President trump has yet to detail any stimulus plans to stem a potential economic slowdown. Big tech names also feeling the pain. Uber and lyft plummeting amid concerns Everyone Wants to shelter in place. Lets get straight to Abigail Doolittle in new york. Give us the big picture on the pain. Abigail truly a brutal day for markets in the u. S. And frankly, around the world on these coronavirus fears, what the impact will be on the global economy, especially now it is being called a pandemic. Before we know the true scope in the u. S. , look at the decline for the major averages. Dow in a their market. S p 500 flirting with that territory. Investors want out of stocks. They get they cannot take the risk. Finished downy slightly at one point higher. That could do with the fact that they are offering around stimulus, something we are waiting for more details on later today. Lets go into the bloomberg terminal and look at what is happening right now for global growth. 4 e are the china down in 2020. Italy down. 3 . The eu down. 1 . The g8 down slightly. The u. K. And the u. S. Flat, but that is ahead of knowing the true scope of what the coronavirus tragedy could mean in the u. S. And the u. K. , clearly going in the wrong direction. As for President Trump and perhaps the statement he is going to offer, what he may be offering, a lot of had been around this. One thought is he is still working out the details around this at this point. Piece of it the one could be the payroll tax holiday, assistance for unpaid sick leave, so those who do have coronavirus can stay at home and not spread it further. Support for small to mediumsized enterprises. And help out distressed sectors Like Airlines and energy, which are absolute tumbling. Lets take a look at some of the biggest laggards for the s p 500 on the day. This is a one day change. Take a look at that. Norwegian cruise lines down 27 . Cruise operators getting decimated on the coronavirus, people not wanting to take a cruise. On the year down 75 . 54 the othern day, today down 24 . Mgm and apple rounding it out. All these companies with the exception of apple all in deep. Emily Abigail Doolittle, thank you. The World Health Organization now warning about alarming levels of spread of the coronavirus and alarming levels of an action. Hence the designation as a pandemic. In italy, the second epicenter of the disease worldwide, more than 12,000 cases and more than 800 deaths. In south korea, cases had been dropping but have doubled in the last two days. The u. S. Has had more than 1000 cases and the death toll at 31. Dr. Found she told lawmakers fauci toldrst dr. Lawmakers the worst is yet to come. Things will get worse than they are right now. It is 10 times more lethal than the seasonal flu. The flu has a mortality of 0. 1 . This has a mortality 10 times that. Emily treasury secretary Steven Mnuchin and meantime says he will urge the president to extend the 2019 tax filing deadline beyond april 15 to provide some relief from economic disruption. For more on what is happening in washington i want to get to Laura Davidson did washington. We are waiting for the president to speak in a matter of hours. But the Daily Briefing on the coronavirus with the Vice President has been canceled. We do not know why. What is the latest from the white house and capitol hill . Laura the latest is they are still deciding, still going through the options, the president is being presented with options, and tonight around 9 00 he will speak. They are close to putting out a package, a piece of legislation that has been negotiated in the past 48 hours between nancy pelosi and Steven Mnuchin and. They are optimistic they have a deal with things like paid sick leave. Right now democrats are still pushing back against the idea of a payroll tax cut, but these things are all fluid. Lawmakers are only scheduled to be here for a couple more days. The house and senate are scheduled to leave tomorrow and go into recess for a week. That is unclear if they do not pass this legislation tomorrow, if they will stay longer or if they will go back to their districts for a weekend and come back later this month. Emily meantime, there was a call earlier today with the white house and executives from big Tech Companies, from apple to google, facebook and twitter, the white house presumably asking for help. Do we know what happened there . Laura one of the big takeaways there is the white house and these Tech Companies were talking about strategy for taking down misinformation, racist theories about where the virus started and how it is spreading. Also these tech platforms are doing it differently, but giving health officials, the cdc for example, space to have advertisements up to spread factual information about how to stem the spread of the disease, and information for those who may think they are infected. Emily laura, we will keep watching the headlines. Fears have turned the dollar bills. Literally. Some stores in seattle are now asking their customers to pay with cards instead of cash to minimize, they believe, virus transmission. How risky is the greenback really . How risky is a dollar bill . Jenny i yes that question is hard to answer. There have been past studies that have shown other forms of coronavirus is have been able to live on the greenback. But the cdc has not said anything about covid19, this latest coronavirus. Has so far not said anything about it, but is something you see now that Small Businesses are taking into their own hands. Emily i want to talk about what the banks are saying. The ceo of bank of america speaking earlier at the white house, saying the banks are wellcapitalized and in a good position when it comes to liquidity. Tell us a little more about what he had to say. Jenny he was joined by a lot of the bigbank ceos today Big Bank Ceos today and the message was to remain calm. We are prepared to handle this. Two areas they highlighted for President Trump is Small Businesses in particular, the engine of the u. S. Economy, they provide a lot of employment. Big bank leaders are saying that is an area what we want to see government help. Another ceo was suggesting a payroll tax cut. We will see what trump comes out with later but for the most part i think definitely the big bank message was today this is ok and we can handle this. Emily as we are waiting for the president to speak we are getting headlines from washington that the president is weighing restricting nonessential travel from europe. There have been travel restrictions, travel warnings in place from places like italy, south korea, from china, but of course this would be stepping that up. Abouto us a little bit how now compares to 2008. I have heard several people say this is not 2008, this will not lead to a huge financial crisis, we will not see a repeat of that. But how do they know for sure . Jenny that is a fair question. We heard from the citigroup cfl this morning actually, and he was really pointing out the exposure that we have to either the hospitality industry, in terms of airlines or cruisers or hotels, or even the energy industry, which is rbc going through its own pain this week, that is small in the context of our portfolio. After 2008 the banks have had to put a lot of capital aside to make sure they are prepared for downturns that could come out of things at this. I think that is really what a lot of things people. 2 when they say this is not 2008. Are coming Consumer Confidence is where we can shore up the edges. Companies talking about drawing down their entire credit lines. That is something the banks will have to deal with and think through. When they say this is not 2008, that is entirely them talking from a capital perspective. Emily jenny surane in new york. We are waiting for the president to speak to the American Public at 9 00 p. M. Eastern time. Expecting some detail on measures to stimulate the economy. More on bloomberg next. Emily welcome back to our special market coverage. As the coronavirus continues to spread, hackers are trying to seize the moment. Cybersecurity firms have reported surges in phising attacks. Phishing malicious actors praying on peoples fears. Tricking folks into routing their Bank Account Numbers or other important information. Joining us to discuss is jamil jaffer, senior Vice President for strategy at ironnet. How big a threat is this . Jamil it is pretty serious. You have a serious of capable actors, both nationstates and criminal groups, who are looking to use the coronavirus epidemic to spread malware. Get into your email and establish longterm footholds, or establish ransomware or the like in this current environment. Emily talk to us about the threat level in cyberspace, given what is happening, the uncertainty, so many people working from home. Is there a threat to our National Security right now . Jamil i think there is. There has been a longterm threat from intellect from property threat theft. As people start to work from home, a lot more of the economy depends on highly secured cyber infrastructure. That is what we are utilizing now to conduct our daytoday business more and more, even more so now. People recognize this is a situation, and criminal actors are exploiting this. We will see what nationstates do Going Forward, but they know they are going to use longterm hubs. Emily what are companies and individuals supposed to do if they are working from home . They may be do not have all the security protocols. Jamil one of the keys for companies is to use vnps. Nor individuals you can buy vp software and at least your information is secure. You can also leaves the latest in behavioral Threat Detection to protect your networks if you are a company. Part of this is Companies Working with one another in a collective defense posture to defend against these threats as we enter this new environment where we are all working from home, and recognizing this is just how it may be for a while to come. Emily you are at the rsa security conference in San Francisco a couple weeks ago, the same conference that now three people attended and have now tested positive for covid19. One of those folks is sadly in a medically induced coma. This is a huge gathering for your industry. I am curious how this is impacting folks in your industry right now. Jamil people are taking wise precautions. There were 36,000 people at the conference. Only a handful apparently have this issue. But the concern is you did not want it spreading, you do not want to be a point of spread. So a lot of people are working from home. We have seen major Tech Companies announce they are going to have your staff stay home. Just more generally, a better precautionary measure. At least for this industry, you want to be cautious and careful. We will see what happens. We are now about 12 days out from rsa ending, so the incubation period is 14 days. By this weekend we should know better if there are further cases, but it is better to take precaution then not. Emily that said, the disease is continuing to spread. Earlier today cbs was evacuated. Two of its new yorkbased employees tested positive for coronavirus. They are asking employees to work from home. This is certainly going to get worse before it gets better. What are you most concerned about from a National Security perspective . Jamil honestly, one of the things is people overpanicking and getting too worried and not engaging in their normal bit normal daytoday business or economic activity. We have seen a lot of public spaces be left behind, people staying at home. But you can still get your work done. This is not the zombie apocalypse, as it were. The thing to do is just be safe, take normal precautions. And any cyber arena, take smart precautions. But do not stop doing business. The general variables of the economy are good and solid. We want to avoid a panic here. Emily that said, what would you like to hear from the white house at this point . Some of the panic might be tied to the fact that we are not getting a lot of information. The president has been set to unveil a plan but that has not happened. The Daily Briefing today by the Vice President was canceled. What should we be hearing from the white house . Jamil the w. H. O. Today declared it a pandemic. This is a huge concern. It has been a pandemic since h1n1 years ago. We want the white house to come out and tell us the plan. We know this will happen, we know the fed will continue to cut rates to the extent they are able to do so. I think the economy will stay strong. I think the government will do the right thing. All we need for the white house and leadership in congress to do is to step up and say we will do what is necessary to keep the economy going. As long as we get that i think we are in solid shape. Emily still a lot of uncertainty. We are waiting for the president s remarks in a matter of hours. Jamil jaffer thank you so much for joining us. Much more ahead. We are going to recap a day that saw the dow enter fair territory. Ear territory. Continuing coverage right here. This is bloomberg. This is bloomberg. Once again the three major indices all down in the 5 range. Investors waiting for details on a stimulus plan from the white house. Tech was not spared the pain. S p tech index closing down almost 5 as well. To discuss i want to bring in an analyst from new jersey on the phone. Saying thisve been is not a trend. These are shock events. Are you still so optimistic . You need topinion, put goal posts around demand. Almost right off the march quarter. December. Ember, when i look at apple and microsoft, a lot of brand names, to me, we continue to believe these are buying opportunities and you navigate the volatility. I view it as you look upon what a normalized spending environment is going to be. Even if he stress test the models in terms of an economic down tick, right now you by apple and microsoft. Emily uber ending the day down almost 10 , lyft down almost 12 . Mightare names you think benefit if people did not want to take public transport. How bad is it going to get for them . Dan you have to separate risk profile. I look at microsoft, apple, clout and cybersecurity names, golden opportunities. Uber and lyft, right now guilty until proven innocent stocks. Exposed to global travel. Obviously that will continue to not seeing changes. Profitability still be there. Still very volatile names. I still like them longterm, but not near term. Emily is there any specific name you are particularly worried about . We can look out the june, out to the fall, but we do not know what is going to be happening at that point. Dan look, that is why i think when you look at security, cybersecurity, you have to separate out some of what i view as the nonessential purchases, versus what you need to spend on. Inn i look at names arersecurity, those names in a stress test model. You look at nonessential purchases, especially these private companies that are going to struggle, i think it will form what i believe will be a cloud and a across tech over the next three to six months given some valuations we are seeing. Emily where are we going to see that m a . Making big buys right now . Dan i firmly believe if we sit here four to six weeks from now we have already seen a handful of m a. Look at microsoft, google, gcp, ibm, you go across the board, adobe. Right now they are continuing to look to expand their cloud empire. If you look at the private and public side, a lot of these stocks that are down 30 , 40 , 50 . That is why i believe strategic as well as financial buyers are going to put into the floor of software over the coming months. Emily if there is one company you think is best positioned to whether this, which would that be . Dan if there is one front and center, it is apple. Obviously right now it is supposed exposed to the supply chain. It comes down to matt. None hung it comes down to math. 350 million phones are due for an upgrade. What does the march quarter look like . More questions than answers. If i look longterm, that continues. These valuations for longterm valuations, that continues to be the name that to me is the one that sticks out in terms of the theme and where we think it will play. Even if you stress test the model in terms of the valuation ordinances. Emily but, and this is me being oneils advocate here, iph sales dropped 60 in china last month, and china is a huge market. What about that . Dan no doubt. That is why march quarter will be a write off. It comes down to what is normalized demand look like, when china gets back on board any secondhalf, and the supply chain, if it gets normalized by early may, which is what we are tracking. When i look at apple, i believe if you look at fiscal 21 numbers being firm, then with both fists you are buying the stock. Nearterm no one can predict what will happen tomorrow, let alone three months. If a look at six to 12 months and i look at the fundamental story of apple emily i am sure a lot of investors are hoping your optimism rings true. Dan ives, thank you so much. Coming up, on a day that hit the tech market hard, we will look at the how this can drastically outlook the 2020 outlook. This is bloomberg. Tv just keeps getting better. How you watch it does too. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. [ fastpaced drumming ] welcome back to an extended hour of bloomberg special markets coverage. Markets in the red today across the board. All but 10 stocks in the s p 500 ending the day down. To get more analysis, taylor riggs joins us now. From stocks to bonds, give us the breakdown on how bad it was. Taylor really glad you mentioned the s p 500. Come and take a look at this chart we are showing. The dow hit a bear market. The s p was close. We dipped below the level of 2708. Below that we would have been in a bear market. Fortunately we closed just above bear market ise very important to watch. The 7 limit would trigger another circuit breaker. I want to look at the bond market. Bonds did not react normally how they would on a typical riskoff day. You did have a small rally on the twoyear, falling one basis point. The 10 and 30 year rising seven and 11 basis points on the day. Some would say there are technicals going on in the markets. I would also argue perhaps that the smart money is in bonds. This rally already happened on monday when you had fresh record lows on the 10 and 30. Today, not quite the reaction that we typically would be seeing. Really curious to see what happens with this bond market Going Forward. Emily it has been like whiplash. Treasuries, not a lot of volatility, but the credit market is showing signs of stress. What does that mean . Taylor huge credit market stress. Without trying to saturate that. We are looking at the trying to exaggerate that. That is the cost of protection against default on Corporate Credit within the highyield bond market. As you can see, that index has gone vertical here. The index and the cost to protect against a default on the highyield credit is now the highest going back since the end of 2015 or early 2016. While you have seen some companies draw on some loans, you have carlisle, blackstone saying feel free to draw on loans. You are getting some crack here going down deeper into that highyield space. That is what making a little bit of nervousness here in the highyield markets. Emily major volatility also in currencies. The yen advancing as a safe haven. What are you seeing as the asian markets prepared to open . Taylor typically sometimes we will talk about dollaryen. It is a better sentiment of risk off than risk on. Here we have blown through four standard deviations of aussie dollar yen. Yen strengthening on monday, blowing through four standard deviations, coming off the strengthenings a little bit, but still near some pretty extreme levels. To put this into context, what does four standard deviations mean . All you need to know is that does not happen every day. Last time it happened was market turmoil in december of 2018, then before that you had brexit. So you can imagine the type of nervousness that is rushing investors into the safe haven yen. Emily all right. Taylor riggs in new york, thank you for following all of that for us. Meantime, travel is of course one of the industries being hardest hit by this outbreak. If you are canceling a trip, hotels and airlines may give you a refund or a voucher, but if you have booked through airbnb, you might be out of luck. Unless you state in china, south korea or italy, airbnb is enforcing a no Cancellation Policy or allowing host to decide. That leaves out 97 other countries where the coronavirus has spread. We are joined by olivia carville. With a lot of very unhappy travelers, specifically a family who had picked booked a trip to japan three years ago. The hotel and airline helped them, but not airbnb. Tell us what we are seeing. Olivia we are seeing a lot of frustration from guests, people who had booked trips years in advance, who really want to go, but unfortunately now that coronavirus has spread across the world, reaching pandemic status, authorities are advising people against travel, and families like the one we featured in this article take it is in their best interest to protect their family in terms of safety, but also to try and avoid spreading the coronavirus. They do not want to take the trip anymore, they are trying to cancel. The airline and the hotel have both refunded them, but unfortunately airbnb is a different position. They told the family that according to the cdc guidelines, they can still safely travel to japan. The family has a 10yearold son, and they just do not think it is safe right now. We are hearing from a lot of people at the moment who feel as though abe airbnb is putting them at risk by encouraging them to continue to go by not offering a refund. Emily actually the line from your story from airbnbs official response saying if the cdcs precautions ares followed are followed, you could safely travel to japan. Nobody knows if this family could safely travel to japan or not for sure. Airbnb responded to this, they are responding to all the frustration, saying we are a twosided marketplace. It is not just you travelers or the customers, it is our hosts who are the customers. Tell us more about airbnbs side of the story here. Olivia airbnb is in a particularly difficult position here. We know the travel sector has been the hardest hit. Airlines are canceling flights, hotels are closing, businesses are per happening travel, and events are being canceled across the world. While airlines and hotels only have to do with the customer, airbnb is a twoway platform. On airbnb you have a host who will rent out a home, and you have a guest who intends to stay there. From their perspective every time it gets canceled, the host is least outofpocket. Traditionally airbnb has always had a refund policy that was kind of up to the hosts discretion. They could choose whether they wanted a flexible refund policy, which means you could cancel up to 24 8 48 hours before we no refund before you cancel. The problem we have here is you created this extenuating circumstance around coronavirus that only applies to three countries. A lot of people are traveling beyond those three and do not feel safe. Emily in some cases you found stories where perhaps the host would refund the money but airbnb still took its fee. Meantime, this is a company that was planning to go public this year at 30some billiondollar valuation. If you look at a company like marriott that is a 33 billiondollar market cap, do we buy the idea that airbnb cannot cover for these travelers in a crisis like this . Olivia that is the question. We do not have access to their financials because they are a private company. They have been cash flow positive and they have turned a profit in 2017 and 2018. We believe they did lose in 2019 but that has yet to come out. We do know that for airbnb, they were founded in 2008 during the Global Financial crisis. This is the second biggest challenge the company has faced. And unfortunately, it is coming in the year they intend to go public. Emily all right. We will certainly be watching how airbnb continues to respond to these disgruntled travelers out there. Olivia carville, thank you so much for your reporting. According to bloomberg intelligence, the coronaviruss impacts could drive first half revenue losses to more than 3 billion for google, 2 billion for facebook. Valuation multiples approaching 2018 lows are discounting pullbacks, and amazon profit estimates are also at risk. For more of want to bring in to chandra. Tell us what you found. Basically looked at it from two lenses. Theis the impact on internet sector in january and february was none. Whatever factor Chinese Companies saw in 1q, we are going to see a delayed effect from 2q. As your previous sector talked about, that takes a chunk out of that. Also countryspecifics. What does the italian quarantine mean for the countries. As these concerns spread outside of china, u. S. , germany, france, italy, these countries account for a majority of revenues for these companies and that is why we file pullback coming from key verticals and Key Countries can lead to u. S. Companies seeing what the Chinese Companies saw in 1q. Emily on the one hand people are flocking to amazon to get Hand Sanitizer and bleach wipes. You can imagine that is driving a lot of business. On the other hand, amazon is the epicenter of the u. S. Coronavirus outbreak. They just closed seattle area public schools. They are counting they are fighting counterfeiters and price gouging. Worrying about getting coronavirus from amazon packages. What does this mean for amazon . Jitendra a lot of uncertainty on that front. If you look at the Distribution Centers in the u. S. , there is a in californiation and seattle. But we have not yet seen the effect. The report next week will give us give insight give us good insight. One supply chain gets overwhelmed, costs tend to rise. What that all means is eventually also you have to pay for employees when they cannot show up to work and things look that. The sum total of this is they are unlikely to meet profit expectations for this year. So we see expectations for the entire sector really gets probably a reset at the end of april, and that reset then sort of gives them the room for outperformance in the second half if we see the development for the rest of the world follow what china did in the last two months. Emily how does this impact advertising spend for google, facebook, and increasingly for amazon, which is the thirdlargest ad receiver . Jitendra the biggest unknown the known is a travel part. The biggest unknown is small and medium businesses. Seeing reduction in foot traffic. They are the lifeblood for google and facebook. If they pull spending because they are seeing lesser demand from customers over the next month or so, you will see that impact as well. Again, the Reference Point you have right now, to be honest, the New York Times is seeing a 10 decline coming for 1q. Doubledigit declines and rotations when that happened 1q. This important to monitor from a couple of months perspective right now, but the april until the april reset happens, we are all flying blind. Emily is there any credence to the idea that people are home, they are sheltering in place, they are online more . And that could be good for these companies . Jitendra there absolutely is. There is evidence on the trafficside. We could get insights next week on the Delivery Logistics supply chain. Those employees, are they affected . Is that delaying demand . Revenue growth we saw with amazon is a big a big part of it was one day shipping. If they cannot keep up with that because of these disruptions, that Revenue Growth could slow as well. Keeping an eye out on the supply chain, especially next week, i think is important. Emily always appreciate your detailed analysis. Thank you. Coming up, it is a market cap matchup. Tesla over takes u. S. Industrial giant to get another crown. We will explain more, next. This is bloomberg. Overtook boeing today as a most valuable Industrial Company in the u. S. Marketctric carmakers cap was 10 billion, greater than boeing. Bad news for boeing today. Huge plunge after they said they would draw down all of its 13. 8 billiondollar loss. Part of why boeing slid. But what does this mean . It is as much about boeings pain as teslas gain. Boeing has a double whammy where it is dealing with the coronavirus, people are traveling less, definitely flying less. Emily and continuing to deal with the 737 max. We are approaching the oneyear anniversary of that being grounded. If you look at the decline of boeings shares so far this year, that is how tesla has managed to creep up. It is amazing we are even talking about tesla in the same breath as boeing. This legacy, huge industrial name with 80 billion of revenue last year. Tesla get 25 billion of revenue last year. It is a crazy concept that investors have been talking about. They have been talking about how tesla has been coming a quote, unqoute real company. Tesla shares are up 55 year to date. It is expanding its Production Capacity to 500,000 new vehicles this year. Its increasing its base of industry. Already up and running in china, plans for europe next year. Perhaps a new factory in the u. S. As well. Emily tesla has been a real company for a long time, lets be honest. In that elonony musk tweeted last week the coronavirus panic is dumb. Meanwhile today, talking about opening new factories in the u. S. Ed on the coronavirus we did not know how it is impacting tesla. January 30 the cfo said it will delay production in china by 1. 5 weeks, but we have not heard much more. We do not know what the situation is over the three month factory. Elon tweets, he draws attention away perhaps from the company and onto himself. But they are looking at this new potential factory here in the United States to produce the yber truck, and even a model factory they hope will be on the east coast, according to another tweet. Emily tesla has not been immune to the volatility. The Stock Plunged almost 14 monday, regained about half that yesterday, down again today. You have to think if there is a broader economic downturn, that impacts a carmaker. Ed there are two schools of thought. The first is where is teslas demand coming from. Assigned that lead to for what was once a concept vehicle is strong. In a market of pickup trucks, which is entrenched with three players, analysts raise is it just the diehards, the people who really believe in a concept and will go for it, or is it this idea that if the world is going to shift to a renewable energy, sustainable source of energy and letter vehicles, that tesla has first mover advantage . Even in a recession people buy vehicles. Used do better than new in a recession. So it depends on what support they get from the core base but also the broadbase. Emily does tesla have an advantage over other carmakers in this moment . Ed we have done some reporting around this. Part of the big gain this year comes from this idea that technologywise, tesla could be three to five years ahead of the big germans. This is what is incredible about the story. Teslas market cap is greater than volkswagen, it volkswagen reduced 10 million vehicles last year. What investors are looking at is look at the range, look at actually the volumes they are producing. No matter how many billions of dollars these legacy european makers are putting into evs, they have yet to build a single viable competitive vehicle. Emily a story we will continue to follow, and you will continue to follow for us. Ed, thank you. Breaking news out of washington. The house voting to restrict President Trumps ability to take military action against iran. This measure coming after a u. S. Air strike killed oprandi in killed an january top iranian general in january. The votes in each chamber were far short of the two third majority needed to override. Still ahead, continued coverage of todays u. S. Market terminal turmoil. And a look ahead at asia as traders wake up to what is now officially deemed by the World Health Organization as a pandemic. This is bloomberg. To our top story in our special markets coverage. Stocks plunge around the world. Oil tumbles and the stress in the u. S. Credit market deepens after the World Health Organization calls the Coronavirus Spread a pandemic. For more on the impact of the virus and the tumultuous market reaction, lets bring in mark lehman joining us now on the phone. This is certainly going to get worse before it gets better. Just how bad in your view is this going to be . Well, i think like other countries we will get an understanding of how big the case volume will be. The countries before us like italy and south korea are probably a good proxy for what we are going to see. That tells me cases probably peaked here by the end of april. Peak here by the end of april. And we have to be prepared for that. If we are prepared for that, we are probably getting close to a bottom, three to four weeks away. If we are not prepared for that, who knows. Emily what does the bottom look like . Mark listen, we have a typical recession, the bear market, the stock market is down 20 to 30 . You know where we are at today. From here lower, if that is the case. Pick your eps number for the s p for 2020, 2021, put a fresh multiple on that. It tells me again there will be more downside, but also tells me if you pick a good entry point and are patient, you are going to get rewarded. This year and again, i said last time i was on the show i think we are in a recession right now. The numbers will fix but this is fixable. We are going to find a way to get this coronavirus behind us at some point. The next four to six weeks are very important for us to do that. Emily we are waiting for the president to make some remarks, 9 00 p. M. Eastern time. We have been waiting for details on a potential stimulus plan. How does what the president have to say tonight impact your view Going Forward . Mark well, the president lacks tenal about what he wants to do about sick people. He has been talking about what he wants to do about the economy, but not about what you need to do for those who are or are about to get sick. We have plenty of resources at our disposal. We have banks in far better shape than they were in the last recession in 2008. Some parts of the economy are in far worse shape, given the fact they are more time to the consumer than they were. I would like the president to talk about a game plan to get us through the next 46 weeks, like other countries have done. Short of doing that, were going to have more people getting sicker, hospitals filling up, and we have to make sure that that is something we are prepared for. Fiscal measures are terrific. Fixing the people who are or are about to get sick is more important right now. Emily mark, are there any Silver Linings here . Just 10 companies in the s p 500 did not end the day in the red. Does anybody benefit . Be ill, i hate to hate to list capitalistic things that will benefit. Health Care Companies that will help cure this disease. Once you have a supply chain and chafe in place, making sure this doesnt happen again. I think there are civil linings Silver Linings. They are easy to put it in hindsight. Think we will get behind this. We have our best minds. I talked to my doctor today who told me about what they are doing at that level. Our health is ready to take care of this. But we have to act right now, and the president needs to do so, too. Emily thank you. We will be monitoring President Trumps remarks. I am emily chang in San Francisco. We will be waking up with asia, next. This is bloomberg. Bloomberg. Haidi welcome to daybreak australia. Sophie we are counting down to asias major market open. Haidi here are the top stories we are covering. The coronavirus a break at that is officially a pandemic. At least 4300 people dead around the world. The ecb says government must do more. The