Cuts so futures are pointing to further declines despite the jobs growth today, smashing expectations for february. The economy added 273,000 jobs during the month, versus the expected 175 Unemployment Rate 3. 5. Wall street looking to close out a turbulent week, the tenyear did tumble below 70 basis points for the first time ever, as investors look for safety amid fears. Revisions on the jobs number not bad but people are calling it the least important jobs number in a long time i dont want to go there. Im going to say the opposite. When you come in with a head of steam, at least you got some possibilities that were not going to go immediately into the recession because there were you dont hire and then lay them off the next day the 53,000 jobs in Food Services and drinking places, thats an extraordinary number are we going to fire all those people interesting. Not right away. Not right away. But there seems to be a growing belief that we are going to have a recession. Right but im saying this makes it so its because of what has been a drastic shutdown in what we talked about every day here for the last two weeks were a Service Economy and its service thats under attack, not manufacturing. China was manufacturing. Here, travel and leisure, dining out, buying houses it would be nice to have imagined a World Without corona and this number would have been proof for the rally that we had had up until recently. Right you would sell gold and Interest Rates would be soaring obviously buying gold Interest Rates going down, almost as if these trade bonds all the time, almost as if bonds are manipulate how do you manipulate the u. S. Treasury you wouldnt think you could on the twoyear but the moves are so dramatic, there are some people talking about the idea theres some macro funds doing something out there. Doesnt it feel like i dont know. I dont know everything is trading and bonds werent that bad so to speak, meaning Interest Rates so bizarre were higher and the number is down 27 and i workout and i come back and the s p is down 79 and i say to myself, did anything really happen does that force those 0. 72 force the feds hand in some way . They want the triple whammy, want to make money on the two, they want to make money on the ten and the fed funds, they being funds that say i can take advantage of this. Ill take advantage of the fear. Ill profit here thats a shocking move. Getting the equity market. What that says is theres going to be a shutdown in the economy and how long can we last unless you put money in the hands of people. There are lots of businesses that are handed out and also businesses, i look at this versus 2008, the Balance Sheets are incredible now, no one is going to care about that but they should then what is going on with high yield and Investment Grade cdx spreads . Higher of the year people said that was the scariest part of yesterday was the feeling of credit as opposed to stocks. Right, we probably cant see exactly whats going to be hurt except for the obvious, which is the airlines, the cruise ships if youre a high levered entity related to the travel and leisure industry, youve got serious trouble. Yes id hang myself with my tie except for i dont have one. Joke there are deals that people are concerned with as well, will they call forced majour on the deals. Is this time for xerox to lever up that makes sense the fees sore great, david, the banks need em dont you ever think that the fees arent great there. Fees would be significant hp would be buying back an enormous amount of stock if they dont do it. No fees thats sort of separate from what were talking about greed is separate fear seems to be taking the lead well we have a little greed we could have a little more mallacy on wall street the company that makes these, this is a really important thing. By the way, enrique laures said anecdotally increase in pc sales because people are staying at home, upgrade to have the right video capability on their pcs at home if we move to more people working from home opt is up back, it facilitates. The needle in the haystack stock market is difficult. Weve been talking about facebook for example as a tool people would use at home needham cuts numbers because in their view, when youre half of global display advertising, its an easy thing for companies to cut back on. Look, i think theres a lot of decisions that are made assuming this is the bubonic plague i dont think that by the way, plague years really good, william dafoe, like robinson crusoe, very good, puts this in perspective. You want perspective, you have to go back to books that were written that are amazing you cant look at this stuff i have 17 different viral experts all saying Different Things i go to the journal of the plague here and get a little perspective. That is the problem, jim. There seems to be no consistency although a handful of people reading the primary material coming out of china. Good stuff out of china theyre not particularly sanguine theres nothing to be sanguine about look, im just saying it seems to be, again, were not experts, the older and the not well but there are some people who are not in that cohort who are getting sick, very sick, and some dying as well theres no doubt about it this is not the flu this is not the flu. Lets say its 350,000 people in america worst case that ive heard, all right . Its terrible. Well get through it its terrible. Ive heard much larger cases. People think 40 to 70 of the u. S. Population. I mean die. Well do the numbers i just did the numbers. Lets move on. Yeah, as weve been saying, its not the number of people themselves who are getting sick, its the measures people are taking to avoid spread right states of emergency in three states, california, maryland, washington schools are closed in seattle. 2,700 in quarantine in new york city alone and look, let me just distinguish my friend, david i am not minimizing this no, you have not been all along. Maybe youre right. Nobody knows exactly. The people going to the primary material that is really the only one available from china and looking at it tell me that its not a pretty picture no, its not but remember, only 300 people in the shanghai region last night . But china has done things we cant do in this country totalitarian state. It can protect itself. Not permitting people to leave their homes except for an hour a day, whatever it might be its not simply something that we seem prepared to do in this country to truly stem what might be a nationwide, worldwide outside. Talking about a virus that has gone over the globe in three months journal of the plague here, perspective. If youre working at jpmorgan and watch your stock go down 30 points and then you watch your leader have a heart procedure, do you say i want to double down on my position i know. People look at the banks, they look at the Energy Complex exxon had a eeting, people hated it they say these things are going to be, are so cheap at this point, eventually this will pass and i will happy that i took a position at this point. Theyre going to get this cheaper. Do you think carnival cruise, i dont like it when you call it cruise i dont like it when i take a cruise that stock, lets look at that, that stock is at 27. Yield is 7 any faith in that . Royal caribbean, any faith those are at the heart of the storm here those are Big Companies and theres 2,000 people per workers and from all Different Countries, that work on these cruise ships they are fabulous generators of jobs right guys, as youre talking, the president s making some comments as he is signing the 8. 3 billion supplemental that passed the senate yesterday, 961 he says expects the markets to bounce back, says the dow hasnt been that bad, says hell have dinner with the brazilian leader at maralago this weekend, not going to the cdc in atlanta today as previously planned and reiterates the fed should cut rates which is a big topic of discussion today goldman out with what they could do if they get to the zero lower. Negative rates are going to happen they dont think theres support for it i hope not. I hope not. Thats a sign of tremendous weakness which we dont want very, very difficult for your Banking System yes and very difficult for savers and the people being attacked by this are also the people trying to save. So im not included in that, but we want as a Manhattan Project to beat this, because its going to take Manhattan Project. We know it this thing is mutating, all the things you dont want to hear. You need a Manhattan Project you know what, david a second ago, i thought i reached my coffee but i reached for my 70 isopropyl alcohol wipes by mistake thank heavens they got a lid on them they are in a troubled position but we had washington say we are going to get the greatest minds and solve this i would like that. Ive had scientists others say we really want to act as china z we need to shut down things and theres an unwillingness to do that given the economic ramifications of doing so the american way has never been totalitarian and the american way is ingenuity. There are lots of people getting on planes going all over the place. Still people i think the schools should be shut, who am i the vir lus will potentially spread as a result of that what we do in this country is we take advantage of great minds, the ingenuity and win wars, and this is a war. And we win them and we will win. We will win. Who are you speaking for there . United states of america. Are you, do you have some sort of official title that im unaware of are you mustering the troops here maybe you should hey, my dad was a citizen, he went to war. What was he . He wasnt a soldier until he was a soldier. Id like to think we can all play a role in trying to figure out what would do it wash your hands if you in the slightest way are sick, dont go out the countries if you focus on a war, the countries that we beat were totalitarian countries with ingenuity why cant we do it again all im saying i have every single biotech guy i talked to, had them all on mad money. By the way, happy 15th, david. Happy 15th, jim mad moneys 15th anniversary today and jim is going to ring the bell i had sam gamo on yesterday they feel they can get the lines together does that mean in some way it will be faster than the year, year and a half we continue to hear truly expected for a real vaccine for this virus its not the beubonic plague. We may miss a year we may miss a year you saw dr. Fauci say to the president , stop being so optimistic about the vaccine this is a man who helped solve aids which was supposed to kill millions killed way too many, but we beat it fauci was on the today show this morning, said there were some missteps in getting tests out early, due to technical issues but thats being remedied as the cdc gets to work on a heightened level the president last night on fox, this town hall talked about how the coronavirus may impact the economy. We were set to hit 30,000 on the dow. This is a number that nobody ever even came close to, and already we have the number, down 10 or 11 , still the highest its been by far it might have an impact. At the same time i have to say people are staying in the United States, spending their money in the u. S. , and i like that. It could have a very longterm plan we hope that doesnt happen but we have plans for every single possibility and i think thats what we have to do we hope it doesnt last too long were going to talk to larry kudlow about the jobs number and also about what stimulus is warranted, exfed in this country. I thought jason firmas piece this morning, adviser to president obama in the oped section of the wall street journal is good you have to put money in peoples pockets a lot of the people who are going to lose their jobs again the job number is very good, are people who work at institutions that are thinly capitalized, and they work hard and they need something to tide them over until they get back on their feet, find another job, in another area of the economy. Does that make me a part of the administration well, i am trying to connect the dots and understand whats going on in the Financial Markets and the virus itself, the likelihood of a recertification. You heard jeff gunlach yesterday, someone always worth listening to right look, i think you can be im not saying he is crying wolf im not saying hes chicken little its good to know the negative case and lets try to avoid the negative case, not just say it has to be. I mean, we keep coming back when i was a little boy, you couldnt go outside. Why . Because of polio, and then salk solved polio youre supposed to get polio, not solve it, and thats positive youre looking for american scientist. Looking for a jonas salk so come around and make it happen you bet i do. It happened before, a guy named fauci. And it will happen again, it might take a year and a half but ingenuity would l trump totalitarian any day of the week that is not an argument thats going on here total tarianism im not saying. Well get cramers mad dash and count down to the opening bell we will get to amd, costco, starbucks, twitter, and jpmorgan in a moment. At leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. With the come back to squawk on the street. Welcome back we begin our final trading day ten minutes from now co costco reported. Astonishing number. You have to use costco and amd as a mesh uf of the decline. Amd had a fabulous meeting costco has been able to weather pretty much any storm. So strong there was a question about the Balance Sheet and whether it allowed them the current Interest Rate environment to think about a buyback capital structure how Many Companies are in that great shape . They have a special dividend talk about a company that is crushing it all over the globe including shanghai including in china, where they had obviously very strong sales until the virus. Right theyre also a beneficiary here of everybody coming out and buying a lot of things double digit. Their biggest problem . Stocking all of the merchandise that they need, doubledigit all over the place they had people working around the clock. They have a tremendous structure of dedicated people almost as dedicated, david, as cliff mason from mad money our writer and mark hoffman who green lighted mad money, our ceo, chairman, all here because its our 15th and regina gilgan, our unbelievable executive producer. You have an Incredible Team i like to pick my people from occasionally you steal people. I appreciate that you let me have that is your m. O. You know me you steal all of my ceo guests and i occasionally take a member of your great staff to help me do my job. Approach my wife, who is here, lisa she is here, lisa as well and brian stihl. Great group here today i am very lucky to have an amazing team and be at an amazing network. I dont want to belabor that on a day people will lose money but im proud of regina, cliff, mark hoffm hoffman, Lisa Detwiler puts up with me. Were proud of you and the work youve done for so long if t is amazing to watch you come in here every day and continuing your darned day today is just another day get it this is lets get it done day. Today is just another day, all right. Stick around we have a lot more squawk on the street, of course this gentleman to my right will be ringing the opening bell to celebrate that 15 years of mad money and dont forget, well open and it doesnt look good, at least if youre long this market right now things can change. Stay with us it all starts with an invitation. To feel exhilaration. The invitation to lexus sales event now through march 31st. Get 0. 9 apr for 60 months on all 2020 models. Experience amazing at your lexus dealer. sensei a live bookkeeper quickbooks for me. Tomize live bookkeeper okay, youre all set up. sensei thanks that was my business gi, this ones casual. vo get set up right with a live bookkeeper with intuit quickbooks. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. We see hat emerson,kthroughs when issues become inspiration, creating a better world isnt just a result, its a responsibility. Emerson. Consider it solved. Supporting Innovative Companies that will shape tomorrow and Building Workforce development and tuitionfree College Programs to generate the talent companies need. With a 150 billion investment in state of the art, modern infrastructure, and a nationleading commitment to lowcost clean energy, new york is doing more than any other state to build for the future of your business. New york state, the state of the future. Learn more at esd. Ny. Gov. Welcome back to squawk on the street. Live from the Financial Capital of the world, 15 years of mad money, jim will ring the opening bell in just about six minutes. The president , meantime, has signed the 8. 3 billion coronavirus emergency spending package and made some comments as well. Lets take a listen. And something some of you are coming along, i assume, is that right . [ inaudible okay, so were signing the 8. 3 billion. I asked for 2. 5 and i got 8. 3. Ill take it so here we are, 8. 3 billion, doing very well, but its an unforeseen problem, came out of nowhere, but were taking care of it. We have big news on the ship, and a lot of things are happening on the ship. People are being tested right now, and i just spoke to the governor of california, gavin newsom, we had a good conversation were both working on the ship together its close to 5,000 people, so big ship were doing testing on those people okay could i have those other papers i have to sign, please these are additional relative to various things. Do you have anything to say to the press . I just want to make it clear in terms of tests, we have provided all the tests in the state of washington and the stat