Transcripts For FBC Cavuto Coast To Coast 20240713

Points. We thought it would be a huge bounceback day, it might be, you never know but another point as the intraday of the dow we actually went negative. Were back up 120. Up and down we go. Deirdre bolton trying to keep track of it all. Joins us from the new york stock exchange. Like im on a ham sister wheel, connell. We had 950 point gain. When Vp Mike Pence said essentially every american will be covered for coronavirus testing. You saw, that, that is where viewers can see a little bit after green, kind of blip up on the dow. Were still nowhere near where we were at the highs of the session. Let me tell you what is moving markets at least by group. The groups that are supporting whatever rallies you are seeing. You have info tech. You have Financial Companies and industrials. Now on the other side with really weighing on the market, utilities, Consumer Staples and energy which is a little bit interesting, because out of the gate this morning, connell, energy, they were the superstars. Now you remember yesterday, the companies especially ones that produces shale oil, they got absolutely killed. No other way to say it. Im thinking of diamondback, halliburton. These were down more than 30 yesterday. Of course the tensions between saudi arabia and russia. That sent oil prices tumbling. That showed up in the equity markets. Today a huge rebound. That is really wearing off as the day goes on. I know you were talking about the potential aid for some of the cruise line companies. I know that our colleague, blake burman as he was leaving the roosevelt room, sent us all the emails, treasury secretary Steve Mnuchin as he was leaving said well give you an update later. That is to say, more details on this idea of support for certain sectors. Our sources have told us that the treasury secretary does want very specific industries to be targeted with support. Cruise lines among them, airlines, hotel companies, for example. They are on that list. We know that President Trump, again, according to our sources seems to favor broader support. So thinking of payroll tax cuts, for example. Well get more details on that later. That is according to the reporting of our own colleague blake burman. But getting to some of these travel companies i want to focus in on airlines because southwest airlines, for example, saying he will take a pay cut. He says in fact the coronavirus has chilled a lot of demand for flights. So that is not a huge surprise there we heard from delta and american earlier. Delta announced a hiring freeze. The company is also cutting capacity. Certain amount for domestic, certain amount overseas. I dont know if you spoken to anybody traveling lately. I have. They have pretty much the whole plane to themselves. It makes sense doesnt literally the airlines to be running almost empty airplanes. Delta said liquidity is still strong. American cutting capacity as well. Connell, back to you. Connell stay with us one second, deirdre. The cruise line industry as you were speaking. Saw a headline on Royal Caribbean the stock price was halted due to volatility. Well get more details own that. I will get back to you. Connell keep running on the hamster wheel. Well get back to you in a minute. Airlines or cruise ships. Well follow them throughout the day as we keep a very close eye on washington. Today is the day wall street will watch washington to see what they come up with on stimulus. President and Vice President , as we told you meeting with Health Insurance executives. Blake burman was in the meeting i believe at the white house and he joins us with more details on that and the rest of the happenings. Blake. Reporter weve been on the hamster wheel at the white house for three years, connell. Welcome aboard. Another day here. Serious issues were discussed as you were watching live i believe the event inside the roosevelt room with president , Vice President and executives from the health industry. The headline announcing that Health Insurers those who want coronavirus testing will not have to pay copays. The Vice President and the president and airlines and cruise liners will be helped out as well. Set that aside for a second, connell. I think one of the very interesting things that we just saw was President Trump not taking questions when he was asked about the economy and asked about the stimulus measures that he wants to see Going Forward. Remember last night here at the white house he announced that there would be a payroll tax cut is what he wants and other measures Going Forward but again didnt take any questions. Didnt announce any level of detail. Here is what i am told, connell. At that meeting yesterday afternoon over here at the white house the president did green light a plan, as it was described for economic stimulus measures Going Forward however, i was also told that that plan isnt necessarily fully baked in at this point. Here in washington that is consistent theme, what exactly are the details here . Listen to the top two republicans in the house who were asked, basically said on their end, they dont even know. I talked to treasury mnuchin. Weve got kudlow coming in as well. It is a number of measurements that were looking at but we want to be best served. I havent seen any details. A lot of different ideas talking. Were concerned about what is happening in the oil markets as well. A number of my members, including myself have been talking amongst ourselves. Reporter as i was leaving the roosevelt room, treasury secretary Steve Mnuchin was walking into the west wing. He was asked about the stimulus measures what they might be, he said, we will update you later. President trump will head up to capitol hill to meet with republican there is. I was told by the way mnuchin and president s top Economic Advisor larry kudlow. That would be important to watch, this is essentially bouncing off the ideas or at least engaging in a discussion as a way to act forward. The president yesterday, connell said, he would have a quote, unquote press Conference Today to talk about the way forward. He often uses the term, press conference loosely, not in the traditional sense. On his schedule there is no mention of a press conference though there is the Coronavirus Briefing task force. Well see if he stops by that today, like he did yesterday. Bottom line here, connell. A lot of moving parts here in washington. When the president just had a chance to talk about any sort of layer of detail he took a pass. He will be heading up to the hill. Were told there is some sort of a plan though the details are not fully baked into. Your guess is as good as anyones as the market seems to be reacting to all of this. Connell we cant necessarily read into it, blake, to say there is disagreement between different, as weve seen on other issues, factions . Reporter ive been told that there are some at the very senior level who are worried. Some within the president s team worried about this thing getting too big. Remember we told you this was timely, temporary, targeted. The three ts. You Start Talking about payroll tax cut. My colleague at white house, John Robert Roberts saying complete reduction, wiping out the employee side, just one option talked about. Just an option. But i have been told specifically that at the upper echelons some are definitely worried about this thing ballooning into policy versus targeted stimulus. Connell right. Pushing the president to keep it quote, targeted. Well follow throughout the day, blake, back to you. Good reporting there. President trump is headed up to the hill to talk about all of this, amid as blake and i were speaking about it. A little skepticism what type of stimulus plan might be best, what type might be passed and all the rest with former cbo director under president george w. Bush, douglas holtzeakin, perfect person to talk about this because you had a long career having to balance things like this, if not exactly like this similar in how you structure a quote, unquote, stimulus and whether it is a good idea to be begin with. What do you think should be done here . You have to go in with a strategy. For me the top priority is the Public Health mission. Congress should, if anything, bend over give too much help to the states to make sure we have ventilators and beds, lodging necessary to deal with those who are afflicted. After that you look at some crucial pieces of supply chain. Airplanes need to fly not just because of passengers but cargo underneath to keep the economy sound. After 9 11, 15 billion for the airline industry. That is sensible as well. Look at trucks, trains, all the transport at same time. Then there are some things you know, which we know have nothing to do with money. There are people who will not get on an airplane now. You have to go to the planes themselves, not to the customers. After that, think about connell for one second, sounds to me if im reading right, doug, youre saying more on the targeted side, rather than a payroll tax cut or something that might be aimed at everybody . If youre trying to help someones confidence, giving them more money, in the case of the Federal Reserve lowering their interest rate, that doesnt necessarily in a situation like that bring back any confidence or doesnt supply a psychological boost . We saw a fed do 50 basis point cut emergency meetings. I dont think we got anything for it. I am skeptical of that approach. I think the Public Health mission is the route to confidence in the economy. If people are afraid to go out the economy will suffer so you have toe take that on and states are right place to go with that. They have the most flexibility. I like idea of a couple of targets. Firstresponders need help. Then on the economic side, keep the supply chains running. There may be a point, we havent seen this in the data yet, there may be a point where you start to see significant lay offs. You start to think about getting money to those people because you got to get them through. A payroll tax cut. That only helps people with an actual job. I think the targeted approach is much better. Connell final point, i think i already know the answer to this. There is no answer. Like some things over the last couple weeks. But that said i would be curious to know what your line of thinking is on, we all know there will be some economic damage from this. There already has been. Sure growth will slow to some extent but are you getting any kind of a handle on depth, time, length or any thinking how . Everybody says there is no metric s there anything you start to think about thinks about the idea what were headed into . I think we should expect some bad numbers. We knew that boeing shutting down the 737 max Production Facility was going to cost half a percentage point of gdp to begin with. I dont think we saw much damage from the pandemic in january and february but it will show up in march. First quarter numbers will be weak. That shouldnt be taken as sign of underlying problem. The numbers are pretty strong from that period. In the Second Quarter i think well start to see just how keep this will be. It is important for policy makers to take advantage of the time they have to take a look at the severity of the impacts. If it is a mild impact you dont need to have a shock and awe stimulus package to deal with this problem. That is the key issue. Some people are jumping too quickly to this big package thinking it will help give people confidence and push the economy. Connell right. It may not do that. Connell thats important to keep in mind. We may hear more about it this afternoon. Doug, thank you, always good to talk to you. Thank you. Connell douglas holtzeakin with us. Market back and forth, now up 300 on the dow. If we look oil at the moment, saudi arabia boosting out put as the price war intensifies with russia and how much will this feud happening between those two companies cost us here in the United States . Energy industry American Gas Association president with us now. Karen, how worried are but the natural gas industry. The oil and gas industry weathered turbulent times. As recent as five years ago, saudi arabia flooded the market again and that focused to be more selfdisciplined. We came out of it as the largest oil and natural gas producer in the world. 30 is not ideal. 1. 60 for natural gas is the ideal. That is focusing us to be more selfdisciplined to plan for the lodge term. Lay on that the coronavirus we have obligation to provide energy 365, 24 7 and we take that seriously. Connell doug and i were speaking about Certain Industries hurt by the virus and everybody thinks of travel. Airlines, crews industry and the like s the Energy Industry in line for some sort of government assistance for not necessary . Were not asking for a handout right now. That is not where we are. We are focusing on providing firstresponders hospitals, the 179 million americans that depend on natural gas in their home we want to be there and they should have every confidence in the world they will be. We planned for situations like this. We drilled for it, no pun intended and we plan on being there. With all of this going on its a miracle that gasoline prices are not going through the roof at the moment with all the turbulence. It is quite the opposite, foundational, good for economy connell good and bad, right . The idea there is a happy medium in the oil price where we can all afford to fill up the cars the industry can do well . Where is that by the way . Do you think 50 or 60 bucks . Hard to imagine making money at 30 or below 30. You need to get it back more healthy where it was not only couple weeks ago. Were down 25 from where we were a year ago. So that is a significant challenge to the industry but that does force some selfdiscipline. We are at a place where they can do short cycle decision makes in the people mean and base permian, where they ramp up more producing wells. That is a plan but it is not ideal. With the coronavirus this industry stepped up to the plate, nobody will suffer. Well be there 24 7. Connell karen, thank you for the insight, thanks for coming on. The other thing well watch is the politics there is voting in one key battleground states. There are a few states voting but well keep an eye on michigan whether there could be another surprise there. Four years ago on the democratic side there was. Dont miss after the bell today, who knows where well be. We were up 900 on the dow. We were negative at one point and now were up 400. Melissa joins me at 4 00 p. M. Eastern time. Back here on cavuto coast to coast. Dont just plan to retire. Plan to live. An annuity helps cover your essential monthly expenses, so youre free to live the life you want. Find out how an annuity can give you Lifetime Income at protectedincome. Org beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Connell we could have primaries today. Voters heading to polls in six states including michigan. That is a big one. A battleground state in the fall. Bernie sanders surprised Hillary Clinton there last time around and won it. Wasnt doing well in the polls. Were wondering whether he could do that again because joe biden has been leading this time. Jeff flock in the state with the latest. Jeff . Reporter it was, connell, a big win for Bernie Sanders four years ago. It was a big win. It wasnt big. Only percentage and a half of a point. Since he was expected not to do well, that was a big win. It could happen again or could be the man with the mo, joe biden. Campaigning today on day voters go to the polls on Fiat Chrysler camp, he got warm reception. One guy said youre trying to take my guns away, to which the former Vice President replied, youre full of shaving cream. He didnt say say h shaving cream. He didnt say dont be a such a horses rear end. He didnt say rear end. He got interrupted with a rally at cory booker and kamala harris, supporters of senator sanders, who the bernie bros came in, disrupted doral. You can leave on your own. This is not a trump rally. Well not throw you out of here. I tell you, between the two men, biden and sanders they havent trade ad whole lot of nastiness at the fox news town hall last night, Bernie Sanders declined to take any personal attacks on biden. Instead he wanted to keep the attacks on the president. You know, the big issue right now coronavirus. He told martha and bret on the Fox News Network that he didnt think the president was the right man for the job dealing with coronavirus. He thinks he doesnt believe in science. Listen. Sadly, we have an administration in washington that has shown the world it does not believe in science. It is out of tune toward Climate Change which it thinks is a hoax. It is telling the whole world. How do we trust this administration dealing with a international crisis, Health Care Crisis of the coronavirus . Reporter cold day at the polls today. Of course Bernie Sanders looking for a big turnout. Well see if that materializes. Connell. Connell hasnt rained. You said it was going to rain. I know youre not a weather guy. Reporter rained this morning. It is done raining but it is cold. It is weather. Connell ask biden a question, you never know what language he will use with you. Reporter my name starts with a f. Connell have fun. Jeff flock in the great state of michigan. Is it makeorbreak for Bernie Sanders . Lets talk to real clear politics tom bevan. And brook rogers joining us as well. We do these things, tom, as you know, we play the states up, we use what we in the past. Last time he did it, he was a surprise. You dont feel surprises. That is why they are surprises, i dont know if we feel it this time. Definitely feel as little bit different. If you look in 2016 Hillary Clinton had a 21 1 2 percentage point lead in the polls and bernie won the race by a point 1 2. If you look at the national numbers, clinton was coming down and bernie was sort of catching her. Connell right. There was the sense that, you know, that really turned the race around completely different scenario. You have joe biden who is rocketing up in the polls, not only in states, but nationally now over double digits. Feels like joememtun. Connell it is a real thing. There is not enough momentum for Bernie Sanders to pull off an upset. Connell Sanders Campaign known for energy, bringing out supporters, people in a socalled movement, it is the campaign losing some of that energy or maybe it is just in a pocket, im not sure . I think super tuesday was a huge blow to the Sanders Campaign. They thought they would do a lot better. It is only 100 delegate count between biden and bernie right now. So he can catch up. Connell it feels so much bigger, right . It does, but i think there is a lot of Energy Behind bernie going into super tuesday. There was no Energy Behind biden. He came out of nowhere. Klobuchar and pete, their endorsements of him help ad lot. Now were looking at michigan specifically, what is really going to matter what mattered in 2016 which will Younger Voters turn out . Can he get the younger supporters he is known for, that is his base, can he get them out to the polls. Connell he gets them out to the rallies maybe not as large as trump rally would be, tom, but gets them, right . Getting them to the polls, ageold thing with politics, sometimes a different story with younger people. The problem, brooks right, 100 delegates. Doesnt seem like a lot. It is actually a lot. Even bernie ekes out another win, point 1 2, he only won three extra delegates. Connell he is still down. He will have losses in mississippi and in missouri. He is way behind. It is a close race. Connell by the way, brokered, well talk about it next hour, everybody was all over the brokered convention. The odds have gone way down in the betting markets. Bernie needs to dominate in some of these states, right . He needs a real change in the dynamic of this race, otherwise he will bleed out delegates. He will never catch up. Next tuesday sets up even worse for him, florida, ohio, illinois and so, he needs a real change, gamechanger and im not sure he will get that. Maybe the debate on sunday. Something will happen. As you mentioned earlier, pulling his punches. He doesnt seem to go after joe biden on corruption or on his mental faculties in a way he would have to really change the game. Connell almost changing his tone, i saw that with aoc, at one of his rallies, at one of his events, almost i dont know if conciliatory is right word or different. Were not as crazy as you think or were not as far out as you think. That is not doubling down. That is a campaign losing ground. He is trying to rein it in a little bit. He understands the rhetoric around bernie bros. Online bullying. It is damaging him. He is trying to be a more of a unity candidate. Come sunday he will have to pull out big guns against biden. Im not sure what he has. Connell might be too little too late by then. Thank you, tom, brook, as we continue airlines. Back to the story, how theyre tackling changes in cancellations due to fear around the coronavirus. There has been some criticism as well. Well get into it all, and help may be coming from the government. Well be right back. 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The most common side effects are sore throat, diarrhea and pain in the arms and legs. Ask your doctor about oncedaily anoro to start treating your copd. Go your own way save at anoro. Com connell talked a lot about the airlines. Some of them are talking about the criticism coming in from change fee waivers, travelers looking to stay home, not fly because of coronavirus. To fox news correspondent william la jeunesse with more on this. Reporter connell, policies are changing by the day depending on the air line when and where youre going. It is tough. Public officials want to contain the virus not confine every american to the house but airlines as you mentioned are getting hammered financial reducing flights by 20 . Good news most airlines are waiving the ticket change fee, could be 300 bucks travel through april regardless when you bought the ticket. Giving you credit good up to a year. The new booking, costs more, pay more. Exception if the airline cancels a flight, you get a refund. Being nice on the phone helps but these policies are fluid. I think these days when people are nicer and say you know, this is the first time i have ever, i was ever going to travel, i saved my whole life, what can you do for me i think is a much better way than yelling and screaming. Nobody wants to deal with a screaming person. Reporter the cruise ships are generally offering a credit or partial refunds depending when you booked. Travelers and vendors however are paying the price. Every time one docks is a about four Million Dollars into the local economy. Over the cruise season. If i cant go until next year ive got 2600 tied up i cant spend on vacations between now and next year. Reporter hotels usually accept a cancellation within 48 hours of arrival unless you bought a lower prepaid rate or get nothing or a credit. Airbnb and vbro, if you book through kayak or expedia you need to go through them to get the credit or refund. Fear of travel, even if you have the virus will not likely get your money back. Connell william, thank you for all of that. William la jeunesse in l. A. We have significant announcements coming from the state of new york where the governor, andrew cuomo, is in a briefing. This is up in albany he made announcement about the suburb much new rochelle which has been the center of discussion of the coronavirus outbreak in new york. New rochelle is north of new york city. The governor says he will now be or the state is establishing what they describe as a containment area in new rochelle, it will last for two weeks. Theyre actually going to, according to Governor Cuomo deploy the National Guard in that containment area and close the Public Schools in new rochelle for the next two weeks and close a number of facilities, he mentioned businesses in that area. Governor andrew cuomo of new york moments ago announcing a containment area, that is what he is calling it in new rochelle, just north of new york city where the coronavirus outbreak has been the most significant at least in new york and this will last for two weeks. As we watch that, the market again comes off the highs. Bny mellon investment strategist and chief strategist Alicia Levine is with us here in the studio. This is the kind of thing were dealing with as Public Officials try to figure out whats the best way to handle this. We were talking right before about uncertainty, more of it, i guess . Right. Headlines like this are going to negatively impact the market of course. We dont know how many of these are going to be in the next few months. With it, not just the human toll but also what happens to the businesses, to Economic Activity and ultimately that gets all filtered into earnings for companies and into gdp for the u. S. Connell if analysts or strategists investors could make a clear decision, in other words they knew the next xamount of weeks or months are going to be tough, then well get a bounceback, obviously it will be much easier but it is kind of this piecemeal thing. We dont know, we get the feeling, there will be more closure but we dont know exactly how much. What metric do you think about using . You could use china or south korea as a metric. A let of people are doing that. You being peaked in cases six weeks from when the first few cases really started and it was a societal issue. Connell right. If you think what happens to u. S. , say it is midapril from the beginning of march, we have peak to the Economic Impact. The difference here, we dont mobilize the entire country. Connell exactly. I was thinking that. It is a rolling containment in different communities and i suspect you will have a economic hit that goes longer. Our base case scenario, we have a vshaped recovery focused on the second half of the year. That doesnt mean you cant have a downturn. Connell we dont know if the strategy will work. We do know, at least pretty good idea, what china did, whether you agree or disagree with it appears to be working to the extent they gotten past of it, turned a corner. Xi xinping showed up in wuhan, which a lot of people were looking for, a sign that the worst was over and he did that. South korea tested far more people than here in the United States. This adds to it. We dont know a lot what is happening here. We have 1. 5 million tests being deployed across the the country. Information is power. Connell do you think the numbers go up, i dont want to say a good thing, for markets, vin estores, looking at economy that information will almost calm people down even if overall numbers go up . Absolutely. Markets like certainty. Whatever the real story is, even if you get multiplicity of cases it is more important than what the real number is than to goes. What the happened yesterday the market started pricing in a recession. In order to stablize, a technical low to actually hold, get information, so you can start modeling how bad this is going to get. In the spend this is a sixweek hit, probably okay to start edging in but if not the market will price in a worst case scenario. This will be a tactical low, not necessarily the low. Connell very interesting. Given how little we know, good to have insight we have. Thank you, alicia. Thanks, connell. Connell we appreciate it. Let me go to italy. New york making headlines with this containment zone north of the city in new rochelle. Italy of course has been shut down. The stand still continues there. Officials suspending mortgage payments, trying to soften the economic blow for households. We have our friend lenore hawkins, she has been in italy, como, italy. Streaming from there. The video looks good. How are you doing, lenore . How are things there. It is completely surreal. You were talking about new rochelle being closed off to try to close the contagion. To put that in perspective it, was all of 17 days ago in italy we had the first three cases. Immediately 11 towns about a hour, a bit south of me, same thing being done there in new rochelle. 17 days ago. Today well break through the 10,000 cases. Entire country of italy has been completely quarantined because the number of people that need hospitalization has utterly broken the Health Care Sector. There are simply not enough beds and not enough incubators to help those in need. So doctors are being forced to picked who they will try to save and who they are going to let die. Connell wow. Coming from a country with one of the best Health Care Sectors in the world. We have First Class Health care here. This is not some third world country. Connell so, boy, one of the things im curious about, you were there, youre indoors right now, if you want to go out, you cant travel around, can you walk around . To clarify what Governor Cuomo said about new rochelle, was asked about it in the news conference. They will leave stores open. People can come and go. Only large gathering facilities with a lot of people coming in and out, they will be closed. Saying boys girls clubs, schools, they will be closed but regular stores on the corner store, that will be open. How are things in where you are . There is similar here. I can go to the grocery store. I can walk to the grocery store. When i go out my front door there is no one around except for maybe the police and the army that are going around making sure people are not congregating. What weve been asked to do, stay a bare minimum six feet away from one another. If i walk to a shop, go get vegetables, i see people inside the shop. Dont go in. Wait until there is hardly anybody in there. Mostly people are cooperating. It changed in the past 48 hours, it was saturday night and sunday morning they quarantined my region, lombardi, just yesterday they quarantined the whole country. What happened, people were not taking it all that seriously. Now they really have to because they just, the Health Care Sector here is desperately trying to slow the pace of contagion to serve those who need it. Connell speaking of that as a final point, what about people you know or are hearing eye bought in terms of health and how widespread, people are trying to figure out what to expect here once a virus like this starts to spread, whats it like on that front and what are your plans for the next few weeks or months . We, i normally go back and forth between italy, the u. S. And ireland for work. Now i dont know when im going anywhere. That is something i never really imagined i would find myself in that position. As far as what its like here with people getting sick, the problem is that they really put like all, any kind of Health Care Surgery or something, that wasnt absolutely mandatory was put aside a couple weeks ago. Now what were being told, friend that i have are doctors are saying whatever you do, do not get into an accident, do not hurt yourself, because if you need to go to the hospital there is no place for you. That is pretty concerning. Theyre able to do normal things like buy groceries but rest of the time you are home hunkered down, taking care of friends who are older who are much more vulnerable going in and getting them groceries so they can stay home. Connell obviously the concern there in those highrisk groups, older people with underlying conditions as weve been told over and over again. Lenore, thank you. Hang in there. Well talk to you again soon i hope. Lenore hawkins. Wow. Here in the u. S. Well watch all headlines as they come out. New rochelle headline from Governor Cuomo is one ever them. Then well keep on top of washington with stimulus and Everything Else that has been happening there. Plus the race in michigan and other states. So Bernie Sanders has been talking about taxes to pay for his policies, how much they would have to go up. We have new numbers to break down for you on that front. That and much more coming up. The dow still up today by 87 points. Well be right back. Re theyre. Come on in. Youre turning 65 soon . Yep. And youre retiring at 67 . Thats the plan well, youve come to the right place. Its also a great time to learn about an aarp Medicare Supplement insurance plan, insured by Unitedhealthcare Insurance Company. Heres why. Medicare part b doesnt pay for everything. Only about 80 of your medical costs. This part is up to you. Yeah, everyones a little surprised to learn that one. A Medicare Supplement plan helps pay for some of what medicare doesnt. 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Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Connell back to president ial pole ticks with Bernie Sanders looking to impose new taxes on stock trades to pay for his policies. Hill very vaughn continues to follow the campaign with details. Hillary . Reporter Bernie Sanders is bringing receipts how he will pay for progressive promises, making Public College free and Student Loan Debt disappear. His answer is wall street. That is why i believe we should make Public Colleges and universities tuitionfree. That is why i also believe through a modest tax on wall street speculation we should can sell all student debt in this country. Reporter sanders speculation tax would apply to every stock, bond or derivative sold in the u. S. , taking 5 of each cost of the trade. On top of capitalgains taxes that are as high as 15 for some transactions. Sanders thinks it raises 3 trillion over the decade. Tax policy center says that could bring in 40 billion every year. That is not to cover Student Loan Debt which hit a record of 1. 6 trillion in 2020. Doesnt include cost of making tuition free. If you look at 2016, the cost of Public College tuition alone was 79. 3 billion. Connell . Connell hillary, thank you for that. Sets up a quick conversation about the idea of solving the student debt crisis whether it outweighs the impact i say on investors and others. Greg mcbride with us on that, bankrate. Com chief financial analyst. What do you think, greg . Well, first of all im not sure student loan is a situation is even a crisis. You know, lets not forget that you know, only half of High School Graduates actually pursue any type of higher level of education. Only about a little more than a third actually graduate and have some sort of a degree and the average amount that undergraduates graduate from school with, the average debt is 30,000. 30,000 is nothing to sneeze at, look, the average amount financed on a new car is 31,000. Kind of puts that in context. 40 of that outstanding Student Loan Debt is graduate school debt. Were not even talking about undergrads for the big ticket loan amounts. Connell let me ask you another question about student loans, that doesnt have anything to do with wiping them away, but everything to do with dealing with them in this environment. One ever the sideeffect the of everything were going through is these ridiculously low rates. So what are options for students out there who have a significant amount of Student Loan Debt . Well, there are a couple of things that you have to weigh. The majority of Student Loan Debt out there is federal Student Loan Debt that carries a lot of favorable provisions. The ability to do deferment or forbearance, income based repayment. Those features can be very handy if we have an economic downturn. You might want to think twice trading away federal Student Loan Debt with the favorable provisions in order to refinance into a private loan where you will not have the favorable provisions. The other things is, Interest Rates come down but the credit cycle is also tightening. That will hit particularly hit people with weak credit or very little credit. Dont think because Interest Rates come down youre automatically going to be able to refinance at some low, singledigit interest rate. For a lot of people that is not going to happen. Connell like all of these stories, pluses and minuses, thanks for explaining it. Greg mcbride, great to see you. As we move on, couple things, low rates we were talking about. Mortgage rates falling to record lows. How about renting versus buying . We will talk about that as we continue. President trump at this hour, meantime just arriving on the senate side of the capitol of his big meeting what to do next in terms of the virus and the stimulus. That is the motorcade. Looks like hogan gidley making his way in. Well be right back. Do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. Wthats why xfinity hasu made taking your internetself. And tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. The end might not be as happy as ayou think. End. 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And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Connell fox business alert. President trump is on the capitol hill. He is speaking to republicans about what to do related to the coronavirus. Well track the president s movements, any comments he might make but he has just arrived. While we wait and monitor mortgage rates. We talked about a drop to record lows. With such low rates, how about the buy versus rent argument . Lets have a conversation about that. Real quick, Transformational Mortgage Solutions is with us. David, is the equation kind of changing in your mind right now in terms of people considering this ageold question . Well it is an ageold question. Definitely you look at new york if youre renting in new york and availability of homes. There are some markets which would be more challenging but when rates are this low, connell, people are not crazy to take advantage of it. So this will help that argument and that debate internally a lot of people are interesting, firsttime home buyers specifically. As Interest Rates continue to fall, they are going to continue to fall, hard to believe. Well see this will be a, harder, easier problem to solve. People say, gosh, homes are the business investment, any individual, consumer can have. It has been that for years. It isnt changing. It will only get better. More and more people are looking at this. Here is the other factor, when you look at birth rates, those are actually down, fairly significantly. But as a percentage, but when you look at the number of babies actually being born, it changes the formula. If youre living in an apartment, youre having a newborn in that house, youre going to be seeking a house real quick. Connell a house tomorrow. Real interesting, before we let you go, we had a piece actually yesterday on foxbusiness. Com that looked at the opposite side of it. This is why renting sometimes still beats buying even with everything that you mentioned. Flexibility of rent. Down payments can be an option, still very expensive to live in cities, i should say down payments can be a a be obstacle. Liz did a great segment. They hit all the issues. Student loan debt, all the things were saying keeping millenials into the Housing Market that doesnt mean they will not get into it. It is a matter of when. Low Interest Rates will help. Connell sorry to cut you off. We have to get going from the on of the hour. Sorry to leave you at the end of the hour with this. You hoe now tv works. Capitol hill, live with the president , see visiting with republicans see what they come up if anything to do with stimulus. Dow is up 270. Well be back. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. An annuity helps cover your essential monthly expenses, so youre free to live the life you want. Find out how an annuity can give you Lifetime Income at protectedincome. Org connell a fox business alert, hour number two of the Program Begins now on a busy tuesday with a lot of moving parts as usual. Im Connell Mcshane filling in for neil. Another day of volatility in the markets. We were up 900 plus points on the dow early on, turned negative at one stage, and are up 216 right now. We will keep, you know, one eye on that and the other on capitol hill, as President Trump is speaking to republican senators at this hour. He just entered the capitol. They have a policy lunch and wall street is watching that very closely. We all are, in terms of what comes out of it, if anything, on the front of stimulus. And with that, the bounceback on wall street today is part of the story, but also here in new york, the governor has made an announcement over the last hour about a suburb just to the north of new york city where the outbreak of coronavirus has been the most serious. New rochelle. With that and more about how the city and area are dealing with it, susan li joins us. Whats the latest . Susan also new jersey just reported minutes ago its first death from coronavirus and that takes the death toll now nationally to 27. As you mentioned, just half an hour ago we heard from new York Governor Andrew Cuomo saying he will deploy the National Guard in order to set up Containment Centers in that suburb north of new york in Westchester County which has been the epicenter of the coronavirus outbreak in the state of new york. Not only that, but also closing schools and also businesses for two weeks. Listen. New rochelle at this point is probably the largest cluster in the United States of these cases, and it is a significant issue for us. Susan there are currently 173 total cases of coronavirus in the entire state of new york. As for new york city itself, five new cases being reported and we heard from the mayor bill de blasio. He says a citywide quarantine is still a possibility. He says people shouldnt get ahead of themselves but it is a possibility and also, to avoid Public Transit if you can, meaning bike, walk, take a car or if you do take the subway, move to the less densely occupied transit cars instead. We also had another major event being canceled as a result of coronavirus. We just got word, at least multiple reports say coachella, the big weekend Music Festival thats held every year in california, millenial pilgrimage of sorts, attracts 250,000, will now be moved from april 10th to october 9th and october 16th, so two consecutive weekends in a row. That adds on to sporting events and the tennis tournament that has been canceled but heres some good news for the coronavirus. We saw a bit of containment in china, says xi jinping. Hes made his first appearance in wuhan. If its safe for the chinese president it may be a sign theres better containment and a turnaround in containing and controlling the coronavirus, as china only reported 19 new cases overnight, the lowest since this outbreak has begun. Connell i look at the Chinese Media as well. I was looking over the last few weeks, that was seen as a big deal. There were a lot of rumors saying when is he going to wuhan, then xi jinping did. I dont know. Well take it, the way things are going. Thank you, susan li. In the meantime, lets go to washington because thats the other story with President Trump at this gop policy lunch on capitol hill, as he just arrived there, wasnt long ago, from the white house and now we wonder what happens. The white house and Congress Said to be working on some new economic stimulus measures in response to the virus. With Edward Lawrence following all that, he joins us from the hill with the details. Hey, edward. Reporter yeah, it was about nine minutes ago the president arrived here on capitol hill. He is now inside that luncheon with gop senators. Hes also joined the treasury secretary Steve Mnuchin, also white house economic adviser larry kudlow. They are inside talking or unveiling their plan, what their thoughts are on how this should look for a stimulus to offset the effects of the coronavirus. Whatever the final product is, senator tom cotton says that not everyone can telecommute so it must include some sort of paid sick leave. I think we need to focus any Economic Relief immediately because if those people get sick or if their childrens schools close, obviously thats going to have an Economic Impact as well. We want to make sure that those people who might suffer that harm through no fault of their own are held harmless. Reporter there is bipartisan support on capitol hill for paid sick leave. The two parties, though, differ on the payroll tax cut. The administration talking about a payroll tax holiday for employees, maybe similar to 2011. House Speaker Nancy Pelosi says any Economic Relief should help workers first, not companies. As this debate rages, lawmakers talked about extending the recess or working from home to limit contact or potential spread of the coronavirus, but not shut down the u. S. Capitol. [ inaudible ] plans for telework and making sure everybody is wired to their computers into our offices but at this point, we want to proceed to work in the capitol. Reporter one thing to point out, the coronavirus could hit home hard here at the u. S. Capitol. The u. S. Surgeon general said that in general, the hospitalization happens for people 60 and over and in general, 80 plus, the average age of 80 is where the deaths are happening with the coronavirus worldwide. The average age of the u. S. Senate is 62. 9 but five senators at 80 years old or older, also the average age of the house is 57. 6 years old. So they are close to that range there. Connell something a lot of people havent been talking about but an obvious point of concern. Edward lawrence, we will check back throughout the day. Lets get a check on oil. We talked about the bounce in stocks. We are seeing it, to the tune of about 8 in oil today. And you know, this has people talking after the big drop yesterday about gas prices going below two bucks a gallon. I think maybe we have seen it in some places. Whether the average might end up going there if the virus fears continue to linger and the price war, theres the average of 2. 36, continues between russia and saudi arabia. Just about nobody better on all this than stephen shork, who joins us now. Whats your view of what you are seeing the last couple days, especially russia and saudi arabia and how this might play out over the next few weeks . Well, certainly, thanks, connell. We have been advising our trading and investing clients since the end of january to trade and take a bearish view on this market. We are looking at a market that was already challenged from an industrial dearth of demand that was already impacting price, and certainly the fears of coronavirus and of course, the trade war between russia and saudi arabia. I also need to point out that this is not just saudi arabia and russia. This is the United States as well. The United States over the past year has increased its crude Oil Production by 30 . Were the largest producer in the world so why would russia want to fund our production . Our share of the Global Production pie has gone from 1 out of every 8 barrels to 1 out of every 6 barrels this year. With our trading models for this bearish field, we do see oil potentially coming into the low 30 range. We did not see oil coming down to 27 but we are certainly down at the bottom of our range from a modeling standpoint. Connell im sure you didnt see the speed, maybe you did, most people didnt, and does that matter, how does that affect the outlook and how the next moves are made . Speed in all markets has been remarkable here. Yeah. Absolutely. Today, saudi arabia came out with the second barrel of its salvo claiming it can take production up to over 12 Million Barrels a day. The United States is at 13 Million Barrels a day. The russians saw that move and raised it, saying they can take their production to 11 Million Barrels a day. Thats a considerable amount of potential oil coming on to the market. We could be down at these levels longer and lower than most people anticipate. For the consumer, of course we are looking at lower retail gasoline prices. Aaa the other day had prices at about 2. 37. When we look at the history, a 1 move in crude oil typically translates into about a two cent move in retail gasoline. So 10 low gasoline excuse me, 10 low crude oil, 20 cent lower gasoline. We could be looking at a National Average somewhere around 2. 10, 2. 15 by as early as april. Connell put it in the mix, lower Interest Rates and lower, you know, Consumer Prices on energy and Everything Else we are dealing with on the other side. Thanks as always for your perspective. Our panel is here. The market watcher Danielle Shea joins us, chief investment strategist Paul Dietrick and jack otter is also here. All right, guys. A lot we can hopefully squeeze in here. Danielle, first on this idea of bullish bearish. We were talking about it in the oil market. We thought it was as bearish as could be yesterday in the stock market. Some people look at that fear greed index where there was about as much fear as you can handle. Not as much of a bounceback as we anticipated today but we are still up. What do you think of the stock market right now . The stock market right now is driven purely based off of fear and emotion. Which i think is probably the worst part because its not really looking at fundamentals. We got that overnight bounce when President Trump mentioned the possible stimulus and because of the extreme bearishness in the market, i thought it was possible to get a Short Covering rally higher but connell looked like it. Woo we were up 900 at the beginning of the dow, then the whole thing faded because nobody knows i guess the structure of the stimulus maybe matters to some people in terms of whether we are going payroll tax cut or going something more targeted and temporary. What do you think should happen . I think the market is basically reacting and not very favorably to the stimulus package thats been out there. I think if you can target things to people who are having problems in the economic, its good, but the biggest element is the payroll tax cut and thats cutting money out of medicare and social security. Its already underfunded and i think its dead on arrival. The democrats are never going to vote for that. Its kind of symbolic but not really substantive. The best stimulus that weve gotten is the 160 billion de facto tax cut that the saudis and russians have given the american people, thank you, russia and saudi arabia connell the oil industry doesnt see it that way but i get your point on Consumer Prices and lower Interest Rates. Its money into the pockets of average americans. And also, with the lowering of rates, Morgan Stanley came out and said 600 billion would go into peoples pockets because of refinancing of mortgages because of the cut. Thats real stimulus. Connell that part is definitely, just about everybody you know that owns a home or is at least thinking about it, jack, but whats your thoughts on how we structure this . Look, a couple points. One, take ghat gas money is not real, it swings above its weight in terms of psychology. Gas is the only price thats like in six foot high letters on the side of the highway. People see it, see a lower number and think things are great. The payroll tax cut sounds great, who wouldnt like it, but it tends to be kind of broadbased, not very well targeted and its not only democrats who are against it. Apparently kudlow and mnuchin are not so favorable. Mitch mcconnell isnt. So that could be d. O. A. I do think tackling sick leave is a good idea. Not only do you put money in the pockets of hourly workers who might not otherwise get it, you keep them away from us. You might go to work sick if you dont get sick leave. You stay home if you get paid. Connell we will end this segment on fear and greed, but on a different subject. The idea of what the governor of new york is trying to do in a suburb of new york city, new rochelle, where there has been an outbreak of coronavirus, is contain it. They are literally using that word. A lot of people come and go, the stores are open, but they close down schools and close down areas where large gatherings of people take place. Other people, outside of this area, see that, helpful to say governments on top of it or scary to say boy, this is worse than i thought . I wonder how people are reading these headlines. I hate to say this, but both. Connell probably. Yes. Its really a fine line to walk. Obviously you want to take the maximum steps necessary to help people, but you want to try to avoid scaring them. One step that would be really helpful, especially for the markets, would be to get more tests out there. I think part of the reason that the market is selling first, asking questions later is because we dont know the answer to that very important question, how bad is this. If we get more people tested we can start to get a handle and it might be good news. Connell we assume more people have it because we see other countries but we dont know exactly whats going on. Thats correct, but at the same time, the bond market has been showing us, we have seen a [ inaudible ] in the bond market, money piling in there as well as gold. Every single sector of the s p is getting hit. Normally when you have a correction you at least have staples and utilities starting to trade higher. The price we are seeing is really indicative of a deeper downside correction. Connell or bear market. Exactly. Connell we are right on the line of a bear market. Dr. Anthony fauci, head of the National Institutes of health, basically said we know what the death rates are, like 27 right now, but we dont know how many people have it so we cant get a percentage. He thinks or at least he said over the weekend in one interview that once we know how many people have it, the death rate as a percentage may be going down near the flu level. Connell if hes right, people think differently. Whether it goes down to that, we dont know. If it goes down at all that makes people feel differently. Lets get a quick break. The panel stays with us. Bernie sanders trying to win michigan again today. That at this point in the democratic race seems to be a mustwin for senator sanders. We will talk about that race as we head into the night. Theres a few other states as well, six in all. Then dont miss us after the bell. Melissa joins me at 4 00 p. M. Eastern time, we dont know where the market will be. Trust me, we dont know where the market will be. We are up 378 on the dow right now. Waibt. Dont just plan to retire. Plan to live. An annuity helps cover your essential monthly expenses, so youre free to live the life you want. Find out how an annuity can give you Lifetime Income at protectedincome. Org quadrupled their money by 2012, and even now, many experts predict the next gold rush is just beginning . So dont wait another day. Physical coins are easy to buy and sell, and one of the best ways to protect your life savings from the next financial meltdown. [announcer] today, the u. 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Then looking ahead next tuesday, florida, illinois, ohio, arizona, 577 more delegates. So take a look at where we stand now. Joe biden is leading Bernie Sanders 670574, and either one needs 1,991 in total to win, so its a lot of math and there are a lot of different ways this could go, especially if there are some upsets. But tonight its all about michigan. Those 125 delegates in 2015, sanders beat clinton in the state. In the election, trump won the state. Now, if you are joe biden, you want to retain your lead and widen it. You need michigan. The polls are indicating that he could get that state in a blowout but they also said that last time about hillary and she didnt get it. So if you are Bernie Sanders, you also need michigan. Its being compared to South Carolina in the sense that South Carolina flipped the race in bidens favor this time around. Skipping ahead a little, depending on how this all shakes out, a lot of talk about a brokered convention. That would be the case if the race became very close and neither sanders nor biden had the majority of the delegates on the first ballot, or a contested convention, a situation in which one candidate has done really well but just shy of the delegates for the first ballot win. Back to tonight. Sanders could get washington but biden appears to have the advantage in mississippi and missouri so we will see what happens. Tonight is very important, because it sort of sets the tone for how this all will go. Connell yes. Set the tone is a good way of putting it. Thank you, jackie. She was talking about a contested convention. Awhile ago everybody was all over this but the latest betting odds have come down significantly. They have really slipped, just over the last couple weeks. Daily caller editorial director is with us. Im sure you do the same, i play around on some of these sites, predict what are the odds. Biden has an 87 chance to be the nominee but the contested convention, i think it was ten days ago there was about a 60 chance, people thought it was more likely than not. Now its like 10 . Things have changed. Its plummeting. Its very small now but doesnt mean Bernie Sanders wont be a tremendous pain in the rear end to the Joe Biden Campaign Going Forward. Remember, even when hillary essentially had this thing wrapped up, Bernie Sanders was such a distraction in 2016 because hes got all of this donor strength. To his credit, thats one of the things he says he runs on, he runs on small donors and they keep him alive. The people who like Bernie Sanders, although there may be a ceiling for him, boy, they really like him and they keep giving him cash and it keeps him in this race long enough that it could wound joe biden going in a convention. Thats not what biden wants. Hes going to try and do everything he can to sweet talk Bernie Sanders out of this race, especially if he smothers him in michigan. Connell good luck with that, as Hillary Clinton found out. The idea of winning it fair and square, if thats the right way to put it but on the first ballot, put it that way, talking about the rules, Hillary Clinton did do that last time around and still had those issues that you described, vince, but if you are joe biden you really want to do it now in this environment, dont you . Because something that was brokered or contested or went to a second ballot would even make it uglier for biden if he were to be the nominee taking on donald trump. It would be a disaster. They cant heres the trick the democrat nominee has to pull. They have to be able to marry the establishment side of the party with the insurgent socialist Progressive Side of the party. The only way you can do that is if you have the consent, essentially, of Bernie Sanders. If bernie gets treated terribly, then you are going to see a bunch of bernie supporters who walk away from even voting. Think about this. In 2016, one in ten bernie voters voted for trump. Thats not the kind of scenario that joe biden wants to have play out. Hes got to really suck up to Bernie Sanders here and get him to, you know, to basically endorse him because remember, that thing came down to the wire in 2016. We werent even sure if bernie would endorse hillary. He ended up doing it. Now look how shes repaying him, by acan tattacking him. Connell well see how he plays it. What about biden . I know we are making a lot of assumptions but say biden is the nominee, what about running mate choice . Is it more important to court that side of the party rather than necessarily looking at other factors like gender or race or other things that have come up or even geography . Boy, i would hate to be a democratic president ial candidate right now because of all the check boxes you have to satisfy to pick a Vice President ial nominee. Theres the woke side of the party that requires that he picks an identity politics candidate, preferably a minority female. Thats almost a requirement. On the other side of the ledger is the Progressive Side of the party, socialist side of the party. I dont know if that means hes going to pick elizabeth warren, but i could see him tilting in a direction like that. But theres a whole bunch of people who may be on that list. The last kind of scenario that constantly bounces around in my head is this idea he might want to pick somebody who is super strong. The Democratic Party might pick somebody for him thats super strong who can ultimately really run that white house, because as democrats were saying, up until a few minutes ago when he became the oddson nominee, theyre not sure he has the wherewithal to run a white house but it may take a strong set of hands being on the ticket with him to help him actually do that. Connell talk to you soon. We were talking about more and more cities and municipalities looking to maybe keep workers at home and seeing how all of this develops. What about the effect on productivity, if people arent coming into the office and still working from home . Does it suffer . Does it actually improve . We will talk about that next, have a little more on what they are doing in new york as well. Well be right back. You wouldnt accept an incomplete job from anyone else. So why accept it from your allergy pills . Flonase relieves your worst symptoms which most pills dont. 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Call now to learn more. Connell the reaction to coronavirus certainly has been global. As an example today, israel ramping up travel restrictions. Or fox news correspondent has been looking into them and joins us from tel aviv. Reporter good afternoon. New travel restrictions did go into place this week for israel, as the country looks to contain the coronavirus outbreak effective immediately, all civilians returning to israel will have to enter a mandatory 14day quarantine period. There are more than a quarter million israelis currently traveling abroad. Starting thursday, the new rule will also apply to tourists visiting. Israel currently has 58 confirmed cases of the virus. Israeli Prime Minister Benjamin Netanyahu said this week his government is focusing on developing home testing kits. There are also Israeli Companies working to develop a vaccine for the coronavirus. In the west bank, the town of bethlehem remains under lockdown after 19 people tested positive for the virus. A number of mosques were closed this week as new checkpoints are being placed around the west bank. There continues to be close coordination between the israelis and palestinians on the issue of coronavirus. There are new questions today about how the coronavirus outbreak and new travel restrictions are going to affect the israeli economy that does rely heavily on tourism each year. Connell . Connell trey, thank you. Now, all of these moves by governments bring up the point about what happens to worker productivity if people are working from home. Our panel back. You guys have either thought about this or had to deal with it already, forget about the virus, danielle, you were telling us pretty much from home. I work from home and it improves my productivity. Connell improves it . I think it does. Less distractions, right . But im lucky, most people cant work from home. You have people from Companies Like amazon, microsoft, perhaps they can but what about the middle class, what about the servers in restaurants and retail workers . They cant do that. Connell that is obviously the industry that you are in, you know, obviously determines a lot of this. Paul, for those who can, the question of whether they are more or less productive, have you looked at any of the numbers on this or have any views on this . Bigger corporations, especially global corporations, or corporations that have people in many cities, they have been pretty used to a lot of people working at home and people traveling with their laptops and doing just as much work and there have been study after study that basically says there may even be a slight gain in productivity, so big corporations have a lot of experience in this. Connell ever since 9 11, especially here in this country or this city, its something we have thought about. Something we did after that a lot in those cases, especially the first few weeks, for those who werent covering it directly or whatever the case may be, were there working from home on wall street and other places. People have done it before. Stanford study found a huge boost in productivity, over a twoyear period, and the market is clearly betting this way. Zoom communications is up 70 year to date. Connell a company that you can teleconferencing. So clearly, theres that. The reality is some people maybe have children at home or other issues where its a little tougher to get as much work done. I think on balance, it will be fine. Connell what do you think about the permanency of it . Do you have a view on that . Whether Companies Say they didnt do this necessarily after 9 11 but they say it after you know what, we are saving some dough and people are still getting the work done, a lot of this becomes permanent . Absolutely. Look at the real estate savings they could accrue if they make it permanent. Look, a lot of managers just are not comfortable with that idea. They want people in the office. I dont see a huge sea change. Connell i thought, youre right, i thought there was a move back towards being in the office, especially in recent years, and the term that was always used was collaboration. Right. Connell Many Companies feel that way. You hear leaders of companies, pauls shaking his head. You dont think theres an importance on the fact of being able to collaborate, meet with people in person and talk it through . Technology has solved that problem. People are communicating, texting and using connell zoom. And other things like that. So everybody does that. I mean, if you work for a Large Company where you are working with people in different cities, thats the only way to do it. But it makes it so easy. I think its technology thats driving this. Connell there are two sides. You are either in a meeting too long when you are in the office or maybe in zoom you can shut it off sooner. To be serious, a lot of places, ceos have tried it and come back and said no, no, no, we need people in person to collaborate more. Do you miss it . I do think its important, love working from home because i feel like i can get a lot of work done but when i need to collaborate with my team i have to go be in the office. Thats when i can really get things done. Connell a mix. A Team Building environment. So i think that its really difficult to say that everything can be done from home. I do think you need to be in person to some extent. Connell its not convincing paul at all. Hes shaking his head. Hes fine. He will work from anywhere. Quick clarification or addition to our reporting on new rochelle here in new york. It looks like a onemile zone is the radius of what they are calling a containment zone. This is the suburb just north of new york city that Governor Cuomo made the announcement about trying to contain the virus. The onemile radius is centered around a synagogue in new rochelle which is believed to be at the center of the cluster of coronavirus cases there. The National Guard is being used in terms of enforcement. Again, people can come and go. Local businesses will remain open. But sools and other places where people gather, synagogues would be another example apparently are closing down as the govern joe announgovernor announced earlier today. Soul cycle announcing its response to peloton. Lot of talk about these companies in this environment. Well be right back. Can we go get some ice cream . Alright, we gotta stop here first. From smarter atms, to after hours video tellers comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. Hi there. How are you . Do you have any lollipops in there . laughing no, sorry. Were helping all kinds of businesses go beyond customer expectations. How can we help you . Connell theres been this talk about people staying home from work because of the virus. Soul cycle Just Announced its 2500 home fitness bike is going to be available for preorder later this week. Thats the kind of thing that, you know, folks are getting into. Deirdre bolton with more at the new york stock exchange. Deirdre yeah, you have to be very motivated but soul cycle is taking on peloton. Soul cycle releasing details for this athome bike. You get online cycling sessions with a new digital subscription service, very similar to pelotons model. The price target puts it pretty much on par with peloton so 2500 with the bike, with the services. It also comes with access to upscale gym chain equinox as well. You will remember, its not going to be a straight home run for the company because peloton went public last year. It is still trading below its offering price. We will be watching that. Tesla, another stock we are watching now, moving higher. You can see on the screen, better than 3. 5 . Elon musk says tesla has produced one million electric vehicles. He congratulated the team on the milestone event via tweet. China is the biggest electric car maker in the world. U. S. , europe following pretty close behind. But musks announcement comes at a time when several large auto makers are moving into that electric vehicle sector so long story short, tesla will have more competition as we move forward. Bmw releasing details last week of an electric concept car thats going to start production in 2021. Volkswagen as well starting a Series Production of its electric car, planning to launch almost 70 new models on its platform by 2028. One more stock we are watching here for you, dicks sporting goods, it was trading higher. You can see just moving lower now. But it had a strong holiday quarter, beat on sales and earnings. Athletic footwear, apparel sold well. People also follow this company because of the politics, if you like. The ceo announced it would pull the hunting category from most stores. You may recall after that shooting in parkland, florida in 2018, the ceo said essentially that he would be evaluating the product mix, that is offered, that was offered in his stores. I will remind you that the person who was the shooter during that valentines day murder, he had actually purchased some arms at dicks, not the ones that were used in the shooting, but the ceo made a decision after that. So far not hurting the stock. Back to you. Connell deirdre bolton, thank you. Charlie gasparino next up as we talk a little politics and money and Everything Else with Mike Bloombergs plans to maybe help joe biden out. Whats new on that front . Charlie also, i want to get some news out of the way first. A Major Hedge Fund is having i think this is pretty fascinating because its the furthest step i have seen a Big Hedge Fund do, a big financial firm. Millenium capital, one of the biggest out there, is having 1500 employees work from home today, tomorrow and thursday. Connell here in manhattan . Charlie manhattan and greenwich. Not singapore and london although that, from what i understand, this is sources close to the fund, thats going to happen next. Connell its like a mandate, not an encouragement . Charlie this is a mandate. They are literally working from home just in case they cant get into the building in new york and greenwich. Now, this comes as you know, theres obviously a panic here. There is also a Public Health issue here, where more and more, you are hearing quarantine. Governor cuomo just came out talking about connell thats, just to be clear on that, we talked about it a couple times over the last hour, theres no quarantine in new rochelle. They are calling it containment zones. They will let people come and go within a mile radius around the synagogue. They have the National Guard. They will close down schools. Charlie greenwich is not far from new rochelle. Just remember thats whats happening. My guess is you will see a lot more of this in the next week or two, where companies, if they are not quarantined, companies that i should connell theres been concern about Westchester County in new york and greenwich for all intents and purposes is just about in the county, right over the border. Charlie in fairfield county. You will see more companies do this. From what i understand, no one has tested positive at millenium. We do know steve cohen did have one test connell give me the Bloomberg News before we run out of time. Charlie not just bloomberg. Theres a couple things floating around. Number one, its the biden campaign, continuously predicting that warren is going to endorse joe biden. Obviously that would be pretty big if it does happen. Remember, could be wishful thinking. They are saying that shes closer and closer every day. And its a lot theres two reasons here. Number one, animus toward Bernie Sanders. She thinks he and his Campaign Just ran a nasty campaign. Connell the open mic moments at the debate. Charlie it was more than that. I think she wants to be a player in bidens administration. She thinks hes going to win. Two things there. The other thing is bloomberg. You know, why havent we seen bloomberg go full out on biden, just yet . We are sensing from inside the campaign they are hedging their bets just a little bit. They want to make sure he does win. We want to make sure he is, is the nominee. How do you do that . Lets see what he does tonight. People are predicting they are going to clean up, maybe lose washington state, they call that they do worse in very white states. Connell the thinking is biden wins michigan, missouri and the other states on the board tonight. Charlie easy, and comes close in washington state, and then he cleans up next week, florida, you know, blowout. Thats what they are predicting because of sanders connell right. Lot of comments about castro. Exactly right. Charlie thats where we are right now. Maybe you will see money flow in after florida. Connell which would be more helpful in the general. Thank you, charlie, for all the news. Charlie gasparino there. Oil up, i guess like 8 , Something Like that, after the selloff we had yesterday. There it is. Yep. 33. 66. More in a moment. Good morning oh no, here comes the neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Connell one of the news stories we have been following today is Governor Andrew Cuomo in new york calling for what has been described as a containment zone in new rochelle, a suburb just north of new york city. Charles payne joins us ten minutes or so ahead of making money. This is supposed to be a mile radius around the synagogue, National Guard will be used, schools will close down among other things, people can still come and go. What are your thoughts on these tactics, especially when we think about the money and the economics behind it, the effect . Charles its interesting because instant reaction was oh, thats going to shut things down, but you know, what im seeing coming out of china and now also south korea, is that these aggressive approaches may have shortterm impacts but if you can curb the spread of the virus, it might actually be much less of an Economic Impact over the long term. Theres a lot of debate over whether or not kids should be kept from school. Several countries around the world overnight decided to make that decision. Im going to have a doctor on, one of our favorite doctors, to discuss the medical aspect of it and how smart that is, then also rick scott, you know, former governor, now senator, about perhaps how that could work in a state like florida which is only one of three where we have seen deaths so far. Connell the idea of being tougher now and hoping, even though you dont know, but hoping to get through it a little better and quicker. Charles absolutely. Its tough medicine, no pun intended, but you know what, if its shortlived and it really mitigates the spread of this virus, particularly as we go into the spring and summer months, it might be a smart idea. Connell i know everybody doubts numbers out of china but the picture of xi jinping going to wuhan, you know, that was something people were waiting for. Hes done that. You know, for whatever its worth, all the data we do see looks like they have turned the corner, whether thats a model or not, but they seem like they do have it at least under control now, as tough as its been. Charles they have turned the corner. Apple says so, starbucks says so, dhl this morning says so, Morgan Stanley is looking at data on migrant workers, they say so. And the pollution maps also say so. So they are coming back pretty strong. Connell we may be just getting started, we dont know. This is part of it in new rochelle. Thank you. See you at the top of the hour. Eight and a half minutes from now. In the meantime, how about an appetite for buying new homes in this market . Reaction from the National Association of Home Builders ceo to that idea is coming your way, next. The dow still up 169 points. Well be right back. Sure, principal is a financial company. But think of us as a protect your family as it grows company. A put enough away for college company. And a take care of your employees company. Were a help you ride the ups and downs of the market company. And when its time to retire, were a weve been guiding you toward this all along company. Think of us as all these companies, and more. Principal. Retirement. Investments. Insurance. Its an honor to tell you that [ applause ] thank you. Liberty mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. At fidelity, online u. S. Stocks and etfs are commissionfree. And when you open a new brokerage account, your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk connell one of the things we looked at here is these mortgage rates. Reports of lenders scrambling to handle all the refinance applications that have come in. The volume is really been driven higher by the rates going lower. But are people ready to out right buy new homes in this environment despite the refis . National homebuilders ceo, jerry howard. Jerry, consumer sentiment, are people willing to buy anything and how are they feeling . And you know i guess there are other concerns that people might have, certain people as well, visiting a home, what but do see outright buying homes versus refis . We havent seen a downtick. Were keeping eye on developments around the world. The underlying fundamentals are connell i have to break on you, i apologize. Breaking news on capitol hill. President is coming out of Public Meeting with lawmakers. Lets see what he is saying. We had good updates on the virus. That is working out smoothly, tremendous people. A tremendous task force. They have done a great job. Not a good job but a great job. As you know it is about 600 cases. It is about 26 deaths within our country and, had we not acted quickly that number would be substantially more. We just had a meeting on stimulus and you will be hearing about it soon. But it was a great meeting. There is great unity within the republican party. Reporter [inaudible]. Payroll tax holiday, is that appropriate . I was just with the republican senators and there was, they were just about all there, mostly all there and, theres a great feel about doing a lot of things and that is one of the things we talked about. Reporter [inaudible]. Were going to see. They came in very chopped up. A lot of them are things that you wanted to get for other things. Were looking at people. Were looking at solving this problem. Also, some very good numbers coming out of some countries where it started earlier. Were seeing some fairly good numbers come out of those countries. That is very good thing. Including china. They have released numbers and we gotten some numbers. That look pretty promising. Well further report. Reporter [inaudible]. Well i dont think it is a big deal. I would do it. I dont feel that any reason, i feel extremely good. I feel very good but i guess it is not a big deal to get tested. Something i would do. But again, spoke to the white house doctor, terrific guy, talented guy. He said he sees no reason to do it. There is no symptoms. No anything. If there, you would be first to know about it. Reporter [inaudible] . Ive been briefed on every contingency you can possibly imagine. Many contingencies. A lot of positive, different numbers. All different numbers, very large numbers. Some small numbers too, by the way. I guess were at 26 deaths. If you look at the flu, the flu, for this year, were at 8 million. Were looking at 8,000 deaths, and you know, hundreds of thousands of cases. We have 8,000 deaths. So you have 8,000 versus 26 deaths at this time. With all of that being said were taking this unbelievably seriously. I think were doing a really good job. The task force headed up by the Vice President has been fantastic. Port cart roared reporter [inaudible] u. S. Has done a good job on testing. We had to change things done nobodys fault. Perhaps they wanted to do something a different way. Much lower process from a previous administration. We did change them. We made the changes. But testing has gone very well. When people needed tests they can get a test, when professionals need a test, they need to test more people they can get the test. It has gone really well. Look the biggest thing was stopping inflow of people early on. That was weeks ahead of schedule. Weeks ahead of what other people would have done. In fact other people, mostly would probably not have done it even until now that made a big difference. Reporters shouting questions] reporter are you planning to fire anyone . What . I think people are doing a fantastic job. In fact, just today i have, governor newsom, gavin newsom from california, tremendous, just article came out, had it inside, showed it to the senators, showed other articles, where