Sports world coming to a halt while the happiest place on earth closes its gate. 2020 race impacted by coronavirus as well, Campaign Events canceled. Debates with no inhouse audiences, mornings with maria live right now. Maria we want to check overseas marks right now, take a look, mixed story over in europe. Ftse 100 now turned negative, down 421 points, 7 lower on financial times. Cac request rant is up 150 and dax index in germany up 307 points. 3 apiece. We are looking at those losses extend this morning in the uk. In asia overnight it was red across the board certainly in the heels of wall street but markets in asia actually closed off the lows of the session, worst performer was japan, down better than 6 followed by korea. South korea banning short selling for now 6 months, lets check Interest Rates, the yield on the 10year treasury moving up. The yield is up now 10 basis points at level of. 896 on the 10year, Oil Prices Rising this morning after 2 days of decline as the price war between saudi arabia and russia continues. This morning crude oil is up 4. 8 . 1. 54, now the latest on the coronavirus pandemic. Rosche approved emergency approval for highlyautomated coronavirus test. Significantly speed up the screening process, the test available in europe can screen more than 4,000 patients a day. Ohio, maryland, michigan closing all kindergarten through 12th grade schools, Large Urban School Districts in seattle and San Francisco doing the same in an effort to contain the outbreak. Disney closed disneyland in california, wallet disney world resort in florida and disneyland paris resort starting tomorrow. And this will last until the end to have month according to disney. New yorks great white way is dark, broadway theaters now shuttered, curtains are staying down until the week of april 13th, banned gatherings of more than 501 people throughout new york. Death toll from coronavirus now nearing 5,000 with more than 132,500 cases across the world. This is affecting 113 countries. 46 u. S. States and district of colombia now feeling the impact certainly. The u. S. Conducting air strike against iran meanwhile, iran backed militia to retaliate against death of two americans and one British Service member. The strikes targeting Storage Facilities in Iraq Associated with the militia group. The strikes aimed at stopping future attacks. Court documents show that the Defense Department hope to take another look after amazon filed a lawsuit when it lost out on 10 billiondollar deal. Asking for 120 days to reevaluate including taking a look at issues raised after amazon court action. 4 higher after the market, the destroys last 10 . Almost 10 yesterday. Investors saw the worst market day since the black monday market crash of 1987, fears of coronavirus pandemic sparking worries that the u. S. Economy is entering a recession soon. Joining the conversation campusreform. Org. Fox business Dagen Mcdowell and pwc partner mitch roschelle. Ouch, that hurt. At least we have green on the screen for now. So thats the good news. Maybe thats the silver lining. Its interesting when ash opened up and i was opening watching the opening in asia last night. It opened terribly and as the trading day improve, u. S. Futures opened an the u. S. Futures started looking brighter. I think the prospects that theres some enthusiasm going back into stocks is what has the market at least for the next few hours maria its really about clarity. The Investment Community needs to ups how severe a recession will be and are we in one right now, are we looking at contraction nor the Second Quarter and what that means for earnings. Dagen also yesterday what was going on it wasnt just the route in the stock market, it was stress and strain in the bond market whether even Investment GradeCorporate Bonds, certainly highyield bonds. This is something that we have been talking about for days if not weeks but the yield on even the 30year treasury or 10year treasury, the yield went up and there was selling in treasuries yesterday. Thats one of the reason that is the fed intervened with this liquidity drive. 500 billion each to 1 month to 3 month operations among other maneuvers but thats just shortterm funding markets and somebody last night put it in perspective, an investmentgrade corporate etf, you have individual investors in it, well, yesterday some of these fell more than 4 . That literally wipes out a year or more of yield that you would get on those bonds so youve literally in one day have wiped out the yield that you collected in about 2 years and so that was one of the reason that is the strain is not panic was feeding on itself. You put money in etfs, to have the hedge, you lost the hedge right there. Dagen i would expect the Federal Reserve to do more. It was the new york fed that announced, made this announcement when it should have been the feds board of governors, Market Committee meeting and so maybe it will get a true rampup on quantitative easing on on the of package that we will get today. Maria all hands on deck at this point, fiscal stimulus, Monetary Policy, we will see. We have a market thats bouncing because theres an argument to be made that it was overdone yesterday. A lot of the companies are not going away. They are going to get back to growth mode, but again, we dont neglect when that will be. Dagen some of that is on corporation, some of that is on individuals to continue to go about your everyday life maybe in a slightly different way but we cant have basically money screeching to a halt. We cant be in our homes not spending money because this economy particularly relies on the velocity of money and the multiplier effect. Our individual behavior affects anybody from the waiter at a restaurant. The delivery people, tall people who deliver food to those restaurants. We have to be careful that panic doesnt create a much worse situation for our economy and really the world. Maria when you have everything shut down like, this it certainly feels like a situation where it can feed on itself and its a vicious cycle. Its interesting how the panic seeped earlier, purell, Pharma Companies also hit, the ones people were expecting to perform well turned circumstances even now taking a hit. Maria when youre in a selling situation you sell what you can sell and where the liquidity is. The most liquid names and the ones that had recent gains to sell. If youre sitting on something that has no liquidity, what are you going to do, you need to raise cash and sell what you can sell. Its interesting how it gets vilified, look at the trickle down, if we cancel something and theres no revenue in the company, they dont have the resources to play employees and trickles into the economy. The way we have to do things is get Companies Back to work. Maria at this point we are looking at the markets down for 2020, doubledigit declines. At some point this is enormous buying opportunity because the corporate sector is not going away, so we need to have some calm here and we are expecting a pretty good bounceback this morning as a result of that sentiment. We will take a break, when we come back propping up stocks. Battling market volatility as the corona virus pandemic worsens. 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I like the way the New York Post did it today, sorry, we are closed. Everything is closed, sports, broadway. People working from home, no economic activity, how do you see things . Thats the worry and thats why the markets reacting the way they are. Recession, we have seen the headlines, oh, my god, we might see depression. Snowball picks up momentum. The waiters dont get to serve, the restaurants dont cook and the theaters dont produce and next thing you know the economy comes and profits come to a screeching hall. We think this is a shortterm phenomena. 30, 60 days out, the markets get worse than they are now but at some point the economic engine of this country start to pick up momentum. Third quarter into the fourth and this too shall pass. Maria the clarity of it, its no surprise that things are worsening. We knew we had an issue with the test kits. I said 1 weeks ago we will see tens of thousands of cases in the United States and thats going to lead to hundreds of thousands of cases and yet the market reacts to every headline that we see the number of deaths and cases going up because we need the clarity in terms of what the impact is. I dont think that investors should be reacting to every headline. We know where this is going. Maria, you are absolutely correct. We know where this is going. We have a game plan, look what happened in china, look what is happening in south korea, look what is happening in italy. This is a 30 to 60day to peak and then plateaus and then the number of new cases start start to come down. Cases in the United States will go up and dramatically. Maria the problem is we dont know what happens to Corporate America in the interim. Mitch 10year treasury is close to 1 than it is to zero, hours ago, just a few days ago we were thinking that defies going to go to zero. Dagen thats one thing that could potentially unnerve individual investors because you look at Investment Grade bond etf yesterday and you lost a sizable amount of money in that, not as much as stocks but sales. You brought up high yield. We look at high yield spreads we were on the phone with blackrock yesterday, terrific highyield department. The spreads on triple cs are over a thousand, huge gap, but the double bs, the other end of the spectrum or high yield is has behaved really well. We have a quality bond, actually held up okay. Old junk bonds, they are really in distress. Dagen a a thousand bips is bass points. Talk about leading economic indicater. The 10year led us all the way down. If you look at behavior of the 10year, virtually predict what had the s p was going to do, yet over the last couple of days t gone up. Shortterm covering duration, blah, blah, i got it. If we were going into a depression in this country economically, would the 10year be going up, i dont think so. I think investors would be scooping it up, look what happened to bonds in europe. Maria where are the biggest opportunities that you see right now . Look at major selloff that is we isnt that true various sectors yesterday. It was very much across the board, i recognize that, but are there areas that you say, wow, i know the company is going to grow and generate earnings better than what the market expects and this is a good price at this point . One of the disadvantages of index spending, index, every stock gets sold. We saw the baby literally thrown out with the bath water. Think of a disney thats down i think 30 , amazon, people will get deliveries to their home because they will not go out shopping. I heard an analyst talking about apple and to one is buying a thousand dollar phone anymore. Bologna, they will not eat but spend 30 a month to buy their apple phone. So the goodquality, goodquality bluechip Growth Companies will survive and they will prosper. Maria what about the fed, hoping to ease worries over this and intervening yesterday . 1 and a half trillion dollars in stimulus, the move would make shortterm values to traders and purchase treasury securities. Is this going to move the needle . I dont think its going to move the needle but may help the needle from going further down. We had like that issues. We had bonds that people did not want to sell and bonds that people did not want to buy. You get crazy pricing in the market and you get the thing coming to a screeching halt. This liquidity should ease some of that in shortend of the curve. Maria hitting americas past time, Major League Baseball grappling with coronavirus, sports at standstill, standing up aened standing by employees, the effects of coronavirus may not be severe in the workforce as anticipated. We are taking a look. Back in a moment. 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And now, save up to 600 on select sleep number 360 smart beds. Plus, free premium delivery setup when you add a base. Ends march 15th maria welcome back, americas favorite past time sports coming to a halt. Dagen, break it all down. Dagen you will not have your sports teams to watch on television or even in person. Major league baseball, spring training suspended, the season is going to start late. The season start march 26th, opening day will now anticipate no earlier than april 9th. Nhl suspending play due to coronavirus. The stanley cup playoff started and nhl said in statement its no longer appropriate to try to continue to play games at this time, the commissioner there also making the decision to pause the season wednesday night but we wanted to talk to the board of governors thursday before doing that. Nascar is going to run next 2 days atlanta and homestead near miami, the races are still on but in fans in the stanes and sadly the biggest deal according to my father ncaa cancelinged men and Womens Basketball tournaments because of spread of coronavirus and including hockey, baseball and lacrosse no ncaa, march madness. This is the moment that people think here at home think theres an overreaction quite frankly. That was the conversation with my dad. Why cant they play it without test all the players and play it without fans in the stands . Mitch for the men and women who want to play professional sports, this is their audition. So itll be very interesting how this impacts professional sport. One thing that was hard hit mlb, nba they will be strong, the upstart league that signed deal with espn, they were starting to take off and they were the last one to cancel yesterday trying to hold onto see if they are the only league still going. They are the upstart maybe not going to come as strong once they do resume. Maria no live sports, no playing in different leagues and that will affect advertising for networks, disney, fox, et cetera, all the people that work in the stadiums. The people who are selling stuff and and the food courts, so there too you have job cuts all of the knockon effects. Dagen certainly this is why congress has to step up at least with some relief for people who will be out of work for coming weeks potentially even months. Maria did you see yesterday nancy pelosi, im not going to stick around for language. They were debating whether or not to go on recess. Thats thats embarrassing. We have a major crisis under way. Also democrats proabortion to make sure they veto it. Maria exactly. Tips on staying safe. This is a very important segment coming up. Former white house doctor to President Trump on how to battle the coronavirus. Its ask maria time with thousands of americans staying home youre asking which shows i bing, the answers may come in handy. Stay with us. How can we help you . Maria welcome back, good friday morning, thank you for joining us, friday march 13th, before 6 30 a. M. On the east coast. Rally under way after yesterday, futures indicating a pretty good rebound, up 820 points in the dow industrial averages and nasdaq up 4 and a half percent. 330 points and s p 50 bouncing 98 points. Certainly not a a total comeback. Look at what the worst day since the 1987 crash looked like black monday yesterday the dow was down 2,352 points. That was just about 10 . Dow, nasdaq and the s p 500 down nearly 10 on the day. The biggest point losses in history. The worst percentage since black mon