Breaking news. U. S. Stock market futures are limit down even as the Federal Reserve slashed rates to stave off recession in the face of a global coronavirus threat. Life in america changing rapidly as governments at every level take drastic and unprecedented steps to try to slow the spread of the pandemic. Major retailers including nike and apple, shutting their doors for weeks. Well talk about the fallout for the u. S. Economy it is monday, march 16, 2020 squawk box begins right now. Good morning im becky quick at cnbc headquarters joe kernen and Andrew Ross Sorkin u. S. Equity futures hitting limit down after dropping 5 that means they cant trade any lower this morning those are the curbs set up by the exchanges. You will continue to watch whats happening with the etfs, however, because they are not held to the same restrictions. Can you see the dow etf is down by 9 . The s p etf down by almost 9 . That gives you a better idea of where the major averages would open if we were open h
Street ceos are heading there this afternoon to discuss solutions in the next hours, as investors await some relief. Kelly . All right, tyler, thank you very much. We are all over this major moment for the markets today meg terrell has all the latest numbers on the coronavirus, which is now being called a pandemic bob pisani is watching another thousandplus point drop for the dow. Rick santelli is out in chicago watching the bond markets. Eamon javers is at the white house where a lack of details on the stimulus plan is adding to this selloff. We begin with bob at the New York Stock Exchange. Robert in the absence of nif positive news out there, the markets keep drifting lower. Heres the dow we had a little mini rally going here, not dramatic, but a mini rally. And around 12 30 right here, we had the word from w. H. O declaring it a pandemic here i think that took a little bit of steam out of the market as you can see, were sitting near the lows for the day. Whats moving . Three things
Santa rosa shutting down monday through april 5th. Contra costa, the latest county to impose restrictions on events, gatherings of 100 or more banned. San francisco and santa clara made the same move recently. More than 2 dozen new coronavirus cases in marin county. Two cases, the total now five. Santa clara has 17 new patients and the most cases in the bay area. At last check at least 919, San Francisco. Adding 5 today bringing the total there to 28. Also today, San Francisco announced no one will have power or water shut off because they cant pay bills during the coronavirus pandemic. The late payments and penalties to muni a or Public Utilities commission waived, that order in effect for two months. As people practice social distancing and stay home because trying to limit the spread of the coronavirus, Small Businesses are feeling the impacts. Today in oakland, the mayor and congressman barbara lee met with Business Leaders to address concerns and talk about whats being done. Nbc b
Maria we want to get a check on Global Markets this morning. A lot of action, rally in europe as well as the u. S. Right now. Take a look at european indices, cac quarante up 72 and dax up 147 points. Euro zone purchasing managing index better than expected. The spread of the coronavirus is expected to cause weakness going forward. Remember, the outlook thats materially changing right now. We continue to see the numbers today pretty strong. In asian overnight markets are mostly higher. Take a look, the weak spot was hong kong. The others fractionally moving although korea was up 2 and a quarter percent. We do have more bad Economic News out of china. The service purchasing manager index slide to go record low overnight. February car sales plummeting 80 year over year. South korea announcing stimulus package to fight coronavirus. People are saying if he has to cut 50 basis points before meeting, what does he know that we dont know. Maybe its a lot worse that we thought, as a result the
Then later a look into how facial recognition technologies are being used identify people come into the u. S. But first the Supreme Court oral argument kelly versus the u. S. With her argument in case 181059. Mr. Roth. Mr. Chief justice, and may it please the court. Once again the government is trying to use the open ended federal fraud statutes to enforce honest government at the state and local levels. Its through this time is that the defense is committed property fraud by reallocating two two traffic lanes from one public road to another without disclosing their real political reason for doing so. This theory terms of the integrity of every official action at every level of government into a potential federal fraud investigation. It in runts mcnally and skilling by subsuming on the Services Fraud within property fraud and by criminalizing ulterior motives even without brides or kickbacks. It would, in fact, a sweeping expansion of federal criminal jurisdiction into a a particuly fr