Transcripts For FBC Mornings With Maria Bartiromo 20240713

People. Empty store shelves becoming the norm this morning. Amazon to hire a hundred thousand workers and Major Grocery chains adding jobs as well to keep up with demand as well. More countries closing borders. Things have reversed course and dow industrials showing decline of 96. Nasdaq up 29 but s p is are youer by 12 and a half after dow, nasdaq and s p 500 had biggest oneday point loss in history. It was 13 in a day. 12 and a third percent and the s p gave up 324 points yesterday, 12 , yeah, quite a day on wall street. Primary day on ohio. Voting still taking place in arizona, florida and illinois. Mornings with maria is live right now. Maria we want to check Global Markets this morning, asian markets were mixed overnight. Remember, we did have a pretty good upswing at the end of the day coming off of the lows and into the premarket, this morning we had rally and that reversed. In china, the shanghai composite down third a percent. Oil prices rising after hitting new 52week low yesterday after price car with saudi arabia and russia wages on. Twentyeight cents highers, 28. 97 a barrel. Take a look at where we stand with the yield up 6 basis points. Our top story this hour, market volatility of course after yesterdays 3,000 point plunge. We have a bounce this morning for future. Dow futures back up 50 points. Nasdaq is up 72 and s p 500 up a fraction, 3 points higher right now. Markets moving fast. Theres not a lot of commitment. Dow suffering worst point loss in history yesterday plunging nearly 3,000 points. This is a look at the carnage. It was the worst percentage decline since 1987 crash. Investors tried to push it down 3,000 points in the morning and came back midday and go back 3,000 by the close. President trump weighed in on how coronavirus will impact the economy. Is the u. S. Economy heading into a recession . Well, it may be. We are not thinking of recession, we are thinking of the virus. Once this goes away, i think you will see a tremendous, tremendous surge. Maria joining the conversation michael lee, fox business Dagen Mcdowell and optimal capital francis noon stacy. Thanks so much for joining us. Yesterday, when the market was down 3,000 points it claim real clear this economy is headed to a sharp slowdown if not recession and we are just looking at investors react in complete shutdown. Dagen people are trying to figure out small percentage chance if its worst than a recession and i do mean commission because the estimates on Economic Growth are rather contraction in the coming quarters are getting worse and worse and what needs to happen from this government, from not just the Federal Reserve but the Treasury Department and from congress is a plan that will address the fact that people, individuals, will not have incomes for months and that businesses wont have revenue for months. So what is the specific timeline of a shutdown because we are at a point where no no Interest Rate loan or solution, that wont work, even a payroll tax cut will work for people that are no longer working. Massive interruption in peoples income and we need a plan yesterday. Maria how do you do that . Weve got this idea that paid sick leave is going to really help people allot although it is debated about that given the fact that some people think Small Business is going to continue wanting things like that going into even the recovery. I think the president has said it that nothing is inevitable and if you look at dramatic change in weeks time, i think we will beat the disease. I think we will get through this but looking at it from an investor standpoint, the economist i read is predicting negative gdp, that sounds like a shock, but annualized gdp is 22 trillion, thats negative 600 billion. Weve lost 10 trillion in market cap, so if we are going to lose 600 billion in Economic Growth, much of it will make up for fiscal stimulus. Selloff is overdone. We will get through this. The way that the u. S. Has engaged in social distancing or quarantine ourselves, we will get through this and the other side, we will be all right, the Economic Conditions are going to be really good. Yes, people are going to suffer and we discussed with Jon Hilsenrath that i think personally the best idea is open up flood gates for claim insurance. All the states, all the state coffers should be full, whether youre in the gig economy, part time, that can be significant, 500 or 600 maria a lot of idea to put money in peoples pocket. Did you say youre expecting a 10 contraction in the quarter . Thats the steepest i heard. Yes, and a short snapback, and even in the next year. But when you put that on a numbers perspective thats only 5 or 600 billion of loss Economic Growth. Okay. If you will pass a stimulus package, if it actually works, we will get something thats more than that and zero Interest Rates. Dagen people i talk to expect rescue package taking a variety of forms will run in the trillions of dollars, north of a trillion, maybe even 2 trillion. We could see budget of 3 trillion plus. Doubled what it was during the financial crisis and this is necessary quite frankly. Mike yeah, i was going to say whats the deficit going to go to and how high structured Going Forward. Maria francis, you heard 10 trillion, thats the loss in value. Let me ask you about your strategy here, go through some of the companies that have seen their stocks taken to the wood shed, you have names that investors are treating it like theyre going away meanwhile you know the companies will grow once again, go through that and whats your strategy here . Pretty much the oil companies, those are the ones that have gotten beaten the most. The interesting thing whats happening with oil, russia and saudi are claiming that they can sustain lower oil prices, i dont think so, i dont think they will find that thats the same. Opec will have to come to the table and thats huge news. We have a demand shock on top of the fact that they are unable to reach a resolution as of yet but i think that the oil stocks are going to get very, very cheap. They pay great dividends and investors will be thinking about those once again. This has happened and the market completely untradable for most people and youre going to have to wait for a little while. Chevron, chronical phillips, the stocks the cheapest i think. Maria whats your take on the backdrop. We will keep with nancy lazar momentarily, she was talking about 8 tenths of a decline contraction in the Second Quarter. Michael just said 10 , where are you on that . Well, it just remains to be seen. Remains to be seen because we dont know how long this quarantinetype lifestyle will be in effect, so if the market is pricing in 6 weeks, 8 weeks, 10 weeks, what have you, how many things stop and how many things have to get run up and going again, i dont know that im quite at 10 . Theres really no way of having any idea how soon its going to stop and get back going. I think 10 prudent actually. Dagen negative 10 is at the high end right now, jpmorgan 3 rate in Second Quarter. Goldman sees 5 contraction in the Second Quarter. But the numbers, because the change of life in the United States has come on so rapidly that these numbers are changing by the hour and by the day, so what was like 5 today could be a 10 contraction tomorrow, so the number that michael is citing is just a little bit ahead of the gym at this point. Maria certainly next couple of weeks are critical which is where the guidance is focused on, the next several weeks because the numbers are about to spike in the United States given the fact that now the testing kits are pretty prevalent. Now the latest on coronavirus. President trump announcing new guidelines designed to help the spread of highly can takous illness, avoid groups of ten people or more. They are urging Older Americans to stay home. The president suggesting we could be dealing with coronavirus for several months. It seems to me that if we do a really good job, we will not only hold the death down to a level that is much lower than the other way had we not done a good job, but people are talking about july, august, Something Like that. So it could be right in that period of time where ii say it washes through and other people dont like that term. Maria america advised to stay away from bars, food courts, restaurants, avoid any unnecessary travel. San Francisco Bay area putting drastic measures in place to curve coronavirus, they issued shelter. Residents to stay home, stay in place and only go out for essentials for food and medicine. Move affecting 7 Million People there. New jersey imposing a curfew urging residents to stay home after 8 00 p. M. The state is activating the National Guard and limiting some Business Operations as well. Ohio governor mark duwane ordering primary closes to toda. Ohio is one of four states scheduled to hold president ial primaries today, voting still taking place in arizona, florida and illinois. Uber suspending shared rides in the United States and canada. The pooled option which allows riders to share rides with up to 3 people at lower prices is now being disabled in both countries. Regular uber rides and uber eats not affected. Uber shares this morning up about 1 . We will take a break, futures are searching for direction this morning, pretty good rally underway that has kicked off in the last ten minutes. The dow futures up 177 points. Added move in opening of trade close to 200 points in dow industrials, nasdaq up 118 and s p up 22. We will take a break and then we are looking at the coronavirus crippling markets monday, navigate it all morning long. Stay with us. Driverless cars, or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no commission when i lost my sight, my biggest fear was losing my independence. Mmm. Good. So ive spent my life developing technology to help the visually impaired. We are so good. We built a guide that uses ibm watson. To help the blind. It is already working in cities like tokyo. My dream is to help millions more people like me. It is already working in cities like tokyo. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . Maria welcome back, markets are influx. Dow jones industrial plummeted 3,000 points in a day. Major indices falling, as you see the numbers. S p down 324. In the face of all of this unknown about coronavirus and its impact certainly on the economy, joining me right now over the phone is Cornerstone Macro cofounder nancy lazar, thank you for calling in. Appreciate your insights. Good morning. Maria youre expecting a contraction in the Second Quarter, we have comments that we could see decline of some 10 in Second Quarter. How do you see the economy slowing down in 2020, nancy . Theres no question that in the Second Quarter the data will be ugly, how ugly is very, very difficult to know given the path. You look at anecdotes comes from company, Airline Industry down 40, 70 , Hotel Industry down 70 , theme parks being shut down. But at the end of the day, theres support of the economy that we cant ignore. Obviously healthcare spend asking going up, Government Spending is going up. We think it would being with usually to be sure from individual sector perspective but its not clear its going to be that draconian. We are going to the numbers right now, down minus 1, down minus 4, obviously the duration of the virus. Maria what about the combination of the global story, you have japan and europe as well seeing real risk. You say that youre seeing weakness there, how does that impact the United States . So no question outside of the United States. You have real economic links such as europe which was basically stagnating going into the crisis and japan in and out recession. I do think its important to pull the wools apart, where are the weak links and departments that can hang together and europe and japan are weak links. When it comes to europe that is a problem in earnings. They are obviously a key part, a lot of u. S. Companies sell, that would be significant risk for the Second Quarter. I do think in europe you have italy which is clearly a very weak link. Already in recession, yes, theyll be headwinds to the United States but i think increasingly you have to put the wool apart where you have incremental healthier economies i think the u. S. Is one of those incremental healthier economies, nonetheless, yes, it would being with usually in the Second Quarter. Maria what are your thoughts on what we have seen in terms of monetary policy, nancy, we have a market thats up 250 points but as you know its incredible by volatile and has been since it started. Youve counted 95 Global Central Bank rate cuts including the surprise fed funds cut over the weekend which obviously was an emergency. How are you feeling about what we are seeing in terms of the response to this . So ive learned a lot from china, from what theyve done from a response perspective and china put 3 legs, monetary, a lot of fiscal and some liquidity and now im seeing the rest of the world actually follow that path and that is increment by encouraging. It cant be just one of the 3, it needs to be all 3 and quite frankly more on the physical case and liquidity. Thats what the fed did over the weekend was so encouraging. They seem now to be embracing that. We have seen banks actually go to feds discount window embracing trying to take away the stigma from that going to the fed, so that is certainly an important support for for its a buffer, not really help boost growth any time soon but longerterm it will be. Im very encouraged with not just Central Bank Cuts but counted 27 fiscal stimulus and or potential liquidity and imf suggested that they could offer a trillion dollars if necessary but now to 1 and a half percent of global gdp from a just a fiscal or liquidity perspective, again, policymakers are really embracing the severity of a crisis. Maria as an investors, nancy, what are you telling clients to do right now, do you want to get out of the way or do you want to find opportunities in terms of equities . According to our Technical Analyst and michael, our strategist, theres potentially till some downsize risk to the market as we start to see data come out. So listening to those very closely. 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All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Maria Welcome Back Airlines have been under pressure once again, they have been under pressure for months, looking for 50 billion in aid after 911. It could include governmentbacked loans and cash grants. The discussion of bailout keeps coming up with any money being given or stimulus being given to up with specific industry. How would you feel about the Airlines Getting all of this help, Dagen Mcdowell . When you look at the airlines, you look at the cruise industry and what has taken place here. Do you look at as negative because itll cost money to bail these companies out . Dagen i think all industry that is were hard hit, the ones that were obvious would need massive amount of government from the federal government, oil companies, leisure and hospitality, now retailers, restaurant chains and the airlines. The question is its going to be more industries than that because this is a massive, we dont know how long interruption and revenue going into companies and income going into individuals in this country with the abrupt shutdowns of these states and cities over the weekend. One option rather than crafting the bailout the way it was the 911 terror attacks the wall street journal editorial page which maria mentioned writes about this. Kevin argued this on monday in the journal that the Federal Reserve could actually create a new facility that could lend Companies Hit by economic shutdown not just Financial Institutions and banks, this this could include airlines, transportation and Energy Companies where you put up good collateral, fiscal aspects to get the loans from the Federal Reserve. You charge a penalty rate potentially in the interim, the Stabilization Fund could be set up in the interim as this gets doing in the Federal Reserve for backup collateral. The fed needs the permission of the treasury secretary to do this but this could be at earn alternative to just throwing money at the borrowed problem. Maria amazon is looking to hire 100,000 workers amid soaring demand and kroger is also hiring. You do have much higher demand like nancy lazar just told us, healthcare spending, Government Spending, this would be important for a handful of industries as well . Its great to see amazon doing nice things, the 100,000 people, one thing of bailouts i would like to bring in the conversation is the federal government made a lot of money bailing out banks at the time. Morgan paid back annualized rate of 15 . If we will bail companies out or if the taxpayer will bail companies out, there has been to be upside for the federal government whether preferred share or some form of equity stake that the taxpayer can have later in the process. Maria look at the deal after warren buffet got after the financial crisis, yeah. Dagen in the long run we need to have a conversation about industries that are run so leveraged that every time theres a financial crisis you need a bailout. That goes for large swath of corporation that is you are so leveraged that you borrow cheap and invested to boost your profits that youre so leveraged that you cant weather a shock like the one that we are looking at. Thats a conversation for next year or a year after that but it has to happen. Maria a lot of leverage out there in the corporate sect recover. We are taking a ton of leverage to buy back stock, why should the taxpayer bay you out so you can do a buyback so that the option package looks better. Its a lot of, you know, not a lo of plans for this sort of business interruption. Maria dont forget the banks saying that they will stop all buybacks, go ahead, francis. This is the kind of thing that makes the shoe drop. Then this is the kind of thing that sort of calls them out and could be the other shoe that drops in the economy if this remains prolong and the bailout has to happen, we dont have a choice. Maria i want to take a break. We are looking at fighting the outbreak, we are breaking down a timeline for the vaccine as experimental trial begins in seattle. When and who is working on therapies and vaccines, all next, stay with us. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Maria good morning, welcome back, happy tuesday, im maria bartiromo, tuesday march 17th, 6 33 a. M. On the east coast. Wild ride for investors rolling on this morning, futures right now showing a pretty good rally underway after being sharply higher overnight but, of course, massive plunge yesterday, dow futures up 214 points, better than 1 . Nasdaq up 157, 2 and a quarter percent and s p up 25 points better than 1 this morning. This on top of the plunge that was yesterday the dow the nasdaq and the s p 500 had their worst oneday point lose in history. Dow industrials yesterday down 3,000 points at the close. That was 12. 9 . Global markets this morning look like this, european markets searching for direction this morning as more drastic measures are taken to try and contain the spread of coronavirus. The ftse 100 down 58, paris down 25 and dax in germany lower by 56. French president Emmanuel Macron saying that the eus external borders would be close today travelers. In asia overnight markets are higher. Death toll topping 7,000. National institute started testing in seattle. Joining me right now ceo of Cleveland Clinic, doctor, thank you very much for being here. Good morning, maria, thank you very much for having me. Maria what can you tell me about a realistic timeline for a vaccine, how can we make sure one is safe and reliable given the fact that now everyone is trying to do the fasttrack through the fda so we can get something on the other side of the the fda process . The typical process about the vaccines takes several months. We have come very quickly to the point where the initial steps of the trials have already under way as you describe, but it would take several months before we have a vaccine that we know whether we can apply for broader use or not. Maria the fda loosening its approval process for the Coronavirus Process testing and allowing states to have their own system to obtain, distribute, to use test from labs, for a period of 15 days, what do you make of that, whats your assessment of that, i know we want to get things through, fasttrack approval, can we be sure that theres safety around that . Absolutely. I think that fda move is absolutely appropriate. First of all, granted to Medical Laboratories in large hospital that is have a necessary equipment that have necessary reagents and also staff that knows how to develop and admin administer of those steps and i do think that relaxation of those steps will help americans in need. Maria what can you tell us about the coronavirus . Theres been speculation that it will act like the regular flu, it goes away in the warmer months and now worry that its going to come back in the fall. How do you see this . We still do not know the seasonality of the virus. We could certainly hope that it behaves like flu, but we simply do not know, time will tell. The length of your exposure to the virus has been too short to make a definite judgment. Maria so whats your take in terms of where this is going. People are obviously afraid as we approach the next couple of weeks. This is going to be the couple of weeks where we see the numbers move up in a big way now that the test kits are out there. We have social distancing suggested. What do you say to those young people still going out . Whats the risk for them and in terms of where we are right now, are you concerned that the Healthcare System can take whats about to come at us because theres a lot of concern that we dont even have enough beds in hospitals, where are we on that . So first of all, let me share some context with you here at Cleveland Clinic we have tested over 1400 people who had fever and cough which are the signs of respiratory illness and only 3 and a half percent of them tested positive for covid19. Maria im sorry, what did you say, only what . Only 3 and a half percent of those tested, of those screened and tested, tested positive for covid19. Flu and common cold are still much more cause of respiratory distress and fever. Thats the context, the overall context that we are seeing at least in this part of the country. Your second question what younger viewers should do, they should behave like anybody else. It is really, really important to understand that the measures to contain the epidemic apply to all of us because each and every one of us can carry a virus around. Obviously we have vulnerable population that is have to take extra precautions but even youngest and healthy millennials should subscribe to measures that are inis instituted by the authorities. Maria what about the pressure of the Healthcare System, sir, in terms of not having enough beds, not having enough ventilators . I know that we have reliance so much coming from china, so much in prescription. You may consider the fact that we may not have room house people once they understand they are sick. Healthcare systems have their own contingency and Emergency Preparedness and thats been in place in the systems like ours since early january when we started tracking the covid19 epidemic back then and have developed plans to ramp up our capacity and availability of space and ventilators appropriately. At this moment, at this moment Healthcare Systems have more than enough capacity to serve all of those all of those in need and our future ability to do so will depend primarily on our ability to contain the epidemic and what is now called flatten the curve so that we do not overwhelm the Healthcare System at once. Maria good hear you say that actually that you feel hospitals do have the capacity. Do you want to see increasing move to lessen dependence on china. Its pretty extraordinary that we are in this position here. I do believe that the entire world has learned that our Global Economy has quite a few weak points and that Going Forward in the future we should always have a critical medicine and supplies needed for the health of americans, at least the critical massive produced domestically. Maria are you seeing shortages in terms of critical drugs right now . People are surprised sometimes when they figure out, oh, the antibiotic that i needed, they dont have it at the pharmacies. Are you seeing shortages . No, we are not seeing shortages and the good news that china is coming out and we dont have shortages of medicine or equipment. Maria you feel good about that in terms of the capacity that you have . We monitor daily and we have sufficient capacity to take care of each and every one of our patients. Maria there was a worry just recently that some hospitals were reusing masks. Im not aware of any one reusing masks but i do know that every hospital certainly has its contingency plans and prioritization of use in a way that we can use the resource that we have in the best way possible. Maria i see. Dr. Mihauli, final question, not just Cleveland Clinic but the hospital industry in general can treat this properly and we can get through this, what do you need to see specifically from the federal government . I think there are 3 steps that are really important and federal government and local government can assist. 3 steps in fighting epidemics. Health care to all americans and second one is to assist large Healthcare Systems with production of diagnostic systems so that we can test people in adequate quantities and thirdly, to provide the support for those american who is have to stay home and be quarantined with with food and Financial Aid so that they can actually comply with our recommendations without fear for life or livelihood. Maria if i was betting on anybody i would bet on america to get through this. Do you think we will have the proper therapeutics in place and vaccine within the year . I think i agree with you. If theres someone to bet on, i would bet on america. We have great responsiveness among Healthcare Community and among state and federal government, we are in it together and im sure that we will weather the crisis. When is the vaccine going to come across, when we are going to have the the treatment for this epidemic is too early to tell, but im very optimistic and if theres a country that can rally together and help its citizens quickly and effectively that would be us. Maria i like your cautious optimism. Doctor, good to see you, thank you, sir. Thank you very much. Thank you for having me. Maria boeing having talks with Trump Administration of shortterm coronavirus assistance there. Cheryl casone with the details, cheryl. Cheryl thats right, maria, good morning, the wall street journal reporting boeing seeking financial help for itself and suppliers as the industry facessia major hit from the coronavirus. U. S. Airlines are looking for a bailout of at least 50 billion, financial damage in the outbreak as boeing tries to get 737 max back in the air. Well, exxon mobile, Oil Producers will make significant cuts suspending amid slide in oil prices. 2 weeks exxon pledged to lean in on market drop. The stock fell yesterday to 17year low. 34. 49 along with broader markets the stock is up nearly 2 right now in the premarket. Finally, maria, little good news as we all adjust to new reality amid coronavirus, Universal Pictures has announced its going to make upcoming releases available on demand. The invisible man, the hunt available friday while the trolls, available april 10th. Each film cost 1999 rental. Holiday coming up with worst weekend, theaters empty leaving you with a little positivity of rough day. Maria cheryl, thank you. Markets showing positive performance this morning after yesterday. Markets coming off their worst declines in history yesterday. This morning 205 points. The s p up 23. President trump weighed in on the Economic Impact of coronavirus yesterday at the white house. Is the u. S. Economy heading into a recession . Well, it may be. We are not thinking in terms of recession, we are thinking in terms of the virus. Once this goes away, you will see a tremendous, tremendous surge. Maria tom, good to have you this morning, thank you very much for being with us. Good morning, maria. Maria i want to know what youre seeing in terms of investor sentiment, but give us your characterization of what we have been seeing this morning and sharp decline yesterday of 3,000 points. Certainly what we are seeing, maria, theres shortterm pessimism but from the survey work that we did last week which is certainly during a lot of the volatility that we saw in the market, there are longerterm signs of optimism both from investors and also from Business Owners. Maria lets go through the survey amid uncertainty of coronavirus and impact. 59 of u. S. Business owners remain optimistic about the state of the economy and you also find the majority of Business Owners believe that the crisis will end by the end of june, that sounds quite optimistic given the fact that there are there are expectations of Second Quarter weakness totaling a contraction of 10 , tom. So, maria, lets think this sub segment Business Owners have been the most optimistic sub segment of the economy since election of 2016. Number two, this is the group that puts their money where their mouth is. They are investing in businesses and hiring people. The most important aspect of what we saw from our poll last week and we were in the market from the seventh till the 13th of march, what you see is that they still plan to hire more, 37 to versus downsizing by 16 . So 2100 Percentage Points in terms of net promoter score. Where you see a little bit of pressure . Certainly if the outbreak continues as is, that spread moves only to plus 4 and if the outbreak grows, ends upcoming to plus 2. So clearly, the steps that are taken to resolve the crisis are critically important. Maria so thats going to dictate their behavior in terms of spending of their business, in terms of r d and it, have we actually seen that materialize because they say one thing that they are optimistic but are they putting money to work in the economy . Currently they are still in the mode of hiring. 58 of Business Owners have begun to shift their workers to working remotely. We do see some concerns about about supply chain where 55 of them say their supply chain is seeing some form of disruption and equivalent percentage are seeing that sales are down. They are looking at this as something that has a shortterm impact on the economy and doesnt do anything to deter us from longerterm growth and longerterm potential for their businesses and for Economic Growth overall. Maria what are you seeing in terms of highnet investors, you characterize those people of net worth of 100,000 to 25 million. Are they thinking later and selling first . When you look at yesterdays market activity it certainly felt that people were not waiting where things were going. They we wanted to sell what they could sell. Well, we should separate people that have shortterm motivations like some of the Institutional Investors and hedge funds from longterm investors and our survey focused on those of at least a million and optimism declined 30 regarding the stock market. And pessimism has risen 300 basis points. 46 of them think a recession is really likely, however, from investment standpoint they are not panicking. 21 plan to invest more here. 64 dont plan on adjusting portfolio at all and only 10 on decreasing investment. Maria what do you think, tom, are we going to see a recession, what is your team doing to help people through that in terms of a recession later on in the year . When a recession hits do you want to raise cash, for example . So, maria, first of all, what we talked to clients at ubs about which is thinking about your needs and bucket, your liquidity needs, longevity needs and legacy needs. If youve done a good job preparing yourself for the expense that is you need to make over the course of 3 to 5 years, it allows you to have the emotional courage to be able to ride out market disruptions like the ones we are seeing here. Second i think this is critically important and you see this in where investors see opportunity. 35 of them say now is a good time to buy stocks. 44 of them say theyll wait until stocks drop more which is 5 to 20 and only 21 say not now, its a bear market. So we do encourage, you know, our our clients to take advantage of disruptions like this, certainly investing in some of the longterm themes that we see like increasing digitalization of the economy and changes in terms of genetic therapy and Genetic Research and health care are certainly places to invest in and finally for the most sophisticated investors, those we are recommending that they take advantage of some of the volatility here and sell some against good positions in market maria we just talked about energy sector. One of our guests, you look at exxonmobile, they are not going away but is there a chance that we see dividend cut in energy space . We may see that, maria, certainly in the shortterm as firms manage their businesses during this during this period of time, however, in terms of the longterm, we continue to believe that companies will will react and adjust and modify their way of doing business and ultimately betting against and theres a number of quotes from famous investors over time, betting against the u. S. Is usually is a bad bet. Maria i would agree with you. Tom, thank you very much for your insights. Tom naratil. Canada shutting down borders this as European Commission is planning to ban all nonessential travel throughout its free travel zone. Joining us fox news senior strategic analyst retired four star general jack keane, general, good to see you. Good morning, maria. Maria you want to bet on america, i mean, i was thinking about 911 and the days after 911 when we were all down and out and we knew that we were down but we knew that we would come back, we wanted to rise from the ashes together as the nation because we knew that there was a bad actor there that tried to take us down. I dont see the same unity this time around. I do think that eventually we will settle into a new normal like we did after 911 and change our behaviors but we will be okay and get through it but we dont have the same, you know, unified strength as as a nation that we did after 911 because of the crazy vitriol in washington. Jack i dont agree with that. I actually think most americans kind of get what is happening here and they recognize they have to change their behavior. I dont think they pay a lot of attention to some of the politics that we were involvd early on. Maria good. Jack many people who are wage earners and live on an hourly wage, are concerned about the Economic Impact and not surprising every time that we have a downturn like this, the people at the lower end of it are the ones who will suffer the most. Im delighted to see that the government is taking action here that they have a stool to stand on and weather this thing out. Im optimistic that this is america, we have the best Healthcare System in the world, we have the best cdc operation in the world. China eventually let our guys finally help them over there. Maria yeah. Jack we got good leadership at the national and local level. The private sector is heavily engaged and once we get private sector involved the amount of resources are extraordinary. Maria i love to hear you say that because this is a moment in time where we need all hands on deck and we need everybody coming together. Let me ask you about military officials saying that coronavirus cases are rising within the ranks, is this a threat to National Defense . Jack well, it could be. Listen, the reality is that our Ground Forces and our sea forces, maritime forces, those are heavily intense Group Activities and we have to train, we have to be out there, so social distancing really doesnt apply to them, so theres added risk. Also this is a healthy population and they can sustain, i believe, being infected and survive that most all of them, but theres some curtailment of training, but the wholesale curtailment of training that would affect readiness. Basic training is going on every single day in all of our services. Thats an intense group activity. So basic training and when we put them in groups or units or we put thumb at them at sea, thats preparedness. All with modification to it. Maria general, great to get your take. Do you think that military should be call today build hospitals, clinics so we can do more testing . They have logistical capability and as we have helped out in natural disasters in our country or others people country. If that capacity is needed, put it in places where its absolutely needed. Maria be thank you, general, god to see you. Thank you, maria its surprising how the bigger a city gets. The smaller it starts to feel. Which makes it even more surprising, how big it feels in here. With sliding rear seats. And more available second row legroom than say. A chevy suburban. This is the completely reimagined 2020 ford escape. I just love hitting the open road and telling people that Liberty Mutual customizes your insurance, so you only pay for what you need [squawks] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Maria welcome back. Good tuesday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is tuesday, march 17th. Happy st. Paddys day. The coronavirus pandemic continues. President trump says we may be headed into a recession and the pandemic could stretch into the summertime. The white house releasing new guidelines to slow the spread of the dangerous virus in 15 days, heres what the government wants you to do they recommend not being in groups of more than 10 people. Meanwhile, empty store shelves becoming the norm as many restaurants an bars give last call. Amazon, though, is looking to hire 100,000 workers and Major Grocery chains adding jobs as well to keep up with demand. More countries have closed borders, trying to contain the spread of this virus. Take a look. The wild ride for investors rolls on, futures for this morning are actually rallying, although it has been back and forth. We are solidly in the green with the Dow Jones Industrial average up 530 points, nasdaq up 210 points, about 3 , and the s p 500 up 60 points, 2 andahalf percent. The dow, nasdaq and s p 500 with their biggest oneday point decline in history yesterday. The dow industrials yesterday down 3,000 points at the close. Take a look at that. 13 was the decline in the dow in a day. The nasdaq was down 970 points, the s p 500 down 324 points, that was 12 . It is primary day for several states today but not ohio anymore. The states governor ordering polling locations not to open today. Voting will take place in arizona, florida and illinois. Mornings with maria is live right now. And we want to check Global Markets this morning. European indices are mixed. In europe, markets have been searching for direction as more drastic measures are taken to try to contain the spread of this dangerous virus. The fq100 down 23, cac down 2, dax down 12. French president Emmanuel Macron saying the eus external borders will be closed to travelers. In asia overnight, markets were mixed. Take a look, the big mover was korea, down 2 andahalf percent on the kospi index. Oil prices, take a look at the price today, hitting a new 52week low yesterday. This morning were getting a fractional bounce. Still under 30 a barrel. The price of crude up two and a quarter percent, 64cents higher at 29, 34 a barrel. Yields on the treasury up this morning after also plummeting recently. The yield on the 10 of year up 7 andahalf basis points to a level of 0. 811 . President trump announcing new guidelines designed to slow the spread of the highly contagious illness. The white house is advising all americans to avoid groups of 10 people or more. The white house is urging Older Americans to stay home, stay put. The president suggests we could be dealing with coronavirus for several months. The president met with several private sector leaders about tackling this issue including Beckton Dickinson ceo, tom poland. Watch this. As ceo of Beckton Dickinson, one of the leading providers of medical devices and collection products for testing of coronavirus, were ramping up manufacturing capacity to ensure the right collection devices and testing equipment are ready to address this issue. Maria and he joins me right now on the telephone. Tom, thanks very much for being here. Thank you for joining me. Good morning, maria. Maria your company is awaiting approval for this coronavirus test that could increase Testing Capacity by thousands per day. I want to ask you about this rapid diagnostic test. First, let me get your take broadly speaking, tom, about the shortage that we are talking about in terms of healthcare equipment, healthcare devices. How significant is this given the fact that so many products are made in china . Well, for us, marie y weve been ramping up production and ensuring availability of not just the diagnostic tests but also devices like catheters, syringes, et cetera, and quite a bit of those type of products are made here in the u. S. There are certainly supply chains that come from china in areas like gowns, else. Speaking with industry peers, theres a tremendous amount of work happening right now to validate alternative sources and get products to the u. S. Maria you probably had seen competition from other companies that were getting their products from china and able to price it differently than you. I mean, this has obviously been an issue for your business in terms of production away from america for a long time, right . To some degree, we are a tremendous u. S. Exporter actually as an organization and we compete very well on that. What were most proud of is last night that submission of the diagnostic test for emergency use authorization, which as you said is going to increase capacity by thousands of tests per day. Thats on our vd max molecular system which weve got installed in hundreds of different locations in literally almost every state across the country. And what we see is going to be different here is that in addition to some of the assay thats are available is that bd maxes, these instruments, are mostly located in hospitals. What its going to allow as this test comes to market is for hospitals to do inhouse testing rather than send the test out and have to wait a day or two to get the results. Instead, they could have results in as soon as two to three hours. And we think can make a big difference. Maria thats going to make a big difference, this rapid diagnostic test. Whats involved . You were at the white house on friday with the president , discussing this. How is the administration how has the administration helped you and other Healthcare Companies find the solution and come up with this rapid test . Tell us whats involved in this test. Sure. So typically to develop a test like this it takes two, three years. And certainly the fda, the Trump Administration have really opened up the processes here and what typically takes several years is taking several weeks. Things that weve never seen move at this speed are now moving. So big kudos to the white house, administration, the fda, were seeing very, very strong collaboration across public and private sector. Maria is it a needle . Is it a swab . How does this rapid test work . You take a nasal swab, put it in a transport media, send that to the hospital who has the bd max, they put the sample on the max, close the door, press start and two to three hours later the result comes out. Maria terrific. Very easy to run. Maria we want to see these rapid tests in the marketplace as soon as possible. But we have to also recognize that once we have all of these tests and were getting the results within hours, were going to see a much higher number and were going to see a spike in the number of cases in the United States. Absolutely. Weve been working across from the moment this epidemic started, weve been working in china with our team there to respond. Weve been working in europe to respond there and were obviously very actively working to respond here in the u. S. Bd has a role not only in diagnostics but also in the treatment of coronavirus. Weve been ramping up products around the world for providing infusion pumps, iv sets, catheters, syringes, all basic products that are needed in the treatment of the disease as well. Maria how much of the product is made overseas . I was talking with one hospital guy the other day who said that the swabs come from italy. They do. Those swabs primarily italy is the source. Weve been working with the government to expedite the shipments of those into the u. S. A large number of the basic medical devices that i mentioned for infusion, et cetera, are made more in north america and other spaces. But certainly in other categories that bd doesnt participate in, there are a lot of products made in china and theres a lot of work right now going on across the industry to find different sources. Maria tom, is there anything else our viewers need to understand thats most important to you right now in terms of the product, in terms of the coronavirus, that you can share with us . No, i think certainly everyones hearing the need for social distancing, to limit travel, to stay isolated when possible and as weve been working from the very early days in china and in europe, i think that message cant be reinforced enough. Maria tom, great to have you on the program this morning. Thanks so much. Obviously were witching you the best. Thank you, maria. Maria the World Health Organization confirmed two staffers have tested positive for coronavirus at the World Health Organization. Connecticut Governor Ned Lamont says more than 200 healthcare workers in new york and connecticut have been put on leave due to possible exposure. Healthcare workers throughout the nation are in danger of exposure due a shortage of n95 face masks and a lack of testing. One of the reasons that the administration has been working with 3m to come up with more masks. President trump announcing new guidelines meanwhile designed to slow the spread of this highly contagious illness. The white house is advising all americans to avoid groups of 10 or more and urging Older Americans to stay home. The president suggesting we could be dealing with coronavirus for several months. It seems to me that if we do a really good job well not only hold the death down to a level that is much lower than the other way had we not done a good job, but people are talking about july, august, Something Like that. So it could be right in that period of time where i say it washes through, other people dont like that term. Well see what happens. But they think august. Maria americans are also being advised to stay away from bars, from food courts, from restaurants and to avoid any unnecessary travel. Meanwhile, the coronavirus bringing American Life to a standstill, the governor of new jersey imposed a curfew, calling a limit to nonessential travel. The garden state along with new york and connecticut have also closed all gyms, movie theaters, casinos, all to try to curb the outbreak and contain it. More than 7 Million People in the san Francisco Bay area have been ordered to shelter in place, thats expected to last until april 7th. No voting in the ohio primary, the governor closing polls in the state, citing an unacceptable risk of contracting coronavirus. Polls were due to open at 6 30 this morning. Ohio one of four states due to hold primaries today. Regeneron says they plan to start manufacturing of antibody therapy in midapril. The stock is up 15 this morning. Ill be speaking to the ceo next hour. Dont miss that important interview this morning. Quick break and then slowing the spread of the deadly coronavirus. How pharmaceutical giants are ramming up production to help ramping up production to help reduce the risk. Thats coming up. Our Retirement Plan with voya gives us confidence. So we can spend a bit today, knowing were prepared for tomorrow. Wow, do you think you overdid it maybe . Overdid what . Well planned, well invested, well protected. Voya. Be confident to and through retirement. The business of road trips. Adventure. And reconnecting. Modernized comfort inns and suites have been refreshed because our business is you. Get the lowest price guaranteed on all Choice Hotels when you book direct at choicehotels. Com. Theres a company thats talked than me jd power. People 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Maria welcome back. Flail companies are working to make testing for coronavirus more efficient, ramping up makeshift sites to get more people tested. Joining me now is tom moriarti. Thank you for joining us this morning. Thank you for having me. Maria you were at the white house meeting on friday. Tell us what cvs is doing right now, what the next steps are in terms of moving this forward. Well, maria, friday was an important step forward. As we looked at the situation, weve been asking ourselves the simple question, how do we leverage our scale and our unmatched capabilities in the communities where we are and how do we help our members, customers and patients and be a real resource. So as weve looked at it and the presence we have in the community, were taking a number of steps. First, were protecting access to medications by waiving delivery fees and easing restrictions on filling prescriptions. Were making telemedicine more ready available by waiving fees and encouraging patients to use this important benefit. Most importantly, were working with the administration, the governors, state, local officials on increasing frequency and the efficiency of the covid19 testing so these are all big steps and were happy to play a part tore the country. Maria tell me about that testing and how things have changed lets say in the last month. Because obviously initially we had a major issue with the testing where they didnt work. Thats right, maria. Over the last week, the end of last week and over the weekend roche and Thermo Fisher had new testing capabilities approved. What thats going to allow for is testing to take place in secure areas of parking lots, importantly not inside our stores and the individuals being tested will not have to leave their cars. So were prepared to activate the sites that we have, once fema and the other agencies provide testing supplies and the other support and testing protocols are established. Were in Constant Contact with the administration, with the governor as well as the local and state Health Officials here. Maria i imagine youre seeing an increase in sales in some key products, overthecounter products, certainly, even prescription drugs. Are you seeing a significant amount of shortages given that much of the product comes from china . Well, mary ya, a march mau know, were in pretty much every Community Across the country. It gives us a unique view into whats happening. Weve seen demand strikes across a wide range of items and categories, the face masks, hand sanitizer, wipes and gloves. Were in daily contact with suppliers and constantly restocking and while there may be spot outages, were pretty confident in our ability to continue stocking our stores for our patients and customers. Maria i mean, i think you make a good point. I went the other day to buy wipes and there were no wipes, right, and then other people were saying there are no masks, i cant find gloves. You have a confidence that the suppliers will keep that train moving as things get tougher in the coming weeks . We have that commitment, maria. Theyre ramping up continued production and adding shifts and really working hard to meet demand that is out there for all of the supplies. Maria given the demand that were seeing, have you raised prices in any way . What should viewers understand and patients understand when theyre dealing with cvs . Because this is a moment in time where some companies will use this opportunity to actually see the demand and hike prices. Well, maria, i think weve demonstrated over the years that we do the right thing for our customers, the patients, and so in any disaster or Emergency Response situation we have a protocol where we freeze our prices to where they were before the emergency or the disaster happened. So you will not see that happening at cvs pharmacies. Well continue having those products available for the patients and customers that were serving. Maria i know as long as i know cvs, your Leadership Team has gotten ahead of the wellness trend as well, trying to encourage employees not to smoke, to live healthy lives. Is this still one of your principles within the company . It absolutely is, maria. We made the decision to stop selling Tobacco Products back in 2014 because we recognize to become a Healthcare Company we had to align with the interest of the patients, the customers we serve. Our response to the opioid epidemic, the work we do in the communities each and every day and more recently our commitment to Public Housing and making investments in housing, because access to housing is a critical component of healthcare as we go forward. Maria todd, great to have you on the program this morning. Please stay in touch, come back soon so you can give us an update on all this. Very scary times for people. Thank you. Maria coming up, ill speak with the ceo of regeneron, the pharmaceutical giant announced moments ago advancements in its Antibody Program to fight coronavirus. We are going to talk about the treatment for this disease. Then, coronavirus biting into the Restaurant Business as well. Lady gagas father is here. He owns two restaurants in new york city. Ill ask him how his restaurants are fighting the pandemic. Back in a minute. Youve got it all. All this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. Mowing. Hauling. Mulching. Trenching. If its on the todo list, the 1 selling subcompact tractor in the u. S. Can do it. Versatile performancematched attachments. Legendary durability. Affordably priced. The kubota bx series. But shouldnt somebody this is be listening . Pression. So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. Maria no gym, no problem. Gyms and fitness apps are helping people stuck at home. Lauren simonetti with more on how people are not letting the virus affect their workout. That is good. Rob. Lauren if youre like me, youre eating more because were home more. Peloton is a ben fish yeahl benf that. Theyre offering a free 90 day trial. The stock is up about 7 right here, right now. It was up when the market was tanking yesterday. It was up over 12 . Heres the deal with peloton. Yes, you can get their expensive equipment at home and you can stream their classes that dont necessarily require equipment at home. But oppenheimer says, look, the price point might be the issue for them because their equipment is so expensive. If were headed towards recession, they may want to reconsider that right now. Planet fitness offering 20 minute streamed workouts, yoga studios are doing streaming, seeing a huge spike in people attending virtual classes and social media followings, as were talking about, after 9 11 there was a takeaway, after the financial crisis there was something that lasted. What about the coronavirus crisis, what lasts with us . Is it the fact that we do want this sense of togetherness, hence we can work out in a streamed format at home, do we just take that with us and dont go to the gym anymore . Is it all done at home . Is it more isolating in that sense . We dont know. That could be a takeaway here. As were talking about what parents can do to stay fit, to stay engaged in these trying times, what about kids. A lot of gyms are offering classes for kids that they can do on the computer as well. And then there is musicians, rambling dan griffith is a musician in new york, hes been entertaining kids for years. Take a look. We plan on making it better and better and better every single day. We ordered a bunch of equipment to get to our houses any day now, make sure the streams are as high quality as they can be. Right now we have parents asking for more and more and more. Lauren so hes offering these streamed classes. I thought we were going to show you him playing his music. Its great. Hes offering streamed classes. They say parents from 50 countries, tens of thousands of people are streaming what hes doing. So this is the new world order that we live in. Well see what sticks if we return to the actual class after this. Maria i think you make a really good point, lauren. Dagen, i want to get your take on this. As we continue to see people forced to change behavior, how much of this will they take . How will we work differently now Going Forward . Dont you think people working from home are going to say you know what, i can do this this way. Theyll actually shift the way they operate, the way they work, the way they work out too as lauren said. Dagen companies will be better prepared for an interruption of business, certainly, because anybody who didnt have a backup in place in their home will now have that in terms of performing their work, even for us here on television. But my expectation, my guess is there is a giant backlash to the isolation that we will experience in the coming weeks and months where people realize the benefits of being together in person and communicating facetoface, whether its in a place of worship, whether its in a bar or restaurant, in public gatherings. That is one of if really serious effects of this kind of shutdown in the economy and the isolation, the shelter in place if you will, is that people who are experiencing Mental Illness or depression or familial loss recently, that that isolation can actually turn into something much worse. I think it will be a giant backlash of where we realize that coming together actually means being together all in one place. Maria i get you. And i think thats right. Its definitely an important takeaway. I also think once things get easier to do from home, youre going to do it. I think this could actually change the way we work, if this goes on too long. Dagen at a much cheaper price, though. Maria thats what im saying. Dagen reduce wages. A psychiatrist who is trying to charge you his full rate and not see you in person, youre going to have to cut that by like dramatically. Maria that too. Dagen youre not seeing that yet. You know, maria, i think its so interesting because i think that airlines are actually going to see the backlash and the fallout because they people are not going to travel for business anymore many this is going to be such a lower cost solution for all of Business Owners to not have people traveling around. Maria thats right. Thats one outgrowth of it. When you start understanding how much cheaper it can be, well, fire up the video conferencing, lets do it this way. As in the past we were to say, well, maybe well do it that way, thats the last resort, now it may be first resort. I think youre going to see a lot of so it goes, a lot of these meetings that could have been emails, well find out where they could have been emails. To touch on dagens topic a minute ago, somebody put something up yesterday, if youre at home and youre feeling alone, reach out to ten or 15 people you havent talked to in over a year, try to reconnect people. Ive seen people putting snack snapshots on social media of all the conversations they have had with friends they havent had in a while. I think as much of a difficult time this is, its also going to bring a lot of people closer together like were an amazing, resilient country where people are going to look for the best in every situation. Look, i think were looking at the other side of this hopefully in a few weeks and not in few months. Dagen theres a lot of Research Done about communicating with someone over a phone or even video chat, its not the same thing as being around people, physically being close to them, that it can have a deleterious effect on the way the brain functions, particularly for elderly people and thats one concern as we go into this what could be a protracted shutdown in this country. Maria yeah. It could be. Thats certainly what it feels like. Thanks for that. Coming up, the coronavirus bites into the Restaurant Industry as well. Lady gagas father is here. He owns two restaurants in new york city. Hell tell me what his businesses are doing to combat the pandemic and how tough its been. Stay with us. In the Transportation Industry without knowing firsthandness the unique challenges in that sector . Coming out here, seeing the infrastructure firsthand, we can make better informed investment decisions. Thats why i go beyond the numbers. Like a hybrid with best in class epa estimated range of more than five hundred eighty two miles. And ford copilot 360 technology to help you outsmart some of the things youll encounter on the road. With more available second row leg room than a chevy suburban. This is the completely reimagined, street smart 2020 ford escape. Or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. Maria welcome back. Good tuesday morning, everybody. Thanks so much for joining us, im maria bartiromo. It is tuesday, march 17th. Your top stories right now, 7 3. The wild ride for investors rolls on, futures pointing to a big gain at the start of trading this morning although we are off of the best levels of the morning. Dow industrials up 147 points, coming off of the highs. Nasdaq up 99, s p up 15. This after the biggest one day point loss in history for the major averages. The dow industrials yesterday as you know plummeted, plunged 3,000 points as you can see. Now were at 20,188 on the dow industrials. Nasdaq was down 970 points and s p was down 324. Global markets this morning look like this after that drumming yesterday, Europe Markets have been searching for direction as more drastic measures are being taken to try to contain the spread of coronavirus. The fq100 in london is down 100 points, cac in paris down 75, and the dax index in germany is lower by 186. French president Emmanuel Macron says the eus external borders will be closed to travelers. In asia overnight markets were mixed. Worst performer was korea, kospi down 2 andahalf percent. Sorry, we are closed, coronavirus hitting the Restaurant Industry, bars and restaurants feeling the effect of this virus as businesses across the country are being forced to close their doors. President trump announcing guidelines yesterday. Avoid gathering in groups of more than 10 people. Avoid discretionary travel and avoid eating and drinking at bars, restaurants, and public food courts. Maria joining me right now is new york city Restaurant Owner and lady gagas father, joe jermenotta. Thank you for being here. Hi, mar maria, how have you been. Maria ive been well. I want to ask you first before we get into the issue youve been dealing with because of the Homeless People around your restaurants, first i want to ask about business in general since weve got these new guidelines in place, since this coronavirus situation first happened. What have you seen in terms of customers . Well, about two weeks ago we started seeing a dropoff in business. It started about 20, 30 and then it went to 40 and then 50 and as of last week, i mean, it was 70 off. Just people arent coming out and we tried everything. We posted some information about social distancing and our employees are wearing gloves and et cetera, et cetera, but quite frankly i understand the governors direction to close everything. It makes a lot of sense. And we all hope its temporary. But its really had a Significant Impact on not just sales, but the employees as well. I mean, theyre not making tips in the front of the house. Theyve got bills to pay. So all the stuff cascades downhill. Maria there are a lot of restaurants in new york as we both know. What would you say as a Restaurant Owner yourself, what would you say in terms of the percentage of restaurants that wont make it . Well, look, theres 20,000 plus restaurants in new york city. Ive got to believe the smaller operators like us, well probably maybe 30, 40 wont be able to cover it. It depends upon how long this goes on. If its a two week delay, its certainly manageable. If this is going to go on for three months, i just dont see how were going to be able to sustain paying employees and keeping them onboard. Maria of course. Have you had to lay off anybody yet . What are you doing with your employees . Well, you know, at joannes uptown, the italian restaurant, the kids have been with me for eight years. Theyre kind of like my children at this point. So i intend to just keep them on some type of stipend to keep them going. But downtown its a different situation at artburg. The mta yesterday served me a petition to throw me out. So theres probably going to be 35 people that are going to be laid off. Maria so let me talk about that because before the coronavirus outbreak you were dealing with a major homelessness crisis outside of your Grand Central restaurant. You as a result refused to pay rent and fees. Yesterday the mta filed these papers. Theyre requesting a final judgment of eviction to boot your business. Why dont you just pay up . Well, you know, this has been going on for a while. First off, the number thats in the petition is very, very overly inflated. All right. Its about 100,000 in total, okay. Im not the only one down there on the food concourse that stopped. Two others have stopped, one in september, one in october of last year. You know, its just its become intolerable, all right. The conditions are poor. The bathrooms are less than are truly less than what you would expect in a food concourse. Its continually dirty. They dont clean up, all right. Theres some test control problems down there that i dont want to go into. And so weve had this longstanding battle with the mta, not myself but just me, but several others as well. And theyre just they just dont want to hear it. They just dont care about the maria you tried to push back on them. Youve said, look, i need help to fix these problems. What kind of a response have you gotten . Because you actually raised the red flag on this a while ago. They knew this was coming. And yet now theyre filing any vicks notice to you an y vickeviction notice to you. We requested relief. This started the bad blood here i think all started when i went to the mta community, the board meeting, the finance committee meeting, where the public is able to speak and i gave a presentation and i said other cities have this under control, what theyve done is they created an area where homeless could congregate, they would provide a cup of coffee, maybe the store owners donate some food. I had offered up that as a solution. And the answer was no and no. All right. So subsequent to that, i met with them again and i said wait, are you guys going to do something about this because i cant afford to pay you 50,000 a month under these conditions. Were just not making enough money, all right, to pay all the bills, pay the employees. And their response has always been other people are making money down there. You know, the fact of the matter is, they wouldnt know because all we report are sales. They dont see net income. So its unfortunate but since ive been so vocal, this is clearly nobody else has received an eviction notice. I believe this is retaliatory and its just general harassment that, frankly, im disgusted. I was speaking to a couple other owners last night and frankly they want out too. Theyve had it. Maria how long can you do this . They want to evict you. They want you out. So how long can you continue this . Well, until i guess they come in and they the marshall comes in and takes over and takes the space. I mean, fortunately right now they filed the petition about a couple hours before the civil courts were closing for indefinite period of time. So i dont i couldnt even guess how long its going to take. Maria all right. We will leave it there. Joe, its good to talk with you. Best regards to your wonderful daughter who is doing incredibly well. Oh, thank you. Thank you. Both are. Im lucky to have stephanie, natalie and cynthia. And were just happy family. Were quarantined right now. Maria as are many people. Have you has anyone gotten the virus . No, no, no. Maria youre just selfquarantining, youre trying to be safe. Yeah. I think the right thing to do is stay out of crowds for two, three weeks and just stay at home, watch a lot of movies and relax with the family and hopefully this thing will blow over in about three weeks or a month. Maria this from a Restaurant Owner who is actually taking it on the bottom line, youre giving the right advice, joe. Good to see you this morning. Well see you soon. Thank you. Have a great day, maria. Maria and to you. The coronavirus still affecting sporting events meanwhile. Cheryl casone with that angle now. Cheryl. Cheryl thats right, maria. The Kentucky Derby is break ago 75 year tradition for the first time the race is not going to take place on the first sunday in may. Instead the horses are going to run september 5th. Nascar is postponing all races in its National Circuit through may 3rd. League says it plans to hold a full season once the schedule resumes. And following the cdcs recommendation on limiting gatherings, Major League Baseball is suspending all operations for at least eight weeks. Well, now to retail. Nordstroms is closing up shop over the outbreak, starting today all locations in the u. S. And canada are going to be shut down for the next two weeks. Nordstrom is pulling the fiscal 2020 forecast as a result. L brands also closing bath and body works, victorias secret and pink stores, thats going to be through at least march 29t march 29th. Nordstrom and l brands say employees are still going to get paid. There are those stocks in the premarket. L brands up 2 andahalf percent. Two major retailers are putting up the help wanted sign as americans face a growing number of closed stores from the coronavirus. Amazon will hire 100,000 people in the u. S. To deliver packages and work in its warehouses. Amazon also hiking its hourly wage by 2 an hour for its u. S. Workers along with pay raises for workers in europe and the u. K. Kroger is also looking to bring on hundreds of workers. As i send it back to you, i will tell you, joanne, the restaurant on the Upper West Side is wonderful. Ive been there many times. Maria me too. Its great. Thank you, cheryl. Weve got the ceo of regeneron coming up. Protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. narrator he loves monday through friday but lives for the weekend. Hes put some miles on his truck, and now its time for something new, so he came here and saw what other people paid for the same truck he wants. Now he can recognize a great price. It was so easy, chet was in and out and got right on back to the life he loves. True car. Buy smarter. Drive happier. Maria welcome back. This fox business alert right now, regeneron announcing it has made advances in its Antibody Program to fight coronavirus. The company says it has identified hundreds of antibodies that could treat the virus and it plans to start Clinical Trials by early summer. The stock is soaring this morning on the news. Its up 10 right now. Ill be speaking with the ceo coming up. The ceo of regeneron joins us in the next hour. Do not miss this important interview coming up. First, Grocery Stores adjusting to new normal amid the coronavirus pandemic. Kristina partsinevolos has the latest. Shes at a Family Supermarket north of new york city. Reporter im at this chico and sons, they have eight locations across the country. People started waiting in line to get into the store first, these are people that are either 62 years or older or have a breathing issue. Can see from the line over here, theres over about 22 people in line, based off what i counted. The store will open in less than 10 minutes. Lets go inside so we could see that it is fully stocked. A lot of people have entered this panichoarding mode. They told me theyve been working around the clock, staff has been here since 3 00 in the morning. I asked, are you short of any type of product, especially toilet paper. For some reason, everybody seems to be buying up all the toilet paper. They told me if anything, no, they actually need an extra shelf. Theyre fully stocked. Theyve been sanitizing the store. This seems to be a slowing trend with a lot of grow sers in the grocer in the country. Stop and shop will launch an Early Program for the elderly, between 6 00 and 7 00 a. M. So you can go grocery shoping in the morning, maintain that social distancing. Thats the problem with a lot of people here, they want to maintain the distance or they have a breathing system as well, so they dont catch anything. Its a great initiative. You can see these Stores Across the country, theyre starting to do this as we maintain our distance during these trying times. Back to you marksly maria. Maria absolutely. I love the fact theyre making available shopping for the elderly of before everyone else comes in. Kristina partsinevolos, great story there. Coming up, the top questions you should be asking your Financial Advisor in the face of all of these declines and the deadly coronavirus sparking a wave of market uncertainty. Its all coming up, right here. Good morning oh no, here comes the neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. Maria welcome back. Protecting yourself amidst the market volatility, the coronavirus outbreak has many worried about their future. We have news on background that we could see action from the Federal Reserve today in the way of shortterm credit for businesses. That could be one stabilization for this market. And thats certainly something well be watching for any new action from the Federal Reserve on credit for Small Businesses. Joining me now is the author of everyday mill millionaires, fil expert chris hogan is here. 3,000 points lower yesterday, extraordinary responses from the Federal Reserve, the federal government. Obviously were in an emergency situation. What do you tell a longterm investor today. I think the biggest thing is to understand exactly the landscape of whats going on. But more importantly, weve got to control three things. And it really boils down to our attitude, our outlook, as well as our actions. And if we control those three things, what we can do is keep some normalcy in our lives amidst all the chaos. Looking at this and really taking a deep breath and understanding theres three things you want to protect. You want to protect your emotions, you want to protect your investment, but also your future. By emotions what i mean is lets not obsess about whats going on. Its really important to understand that fear is real, but youve got to remember your goals. And so what you want to of toys understanding investing is like riding the roller coaster. There will be ups and downs. Looking at your investments, understanding being diversified allows you to be prepared for the future. You dont want to make any withdrawals. This is something im talking about on my show as well. For people just to remain calm and remain clear. When it comes to protecting your future, we know weve got to grow our money. Inflation is very, very real but compound interest is one of our best friends and it will help us grow money. Maria i know, chris. But look, im the biggest saver there is. I always look at the longterm. I never sell. But if im going to see consistent 3,000 point selloffs, 1,000 here, 1,000 there, 3,000 yesterday, maybe i want to get rid of some stock and come back to this market when things settle out. Theres nothing wrong with taking profit. Oh, not at all. And i think thats why, maria, its important to reach out to your investment professional. It depends on your time frame, your goals, what it is youre looking to accomplish. Understanding diversification is crucial. Youre right, if youre in single stocks which i dont recommend because of the volatility, you definitely want to sit down with your investor professional and talk about making changes. Maria look, im not just talking about single stocks. I own etfs. Do i want to get out of my etfs now and wait until this sort of settles out and come back in a year or do i just want to ride this out . Well, im telling people to ride it out. As i look back at the prior things with sars and even 9 11, as you look, when the market is down, if youre investing consistently, youre getting things while theyre on sale. We all know history proves to us its going to come back. The big question mark is when. Im encouraging people to stay consistent, keep investing 15 of your income and stay clear. Maria and i think its important to understand you always want to reassess where are the risks. You know what . I think im going to ride it out, chris. Ill see you soon. Thats a good call, maria. Maria chris hogan. We have the ceo of regeneron up next. Stay with us. A fence. A barn. An arena. More fence. And hay. Lots of hay. So you need a tractor built to do it all. And do it right. You need the power to handle anything. You need versatile performance matchedattachments. You need the 1 selling compact tractor for a decade. The kubota l series tractors. whistling maria good tuesday morning. Thanks for joining us. Im maria bartiromo. Tuesday, march 17 happy st. Paddys day top stories 8 00 a. M. On the east coast coronavirus pandemic we may be headed into if recession as a result pandemic could stretch into summertime the president said white house releasing guidelines to slow the spread of the adviser within next 15 days including for the next 15 days, white house recommended not to be in groups of more than 10 people, more countries he closing borders trying to contain the spread of the virus amazon is looking to liar are workers, 1200,000 workers, and Major Grocery chains adding jobs to keep up demand real demand in pockets of this economy, wild ride for investors rolls on futures, as you can see, are way off the highs of the morning, we are looking at gain for the dow just 38 points, we had been off in hundreds. Nasdaq 4u7 3 s p negative, it is down 1 3 4 pointss expending plummeting yesterday yesterday was a tough at a, dow, nasdaq s p 500 biggest one day point decline in history dow down almost 3,000 points on the session, 13 , primary day for states but not ohio anymore the governor ordering polling locations to stay closed, voting still taking place today in arizona florida illinois. Mornings with maria is live right now. Checking markets Global Markets down across the board european markets searching for direction, as more drastic measures are taken to try to contain the spread of coronavirus ft 100 down 2 107 points lower the cac quarante in paris down 69, french president macron says Eu External Borders will be closed to travelers, dax in germany 175 points that is 2 lower in asia overnight markets mixed worst korea kospi index down 2 1 2 , as you can see, top story breakthrough in fight against coronavirus, regeneron announcing new about these advances in Antibody Program, saying that it will has identified hundreds of 80 bodies that antibodies could dreet plans to start Clinical Trials early summer up 8 and 2 thursday persons follows partnership with sin offi will begin trials in new york by joen in first on fox interview, is founder president ceo of regeneron dr. Leonard schleifer. Great to have you thanks very much for joining us onnon thanks for having me. Maria we want to hear wonderful news that you are bringing i think the world needs to hear this, tell us, about the breakthrough, on your coronavirus drug, and where you stand with that today. On the phone . As you might imagine no matter what crisis is you need a strategy to deal with it, the innovate industry biopharmaceutical industry taking three approaches first what do we have on the shelf, ready to deploy that might make a difference. And in that vein people are trying antivirals we hope might work trying a drug we hope might block the havoc this virus workweeks on lounges it causes tremendous damage we are hoping this inflammatory damage to lungs mys be blocked by this drug, we had encouraging news about that, out of china, from a similar drug made by roach so we are looking, in fact we started testing, in the United States, on that. So we will see how that goes. Beyond what is already on the shelf, one has to come up with something rapidly that might be able to attack this virus the news today, basically, your comooin sm makes antibodies to deal with advisers if we come up with vaccine can get immune systems fired up to make antibodies that takes time ongoing but that is down the road. In the meantime, regeneron has a way of giving people the antibodies they might make from a vaccine, by giving them antibodies that we have developed in mice that chief scientific officer discover dwelled make human antibodies our team as soon as we saw this new virus popping up they went into rapidly response mode and now we have already gotten hundreds of neutralizing antibodies can neutralize thisv as we test them in test tubes we are scaling up as fast as we can, we hope to be in clinical testing sometime in june, and manufacturing hundreds of thousands of preventatives does by end of summer. Testing on mice tell me reaction what response you saw. No, so let me be clear we inject a piece of the virus it is not the entire living virus inject a piece of the virus into the mice we show these mice make neutralizing antibodies take antibodies out we can show in a very simple test when you make a virus particle a pseudovirus we show that it cant ineffect the criminal that it would otherwise if we expose neutralizing antibodies that is what we have done, by the way, it is exactly what we did with ebola we have a very high degree of confidence came up with a lifesaving treatment for ebola under review at fda blushed in the new he think glan journal taking a piece of ebola virus inject into magical mice find theing antibodies giving to patients in congo showed overwhelmingly effective. You have have had the rapidly approach begins miles an hour virus about fast approach through fda how sooning do you think you can get Something Like this on market once you continue to see success . Are you looking at trying to fast track this are you gets that kind of help from fda . Yeah governments role, as regulator facilitator has been terrific we worked amazingly closely with fda antivirus group to get into sclinl trials started yesterday know they are going to work hard with us to make sure we do this in a rigorous way incredibly rapidly way Janet Woodcock as the team o we dont a Great Partnership in government, barter has been fabulous, a division out of hhs. And theyve word worked with us facilitate to clear the decks to scale up manufacturing. So they have been great, with locally Governor Cuomo has really been helpful got trial up going new where patients with in new york faster than itch seen a trial going on so i dont think government has been to us at least thus far people we deal with fda barter local state administration i have been in touch, with dr. Dixon on corn Corona Task Force nothing but cooperation thus far. Maria listen to you gives such optimism, len you are on front lines developing this at a time of real need. I know youve got youve identified lead antibody candidates came to have 200,000 hes does by end of summer is that realistic when do you think you can get this treatment out on the market. On the phone i think end of the summer we can start rolling out the 200,000 or hundreds of thousands maybe more if we can do a little you maneuvering of manufacturing capacity and maybe enlist others who have capacity if need be where we can get as much out as possible the testing will start, obviously, in beginning of the summer, i hope that goes pretty quickly we have a pretty good press dent here the exact same approach we used with, a even more deadly virus, ebola. And that was published new england journal that trial was stopped because our absent body cocktail was overwhelmingly effective we have used the same approach to make other antibody drugs we know this works continue why yously delivered there is causes for optimism this is biology things can go awry we have a team of people coming to work working in labs working in manufacturing, frankly risking health fundraising to hear some criticism about our industry, and certainly we go astray i know our people are so dedicated, focused on one thing, trying to help be a solution, to this pandemic. Maria from your standpoint, how do you see things right now we are expecting the next two or three weeks to be ugly in terms of number of cases in the United States. What is your take on everything we have seen because your coming from a different standpoint than everybody else, iractually seeing the front lines what can be done to fix this. On the phone yeah, you raise very good question, of course, you covered it on your channel and elsewhere which is that are we just a few weeks behind italy . Or are we going to change that curve the reason for social distancing in my opinion the reason weve got to basically grind ourselves to a halt is because we cannot handle everybody getting sick at once. May not change the fact over next year or two more than half of us by some estimates i have seen will be getting sick with virus hopeful most recovery but if it all happens at once the way in italy, that would be a catastrophe our state deposit looking around the clock to feel with finding icu beds getting materials they media. We cannot ro overwhelm the system we are hopeful have to see where first trial can treat some very sick people preventative them from needing respirators, it would be tragedy beyond belief if in setting like italy where we had to make decisions lif and diet treeage decisions because we didnt have enough respirators for example we cant have that that is what we fear why of those us can make apple difference on drug on the front are working around the clock. Why are we in the position why we have limited amounts of ventilators, medical equipment, and, of course, prescription drugs how frustrating is it to to have to get these active ingredients to actually put something on the market you have to get them from china . On the phone that is frustrating, weve taken approach for example you take our life our excuse me our site saving eylea you maker we have supply ready to go just for the a catastrophe like this should supply not no even from awhat if earthquake hits total disruption, we keep multiyears of supply of a drug like that, and i think, thinking along those lines, down the road make sure, that we are well stocked, that the companies that sell products, important products like eylea keep them well stocked. Something you said a moment ago you said, we will probably see half americans get coronavirus, that is pretty much the estimate, 47 or more. Of americans are going to contract coronavirus the symptoms range depending on your own makeup, age et cetera, are the second juices for drug that you are looking at in terms of applying them for coronavirus, what has been the impact of things like high fever . And and lung capacity . Because these are real issues with coronavirus. On the phone yes there is a report that came out of china, with a drug in the what we call you will the il6 class blocks interthe lukin6, 20 patients irritate was uncontrolled, but maybe 21 but all of them within 24 hours fever went away, and most of them according to the report, lung capacity their ability to oxygenate approved that is sort a miracle we are being look for we need hard scientific evidence, unfortunately there are so many patients in hospital we hope we can get that kind of evidence very quickly. Just like ability to top people needing recess operateors think about that would be a tremendous impact, on what were facing. Terrific nice len we hope you come back continue to give updates we look forward to summertime when you feel you can get this on the market thanks so much for joining us, Len Schleifer ceo regeneron big news dh morning in terms of therapeutics there, the deadly coronavirus sparking market uncertainty ceo regeneron delegate me they are aiming to have treatment on market by the end of the summer we check markets when we come back breaking news on what secretary mnuchin wants to see from congress. Stay with us. Go beyond the numbers to examine Investment Opportunities firsthand, like innovations in agricultural research. Because your investments deserve the full story. T. Rowe price invest with confidence. Do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on all we need is someone to lean on can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . 1 in 3 deaths is caused by cardiovascular disease. Millions of patients are treated with statinsbut up to 75 persistent cardiovascular risk still remains. Many have turned to fish oil supplements. Others, fenofibrates or niacin. But heres a number you should take to heart zerothe number of fda approvals these products have, when added to statins, to reduce the risk of cardiovascular disease. Ask your doctor about an advancement in prescription therapies with proven protection. Visit truetoyourheart. Com pandemic futures higher up 222 points yoosios nasdaq up 103 s p up 25 dow industrials suffering he worstpoint loss in history, plunging 3,000 points yesterday that was worst percentage decline since 1978 crash, we are talking about a decline President Trump weighed in how virus will impact the economy yesterday. Well it may be we are not thinking in terms of recession we are thinking in terms of virus. I think a tremendous pentup demand in terms of the stock market and in terms of the economy once this goes away goes through we are done with it will i think you are going to sea tremendous surge. Talk about that joining us right now alliance chief Economic Advisory Mohamed Elerian. And jason trener thank you so much for being here. A report says treasury secretary mnuchin seeking 850 billion dollars stimulus package jason you are terrifying to this as tarp in 2008 financial crisis. Tarp like i think important thing here youve got phase one, deal, to get some money into the economy, are there are talking about phase two more like paid leave, things like unemployment insurance, this is is though the biggie would provide liquidity and for lack of better term bridge loan to the industry that are at ground zero, of this of this virus i think it is necessary. I think we are all keynesians in p a way those as opposed within administration, as far as being too keynesian are onboard time government stimulus would make a lot of sense i agree whole heartilyly. Have mohamed this is part of threepronged strategy for white house want relief to individuals giving paid sick leave major fiscal stimulus payroll tax cut now this specific assistance hit hard 850billiondollar package how is that o going to apply knee not sure politically economically will do two things not a third, a, will help protect the most vulnerable segments of society, and most strategically important sectors. That is really important. We have to minimize the damage. B, it is going to help Balance Sheets going to help people navigate financially through massive stock exogenous imposed on us what it will not do unfortunately, we have to be very honest about will not reactivate Economic Activity the ren people are not engaged in normal Economic Activity is not a lack of ability to engage it is willingness it is fear. So we need help advances in order to do that important in doing two things you also have to understand that for now for now the third one is going to approve elusive. You make good point, any of these things are going to be elusive, are 150 basis point cut fed funds rate two weeks not getting me to buy more stuff 508 billion dollars stimulus package is not gets me to get on plane; right . Yeah, ive been very critical, unusually critical i tend to be very diplomatic dont like to be directive when i told people dont apply dips that was strong feeling i had, also over the weekend, when i said that i was baffled upset with what fed did the reason why is right now we should be laserfocused on market failures the time will come for general stimulus policies right now wont be effective for the if reasons you cited, for example, today, in the financial markets, we have a problem with the commercial paper mark problems especiallyv if we not careful, maria i want to stress this if we are not careful, crisis that unlike 2008 did not start in the banking system, did not start in the payments and system will end up there we need to make sure that we address markets in a very focused manner, before they become a problem they need not become a problem we can about bounce back quickly from this shock, as long as we dont self infect wounds. A what do you think. I think mohamed is right the issue really is that for right now this is more of a liquidity issue issue than solvency not handled properly the liquidity issue can become, very seriously solvency issue for a lot of companies i am not as critical of the fed mainly because, the entire idea yield curve below federal funds rate implicit tightening fed had to do what it did i am very much in agreement with mohamed commercial paper where rubber meets the road the fed has to turn focus in working with Treasury Department to do as much as they can to shore up, the credit markets yesterday was very bad in credit markets both for investment grade, and high yield, and those are very indicative of recession if we are lucky this will be a short term and sharp recession i also agree that this is this can only do so much, real progress, in bending curve as everyone is saying as far as virus is concerned, in conjunction with economic actions really do a lot to restore Investor Confidence economic confidence. How do you shore up the Credit System then . What is most important issue there then. The most important issue would be fed working in my opinion the fed working with the Treasury Department, particularly on an emergency stabilization act with is as far as commercial paper is concerned there were some, things that the fed and other other agencies could do, that were taken away during doddfrank they should be able to reimpose reintroduce right now might shore up confidence in savings accountabilities money market accounts seemed proponent after finance minister crisis but right now seems to me all handson deduct. Other thing this came out at us so fast mohamed, we were talking about coronavirus in january coming out of china. A lot of people were wondering how severe would it be, impacting the supply chain parts shortages, et cetera. But now we are talking about lockdowns certain cities dont go out, groupss with 10 people, i mean this has come at us fast. And obviously, markets have moved along with it. Yes and remember maria, it is a month ago that i told you remember the difference between a financial sudden stop 2008, and economic sudden stop what we are experiencing now financial stop hits you hard immediately, everything gets paralyzed but actually easier to solve, and economic sudden stop cascades it starts slowly, and what has happened over the last few days, over the weekend, really, we have reached critical mass, so now we have the overwhelm Global Economy subject to economic sudden stop, things just stop. We are in if a system that is not wired for this we are wired for ever closer intent integration. Economic sudden stop perception that policies ineffective third we have lost central bank put, so those three things, are really critical. Maria jason what about that, what else can fed do with a kind of policies you have studied policies so long. Listen i think in my opinion there is the fed has unlittle bit bullets, and they are not bullets that you want to use as far as quantitative easing is concerned, we obviously the fed Balance Sheets from the financial crisis, from 800 billion to offer four trillion it seems to me going to be a lot higher so i might just take a little bit of an issue with that. There is not not much fed can do aside from increase the size of Balance Sheet might have to consider buying other types of assets other than treasurys and mortgagebacked securities. Retail sales after this daybreak Mohamed Elerian great to see you. Thank you so much february retail sales right after this. While the world keeps fighting for your attention. Well keep building smarter suvs. To help keep you focused on the road ahead. And. The road beside. Did we mention the road ahead. With an available best in class. Epa estimated combined fuel economy and the technology to practically park itself. This is the reimagined 2020 ford escape. Futures edging higher up 244 points one 1 4 nasdaq up 105 s p up 23 we are waiting on retail sales for the february here with jason and Dagen Mcdowell want to bring attention to something Goldman Sachs is saying Goldman Sachs pension rebalance estimates, 184 billion dollars equities to buy, as of the close of monday, march 16 desk they are ethical model based assumption estimates net 148 billion u. S. Equities to buy from calendar based flow given moves in equities bonds over the quarter reaction jason . It makes some sense to the extent if Interest Rates go close to zero no chance of many Pension Funds getting or meeting return assumptions average public pension plan United States has return sellings next 10 years 7. 6 , when 10year treasury yields up 75 basis points it is impossible to will get there without buying is riskier assets unless you take investment return subjects down creates over systemic retail sales weakerthanexpected, Lauren Simonetti with numbers. That is right we are expecting a gain of 10 got decline of half of 1 for the month february, take out the auto sector down. 4 , gasoline down 2. 8 , this is february, maria, this is the murn where people were starting to get nervous about what would come with the coronavirus pandemic we started to see that bifurcated market, prepping mentality. That probably boonld as discretionary started to fall will fall more as now we are in month of march, so we are seeing stores nordstrom j. Crew chicos close we are seeing Companies Amazon higher because people are turning to online delivery not only hiring workers they are adding to hours this retail sales report market came down a little bit on report up 230 looking at dow before number hit tape now worse than coupled dow up 185 points. Maria Dagen Mcdowell we are expecting a tough number we got 5 10 decline ail Stores Closing retail one of the Hard Hit Industries. There is no way to know what numbers are going to look like in the coming months, i am curious to get jasons reaction to this because stimulus package talking about to be proposed by treasury secretary Steve Mnuchin 850 billion dollars, i would expect brings total stimulus including first 8 billion or so in funding, and current one should be passed by senate, to about 1 trillion dollars. We could get multiples of that because we have never really seen correct me if wrong an economy that is shut down, where businesses and individuals needed to be made liquid and solvent by the federal government, this happened in a matter of days. This is not a a slowmoving storm, over the weekend, state after state after state said all restaurants closed except takeout all gyms closing retailers closing bars all closing unprecedented is it not. Absolutely unprecedented that you see a demand shock of this of this level you have seen supply shocks, oil embargo perhaps to a certain extent 9 11 this is unprecedented i would urge argue again that in terms of some of the widely held believes i am conservative free market person, do i think there are times canesian keynesian economics can work one of those times a lot of doctrinaire views are going by the way side if you dont do as much as you can now, there may not be much economy left, also 10year treasury yields i mengz 5 basis points last i saw. The costs of funding, deficit spending right now are extremely low, and the secretary mnuchin talked about 50 year bond, 100 year bond in my opinion this would be absolutely the right time to issue a very long term bond god knows there is an enormous demand 15 trillion dollars negative debt up there people would line up around the block to buy. It youve got delta american right now needing Short Term Loans they want money help the cruise industry wants help, where is this going. Listen maria you and i have a very similar i think political point of view i am not a big fan of bailouts but, again, i would think this is more of a bridge loan, as opposed to bailout. And that would to me might, set aside fears because going to be a grab bag, but this is the time, if you are going to do it. I agree with you. Im the wall street journal in editorial a kind of calling on kevins arguments monday from journal talks about Federal Reserve, using the authority to create a facility that would allow companies that would with essential lend to all of these industries, making asset backed loans would need permission fed would from Treasury Department to do this but wouldnt be loans to just banks Financial Institutions it would be all Hard Hit Industries pulling up collateral in airline if fed was operating it, ultimately remove the politicization or political input from people in congress about picking winners and losers here. But this is a this is a shock to the economy. We our economy runs on Multiplier Effect you go into a restaurant, the waiters get tipped people in kitchen get paid, then they go out and spend. And when you slam the brakes on the velocity of money, the effects are catastrophic, and that is why washington needs to work a great deal faster, than their moving right now, that is one of the reasons that you saw that massive selloff yesterday. One of the reasons you got Steven Mnuchin saying wants 850billiondollar stimulus package going to congress for it Jackie Deangelis on wall street first michaelly comments you heard 850 billion dollars ask from mnuchin according to politico also story this morning i am getting from a source says Goldman Sachs pension rebalance estimates, catalyze 184 billion dollars of equities to bring. Obviously, pension tundz need to pick a make targets your reaction to both. A few things getting samestore sales 15 minutes 8 50, that will be a great indicator for how consumer is doing that is a weektoweek number a constant number look at that versus monthly retrial because we are not seeing another one for a month, the next, to touch on jasons topic, in credit spreaders borrowing vix alltime high equity volatility spikes so do spreads credit spreads have not moved in accordance with equity volatility it is starting to catch up now take out energy nowhere near there what we need what the treasury needs what the administration needs, is to i settle the equity market down we need buying to come in, we need equity about the prices to stabilize maybe even rally a little bit here so that we dont get into a solvency liquidity cries is to hopefully Goldman Sachs is right i think 850 billion, sounds like a good number, hopefully wont need more than that wait to see as details come out. Maria all right. I add much of this 850 billion that we are talking about, the treasury secretary proposing, much of it a large part of it would be the payroll tax tax cut but they also need to think about, where people arent working. People have been laid off furloughed nordstrom can may be afford to pay people a couple weeks apple has about a quarter of a trillion dollars in cash on its books, it can shut down stores and still pay people, but restaurants, the bars, cannot pay individuals, not working payroll tax cut does nothing for them, it dose stimulus does nothing for business that is simply not operating. If it is based on them being open for business, do they also need to target have strategic targeting of of these people who literally have no cash flow, economy cannot exist like that. Maria i think we are going to hear more of that and related to that, because you got all handson deck we got, support, stimulus coming from all ends that is why this market is trying to rebound up 230 points after that 3,000 point he o selloff yesterday get to jackie deanning a list in the middle of it all floor of New York Stock Exchange with more good morning to you. That is right the market is trying to rebound traders here crossing fingers, that today will be a little bit more of a positive at a after that massive selloff yesterday futures up 206 points there is a couple of contrary indicators here, you he look at vix, spiking, to levels we have not seen if quite sometime. 81, in terms of vix right there, then that is fear volatility gauge then look at 10year note, see, that there is somes stabilization there, the bond markets something traders look to making decisions, so not clear exactly what is going to happen today but to make a point to your retail sales, conversation, there, that drop in february and what to expect as we go forward, nordstrom are closing u. S. Retail sales because of coronavirus withdrawing 2020 outlook ceo saying there is a deceleration in consumer demand the fact doesnt want to be part of bringing people into common areas where they can spread virus l brands doing same kind of thing parent of victorias secret, and bath and body works makes a while to see impact of this it is something to watch other note i will add on the floor of the New York Stock Exchange, they are taking temperatures, i got my stamp that mes you dont have a temperature you can operate business as usual, that is an extra precaution in knew world we are living in that you may see a bunch of different places guys. Maria that is incredible, i we were looking at that yesterday when you walked in get your temperature taken jackie thank you Jackie Deangelis, of course, i am here, with jason, are Dagen Mcdowell michael lee people keep saying we dont want to be italy jason, i mean you know u. S. Is trying to get ahead of this in terms of this situation we just saw in italy i think that is one of the reasons, that the fed did that emergency cut over weekend they saw what was going on in it willly said we got to get highwayed of that now we see europe the peak. I think, i think italy was italy was ahead of us, we can take that to our advantage one main thing italy learned ildz during crisis social distancing is key unfortunately for italy had to go through that first we can learn, from from their experience, i think, you know a lot of this there will be time to assign blame later i dont think particularly useful, this is just one of these things everyone hit blindsided we have to learn from each other. Go to italy right now more than 2000 people dead nearly 30,000 cases in italy, next guess can 135e78 about with itly lenore hawk invincible cake coin lake como. What can you tell us. Situation best described by video post by Italian Senate member 57, facing cancer, and put into a video post, i too would like to take a walk. But it might be my last. That is what the sensation is here, the country really get starting to struggling, the lockdown is getting more firm, now if you walk out of your house at all you need to have printed out a sheet of paper that explains what you are doing you can go to the stores but that is about it to get food. And we are facing some struggles with infrastructure here, youve got logistics businesses that are really having a tough time they are not able to get a lot is because of Truck Drivers, part of that is a lot of Truck Drivers come from Eastern Europe those Eastern Europeans do not want to come here understood standbly. A big Close Partnership between italy and china. Over the last couple of years, there was a lot of travel going backandforth, isnt that right . Yeah. And iran. So we are not really sure which direction it came from italy given geography a good stopping point for shipments to and from middle east. It is jason i wondered if you can talk about globalization, and about sal vine salvini in my opinion this is a big hit to concept of globalization, and, clearly, i think it it probably supports a lot of the populous movements around the world i wonder if you can talk about political situation on the ground there. Yeah, the there is so much frustration here right now, because the government is making these grand soothing gestures to help Large Businesses as alitalia nationalized putting 670 million into it, there is very little talk about what to give individual people. And italy is different from United States, in that you see a lot of very large multirlz issue about nationals the rest small mom and pop how are people working there getting by not a lot said about what is going to how that is going to be helped. The tough thing globalization, that you were saying, is these supply chains are following apart what does that mean for the country Going Forward. We have been talking about no activity in china. And that that already is enough to say we are going to see recession in u. S. , throw on italy on that. Throw on spain. France, iran, et cetera, keep throwing it all on in terms of no Economic Activity, looks like headed he for serious headwinds lenore thank you please stay safe thanks for joining us this morning, more mornings with maria right after this. 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. Do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on all we need is someone to lean on apps except work. 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Maria thick and fast news developments, we are hearing now about an 850billiondollar plan phase three of the rescue operation, looks to me like we are going to have mother of all bailouts i hate to use that word, lets call it mother of all rescue plan i hope weve got more details on that as we go through the show today, 10 30 very important, the latest briefing on virus from the Vice President pence, we want to know what new restrictions might be imposed and what is going on on the drug front, we noticed regeneron a treatment and prevention of the drug lets see the latest about that sounds promising, it is st. Patricks day yesterday we still have bars in some states open, i noticed beaches in florida packed with millennials, is is that responsible . Have weve got that you will coming up today maria news is just changing thick and fast. Maria sure is. All the came cant keep up but we jool spoke with ceo of regeneron maybe you saw interview said he was going to try to have that on marketing by end of summer good stuff there we will see you top of the hour you will have a lot more on it millions of restaurants employees out of work as Coronavirus Outbreak Forces restaurant clous a chef is going to join me to tell us a little about it back in a minute. And they lived happily ever after. The end. The end might not be as happy as you think. After all, 4 out of 5 people who have a stroke, their first symptom is a stroke but the good news is you can rewrite your ending and get screened for stroke and cardiovascular disease. Life line screening is the easy and affordable way to make you aware of undetected Health Problems before they hurt you. We use Ultrasound Technology to literally look inside your arteries for plaque that builds up as you age and increases your risk for stroke and heart disease. 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Uncertainty what is going on with how long this could last, is is troublesome for leads to fear, you know a lot of people laid off in my company as well as other restaurants is to just you know it is puzzling really is, we are trying to do our best, with what we have, curb side pickup talkout is really a fraction of business again you dont have sales of it keeps a couple people employed 90 laid off. My husband went to restaurant last night to pick up for us wouldnt allow us to have a drink at bar and wait no congregating at all i guess you can take liquor out button of the biggest tickets liquor for restaurants. Liquor you can take out somewhat helpful but, again, even takeout business in general the restaurants, is just it is it is a a plut of hope but not going to help anybody really stay in business. We are going to try everything, the restaurant workers the Restaurant Owners resilient been through a lot through my career from 9 11 to sandy on easemethe east coast w seem to bounce back interesting to see how this plays out. Maria i know you are, i know youve got all restaurants, to really see what is happening out there, youve seen lots of cycles before how many restaurants a lot of restaurants in new york you know that dave, how many restaurants do you think will have to close doors, and go bankrupt or out of business. The business runs on slim margins some of us weathered minimum wage increase took a big chunk out of our bottom line the good operators people with decent leases in business, now this is another kick in the gut, so this will be a tough one, i would imagine that the restaurants that reopen will probably a third of them wont reopen at least the way they were with right concept costs to close down loss of product we have to restock reopen rehire retrain, expenses on both sides, closing and reopening. You make a really good point i am glad you made it, the cost of closing down is as is as troublesome as anything, david good to see you wish you the best as always, we will get update from you soon, stay with us back in a moment. The allnew silverado hd adds to the legendary capability of the strongest, most advanced silverados ever. With best in class Camera Technology and larger, more functional beds than any competitor. The only truck that can compare to a silverado is another silverado. 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I think people are hoarding ahead of the quarantine, selfimposed quarantine. Also, i think dagen is right a payroll tax cut is not going to be enough. Maria jason . The good news is the federal government and the fed are on the case and they will provide as much liquidity and aid as possible. Maria we got all hands on deck. You need to keep money moving through the economy and make people liquid and solvent, individuals and businesses, period. Maria have a great day. Thanks for a fantastic panel. Varney Company Begins right now. Stu, take it away. Stuart maria, thank you. Good morning. Good morning, everyone. Its st. Patricks day but you would hardly know it. Strange days indeed. A 3,000 point drop tuesday, not much of a bounce at the open today. Everybodys looking for the bottom. Where is it . The dow right now is at the 20,000 level. That means its down 9,000 points in roughly four weeks. That is a major selloff. The dow this morning will be up maybe 270 but futures have been all over the place. Nasdaq up 130, s p up 32 but that could probably change before we ring that opening bell. By the way, the