A major drop to start the day over fears of a 2nd wave. Our experts if we should just get used to this kind of volatility in millions of people are unemployed and facing uncertainty due to the crown a virus that includes the over 40000 food line workers believed to be stranded abroad we have a show today so lets go and dive right in. Bubble markets are slipping out concerns grow over a possible thought that wave of coven 1000. 00 will beijing reported a cluster of new cases after nearly 2 months without new infections will chinas capital reinstated some restrictions including security checkpoints while both schools and sports venues also closed after an outbreak tied to a huge market well this comes as south korea also continues to see a rise in new cases. Since the government has not enforced stricter social distancing guidelines. Youre very concerned that spreading. In the metro area in the virus is spreading particularly through your centers and nursing facilities which is Senior Citizens were making our best efforts in tracking people who have had contact with confirmed virus so were still using a little bit hes hedging up. The words or utilizing all the resources we can learn to prevent further macedonia action in the metropolitan area. India also saw a jump in new cases in recent days this is despite the extended lockdown the country has the 4th highest number of cases in the world with more than 332000 the city state minister predicts the country will have more than half a 1000000 cases by the end of july in a country thats already running out of hospital beds well meanwhile many European Countries reopen their borders on monday after 3 months of strict closures the region saw the sharpest drop in g. D. P. For more than a decade with a fall of 3. 8 percent in the 1st quarter of 2021 last week president of the European Central bank Christine Legarde highlighted what she called the unprecedented crisis saying mastering the recovery will require extraordinary action at e. U. And National Level and the United States is seeking or is seeing at record spikes in new cases and hospitalizations across the country dozens of be attributed to an increase in testing availability reports have surfaced that many states have returned to precode norms without wearing face masks or even following a social distancing guidelines. With a possible 2nd wave of coronavirus u. S. Stocks are sliding will sentiment in the markets have been shifting since last week when markets were reaching near all time highs mondays futures slid at one point the dow was down 762. 00 points at session lows but recovered some of its losses throughout the day well joining us now to discuss is cofounder and managing partner at f. S. And. Site thomas lee thank you so much for joining us today tom its been a volatile day as weve seen a volatile week as the indices clawed their way back up from the lows that we saw this morning but it seems like this negative phentermine has really taken over once again over the possibility of the resurgence of coronavirus cases how do you see all of this playing out. Well i mean theres a lot of uncertainty you know this is an unknown disease and. It doesnt look like any country has really defeated goods successfully not because you point out you know china seeing you piece as well but i think that theres positive things happening in the u. S. Because even though its a rising. Its not really going to increase for him to Health Care System so hospitalizations have taken out so i think the markets perspective. Economy showing a lot of resilience china had to be shaped recovery on the economy side and the us has a lot of evidence that consumers really are moving in that direction and as long as clipping doesnt suddenly burn the Health Care System i think stocks are in good shape well even mentioned china having a v. Shaped recovery now were seeing beijing where it 1st started closing down replace some restrictions once again are we going to see another reserve arjuns in the country. I dont know i mean you know its i havent been following it closely i mean its 37 cases in china so its not you know its not tens of thousands but. You know i think it as long as a country implements context reducing it something weve been writing about. And therefore they can sort of test and notify everybody and you know what economy can still deal with cope with it now have to shut down i mean you know shutting down the economy is an extreme step and i dont think thats what happens and i believe a lot of people a very wealthy a lot of analysts have been saying that with that in the 1st place the u. S. Shutdown away too much of the economy youve always been pretty optimistic about the market based on your proprietary data what drives your thesis when we are still seeing these severe contractions in Economic Data worldwide. By i mean i dont think we have a thesis as much as you know or our framework is just saying at the moment i think consensus and perceptions are still too negative you know theres 5 trying to our cash on the sidelines and if it looks like consumers quite resume which they are and this is very much a market bottom and therefore stocks will do a lot better than people expect maybe thats the market so i think thats how to explain the market better than any. Well fed chair powell your own power hes expected to appear before the Senate Banking committee tomorrow on tuesday and hes going to deliver his testimony as part of the semi annual Monetary Policy report what should we expect to hear on the outlook of the u. S. Economy i mean we heard last week that it wasnt good news and it definitely had an impact on the markets especially on the light of the disappointed message and tone that weve gotten from him. Now i dont think thats much much has changed in the past few days so meant that his message pretty consistent. You know i think its important for people to recognize its not a normal since theres not a normal c. S. And so any policy measure would have place to day you know needs to be extraordinary and i think thats the feds dont think thats what washington has done and you know if if anything you know if you look at the past week you know 2 beasts measure still need to be put in place yes i think you know we need to have that sort of extraordinary support for some time now Jerome Powell had said that the Interest Rates will remain near 0 low until 2022 he said that hes not going to put them into the negative route do you see this happening is he going to go negative because many alice are wanting him to. I mean our team is were you know i dont i mean the feds look at. The theyre still going you know the policy tools that theyre not in. You know negative rates kind of punished fangs and lenders of capital now think thats what the fed wants i think the fed wants to make sure that. Cost of capital is appropriate we are in the cycle and so you know if we could be becomes a problem at the well you see if you know what she. America i dont know what the signaling benefit is its well tom let me let me turn it to these jobless claims that weve been seeing the markets definitely reacted to them a few weeks ago when we saw the the main numbers and they were lower than they were than expected there are still about 44000000 americans who have filed for unemployment we are looking at some some record numbers here what do you expect or what are you predicting to come out from this because some of these jobs may not come back right. You know features uncertain so i dont really have a projection of fiction about employment market i think you know its not its to try to meet predictions. You know in new period when there is no disability search thats certainly not in our approach. You know for the last 3 months we have not been trying to meet forecasts for clients weve been trying to help them understand its happening i think the most important in my mind is you know the economy shutdown theres a lot of jobs lost and how quickly they come back i dont know i think the problem is that people may have is people. Based on looking at past and a long time you know its not a normal cycle this is not a capital you know over investment period that causes a recession disease that shut down the economy so i dont have a junction and i see i hear what youre saying and a very good point there because the ask you hear so many analysts and other you know economists trying just just predict where were going to go from here whether or not we are going to see you or v. Shaped recovery but like you say there is still so much unknown but let me switch gears here a little bit on top of this there are trade concerns that are rising yet again the e. U. Is now challenging chinas trade expansion with a landmark tariff to countersign and subsidies to these export years whats the story there. I dont know i mean i dont follow your so i dont have any opinion sorry i dont want to i want to be speaking about things that are not my focus anything else that youd like to add as far as markets here i mean we dont want to predict right but is there anything that i mean were seeing step by step States Reopen go ahead. Well i mean i think that you know its you know ive been following markets for most of 30 years now and one of the lessons ive learned is that i dont try to tell the stock market what to do i think its more important to try to understand what the market is telling us and you know since then 29 weve had 10. Or larger magnitude than what we saw this year and its 2 or maybe shaped recovery you know thats something that we in very you know clearly outlining for clients. Mark reuss looks now like the 11th instance the mileva not. Never the markets with all of the always preferred metric which is iffy shaped one thats always for right. I dont know whats going to happen i think the stock market saying that the economic recovery can be quite because i personally dont have a projection on that prediction and even a drone powell has said its going to be a while a lot of a lot of those who do predict are saying that it will definitely take some time thomas lee cofounder and managing partner of fs insight dot com thank you so much for making time to be with us today. Some 42000. 00 cruise ship employees remain stranded at theat some are still battling the crown of arson faction and without paychecks will 3 months after the entire industry shut down because of the pandemic r. T. Correspondent john hardy joined the flightless the fate of the cruise industry john thank you for being with us what more do we know about these crewmembers who are still stuck at theat. Well yeah as you mentioned there theyre trapped aboard the ships that are being allowed into various ports because some of them still have an infection rate some of these people have been on board these ships one guy in particular for 80 days i magine that youre stuck on his ship in your cabin in your state room for 80 days you cant get off because the various ports of various countries dont want the ship to come in because they dont want an infection rate or anything the spread in the population thats what we are seeing here in the United States here in miami you remember back in april late march april the sand them a couple of the other cruise ships that we showed you that were anchored off shore couldnt get in to the ports here in miami Port Everglades up north because we were in the midst of the pandemic and so the various counties in the state and governor run to sandestin what the ships to come in and then spread and continue the infection well what i ended up happening with some of the ships like this and then it was allowed to you know to come into port here in miami the people that were sick were taken off the ship they went to various hospitals for treatment others were repatriated back to their countries and while several 1000 people have some 42000. 00 at last glance and at last look still trapped on some of the ships throughout the world and its unclear when theyre going to be able to get off many are sick still have the 19 others are asymptomatic so thats been a problem getting the adequate testing done getting medical personnel on board the ship so that remains a serious issue but i. As i mentioned you know thousands of these crew members have been repatriated back to their respective countries in fact ill go through some of the most recent numbers 3000 Carnival Cruise line workers disembarked in croatia earlier this month sarah to head back to home and you know various parts of europe and the sea cruises has flown more than 1000 indian crewmembers home on chartered flights thats what were seeing a lot of these cruise lines doing chartering airplanes jets flying people home so m. S. C. Flew 1009 crew members on flights back to europe from europe and south america Royal Caribbean flew some 1200 filipino crewmembers home last week from greece dubai from some ports here in the United States and also barbados but again at least 42000 crew members remain stuck on board these ships and what weve seen weve seen again the infection rate spreading on board the ships because of a lack of adequate medical care medical facilities medical crews and also theres been suicides you know just think about it youre stuck for in some cases 3 months now out at sea and you have nowhere to go youre literally isolated to your cabin and if youre allowed out you get to only walk you know that the deck may be you know on board the ship so so its a very difficult situation for these folks but you know a lot of these poor its like here you know in florida were very hesitant about lousing these ships in because they dont want to continue to spread and certainly now that they have a handle on anything of the time you see on the pandemic yeah they want to remain cautious so youve got to understand that perspective but it is very difficult for the thousands of people that you know the crew members that are on board the ship is there 42000 is a huge number john i know that the fate of the cruise line industry is definitely up in the air especially with these stocks in the way its going and when theyre going to recover r t correspondent john thank you so much for that report. Time now for. A quick break but stay here when we return new details into the case of while way c. F. Now her lawyers claim there was a conspiracy behind her arrest as we go to break here the numbers that the club. Some control from middle. Of the night most of them are very hardworking people who want to get ahead that have either have some some Health Issues or have some of it out of strict about luck the whole time jule moon tollways pay for a place to live and missing just a months rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. Better catch up real quick or youre going to have a judgment of possession against you and get addicted anyone thats homeless is history like garbage people look at you like a monster or someone bad or you chose to be there most of the time its not the case see how it used to be in the worlds richest country. The take away then from this. Where its a 2000000000. 00 negative net Worth Company worth 400000000. 00 and theyre issuing International Bankruptcy offering fresh deal of stock the take away the news the information the fact is has nothing to do with the current the company it what it says is that the dollar is collapsing the dollar has entered a high birth place nary a collapse and this causes people to run into things like fictitious stock markets as weve seen in zimbabwe as we see in venezuela this is whats happening in the United States right now as of today. Become a battleground in the us in vermont people love demanding the shutdown of a local plant. Is right now my focus because its a very dangerous oh no care power plant the owner is attempting to run the reactor beyond its operational limit this case just sort of puts a magnifying glass wheres the power in this country wheres it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy user power lies with the people this demonstrates that struggle in a very real way. A struggle. New documents show that prior to the arrest of c. F. L. Main ones though canadian authorities warned the United States that her arrest would send shock waves through the International Community now despite those warnings as we have reported the arrest went forward but now lawyers for walk away say those documents prove a conspiracy on the part of canada and the United States during arrest well joining us now to discuss is an investigative journalist Ben Swan Bennett break it down for us what are these documents and what specifically were canadian authorities warning about. Yes of these documents were released on friday they show that the Canadian Security Intelligence Service essentially warned that if the United States got involved and if canada move forward with the rest in may 10 as you mentioned that this would send International Shock waves throughout the world because of the fact that essentially the u. S. Orchestrated in many ways this arrest based upon a whole series of steps that are somewhat shocking the fact that many ones oh it was stopped in the airports in canada she was told that security needed to speak to her but that she wasnt in trouble they took her cell phone they took her computer those were search for several hours while she was not given a lawyer and she was not even told that she was being charged with anything and again that what the lawyers for weiwei are saying is that this proves a conspiracy that the u. S. Was working in advance with canadian authorities in order to put together essentially trumped up charges and the reason they say these are trumped up is simply because they say the main one so did nothing that was illegal in canada only would be illegal in the United States right and mengs arrest than it was primarily about violating u. S. Sanctions on iran cracked. Thats right essential