Continued coverage of the coronavirus outbreak begins now. Good morning and welcome breaking news, the Senate Passing an historic Coronavirus Relief package last night with a unanimous 960 vote. Chris joins us from new york what are the next steps for this bill reporter after days of partisan disagreement, the Senate Finally reached Common Ground on this vote, the yays are 96 the nays are zero. Reporter hopes to help the people blindsided by the coronavirus outbreak we are going through a crisis unprecedented. Im damn proud of the work weve done reporter sending 1,200 checks to individuals, 2,400 for families and 500 per child. Relief for the nations hospitals. Expanded Unemployment Benefits which means four months of payments for workers that will give them a sense of security they dont have right now. Think of the size of the bill you are asking members to vote on they should have the ability to have their voice be heard whether they are for it or against it passing within hours. The dire snap shot of how quickly the pandemic has devastated the nations workers. Thank you for that update going through for the stimulus bill we want to bring you up to speed on what we have for the markets. They have been volatile. If these futures moves hold in the opening bell, you can see the dow jones would probably open down about 350 and the s p off as well. We are watching what is happening with the treasury market allowing shortterm bill yields yesterday as for right now, the 10year note a hair above 10. 8 . That is what is happening for the futures we could see a down side move following two big gains for the dow. Red arrows in asia and europe today matt with more well kick things off with you first. Hi there, it was a mixed day across the asian markets the number sinking in the decline. Despite the stimulus bill being passed through the senate there. Leading throught the declines. The japanese market is down amid 4 worth remembering that we are coming off the best twoday gain for the japanese market since 2008 a lot of fresh stimulus announced in the world in the last couple of hours most is aimed at propping up ages and workers the government will also tap its National Reserves. You can see the signature poor mark singapore there. Earlier, we got singapore q1 advanced gdp with a contraction of 10. 61 quarter on quarter these numbers blue well past expectations as well india markets as well are out with a stimulus package. Aimed at lower direct earners and measures to secure Food Security and amid the lockdown currently in place in india. To the early trade in europe, juliana joins us now good morning, frank here in europe, stocks are trading lower. You can see the main benchmark is down 1 we have bounced off the lows investors are putting back a little money on the table. We are coming off two strong days of trade. Up nearly 7 on the week the coronavirus sharply in focus. Bad news in spain, now the second highest death toll country from the virus some negative new theres for sure lets look at the regions. Red across the board here. In france, the cac 40 down 1. 7 . The ftse 100 down more than 2 in terms of sek torz, at one point, every sector trading in negative territory now industrials bask above the flat line. Interestingly, some of the names that were beaten up are bouncing back this morning. Some pretty significant single stock moves both to the up and to the down side european stocks are trading down frank, back to you back here in the u. S. , the number of confirmed and presumptive cases are now approaching 70,000 more than 1,000 fatalities overseas, the spanish death toll reporting 738 new coronavirus deaths in the past 24 hours. The highest on record yet. In russia, the country ordering the grounding of regular and International Flights starting midnight on friday exceptions to that rule include Russian Airlines flying to other koirntss to bring citizens back home apple trying to bounce back after reporting the company is considering delaying the initial iphone launch a few months really raising the pressure for apple for that device to be a hit with consumers the engineers and corporate employees are working from home. Mcdonalds is pulling the allday Breakfast Menu to simply things amid the outbreak they launched an allday break fast in october 2016 shares are up more than 6 lets check out what is happening with the markets right now. There is a recurring theme in the markets. That is, can you believe what has happened over the last couple of days lets bring in jim iuorio. Lets talk about the simple question account bulls, the investors believe the twoday rally we have seen since monday caller here is the issue i have with that on monday morning, we got an announcement which would have been a enormous market positive. The rumors out there were 2 trillion minimum we get what looks like a stimulus bill it seems redig luis but in 2008 all week based on the qe and the stimulus package an obvious answer to that is some really good news regarding the virus itself that is a potential for some rough roads. If we can settle the week relatively strong, then maybe ill believe the work is behind us what does it tell you as a trader there appear to be a decent selloff in the closing bell. What do you think is driving it . Realistically, when you see lateday weakness like that, its underlying the market confidence the market hasnt done anything to inspire confidence just yet at the end of the day, people take confidence that the rally we have just gone through really isnt that sustainable lets talk about some of the near term catalyst but beyond a possible vaccine down the line it will be unemployment numbers. What are you looking for im not looking at much at this unemployment number today its going to be terrible. I hear people saying, okay, this is something we have to watch. It seems like a streak to look and say wow. We know it is unbelievable but we know it has an Expiration Date thats a few weeks into the future hope to god that warm weather has an effect on this as well. Looking at the unemployment numbers, here is a hint. Its going to be bad, i think. The real thing to look at is whether we can go through the weekend and see things not accelerating that was the big worry that by now, we would have accelerated we are right at the spot, in my opinion. Job numbers are expected to below. Jim, thank you for those thoughts ill send things back over to you. Thanks a lot when we come back, picking through the rubble trouble in michigan as ford is reduced to junk at one of the top local Credit Rating agencies first ben bernanke sharing his outlook and praising the fed for what it has done so far. We are back after this caller it will be a very short recession, i hope short, recession in the next quarter or two because everything is shutting down. The gdp figures are calculated on an annual basis if activity is 10 lower that quarter than next, you multiply that by four you see a 40 decline. It is not doing much to incentivize people to go out and buy. The fed is using lending powers. In a world where credit markets are not functioning well, that could be a big help. I can say this now because im six years from being away. I think the fed has been extremely proactive and jay powell and his team have been working really hard and gotten ahead of this. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Has you covered withe fast, reliable internet. Finity with advanced security to help keep you secure online. And with the most tv shows, movies and streaming apps all in one place. With simple Digital Tools you can get the help you need or even trouble shoot your services on your own. Download the xfinity my account app or just say help into your xfinity voice remote. We are working to make things a little easier on everyone. Download the xfinity my account app today. Welcome back retail is one industry that is certainly feeling the pinch as americans stay home and stay away from stores and each other. Joining us now is kate simons, she just raised her rating on tjx. Shares are down to the tune of about 1. 7 and off about 21 over the last six months thank you for joining us this is an interesting call here tjx is one of those retailers that really counts on their stores e commerce is not really a strategy what an outperformer when thousands of stores are closed caller thank you for having me on. Listen, i would say we recognize the results are certainly very challenging for tjx with store closures traffic is going to be down. When stores finally reopen, that being said, taking a longer term view, tjx has been the biggest share gainer coming out of the financial crisis since 2008 2009 with a draw to the value the u. S. Is contemplating its value. The consumer will be drawn to value coming out of this certainly, when we look at tjx, we expect that these will likely continue and theyll be the biggest share globally coming out of this. Aside from the fact that Product Availability will be available i was going to go to the point about the inventory. Once things get back up and running, which of course, none of us know when that will be, how would that play for an off price seller like tjx, by the time they get their hands on that merchandise would it be for the next selling year and would it impact the Balance Sheet . You pack away and use inventory that they see in the marketplace and allocating that for future seasons. Right now, thousands of Stores Across the u. S. , there will be ample supply outside of that leveraging the use and whether to tuck that inventory away for that season. We would expect that certainly to be the case coming out of this if we can pivot to the broader retail sector. Yesterday, we saw the Parent Company of dsw laying off at least temporarily, 80 of its work force if you are a retail employee, what does the future hold for you . Weve seen announcements and whether they intend to pay their employees for two weeks. Particularly, as we are coming out of that twoweek period. A lot of retailers are parttime employees. They are trying to clamp down on expenses and manage the leverage where they will see the decline in sales i think youll see some of those employees get let go what do you think as we look at the broader retail landscape, what that may be who else might be worth looking at for the investor here, particularly after some pretty sharp selloffs in looking at those names . We dont know the duration and we dont know how long store closures will be in terms of healthy cash positions tjx, lulu lemon for example, very attractive category close your. Very important and i know a lot of retailers will be tapping into those revolving lines of cred credit upgrading with an outperform thank you. Still on deck, boeing bouncing back coming off the best single session in history but is it only green arrows from here on out . Announcer todays big number, 5. 65 . That is the dows average daily move in either direction during the month of march that is about 10 times the average daily move during 2019 our market share looks good, but. Drone voice where are the bagels . Well, cdw can help you modernize your company the right way, with a scalable infrastructure from hpe, making you more efficient and secure. Great. Oh. [ drones buzz angrily ] lets find a different room. For transformation that works, you need Hewlett Packard enterprise and it orchestration by cdw. People who get it. For farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice lettuce. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. vo quof those who workthe grit anfor themselves. Theyre the backbone of our economy. And in these challenging times, theyre adapting to support their communities. So be sure to support them in return. Intuit quickbooks. Welcome back s p has cut ford to a junk status s ps outlook on ford is negative there is a chance it could cut the rating further the recession could affect the cash flow and liquidity. A shakeup at groupon, the ceo and coo have stepped down. The two men are still employed the north american chief will take over as interim ceo, groupon shares are down more than 60 the companys market cap has also fallen below 500 million looking at the biggest laggards in Early Morning market, royal caribbean,asan etm chemical and more. Well be back after this how often does that. Got it. Servicenow the smarter way to workflow. To challenge your thinking and test your execution. But great minds are driven to seek out the complex. They see what others dont, from an angle others wont take. They learn that embracing those challenges is what sets them apart. I am justin rose, and we are morgan stanley. Welcome back the Senate Passing a 2 trillion stimulus package it heads to the house now under pressure one investor calls this a once in a lifetime buying opportunity. The number of the morning, why weekly jobless claims data could make or break the day. It is march 26, 2020 you are watching cnbc. Good morning and welcome back. Im Frank Holland with dominic chu and courtney reagan. Dom, over to you we are looking at the futures market the dow down 360, the s p 500 similar move, thats if these futures losses hold at the opening bell, 9 30 a. M. Eastern time today also looking closer at the treasury markets 10year yields drifting to the down side about. 81 treasury yields to the two side of things. Treasuries, stocks indicating what could be more of a risk aversiontype day. Turning over to overseas trading. Red arrows overnight a bit of a mixed picture matt taylor is in singapore and Julianna Tatelbaum is with us for more it was a mixed performance we did have australia and new zealand moving hire. When we did have the picture sinking after the confirmation the u. S. Stimulus package has been passed in the United States, we did see a number dropping in asia japan is dropping there amid a tokyo lockdown that really rattled the sentiment in japan strengthening the yen. The japanese market coming off the best twoday gain since 2008 a lot of stimulus and singapore out with a whoping 33billion package. Most propping up wages and workers. The government will tap the National Reserves to fund the aviation space the government pledging 350 million singapore dollars saying they want the airlines to emerge in good shape. Showing a contraction of 10. 6 on the First Quarter on quarter 2. 2 on year the indian market higher today announcing a 22 billion stimulus package as well aimed at lower income workers. That market rallying around 4 to the early trade in europe where things have taken a turn to the red ahead of the u. S. Jobs numbers thats right, the losses have accumulated here in europe the benchmark now off 1. 7 to put this into context, we have had a pretty decent run the stoxx 600 was up nearly 7 on the week, so a lot of positive momentum had been coming together, perhaps a little bit of profit in the jobless jobs that we were eyeing closely. Looking at the sectors we are seeing red across the board here in europe every sector trading across the line now, even industrials down about 0. 8 the worst sectors, basic resources. Oil and gas also down 0. 3 along the pullback in the oil prices we are continuing to watch coronavirus here in europe some negative news out of spain for sure spain becoming the second highest death toll as a country in the last 24 hours overall negative picture here in europe frank, back to you more on that breaking news out of washington. The Senate Passing an historic 2 trillion relief package just before midnight with a unanimous 960 vote. Eamon p, wh eamon, what are the next steps for this bill . It has to go to the house, which will be tricky because members are scattered around the country. They will allow house members simply to stay there and they will plan to pass this enormous 2 trillion bill by a voiced vote on the floor of the house essentially a unanimous vote in the house on friday. So nothing today well see if they can marshal all the forces forward this was, as you say, a 960 vote i cant remember a major piece of legislation that passed unanimously like that. You almost always get one or two dissenters the vote probably would have been higher if it wasnt for the fact that some of the members themselves are suffering from the covid virus. The senate agreed left and right that this was the right thing to do after a minirebellion from a couple of senators who felt the bill was too generous and would incentivize people not to work the president came out and put his full weigh behind the bill i encourage the house to pass this and send the bill to my desk for signature without delay. Well sign it immediately. It will be a great signing and a great day for the American Worker and American Families and frankly for American Companies ultimately, the secretary said yesterday that he did not feel that these increased Unemployment Benefits provided any disincentives for workers to show up for work he was fine with it and the entire u. S. Senate was fine with it as well as you mentioned earlier, this is an historic number, 2 trillion i understand nancy pelosi doesnt think 2 trillion doesnt go far enough. Could we see more when this moves to the ho us 0en friday . No. They wont be able to add to the bill but i think what a lot of people in washington are c contemplating here is another bill behind this one the president said, well come back for more if we need it. Steven mnuchin said how long can this bill support the u. S. Economy . He says about three months the president very willing to come back and ask for more money. They are prepared to back to the hill to ask for more money for now, this was grueling to get this one out the door. They are hoping to get the pressure off washington, most states and the hospitals to deal with the scale and scope of this problem. Eamon, thank you for that update of what is happening in washington, d. C. Lets talk about the u. S. Economy a little more. Lets bring in michael, chief economist at barclays. Eamon just mentioned what they could do for the u. S. Economy in terms of stimulus. Is this going to work specifically with keeping america working . I think so. We are still going through the retails itself it is long and has a number of provisions it is crucial to get a number of assistance to the United States right now. It is necessary but not efficient. We need the Public Sector engaged in risk taking i think, yes, is my general answer without knowing all of the specifics at this point in time we have a much more solid footing today than we did a week ago to deal with this problem. It is interesting because they do have a little better grasp these days given all the uncertainty. Well get the first look with weekly jobless claims this time around later on this morning how bad could it be . We are looking for a number around 2 million let me highlight there is a tremendous amount of uncertainty around this number if you piece together some of the releases from states that have been in lockdown already, what has happened in other countries, including canada to the north. Our own data scientists have looked at ny 311, which is a phone number people would call for information on filing for jobless benefits i think anything in, say, the 1 million to 3 million range is expected anything below 1 million would be a positive surprise the historical highs are 675, 700,000. We reached that in the 0809 financial crisis and early 80s this could be an unprecedented number for jobless claims. Lets look ahead to the monthly jobs report we have not just this coming month but months ahead as well how do you think the market will react with regard to the High Frequency jobless claims numbers and how will it play out in this coming month as well i think markets have priced in a lot already we are Forecasting Global growth to be essentially zero they have already slipped into recession for two quarters of declines well have that in q1 and q2 you can expect the job market to be quite poor. You can expect a rise in the market you can expect the march employment report will be more or less okay more of the shutdown started to happen in the middle of march. Id expect it to be weaker if we looked at past events like 9 11 or katrina. Some of those regional events, you could take jobless data back up through last week that might slow job growth. That would bring job growth down to 75 to 150,000 range the number today could tell us what that april report could be like we could be looking at a percentage point rise. Claims only tell us about the rate of separation in the labor market we dont have a lot of information about hires. Hires will be slowing at the same time. This only gets you about half a picture. We still need to know about the other side huge for lawmakers out there. Chief economist over at barclays thank you. Has boeing reached a an Inflection Point shares popping yesterday here is what mark cuban told cnbc last night. Imagine coming on to shark tank being boeing and they want 60 billion. Saying i want 60 billion and im willing to give you zero equity you will have to give up more. This is not a traditional loan he said hell go elsewhere let him go elsewhere that is 60 of the 2 trillion we could put that money in a lot betterlas an pceth giving it to boeing your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. Healthier brain. Better life. My bladder leak underwear. Orried someone might see so, i switched. To always discreet boutique. Its shapehugging threads smooth out the back. So it fits better than depend. And no one notices. Always discreet. Edward jones is itswell aware of that. Et. Which is why were ready to listen. And ready to help you find opportunity. So. Lets talk. Edward jones. Its time for investing to feel individual. Welcome back idaho is the latest state to issue a stayathome order nbc news reports the u. S. Now has more than 68,000 covid cases and more than 1,000 deaths banks agree to a mortgage freeze and bank of america has agreed to a 30day for barns amazon is closing a returns warehouse after three workers there tested positive. This is the first case of the u. S. Giant idling a plant over the virus. Thank you for the update there. More on what is happening now with boeing, those shares are up more than 64 . We know, it has been a very rough road bringing in Sheila Kahyaoglu what do you think of the moves over the last couple of days does this mean the bottom is in for boeing thank you, dom. I think it is for boeing but we have a long way to go back to normalized Free Cash Flow what does it mean. I dont agree with mark cuban. I dont believe bail outs have to come with an he can withity stake. We saw that with the bail outs in 2001 and 2009 including no dividends or buybacks until the funds are paid back. So lets talk about the cash position there then. We know the expectation there will be some type of an aid package. We know boeing is expected to get a good chunk of that does this boeings threat of going into default is a little off . Caller boeing ended q4 low on cash. That should put their cash position at 24 billion at the end of q1. First q1 tends to be a lower cash delivery quarter. We have seen wide bodies shift boeing has some debt it has to pay back as well as commercial they are still probably paying out about 4 billion a month they are paying their suppliers because this is a longlead business you still have to pay your engine manufacturer and the guy who is providing you avionics. We are continuing to see that. While that is still wellfunded, you will see that come down quickly. Some of the positivity around the shares have come because they may reportedly start production of the 737 max. Is that something as a whole boeing will stand to benefit caller sure. Boeing has a big back log of 4,500 planes airlines will be less profitable and will cut their back log. What weve seen in china is a normalization of traffic at least domestically they bottomed about midfebruary International Travel is down 80 . That will hurt the widebody deliveries more than the narrowbody. Well see a come back and liflit traffic resume sure, sheila. Thank you for those thoughts she has a buy rating and 185 target coming up, why one wellknown investor says this is a once in a lifetime buying opportunity. A reminder, you can always watch or listen live on the cnbc app well be right back. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Modern modernization today where the future workplace of today starts tomorrow. Our full range of products and services will take your enterprise to a bold new era. Behold, the innovation scarf. In order to innovate, we must first outovate. What . At cdw, we get better ways to modernize. Our experts can design, orchestrate and manage your most complex technology, today and into the future. It orchestration by cdw. People who get it. I think this is maybe a once in a lifetime opportunity to buy stocks at great prices a great speaker once said buy when there is massive pessimism. We had a chance to buy in 87 and again in 2008. I do believe this is an opportunity, take advantage of the opportunity and the bargains that was john rogers on the special town hall last night well bring in david nelson to discuss that and more going into a new market day david, good morning. It is good to see you. He may be right. Well see. Futures are indicated a negative open for the Dow Jones Industrial average you want to buy when prices are a little low, is this an opportunity of a lifetime in your opinion as well some of these companies are fairly challenged at this point. This has turned into a credit event. What we have from saudi arabia was almost an act of war that added to the problem, hit the Energy Complex the dip there is challenged. That trickles over to the Financial Community because somebody has the evolving credit youll have to really do your homework here and scrub the balance that looks like the basement price if this is a credit event, what p will be the opportunity do you want to go to energy right now . Thats not for me to figure outright now for me, i have to look to technology these are cashrich companies. Those that have debt are likely to pay it off. Even in the industrial sector, there are companies with reasonable Balance Sheets. All these stocks are well off their highs. Balance sheet does seem to be the key. I understand some of these big tech names really attractive to you. A lot of talk in names like zoom it probably is crowded and im there with other people. The down turn, the at home stocks like netflix, amazon, even Gaming Companies and zoom protected me from the down side. Going after the most challenged. A lot of these companies where if people are doing their homework are going to survive. Getti getting enormous moves from Cruise Companies and airlines. Some think that number should be 3. 4 million is estimated out of morgan stanley. Are we in for a rough report we are in for a rough report. My hope is in the next couple of weeks, we see some sort of balance coming from the government i dont want to see a situation where the cure is worse than the disease. I understand. David nelson great to have you here as the futures are indicated for a lower open this thursday morning ahead of those jobless claims numbers, which very well could be in the maillions. Thank you to you that does it for us. Cnbcs continuing breaking market coverage continues after this breaking news, the Senate Passing its stimulus package the bill now goes to the house futures jumping around and now pointing to sharp declines at the open the number of coronavirus cases in the u. S. Approaching 70,000 the number of deaths in the u. S. Now passed 1,000 it is thursday, march 26, 2020 our breaking news starts right now. Good morning welcome to squawk box here and our special coverage of the coronavirus situation. Im becky quick along with Andrew Ross Sorkin joe will be with us shortly, we think. These are the hazards of trying to work remotely good morning to you. Good morning to you what a day with all the data coming lets look at what is happening with the futures we are slightly lower right now. Dow is up 13 , more than that over two sessions. The s p futures are indicated weaker this morning. Dow futures look like wed open down about 255 points. These numbers are all over the place. S p indicated down about 33 and nasdaq off by 92 lets look at what has been happening in the treasury market the 10year look
vimarsana.com © 2020. All Rights Reserved.