That decline we saw yesterday. U. S. Equity futures are bouncing back a little bit. S p futures indicated up if you are looking at the treasury yield the 10year looks to be yielding 39 the twoyear down at 4. 4 . The 10year, if you are trying to behalf full, that is something you point to we are down watching the close for some type of stability, it went down 2,200 or 2,100 even if it rebounded yesterday, you were hoping for a strong close. Fridays, theyve been okay. You would think maybe there would be a selloff the past two fridays thus far not been that way. Well see if things are different. We are talking a lot off camera and on camera all the closings you were talking about. That was unbelievable yesterday. I was watching a big east game i was losing and they canceled the game at half time. They canceled march madness. You saw everything, broadway and everything i was worried about the c word yesterday a crash yes that c word. I dont even like talking about 1987 that is pretty close im hopeful still that this week, we are trying to find the bottom somewhere lower and lower 28. Weve always acknowledged if it went from 20 to 30, it is possible i didnt think wed get from 20 to 30 overnight you talk about sentiment. Bad news getting there, we have been discounting. We have been discounting all week as of yesterday, is that not a flush. I hang out in pickup lines after school and you hear the talk everybody is talking about the market and the closures. My heart i went to the super market yesterday, for some reason they had a pallet of toilet paper in the back i held it dearly and im not sure why it is human nature to feel like you have control over something. On my way out, i know this gentleman. Hes got to be 80 or 90. Ive seen him. I got emotional thinking what is his life . Im a whimp. If you are vulnerable or older, think about what your life is right now. We have to bend this down. Maybe we are so many people arent doing what weve donebefore they said, look, here is the curve. This is coming to us in four weeks. They walks through the measures and said, in two weeks we are going to be asking to do this and this i think that part of it, im still not sure this is the glass half empty approach im not sure we are totally there on that part yet it is happening on the locality it caught up with our area our kids arent going to school anymore. A lot of people arent sending their kids today sports got canceled, prom canceled, sat canceled it caught up quickly this is being handled on a state by state basis someone said we had 100,000 cases in ohio. She did the population of ohio and multiplied it by 1 . I dont think that is true and being confirmed. But i think it is irresponsible to say we already have 100,000 people did you see where they said someone went to congress and said we are going to have 150 million if you dont bend the curve. That is scarey but i dont know if we need to be there yet my question to you. A wellknown Hedge Fund Manager we know well said this, the market right now is effectively where we were in september 2019. Thats where we are right now. 2018 . Of 2018 if you think the market looks ahead 12 months, do you think thats where we are right now . Thats the question. Think about what life was like then, where business was then. What the expectations were then relative to where they are now again, i know it is a glass half empty approach we dont even know if they are china or south korea put it this way, i think china and south korea were a lot better than they are today thats the worry the other thing ill say is look at the treadssury market a say, okay, good signs. Is it is unprecedented situation we find ourselves in in the old days, we would say, i saw my life flash before my eyes in this case, your Financial Life is passing in front of you and the health and safety of your family. I tell you, i hunker home now, people are home, not everybody is at college. Not everybody is happy about it. No, you cant go to the gym. I sent something to my trainer who is mad at me for not going. Like a super someone who has it would go to the gym. Im getting notice from barrys boot camp where 50 people pack into a room and they are saying they are going to sad sanitizer. Having said that. Here we are, the thief us in our little boxes here. Three big banks out with new calls on the fed and markets jpmorgan and barclays said worse case, the u. S. Would see backtoback declines. Enough to bring growth in 2020 to about zero. Jpmorgan now expecting negative 2 growth in the First Quarter followed by 3 in the second quarter. The biggest call from goldman sach once rather than split it up into two cuts. I still love that one of their head guys came on. Coming on and said, 11year bear market we are predicting it will be over. I can see you on the big monitor here you just put purell on your hands, didnt you . I did what did you touch . My computer thats how im thinking this morning. I wiped down everything too as soon as i sat down. Will you go to a restaurant this weekend unlikely. Really. Are we going to play would you rather i dont want my neurosis to i need to celebrate things. Today is an anniversary. 22 years on friday the 13th, i got married. And my sons birthday is sunday. I think a restaurant is okay. Just keep your distance, i guess. They are keeping things. There arent people ramping up that i brought my own lemons for my water this morning. Cut it at home my own coffee made at home how many people could come over and stay at your house, becky, most of your neighborhood for a couple of years . Not a couple of years but a while. We are prepped remember when Campbell Soup was out of still none of it is funny we are not making light of it. We are all in the same boat. Rarely are we all in the same collective boat. The fed and others saying they have to do more saying they should launch temporary targeted qe measures to relieve some of the stress in the markets. Talking about markets, becky it was a terrible day yesterday. It was. Markets with big losses. The dow is now 28. 3 down from alltime highs joining us now to try to make sense is chief Investment Officer and cnbc contributor peter, what do you think we dont know what earnings are going to be or what multiple to put on that i do want to say that i am a believer we should be shutting things down and flatten that curve and hopefully buy us time to get us to may and bring in test kits that will hopefully calm people down if we dont know what the earnings will be you look back to september 2018, is that where you think well be 12 months from now the first wing we focus on to clients is to have 12 months of liquidity. You are able to buy things cheaper. I focus on value the cheaper things get, the more valuable they are. We use client money to keep track of this. Who knows but having the ability to buy things on sale is attractive to most of our clients. Being looing at things that are cheaper than they were slowly, you still need dry powder if this gets worse. If things get marked down, you do have to close your eyes and assume that 6, 12, 24 months from now, well get past this. I would say that the most on sale are travelrelated stocks they are most on sale for a reason exactly the global need to travel is an unstoppable force. I think emerging asia is attractive the beaten down big energy names are attractive as well yes, it is easy to get afraid by this things that are cheaper provide the basis for better returns does that mean, you dont have any concerns of operations running out of business, running out of money, operating money. You have to get to a. 0en some of the issues so heavily discounted if they are going to have to find extreme measures of cash. The struggle has been on corporate Balance Sheets that is the most important thing now to see which companies are going to survive, make it through and which are not. Fair for me to say you sound relatively optimistic . We need to get through the next weeks we have to get through the next six weeks any such way good to see you an update now on containment efforts. Disney theme parks california, florida and paris will be closed the Disney Cruise line is suspending all departures as well Universal Studios hollywood and orlando will be closing. Disney is pushing back the release of the live action version of mulan shares of comcast and disney this morning disney shares up by 2. 5 comcast off by 6 . The nba suspended its Season College basketball abruptly ended. Can certificates canceled. Then ncaa canceled march madness. Pga canceled suspending their season saying it would delay opening day mlb also canceled spring training Justin Trudeaus wife tested positive trudeau has been selfisolating at home with his wife. They will remain isolated for at least 14 days. Lindsey graham is selfquarantining as well after a trip to maralago and a visit with the brazil yan president. In a statement, he says he has no recollection of direct contact but is being monitored as well. We have an update on americas most famous actor. Tom hanks providing an update after he and his wife were diagnosed. He tweeted this picture. He said they are in isolation. He said there are things we can all do by following advice of experts, taking care of ourselves and others he said, despite all current events, there is no crying in baseball there was a picture tweeted out. Somebody rolled in a volleyball with a picture of wilson that was a madonna movie no crying in baseball lets get to an update on the latest of what is happening with the coronavirus virus numbers. Numbers topping 128,000 cases worldwide with more than 4,700 are dead social distancing continuing schools closing from maryland to ohio banning large gatherings, including shutting down broadway in new york city, cases jumped to a total of 95 overall cases have surpassed 1,600. At at least 41 people have died. Seattle with the largest amount followed by new york and california today, a step in the right direction. Given authoritiation for a testing kit from roche saying it will have millions of tests a month available on its systems. Bringing you dr. Scott gottlieb who has been helping us understand where we are. How important is this new Testing Capacity for us . Extremely important there are other systems like this i think you are going to see a rapid succession of these. By the end of next week, youll see capacity sharply ramp up in our ability to test patients also finding the number infected with this virus. Well see a spike in the numbers. Thus far, once weve identified is that somebody has it, they are quarantined. Well go to look who else around them can be quarantined or selfquarantined for a period. In the uk, they were effectively going to stop that approach because they felt it had already gone too far thats right. Once you have a large outbreak, you assume that they have it and tell them to selfquarantine then it becomes less and less important to test everybody. If you have the capacity to test more people, you can turnover more cards you can identify it earlier. This will be welcomed ability to test more people what do you know right now about potential treatments investors are reaching out to doctors across the world there is talk about this cob contain mix with malaria mixed with zinc being tried. I dont know about that this will become an epidemic for the next few weeks what you need in the fall is a point of care diagnostics to identify outbreaks early the two that are the most positive now are the repurposed drugs. The other approach is the antibody based prophilaxis you use this on front line health care. There is a threeprong strategy. Repurpose antivirals. Do you think well be able to bend the curve here . We look at italy given all of the steps taken over the past 48 hours, do you think that will change the outcome . I think we are bending the curve given everything the private sector is doing to engage in social distancing. We need to continue these measures to make sure the epidemic is as large as they should be . With all the closures im wondering it is not clear whether it is good or bad. Did you see the ohio Health Official who said there is more than 100,000 cases now you think you would see more emergency there. J why would an emergency official say that. She multiplied 1 and said there are currently that many cases in ohio do you think that is okay . Does it help because it drives home the point that we are underreporting what is happening because of no testing or is it irresponsible . I read it and said, who let you get this job, almost it seems implausible. They may have clusters of outbreak this isnt evenly disript uted to say 1 of the population has it a congressman said 150 million americans will get infected saying that was the high end of where it could go. What you warned if we didnt bend the epidemic curve at all 70 to 150 million, where do you get that number . Why would you share that is it helpful to share that if you let it burn its way through the population without take precautions we will develop a vaccine over time scott, in any Emergency Rooms across the country, when will we know whether we are going to get overwhelmed with icu beds and Vulnerable People . Would we see that in the next two or three weeks i think we are two or three weeks away from seeing things show up there. If you look at data, youve seen spikes of people presenting. Actual flu diagnosis are baseline circulating and picking it up. Or more like people with other respiratory disease and now they are presenting it might be a mix of both. There is a spike in new york right now. I dont know what new york officials are looking at they seem extremely concerned. They should be concerned there is enough out there. I wonder if they are looking at any data scott, the other issue people ask me all the time is should i go to the Doctors Office for normal issues . Should i stay out of Doctors Offices or hospitals i would try to avoid interaction with the Health Care System, if i can hospitals should be looking at canceling elective procedures to maintain space now does that include dentists and determineologists . Im trying to avoid n nonessential health care now this spreads when it gets inside institutions and health care that is how a lot of the virus is propagated. Im sure providers are taking steps. We have less of those kinds of problems there is risk of the setting of this virus do you see this similar where we are headed could it be italy in the United States or have we already addressed it more effectively . It is tough to say. We are a very mobil population we are not going to be able to put in place quarantines like other nations have done. We are late. We are a little late in terms of getting a handle on the outbreak has already done im impressed with what cities and states have done in reacting early. Scott, we appreciate your voice. Just a voice of absolute facts and facts only we appreciate that thanks, becky yes you dont sugar coat but you also dont fear monger you are on almost every day if you can do that, it is good for us hopefully that works for you President Trump tweeting, for decades the cdc looked at and studied testing system but did nothing about it it will always be inadequate and slow for a largescale pandemic. President obama made changes that only complicated things further. With h 16r7b h 1n 1, it made things more difficult. Is scott gone . Scott, can you hear us . He was coming from washington. Dont know if we can get him to pipe back in. We all have wondered w. T. F. Are these tests. There is no tracking of how many tests have been done. There hasnt been a centralized place you can find this out. I dont think well be getting scott back this moment well move on for now. In the meantime, a story local here but a big deal. Manhattan Real Estate Market is slowing. Being hit by a double whammy robert frank joins us with more on that. It is local for now but does have bigger ramification hitting buyers and sellers in new york city. 44 open houses last week that were completely empty. Not a Single Person showed up. That represented 13 of all open houses averaging attendance. According to data. Seeing if buyers feel that values of real estate will further depreciation because of the virus and financial instability, they will postpone decisions to buy on the sellers side, you have them reluctant to put apartments up for sale. March is always the strongest month for listings in new york city growing 9 and in the same period, they are barely up 2 . Manhattan real estate has seen eight quarters of declines due to new development and the decline of foreign buyers. Not just that new york is the largest Real Estate Market it is the credit problem a lot of these were highly leveraged with loans if you get one or two quarters of slow or no sales, a lot of these could go into default. They are taken over and then you have a bigger credit problem thats the bigger story break that out again again not to be in the glass half empty category but to the extent that people are trying to manage risk today. Youve got about 9,000 new condo units now unsold in new york that is about an eight or nine year supply. A lot of these have been put into default and quietly turned back over. A lot of time heading into the first or second quarter. If you have a period of just very little activity then youve got these lenders sitting on buildings where the cost for break even was somewhere 3,000, 4,000, 5,000 per square foot is your break even if you have to sell them at 2,000 a square foot, then youve got a lot of People Holding the bag for real estate which attracted so much investment they now hold these loans and buildings, that will feed into the broader issue. How representative of this situation in new york is taking place in other cities . It depends. So the entry level for most of the country outside of new york is very strong lower Mortgage Rates really help the higher end of the market whether you look at los angeles, san francisco, texas, miami. There is way too much supply there is so much, prices are coming down 20 to 30 . But it is still not enough you have to look at those areas most susceptible youve got people who can buy but they dont want to coming up, major disruptions. All major sports leagues canceling or postponing the seasons. Well talk about the impact next it is march. No march madness looking ahead to yesterdays biggest losers in the dow and a cinp 0. Wereomg right back through the at t network, edgetoedge i