Transcripts For CNBC Power Lunch 20240713

They keep opec happy there are now more than 368,000 confirmed coronavirus cases in the United States. This is according to Johns Hopkins. How they tracking the virus and if peak in new cases is near lets send oifrt to kelly. I always feel better when i see you in that lovely set up there. Thank you bob is tracking the market moves for us bob, lets start with you. Were coming off the highs here. A few sectors are participating. Its good to see the banks up again. Its good to see the Energy Stocks up as well. Its good to see retail up as well tech curiously is lagging here apple is doing nothing today the consumer names not doing too much the kroger, general mills. These had big rally or they out performs in a down week overall theres some big movers that people are saying. Look at kohls up 28 . These stocks have been cut in half kohls was 5 45 a month ago an now its 17 carnival was up big two or three times more than it was right now. Simon property, kimco. All of these stocks have been cut by 50 be careful why kai call these exhaustion rallies if you dont understand where its going and where its been, youre not going to understand whats going on. I want to note the vix here. We have moved 230 points on the s p 500 in the last couple of days the vix is only down four points it was 48 at the close on friday what this is telling me is that while we have had a nice rally, traders are still very cautious. The vix is weighed more toward put buying than call buying. This tells me theres still a lot of concerns about moving lower after this big rally back to you. We appreciate it. Yields are surging today lets head over to rick for that action we can learn a lot by yields. Two year yields are up one and ten year yields are up eight its what we call bear steepening bear refers to the prices. You get it in the steep curve. Thats a good thing and if you open the chart up to march first, you can see its messy but its a bottom forming in tenyear note yields they have been jumping their yields are up 6 out of 7 sessions here is all 7 sessions were up to a minus 30 basis points finally two day on the dollar index, its a risk on day basis the dollar is going down sometimes dollar going down is a good thing tyler, back to you thank you very much stocks are on pace to post their highest close in a full month. Investors are getting the all clear is more volatility ahead lets bring in managing partner and director of research for ironsides macro economics. Gentlemen, its great to see both of you. Let me begin with you. This has the telltale offense relief rally, nothing more than that tell me what a relief rally is and whether you think is a relief rally were seeing a bit of a relief that was really quick. The news probably doesnt equate to the damage we have done lets try to catch a bounce here we have seen a significant bounce we see this all the time in bear markets. Going back to the last ten bear markets we have seen significant tops in middle were going through that right now. Does that mean the middle of the range is where we can spend some time, can we turn around this level for a period of time as we try to digest this tsunami of bad news were about the get i feel comfortable saying thats the case everybody we talk to need to convince those lows to we put a bottom in. Do we agree this we probably need to retest the march 23rd lows, my wifes birthday, by the way. Once we do that, what happens next what does this look like when we get on the other side both of that retest of the lows if you think thats going to happen and when we get on the other side of what governor cuome keeps calling the apex of case growth . As art was talking and describing what consensus was and how most people think youll get retest of the low, i was thinking im out of consensus then i would describe as similar to the 1958 we session when we had a down 10 gdp quarter in middle of the asian flu or the 1980 recession when we had it down because carter put credit controls it was another mandated recession, if you will i think it will be done by june. If you think about when the market bottoms relative to the end of recessions, march 23rd was exactly the right time frame. Further more the magnitude of the decline was greater than any postwar recession except for 3 7375 last two that came about because of the Opec Oil Embargo that left a decade mark long on the economy. I dont believe this will be the case im not going to fall into the trap of telling you that people are getting back on airports i think the economy will go through some significant transformations. I think the recession will be all but done through the second quarter. That will make it the shortest postwar recession i think the low is in. Kind of getting close to that. Lbd approximate you mu gentlemen, well see you soon as the coronavirus pandemic reaches havoc on the u. S. , people are growing more posse ie pessimist pessimistic. Kayla. Reporter while businesses shuddered and the coronavirus claimed,000 sa thousands of liv, Economic Optimism deteriorates significantly. The poll surveyed 2500 voters in six swing states more than half of respondents said they were worried about their personal finances and 41 said they are financially unprepared for the toll of the virus and not optimistic about the job market anymore 60 review the job market as poor or not good thats up 20 points from just a few weeks ago. While the level of concern varies from state to state, 65 of voters overall ploobelieve t u. S. Economy is in a recession voters in florida and pennsylvania fear it could be worse than 2008. Despite those fears, voters do not want to risk their health to restore business as usual. An overwhelming 91 of resp respondents support social distancing and 82 say their Family Safety is more important than the economy if the length of the slowdown goes into the fall, it could have growing implications for what happens in november Lpl Financial says seven time a president has run for reelection in a recession, five of those time, the incumbent has been defeated. Kelly and tyler. Thats what makes me think about the discussion we were just having, the market discussion where the views are pretty split between its going to be are retest of the bottoms and maybe its already behind us e guess on that count the administration will probably. Reporter administration will, congress will and democrat vs been support ifr of a lot of the measures coming out of the administration while democrats on the Campaign Trial have not been able to harness the economic messaging to speak directly to that voter you have Morgan Stanley strategists and the raytheon ceo saying this downturn could last for two years. Whether they blame the coronavirus or in some cases blame the white house. Thanks. I just want to draw your attention to the action in oil after opening the die hire, its reversed lower and pretty hard as we near the close were down more than 5 . That chart is pretty dramatic. You can see it falling off the ledge. Thats having an impact on overall market thanks very much. Coming up, stocks are jumping for the second day in a row though not jumping quite as high as they did earlier in the section. Off the highs its materials and energy, financials, those are still your leaders well tell you the key levels traders are watching as we head into the close as confirmed cases in the u. S. Continue to climb,iecounft johns hop wins will join us at t has connected us every day for over 100 years. And were here for you especially now, doing Everything Possible 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. We have some more breaking news out of washington the president is taking some steps to remove the Inspector General who was set to be part of the Oversight Effort of this vast new federal spending efforts, federal stimulus effort glen fine will be removed from that position because the president will swap him out as the pentagon Inspector General what this means is hes not going to be on the Pandemic Response Accountability Committee which will oversee all these Pandemic Response funds that are being released by the federal government theres a huge Oversight Task ahead here this is one of the key fights between democrats and the white house in passing the phase three stimulus bill. Democrats wanted a vigorous oversight component. In this case the president will be replacing fine with another individual there will be oversight. The president will have the Selection Authority here to select the person who will be conducting that oversight. You can imagine that will be greeted with some frustration up on capitol hill. It appears to be all within the president s rights back over to you do we have any idea who that successor Inspector General will be we do were just working through all this right now the president is replacing fine from the post that he was in he was the acting pentagon watchdog but now the president are naming the epa Inspector General to serve as the temporary pentagon watchdog. That swaps out the personnel who will are here. All right thank you very much. Kelly. Thanks as the number of coronavirus cases in the u. S. Continues to climb, Governor Andrew Cuomo reiterating that testing is the most powerful weapon to combat the virus. How do you start the economy back up . How do you start getting back to work as quickly as possible . Its going to come down to testing. Youre going to have to know who had the virus. Who resolved the virus, who never had it and thats going to be testing meg is here with more on how the states are battling the virus. Meg. Hi, kelly we heard so much about the limitations and the testing using the viral testin ining ju figure out if you have the virus. Cities and states are trying to figure out next step thats Antibody Testing. New york ze sasaid they develop their own Antibody Testing santa clara, california doing a huge Antibody Test of more than 3,000 people over the weekend. In north dakota they are not doing Antibody Testing but testing asymptomatic people. Colorado trying to test everybody in one county. Ohio offering random test. Miami dade doing Antibody Testing in the blood of 750 people for week. Massachusetts is doing something really interesting state Health Department and other groups there including partners in health, are hiring 1,000 people to do Contact Tracing. Essentially, figuring out everybody who has been diagnosed with covid19 in the state and hiring these folks to call of those people and call their contacts this is Public Health 101. Its the kind of thing that p Public Health experts say we need to think about coming up. This is the Surveillance System that needs to be in place. This was published today talking about setting up this system for when the case load comes down, these are the kinds of things fwheed s we need to n place to get ahold of the virus so it doesnt come back in a major way. Tracking is just one of the key strategies to combatting this virus and theprotection o health care workers. Johns hopkins has been a leading source for monitoring casing around the world welcome. Good to see you, sir i have to say that Johns Hopkins dashboard, which confines and tracks the cases in realtime congratulations for that after a slow start, how is the United States doing on testing as Governor Cuomo said we have a long way to go to get us where we need to be to tackle this virus we certainly made Great Strides within the last month. Let me ask you a couple of questions. Testing is the best way we can find out who has the disease at any given moment is that capturing all the people who have it. How many might have the disease who arent being tested because they choose not to be or cant get there to get it done our Biggest Issue the lack of testing opportunities. I think if we had more testing available, people would take advantage of it. I think that would be helpful pch i think thats the major issue for us is to really expand access to Rapid Testing. Getting the results turned around much more quickly so we can identify people at risk and do the Contact Trace that you just heard described as being proposed in massachusetts as well as in our own state and maryland the governor announced the launch of a Public Health strike force to help us with Contact Tracing. We just need access to the test. Do we know what the false negative rate is on these tests . We dont have a clear idea yet. There are different kinds and they all have different sienkinf sensitivities. If we can scale those up, we will get a lot more information to act on. Lets talk a bit, if you dont mind, about china. Im just i cannot believe how the number of cases fell and new cases have basically dropped, according to what numbers i see on Johns Hopkins dashboard that fallen to zero per day do you believe those numbers what happened there . I think they did an incredible job with quarantining, social distancing, Contact Tracing. The state has more power to implement some of these steps. They were much more aggressive in their Contact Tracing and testing than we have been today. I think we are making steps in that direction as you heard from massachusetts and elsewhere. Thats next step we have to really move not only to continue our distance measures but also do Contact Tracing an testing to really allow us to move the committecon get back to work theres a question of when will we get back to normal i think thats an unknowable but how will we know when the time has come, based on the testing, based on the contact follow ups that we do, that we can begin to inch back toward a different kind of normal but normal. When we start to see the race going down as we have seen in china and beginning to see in some parts of europe when we see though rates going down, the virus is not going to go away until we have a vaccine. Were also going to have the find strategies to deal with this to prevent the next wave. Thats really what the next steps are really focused on which is Rapid Testing and Contact Tracing. I think question go a long way toward inch forward in the direction youve asking about. Thank you very much we really appreciate your hard work on this kelly. Still ahead, were going to check in on the price of oil which continues to tumble this afternoon. Look at that chart we were higher to start off the session but now were down nearly 8 . Its going to close up in a couple of minutes time well have more on that. The move weighing on the broader stock market thats taken stocks well off their session highs well break down this move as we head into the oil close. The big banks are surging as executives from jpmorgan, citiand and others are attending ayitus t psintthherede st wh 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. Its got all my favorite shows turn oright there. Boom, i wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Phil for that. Phil giving the airline clearance to reduce flying schedule. United airlines will be cutting flights in and out of San Francisco and l. A. X. By 35 . Those are two crucial hubs on the west coast for United Airlines they will be going from 98 daily flights down to 63 look for other airlines to do this not just on the west coast but all of their hubs stripped down to the bare minimum now they they have gotten clearance to do so phil, thank you very much lets get over to sue now for the latest on the coronavirus. Good afternoon, every one. Just a short while ago Governor Phil Murphy of new jersey is extending new jerseys state of emergency by 30 days Public Schools will stay closed indefinitely state and county parks are also being closed we have seen far too many instances where people are gathering in groups in our parks erroneously thinking since they are outside, social distancing doesnt matter nothing could be further from the truth. Oversea, British Foreign minister giving an update on Prime Minister Boris Johnson who remains in intensive care you nits aft unit he gets emotion mallal when saying the nation is behind the Prime Minister all of our thoughts and prayers with the Prime Minister and his whole family im comforted he will pull through. If theres one thing i know about this Prime Minister, hes a fighter. Hell be back at the helm leading us through this crisis in short order we expect another update in a couple of hours uk time. Well bring you that as it warrants if you need more you can head to cnbc. Com kelly. Thanks very much disney is getting set to implement its first round of furloughs as its parks around the country remain closed. We have why its moving this move and how it compares to other media giant strategies well, kelly, disneys furloughs wont be at its theme parks but across the company a source saying the furlough will be deep and even at the movie studio and the Television Division why is disney doing such broad furloughs when the other immediate wmedia giants, at t and comcast arent. They share similar things. They are suffering and no live sports is pressuring ad rates. The theme park business was over a third of disneys revenue last year for comcast it was 5. 4 . At t doesnt have parks plus it took out another 5. 5 billion loan whi the services that are more in demand were 18 of comcast revenue and 44 of at ts and that does not include the companys business services. Back to disnedisneys furlough. Understanding the cash flow, they did accept pay cuts but they are frustrated they were hoping the pick ups would help delay furloughs and also those pay cuts are open ended. Back over to you all right thank you very much. Still ahead as coronavirus continues to hammer the u. S. Economy, global economy, the Housing Market is take a big hit. Well take a look at why its getting harder to get a mortgage now and why rates are all over the place. That is coming up. First chef tim love will join us with how his establishments are handling the shutdown whanand wt he thinks about the governments plan for Small Business. Thats next. Remember you can watch or listen to us live on the go on the cnbc app. We will be rightacwi o breaking News Coverage for them. Theyre adapting to support their communities. But many need our help. If youre a Small Business in need, or want to help a local business, go to quickbooks. Com smallbusinesshelp intuit quickbooks. Welike country, kpop, and. Smooth jazz . I cant feel my face. I dont care for smooth jazz. The World Premiere is in your home friday. Welcome back were off the highs of the session but the dow is still up 375 points we had been up more than 900 earlier today. Were hanging onto a 1. 7 gain for the blue chips 1. 4 for the s p and less than 1 for the nasdaq. We lost a big chunk of our gains because of whats happening in the oil market crude is closing up for the day and sinking in the final hour of trading. Lets bring in Bryan Sullivan for more its interesting here this drop in the last hour i dont think were going to rel know what it is. Im going to get a bit wonky right now. Hec he was saying he thinks it has something to do with role of the contract were looking at the may contract if you look at the june contract its down by half of the may contract theres thought this is an options role from may to june or it was used as a hedge against equity positions by hedge funds. That could be the technical reason that we are seeing the price of oil down the way it is. Its virtual opec meeting as welcoming up on thursday the iranian minister out on twitter this morning saying he spoke to a bunch they need to agree on what the production numbers are going to be before any cuts can be made because kelly as you know, what they are talking about is saudi arabia went from 10 to 12 in terms of output. If they cut three, mill barrels a day is what i mean are they Cutting Three off the ten or 3 off the 12 because those are very different outcomes could be a few reasons one very technical and incredibly boring but maybe the reason that oil slid in the last hour Small Business owners around the country are waiti ining on r piece of the 350 billion Payroll Protection Program its gotten off to a bit of a rocky start. Good afternoon. As of this morning the administration said 178,000 of those loans had been assigned aan sba e tran loan number how much money has made it into the hands of main street wont be made available for some time. The administration does say that more help is on the way. In the meantime Small Business owners that we have spoken to are still really in limbo. We did hear from three businesses that said their loans had been signed the sba loan numbers. One said he hopes to have funding in the next 48 hours which is very good news. Theres a drop of 8. 1 point in march. Thats the largest monthly drop in the surveys history. If conditions stay the same we expect to hear much more on the ppe program and all of this coming up later today when President Trump hold a Virtual Summit with members of the Banking Community including the ceos of visa, Goldman Sachs and bank of america. Well bring you any of those headlines as we get them back over to you thank indica my next guest has applied for one of these loans and still waiting for relief he owns 14 restaurants here to taub abolk about the che s tim love its great to have you here. Welcome. Great to be here. Thank you. Were you able to apply for a loan on friday and were you given any money yet . I applied for the Disaster Relief loan last monday which was the guaranteed 10,000 within three days. I got assigned a number but i havent heard anything from it thats been about eight days now. I just got on the applications in on monday for the ppe program. To be clear, on the first part and we heard a lot about this theres a website for Disaster Relief funds. Theres separately this ppe program for the banks. You applied for the relief fund and supposed to get the ten grand within ten days but that was over a week ago . Thats exactly right. Last monday. Its been eight days now i havent heard anything at all other than we got a confirmation number that the application was accepted theres been a lot of things you may or may not know with this ppe program its not easy to get through the application process. The banks are getting kind of misinformed. Its supposed to be done through Community Banks. At this moment they have most of the info but last night there was more guidance released while the government is saying theres a lot thats been signed, they have not received it have you going through one of the local branch of big lenders . Im going through my Community Bank a bank called origin bank. Whats the process like you mentioned a lot of paper work its a ton of paper work. For Something Like me, ive got fairly Large Organization and people to do things where as most people dont. If youre just one stop shop kind of place, it require a lot of records and a lot of going back in history and compiling all the info in order to get this loan. Its not easy and ppe is not set up for restaurants at all. You would think this is probably going to be one of the sectors with the biggest request for lending. I take your point, any time you try to fill out the paper work, its a nightmare how ma how much is your business down and how many more weeks can you keep going if money doesnt come in the door . Were down about 2. 5 million in revenue which is not easy to swallow. This is the time where people look back and go and say this is the time we have to be a great leader i gathered my whole Team Together as soon as we found this is going to be a problem right about three weeks ago and unfortunately had to let go of my hourly employees, about 384 people i gathered my whole management Team Together and we took a bit of a cut i wanted to make sure they kept their benefits that was most important to me. I paid for the managers benefit and keeping the Team Together. The way you prepare is worry about the future and not worry about the past we are feeding people who have been laid off. We do lunch and dinner for everybody that can come by my team prepares the lunch and dinner for people that have been laid off focusing on the positive things with can do in our community right now. We get to go ahead my team is ready the go. Tim, let requeask a questiont what you see on the other side do you expect your business mix will be different . Will you be doing more carry ou, take out than you had been before do you expect youll have smaller footprint, fewer table, maybe less real estate or a different kind of menu, maybe fewer options . What do you see happening when we get through it . Well, what i do believe is americans are very optimistic. Weem reporting of optimism are down we have been shellered in place for the most part. You cant be optimistic standing in the same spot all the time. I believe when business gets back and everybody says its safe and our government Officials Say its safe to operate, i do think youre right. We will probably go back out the way we came in as we pair down, we couldnt have gatherings over 5,000 couldnt have gatherings over 2 2500 well start at 50 at restaurants, 50 occupancy doesnt make us a lot of money gets us operating. We want to move back quickly to over 100 occupancy. That will entail making adjustments. I think the carry out will become a bigger portion of everybodys business because they have converted to that. They have modelled themselves to that we do a Home Delivery service that is doing Good Business and thats whats funding my Community Program now. Well keep a lot of those thing going while trying to ramp the business back up people need foig out how to get the loans and the grants the government gives you prepare for the optimism because its coming. Tim, thanks so much tim, thanks thank you good luck to you. Its not just concerts and sporting events that have been slammed because of coronavirus pandemic the art worlds big spring selling week has also been called off well talk to the president of gallery heavy weight about the impact on the art world. Thats next. Take a look at the markets we are losing steam up just a percent for the dow and less than a percent for the s p 500 well be back. You should be mad they gave this guy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Welcome back, everybody. The coronavirus closing not just restaurants and theaters its also shutting down one of the art worlds biggest weeks of the year robert frank has that story. Hi, robert its often the biggest week of the year. The art auction houses do between 1 to 2 billion in sales. Now they are scrambling to reschedule or move a lot online. They hoped to hold the may sales maybe in late june thats looking less and less likely by the day. Some of the work that was expected to sell there like this Francis Bacon they estimated at 60 million, that could move to another sale or the fall auctions in november without live auction, the auction houses are turning on the line bidding and private sales. Thats when they pair the buyers and sellers outside of an auction. They racked up a billion dollars in prooivate sales last year. It just sold one piece for 20 million with help from just digital images our auction rooms have traditionally operated as a kind of Trading Floor as with Trading Floors, we have seen those move onto digital platforms. Sotherbys held 14 online auctions in march totaling 26 billion in sales they are expanding the sales of more accessible segments like wine, jewelry and hand bags. Showing we could all use a drunk, they sold a 1990 bottle of petris for 28,000 online back over the you. All right stay with us as we bring in our next guest for more on the art world, lets bring in andrew fabrican andrew, welcome. Glad to have you with us forgive me for not knowing your business mix between public auction types of sales and the private sales. Can you compensate or can the art world compensate for the loss of auction revenue by doing more online or private sales how much can they recapture that way . Every one is trying the same method of trying to reinvent the business its a situation where you really need to drill down, put forth the best work. The artist represent have a great stable of over 80 artists worldwide. They dont stop creating and still need a platform by which to put their work out in front of public. This is New Territory for everybody because the art world has been about proximity and experience that is now completely not the case one needs to adapt and pivot and every one seems to be doing it in way where they are trying to find New Territory, make sales and keep the transactional rhythm going its a challenge it surprises me thatandrew, a people seem willing to buy very expensive pieces of art online without ever actually experiencing the art in person is that really whats happening, and is that because some of the artists whose works are on sale, those works are wellknown, the artist is wellknown, they have in effect a brand that gives a buyer the confidence that they can buy online thats the twofold question because, one, you have a group of artists who are wellknown and perhaps very familiar to a large audience, working artists today. You also have on the other side artists who are blue chip, mainly those who are deceased such as a mark rothco or jackson pollock, so you have a familiarity on both of these edges of the spectrum. You have an audience whos familiar with a lot of the younger artists that are working today and certainly collectors who are familiar with blue chip art. With exhibitions, with publications, with ul all of th information youve seen in the vortex of the art world in the last ten years, theres a grel of familiarity with the objects and the artist who is make them and have made them, but more so in my business, a large worldwide staff, theres a level of trust between a lot of our clients and a lot of our directors and salespeople because weve had 20, 30 Years Experience dealing with collectors so they understand what we see, they understand that the relationship is based upon a level of trust and sort of a leap of faith thats how business gets done. Its sort of its a different method, but its the same ideology with dealer and eventual user client to meet andrew, thank you so much for your insights today. We appreciate it robert, thank you. Sorry we werent able to bring you back into the conversation just there we appreciate your time always stocks are losing steam bigs up, the s p the same, the nasdaq the laggard. We will have more right after the break. Plus the numbers out of the mortgage industry. They just keep getting worse and worse. We will have the latest forbearance information and why its going to get even harder to get a mortgage th ineats xt welcome back to power lunch of. Mortgage fore barrens requests surged 2,000 . It jumped over 1,200 in the first weeks of march and by nearly 2,000 in the last week according to new numbers from the Mortgage Bankers association. So what does that mean in actual number of callers . For the week of march 23rd through the 29th, close to 21,000 borrowers asked their lenders for forebearan krshca lenders must dwrant to anyone who asks the data covered a little less than half the market, so double it for the total numbers thats already about 2 million borrowers. Mortgage servicers still have to pay bondholders and have been begging treasury and the fed for cash last week the regulator pictured lower numbers claiming that was why servicers didnt need a bailout yet. Yet being the operative word, diana. Thanks lets talk more about these markets. Were way off the session highs with the dow zbgiving up all it gains. A lot of this goes back to the oil close. Lets talk to our next guest about this steve grasso is here owner of two british blues real quickly on the action this afternoon, is it all the Oil Price Drop yeah, i think it is if you look at it, the u. S. Oil etf starts to roll off the front month, so it gets a little wonky in this, but think about two things, kelly. We had an incredible move to digest, so holding the 2,650 level in the s p is an extreme win for the overall indices. I think were heading to 2,800, but oil throwing a little bit of a Monkey Wrench into the ointment today to mix metaphors. Sure. There are a couple levels you would be watching. Were showing a chart that has the alltime high and the recent low. You said holding 2,650 was an extreme win. What else does this tell you if we start to hold that 2,650 level it means that people are sort of offsides because everyone was hoping the bears were hoping we would retres the lows i dont think so if we can keep the positive new news gloflow going. Last week i thought we would retest the lows because you had nothing but escalating deaths, escalating infection rates if we manage to start curtailing it and hearing at the press conferences that things are getting better, it lk rewill be really hard to short this market until we all start to restart the economy. What i mean by that is you dont flip a switch. Sure. Final thing, steve yes, of course, the plunge in oil is connected to the pandemic and the markets but oil, because its a cash market, might keep plunging can the s p decouple from that it can decouple from that and today i think youre seeing a wlit bit of the innards going on with the oil patch where you start to see this etf which controls about 20 of the oil market is rolling off the front month, and that has to be done by april 13th so a little bit inside the huddle so i wouldnt worry too much about the oil selloff on a oneday event that youre seeing today. Very good steve, thanks. Its good to see you good to see you steve grass sxwo. Tooiler . Well, kelly, another wild day in the markets as you see the nasdaq mooufrgving a little lows oil plunges in the last hour that apparently is why stocks lost some of that early game of more than 900 points these days certainly feel a lot different, and i suppose a lot better than two weeks ago, where we were just all over the place. Yeah. A lot of people are talking about the kind of mechanics of the oil price, tyler, but again, its important to point out these are cash levels that have to tell people how much to produce and how much to sort any given moment its not the futures market. But it will take some time thursdays opec video meeting or not, figuring out what the right level should be for that commodity. We hit on a story that i think will be a growing one in the next few weeks, tim love talking about his frustration in getting through to and getting processi ining done for his jak peacock loans and so forth that lk a xwwill be a big storyl as the unemployment claims kelly, well welcome you back tomorrow see you there the closing bell starts now. Welcome to the closing bell. Stocks had surged at the start but have faded throughout the day. Were more than 20 above the march lows, currently, though, just up half a percent for the s p. Lets have a look at whats drivering the action coronavirus cases appear to be nearing a plateau in new york state, the