370 but did end the day lower. It was the first down day we have seen in five trading sessions well watch what happens today we have a fed meeting coming up. That will be the pla is to watch as we hear from the fomc later today. The 10year just below. 6 a month. This has been the best month for the dow in 18 years because we are coming off of march because that was the worst year for the dow in 22 years. You see these huge swings first down and then up what we are watching in the equity markets the one thing about 10 crude, every dollar it goes up, we could go back to 30 every day. Lets use the dollar every day that might not happen. Equities do seem to do better. Thats a lot of room to go. Maybe. But sooner or later, thats not good either. The move came after data from the American Petroleum institute. Showing that crude jumped. That was 600,000 barrels less than expected. We saw some wild swings yesterday all around these low levels 10, 11 14 today, as you can see market stocks gave back a lot of gains despite seeing positive news from pfizer about an emergency use of a vaccine by as early as fall and others rushing to do that not adown day where the vix spikes that is low and been stable. Andrew, you bring us this news this is depressing every day but it is your read. Every day, we bring you the latest numbers on the pandemic the number of coronavirus cases worldwide at 3. 1 million cases with 1 million in the United States the death toll in tops 50,000. Overnight in china, the government announced it would hold the annual National Peoples congress on may 22. Two months later than originally planned. The meeting usually lasts 10 days it puts a lot of people together in one space when you start to think about social distancing and time lines for our country, maybe we add two months and maybe well get there. Becky. Lets cross our fingers for that President Trump has declared Meat Processing plants Critical Infrastructure and will require them to remain open in an effort to stave off looming shortages of products because of the coronavirus outbreaks at Meat Processing plants. Aiming to give liability protension for keeping workers in the factories it is taking steps to improve safety it has no plans to compel workers to go to work if they are uncomfortable with their Work Environment about 20 to 25 of pork processing is shut down this week about 10 for beef tyson talked about it how they thought you would start to see shortages. I will tell you at the beginning of this, when we were at the Grocery Store trying to get things, there were shortages of meat at that point i remember seeing things when you start to hear more about this, you wonder how that starts to ripple out across the country. That was not yesterday. At least where i was there was more than there has been recently. I had some times you are looking for boneless thin chicken breast other times you are looking for split breast with the skin Everything Everything was there have you been to the store, sorkin we were there yesterday the reason we went in part was because this is what i worry about. I imagine, there are a lot of families like ours who read the news who say, my goodness, do we need provisions for the next several weeks or two and you load up on meat. We happened to go to a fresh market that was bringing in meat separately we stopped at the super market there were a lot of people hauling out with meat. You worry about the runoff of this stuff thats my nervousness. Hopefully, if they can keep these things open and do it safely, we can keep the supply chain running. I have a lot of data points for this i have waited for quite a while with six feet between me and a shopping cart with 30 or 40 people ahead of me i have gone other times where i dont have any problem i havent been in a store in a while. I still have deliveries that are coming brian was talking about it. He had a super market gentleman on earlier and made the point that i do kind of have it down i hope it is working i feel this false sense. Ive got the n95, gloves and a hat, purrell in the car. The last time i went, i did the same routine but it has been a while. The people are fantastic as we pointed out the plexy glass and to get to a cashier, there are people moving you along but keeping you six to eight feet away. No one can go into the checkout lane. I found a Delivery Service that used to deliver just to restaurants. They have expanded because a lot of their business has dropped. They are trying to supplement their own business making sure they can deliver at homes too. You got to deliver in bulk thats okay. Got a lot of mouths to feed. Thats okay. That 100 pound of garlic. I have a one gallon bottle of worst shier sauce. Lets get to the big earnings movers, sant oe starting with alphabet, 13 in the First Quarter. A welltimed quarter for google. The company said it is a tale of two quarters in one. Ad sales did take significant hit in march but that followed two strong months. Device acquisitions fell search activity on youtube and downloads booming. This could bring more things from other tech companies. Not necessarily that they are exactly like alphabet but two months might be good it is not like a retailer. A lot of us are home the Technology Use is not diminished at all. It might have gone up. I think they said it was true the intensity of usage did go up you have to draw the context here for what people are also anticipating massive loss for search going out. With he knew that. Alphabet was a 15 or 20 stock a couple of months ago it was down below 1,500. Everything in the context of trying to, in a hurry, anticipate Something Back to normal april is probably the worst. Can you see things get better from there this is a uniquely positioned Company Growing in size you are seeing a step down in the past quarters seeing the Percentage Rate growth it is all about, can we plausibly say what we got in the First Quarter in march and april is something close to trough activity for Something Like apple, in an underperformed microsoft the market already got to this point where Advertising Companies were penalized and facebook has rallied on the face of that. Maybe ads were not necessarily as bad someone was on facetime 20 hours a day. I guess they are separated and in love. 20 hours a day. Not sure face titime is bein monetized but thats a lot starbucks sales fell. First decline since 2009 the Company Expects the impact of the virus to be even greater. Roughly half of the stores in the u. S. Are closed. Also have some evidence of that. When was the last time you had a starbucks. I had one yesterday. I havent been im not in the zone where i can do the drivethru thing there is curbside pickups too. You go out and there is the door that is possible too we are going to talk to starbucks. Cnbc will talk to Kevin Johnson at 9 30 a. M. Eastern and then boeing is due to report at 7 30 a. M. Eastern expecting another loss it is not the top and bottom line focus investors will be looking for new details. Potential for payroll cuts and plane production which has restarted in certain areas it has needed to borrow money. The outlook for the 737 max. And dave calhoun, in fact, after reporting earnings will be on at 9 00 a. M. Eastern for an exclusive interview. What are your thoughts here, mike boeing, when you talk about big industrials that have been shut in. It is about the Balance Sheet, cash needs, how fast they are burning it, what their expectations are to hunker down and get through it ford was a similar story they are burning a lot and not reopening yet. With boeing, they are already talking about perhaps in the private sector to raise more capital and use whatever they can in terms of their inventory and future cash flows. That is the story there as opposed to in the summer where things are normal. What is fascinating, the fed has not bought a dollar to bonds theyve said they will do it the market itself has opened wide up. That is kind of the hope that you can bridge your way to the point when Something Like ramping back to normal and the default cycle across america okay. Thank you. Later today, will we see the boat whatever it is no. Im not likely to be in that location today how do we know in advance is there anything . Is it a monday, wednesday. I do my best not to allow anybody to know where im going to be. Keeps us guessing all right, andrew thank you, sir when we come back, expectations for fed chair jay powells Conference Today well talk about it, the actions the central bank has taken so far and the options still on the table and later, First Quarter gdp numbers due. Forecasters expecting Economic Contraction of 3. 5 as the pandemic has shut down much of l tt d try. Alofhaanmore after this. These days staying connected is more important than ever. So were working 24 7 to maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Welcome back the central bank could provide details on the move it has made the fed could also try to provide clarity that the virus has done fed chair jay powell to hold a virtual Conference Today at 2 30 p. M. With us to talk more about the fed and the government response to the pandemic, bringing in former nasdaq ceo, bob is also a cnbc contributor good to see you, bob good morning, andrew. How should we think about what we are going to hear from Jerome Powell today and more importantly, what do you want to hear from him . One, it is remarkable what the fed has done so far and the moves seen this week in the state and local government is clearly a forceful move. It also for the first time gets the fed into a political morace. Is the proper diversity with the states you are helping good move with the moves theyve made id like to see them continue doing what they are doing. What about loans to Large Companies. You said there was a headline of 5 billion in loans. Thats a remarkable level of support. Im not sure where the Economic Indicators have shown we need that at this point in time what we are missing in all of these today are the discussions about moral hazard you heard back in 2008 once you get in further and further into private enterprise, when we talk about Large Companies with large access to capital sources, it will be impossible to avoid that debate. Where do you come down on that debate, given that we are in the mist of it. Should we be bailing out some of these companies . The question is what is the greater good you want to do that as an option of last resort the option is where you are at that last option right now based on the indicators we have today, it is too soon for the fed to get involved with that type of support of large corporations. Right now, the markets are relatively open. There is a lot of Debt Financing available in the marketplace what do you think on the treasury plan and the ppp plan and how it has been rolled out and applied to the airlines. The Larger Program is being applied to the airlines. Clearly, companies thought they could access to try to help employees are finding out maybe they are not eligible. If you read the original writing of the ppp, it didnt point out those points to say the earlier companies did it wrong is certainly incorrect. I think the ppp is a great program. I agree with your point, andrew, that an employee is an employee. Whether it is 400 or 600 people, it shouldnt matter to you on that point, we asked mnuchin about that, bob. He said, no. Those early guys were bad actors in this . I thought the same thing it seemed like it was happening quickly. The question was whether companies would be able to get quick funding. He said, no, they were bad actors i disagree. Ininvestor in a small company. I recertified. I reread the document and it did not talk in any way, shape or form about alternate financing i think thats revisionist history unless i have a different document that was not part of the deal in the document i reread yesterday. I believe firmly the goal post has moved. The question is have the goal posts really been moved because the document itself hasnt changed. We were talking yesterday on air to a Plastic Surgeon in california who makes a ton of money and has a large network. He has 12 employees. He cant do surgeries right now. These are all elective things. Should he be eligible or not he said on piece of paper, it says i should be eligible. If i take the loan, ill be outed and shamed but if i dont take the loan, im probably going to furlough employees. These 12 employees should be taken care of. They did it in record time to give them credit operating with a blunt instrument, you know you are going to make mistakes in this situation, the Plastic Surgeon should be able to get the loan and keeping his employees there. The same situation for my dentist. They cannot do anything routine. Hes down and wants to keep employees on the payroll this is meant to be quick. The Plastic Surgeon is saying, somebody is going to shame me because they know i own a bentley. This is the complicated part about the moral hazard i agree but it is not that complicated when you look at it through the eye of the employees the fact is, it is about the employees for the ppp, who should come first and take that money and not be shamed. Real quick andrew is right, how are you not going to shame somebody in a bentley. You are right. It puts them in a poor position. Poor me, let me get in my bentley and drive away right like i said, the employees come first. What do you think about the airlines the share holders. Delta has a rather huge market cap and the government has come in and not just provided a loan but effectively a grant. Even though there are warrants, it is tiny you gave me an easy question. I thought you were going to ask about the cruise lines, which is more difficult the airlines, we have the process of putting equity into companies through some kind of structured note. The government should come in as an equity owner not like any other. The equity owner of last resort. Those should be some what market tested they need government help that should not be exposed entirely to this. They should represent equity in the cap table. Always good to see you and get your in sights we want to thank you appreciate it. Talk to you soon. Getting over to joe with some news General Electric, up premarket the Company Reported an adjusted earnings per share of a nickel a little below where the street was at 8 cents the estimate was for 20. 2 billion. It came at 20. 5 it looks like. Funny the way they talk about this industrial organic Revenue Growth at minus 5 it would seem simpler, there is a dash five. I assume that is minus five. It would be easier if you didnt call it growth industrial Free Cash Flow there they have a and it is 2. 3 billion quite a lot of comments about covid targeting 2 billion of cost actions and 3 billion of cash actions to manage the risk and mitigate the Financial Impact from covid19 in the First Quarter, covid19 negatively impacted ge industrial by a billion and operating profit by 700 million in the First Quarter thats not far from the lows that we saw when we were we remember so well back in the final crisis i remember that day. I dont know if you remember keith sharon was here. It was really dicey that day we got down to about five. Now, it is down and now we are back where we were basically above that the one thing the company said too the Second Quarter the one we are in right now will see the full impact of covid19. It will be the first full quarter. They do say the numbers will be worse than the numbers in the First Quarter. They expect those numbers to come down. That tells you about where things are guiding and setting up the stock is up by about 11 cents. They are telling people, dont expect better news in the near future shouldnt be a shock to anyone especially with a company like General Electric. Our hopes and dreams probably have to be on digital and virtual things, technology, netflix. It is not going to be this right lower capital costs for sure okay when we come back, a big battle between our Parent Company and chains over streaming. 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