Cases and new york has opened its first drivethrough testing facility the doctor behind that program is going to join us in just a few minutes here kelly. All right bill, thanks our team of reporters is covering this story for us bob pisani is watching this rally fade and then try to come back today Rick Santelli is tracking the bond market where yields are moving up. Eamon javers is at the white house awaiting a press conference from Speaker Nancy Pelosi any moment now and from President Trump at 3 00 p. M. Eamon, what can you tell us . We got new information from the white house. The president was scheduled to hold a meeting with ceos and got as list of the ceos here and this gives you a sense of what the president is working on right now. Theyre saying that it included in this meeting are richard from walgreens, Brian Cornell of target, Doug Mcmillon of walmart, Steven Rokowski of quest, matt from roche and a number of other ceos i apologize for butchering some of the names in the pronunciation. The white house is hosting a wideranging meeting here on medication and some of the companies and consumer facing outlets that will be delivering medication to the American Public in coming days and weeks. Well wait to see if we can get any readout from that meeting with those ceos or talk to any of those ceos on their way out to see if anything was discussed here or any decisions firmly made as you say were waiting for Speaker Pelosi who said she will speak at 2 00 p. M. , an hour before the president of the United States who is expected to address reporters in the rose garden at 3 00 p. M a lot of news here coming this afternoon, kelly hold on to your hat. Eamon, you know, like we said, were going through a little bit of what the market might be looking for here, back up towards the highs of the session. I dont know if theres anything leaking out beyond what we thought we knew on this . Nothing right now i mean like we were talking about, we know of these six phone calls between pelosi and mnuchin during the course of the day today from pelosis side of things nothing really from mnuchins side of things Senior Administration officials have been buttoned up, aides ive been talking to over the past 45 minutes or so said they dont know anything about whats coming down the pike lot of rumors flying around but no solid information to be found. We have to wait for this announcement from the president along with everybody else. Were inside the twominute warning top nancy pelosi we want to get to bob pisani before then just to get a sense of where we stand today. Robert and we were drifting lower midmorning and then noon came, word that the president might declare a National Emergency and this has put a little bit of a floor on the market right now. Certainly been a bit of good news on Friday Market sectors moving,banks doing very well. Goldman and jpmorgan leading the pack for the dow industrials boeing a horrible week down 30 rallying apple exxon cannot rally there has been titanic knows for bonds this week. I want to show you some of the bonds and commodity etfs here. Thank you. Take look the at bond market here money market funds, record inflows, government bonds, record inflows, alltime record inflows. Investment grade bonds record outflows, thats not a typo, high yield bonds second largest outflows this is titanic amounts of money moving in and out. Same with commodity funds. Today, again, really big volume in the oil funds this is base metals, aluminum futures. This were going to jump in thanks very much. Nancy pelosi right here at the podium. She has been faced with a grave and accelerating challenge, one that tests our compassion and resolve, the coronavirus. Sadly and prayerfully we have with learned of the tragic deaths of at least 41 americans from this Public Health emergency so far the American People expect and deserve a coordinated sciencebased and whole of government response to keep them and their loved ones safe. A response that puts Families First to stimulate the economy to put Families First has week the house passed a strong, bipartisan 8. 3 billion emergency funding package of entirely new funds we made a wellfunded, evidencebased investment in Public Health in developing treatments and a vaccine available to all and prevention preparedness and response measures in helping state, local, tribal and territorial hospitals and Health Systems and in supporting impacted Small Businesses with sba loans and helping families extending Telemedicine Services no matter where they live. Democrats swift action to pass this emergency funding was essential to our nations long, overdue response next, Senate Democratic leader schumer and i last weekend called for further action to put Families First today, we ares passing a bill that does just that. The Families FirstCoronavirus Response act, which is focused directly on providing support for americas families who must be our first priority. The three most important parts of this bill are testing, testing, testing this legislation facilitates free coronavirus testing for everyone who needs a test, including the uninsured. We can only defeat this outbreak if we have an accurate determination of its scale and scope so that we can pursue the precise, sciencebased response that is necessary. To put Families First, our legislation secures paid leave for with two weeks of paid sick leave and family and medical leave for those affected by the virus for those who lose their jobs we are strengthening unemployment insurance, a critical step to protect workers Economic Security putting Families First our legislation protects our children and particularly the tens of millions of little children who rely on the free or reduced priced lunch they receive at school for their Food Security as schools are being closed these children will be deprived of their meals our bill takes aggressive action to strengthen Food Security initiatives including student meals as well as s. N. A. P. , seniors meals and food banks as we develop our next steps, we will continue to listen to and benefit from the expertise of scientists, health care professionals, Public Health officials and Community Leaders so that we can craft the most effective evidencebased response our nation, our great nation, has faced crises before and every time thanks to the courage and optimism, patriotism and perseverance of the American People, we have prevailed. Now working together we will once again prevail and well come out stronger than before. God bless you and god bless america. Thank you. Does the white house support this agreement and thats house Speaker Nancy Pelosi speaking about the governments response to the coronavirus outbreak eamon javers standing by at the white house. What do you think . We didnt hear any mention of bipartisanship or the president or treasury treasury secretary Steven Mnuchin we have to get a take the temperature as they say of the white house here to see whether they are on board with this bill or not doesnt sound from that like pelosis has full buyin from the treasury secretary but let me make sure we dotted the is and crossed the ts before we say that for sure. Pelosi nonetheless saying shes moving forward now well wait to see what happens from thes white house here in about an hours time but that was short and sweet from nancy pelosi they are moving forward and theyre going to pass their bill, House Democrats are, today. And we just point out the markets coming off highs that were on when we came on the air here at the top of the hour, up about 650 points right now weve got testing, testing, testing and the paid leave portion of this. What do you think the white house wants to see in this at this point what the president has said is what he wants is the payroll tax cut. Thats the centerpiece of his plan to the extent theyve released one they havent put anything out on paper or documented what they wanted treasure secretary mnuchin when on cnbc earlier today said the president wants stimulus, fiscal stimulus, from that tax measure, but he would be interested in taking stimulus anywhere he can get it in essence. Mnuchin seemed to be signaling earlier today they understand that payroll tax cut is a hard sell on capitol hill and they might be willing to take other kinds of stimulus. Pelosi here not really mentioning these were all elements to get testing to people, food to children, emergency measures, less focused on the longTerm Economic stimulus or medium Term Economic stimulus the thinking is this could be series of bills worked out between pelosi and mnuchin and they see whats needed thank you back to the phones and your sources there we will bring in ron insana and michael farr, ceo of farr miller and washington. Good to see you all here i think the market is looking for a comprehensive package as quickly as possible and while were coming off the highs only half of it maybe a third if the president does, indeed, declare a state of emergency and force the stafford act and get fema involved in this where cash can be passed out to affected individuals that would be something that would probably help market sentiment, but everybody has been saying they want to see a broad sweeping piece of legislation that handles a variety of different issues simultaneously. Doing this piecemeal may make it tougher for the markets to digest over time. Michael, do you think theyll accept any signs of progress and the government has hinted it might come in layers when it was one kind of big bang piece of legislation . Yeah. I think so, kelly. I think the message was very good and targeted and it had there were reasons behind it and the testing certainly seemed to have worked very well in south korea and other places around the world. The thing that concerned me was that the speaker came on an hour before the president and i think its going to be very, very important that we hear some sort of unified message the last thing i think investors want to hear is sort of some sort of public squabble between the speaker of the house and the president to politicize whats going to be done or not done when we really are facing a national crisis. Mitch mcconnell has called anything coming from nancy pelosi and team an ideological wish list. We dont hear the Senate Majority leader talking in global terms of what may be coming out of the house. Its going to be interesting if we break down along partisan lines where everyone has been calling for bipartisan, that becomes at least potentially problematic for markets. Whats interesting and time permitting later this hour were going to be hearing anecdotal evidence of local municipalities and businesses, what theyre able to do to try to mitigate the impact of all of this, michael, and, you know, so at the grassroots level, there is work going on right now. Its encouraging and i think its very encouraging to see the way communities are coming together and School Systems are closing and people are very concerned about those who are most vulnerable. Theres a lot of evidence that things are going to work as best as can work to keep communities moving forward which keeps the economy moving forward which is i think going to be reassuring to wall street this has it to happen and the more uncertainty and bipartisanship as ron said isnt going to be helpful and market the wont take that well. Ron, we all remember very well those votes in 08 when we were trying to pass t. A. R. P. And all the different legislation and it would and when they went down, i can remember staring at the tv watching that happen who doesnt, right i was on that tv. When that happened. I was at a hedge fund watching them miss the vote and costing everybody extraordinary amount of money. Right are these analogies useful and are we with all too much living out of that playbook or is this a moment to meet the public where its demanding hope and answers to this crisis. Both can be true simultaneously on the one hand whether 1987, 97, 98, 2001, 2008, we had those unifying moments where in the case of Alan Greenspan in 1987 came out and said well provide the liquidity you need and had an Immediate Response from the federal government. Thats been the playbook since 1987 from that matter. You have two separate crises happening simultaneously and so you need a Health Care Policy response and you need well three really, fiscal and monetary responses so to the extent that you dont have a cohesive, coherent and bipartisan strategy you create a little bit more uncertainty in the marketplace and it would suggest that maybe, you know, wall street could stumble through some of this until they get, as eamon said, all those is dotted and ts crossed. By the same token, michael, i dont want to harp too much on local responses going on, but those are critical at this point as well. Are we relying or looking too much to a National Overall umbrella response from the federal government when, in fact, they arent the only place we need to look to get this thing solved well, i think your point is well taken, phil, we are seeing things on the more local level that seem to be effective and carrying some coordination on the National Level i think seems to be imperative certainly when you look at the results in south korea, by the massive amounts of testing that they did and thus Speaker Pelosi i think requirement for testing, testing, testing, thats sort of a message makes sense. Also to make sure that our most vulnerable economically are going to be able to survive through this economically will be important to our recovery but this doesnt feel like 1987 to me. I was at my desk in 87 as well and i know you think i was too young, but it was not a happy time in 1987 but it was a big reprising and there were excesses in the system this is a different challenge and if Mohammad El Erian is right we go into a global recession there will be a readjustment of fundamentals that will probable match up with some of the lower prices, all of this looks like its going to take some time. Michael, thank you, michael farr, ron insana, well see you later as well. As the coronavirus outbreak continues to spread jpmorgan has cut its forecast big time for u. S. And Global Growth like michael farr was discussing. Jpm now seeing negative growth for two consecutive quarters and calling for a socalled novel global recession joining me is their chief economist and managing director of Global Research bruce casman. We all really kind of snapped to attention to see gdp quarters could be minus 2 or 3 here. I think the disruptive events of the virus are pretty significant and broad based and its also spreading around the world. So what were seeing now is an enormously large economic shock spread over february in china, march and april in the u. S. And western europe and elsewhere and it looks to us like the Global Economy overall will be contracting in the second in the first half of the year i would emphasize, recessions are about the depth of the shock, the breadth and duration of it and the first two we have, we have a very big shock spreading across the world we dont think were going to have the duration of the shock we think we will rebound around the middle of the year and hopefully that means were not going to have the consequences particularly on labor markets that we normally get with a recession. Im curious what you base your forecast on, whether its channel checks or whatever it may be we have yet to hear we dont know how many cases there are going to be here in the United States, we dont know the impact it will have on various industries the only barometer is the stock market we dont get earnings reports for another three weeks, when we will presumably hear what the impact has been so far and hopefully we can get some Forward Guidance at that point then we get a better sense of where this is going and how bad it may be. Im curious, what youre basing yours on right now, bruce . Im not questioning it im curious where its coming from. Its appropriate to question and appropriate to note that forecasting is forecasting its looking into the future i think what were basing it on is the sense of what has been happening in terms of the containing measures, the social distancing activities, the fear factors and weve seen it play out in china, were seeing it play out in europe and were starting to see it build in the United States. So the looking at the entertainment industry, travel industry, looking at what might be happening just over march and april, thats enough with modest spillovers to the rest of the economy to produce a contraction in u. S. And in global gdp as we go through that period the magnitude of it and how long it lasts, how the virus plays out, how effective the policies are, these are things that were actually taking a reasonablebly positive view looking out three to six months. There should be little doubt were going to get hit very hard here in terms of what happens in march and april and what that means for gdp growth. Bruce, thanks for joining us today. Thank you bruce casman of jpmorgan. We have a response now from the white house to Speaker Pelosis plan. Eamon, what do you have . Yeah. Bill what weve got is an official no comment from the white house. Theyre not saying one way or the other whether they support this bill or not that does not send a strong signal to House Republicans who are trying to figure out whether they should vote for it or not Senior Administration official also emails me separately several pieces of the text which go beyond provisions limited kept limited to address covid19 do not yet have sign off from us this Senior Administration official saying they object to several pieces of the pelosi legislation and saying they do not yet have signoff from the white house. Put some emphasis on that word yet. House democrats as the majority will have the ability to pass this bill on their own without the republicans coming along for the ride in the house. In the senate, which is controlled by republicans, theyre going to need some republicans and those republicans are going to need a signal from the white house whether President Trump supports or opposes the bill. I would think at this point that you could assume that the pelosi bill that shes moving today is going to be the basis for negotiations in the republican senate, but ultimately theyre going to try to strip some of the provisions out and perhaps add some of their own in the senate thats how legislation often works. Doesnt indicate that theres a dealbreaker here necessarily it indicates theres still negotiations going on. I wouldnt panic anybody to get the sense were not going to have a bill but sounds like the white house does not support everything nancy pelosi is doing and she is move forward and passing it with her conference and quickly this afternoon she said, guys eamon, we appreciate it the dow up 796 points. So thats still hanging on to about a 3. 8 gain. The president expected to declare coronavirus a National Emergency at the top of the hour the latest headlines from sue herera. Thank you very much, kelly. The cdc is just out with new numbers on coronavirus victims the numbers have increased once again. Here are the 41 total deaths, thats an increase of five fatalities 47 states reporting actives cases and there are now 1,678 new cases of coronavirus as of late yesterday over in italy the death toll from the outbreak has surged again. Authorities reporting 250 more deaths over the last 24 hours raising the total to 1,266 confirmed infections rose by more than 2,500 to 17,660. Meantime new yorks Governor Andrew Cuomo saying his state has the most coronavirus cases in the country confirmed cases rose to 421 overnight. New york city makes up more than a third of the infected. Just outside of new york city the state has opened its first drivethrough coronavirus testing site its located in new rochelle, currently the area with the largest cluster of virus cases Health Officials in hazmat suits administer the tests and the National Guard is in the second day of aiding residents who are selfquarantined delivering food, water and supplies you are up to date bill, good to see you. Send it back to you. Thank you and its a Company Called bioreference laboratories working with new york state to provide that testing they expect more locations to be added in coming weeks but the executive chairman joins us now to talk about those efforts to try to get a handle on the spread of the coronavirus here in the u. S. At this point. Dr. Cohen, thank you for joining us today thanks very much, bill and kelly. What kind of tests are we talking about and how long does it take . What are we talking about here so weve committed to some time next week to doing 5,000 tests a day for new york state we are doing their testing through their drivethroughs, the new rochelle starting today and through the weekend. The way it works is the patien calls new york state hotline, get approved to have the test done, they drive to they go to the drivethrough and get test swabs, patient rolls down the window, get swabs, they bag it and send the test to our laboratory and then we run the test and get the result back to the department of health and new york state within 24 to 48 hours. No cost to the driver no. There is no cost new york state is picking up the cost and how long before we get those results . It will be about 24 to 48 hours, which is the standard for running this complex viral testing. Dr. Cohen, the availability of tests is one of the major questions for the country right now. Can you give us an overall sense of how we stand on that measure and where the tests are and by what standards people should expect to be able to be tested for coronavirus . Sure. So were one of the National Laboratories and serve all 50 states we have a logistics to pick up pretty much everywhere in the country. What were doing is were standing up we stood up whats called the cdc platform originally which is mostly a manual testing, but then were within the next week or so sooner were moving to automated platforms, several platforms to run the coronavirus which will get us up to several thousand, 5,000 and upwards of 10,000 tests a day. Thats what were doing. I presume some of the other labs are also. We hear about the tests that Cleveland Clinic has put together and other tests that have been developed with various times to get responses are all these tests the same theyre all in essence theyre the same in that they diagnose to a very high Quality Standard whether or not the patient has coronavirus or not there are different recipes and different platforms that get to that same end point so theyre not all exactly the same in terms of how they get to the end point but the end point in all of these tests is the same and dr. Cohen, theres been a lot of talk including here on cnbc about how the u. S. Can get an outcome more like south koreas where theyve really bent the curve on new cases as opposed to italys where its been much harder to bring under control. When you say you could have up to 5,000 to 10,000 tests a day within a couple weeks, do you think within the next week. Do you think we could expect more of a south korea outcome here i think eventually the particularly, again, the National Labs like us, are the ones that have the automation to deliver high through put testing and deliver the result back to the appropriate entity the major part of this is the testing, but you also have to take into consideration the enormous amount of logistics and i. T. Infrastructure it takes for a company like us to pick up the specimen, bring it to the lab and result it in a short period of time. Most of the university Health Systems and most of the state funded laboratories dont have that ability its laboratories, commercial laboratories, like us that have that ability to perform that function. Im curious before we let you go, how much does a test like this test cost per test . Were still working through that issue the medicare rate is going to be the medicare reimbursement rate is going to be approximately 50. But we dont have we dont have complete signoff yet from medicare or the commercial payers about what theyre going to reimburse any of the laboratories for the test as of yet. Dr. Jon cohen, thank you. Appreciate all that youre doing to get a handle on all this right now. The travel industry is getting crushed as you know by the coronavirus. Just look at the cruise lines, all down 60 or more in just the past month similar story for the airlines, delta down only 38 . United, american, theyve lost half of their value and now theyre cutting rates hoping to attract flyers 97 for new york to miami round trip on united delta is offering new york to l. A. For 237. To phil lebeau for more on the airline pain how much more painful it gets . Nobody knows, bill. Thats why these stocks continue to be under pressure generally speaking, although theyre moving a little higher today. Delta out with news today that really gives you an example of just how uncertain the future is for these Airlines First of all, the company saying that its ceo announcing hes going to be forgoing his salary the next six months, cutting their capacity 40 in the next few months two days ago they said they were going to be cutting it 15 its clearly gotten worse. Heres one example, negative net bookings for the next four weeks, not four months, thats my mistake in terms of what that says at the bottom regardless, what you are seeing right now is an industry where theyre not seeing the money coming in that they expect in the future travel agency ticketing, its accelerating this means more people are canceling their trips in addition to people not booking trips. This is according to vertical research the week ending march 8th, down 34 and thats why when you look at all of the Airline Stocks the question is do they have the liquidity thats needed right now to withstand this drop in demand one piece of good news, the administration has said it will be helping the airlines. Heres the treasury secretary this morning just after september 11th we are very committed to make sure our u. S. Airlines have the ability and have the liquidity to get through this. Were wondering what those steps are that the administration will take to helps the airlines out no details yet, guys, but you can bet that as the Airlines Continue to burn through this cash, the pressure will continue to grow and thats what were seeing the administration stepping forward and saying okay, we hear you, were going to do something. What exactly the administration is going to do remains to be seen in maybe we get a clearer vision at the top of the hour. My wife and i had a cruise schedule at the end of june, we canceled the other day and got virtually all of our money back even though billed as nonrefundable. The cruise lines are hurting big time as a result, im sure right now. Let me ask you about boeing, that stock down 35 just this week yep. We all know the problems there. Whats the fallout for them right now . Well, for them right now, its a cash situation but not in terms of look theyre running out of cash and have no liquidity. They have drawn down the latest revolver in terms of money theyre expecting to burn through over the next several months having said that, the key issue for boeing right now is, getting the max recertified and once again beginning deliveries lets say potentially late third quarter, beginning of fourth quarter. That really starts to bring the money in the door and what they need theyre still saying they expect that ungrounding of the max to happen by the middle of this year that would be huge for boeing because all of the airlines right now, theyre looking at their orders saying, do we take it, do we defer it, do we go to boeing and say look, were a little strapped on cash right now. Its a tense time right now in the Airline Industry for sure. Thank you. Phil lebeau. The coronavirus outbreak is squeezing boeing as the Company Facing more delivery and debt issues with us is sheila, the boeing analyst at jefferies sheila, this has gone from bad to worse for boeing in terms of its funding situation. How dire is it because to see these shares fall as much as they have the last week or two is pretty startling. Sure. Thanks kelly weve seen a big drop partially because of the liquidity fears for boeing youre seeing airlines might start deferring payments or deferring aircraft when they reported february deliveries in on wednesday, we saw that china pushed out a few wide body deliveries citing coronavirus. What boeings liquidity situation looks like to give you a little bit of a picture is, they supposedly pulled down their 14 billion term this week we expect the company to use 7 billion of Free Cash Flow this year layer on a 4 billion dividend plus a transaction they have pending it puts them in a situation where they have about 2 billion of cash at the end of the year including the 9 billion at the end of last year. So we could see a situation where boeing goes out to the market for more debt so drawing down their whole credit line, i mean wherewere you encouraged by that news or distressed by that news . Honestly, we expected it just given the outflows you have and the max situation exasperates that a little bit. Youre not delivering the maxes. Its the oneyear anniversary today, right, so there could be some deferrals of aircraft and if you see folks push out wide body deliveries, a wide body encouraging 200 million of wide body or inventory, a few wide bodies is easily a billion dollars. Drawing 14 billion is nothing. Sheila, does it makes sense to continue to pay that dividend for the time being, yes, because theyre in a solid position their net debt to ebitda should be 4. 6 times, but as soon as the max gets off the ground the normalized debt to ebitda would be 1. 5 times doesnt seem as levered. The key here as phil pointed out is getting the max back in the air with deliveries starting in late q3. If they have to put the pause button on payments or anything else, the whole world is having to push the pause button are they in the dire situation that we fear that they might be, especially when you consider what the stock price is doing right now when theyre not the only Company Facing this problem right now . Yeah. I think youll see it all around you know, they just happen to have a Customer Base thats concentrated along with airlines but lets not forget 40 of boeings business defense backed by the u. S. Government essentially so they do have that portion of the business off that. Poorly worded question, whether creditors cut them slack so they can hang on to some of the cash youre worried ate them having by the end of the year. We havent seen any Rating Agency changes from boeing from the rating agencies on boeing. Because i do think they are looking at the normalized leverage of this company and saying once the max is back in the air, even at a lower production rate which we already assume, were cutting our max production numbers massively to 47 a month from 60, for the time being they could go to the debt market to raise more debt without issue. Sheila from jefferies, thanks for joining us today. Thank you to oil closing out what has been an ugly week to say the least down 22 on the week to ra hel soloman. Hi, bill, ugly week to say the least but oil prices are holding on to gains in the close making this the first positive finish in three days wti closing up about a percent or 31. 82 a barrel. Brent crute 2. 25 . Despite these gains wti down 22 week to date brent is down about 25 week to date this is the worst week for both benchmarks since wat of course the coronavirus and it the impact on demand weighing on prices here. Also, a quick check on some other commodities. Palladium plunging down more than 18 , gas on the other hand moving higher on the day thank you time for trading nation picking up from what she was just talking about. Is there more pain ahead for the energy group as President Trump declares a National Emergency. We presume hes going to do that at the top of the hour joining me is john from tokyo Asset Management we know what problems they face and we know the disarray in opec and so forth what do you make of the decline in oil and where i mean its the old question, have we hit bottom yet, do you think first off, i love the goatee. Keep the look going. Thank you. In terms of the Energy Market playing short term and looking for a rebound in oil, you really need three things to happen. One is, can the saudis and russians kiss and make up and that helps the geopolitical situation within opec smooth out. The second one is, will the Trump Administration come out and support the oil industry in some sort of fiscal package where you prevent defaults because a lot of the high yield debt market is littered with Energy Companies and theres a big fear youre going to have massive defaults and contagion through the market led by the Energy Company and secondly, if we do get a rebound in the Global Economy and this potential global recession is not nearly as bad as feared you get some hope on the demand side none of that looks really likely in the short term and thats obviously why youre seeing the sector and the commodity get drubbed this week. Its going to be tempting to try to scoop up what could be perceived as good value, bargains, whatever, as far as the Energy Stocks go is it time yet, do you think too soon i mean you really have to stay with the quality on the Balance Sheet. Thats the key you have to work under the assumption oil will be lower for longer, is 30 the bottom who knows. If the depths of this is continue not like in the u. S. Were cranking out a lot of oil. You cant just flip the switch and this stops overnight it will take a long time before the u. S. Takes oil off the market more supply is going to be added. The demand side is going to be week go with those companies where they have the Balance Sheet to withstand lower oil. John, good to see you thanks. You too. More trading nation head to our website or follow us on twitter at trading nation. Now to the wave of cancellations in the sports world continuing today eric chemi is here with the latest details what was left to cans until. There were a few things left, pretty much the entire sports world has been shut down nascar will postpone racing. The masters scheduled for midapril announced its a big one, announcing it would be postponed to a future unknown date the Boston Marathon april 20th that would get moved to september. With everything canceled attention is being turned to mitigation and recovery. I spoke with executives at Harris Blitzer sports and entertainment and they own the new Jersey Devils hockey team and they will be the first team to pay its parttime and hourly arena employees for all their missed games and concerts through the rest of the regular season expect more teams to follow suit the ufc are still on schedule. Also the nfl telling me theres no news yet about what will happen with the nfl draft on april 23rd the olympics still on schedule for now. A few Little Things out there. You can do the draft remotely. Used to be a conference call. It can be again. 600,000 people in nashville. They closed Augusta National after the masters because it starts heat up in georgia at that point im not sure how you postpone and play it later in the season. The Boston Marathon, april, too hot in the summer, do september. Does the masters become something at the end of the year. Thanks. Eric chemi for more on the impact on the sports world, espn College Basketball analyst jay billas. Great to see you how tough is this as somebody who covers the College Hoops season its difficult and its heartbreaking for the players and the coaches and certainly the fans this has become one of the biggest sporting events in the world over this threeweek period every year. As we all know there are greater concerns and this is a Global Pandemic and it was the responsible thing to do for the ncaa and all the different conferences to cancel play. Jay, my friend Mike Greenberg was debating this morning on his own program whether or not the students who would be graduating otherwise or heading to the draft with this cancellation whether they should be given another year eligibility to play college ball what do you think of the impact thats going to have on the ncaa Going Forward . The impact is profound. The ncaa office takes in over a billion dollars annually off of the ncaa tournament and then the conferences themselves lost millions upon millions of dollars with canceling their tournaments. As to an additional year of eligibility, it would certainly be a heartwarming gesture from the ncaa at a time when theres there are broken hearts all over the place. It would require changing some rules and easing some others because Something Like this has never been done before, but it certainly could be done and it would be i think a wonderful gesture. Jay, what do you do, fall back on your legal career now . Yeah. Just prepare for hopefully next season and the nba draft thats going to be pushed back but i do the nba draft as well were all going to have to make adjustments. Are we going back to the truck pulling competitions that they used to run on espn were going to have to be creative actually, theres there have been suggestions on the part of some that once, you know, once it would be appropriate, maybe we could get some of the teams that were in ncaa tournament qualified and have an esports competition to figure out who the National Champion would be via video game to have fun and levity when the sobering part of this hopefully when were past this all of the actions that have been taken i have to say you give great credit to the ncaa and mark and his team and also the independent directors of the board of fwoirs. They ultimately made the right decision even though there were missteps along the way. I dont know if you want to go there on this, but we all know about the tremendous rise of Sports Betting these days and we know how much money was probably going to be bet on march madness, how much is being spent on baseball and other events as well, what happens to that industry trying to gain a footing state by state do you think . As to the industry you would be better at predicting that than i would i know every piece of this multibillionp dollar industry at least of College Sports is going to suffer for a period of time, including media rights companies, but in the long run, i dont have any doubt that these sports and those that cover them and do business with them, will be just fine. One thing i think our economy has shown over the years and our country has shown is that were very resilient and i think well prove that jay, you know, i do wonder when anecdotally everyone is saying i dont have sports what netflix shows do i watch does that create pent up demand with a vengeance or people who said i didnt have a Netflix Subscription before and maybe i dont need to go back to my sports cable package thats a good question and one raised when theres been labor unrest or a strike, the nfl, nba, or Major League Baseball but the fans always come back. I think we always come back. Because we love it look, i cant tell you i cant lie and say i havent been trying to decide what Binge Watching im going to do, i think yellowstone will be my next one, but well adjust and get back to business as usual as soon as we take care of the more important things of Public Health kelly just wrote down, yellowstone. Yes, i did. Taking any and all ideas. Im going to tell my neighbor, saying for years, his favorite show. Jay, great to have you, thanks again, sir. Thank you jay billas of espn. Washington state, of course, among the states with the most cases of coronavirus how is business there being affected were about to be joined by the ceo of washington federal Regional Bank based in seattle, the stock down 30 in a month. Moments away from that press conference with the president expected to declare a National Emergency. And weve got our eye on the stock market the dow currently up 600 points. Weve paired some of those early gains or up 700 points power lunch is back after this. Now the latest from tradingnation. Cnbc. Com and a word from our sponsor. 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The Regional Banks are bouncing back with the market up nearly 6 . Doesnt do much to change whats happens this week, since 2008 and with the coronavirus pandemic threatening almost every business around the country, local banks are trying to step in to fill the gap wafed is in seattle, offering credit to Small Businesses hurt by the outbreak. Here is the ceo. Brent, its great to see you today. We have friends in seattle its ugly out there. You know, tell us what exactly is happening in terms of Business Interruption and how you can help with that kelly, thank you. It is good to be here. It is a scary time in seattle. Thats reality the streets are probably 70 less in terms of the number of people on the streets. You look through buildings and see one side to another and its fear when times are tough and now are tough times we say to ourselves what can we do to help and weve launched this Lifeline Program to small and medium sized businesses and dedicated 100 million of capital. Give us the parameters on what constitutes the size of the company youre looking at and how badly they must be hurt . They have to show their earnings are down 10 in all of this . Thats exactly right. If someone is impacted, not earnings, just the revenue is down, 10 or more, yes, were happy to step in and its a typical fiveyear line of credit in the first 90 days are zero interest our belief there is just as quickly as demand has fallen off because literally, we have restaurants where capacity and demand are down 70, 80 , i was in a hotel not a single guest in the hotel, what can we do to help these companies through the rough patch and i believe if we can get through this is quickly as demand fell off. Are these companies not helped by whatever programs come up are you trying to fill a gap or getting ahead of the feds at this point to us its speed. Its the uncertainly is causing a problem so if we can provide certainty and keep these businesses, their doors open, paying their employees, you dont have to worry are the employees going to pay their mortgage payments or rent. Give them certainty. If the federal government comes in with a program thats better, thats great lets give the businesses certainty as soon as possible. Brent, are you taking advantage and do you need to take advantage of these new funding operations from the Federal Reserve . We are not yet taking advantage and well capitalized i applaud the fed. As much capacity as we can put into the Banking System thats a good thing we dont need it at this point but i love having it available for us. At what point would you need it in other words, youve extended a line of credit, 100 million like you said. Sure. Plenty of banks and we would expect seattle banks to be among them where businesses are tapping on the lines of credit how much has to be drawn down before you need more liquidity than you have . You know, we have several billion dollars of liquidity available to us through the Federal Home Loan Bank and cash reserves so were nowhere clea how long are you anticipating this is going to last whats your time horizon your guess is as good as mine i love to see rates are going down where it first started in china. Thats why we said 90 days if we can get through 90 days, that will be a great help and if we get through 90 days and are still having issue, we can reassess bottom line, do you think you can do more by making this credit available than the federal government might be able to do and what happens for a will the of small, medium sized businesses who may not be that bank savvy are they ways you can get them to tap this liquidity were trying to get the word out. Media, programs like this. Go to our website, fill out the application and we can have money in the hands of these businesses in two or three days. Quick final question on the mortgage side. Do you xguys do a lot of busines there. Almost 5. 5 billion. Can you handle the capacity the Housing Market going to be helped by falling rates more than its hurt by nervousness about the economy and what happens in the fed starts buying mortgagebacked securities. I believe the Housing Market will be helped you combine these lower rates are the limited supply, i think youll see people swoop in and view this as an opportunity. The one thing i feel so good about, were starting from such a strong point we had a huge hit to us, but we can with stand that and get better thats why were out here trying to help. Because we have a Balance Sheet thats able to move quickly and provide help very good thanks for your time keep us posted of washington federal we have a news alert on amc theatres so julia bill, amc theatres announcin it is reducing the Maximum Capacity by at least 50 at all u. S. Theatres. The company say it strongly commits to social distancing and its taking this effort and making this effort to cap ticket b availability to 50 per of seat capacity the press releases notes no amc auditorium will have a capacity of more than 250 seats and saying theyre complying with all federal, state and local governments gathered directives. Shares have been down dramatically over the past few weeks on concerns about the impact of coronavirus on theatregoing it is worth noting that commitment comes after Governor Cuomo announced they would be banning gatherings of over 500 people and forcing any gatherings of less than 500 people to be cutting the capacity as well but it will apply at all the u. S. Theatres. Shares are bouncing back after the declines from earlier in week theyre up just a bit over 1 . Quickly, before you go, this happens also at a time when movie studios are delaying the relouis of Motion Pictures how much is on the shelf right now for these thoeaters there are just a couple releases this weekend. Excuse me. Have a drink of water dont scare us, julia not sick, just a frog in my throat universal has the hunt theres a vin diesel movie also coming out weve seen major releases Going Forward. Disney announced it would be delaying mulan the fast and furious sequel would be delayed the movies coming out this weekend are on the smaller scale, but it should have a meaningful impact. The question this reassure moviegoers well see on monday. Thank you as always President Trump holding a press conference just moments from now at the white house. He will declare the coronavirus a National Emergency we understand. Eamon javers is at the white house. Yeah, we do understand that, but were also given guidance the president can change his mind so we have to wait and see what the president says here the expectation is that the president will declare a National Emergency thats something every president has done since the late 1970s. The question here is going to be what powers does the president unlock here using this National Emergencies act if he does go ahead and do it . There are a whole host of them ranging from chemical weapons to pollution to all sorts of things also the stafford act apply tog a National Disaster declaration. Does the president invoke that and what priorities does it give to fema. Thats a key question going in finally, the other question going in to today is will the president endorse or oppose the pelosi bill. We just heard the pelosi say shes pushing forward her own virus bill be p will the administration endorse that bill or reject it out of hand . A Senior Administration official tells me there are provisions in that pressure that the white house has not signed off on yet. Will the president embrace it or discard it we dont know the answer to that thanks very much. Some news here just in the last couple of moments were getting in, about norwegian cruise lines. The stock is halted. Theres an announcement they have suspended all cruise voyages from march 13th and april 11 the rebound youre seeing on your screen was before norwegians stock was just halted on this news. We have little over an hour not much time in what has been this historic trading week again where weve seen the market post its biggest drop since the crash of 1987. Lets talk u about the markets now and what to do about them. Brad mcmillan is from commonwealth, mark teper and ron insana still with us here. I only have time, guys, to go around the horn and just say now what Everyone Wants to pick bottom. Theyd love to be b able to do that are we there yet what are you watching to tell you when you think were at this point . Ron, you first i think theres no rush to get into anything. Im watching the credit markets close ly to see signs of further discloexs there. Like we saw yesterday. If there were to rear its ugly head again, could be another leg down in other assets because you get forced lick wii kigs documentation and thats a problem. Bran. I think were getting close to a bottom. Were getting close to max fear. We had the president declaring a national energy. Tom hanks and his wife for goodness sake. All of the major r sports leagues canceling. Just not that much fear left to get out. I think the markets are going to reflect that your thoughts on that, mark yeah, so typically, these bear markets dont end until theres a significant casualty we havent seen that yet maybe its one of the Energy Companies. Theyre all getting pupummelled, so maybe we need to see one of those unfortunately in order for us to feel like its bottoming and we need to get some clarity on this coronavirus situation. And dont forget, we have yet to hear from any company as far as impact the coronavirus is having on earnings we wont get that for another three weeks when the season begins and hopefully some guidance isnt it possible any bad news from them could be another excuse to send this market down another leg . It could, but when you look at a little bit longer term, whats going to matter is Consumer Confidence and weve, the Consumer Confidence, we havent seen it hit that badly were pricing in the end of the world with the news were getting. I think well get a positive reaction i dont think were pricing in the end of the world. If you go back to the crisis of 2008, if you go back to 1929, the market went down 90 as a whole so thats pricing in the end of the world. This is not that thing although there are some stock, talk about 90 . Amc entertainment was a 30 stock in 2017. Its under 3 right now. So if you are to use the analogy of the hardest hit parts of this shock down 65, 70 . Having said that, we are in a recession. So the market is pricing that in concurrently with it happening its not a loading indicator its a coincident indicator. You point out u we could get a company blow up of some kind, but isnt that what theyre hoping to get from the federal government to keep that from happening . Sx yeah, but is is the federal government going to bail everybody out . There are so Many Industries in trouble. Cruise line, energy, airlines. And what about the Small Businesses these little mom and pop shops the ice cream store. If nobody comes in to get ice cream for the next 30 days theyre done theyre closing up and firing three employees. Thank you ron, brad and mark thank you all. Speaking of a hard time, Royal Caribbean stock now halted along with norwegian well bring you more as soon as it reopens, but thanks for watching closing bell starts right now. Good afternoon welcome to the closing bell here from the New York Stock Exchange after we saw the historic sell off yesterday, weve seen the markets bounce back today and remain in the green all day long the Dow Jones Industrials up 750 points right now at the moment, were looking and waiting if the president to come out and address the nation as a News Conference on tcoronavirus. Thats expected any minute now hes expected to declare a National Emergency and were going to bring it to you live when it begins lets