Money jackie stocks are in the green as 373 million americans filed for jobless claims in the last week. Oil prices, unexpected surge in chinese exports boosting hopes that global economies are also on a path to recovery from the Coronavirus Crisis but how will wall street react when tomorrows jobs report comes out . Joining me now former dallas fed advisor Danielle Dimartino booth, bny mellon chief investment strategist alicia levine. Lets start with you. Well talk about the numbers tomorrow. The positive thing in the weekly claims, weve seen five weeks in a row where the numbers are going down but investors like that. When they get hit with the unemployment report even though theyre expecting it and see doubledigit unemployment how do you think the market will react . Look i think the market is expecting somewhere between 17 and 20 unemployment to print tomorrow. This is a little bit of a backwards look. The data stopped three weeks ago. Were reading it out on may 8th, not the first friday of the month. So were three weeks behind the data. What you mentioned before unemployment claims have been going down. That is the a sign that the ppp is working because more workers are being retained as part of Small Businesses. So it is a little bit pushpull. It lists a net number. So you wont see any jobs created through that. You may not see the full number of the million that have already applied for unemployment 30 million. Jackie do you think the trend is showing an accurate picture or if we see for example, states reopening and folks not following social distancing guidelines and we see cases start to rise again we could have more problems down the pike . You know we forget that in the state, in the city of new york, excuse me, there was just a 20day window you went from 200 to 50,000 cases. So these things can certainly happen very quickly but they happen with a lag as well. What ive been trying to pay closer attention is the notices coming out of individual states because we dont have mass layoff numbers anymore but we do have larger, higherincome paying companies saying like airbnb, yesterday, well lay off 900 people, 25 of our workforce and thats a little bit troubling to me because we dont need to just reopen the economy. We need to have the end demand there so we dont have a second wave of layoffs that are higher up the income chain in addition to what weve already seen with this first massive wave, that is directly related to the coronavirus. Jackie you see Neiman Marcus filing for bankruptcy. Exactly. Jackie uber also said it was laying off 14 of its workforce and you worry that reopening is certainly wonderful and it appears to be the right thing to do right now but it could just take longer, alicia, than most folks are expecting. Absolutely. I couldnt agree more with the recent comments. You know the truth is we really dont know how many of these small and medium size businesses actually have a business on the other side of this and whether demand has simply evaporated for certain kinds of consumer behavior, whether restaurants, socializing, or going to large studios or going to the movies. That really remains to be seen. The other thing i want to point out the way the Unemployment Benefits are stuck tured half the recipients are earning more on unemployment than they were at their job. So i think the data will be distorted and we wont see a more accurate read until july when the benefit run out. Then well really see where that shakes out. Jackie it is hard to get people back to work when theyre making more staying at home. But, danielle, i watch this market really carefully and you see the dow trading right now at 24,000 and we have the s p with gains, the nasdaq turning positive for the year and you think to yourself, you know, is this really on optimism about reopening because we still have a lot of problems here or is this really about low Interest Rates, the fed, stimulus and help coming out of washington . Well i think a lot of this is based on hopeium if you will. The every time the market has a slight little setback you magically have a press release from the Federal Reserve pop up, we had that a few days ago, we havent just promised to buy junk bonds, early may well get in there to start buying them. Thats when you saw Risk Appetite come roaring back because investors were reminded, here is your friendly reminded, if anything goes wrong the fed will come in to make sure the stock market goes up but as you mentioned Neiman Marcus filed today. Fitch ratings put out a report it expects loan defaults to set a record in the month of april. Going into may. There is question of whether liquidity will be able to resolve insolvency issues and i think that the nasdaq has made up its mind but the bond market and the broader indices the jury is still out there, jackie. Jackie ladies, great to see you, thank you so much for your insights, danielle and alicia. Right now President Trump is sitting down with Texas Governor greg abbott at the white house. I want to go straight to blake burman. He has got more on that. Reporter jackie, good to see you. This is the fifth time in the last few weeks that a governor will make their way to the oval office, sit down with President Trump and talk about whats happening with their state. Right about now it is the turn for the next sass governor greg abbott. When you look at texas, one of those states in which the coronavirus cases are not decreasing but they have one of the more forward leaning reopening plans. Theyre in the middle of another big rollout. Here is what the Texas Governor put forth in his state over next couple days or so right now, stores, malls, restaurants, movie theaters are open though at 25 capacity. Tomorrow, hair, nail and tanning salons will be allowed to operate in the same manner as well. Abbott said next week, offices, gym, nonessential manufacturers will be able to do the same. Well likely get the president s reaction to that blueprint along with comments, jackie, potentially about the president s own health. Here is why, the white house confirmed today that one of the president s valets tested positive for covid19. The white house is saying today that both the president and the Vice President remain in, quote, unquote, great health. I will let the president make those announcements or the director of operations but obviously the president is very healthy and is tested routinely. People see him, harris, every single day. Reporter here is how it works, jackie. There is a rotating group of six valets that is around the president. They come in and out. Fox is told this valet fell sick earlier this week but has not been on the white house campus since at any point really since this last weekend. As we get the president coming up here on camera it will be interesting to see what he says about that situation as it is the first time, first documented case of covid19 within the white house. Jackie. Jackie absolutely. Blake, thank you so much. Well come back to you when we have more on that. Joining me on this and a lot more, north dakota senator and Senate Budget committee member, cramer. Great to have you today. Hello. Jackie were waiting comments coming out of the white house and the texas positive as well. The secretary of treasury said there will be no bailout for the oil industry. Weve seen massive volatility in oil prices and a major drop in demand. Im wondering if your state needs that kind of federal aid . Well, my kate, jackie, like any oilproducing state the Industry Needs some help. They dont necessarily need a bailout. The first and foremost standard should be no discrimination against them within the Financial Institutions whether government or private. Any Financial Institution that you know, that has a bias should get rid of it. Plenty of them do. Lets make sure that industries that get help are industry neutral. With regard to some of the credit facilities, what i think in north dakota, what most companies i talk to need, besides an increase in price and an increase in demand which will go together eventually, they will need to be able to borrow some money for bridge loans which the treasury and the Federal Reserve provided in the expanded main Street Lending program, but what would help even more would be if there would be a opportunity to use some Credit Facility to refinance or to restructure their debt. Unlike the huge Multinational Companies that are waiting to global up these little companies in places like north dakota, these companies are highly leveraged. Theyre Food Companies and credit worthy in the past and will be again when we come to the other side of this. The thing is having a bridge to get them to the other side. That is what im working on next to try to find that facility they can use in many cases restructure existing debt. Jackie there has been so much focus on the unemployment numbers, people out of work as a result of the pandemic. Oil and gas is certainly part of that equation. I wonder in your state if that kind of financing doesnt become available for some of the shale producers do you worry about unemployment skyrocketing in north dakota . North dakota is not exempt like in any state. Oil and gas industry has such a long value chain, the supply khan for oil and gas in this country is so remarkable. 100 million americans work in the fuel sector. Not to mention the National Economic security that low price, reliable oil and gas provide for our country. And of Course Energy independence from bad actors like russia, saudi arabia. I do worry about it. I also want to maintain, jackky, this is really important for us to maintain the small producers, the diversity of small producers and not see a concentration of just a few multinationals the capital will follow the multinational to the cheapest production site where there is the greatest recovery for their dollars and their investments and that may not be in Western North dakota, may not be in western texas. We dont want to see what happened to the oil industry what happened to the meatpacking industry for example. Jackie senator, you talk about some of the bad actors. When i see oil prices at 25 a barrel, they were trading negative note too long ago. They are even less than where they are right now. President said, look i will take advantage of the opportunity, purchase oil, put it in the spr. It is great for National Security. It helps find storage for some of the oil out there. What is the holdup with this in congress . For whatever reason this is one of the issues hung up frankly, the cares act, 3. 0. That was that we had 3 billion for purchasing oil for the Strategic Petroleum reserve. Democrats didnt want it. Instead they wanted to put more extension of existing tax credits for the green industries, for Renewable Fuels and that was pretty much a nonstarter for a lot of us. So the trade off was we give up the 3 billion, well not allow the Green New Deal to be part of this package. That puts us at a stalemate. That is one of the problems. But, by the way i applaud the president. It is great idea to buy cheap, eventually if we need it we have the reserve but i also say if you have the kind of shale play in the United States so beautifully illustrated in north dakota. We have a strategic reserve. We need to make sure people investing in those Strategic Reserves are able to stay in business so theyre available to us, and when we reach the other side. Then we have to have a long term discussion about what the future of the oil and gas industry will look like. Are we going to continue to be quote Energy Secure but not allow ourselves to be Energy Independent at time like this. We import a fair amount of foreign oil. At a time were shutting in north dakota, 68 wells, 450,000 barrels a day of production loss that doesnt seem to make sense to me. Jackie you bring up so many great points. Wish we had more time to see you. Senator, great, thank you. Happy to come back. Thanks. Jackie big pharma taking a huge hit right now but some smaller farms are actually thriving. Well hear from a Family Business that actually tripled their Customer Base. Also later in the hour, why secretary Steven Mnuchin is in a twitter fight with a 90s rocker. The feud you would never expect. Stay with us. 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 we were paying an arm and a leg for postage. I remember setting up shipstation. One or two clicks and everything was up and running. I was printing out labels and saving money. Shipstation saves us so much time. It makes it really easy and seamless. Pick an order, print everything you need, slap the label onto the box, and its ready to go. Our costs for shipping were cut in half. Just like that. Shipstation. The 1 choice of online sellers. Go to shipstation. Com tv and get 2 months free. Shipstation. The staying connected your oway youre just a tap away from personalized support on xfinity. Com. Get faster internet speeds with a click. Order xfi pods to your home in a snap. Or change your Xfinity Services with just a touch. All in one place. Youre only seconds away from all of that on xfinity. Com. Faster than a call. Easy as a tap. Now thats simple, easy, awesome. Jackie farmers have been hit hard by the coronavirus pandemic, especially with fewer orders from restaurants, some farms are actually thriving. Im talking about smaller scale, direct to consumer farms. In idaho craaays sells food to 60 farms, ranchers, bakeries and ordering online and Home Delivery services to the customers as well. So far the company tripled it is Customer Base and quadrupled its product distribution. The owners join me now. Guys, great to see you. Im sure when all of this was started it is pretty scary, you were worried what would happen to your business. Walk me through what you saw and how you actually saw expansion . It started normally our weeks would be 100 deliveries in two days we would get. When this first happened we had 350 orders within the first two hours of our market being open because we had to close it because we dont have the capacity to process that many orders. Jackie that is phenomenal. It is so interesting, from my personal experience i can tell you the pandemic forced me to shop in different ways, do Different Things i wouldnt normally expect. I adopted some routines, when the virus is over i will still continue to do this. Do you think some of your customers will continue to shop with you in that way . So many people say that to us, that its opened their eyes to a new way of, new way of living. Jackie yeah. And you know also dealing with smaller businesses sometimes, it just feels better than dealing with a commercial farm or a commercial Grocery Store, right . It is more personal service. It is very personal. We have personal relationships with all of our mers. We increased Customer Base so dramatically, unfortunately i havent had a chance to meet the people but we will. Everybody is staying home, we were hit pretty hard with the virus in our valley, people are taking advantage ever the Home Delivery. Bring up a really important point, running a business in these unprecedented times, it presents challenges. As states are starting to reopen we heard so many governors talk about how things will be different in malls, in restaurants, what kind of practices have you adopted to make sure employees and your spouse stay safe as well as those deliveries that get out to the customers . We have asked that all of our, we are running strictly with volunteers right now, which has been fabulous. We asked that everybody take their temperature, wear masks. We wear rubber gloves and we obviously have Hand Sanitizer available. We have no contact with our customers. We just drop at the door. Then our drivers can move on and do the next delivery. Jackie i love a story like this because we hear so much about some of the companies that are thriving in the pandemic serving customers. You talk about amazon. Com, for example, but you guys are really the example of Small Business, the backbone of america, being able to grow and expand at this time. How does that make you feel . Were very proud of it. We have a good reputation. So it, we have not advertised throughout the five years weve been doing this. It is all wordofmouth. The customers are sharing with their friends and their neighbors of our service and its just been phenomenal. We certainly wish it was being stimulated by something more positive than the virus. Jackie yeah, absolutely. Final question, did you apply for, did you need any kind of ppp loan in the interim when you didnt know this was going to happen . Did you have any experience with that . We did not because it hit us so quickly but we were just the opposite. We didnt need the money because we are, our sales increased so dramatically that we werent in a position to have to ask for money to keep this going. In that first week in that first day, it exploded in our laps. Jackie sherry, harry, great to see you. Good luck. So glad to hear that positive Success