of stabilization and possibly President Trump weighing in as well. I do think so i think the pressure is so necessary. Not just on the saudis and the russians even u. S. Shale. We know u. S. Shale production is collapsing on its own weight on monday, well get a conference not just with opec but any oil producer that wants to dial in everyone knows they need to cut. The question is who will step up and lead the way russia and saudis dont want to loose market shares and others the drop in demand has been so dramatic that may not even be enough considering demand has fallen even more than that. Is there a level in the Energy Market that you could see . This is not about shock and awe right now. This is a rebound for quite some time is there a number that Global Production people should be thinking about with regard to those cut if it is not 10 million, what number is it still around 25 and 26 versus where it was then you have the potential of getting back to 30 year, plus i think what is also important here it is unfortunate for us u. S. Shale is getting wiped out here we are setting the stage in the next couple of years when the company resumes oil again because of the production disruption we are in the midst of siege it is a question of when we get there. We talked about the millions of barrels to be cut is there a price that gets all of these that have different break even points of producing oil to agree that this is a good level for the market to be at. It is tough to say. We dont know how much longer that side will be destroyed. If the market opens up again in may or june, well answer that question and know what the supply response is at least yesterday, we got some sense that the market would be happy with at least 10 million. Not just from the number standpoint but that the saudis and the russians went the opposite way to pump it all out. That realization that they were destroying themselves was enough to see that is a very difficult question to answer until we have a sense when the demand side settles out and reopens again. Todays big nonfarm payroll will add to that question. Thank you for joining us we appreciate it when we come back, exclusive results from a new survey reveal how bearish sentiment has become while Many Companies are trimming their ranks, one company is on a hiring spree later on, google has a new orbsite tracking the success and sht falls of social distancing we have more after this. The wors all the good that we can do. To everyone working to keep america strong, thank you. But right now, the world needs all the good that we can do. To everyone working to keep america strong, thank you. Welcome back it has been a wild week. A new survey shows we may not be out of the woods yet joining me now thank you for being with us. Lets talk about kwhether investors have been rattled and what the path forward is good morning. This time there is focus around expectations around the crisis the picture was very clear that they still have concerns for pretty much all of 2020. They dont see the severe impact of the crisis tailing off until q3 or q4 this year they really just see profitability and earnings return towards the end of the year weve made a lot out of the letters uv l or whatever that is. Is there an expectation among investors well come out of this with a vshape recovery or a ushape recovery or will it be more of an lshape recovery . Yes unfortunately, very few really expect the strong vshaped recovery as the immediate bounce when we open the economy and it will all go back. Only about 15 of investors expect that kind of pattern there is a diversity of opinion. A lot of people believe well see a ushaped recovery. It will be like what we saw after 2008, which isnt terrible but means well see the recovery later. There are concerns there is an l out there. Is there a sense now that these investors are thinking are they giving leeway and what are best practices if you will given best practices right now indeed theyve given best practice focusing on the impact the other thing, however, is that almost 90 of investors said companies should still focus on investing to be winners in the rebound, which is a very high number. Given where we are right now companies are not making money right now they are still investing. Not just this year but to survive here after is the main priority thank you so much still on deck, how new york city is beating the feds to the punch. Stay tuned, well be back after this announcer todays big number, 26. 9 . Thats how much gas prices in the u. S. Have fallen over the past 12 months the National Average is now 1. 97. Down 32 cents in that period according to triple a. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. It is time for our daily check in in new york city. You can see, very dark right now with not a lot of traffic. What has become the epicenter of the covid outbreak the mayor is issuing a new order to try to slow the spread. Frances rivera is in new york news room with the latest. Good morning. New york mayor bill de blasio is urging everyone in the city to wear a face mask or some covering, that could be a scarf or bandanna or Something Else you create at Home Health Care workers are sounding the alarm over lack of equipment. Nurses in the bronx said they feel like sheep going to slaughter. We do not have the arms or the armor to protect ourselves or the public from this enemy. We are putting patients in places where we cannot take care of them properly we are putting them in waiting areas. Do you want to be taken care of in a waiting area . No you deserve a bed. Miamis mayor is asking pr President Trump to suspend flights from the area to slow the spread i hope you have some time to recharge at home, nice and safe this weekend the big plans for the weekend are just to stay at home and wash a lot of tv be safe. Still ahead, Morgan Stanley with the latest economic gut check. Later on, rbc chief economist on why the worst could still be ahead. Cnbc is back after this. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. One step forward, two steps back stocks looking to erase the rally as stocks surge past the 1 million mark as President Trump issues a new warning to Companies Already manufacturing product at capacity to do more in the face of the u. S. Medical supply shortage. The Treasury Department pushing ahead with the 350 billion Small BusinessLending Program despite warnings from some of americas biggest banks. It is friday, april 3, 2020. You are watching cnbc. Welcome back im dominic chu live at cnbc headquarters kicking off another day of potential slosses futures indicating the dow will open down. After wall street staged a triple digit rally yesterday major average still on pace for the third average week out of four checking the treasury. To the down side on the long end. You can see the benchmark yields 6. 2 twoyear at. 23 oil on a wild ride this morning. It had been lower but rallied pretty sharply in the last hour or so on news that opec will meet on monday via Conference Call to discuss cuts well get more on that as President Trump meets with top executives at the white house later today. Full details are coming up we know the u. S. Economy is grinding to a halt as the close your of nonessential businesses across the country lowering the growth forecast for the Second QuarterMorgan Stanley issuing a dire outlook issuing a gdp drop contracting by 38 Morgan Stanley sees real gdp contracting 5. 5 in 2020 which would be the steepest annual drop since 1946. Joining me now, head of Global Market strategy and Investment Managers this is such a trying time the numbers just seem to be getting worse. Is it really a scenario where we could see a massive 30 drop in u. S. Growth . We have never been here before it is difficult to make these estimates and see how much of a stand still the economy is at and how long it will last. Given that these will be very scarey numbers particularly since the u. S prints annual gdp figures. The reality is that it will be more important about how long the economy stays at a standstill and how long they stay poor and what the recovery will look like it looks like these will be slower well not be able to ramp up the way we had hoped thats probably why these estimates are getting worse. The amount of time these will be at the stand still is to be expected. How does any investment professional around the world model or predict this. It is hard enough that data is available. With so many unknowns out there, how do you talk to clients about what the path forward is going to be if there are that many unknowns with conversations with clients, its more about investment and how they want to be positioned. If you are thinking short term, our view is that it is too late to sell, too late to buy back. Well go back down further as you said, we dont know yet the full cost on growth and earnings well see evaluation metrics will be difficult to mold because you dont know how bad that will be. In the short term, we are remaining cautious and waiting to see the peek in these cases italy looks like it is past the peek we are hoping a couple other countries in europe will follow. In the u. S. , it will be more a case of state by state if you are looking beyond that, we are still constructive over the medium turn that we are going to make it out of this that we will pull through. We will recover. It might take a little longer to ramp up than we hoped. Everyone agrees 2021 will be a strong year because we are recuperating from everything we lost in 2020 for those more adventurous, it is starting to be more attractive you can find these opportunities and dip your toes back in. Either with volatility strategies and of course your fixed incomes are better trying to put a number on all of these, we are looking at what these cases are looking like and how much time it will take and to try to slowly position for the future it is still early for that talking about the u. S. Macro picture. We have the fed. It is approaching around 6 trillion the fed is pumping as much as they can weve thrown a 2 trillion Stimulus Program at this is there any more that can be done on eamon tarry or fiscal side to make it even more impactful for the economy and the markets . The fed is doing everything they can every time they are seeing a new area that could use support, they are adding. On the fiscal side, 2 trillion sounds like a lot but it is not enough we are hearing more about the next package from the u. S. The biggest is more on the side of employment. It is not that easy or quick more to come all right, i think weve lost you there on skype thank you for those thoughts on the market coming up, oil in focus today as energy execs head to the white house. Opec and partner countries plan for a Virtual Meeting to discuss production cuts. As we head to break, check out this mornings best rfpeorming s p 500 stocks well be right back. That the world needs. But right now, the world needs all the good that we can do. To all of our employees and everyone working to keep america strong, thank you. The white house weighs new federal guidelines that could direct all americans to wear face masks when in Public Places an announcement is expected on that focusing on new u. S. Hot spots outside washington state, new york and new jersey with michigan, connecticut and indiana seen as the next critical areas Frank Holland has the latest more companies are taking action disney is furloughing nonunion employees at the theme park while still covering benefits and premiums ceasers furloughs 90 of work force and will add Health Benefits june 30 or whenever they return to work. Fais facebook is adding to its ranks. We are not just paying employees we are paying employees, contractors, sick, healthy can work or not. We guarantee bonuses at