Fractional moves overnight in asia. And now the latest on the coronavirus this morning. 1 Million People have now become infected. The United States is representing nearly a quarter of the world cases and the cdc is expected to advice all of americans now to wear cloth masks in public to stop the spread of the virus. Vice president mike pence saying that the new guidelines are coming in the next few days, this on top of social distancing rules. The Coronavirus Task force keeping close eye on louisiana, michigan, indiana, georgia and illinois as next potential coronavirus hot spot. In louisiana 26 of all tests are coming back positive. Connecticut being watched closely this morning. Covid19 fears growing abroad stranded crew ship. Princess cruise ship headed to florida today with several infected passengers, comes as a crew member dies on the celebrity infinity ship sitting off the coast of st. Petersburg this morning. Cruises finally dock at port everglades. Passengers will remain on board until they are deem medically fit. More coronavirus fallout meanwhile in the u. S. Airline industry. American airlines reportedly plan to go cut its International Summer schedule by 60 . The carrier will also delay the start of new routes as well. American airlines in cutting International Schedules due to sharp decline in customer demand amid coronavirus. Investors await march jobs report and due out at 8 00 a. M. Hour and we are all looking at jobs picture today. Estimates with loss of 10,000 jobs and Unemployment Rate of 3. 8 after yesterdays shocking week jobless claims numbers. President trump weighed in on the white house. You see 6 people unemployed. You see 6 Million People. Its an artificial closing. Its not like we have a massive recession or worse. Think of what we are doing. Dont go to work and we will pay you. Everything is the opposite. It was always go to work and make a lot of money and do well and the american dream. Maria joining the conversation this morning fox business Dagen Mcdowell and chief economist john lonsky. Dagen, i believe the way the unemployment numbers are tracked, youre not getting the full month of march, so even though we are going to get higher Unemployment Rate this morning, it probably doesnt tell the true story of how weak the jobs market has become. Dagen indeed, the jobless claims tell a better story. People following unemployment and given the backlog on state unemployment offices those numbers are not the clearest picture. Just to put this march jobs report in perspective. New york only shut down like complete shut down, nobody go to work less than 2 weeks ago. The order went into effect march the 22nd and this jobs report, the survey used to calculate Unemployment Rate asked if asked americans if they were reported to work during the week of march eighth to the 14th and then the other survey thats used the survey of employers used to calculate the actual hiring number was done during pay period that included march the 12th. This really misses much of the shutdown in the nation and why its not a clear really clear number on whats going on with workers. Maria yeah, it sure is. You see it up close when people coming to your firm looking for opportunities or basically saying, look, im going to take this next couple of weeks on the sidelines. Right, you know, maria, it is really is a tale of two economies. We are seeing, of course, automotive being the hardest sectors that has been hit and you can see unemployment claims that actually came out yesterday. I was looking at individual states and many states in the south with large automotive plants have, of course, the highest numbers. Thats been one of the hardesthit industries, we are seeing that automotive makers, the largest ones are paying their people for 2 weeks, to 4 weeks during the shutdown but you think if it extends out longer the unemployment claims, of course, they are going to go up in the automotive sector as well as the other sectors, so to dagen, point, when we looked at the february numbers there was 5. 8 million Unemployed People, we are not going to see the full impact today in the march jobs report, the unemployment claims really is a better indicater and to look at the last 2 weeks with 10 million Unemployed People just in the last 2 weeks and from the front lines we probably dont see that and we expect big numbers in the next few weeks. Maria when you consider the numbers that we saw yesterday on jobs claims, what are you expecting in terms of the Economic Impact, john, tell me how you see all of this . John the Economic Impact may be horrible, the Unemployment Rate easily reaching 9 going up to double digits, i wouldnt be surprised if that happened. We are talking again, figuring the loss of maybe 25 to 30 million jobs, you know, this is a downturn like no other. Maria yeah, sure is, youre right. Coronavirus is taking its toll literally on the American Worker with all of the companies shutting down or furloughing employers. Wallet Disney Company furloughing nonessential workers, the latest keeping theme parks closed and delaying Big Box Office films, disney parks closed since the beginning of march. Disney will pay hourly and employees and youre still getting the paychecks john and joani and do you think this goes on indefinitely . John it softens the blow and what we want to see to it that workers and Small Businesses have enough money on hand so that we avoid what would be a very damaging increase by bankruptcies or foreclosures. Thats critical importance. If we want to maintain financial stability, we cant have a jump in bankruptcies or foreclosures. It remains to be seen how Long Companies can continue to pay workers. Dagen i just want to point out something really quickly that if you get furloughed and a lot of the furloughs that we are reading about, it sends the message, say if youre a macys or a disney that youre going to get hired back at some point, but like macys is paying for shorttime Health Benefits but not paying salaries and not paying hourly workers, what does this mean . If you are furloughed you can apply for Unemployment Benefits. It varies by the state. Dont get mixed up by the word furlough, if youre not working broadly speaking you can get unemployment expanded by the 2 trilliondollar package. Maria stay with us. We will slip in a short break. Former Senior Adviser mark penn, plus Communications Chairman ceo rocco how he plans to help his native italy recover from coronavirus pandemic. At 7 00 a. M. Denise lockhart, tim on new digital tool to fight pandemic and connect connect ceo and then at 8 00 a. M. Hour dont miss we begin coverage of much anticipated march jobs report. We also have ohio senator rob portman on the coronavirus pandemic and Capital Partners dan niles coming up on business outlook, first quick break and markets coming up next. Markets are lower, dow industrials 250, back in a moment. Ward jones. Its time for investing to feel individual. 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. 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, jobs in america, expecting lower opening in broader averages, down 250 on the dow. Investors waiting for jobs numbers this morning. This follows a record 6. 6 million americans filing for jobless claims just last week. We had the numbers for you yesterday. Certainly a different story for oil. Prices are surging this foreign after a record rally yesterday. President trump is meeting with Oil Executives today and the president has been speaking with the head of saudi arabia and russia to try to get them to grow to a Production Cut. He believes he has done that and thats why all prices are up 5 , joining me right now over the phone, company cochief Investment Officer hank smith, hank, good to have you on the program this morning. How do you invest on the market . You really need to focus on quality and financial strength. If it was important before, it is most important today, so this is not a time to speculate, this is a time to focus on highquality financially strong stocks and its also a time to rebalance for those clients that have a balance of stocks and bonds, it is a trade for sure but this needs to be done, its part of being a disciplined investor. Maria john, what about energy, big story as the president tries to get russia and saudi arabia to come together. He has gotten them to agree to a Production Cut and and prices are up 5 . We know that the shell industry is hurting with the price down here at 26, even lower this week, would you step in to buy energy here . John i think at this point in time i would be cautious. Energy stocks are down more than 40 on average. They are basically leading the market lower and with that in mind it may not be a bad idea to take a risk, a bit of a chance. Going back historically, looking at above 60 points often, usually when this happens, the good news is 12 months, we are looking at substantial doubledigit percentages advances by the overall equity market. You still need strong market to do that at this point in time. Maria you sure do. Hank, what about that, how about retail . Retail stocks which ones should investors be keeping their eye on and tell us what sectors might be that that attractive for you . Sure, i think both Sectors Energy and retail is a picture of have and have notes and i think youre going to see a number of bankruptcies in those overlevered companies but in the retail sector, we like home depot and we like lowes, two companies that are going to manage fairly well during this what we think will be brief but obviously deep recession and then coming out on the other end we will do well as theres a gradual unleashing of pinup demand particularly of this state in the early summer and people who get outside and get working on the projects and what have you, but, again, financially Strong Companies and that will survive this environment. Maria hank, let me ask you, you said when we come out of a recession. You are expecting a deep recession, when do you think start to turn recognizing that its all about the virus. We are waiting on antiviral therapies to hit the market in a big way, vaccine, year and a half away, when would you expect markets to start looking ahead to this to the rebound and do you think that happens in the Fourth Quarter or sooner . How do you allocate money with all of this uncertainty . Right, so youre absolutely right. It all depends on the virus and when it peaks and begins to fade. Itll vary between regions in the country. Itll beginning to fade in the early summer and then starting in the second half of the Third Quarter and accelerating in the Fourth Quarter youll have a recovery that will be based on a grand gradual unleashing pinnedup demand and dont forget stimulus in place and that would serve as tailwind for the recovery. One more observation, as is the case in every bear market, the stock the stock market will while headlines are draconian and that might happened, who knows, 3 weeks from now. I think that we will have a retest. That would be consistent with every single bear market having test at bottom. I do think the bottom has been put in a week ago monday but i think we will be a test of that and that would be consistent with past history, but also consistent with past history is the market will begin moving as headlines are bad. Maria thank you very much hank smith. Stay with us, we will be right back. Nowadays you do more from home than ever before. 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. Russia talked about 10 millionbarrels, russia and saudi arabia are fighting over this and as everybody knows, its, you know, really killing an industry and it maybe be ten and it may be more than that. I was actually told it may be 10 as i told somebody before. It may be 10 and maybe more than that. Maybe 15, maybe goes up to 15. It would be great for russia, it would be great for saudi arabia. I hope they make that deal. Maria President Trump yesterday expressing optimism about a Russiasaudi Arabia oil deal sending crude prices through the roof, oil extending rally yesterday on this idea that we are going to see Production Cuts as you can see oil at 26. 44 a barrel. The president talked with mbs in saudi arabia. Dagen, your reaction as oil has dropped like a rock and obviously this is going to hurt a major important industry in the u. S. And that is the shell producers. Dagen indeed, wall street journal has the editorial about this thing. You will hear more calls from shell producers for quotas and tariffs, like a production quota and the Editorial Board at the journal cautions against that one on production quotas, they arent going to be following, even opec cant control production of all members and during the Great Depression, in fact, we had limited we had limits on production and we raised prices but some states, of course, produced beyond their quota. In terms of tariffs, we get most of our oil import from canada, not wise to start another trade war with our neighbor to the north who we are really leaning on for supplies of everything during this pandemic. Maria yeah, its also real indicater for the economy, john lonski, when you see oil like this, theres an issue between saudis and the russians, but you are looking at this as indicater that you have global command dropping in the face of the coronavirus. Thats right, gasoline is cheap but who is driving, who is taking advantage of these low gasoline prices. So until the World Economy begins to recover normalized you are going to see a lot of downward pressure on oil prices. Maria all right, we are looking at oil prices as well as stock prices off of the highs as a result of whats going on. Joani courtney, what are your estimates, do you have any clarity or vision within the next year of when you would expect employers to start adding workers back . Yeah, maria, i wish i had a crystal ball on this. You know, i think everyone is really trying to figure that out. We do see that Many Employers right now are trying to to do deep cleaning of their plants and ways to bring employees back when we do have to see the turn but i have to comment on the oil industry. The oil industry is getting the double whammy right now and the oil industry employs over 10 Million People and right now theres concern that smaller add mediumsize companies are not going to be be able to make it through this, you know, downturn even if its short lived so this definitely concerns around that. Maria youre right. Dagen to put an exclamation point on that, we dont know how many jobs in this country at large, medium and Small Businesses will be destroyed. We do not know. Maria yeah, we dont. Thats the unknown here. Thats why markets are where they are and theres so much fear out there. Lets slip in a break. When we come back we have the new concern of coronavirus. We want to bring it to you when we come right back. Stay with us. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Maria welcome back, good friday morning. Thank you so much for joining us. Im maria bartiromo, it is jobs friday, april 3rd, 6 31 a. M. On the east coast. The Economic Impact of the coronavirus. March jobs report is due out this morning at 8 30 a. M. Eastern. 2 hours from now. We have full coverage this morning beginning at 8 00 a. M. Eastern. Ahead of the numbers futures pointing to decline at start of trading. Take a look at markets, the s p futures down 26, and the nasdaq futures lower by 78 after markets manage today stay a bit of a rally. Dow industrials up 469 points. Nasdaq was up 126. Prices surged nearly 25 following President Trumps comments on a possible agreement between russia and saudi arabia to cut production up to 15 . The president meeting with Oil Executives today at the white house on how the president helped get them to a place where they cut production 10 . He says it could be as high as 15 . The impact of the virus being felt across europe. The march purchasing Managers Index for the euro zone hit alltime low of 28. 7, you see the numbers. The c