Least a gradual return based on local conditions starting in may. Now, in michigan, protests are expected today and that states strict stayathome orders are in question. Thats going to be an indicator of public sentiment after weeks of lockdowns. On the international front, china is now very much in the spotlight. Frankly, its a target. The president s cutting funding for the World Health Organization. Mr. Trump says the virus could have been contained in china if the w. H. O. Had been more honest. And senator cotton and congressman gallagher introduce a bill today that would end americas dependence on chinese drugs and pharmaceutical ingredients. The virus is clearly changing the u. S. china relationship and everything else, of course. On the market, it is all about back to work, when, where and how. On hopes of a return to work, the dow has moved up close to the 24,000 level. It had dropped to 18,000 level last month. The dow was up 500 yesterday. Looks like all of that gain will be canceled out first thing this morning. The dow is going to open with a 600 point loss. A similar loss in percentage terms for the s p and also for the nasdaq. Now, ive got great news if you live in wisconsin. The average price for a gallon of gas there is down to, this is wisconsin, 1. 27 per gallon. Dont know how that happened but they are way down. As for the national average, that has come all the way down to 1. 84 a gallon. Okay. Stay right there, everyone. The backtowork edition of Varney Company is about to begin. Our countrys going to be open soon and our countrys going to be booming. I will be speaking to all 50 governors very shortly and i will then be authorizing each individual governor of each individual state to implement a reopening and a very powerful reopening plan. Stuart lets get started with john lonski, an economist. You heard what the president said about reopening the economy. I want to bring to your attention what Goldman Sachs is saying today about getting the economy moving on the other side of this virus. They are looking towards a huge gain for the economy in the Third Quarter, up 19 , in the Fourth Quarter up 12 . Thats an explosive rebound. Do you agree with it . Well, i have no strong reason to disagree with that particular forecast at this point in time. Of course, Goldman Sachs i believe is also forecasting a deep Second Quarter decline by real gdp and todays news on retail sales lends support to goldmans downbeat view on Second Quarter gdp. But as you said, the important thing is that if we can realize growth for two consecutive quarters between 15 and 20 , this economy is on its way back with vigor. Stuart you see, im telling you why i highlighted this. I think we know how bad it is. The retail sales were terrible and we all know that this economy is in at the very least a severe recession right now. Im interested in looking to the other side. Thats where the president wants to look. Goldman is saying, i mean, im astonished, in the Third Quarter, up 19 for the economy, Fourth Quarter, up 12 , that would put us back by the end of the year virtually where we were at the start of the year, wouldnt it . In other words, that would erase the effects of the virus. It may not be until 2021 that we begin to return to where we left off at the end of 2019, but i think the important thing is, and the market recognizes this, is that we have some sense of sustained sizeable improvements going forward. That is why the market value of common equity, where the overall u. S. Stock market was up by 27 from its low of march 23rd at yesterdays close, its good news. I think were moving forward, were seeing a recovery in the Corporate Bond market, the high yield bond markets doing much better as well as the Investment GradeCorporate Bond market. Stuart all right, john. Thank you very much indeed. We appreciate it. See you again soon. Now, the airlines, i am told, have agreed on a relief package. Susan, do you have the details . Susan Major Airlines have agreed with the treasury in terms of the actual payment and 30 , 25 billion, thats all they need to pay back. This has been earmarked for the airlines in that 2. 2 trillion stimulus package. Lets go through the numbers. These are pretty generous terms. For instance, delta is getting 5. 4 billion, 1. 6 billion will come in a low interest tenyear loan and then the government gets warrants of 1 of deltas stake. That means the government will own a portion of delta. Jetblue gets 936 million, American Airlines is getting 5. 8 billion and 4 billion of that, they dont have to pay back. This comes in direct grants. Southwest gets 3. 2 billion and the government gets 2. 6 million warrants of southwest. Eventually they will own a small portion of southwest airlines. Let me show you some of the video and how badly airlines are suffering. We know that capacity, that means the amount of flights that have been flown have been cut by 70 on average across the u. S. , and flying is down to 95 , near empty planes. But despite these very generous terms, the airlines actually didnt think they had to pay any part of the 25 billion back to the government. Even in 2008 i would argue the banks, even they had to pay back the bailout with interest, but i guess in this case, the government is arguing this is not the airlines fault. Stuart my goodness, that is amazing video, isnt it. A totally empty plane. I counted maybe six or seven people. Good stuff. I still see a deserted sixth avenue behind you, by the way. Lets move on. I want to talk to you about the banks. Lets start with bank of america. 45 decline in First Quarter profit and they are bracing for big loan losses. B of a down 4 on that. As for citigroup, their profits down 46 in the First Quarter. It has to boost its loan loss reserve. Theres a stock thats down nearly 3 . Thats citi. United health, they are maintaining their 2020 outlook while it continues to assess the impact of the virus. That stock is up a fraction. Up two bucks at 2. 72. I want to show you some of the lows hit earlier this year. First of all, apple. They hit a low of 224. That was march 23rd. So the apple low was 224. Look at microsoft. It hit a low of 137, march 20th. Tesla, they hit a low of 361 on march 18th. Walmart, a low of 104 on march 12th. The list goes on. Amazon, a low of 1676 on march 12th. I want to bring in shah gilani. We are showing everybody these lows, extraordinary lows on these stocks, and they have completely rebounded. My question is, have we missed the bargains here . If youre not in, if you didnt get in and believe me, it wasnt easy money getting in, certainly it was hard to pick that bottom, thats a fact, i tried to buy some stocks there and i ended up selling too soon. Most people did not catch anywhere near the bottom. Some people may have caught some of the upswing but i think for the folks who are still in it, who never got out, this is good news. For the traders like me, who missed this, theres a lot of opportunity that just slipped by us. Stuart oh, that sounds like an apology, shah. You know, it was in hindsight, its always easy to see when theres some kind of bottom in but it takes a lot of guts, especially in this kind of environment, to jump in with a lot of money and i frankly just didnt want to take the move. Im not sure we are done. I love the move so far. Im actually playing the market to the upside by actually selling puts. Im hoping that i keep the premium on the put side sell. If these stocks im putting puts on go down, thats how im playing the market right now because i missed most of the big move up. Stuart it all depends on getting back to business fairly soon and if goldmans right, a huge rebound in the third and Fourth Quarters of this year. That will dictate the progress of the market. Okay. Stay there, shah. Got some more for you coming up. Let me get to Edward Lawrence because the big story this week is Small Businesses getting not exactly bailout money, but rescue money. Are they running out of money there . Reporter the short answer is yes. With the demand Small Businesses have needed with this program, the 350 billion initial pot will run out by tomorrow or friday. There is some urgency here. No deal yet between congress and congressional members. In fact, senators are back at their home states. Now, Senate Majority leader Mitch Mcconnell says he will give senators a 24hour notice if there is a deal to come back and vote about adding 250 billion to that pot. But lets look at these numbers. These are huge numbers. We are talking about 1,300,000 loans that have been written, each one of those a Small Business with a need. Those loans were 290 billion processed by more than 4800 different lending institutions. In Public Disclosures today, companies are starting to announce they have gotten these loans. In fact, potbelly, for example, says it applied for and got a 10 million loan under the program. Thats the maximum that can be given. Now, switching gears to the stimulus checks, the irs is telling me, a senior treasury official saying there are now 80 million americans that got those direct payments as of right now. That payment schedule is ahead of schedule, according to the irs. The other thing is the paper checks also ahead of schedule, going out friday or monday to start with. Stu . Stuart here comes the cavalry, as in here comes the money. Edward, thank you very much indeed. Look at the futures because we are still going to be down about 600 points at the opening bell. The market not responding very much to goldmans prediction of an explosive rebound for the economy in the latter part of this year. A 600point loss cancels out yesterdays gain. Big guest coming up for you on the show. This will be in our 11 00 hour. Mark cuban is with us. I want to know, is he going to run for the presidency . Good question. He says he might. First, farmers forced to dump thats dairy farmers, of course, dumping milk into rivers. We showed you this earlier. Whats that all about . I will ask the agriculture secretary, sonny perdue, next. You wouldnt accept an incomplete job 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. Avoid sick people. And touching your face. There are everyday actions to help prevent the spread of respiratory diseases. Visit cdc. Gov covid19. Brought to you by the National Association of broadcasters and this station. Of broadcasters their medicare options. Ere people go to learn about before theyre on medicare. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. 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Thats the march number which is an old number, because most of the country shut down in the middle of march. So the april number will be more telling. Nonetheless, march Industrial Production falling the most that weve seen since 1946, down 5. 4 . Stuart that was expected but its going to get worse for april. Thanks very much. The big story today we are covering wall to wall is back to work, when do we go back to work, when do we have some relaxation of the stayathome rules. Ashley, tell me about the protests against those stayathome rules. We are expecting them today in michigan. Ashley yeah. Some people in michigan, very upset with the governor, gretchen whitmer, who they say has taken it too far with her stayathome orders. Those orders go through now april 30th and they also include things like barring people from crossing the street to visit with neighbors or even driving to see friends and of course, the issue we talked about yesterday was banning the sale of nonessential goods. So people upset saying shes taken it too far, shes threatening michiganders very existence, they say. They will soon surround the State Capitol in michigan, waving flags, carrying signs, honking their horns, generally being disruptive. The governor however says look, we have the Third Largest number of coronavirus cases, we need to take extreme measures. A lot of folks in michigan not happy with some of their freedoms that are being taken away. Stuart youre right, that will be a gauge of public opinion. Lets see how that works out. Now, i want to move on. We showed you earlier, we showed you video of milk. There it is, milk being dumped by farmers. This is in wisconsin, i think. Im trying to squint. Yeah, wisconsin. I want to bring in agriculture secretary sonny perdue. Mr. Secretary, ive got these pictures of milk being dumped and we are talking about trying to prevent food shortages. Whats going on here . Well, stuart, theres a dislocation of demand. As you know, our restaurants are shut down, our institutional meetings are shut down, University Schools all across the country and many of these producers have delivered to processors who serve that community. When theres relocation and misalignment of this demand, we worked as expeditiously as we could to get the milk where its needed. Obviously our retail stores. Thats whats happening. When you see milk being dumped, its the processors that are not able to convert their lines into consumer type packaging. Stuart there is, i believe, a 15 billion effort thats going to the farmers. I guess thats to support the farmers and help them out in times like this, 15 billion . Yes, not only with the dairyman that has to dump milk, its not only financially hurting, its emotionally hurting. This is their living. Thats what they like to do. But we want to have direct payments to farmers but more importantly, as your initial story said, we want to purchase as much of this milk or other protein products, hams and pork products, and move them into where they can be outliutilized food banks and possibly humanitarian aid internationally. Stuart is there going to be a shortage of some meat products, specifically pork, with the closure of that big center, Processing Plant there . We hope not. Obviously the United States has a very synchronized, sophisticated supply chain and for pork particularly, these are just indemand type of, justintime type of systems where the pigs are birthed, weaned, go to feed and then go to slaughter. When you have a slowdown in processing which we are working on to sustain as much as possible there, then you have a backup in that. We think the food supply is safe and sound but we have to be careful that we keep these workers. You mentioned earlier some people are socially distancing, meaning these food supply workers have been working all along in a critical industry, making sure our grocery shelves are stocked and our meat cases are filled. Stuart okay. Mr. Secretary, thanks very much for joining us on what is clearly a very busy day and vital day, at that. Thank you for being here. Sonny perdue. Thank you, sir. All right. Now, we like to keep you up to date on the latest tests for the virus. Lauren, you have some news on a new virus test. I think its being distributed today . Lauren yes, and its considered a game changer. Heres why. Its a saliva test. Being distributed today, fda approved, the first saliva test the fda has green lighted. Essentially what this does, its not painful like some of the swabs that people are getting, and the patient can do it themselves. All you have to do is spit into a tube so it limits contact with that health care worker. It also saves the masks and gloves and swabs and everything else. So as we talk about when to reopen the economy, testing people is going to be key and a saliva test is certainly a way to do that and its scaleable. Stuart yes. Thats huge progress. A saliva test, spit in a test tube, thats the kind of test we are all looking for, i thin