Stocks will surge when this is over. Now look at this. An overnight tweet from the president. Quote, the United States will be powerfully supporting those Industries Like airlines and others that are particularly affected by the chinese virus. Big bucks coming. The president is clearly on board with the rescue plans that deliver trillions of dollars to industries and individuals. Who gets help and how its delivered, thats going to be hotly debated but there is a new sense of urgency to push that money out there. Here are the latest virus developments. Todays primary in ohio has been canceled by order of the governor. Primaries in florida, arizona and illinois will go ahead but the results are likely to be skewed by what may be a low turnout. Mcdonalds will close its dining rooms. Takeout and drivethrough okay, but no eating in. Chickfila, starbucks, they are encouraging takeout. The Kentucky Derby has been postponed. Very tight restrictions around the San Francisco bay area. Residents
Eventually it is scheduled to dock at port of oakland around noontime today. 3500 people on board, some people have tested positive for the corona virus. There was some debate, ali, whether or not the port of oakland was the spot for the ship to dock. It was determine that had where itll come is indeed the port of oakland, not San Francisco. Thats because of the size of the ship and the size of the port of oakland, what it can handle. Oakland mayor raised her hand and said, yes, we rise to the duty. It also has a good proximity to Oakland International airport, which is where some of the passengers on board will depart oakland and Travis Air Force base here in the east bay and its important as we hear the oakland mayor and governor trying to assure oaklanders no one on the ship will come into daily contact with people on the ship. The port of oakland was selected because of the area that the ship can dock there and remain isolated from a lot of people. A good setup area and medical wor
Breakers were triggered first thing this morning across assets. 59 basis points on the 10 year yield. That is about a 10 basis point shop. A tiny bit of money coming out of u. S. Treasuries, maybe a little bit of stabilization. Crude oil down 17 . Did we think we were coming into this this morning . 34. 25 on a new front on a war between russia and saudi arabia on oil prices. The dollar index is weaker by the more than. 8 . The yen is the strongest currency versus the u. S. Dollar, trading at 1. 02. Euro and sterling stronger versus the u. S. Dollar. Some of the worst hit industries in the s p 500 are the Energy Industry and the bank industry. Energy down 16. 5 . No indication of what will happen with the debt outstanding of many of the companies. High yield is selling off as well as investmentgrade. It is across the board. The yen is trading at 102. 53 right now. U. S. 30 yeare, the is now only off 26 basis points, which is the benchmark we should be looking at. Brazil is up 8 , germa
Good monday morning. Welcome to squawk alley. Im Carl Quintanilla with Morgan Brennan and jon fortt at the Stock Exchange it is a historic day of trading. We will begin with the selloff which did include a break with Circuit Breakers richard on the stress test for stocks, mike santoli on the crude awakening in oil prices as the saudis launch a price war. Rick santelli on a bad yield trip for treasuries and Steve Liesman on the fear and the feds response bob pisani, lets begin with you and think about whats important this morning. Whats important is how did the system respond to the immense stress that we had today. This is the first real test of the margin Circuit Breaker system set up back more than 30 years ago and we did have a halt on the s p at 9 33 for 15 minutes. The by all appearances it looked like it went well it reopened understandably some bargain hunters there, a mild lift in the markets so the mechanics seem fine. What was distressing to see what happened to Oil Stocks Pu
About 800 points on the dow. Youre still looking at a loss of greater than 5 a huge story today the crude oil crush as the saudis initiate a price war. We should think about it in terms of the speed and velocity of decline the s p the is down about 17 . We hear about the news with are the russians and saudi arabia. The problem i have is you have a very healthy patient being the market now it appears to be in intensive care we dont seem to have any doctors around to treat them in intense iive care negative rates are present in the uk, first time ever. We are battling here in the United States with the potential for negative rates the missing link in all of this which is what we saw in 2008 was a global coordinated effort. There does not seem to be a globally coordinating effort to address that i think thats what the market is riding against. Liz young, what do you see . Lets start with the globally coordinated effort i think theres been an effort from Central Banks thats been reasonably