Im also brian sullivan. Welcome. What a week this was and guy adami, i am not going to take anything away from a dow that rose nearly 2,000 points and its better for most peoples portfolios than it falling 2,000 points. But i believe were going to eamon are we going to eamon . You have time now to think about that question. Lets go to eamon lets go right now to eamon jafers who is at the white house with more news following the president s News Conference which certainly moved market, eamon. Boy, did it it was a thousandpoint spike while the president was hearing. Traders clearly liked what they heard and the president takinga i ceofocused approach and bringing on the ceos of target and name checking google the president i thought taking a much different tone on the coronavirus. Hes tended to sort of minimize the danger of this over the past couple of weeks and yet today he said Something Different heres what he said. In the coming weeks we will all have to make changes and sacrifices, but these shortterm sacrifices will produce longterm gain, and again, i said were learning a lot for the future and future problems like this or worse or worse it could get worse the next eight weeks are critical the president here declaring a National Emergency that frees up tens of billions of dollars in federal aid to go to the affected areas and it also unleashes some regulatory actions that the president cited including clearing out red tape for doctors and hospitals trying to respond to this in real time. The president taking here, action much stronger than he predicted. Even yesterday when he was asked boy a reporter if he would do it he said ill do some of the minor things and he clearly felt he had to do it and he did , the market covered eamon javers now, you had a minute to think about that question. Im a big fan of e. J. Yes, it was an important day for the stock market and last night around 10 30, 11 00 p. M. The s p futures traded down the levels that we talked about and the 2350 level so you can take solace in that and the fact that the market did rally and its a good thing and an encouraging thing and the press Conference Addressed a lot of the Health Concerns of what we were doing about it and people wanted to hear and thats great. What concerns me and again, it was a great day for the stock market absolutely what concerns me what has concerned me and what will continue to concern me is the unprecedented unprecedented volatility in the bond market and the tenyear yields at one point this week were 34 basis points or so and today they closed either side of 1 i mean, that is a historic move by any stretch of the imagination. Look, i fwrae with you and what had me most concern side we hit 31 bases points on the tenyear notice and the bond market is telling us something and not as it can, but its something awful and im want sure the move to 31 is appropriate. Im not sure what its supposed to be. Certainly, weve seen a relative value trade into the u. S. As this crisis has moved on just back to the technical elements of today. 7 on the s p in 25 minutes into the close. That just doesnt make sense to me thats not people getting excited to the speech and its nice to see the president take the authoritative action that he did today and i think thats great news for the country i think 7 in 25 minutes on the s p is a bit concerning. It doesnt mean that you should feel that this was nothing i think there was a lot of Short Covering to come and certainly, we talk about the machines all of the time and the most important thing you saw the Good Companies today found a way back and what was interesting is then you saw some companies that may have been some of the frothier names before we started to sell off that looks like they may be the victim of margin calls and it doesnt have a lot of money that comes in after them and there are Asset Classes and a couple of big stocks, and the market needs to its a good point about margin calls. To me, what the last two days have really been about is the deleveraging type of action is that someone is a forced seller or the buyer the liquidity in the market is almost absent so you get these massive moves up and down. What does this mean for you at home if you say, i dont want to sell the bottom, remember that some of the biggest rallies that weve had. In fact, seven or eight of the largest rallies in the dow have happened during bear markets thats right. In 08 and 09 and some of the biggest updates in history were in 08 and 09 and my memory serves me in 08 and 2001 and it is still higher than two days ago and its not like bond yields signaled the all clear. The vix at 58 is significantly lower than its been this week and its still the vix at 58 which we had talked about that two months ago you would have looked at me incredulously, correctly, by the way. So thats telling a different tale i dont think any of us are dismissing the importance of the market finding its footing today. I think that was very encouraging especially last night as i mentioned 11 00, it didnt look that way and at points today when it looked like it was going to give up the ghost. Thats the good news in my opinion the bad news is this bond market volatility is not a healthy thing. The bond market, whatever rates they need to stabilize somewhere and tim is right, 31 basis points in ten year is right and it needs to find its footing. Let me give you the Silver Lining thats out there. What we know, what works to solve the Health Crisis containment is quarantine. Whether we like it or not and whether its mandated by the government where it doesnt look like its going to be, this country is shutting down they shut down disneyland, disney world, broadway is shutting down, we are moving in that direction, so i do think some of the bounce off of last nights low was the market saying, okay, we are moving in that direction its going to hurt and not be great, but thats a important thing. How important is monday i think mondays part of it i dont think monday gets us to the other side remember, a lot of things that were wrestling with especially those like me who dont expect it to be a vshaped recovery and we heard about boeing im not worried about beings Balance Sheet and based upon the quality of the Management Team and the quality of the core business and there are companies and sectors in the industrial space that the market is still waiting to call judgment on. I think if you think about earnings, the biggest problem that comes out of a recession is a credit crisis because Earnings Growth doesnt happen and ultimately you get the spread widening that becomes dangerous for the market monday is an important day because monday our country will have a better sense of where we are with the virus and every day brings more clarity and clarity of the unknown certainty is that were not certain, but were more certain that were not certain than we were yesterday people are taking this seriously, as they should be and that level of clarity on where we have to get to as a country is very important. Good stuff there. Well come back to the macro market discussion and we have a very special guest to bring in right now and thats the president of the New York Stock Exchange, Stacy Cunningham we appreciate you joining us on cnbc on an incredible week ill be direct any plans that the New York Stock Exchange will shut down . We dont have plans to shut down the stock exchange. It is the symbol of the strength and resiliency of our economy and we want to make sure that we continue to give that presence and confidence to the investors and the public more broadly and second, our stocks trade better when we apply human judgment and weve been using that mechanism and a few minutes ago, we had a number of stocks in the oil sector that at the very last seconds of the day had massive buyin bounce based on the president s announcement and we found a price level where we can offset the imbalance there are big trouble, computers arent workinging or theyre slow at home and some of the structured ruks did derivatives. Know this the market itself maybe the market needs to take a pause to make sure that everything is up and running because the thousand and thousandpoint moves, weve all been doing this a long time. These are bizarre. Theyre certainly unusual moves. Its important that the market stay open, though. So we can take a pause for 15 minutes and those were appropriate and helpful to the market, but taking a long term stoppage of trading certainly does not send a strong signal to investors. Thats not who we are. We need to be able to give people the opportunity to access their mono pep. You did see a lack of liquid the sometimes in the fixed income space you saw many clients using and many investors toward fixed income etfs because of the liquidity youll find there and youll see investors looking for liquidity across the board and trying to determine what products they have more Success Trading and investing in, but i dont think well see the markets close and i think it would be the wrong measure to take hey, stacy. Its tim seymour, a pleasure to have you on, and my question is about by liquidity and extending it to today when the s p moves 77 prs in minutes i know youre not a floor trader and you run the exchange. I am just curious because today is extraordinary. Weve seen it have to do with markets over time. Markets are also much more automated and people are getting information very, very quickly and reacting to signals theyre seeing in the market so you see movements happen much more quickly thats part of why we introduced circuitbreakers and not just at the market wide level that we used a couple times this week and also at singlestock levels and when there is a rapid stock, we can take a pause and it can come back to one place and focus on price discovery weve been using a lot of tools in the tool kit this week and theyve all worked the way theyre supposed to and we want to mack sure investors understand and focus on the long term if investors are seeing these massive price moves during the day and taking those as opportunities to invest and moments to panic, i think they will be better off focusing on the long term. Just quickly, going back to safety and you talked about the importance of people and people are the most important thing out there and especially were all thinking about our families and youre down at the nasdaq and we have the cnbc crew as well what steps have you taken to make sure that everybody coming into that building is as protected as possible . So weve done a number of things already and are expanding next week, as well. First, we restricted guest access on the Trading Floor. So the people on the floor now are people that support Trading Operations on the Trading Floor just so it increases the likelihood of the people on the floor being protected from an outbreak we also ask the employees at the New York Stock Exchange that dont support floor function, but work in the New York Stock Exchange building to work from home were just limiting the number of people coming into the building weve increased our team, we have the deep clanning crew to make sure the floor is sanitized so that we can keep the door open if case we were to be very, very quickry for trading and we have plans where we can move and trade completely, and ironically we think its critical to keep the markets open not just for investors, but really for to show that strength and resilience, and i just have to say the markets have been challenged this week, but so have americans and were trying to figure out how to process information, how to protect ourselves and take precautions were doing it here in our markets. You use the tools we have. Were doing it here on the Trading Floor by trying to protect the people that come to work every day and americans are doing it all over as they prepare for what theyre not quite sure how the next few weeks will unfold. Stacy, you guys have done a wonderful job. Congratulations because being open i think does send the right message and in terms of your business specifically, does this, the ability to bring clients down, does this potentially hurt your listing business or does it sort of temporarily cause a bit of a pause in that . Yeah. I will say that one of the things weve focused on with our listed companies theyre all going through a period of uncertainty right now as theyre trying to figure out how to protect their own employees. We can leverage our network to help them with that. We held a conference with Scott Gottlieb whoi know is a friend of cnbc. He talked about things they should be thinking about and doing it and bringing the company together and share best practices is of value and we bring them together so they can share best practices with respect to ipos. Certainly the market that is not the most conducive and not just because of the volatility with the market and because of the concern about meeting with investors and many are putting that on pause. The mat he, youll be eyeball to perform and that is snag, at the right time and theres plenty of time for that. Fastacy, wishing everyone thr to be as safe as possible. Its been a krazy week. You, too. Thanks. We have breaking news on microsoft. Lets go to josh lipton with those details. Josh so brian, we do have big news on microsoft today announcing that cofounder bill gates is going to be stepping down from the companys board of directors to focus more on his philanthropic pursuits we know hes passionate about areas like global health, education, climate change. He will continue to serve as Technology Adviser to ceo Satya Nadella. He had transitioned on a day to day role to spend time with the bill and Melinda Gates foundation and he had served as microsoft chairman of the board until 2014 Satya Nadella said microsoft will continue to benefit from bills Ongoing Technical passion and advice to drive the companys products and services. It is not the only news from bill gates today, though, brian. He is also stepping down from berkshires board, as well we learned that ken chenault will be leaving facebooks board to replace him there back to you big news there. Josh lipton in San Francisco thank you very much. Bill gates has not been the ceo of microsoft for a long, long time Satya Nadellas been there for a long time. You dont sell microsoft because bill gates is stepping down from the board. They have a fantastic Management Team there and its taken a hit this week with the entire market, but i dont think this is a structural change people knew and ultimately bill gates will have to slowly back away from that, and if im looking at microsoft today and if theres any weakness on this news which it doesnt really appear that there is, but i would not sell microsoft on this news go ahead, tim, i want to talk about the extraordinary move of microsoft and 76 million shares are traded whereas before that it was about thats mom and pop on the retrade. And total is about four and a half times the average daily volume so guy talked about this last night and mentioned a level on microsoft that i think at least people wanted to see we certainly kissed that last night. The thing that worries me about microsoft is it is a market proxy and in fact there were shenanigans going on in the market and why not go after microsoft to take it back higher whatever that means. If you think about the nasdaq thats outperformed the s p by almost 800 basis points this year just think about that as you digest whether you think megacap tech continues to lead the way or that they have to catch up on the way down todays late move not withstanding and tim mentioned the levels and the 139, 140 level topped out the entirety of last summer into the early fall. And im with b. K. On this one. If nothing else, you do have a bogey and that 140 level is pretty interesting just given what were hearing now and a name like microsoft longer term, reit . There is a long term work trend that may change from this environment and may change, part p seeable, and in term of the way they work to Different Things we had a conversation with karen and tim pointed this out and theres been relative strength in these chinese internet stocks and it doesnt make a lot of sense until you start to think about it so maybe theyre ahead of that curve and maybe thats a place where you should be looking, as well. We have some more breaking news and this time with dow component boeing and we referenced it now with phil lebeau this is about fitch putting bowing on credit watch negative and as you take a look at shares of boeing and they did get a bit of a pop back today and this is a stock thats well off of its 52week high and when you look at the stock the thing to keep in mind is that fitch is saying, look, you look at the pressure that is being applied to the Airlines Worldwide right now because of coronavirus and because of people canceling flights and not booking flights and that raises questions about what happens with future deliveries future orders from airlines and its a Pressure Point on boeings finances in the ice of fitch. They go on to say in the report where they put the company on credit watch negative. These concurrent risks continue to have 737 max delivery ramp up and there is another issue that youre alluding to and its supposed to be grounded until the middle of the year and will the delivery start later this year and after the grounding is lifted and then fitch says this could slow the rate of Debt Reduction from peak debt levels which will be higher than what fitch previously expected and its credit watch negative and yall have over the last year. The companys target right now, and theyre working with the faa for an ungrounding by the middle of the year and that would set the stage poten