The banks and government begin to roll out a 350 billion loan relief package Consumer Staples just turned positive rest of sectors are negative 59 minutes left of trade coming up on the show, well speak exclusively with Jeffrey Katzenberg well ask him about the Coronavirus Impact on the entire Entertainment Industry plus, the ceo of go daddy yoins us with a look at how Small Business clients are dealing with the kris and of course with job losses but we begin with breaking news in washington. President trump meeting this hour with executives from Energy Giants like exxon and chevron at the white house. Brian sullivan joins us now with more about what we know, brian, about this meeting yeah. What we know, what we dont, thank you very much. A couple of things here, one of which is obvious, one less obvious. These oil executives, the ones weve talked to, that ive talk ed to off the record, said theyre not looking for a bailout. They dont want any kand kind of a bailout. Theyre being requested to come white house, probably, everybodys suggesting, to get some kind of a deal that theyre not going to destroy each other and there are some of the names. Exxon, chevron, occidental, devin energy and others. Theyre not going to destroy each other remember theres an opec Virtual Meeting theoretically planned for monday trumps been talking with the saudis, so likely hes looking to round up the u. S. Troops and say whats your status so he can go back to the saudis and maybe the russians and say u. S. Producers agree maybe to cut back again, im speculating and well see. The other thing, guys, which is a little weird, is this idea of suspending the jones act, which requires all shipping in america to be done by american owned, american crude and american ships. You say what the heck does that have to do with oil . Heres why you care. Theres only about 100 jones act ships out there in the United States theyre about three times more expensive to charter than foreign owned ships. So if you suspend that, it would allow American Companies to use foreign flagged ships to say send u. S. Oil from houston to new jersey right now, its hard to do that or impossible so you end up buying foreign Oil Importing foreign oil. Even when youve got too much u. S. Oil so if you suspend that jones act, theer etically, i know its admiralty law 101, if you suspend that, it might make it cheaper to move american oil between american ports yeah, which would sound appeal iing a at a time like th, brian. What about the opec plus meetings on monday President Trump talking to joe kernen yesterday suggesting that theyre going to make a deal russia and saudi arabia. What are the chances of that and whats in the market at this point . Chances are okay, sara, as long as, not discounting what the president said, 10 to 15 million by saudi and russia isnt going to happen, but if hes talk iing about a coordinae deal where the United States, those seven executives we talked about plus the other 9700 Oil Producers in the United States, make some kind of coordinated effort to reduce or at least not increase output, that may soothe the saudis and russians enough that saudis can use their power to influence over opec to agree to some maybe six to seven million barrel a day cut so we have to be very clear. Ive been talking to people inside the Saudi Coalition for the last 36 hours. The saudis arent going to do anything unless u. S. Producers are also involved, guys, to share the pain wilfred likes the term glow pec. We can call it vopec scheduled theoretically for monday and ill be virtually covering it for real glow pec, both you kind of need to get the gl and vn all at once not quite sure how we managed that that would sound russian. At least brian got dressed for us today perfect brian, fully dressed good to see as always weekend we look forward to you at the top of the next show at 5 00 p. M. Eastern time well keep you updated on the meeting throughout the show if there are any headlines from it. Oil by the way, set for the best week ever, up 32 , but still down 54 year to date. Meantime, lets drill down on the other big stories. Steve liesman has more details on the dire jobs number this morning and mike is tracking todays market moves steve, kick it off for us. Yeah, wilf, the nineyear, five movie month expansion in the job market came to an end in march. With the jobs report picking up more of the initial part of the downturn that already made more starting by the idea that the numbers ahead are almost certainly worse and we captured a little bit of whats happening now, but it maybe shows what the leading industries and whats going to happen. Let me show you some of the sectors and eck plaxplain whatn on le hospitality. A complete collapse of the restaurant and bar business. Health care social assistance. Thats doctors office. Dentists they closed down relatively quickly apparently along with child care support thats social assistance professional Business Services employment offices temporary help that all closed down retail, you see there. You know much more, much worse is to come there as well as construction let me show you the other side of the report. The household side 1. 5 million additional workers part time for economic reasons 1 million on temporary layoff. 250,000 more not at work because of illness and 250,000 declined in the selfemployment. What can i tell you, guys . All this is about to get worse talking about jpmorgan said today, they see a jobless claims number next week of 7 million on top of the ten million who have already applied for jobless claims mike is joining us at the top of the next hour my question which weve been s discussing throughout the day, any way, if all of these programs the governments announced wered to try and keep people in work, to what extent with these programs going to be desperately inefficient, firing off millions of bullets just to hope that couple of them hit the target the nuances of the Paycheck Protection Program as weve discussed does actually allow them to get a loan and have it forgiven provided they hire certain people back, but none the less, theyre throwing so much money out and youre seeing Unemployment Rates spike significantly. You know, wilf, i think inside your question is the answer i covered the attempts of the Prior Administration to get up and running programs that would help regular people main street and it was very, very hard of course the political atmosphere was very different back then with a lot of opposition from the republican side this time, they haveeverybody together to go and do it so the issue now is you know, its already too late in the sense that ten Million People have already filed for jobless claims and theres a question as to whether or not you want to bring them back. The question is down the road, can they get this thing up and running. I know Small Business is desperate for the money right now. But honestly, a couple of days, two or three days, it dupt m doesnt matter as much as if they can get this thing up and running in a weeks time to really provide the assistance and keep people from being unemployed even further than the large numbers we have. Thank you the dow currently trading lower by about 411 points, so weve dropped about 100 points just in the last few minutes or so lets send it over to mike for more on todays sell off and the sell off for the week, which was small ner magnitude, but still very painful for investors yeah, sara, not so much as intense in velocity. More like the market has slouched lower gave back not quite half of the gains from the reflex rally. This is a two year chart there was the strong threeday rally and weve rolled over since then what areas are we looking at in terms of whether were going to give up on this rally . Well some are saying like 2450 where the downside acceleration started. So theres all these different lines you can point to and suggest that maybe thats kind of make break at least in the shortterm ive had people point this out to me. December of 2018, you did also have a little bit of a rollover after an initial rally and went up from there. I would characterize that as utter best Case Scenario because more damage was done i dont think necessarily we can be smoothed by the Federal Reserve chairman as we were back then this was the high yield bond etf. These are always linked assets, but just look at how tight the leadersh relationship has been. What this means is the Credit Outlook is sensitive to the duration of any economic shutdown were in right now. And that seems to be what whether theres a lead or a lag, doesnt really hmatter which one credit erosion, default rates, that part of the implication is what were going through now is very much an acute interest to the bond market. The corporate debt market. I would say, lots of issuance of cor corporate debt mike, where is the consensus right now on how long this economic pain is going to last and whether investors can see over to the other side feels like until we have any sort of clarity or mass testing in the United States or antibody testing, its really hard to figure out that question of a bottom without knowing whats going to happen to this country. Right the consensus is confusion is the way i would characterize it right now. I dont think anybody has a very High Conviction guess about what that duration looks like i think really the argument is what is the market already priced in in terms of a length of a shutdown and you know, i think its tough to be precise about that as well but i would suggest that were now talking about three quarters of shutdown u. That is not price d in, but something more modest than that. Maybe were in the zone, especially if you look at hardest hit sectors just getting obliterated. Energy, retail, travel and the rest thanks for that weve got 49 minutes left. We are down 2 right on 2 on the s p 500 as we stand for the week that means down 2. 5 we have been getting some relief for Small Businesses weve been see iing that roll o today. And we will discuss how its been processing with the consumer bankers soassociation ceo, rich hunt thats coming up there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Walmart under some pressure. Breaking news on that name courtn courtney yes so the headlines crossing here from the here from the wus journal looks as if they were able to get some documents and walmart sales in stores are up 20 over the last four weeks while walmart. Com orders appear to be up over 30 from the past eight weeks. This is according to a report from the wall street journal and while 30 sounds like a lot for walmart. Com, i went back and looked and some of the quarterly numbers theyve put up here in the u. S. Here for Net Sales Growth have been significantly above 30 in the most recent quarter, up 35 . No doubt the in store sales up 20 . Very significant as walmart is a key essential retailer now starting today, Small Businesses can apply for up to 350 billion in loans available through the Economic Relief package from congress. Many of the big banks have delayed accepting those applications citing late guidance from the Treasury Department but bank of america as of this morning and jpmorgan as of this afternoon are up and running with bank of america saying theyve received 60,000 applications totalling 6 billion. Thats as of last hour bank of americas Ceo Brian Moynihan weighed in on cnbc earlier this morning its a testimony to the speed at which we can move and so speed is of the essence here for these types of Small Businesses. Ppe is meant to keep their payroll consistent going against some of the discussion you were swr just having on jobs and other impacts in the economy which we expect to see in april the money will start to go out the door once the applications are processed over the next short period of time joining us now is richard hunt, consumer bankers president and ceo. Very good afternoon to you thanks so much for joining us. I guess ive been speakinging to lot of the banks this week and i know its been a monumental tas b k to get this program up and running. Some are running, some are not whos to blame for the fact were not fully up and running as of this morning, which was the original target, wh it was too optimistic or not . Yeah, look. Heres what i do now every hour, its Getting Better. We have more banks online. We expect ooen more money out the door sometimes this afternoon this is a huge effort by the banks. Banks worked overnight until about 6 30 last night, they worked overnight to put all the compliance or regulations in place. And also the compliance. Im very proud of what the banks have done so far i think this gets better next week where were going to process hundreds of thousands of loans. That number you just quoted from bank of america, 60,000 loan applications since 9 00 a. M. The amount of loans the sba processed all of last year so were going to do about 2 million loans in two weeks i know. The numbers are astonishing, rich as you said, the banks didnt get the final guidance until last night, so its very difficult to expect all of them to have been ready and up and running. But how unfair is this potentially on certain Small Businesses that may have needed the money today and were expecting it today, particularly an extra factor that this is a first come first serve basis program and its quite plausible the 350 billion could run out and some could be excluded by virtue of who happens to be their banker yes we are encourage eing existin t customeringing to go to the bank where you have an existing business first because we can get them through the pipeline faster so we can get to people who are newer customers to the bank. High, high buying, two to three million applications were working night and day to make sure all Small Businesses who need assistance do receive it we dont think were going to run out of money the treasury has done computations about how much payroll is needed. And if we do run out of money, i am sure congress when they return on april 20th or sometime in that area, will replenish the funds. It is our effort to move heaven and earth to protect the Small Businessmen and women who are the backbone of our economy. Those who are not participating in this program and if so, why do they have legal risks here that they take on or any kind of other financial risk that might make it unattractive for the banks . Yeah, sure. So the vast majority of banks are participating if they are a sba certified lender first off were asking all 2,000 banks to participate since its such a a high volume to do it for those not participating, they may have liquidity problems dont know, but were going to do everything we can from the cba standpoint to make sure Small Businesses can get it. Were asking for a little bit of patience again not even 24 hours into this process. We have more loans already in the pipeline than were made all of last year, were going from 20 billion in distribution to 350 billion. Every Small Business understands when you expand your group, its going to take some time to get through the process. I want to end on a very big, broad question, which may be on fair on certain individual banks, but i think its broadly fair on industry as a whole to say last time around, 08, 09, the Banking Industry was bailed out. Is it fair to expect the banks this time around, regardless of whats happened in the 12 years in between, to go above and beyond and potentially take some losses expensive costs to make sure the economy keeps going. Not only sure were going to this is our time to help out the consumer who have been with us for decades. Were going to do the right thing. We are reaching out to Small Businesses everywhere. Were not waiting for them to call us. Were calling them we want to lead in this recovery we understand people are both fiphysically and po associate press well so this is an opportunity for the Banking Industry small, regional, large even Credit Unions to lead the way back in this economy richard, thanks for joining us thank you kate rogers has been speaking to Small Business owners all day, all week, about their experience with the loan program. She joins us now with the loan program. What are you hearing well as this program gets underway, Small Business owners are anxiously waiting aupdates from their lenders we spoke with the ceo of omg accessories. Shes cut her staff from 20 employees down to 50 as customers cancel orders of her signature unicorn backpacks. Im hoping these loans are going to give us the necessary funds to bring back all of our staff and have everything functioning the way it did before all this happened many of the Business Owners e weve spoken to are in the same boat theyve prepped these applications theyre anxiously awaiting any word f