Check futures, dow futures right now in the red to the tune of 360 points, nasdaq futures down 110 and s p futures lower by 40. Oil prices under pressure this morning. The International Energy agency warning that demand could plummet to less than 25 years. Airlines reaching a deal for Financial Aid. Mornings with maria live. Striking a deal Oil Producing countries agreeing to cut output by 9. 7 millionbarrels a day in an effort to stabilize the price of crude. President trump weighing in on much anticipated agreements. Countries around the world will cut Oil Production by approximately 20 millionbarrels. People are saying 10 million but we think the number that theyll actually hit is closer to 20 millionbarrels a day. This historic action will help americans supported by the oil and gas industry. Saudi minister say the cuts will amount to 20 million a day and confirmed what President Trump just said when taking into account policemens by other g20 nations and preserves. Prince abdulazin bin solomon said how big a deal this is. [inaudible] maria ive spoken to the president and suggest today me its more like a 20 cut or 15 cut not necessarily 10 cut. 10 millionbarrels a day or 20 millionbarrels a day, sir, which one is it . [inaudible] the people around the president are extremely helpful and also to mention other departments of russia. I would also have to mention the king himself was engaged. The prince was the hero of the whole thing. He put time and effort. [inaudible] maria when you were seeing prices move lower, you didnt have covid 19 issue and covid19 has shut down demand around the world, was that part of an issue knowing that Global Demand had died up because of the virus . Ever since the 23rd of january, we have been warning people that this is going to be big and this is not going to be [inaudible] unfortunately with all the messaging ever since 23rd of january and march, our warnings were [inaudible] people did not find the space or the big cuts. Maria your highness, one of the reason it is markets are not reacting to this, 20 millionbarrels that youre cutting, this is a big number and the markets do not believe that cut wills actually happen, i guess. Theres really no accountability here. If if moscow doesnt cut, are you still going to cut . Whats to keep you guys from continuing to keep this promise . So you had 23, 24 ever since last week. Yes, it is going to be challenging to all of us, producers have committed to the world and to those who are engaged in the market that we mean business. Now talking about saudi arabia, i think we have record [inaudible] first to sign up and that we are the last to leave commit commitment. Its going to be there for quite some time. People know exactly what we are doing to halt lack of performance. [inaudible] we have a system that enables us to see how everybody is the other side of the story, we still, for example, eia and good members, and we have g20 and we have just assigned another to continue monitoring and continue [inaudible] so not going to be left for a chance here or a chance there. Maria if you dont see the kinds of cuts that youre expecting from russia, mexico, even the United States, are you going to keep your commitment . Well, i think we are in maintaining our commitments. None of us will gain if we dont continue with our commitment. We we would not have signed to it. Maria okay. We are the last to leave. Maria your production cost is 10 a barrel. Thats, of course, obviously one in the world, where exactly you need to be at to balance your budget . When you look at fiscal budget elsewhere you need much higher prices for the Shell Companies to make money or this. Do you need 70dollar a barrel oil . I have a story to share with you and share with our friends. Always as producers even saudi arabia. Weve been cutting budgets and weve been doing like every other producer is doing. In fact, exposed to arabs. That doesnt mean if you have budget that you cannot have the liberty to reconfigure to make sure that you become an official producer and being prudent [inaudible] maria people go through these situation. Look at exxon mobile, shell. Shell agreed [inaudible] several countries go through these processes. We have resilience. I would refer you to modi and maria the ratings agency. Absolutely. I understand what youre saying. Let me ask you this, this whole covid19 situation, coronavirus has stopped the world in its tracks and, of course, we are expecting a severe recession if you listen to jamie dimon this week saying its likely we will see a severe recession. Oil is telling that as well certainly with where the price is. When would you expect Global Demand to start increasing again, when do you expect the world to be back in business and the price of oil to start moving on just supply and demand fundamentals like the airlines needing to buy more oil . You know, this is one of the fundamental issues that people have not yet probably the Energy Sector is the most hit sector. Why because of mobility. I had spoken to some journalists yesterday and i was telling them that these because of [inaudible] so if you look at all the sectors and how much of an impact this this is making over the economy, even within the economies, we see the Energy Sector being hit the most. Maria yeah. I think the more you see the lockdowns being released and more movement happens and mobility start to thrive, i think you will see [inaudible] maria yes. Short of that will be in the end of custody of that situation. Maria i see. Final question, your highness. I know that the u. S. Shell industry has been doing very well and reports that russia we wanted to put the industry out of business, this does represent competition for Oil Producers in the world, were you looking to put the shell business out of business, your highness . Never. I have friends that are part of we have Good Relationship with them. Many times saying we like them. We want to prosper with them. We never get engaged in serosum game and therefore therefore, they might get impression but if they look at how we behave, i dont think they will find a better partner than saudi arabia. Maria well, i know that the president thinks very highly of you, your highness, and has talked to you a lot during this period. Can you tell what you say the president said to you . He was talking to majesty the king and highness. It would be a privilege. Maria your highness, i so appreciate your time today. My final question here as the president and people try to speculate and what is going to happen in terms of these Production Cuts, do you think russia will keep its promise to cut . I have no reason but to believe them. I have no reason to believe the president. I think hes doing a great job. I said a president is doing what a president should do. Its creating communities and contributing to gdp and growth and creating issue when it comes to Energy Security and prosperity within certain states. I wouldnt say anything but [inaudible] i salute him and salute our friends. [inaudible] again, i would repeat that. Focus and look around and see who are your two partners. Maria my very special thanks to prince abd, lazin bin solomon. Markets are lower, we will take a short break and come right back. Stay with us. Ing forward. With coronavirus spreading, people at higher risk must take extra precautions. Ing forward. You are at higher risk if you are over 65, or if you have an underlying medical condition, like heart disease, chronic lung disease, diabetes, or if your immune system is compromised for any reason. If youre at higher risk, stay six feet or two arm lengths away from others. Better yet, stay home if you can. The choices you make are critical. Please visit coronavirus. Gov for more information. Yothats why kubotasl. 1,100 dealers are working to keep you working. Call or email your kubota dealer about 0 financing. No payments for 90 days offer expires 5 31. Together we do more. Maria welcome back now, reaction to my interview with prince abdulaziz bin salman. Thank you so much for joining us. Amazing that the numbers are so much more than the market thought, Dagen Mcdowell, in terms of Production Cut and the markets are not responding, still skepticism as far as players are going to keep the promise, i guess. Dagen indeed, if you cut production by 20 millionbarrels a day that would offset expected decline in demand because of the literal global shutdown to fight the coronavirus, but some things that you did point out, saudi arabia needs much Higher Oil Prices to balance its budget. You pointed that out in the interview, so does russia. Russia can balance its budget half of the price roughly of what saudi arabia requires, but its significantly higher than where we are right now, but this is an incredible feet of diplomacy on behalf of President Trump to eventually save a lot of shell producers from bankruptcy and extinction and im sure the president provided that we are great supporters militarily of saudi arabia and we create a lot of stability in that region, so that was a stick the president surely used with saudi arabia. Maria it sure is and, you know, the oil shell sector, steve, has been under tremendous pressure. Weve already seen one shell operator declare bankruptcy and at these levels you have to believe thats going to pick up steam unless the market turns around on the idea and the belief that they will, in fact, cut. Steve even if they do cut if the economies dont pick up here and around the world, they will be under still tremendous pressure which is why i hope the Federal Reserve and others will open so they wont go down and as dagen said, the skepticism, all have budgetary pressures, but the key thing is getting demand up and the companies and the restaurantors and travel Companies Need lifeline now. Thats right the Federal Reserve main Lending Program which many Shell Companies would get off the ground and get the money out so they can survive for revival. Its find to talk about stimulating the economy but something there to stimulate. Maria youre absolutely right. We will talk about that this morning. The ppp program and where the economy is going. Ryan, do you see oil bouncing back when the crisis is over . This morning that the banks have done a deal, agreed upon deal where the treasury is are taking takes as well as lending out this money. We will talk about that coming up as well as all the conversation turns to when the economy will reopen once again. Ryan the prince made a good point, oil got hit the hardest here because of lack of mobility. I have to think on the other side of this, Oil Producers will go out of business unless we forget. At some point here the economy does mobilize. I could see a supply shortage and at that point you see Oil Prices Spike dramatically. This is going to clean out as the old saying goes, Lower Oil Prices solve the problem of Lower Oil Prices so i see Oil Prices Going higher at some point. Maria all right, we will slip in a break on that note. Big bankrolling out earnings, a lot of numbers to look at an impacts of markets, watching that, we will bring you the numbers as soon as they hit the tapes. Stay with us. We will be back in 2minutes time. Some Companies Still have hr stuck between employees and their data. Entering data. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Maria welcome back, futures pointing to selloff at the start of trading, dow futures down almost 400 points and the s p down 53 even though the conversation has shifted to when the economy will reopen and plans to do that. Markets closed higher yesterday. The dow up nearly closing at 24,000, take a look. This number, this coming as the number of big banks expected to report firstquarter earnings before the opening bell this morning. Investors are watching march retail sales, all those banks out this morning as you can see in front of you, citi, Goldman Sachs, bank of america, you have retail sales coming out at 8 30 a. M. This is what will move markets this morning. Joining us right now main state capital chief Investment Strategy david kudla. Thank you very much for being here. In this incredible moment in time, i guess you have to write off the First Quarter, right, in terms of the earnings that we are getting from the big banks, what are you watching and retail sales as well, we know what happened in march . David yeah, its maybe difficult for investors to do that and, good morning, maria. Its difficult for investors to do that but this backwardlooking data whether its the jobs numbers, some of the economic data, you know, whether the numbers are no matter how bad they are, we know they are going to be bad and really what we need to do is look forward to the recovery of the economy, the continuing ideally improvement numbers and how the country is continuing to heal and how the eventual economic rebound will occur as we get back to work as businesses begin to reengage and the economy restart. Thats what we are looking forward to in that data in june. Maria yeah. In the face of that you remain bullish on technology. Lets talk the tech sector for a second. Its holding through market declines. Amazon reaching alltime high despite coronavirus slowdown. Up better than 20 so far this year on amazon. David, do you want to allocate money to stocks in this environment where theres so much uncertainty . How do you invest today . Yeah, we think you still do. Technology is still our favorite sector and when we look at, you know, the cycle weve been through with this fair market, as you said technologies held up very well. Theres been a period of time, a long period of time where people looked at Big Cap Technology and retailers that are enabled by technology. The fang stocks as house of cards that would crumble and its been the opposite. Retailers like netflix and amazon that are enabled by technology that are changing the world and have been very important through and have done quite well through this pandemic and we think that these Technology Companies will continue to do well. Maria all right, david, we will leave it there. Thanks very much for stopping by this morning, we will see you soon. David, mainstay capital. We will take a break, when when we come back President Trump cutting funding to the World Health Organization, we will take a look at what has transpired there. Stay with us. Maria welcome back, good wednesday morning, im Maria Bartiromo and it has wednesday april 15th. It was supposed to be tax day, top stories 6 32 a. M. On the east coast. The white house is working with the private sectors now to reopen the American Economy and allowing governors to take action in their state. Meanwhile futures pointing to lower opening this morning. We have a lot, dow industrials down 280 points. The s p down 51 and nasdaq lower by 114 this after hopes of u. S. Reopening push ad strong rally yesterday. In fact, markets closed near the high up 558 points on the dow industrials, nasdaq 323 and s p was 85 on the day at 4 00 oclock on wall street yesterday. In europe is red across the board. Take a look at ftse 100 down 125, cac quarante down 80 points and dax index in germany lower by 217 points this after you heard us yesterday to imf predicting that the euro zone economy wills contract by 7 and a half percent this year. The imf taking a Growth Expectation weigh down going way down going into this quarter. Voters being handed masks and gloves and having their temperature taken before entering Polling Centers. Korea up 1 and 3 quarters percent. U. S. Airlines reaching an agreement with Treasury Department yesterday to soften the blow from the coronavirus, Cheryl Casone with the details, good morning, cheryl. Cheryl good morning, maria, american southwest, delta among the airline that is have applied for portions of 25 billion in grant money. Now this the largest government aid package for this industry. Cash is part of the 2 trilliondollar stimulus package sign intoed law last month. Airline stocks getting a boost on that deal. Every single name in the group is despite general market negative kicking off. Futures down 386. Boeing taking a major hit from the pandemic as airlines respond from air travel. Lost 150 orders of 737 max in march, this is the most in decades. Boeing still working with the faa to get the troubled jet back into the air after two deadly crashes. More information expected april april 29th. Boeing will report earnings on the 29th, the stock lightly higher more than half percent in premarket. Of course, boeing a dow component. 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