This is after the bell. S p 500 down six days in a row. All three major averages down more than 4 on the worst pace for the financial crisis since 2018. We have fox Business Team coverage, blake burman at white house, Deirdre Bolton on the floor of the new york stock exchange, phil flynn watching oil at the exchange. Lets kick it off with deirdre. Reporter a lot of superlatives. Closing with the worst week since 2008. Look at stocks that pressured the average most. Microsoft for two reasons. Company says for the Current Quarter not what they expected. This is very much related to the coronavirus. Microsoft gets at least 10 of sales from china. Apple moving lower on the dow as well all day. Like the bigger picture, going down towards the end. Apple last week saying again sales this quarter will be lower due to effects of the coronavirus. One stock i was tracking all day, limiting losses, i dont know if we can say that with 1000 points down is 3 in. A part of what 3m makes are masks. You see the chart. Still closing at lows of the session. It closed up better than half a percent. On day like this worth pointing out only one of the 30 to close higher for the day. Microsoft in the sales context, they canceled a pretty big event out of abundance of caution. Microsoft management was supposed to be in San Francisco later this year. Facebook also canceling its biggest event for the year. Developers conference out of abundance for caution. Maker of are Fortnite Epic Games supposed toe have an event in san jose, california, canceling as well. Clorox, as more and more people become anxious protecting themselves, i got here at the new york stock exchange, even though not recommended for human skin, wiped down the my skin, computer keyboard, wiped down the desk. Melissa, the selloff is real. Back to you. Deirdre, thank you. Connell talk about what we saw, what happens next. Our panel, erin gibbs from Gibbs Wealth Management and terry. What happens at the close, the capitulation, throwing in the towel what people look for going through Something Like this or no . I dont know if it its capitulation or we reached bottom at all. There is no information at all. There is a lot of risk to the downside in terms of surprises. Markets are trying to find a bottom. Until we see the leveling out, were starting to see earlier today, then that gave way, it is still wait and see and there is still risk to the downside. That said, i think there is just as, in short order there will be risk to the upside also. You cant fall this fast without having some sort of a snap back or at least technically you will see Something Like that. Connell that is the thing. Connell erin. The speed of this. We get corrections. We have one officially. How fast it happened and how violent it has been this week. What is your takeaway . The fact were starting to get somewhere around more reasonable valuations telling me people are taking it more seriously. I think before we blew it off. We thought it would be pentup demand, quick vshaped recovery and people are realizing this might take several months, several quarters to really recover. I think that fear is pushing us down. I think it can go down another 5 . That would bring us to about fair value for the past three years. Still be very healthy valuations, still, good earnings, just not as good. But definitely, being a little more cautious, not being so pricey. Connell erin, terry, well be back to both of you. Melissa has another terrific guest now. Melissa all right. For the coronavirus Global Economic impact here now is liz ann sonders. She is Charles Schwab senior Vice President. Liz ann, so i want to kind of sort through what is the emotional part of this trade versus what is the reality of the economic impact. When you compare it to the financial crisis what needed to be rebuilt, other natural crises like a hurricane where things are destroyed, economic active. Goes away and hard to start it back up, businesses ruined, that sort of thing, talk to me about reality of, is it couple months of pentup demand, then things come back . What do you think really happens . The problem we dont know. I dont know i would liken it so much to Natural Disaster like a hurricane because that is one time in nature. It is quite a bit time certain. You do tend to get more vshaped recoveries. We have no idea what duration or longevity is going to be here. We know compared to say sars, which i think are apt comparisons trying to look from medical perspective but china quadrupled as a weight in global gdp. Their consumers have nearly quadrupled as a weight of global consumption, not to mention complexity of supply chains. Not having any idea when this stops getting worse and Getting Better again were somewhat limited. Supply shocks cannot be handled in terms of Monetary Policy. The nearterm fix, why the market is not embracing that, a Monetary Policy doesnt help supply shock. This is also a demand shock but outside of the United States. So fed policy cant help much there. Last thing i would say about the emotional side of this, one of the rubs, i think one of the reasons for the severity of the downturn, heading into the first eruption of this virus we had unbelievably stretched sentiment. Investor optimism was in euphoric territory. On some measures investors were more optimistic, than the optimism we saw in the late 1990s, early 2000s. The sentiment wasnt great from a perspective. Melissa i would point out 90 days after the first identify case of sars, market was up 25 . We compare it to the other different viruses. People made the czars comparison. That is the top line on the chart there and the thought is, i know youre talking about supply Chain Disruption but when the dust settles there arent things that have been destroyed or ruined. It is just this idea that the supply chains been disrupted. Is it a benefit at all that companies have tried to move from asia already . Well, we were looking at adjustments to supply chains already by virtue of what the trade war and tariffs brought on and this arguably accelerates that process but what we were learning even before coronavirus is it is not so easy to make those adjustments. Larger companies can be a bit more nimble. They are limited virtually elsewhere there is not the same capacity. We is sort of entrenched ourselves as a Global Economy in what china has represented and pulling back from that is not a shortterm process. This sort of speeds up the need to do it but doesnt allow for the process to happen over more condensed period of time. Melissa does it reinforce the point we were really stupid to put all of our eggs in that wasket so to speak . Well, this has been happening over the course of a couple of decades. This was not a nearterm phenomenon as we took advantage of cheaper labor, cheaper access to resources and we moved to this sort of very integrated supply chain. Do we look back now and say okay, maybe it was a little bit too complex and we need to go back, instead of having a Platform Company just ultimately sell the product that they designed with the middle part of the process being done in the cheapest locations, frankly there was financial incentive to make those justments anyway even before the trade war began. The differential in terms of labor costs started to narrow sufficiently i do think there is lots of reasons why we are now in the beginning of sort of this deglobalization process. I think there are some potentially negative implications of that longer term too, not least maybe being inflation but for now the problem is we just dont have any sense of timing of this and companies the best they can do, throw in the towel, we dont know what to tell the analyst community. We dont know what happens to global growth, u. S. Growth or earnings trajectory which leaves Market Participants uncertain. Melissa phenomenal insight. Always brilliant. Thank you. Connell the Company People think of more than any other following that conversation with melissa and liz ann are have something apple. It is down 19 bucks. Tim cook surprised employees and customers at an apple store in birmingham, alabama. Susan li was there. Why we had exclusive access. She joins us now. Susan had exclusive sitdown with apple ceo. You talked about the impact of the virus. What have we learned . Reporter apple is in unique position not only put together 50 of their iphones in china but 20 of their sales from china as well. One of the first Major Companies to warn the market because well not make sales targets from the impact of the disease. I sat down with a wideranging interview in birmingham, alabama today, where they talked about the new Education Mission and expanding that in this region. Homecoming for tim cook. He grew up in alabama and went to you a burn. Coronavirus and how it paymentings apples business. Listen. It feels to me, that china is getting the coronavirus under control. I mean you look at numbers, theyre coming down day by day by day. Im very optimistic there. On supplier side we have suppliers, iphone is built everywhere in the world. We have key components coming from the United States with key parts that are in china, in so on, so forth. When you look at the parts that are done in china we have reopened factories. So the factories were able to work through the conditions to reopen. Theyre reopening, theyre also in ramp. This is sort of the third phase of getting back to normal and were in phase three of the ramp mode. Reporter now i asked him whether or not they might rethink how much of the supply chain they want to base in china . You will hear from tim cook tomorrow in my exclusive interview that we had. I also asked if the disruptions will surpass the Second Quarter of this year. That is something you will hear from tim cook in that exclusive interview we have tomorrow on fox business and fox news all day long. Just to characterize it for you, im pretty sure this is the same for everybody, a lot of corporate ceos, is that the situation is fluid. I think everyone is just hoping for the best at this point. Guys . Connell susan, i ask you this. Im sure we all get a sense when we see a longer version of the interview. How would you characterize his tone . There are some people in the business community, people in the political community, who would think too much is being made of coronavirus and others say no, no, this is very serious for the Global Economy and it will have severe impact on growth . Where would you put tim cook after speaking to him in terms how he looks at it . Reporter i would say very sober, no panic whatsoever. He sounds adamant as you heard in the sound bite, things are Getting Better in china, not getting worse at this point. By the way with apple shares trading at a 15 discount this might be an opportunity for the company to repurchase shares at cheaper price which we know they have been doing. When you repurchase shares that also lifts the stock price as well. Well be hearing from tim cook but from my sense what he thinks he has seen it before, he is the architect of their low inventory fast moving supply chain i dont get a sense he is worried at all. Melissa great interview and great job. Connell well see that full interview as susan pointed out tomorrow. It is on cavuto coast to coast and also on the claman countdown. Thank you, susan li. Melissa that gives you a lot of insight. Stepping up measures, the white house announcing additional individuals attached to the Coronavirus Task force. Blake burman at the white house. Reporter it is been pretty remarkable 24 hours. He held the press conference which he announced Vice President mike pence will oversee the task force to combat the coronavirus. President announced he would put for people on the Coronavirus Task force. Two from the economic side of things, treasury secretary Steve Mnuchin and chair of the National Economic council larry kudlow, along with two medical professionals, Surgeon General dr. Jerome adams and the top Government Official combating hiv aids debbie bixx. Then he went over here to chair a meeting. The president s whole of government approach, precisely the whole task force has been about but my presence here today, working with you each and every day in the days ahead i hope gives evidence of the priority the president placed on this work. Reporter now the Vice President also says after that press conference last night he ended up speaking with the top democrat and republicans, democrat leadership an Republican Leadership in the house and senate regarding the coronavirus spending package. Were beginning discussions over an additional supplemental bill. Well be leaning on the task force for guidance but those were productive conversations and very positive. This is the time when the president s made clear we want all hands on deck. Reporter part of the message from the Trump Administration continues to be as we heard from the Vice President and hhs secretary alex azar. They point to the cdc saying the risk in the near term is low. Melissa any sense of sniping back and forth between two sides of the aisle has gone down today as things get more serious, maybe more hands on deck or is that a facade . You heard there from the Vice President him talking about how he has spoken with nancy pelosi, spoken with Chuck Schumer as well. Nancy pelosi talked about it earlier this morning saying they think they are getting closer to the spending package which by the way were hearing might be 7 billion. The white house first said 2 1 2. Democrats mentioned 8 1 2. Behind the scenes theyre working to the end of the day. Those are the decisionmakers involved in this. The Vice President who president put in control and top two democrats in the house as well. Interesting listening to the hearing that the hhs secretary was testifying before today, alex azar coincidentally happened to testify up on capitol hill, you could see some of the democrats in the house ways and Means Committee going after azar, republicans trying to back him up, typical washington stuff but at the end of the day getting money to go forward which you see behind the scenes here is the Vice President , democratic leadership, Republican Leadership, all trying to figure this thing out. Melissa blake, thank you. Reporter yep. Melissa oil extending its slide settling down more than 3 in the red for the fifth trading day. Lets go to phil flynn. Phil . Oil tremendous demand destruction concerns. As bad as oil looks right now it is not as bad as it was earlier in the session. We got a report out of opec that saudi arabia will stop exports of oil to china, 500,000 barrels a day. Now that is almost like 500,000 barreladay Production Cut. It is coming out of it will go into Saudi Oil Storage but their storage has been depleted because the refinery attack earlier in the year. So this is like a cut. At the same time we did get a report from opec that they are confirming that theyre going to have a meeting march 5th and 6 and they are committed to getting a deal done to respond to the demand destruction from the coronavirus. So we are going to see some news out there. Whether or not the market is going to buy that will depend on the momentum in the stock market. If that continues to sell off it doesnt look like a Production Cut is going to bring confidence back to the market. Gold looked like it would be a safe haven play, looked like it would rally, silver was up, but later in the day we got more reports of concerns about coronavirus, when the stock market tanked there was no place to hide. So even gold and silver gave up gains. The only place to hide is in the bond market. That is where they ran into today. Melissa you bet in those patterns they kind of stick. Phil, thank you. Thank you. We worked more formally with the Trump Administration and continue to work formally and very collaboratively with the Trump Administration at all levels to coordinate and collaborate. Connell so coronavirus in the state of california now, centers for Disease Control confirming the first u. S. Case of unknown origin as they say, meaning infected individual as far as we know had not recently been overseas or interacted with anyone who had the virus. This is in Solano County which is rep sended by john garamendi, he joins us from capitol hill. Congressman, good to see you, tell us what you know, if anything about this case this, person, and what has transpired so far . Pretty much that has been reported. We know she is a woman. We know she contacted the disease somewhere in the community so they call it a community infection, not attributed to an individual known to be infected. She is in intensive care in sacramento at university of californiadavis Medical Center and we hope she will recover and be back in the community. Meantime, there is some questions that have been raised. I believe the governor raised his question or this issue i