At this. Look at the market this morning. We are going to be down today, of course that follows an enormous 20 rally in the last three days. Perhaps investors are upset with the delay in the stimulus vote. Perhaps theres some profit taking after the explosive rally. The dow will open this morning with a loss of around 700 points. The s p, down about 200. The nasdaq off about 82. A decline at the opening bell. President trump, he wants to get the economy back up and running again as soon as possible. He has a plan to divide counties by risk, high, medium and low, depending on medical conditions. Some of those low risk counties may be able to bring some people back to work early. Today on this program, i will ask Vice President pence about the president s plan. Thats in our 10 00 hour this morning. The news on the virus itself, the United States has now more cases than any other country in the world, assuming you can believe the numbers coming out of china. Spain recorded 769 deaths in the last 24 hours. Dramatic news again from britain. Prime minister Boris Johnson has tested positive. That, too, may be a negative for our stock market. It shows once again no one is immune. Come in, ashley webster. Give me more on boris. Ashley well, first it was Prince Charles. Now its Boris Johnson. The number 10 downing street putting out a statement saying that after experiencing mild symptoms yesterday, the Prime Minister was tested for coronavirus on the advice of his doctor. It was carried out, by the way, that test at number 10, and it came back positive. He is selfisolating, we are told, and continuing to lead the governments response to the coronavirus. Of course, what happens if he cannot continue, if he needs to take a break . Then the foreign secretary domenic robb would step in. We reported almost two weeks ago that britains top Health Minister has also tested positive for the coronavirus. Just goes to show you, doesnt matter who you are, you are vulnerable to this virus. Stuart got it. We will go round the world and see whats happening in various parts of the world. First to susan. President trump, chinas xi jinping, did they speak recently . Susan they did last night, 10 30 p. M. Eastern time, apparently delaying the phone call which was originally scheduled at 9 00 p. M. Eastern time because he had to do an interview with our very own sean hannity of fox news. According to President Trump they had a great conversation. There have been reports there have been strains in this relationship, the last time president xi and President Trump actually discussed was in early february. Since then there have been strains because each other has been blaming the u. S. And china each for starting this coronavirus and its interesting that the phone call takes place on the day that the u. S. Has now reported more cases than china with 25,000 casualties around the world of coronavirus. Lot of people were also expecting maybe trade tariffs to be suspended in this conversation. No such thing. But President Trump says they had a good conversation and hopefully theres a bridging of this relationship Going Forward. Stuart susan, i believe that the president is now refraining from using the expression its the chinese virus. Is that accurate . Susan thats right. He made mention of this in the Previous Task force briefings we have seen and he says if its insulting to the Asian American community, he will stop using that phrase for now. I dont think its a reference to maybe a closer relationship with president xi but President Trump speaking to the people of america. Stuart all right, susan. Lets move on to lauren. News on lululemon and china . What do you have . Lauren yeah. Well, they reported their earnings last night. We dont really care about the earnings. They are old. We care about whats going on Going Forward. This is what lululemon said, stock down 3 now. Back open in china, sales there are improving and getting stronger week by week, but theyre not where they were before the coronavirus. As for the rest of the world, lululemon, you might want to wear their yoga pants, the stayathome trend but all their stores in the u. S. And europe are closed until april 5th and they did say they noticed sales really slowing in the second week of march. They withdrew their guidance as many retailers have because of the coronavirus so they withdrew their guidance for the full year 2020 but can they withstand this . Probably yes. They have a billion dollars in cash on hand and their ecommerce channels are very strong. Stuart thank you, lauren. I think we need to take a pause and have a look at how america feels about this ongoing virus problem. Take a look at this fox news poll in regards to the virus. Look at this. 89 of people are concerned we are going into an economic recession. 77 of those polled are worried about Economic Hardship for their family. Todd piro is with us. I characterize that poll and the feeling in the nation as high anxiety. What say you . 100 , stuart. When you look at that recession number, these arent individuals analyzing fiscal policy, Monetary Policy like you do. This is all about Consumer Sentiment. They know what they can buy and they know theres a lot they cant buy. They are worried about their own pocketbooks. All this comes together and so much of a recession is that Consumer Sentiment. Do the people feel like they can spend money. Thats why you are seeing a whopping number of 89 . I dont care what the poll is about, whether today is friday, you rarely get 89 of people agreeing on anything and thats what you see right there. Stuart todd, thanks very much. We will get back to you in a second. I want to go back to ashley. Are you following this news on spain . This terrible death rate. Ashley the only, i say this, you know, the only as you say, the number of deaths have risen to 4,858 people, 769 in just the past 24 hours. But spanish Authorities Say they believe that its reaching the peak of the outbreak. A quarter of these new cases, by the way, reported in madrid. The previous day in spain they saw 655 deaths. Its a sharp rise but based on their calculations, they think they may be very close to the peak of this and hopefully will start seeing those number of deaths and cases trail off. Those are pretty sobering numbers out of spain. Stuart all right. Thanks, ashley. Back to lauren. News on henry shine, please. Lauren they have a test and they will have hundreds of thousands of them shipped by the end of this month. Its a rapid test administered at the point of care. All it is is a pinprick so you dont have the uncomfortable swabs that go deep up your nose. They plan to have those by the end of the month. Stock is up on this news. A blood test essentially. Stuart i believe we have Jonathan Hoenig with us. Is that correct . Are you there . Hes there. Okay. Look, weve got a downside move for the market when the opening bell arrives this morning. Im looking at a 700 point loss for the dow, 200 for the nasdaq. Do you think we are going to go all the way back down and test those lows that we hit last week, 18,000 on the dow . You think we will test them again . First of all, im glad you and the viewers are staying safe. History suggests we will retest those lows, that we havent seen the bottom yet. From my estimation, it is because of the stimulus. Not that the stimulus is too small, actually that its too big. The bigger the stimulus, the longer the decline and more prolonged the decline. 1929 is a pretty good metaphor here. In 1929, there were some big rallies, the market rallied 30 plus in just a few months but then hoover started with tariffs and farm subsidies, mortgage subsidies, tax increases, and ultimately took the dow 25 years to recover. Im not saying we are in that situation yet but with all this intervention i think we are headed down the same path. Stuart all right. What does the continuing rally depend on . I know you are saying maybe we will retest the lows, history suggests we may, but what would copy t keep the rally going . Would it be a bending in the curve on these new cases . Is that what would help us out to keep the rally going . Well, theres two things obviously that are causing this tremendous uncertainty. No one living today has ever really seen markets like this before. You have to go back to the new deal era. First and foremost, america does have to get back to work. It is that complete uncertainty, the locking down of productive society, thats a pretty reasonable explanation of why the markets are acting so chaotically. But more than anything, i think these days, when you limit the market, they become unhinged from any semblance of reality and thats because of the stimulus. When government is in there bailing out companies, buying corporate bonds, helping this company, not helping that company, it makes the markets themselves basically unusable because you dont know, is this rally for real or is it just because of the stimulus. So the sooner we can get back to getting rid of all these emergency measures to prop up the economy and the markets, the sooner the market writ large will recover. Stuart got it. Thanks, jonathan. Im going to take a moment to recap some of the stocks we have been running past on the lefthand side of the screen. Im looking at retailers now. Down 2 , 3 , 4 . Thats after a big run yesterday. Overall, the market is going to be down. The dow off about 700, maybe 800 points. Remember, please, we were up 1300 points yesterday, up about 20 in the last three days. So a pullback is expected. You have a lot of people who say look, we have had a nice bounce, im out. You will get a lot of people saying that, taking their profits. If they were lucky enough or intelligent enough to buy at the low, now we have bounced back up again, you will see people selling to take that profit. Dow down 700, maybe 800. Nasdaq down 200. The s p down 85 points. Go through some of the big tech stocks, if you can, please. They have had a very nice run lately. I dont see apple, this is my opinion, please understand that, my opinion, apples at 251. I dont see it going back to test the low of 230. Microsoft is at 157. I dont see it going back to test the low of 130. Google is down 38 right now but i dont see it going back to test the level, the low of 1,000. Microsoft on the screen, 151. This is again, my opinion. I dont see it going back to the 130 level. We will have more for you after this. Limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. To be most successful, connectivity is vital. Verizon, really for us, has been a partner for years. Allows us to stay connected to our 80 plus locations across the country. We use verizon throughout our entire day. Its an integral part of how our practice runs. We need our project managers and our superintendents to be able to communicate. We dont have to be together to work together. vo at verizon, were here, and were ready. Were open 24 7 online with tools and support to help your business stay connected at verizon. Com ready. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . Edward jones is itswell aware of that. Et. 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. Why do things that are supposed to make life easier sometimes feel so complicated . Ibm watson is different. Its ai that works on any cloud to help your business tackle problems. From building smarter cars to predicting sales trends to improving customer service. Without slowing you down. Oh no, here comes gthe neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. We have plenty more to go but there are things that nobodys ever had any package like this done and i just want to thank them. Hopefully it will get approved equally easily in the house, really. I think it will go through pretty well from what i hear. Virtually everybody. There could be one vote, one vote, one grandstander, maybe. You might have one grandstander and for that, well have to come back and take a little more time but it will pass. It will just take a little longer but lets see whether or not we have a grandstander. Stuart all right. The president there talking about a possible grandstander. Lets get up to speed on a grandstander. I believe there is one. Hillary vaughn, sort it all out for us on capitol hill, please. Reporter that grandstander, many think could be congressman Thomas Massey from kentucky, who is known for voting no on spending packages or at least demanding a quorum. That means at least half or a little over half of the entire house, 216 members, need to be present for a roll call vote on this. House Speaker Nancy Pelosi wants this to sail through with a voice vote. That means you vote yea or nay, whoever is the loudest, the bill passes but someone can show up, could be congressman massey and say i want a roll call vote, i want at least half the members present. The problem is most of the members are not here. Many are at home in their districts social distancing. There are concerns about the safety of members due to some members having coronavirus and being in quarantine but yesterday, a lot of law makers made a mad dash here trying to get to that 216 number so that if massey shows up today, and rejects a voice vote, calls for a quorum, there are enough people here to vote for the package and send it to the president s desk without delay. But if they dont have the 216 they need, they have to wait until they do have 216 members here in the house in order to vote on this bill. Otherwise the vote cannot happen. Stuart . Stuart hillary, thank you very much. You really have to shake your head at this. But we will move on. Dow industrials going to be down 700 to 800 points at the opening bell, maybe its because of this slight possible slight delay. Market watcher, i should say economist and author ed conord joins us now. Welcome back to the show. Im intrigued about your ideas about how this virus will permanently change the way we work. Tell me. Spell it out. Whats the big change thats coming in the way we work . Yeah. Actually, i hope big changes arent coming because if they are, we are going to see a slow recovery. I think most people are expecting a fairly fast recovery from this. But if you look at work, long before we get to practices at work i think we will see changes, people going to restaurants and other leisure. That employs around 30 Million People in our economy. If thats down significantly, we have to find new ways to a that could take a significant amount of time. Customs and practices i think evolve for logical reasons over long periods of time. I think people go to work because they have to. Most people cant work from home. I think you would be underestimating the impact already of things Like Microsoft Team which allows people to assemble teams on computers offsite. Thats already taken hold in a big way in the knowledge working part of the economy. But i think most of the economy, people have to get to work, have to work with other people, and if we have a lot of fear of getting together with other people, we are going to have a difficult time going to restaurants, out to movies, sporting events, things like that. I think we will end up seeing a slow recovery and as a result, i do think we will see changes in practices in other parts of the economy where we make much more of an effort to have antivirals, we will have a lot more testing, we will be a lot more careful at the borders and diversifying our sources of supply so that we are going to try to hold i think china accountable for the fact they are getting a sickness every year, year after year, they have to take steps if they want to be part of the World Economy to reduce the amount of sickness we are seeing coming out of china. I think all those things may actually lead to less colds and flus than we are currently seeing. Stuart but the bottom line, what ill hearim hearing from ye have to shift a whole bunch of people in the way they work and where they work and thats going to take time and that means a slower recovery. I hear you, ed. Thanks for joining us. Appreciate it. I want to move on. Dow industrials still showing a big loss at the opening bell, big, okay, 700 points down. Susan li, tell me about the airlines and their executives. What are they doing with salaries . Susan giving up their salaries because obviously they are going through a very tough cash burn situation, needing 26 billion in aid from the government and that 2 trillion economic stimulus plan so the likes of ed bastion of delta giving up his salary for this year, also oscar munoz of united saying they will forego their base salary, maybe not Stock Options for 2020. Same for american air president richard issam as well, doug parker of american air hasnt been paid a salary since 2015, usually paid in stock. Its a tough time for airlines. We know 80 airlines around the world from what i see have cut capacity by 100 . In the u. S. , a little staggered. American air cut their capacity by 70 . United has cut capacity by 50 . Delta has done the same by around 70 to 75 . Because people are not flying. Traffic is down 70 to 80 in the last two months. They will continue this through may from what i