Positive impact on very sicko individual patients. And of course, jim, we had the announcement today that the fed will begin buying individual Corporate Bonds, not just the etfs that hold those bonds but the actual bonds themselves. That certainly helped. Whats your take this morning . Well, look, i think each one of these can be debunked took this drug for two months. It was okay. I switched to prednisone suddenly we discovered this was a big breakthrough what were the doctors doing . Did all of the doctors get it wrong . Did they realize it was not swelling around the body and just focused on the lungs. Its like, okay, idiots honestly, i love the doctors, theyre great. But come on, how did they miss this and look, david, the gunners all want the stocks to go higher, right . And the fed is buying bonds that we would normally i mean, maybe the fed buys hertz bonds and takes them up to the point where maybe hertz is good. I dont know, david. Theres a lot of people saying talk pony. The problem is, if you decided to cash out yesterday, you did much better than yesterday take that which has very few side effects i was taking it. Im glad you were until reading about the study itself, 2,000 people who received the drug were compared with nearly 4,000 who didnt to put it in perspective, if you were on a ventilator it cut your death risk from 48 to 28 , thats significant if you needed oxygen, it cut your death risk from 25 to 20 . These were severe, ill patients. They obviously were treating the wrong thing. They were treating the lungs this is a drug given for swelling i took it for swelling if you were lucky enough to have gotten covid early on you were not possibtentially treate wait you are now, jim. And we hope that the death rate can be far less because the doctors have a better idea of how to treat this. Well, with hydroxychloroquine, its a really dangerous drug. You wouldnt take that drug unless you had lupus this drug, david, i could describe this drug you know how people can lmarry and officiate married people, i can have a course and do this. If we had doctors telling the truth saying, holy cow, ive been treating lungs. I didnt know it was for like when knees were swollen. And dont forget, the fed its right. Its Everything Else you mentioned. Of course, you kidded about them potentially buying hertz bonds, jim. The fact is, powell keeping saying it and the market believes it, right i dont know how much theyll actually buy right, but isnt the point also to say, hey, were still here, were still here, were still here why cant we let dave and dave trade dave, davie, take up carnelival and then mover up to royal caribbe caribbean. Does that matter, david that theyre cruising does that matter i dont know. You dont think it matters that a cruise ship is not cruising no i do think it matters that a cruise ship is not cruising, yes. You want the business that youre buying to be operating, typically. Well, thats your problem thats your problem. Youve had a way youve learned a particular way to think like Warren Buffett who is way past his time. And youre a killjoy im going to attack you on twitter as someone who doesnt get with the program i know, man, if i had your twitter feed, all of the criticism you that got this morning, i decided to put up a picture of me and my dog. My dog unhappy today, unhappy with that Morgan Stanley downgrade. System, we want to get to a lot of other things. Yeah, but i just wanted to debunk the drug, it should have been the first thing they tried. Lets go lets go lets get a little more from meg tirrell on this. We know if anybodys got insight on these things, its meg. I want to bring her in now and on this study at oxford, meg, that took place. And how significant this may or may not be hi, david clearly a lost of excitement about these results this morning. This was a large trial that enrolled about 11,000 people across the uk. A trial called the recovery trial and it evaluated a bunch of different treatments including hiv drugs, low dose d dexo methylzone. They enrolled about 6,000 people looking specifically at this steroid. They found they had enough data to show this was a major benefit. They showed it reduced deaths by patients by a third on center laters and patients on oxygen by a fifth. This is for very severe patients, the lead investigators at oxford saying of the trial, dex sa meth that season is the first drug shown to approve survival of covid19 its large enough for those patients six enough to require treatment, and should become a standard of wear care. The drug is inexpensive on the shelf and can be used immediately to save lives worldwide. Jim was talking about why this wasnt used earlier, and on squawk box this morning, talking about all, they thought that steroids would be potentially harmful to give to patients in this severe stage of covid19 theres actually a recommendation not to use steroids so, it just showing the evolving nature of scientists understanding of this disease. As you pointed out, david, people with the disease in march are in quite a different situation than people who got the disease now. Im on five prednisone every day because i have a migraine. Hey, National Spokesman for might go gr migraines. The reason why they didnt jack me up to a higher level is because doctors would be aware that i would take steroids if i got covid. They said that steroids really work and they dont want to make it so that i will overuse steroids. So who the hell were these doctors . I mean, if i was taken off the dexamethasone because they feared i would have to do this what will were those doctors doing . Why were they using incredibly invasive drugs when there was a whole other part of the medical community that knew that steroids worked. I dont understand how doctors dont talk to each other yeah, its the problem, in the early days of the pandemic where its really the wild west in terms of trying to figure out what works thats why these large studies that are rigorously done are so important because, of course, we know hydroxychloroquine was used widely at the beginning, too, on suggestions that it might work and the fda just revoked its emergency use authorization saying not only does it not have a benefit and the potential harms outweigh the potential benefit, but it also makes the only drug approved for covid19 also not work at all, remdesivir those are incredibly dangerous drugs. This hydroxychloroquine was so dangerous that our president was recommending it. I mean, anybody who takes this prednisonelike derivative, if you have swelling, they were treating the wrong part of your body they were treating your lungs. I should have gone to med school, instead, i went to what did i get out of that oh, my god. A big tuition nobody wants you as their doctor, im sorry, nobody. Nobody yeah . Yeah, youre crazy here, take some meg, meg, the oral antivirals i think are something that we continue to focus on closely here and waiting if they are as successful as they move into trials that, of course, can be used earlier in onsociety. M on set. Meg, thanks for the update meg tirrell, all over all therapies related to covid19. All right, dr. Cramer, retail sales up for may 17. 7 of course like so many other things, best game weve seen since i think, 67 1967 april down almost 15 . How do i put this in perspective . And how should it be judged by the market well, i think this is going to be viewed as the v, victory. I think when you open all of the Stores People shop i think when you shutter the stores which is an opportunity, one of the great mistakes done with the economy, a multitrillion dollar mistake, then you would have smoothed all this thing out i believe that people look, if we didnt use masks when we social distanced this would have never happened instead, we wiped out a lot of people not a lot of stores got to this promised land. Many of them rent. I think this is a sign things are coming back. Just coming back yes and its a very good number, secretary mnuchin could call and say its a very good number and wed have to agree with him. It is. You think it is a good number yeah, i mean, you want to say that when the Unemployment Benefits go away, the value 600 and the 1200 stops maybe september is bad by that point, we have something that could really hem lp us with this illness so maybe we get out of the hospital. Im not saying things are over but i am saying that the reaction is that people should buy stocks and there are a lot of people who have not been in the market. There are a lot of people on the island with ray dalio, and thats not like cbs, the aisle. No i understand those guys, those rich guys scared you out, david. Theyre on pandemic island, yeah theyre on pandemic island. Yeah. Jay powell is not on that island, no no, jay powell is buying bonds today. Actually by the way you got to buy the bonds but you want to get through everything, including financing understa water which t back to retailers and how many retailers are actually paying their rent well talk about that when we come back. We got to head off we solved it in the first ten minutes. Right if youd gone to medical school. How many people died because they thought it was they didnt know it was swelling. You just scare the heck out of all of your patients. Scare them into life i took the drug it didnt work for me but it worked for maybe 200,000 others. Well, thankfully, youre healthy. Thats what we can be thankful for. All right. Weve got to take a break. Well be back, big rally in store when we start trading 18 minutes from now a lot more squawk on the street coming right back. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus discover all the ways were helping members i geh. Common bird. E. Ooh look over here something much better. There it is. Peacock, included with xfinity x1. Remarkable. Fascinating. Very. It streams tons of your favorite shows and movies, plus the latest in sports news and. Huh run the newest streaming app has landed on xfinity x1. Now thats. Simple. Easy. Awesome. Xfinity x1 just got even better with peacock premium included at no additional cost. No strings attached. Just say peacock into your voice remote to start watching today. Lets get to Rick Santelli for those Industrial Production numbers. Rick thank you, david. Well, i see Industrial Production i dont see capacity quite yet heres whats interesting. Everything is coming on now. This is the one of the oldest numbers weve looked at, industrial capacity. Goes back to 1918. Minus 12. 5, never been worse than that but this month, reverse that up 1. 4 it actually is half of what we were expecting unlike retail sales off the charts and on utilization rates we move from a slightly revised 64 to 64. 8 and 64 is the alltime low utilization rate unfortunately it doesnt go back to 1919. That part of the number only goes back to 1967. Lets get to the market. Before the time zone, before the retail sales data, we saw the boon deals everything stacked up. Heres the chart it reflects the retail sales and some of the strength were seeing in equity look what happens when you put two days in a row, yesterdays recession and todays stack. Todays low yield is higher than yesterdays high yield it was the same way with boon and with the stock markets around the world there are lows today higher than the highs yesterday. That was a powerful dynamic that gave us a tailwind coming in and when retail sales hit, you can see that yields popped over 0. 75 . Even though we did that before, it reversed to what looks like were going to go into the low 60s especially on the down days last week. Finally, the dollar index. Most of the time, the dollar index thrives more lately when theres more tension in the world. You look at it, and it definitely drifted a bit from yesterday. Todays lows around 96. 40, represents the unchange over the year which weve been toying with over the last several of weeks. Jim, david, back to you. Okay. Rick, thank you. Rick santelli. Getting ready for an opening bell 13 minutes from now well also squeeze in a mad dash with jim lets get to the break as rick referred to, of course, were looking for a far higher open on the fed action, on the retail sales on the hopes of treatment for covid19 were also talk about the possibility of Infrastructure Spending when we come back ever since weve gone mobile on the now platform, somethings gotten into the office. I hear you. Feels like theres no barriers between departments now. Do you think everyone appreciates it . I do. Huh. Forgot my glasses. Serivcenow. The smarter way to workflow. Thats where i feel normal. S an hour, having an annuity tells me my retirement is protected. Protected Lifetime Income from an annuity can help your Retirement Plan ride out turbulent times. Learn more at protectedincome. Org. With spray mopping to lock away debris and absorb wet messes, all in one disposable pad. Just vacuum, spray mop, and toss. The shark vacmop, a complete clean all in one pad. All right. Time for a mad dash on this tuesday. Cater piller is the name looks like its going to be higher in the early market going. Youre familiar with pavlov, i think he works at Morgan Stanley, pavlov says you buy cat. Here it goes, it doesnt water without the infrastructure, you might want to sell cat infrastructure means you buy caterpillar because theyve got the equipment it puts a lot of people to work and its kind of a nobrainer i think the house wanted 3 trillion the president wanted to do a trillion weve always thought there would be that for the infrastructure the only way people feel confident instead of buying a bulk of materials or something i might buy, or llm, they buy cat. And people just love it, they cant resist, david. So thats what theyre pie buying and thats what theyre taking up pavl pavlov, people should google pavlov, its social investor go time it will probably get three or four votes now, they hear infrastructure, but i guess they arent listening to eamon javers or reading this tweet where is he says the chance of that happening before the election is marge anninally above zero. Right and to worry about spending, youll see more of that today, house dems wont want to do that now since they think theyre getting a President Biden that january. According to eamon who we could have easily had ton tv telling us that. Jim, whats your take . I think caterpillar is not a stock, the idea that you buy stocks on infrastructure has befuddled people even when president obama had an infrastructure bill, it just doesnt work i mean, its no reason to buy any stock, other than bulk and materials. Which makes aggregates, because they end up giving money to until different states to roads. Its silly but david, its the silly season look at the green, david dont forget, norwegian look at the green in tokyo, they said were taking up tokyo, better get long thats what theyre doing now. Theyre doing it now in the uk when was that . Theyve never reached that high, have they . No no but i dont think so it wasnt it 45 yeah. Ill keep an eye on hertz i said that means it probably going to go to 5, right . It could, it could be a double weve got a lot more stocks to talk about before we get to an opening bell, eight minutes from now as you see, we are anticipating a far higher open when we get started thrangsen wi tdi, ve minutes from now welcome back to squawk on the street. Were getting ready for an opening bell five minutes from now, youre joining david faber and jim cramer were live from separate locations, jim, of course, one of these days we wont be any longer what is, to bring up an old memory, the key to this market for you today . And to bring back another old memory, its apple weve got some comments on apple today that are just downright extraordinary because, again, they are a little bit like the proloined letter, theyre right in your face jim suva, citi upcoming. Wearables for apple, Apple Services and by the way, apple also comes up with a 5g. And apple, it can become the leader that it used to be. I dont find any of those as being i think nothing is a nobrainer in business a lot of those were predictable. The expectations were low. A lot of people got off the horse in the last bit. 5g does await us and it looks like a lot of service take the Services Last might, they came out with 500 million business that was service revenue. Right and apple apps, that was last year its going to be much bigger this year. I think apple pay is going to be gigantic because we like contactless pay. Thats the leader, david thats the key to this market. All right and you know, specific to that, there is news as well, as you know, jim, the European Commission has decided to open an investigation into apples app store rules. It really seems to be specific to apple music right spotify, of course, involved here and theyre going to be having a Conference Call with their legal officer. Theyre certainly outspoken in whether apple has been anticompetitive in their behavior any activity there no, i dont think so. I think the president s people would regard it as shakedown i think apple is very, very powerful Lee Cooperman said some very powerful things, the problem with faang is that the governments are going to gang up on them. What lee said that was disheartening, he said there are 13 million new traders coming in and its going to end with tears, that theyre not going to be able to be taught how to invest you can argue that maybe theres no such thing as teaching. When you look at apple and how cheap it was, you really have to say, what were we thinking how did we not know it was razor razor blade model which it has become you know, speaking of those people, so to speak, who are new to trading and who we welcome, of course. Weve talked a lot about seemingly bankrupt or actual bankrupt companies that have a large equity value, as a result of speculative trading which, by the way, weve seen across the board as being also engaged in buying institutions as well. Weve used hertz as the poster child for that, but chess sa spea chesapeake, which you know well. Theres good parts of chesapeake chesapeake couldnt get the funding it needed. Its not going to impact anile companies. Its not like it was any part of a big pipeline business that its going to hurt the pipelines further than theyve been. But there are people that want to buy chesa