Transcripts For FBC Mornings With Maria Bartiromo 20240713

Sports world coming to a halt while the happiest place on earth closes its gate. 2020 race impacted by coronavirus as well, Campaign Events canceled. Debates with no inhouse audiences, mornings with maria live right now. Maria we want to check overseas marks right now, take a look, mixed story over in europe. Ftse 100 now turned negative, down 421 points, 7 lower on financial times. Cac request rant is up 150 and dax index in germany up 307 points. 3 apiece. We are looking at those losses extend this morning in the uk. In asia overnight it was red across the board certainly in the heels of wall street but markets in asia actually closed off the lows of the session, worst performer was japan, down better than 6 followed by korea. South korea banning short selling for now 6 months, lets check Interest Rates, the yield on the 10year treasury moving up. The yield is up now 10 basis points at level of. 896 on the 10year, Oil Prices Rising this morning after 2 days of decline as the price war between saudi arabia and russia continues. This morning crude oil is up 4. 8 . 1. 54, now the latest on the coronavirus pandemic. Rosche approved emergency approval for highlyautomated coronavirus test. Significantly speed up the screening process, the test available in europe can screen more than 4,000 patients a day. Ohio, maryland, michigan closing all kindergarten through 12th grade schools, Large Urban School Districts in seattle and San Francisco doing the same in an effort to contain the outbreak. Disney closed disneyland in california, wallet disney world resort in florida and disneyland paris resort starting tomorrow. And this will last until the end to have month according to disney. New yorks great white way is dark, broadway theaters now shuttered, curtains are staying down until the week of april 13th, banned gatherings of more than 501 people throughout new york. Death toll from coronavirus now nearing 5,000 with more than 132,500 cases across the world. This is affecting 113 countries. 46 u. S. States and district of colombia now feeling the impact certainly. The u. S. Conducting air strike against iran meanwhile, iran backed militia to retaliate against death of two americans and one British Service member. The strikes targeting Storage Facilities in Iraq Associated with the militia group. The strikes aimed at stopping future attacks. Court documents show that the Defense Department hope to take another look after amazon filed a lawsuit when it lost out on 10 billiondollar deal. Asking for 120 days to reevaluate including taking a look at issues raised after amazon court action. 4 higher after the market, the destroys last 10 . Almost 10 yesterday. Investors saw the worst market day since the black monday market crash of 1987, fears of coronavirus pandemic sparking worries that the u. S. Economy is entering a recession soon. Joining the conversation campusreform. Org. Fox business Dagen Mcdowell and pwc partner mitch roschelle. Ouch, that hurt. At least we have green on the screen for now. So thats the good news. Maybe thats the silver lining. Its interesting when ash opened up and i was opening watching the opening in asia last night. It opened terribly and as the trading day improve, u. S. Futures opened an the u. S. Futures started looking brighter. I think the prospects that theres some enthusiasm going back into stocks is what has the market at least for the next few hours maria its really about clarity. The Investment Community needs to ups how severe a recession will be and are we in one right now, are we looking at contraction nor the Second Quarter and what that means for earnings. Dagen also yesterday what was going on it wasnt just the route in the stock market, it was stress and strain in the bond market whether even Investment Grade Corporate Bonds, certainly highyield bonds. This is something that we have been talking about for days if not weeks but the yield on even the 30year treasury or 10year treasury, the yield went up and there was selling in treasuries yesterday. Thats one of the reason that is the fed intervened with this liquidity drive. 500 billion each to 1 month to 3 month operations among other maneuvers but thats just shortterm funding markets and somebody last night put it in perspective, an investmentgrade corporate etf, you have individual investors in it, well, yesterday some of these fell more than 4 . That literally wipes out a year or more of yield that you would get on those bonds so youve literally in one day have wiped out the yield that you collected in about 2 years and so that was one of the reason that is the strain is not panic was feeding on itself. You put money in etfs, to have the hedge, you lost the hedge right there. Dagen i would expect the Federal Reserve to do more. It was the new york fed that announced, made this announcement when it should have been the feds board of governors, Market Committee meeting and so maybe it will get a true rampup on quantitative easing on on the of package that we will get today. Maria all hands on deck at this point, fiscal stimulus, Monetary Policy, we will see. We have a market thats bouncing because theres an argument to be made that it was overdone yesterday. A lot of the companies are not going away. They are going to get back to growth mode, but again, we dont neglect when that will be. Dagen some of that is on corporation, some of that is on individuals to continue to go about your everyday life maybe in a slightly different way but we cant have basically money screeching to a halt. We cant be in our homes not spending money because this economy particularly relies on the velocity of money and the multiplier effect. Our individual behavior affects anybody from the waiter at a restaurant. The delivery people, tall people who deliver food to those restaurants. We have to be careful that panic doesnt create a much worse situation for our economy and really the world. Maria when you have everything shut down like, this it certainly feels like a situation where it can feed on itself and its a vicious cycle. Its interesting how the panic seeped earlier, purell, Pharma Companies also hit, the ones people were expecting to perform well turned circumstances even now taking a hit. Maria when youre in a selling situation you sell what you can sell and where the liquidity is. The most liquid names and the ones that had recent gains to sell. If youre sitting on something that has no liquidity, what are you going to do, you need to raise cash and sell what you can sell. Its interesting how it gets vilified, look at the trickle down, if we cancel something and theres no revenue in the company, they dont have the resources to play employees and trickles into the economy. The way we have to do things is get Companies Back to work. Maria at this point we are looking at the markets down for 2020, doubledigit declines. At some point this is enormous buying opportunity because the corporate sector is not going away, so we need to have some calm here and we are expecting a pretty good bounceback this morning as a result of that sentiment. We will take a break, when we come back propping up stocks. Battling market volatility as the corona virus pandemic worsens. Major news coming out of this, major pete joins late night, the former president ial candidate shows talk show skills. How did he do . We are checking that out as well. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Yes im stuck in the middle with you, no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its the most open and secure public cloud for business. It can manage all your apps and data from anywhere. So it can help take on anything, from rebooking flights, on the fly to restocking shelves on demand. 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I like the way the New York Post did it today, sorry, we are closed. Everything is closed, sports, broadway. People working from home, no economic activity, how do you see things . Thats the worry and thats why the markets reacting the way they are. Recession, we have seen the headlines, oh, my god, we might see depression. Snowball picks up momentum. The waiters dont get to serve, the restaurants dont cook and the theaters dont produce and next thing you know the economy comes and profits come to a screeching hall. We think this is a shortterm phenomena. 30, 60 days out, the markets get worse than they are now but at some point the economic engine of this country start to pick up momentum. Third quarter into the fourth and this too shall pass. Maria the clarity of it, its no surprise that things are worsening. We knew we had an issue with the test kits. I said 1 weeks ago we will see tens of thousands of cases in the United States and thats going to lead to hundreds of thousands of cases and yet the market reacts to every headline that we see the number of deaths and cases going up because we need the clarity in terms of what the impact is. I dont think that investors should be reacting to every headline. We know where this is going. Maria, you are absolutely correct. We know where this is going. We have a game plan, look what happened in china, look what is happening in south korea, look what is happening in italy. This is a 30 to 60day to peak and then plateaus and then the number of new cases start start to come down. Cases in the United States will go up and dramatically. Maria the problem is we dont know what happens to Corporate America in the interim. Mitch 10year treasury is close to 1 than it is to zero, hours ago, just a few days ago we were thinking that defies going to go to zero. Dagen thats one thing that could potentially unnerve individual investors because you look at Investment Grade bond etf yesterday and you lost a sizable amount of money in that, not as much as stocks but sales. You brought up high yield. We look at high yield spreads we were on the phone with blackrock yesterday, terrific highyield department. The spreads on triple cs are over a thousand, huge gap, but the double bs, the other end of the spectrum or high yield is has behaved really well. We have a quality bond, actually held up okay. Old junk bonds, they are really in distress. Dagen a a thousand bips is bass points. Talk about leading economic indicater. The 10year led us all the way down. If you look at behavior of the 10year, virtually predict what had the s p was going to do, yet over the last couple of days t gone up. Shortterm covering duration, blah, blah, i got it. If we were going into a depression in this country economically, would the 10year be going up, i dont think so. I think investors would be scooping it up, look what happened to bonds in europe. Maria where are the biggest opportunities that you see right now . Look at major selloff that is we isnt that true various sectors yesterday. It was very much across the board, i recognize that, but are there areas that you say, wow, i know the company is going to grow and generate earnings better than what the market expects and this is a good price at this point . One of the disadvantages of index spending, index, every stock gets sold. We saw the baby literally thrown out with the bath water. Think of a disney thats down i think 30 , amazon, people will get deliveries to their home because they will not go out shopping. I heard an analyst talking about apple and to one is buying a thousand dollar phone anymore. Bologna, they will not eat but spend 30 a month to buy their apple phone. So the goodquality, goodquality bluechip Growth Companies will survive and they will prosper. Maria what about the fed, hoping to ease worries over this and intervening yesterday . 1 and a half trillion dollars in stimulus, the move would make shortterm values to traders and purchase treasury securities. Is this going to move the needle . I dont think its going to move the needle but may help the needle from going further down. We had like that issues. We had bonds that people did not want to sell and bonds that people did not want to buy. You get crazy pricing in the market and you get the thing coming to a screeching halt. This liquidity should ease some of that in shortend of the curve. Maria hitting americas past time, Major League Baseball grappling with coronavirus, sports at standstill, standing up aened standing by employees, the effects of coronavirus may not be severe in the workforce as anticipated. We are taking a look. Back in a moment. Hold on to let blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on all we need is someone to lean on narrator he loves monday through friday but lives for the weekend. Hes put some miles on his truck, and now its time for something new, so he came here and saw what other people paid for the same truck he wants. Now he can recognize a great price. It was so easy, chet was in and out and got right on back to the life he loves. True car. Buy smarter. Drive happier. And mine super soft . With the sleep number 360 smart bed, you can both adjust your comfort with your sleep number setting. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. And snoring . No problem. And done. So, ill wake up ready for anything . Oh, weve got your back. So, you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Plus, free premium delivery setup when you add a base. Ends march 15th maria welcome back, americas favorite past time sports coming to a halt. Dagen, break it all down. Dagen you will not have your sports teams to watch on television or even in person. Major league baseball, spring training suspended, the season is going to start late. The season start march 26th, opening day will now anticipate no earlier than april 9th. Nhl suspending play due to coronavirus. The stanley cup playoff started and nhl said in statement its no longer appropriate to try to continue to play games at this time, the commissioner there also making the decision to pause the season wednesday night but we wanted to talk to the board of governors thursday before doing that. Nascar is going to run next 2 days atlanta and homestead near miami, the races are still on but in fans in the stanes and sadly the biggest deal according to my father ncaa cancelinged men and Womens Basketball tournaments because of spread of coronavirus and including hockey, baseball and lacrosse no ncaa, march madness. This is the moment that people think here at home think theres an overreaction quite frankly. That was the conversation with my dad. Why cant they play it without test all the players and play it without fans in the stands . Mitch for the men and women who want to play professional sports, this is their audition. So itll be very interesting how this impacts professional sport. One thing that was hard hit mlb, nba they will be strong, the upstart league that signed deal with espn, they were starting to take off and they were the last one to cancel yesterday trying to hold onto see if they are the only league still going. They are the upstart maybe not going to come as strong once they do resume. Maria no live sports, no playing in different leagues and that will affect advertising for networks, disney, fox, et cetera, all the people that work in the stadiums. The people who are selling stuff and and the food courts, so there too you have job cuts all of the knockon effects. Dagen certainly this is why congress has to step up at least with some relief for people who will be out of work for coming weeks potentially even months. Maria did you see yesterday nancy pelosi, im not going to stick around for language. They were debating whether or not to go on recess. Thats thats embarrassing. We have a major crisis under way. Also democrats proabortion to make sure they veto it. Maria exactly. Tips on staying safe. This is a very important segment coming up. Former white house doctor to President Trump on how to battle the coronavirus. Its ask maria time with thousands of americans staying home youre asking which shows i bing, the answers may come in handy. Stay with us. How can we help you . Maria welcome back, good friday morning, thank you for joining us, friday march 13th, before 6 30 a. M. On the east coast. Rally under way after yesterday, futures indicating a pretty good rebound, up 820 points in the dow industrial averages and nasdaq up 4 and a half percent. 330 points and s p 50 bouncing 98 points. Certainly not a a total comeback. Look at what the worst day since the 1987 crash looked like black monday yesterday the dow was down 2,352 points. That was just about 10 . Dow, nasdaq and the s p 500 down nearly 10 on the day. The biggest point losses in history. The worst percentage since black monday. S p 500 going from record high into bear market in just the last 16 days. Checks on overseas markets this morning. About 3 to 4 moves across the board in european indices. In asia overnight red across the board. South korea banning shortselling in 6 months. Oil prices are up this morning after 1 days of decline as the price war between saudi arabia and russia continues, the price of oil now up 5 this morning at 33. 07. The wife of canadas Prime Minister tested positive for coronavirus, Cheryl Casone with those details, cheryl. Sofi trudeau in selfquarantine along with her husband, sofis symptoms are mild and shes doing fine. Tested after giving a speech in uk. Right now the Prime Minister is not showing any symptoms. Tom hanks and rita wilson in quarantine in australia. Oscar winner is in australia working on a film with beth who is australian. The senate has until sunday to renew 3 intelligence programs, Foreign Intelligence Surveillance Act approved by the house with bipartisan support. Reauthorizes government surveillance tools but standoff in the senate could make it expire. The legislate includes new privacy protections, changes to the fisa court. Of course, after claims it was misuse today spy on former Trump Campaign adviser carter page. Well, the cofounder of controversial ecigarette maker is stepping down, juul did not give reason for departure, hes looking forward to, quote, pursuing other interests. Ecigarette maker has been blamed for teen vaping an at the epicenter of regulatory crackdowns and lawsuits surrounding vaping. Finally, maria, theres this, even without audience former president ial candidate blake berman made late night tv debut filled in for jimmy kimmel. When you dont have a real audience you to fake one just like trumps inauguration. A lot of folks are wondering how i ended up getting booked to host the show and all i can say the iowa caucus app really screwed everything up. Jimmy asked me to fill in because right now hes off taping who wants to be a millionaire which is a game show that Michael Bloomberg won 56,000 times in a row. Cheryl well, along with telling jokes buttigieg did interview sir Patrick Stewart and tony hale, review of his performance, maria, so far kind of mixed, kind of funny, kind of serious, you know, but good for him maria good for him for sticking his neck out on that one. President trump tweeting this morning, here is what he just said, four decades, the cdc looked at and studied its testing system but did nothing about it. It would always be inadequate and slow for largescale pandemic but pandemic would never happen they hoped. President obama made changes that only complicated things further. Their response to h1n1 swine flu was a fullscale disaster, nothing meaningful done to test problem until now. Testing will happen in largescale basis, all red tape cut and ready to go. Let not forget as testing scales up the number of cases will also scale up. Dont be surprised when we see tens of thousands of cases of coronavirus in the United States. Its coming. Curving the spread of the coronavirus alarming tests that virus can remain airborne for days, person to person contact is not the only way the virus can spread, can be contracted through the air and touching contaminated surfaces. Nearly 5,000 people worldwide have now died from the outbreak with global cases surging past 130,000. Joining us right now former white house doctor former physician to President Trump and congressional candidate in texas dr. Ronnie jackson, dr. Jackson, good to see you this morning, thank you very much for being here. Thanks, maria, appreciate you having me. Maria what do we need to understand about coronavirus . The first thing is we need to understand that this is you know, this is serious, no one is saying that its not and we need to take it serious and everyone is doing that. The administration is taking this very serious but we need to keep it in perspective. We talk about the seasonal flu and the impact that it has on us with 34 Million People getting that every year and having anywhere from 30 to 60,000 deaths a year from the seasonal flu. So this is pretty this is pretty minor compared to Something Like that. It is a new novel virus and dont have any immunity for it, no vaccines or ned cases to effectively treat it but right now we need to keep it in perspective and not let it take over our lives. Maria we dont have any treatment, we dont have any vaccine. I know that there are a a lot of efforts but worried about household things, pets, dogs and cats contracting coronavirus from owners. Can human contract coronavirus from their pets and virus being on surface that is we touch . Just real quick to hit on what you just said, youre right, we dont have a vaccine and we dont have medicines to treat it just yet. I will say we have reassuring information about the virus in the sense that the mortality will be fairly low and, you know, kids arent getting infected with it, not having symptoms and affecting our older population. With regard to pets, i did see recently a report that said that dog in hong kong tested positive for it. I dont actually knows and i dont think anybody knows what it means. Dogs carry coronavirus as well. I dont know if this is the exact coronavirus thats causing the problems that we are seeing in human population right now. Theres absolutely no i have had that even if dogs do carry the virus, that they can spread it to humans, so i would say that right now thats very early information and way too early to act upon. They are making recommendations which should give recommendations if you do have a pet avoid letting him lick in the face or avoid touching face. If you have another Family Member that can take care of your pet and you have been diagnosed with coronavirus, you might want to let them take care of the pet and isolate yourself from the pet as a precaution. Its precautionary at this point. I dont think that we will find that the dogs and cats will be spreading the virus around. Maria what about surfaces, touching surfaces . How long does the virus live on surfaces . And i know it depends on which surface youre talking about, plastic, metals, et cetera. Right. Those study came out as well. Most viruses and bacteria do live on surfaces for a period of time. Theres a big difference being able to test being present on a surface versus do they still maintain ability to infect. We have been telling people all along to take precautions, keep your services cleaned, cleaning material to keep doorknobs, light switches, phones, things that are passed, keep those as clean as possible and we should be doing that anyway, a good thing to do right now. We dont know exactly what that means. The fact that they are present on surfaces for extended period of time. Hey, dr. Jackson, what do you see biggest misconception that people have right now that you would like to correct them on . I think the biggest misconception that this is going to wipe out half of the population of the planet, we dont know what this is going to do. We know what its done in south korea and italy, in china and quite frankly italy being exceptions. Theres a reason why italy is experiencing what they are experiencing. With standard precautions and treat this aggressively like the white house and the administration is doing, i think that we can be reassured that this is probably going to peak out at some point in the very near future and go away. It may or may not come back in the fall. If it does by that time we will have antiviral medication that is will effectively probably treat this and game all together and shortly after that we will very vaccine that will be developed an gamechanger for us. We to get through the early phase. I think we will be okay. I just think that its been blown out of proportion in a lot of ways but once again im not minimizing the potential seriousness of it, im just saying we are not there yet. Dagen i wanted to ask one thing, cdc said in a statement short time ago, not today but in recent days, at this time theres no evidence that companion animals including pets can spread covid19, animals can spread diseases to other people its always a good idea to wash your hands. Dont let your dog, for example, lick someone else in the face. I heard this from veterinarians as well. Right now theres no evidence, of course, that pets are spreading covid19. Maria good, thank you. We think this came from the bat population, viruses move from one animal to another, animal to a human. The virus is president in dogs an cats its probably not capable of spreading to other humans at this point. This would be my opinion. Maria real quick in terms of symptoms. If people that think may be have contracted it its just flu symptoms . What should people understand about symptoms if theyre feeling sick . Right, thats right. The big difference between this and the flu virus that this has lower respiratory component, you look for the hallmark symptoms. To see if youre really sick, shortness of breath and things of that nature. I would tell people if you get minor, cold and flu symptoms, the last thing you want to do is rush off to Doctors Office because if you havent been exposed to corona vie virus, likely a place to get exposed. If you feel like you need to get care, call first. But look for those symptoms of shortness of breathe, cough, things of that nature that would drive you to do Something Like that. Maria thank you so much. We will take a break. When we come back good news for american workers, how companies are standing by employees. Bingeworthy shows on this weeks ask maria. You want to know what i love to watch as more americans are staying home. Back in a moment limu emu doug [ siren ] give me your hand i can save you. Lots of money with Liberty Mutual we customize your Car Insurance so you only pay for what you need only pay for what you need. Liberty. Liberty. Liberty. Liberty. Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com maria welcome back, the coronavirus pandemic raising risk of recession. Joining us right now wall street your honor Senior Writer Jon Hilsenrath, jon, good to see you, thank you for being here, give us your perspective. Jon major shock has obviously hit the economy and whats striking one of the things that isnt happening and thats mass layoff announcements. Even if you look at the airline and hotel industries, theyre talking about hiring freezes, they are talk about furloughing workers but they arent talking about major downsizing. If you look at what happened after 911, within 10 days of 911 airlines had layed off 80,000 workers. This is a deliver sliver of good news and households are continuing to expand in some fort. Theres no question that a major shock has hit the economy but i will give you another example, if you look at Unemployment Insurance benefits they were reportedweek to have gone down. Maria jon, we want to get your take on what the fed did, 1 and a half trillion dollar stimulus injected into the market. Tell us what happened and what kind of impact you expect . Jon well, a lot of signs of disruptions in shortterm money markets and backlending markets and the fed pumped liquidity into the system. Whats interesting is the way they did it. Usually they do it by buying shortterm security bills. So, you know, i think the lesson from this for everybody is the fed is going to do what it can do. They cut Interest Rates already, they will do it again. They will move very aggressive as they can but i think in this kind of environment we have to be looking for other resources for this kind of shock thats hitting the economy. I personally think we have to look, you know, the public and government has to look at state Unemployment Insurance systems, theres a lot of hourly workers right now who are losing hours and, you know, i think we have to look at whether we can get money into their pockets through state unemployment systems. We can see that the federal government here in washington is is not moving very fast in terms of, you know, fiscal stimulus and i really think that that state Unemployment Insurance programs could be an avenue to getting money to people who need it right now. Dagen jon, what do you make the longerterm yields on treasury, 10year, 30year went up and that seems to be suggesting disruption in the credit markets and in the bod markets broadly speaking . Jon right, that was one of the reasons why the fed was in there pumping liquidity into the market. We are still piecing together what the disruptions meant. But the other thing that i want to say is i think that worried a lot of people over the last few days that we might be seeing some kind of replay of the 20072008 financial crisis and thats not what this is. You know, the financial crisis that we lad in 07 and 08 was a crisis that started inside the Financial System and grew out to the economy. What we are seeing right now is the Financial System thats Better Capitalized than it was back then thats being hit by a shock from the outside in and, you know, again, thats why i think we have to look outside to areas of Unemployment Insurance programs to treat this problem. I dont think the core of the problem is in the Banking System right now. Maria theres certainly Better Capital than ever before. Jon, good to see you, thank you so much. Jon hilsenrath joining us there. Coming up its ask maria time. My life is busy but i do find time to watch tv. My favorite when we come back. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. You dont just own horses. You own a pasture. A fence. A barn. An arena. More fence. And hay. Lots of hay. So you need a tractor built to do it all. And do it right. You need the power to handle anything. You need versatile performance matchedattachments. You need the 1 selling compact tractor for a decade. The kubota l series tractors. [ fastpaced drumming ] its our most dangerous addiction. And to get the whole world clean . That takes a lot more than an alternative. So we took our worst vice, and turned it into the dna for a better system. Materials made from recycled plastic woven and molded into all the things we consume. We created bionic and put the word out with godaddy. What will you change . Make the world you want. And mine super soft . With the sleep number 360 smart bed, you can both adjust your comfort with your sleep number setting. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. And snoring . No problem. And done. So, ill wake up ready for anything . Oh, weve got your back. So, you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Plus, free premium delivery setup when you add a base. Ends march 15th maria welcome back, it is time to ask maria. Lets get started. First question i know you have your sweet baby dusty, how old were you when you had your first pet, what was it and what was its name . I was 5 years old when we got a big buddy rex, it was a black lab. My first pet was a beautiful red cat. We named her spry and my family took in a dog named bruno. He was the best dog for a long time. After that came anabella jazz. She had a long beautiful life. Now, of course, i have dusty who i think is happy to be in my family and certainly with me every day. She has brought so much joy to my life. Dagen i love that your dog is named after a wrestler. [laughter] dagen my first dog hi parents found on the side of the road after i was born. Maria whats your favorite guilty pleasure tv show . I admit its law and order svu suv, rather. Who doesnt love law and order . I dont. It scares me. Maria especially svu. Dagen im so with you. You called me on the phone and we will watch them together. Maria exactly. Dagen facetime and watch law and order. Maria they are great. You can put on 3 channels and youll see repeat all over tv. Finally questions from my staff, they have been asking me whether they should be worried about the stock market selloff. The first thing to do is to stay calm. Do not pan nick days like this. Follow the herds and sell without remembering why you bought stocks in the first place, bad idea. The reason you bought stocks in the first place was for longterm growth, you had expectations the company would grow and what is happening now that companies will not grow the way we thought they would due to coronavirus. This was a shock to the system because its an unknown. Markets hate uncertainty. Theres a supply and demand problem because coronavirus is keeping people at home. So where is the growth we bought into . We dont know right now. The reason stocks sold off so much yesterday is because of this uncertainty. Once we get clarity on how severe the supply chain and demand problem is markets will stabilize. There are lots of new assumptions right now. Slowly we will better understand the shock. Theres a real and serious impact on the Shell Companies over the near term given the shock that the oil market has seen. Remember what happened after previous crashes, the dow industrials plummeted 22. 6 in a day that was black monday. People were feeling the same way they are today, but once the dust settled the market continued to new record highs. This too will pass. Stay calm, the losses are on paper. Corrections can be god by the way, they open up opportunities for new investors to come into the market at good prices. Im a longterm bull. Mitch ive gotten the question dozens and dozens of times, why sell today, youll have less money today than if you sold it in future and youd have more money. If you dont need the money today, leave it where it is. Maria bingeo, exactly right. Lawmakers responding to coronaa virus. Next thats next hour mornings with maria. Stay with us. Or your attention. Well keep building smarter suvs. To help keep you focused on the road ahead. And. The road beside. Did we mention the road ahead. With an available best in class. Epa estimated combined fuel economy and the technology to practically park itself. This is the reimagined 2020 ford escape. And the technology to practically park itself. Because your investments deserve the full story. T. Rowe price invest with confidence. Sleep this amazing . Thats a zzzquil pure zzzs sleep. Our liquid has a unique botanical blend, while an optimal melatonin level means no nextday grogginess. Zzzquil pure zzzs. Naturally superior sleep. Maria welcome back. Good friday morning, everybody. Its going to be a good day. Im maria bartiromo. Were happy youre with us. It is friday, march 13th. Your top stories right now, just before 7 00 a. M. On the east coast. Markets are pointing to rebound. We have a rally of almost 900 points on the dow jones. Market is down but not out. Market is up 4 and a quarter percent on the dow, s p 500 up 4 andahalf. This after the worst day since the 1987 crash yesterday. Yes, it was black monday all over again with the dow industrials down 2,352 points, just under 10 for the dow. The other majors down just under 10 as well. The dow, nasdaq, s p 500 down nearly 10 . It is the biggest point loss in history for the markets yesterday. The s p 500 going from a record high in february into bear market territory in 16 days. The Federal Reserve a big factor yesterday, injecting 1. 5 trillion into the market during the worst point yesterday, trying to calm fear as the coronavirus pandemic grows. Now, a total of 29 states are under a state of emergency as the death toll in the United States has risen to 40. Doctors are still struggling to find enough test kits and one of americas top doctors has admitted failure in the systems Testing Capacity. Congress delaying recess to work on legislation, a deal may come today. They say they will stay until it is done. The sports world coming to an halt, the happiest place on earth closes the gates and the curtain comes down on broadway. The 2020 race impacted by coronavirus as well, Campaign Events have been canceled, debates with no inhouse audiences, mornings with maria is live right now. Want to check overseas action this morning. We have a rally underway in europe. Green across the board there with the cac in paris up 5 , and the dax index in germany up about 4 . In asia overnight red across the board but the markets here did close off of the lows of the session, south korea is banning short selling for six months. The kospi index was down 3 andahalf percent. Japan was down, nikkei average down better than 6 . Lets check Interest Rates here. The yield on the 10 year is moving up for a fourth day in a row, up about 6 basis points on the 1 of year, now at 0. 851 . Oil prices are up after two days of declines, the price war between the saudi arabia and russia continues. Oil is up 5 . 1. 57 at 33, 07. Now the latest on the coronavirus pandemic. Roche holdings announced it secured emergency approval from the fda, the food and Drug Administration is giving the okay for a highly automated coronavirus test. This could significantly speed up screening. Roche said the test is available in europe, can screen more than 4,000 patients a day. Ohio, maryland, michigan, closing all kindergarten through 12t12th grade schools in an effort to contain the outbreak. An American Airlines pilot based out of dallas tested positive for the illness. The chief medical officer said the cdc has been alerted and the pilot is undergoing agreement. Disneyland and disney world in florida and disneyland paris resort will be closed beginning tomorrow until the end of the month. The death toll from coronavirus now at 5,000 with more than 132,500 cases across the world, affecting 113 countries. A total of 46 u. S. States and district of columbia feeling the impact. And the u. S. Launched air strikes in iraq one day after a deadly missile attack on coalition troops. Two americans and one British Service members were killed by the rockets. The americans killed in the rocket attack have not been identified. Elon musks spacex looking to the federal government to help pay for the next project. Musk wants to build a broad band internet satellite constellation, bringing service to rural areas. The ftc has 16 million set aside for that. It must be awarded as federal subsidies. Coronavirus new cases being reported every day, lawmakers hoping to reach a deal on an emergency package. Speaker nancy pelosi has been negotiating with steven mnuchin. Senate Majority Leader Mitch Mcconnell delayed a weeklong Senate Recess after people were urging him to cancel the recess. Joining us now is louisiana senator, medical doctor himself, bill cassidy. Back in the studio is cab bought phillips, Dagen Mcdowell and mitch roschelle. Thank you for being here. Glad to be with you. Maria do you think you will stay here in washington to get a package done . When would you expect a stimulus package for coronavirus. We are scheduled to return on monday at 5 30 for votes. Well take the package coming over from the house. I think there will be a subsequent package after that. The first package supports workers and businesses who have been hardest hit. I think we need a package that if you will stimulates more economic growth, gets working families back to work. I think that will come next after that. Maria you are a medical doctor, senator. What are your plans for keeping safe amid the pandemic and what tips do you have for our viewers this morning . Im going to do what everybody is advised to do, sneeze into my sleeve. I have gotten my flu shot. I carry clorox wipes to clean my phone. I am going to avoid large groups. Thats what we need to do and just be wise. If you have an Underlying Health condition, avoid exposure to those who might infect you which is basically almost anybody. So just Common Sense Solutions. Maria Common Sense Solutions in terms of treating it for yourself but what about a treatment out there . Do you have any news in terms of where we are for therapeutics, how close we are for a vaccine, people are saying a year for the vaccine but how severe will this be for most people, in your view . I just read an estimate this morning that estimates there may be as many as 490,000 americans who might die from this. If we do everything right, that number will decrease. So its incumbent that we do everything right. In terms of therapeutics, a vaccine might take 1. 5 years, 18 months. But theres other things that are being tried before then. If somebodys in previously infected, has recovered, they now have antibodies which can fight off the virus. There are trials now using those antibodies from those that recovered. There are other ideas that would give us shortterm relief as we look for longer term therapies. One of the challenges is testing people. We reported that roche has a test kit that will get into the market really quickly. Are there other things that can be done right now to get more test kits do healthcare workers across the country . Its been incredibly frustrating. I think theres some misunderstanding. When i speak to Public Health people in louisiana, the recommendations from cdc have shifted and sometimes theyre not sure where they need to be. Physicians need to understand, you dont just need to go through the Public Health unit, whichever state youre in. Other Companies Like lab corps and quest are having their own commercially available test and so theres going to be testing out there. But we also have to recognize theres obstacles in having the blood drawn. Current recommendations are that you get your blood drawn in what is called a negative atmosphere or negative air flow room. The air flows into the room as opposed to blow out. Probably not practical. I dont know of a single phleb n that has that outfit. You may need a drivethrough such as in south korea. The person drawing the blood has personal protective equipment and the person has their blood drawn and keeps going. I think there needs to be fast, ontheground response by our Public Health officials. Maria i hate to look back. I want to look forward and be optimistic. How is it possible that south korea has a better Testing Process than america . I mean, what happened . I think dr. Faucis comments yesterday that the system of tracking has failed is correct. But we can say what is required. Again, if you look at the way that the virus infects, every one person infected on average infects two andahalf say two to three other people. You have to be able to track and so if im infected, go back and test everyone who i have exposed, if you will. By the way, im not infected as best i know but imagine i had been, and trace them out. With hipaa protections you get big data from google, at t, verizon, you know every place ive gone. You track my contacts, clean down places ive been. Those people ive exposed myself to can be tested and then keep going until you have everybody corralled. Thats what south korea did. Thats what taiwan has done. Frankly, thats what we should be doing. We should be pushing cdc to make this happen. Maria for sure. Senator, good to see you this morning many thankdarksee you. Thanks so much. Markets are rebounding this morning, halfway, up 1,004 points on the dow industrials, nasdaq and s p also higher by 400 points on the nasdaq, 125 points higher on the s p, after the worst day since the 1987 market crash. Coronavirus fears plunging the dow into a bear market with the dow down 2,352 points yesterday. Mitch roschelle with us. Your reaction to this wild ride and your take on how severe that selloff was. Monday was the 11 Year Anniversary of the bull market which quickly became a bear market. Things to remember during the 11year period there, were two times in which we saw a 20 drop off a twoyear high. Markets dont go up in a straight line. This tends to happen. And to dagens point earlier, theres overreaction breeding overreaction and the markets and people in the markets need to remain calm right now. I think thats vital for us rebuilding going forward. Dagen one of the problems is these markets, not just stocks, but all parts of fixed income were overvalued going into this virus spreading around the globe. So the comedown in stocks and other Asset Classes has been sweeper and the swiftest on record in terms of the trip to the bear market for the Dow Jones Industrial average. Because you see this 20 decline and another 10 decline in the blue chips, that makes individuals feel nervous. And fearful about the virus and so you have to be careful that it doesnt feed on itself, that the market backdrop was one of overvaluation and so it was looking for some trigger to at least sell off, maybe not this severely. You have to be careful that our behavior, we dont lock ourselves indoors for the next three months and that creates an economic slowdown that is a great deal worse. I think you have to wonder about the role of social media this goround as well. Weve seen breakouts in the fact, sars, h1n1, there wasnt such a steep decline and i have to wonder how much of it is social media, people working themselves into a frenzy, seeing every detail, every new case, theyre immediately uptodate on it. That has played a role in the fear as well. Dagen what happened yesterday to explain it to people, it wasnt just the selloff in stocks, it was the selloff even in treasuries and the 30 year treasury yields went up, the 10 year treasury yields went up. That means there was selling there. There was a pretty dramatic selloff in Investment Grade corporate debt and high yield debt in particular and so if youre in what you thought was a safe Corporate Bond fund, you may be making less than 2 a year in yield. That got wiped out in two years of yield got wiped out in about a day. Maria i think this is a big buying opportunity, i really do. These companies that sold off significantly are not going away. This is a moment in time. If anybodys going to come up with a cure and solutions, it will be america. Dagen were going to get to the other side of this and quickly but its the behavior of corporations and individuals now that will make that happen faster, whether its fighting the virus, whether its testing people or whether its just staying the course and you still go out there and as you can patronize businesses. Maria when we come back, taking a look at crude oil, where does that fit into all of this, the price, where is it going, amid the saudi, russian standoff. And then one pastor hoping to bring republicans and democrats together. Wait until you see this. Our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. 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 . Apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com maria welcome back. Markets are poised to a big relief rally today. Oil prices are rising this morning. Take a look with the standoff between russia and saudi arabia, concerns are still rising about a supply glut but the price of oil is up 5 and a third percent right now, 33, 18. Joining us right now is andy lipow. Your reaction to this market, where do you think oil prices are going . Well, i think that oil prices are going to have another leg down. We already have a price war and a grab for market share between russia and saudi arabia. But joining in on that were seeing production increases from kuwait, the United Arab Emirates as well as nigeria and russian oil firms said theyre going to be opening the taps starting in april. So theres more supply coming on the market at the same time that demand destruction continues to accelerate. Andy, good morning, mitch roschelle. How big is the ecosystem of all of the Different Companies that are out there that are going to be impacted . You have the drillers, refiners, the pipelines. How big is that universe and could that spread further to all of the suppliers to those companies . Well, i mean, it is a pretty big universe, starting with the Major Integrated Oil Companies Like exxon, shell and chevron leading to the producers like occidental and apache and if we think about those last two producers whose stock price has fallen, theyve also cut their dividends quite substantially so that of course trickles down to anyone who is depending on those dividends, say for their retirement income. If you fast forward of course all those support services for the producers, from those like the halliburtons or schlumbergers, theyre going to see less capital or less money coming into their coffers and in west texas, all those employees who are going to be laid off, were seeing Diamond Back Energy laying off drilling rigs, that translates to Less Consumer spending for restaurants as well as the walmarts and costcos in west texas. You can see how this can grow throughout the economic system. Maria so what is your expectation in terms of the loss in activity, the rigs that will be pulling back or business decline . Is it a 20 takeout . Is it more than that . What would you say this price, 33 a barrel, does for those Shale Companies that were betting on a much higher price in order to put those rigs out and drill for oil . Well, for the Shale Companies i think their Capital Expenditures will be cut from 30 to 50 . Thats already a very significant amount. I also expect that a number of these highly leveraged shale producers are going to theyre not going to make it at 33 oil. So were going to see increased amount of bankruptcies, as well as consolidation. If we think about occidental and when they purchased anadarko and what the market value was of occidental at the time i believe it was 36 billion, today its 11 billion. So someone can come in and buy occidental and basically get anadarko for free. Maria wow. Its a good analysis, andy. Thanks for joining us this morning. We will be watching. Thanks. Maria coming up, taxing tech, thousands now working from home putting quite the strain on the internet. Well take a look at that protecting your vacations, one Insurance Company makes sure clients get their money back if theyre forced to cancel. Dont miss it. Back in a moment. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Yoall this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. Mowing. Hauling. Mulching. Trenching. If its on the todo list, the 1 selling subcompact tractor in the u. S. Can do it. Versatile performancematched attachments. Legendary durability. Affordably priced. The kubota bx series. How you watch it does too. Tv just keeps getting better. This is xfinity x1. Featuring the Emmy Awardwinning voice remote. Streaming Services Without changing passwords and input. Live sports with realtime stats and scores. Access to the most 4k content. And your movies and shows to go. The best tv experience is the best tv value. Xfinity x1. Simple. Easy. Awesome. Xfinity. The future of awesome. Some people say thats ridiculous. I dress how i feel. Yesterday i felt bold with boundless energy. This morning i woke up calm and unbreakable. Tomorrow . Who knows. Age is just an illusion. How you show up for the world, thats whats real. Whats your idea . I put it out there with a godaddy website. Make the world you want. Maria welcome back. Coronavirus hitting the american workforce, Companies Across the country are telling employees to stay home, work from home. It departments now pushing Remote Technology and the internet to the brink. Joining us right now is Technology Analyst and star ship capital managing partner, john meyer. Thanks for being here. What kind of pressure are you expecting on technology and the internet as so many people are accessing business from home . I am actually expecting a very significant amount of pressure on the nations internet infrastructure. And now its important to distinguish the difference between the under sea cables bringing the internet to the u. S. Which will be fine and the actual local internet that you might have in your Apartment Building or in your home or in your coffee shop. Its the local side that im seeing based on our Research People are beginning to run into trouble and that is simply due to the added congestion of what is going to be about up to 42 million americans now working remotely and on top of that, tens of millions more kids now being home from school all using up wifi and cellular data connections. Maria thats a good point, the kids at home, schools are closed and 42 million americans working from home is a big number. Let me ask you, when youre working from home, does that increase the risk of corporate espionage given how much its being done online and does it increase the risk youll get hacked because you dont have the same safe systems possibly you would have at work . Its a phenomenal question and yes, its absolutely correct. Thats one of my biggest concerns with one where we are right now with our current internet situation with all these millions of americans working from home. The bottom line is, local internet infrastructure, your local router in your Apartment Building, in your coffee shop, they do not have anywhere close to the level of security that your Office Building does. This does lead to the u. S. Being a bit more at risk to say the least to corporate espionage from countries like china as well as hacking. I think its really up to the companies, whether its google or apple, to work with the lower level employees to ensure that their home better net connections are safe and Home Internet connections are safe and just as secure as the office. One of the things youre talking about is the onramp to the cloud. How about the cloud itself . Most of this computing will be done in the cloud. On top of that, we talked about students, you have colleges and universities across the country that are going right now to online and presumably all of those online classes bill hosted in the cloud. Can the cloud handle all this volume . Yes. , so the cloud will be fine. That lets say your server that is housing your classes on, lets say if you go to nyu or the server thats housing your web meetings on. That will be fine because the cloud historically over the last decade built by amazon or microsoft has been built to be extremely scalable in times of congestion. So its really about the local download and upload speeds based on where you live or based on whatever coffee shop or library youre going to and where the real risk is around getting congestion to the point where your speeds are slow or unusable or to the point where youre being hacked because that local infrastructure is far more weak with security than your office. Maria i guess thats one reason everybody is waiting for 5g, thats certainly going to speed everything up. John, good to have your insights this morning many thank you, sir. Thank you. Maria quick break and then protecting your vacation during a pandemic, one Insurance Company makes sure clients get their money back if they are forced to cancel. Plus markets are pointing higher this morning, were keeping an eye on markets all morning. Look at the rally underway, the dow industrials up 1,110 points, well get Market Insight when we come back with the 5 and a third percent rally underway for stocks. Stay with us. 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. Yes im stuck in the middle with you, no one likes to feel stuck, boxed in, or held back. Especially by Something Like your cloud. Its a problem. But the ibm cloud is different. Its the most open and secure public cloud for business. It can manage all your apps and data from anywhere. So it can help take on anything, from rebooking flights, on the fly to restocking shelves on demand. Without getting in your way. Maria welcome back. Good friday morning, everybody. Thanks so much for joining us. Im maria bartiromo. It is friday, march 13th. Your top stories right now, just at 7 30 on the east coast. Markets are pointing to a big rebound for stock price, dow industrials now up 1,110 points, thats 5 and a third percent. The nasdaq is up 407, s p 500 up 126, after the worst day continues the 1987 crash yesterday. Yes, it was black monday numbers. The dow, nasdaq and s p 500 down nearly 10 . Their biggest point loss in history. The dow down 2,352 points yesterday. It was ugly. The s p 500 going from a record high just in february into a bear market in just 16 days. Global markets are also this morning bouncing. European indices higher across the board, cac in paris up 277 points, almost 7 . The dax index in germany is up 531 points, 6 and in asia overnight it was red across the board but here too markets closed off of the worst levels of the session. The worst performer was japan, nikkei average down 6 . China cutting the amount of cash that banks need to hold in reserve as it tries to increase lending to businesses which have been damaged by the coronavirus pandemic. South korea banking this morning saying it is banning rather short selling for six months. And the yield on the 10 year treasury moving up this morning for a fourth day in a row, still near record lows but youre looking at a move of up 9 basis points at 0. 892 on the 10 year. Oil prices are up after two days of declines. The price war between saudi arabia and russia still on. Crude oil is up 5 andahalf percent. Another senator under self quarantine. Cheryl casone with those details right now. Cheryl senator Lindsey Graham is under quarantine. The republican from South Carolina currently waiting on the results of a coronavirus test. He was a guest at maralago last weekend where another guest, a spokesperson for the president of brazil was in attendance. That spokesperson tested positive. Grahams team says the senator has, quote, no recollection of direct contact with the pair. So out of an abundance of caution, he is under quarantine. Well, a Philadelphia Police officer is in Critical Condition this morning. At least one officer was shot in the frankfort section of the city while serving a warrant. No other details are available at this time. We will get you details as we get them into fox business. Well, federal judge has ordered the release of chelsea manning, who leaked classified documents to wikileaks has been in jail since last year for refusing to testify against julian assange. The judge ruled her testimony was no longer needed in that case. But this is one day, remember, after manning attempted suicide. All right. Shares of Slack Technology are tumbling, down a little more than 4 right now. The selling began after the closing bell. The Company Issued a disappointing forecast for the Current Quarter and full year due to the coronavirus outbreak. Probably going to hear that from more companies. Slack allows workers to communicate outside of the office, as you know. Finally, a little bright spot for this friday. Celebrate st. Patricks day early with krispy kreme. They are bringing back the green glazed dough us i donut starg to tomorrow. They will turn other things green at the stores. The best part, guys, the chocolate oreo flavors of donuts are back. As i always say, maria, never underestimate the power of the donut. I know youve got some onset. Im quarantining myself over here so i dont eat one. Im staying away. Maria they smell incredible. Dagen mitch is going to eat one. This is the chocolate oreo variety. Ill have a green donut in honor of sain st. Patricks day. Dagen i fasted for 12 hours and ate an entire dozen of hot donutness one sitting. Maria what . Dagen just the glaze but 12 of them. It was very easy. Maria how did you do that . Dagen i ate 12 hot. In the krispy kreme world, the original glaze, it has to be warm. Hot donuts now. When i was 7 years old my mom convinced me a hel help lepn was living in my bathroom. Maria happy to have donuts inn the set. Lots of donuts here. Were looking at markets this morning, pointing to a rally at the start of trading this morning. Good open here, hitting limit up at 5 . Remember earlier this week we were telling you the markets were limit down. You couldnt do anything because the Circuit Breakers were in place to stop anything more than 5 selloff. Now the Circuit Breakers are in place limit up, because theres so much buying interest this morning after yesterdays historic selloff. The worst since 1987. The dow was down 2,352 points, nasdaq was down 750, s p was down 260 points. How long could this bear market last . Joining us right now to talk about that is the ceo of van ex funds, great to see you. Thanks for being here. Your reaction to what has taken place and how long this may stay in place. Give me your expectations for the backdrop first in terms of the Economic Impact. Sure. I mean, our philosophy is that the markets only reflect whats happening in the real world. Weve already seen this movie happen in china where theyve dealt with this. You can look at china and see whats going to happen here. The question is, can our system, can our government and our social distance and get this virus to a point where it peaks in about a month. Thats what people are hoping for. Maria youve got a great Vantage Point in terms of seeing the sentiment. Where do you see the flows right now . Are you seeing interest in areas i know you have gold mining funds which have been very popular, people are thinking maybe gold could be a place to hide. Where are you seeing the flow . Investors are panicking. They are selling everything. And thats where i see some of the opportunities. But gold was being sold, commodities are being sold. Its a safe haven flight. Thats what i think is creating opportunities right now. You just mentioned that you think its a month or so. Is that whats priced into the market . Im trying to figure out if in fact this slowdown is protracted and the occurrence of the virus is protracted, does that breed more and more selling as we i think the markets will look through it. But the worst case is that we dont stop it by midapril, midmay time period and it lingers into the summer and thats really bad because well have way extended uncertainty and all kinds of confidence destroyers that we cant even imagine right now. So what i was giving is kind of best case. Absolutely, though, to your point, there is some stuff because of the panic that is on sale right now that people should be buying. Maria buying what, though . How do you figure out where to place your bet, allocate capital in a market that has everybody throwing the baby out with the bath water. The bargains for me right now are in the fixed income markets. Thats what was seizing up yesterday. The fed action didnt cure it. Its just bargains galore. You can buy Investment Grades etf for 3 or 4 discount. Thats almost like i describe that as 100 in your Checking Account that you can buy for 97. Thats just there. The default rates through many decades of Investment Grade is almost zero. You find that for so Investment Grade Corporate Bonds, Investment Grade floating rate and Investment Grade munis, all those etfs i dont think the discount will last very long. Historically theyve lasted three weeks. I think investors are doing everything faster thats what i was buying yesterday. Would you continue buying now or would you wait longer . I would go now. You see some high yield muni etf discount at over 10 , high yield munis. Municipalities will have economic trouble during this but its crazy, those are a steel. Dagen you mentioned the Federal Reserve adding 500 billion to one month and three month repo operations, also there was this kind of little bit odd 60 billion in Treasury Bill went from shortterm to longer term maturities which look like quantitative easing not much explanation there. The fed meeting is next week, the open Market Committee. Do you expect the central bank to do more then with a better explanation on whats going on . You know, i think theyre really limited in what they can do. The numbers that matter to me are the number of covid19 cases and the amount of testing kits that are out there. Thats the uncertainty now. U. K. Has done more testing than the United States. So i think whatever the fed does or whatever people in dc do, its all about fixing the actual issue which is the healthcare issue, as fast as they can. Now, having said that, i just said the biggest bargains were in the fixed income markets and the fed will be there with liquid at this and so will the pboc. Im not super worried that Financial Institutions will seize up like 10 years ago. Maria youve seen lots of ups and downs in different cycles. Do you see this as an opportunity to also buy equities at these levels. Are there opportunities that are so stunning to you within equities . Its hard to know because of confidence whats the right valuation to buy any stock. I mean, there are stocks out there two times earnings. So i find that personally a little bit more difficult. Maria what etfs are people usually going toward with rates like this, where they are, with the market that has taken such a hit . Which etfs do you think will see the big flow in interest . Thats a great question. I think that because netnet theres a lot of sellers out there, thats creating the opportunity. Right now were sort of seeing not a lot of activity. We have operations in asia, europe and the u. S. And the flows are actually i would call a little bit subnormal right now. I think theres a lot of pentup selling. Maria any thoughts before you go on china. I know you have a small operation there. Yeah. Theyre ahead of the curve and theyre coming back to work. Our china office reopened this week, unlike our u. S. Office which closed. So china market has outperformed the u. S. By 20 in the last month. So theyre ahead of this. Its a different movie. Maria we will leave it there. Good to have you on the program. Please come back soon. Thank you. Coming up, protecting your down time, one Insurance Company making sure clients get their vacation money back. Yeah. Amid the coronavirus. Next. Then bridging the political divide, one pastor uses faith to bring republicans and democrats together. Were back after this break. Stay with us. Its surprising how the bigger a city gets. The smaller it starts to feel. Which makes it even more surprising, how big it feels in here. With sliding rear seats. And more available second row legroom than say. A chevy suburban. This is the completely reimagined 2020 ford escape. Maria welcome back. The travel industry feeling the effects of coronavirus, Insurance Companies now helping wouldbe clients weed through fact and fiction when it comes to taking a vacation at this time. Joining us now is director of marketing and communications, danielle derazo. Tell us what travel insurance covers and what we should be thinking about now if we were to take a trip. So travel insurance typically covers those cancellations when you have to cancel your trip, you can get your money back for your nonrefundable prepaid deposits. The other thing it covers that a lot of people dont realize is those post departure things like your baggage gets delayed or lost or you have a medical emergency or need to be transported back. Those are the types of things it covers. Maria how difficult has this been for Alliance Partners and are there sectors that are seeing more pressure than others. Certainly, it has been difficult for us. Our call volume in the call center is up 50 right now. Were fielding a lot of calls from customers who have a lot of uncertainty about whether they should take their trip. Spring break is upon us. Were getting calls from nervous families asking whether they should take their trip to orlando or los angeles or wherever it may b were talking to those folks and assuring them that they do have travel Insurance Coverage, should the kids get sick or grandma break her hip and the trip has to be canceled. Were getting a lot of calls from people who are inquiring about travel insurance and the coronavirus so were very busy right now. Good morning, its mitch roschelle. In terms of claims processing as the volume of claims could go up, are you doing anything to bolster that because people who have losses, if you will, are going to want to get those claims paid as quick as possible because theres a lot of pain in the system right now. Sure. And thats a great point. And we are receiving higher claim volume than normal and we are trying to get through those claims as quickly as possible. What were trying to do is encourage people to read their policies so that they understand what is covered and what is not covered, also give us a call if they have questions and also to file their claim online. From our website, you can do it from our mobile app. So we are reaching out to our customers, asking them, one, to be patient but also use the tools we provided to get those claims paid. Im going on my honeymoon to costa rica in 58 days. Dagen no youre not. No, youre not. Can i retroactively get some of this travel insurance . Well, congratulations on your upcoming wedding. Thank you. And my son is a College Student and he is headed to puerto rico next week for spring break. I feel some of what youre going through. It is too late to buy travel insurance for the coronavirus. The best thing you want to do always is to buy travel insurance when you book your trip. That gives you the longest period of protection and makes sure that youre covered for those events that may be unforeseen at the time. But i will say when you leave the country you should have travel insurance. If you end up in the hospital, god forbid, in costa rica, we will pay your medical bills, well help manage your care, our doctors will talk tour doctors, well bring you back on an air ambulance if youre that sick or injured. When you leave the country, you want to make sure you have travel insurance. Maria is cabot going to have to take a test to get back into america. If you go to costa rica will you have to get tested and perhaps self quarantine when you want to come back. Id be willing to do that. A coworker came back from south korea, she said she didnt go through a single test to get back in the country. Maria oh, that makes me feel good. We should have screenings going on people coming from countries that are dealing with this. Dagen i think as a precautionary measure, i was joking and congratulations on the upcoming wedding that people do need to decide instead of going overseas, maybe ill take a trip within the United States so you dont run the risk of being quarantined in a foreign country if youre running a fever, if you will. Maria isnt that right, daniel . Yes, its really true. What were seeing with a lot of our customers is theyre taking advantage of very generous change fee waivers, by the airlines and by the cruise lines now, and theyre pushing their trips out. So you can take advantage of those waivers and take your trip six months from now, a year from now, and were happy to push our travel Insurance Coverage to meet those new trips. Were seeing a Movement Toward domestic troops youre talking about. My other child is in california on spring break. I think thats a great place to be. Maria good to have you this morning. Thanks very much. Just got an email from a trader, says to me, quote, europe is ripping. We are seeing big gains throughout europe. Italy right now is up 15 . The others weve been showing you this morning, were talking about gains between 5, 6, 7 . Youve got the cac in paris up 7 and the dax index in germany up 6 . And italy as my trader sources saying ripping up 15 after this huge drumming that weve seen this week. When we come back, faith bridging the political divide, one pastor hoping to bring republicans and democrats together. Back in a minute. Theres a company thats talked to even more real people than me jd power. 448,134 to be exact. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. 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 mine super soft . With the sleep number 360 smart bed, you can both adjust your comfort with your sleep number setting. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. And snoring . No problem. And done. So, ill wake up ready for anything . Oh, weve got your back. So, you can really promise better sleep . Not promise. Prove. And now, save up to 600 on select sleep number 360 smart beds. Plus, free premium delivery setup when you add a base. Ends march 15th maria welcome back. The lease t politically prejudice place in america, that is the label the atlantic is bestowing upon watertown new york. There is no greater example than a monday morning breakfast group. Jackie deangeles with the story now. Jackie. Reporter reverend fred gary has a secret ingredient to keep things civil between neighbors of different political persuasion. Its salty eggs and conversation. What is conducting a breakfast like this mean to you . Oh, energy, strength, i mean, this is where i get more out than i put in. Reporter we learned a lot about refe reverend gary, in an article called the least politically prejudice place in america. People talk more with food. Gary started bonding with his parish decades ago. The breakfasts have continued even without pastor gary who has made his way south to new jersey where he says his new neighbors and their political differences are largely the same. Thats how we affect change and that will impact civility. Reporter gary says those people as with most others seem to get along better when theyre breaking bread. Are you a nice person when youre 00 hungry. Reporter his mens breakfast is early enough for everyone to get to work and is an instant hit no matter where he goes. What we try to focus on is just be honest. When you get together week after week or month after month, you learn you cant say im not going to sit next to you. You have to learn how to sit together. Jonathan, good to see you . One of the folks sitting shoulder to shoulder at the latest breakfast, the towns mayor. The common grown is where we live, who our neighbors are. Reporter the point of coming together is to set an example for the next generation. Were bickering, how are we going to lead our kids in the future. Theres a lot of virtual out there, virtual friends, virtual communities, virtual conversations. It will never replace an honest conversation with two people. Reporter jackie deangeles, fox business. Maria still ahead, markets are pointing higher this morning. Weve got the dow industrials up, as you can see, 1,110 points, the nasdaq up 407, the s p up 126 points. I like that piece. That was good. Dagen you know what, its country folks, country folks in the north, country folks in the south, coming together for salty eggs and good conversation. Maria keep an eye on stocks all morning, next hour, right here, mornings with maria. Stay with us. 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 while our competition continues to talk. Out doing it right no is plan asures. And plan b. You need equipment thats up to the challenge. All day. All conditions. All year round. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. Stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck, or severe stomach pain. Serious side effects may include pancreatitis. Taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. Side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. I have it within me to lower my a1c. Ask your doctor about trulicity. narrator he loves monday through friday but lives for the weekend. Hes put some miles on his truck, and now its time for something new, so he came here and saw what other people paid for the same truck he wants. Now he can recognize a great price. It was so easy, chet was in and out and got right on back to the life he loves. True car. Buy smarter. Drive happier. Maria welcome back. Good friday morning. Thanks so much for joining us. Im maria bartiromo. Friday, march 13 top stories just before 8 00 a. M. On the east coast, weve got a market rally under what a firefighters indicating a gain of 1110 points start of trading, that would be 5 and a third percent we are actually now at limit up, remember earlier in the week told you at limitdown . We are limit up right now we could see gains higher than this than theses levels once market opens for trading there are barriers in place because of circuitry breakures, 5 and twothirds higher on nasdaq, the 126 points rally in s p, this, of course, coming after the worse day yesterday since the 1987 crash, yes black monday all over yesterday the dow industrials, plummeted 2352 points, just about 10 on dow industrials, the nasdaq down 9 1 2 750 points lower s p 500 down 9 1 2 , 260 points lower this is the largestpoint loss, in history, for major averages. S p 500 from a record high, in february to a bear market, in just 16 days Federal Reserve big factor yesterday ining rejected 1. 5 trillion dollars into market 20 calm fears as coronavirus pandemic grows 29 states under state of emergency death toll rises to 40. Doctors are still struggling to find enough test kits, one of americas top doctors admitted failure Testing Capacity not testing enough people dont have number we are going to see in coming Weeks Congress a delaying recess to work on a stimulus package may come today pandemic from americas favorite past times staying home sports world coming to halt happiest earth closing dates, Campaign Events canceled dates with no union house audiences, mornings with maria is live right now. . Markets rallying in u. S. As well as in europe, it is green across the board with strong rally mentioned early italy up 15 right noufk italy has taken a serious hit, the cac quarante in paris up 269 points, that is 6 , in paris dax in germany up 6 1 2 , 599 points higher on dax in yisht red across the board, of course, but averages in asia closed off lows of the session worst japan nikkei average down better than 6 china lowering cash that banks need in reserve, as it tried increase lend to go businesses have been damaged by coronavirus pandemic south korea banned sourt selling six months check Interest Rates yield on 10year moving up, up 17 base point a level. 8972 . 972 attached to mortgages we believe will continue to spark refi boon oil prices up after two days of lines to between saudi arabia and refresher goes on oil up 5 1 4 3315. 23i8a Police Officer in Critical Condition shot in the frank ford section of the city this morning, serving a warrant no other details available at this time the investigation is ongoing. Now latest on coronavirus pandemic roach holding secured emergency approval from fda for coronavirus tests could speed up screening process, says tests available in europe can screen more than 4,000 patients a day, ohio maryland michigan closing kind carten through 12 grade in Seattle San Francisco doing the same, disney will close disneyland in california closing walt disney in florida disland paris resort beginning tomorrow until the end of month according to disney affected 113 countries, 46 u. S. States in district columbia feeling impact u. S. Launched airstrikes in iraq after a deadly missile attack, two americans one British Service member killed by rockets from this truck you are looking at outside baghdad americans killed have not been identified yet amazon moving into iconic new york City Building acquiring former lord and taylor for over a billion dollars a pluck of money will pay off a loan to renovate the 5th Avenue Property 4,000 amazon employees will work in that building a beautiful building in new york. Futures limit up ahead of open we could see further gains, higher than where we are right now, that were looking at opening of trading this after wrote a suffered worst day in decades dow plunging more than 2300 points worst carnage since black monday in 1987, President Trump weighed in on market volatility, yesterday. You have to remember the stock market as an kwl much higher than when i got here taken a big hit but all will bounce back bounce back very big the right time. Back with me this morning to break it down Cabot Phillips Dagen Mcdowell much rochelle a huge rally in the markets before this, any way you you look at it yesterday, hurt, in terms of individual investors Institutional Investors 10 in decline. Looks like europe ecb, and germany going to have some fiscals stimulus has the european markets on fire right now, which is what is helping u. S. Markets so the notion of government stepping in Central Banks stepping in trying to do something is well received by market. Good point Angela Merkel holed a press conference last night implied large german fiscal package in making Deutsche Bank for casting Union Package as big as 1 gdp, saying this is going to be announced on monday, so we look forward to that the European Commission today is due to make an announcement on the growth path we watch that as well a lot of governments coming together to come up with Fiscal Solutions here, including our own dagen, the senate are apparently putting off its recess to get something done today. Dagen and one of the reasons, one of the many reasons, that the market sold off the way it did yesterday one, and issue not just stock decline but, again, disruption and losses in fixed income places that people had gone for ballast with yield, going up, selling in longer term treasurys 30year 10year Investment Grade debt following dramatically high yield debt leading the way as well, one issue was the president he gave that speech the night prior didnt go into enough detail for investors like in termination what have he would do to shepard a fiscal stimulus through congress waiting for congress to act with something, at the same time you have as talking about germany finance minister there saying germany will put no limit on credit are program to help Companies Even floating the idea temporary taking equity staking in companies if needed, there is need . For o some short term stimulus ballast out of government fiscal in addition to Monetary Policy intervention we want everything we want all guns ablazing if you will, and we have yet to get it but this is a rally in hopes of that happening here in u. S. And elsewhere. Maria yeah. Go ahead. I think important to look at political implications of this is obviously, no one on Biden Campaign is wanting to see any of this happen but benefit for them i think short term, o potentially long term Biden Campaign saying they go try to place proclaim on President Trump for handling of this, this is going to help keep biden away from trial keep cameras off him as much as possible the Democrat Party clearly wants will draw takens debate sunday night, to see how medicare for all government involvement in health care is talked about a lot of people on democrat side saying government not handling this well failing same people say we need to give government more control of health care i dont think that will stick with a lot of americans concerned by the government handling of this. Any will politicians needs 23450e7 carefully talking head wears makeup for a lacing need to be careful did dont look like cheering a line to not just stock market but because it hurts President Trumps reelection, cheering the economy, falling on its back, cheering people losing their jobs, you have 250eb very, very careful because that is time for all of us to come together to make sure, that there are more tests coming out people are doing the right thing, at home, rather than immediately pivoting to political incubations. All handson deck as relates to pharmaceutical sector and their efforts to come up a vroon and treatments. Dagen in terms of vehements there are promising treatments not vaccine, vaccines year and a half out but remdesivir from gilead sciences, all regeneron is working on i think it is a antibody based treemd a lot look promising could get out quicker than a year. To some estimates some therapeutics by april maybe that is aggressive, but that they are focused on, as soon as possible quick break Sports Industry take a hit coronavirus fears fueling cancellations of major sporting events the roundup. Stress eaters this weeks news cycle may have some eating our moshz we have healthy alternatives to common comfort foods right on set. Stay with us. Theres smart and then theres street smart, like a hybrid with best in class epa estimated range of more than five hundred eighty two miles. And ford copilot 360 technology to help you outsmart some of the things youll encounter on the road. With more available second row leg room than a chevy suburban. This is the completely reimagined, street smart 2020 ford escape. This is the completely reimagined, street smart apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. 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Congress, to come up with a stimulus package nancy pelosi, and company, say that we will likely see something today, senate put off recess to make sure to get to work on this joining us from if Schwab Center Financial Research Vice President trading randy fredlike good to have you thanks for being here . Roo what are you telling clients in face of that sharp move yesterday, and how severe do you expect slowdown to be. We are telling them same thing telling them last few weeks dont panic, dont sell at low, because, if you get out you go into cash no one is coming to tell you when it is time to get back in you are right a sharp downturn the fact global k50r7bd central bank acts issue potentially signs of bipartisanship in washington. A challenge this issue is sparing no one we can give cash to people help them get through this, this time, might not get paid or of concerned about potentially losing job loss of income, but, unfortunately, we cant make them go out spend because going out is exactly with a we are telling them not to do puts us in a very tricky situation. How significant will stimulus be Federal Reserve tried to ease fears bolster bond market he intervening 1. 5 trillion dollars into the market, the move making Short Term Loans available to traders purchase treasury securities waiting on congress to come up with a fiscal plan waiting on european regulators with a fiscal plan set to be 1 gdp we will get that announcement on monday. Is this significant in terms of making a move or moving needle on the economy . Woman he certainly helps, here is the thing we have to focus on those things that we can control what we cant about control is how fast the outbreak happens, we cant necessarily get more testing cant make people go in get tested cant solve certain parts of this issue what we can do is make sure that Financial Markets continue to work properly make sure that people dont lose jobs, who are arent able to pay rent we can do sorts of things essential a situation like that focus on what you can control, and dont worry so much about what you cant control these are types of actions to help improve process unfortunately there are transmittals of this only time are going to solve if we keep people at least where they are at over the course next few weeks maybe a month or two until we get over that issue, then that will help solve the problem focusing on what we can control i think is what is important here. Randy quickly, does market seem oversold right now do you think there is another leg it could go down . Quell difficult to say what we do know is that in times of high volatility clearly we are in i rhyme people that means big moves in both directions, all you have to do is look to last week we had huge up days tuesday and thursday, in between down days on monday wednesday, friday, that is you a classic sign of volatility, big up days big down days encouraging to see going to have a big up move at open today, good thing we dont have Circuit Breakers on ncse to upside only downside in futures markets, potential for a nice bounce i have been saying dont bargain hunt up days yet because until we get a couple of them in a row they are potentially over sold boins as you mentioned when weve big down days like yesterday, you are going to get bouncebacks because there will be barring hunting may not last, it is hard to say no one knows where this is continuing to go on right now volatility is high we can be expecting big up days big down days in midst. Big win, this morning massive lowers several weeks including cruise line operators, oil companies, those are stocks that are rallying big time this morning along with major averages good to see you thanks very much. Thank you. Coming up Coronavirus Impact son Campaign Trial what is at stake for 2020 election virus threat takes a toll on Campaign Events there is Sports Industry taking a hit coronavirus fears fueling cancellations of major sporting events all roundup coming up, stay with us. The allnew silverado hd adds to the legendary capability of the strongest, most advanced silverados ever. With best in class Camera Technology and larger, more functional beds than any competitor. The only truck that can compare to a silverado is another silverado. Truck month is the right time to get behind the wheel of the chevy silverado. Now, get 0 financing for 72 months plus 500 dollars cash allowance on all silverado 1500 crew cab pickups. Find new roads at your local chevy dealer. 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And term of Economic Impact one study from a couple years ago spring training added almost 7 hundred Million Dollars to the state of florida, and supported 7,000 jobs from from hospitality, to restaurants, shopping this is certainly a big hit when you extrapolate that in this area across the country i also want to touch on ncaa for a second a lot of athletes upset upset their seasons have come to abrupt end started a petition has thousands of signatures they say ncaa should have suspended the season at most not canceled altogether. Graded degraded coming up Coronavirus Impacting Campaign Trial at stake for 2020 election virus threat takes a toll on Campaign Events, stress eateries this week nos news cycle may have some eating our emotions we have Health Alternatives to common comfort foods right here on set. Stay with us. Youve got it all. All this grass. All this mulch. All these projects to do. You need a tractor that can do it all right. 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Maria welcome back a rebound on away Dow Jones Industrial average to accept more than 1100 points in an hour, dow up 5 and a third percent nasdaq up 407 points s p 500 up 126 points, lots of governments coming together with coordinated fiscal packages we are waiting on a breaking news story out of europe monday, which Angela Merkel discussed at press conference late last night she talked about a european stimulus package could be as big as 1 of gdp, of europe that is expected to be announced monday we will have details for you then, we are also watching closely if we see a fiscal spending, plan, in the u. S. , and what we are going to see there we just got import and export numbers out hitting the tape lauren simonetti. This is a february number we are not importing inflation maria nonetheless import prices fell 5 10 of 1 versus estimate would have been a super drop of 8 10 of 1 this was flat in january, for export prices, surprisingly low, 1. 1 they fell 1. 1 that was worse than expected, expected to fall. 4 fell 1. 1 the march numbers oil gas coming down drastically. No the change on the heels of february import export numbers dow industrials up 1110 points expecting pretty good rally across the board on heels of the worst day since 1987 crash yesterday, check with Jackie Deangelis on the floor of the New York Stock Exchange right now jackie good morning to you good morning to you traders less concerned with those numbers than broader story everybody telling me after the worst drop since 1987 how much lower could this market go, you still have people saying i want to get in pick up a you bargain here and there what you are going to see the other thing that we have been talking about this week is when will this peak floods of bad news some point will peak things start to get better we have seen in other countries the expectation is it will happen here as well, so some negative reaction yesterday, you know, was after president made address after travel ban in place it seems like all the pieces are coming together the best way possible to try to contain the coronavirus a lot of it still is based on fear, about there are stocks that issue doing pretty well this morning, that are related to the virus in some way, oracle broadcom reported earnings trading higher the gap able to beat despite the fact hard time with sales in china related to virus a positive sign oracle despite tough Time Technology had said the Company Reported sales growth that was slightly less than 2 highest increase in nearly two years you are going to find bright spots in a little optimism remember friday going into weekend everyone will take a pause. So watch this session very closely back to you. Maria also all of stimulus Interest Rates low levels, that Central Banks are coming up with other ideas bank of japan buying stocks dont want to cut rates further, china cut reserve requirements again sweden said they will lend up to 50 billion dollars for bank rates where they are dagen hard to do, any more rate cutting at this point might go negative. Dagen refy activity in this country will be double what expectations were well north of a trillion dollars, then you had refi activity recent week was at roughly 11year high mike from from Cornerstone Macro tweeting yesterday recession like refi activity without a recession, if President Trump can pride must have stimulus to admit dpait broadbased jobs losses we havent seen that yet to mitigate that can save the market the economy, probably his job. Your move. We will being watching that president sting legislation to make telling communications secure. Legislation bars Telecom Companies from using government subsidies to purchase equipment from huawei or any National Security threat. To offset cost removing replacing the band equipment bipartisan sport Police Officer shot this morning died philadelphia p. D. Said frank ford section of that city first couple killed in line of duty in philadelphia in five years investigation this morning ongoing into that shooting. Well, pressure from activist fund Elliott Management going to spend up to 4. 8 billion to buy back its stock after that stock tumbled 20 this year, profits softbank tanked following bad investments 100billiondollar vision fund. Finally president u. S. Soccer federation resigned faced severe backlash in gender discrimination lawsuit they claimed he suggested Mens National team had more responsibility in higher level of skill than womens team this is in the court documents, he is being replaced by a woman. Cindy, first woman president in federations 107year history maria. Maria all right. Thank you so much, lawmakers in d. C. Senate Majority Leader Mitch Mcconnell announcing senate will through recess supposed to be this next week but they will delay that, amidcoronavirus outbreak as nancy pelosi said she and trump administration, are close to a a detail on legislation aimed at helping americans battling illness joining us Washington Examiner editorial director, hugo good to see you. Thanks so much for joining us. Nice to see you. It it wasnt easy getting something done not go to recessi heard a sound bite nancy pelosi saying i am not sticking around if fighting over language. Do you think we get something done today. I do even though they say they dont want to sting around they know they cant leave washington without a fix, i think there will be, there is obviously, shenanigans go on in kinds of things, there was a report, that that nancy pelosi was trying to slip in, language when would have allowed to some money on health care to be federal funding for abortions, the republicans were aghast at that sort of thing delayed things cynical if that is true, i think there will be a package goes to the senate from the house. Maria i think one of the really important things for us to look at what detail details are this isnt like any other downturn that weve had not like 2008 when with Financial Institutions were crushed under bad investments the thing causing that uncertainty about spread of the virus, i hope that what we will see in the package is support for efforts they have a actually slow spread of the virus for example, you want to reward companies which allow their workers to go and work from home, and dont lay them off that kind of thing so you have to have the broad stimulus we are going to get that what i hope we see, is also specific stuff that slows the spread of the virus encourages businesses to do things which do that otherwise, we are going to have lingering not getting through, not getting to that peak, was being talked about, soon. Campus reform swifg to upcoming debate this week what do you expect Bernie Sanders strategy. Last ditch effort to take out biden do you think beyond that . Frankly i think that bernie has no path now, and there have been little signals that he doesnt wanting to to the scorched he earth extraordinary how lucky biden has been he was obviously, won super tuesday before that endorsements i feel Democratic Party has come together basically carrying this candidate he is still a terrible candidate he always was i think were going to see stumbling we have always seen the format of the debate moving from where a big crowd in a big crowds are what Bernie Sanders likes to play to. They kind of made biden stumble bumble more the format moving in bidens direction, i dont think Bernie Sanders is now going to just go skorched eatery. Dagen Dagen Mcdowell to people on left Democratic Party need to be careful as they try to hammer President Trump, and his handling of this viral outbreak do they look like that they are tap dancing on the death of the American Economy . And basically cheering a decline in peoples livelihoods . There is a very, very fine line there. There is a very fine line dagen i think irright, to point at it repeatedly the democrats do run a big risk if seen to want to economy to decline, if they are seen to want kind of damage to President Trump which is also damage to everybody else in this country, then they would pay a price. Biden has been pointing in his rollout of Coronavirus Response yesterday, to areas where president is pretty vulnerable. He was the president was criticized for not being as transparent and not being as up front about dangers of coronavirus as he should have been criticism not enough testing where biden aimed. But the truth is that the positive measures biden was proposing are no different really than the ones that administration is now working out. So i dont think that the the Democratic Candidates have anything new to offer on this but they are going to use this politically. Maria use it politically as administration is coming out with new plans, the president just tweeted, a minute ago on tax cut what president wrote if you want to get money into the hands of people quickly efficiently let them have full money they have eastern seaboard approve payroll tax cut until end of the year december he 31 then do something medieval only that will make a big difference writes president weve got payroll tax cut as well as paying for sick leave, et cetera, Different Things out of white house, do you think that is going to help this economy where we are pretty much expecting now a recession later in the year . We could very well be in that receasing right now. I do think that big stimulus package is necessary, the payroll tax cut holiday whatever you call it until end of the year is going to cost about 9 hip billion dolla00 eno money in m pockets i think important to remember that if the coronavirus spreads and, you know, sufficiently quickly but over powers the American Health care system that is going to be a much there is going to be got to be short Term Economic pain and stimulus package that is to a mealiorate shorts termpaper longterm gain. Eu says the eu is going to propose eu guidelines for screening at borders, he is saying eu can withstand shock of coronavirus needs pooeb determined united expecting big fall of plan on monday out of eu going to help we need a global package. Dagen issue with payroll tax cut if you did full suspension 4 gdp a huge amount of money. And also, doesnt help people who would potentially get laid off we havent had mass layoffs probably unemployment benefit. Unemployment benefits probably to Jon Hilsenrath point to bolster state unemployment findz that could find themselves not having enough funds to pay unemployment claims if protracted. Eu says serious disturbance to Italian Economy will authorize wideranging state aid measures, up 15 european indices rallying impact political story hugo the democratic debate sunday you mentioned a minute ago biden versus sanders this debate on sunday is going to look different without a Live Audience who will this help tell us about this debate what you are expecting. Yeah, look, i think that the biden, is beneficiary of new format bs bts better in front ven big crowd has kind of adoring following, are it stimulates enlivens him fluent repetitive much more fluent than joe biden is joe biden i think will benefit from being in a studio, in washington, much more familiar territory, but he does not speak well offthecuff this will help him a lot i think both will go after President Trump, suggesting incompetence in response joe biden will talk about fact in politics a long time, sometimes, that is a real draw back to say he is the old guy, you know been there forever really just not al plausible president ial candidate but talking about experience, in these circumstances, where there is a pandemic an emergency is going to help him. We leave it there hugo great to get your insight as always Stuart Varney preparing. A multiple stimulus plans we hear are going to come down the pike for us in america we may hear a lot more about that with treasury secretary mnuchin going to be in front of a gaggle of reporters he shortly after 9 00 this morning maybe before the market opens sure to Say Something about this. That could move the markets, we will be reporting on that full tilt. Social distancing obviously, upon us if you feel force new york very, very quiet eerie feeling clearly slowing the economy, obvious question we are going to ask is thousand long does this last weve got something of an answer from dr. Fauci this morning on fox he said maybe four to five weeks, if we do more rather than less. So that is what we are covering stimulus plans Market Reaction how long does it last. Good stuff see you top of the hour thanks so much first, quick break wall street wild week investors are keeping eyes on as futures stage a comeback rally up 1110 points dow industrials after yesterdays historic selloff. Clearing plate of comfort food kriebl may have some of you heading to the kitchen a special update. Tennis Channel Court report fox business, sports world has been reacting all week to coronavirus outbreak, around the world, and tennis has been no exception. All began with new sunday night that indian wells biggest tournament four marriages canceled by wednesday miami open was shown fears grew over threat of virus costing local economies in florida and california over 7 hundred Million Dollars. Just a day later atp postponed tour for six weeks until the least april 27 wta pulled plug on a big event next month volvo car open in charleston keep watching tennis channel for latest news from around the world we dont have line tennis will bring the best action from this and past years you can get your tennis. 13 narrator this is chet. He loves monday through friday but lives for the weekend. 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Making sure that you dont have a lot of processed foods, that 75 american diet does not help health at all what you want to do is go for healthy fats, healthy complex carbs, we have chocolate chabbingholics can eat chocolate, 70 cocoa the ingredient, that is going to help to relieve stress upon of antioxidants chabbing lott bar 190 carols not most important. So you want it in there, what else. You want to go for complex carbs over refined carbs, if you look your oats, you are in good shape when it comes to dessert do not call ben jerry not help when stressing out go the chocolate strawberries great one cup of strawberries vitamin cyou need in a day you are going to need from Something Like about strawberries dark chocolate the double hit of health boosting benefits go for salmon omega fatty acids. They are going to really help you to again bolster immune system relieve stress, and feeling down, and drained those are all moods you dont want salmon has 2000 milligrams omega3 fatty acids double what american he Heart Association wants you to get in a day. We are told not to drink soda. That is a big problem added sugar normal can of soda has 3 grams no nutritional value, sparkling water zero calories saving 140 calories dont have any added sugar in sodas. Thank you for advice, eat this not that. Thank you coronavirus sl striking the world of professional sports trngs nhl announcing suspension, and delaying opening day two weeks following nba decision to suspend play two utah jazz players tested positive for the coronavirus covid19, joining us mark cuban thanks for joining us. Tell me about the nba, and how significant this is, i mean this loss in revenue isgoing to be significant but what you are reaction to all of this . Obviously, not something any expected but we have to put the safety, of our players, our fans, our stakeholders first so i think it was right move, the season not canceled i do think if we can keep players healthy and coronavirus issue starts to get resolved over next month or two, then we have a chance to resume season play into the summer. I mean, at some point you have to expect things come back right you the what happens in interim while you have this suspension underway do players play privately or plans in place . To continue as people look forward to the resumption of the game. I think our number one goal to keep players healthy only way season can resume is if we can keep number of players that get the virus, to a minimum right now only have two get them healthy as possible, keep healthy ones healthy we can row assume playing. We are looking at video of you i think this is the moment you found out when you found out that forever. Look at that face. Did you did you know that they were discussing this tell us the background. No because, about actually we had a meeting before the game with players one of the players asked me what are the chances that the season would be suspended or canceled because similar things happened in europe, and i was like, 5, 10 at most when i found out during our game, i was stunned. And so i i mean literally was tan aback it is we are where we are we will deal with it but it really caught me off guard. What about the knockon effect youve got people who work in the stadiums food courts people selling things, this has such an impact, throughout business how severe do you expect it to be. In our case going to play our parttime hourly employees as if games took place we would have had a game tomorrow, and we will pay them as if that game took place there is a bigger issue this truly does impact hourly workers work by job game in the particular case effects Small Businesses around the arena effects contractors, south by southwest days canceled all contractors small businesspeople, so it really is going to take a national effort, to for all of us to recognize, that if we are an employee maybe we need to work with our employer and recognize, that you know what things arent good for couple months see if i can do something with hours if you are an employer, then you really have to take the hit in a lot of respects not all employers are in my position can afford to pay as if game happened but if ceo of a small or Medium Sized Company i nourm everybody to work with employees, and really recognize that we are in a unique situation hopeful will go away, over next, 4, 6 months we can potentially get back to normal but that is going to take employers employees working together to figure it out we captain just you cant expect anybody else to figure it out for you, and within a company you know exactly what is going on so you have to figure it out, for yourself where possibly. How are you doing personally have you spoken with players tell me how it is affecting you personally i have three kids 10, 13, 16 we have had conversation with them youve gotity careful, friends 2456b lifelong friends happen to have friends from europe looking to go on spring break we are going to the to close in circle of folks we talk to weird for a bit but reality of life right now, you know, but beyond that, having the conversation with kids, we i dont want to say selfquarantine tried to bring it home spend more family time together a whole lot more fun at cuban house holy more board games sitting around the house together. Are you worried so many will gos sickness end talking ourselves into recession some in some cases, everything is closed down. Yeah, i am worried there is no question about it because, this is a black swan event complete uncertainty we dont know how this will play out, we have a decent idea Health Care Officials that are working on this best we can do containing care of ourselves our communities families recognize these are different times, and when you experience something this unique, you really have to rally around your community, because truly is different we cant predict exactly what is going to happen. A shift in priority right now when it comes to business, all handson deck. Yep. We need to come together ensure we get solutions here what with a were you thinking when you saw 2,000 point selloff in dow industrials yesterday you have been a smart investor for as long as i know you, about also probably took a hit that way yesterday too. Yeah, we all took a hit last few days in the market last weeks in the market couple things, like i went back looked to say yesterday when we were at lows, with when last time at levels, only december 2018 not like this has been 18year bull market we lost it in a couple weeks it is only take place back to doesnt help pay bills but some comfort, part two i have a rule that i always follow, if i dont know what to do, do nothing. And this is the definition of i dont know what to do market so i will nibble some but i havent rushed into anything, if it goes lower i will nibble more, but i am certainly not rushing into anything. What kind of nibbles, what do you like out there certainly companies the way sold off like this company not going away. Give mebreak where a couple ideas. Bought live nation everybody presuming concert business will be dead for a while may be but as long as artists make most money from con certificates, i bought twitter advertising might go down at the same time i think people use twitter as resource daily user volume will go up i have old faith netflix and amazon i did not touch. Mark cuban will do it for us to Stuart Varney with Varney Company take it stuart good morning, everyone. This is a friday like no other. Social distancing has arrived in full force and we really have never seen anything like this before. We are coming off the worst day of stocks since crash of 87. Lets start with the markets