Stocks as well. At 4 00 oclock on wall Street Markets were downwith the dow industrials taking another step down near the close so we were down sharply in the morning, leveled off in the afternoon, went back at it at the close, down 592 points on dow industrials at 4 00 oclock yesterday. Earning season rolls on. Big names include cocacola, lockheed martin, Philip Morris and travelers this morning. After the bell attention turning to streaming giant netflix. We will anticipate what the numbers will be. President trump saying he will sign executive order temporarily suspending immigration as part of the war against the coronavirus pandemic. Getting america back to work, georgias governor announcing businesses can reopen this week. Other states including South Carolina and tennessee also starting to ease restrictions. Meanwhile battle over additional coronavirus aid continues on capitol hill this morning. Businesses are waiting for the muchneeded funds to become available. Senate likely to vote today. The house tomorrow. Banks are warning that the proposed amounts could run out in days. Plus questions rolling about kim jong un and his health after reports of a heart prejudice. Mornings with maria begins now. Lets check Global Markets right here. European indices down across the forty, ftse down 92, cac quarante in paris down 100 points and dax index lower by 250 this morning. Germany canceling oktoberfest due to coronavirus pandemic. The Worlds Largest beer festival normally attracting millions of people all the way to munich. Loss as cross the board overnight in asia, lets take a look. The worst performer there was hong kong, down 2 and a quarter percent on hang seng index overnight in asia. Top stories we are watching this morning. Focus this morning on north korea that kim jong un may be in Critical Condition following heart surgery. He missed celebration for grandfathers birthday. He was last seen at meeting few days earlier. The white house says it is aware of the reports. The developments come amid claims by north korea that the country has seen zero cases of coronavirus. President trump plans to sign an executive order today temporarily suspending immigration amid the coronavirus pandemic. The president tweeted last night this. In light of the attack of the invisible enemy as well as need to protect the jobs of our Great American citizens, i will be signing executive order to temporarily suspend immigration into the United States. This as travel restrictions remain in place for china, europe and the uk, south korea and iran. The mood following yesterdays joint agreement between United States, canada and mexico to extend restrictions on nonessential travel across shared borders. Protestors are openly defying social distancing guidelines to rally against coronavirus lockdown orders. Across the country hundreds of people waved american flags and held up signs at demonstration in pennsylvania yesterday. Protestors are slamming the state safety precautions as act of tyranny. Similar demonstration in maine. And in Georgia Governor Brian Kemp allowing businesses to reopen, gyms, barbershops, nail salons can open asals as friday. Restaurants and Movie Theaters can open next year. New York Governor Andrew Cuomo with meet with President Trump at the white house to discuss states response of coronavirus pandemic. The two have had contentionous relationship, more than 14,000 people have died in new york city. The epicenter of the outbreak. Cuomo is also calling on the federal government to pay 50 bonuses for frontline workers. Lord taylor reportedly can file for bankruptcy. Coronavirus pandemic has forced to temporarily Close Department stores in the United States. Filing can come from niemanmarcus this week. Oil having huge sell off. Crude oil demand reaching alltime low. President trump speaking of record low prices yesterday at the white house. Based on the record low price of oil that youve been seeing at a level thats very interesting to a lot of people, we are filling up our National Petroleum reserves, the Strategic Reserves and we are looking to put as much as 75 millionbarrels into the reserves themselves that would top it out. That would be first time in a long time thats topped out, for the right price. Maria and joining the conversation this morning fox business Dagen Mcdowell, wall street journal Senior WriterJon Hilsenrath and National Taxpayers union senior fellow strategist mattie. Dagen, we were watching the market collapse during our program and when the market opened prices went negative. We have to get phil flynn to explain what that means. I know it was the expiring contract but certainly looked strange, the market having collapsed the way it did. Dagen right. Is phil on with us . Have we gotten them yet. I will never bigfoot phil on oil. [laughter] maria phil, do you want to explain first, phil flynn, how its possible that oil prices are negative 37 right now. Phil its a perfect nightmare and theres a perception and growing reality that all of the oil thats being produced, that theres no place to put it right now. If you look at the global storage tanks around the entire globe, they are filling up to the brim. In oklahoma where they delivered the oil, that Storage Facility is about 80 full and at the current rate its going to be completely full mainly by the end of may, so what the market is saying right now if youre an oil producer, dont try to jump to oil unless you want to have someone unless you want to pay to take it away and because theres no demand, what we are seeing here is the reflection of what has been happening and the inability of opec and not opec countries to cut back production a few months ago when they should have done it when demand was falling off of the map. Maria so when you look at the contract that is in use today, the contract yesterday was expiring, how much of the expiration was at fault here and how much was it that oil demand was actually getting sopped up . Phil i think a big part of it and when it created negative it created more doubt at the end of the curve. So this perception has may become a reality and the fear that we will run out of storm. This will force producers to stop producing. They are going to have to stop producing and my concern right now we are word about negative prices for the next few months which is a possibility if producers dont stop producing, but im more worried about longterm production destruction because this is a devastating blow to Energy Producers around the globe and even though demand has stopped right now, longer term, we may be paying the price for this many years down the road. Maria and dagen, weve already seen at least one shell producer file bankruptcy protection in this environment. Dagen right, this adds to pressure on local economies and on jobs in oilproducing parts of the country. Phil, just to put this in perspective, literally its cheaper to take a bath in oil than water. Phil it is. [laughter] dagen thats theoretical, but you basically will get paid to take on the oil if you got somewhere to put it whether its in a Swimming Pool or in your bath tube. Thats how upside down the world has gotten, but i want to point out the later month contracts, the june contract, for example, was still trading above 20, that rolls over this afternoon in august the august contract closer to 30. Is that the market at least telling us that theres a rebound in oil or at least theres some stability a few months out as the u. S. Economy and the world begin to reopen . Phil i think thats absolutely what its saying. Theres still optimism in the price but now after yesterdays debacle they are pushing that back further in the future. You look at the june contract, for example, there was a panic selloff here in the last hour or so. We saw the june contract, i think, as low as 11. Its rebounded the 16 so the disease that hit the frontmonth contract seems to be spreading to the back end of the curve which is more of a concern, i think, you know, for the Energy Industry. If this becomes entrenched in the market psychology, its going to really cause a lot more pain in the industry, and youre absolutely right. I was getting phone calls yesterday from producers saying, hey, i have trading in oklahoma, theres going to be a point where the prices are going to force prices back up but we are not there just yet. Maria all right, we will keep talking about this. Yesterday oil and stocks sort of decoupled by the close. Phil flynn, thank you very much for talking about oil. We are just Getting Started this morning. Coming up fox news strategic analyst is here on kim jong uns status and the military implications. We will talk a little china with jack keane coming up. 7 00 a. M. Hour editorial steve moore on getting the economy going again and the managing partner adam schaffer. Dont miss that. John kennedy live here on the president s decision to halt immigration. The letter publisher denise and dean banks on americas food supply. We are checking out markets, futures next as investors are grappling oil to start and, of course, the shutdown in the economy. Dow industrials down 345, back in a minute. Maria welcome back, lets take a look at markets this morning. Day is beginning on the downside. Futures under pressure once again. Decline at start of trading about 400 points on dow industrials. As you can see the markets moving and it is down 402 on the dow. Down 35 on the s p and 65 points lower on the nasdaq. The dow industrials fell by better than 2 yesterday pressured by shares of boeing and exxon, two big losers on the dow, the s p and the nasdaq also down better than 1 on the session. Joining me right now is Trust Company cochief Investment Officer hank smith and joining the conversation fox business Dagen Mcdowell, the wall street journal Senior EditorJon Hilsenrath and National Taxpayers union senior fellow president mattie, great panel this morning and i thank everybody for being here. Hank, let me kick it off with you, the move in Oil Yesterday certainly set the tones for markets. Do you think oil will start setting the tone for stocks Going Forward . Yeah, its a reminder that despite the massive rally weve had over the past 3 weeks, we are still facing greatist Economic Contraction in the countrys history. This is not going to be a straight road back to new alltime highs for sure and that was the stark reminder. Maria Jon Hilsenrath we have been talking about the expected contraction in the Second Quarter, it could be contraction of 20 , up to 30 contraction in gdp for the Second Quarter and now im saying we could get a contraction in the First Quarter as well. We are talking about a recession this year, 2 quarters of contraction, Third Quarter could be contraction as well. The question is how severe would it be, jon . Jon well, you know, maria, thats a good question and i think those numbers for the Second Quarter when they come out are going to alarm people but they need to be kept in perspective. When we hear about a contraction of 25 or 30 , thats in the annual rate of growth, so those numbers are annualized, divide by four to figure out what the actual contraction was for the quarter. If its 25 , more 5 or 6 actual contraction. When economists talk about this, they mule ply by 4 give or take to get an annualized rate. We need to work really hard to keep whats happening in actual perspective. Maria so what do you think, then . Jon i think its a big hit. You know, again, when we talk about Unemployment Rate going back to level that is we havent seen since the Great Depression and we could for a few months, the thing to remember is that in 1930s Unemployment Rate was up near 20 and stayed there for years on end. The hope and i think maria wow. Jon the prayer of a lot of people that you know employment rates go very high and then comes back down as the economy gets back on track. I mean, i think its going to be shocking maria a snapback by the end of the year. Hank, do you want to invest in this environment . How are you allocating capital right now . Yes, you do want to be invested because, look, this is part of being a longterm investor and enjoying superior rates of return that the markets give you. You have to be able to withstand the kind of bull pull pacs pullbacks and bear markets. If youre looking of having cash on the sidelines, i think the market got ahead. Theres no such thing of 4week bear market and i think we will have a test but i do believe its going to be a brief bear market, its going to be a brief but severe recession and on the other side of it we will have a healthy recovery. Maria yeah, i mean, i just want to read you nancy lazar from Cornerstone Macro, she says we are revising up our second half gdp forecast from down 2 to up 10 for the second half, hank. Shes got the numbers in the Second Quarter, shes talking about im sorry in the First Quarter shes talking about a contraction of 3 and a half percent. Thats the First Quarter. The Second Quarter shes talking about a contraction of 25 and then in the third shes talking about a contraction of 2 , but then in the Fourth Quarter shes got a gain of 3 to 5 in growth. Do you think we will see a snapback in the Fourth Quarter, real quick, hank, we have to jump. Here is what we know extraordinary monetary fiscal policy, we know that. How quickly will the consumer resume normalization, how much pinned up demand would be unlearned . Thats the variable. Maria all right, we will leave it there. Hank, great to talk with you this morning, thanks so much, we will see you soon, sir. Hank smith joining us there. Stay with us. We will be right back. As we work to get through these times together, you may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. Its easy and safe to give. If you are in good health, please donate. We need heroes now. Visit red cross blood dot org to schedule an appointment. 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 curving coronavirus. President trump announcing executive order which will halt immigration in the United States n. A late night tweet the president wrote this n light of the attack of invisible enemy and protecting jobs of american citizens, i will be signing executive order to temporarily stop immigration. Mattie dupler, weigh in here. Mattie maybe hes going to suspend certain types of visas, maybe hes going to close out the borders entirely. Definitely what the president did the action he took to make sure we had fewer people coming from china was huge in spreading the virus in california and people coming from europe, however, the administration should be careful. The president has certainly sent message with tax cuts, deregulatory agenda that the country is open for business. Closing down our borders to immigration could send the opposite message and ultimately stem the ability of the economy to get back online. Administration needs to be careful on how they execute the order. Maria dagen, what do you think in the temporary suspension is coming as existing travel bans are still in place, ban on china, europe, south korea that remain standing. Dagen exactly. That was the point was going to make before peoples catches on fire over this tweet and this executive order. Even without this executive the administration has all but stopped every form of immigration coming into this country, most visa processing has been stopped, meaning almost no one can supply for visa to visit or move to the United States right now. This is all in the wall street journals reporting. These are interviews and citizenship ceremonies have been postponed, refugee program, migrants crossing the border immediately sent back if found. To matties order includes exclude migrant workers, but theres always this, people who, you know, their goto to hate the president , its always the overreaction so the devil is in the details and the details show you some people will still be coming into the United States if we need them here on the job and then basically immigration is already shut down as we try to fight this deadly virus. Maria a friend of mine said the other day and she lives in italy. Maria, when do you think i will be able to travel in the U