Stocks Slump After Record Drop in Retail Sales, U.S.-China Tensions Rising, NYSE President Stacey Cunningham

Carl Quintanilla, Jim Cramer & David Faber discuss the fall in stocks on the back of a record plunge in U.S. retail sales. Investors also keeping a close eye on rising trade tensions between China and the U.S. The Trump administration moving to block semiconductor shipments to Huawei. The Commerce Department said it would “strategically target Huawei’s acquisition of semiconductors that are the direct product of certain U.S. software and technology.” China biting back, the editor-in-chief of Chinese state-run publication Global Times, tweeting that China would “restrict or investigate” U.S. companies including Qualcomm, Cisco Systems and Apple if the U.S. takes further action against Huawei’s supply chain. The New York Stock exchange announcing it will be reopening its trading floor after Memorial Day, with changes. NYSE President, Stacey Cunningham joining the “Squawk on the Street” gang on her reopening strategy and precautions in the era of Covid-19. Plus, shares of J.C. Penney were halted, people familiar with the situation telling CNBC, J.C. Penney’s advisors are working on a bankruptcy filing that could come as early as Friday morning.