That. A modest down trend. Tomorrow, though, thats the big jobs report. Almost certainly the worst in history. Okay. But look at this. A rotten economy and a Big Stock Market rally. We get a lot of inquiries as to why is this happening and the short answer is well, the market looks to the future and its clearly seeing an economic recovery, and the trillions pumped into the economy are very much appreciated. Put it like that. The dow is going to be up over 300 points at the opening bell. Thats better than 1. 3 . A similar gain, 1. 5 for the s p. Look at the nasdaq go, up 1. 5 . Thats because of this. Big tech. Again, leading the market. Just look at this. Apple is at 303. Amazon up 21 bucks premarket. Nice gain for microsoft. Nice gain for netflix as well. Thats whats happening. Big tech again dominating the market, plowing higher. Bombshell news in politics. Mr. Impeachment, congressman adam schiff, he is not looking good. There are dmumennew documents o russia, russia, russia probe. Mr. Schiff is reportedly in panic mode. Big show coming for you. Eugene scalia joins us at 9 45 this morning. I have to tell you now, larry kudlow tomorrow, following the likely to be worst ever jobs report. Thats tomorrow for kudlow. Today for scalia. Varney company is about to begin. We cant keep our country closed down for years and we have to do something. People want to go back. Youre going to have a problem if you dont do it. If you dont do it, youve got a very big problem. Reporter how close are we to a permanent problem if we dont reopen the country . I think people wont stand for it. Actually, i dont think our people will stand for it. Stuart hes right. We wont stand for it. We want to open up. Thats what the president thinks and thats exactly i believe what Stephen Moore thinks. Hes with us now. Hes a member of the Trump Economic Recovery Task force. Stephen, the point to be made is surely that we are opening up anyway. Theres a mood of defiance in the air. There are people opening against the rules. They are doing it. I mean, this is really marching forward here. It is. You cant keep a great country down, stuart. I think thats the lesson here. You are starting to see governors open up their economies, especially in the red states, states like georgia and florida and tennessee and texas and some of those mountain states like utah and montana, and even some in the midwest, like nebraska and iowa. The problem you still have is youve got states like new york and california and my home state of illinois and a few others of these blue states that are staying shuttered. You are seeing a bifurcated system where i predict you will see in the Southern Region of the country and some of the mountain and midwestern states doing well, coming out of the recovery, not so much the northeastern states and some of those more industrial midwestern states like pennsylvania and michigan. But youre so right, youre starting to see, despite those lousy numbers that we were just reporting half an hour ago, stuart, the good news thats not documented in those numbers is you are actually starting to see some americans, there was a report out last night that some three to four million americans have actually started to go back to work. Thats the thing that we got to keep an eye on. Not the job losses but how Many Americans are returning to work. Stuart but we have to say, stephen, that not all of the jobs that have been lost, 20 odd whatever million it is, not all of them are going to come back. There are some industries, travel, the vast travel and entertainment industry, not all the jobs are going to come back there. Theres going to be a shift in employment, surely. Theres no doubt about it. You know, stuart, its so hard to make to kind of figure out all these conflicting data thats coming in every hour of every day these days. For example, i just gave you some good news that we are starting to see americans get back on the jobs and employment is starting to maybe rise a little bit. The bad news is there was a report that came out yesterday that almost half of Small Business men and women think that their businesses are now in peril of failing so you know, think about the impact that would have. Hopefully people are just being a little dire right now because were just starting to get the cliff where some people are starting to see light at the end of the tunnel but its hard for investors to make heads or tails where the economy is headed because we never lived through anything like this before. Stuart yeah, but if half of Small Business people think they are going to go out because of this, that will increase the pressure to open up, come on, lets get going, theres no rationale for keeping me locked down. The dow is up 300 points. I think that makes the point as well. I have always said, i know you have my buddy art laffer on the show often, he and i basically came out with a report last week that basically said it matters a lot when the economy opens. A state that opens say may 1st versus a state that opens up june 1st or june 15th, theres going to be huge difference there because those job losses and those business losses that hopefully dont occur, but if they do, they are much more likely to happen in those states that stay shuttered for another four or six weeks because you know this, this is what your show is all about, the mothers milk of a business is revenues and customers. How can these businesses stay in business if they dont have customers and revenue . So you are going to start to see, i predict, over the course of the next few weeks stuart ive got to go. Because youre seeing, even here where i am in the d. C. Area, you are starting to see businesses open. Stuart im sorry, ive got to go. Im coming up on a hard break. See you again soon. Now, ive got a lockdown winner for you. There are some. How about peloton, up big this morning. Lauren, how many people did they sign up during the lockdown . Lauren 1. 1 million subscribers during that free trial from the middle of march until the end of april. The stock will open at a record high. The Company Raised their outlook for the year. When do you hear that right now, a company raising their outlook for the year. Sales increased by 66 to 524 million and the ceo says look, were confident because people will be slow to return to the gym. So business should be good for a little bit longer. Stuart virus winner, actually. Put it like that. How about lyft. That stock is way up today. They had a tough quarter, i understand. Susan, tell me why the stock is up so much. Susan they didnt pull their profitability guidance which they still anticipate at the end of next year outside of expenses, nor did they confirm it, i should say. We know that business is tough. April rides are down some 75 as the ceos acknowledge, but they actually made more sales than some had expected in the first three months of this year, up some 20 . Ridership was up 3 and what does this mean for uber . I think its hard to distinguish because look, we know that both companies are trying to cut costs right now in these covid times. Uber, though, is more of a global player, more expansive, whereas lyft is more of a pure play type, only operating in the u. S. And only in ride hailing, whereas uber has food delivery, they operate in International Markets like the middle east and asia pacific which went through covid19 first. Some are anticipating that maybe uber is going to have a tougher time in the First Quarter of this year. Uber, unlike lyft, has already pulled their profitability guidance. Earlier they said they would get to profitability outside expenses by the end of this year. Looks like thats not going to happen so far. Stuart thanks, susan. Ive got another lockdown winner. That would be grub hub. Obviously, they are food delivery guys. The stock is actually down this morning. Ash, have you got numbers on how many people started to use the food delivery on grub hub . Ashley yeah, absolutely. Sales up 12 year over year. By the way, just delivery in march alone was up 30 . So you know, you end the lockdown, you will use a service like grub hub. Also, the number of active diners up 24 to 24 million, but that comes with a caveat. Its down just a little from the previous quarter. Where grub hub took a big hit was new york city. Restaurants closed, residents leaving the city and no more of those big corporate clients orders. On the other side, the average cost of an order was 40 in this quarter. That is up from 32 last year during the same period. So generally pretty good news for grub hub. Stuart the stock is down but otherwise good news. All right. I have individual stocks. I will run through them for you. They are moving today. First, costco. For the first time in more than a decade, Monthly Sales fell because people are not driving. They couldnt get there. A lot of their sales are also from gas and thats why they didnt do that well but the Stock Holding at 309 a share. Etsy, online marketplace for homemade stuff, the stock has been on a tear. All about people ordering face masks, custom made face masks. They just reported that active buyers on the site jumped 16 . They have now got 48 million active buyers on the site. But the stock is down 5 . Wynn, the casino guys, rough news there. Revenue cut in half because of the virus. Nevertheless, they are planning to staff to keep going with staff i dont know what this is. They are going to keep going, they are planning to keep staff salaries in place and benefits through the end of the month. The stock is up 25 cents at 79 bucks. Heres a big one. Moderna, big news on their virus vaccine or their attempts to get one. The fda approving it for a phase two study. Up it goes, nearly 17 . Moderna. Over all, we are Still Holding on to a very solid rally this thursday morning. Up 300 for the dow, 130 for the nasdaq. Then we have apple. They are giving a Diagnostics Company 10 million to help them get their virus test made and out there more quickly. Susan li has the exclusive interview with apples c. O. O. And also with the Diagnostics Company ceo. She has a live demo to show us and she will. Top of the hour we reported the weekly jobless claims number, 3. 1 million. Tomorrows jobs report will be one of the worst ever. Dont have the number yet but today, weve got labor secretary Eugene Scalia on those jobless numbers. Tomorrow, weve got larry kudlow on the jobless numbers for tomorrow. Then we have President Trump. He says next week, hes going to give an update on where our trade deal stands with china. Tennessee senator Marsha Blackburn has a lot to say about this. Is she okay with maybe upsetting the whole trade deal with china to hold them accountable . She joins me next. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief me too. Me too. And if youre a Small Business, were with you. Standing by you every step of the way. Bye bye. Some Companies Still have hr stuck between employeesentering data. A. 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. So were working 24 7 toected maintain a reliable network, to meet your growing internet needs. Were helping customers who are experiencing Financial Difficulties stay connected. Were increasing internet speeds for low income families in our internet essentials program. And delivering selfinstall kits to your door. Nos comprometemos a mantenerte conectado. Were committed to keeping you connected. For more information on how you can stay connected, visit xfinity. Com prepare. Stuart all right. Progress at smithfield. They are starting to reopen their plant in sioux falls, south dakota today. It was shut down three weeks ago because of the spread of the virus amongst workers. Smithfield says it hopes to have the plant fully operational by the end of the month. Good news. Edward lawrence is with us. Edward, now, whats this about us, america, still sending pork to china even though weve got a shortage in our supermarkets . Reporter yeah, pork and other meats, actually, exporting from the United States. Meat is sort of becoming the toilet paper of the coronavirus. I walked through the safeway here or the giant in my local neighborhood, and you see that the shelves are just bare in those Grocery Stores at the moment here. This is because in part, exports have increased from the United States of Meat Products going out. Take a look at this. Heres one aspect of it. You mentioned pork going to mainland china. In fact, the pork exports jumped in 2019. We are talking about a big increase here. The swine fever among pork products in china may have caused that, also china trying to build good will for the u. S. Phase one trade deal but look at the last number there. 96 tons of pork was sent to china last march. The same with beef going to japan. In fact, 86,000 pounds of beef was exported from the United States to japan. That is a 23 increase from january of this year. So january to march, huge increases as the production has slowed down because processing plants went offline because of the coronavirus and the social distancing now. However, agriculture secretary sonny perdue says now that ten days from now we should see capacity get back to normal as plants start to reopen. You mentioned smithfield there. President donald trump saying these Meat Processing plants are a vital part of the u. S. Economy and need to start opening up again. Back to you. Stuart and they are. Edward lawrence, thank you very much, sir. Speaking of china, im going to show you what the president had to say about the status of the china phase one trade deal. Roll tape, please. I will be able to report on that the end of next week. They are buying a lot of farm product but are they buying to the level that they were supposed to . Were watching closely and you know, they understand, they have a deal, hopefully they are going to keep the deal. Well see. They may, they may not. Well find out. Well know soon. Stuart a report next week on whether they are living up to the terms of the deal. The lady on the righthand side of the screen is Marsha Blackburn, senator from the great state of tennessee. Senator, would you be okay with the possibility of the china trade deal falling apart because we want to punish china for their role in the virus . Well, stuart, there is no doubt we need to hold china accountable for what they have done, and indeed, as we move forward, we need to look at supply chains for manufacturing coming back to the United States. Im like most other people, im waiting to see what the report is going to be with trade. When we talk about this, when it comes out next week, then lets see where we stand and have a discussion on how we deal with china or how we isolate china. Stuart now, were borrowing an awful lot of money because we are spending on the virus, we are spending trillions of dollars. That adds to our debt. We need china to lend us the money to finance our debt. And you talked about us not paying back the money that we owe china, abrogating our debt. You still thinking about that . I am still thinking about it. I think other people are thinking about it also. China has to be held to account. Stuart but maam, senator, why would they lend us the money that we desperately need if you wont pay them back the money that we owe them . Why would they have carried out what they carried out with covid19 knowing they had an outbreak, then an epidemic, then a pandemic, and pushing it to the point of saying nothing. This has cost our country already about 6 trillion. By the end of the year we will have borrowed 4. 5 trillion. Last year we borrowed 1. 28 trillion. So we may end up seeing another 5 trillion hit to our economy. We have over 30 million americans who have filed for unemploymeun employme employment. We have to look at this realistically. Stuart we have never done this before. America has never abrogated its debt. It has never said we owe you money, were not paying. We have never, ever said that. Are you prepared actually to is this just a threat . Is this a bargaining chip or is it something you would really do . I think its a great point of discussion that we leave on the table, and if we want to go negotiate with china, they hold over a trillion dollars of our debt. Stuart, the bottom line is there are different avenues that we can walk through to hold china to account for this. Both in the present and in the future. And it is imperative that we do this. What they have done to the United States, the loss of life, the loss of livelihood, what they have done to the world with loss of life and livelihood is completely unacceptable. This is the Chinese Communist party. They knew what they were doing. Some of these actions were intentional because they knew they had a pandemic on their hands, and the actions that they took and ones they chose not to take made the pandemic worse. Stuart point taken, senator. Point taken. Just anybody in the financial world gets real worried when you are talking about abrogating our debt. They just get real nervous about that kind of thing. They also get really worried when they see the u. S. Borrowing this amount of money. Stuart yes. Because of what china chose to do. Stuart okay. Understood. We will work our way through it. Stuart we will indeed. Senator, always great to have you on the show. Good to be with you. Thank you, stuart. Stay safe. Stuart we are Still Holding on to that rally. Its thursday morning, a couple minutes to go, and we will be up over 300 on the dow. We will take you there after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights