President trump has yet to detail any stimulus plans to stem a potential economic slowdown. Big tech names also feeling the pain. Uber and lyft plummeting amid concerns Everyone Wants to shelter in place. Lets get straight to Abigail Doolittle in new york. Give us the big picture on the pain. Abigail truly a brutal day for markets in the u. S. And frankly, around the world on these coronavirus fears, what the impact will be on the global economy, especially now it is being called a pandemic. Before we know the true scope in the u. S. , look at the decline for the major averages. Dow in a their market. S p 500 flirting with that territory. Investors want out of stocks. They get they cannot take the risk. Finished downy slightly at one point higher. That could do with the fact that they are offering around stimulus, something we are waiting for more details on later today. Lets go into the bloomberg terminal and look at what is happening right now for global growth. 4 e are the china down in 2020. Italy down. 3 . The eu down. 1 . The g8 down slightly. The u. K. And the u. S. Flat, but that is ahead of knowing the true scope of what the coronavirus tragedy could mean in the u. S. And the u. K. , clearly going in the wrong direction. As for President Trump and perhaps the statement he is going to offer, what he may be offering, a lot of had been around this. One thought is he is still working out the details around this at this point. Piece of it the one could be the payroll tax holiday, assistance for unpaid sick leave, so those who do have coronavirus can stay at home and not spread it further. Support for small to mediumsized enterprises. And help out distressed sectors Like Airlines and energy, which are absolute tumbling. Lets take a look at some of the biggest laggards for the s p 500 on the day. This is a one day change. Take a look at that. Norwegian cruise lines down 27 . Cruise operators getting decimated on the coronavirus, people not wanting to take a cruise. On the year down 75 . 54 the othern day, today down 24 . Mgm and apple rounding it out. All these companies with the exception of apple all in deep. Emily Abigail Doolittle, thank you. The World Health Organization now warning about alarming levels of spread of the coronavirus and alarming levels of an action. Hence the designation as a pandemic. In italy, the second epicenter of the disease worldwide, more than 12,000 cases and more than 800 deaths. In south korea, cases had been dropping but have doubled in the last two days. The u. S. Has had more than 1000 cases and the death toll at 31. Dr. Found she told lawmakers fauci toldrst dr. Lawmakers the worst is yet to come. Things will get worse than they are right now. It is 10 times more lethal than the seasonal flu. The flu has a mortality of 0. 1 . This has a mortality 10 times that. Emily treasury secretary Steven Mnuchin and meantime says he will urge the president to extend the 2019 tax filing deadline beyond april 15 to provide some relief from economic disruption. For more on what is happening in washington i want to get to Laura Davidson did washington. We are waiting for the president to speak in a matter of hours. But the Daily Briefing on the coronavirus with the Vice President has been canceled. We do not know why. What is the latest from the white house and capitol hill . Laura the latest is they are still deciding, still going through the options, the president is being presented with options, and tonight around 9 00 he will speak. They are close to putting out a package, a piece of legislation that has been negotiated in the past 48 hours between nancy pelosi and Steven Mnuchin and. They are optimistic they have a deal with things like paid sick leave. Right now democrats are still pushing back against the idea of a payroll tax cut, but these things are all fluid. Lawmakers are only scheduled to be here for a couple more days. The house and senate are scheduled to leave tomorrow and go into recess for a week. That is unclear if they do not pass this legislation tomorrow, if they will stay longer or if they will go back to their districts for a weekend and come back later this month. Emily meantime, there was a call earlier today with the white house and executives from big Tech Companies, from apple to google, facebook and twitter, the white house presumably asking for help. Do we know what happened there . Laura one of the big takeaways there is the white house and these Tech Companies were talking about strategy for taking down misinformation, racist theories about where the virus started and how it is spreading. Also these tech platforms are doing it differently, but giving health officials, the cdc for example, space to have advertisements up to spread factual information about how to stem the spread of the disease, and information for those who may think they are infected. Emily laura, we will keep watching the headlines. Fears have turned the dollar bills. Literally. Some stores in seattle are now asking their customers to pay with cards instead of cash to minimize, they believe, virus transmission. How risky is the greenback really . How risky is a dollar bill . Jenny i yes that question is hard to answer. There have been past studies that have shown other forms of coronavirus is have been able to live on the greenback. But the cdc has not said anything about covid19, this latest coronavirus. Has so far not said anything about it, but is something you see now that Small Businesses are taking into their own hands. Emily i want to talk about what the banks are saying. The ceo of bank of america speaking earlier at the white house, saying the banks are wellcapitalized and in a good position when it comes to liquidity. Tell us a little more about what he had to say. Jenny he was joined by a lot of the bigbank ceos today Big Bank Ceos today and the message was to remain calm. We are prepared to handle this. Two areas they highlighted for President Trump is Small Businesses in particular, the engine of the u. S. Economy, they provide a lot of employment. Big bank leaders are saying that is an area what we want to see government help. Another ceo was suggesting a payroll tax cut. We will see what trump comes out with later but for the most part i think definitely the big bank message was today this is ok and we can handle this. Emily as we are waiting for the president to speak we are getting headlines from washington that the president is weighing restricting nonessential travel from europe. There have been travel restrictions, travel warnings in place from places like italy, south korea, from china, but of course this would be stepping that up. Abouto us a little bit how now compares to 2008. I have heard several people say this is not 2008, this will not lead to a huge financial crisis, we will not see a repeat of that. But how do they know for sure . Jenny that is a fair question. We heard from the citigroup cfl this morning actually, and he was really pointing out the exposure that we have to either the hospitality industry, in terms of airlines or cruisers or hotels, or even the energy industry, which is rbc going through its own pain this week, that is small in the context of our portfolio. After 2008 the banks have had to put a lot of capital aside to make sure they are prepared for downturns that could come out of things at this. I think that is really what a lot of things people. 2 when they say this is not 2008. Are coming Consumer Confidence is where we can shore up the edges. Companies talking about drawing down their entire credit lines. That is something the banks will have to deal with and think through. When they say this is not 2008, that is entirely them talking from a capital perspective. Emily jenny surane in new york. We are waiting for the president to speak to the American Public at 9 00 p. M. Eastern time. Expecting some detail on measures to stimulate the economy. More on bloomberg next. Emily welcome back to our special market coverage. As the coronavirus continues to spread, hackers are trying to seize the moment. Cybersecurity firms have reported surges in phising attacks. Phishing malicious actors praying on peoples fears. Tricking folks into routing their Bank Account Numbers or other important information. Joining us to discuss is jamil jaffer, senior Vice President for strategy at ironnet. How big a threat is this . Jamil it is pretty serious. You have a serious of capable actors, both nationstates and criminal groups, who are looking to use the coronavirus epidemic to spread malware. Get into your email and establish longterm footholds, or establish ransomware or the like in this current environment. Emily talk to us about the threat level in cyberspace, given what is happening, the uncertainty, so many people working from home. Is there a threat to our National Security right now . Jamil i think there is. There has been a longterm threat from intellect from property threat theft. As people start to work from home, a lot more of the economy depends on highly secured cyber infrastructure. That is what we are utilizing now to conduct our daytoday business more and more, even more so now. People recognize this is a situation, and criminal actors are exploiting this. We will see what nationstates do Going Forward, but they know they are going to use longterm hubs. Emily what are companies and individuals supposed to do if they are working from home . They may be do not have all the security protocols. Jamil one of the keys for companies is to use vnps. Nor individuals you can buy vp software and at least your information is secure. You can also leaves the latest in behavioral Threat Detection to protect your networks if you are a company. Part of this is Companies Working with one another in a collective defense posture to defend against these threats as we enter this new environment where we are all working from home, and recognizing this is just how it may be for a while to come. Emily you are at the rsa security conference in San Francisco a couple weeks ago, the same conference that now three people attended and have now tested positive for covid19. One of those folks is sadly in a medically induced coma. This is a huge gathering for your industry. I am curious how this is impacting folks in your industry right now. Jamil people are taking wise precautions. There were 36,000 people at the conference. Only a handful apparently have this issue. But the concern is you did not want it spreading, you do not want to be a point of spread. So a lot of people are working from home. We have seen major Tech Companies announce they are going to have your staff stay home. Just more generally, a better precautionary measure. At least for this industry, you want to be cautious and careful. We will see what happens. We are now about 12 days out from rsa ending, so the incubation period is 14 days. By this weekend we should know better if there are further cases, but it is better to take precaution then not. Emily that said, the disease is continuing to spread. Earlier today cbs was evacuated. Two of its new yorkbased employees tested positive for coronavirus. They are asking employees to work from home. This is certainly going to get worse before it gets better. What are you most concerned about from a National Security perspective . Jamil honestly, one of the things is people overpanicking and getting too worried and not engaging in their normal bit normal daytoday business or economic activity. We have seen a lot of public spaces be left behind, people staying at home. But you can still get your work done. This is not the zombie apocalypse, as it were. The thing to do is just be safe, take normal precautions. And any cyber arena, take smart precautions. But do not stop doing business. The general variables of the economy are good and solid. We want to avoid a panic here. Emily that said, what would you like to hear from the white house at this point . Some of the panic might be tied to the fact that we are not getting a lot of information. The president has been set to unveil a plan but that has not happened. The Daily Briefing today by the Vice President was canceled. What should we be hearing from the white house . Jamil the w. H. O. Today declared it a pandemic. This is a huge concern. It has been a pandemic since h1n1 years ago. We want the white house to come out and tell us the plan. We know this will happen, we know the fed will continue to cut rates to the extent they are able to do so. I think the economy will stay strong. I think the government will do the right thing. All we need for the white house and leadership in congress to do is to step up and say we will do what is necessary to keep the economy going. As long as we get that i think we are in solid shape. Emily still a lot of uncertainty. We are waiting for the president s remarks in a matter of hours. Jamil jaffer thank you so much for joining us. Much more ahead. We are going to recap a day that saw the dow enter fair territory. Ear territory. Continuing coverage right here. This is bloomberg. This is bloomberg. Once again the three major indices all down in the 5 range. Investors waiting for details on a stimulus plan from the white house. Tech was not spared the pain. S p tech index closing down almost 5 as well. To discuss i want to bring in an analyst from new jersey on the phone. Saying thisve been is not a trend. These are shock events. Are you still so optimistic . You need topinion, put goal posts around demand. Almost right off the march quarter. December. Ember, when i look at apple and microsoft, a lot of brand names, to me, we continue to believe these are buying opportunities and you navigate the volatility. I view it as you look upon what a normalized spending environment is going to be. Even if he stress test the models in terms of an economic down tick, right now you by apple and microsoft. Emily uber ending the day down almost 10 , lyft down almost 12 . Mightare names you think benefit if people did not want to take public transport. How bad is it going to get for them . Dan you have to separate risk profile. I look at microsoft, apple, clout and cybersecurity names, golden opportunities. Uber and lyft, right now guilty until proven innocent stocks. Exposed to global travel. Obviously that will continue to not seeing changes. Profitability still be there. Still very volatile names. I still like them longterm, but not near term. Emily is there any specific name you are particularly worried about . We can look out the june, out to the fall, but we do not know what is going to be happening at that point. Dan look, that is why i think when you look at security, cybersecurity, you have to separate out some of what i view as the nonessential purchases, versus what you need to spend on. Inn i look at names arersecurity, those names in a stress test model. You look at nonessential purchases, especially these private companies that are going to struggle, i think it will form what i believe will be a cloud and a across tech over the next three to six months given some valuations we are seeing. Emily where are we going to see that m a . Making big buys right now . Dan i firmly believe if we sit here four to six weeks from now we have already seen a handful of m a. Look at microsoft, google, gcp, ibm, you go across the board, adobe. Right now they are continuing to look to expand their cloud empire. If you look at the private and public side, a lot of these stocks that are down 30 , 40 , 50 . That is why i believe strategic as well as financial buyers are going to put into the floor of software over the coming months. Emily if there is one company you think is best positioned to whether this, which would that be . Dan if there is one front and center, it is apple. Obviously right now it is supposed exposed to the supply chain. It comes down to matt. None hung it comes down to math. 350 million phones are due for an upgrade. What does the march quarter look like . More questions than answers. If i look longterm, that continues. These valuations for longterm valuations, that continues to be the name that to me is the one that sticks out in terms of the theme and where we think it will play. Even if you stress test the model in terms of the valuation ordinances. Emily but, and this is me being oneils advocate here, iph sales dropped 60 in china last month, and china is a huge market. What about that . Dan no doubt. That is why march quarter will be a write off. It comes down to what is normalized demand look like, when china gets back on board any secondhalf, and the supply chain, if it gets normalized by early may, which is what we are tracking. When i look at apple, i believe if you look at fiscal 21 numbers being firm, then with both fists you are buying the stock. Nearterm no one can predict what will happen tomorrow, let alone three months. If a look at six to 12 months and i look at the fundamental story of apple emily i am sure a lot of investors are hoping your optimism rings true. Dan ives, thank you so much. Coming up, on a day that hit the tech market hard, we will look at the how this can drastically outlook the 2020 outlook. This is bloomberg. Tv just keeps getting better. How you watch it does too. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. [ fastpaced drumming ] welcome back to an extended hour of bloomberg special markets coverage. Markets in the red today across the board. All but 10 stocks in the s p 500 ending the day down. To get more analysis, taylor riggs joins us now. From stocks to bonds, give us the breakdown on how bad it was. Taylor really glad you mentioned the s p 500. Come and take a look at this chart we are showing. The dow hit a bear market. The s p was close. We d