Good friday morning. Welcome to squawk alley. Im Carl Quintanilla with Morgan Brennan at post 9 of the new york stock exchange. Jon fortt has the day off. Weve cut our losses in half since the open, although oil is approaching below 42 know v now as the opec meeting continues. Well begin with the mornings markets, the dow falling again but well off the lows, down about 380 points. Mark mahane knjoins us live alo with mark just in the internet space, the fact that so many investors are trying to game out what the impact here of covid19 could actually be on the sector. How are you gauging, how are you assessing risk versus reward within your coverage okay. We had a pretty significant data point this week. We had the ceo or the cfo of Companies Like uber, lyft, and Google Alphabet all present at an Investor Conference this week i think what we heard from all of them is not yet a Material Impact lyft said they were seeing a small positive impact because people were leaving Public Transport
We look at Dollar Strength and yields moving. Taylor if you blink, you missed it yesterday we had the fourth halt on the s p 500. Down p fell 7 and it shut for 15 minutes or so. We were able to close off of the lower bound. The bloomberg Dollar Strength also hitting a record. Cash is king. Francine we will talk a lot more about that. Its get straight to the bloomberg first word news. Senate passings. The second major Coronavirus Relief bill, President Trump signed any it into law signing it into law. Lawmakers are rushing to come up with phase three, a comprehensive rescue plan the administration estimates could cause cost 1. 3 billion. The u. S. Federal reserve and a dramatic late night step to help funds havets, the been under pressure because people are rushing into cash. A surprise move from the European Central bank, launching dollargency 820 billion Bond Buying Program to battle the coronavirus outbreak it will allow the ecb to focus purchases on italy and other struggling govern
[inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. The gentleman from illinois mr. Foster is recognized for five minutes. Thank you, madam chairman. Mr. Scharf, iraq with the concerns my colleagues on this committee about the extensive shortcomings of west fargo over a number of years past and do hope you are as committed and as successful in turning your dash as you stated in your testimony. Id like to bring up the issue of dreamers. This is ang issue that hits cle to home. Last summer a dreamer from illinois filed suit because he was wrongfully denied an auto loan because of his daca status. I was glad to see some of the changes that wells fargo has decided to implement recently including its plan to provide Daca Recipients with credit products, education loans and mortgages. I cannot emphasize enough how important this commitment is and hope you worked work diligentlo implement this new policy. Because this release is one
Equities not totally convinced. They were higher, then rolled over. Part of that is the u. S. U. S. Futures were a little higher three hours ago. Now weve rolled over yet again. Intocalvasina sees a dip 1700 possible for the s p. Part of the reason we are seeing this is a spike in the dollar index. Causing a lot of pain across the board, whether in the commodity market, emerging markets, europe. The eurodollar having an unbelievable slide. The cable rate at its lowest level at one point since 1988. Time now for global exchange. We are going to bring you todays market moving news from around the world. From brussels to london to lawson can to washington, our bloomberg voices are on the ground with todays top stories. The ecb announced it would do whatever it takes and an emergency Bond Buying Program. Joining us is maria tadeo. Walk us through what we know about the program. Maria first of all, it was unexpected. It took a lot of people by surprise. You have to take a look at the amount
House considering Financial Relief for workers and businesses impacted by the virus. This is what the president said yesterday. We are going to be asking tomorrow, were seeing the senate, well be meeting with house republicans, mitch mcconnell, everybody, and discussing a possible payroll tax cut or relief, substantial relief. Very substantial relief. Thats a big number. Were going to be talking about hourly wage earners getting help, so that they can be in a position where theyre not going to miss a paycheck all right jim, we have a presser at 5 30, but right now dont expect specific proposals i think theyre mulling over some things. Theyll give direct support to workers, which is fabulous a lot of workers live hand to mouth. Theyre coming to work even though she shouldnt because theyre sick and this is a great holdover Small Business loans, they can expand that greatly. We have a lot of money coming into the treasury. They can waive the interest and penalties for people who file exte