Testing limit down down by 5 as far as they are allowed to trade down before the open the number to watch this morning is down 136 for the s p. We have touched those lows and bounced off. We are not far off dow futures are down by 4. 74 . Nasdaq down 4. 6 after the opening bell, there are other Circuit Breakers you with watching. They would be kicking in with trading halting over a period of time down 7 this morning if that were to happen, youd see a 15minute halt after trading started. Next is if markets dropped by 13 . Then the third level is after 20 . That would be a halt of trading for the day. We have not seen these tested since 1997 until the last week of trading thats what we are watching so closely. If you take a look at the treasury market, you see the 10year note is 0. 71 . We got back to. 8 or so yesterday. With the yield, i was hoping they would have sold off talking to folks yesterday worried about what looked like it was better than going and maybethere could be problems why unclear but there were a number of notes going on that felt like liquidity issues we havent had those. I dare to speak about those there are people with real concerns or speculations and we have to keep our eyes on the 10year. In terms of what is indicating, it may not be indicating what we think. I did take a quick look at december 2018 to get in my head we close on the dow 23. 5 then we were below 22,000. As scarey as 2018 was, it didnt even come close to the back drop we are having right now with recession fears. Thats right. I dont remember the markets feeling this kind of panic this is very different there is more general health, lifestyle panic. The market is reflecting a lot of angst the human toll is scary ulisen to merkel and what we are talking about here the duration probably allows for the economy at that point to come back. Three months, four months. Im not going to put the rose colored glasses on you dont need to panic ive been saying this for the past week if not longer that i think there is an issue here im not sure a lot of our viewers appreciate even the number of people who fwetweeteds what the president said with a decision regarding europe. Why dont you think that this can go on many months across the country in real ways the only sliver of hope now in terms of being in this market is whether there is an announcement that somehow one of these drugs unlikely to be a vaccine that a drug emerges. There are good examples of this. I dont think you are talking about the stock market now andrew, why do you think the markest playe markest smartest players have been seeing things you are not siege. They have been out. The market may not be showing the smartest you are making the case that you are seeing things none of these other people have considered the market has been wrong ever day for anybody who is the smartest person in the room a week ago is clearly not that smart today a week ago, we are down probably. You are still not at december 2018 what exactly are you saying i still think from the highs, it is not unlikely we could get to 30 we talked about that possibility. Andrew, there is a note out from bank of america talking about the marketfunctioning. Saying it may require a large policy response from the treasury or the fed. They have seen it get shaky since the concerns back in 2011. Causing dealers to widen the bid offer spreads. They say we should care about this because it does threaten the ability for some to result in large scale liquidation there is december of 18 we are probably close. By the end of the day, we dont know where the dow could be. I wouldnt even venture to guess. I wont guess where well even open. Things will move quickly not just open but 4 00. In the news, there is the nba, tom hanks. These things are happening so quickly. You have to decide that every major event is going to be canceled the nba is over, the garden will get closed theaters will get closed this is not just in new york, l. A. And chicago you heard about broadway. I put my money on the knowledge of the market rather than i wish you were right except if we were having this conversation a week ago and look where we are the headlines change so rapidly President Trump, keep your whits about you and well see what happens the world can only end once. Nothing you can do anyway. President trump addressing the nation with sweeping travel restrictions in an effort to stem the spread of the pandemic. To keep new casesfrom entering our shores, we will suspend all travel from europe to the United States for the next 30 days the new rules will go into effect friday at midnight. These will be adjusted subject to restrictions on the ground. There will be exceptions for americans who have undergone appropriate screenings and will not only apply to the tree mepdious amount of trade and cargo and other things as we get approval eamon jafers joins us now with more. Good morning. Right after the speech, this travel restriction will not apply to trade and cargo but just to people traveling from europe to the United States. They cleaned that up right after his speech not introducing the sweeping stimulus many were hoping for he did say hell be pushing forward on help for sick pay to ensure working americans can stay home without fear of financial hardship, take an Emergency Action to provide Financial Relief this will be targeted for workers that are ill. Taking the legislative action to extend relief. More on how that will work well push for more on that. In remarks, in addition to that travel ban for the next 30 days. The president advised Nursing Homes to suspend medically all unnecessarily visits and providing capitol and liquidity deferring payments for certain individuals and businesses well look for more about who is impacted and on what basis and finally calling on congress. That is to eliminate the payroll tax. That is about 1 trillion in revenue. He wants to eliminate advisors or eliminating permanently those fund goes to support Social Security and medicare well look for all those details and unveil proposals through the week back to you. Pandemic sending shock waves through the sports world ncaa announced it will hold march madness without fans and then the nba season suspended after a utah jazz player tested positive this was the scene last night when the game was postponed. The game tonight has been postponed. You are all safe take your time in leaving the arena and do so in an orderly faction. Thank you for coming out tonight. This is video of mark cubon getting news on the sidelines and rushing to tell the bench to tell the team. After the decision to sustapend the season nobody at the mavericks is an expert this is not the situation to fake it until you make it or sound important. The nba has experts in the area and they are working with experts from the government. We have to defer to them thats what well do if one player or two already have it, we have to act accordingly. I think the nba made the right decision they will use the break to determine the next steps Going Forward regarding the coronavirus epidemic last night, Actor Tom Hanks and his wife have tested positive they are in australia for preproduction of a film. He said rita and he had been a bit tired. They had what felt like colds and body aches rita had chills that came and went slight fevers too. They were tested and are positive they will be isolated. Both are 63 years old. Their son released a statement thanking fans and is confident that his parents will recover. I think this made it real for a lot of people. The double whammy with them and the nba player for me, the head of Global Council visiting train stations and going forth. He and his wife both have the coronavirus. Lets realize, you heard the symptoms of these people and they are both 63 never to minimize what happened. Two issues. When you are over 80, it is disturbing of 5 or 6 . First of all, im not sure people are appreciating. If you have it, you are by fault a carrier. You should read some of the stories. There are stories of people having different organ failure i saw lung damage but that is people over 80 there are stories of younger people having problems trust me, i think it has been minimized. Virtually ever day by the president of the United States we may not have but im not sure the public fully appreciates the true damage of what this will be economic and Health Damage in south korea, theyve done such a great job of testing. That is the model too to test everybody to actively figure out who needs to be quarantined and who doesnt. That is of huge importance. Getting an update on the latest headlines about the parent democratic. Yesterday marked a true turning point. World Health Organization calling covid19 a pandemic. Saying it is alarming levels of inaction to address it this morning, case numbers surpassing thousands italy is still the worlds hardest hit outside of china with more than 12,000 cases and 800 deaths it ordered all nonessential businesses to close. Spain has report cases germany with 459 cases 37 people have died. Cities and states making greater moves to try to slow the spread. San francisco canceling gatherings asking what the penalties are for not abiding . The penalties are, you might be killing your grand dad if you dont. Im seer yois about this some serious language there we dont have a picture of how many well tested. That doesnt account for how many we are getting from academic labs. Kbieling the data and yesterday, it was about 16,000 a day. Also pointing out that the cdc has changed regulations about how it is processed. Perhaps even doubling our capacity to test people. Even as it expands, it is spotty around the country not everybody has what they need there was a hospital on from st. Joseph, they treated the first person in the state. What they need is testing, testing, testing thank you. Good to see you. We are starting to hear worries about a race for cash as companies max out their credibility lines ill go straight to you this is natural in terms of getting ahead. All of the companies with strong Balance Sheets it is a precaution where Companies May go to reissue debt. The bankers were in washington with the president. What are you hearing the banks are in as strong a position they are harder and harder to ignore talking about the slow down on top of what piles on from 245 lines are being drawn down but it doesnt seem like too much of a problem or too much yet becky was hearing more on this very issue have you heard anything about anxiety about dysfunction in the bond market right now . Yeah. But im hearing more of a concern that it could happen it is more of, hey, 23 this continues, will it happen . When you look at the market today, it looks like it will be a lot of selling how do you even begin to analyze it if you dont need to sell, dont sell this is a time that it is scarey out there. We dont know what is coming andrew if you are invested, stay invested these are companies you can start picking up confidence will come back. It is hard go in and invest. Opportunities are there and coming up even more. What are you looking for in terms of how far and long this stretch is it is 20 now we hit 20 or a little less certain stocks can do worse look at Companies Like disney and lowes. These can do well over time. There are really Good Companies. It could be selling. Weve seen that in a couple of days these things are vicious and fast talking about these longer, options will abound. Futures look like they are not flirting they are down about 5 across the board. Coming up is progress for a vaccine. Talking to the ceo of emergent solutions. A look at the treasury yield 10year at. 688 yes. The first word to any adventure. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. Saving for avas college. Financial security. Being able to retire. On our terms. No matter what your goals are, our trusted advisors can help you reach them. Ameriprise financial. Our trusted advisors can help you reach them. announcer treating others like wed like to be treated. Has always been our guiding principle. World Health Organization declared the outbreak. Talking about the race joining forces to also speed up the development of treatment for the Novel Coronavirus with hopes of human testing from Solutions President and ceo. The one thing that is frustrating, i think, bob is the science and the state of the art for where we are i figure we can identify something but you still cant rush it without doing Clinical Trials for safety. We are told at the earliest of these, do you accept this as a positive or do you expect something sooner a couple of things. As you correctly pointed out, we have partnered and bring to the market protecting against coronavirus. Secondly, we are using our own platform which has been proven to be safe and effective it bring the treatments against those that protected against things like anthrax and botch lism through this technology, we hope to be available to patients later this summer. I dont disagree with the fact that this is going to take some time this is precisely why we have chosen to get into this market why we have been doing this for 22 years something we are committed to and confident we can bring to the market quickly until you get through those, you cant use it widely or could you use it for compassionate reasons we are all wondering if we are able to do this clearly what we are looking at to do in the hyper immune. Leveraging decades of experience when i said well be in patients later this summer, we think well be able 23 proven to be a high confidence working to make that Product Available through through emergency use or compassionate use cap ability to be able to use with sick patients beyond your own work, what are you optimistic about im encouraged that there are a lot of companies in this space now. It is a testament. Many companies are offering their technologies. I appreciate that walk me through a time line. What do you see. Like in south korea, that mall area drug seems to be working. What gilead is doing seems to be working. What is the time line in your mind i think the time line laid out by Health Officials suggests that they are pew tick options vaccines will take more time, 12 to 15 months there are no more immediate help, unfortunately. Thank you back to the markets now. Futures have been testing down youll see the dow futures are down by 4. 99 . T circumstance cut breakers at that point, if it is down more than 7 , well see a halt after 15 minutes if you saw the market drop by 13 , youd see another 15minute halt a halt of another 20 , you would see the markets halt for the day. Joining us on the line, you told us you would not be buying yet, you thought wed see a decline of 20 to 30 is this the time to jump back in yet . Not for most. Sirn investors are finding opportunity. Activities coming to a halt i saw the flashing yellow light we now. The flashing yellow light. Well go more towards 30 . We have to reassess something we havent seen for a very, very long time not just finance but overreacting businesses are going to shut down two reasons for that one is the demonstration effect. What italy did is create a precedent for others in terms of social distancing. Well see that happening and then humans are humans that reminds us of 2001 it was fear that stopped people from traveling you could identify where the risk is and you had a massive government response. All of these can change quickly. What they need to change is progress of us having confidence that we can contain the virus. Secondly, us having confidence our immunity will go up. Vaccine does these quickly in the meantime, i am afraid well see the same overshooting. Yesterday, it was the treasury market look what happened to the emerging market etf. We are going to skr to reset slowly 9 system that is overliquid can you break that down a little bit what are the problems with the etfs and in the treasury market . What does an etf signal to those buying it . It signals you can come in and out whenever you want. It is a great invention. It works extremely well on liquid assets, the s p and the dow. Because of the enormous amount of yield because people have ventured very far. Etf started getting offered on Asset Classes that are liquid now but inherently not liquid. When we have a change and people try to reposition, the system cannot absorb. You get price gapping and contagion. So they should not exist . They should they should not be offered on Asset Classes. I want to get one thought from you weve been talking about this. You have said dont buy the dips i never really want to talk about selling especially on a panic at all given that youve been right about how far the market will go down how much farther does it have to go regarding your prediction we be 20 to 30 down . You are a longterm investor thinking 10 years out, you shouldnt be selling right now. For those trying to figure out what to do you said closer to 30 and then reevaluate. Im not going to close to 40. Closer to 30 and well evaluate because of the market function, which i didnt think well get look. You know me. Im a great believer when i came out and said, do not buy that bid people said, that is a very strong signal. I went on twitter urging caution. I am worried having said that, in my mind, we have companies, not all but we have companies with strong Balance Sheet. Lots of cash they are going to survive. They are going to be bargains. Dont go out and sell them dont panic. There is a risk in the marketplace. We are going to come back and turn around. It is going to be a difficult journey. Always make a difference between the journey and the destination. Most of us get influenced by the journey. The overall economy in terms of the fear and the virus lasts the duration if it is three months. That is something you can deal with only three months . Six months how long does it last . The companies you are talking about will come back and youll see a sharp rebound. When it comes, it is going to be such a sharp rebound. How long . That is a medical question. Thats why i pushed back so hard we come down and shoot straight back up. I said, hell noch it will be like a u