President s chief economic adviser larry kudlow. Hes going to join us. Thats the question we will ask, when, where and how will some americans be able to get back to work. Now, check out the market. It reopens today after a threeday weekend. Last week was one of the best weeks in decades, with the dow rising 12 . No significant pullback this morning. We are down just maybe 70 odd points for the dow industrials and well above 23,500. How about that. The s p down about. 33 and the nasdaq, same thing, down about. 33 . That is not a significant pullback. Not helping the stock market is a forecast from jpmorgan. They suggest that gdp could fall 40 this quarter and unemployment could reach 20 . Now, that is a dire prediction. Check out the price of oil. The u. S. , russia, saudi arabia and other Oil Producers have announced an agreement that would take 9. 7 Million Barrels of oil a day off the world market. However, that has had very little impact. It may put a floor under the price of oil but its failed to raise the price to a point where American Drillers can make a profit. Its hard to see how you can reverse the global crash in demand. We are up just 18 cents, 22. 94 on oil. How about the price of gas, though . That continues to fall. However, its falling at a slower pace. The National Average is down to 1. 86 a gallon. However, wisconsin, amazingly, the average there all the way down to 1. 30. That is wisconsin. Our program today is ball the financial markets. No selloff at this point in response to the virus. The possible peak in new cases, we are talking about that and when, where and how the economy can be reopened. Now watch this. The models do show we are very close to the peak. We see the incredible resill sens resiliency of the American People with respect to social distancing, hand washing and all the mitigation factors so that gives me great hope. I think its just too early for us to say whether may 1st is that date. Stuart look, here it comes. The political battle to reopen parts of the economy. Lets bring in lisa booth, who joins us this monday morning. I would like to see the economy opened up as soon as possible, balancing Public Health. Where do you stand on this . I think its ultimately going to be up to the states and up to localities about when to reopen because obviously, as we have seen this thing play out [ inaudible ] half of the deaths in the country have come from new york and new jersey so obviously, they are going to look to reopen potentially at a different time than the rest of the country. I think the good news is that it looks like we are going to start getting some better data. Thus far we have largely been testing the sick which skews the data actually to a higher mortality rate, a deadly and more dangerous disease. We will get better information, Stanford University are doing a study on random sampling. You look to miamidade county, i talked to the mayor there, they are doing a study thats a population of over two million people, i think 2. 7 million people, they are testing up to 750 people per week, random sampling. What that will do is give us an idea of what percentage of the country is infected. Then based off of that, we will be able to get a better insight into what the true mortality rate is. We talked about all these models being off and sort of a loss of confidence in some of them. This random sampling information we are going to get will provide better answers. Also, the National Institutes of health are also doing random sampling, testing 10,000 people. Thats better data, thats going to inform our decision. Stuart joe biden writing in the New York Times laid out his plan for reopening the economy. He wants the number of new cases to be shown to go down. Wasn he wants widespread and prompt testing to be available and hospitals made ready. Thats his plan. Thats his statement on how we can reopen the economy. What do you make of it . If you look at the collaboration of both the federal government working in tandem with states and localities, the hospitals are ready. They have helped build up, you look at what President Trump has done by sending these hospital ships, by helping the Javits Center get up and running in new york city so thats a ridiculous statement on behalf of the former Vice President. Additionally, again, getting to the bottom of what percentage of the population is infected will also inform how we go about testing as well. I think its easy for joe biden, you know, to play monday morning quarterback when hes sitting on the sidelines and hes not in it and hes not having to make these decisions. We are all probably fortunate the fact he is not the president of the United States making these decisions right now. So i think he should sit this one out and let the president make the hard decisions which is what hes doing right now. Its a lot easier to sit on the sideline and say whatever you want when youre not actually having to be commander in chief. Stuart well, the debate is on. When, where, how do we reopen at least parts of the economy. Lisa boothe, thanks for being with us this monday morning. Thank you. Lets turn to lauren. Lauren, our allies and opec and the United States have made a deal on Cutting Oil Production worldwide. Doesnt seem to be having much effect. Tell us more. Lauren but it will in time. 9. 7 Million Barrels of oil a day taken off the market between now and the end of june. Heres the question. Will the economy reopen by the end of june . The answer is most likely yes. When you take this near 10 Million Barrels a day off the market, people will start using gasoline again, it will make a difference. This is all donald trump and dealmaking, first with saudi arabia and russia, getting them to talk, then with mexico. Mexico wasnt agreeing to cut 400,000 barrels a day but the u. S. Said okay, we will make up the difference for what you dont cut so we do have a deal and in time, it should help stabilize the price of oil and perhaps keep our shale producers in business, stuart. Stuart lets see. Okay. Lauren, thanks very much indeed. By the way, i will be speaking with the Energy Secretary around 9 40 this morning. Thats 9 40 eastern time on this program. Lets turn to susan. A grim outlook, i want more on this. Jpmorgan on the economy and unemployment. Tell me more about that. Susan jpmorgan is calling for a decrease, a shrinkage of close to half of the economy in the Second Quarter of this year so from the march to june period, jpmorgan is forecasting shrinkage of 40 in u. S. Gdp and they are looking for unemployment to hit 20 which means 25 million will be unemployed. Thats pretty much in line with what we heard from other Gold Standard investment banks as well as Goldman Sachs is predicting 34 contraction in the Second Quarter, Morgan Stanley looking for 30 declines as well in the Second Quarter of this year but i just want to give you some fresh news this morning which is getting a lot of chatter across investment and trading desks. Looks like Goldman Sachs this morning says we put in the lows for this year, we have seen the worst of the stock market in 2020. They are sticking with their s p forecast of 3,000 at the end of this year, before they said we might get back down to 2,000 before we see a bit of a bounce back at the end of this year but they are going bullish because of unexpected and do whatever it takes sort of moves from the Federal Reserve and also the government as well. Stuart thats fascinating. In the depths of the economy, Goldman Sachs says we have reached the bottom already. Not going to retest. Fascinating stuff. Keith fitz is with us. Keith, you called this market the big selloff. You called it before anybody else. I want to know, anybody else on this program, i might add, so i want to know when are you calling for the rebound . Are we in it already . Well, tell you what, thank you for recognizing that. This is tough business. My magic eightball is on the fritz right now. We have psychological barriers we wouldnt otherwise have. I think we are still close to the bottom, the retest the fed has thrown the kitchen sink and Everything Else at is keeping us higher. Thats a great development. You know what, im going to get in the water and say it is the bottom and we ought to continue to play off it. Stuart you are playing a dangerous game, of course, but then you do that anyway. Stay there, please. I want more from you just a little later. Back to susan. We have news on the iphone. Getting a new look . Susan yeah, getting a new look since we know iphones still account for about threequarters of their revenue. Its going to look very similar to the ipad. We are still looking for the cheap iphone release. Some say its still coming at some point this spring since they already put in the production lines and all ready to go except for the coronavirus, which has impeded first of all their launch event, then of course, consumer appetite in closing all their stores and having some disruptions to their supply chains over in china. But we will look at the 5g phone later on this year. Most analysts say it might be delayed and not in september and october, the timeline we are used to, but we will get it still in time for christmas. Stuart ive got to tell you, your backdrop today, im looking at a live shot of sixth avenue, utterly deserted. We are not used to that at ten past nine eastern time on monday morning, are we . Susan nope. Its a whole new era here. There arent virtually any pedestrians in the street, even if its rain, snow, whatever, you usually see a lot of people here in the Financial Capital of the u. S. , right . Stuart my, how times change. Show me the banks, please. The banks kick off earnings season. It starts tomorrow. I think weve got these banks premarket, this is. A little bit of a movement to the upside, not very much. Of course, they have been really clobbered by the superlow Interest Rates and some problems with mortgages as well. We do have jpmorgan, Morgan Stanley, citigroup, wells fargo on the upside today. Goldman down just a fraction. No Significant Movement there. These are the banks that report this week on your screen right now. I want to update britains Prime Minister boris johnson. He has tested negative for the coronavirus after being released from hospital. Not sure i understand that one. I thought he tested positive. Nonetheless, hes out of hospital. Hes been released and tested negative. That is accurate. Okay. Check the futures market. Where are we this morning . We are going to be down, but not that much. Im looking at about a 60point loss for the dow, just a fraction,. 25 . Same percentage loss for the nasdaq and for the s p. On the show in our 11 00 hour, Top White House economic adviser larry kudlow. I want to know when are we talking about reopening the economy and whats the progress on the formation of this second virus task force . He will let us know. Also on the show, Energy Secretary dan broullet, applauding this deal agreed to by the russians and saudis. Couple virus vaccine updates to tell you about. Gilead Sciences Drug has produced promising results in a small trial and eli lily is starting Clinical Trials using its arthritis drug to treat the virus. Details on all of that coming up. Plus we have the ceo of a company just given fda approval to treat virus patients. More varney after this. Its a challenging market. Edward jones is well aware of that. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. From anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. Get allinone allergy relief for 24 hours, with flonase. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Site so stuart i have good news. Those stimulus payments are now getting into your bank account, or at least some bank accounts. Susan, tell me. Who got the money first . Susan direct deposit. If you filed your irs tax returns in 20182019 providing a direct deposit bank account, according to the irs, they have already started depositing these 1200 checks for those that make 75,000 and less and 500 for each child under 16. What about those physical checks . Its interesting we just got a report from our washington, d. C. Correspondent edward lawrence, who says a senior treasury official has told him that the checks, physical checks, have now started as well and by wednesday, the official says they will have deposited 50 billion to 60 billion. Previously we heard that physical checks wont reach those recipients until may, possibly even september, and as we know, speed is of the essence as 17 million americans have filed for unemployment, jobless claims just in the past month or so. So people need money, they need food and they need security. Stuart all right. Here comes the money. Thank you, susan. Lets get to lauren. Give me the update on the latest vaccine news, please. Lauren a british scientist out of Oxford University says shes 80 confident an effective vaccine will be on the market in six months and they are starting trials on it, human trials, in the next two weeks. The w. H. O. Says there are about 70 vaccines being worked on worldwide. However, only three are in human trials and two of them led by u. S. Companies moderna and inovio. A vaccine coming hopefully within a year. Stuart well take it. Theres a Company Called cytosorbents, cyto, cytosorbents. It has received emergency fda approval to treat virus patients. Dr. Philip chan is with us, the ceo of cytosorbents. The stock is on your screen premarket. Its up 26 . Dr. Chan, how exactly does your product treat virus patients . Hi, stuart. Thank you very much for having me on the show. Cytosorbents is a blood purification cartridge that hooks up to standard dialysis and blood pump machines found in the intensive care unit as a way to treat deadly inflammation and cytokine storm and its been widely regarded as causing shock and other problems. Cytosorbents approved in the European Union has been used in more than 80,000 treatments for critically ill patients to treat the same kind of complication that patients of covid19 are being seen with, and we are very pleased to have an opportunity to help u. S. Patients. Stuart when you say its been used on 80,000 patients in various parts of the world, can you give me a success rate for it . So what we have seen in more than 80,000 treatments, is that it has significant effects in terms of stabilizing patients and reversing dangerously low Blood Pressure and helping improve oxygenation and lung function and improving the overall inflammatory response that is often the main cause of why these patients are dying. Stuart now youve got emergency fda approval, you can now use that treatment in the United States, is that accurate . That is correct. Emergency authorization enables us to now make available our product in all hospitals throughout the United States. Again, we are eager to get this in the hands of physicians. We have already been contacted by approximately 70 hospitals [ inaudible ] and we hope that they will see the same effect physicians in europe and in 58 countries around the world for cytosorbents see the same clinical benefits that they have, and hopefully [ inaudible ]. Stuart doctor, we appreciate you being with us this morning. We always like news on any progress that we can make on treatment, and we do appreciate your being here. Dr. Chan, thanks very much for joining us. Okay. I dont know whether you noticed but bottom righthand corner of the screen, you will see the market has come back a little bit. We are only going to be down, what, 19, 20 points at the opening bell. That follows one of the best weeks ever, last week. Lets go back to susan. News from china. What do you have . Susan we know that Maria Bartiromo has been reporting this morning that china is imposing some new rules and regulations on materials used to make personal protection equipment, ppe, that is much needed right now by the Front Line Health Care staff. We were talking about the face shields, masks and n95, and this is resulting in major delays in getting that equipment to the u. S. And around the world. We know that there has been problems with sourcing some of this material. You saw that on 60 minutes last night as well and apparently according to marias reporting, this has something to do from the Chinese Government imposing some rules and regulations in terms of where they can ship some of this ppe. Dont forget, we are still in the midst of a trade war, as we heard from President Trump at the end of last week. There are still 250 billion to 300 billion worth of chinese goods that are being tariffed at this point but china apparently is making good, this morning also some headlines china is buying 120,000 metric tons of wheat, making good on that phase one trade deal in buying more agricultural goods. This is shall we say complex, would you say, stu, dynamic, bilateral relationship between the worlds two largest economies . Stuart it reminds me of that mo