About 2. 4 you are looking at additional declines the dow has improved we were down about 443 now we are indicated down about 366. S p futures indicated down about 32 all major averages saw declines but the dow was the biggest. S p off by 1. 8 . Nasdaq down by just 1 yesterday. A lot of it as we watched oil prices under pressure. Lets check thetreasury market 10year yielding below 0. 6 at 0. 0. 58 . Oil prices yesterday, nobody has ever seen anything like this no. Lead story went to minus 37. 63 a barrel. No place to put it people would like to store it. More people watching june switch over june is not much better obviously. No. I was shocked how much pressure that is under too. Big gain of 80 . Futures, strange things happen not everybody Takes Delivery reflecting the lack of capacity. I think peak oil might have been maybe not a real thing going back we are a wash in oil. Understanding all of the oil not being used crude delivery closed at 18. 27 and went to minus 37. 63 means sellers must pay buyers to take a barrel off their hands. Anyone think about european Interest Rates i dont know these things arent supposed to go negative. The may contract gaining ground now much more negative than yesterday. The 37 i can deal with but 16 on june the supply demand dynamics are out of whack traders thinking this is like hot potato you look a little further out and it is slightly more optimistic watching what just happened and how that played out yesterday, anybody that was holding that paper thinking they were going to trade the paper before the june contract came in, that puts on a lot of pressure you dont want to get caught with the hot potato. Before i get to you, did you get anything about x clear did you get that wire yesterday . I did i saw and thought you are so far ahead. So it kills 90 viruss if corona starts in your nasal passage. This stuff is already available, right . You just spray it it is a mixture. Ive been using it a very long time it is a mix of saline spray and xyletol that makes it harder for bacteria to stick to things. People spray it up their nose, including myself i had sinus surgery last year. The third compound, the combination makes it difficult for the virus to live inside your system. If we are just using hydroxychloroquine for the hell of it, we should use x clear are you trying to get your hands on in bulk the study was a small study we dont know. It is early days we digress. I thought of it. The x clear is the same stuff. I am a xlear fan. I dont want people are going to go out and buy that and think it will save them it is xlear mixed with a third compound anyway, cocacola is just out. We want to tell people about that adjusted profit coming in at 51 cents, 7 cents above many other companies have done coke is withdrawing fullyear guidance around uncertainties of covid19 the change in consumer patterns will have a material effect on Third Quarter results. Becky . Ill let you know a lot of commentary they are talking about. They say they were on track to achieve the full year 2020 targets through february but then they saw significant changes in purchasing patterns in march no surprise on that. They saw substantial declines in the away from home channels. Thinking about restaurants, bars, stadiums thats where they saw the impact they say that will have an impact on Second Quarter results. They said the impact to Second Quarter will be material but they are optimistic about the second half of 2020. All of that coming from the away from home channel. That represents about half of the companys revenue. Thats why it is so substantial. You may have thought people were hording this thats not what they are talking about. This is the away from home demand because venues shut down. Interesting that they are saying directly that they are optimistic about the second half hard to say how they can necessarily say that one way or another. Im not sure any of us know what the second half looks like in terms of going to stadiums, live events they are saying georgia will open up faster than just about anywhere else. George yaia is. That will be a unique experiment we also saw that signatungapore increased their lockdown to june 6. Two unique experiments going on in terms of how to approach all of this. Getting tod. C. Now news out of washington, President Trump tweeting he will suspend immigration due to the coronavirus. Eamon has the latest good morning. The white house not offering any details on exactly how or when this would be rolled out by the president. Here is the tweet he referenced that came in late last night the president saying, in light of the attack from the invisible enemy, which is what he calls the coronavirus and the need to protect the american jobs for u. S. Citizens, i will sign an order to temporarily suspend immigration in the United States the president talking about legal immigration. Hes made a lot about illegal immigration. This would be a stop on all immigration coming into the United States. It is not really about the virus itself if you take a look at this chart that shows the top five countries that are sources of immigration and the total covid19 cases in those countries. The United States has hundreds of thousands of cases already. Mexico with just over 8,000, india with 18,000, philippines, 6,500, china 80 you t,000 and ia not a lot in these countries the jobs aspect seems to be where the president is going and clearly thinking of an economic recovery after covid19 has peaked here. There are 20 million americans out of work. That seems to be what is weighing on the president s mind here we have yet to get details on how this will roll out we are hoping see an extension of that ppp program, the Small BusinessLending Program to keep Small Businesses employed. They are hoping that will happen on thursday. Getting additional funding to that program that ran so quickly. One question. There has been speculation on the democratic side that there has been pressure and a bigger push more transparency around getting these loans. Is that going to change, do you think the Second Time Around im not sure if it is going to change this time around whether it will be put into law in this process. I did talk to marco rubios Office Yesterday rubio has been a big proponent of this. He wants to see all the data his office dont have a full data base of where all these loans went and who got all the money. They say the Small Business administration doesnt even have that data yet. That was done by the banks so rubio wants sba to get that and congress to see it ultimately, they would like that information to be made public. They can be aware of where all that Tax Information is going. There is a big effort to get transparency around this program. Okay. Eamon, in washington great to see you as always we want to bring you an update cases in the United States have risen to 788,000 with a death toll of 42,000 new york state cases have topped 253,000 with more than 18,000 deaths we said it yesterday equal to 9 11 and all our troops every day. The number of new cases has exceeded 1,000 in 24 hours they are extending their partal lockdown there well keep an eye on that country for so long was praised for its approach to this pandemic and challenge the other big issue in singapore is to see an increase right now is a problem not only have they had tight restrictions and a lot of testing and called the Gold Standard it is summer time and it is hot there. Getting relief from this as it gets warmer is part of the question we have watched and wondered about what that might mean here. Another story this morning with the turmoil in the crude market, we are taking a closer look at oil companies. A few weeks ago, we talked about exxon and plans. Caller we have over the decade put a lot of priority on maintaining a strong balance street and realize that this industry has its ups and downs over the longer term, to maintain that, youve got to have projects and invest that is key. A lot of our share hoerlds are retail share holders, people that depend on that. Weve been committed to maintaining that and using the Balance Sheet to support it. Primarily, that is to support investments in these projects. That was two weeks ago that he was saying at that point the dividend was important they have raised the dividend for 38 years in a row. And said if things change, theyll continue to monitor the condition. I spoke to someone at the company who said they will continue to monitor. If you want to say things got weird, nothing stranger than with that may contract with things trading down negative 37. Meaning you had to pay someone to take that oil off your hand normally, someone would decide what is ahead of the dividend. There on schedule to release earnings coming out. Company has increased its dividend 38 years in a row they know a lot of companies count on that. They say they have additional leverage they can use. The cap ex is what they were going at cutting back to 22 billion. A shot of the shutin in the perm yan basis is what they were talking about. That will cut into the production this year byabout 15,000 barrels a day but by next year, it will be about a cut of 150,000 a day in the permian a base inn because of those cuts indicated a little lower this morning along with the rest of the market when we come back, well have more on that historic move weve been watching into negative territory with crude prices. Looking at j. M. Smucker citing unprecedented demand. Welcome back we are again watching that historic crash in crude oil. The may futures contract dove into negative territory, meaning you had to pay someone to take oil from you never happened in history. Not during depression or civil war. Lets bring in Brian Sullivan and john who is a cnbc contributor. Brian, well start with you. What happened yesterday . I guess the best way i can say it, becky. You buy something on amazon. Com for 30, the guy shows up at your door to deliver it, you pay him 50 to ptake it back not a perfect analogy but close. We had a small number of contracts with negative tich pricing. That may Contract Trading for some time. The reality is if there is no place to put oil and the contract requires you to take physically delivery, you are going to pay whatever it is to get out of that contract could be other aspects to it seeing funds get into deep doodoo we still dont know. But what an historic day john, we know this happened because Worldwide Oil demand shut down as countries shut down due to coronavirus we have heard from opec plus nations saying they are going to cut by 10 of supply we have heard american producers like exxon and chevron are cutting back we heard it from canada yesterday. When does the actual continued production meet up with the lower demand or does demand pick up first i can tell you here in the u. S. The cut backs are real and significant. You could argue that the u. S. Has already cut 700,000 barrels. We were at 13. 1 a few weeks ago, we are at 12. 4 recently. I would expect further decline the u. S. Rate cap down over 50 since july it has been a meteoric fall in terms of that setup. The opec plus cut, there seems to be a complete lack of enthusiasm among folks to actually cut saudis are waiting to may 1. Others rose production by about 1 i dont know what they are doing. I know sully was talking about the crude oil coming our way courtesy of saudi arabia trying to put the final daggar in the heart of our guys in the permian, thats all i can think of you just cant cut enough in this environment to offset that loss brian, i saw you talking about the tankers on their way here too maybe you can explain. With weve got so much here, why are we still accepting it from other places is it just refineries that need different types of crude there is that there are contracts. Remember saudi arabia owns most of the refineries in texas youve got a situation where it could be less expensive to take delivery on the gulf coast where you need it rather than trying to get it from, say, oklahoma, down to houston would would hic easy if the pipelines are full, you have to take it by sea it is a question of where that is if viewers missed that segment there is according to marine and tanker traffic, 50 mill your honor, 50 Million Barrels of oil coming from saudi arabia, most around africa, a few weeks out. Think about it we talk about filling up at 75 Million Barrels of space this armada of oil on its way here is more than half of the spr. Thats not what well use it for, im just trying to put it in context the president did bring up this idea yesterday. Im sorry, becky . The president did bring up the idea yesterday using this time to fill up the Strategic Reserves it seems like a good idea if they are paying us to take it at this point absolutely. We should look for other places. China is doing the very thing right now. It is the thing to do. Buy super low and keep it until we need it my fear is that as our u. S. Producers have to trench because of the commercial aspect, we could be behind the eight ball before you know it in maybe a year or so where saudis have the upper hand they wont be sending us 50 Million Barrels. Theyll be withholding it. Just when consumers wont be able to handle it and have a higher pump price. It is a dangerous game right now, if you ask me we have to stop taking it out of the ground, becky i dont want to see anybody lose their jobs what time is it . 6 25 the stupidity of what is going on im sorry to be so harsh about it paying to take it out of the ground, take it from us and put it back in the ground. We are paying three times for the same barrel of oil to take it out, move it around and put it back in the ground somewhere. You get the point, it is just dump we need to stop the production so the industry can survive. John, to that point the idea that some of these companies will not be able to survive this weve talked about how it was really easy to turn back on production and shut it off every time they went down. Have we reached the lower limits of that . Because of companies underlying that went out of business . Im not talking the Big Companies that have diversification and lots of cash to access. How big of a problem is that with the oil bust, it was a lost decade for u. S. Oil producers. It is what got us in hot water and triple digit oil in 2010s and many years after that. What is going to happen here is that these independents will go out of business. The Big Companies will pick them up well have a lot more discipline maybe that will be a lot more stable as far as the wild caters and aggressive producers, those days are over good to see both of you thank you for your time this morning. Thank you andrew . Coming up, a lot more on squawk box when we look at todays huge lineup we have coming up. We covered from every angel with special market coverage. We cant afford to miss it some images of the Pandemic Impact from yesterday across america. Isnt just a department. Its a voice on the other end of the phone. A note to say youre on our mind. A willingness to come to you. The world and how we interact with each other is changing. But that will never change who we are at lexus. Now, more than ever, you and your needs come first. Find out what Service Options are available in your area at lexus. Com people first our time now for the executive edge, ibm shares falling down 4. 5 . The Company Reported a mixed quarter with earnings being lower. Revenue did miss revenue withdraw 2020 guidance the new ceo told jim last night on mad money. Demonstrating the highvalue segments we begin with a strong Balance Sheet and add cash float resulting in good liquidity which is lou us to weather the storm really well. Something we should be proud of. Saying 70 of the revenue relatively impacted by the Pandemic Impacting health care and telecom. Coming up, futures pointing to another day of losses. Adding yesterday and today together, the whole remdesivir 700point gain on friday later, shark tanks kevin o heary with us. Stdas p 0 ggt break, a look at yeerys 50bies winners and losers these days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. To go beyond ordinary etfs. And strengthen client confidence in you. Before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Morning. Welcome back here. Lets show you u. S. Equity futures. The dow looks like it would open down about 1. 9 . Looking at the s p down 1. 5 the nasdaq off a little under 1 right now. Volatility still evident in all the markets. Now. Like so many professionals, gabriella, you are just at a loss of what to do unless we get some i dont know clarification on medical issues. I see thats what you are saying here maybe buy good stocks and have strong Balance Sheets but at this point, dont take on a lot of risks is that what you are saying . We have to realize all of the past couple of months has been driven by the Health Care Issue, by covid19 and the shocks it causing around the world that is not over the next year or so is still going to be driven by the Health Care Issue we speak to our clients about how the flattening of the curve is a good thing. It works that is a good thing to so it is not the end of the story this new chapter around reopenening, which will be complicated. We dont have immunity we dont have treatment or a vaccine. We stil