Economy. Investors are digesting the continued momentum of Bernie Sanders. Yields weaken to a nearrecord low, tenyear, another sign of the markets flight to safety Jonathan Gray, the perfect guest to talk markets and valuations well have more comment tear from liz ann saunders, david, and jeff sherman, how companies are recovering to the virus, and what this means for your Retirement Planning with suze orman. An actionpacked couple hours with 59 minutes after the session. Mike santoli with his dashboard. Kate rogers is tracking the plunge of the nasdaq eunice yoon is in beijing, and meg tirrell has details on hopes for a treatment. Joining us is andecember anastacia amoroso. We would have expected for this to be behind us, but what were saying is this is to be expected, this is valuations were pretty stretched already. Hedge funds ctas were pretty levered up we are not entirely surprised by this reaction. If you asked what were telling clients to do is look to the Options Market they take advantage of the volatility, the rise that were seeing there. Anastacia is here with us for the first full hour. Mike san tollest has todays market dashboard thank you very much, wilf were now bouncing back up to others today it seems like investors found themselves feeling as if there was nowhere to hide. Just a oneyear chart of the s p, to put it in context. Obviously a pretty steep drop here, about a 5 peak to todays trough drop there. I do want to point out the drops that began in may of last year and then august in total were about 6 to 7 , so deeper than this one, though this one got there in a bigger hurry. We got to the yeartodate breakeven market what i am focused on, though, is if it does start to build on itself, we have a further pullback, this low from early december, if its broken in the First Quarter of the next year, some people look to that and say it could be an issue so i would is a that anywhere in this zone youre still in pretty routine pullback motor some of the drama is in stocks versus bonds, so take a look at this relationship chart obviously theyve been kind of going up in consequence effort as yields wednesday down, stocks went up, until here, and this massive kind of 180degree reversal in terms of that relationship happens right here. Its somewhat similar, again, to early august when did that selloff in stocks try to slowly start to find a bottom when you had yields start to level off and not make further lows well see if Something Like that might go on this time. They want the yields to perhaps stabilize at these levels and not go any deeper. Mike, clearly as you said over the last year, there have been worse peaktotrough pullbacks. And part of the reason for that is the market had tried to stick with the largest megacap stocks that drive the s p, and that gave was that youre sees some of the most crowded ferret ways even though theyre not the most globally or china exposed names. Basically you saw resilience to the moment where the market just could not wall off those concerns any longer. Mike, thank you anastacia, if you look at the other chart with the perspective, this is a brutal day, but zoom out and were will 4. 5 away from a record high on the s p. Is it enough selling to reflect the fundamental change we probably have more to go, but i think mike is bringing up important points the key level to watch into the close is 3050, which is the 50day moving average. The fact were stabilizing, thats a Pretty Healthy 3250. Yeah, that would not be good, but below that, if we do break below the 3250, then somewhere around 3100, 3150 is where we would be looking for the market to price in some uncertainty were not quite there. 5 to 7 is what were currently looking for. The reason why i say that, as back as the economic environment mayfield in china and the fear thats now gripping europe, its a onetime quarter, we hope. If you think about the valuation of how you price things, its over a multiple year time horiz horizon. Wry can a strategist say that with conviction, but its getting worse as it spreads to other Major Economies. Thats a big shot to the market and chances are there will likely be other cases, but history of some of these, buyers have suggested they do work themselves out with a lot of im not saying this would be resolved tomorrow, but i think over the course of the next two months, once the bond yeels signal to you that the fear is behind us, thats when i think equities can outperform sustainably. Unitedhealth is the biggest loser on the dow today Bertha Coombs has the reason why. Were off the lows, united spoj for right now its up about 5 from the lows of the day. The bigger factor may well be Bernie Sanders very strong showing in nevada. Thats a strong pullback for Health Insurers. Bernie sanders, of course, has vowed to put the insurers out of business the fact that hes gaining so much traction has renewed those fears. Not just united today, but the entire Health Insurance sector under pressure today united down about 9 from its highs. The others, are all in correction balance over to you. Bertha, thank you very much. Nasdaq is the biggest loser. Kate rogers has more hey there, wilf, were down just under 3 right now. The big story is apple shaves off some 40 points, of course, apple warned last week it may not meet its own guidance semiing like micron, nvidia and amd are also low er finally tesla, that stock is down by around 10 kate, thanks the spread of the virus stoking fierce iran and italy now seeing outbreaks. Claudia pensotti joins us outside of milan how is everyday life being disrupted, as a result of the climbing case numbers . Reporter well, clearly there is disruption here, as youre saying schools being closed, the biggest factor on everyday life. Is its grown to 230 tonight, five deaths in the lombardy and veneto regions the number in itself is not that large. People are not that concerned about the virus. Theyre more concerned about the measures being put into place. Movie theaters, pubs and restaurants and clubs being closed from 6 00 p. M. To 6 00 a. M. In the morning, so its what you saw in milan today was a very subdued monday. People were still going to work. Businesses are continues to work, but we saw a strong decline in the rail traffic, so there was more, you know car traffic. Of course there was concern over the weekend. People are wonders, you know, how long will this last . Of course supplies could run short. Ecommerce sides were having difficulty, you know, assuring that the deliveries could be made within time there is concern, not too much pannish. Remember the two regions being affected represent 30 of the italian gdp. If it lasts for a long time, it could have a strong impact on an economy thats practically not growing. Its growing just a bit over the zero level so the question is still out there as to how long this will last is there any talk, claudia, at this point about closing borders, or is that preliminary . You know, the Italian Government has stressed that they do not last month there was a train that was stopped at the border in austria, because there were two travelers that actually had a fever, but then it was shown that they did not have the coronavirus the train was let on there is a bit of worry about that so far that hasnt happened. Here trying not to bring this to a panic situation. There is a lockdown of a couple towns in this lombardy region. There is a small area where you are seeing the true lockdown for the rest of the regions being affected, they are seeing they mush respect that account for about 15 million people. There is no lockdown, but just measures to be aware and be careful, to try to get out as little as possible in order to try to contain this virus. The border is, of course, the next question. There has been there have been situations where that has come into question, but for now there are no blocks at the borders. Claudia, thank you so much. The ftse did close down. China still has the most cases of the coronavirus, well over 70,000. The World Health Officials say that the outbreak in china appears to have peaked high, eunice reporter the who had a team traveling for the week here in china, and the officials determined that, one, the drop in new infections is, in their words real chinas aggressive approach has been effective in curtailing the viruss proceeded. The only drug that seems to work is remdesivir, and the virus will likely be around for months president xi had told 170,000 officials that the trend is looking positive, though the prevention work is at a critical stage. Also the ndrc, which is the planning agency, says more provinces and industries were resuming production. The situation, though, still very precarious. One sign of that and the way we know china isnt so comfortable is beijing decided to postpone their very important annual political legislative sessions, which are normally take place in march, but they have now been postponed and theres no date set as of yet. Guys eunice, the level of fear matched the change from the w. H. O. , has that peaked . Reporter i think it probably depends on which part of the country youre in at the moment. Especially here in beijing, theres been a concern that with so many people coming back into the city and resuming work, there could be a second wave of cases. So thats been heightening fears, at least in the capital. Uany, thaeunice, thank you f report meg . Gileads experimental drug remdesivir is the only one seemsing to have effectiveness the w. H. O. Urging prioritizing testing of gileads medicine the stock roses as much as 7 percent earlier. Data should be available by april, but says she doesnt expect it to be a major money maker for gilyard. Sara what other experimental treatments are they used around the world . A few different hiv drugs are being tested they thought they could possibly word theres an old drug used for things like malaria. Other drugs for flu has been tried out, but the w. H. O. Saying those dont appear to work as well, and the tests on remdesivir is recommended to be tested more. Were looking at sharp declines, almost 3 for the dow. Nasdaq composite down 3 , a lot of the tech names getting hit hard 11 out of 11 sectors in the s p are lower. Technology getting hit the hardest. Lets check in on some individual Market Movers zoom video is actually moving as fears of the coronavirus grows, that stock is higher, up nearly 200 since going public last april. Another bright spot is gold producer newmont, investors flocking to safe haven the gold. I guess the idea with zoom is more teleconferences as people cant go to work, especially if they cant travel to conferences. Joining us, the organization represents more than 300 million businesses first of all, if you could gauge for us what level of concern you have for global trade. Weve been watching this challenge since the first news, and the American Business community, and the chamber have been helping our friends in china get the type of equipment they have been using to help limit the spread of this vire. When you see it go to italy, singapore, you know it will spread around some, but with the experience we have gained. Theres a lot we can work on and be prepared for. My summary, the Business Community is working with our Members Around the country about being prepared, being careful, watching where you travel and keeping working. If we dont keep the economy strong, it will be very hard to deal with this challenge if we do keep it strong, without acting irresponsibly, i think well prosper. Here in the United States we have extraordinary capacity to deal with these issues, and well work very hard on it, and thank you for asking whats the level of exposure, do you think, tom, in various industries to china as the factor for the world pharmaceuticals, autocomponents, how exposed is the american industry to china were significantly exposed if they were to shut down their manufacturing. Now, you know, china has 1,400,000,000 people after they function, we have to work on the supply chain and the effort to move products from here to there and there to here, and to do so in a way that doesnt compromise our concern for the virus. Theres three or four industries that are going to hurt the shipping business, the recreation shipping business, airlines, it will take a bit of confidence coming back and a little more experience to handle the virus, and i think well get there. The vitality of these principal economies is critical not only to our country, but to the world, and i think its going to drive people together right now to handle this, and then well go back to our differences. Tom, when you speak to various members, do you get the feeling that any of them, whether its because of the coronavirus or the trade war more recently, any of them reconsidering that level of reliance on supply chains in china and asia more broadly . During the question of the trade debates its very hard to change supplychains back you know, its when you run a about ig company, you work are worry about risk all the time. For about six months before the end of the year, a lot number of companies thought we were facing a recession. Well, it doesnt happen. Were very pleased about that theyre coming back and getting more aggressive on their investment sijt a certainly every company of substance is thinking about this virus and how theyll deal with it were working together with the government officials, the medical people were making some progress i believe in finding some medicines that might be helpful. When you put combined energy of these Major Economies together, we will find solutions i just cant tell you when. How are your members preparing for the decisive victory of Bernie Sanders in nevada, and has all sorts of plans for Corporate America that would pretty drastically alter their behavior, whether its taxes or including employees on boards and various other proposals . Well, its very interesting there have been some surveys done in recent time about what percentage of the people that are supporting bernie understand and support, you know, the medical things hes saying on programs, federal programs, almost 70 of those people dont believe that they have to give up their personal insurance. And, by the way, anybody who thinking hell get the congress of the United States of any type of any party to get rid of the private insurance and all the Insurance Companies in this country, has very little understanding of how people react when its really their problem. Tom, i just wanted to ask you about the National Environment policy act your take on that and what youd like to see in terms of modernization and alteration of it this is a very simple issue that is supported by almost every industry in this country, and the government of the United States we have a circumstance here that lets in questions of infrastructure, in the questions of transportation, in the questions of agriculture and grazing, all of that, their work often takes three, four, five times as long as it would take to do the project. So you have circumstances let me give a local circumstance the purple line here on the metro, we have been trying to figure out what to do with that for 14 years people that want to invest in it are going to go away you know, were not that inefficient. Were not that unable, and we have got to make a simple series of changes that say we limit the time you can do this, but can you do it that both the government and the public see that might have to go longer, it doesnt make any sense to be fundamentally assistant with our money increasing the costs and leaves all the environmental benefits that we could achieve on the floor or in ways for five years . 14 years 30 years get over it. Tom donohue, thank you for joining us still to come well talk about the selloff, and why he says its important to consider alternative investments. Thats coming up later on the show were going commercial free into the close with about 34 minutes left in the trade. Tracking for our worth day in the s p in over a year well do word on the street now. Some calls related to the coronavirus. Jeffrey is recommending investors take profits, as Bernie Sanders momentum grows and causes a heightened concern to universal health care certainly see that in the insurers action today. And a commodity safe haven status with u. S. Yields are key gold up a bit earlier. Is gold worthy of a position in everyones portfolio sdpl this is the case in point you never know when it comes around, and the thing to like about gold right now the yield levels are really supportive of it once back into negative territory, and thats very supportive for gold. The other thing i would mention is health care stocks. I would probably take another view, that the thing about it, they have already discounted a po and then as we talked about, its going to take an act of congress to change something on health care meaningfully the fact that they are selling off, and we think thats an opportunity. Then they came back. They came back, but if you look at the valuations its typically where so, yes, they may have rallied, but from a valuation standpoint, theyre actually still pretty attractive position. Luxury stocks have been hit on the coronavirus threat. Robert frank has details for us. Milans big fashion week cut short when authorities restricted all access to the event. Now facing questions about stocking, and its close two museums. That stock down around 5 a today. Guys, back to you. Its also the supply and the demant problem, right . Then they rely on the consumer as well 80 of growth, so thats the demand side in china, already a problem. Now you have the supply side and production issues, especially milan, unclear whether you can get these people to the factories and staff them, even in the u. S. Remains strong. Robert, thank you very much the glom growth question becomes so much more pertinent, and whether i guess the key difference here is the central bank does have a bit of room to react. I dont totally discount that he will do something if you look at the tenyear treasury, it is essential applies a growth rate, and, you know, you can take that off the global gdp as well this is why i say a lot of this negativity is getting priced in. Chances are the u. S. Will not just go at 1. 7 , and chances are china will not be flat for the were. I dont think what i will say is stocks will be beholding to stocks unless theres an alltheyre sign we will need to measure what its we have 28 minutes of the session, back down more than 900 points meteorology a slew of other big guests. Here are three things driving the action stocks have been a worst day in more than a year a rapid increase of cases as it spreads think italy, iran and south korea, threatening the Global Economy further Bernie Sanders wins again. And yields weaken to again near report lows. Hey, mike. Heal, wilf, some of these look somewhat family the stocks that drive against the average largecap stock. Weep in mind this is very, very large stocks, compared to the average of other large stocks. This isnt two opposing things this first one is a subset of the second one i think you have plenty more room to give back and get somewhat closer to a longer trendline. The nasdaq 100, but 40 is nothing but apple, microsoft, alphabet and amazon. We know the stocks and we know how much air is under them, even though it has nothing to do really with the macro kind of china trade flow type of environment. From last summer, we had the recession scare. Most of this move is about treasuries going down and highyield debt not going down with it. There is a softening of credit conditions, we have to watch that, but right now its all of a piece thats been oscillating for a while and were certainly past the peak levels of confidence for the moment in terms of highyield debt this is another monitor at a check on whats actually happening in equities. Mike, thanks so much for that mike san toldi for the second zone of the dashboard. Liz ann sonders joins you about i phone. Thank you for phones in. How does it match up with the fundamental fierce of Global Economic growth growing. I wrote a piece back in mid january not so much these macro issues, but the fact that sentiment had gotten so stretch stretched, and of course rallied back up. And then now here we go again. One of the other issues is this is more on the supply side, let a the demand side. Which means the perceived elixir, the fed potential stepping in doesnt really solve this problem if the uncertainty with regard to the timing of this and the ultimate impact. Is still unknown that said, liz, if we did get, say, two rate cuts, does that help stocks well, that has been the narrative. Even when it was purchasing treasury bills to stabilize was seen as a risk im not sure how long that persists, if the hits are more than just a singlequarter phenomenon and not seen as eventually being i think thats the issue here. The fact that companies were already rejiggering things, and a ripple effect. At best youre going tees a ushaped recovery, not vshaped. If that causes a ratcheting down of earnings estimate, which have will be been under pressure, i think that represents a risk of a necessary rerating. I know we have seen, in terms of overall calendar year, weve seen them ratcheting down by three to four full percentage points, with cuts to every quarter you know, i would have to know the answer to 12 virusrelated questions to know whether thats been sufficient companies are stymied. They dont have any more information than the rest of us do to make a judgment on how long this impact will be value are all we knows is valuations were strep, and now we have this liz ann, even if valuations were a bit stretched, to what extent there is no alternative argument to equities, Even Stronger than yesterday or a week ago, given how rich bonds are at the moment . I think you see some other Asset Classes doing well you see and move toward more defensive areas within the stock market relative to some of the high momentum flyers oar see reflected. There are ways to being a bit more defensive i think thats what youre seeing even within equities there are alternatives to where the momentum had existed price to this one thing we have beenen couraged by the fact were starting to see in realtime alternative data starting to pick up, like a big of a shipping and real estate pickup does suggest companies are trying to get back to work so nobody knows how big of a deit is outside of the u. S. , but the fact that china is starting to come back online, thats confine encouraging. The spread between the fake cash flow yield, the earnings yield, and now subdued levels of yield does suggest theres very little alternative to stocks. This is why investors are likely to step in and buying the dips here. Liz ann, thank you for phoning in. My pleasure. Next suze orman will answer your questions heres a check on the closing bell big board. Heres the tenyear treasury note theres the dow. We are now down 936 points heading towards the lows with about 20 minutes left of the is eggs s p 500 also getting slammed if youre in the cruise business, energy among the hardest hit, airlines very hard hit, all chinarelated exposure, travel, tourism, supply chain, you name it, this is really a problem thats gone global as fears have spread outside of china its triggered a new wave of selling. And we did see steady improvement from about. Were now down 940 points. Again all of the indices down more than 3 at the knowledge not far behind. Stocks are lower right now unh is actually the biggest weight on the dow. Thats being chopped up to a Bernie Sanders win in nevada Everything Else really relating to the exposure. Lots of selling, so time for lastchance trade, anastacia. It is a buy for me. Im always on the lookout for contrarian opportunities and catchup trades. Small caps have lagged the Broader Markets, but also since the start of the u. S. china trade tensions, if you look at valuationses, some suggest the performance of small caps is as back to 2009 and youve seen a valuation why have they lagged . Small caps specifically do not prism wet. But on the flip side, coronavirus aside once those fears sun side thats the sweet spot for the performance of val value. Bill, theres a lot of secular growth but thats quite attractive. But you can make the argument that theres not a great cases for either as i mentioned, we need to see the Firm Evidence that the coronavirus fears are subsiting. When we do, i expect the bank shares wil snap back. I think it is with olympic at 50 a barrel, and supply demand, you notice, it was rutley i suspect oil will move higher as well. Were now in the closing bell market zone, commercialfree coverage. Mike santoli is here to break down the crucial moments were heading south again, down 849 points were looking at a decline of 3. 3 energy is the hardest hit, all getting slammed more than 3 pun are all we know is that the market was relatively high, based on relative optimism that optimism has been punctu d punctured. That one should have more risk than usual. Mike san toldi. No down we were coming from an extreme, sentiment, all those things, where you could say, you know what . I think were pricing in a pretty optimistic scenario i do think for a while, the market was able to say, as long as its localized then with yields where they were, stocks made sense, but it became too unstable anastacia, in terms of the key level you were watching, remind us what it is. 3250. Well see how we manage, but we might likely try to reset that we might see the markets move higher, but there could be more down side. Again, its not a mystery its up for sale so much, so that was the one thing we were looking to unwide, coming into february im not surprised to see those move down. Banks also selling off sharply of the most selling off, morgan stanley, the bank with the highest exposure to asia, citi, and the most sensitivity, bank of america. They are all selling off mainly because of the fears because of falling yield curves yields have collapse the this year and keep in mind the guidance was given off when yields were much higher. James gorman toll me china will bounce back after this banks, though, down about 3. 3 today over 8 or nearly 8 , as things stand year to date, and clearly a lot of pressure on these names. Morton stand by was holding on to gains does the Interest Rate picture changes the trajectory what is interesting is the absolute price levels are high are than whether yields were at these levels i think in general that shows there has been a preference for different and buyback stories. I think all of that fits together, but it is a reminder that these banks cant fully escape the fact that the rate environment is what matters. The first half of the years that was ovffset by growth. The thing that sort of saved them was markets were high, so Wealth Management products were doing well. So the question now with yields back to these lows, are some other offsets going to save them markets are still pretty high. So if it ends at this level, maybe the Wealth Management. But if we keep sliding, youre looking at a few cuts to earnings forecasts. We just have to boost the Housing Market further apple is down about 4 , the coronavirus fears continuing to grow josh lipton has more what do we know . And of course the 5g iphone thought to be coming in september, investors selling apple suppliers. Apple is probably the best business he knows in the world back to you. If you look at the contact on this one, its obviously close to a report high yeah, it certainly had a bit of a gut check but i think it also accelerated higher notice its giving back some of that overshoot in terms of positioning and sentiment. So apple, what, a week ago or so warned it would miss its revenue target, then you had today, a totally different reac. Everything tells you its not market people feld they owned too much its just the way its going appear staysia what do you think of the bigcap fangtype stocks i think the semiconduct or specifically was definitely , and semis took out as the most optimistic and most bullish on global rebound i do like to see the repricing in those, as they price in more trough, you know, type of growth estimates. And, you know, as far as some of the largercap stocks it is hard to go against those. If you think about who the actual beneficiary is, its a large of these larger cap thing about videoconferences, about the a. I. Application Bertha Coombs is at the post. It looks like were going to close the lows of the session here its also a reaction to Bernie Sanders big win in nevada the worries are back in forth today. For unitedhealth, thats a big part of what it does, but the analytics unit would be basically decimated if Bernie Sanders prevailed. And the 30,000 doctors would also likely see lower reimbursement. So the about is would very much be impacted today. Guys, bertha cooperation, thank you. This will still have to be a decision by congress, and these insurers have discounted a lot of the political risks. They do trade somewhat emotionally. It wasnt about the real dollars and sentence what is interesting, though, is before this week, odds of Bernie Sanders getting the nomination went hand in hand on the betting markets, with odds of President Trump being reelected. Sanders doing better in the democratic field was consistent with stocks doing better, because they seem to want a reelection all of a sudden him doing better toward the nomination is bending at least parts of the market right now, perhaps because of the level of momentum he has when you see a stockspecific move like that, part of it is Bernie Sanders. It is part of it, but i also feel like when the market is do you think, all of a sudden the worries come to the floor. Were down 3 plus, so clearly it wasnt reacting in general to the primary. In a sends its the bellwether for the entire group if youre going to outlied private Health Insurance, with we see very much as a long shot, theyll bear that in mind. And some others are also down 6 , 7 theyre all getting slammed. Were down over 3 with five minutes left in the session, close to 1,000 points down. Jim cramer will join us with his take on this huge selloff hell join us right after the close. The tenyear treasury falling to its lowest level. Diana has more and so do Mortgage Rates tank, which loosely follow that yield. They just hit 3. 34 today, according to mortgage news daily. It was at 4. 5 a year ago. The expectations was rates would move higher. For a borrower with good credit, 20 down payment on a 30year fixed for 300,000 aiers,the Monthly Payment was 1520. Today its 1320, a savings of 200 no surprise the refi market is booming. Applications up compared to a year ago the builders are not down nearly as sharply as the Broader Market back to you guys. Diana, thanks so much well have to see if a pickup . Mortgage volumes can help the banks. Coming up, talking more with todays closer, john gray, fantastic timing to have him on, coming up at about ten past 4 00. A little less than four minutes into the close, coronavirus weighing on travel stocks in particular today. Coronavirus spreads beyond china. Road caribbean down nearly 9 , denying boarding to passengers who have traveled through the Italian Region theyre down about 25 helding reported, with a 1 to 2 hit, that did not account for any mare used is the big record given the higher exposure to asia back to you. Seema, thank you youve been looking they has essential been running, thats actually quite significant, usually a precondition for its not enough to say high beta versus low volatility. And the volatility index finally very responsive, down 5 from an alltime peak, and the vix already up basically matching the early august spice which would have to retreat pretty steeply. But at the same time some of the more key technical levels. We think thats the point where a lot of were coming to the market so in the coming days, and if buyers will come in and buy. We moving lower as we speak, heading to the lows with under two minutes left to go wilfred has moved onto the floor. Were down 1,000 points moments ago, back down over 1,000 points the nasdaq more than 3. 5 , the russell down nearly 3 the dow is down 1,080 points at the moment lets have a look quickly at the sectors. Energy very much the worst performing. I was holding on to gains. Down 16 , up 9 . A sevenyear high, there goes the bell to bring it back to the Major Industries the dow has closed down 1,023 points, 3. 35 . The nasdaq down the best part of 4 , the russell just missing out on a 3 decline, but still a sharp selloff, all four of the indices. We are not far from lows of the session with the dow down more than 1,000 points. Sara welcome to closing bell. Wilfred frost rejoining me some just a moment. An ugly day for wall street. Take a look at how dow closes lower by 1y 029 points, down 3. 5 worst day for the dow. S p 500 not looking good as well, closiing lower, also the worst day. Especially hard, closing lower on the day by 3. 7 index with small caps also sharply lower. We have wiped out the gains for the stocks for the year, and have seen a ugly and broad selloff energy, technology, Consumer Discretionary coming up on show, our closing bell closer today, Jonathan Gray from blackstone, well get his take and where he sees opportunity in this market. Jim cramer will join us with his advice to investors. Joining us to talk about the market today,ever sherman, deputy chief Investment Officer at doubleline capital. And still with us is anastacia to you first, mike i think that is what distinguishes todays activity from perhaps just a typically headlinedriven reaction its always been a how much it would spread, how long it would last, to the point i think the probabilities have built up to maybe the first half of this years are year were having to start to write off make thats an extreme way to put it. I think that its almost encouraging that we finally got a bit of a dam break, down in a very lopsided way. Jeff, a huge move to the up side in bonds yields, of course, falling sharply. What do you make of the size of the move weve seen in the bond market i dont know if jeff can hear us, on the Broader Markets, that extra pickup we saw in the final 15, 20 minutes i do see that as a constructive sign its not the time to put all of your chips, but i think you start to find some attractive entry points. I think jeff is back with us. This is a followthrough from where we started last weekend. Theyve been waking up to what the stock market has been pricing, as well as the treasury market even for the move we saw in treasuries today, we havent even amassive weakening, which is a bit shocking. There was a bit of widening down of the capital structure we where there was a pretty significant amount of buying last year. And i think its indemocratic to lets say the german bund, its been covering the same rate. What i think youre sees is the fear is money is coming to the u. S. Markets, and its being put in treasuries right now. There are definitely fear, and its present in the treasury market today. It does not decline i think its a bit of unstable you have to assume thats the case but we did get right now 3 in one big bite today. Theres no way you can say its one and done, but these types of things tend to go in this stages of recognition. We want to bring in mad moneys jim cramer, whos able to join us jim, a great discussion you had earlier on this morning, and very much resting a lot of who peoples investment horizon is you still have to be wary that we keep selling. I think theres complacency every since the super bowl, we realized the chinese had lost control of things, i expected the market to go down yet we got such froth so many stocks numbers were going up yes, there are absolutely situations ill like, wilf, but wow. Come on. Last week was a terrible week request the junk going up, and i thought maybe we need a washout. If we wake up tomorrow and theres another one, another cluster on the continent, do you think we can go up. I think it will be hard clearly the sentiment toward the close was negative we lost another 250 pointing, do you think as well well play campup when asian markets, upian markets open tomorrow . I think the Chinese Market is totally phony. They do have a trillion they could repatriate jfk has a beautiful series of planes from milan to jfk, and i want to now are they being stopped . I know theyre being stopped in china, but if you went up to fashion week, you got sick, you got on a plane, well, whats the difference between italy now and china . So what do investors do we often looked at history and to sars and other pandemics, and its always proven to be something shortlived that is awful, and of course theres a human toll, but investors were rewarded for staying in the market is that your advice yes stay in. Were getting a comprehensive decline. You start buying the staples tomorrow, i think the drug stocks work. You just dont want to be in the cross hairs with anything thats made in china or travel. Hotels very bad. Airlines very, very bad. Cruise ships, i cant believe people are still buying those stocks anything with oil is so wrong. Its just a big slowdown the industrials ran last week. We really were nuts in what was being bought now were going to come down and people have to start thinking about their time horizon remember you dont make much money in bonds youll have the opportunities that i should have gone. If you dont have cash, im not sure i think its too late to sell if you dont have cash. Jim, tell us whats coming up on the show tonight. A couple guys that are interesting. 59, theres the kay of a contact center, highgrowth tech, no coronavirus whatsoever. Do you make your stand in it i dont know i think in the end its not exactly the thing that Warren Buffett would buy. I do like hp, the hpx numbers after the close, that was a good quarter. That may be too cheap to ignore. And shares are up 3 after the market. Why not they beat consensus by a gigantic amount. Its very inexpensesive. Whats not to like i like you guys. We like you, too thank you for joining us, especially on an important day. Anastacia uk jim brought up the cruise stocks. What if youre in those stocks its really tough if you want to be an opportunistic investor, you may want to dip year toe in. This is why we saw that the first is probably through auctions, because you can put your put strikes a bit lower other than that i i would say have a Shopping List mine probably wouldnt include the cruise stocks, but a lot of ai names, software names, they get unfairly punished by Something Like the coronavirus what are you expecting Central Banks to do . The bond market is telling me they need a cut in the next couple weeks i mean you have a gap here of almost 30 basis points plus from fed fund policy rate, so at this stage, i mean, its pretty horrible that mr. Powell hats to go on stage in two weeks and talk about how great the jobs number is. He thought everything was under control, and all of a sudden, due to fears today, the entire curve is melting down. So we have to wait and see what happens this week. Its one days panic i really dont want to buy rates, hoping that the fed cuts when they immediate in the middle of march. At this stage, when you look at the inflation data, Global Growth will be a concern, you can bring stuff back down, but the entire Treasury Curve is a negative real yield. And even adjusting for oil prices, have we seen the consumer lease spending this year, especially with the Real Estate Market, its hard to see inflation being less than 2 yes, it could happen if the growth rate slows down significantly. It doesnt help you significantly, so i think the fed does have to cut at the stage, but i think they want to be reticent to do so thats why i think we need a couple days to figure out whats going on, and see what the reeks function is. You know, the last few weeks, whether u. S. Stocks were bought, even though fears about the coronavirus were piling up, the u. S. Is relatively insulated we are domestic services, consumer economy that is not exposed to the rest of the world 678 what changed today services are part of travel they could suffered from any kind of Consumer Confidence hiccup, but i dont think much changed except we got to the point where the market itself got extended in certain areas, and the rest of the world is selling here its net necessarily building in much of a cushion on the short term thank you both for joins us. It doesnt mean they go out to dinner or dont do things in the log area thank you so much thank you kate rogers has some of the biggers movers about 350 points, russell 2000 closing down around 3 as well really bigcap technology names, apple shaves nearly 50 points, followed by microsoft, shaving about 45 points off that index, and amazon, facebook and google as well. On this is coronavirus fears, there was not much positivity around here today. The biggest gainers, stepping up its efforts, and gilead, thats after the World Health Organization in the antiviral drug in fighting that virus. Those stocks both closes higher today. Back to you. Thank you so much for that birth tao coombs is on the floor with more on the action here you know travel stocks especially hard, we talked about who would buy the cruise ship. No one did here today. They hit 13month lows coach, the apparently cop of tapestry, that could be a very big hit there. Energy down about 14 a year, down new energy lows, and Health Insurers seeing a in the wake of antiinsure candy, a big win in nevada, moving into correction territory for many of then, united, of course, a big drag today thank you so much for that. Lets have a quick look at the dow as well. The dow loses, including every single dow stock today verizon was holding on to some slight green through some of the session, but dipped into the red alongside Everything Else. Theres a summary again of the major indices, all down well more than 3 , the nasdaq down more than 3 the dow posting its worst day since february 8th, dropping more than 1,000 points joining us for more from the forbes shook top investor summit is Jonathan Gray, president and chief operating officer of blackstone group. Welcome, jonathan. Good to have you. Great to be here. It certainly was a scary day whats your level of concern right now . Well, ill start by saying were all quite sympathetic to the family and folks who have been directly impacted by this crisis as you think about it, economically, and marketwise, you know, i think its too early to make a determination. These outbreaks in south korea and italy create incremental risk this could spread further so i think its too early to say the extent here. The one thing we can take comfort from is, in the past when these things have occurred, at some point either between science or quarantines, the crises start to diminish thats the hope. Right now i think its too soon to say jon, is there an added fear that Central Banks either dont have much ammunition left anymore or secondly they dont have the tools that can address this particular crisis does that add to the level of fear that assets are showing today . We reach the deal as far as the trade deal in new york america. We had also seen the china trade tensions come down, and provided some clarity on brexit and so it felt like, if anything we would have a pretty good year. This obviously created new risk, and Central Banks with rates negative in many parts of the world. They fewer he how do you feel about what the credit markets are telling you now . I think its a little early to say we try to take a longterm view. I think the credit markets are at some point it gets resolved their credit should hang in there. I think its just too soon to said, were all hopeful this gets resolved. I think as investors, you do not want to panic, you want to stay in there and have a bit of patients. Were talking throughout the show that were still singlesignature percentages are think similarly close to alltime highs you have so much cash ready to deploy do you purposely not rush into deploy well, i think valuations around the globe are high in almost every asset class you have relatively high multipl multiples. On the positive side, as i mentioned earlier, the consumer is pretty helpful, Pretty Healthy, and we have an accommodating Central Bank Policy that leads you to feel a bit more confident, and the way we have tried to respond is to identify sectors where we have more conviction based on whats happening in term of ecommerce, weve been big investors in things like the content revolution thats out there, life sciences, sectors where theres more underlying strength thats how we try to respond, but yes, youre not just putting your arms out and buying the market. I notice youve been in charge of this effort in real state, so Mortgage Rates falling to an eightyear low, how do you think that would change the proposition for buying over renting . And what does it mean for commercial real estate if you talked about residential real estate, the underpinning has been a limited amount of new supply built since the financial crisis that continues today and that supports values obviously low rates help home values as well on the commercial side, again the multiples are high that makes you a bit more cautious, but there are sectors that have better fundamentals. I mentioned logistics. There are certainly cities where creative in Tech Industries are housed where we see better fundamentals, and rental housing again because of the shortage of housing generally has performed well so were i would say were picking or spots some sectors like retail face more challenges, but in the sectors we like, were still deploying capital. Jon, when we talk about all the investments you invest in, if we did see a president who wanted to introduce an annual wealth tax and or higher Capital Gains taxes, do you think that would hit markets valuations across the board well, were still a ways away from the nomination, but i think the one thing to look at is the economy is mitt good shape today, the electorate is pretty divided, so the idea we have a dramatic shift in policy i think, you know, thats a risk, but i take a little comfort from those factors. But nonetheless, if that eventuality played out, do you think it would hit stock market valuations and property valuations well, i think if we have policies that constrain growth s. Create disincentives for investment and risk taking, yes, its possible that you will see less of those activities and less growth. So i think thats one of the unintended consequences. People i think do have good intentions there are big issues around income and equality, for instance, but there are risks to some of these policies so, yes, if some were put in place i think they could have a negative impact on growth. Jon, clearly theres so many different possibilities being talked about in terms of trying to redistribute wealth through various proposed taxes one of the more reasonable proposals is to remove the carried interest tax break given there are so many other more wild proposals, lets say, did you accept that carried interest tax break may well go away in the years to come . Well, i think were going to have to see what happens in the last version of tax reform carried interest, you needed to extend hold percent from one to three years, to line up in determines of longterm ownership. I think a lot of things will be on the table depending on the outlook in terms of the mix between the white house and consequence. So congress so i think we have to wait and see. Has the coronavirus concerns impacted any decisionmaking over the last month or so and ahead of the election, do you see that creating some sort of flurry for deals or Something Like that . We havent seen corporate deals or infrastructure or real estate deals so much affected by the election the coronavirus, what were seeing more is a china phenomenon really slow deal activity there, but as it starts to expand, it could have an impact again, for us, as longterm investors, what were trying to do is look out over time and say what is going to happen with this business when we look out five, seven years . So you try to not get too caught up in whats happening what can get impacted are financing markets, risk aversion, and then some businesses in the supply chain, travelrelated businesses. Energy businesses, they can be impacted by whats happening i think right now its too soon to say, but if the duration of this goes on and spreads more, then yes, it would impact markets and deal activity. Jon, your stock was on an absolute tear last year, up around 90 that certainly coincided with strong reports, but i think the make catalyst was changing to a ccorp structure do you see that as a oneyear catalyst, or will it have a Lasting Impact s. And have you observed any major shifts . Youre right. Weve had a a partnership that couldnt be owned by many shareholders so we have this huge discount, i think what you have to look at is forget the big runup last year if you look at the numbers, we have a dividend yield about 50 higher than the market historically weve grown at double the rate, and we feel great. Were in a fastgrow iing and t asset man, and were the legaler in this business we feel very good about the company and the longterm prospects. Just related to that, kkr moved up after being included in the is that something youre looking ats well . Right now, include us, so i think theres an opportunity given or size, our market cap, growth profile, we think we have done a great job for shareholders, and certainly or investors. Were hopeful well be included in more of these indices over time. I just want to come back, jon, if i may. Do you think that wework had an impact on private Company Valuations as a whole . Carrying supposedly and all of a sudden only a tenth of that does that burst the bubble a bit, make valuations more reasonable again yeah, i think it was a healthy sign one of the things about markets is we tent the idea that the Public Markets look at it soberly, and as a result, it sends a senate to private markets. The issue was companies were given a lot of capital, loss making wasnt considered, it was all about growth superintendent fastgrowing businesses to have some financial discipline i think it translated to im going to be more disciplined in how quickly you grow, how much capital im going to give you. So i think that was a healthy sign i dont think were anywhere near the environment like in 06 or 07. When i talked to your board member in davos, he sid he learned everything from wework from you, calling you the smartest Real Estate Investor he knows. Were there any ripple effects on the Real Estate Market first off, jim brier is a Great Technology investor and life science investor. As it relates to wework, mea concerns were not that the Business Model wasnt viable it was really the scale it was done at. Some of the smaller markets, the pace of expansion and the valuations so, again, i thinked fact that were refocused on the core mission, i think the business can survive, but i think the valuations expectations have to be more moderate i think it may slow a bit of these Flexible Office managers in terms of leasing space, but i dont think its material. What will drive demand in Office Markets is whats happening in underlying market activity if that remains strong, things broadband fine if the virus or other factors lead to a slowdown that would have an impact. Good to have you here today, jonathan thank you for joining us. Agreed to be here take care. Meg tirrell has the latest details on what we know of the coronavirus. Rising case numbers in italy to south korea, increase concerns about the viruss global potential, is the World Health Organization pointing to a silver lining, that the it virus has been declines in china steadily the vire can be he contained is the key message, but also called the increase in other countries concerns w. H. O. Says not a pandemic yet, saying its not seeing the largescale severe disease or death that would warrant such a declare ace. Here in the United States, a total of 53 confirmed cases. Still, just 14 among people who traveled from china or whose spouses did so, three people repatriated from wuhan, china, 36 among passengers who were on the diamond princess cruise ship wilf thank you very much. We have some breaking news. We want proposed changes to the board of director. Two have been nominated to join the boeing board of directors. They will replace two who are likely to retire the significance mollenkov and johri bring to greater experience, especially with Safety Technologies you get that with them, both much who have been nominate d to join. Hp earnings are out. You heard jim. Lets get to josh lipton with more. Hp reporting eps of 65 cents versus expectations. Revenue of 14. 62 billion, it was looking for 14. 59 billion. Q4 forecast is a bit light the street was looking for 54 cents. They do raise guidance, looking for between 233 and 243. I did have a chance to speak with management, and we talked about the q2 forecast that is lighter than the streets expectations the companys cfo pinning it squarely on the coronavirus outbreak, saying in q2, that outbreak will impact revenue, eps and Free Cash Flow the impact he thinking will be temporary, acknowledges its a dynamic situation. He thinking its temporary, because he sees progress in manufacturing in china analysts do estimate about 70 of the companys manufacturing labor force is in china. In fact, of course, they were also confident enough to raise that fullyear guidance. Also a chat with management about the xerox takeover offer, hb today announcing a in Capital Return Program targeting 16 billion in capital return over the next three years hps ceo telling cnbc that it undervalues hb, creates meaningful risk, and believes significantly Clover States the synergies of such a combination. Guys, back to you. Josh, i think thats one of the keys rejecting not just rejecting it, but xerox wants to buy an undervalued hb well do it ourselves. Up next, is the worth over, or will the selling resume tomorrow morning David Rosenberg will be here to tell us whether fears globally could keep weighs on stocks. Plus personal finance experience suze orman explains how investors should be protecting their is portfolio. And the treasury yield hitting the lowest level in years. It was an ugly day for the stock market the dow closed lower ending the day down 1,031 points, driven by a rapid expanse of coronavirus cases, pandemic spreads through italy, iran and south korea. Investors are also digesting the continued momentum of Bernie Sanders. And yields deteriorating to nearrecord lows, breaking below 137, another sign of the markets flight to safety. Joining us is David Rosenberg. David, i know the coronavirus was not part of your bear thesis how does it change how you view the u. S. And the Global Economy . Well, sara, i think we had three major watersheddi dwaters scrubdown operating earnings, we were pressen against a 25 multiple on the s p 500. So the market was already extremely expensive going in, and we had a situation where six stocks account for 20 of the market, which we havent seen a degrees of concentration that big in two decades, but the three watersheds was apples sales warning, followed by the market pmi on friday for february, which were just categorically horrible i know you mentioned before about the Service Sector being resilient, but actually what the market numb beneficiary showed was the yearlong was now actually seeping into the Service Sector, and third and i know this has been commented on that the virus has spread, but i think we have to understand the spread is really significant, because its not just south korea is the sixth largest exporter, and its in intermediate goods, which would field into the world production process. In other words, why korea is important is its the poster child for the Global Supply change thats what the markets responded to most today. But, dave, the bond market is fairly bearish, do you think it faekds the uss economy in a more serious way . Could it push the u. S. Economy into a recession i think it probably could, or certainly pivot the economy in a way where in economic parlance terms, aggregate slows below the supply, which leads to more excess capacity, and leads to a deflation process. I think everybody has to realize is that the u. S. Economy may well be the cleanest shirt in the Laundry Basket this still notwithstanding what the symptom has done for 11 years, this still goes down as the weakest u. S. Economic expansion in recorded history, and so things here are still quite fragile. Last i saw, the u. S. May well be domestic oriented, but theres no country in the world that operates as a vacuum. Thank you, david, for phoning in for your take on the selloff still to come, suze orman discusses how to protect your portfolio and retirement amid the selloff here is some of the big winner today in the s p 500. [ sigh ] not gonna happen. Thats it. Im calling kohler about their walkin bath. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassag. Everything is installed in as little as a day by a kohlercertified installe. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Welcome back a massive selloff, of course, today on wall street, the dow closing down more than 1,000 points the President Trump tweeted the coronavirus is very much under control in the usa were in contact with everyone and all relevant countries cdc and world health have been looking strong he ends is stock market starting to look very good to me. Well have to wait and see if thats a correct call. The president wants people to buy the dip. Starting to look good what should you be doing with your money after a selloff like this . Here to talk about managing your wealth is suze orman, author of the ultimate retirement guide for 50plus. So you see more than 1,000 points sold off here whats the first thing to do i rejoin. The majority of people, where do they invest . Where, their retirement accounts most of them are 30, 40, 50 years of age that have at least 10 to 30 or 40 years that needs this money for retirement. Given thats how theyre investing, why the higher the market goes, the shares cost more, the less shares their money buys, the less money they make in the long run with this dip, and if it continues to go down, they should stay the course and be quite happy. The market is still incredibly high i guess that argument holds, provided the selling and the down days are only temporary what would you say to the people who are nervous . Again, not if its temporary. You dont want great, it goes down one, two days, when youre dollar plus averaging in a retirement account, its monthly. Month in and month out for years. So it could be a year or two if ud gone through this in 2007, 2008, into 2009, and it continued up, you would have made a fortune if its the long run, dont sell and continue to dollar cost average. Its really just that simple. One of the common lines about the market and what motivates people is that Interest Rates are so low theres almost no apparent reasonable choice. Does that make sense no, actually theres no way to generation income except for work for it today. If you think about it, the etf and more are paying a 1. 75 dividend yields. Theyre paying even more now as of today a tenyear treasury bond will give you less than that. Where do you get yield if you need yield oar better off to get a savings account which would give you 2 . Youre better than that than buying a bond. Warren buffett weighed in on this today reaching for yield is really stupid, but its very human. I understand it people say, well, i saved all this money and now i can only get 1 out, what do i do . The answer is you learn to live on 1 , you havely. You dont listen to a salesman that says i have a magic way to get you 5 . Just get used to the low yield . You dont have to get used to the low yield, but im sure he also talked about the earnings factors, and everything that happens when you do buy stocks, and what goes on behind the scenes im a stock girl, what can i tell you its where ill make the most of my money in terms of investing bonds arent going to do it for you that way in the long run, if youre looking for income and you dont know what to do, can you look at differentpaying stock with some of your money. Interested you focused on the 50plus group in your new book, and how Younger Voters are going for Bernie Sanders, and what thats going to mean for the investment and economic horizon if he picks up momentum here i get everybody is seriously interested in who is going to be the president but i think one lesson, in terms of what bills get passed and everything, its all about the congress im more interested in who will control the house, the senate, because thats where the bills and everything get passed. Of course, the president can veto it, but it depends. Sometimes theres ways around that suze orman good to have you on a day like today. Ahead, its all right a perfect day. Up next Stacy Cunningham will tell us whether the selloff and volatile environment could make private Companies Think twice about going shake shack tanks after missing retch estimates, and gi week fullyear guidance down 10 . And the first time declining sales since they went public in 2015 upbeat music [narrator] at Southern New Hampshire university were committed to making college more accessible by making it more affordable. Thats why were keeping our tuition the same for all online and campus programs through the year 2021. [woman] i knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look we can do this [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Volume up day of the year today, finishing with the worst performance in more than two years. Lets bring in New York Stock Exchange president Stacey Cunningham stacey, good to see you. Clearly a lot of selling today talk us through what kind of volumes you saw and how you think the market functioned. First, while we always prefer markets rising and going up, theres a certain degree of measure when the market picks up and goes down and as a trader, you felt that today. But on perspective, it wasnt that big of a move we talk about the dow being thousand a thousand points and it was the first thousand point drop since february 2018 in february 2018 we were talking about the fact that the dow dropped a thousand points and dipped below 25,000. Today were talking about the fact the dow dropped 1,000 points and dipped below 18,000 so it wasnt so dramatic in the long term. And thats what we continue to see. In turning to the s p, we were down 33 1 2 at the lows, which is less than half of what it takes to actually trigger a market wide circuit breaker. You have to be down 7 in the s p 500 to trigger one of these marketwide Circuit Breakers we and have the seen that since the financial crisis in percentage terms it wasnt quite as significant of a down day. Certainly from a volume and messaging perspective, up 40 from normal levels just today. We were traded 10. 5 billion shares in the market today and thats a 47 increase and even more so up on a volume perspective. The. And we really saw signs of fear in this trading today, the russian safe haven assets like treasuries and gold. If you were doing one of your private meetings with companies, looking to exploring going public, what would you tell them if they were worried about coronavirus fears and the spread and uncertainty in the Global Economy, how do you make the case i think you have to focus on the long term, and you did mention fears. We saw the market sell off dramatically you see when that happens and flight to safety there are a couple of things sue see from trading perspective volume move back to the exchanges and volume move to etfs it was even more on a persson basis in the etf speights because investors are trying to inflect their opinion much more quickly. In slow periods they can pick a stock they want to invest in, in the long term and whether its a wide thesis, they move to etfs quickly. As we have seen through volatility the past few years, its pretty short lived so the market will continue to be strong and you will see quickly after a few days the market absorbs that news much more rapidly. Stacey, great to see you, as always. Always good to be here. Up next we will look at whetr henew encouraging data can offset coronavirus to introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. Doprevagen is the number oneild mempharmacistrecommendeding . Memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Brutal day for the bulls, with with tthe dow closing over0 points lower lets go to the final dashboard of the day, mike. Didnt matter much today but the u. S. Economy by whatever measure does keep hanging on look at the National Activity index, it bounced this january, monthly indicator. Whats relevant here is not that it did bounce from december levels but it does also remain below zero zero is the historical trend rate for the u. S. Economy, so when its below zero, that means its growing below trend thats where we lived the last year and 2015 to 16 its not a new story but does explain, i think, why the markets are quick to get worried about the possibility we do tip toward a recession because we dont have much of a growth cushion right now. Were supposed to have a reacceleration its not evident nominal growth, and below trends thats why sometimes we worry were near stall speed at all times, guys. Ic m mike, thank you very much for that. And in terms of the Broader Market, a summary where we closed down over 1,000 points on the dow. Low of the session down 1,080. Came at about 11 00 a. M. We did improve throughout a lot of the session and then sold off again towards the close. All three of the major indices down more than 3 . Nasdaq down to 3. 7 . Now the market is lower for 2020 and s p had its biggest oneday drop since february 5th, 2018 we will see whether theres follow through tomorrow and we will watch those numbers on coronavirus cases. Now not just inside of china but outside as well were out of time. That does it for closing bell. Fast money begins right now. A monster selloff to start the week the dow closing down more than 1,000 points only the third thoirdigit drop ever nasdaq losing nearly 4 . Buyers meantime rushing into bonds. Yields nearing generational lows oil plunging and taking Energy Stocks with it but not everything was down. Gold continues to catch a kbid, hitting its highest level in over seven years welcome,