Transcripts For FBC Mornings With Maria Bartiromo 20240713

Claims at 8 30 a. M. Eastern time. Economists are expecting 3. 5 million jobless claims falling record 3. 2 the following week. We will bring you those numbers and jobs number coming out tomorrow. We are expecting a firm e tone with Dow Jones Industrial average up 332 and s p by 72. Take a look at the numbers. Dow industrials down 973 points at the close yesterday. S p 500 down 114. President trump is considering grounding domestic flights between hot spots to try and contain the spread of the virus and boeing to send early retirement as the virus takes a toll on the aircraft industry, its 73 max fleet remains grounded. Coronavirus impacting the 2020 race. Former Vice President joe biden calling for the Democratic Convention to be pushed from midjuly into august. This as pandemic could lead to virtual election. Long lines at Grocery Stores. What you should be getting right now and how to store it and what measures can be taken to make sure takeout orders are safe. We are getting answers from foodsafety expert. Dont miss that. What money questions do you have as the world battles coronavirus, send us to instagram or twitter, mornings with maria, we will answer those questions tomorrow. Mornings with maria live right now. Woe r we want to heck global markets. We are seeing worsening numbers in italy. Ftse 100 up one point and dax index in germany negative by 4 points right now. Flat session so far in europe. In asia overnight markets mostly higher except for japan. Japanese Retail Holding company fast retailing whose brands include siri, down 2 and a half percent there. Oil prices meanwhile are up this morning. President trump says hes expecting russia and saudi arabia to make a deal to end this costly price war, the president also said to meet with Oil Executives to discus possible assistance, probably conference call. Oil prices up 1. 89, up 9 at 22. 21. Meanwhile Interest Rates are rising, lets take a look at 10year, still rockbottom numbers. Under 1 basis points at. 591 on the 10year, below. 6 on the 10year yield this morning. Now the latest on the coronavirus for the first time coronavirus deaths in the United States skyrocketed by more than 1,000 in a single day, right now more than 1,500 deaths in the u. S. 216,000 cases reported nationwide, President Trump warning that the worst is yet to come. Difficult days are ahead for our nation. We are going to have a couple of weeks starting pretty much now but especially a few days from now that are going to be horrific. Maria in new york the epicenter of the outbreak,eak, more than 0 deaths have been confirmed making up 43 of all deaths in the United States. More than 1300 of those in new york city, new York Governor Andrew Cuomo say it is virus is lifechanging. This is going to be transformative. We will never be the same again. The fear that we have, the anxiety that we have, thats just not going to go away. When do we get back to normal . I dont think we get back to normal. I think we get back or we get to a new normal. Maria overall total confirmed deaths over 47,000. Thats the latest for the world right now while confirmed cases coming close to hitting 1 Million People confirmed cases with nearly 940,000 infected with covid19. Newborn baby young victim of covid19. Infant just 6 weeks old. Test confirming the baby was positive for coronavirus. There are more than 3500 cases of coronavirus in connecticut. 85 people in connecticut have died. Four more states have issued stay at home orders. Florida Governor Ron Desantis to only go out for essential products. Americans should stay at home through the month of april. Georgia, mississippi, nevada all issuing orders. Firefighters lining the streets outside of emergency room in new york city applauding the Healthcare Workers, mount sinai posting video on twitter saying we are deeply honored. Thank you. [sirens] maria what a sight. Just beautiful. The Coronavirus Crisis meanwhiling hitting air travel as well as more states issue stay at home orders. President trump answering questions about a potentially drastic move to slow the illness down. Are you considering a temporary ban on all domestic flights. I am looking hot spots and i am looking at flights are going into hot spots. Some of the flights i didnt like from the beginning but closing up every single flight and every single airline, thats a very, very rough decision but we are thinking about hot spots. We will let you know fairly soon. Maria this as more lawmakers are asking Major Airlines to issue cash refunds to customers canceling plans. Joining the conversation fox business Dagen Mcdowell, cfra director of equity ken leon and Fox News Contributor liz peek. Good morning, team, good to see you this morning even in another bleak day in terms of this path of the coronavirus, dagen. Dagen indeed, in terms of the airlines, airlines have cut back capacity and flights so dramatically. I dont know who unless they had a job here like a Healthcare Worker would want to fly into new york city at this point. Just one day this last week, the number of people screened at u. S. Airports was down 93 from the same time last year, so virtually very few people are traveling in this country. Another issue are the air Traffic Controllers and trying to protect their health and do and does our system have enough people to monitor air traffic. This is a huge issue. I dont think its a necessary step, though. Maria markets are looking for a rebound this morning. Yeah, go ahead, liz. Liz i was going to say with your lead its really no wonder that the markets are skittish, where is the good news . To believe thing that we can look at near term that would be positive, it would be a positive i believe if you could see oil prices really begin to recover. We are in the terrible place where theres literally no place to put oil and this happened in 2015 and ive seen this happen 2 or 3 other times where the incremental barrel has virtually no value because its so expensive to store it now. This is a time when we should be stockpiling in our Strategic Petroleum reserve. China has announced they will do that. We should be doing this too. That was a proposal during the negotiations on the stimulus bill. Unfortunately democrats scuttled it. Its viewed as handout to oil industry and it really is not. A positive measure for mesh consumers to protect crisis going forward. This is a huge miss in my view and i would love to see this happen. Maria yeah, its never good when you see oil prices plummet. This industry represents a lot of jobs and theres a lot of indirect sourcing and jobs as well, so this is certainly a big issue for markets now and the economy. Ken, it is the first day of the Second Quarter, yesterday where we saw a big selloff. We started off on a down note with a steep tripledigit selloff. Today on day 2 of Second Quarter and oil prices are up 10 . President trump says that the saudirussia oil feud can be resolved as we are awaiting the weeklies jobless claims this morning. 3. 5 million jobless claims are expected. We got 3. 8 million, what strikes you this morning of market activity and when we might see sentiment tone for the market . Well, maria, first thanks for having me and front and center is the health of the American People but the conversation is changing in the Second Quarter to what this economy will look look. We are just beginning to get the full impact this month and then also in terms of markets trying to figure how companies are going to do and the fed has done a great job in terms of the liquidity crisis but solvency, Small Businesses to large businesses, the ability to downsize for the downturn and what would this economy look like several months out, the v shapes seems to be disappearing and the question is how can we get this economy going. Thats what the markets really want to look at. Maria so do you have any clarity at all at this point . We are talking about questions how deep the recession will be and how deep the contraction in Second Quarter. You need all of those numbers and expectations in order to really get a good estimate for 2020, right . Well, you do. I think recession is second and Third Quarter. St. Louis fed was talking about unemployment of about 15 and then the question becomes getting that stimulus package out to businesses. Small and large, and just to keep the payroll going, but clearly when you talked about solvency, the ability for a company to stay in business, its about cash flow. Its about cutting off the noncore areas and we will hear a lot about that from companies. Maria we will hear as probably most important guidance, liz, go ahead. Liz yeah, sorry. A couple of banks are out with unemployment number with 5 or 6 million job losses. Fyi. Unfortunately you get no credit for being neutral, middle of the road these days, everyone is going to big numbers. It could be huge. Dagen the biggest problems that Unemployment Benefits are not getting to individuals who are looking for paychecks, payments, thats a huge issue and we can talk about it for the next 3 hours and the states are swamped. The federal government is slow, the guidance is not there on freelancers and gig workers getting benefits, they need to get their act together. Maria why are they not getting it because the states are swamped with having to get things out . Dagen because the systems are antiquated and shifting people over to handling. It is a Record Number of calls but the systems are antiquated and the state offices are saying, we dont know about giving freelancers these benefits. Its a nightmare. People are on the phone literally for days if not weeks trying to get the benefits and this is the linchpin in making sure this economy recovers. Maria we will see what the numbers look like today and whether or not we will get any clarity in that blockage that youre referring to. We are just getting started. A lot on task. One of the best researchers out there. Christian is here on the saudirussia oil standoff and 7 00 a. M. Hour dont miss texas congressman michael burgess, Atlas Capital Founding Partner bob diamond and we will take a look at banks. Food safety expert Benjamin Chapman on how you should be buying groceries today. 8 00 a. M. Scott minor walks us through market this is morning and investing today. General here on the military response to covid19 pandemic. Senate Armed Services Committee Member Martha Mcsally in battling the outbreak. When considering another treatment, ask about xeljanz xr, a oncedaily pill for adults with moderate to severe Rheumatoid Arthritis or active Psoriatic Arthritis for whom methotrexate did not work well enough. It can reduce pain, swelling, and significantly improve physical function. Xeljanz can lower your ability to fight infections like tb; dont start xeljanz if you have an infection. Taking a higher than recommended dose of xeljanz for ra can increase risk of death. Serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. As have tears in the stomach or intestines, serious allergic reactions, and changes in lab results. 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Maria i want to get your take in terms of growth. You are always so great in terms of navigating growth and and looking at the markets relative to the economys potential but you have to throw on top of everything the price of oil, right, how do you see everything right now . Well, you know, its hard to get point estimates these days on real gdp and corporate earnings, theres a range out there of 15 of 30 on the decline in real gdp and annual rate in the Second Quarter and half that in the Third Quarter and maybe pretty good v shape recovery in the Fourth Quarter. I think thats probably the ranges we are looking at. Its not going to be surprisingly bad. We are all expecting really bad news and i think the market is struggling to kind of look past the bad news towards the recovery. Maria so what do you how do you invest if you just look ahead to the recovery. Do you believe that we will see a big rebound come the Fourth Quarter . Well, its interesting, you know, when the markets took the dive in march, a lot of the institution accounts that i speak to told me that they really wanted to rebalance, they wanted to sell their bonds and and buy stocks, stocks look cheap, 30 down as we saw in march, but they couldnt get bonds. It was just credit crunch, squeeze, just a mad dash for cash early and then the fed came in a week ago monday with helicopter money. I think its actually b52 money. I think they just poured liquidity into the system so i think that maria so yeah. Ed yeah. Maria we are waiting at jobless claims at 8 00 a. M. Hour. Theyll be out at 8 30. Expecting to first show look in march in terms of unemployment since pandemic started. How are you allocating capital given the fact that we will see 3 and a half claims. You see we could see contraction of 30 . Ed 15 to 30 estimates. Im at the 15 . I think in this environment the stocks remain very cheap. I think we we are trying very hd form bottom here around 2300 to 2400 on the s p 500. We will see, we may be testing it again here in the past next few days but the key issue here is that the economic prices and financial crisis calls by healthcare crisis so we have to see that peak in the cases and i think thats what the market is looking for. Maria okay. But you said stocks are cheap, meaning youre buying stocks here ed or are you on the sidelines . Ed no, i think its a Good Opportunity to buy stocks awfully cheap. I could be wrong simply because im not a they have different models. Maria yeah. Ed stocks are cheap if you believe you will see virus situation peak. Maria end at some point. Ed, thank you. We will be right back. Has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. As we work to get through these times together. Helping you weather storms like his one, you may not be thinking about blood donation, but blood is desperately needed now to save lives of people who are sick with a range of serious illnesses. Its easy, and safe to give. If you are in good Health Please donate, we need heroes now. Visit redcrossblood. Org to schedule an appointment. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Maria welcome back, boeing is now weighing buyouts. The air space giant reportedly offering early retirement and buyout packages to workforce as covid19 weighs on the economy and the company according to wall street journal this morning. Boeing has taken steps to preserve cash amid the crisis including freeze on hiring and overtime. It is not yet laid off any employees, but looks like they have coming, liz peek. Liz the question is how much of this is related to the coronavirus and how much of it is related to ongoing problems starting back production of its illfated airplane that has problems, maria. I just wonder, certainly makes sense to me that they will take measures and certainly a lot appealing for Company Looking for government aid probably down the road, not to just have layoffs, but i kind of wonder whats going on at boeing at this point. Maria you know, i mean, when i spoke with steve mnuchin, the treasury secretary, on this program a week ago and i asked him, would you consider boeing National Security given its broad military business, he said, look, boeing has been very clear, they dont want any help, they dont want assistance but that may change. Look, liz, look at the number of flights that have been canceled. I believe traffic on the airlines is down between 70 and 90 . So i dont see a lot of backlog orders right now, do you, for new planes . They did have enormous backlog during the downturn, my guess is theres only two plane makers in the world that will supply the longterm growth in air travel and thats going to come back. The question is is this hiatus and the fact they can ramp up production because they keep discovering newly problems and is this stretching out of the backlog, i dont know. Maria we will see if this changes and whether or not the company will, in fact, want government assistance which would mean by the way an equity stake the way they that are approaching the airlines as well. We will take a break, keep watching that. Yes. Dagen i was going to say the wall street journal is writing about the welcome to Uncle Sam Air waves that they will take in bailout, half to retain employees but i want to keep pointing this out. This is an industry that literally never managed for a crisis and thats the business that they consumer they have been bailed out once and have been bankrupt. Delta, i keep saying, delta paid 1 million and a half in bonuses last month when we already knew that the coronavirus was spreading around the globe. So you dont get rewarded for mismanagement. We are rescuing you and the American People deserve at least be paid for that. Maria yeah, which is why its extraordinary to hear larry kudlow on with me on sunday saying, yeah, we are looking at the airlines as National Security and, yeah, we will take an equity stake and that means no excessive ceo compensation and no stock buybacks. There you go. Government will make demands as an equity shareholder. Dagen you know why, thats politics because the American People hate the airlines and how we have been treated by them for literally years. They have nickeled and dimed us every time we got on the plane and its a really ratchet experience to board an aircraft and now they want 50 billion, well, you can get it and we will get something in return. Maria yeah, looks like thats where thats going. Lets see if that includes boeing as well. Stopping a pandemic, we will focus on that when we come back. One of americas leading physicians here hoping for a new test as the u. S. Battles coronavirus, stay with us. Ever, theres nothing to stop you from moving forward. I am totally blind. And non24 can make me show up too early. Or too late. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. Maria welcome back, good thursday morning, everybody, thanks so much for joining us. Im maria bartiromo, it has thursday april 2nd. Your top stories right now 6 31 a. M. On the east coast. President trump is warning of, quote, horrific days to come. Over 1,000 deaths reported yesterday in the United States pushing the total past 5,000 dead in the u. S. Futures pointing to rally at the start of trading this morning. Take a look at where we stand. Markets kick offed the Second Quarter yesterday with sharp selloff. We are looking at a bounce of 395 points in the dow industrials. As you can see yesterdays close was rough, the nasdaq was lower by 339 and the s p lost 114. We are bouncing off of all of that this morning. Global market this is morning also firmer. In Europe Markets are searching for some direction but they are in positive territory. S p 500 is up 24 and the dax index in germany is up 42. Theres still growing concern that the European Union has not been able to take unified action to combat the virus and its economic impact. In asia overnight markets were mostly higher except for japan. Oil as you can see nikkei average was down one and a third percent. Look at korea and the others also firmer. Oil prices are higher this morning, President Trump says that he expects russia and saudi arabia to come together and make the deal to end this costly price war. The price of oil now up better than 2 a barrel. Social security recipients, automatically receiving Coronavirus Relief checks. Cheryl casone with those details now, cheryl. Cheryl u. S. Treasury secretary Steven Mnuchin said that Social Security recipients do not have to file simple tax returns to receive payments. The clarification from the secretary coming after the irs ingested that Social Security beneficiaries would need to file a simple return if they want it to receive the money, well, now they dont have to. Well, more am done workers walked off the job, a dozen employees staged protest at warehouse outside of detroit yesterday. One of the coworkers tested positive for coronavirus. Second demonstration in the u. S. This week. Well, President Trump is going to meet with oil company ceos tomorrow at the white house. The president expected to discuss ways his administration can help the industry survive a plunge in oil prices from covid19 outbreak amid big glut in supply companies, thats being reported in the wall street journal. Oil prices are down nearly 70 this year sending the average price of gas down to 1. 97 a gallon thats according to aaa oil. A little bit higher in premarket. 10 to the upside, 223 for the contract. Well, the fda is calling on stores to pull the acid reflux drug zantac immediately. May contain harmful contaminant called mdna and if its stored over a long period of time the contaminant may cause cancer. Those who take zantac are being asked to talk about discuss other treatment patient. Pass the time staying inside. Harry potter author has a new spell for you. Launched a new interactive website featuring quizzes, games and craft work videos and for those relive the magic of hotter harry potter they offer audio versions of harry potter. Maria thatll help your attention when youre home, thank you, cheryl. Coming up meanwhile coronavirus deaths in the United States very worrisome here skyrocketed by more than 1,000 in a single day yesterday. The total now rising to more than 5,000 deaths in the in the United States. The president s task force is now calling for production of new tests to determine if somebody is immune to the virus. I really called on every university and every state to develop and you can buy buy online and we reached out to developers, the ones who developed for malaria and the ones we developed to hiv and i think we owe it to healthcare providers, we are not waiting but asking for help now. Maria joining me right now is pediatric allergist and Infectious Disease specialist at nyu langone health. Doctor, thank you very much for being here. We appreciate your time this morning. Whats your take on immunity here if someone has gotten coronavirus, do they become immune to it . Right, so we are hoping that people who have been infected do like they do with other illnesses and diseases. We are seeing few cases around the world of infectious or secondary infections. We dont know why people are getting sick again but for the majority of people we are hoping that they are able to mount a immune response and hold onto it. Maria the white house is pushing for a new blood test now that could actually determine coronavirus immunity. How would that help doctors and nurses on the front lines . Right, so it would be very helpful because it can then each of us have infection and antibodies help immune and be protected and that helps to doctors going into front lines, hospitals, ers and go back to treating and taking care of patients. Maria liz peek, jump in here. Liz so, doctors, thank you for joining us. Does this have the same are we talking about the same concept that is driving hospitals to ask people who have gotten through the disease to come in and give blood and they are using their plasma to help other people, is that the same sort of notion that youre talking about . Yes, absolutely and as immunologist, so the idea by treating people with blood from people who recover from coronavirus they can benefit from the antibodies. Maria dr. Parikh, we keep going back and forth in terms of who is the most vulnerable. The newborn baby youngest victim of covid19, what does that mean for any infants and have we learned who is truly more vulnerable. Why is an infant here the case that we are talking about when, in fact, we thought it was young people were not getting it . Right, so its definitely very concerning and weve been very surprised. Actually more than half of the coronavirus cases in the u. S. Have been young people. Very different than what we initially thought. People in 30s, 40s, 20s and now this infant having passed is very concerning because we had initially thought even as recently as a couple of weeks ago that children and babies were somewhat protected so we dont know why this virus does have the potential to mu m mutate. Maria is there a period of time that its actually in the air . Right, we have varying reports of how long it stays in the air. Some are up to a few hours. The safest thing if you are going to exercise to go some where where theres not not many people around because again youre not really social distancing and if theres airborne potential for this virus it could be still lingering in the air. Going outside is okay as of now but please go to areas that are not densely populated. Maria i see, all right. Thank you so much dr. Parikh, good to talk to with you this morning. We appreciate your time. Thank you. Maria we will take a break, when we come back new report sheds light on how much china really knew of covid19. Thats next. Stay with us. Maria welcome back, beijing is fighting back at u. S. Intel, the agency saying that the Chinese Government hid severity of coronavirus outbreak. I spoke with texas senator ted cruz who said chinas false information have cost Many American lives. Are. The pandemic began in china, began in wuhan, china and the decisions of the Chinese Government played a critical part in in causing the pandemic to be as bad as it is because they suppressed information, they held that out International Health experts, they covered it up, they punished the whistleblowers, they did everything they could to hide the Public Health crisis that was spreading right in front of them and had they not done so, the chances are we could have stepped in and saved many, many more lives. Maria then President Trump reacting to chinese misreporting of covid19 at yesterdays briefing, watch this. We really dont know. Their numbers seem to be a little bit on the light side and im being nice when i say that relative to what we witnessed and what was reported. Maria joining me right now former trump as well as george w. Bush state Department Senior adviser and also former north Korean Special envoy Christian Whiton, how severe is this . China is saying that the number of deaths have slowed down, that the number of cases have slowed down . Can we believe anything . I think you could easily add zero to each of those numbers but really we are just guessing. This is the problem with china, they are so opaque not only have they lied about this consistently but demonized in prison, kicked out american reporters and western reporters. They say they are over the hump and frankly given what they went through, given the course of the waves and other countries they may be true, you cant take it on its face that its true. Maria right, because of the down playing and because of the lies it raises the questions on the origins of this problem. How did it start, you know . Theres a lot of this who have been on the program, senator tom cotton and senator marco rubio where they are looking at lab where they are looking as perhaps being originating place as oppose to open market. Is that why they keep hiding things, they dont want to admit either a mistake or however it happened it got out of the lab . Its possible. I know Senior Administration officials who are suspicious of that. Frankly im not sure you design weapon with mortality this low. It could be experiment gone awry. Trying to blame us, trying to change topic internally because they are facing a lot of pressure, a lot of turmoil. They tried to sensor some of that on their internet. Theres a real question whether you also have it on the mainland. Xi jinping, latest in a string of failures and that is sort of indication and results of their of their just desire, intense desire to suppress any news about this. Maria we will be watching that. Its a good point if and when hong kong protestors come back. Christian, i want to switch gears and ask you about oil. President trump striking optimistic tone between deal between russia and saudi arabia to end price war. He said to meet with Oil Executives tomorrow to talk about possible assistance for the sector. How significant is this . And i want to get your take on russia, no surprise that russia sees crisis in the United States as a Good Opportunity to pile on and send Oil Prices Lower to knock out the shell industry here in america. Thats exactly what they love to do and to recap how we got here, opec plus was meeting in march to constrain the output of oil and thought, wait a minute, that may help americans, they went rogue and then saudi went rogue in increased production, cut the price of oil and thats what brought us to this point. I think the president has done a good job. He spoke to putin and the crown prince of saudi Arabia Mohammad bin salman. Mbs has great deal of selfconfidence of failure to understand how badly this is hurting his best ally in the world, the United States. I think the president will keep chipping away. Hes meeting with Oil Executives tomorrow. Theres a limit. Some of them want to constraint u. S. Output but thats not what we do. So this will probably go on a little bit longer but i dont think oil, you know, one reason im long on excess son and usl, i dont think oil will stick around at 22 bucks a barrel for very long. Maria okay, but unless we actually see Production Cut the supplydemand situation, does it necessarily support much higher priceses prices, right . It doesnt. They cant keep this for very long. Maria yeah. Saudi can produce very cheaply but has extremely expensive state and royal family to support. Russia not in good fiscal situation. Both have incentive to move on after at least getting through the additional display of whatever they are trying to do and also interesting to point out iran and venezuela are really hurting as a result of this. They were already in terrible economic shape and their one source of revenue has gone out the window. Maria having said the shell industry is hurting with this price. They model much higher prices to operate the businesses. What would you say is the right percentage of how Many Companies wont make out of this. Would we see increase as russia would like to see . I think so. You will see less production in the United States. The market actually works, though, youre already going to see frankly they are running out of tankers, saudi is renting them, they are loading tankers without an actual destination so far and the price of storing gas is going up significant, storing oil i should say. You will see the market kick in and you will see economic reality in saudi arabia and that combined with very strong pressure with secretary pompeo and trump, i think eventually gets us through this and then itll take, you know, the resumption of Economic Growth but throughout later in this year you will see an appreciation. Maria all right, we will leave it there. Christian, great to have you there, thanks so much. Thanks, maria. Maria Christian Whiton coming up. Coming up america comes together. What we are doing to help those in need during difficult time . Wait till you hear this. Back in a moment. From rebooking flights, on the fly to restocking shelves on demand. Without getting in your way. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Maria welcome back america comes together. Neighborhoods, businesses working side by side to get the country through this difficult, Cheryl Casone with more on this, cheryl. Cheryl maria, we keep seeing incredible acts of kindness especially in new york the epicenter. Sofia pizza shop delivered 40 pizzas at memorial, delivery part of fundraising campaign, pizza versus pandemic. The goal to support Healthcare Workers and help Small Business owners as well who you know are struggling. Another amazing sight here in new york city, a trumpet player performing star spangled banner as they applauded medical workers. [cheers and applause] cheryl and that applause, maria, has become a nightly event. Something i participate myself and every night from my apartment window 7 00 p. M. We do it. Amazing sight from wallet disney in florida, employees that are still on site are raising and lowering the American Flag each day in the town square. Continuing the tradition is a reminder of gratitude americans have for veterans and active Duty Military Service Members Around the world. And finally, in georgia, a parking lot full of people gathered together to pray for Healthcare Workers on the front lines at the northeast georgia medical center. All the First Responders, the people in this hospital right here in northeast georgia not just here, in every hospital, in every place corner of the world. Cheryl and, maria, we will continue to bring viewers these stories. This is a great country, we are compassionate and united and, maria, we are together in all of this. Maria i love that, and i love the fact that you do it every night, cheryl. Those pictures of the pots and pans in new york are incredible, so thank you for participating in that. All of the acts of kindness happening even as we practice social distancing which is really incredible. Cheryl, thank you. We will take a break, when we come back your 401 k , your retirement account could take a hit obviously in the markets amid the coronavirus pandemic. Thats next hour mornings with maria, we will check on it when we come back. I knew about the tremors. But when i started seeing things, i didnt know what was happening. So i kept it in. He started believing things that werent true. I knew something was wrong. But i didnt say a word. During the course of their disease around 50 of people with parkinsons may experience hallucinations or delusions. But now, doctors are prescribing nuplazid. The only fda approved medicine. Proven to significantly reduce hallucinations and delusions related to parkinsons. Dont take nuplazid if you are allergic to its ingredients. Nuplazid can increase the risk of death in elderly people with dementiarelated psychosis and is not for treating symptoms unrelated to parkinsons disease. Nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. Tell your doctor about any changes in medicines youre taking. The most common side effects are swelling of the arms and legs and confusion. We spoke up and it made all the difference. Ask your parkinsons specialist about nuplazid. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It us thursday, april 2 n. Your top stories right now, just before 7 00 a. M. On the east coast. President trump is warning of, quote, horrific days to come. The number of cases and the number of deaths in the United States rising at an alarming rate and more states this morning issuing stay at home orders. More accusations of china hiding the actual number of deaths and cases. President trump says they seem to be a little on the light side. Questions also being raised about numbers coming out of italy. Are the countries suppressing the severity of the disease. We get a look at the impact the virus is having on jobs in america. The weekly jobless claims numbers will be released at 8 3. Well bring you the numbers. Well take a look at the march jobs report. Well look ahead, thats coming out tomorrow morning. March crests this morning going into all of that, rallying right now. We are expecting a firmer trade with the dow jones up 389 points, better than 1 . S p 500 up 42. And the nasdaq right now higher by 95. This after u. S. Markets kicked off the Second Quarter with a sharp selloff yesterday ending near session lows at 4 00 on wall street. Dow down 973, nasdaq down 339, s p down 114. President trump is considering grounding domestic flights between the hot spots of the country to try to contain the spread of the virus. Boeing set to offer early retirement and buyout package as the virus takes a toll on the aircraft industry and the 737 max fleet remarches remains gro. The coronavirus impacting the 2020 race as well. Joe biden calling for the Democratic Convention to be pushed up from pushed back, rather, from midjuly into august, this as the pandemic could lead to a virtual election. Were talking about that this morning as long lines are forming at Grocery Stores, people are looking to stock up. What you should be getting, how to store it and what measures can be taken to make sure your takeout orders are safe. We get the answers from a food safety expert this morning. Dont miss that. What money questions do you have as our country battles the war against coronavirus, send them to us on instagram or twitter at mornings, maria, we will answering some of those questions right here onair. Mornings with maria is live right now. Global markets this morning look like this. European indices are searching for direction. We have a rally underway. The fq100 is up 55 points, the cac in paris is up 42, dax in germany is higher by 49. There is still a growing concern that the European Union has not been able to take unified action to combat the virus and its economic impact. In asia overnight, markets were mostly higher except for japan. Nikkei was down as you can see and the numbers were very much a mixed story. Oil prices are surging this morning. President trump says that he expects russia and saudi arabia to make a deal to end the costly price war. The president was also he is set to meet with Oil Executives tomorrow. Hes going to be discussing possible assistance with those oil ceos. Lets check Interest Rates, the 10 year treasury is up this morning, of course we are still near rock bottom levels but it is up 0. 3 basis points at a level of 0. 585 on the 10 year. Joining the conversation this morning, Dagen Mcdowell, ken leon, and liz peek. Good morning, everyone. Good morning. Good morning. Maria got a lot to cover this morning. I want to bring you the latest on the coronavirus. For the first time, coronavirus deaths in the United States skyrocketed hitting more than 1,000 in a single day, yesterday. President trump warning that the worst is yet to come. Difficult days are ahead for our nation. Were going to have a couple of weeks starting pretty much now, but especially a few days from thousand that are going to be horrific. Maria in new york, meanwhile, the epicenter of the outbreak for the United States, new york is accounting for nearly half of the deaths in the entire country. Governor andrew cuomo says the virus is lifechanging. This is going to be transformative. Were never going to be the same again. The fear that we have, the anxiety that we have, thats not just going to go away. When do we get back to normal . I dont think we get back to normal. I think we get back or we get to a new normal. Maria now the confirmed number of cases coming close to hitting 1 million across the world. A plane packed with medical equipment from russia touching down in new york. The country sending 60 tons of masks, ventilators and protective gear to help deal with the coronavirus pandemic. President trump arranged the shipment with vladimir putin. The equipment will be examined to make sure it adheres to the fdas standards. Robert craft stepping no help Healthcare Workers. He sent the teams plane to china to get much needed protective equipment. Massachusetts Governor Charlie Baker said the state is struggling to get tasks, sanitizing wipes and gowns for workers on the front line. Baker will join craft this afternoon to welcome the supplies. Disney parks donating 100,000n95 masks and ponchos, these items given to humanitarian organization med share to be distributed to hospitals in new york, california and florida. Disney parks are closed until further notice. Take a look at the stock in the premarket this morning, as you can see now at 96 is up 4 andahalf percent. The coronavirus reportedly forcing boeing to consider new steps to control costs. The wall street journal is reporting this morning that boeing is expected to start offering buyouts and early retirement package as soon as today. Boinboeing has 160,000 employee. The company has been pushing back on the government taking an equity stake in boeing. Coronavirus is spreading meanwhile. The u. S. Is facing 5,000 deaths and more than 200,000 cases, more states are joining the movement to add or expand stay at home orders. Joining me now is texas congressman, and medical doctor himself michael burrgess. Thanks very much for joining us. Thanks for having me on. Maria so i guess let me start the conversation with asking you what you believe horrific means. What do you think the president meant when he says we are entering the next two weeks and its going to be horrific. Well, i know it means Different Things to different people but i think the scale of poe donpotential human sufferind human death is something were not used to seeing. It will be startling, it will be astonishing and, yes, it will be horrific. Maria what to do about it . Were talking about stay at home. Were talking about worries about being airborne. Whats your best advice at this point from your medical experience in terms of what people should be doing . Should we be afraid to go outside given these stay at home orders . Is it in the air, congressman . No, its not in the air generally. Its in the air within usually within a two foot radius of someone who has the virus and is infected. The problem is that people can be infected before theyre symptomatic. So that makes this particular outbreak, this particular illness more difficult since we dont have, yet, good viral counter measures. We dont have an antiviral agent thats reliable that we know about. We do not have a vaccine yet. The best thing is then are the non pharmacologic interventions which is social distancing which is staying at least six feet away from everyone around you. And certainly offices that have done that i think i think the benefit has its hard to tell. Its hard to prove a negative. If you didnt get sick then you did a good job that day. Maria well, its just extraordinary. Were all dueling with these un dealing with these unprecedented time. The conversation has turned to infrastructure, adding infrastructure to any stimulus plan. Democrats pushing for a five year, 760 billion stimulus plan. The president did not cosign but he has talked about the importance of rebuilding americas roads and bridges. Hes offering a 2 trillion, 10 year proposal. Is it too early to start adding billions of extra spending to a potential fourth stimulus package when were not clear on how the third stimulus package will impact things . Thats the situation. Its way too early. The month of march, Congress Passed three unprecedented bills. Were not even going to feel the effects of the Small Business loans until tomorrow. So i do think its appropriate to take a pause and lets see how things that weve done, see how they work, things that dont work perhaps they do need to be fixed. Things that work, running out of money, maybe we need to extend. Im distrustful of the speaker of the house when they say were going to craft the next stimulus package. It will be an ide ideological maria jump in here, especially since nancy pelosi wanted to add funding for planned parenthood and solar panels. She did get the 125 million in there for the kennedy center, we know. And they laid everyone off. Good morning, congressman. My question on the infrastructure is this. The democrats are talking about a much smaller number than President Trump and theyre saying its in line with what republicans want. Are they conceding that were going to have to have private partnerships involved in this infrastructure building . I mean remembering that, yes, we just added a huge amount of money to the federal debt and americans are sort of horrified by all the spending but infrastructure is popular and if it really rebooted construction trades and other things like that, i could see where if it calls on the private sector and is wellmanaged it could be a very popular proposal. Theres no question that the need for significant Infrastructure Investment exists because it did before the virus hurt us. Heres the thing, though. To add it to a stimulus package number one, the economy doesnt need a stimulus. The economy needs a cure for the virus. Once that happens, no stimulus package is going to be necessary. Governor cuomo may be right. It will be a new normal. The fundamentals of the economy so far are still there and the economy i suspect can rebound pretty quickly. Now, a good idea might be that we do our job for a change, do the regular order, if theres a stimulus bill thats needed im sorry, an infrastructure bill thats needed we should do our work, we should do the hearings, assemble the data, come up with the number, pass it on the house floor, send it to the senate and see if the president will sign it. Its not a stimulus. Stimulus is not required right now. Whats required is help. And these response bills were just that, to help people through a tough patch. Maria and why would the American People believe that any stimulus package is going to be clean, pure, infrastructure, when we know everybodys trying to get their own lobbying projects in there. I mean, really. Youre right. Do the job. I mean, as your colleague in the senate said this weekend to me, senator kennedy, its porn thats going in all of these bills. So i mean, i think we actually i agree. I think the American People would like to see an impact of what we spent already. And again, the Small Business paycheck protection doesnt start until tomorrow. Lets see how that goes. It may run out of money quicker than anyone thought, which case it would be necessary to replenish, if this goes on longer than anyone thought. For right now, lets take a pause and see whats working and no question i got projects in my district id like to see done tomorrow. But theres a regular way to do that. Maria of course. Congressman, thank you for weighing in. We appreciate it. Good to see you, sir. Coming up this morning, do stay with us. Atlas Merchant Capital Founding Partner and ceo, bob diamond is here on the markets rough start to the Second Quarter. Food safety expert Benjamin Chapman is here on how to buy groceries in the pandemic. At 8 00 a. M. , join me for scott minor, general terrence owe sean sigh is here on the militarys response and arizona senator Martha Mcsally on Congress Next steps on battling the illness. Dont miss a moment of it. Back in a minute. 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. Maria welcome back. Futures pointing to a bit of a rebound on wall street this morning. Investors are waiting on the weekly jobless claims expected to rise this morning. We get that number in an hour and 15 minutes. Oil prices are up this morning. Up 10 . After President Trumps optimistic tone over the saudi, russia oil feud. Joining me right now is atlas Merchant Capital operating partner. Gentlemen, good to have you both. Thanks so much for joining us. Thanks for having me. Nice to be here, maria. Thank you. Maria good to see you both. First let me start with you bob diamond. Give us your sense of the coronavirus and its impact on the economy and the banking sector. What do you take away as sort of most important here putting obviously the sickness and the deaths aside in terms of returning back to business. So the impact on the economy well see more of that today with the unemployment numbers but i think everyone is theres kind of a consensus that the near term impact to the economy is going to be huge. On the other hand, i think that the action taken by the fed and the treasury in terms of the speed, in terms of the size of what theyre doing, in terms of the impact and the breadth has been very helpful to the financial markets. You know, its interesting, maria, in the last couple of days, looking through some of our portfolio companies, one of our companies here in the u. S. , south street securities, which is a repo business, has seen the impact of all of these actions at first created quite a bit of volatility. Liquidity, yes, but volatility. Over the last couple days weve seen the plumbing, if i could call it that, of the money markets and the repo markets and the financing markets really calm down. So the impact of a lot of these actions on the market are really beginning to take effect and the impact on liquidity has been real. Maria yeah. And its a big impact, larry. Youre talking about all of this stimulus from the Federal Reserve, Central Banks, along with the federal government, totaling 25 of the gdp. You both say were already in a recession. What do you see as a difference here from past recessions . For example, you both lived through the 2008 financial crisis. This is not a normal recession. You dont even know youre in it, when it starts and you sort of job losses take place over many months. Weve never seen anything like this before. The numbers are devastating. I think the two positives we can take especially from the markets are, one, the market seems to expect this. I was concerned before last week that if we saw a number like 3. 2 million jobless claims, the market would tank. It didnt. You youll probably get a worse number later today. So thats good. And the second thing as bob mentioned is just the massive stimulus. So were not seeing the sort of forced selling and panic that we saw before. I think that part of the market is behind us. Largely thanks to the fed which i think really has done a great job. I dont know if people appreciate how massive this fed intervention is. Theyve been doing 75 billion a day. Thats more than they did per month through most of the financial crisis. This is enormous. Last week they did over 600 billion. That was more than all of qe2 and they just did that last week. So this is a big factor in terms of shoring up markets. Its going to unfortunately, in terms of how long this lasts theres no doubt its devastating as bob said. The economy, the bottoms dropped out. But Everybody Knows this and the question is how long and a lot of that depends on when we get our arms around this virus and just start seeing it being contained. And nobody knows that. Maria thats what i keep saying, we need this clarity. We dont have any clarity on this but we know that the reaction to many from many of us are to sort of be frozen. Bob, take us back. Were you the ceo of barclays during the takeover of lehman and during that frightful moment that we all lived through, people did sort of stop and they stopped spending, they stopped going out. We were in a dark period. Whats your take in terms of what got people going again . I recognize we need to understand better the virus and the duration of this stay at home order. Is that what its about . Well maria or are there longterm changes here . Well, i think the initial youre absolutely correct. We need to understand whats happening on the health side first and foremost in terms of how long this economic recovery is going to take, because we put the economy kind of to the side for now. We know the impact is great. I think one of the big differences is, particularly here in the u. S. , both the fed and the treasury are recognizing that the banks today can be part of the solution and i think the impact one of the things we really underestimate is the incredible competitive advantage we have in the u. S. With the deep liquid Capital Markets. I mean, i was stunned last week when over 100 billion in we raised over 100 billion in Investment Grade debt for 50 companies. Last week was the the biggest most month since 2019 in terms of issuance. The First Quarter was the biggest quarter ever in Capital Markets and this is in the midst of this crisis. So one of the positives and we need to look for the positive here is the u. S. Has a very deep, very broad, very diversified Capital Markets. No other country brings this into play. And the risk, all of these deals were led by the banks but the banks arent holding this risk on the balance sheet. Its been diversified into pension funds, asset managers, private equity firms. Its really been impressive. Maria do you think banks are going to be forced to cut their dividends, bob . Real quick. You know what, its an interesting debate. Yesterday i think were going to find a balance here between the banks feeling its important for their investors to have some dividends but probably theyll cut them back. My sense is well find some compromise. Maria larry cantor, bob diamond. Great to see you both. Thank you, gentlemen. Well be right back. Announcer there are everyday actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Maria welcome back. 2020 democratic hopeful joe biden is calling for the Democratic Convention to be pushed back from its july date into august. Thats because of the coronavirus outbreak. Meanwhile, his rival, senator Bernie Sanders, sparring with the view yesterday, basically asking him what hes doing here. We want to talk more about that right now with dagen and liz in new york. Dagen, it was interesting to see biden im sorry, Bernie Sanders push back at the view yesterday. Where is his what is his path at this point . Dagen his path Bernie Sanders path is to push joe biden and all democrats further and further and further left and something i havent talked about yet, not necessarily about who wins in november, but this is going in Bernie Sanders direction in terms of maybe we get some sort of nationalization of the airlines, maybe we get monetizing the debt where were printing money and by the Federal Reserve and just buying up all this debt that were generating to support the economy. We are seeing Bernie Sanders dreams come true in some way in terms of the government takeover of our private economy and on the other end of this fight against the virus and this downturn were going into, it might be Bernie Sanders world. He might not be the president of the United States but it could be a landscape that he might embrace. Maria. Can i interject . Maria, i would add that also bernie is hopeful of having a pretty big voice at the convention in terms of platform and policy. But dagens totally right. You know, in the last couple of years weve seen Bernie Sanders push the country really to the left and whats particularly offensive to me is the antibusiness rhetoric that he is so passionate about. He talks about the pharmaceutical companies being crooks and liars and stuff. The trouble is, thats infecting our policy making. When nancy pelosi gets around to doing a stimulus bill now, she cant afford to make it look like anything is being done to the in favor of keeping our big businesses afloat without Strings Attached which is the sort of polite way of saying government involvement, government stakes in these companies, et cetera. Its really kind of dangerous. And, look, right now joe biden is not doing terribly well, i dont think, in terms of being out there, having a message, et cetera. BetteBernie Sanders is as likelo have an Important Message going into the convention as joe biden does, even if he is the presumed nominee. Maria i think this election is also going to include china. I think this is going to be a lot about china and who will be the best person to be tough against china, given what we now know very well about china, whether its the theft of intellectual property, the Confucius Center stealing our academic research, coronavirus and downplaying it, all sorts of things, not to mention the uyghurs and humans rights abuses and the trade fight with the tariff. Dagen china lied from moment one to its own people and the rest of the world about the nature of this virus. Period. And because of that, were a nation thats now taken to our knees and fighting for the very fabric of what we represent. Thats on china. Maria right. Thats on china. And i think going into the election, people are going to want to have somebody there running this country who they believe will be tough on china, given their bad behavior. Thats my point. Thats how i see the election changing and whats important to people going into november. I agree with you, maria. I think that Bernie Sanders oddly is in a better position to be tough on china than joe biden. Joe biden, there have been articles written lately where at every turn of the road he has supported china, backed them up, you know, pushed for them, their inclusion in world trade oranization, et cetera, and even recently has defended china. So biden really is not on the right side of this argument and i think this is an argument American People really side with President Trump on. Maria yeah, i agree with you. Weve got a lot more to come right here, were looking at a rally in markets. Stay with us. Ging 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. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Maria welcome back. Good thursday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is thursday, april 2nd. Your top stories right now, 7 3. President trump is warning of, quote, horrific days to come, over 1,000 deaths have been reported and this happened just yesterday in the United States, pushing the total number of deaths to 5,000 in the United States. Futures are pointing to a gain at the start of trading this morning, dow industrials up 329 points after the u. S. Markets kicked off the Second Quarter yesterday with a sharp selloff ending near session lows at 4 0a reversal this morning with the nasdaq up, the s p up, and the dow up but yesterday at 4 00 on wall street the industrial average gave up 973 points, nasdaq down 339 and s p down 114. Global markets this morning are higher, in europe we have green across the board right now. We are solidly positive in europe, fq100 up 32, cac in paris up 37, and the dax in germany higher by 32. There is still a growing concern that the European Union has not been able to take unified action to combat the virus and its economic impact. In asia overnight markets were mostly high wear the exception of japan. Oil prices this morning are surging. Still talking about very low numbers relatively speaking. President trump says he expects russia and saudi arabia to make a deal to end the costly price war, price of oil up 2. 02 a barrel at 22. 34, 10 rally in the price of crude this morning. Another setback for wework to report. Cheryl casone with those details. Cheryl softbank canceled their rescue package for the struggling company, saying they pulled out of the deal because wework failed to meet certain conditions. Adam newman owns half of the shares in the tender offer. There is softbank, the one year chart. Particulatiktok has become morer as millions of americans look for ways to stay entertained under quarantined. Now youtube wants to join the party. The video sharing site is launching its own version, called shorts. It will allow people to upload brief video and take advantage of youtubes licensed music catalog. Well, more retailer offering curb sited pickup as the coronavirus spreads. Shoppers can place online orders at best buy, kohls and dicks sporting goods, then they can drive up for consisten contactl. Store owners say its the best way to keep sales up while keeping customers safe. Finally, joe exotic, the show of the popular Netflix Series tiger king is in coronavirus isolation. Exotics fourth husband, Dillon Passage said in an interview that exotic was placed in isolation after inmates in the jail he had been in previously had tested positive. Its not known if the former big cat breeder has the virus. Joe exotic is serving 22 years for a murder for hire scheme. This series has gained a massive viral following on netflix. There is netflix in the premarket, up one and a quarter percent. And no, i have not started tiger king yet. Back to you. Maria ever since dagen mentioned it, all of a sudden its gone viral. Dagen told us about this weeks ago. Dagen its totally insane. And i cant stopwatching it. Again, if youre crazy, it makes you feel normal. Maria okay. Well, theres that. All right. Meanwhile, educating im going to watch it, dagen. Im going to take your advice. Im going to watch it. We want to look at education in this environment, educating americas children amid the coronavirus pandemic, School Closings around the country as you know forcing classes to be held online using platforms like zoom and skype among others. One teacher going the extra mile, heading to a students house after the child had trouble grasping a math lesson, teaching her from the other side of her porch door. It was something beautiful to seem joining me now is the american medication of teachers president , randy win winegarden. Lets talk about how teachers are adapting to teaching students virtually. Hows it going . I think it first of all, maria, i hope you and your family and everybody around you are safe. So thats kind of the first way i start almost every conversation. Maria right back at you. Publicly or privately. Maria you look well. So thats great. Thank you for joining us. Best regards. Thank you. Thank you. You too. So theres a we often use the expression, building the plane and flying the plane at the same time and i would actually say thats pretty apt right now because Virtual Learning has been around for a long time. It has actually not really worked effectively and so everybody within i would say like five to seven days had to learn how to do it very quickly. And so zoom has been a godsend. Google classroom has been very effective. But whats happening is you have to do like that teacher in south dakota. Weve had teachers doing teacher parades in other places, in new york where people are really saying lockdown and stay in place, theres been a lot of conversations on phone after a lesson or office hours to try to help kids if somebody doesnt get a problem or Something Like that. What i think were going to go through is two phases. The first phase was or three phases. The first phase was trying to figure out how to create rituals and stability and the time that kids and teachers are all together. The second phase is kind of how to actually do this for the next month and the third phase, if this goes on for a long time, is how to actually sum up the year, particularly how to help graduating seniors graduate. Maria yeah. I mean, were learning as we go, as you just said. Yeah. Maria and youre right. But do you think longer term this has longlasting implications . I mean, if we are going to get this and are going to have our children learning online, using all of those tools that you just said, longer term wont the School System want to do more of this . Well, i think that the answer is both yes and no. What i heard but remember, the first week or two was very chaotic and i know we got a lot of criticism initially because we said if you dont if you cant know where the transmission is, then you have to actually close schools if you dont have enough testing. But give us a little bit of time, like give us at least a day or two to figure out how to feed kids, how to deal with the digital divide, how to do some of these things and the grab and goes i think are working. Maria georgia became the latest state to announce that schools will be closed for the remainder of the year. I mean, the remainder of the school year, randy. Georgia joining a growing list of eight other states. More are expected to follow. The closings are raising questions for what this means for you students as they continue classes virtually for the foreseeable future and if we are going to integrate once the coronavirus is behind us, if were going to integrate more Online Learning in the curriculum, longterm. I think that the answer is both as i said before, i think its yes and no. I think one of the things that people actually yes o yearn fory want to get back to brink brickd mortar because its really important, just like all of us you know, this is physical distancing but the connection that people have are more and more important and trying to figure that out and trying to figure school out again, you know, its not just the memes of i wouldnt even call it home schooling. Its home learning. But parents are now seeing kind of just how hard it is to teach and so we need to actually build those relationships again, see people again, connect with people again, and have schools that actually wrap services around. Its going to be actually more important to have some of those other services past this virus. But i do think its given us another tool and what youre seeing is that youre seeing and we said this years ago, that technology does not supplant teaching and learning, it has to supplement teaching and learning. Thats what youre seeing here. Let me raise one more idea. I want to calm parents down as much as i can. Which is that we did have we did have seven or eight months of teaching and learning this year before this pandemic upended everybodys life and so one of the ideas that we have, which you and i did years ago, you know, im from the dinosaur age, you are not, but we did term papers or we did capstone we did term papers, we call them now in high School Capstone projects. But if we trust teachers, particularly for High School Graduating seniors, to kind of come up with projects to sum up the year, then and to if somebody doesnt have the internet or somebody doesnt have online, to kind of create a Delivery System like we have with the grab and go meals, then we can actually help sum up the year in as productive a way as possible. Our job is to help calm people down and our job is to help parents help kids do as much as they can, as productively as they can, in a year thats completely upended. Maria all right. Well, were going to be watching a all of your efforts, randy. I know that parents across the country are watching us right now and looking forward to when school will be open. Tell them to go to share my lesson. Share my lesson has lots of tips for parents. Its free. We have lots of tips there. Thanks. Maria well check it out. Randy, thank you. Quick break and then were zeroing in on your 401k, your retirement account could be taking a big hit amid the coronavirus pandemic. Well take a look. Stay with us. Boston light, americas oldest lighthouse, has stood strong through every dark hour and bright dawn our country has endured. It has seen the break in the clouds before anyone else. For the past 168 years, weve also stood by you, helping you weather storms like this one, to protect your loved ones. And well do it for 168 more. Maria welcome back. Yet another impact of the coronavirus, many retirement plans taking a big hit due to the coronavirus and its economic impact. Businesses facing major losses due to this pandemic, cutting contributions to 401k plans to save cash. Macys, marriott, amtrak, lazy boy and Mattress Firm among the Companies Cutting the 401k contributions. Joining us right now, cpa and Business Analyst daniel geltrude. Thanks very much for joining us. This is our safety net. How concerned should people be about changes in their 401k that maybe they werent aware of that companies are now pulling back on the contributions . Well, there is reason to be concerned, maria, because people now have the opportunity to put money into their retirement plans when the market has come down so there are buying opportunities and not to have that 401k match, for example, from the employer is going to not allow for as much money going into the plan as there could have been. So this is all going in the wrong direction for peoples 401k and obviously if you have been looking at your investments right now in the last few weeks, you just see things going down and then you hear about your employer changing their contributions, either lowering them or wiping them out all together, this is not good news. Maria well, i mean, the question becomes do you expect the contribution cuts to last after this is over . Let me bring Dagen Mcdowell in here. Dagen, i know like me this is how you and i made all our money in the beginning of our careers, as you and i were rising and declining the climbing the ladder in business, we kept putting money in our 401k and expecting the company to match. If theyre going to change that matching, that really changes the equation, doesnt it . Dagen it does. People need to focus on why their employer might be doing this. You still have a job and you want to have a job on the other side of this. So companies are literally doing anything and everything to conserve cash, because hearing from the government officials, we really dont know state by state how long businesses are going to be closed down. That is locally or even nationwide, when will we back up and running. And so we all kind of have to accept these moves and every single day, all day long, i just say out loud, im grateful that i have a job. Im grateful to be employed. Maria so dan, do you think these cuts continue after this virus is over . I mean, once a company says im going to put less into the 401k, im not going to contribute as much as i was, why would they reverse course . I think they will, maria. What we saw in 2008 was a similar situation where you did have companies that were either reducing or cutting out all together contributions into retirement plans. Well, once that passed, the financial crisis passed, we saw that companies did go back to making the contributions. Why would Companies Want to do that now after the coronavirus . Because theyre going to be once again competing for talent so theyre going to want to put those contributions back in place. Maria thats a good point. And try to join the very best people that they can. Maria okay. That makes me feel better. Thats a great point. Thanks for weighing in on this, dan. Thank you. Mariawe are slipping ina break n on staying safe at the Grocery Store during this pandemic. Weve got some tips when you go shopping, when you take your groceries back home. Dont miss that. And take a look at a live picture of boston during what is normally a very busy time of day, but like other scenes from across the world, the streets are empty. Back in a moment. 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. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] maria welcome back. Grocery stores considered essential staying open during this pandemic. Many shoppers saying they are concerned toe about their health as they stock up on food and supplies. How do we be sure that we are staying safe . Joining me now is the professor of food safety at North Carolina state university, Benjamin Chapman. Thanks for being here. Benjamin, what should we know, what should shoppers be paying attention to when theyre at the Grocery Store. Lets start there. The biggest risk that we know of is really being around other people. So we dont have any indication right now that food or Food Packaging is a risk factors for transmission. So its really being mindful of who im around, avoiding people, really practicing social distancing once im at the store. Thats the biggest thing. Really making sure that im not very close to individuals, keeping distance from cashiers and really reducing the thing that we do know is the biggest risk which is person to person transmission. Maria okay. So then the other day i was taking groceries out of my car. I was thinking all of the stuff in my head, well, what do i do, do i leave the bags in the car, do i take the stuff out . What do we do with our groceries once we get home . Are there concerns or things we should be doing to stay safe . So, yeah, when coming home i think the biggest thing is really just paying attention to washing hands. So ive seen lots of things on the internet about making sure that im wiping down my packaging or spraying it with chlorine, i dont think thats necessary. The virus isnt going to move unless my hands move it. Once its in my home. So just being aware that things that im touching might be able to transmit that virus to my hands and just washing my hands, practicing proper washing. I use reusable grocery bags. So when those come home i put those directly into the laundry as well. And then cleaning and sanitizing counters like we would in any normal food safety time. That message is still really valid here and can really reduce the chance of transmission. Maria so can coronavirus be transmitted through food . I mean, how can we take our orders out safe . I understand what youre saying, keep washing your hands, make sure youre not near other people but people are getting deliveries, theyre taking groceries home. Should we be concerned about the packaging of some of that food . So we dont have any reason to believe, any evidence, any data thats pointing to packaging or food itself as a site for transmission. And its not that were just sort of looking at theres no evidence of this. Really what were also looking at is the epidemiology of how people are getting sick and we dont see common foods, common restaurants, common takeout as that source at all. It hasnt popped up in any of the epidemiological studies and so that, plus the biology of the virus really makes it very unlikely that food will become a vehicle. So were really looking at hand washing, hand sanitizing, and people are getting takeout, really making sure that theyre getting rid of that packaging, transferring their food to a plate which you would normally do at other times. Maria we have to be aware of what were touching. Benjamin, thank you. Benjamin chapman. Well be right back. Step 1. Realize you are about to sneeze. Step 2. Move your elbow towards your nose and mouth. Step 3. Gesundheit. One. Two. Three. Remember to cough and sneeze into your arm or elbow and not your hands. Maria well well good thursday morning thanks for joining us. Im maria bartiromo. Thursday top stories on the east coast, President Trump, is warning of horrific days number of cases deaths rising at alarming rate more states issuing stayathome orders more accusations china hiding the number of cases, President Trump says that they seem to be quote a little on the light side. There are questions now also being laced about numbers coming out of italy. Is china now italy suppressing the severity of this disease . We get another look at impact virus having on jobs in america when we get weekly jobless claims numbers released 30 minutes time we are expecting economists looking for 3. 5 model Unemployment Benefits, a record 3. 28 benefits last week we bring numbers look to march jobs report this morning, that report coming out tomorrow, stay with us on all of that, going into this important number today futures are rallying take a look we are at high of the morning right here dow futures up 419 points s p futures up 49 nasdaq futures higher by 130 after u. S. Markets kicked off Second Quarter yesterday with a sharp selloff, it ended near session lows 4 00 on wall street dow down 973 nasdaq down 339 s p down 114. President trump is considering grounding domestic flights between hot spots of the country, to try and contain the spread of this virus, boeing is offering early are retirement buy out packages as virus takes toll on aircraft industry as well boeing ceo says Company Driving toward safe returns of the 737 max impacting 2020 race as well former Vice President joe biden calling for Democratic Convention to be moved from midjuly to august as pandemic could lead to virtual election. What with questions do you have send to instagram or twitter mornings maria eengs some tomorrow morning right here it is a beautiful, sunny morning in Miami Beach Florida beaches are empty, as you can see from live view from earth cam Governor Ron Desantis issuing statewide stayathome order at least 30 days in new york live picture of 6th avenue nominee packed this time of the morning it is rush hour, this morning, it is empty. Mornings with maria is live, right now. Global markets this morning are higher, take a look at european indices seeing a solid gain over what has been backandforth throughout the morning ft 100 up 38 points cac quarante paris up 312. Dax in germany up 37 points, there is still growing concern that European Union has not wen able to take unified action to combat the coronavirus and economic back the in asia overnight markets mostly higher exception japan, as you can see, here Check Oil Prices oil is surging up 10 , china says it is going to Start Buying Oil for state reserves, after crash in the price at 22. 44 a barrel this morning, check 10year treasury yields rising as you will see tanninging about rockbottom numbers here in terms of 10year, now sitting at level. 579 would be down 3 10 of abasis point on 10year joining the conversation Dagen Mcdowell, ken leon, liz peek, great show so far. Good morning. Thank you for being here the latest on coronavirus this morning, for the first time coronavirus deaths in United States sky about rocketed, hitting more than 1,000 in a single day. President trump is warning the worst is yet to come. Will the. Difficult days ahead for our nation going to have a couple weeks starting pretty much now especially a few days from now that are going to be horrific. New york, is the epicenter of the outbreak in United States, new york is accounting for nearly half deaths in the entire country Governor Andrew Cuomo says virus is lifechanging. This is going to be transformative we are never going to be the same again, the fear, that we have, the anxiety that we have that is not just going to go away. When do we get back to morm . I dont think we get back to normal. I think we get back, or we we we get to a a new normal. Maria number confirmed cases worldwide coming close to hitting one million, this morning President Trump looking to ground did domestic flights to coronavirus hot spots president says is a rough decision, airlines have been hit hard by pandemic, all flights between u. S. And cuba are now suspended, u. S. Embassy says american who he did not make last flight out of cuba can expect to stay there indefinitely. An effort to control arespread of covid Florida Governor telling people only go out for essential services 30 days beginning tomorrow georgia mississippi nevada issuing shelter in place orders. And then there will be no have to strawberries cream at wimbledon this year all england club canceled the tournament for the First Time Since world war ii due to run from june 29 to july 12, canceled. New yorkers supporting about wroshths on front line of coronavirus outbreak watch this. Applause. [cheers and applause] this is a beautiful sight in new york every night 7 pm people across city banging on hots and pans called clap because we care in other cities hit hard by pandemic as well. I love new york, that is one reason, right there. Markets looking for a rebound this morning at least partially, of course, has been a very tough period, futures indicating a gain startle of trading this morning we are at high of the morning with are dow up 414 points right now s p up 47, nasdaq up 124. Right now, oil prices are also higher they are up 10 President Trump says saudi russian oil feud can be resolved china going to Start Buying Oil for state about reserves we are also awaiting weekly jobless claims 3. 5 million expected myness guess nights on macroeconomic trends with potential impact on Global Investment opportunities managing 265 billion dollars, joining me right now on the phone is Guggenheim Partners global chief Investment Officer scot thanks for being here. On the phone appreciate you having me on. I know you have done a lot of work on this, scot in terms of where your expecting markets to go, and what you think this is going to have in terms of impact long term give me your reaction to all this how you are dealing with your allocating of capital in this pandemic moment. On the phone . Maria, i say coming into this we were very conservative i was concerned about valuations being too high Interest Rates could spike lower so far us, at this point, we are opportunistically trying to move from some more conservative investments to things that look about attractive. Particularly areas like, Investment Grade corporate bonds, and Municipal Bonds as this plays out i think we are going to slowly increase our risk tolerance, and use it as a buying opportunity. Maria where would you be buying do you want to look at the growth names or do you want to look at names that have been hit hard . Specifically . Where would you start to nibble at this point . On the phone look maria i think really difficult to try to buy the stuff that is really been hammered. The hospitality stocks, the airline stocks, these could be a death trap. Some of them may never come back. The places where i would be looking for opportunity is more in the domestic small cap area, and, you know in time we will see a resurgence here in the United States in manufacturing. But one thing i would caution people at this stage of the game, is you know dont put all your money to work it is time to start nibbling not gouging on values if earnings continue to fall as i expect them to i see s p earnings maybe around 100 dollars this year. Given the Traditional Market multiple of 15 times earnings that would put s p 1500. The you know, still about 1,000 points lower than we are today, but, you know, certainly we are down from 3300. So we made a big move but i think we still have a a pretty good move to make i would probably focus most of my portfolio in bonds at this point. Maria in bonds at this point, i want to get your take on energy space, scott a face that obviously, you have made a lot of money on in the past, you have seen great firm vibrant business how do you see this business with oil prices where they are . I think that there are some again some companies that are never going to come back. The expiration Production Companies i think almost universally gone the Companies Like exxon major look very interesting there are potentially opportunities in names like oxy petroleum, but it is still still dicey call would i hold off, our oil models actually show oil continuing to drop. We see oil ultimately getting th into the single digital area some a scenarios where oil prices could go negative. For producers that is the end of the road in the oil patch but for the larger integrated companies they will be able to weather the storm. Maria wow. That is really fascinating so you do think there is going to be a big portion of these companies that wont make it out of here that they will have to they will have to go bankrupt . On the phone i absolutely think so unless Government Intervention to save them i am not talking about the a deal between saudis and russians. Because even if we get a deal between saudis and russians at this point demand side of the equation has fallen off so dramatically we would still probably have 5 billion barrel sorry five Million Barrels a day excess production you know a lot higher excess production than we had back in 2015 and 16 when we saw oil plummet from 80 dollars down to 26 dollars so, you know, we are far from out of the woods, on the oil crisis. And i dont think the president alone can bail it out. Maria and quick, scott this morning we heard china going to Start Buying Oil at reduced prices for the state reserves but do you think weve seen the bottom in markets yet . I know that we are going to have ups and downs nervousness until arms around the actual virus cure and treatment. For coronavirus but do you think in terms of stock, have we seen the bottom . On the phone no, i dont think so maria. I think we need to see o other shoe drop. When market seem to see some data on unemployment Economic Growth tracking showers i think another level of panic in the market. All right. We will leave it there scot i hope to talk about with you you about opportunities in the future thanks very much for weighing in this morning. On the phone my pleasure thank you, maria. Maria from guggenheim, we will be right back. Get ready for hunting season with this great deal on the fast, durable kubota sidekick. Get the sidekick now for as low as 10,649, plus zero down and 3. 99 percent apr for 60 months. As we work to get through these times together. You may not be thinking about blood donation, but blood is desperately needed now to save lives of people who are sick with a range of serious illnesses. Its easy, and safe to give. If you are in good Health Please donate, we need heroes now. Visit redcrossblood. Org to schedule an appointment. Coronavirus travel despite outbreak on cruise ships data from ubs shows books on u. S. Cruise lines for 2021 up 9 compared to a year ago last year, analysts say customers are cashing in on refunds for canceled Cruises Hotels Las Vegas Strip taking reservations as soon as may 1 shutdown there extending until april 30, interesting to see people saying okay, i know this is going to end, so let me book a cruise ship right now dagen cruise vacation i want to know who that is. Dagen this optimism hopefulness extremely positive for the Bigger Picture entire economy the u. S. And rest of the world but people are looking ahead to brighter days that they see this nation other nations, and businesses coming out on the other side of this. By the way, dmib who goes on a cruise, anybody goes on a cruise you run riching of catching something cdc for years tracked neurovirus outbreak on ships classic stomach bug if you like cruising that is not going to change. Maria one of the issues here ventilation on cruise ships dr. Ben carson told me a couple weeks ago on sunday said all cruise ships not retro fitting for proper veptlation to keep particles out of air all ships have to get retrofitted before most people i would expect are going to trust ventilation. Elizabeth . Well maria would i say to that cruise ships are not having money to invest in wide scale refurbishments whatever i think what is happening two things, promoting future cruises with tremendous discounts stuff so i would be worried before ever investing in these companies to look what kinds of margins you are going to get on 2021 kind of business, secondly, i really disagree with governor cuomo, i i mean this idea that we are never going to get through this, that were going to forever be concerned worried depressed that is not through we have been through things before always looks dark evident at a moment like this when bad news continues to pile up a year from now hopefully it will look a lot different. Maria what do you say about that. Current bookings, customers given option of refunds, but weve got two american ships crew to help sick people at sea looking for value next year, and to the neurovirus to coronavirus Cruise Industries have a tough time booking confidence is no longer there. Maria and we should point out that it is confirmed that those ships have come in and are now docked. In miami, Governor Desantis was certainly pushing back on that. But we will see where this goes, there are obviously, going to be isolated people with covid19 ken leon do you have assessment of when things come back in terms of the economy . I know you have done a lot of work on looking at growth for the year, any clarity whatever from your standpoint what are you modeling right now quick. Looking to Fourth Quarter for possibly a rebound normalization, the second Third Quarter, dont look to be there. Vshaped seems he to be out the optimism is normalized for 2021 i think the bestcase scenario right now. We leave it there quick break covid19 epicenter the head u. S. Military Northern Command is next on its mission in new york. [ one more time by daft punk ] woo [ laughing ] woo play pop music no way dude, play rock music yeah woah no matter what music you like, stream it now on pandora with xfinity. And dont forget to catch trolls world tour. Lets party people one more time maria welcome back a chilling message from President Trump, yesterday, he warned of being horrific weeks to come, america unite to go combat covid19 u. S. Ns comfort usns mercy docked in new york city and los angeles treating patients to pandemic demeanor. U. S. Northern command general ter revenues j. Oshaughnessy thanks very much for being here. Thank you great to be with you. And, sir would i like to start, first, by well thanking you for your Great Service to our country, number one. And number two is get your reaction to what the president said yesterday. When he said it is going to be a horrific couple weeks what does that mean to you horrific. The president has it exactly right we have challenging times i smear optimism of the panel you were talking to we are going to get through this will prevail get to er better side other side going to be tough challenging times what were trying to do is bring relief to local conditions and, for example, you merpgs mercy in new york city we have hospitals did he plowed in javits center, we see same thing in california, we are doing same thing in new orleans, and as well as in dallas. Because this is all of the nation not just new york city so we are trying to bring everything we can from u. S. Military to help relief help us in approach that we have seen i am so proud to see Public Private partnerships through interagency support local state federal working together, it is actually been i think, very good to see we are going to prevail. Maria it is absolutely extraordinary, when you look and you see these sights of central park being turned into a clinic a hospital the comfort ship just dynamic or like you said javits president said at war certainly what it feels like how are First Responders feeling how are they doing lets look at that for a moment whether it be our military great men and women, or our Health Care Great men and women . Well clearly our Health Care Workers on front line this is a military operation as you mentioned, the commander in chief declared war on covid19 way we are approaching it we sent our force out to be part of the solution as i mentioned Health Care Workers are on front line the ones doing the heavy lifting, i tell you moo i heart goes out to them i salute them they need all support they can get i love to see like you covered earlier being sent to them it he is more than that we need everything they need to be able to do job a tough few the least couple weeks month we are going to get through it. General, the president yesterday talked about two additional ships coming, and potentially being turned into hospitals, as well what can you tell us about that . Are these ships predominantly taking over flow someone said to me there are certain hospitals that cant take in stroke im very a heart attack victim because overrun with coronavirus what others are doing like comfort ship. You are exactly right i will use comfort as great example ship designed for high trauma high end care we are trying to do specifically with comfort take trauma victims, heart attacks surgeries, really high end things need to be done relieve them from other hospitals they can focus on covid19, just like as you imagine ship just closed quarters tremendous capability not necessarily suited specifically for covid19 we see though this as a very Important Role they can play, for example, in emergency, on california side we have done surgeries already fairly high end things, it has been a fairly high end medical care provided. Are there going to be two new ships . We are looking at all options whether ships or continued use of some of these transition of other areas, and so we are in department looking at all will options, i had a meeting 15 minutes with secretary defense to look at other options we can do with department of defense, but we are in this a whole nation approach all of america proud to be part of it just like so Many Companies other folks are again, the frontline Health Care Workers. Yeah, i i mean i guess because the president said weve got to prepare for the worst is that part of this preparing for the worst means preparing two more ships to become hospitals . Yeah, it is i wont necessarily say two ships the final answer i think what were,we are tasking to find best solution to provide support one of the things you have been highlighting Grocery Stores we have to make sure food supply lines are able to get through high hat off to all folks that have to work to make that happen, so this whole of america approach is right approach we are part of that, we look to bring zilgs assets to bear on this you make us all proud general, thank you so much for joining us we so pressure it this morning general oshaughnessy there we are moments away from jobless claims number expectation Unemployment Benefits to come out at 3. 5 million, today, versus 3. 28 million last week, Dagen Mcdowell this is the number, that rocks markets because it has jumped with so many people now filing for Unemployment Benefits, in face of layoffs. Dagen some higher end estimates 5 1 2 million previous week record are almost 3. 3 million individuals filed first time Unemployment Benefits. That number is expected to be higher now. And the problem for so many individuals across the country is that they cant even get the unemployment offices on phone they are struggling with web sites, that they cannot apply for benefits, although benefits have been expanded by 600 dollars a week, for four months by the rescue package they are not able to get money that has to get fixed and now. We know that we are going to do a segment on that what people need to understand, about the Unemployment Benefits we are going to come back with that, later on, but we are waiting on headline number would move markets again estimate 3. 5 million goes as well as low as 3. 1 million you heard it goes much higher into the 5 million range we will wait for that markets right now are higher, going into this number, up 284 points on dow industrials. Going to be hitting the tape imminently here s p 6. 648 million. 6. 68 million, wow this is enormous number get right to Cheryl Casone with more details on this, look, we were in 3. 5 million range cheryl what thank you tell us. Cheryl i tell you what dagen mentioned she had seen estimates 5 million i saw one as high as 9 million, 6. 64 number they revised last week to 3. 307 million that is the big one i was looking for going to revise last week yes for this week, this is march 28 they just revised last weeks number to 3. 30. So this is obviously, bigger than expected estimate as you mentioned for this week, 3. 5 million, but pretty shocking number to see last week from 3. 38 million to 3. Million this is obviously, looking at fushtsdz right now futures all of this going into the jobs report again, the estimate 3. 5 million i had seen 4, 5 million from some banks, one report saying nine million to month jobs report obviously, dagen said repeatedly yesterday at that point estimate is for a loss of 100,000 jobs tomorrow but that is more lagging indicator much country still open, when tomorrows survey was taken headline number 6. 648 million estimate was 3. 5 million maria we have doubled on estimate of what wore waiting for initial jobless claims back to you. Thank you markets what is occurred here steady in face of this number, at 6. 64 million jobless claims for a week ken leon just last week going from 3. 2 million, to 6. Of your reaction . That is right, we are also going to see large furloughs numbers are going to exponentially go higher next few weeks what this means for markets, of course, is digesting that seeing the fiscal stimulus gets to workers to Small Business, but obviously, these are big jumps more are expected, and in weeks to come, jumping probably well over 10 million. And what this means essentially we are in crisis stage, the question is looking ahead for the markets, when we begin to see a peak, and then a decline in terms of the crisis, and unemployment. Maria yee. Dagen reactionary . You are the one said up to five it blew your estimate away. Dagen yeah, 5 1 2 million a couple investment banks that expected that, but put a face on this. Nearly 10 Million People in two weeks have filed for first time announcement benefits. 10 million americans. Whose jobs literally disappeared overnight we are in low 200,000,000 per week before the traffcatastrophic th are people looking for help the state unemployment offices have to do better job getting checks out to people, the extra 600 dollars per week, there was added in the rescue package, i have a tickle in throat i am not sick. Distributed by federal Government Labor Department to states you should file for Unemployment Benefits that you are going to automatically begin to access that 600 dollars once the states can process that money. Maria and that flat rate 600 dollars is part of the relief package, is being criticized by some senators and congressmen because in some states 600 dollars will mean they will make more money, by staying home than they were making on the job. So joining us right now to talk more about where we stand in this, 32 advisors ceo former economic adviser robert wolf good morning to you expecting a tough number it certainlisonon great to be own great. On the phone great to be on i will tell you i disagree with congressman i agree with dagen i agree with scott minerd this was brutal number we are in a crisis now unemployment cash, and credit. I think the only way to get around this is immediate i know you guys have been talking about it but this is going to be. Maria immediate what. On the phone immediate phase four we need another package, ready and that package has to focus maria on two things. Wage and credit continuity we need to figure out how to get Small Businesses ready to get back to work. And the only way we are going to do that is with phase four, because unemployment is going to skyrocket to north of 20 . You can see gdp being negative do you agree do you agree robert then with what nancy pelosi is putting forth in a phase four deal, talking about infrastructure . The president two trillion dollars but foundation for the fourth round of government Coronavirus Relief according to Nancy Pelosis office is 760 billion dollar knife year infrastructure plan, also talking about 10 billion dollars for Community Health centers funding for voting by mail state and local government here is an issue that a lot of people have with the fourth plan, that it creates an opportunity to throw lots of stuff in there that have nothing to do with coronavirus coronavirus and the economy in if current form. On the phone i do not agree with that phase for you as you know i am not one for saying there should be a lot of pork when talking about a recession here this has to be very practical, in my opinion, north of a trillion, phase three two trillion it was way too small we know because we are going to see unemployment and the question we have right now is how do we make sure that this is a you shaped recovery not lshipped the way to get there make sure when we turn corner people get back to work Small Businesses can get going again we have over a million a Retail Stores we have over a million restaurants, you think they are going to be ready to go . The key right now continuity this package, i am a huge proponent you and i have been speaking decades about infrastructure as you know, infrastructure is a great thing we can do that tangentially butter long term zero chance from your we focus on those employees affected by covid19 Small Business key how do you get ready to get going you made a prediction a second ag you were talking about gdp, i think i interrupted you apologies what kind of estimate are you now with your gdp estimate tell us what you just said . I think in secretary kwaekt you could quarter you see could see 25 to 30 negative gdp, contraction that is incredible that would be incredible number Dagen Mcdowell jump in here and dagen while do you, in talking about nancy pelosi and her plan i have got to just saw she said to reporters, my motto is resting is rusting. Im sorry i had to say it. Resting is rusting. Dagen she talked about a repeal in salt the cap on salt deduction state and local Tax Deduction tax break for rich in new york and california i digress. Maria i dont know why see that sat on phase three so long if resting is rusting sat on that a long time trying to get lots of stuff in there sorry. Dagen from concession into law two trilliondollar stimulus package took week i have never lifetime seen congress act that quickly or administration but robert you talk about, making sure, that small bids there are to get back into business. Isnt the most critical thing, ensuring that thez Small Business loans and grants get done get done quickly . Also that Unemployment Benefits are delivered to the American People, there is some question about some of the state unemployment systems, arent sure not yet extending benefits, to the self employed contractor workers in this stimulus a number of problems there. About you look at benefit increase in this rescue package people in new york are going to get 10000 dollars a week with additional 600 1100 dollars a week enough to get people through four months is it not. On the phone dagen those are great points you are talking about the execution of a plan that happened quickly, the truth is we know that execution is going to be difficult. A lot of Small Businesses individuals have never done this before. They have never dealt with these banks on sba loans trying to get understanding how money happens my point is a little different my point this next quarter is going tooep so deep the question is i few this technically recession if technical how do you get it back so we have ushaped curve the only way to do that make sure Small Business continuity only way to have Small Business continuity is to make sure they figure out how to safe quasiopen the least administratively if you look at loans given if you keep payroll pay rent utility you get that loan become the grant. The key is i think we have to have a phase four that just focuses on wage and credit continuity for Small Business i think that is what is going to ramp us back up. Will the jool so what you are saying we have extraordinary stimulus extraordinary stimulus from Federal Reserve extraordinary stimulus from Central Banks across the world extraordinary stimulus from 25 gdp in terms of stimulus you dont think it itself enough . On the phone maria i will tell you why, i mean in reason it is not enough is you know if you looked into your show today we are four times any historical jobless claims we have ever seen that was 3. 3 number, we just doubled that pup we are 8 times any jobless claims number we have ever seen we during the deep recession of 08, 09, almost daily we went to 10 unemployment you are talking about less than 20 possibly Second Quarter. This is sg we have never seen broader deeper than we have ever seen the positive is this recession we can bounce back if we do right things obviously, number one thing is getting pandemic under control. But the question i have is okay when under control what do we do for the economy . Hoo. Maria well, look markets are reacting, we have given up all or much of an earlier rally robert so markets saw this number, and sold into it, dow industrials now up to 21 points i was buying i sold out when it went 8 i am not market timer on anything but when i saw numbers, that quickly it made me feel this Second Quarter is going to be beyond what every we imagined. Dagen your numbers it is dagen your numbers are not off base reading a note this is from a few days ago st. Louis Federal Reserve came out, with the estimate. About the Unemployment Rate in the a Second Quarter estimate was 32 unemployment, when you sidelined 30year workforce, implication is our gld growth will drop our economy contractor by 25 to 35 . That those are months in i that are depression like. Maria you are right, dont forget bullard jointed us James Bullard was here yesterday president st. Louis Federal Reserve, he said he is going to expect a bike rebound fourth you are right we are in throes of it president called it about horrific yesterday what about year end 2021 . Is it going to be a gigantic rebound as secretary mnuchin said. That would be the most optimal thing imaginable greatest thing we could have a great rebound. But i think the word snapback . On the phone i would say if talking, listen i think chances remember talking Third Quarter now weve moved into Fourth Quarter, i think the Fourth Quarter today i would tell you if we get the stimulus out we get pandemic under control, then we will see my guess somewhere double incidentally gdp Fourth Quarter that is all predicated on one thing dagen said can we execute poojz, tackages, boston thought there should be another phase to me nobrainer we need to get ready, congress is on recess for the month we need to be able to get congress back be ready numbers were going to see, come on we know that we have not seen the worst this is one, two weeks into this. Maria well, this is being spoken about you are right the conversation on capitol hill a phase four robert good to talk with you as alisonon one more thing one thing we learned about recovery 09 we talked about about robert we will see you soon we will be right back. On the phone look forward to it. Wash, washy wash, washy wash, wash rub your hands and fingers and the places in between using soap and water makes your hands so clean wash your hands great job, youre almost done five, four, three, two, one vo taking care of yourself is also taking care of others. Were all in this together. Been reporting, Record Numbers in Unemployment Benefits as you just heard 6. 6 million Unemployment Benefits this week, as a result, of the coronavirus, china has been downplaying the coronavirus now apparently hiding the number of cases u. S. Intelligence community has reported that theyve included in a classified report china concealed extent of this outbreak underreporting cases underreporting number of deaths china rejecting that report joining me senator from arizona, arizona senator Member Senate arm Services Committee banking Housing Urban Affairs committees retired air force colonel Martha Mcsally senator good to see you thank you very much for joining us. On the phone good morning from arizona maria how you doing. Maria thank you for joining us so early it is earlier there in arizona so we appreciate you joining are us here, look you have done a lot on china, given your work for this great country and your service for this great country also, all of the reporting that you have done, what is your take in terms of what china is doing how they downplayed this from the getgo . On the phone it is not surprising pb i have been studying communist china whole life in military never trusted a communist their coverup of this virus original necessitated with them unnecessary deaths this is not surprising they need to come clean another piece of this is the who needs to stop covering for them. I think the doctor needs to step down we need action to address this issue. It is irresponsible unconscionable what they have done. Are you taking action as u. S. Senator in terms of legislation to stop reliance on china or legislation to hold them accountable after all this is done what will you going to do about it. Yes, i am were working on defense bills coming up i have talked to my team how we can get language in annual defense bill we need to bring manufacturing home of all the things that weve been relying on china on medicines million supplies they also hold a trillion dollars of our debt i think that should be forgiven. As a minimum we need to look at addressing who we have all sorts levers china needs to be held about accountable accountable we need save american lives defeat the virus we will with american notification china has to be held accountable they still keep lying covering up today we are watching that senator thank you for that legislation we will watch as you develop, that legislation, i also have a big announcement this morning regarding helping arizona residents affected by coronavirus, tell us about it. As i looked at it the things could do as senator passed this relief package we need to get that relief out quickly i also said look around in my neighborhood people are hurting, donating my salary as to help people not independently wealthy a veteran i have Emergency Fund for this purpose other people dont have paychecks i announced, i am ceasing fundraising for Senate Campaign 15 days launched 15 days giving dot care all apparatus to raise money to support people through Salvation Army 15 days giving dot care we have worked with them one hundred percent of what we raised directly to people rentalships utility assistance food support day care for frontline Health Care Workers we can do this together help everyone get through this i really appreciate it. Thank you. Big deal especially in Election Year senator this you so much senator Martha Mcsally we will be right back. Or make me feel like im not really there. Talk to your doctor, and call 8442342424. 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We have a fox business alert, as we have been reporting 6. 6 million americans have filed for unemployment in the last week. That shatters the estimate of 3. 5 million. We were expecting a tough number. We certainly got it. Futures have erased much of the gains just 30 minutes ahead of the opening bell. We are looking at the gains still on the dow of about 81 points but certainly the market did get rocked when this number first hit the tape. Liz peek, weigh in here. Your reaction . Well, i think by comparison the highest number we have ever seen in the history of the country other than last week was under 700,000. So this is unprecedented but maria, everything thats happening is unprecedented and when you just think about all the restaurants that have closed across the country, all the movie theaters, all the big volume stores that are not essential businesses, its not surprising to see a number like this but certainly the estimates were more like five million, Something Like that. But i think the question really is, are any of these numbers even meaningful . We are all looking at trying to put limits around and try and estimate the damage done by this downturn. I think its almost impossible to do that at this point. They are meaningful because theyre people. These are individuals, these are families that literally lost their livelihoods overnight. And the fact that its taking weeks for these people to get benefits is just unacceptable. The states need to be doing a better job of getting money and money out quickly to all these people, and there are extended benefits based on the rescue package, you can get up to 39 weeks of unemployment assistance with an additional 600 per week over a fourmonth period. Thats 1100 per week in the state of new york, for example. But typically, it takes two to three weeks to process a claim. But because of these unprecedented layoffs, these states are really struggling and the federal government cant just come in and take over and nationalize this unemployment benefit but nevertheless, we need to do a better job because getting benefits and help to these people is the difference between something that is shortlived, a shortlived depression, or something that is longlasting. Maria yeah. No, i mean, there are obviously incredibly meaningful i think what liz was referring to when she says these numbers dont matter is what Steven Mnuchin said, the treasury secretary, the other day. I think what you mean is this is going to be temporary. You believe its going to be temporary. And we are going to see a big snapback here. Thats why you are not putting too much into these numbers. Do i have that right, liz . Absolutely. Of course dagen is right, the human toll here is gigantic. Theres an interesting new poll out saying that 28 of americans have already been hit in terms of income so i think these numbers are going to get worse. What i really mean is the maria it certainly feels like that. Thats why i asked you, ken. So this is the lower end of the scale. Theres a lot of pain. This is going to hurt morale. This is economics, this is not politics. This is reference to a new deal, bipartisan infrastructure bill will create jobs because companies are scaling down. Theyre not going to be bringing back workers that quickly. I think the low end of the wage scale, households are feeling pain. Maria households are feeling pain but when are we going to get a break here . Do you think the stimulus packages will have an effect . Dagen, what you are talking about is bureaucracy, this inability for the states to get the money to the people who need it. Thats a separate conversation than whether or not the stimulus packages are going to work. But they wont work if they dont get the money and very quickly, is my point. Some of the state unemployment systems are trying to do their level best to get that money like moving people around to work the phones, changing a dmv phone bank into one for Unemployment Benefits, but i will also quickly point out these sba loans go into effect tomorrow. They better be ready for this because a lot of banks are pushing back, worried about liability so they better get on that, too. Maria all right. We will be ready for them as well. We got a big show tomorrow once again. Dont forget to join us. We have the monthly job numbers. We will take a look at that. Dagen, ken, liz, good to see you. Have a good day. Varney Company Begins right now. Stu, take it away. Stuart good morning, maria. Good morning, everyone. Well, it is a taste of things to come. Layoffs by the millions. Heres the official layoff number. 6,648,000. Thats how many people filed for Unemployment Benefits just in the last week. That is an astronomical number. Got it. Doubling last weeks record. Now, we knew april would be bad and it is. The economy will be shut down for this month. To deal with this, stimulus plan number four is in the planning stage. We only just passed number