Its down 207 but the russell 2000 has the biggest percentage loss. The small and midcaps are getting creamed, down about 3 right now for the russell. Powell tying an economic recovery to a Covid Vaccine and therapies that can cure horrific symptoms including a disturbing new lifethreatening clotting disorder like the blood clots that cost a broadway star his leg. Enter the biopharma ceo mike sherman, here in a fox business exclusive on his new anticlotting covid drug thats on the fda fast track. Boy, are they moving fast. Plus as the covid outbreak destroys huge retail names, its actually bringing back one from a near coma, at least the stock. Speaking of stock, its overstock. Com, not just alive but actually thriving with triple digit sales increases. Overstock ceo Jonathan Johnson here in a fox business exclusive on the steps hes taken to fill a leadership vacuum left by the controversial former ceo, patrick byrne, and the problems of coronavirus. Plus bring on the quarantinis. Alcohol sales surging as lockdown orders keep most bars and restaurants closed. Wait until you see the numbers. Rum giant bacardi is here on consumers clinicing gla iclinki home. The one tweet that may have frightened california authorities into granting Tesla Ceo Elon musks wish to reopen the factory. Less than an hour to the closing bell. At session lows or close to it. Lets start the claman countdown. Liz breaking news. Forklifts are moving teslas at the electric vehicles Northern California plant at this hour. A clear sign that ceo elon musk has won his battle to reopen the fremont factory. Early this morning, the Alameda CountyPublic Health department which had previously banned musk from reopening even as the governor of california said manufacturing can begin, announced that it has granted him approval to go fully operational once again. All california manufacturers were forced to shut back on march 23rd, as the coronavirus spread. Monday, musk defied the county order to remain closed and said he was fine with risking arrest and threatened to move his plant elsewhere. So what turned the tide, making them make that announcement this morning . Well, at 1 00 a. M. Monday, colorado governor jumped into action, tweeting we want you here at elon musk, in colorado. We are the best of all worlds. We are very probusiness, low taxes, also proimmigration, prolgbt, bright, smart, motivated people love to live here. All right. He wants the cybergiga factory headquarters right there. Look no further than colorado, he said. Polis was not the only one who started asking elon musk. Texas Governor Greg Abbott issued a statement saying ive had the opportunity to talk to elon musk, hes genuinely interested in texas and general l genuinely frustrated with california. We have to see how things play out. Before the sun came up in california this morning, the county said as long as tesla follows worker safety protocols, it can begin churning out cars this coming monday. Teslas stock was higher earlier. Its reversed a bit, its down 3. 3 but it spiked 116 since the march 18th low and has jumped 86 since the closure. Tesla. That is one way to really negotiate. Were leaving. Its 10,000 jobs in california. In an effort to keep the Financial System from clogging, the Federal Reserve has dived into the Corporate Bond market and corporate debt etfs, buying them. Lqd, hyg, kind of reflect whats going on here. Three of these are moving higher, one which is hyg, is moving lower but data are showing that investors got very smart and began shifting their money last week. Etfs, investing in credit, saw about a 2. 4 billion inflow in just the past week, but stock funds here in the United States saw outflows of 9. 3 billion in the period ending may 6th. Lets check real estate. Real estate changes traded funds down 25 year to date as workers stay home during the covid19 crisis, leaving many to wonder if they will ever come back. Yesterday, twitter said you know what, stay home forever if you want. You can work from home forever. We dont need the office space. Former google Ceo Eric Schmidt told cbs news this Weekend Office space he believes will do the opposite, it will be in demand as more footprint, wider space, is needed to move workers aside, right, six feet in between. We are watching it right now. The ishares real estate etf is not responding, down about 2. 5 . To some chinese stock names. Tencent blasting through a 52week high even though the u. S. Banned chinese equities from the federal Retirement Savings funds or at least they are moving to do that. Gaming helped the Company Weather covid19 crisis as players stuck at home latched on to tencents mobile game titles including the big investment in fortnite. Tencent up 3. 9 . Now stands at 57. 53. Look at the low, back in late 2018. All right. Checking retail in this final hour of trade. Jc penney surging on news that it may line up a 450 million loan ahead of a bankruptcy filing. But the Container Store is plunging, 19 as it predicts more than just a drop in the bucket in quarterly sales. Stay tuned. We have the ceo of actually one of the surprise big winners in retail. Ecommerce superstar overstock. Jonathan johnson, he took over last year, hes going to join us later in the show. Wait until you see the numbers that overstock is posting in just the month of april. Big moves for the dotcom company. All right. The markets are off the session lows right now. I guess i blanked but we were down about 619 points, now we are down 566 which is actually not much better, but their initial drop was sparked by fed chair Jerome Powell. He basically warned that he was concerned of a quote, prolonged recession due to the coronavirus, yet there is one tool in the fed toolkit he says he will not consider, and none of the people on the federal open Market Committee will either and that is negative rates. He says forget it, theyre not interested. Listen. The evidence on the effectiveness of negative rates is very mixed, its very mixed. Theres no theres research that says they have been effective, its an unsettled area, i would call it. I know that there are fans of the policy, but for now, its not something that were considering. We think we have a good toolkit and thats the one well be using. Liz okay. So when he said fans of the policy, he meant President Trump but according to data from google trends, searches for the word recession nearly doubled in just the first three weeks of march. This is more than any month from the fall of 2008 to the spring of 2009 when of course, the financial crisis was at its peak. Lets bring in the floor show traders. Scott bauer, we have a selloff across the board. Small and midcaps getting crushed down 3 but the dows not far behind. Nasdaq has turned negative for the year. In this final hour, is it possible the fed would change its tune if the recession lasts longer than expected and is deeper than anybody expected . Let me first say its great to see you again. Is it possible, sure, anything is possible. Is it probable, not at this point right now. You know, what Jerome Powell was referring to is look back in recent history here. You got the ecb back in 2014 that went to negative rates, you got the bank of japan in 2015. Not much help in either one of those economies. I believe that the fed, as he said, has the quote unquote, toolbox, what they can do in terms of buying more bonds and maybe looking into the equity markets here to have other tools at their disposal rather than go to negative rates. The big concern for them, and its a very very valid concern, you are going to get a lot of people, lot of pundits saying banks are not too big to fail, is that this can really harm the banking system. Not so much harming it to the fact that theyre not making money because we all know banks make money by lending out, not by having to pay the fed to hold their money but this may completely restrict credit, meaning the banks will then not be able to make loans, even tightening things up further so is it possible, yes. Is it probable, in my book, no, its not. Liz well, the one thing the fed has done is added he came in with a stunning statistic that i immediately wrote down. He said this morning that 40 of households making less than 40,000 have lost their jobs. Im just not sure theres anything at this point and you know the democrats floated their idea yesterday of more stimulus, but there are no free lunches. He did say now is not the time to be scaling back that kind of help, though. Listen, i think on balance, the fed has done a lot more things right than wrong. I mean, you know, they are doing everything they can. I think the problem is we are dealing with something now that none of us really have ever dealt with before. I mean, we have seen bad markets, 73, 74, 08, 09 and we sort of understood what was going on and the pictures were the benefit of 20 20 hindsight were put in place and slowly we climbed out of the hole. Undoubtedly we will climb out of this hole liz let me jump in. All i will say, though, is he had an underlying message. We missed the window in paying down the deficit and trying to figure out the finances of this country. The time to do it is during seven years of feast, not famine. Well, thats not only true for the fed but its also true for all of us as individuals. The problem is with the benefit of 20 20 hindsight, theres a lot we all could have done as individuals and certainly the fed could have done, but we have to deal with the reality of today. I think they are doing an awful lot to help, but you know, its like all the kings horses and all the kings men are doing everything they can to put hu humptydumpty back together again. Its going to be tough because this economy and the worlds economies have been put to their knees here and we need to get things moving again, and we are trapped between the medical issues, the very real medical issues and the virus and getting the economy going, the politics are more toxic than ever. Its really difficult and the markets in general, as we all know, just cant deal with a lot of unknowns. We have a lot of unknowns here. Yes, eventually we are going to climb out of this hole. But its a timing issue. How much time, how long is it going to take. I suspect the one sector we havent talked about sectors, but the one sector we need to keep looking at are the transports and the airlines in particular, and perhaps the cruise lines and travel companies. They are the canaries in the cage. They continue to be pounded which tells us that were not anywhere close to climbing out of this hole yet. Those sectors need to get when those sectors start to get a little better, i think you are going to see a much better tone in the market but until then, we are going to have two steps forward, two steps backwards. Sorry. Liz yeah. Sounds like dont apologize. Its called treading water. Teddy, scott, weve got to run. Im so sorry. Teddy, meantime, dude, i like the fire in you. Closing bell ringing in 47 minutes. The dow down 599, make that 600 points right now. Gilead has struck a deal with mylan and four other generic drug makers for production of its covid19 game changer remdesivir. Pfizer is testing four variations of its vaccine ahead of human trials set to kick off in september. Just as dr. Fauci said, there are a lot of shots on goal for pharmaceutical companies and biopharma but broadway actor nick cordero has become one of the most wellknown coronavirus victims. What once was a healthy 41yearold tony nominee has lost his leg. That was nearly a month ago, due to a severe blood clot blamed on the deadly pathogen. Coming up, we have the Biopharma Company whose phase two drug trial might have been able to prevent that lifethreatening clot. Chimerix are looking ahead to all the other blood clotting problems doctors are noticing in coronavirus victims. The story is next. Dont go away. Its a fox business exclusive. In my line of work, i come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx 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. Its a great escape. So many Great Stories from amazing people. It makes me want to be better. It changes your perspective. It makes you a different person. See what listening to audible can do for you. The story where the chances are low, and the cost is high. The sacrifice is real. Its all around us. But this isnt a story about how tougher times beat us. This is our comeback story. The time when we rally and come from behind. The time when we defy the odds and get back to work while the whole world watches. Yeah, this is your comeback story. And when its time to come back, well be ready. Yeah, this is your comeback story. Our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Liz breaking news. We have an alist team of medical experts speaking right now to a virtual house subcommittee. Steve scalise of louisiana is currently speaking at the moment. They are talking about reopening the economy and how to do it safely during this covid19 pandemic. Talk about timing. From reopening to reawakening. After weeks of a medically induced coma, broadway actor nick cordero, star of waitress has awakened. This after weeks of yes, being unconscious during a horrific battle with the coronavirus, during which he suffered blood clots in his leg which eventually had to be amputated. Enter biopharma chimerix. It says its in phase two of three studies of a drug that helps patients with blood clots related to covid19. This is crucial because suddenly in the past couple of weeks, autopsies of covid19 patients have shown lots of blood clots. Here to discuss it is ceo of chimerix, mike sherman, here in a fox business exclusive. Mike, tell us about this drug which i understand is a repurposed drug that had been in the works for cancer treatment, correct . Yeah. We are prepared for a phase three study in acute leukemia and we started getting calls from physicians who asked the possibility of using this drug in covid19, as they were seeing really two phenomena happen in the most severe cases. This extreme immune response or cytokine storm, im sure you reported on, but also this serious coagulation disorder thats emerging. This drug is actually a derivative of heparin which is often used for anticoagulation, but in this case, its been adapted such that we can dose it at a much higher level, trigger these antiinflammatory properties that perhaps calm down that immune response and prevent coagulation disorders that were starting to see in patients really of all ages. Liz now, lets talk about that. Journal of American Medical Association suddenly started writing up pieces on this because in the past couple of weeks, these autopsies are showing not just tiny embolisms but very large i guess theyre called thrombi, these larger visible clots, and they can cause obviously lifethreatening strokes and things like that, but also in children. Its very worrisome. Tell us exactly how dstat, your drug, works. Well, it targets a protein that is involved in both this broad inflammatory process thats primarily impacting the lungs initially. This protein is hmgb1. It interferes with that or inhibits that protein and essentially knocks down the cytokines that will rush to the site of inflammation downstream. But the other thing it does, it interferes with, in some ways, a natural process whereby the body will send these inflammatory or immune cells to the location of a pathogen and essentially trap it, and that can be helpful but in this case, it also can create an environment where clots can form. By targeting this protein, we believe we can interfere and interrupt that process. Liz when we need to know when it will be available to start using on patients. People are so desperate for everything from therapies to vaccines. Yeah. So were moving as quickly as we can. For a company of 50, its really phenomenal what the team has been able to accomplish. I also would give kudos to the fda. They have worked very rapidly to help us through this process. They just gave us the go ahead, the clearance to initiate that trial. We have about a dozen sites that will conduct the trial. The end point for it will come fairly quickly. Well look within 28 days of that final patient enrolled in order to assess the activity of the drug. This is a disease where youll know pretty quickly whether the drug is having an effect or not. So we are hopeful that we will be able to look at that phase two data, confirm its working the way we anticipate it should, and then launch seamlessly into the phase three trial and get this drug to patients quickly if, in fact, it proves to be safe and effective. Liz well, we are cheering you on. Please keep us posted on dstat and we will take any help we can get. Mike sherman, thank you very much. The company is called chimerix. The Dow Jones Industrials are now at a new session low. We do see some real erosion in the stock market right now, down about 670 points at the moment. When we come back, we will look at the deeper metrics of the markets. They dont look good. What happened daddy . Well, see this handsome man, his name was william. And william fell in love with rose and they had a kid. His name was charles and charles met martha. Isnt she pretty . Yeah. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Happy birthday so, it goes. Hold up your answers. How is mickey doing today . Youre just a really hard worker. Liz breaking news. We are very close to session lows and we have seen as i said earlier, a