The big apple housing bust how hard is new york City Real Estate being hit and if it will get any better anytime soon . It is wednesday, may 6 you are watching Worldwide Exchange on cnbc. Good morning, good afternoon or good evening. Welcome. Im Brian Sullivan thank you for watching here on Worldwide Exchange on wednesday morning. Here is how your markets and your money are setting up. Futures about 145 points on the upside parts of this due to reopening the economy. Remember this, the dow was higher a week ago before we started talking about reopening. More likely the move is that hedge funds now have the highest net exposure to stocks big tech, once again, the names you know, the faang stocks outperforming again yesterday. Oil is part of the story as well it tells the story of more demand down the road oil up again this morning. Now up about 30 in a week demand for gasoline is slightly on the rise. Production cuts for chevron and exxon and others coming faster than expected in the United StatesCompanies Getting cuts of a Million Barrels a day. Many firms have that at 2 million to 3 million coming soon 10year note at 0. 676 and disney hammered here to date but a good sign shares are down only fractionally despite a quarter to forget on many levels Second Quarter profit falling 97 . Parks and cruise businesses all but shut down. The hardest hit. The company took a 1. 4 billion hit. Disney is scrapping the payment to save 1. 6 billion disney plus subscribers now above 50 million as everybody is sitting at home streaming. Well get more on this stock and if it has bougttomed out chinas market rising again. Shanghais composite hong kong up more than 1 . European market mixed but the uk markets are higher lets go to the top story in d. C. President trump announcing he will begin to wind down his Coronavirus Task force despite the u. S. Infection rate still on the rise and surpiesin surpassing 1. 4 million good morning, brian President Trump is preparing for a phase two response, which will involve winding down the current task force this as the president in an interviewconceded that reopening the economy will lead to more deaths it is possible there will be some because you wont be locked into an apartment or house or whatever it is with he have to get our country back people are dying the other way too. You look at whats happened with drugs, it goes up. Look at suicides people are losing their jobs we have to bring it back thats what we are doing the president adding that he is considering a variety of tax cuts and other things for the next stimulus package. U. S. Airlines collectively burning 10 billion in cash a month. According to reuters, net booked passengers have fallen nearly 100 compared to last year if carriers were to refund all tickets, it would lead to negative cash balances that would lead to bankruptcy across the industry gilead is working with companies to make remdesivir through at least 2022. Also added that it is negotiating long term licenses with several drug makers in india and pakistan to produce the drug for developing countries also without identifying the companies. Not a ton of detail but some good news. Back to you. Rahel, well see you in a bit. Thank you. Now to the markets and your money, yesterday, the number two man telling cnbc the American Economy will likely need even more government support. The cares act was essential the fed has Lending Authority but not Spending Authority we can lend money to companies that are solve ant with the expectation theyll pay it back. The cares act through payment protection and unemployment is very important to the economy. It may well be the case depending on how the economy evolvess that more policy support will be needed from the fed and also possibly fiscal policy does that mean coded language that the stock market has essentially an unlimited fed backstop joining us now our guest good to chat with you. You hear those words do you think no matter what the economic headlines say, stocks are probably going to go up because there is so much money being thrown at the markets, bond markets and maybe even the stock market in general . Thank you for having me im certain that has been helpful but not the only reason we are siege such a rally in prices thats a lot to do with better or worse and better news in fundamentals what is that good news in particular all the data i see is pretty grim when you are looking at the backward looking Economic Data this jobs report we are likely to get is going to be really bad. When we are thinking about cases and the time line and projections for openings for the state and presumption of activity has gotten better and better as weeks progressed here. As many as it is, monetary and fiscal support which is essential but maybe not the only reason that is going up. I agree with you on the data. We talk about it as being backward looking things are so different from now, it is irrelevant. We have rising infection rates we have reopening experiments. Lets call them that if there are flairups, its possible things can change i hope you are right but there does seem to be this massive disconnect between wall street and main street which is confused and frustrated a lot of people i agree when i think about the disconnect here and again like you are saying, the pain main street is probably experiencing right now, that look forward that stock market is doing may have gotten ahead of itself. When you look at classic bear market patterns, rarely do they end in straight lines. Could stocks have a set back with the continuing disconnect between fundamental and market moves still maintaining a relatively optimistic outlook that things are better than we expected even a few weeks back any sectors that have been beaten up . Airlines, hotels, that you guys see as good opportunities . Is there any good value to be add now or is it still do what was working before Big Technology and a few others . I think one of the things that has been so interesting but technology is really for the last few years it has been uniquely positioned to help everybody work while they are in this situation to work from home and connect remotely i think those are going to be the leaders, even leading people out of it slowly getting back to the pattern. Im a little more in the quality and tech side than i am really bargain hunting quite yet. A little optimism something we can all use more of today. Look forward to chatting with you on Worldwide Exchange. Have a good day. Thank you. When we come back, talk about a trial by fire. More on disney new ce os First Quarter and how much that company is being impacted. Plus navigating the market turmoil with one of the best well speak to a top barron advisor. Later on, call it a tale of two video game makers. What games are they playing and what stocks are ahead. We are bk ghafr isacrit teth le time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. So were working 24 7 toected 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. Sfloo oil prices have firmed up. Wti traded right now the biggest problem hasnt changed. That is crushing debt. Occidental is trying to figure out how to get out of the 40 billion debt burden. Looking at selling off a key unit they have hired an Investment Bank to help with the problem. I reached out to occidental, they declined. As the country begins to reopen certain parts of the economy. One segment is not moving. No one is flying and even fewer are staying at hotels. When p that changes, what will the hotel of the future look like we have more on this interesting and a bit scarey story so the Big Hotel Brands are rolling out changes. They start when you enter the door plexiglass at the front desk cleaning too, sign clearly stating your room has been cleaned including hot spots like the remote control, light switches, providing sanitation kits and expects a reduction inhouse keeping more and more of our guests have actually asked we dont come in because of human to human contact. We are reducing the level of frequency as it related to housekeeping based on feedback if you are used to going for a drink at the bar, expect tables to be spaced out. Same for the equipment center. The equipment and machines will be spread out and signage to alert you that your machine has been wiped down. Marriott is hoping this will ease travel concern as occupancy remains considerably low there could be some staffing changes in store hyatt says every hotel will have at least one person on the property that has been trained as a hygene manager. I love the optimism is there any indication anybody in the near future, the next few months is going to come back for the first part, yes in some cases, they are outsourcing the cleaning hilton is teaming up with the maker of lysol they are also teaming up with the mayor clinic for training. If you use china as a template, we are seeing occupancy increase around 20 for hotels. That could be what we see here no sense of whether that will take place here in the u. S that will be a big part of the Earnings Hotel earnings do kick off with hyatt after the bell waiting to hear what they have to say. Everybody i know in new york city, their companies have said no more travel the rest of the year that is not what marriott and others want to hear. Thank you. Have a good one. On deck, how the covid crisis is taking down shares of pintrest dow futures up 150 oil higher as well we are back with more after this announcer todays big number, 20 . Thats how much wti crude increased yesterday in its fifth day of gains the longest winning streak since july the commodity is still down 50 this year. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. High protein. Low sugar. Tastes great high protein. Low sugar. So good. High protein. Low sugar. Mmm, birthday cake. And try pure protein shakes, with 24 vitamins and minerals. Welcome back shares of pintrest the disaster of the day reporting a wider First Quarter loss surging for the addition of new users. Ad spending has slowed tremendously it had significant down turn in sales in the middle of march shares dropping more than 15 premarket in focus today are toys. M mattel saying manufacturing facilities are up to full capacity and they will have a new baby yoda in stores in time for the holidays by the way, mattel ceo will be on mad money tonight and Virgin Galactic reporting a First Quarter loss and touting the potential for millions in future revenue because so many people have put down a deep for a ticket once space venture returns. New results from the cnbc survey on the take of the job crisis and job security. A barrons advisor will join us with some real world advice. Before that, lets get some news on the food supply chain. Tyson announcing, it will resume limited production at the largest u. S. Pork plant. Tyson suspended operations at the waterloo plant said all employees that do return will be tested and any employee who tests positive will remain on sick leave until released by Health Officials cnbc is back rig aerhihtft ts. D. Mmm, it shows so good. Oh hey, did you say you needed help with investing . Because i know someone whos really great. And you trust him . Totally. Yeah. We went to school together. Ill check him out on investor. Gov. So, whatll it be . Ill just have the burger. Before you invest, get the full report. Check out an investment professionals background for free on investor. Gov. Before you invest, investor. Gov. So were working 24 7 toected maintain a reliable network, for free on investor. Gov. 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. But with the covid19 crisis, many veterans are struggling to make ends meet or get the care they need. Dav has helped ill and injured veterans for one hundred years, but today, the need is greater than ever. Give to the dav covid19 relief fund and help provide critical assistance to veterans in need. Go to dav. Org helpvets or call now. Your donation will make a real difference. Reopening the economy. Infection rates jump many problems the nation is facing President Trump making the case to begin to reopen and warning of more deaths ahead from the coronavirus. We have to get our country back people are losing their jobs we have to bring it back thats what they are doing will big City Real Estate ever be the same as many residents loo being to leave perhaps for good here to break down the trends hes seeing in new york and other big cities you are watching Worldwide Exchange here on cnbc welcome back good morning stock futures are showing a nice jump at the open dow futures up 180 markets rising again yet it wasnt the dow, it was Big Technology the faang stocks did it before and appear to be doing it again. Nasdaq doubled that of the dow according to credit suisse, hedge funds have the highest risk and maybe gotten bullish. There are two stocks in the s p 500 that have already gained 10 in the move may. Only a couple of trading days. The names a little off ipo fotonics and Home Security a laser maker and Home Security up 10 in may. Take that for what it is worth oil is higher. Now 35 on the month coming off of effectively zero. Demand for gas owe lioline on t. That has eliminated the talks about the storage maxing out for now, demand ticking up enough it is keeping those tanks open enough that maybe we dont have to worry about negative prices in the future listen to this, egyptian billionaire, one of the richest men in the world says he thinks oil will hit 100 a barrel within 18 months and hes buying Airline Stocks around the world. Thats random but interesting. Lets talk about europe. Julianna tatelbaum in london we are talking futures are up. Oil is up. Thats great some new economic productions broke moments ago point to grim statistics for the eu economy. We could be looking at the worst contraction since the 1930s. Financial markets could be holding up in the face of this new forecast we are seeing some red for german and french. Weve been around the flat line all morning. Ftse near the flat line. The ftse mib up there. The latest pmis this morning confirm a substantial hit to everyone european economy. Asking will it justify to the gains. Looking at the dax, insurance leading the way about 1. 7 higher one of the most macro cylical parts of the market up we have oil and gas under performing about 16 basis Points Travel and leisure, media tilted down investors really taking this Economic Data in stride. Back to you. One quick follow upbecau you are in london, do you notice any activity the indicator has seen more trucks on the Road Construction has been getting back under way Steve Sedgwick has been on the ground every day since the lockdown started he has a better indicator that construction is certainly one of the industries that has been getting back to work otherwise, it is slow moving i like that index and ket indicator better than these reports. Let us kick off this half hour in washington, President Trump is pushing to restart the American Economy admitting in doing so could cost more american lives saying americans can simply not just sit at home the biggest decision ive had to make is closing the country and certainly this is now also a big decision but the people want to go back to work. The outlook comes as a new cnbc states of play survey Shows Americans are becoming less optimistic about the United States economy eamon has more on these numbers and how pessimistic a nation are we right now startling pessimistic this is the states of play pole in the field may 1 to may 3. This captures those voters that will be deciding this election in november. Let me show you the first screen this shows people are coming around to President Trumps way of looking at things this is looking at how people value what is more important, my familys health versus my personal health. That blue line is my personal health and safety. The red line is finances it was 82 health and safety, 18 personal finances. By may 3rd, those two lines converging 66 saying health and safety 35 now saying personal finances those lines are merging. You get the point that people will be more concerned about personal finance than health and safety, even