12 Million Barrels a day, flooding already saturated global market. That saw crude drop 30 . 10year crashed below 50 basis points and now there is concern we could join other western nations with negative yields, japan, germany, switzerland, netherlands, belgium and france. Major markets around the world before the u. S. Opened sparked enough selling for Circuit Breakers to limit preopen downside. Those limits are drifting in, Circuit Breakers once trading got underway. To discuss, erin gibbs and Capital Wealth Planning chief market strategist, jeff saut. Jeff, great to have you in studio. Pleasure. Connell charles my man, youve been calling it up and down. Youre reworking mod tell feverishly as the numbers change dramatically minute to minute. Where are you now . I was on your show in january, short term signal ad sell position. We told me to sell positions and raise cash. I didnt think it would be this bad. We were dealing with the virus and bernie surge in the polls. This collapse o
Prone to gaffes. In congress, no agreement on how to respond to the virus. The latest proposals, a payroll tax holiday for the rest of the year. In other words, your Social Security contribution, suspended. Another one, extend the april 15th tax deadline. However, congress had better get on with it. A oneweek recess starts friday. The market, not happy with any of this. Stocks will be down at the opening bell. You kind of get seasick watching it all. Down 2,000 monday, up 1100 tuesday, this morning we will open about 800 points to the downside. Similar losses for the s p and nasdaq. The virus, there are now just over 1,000 cases in the United States. Draconian action in new rochelle, new york, where the National Guard has been called out to help with a cluster of cases in that town. Seattle has restrictions on large gatherings. The first lawsuits have appeared, a cruise line sued. And just look at this. Students at the university of dayton rioted last night after the authorities announ
I will use another strong word. Panic. That is justified. Late yesterday, panicked investors drove the dow down 1191 points. Thats the biggest oneday point loss ever. Okay, thats the backdrop. Now todays reality. The dow at one stage early this morning, futures were down over 600 points. Right now we are down over 400 points. The s p down 50. The nasdaq composite, way down, another 2 lower, off 166 points. Today on this show, we will ask when do we get a rebound . Where are the bargains that longterm investors might go for . Now look at this. This, what you are seeing, is a worldwide rush to put money into ultrasafe u. S. Treasuries. The yield now, 1. 19 . At one stage earlier it was 1. 16 , an historic low. That is a classic flight to safety. Heres what happens when the Global Demand for oil falls out of bed. Sharply lower prices. At this moment, we have got, what, about i think its 45 per barr barrel. That is on the price of oil. Thats the latest on the market action. Now the latest
Thats the anxiety indicator, if you like. This morning, the yield is back up to 1. 00 . Ashley back up. Stuart back up, thats right. Well above the extraordinary lows that we hit yesterday. That would be record lows that we did touch yesterday. 1 even on the tenyear treasury. How about the price of gold, another flight to safety. Actually its down again, off two bucks at 1641. Okay. The primaries. A great night for joe biden. He won nine states including texas. He now has more delegates than bernie. Sanders did win california, but late deciders swarmed to biden. Bernie might not have won california if the two million early voters had just waited. Bloomberg did very badly, only winning American Samoa. His campaign is quote, evaluating its future. One of my colleagues at fox said never had anyone spent so much to achieve so little. Elizabeth warren, ultimate disaster, third in her home state of massachusetts, fourth in her native state, oklahoma. It was joes night. Hes back as a contende
Cruise ship is being treated with an experimental drug made by Gilead Sciences. Hes in the Nebraska Medical Center in omaha. Overseas, virus cases linked to italy have spread to five other European Countries, and virus cases linked to iran have spread to iraq, afghanistan, kuwait, oman, lebanon and bahrain. Brazil is testing a man who recently visited italy. If a second test is positive, it would be the first case in latin america. Health secretary azar told congress quote, we cannot hermetically seal off the United States. The cdc says its not if it arrives, but when. Worldwide, economies are slowing, there is a fear of association with anyone who may have been in any way near a Virus Outbreak. Some borders are closing, flights canceled, hotels with any possible carriers, locked down. All right. Now lets show you the markets. Its all over the place. The dow at one point very early this morning was down over, well over 400 points. Now weve got a green arrow showing maybe a gain of 60 p