To not make haste good friday morning welcome to squawk alley. Im Carl Quintanilla with jon fortt. Morgan brennan heads our coverage at headquarters bulls trying to hold the bounce after the worst day for stocks since 1987 the five Big Tech Companies apple, facebook, alphabet, amazon and microsoft lost more than 400 billion in value on thursday the treasury secretary Steven Mnuchin joined us this morning on squawk on the street. Take a listen. The president is looking at a major stimulus package whether its through the payroll tax cut or through another means of delivering liquidity to hardwork americans, weve announced what will be about 200 billion of liquidity through delaying irs payments, so hard working americans who have tax payments due or small or medium sized businesses can delay them i can assure you we will use whatever tools we need to make sure that the industries impacted by this get through this this is a shortterm issue it may be a couple of months but were going to ge
Did we get hammered today . Because investors are finally starting to realize that the coronavirus is a very Destructive Force for economies. Dow plunges 228 points s p plummeted. Nasdaq, 1. 79 . As profit takers came out in forces, especially in big tech, recognizing the chinese economys going to go maybe offline. And going offline cant be good news for the United States the 30year treasury, well, it fell to record lows. That worries me. Yes, thats got to be a dangerous signal and not just a windfall for home buyers, right . All the action seems to el us the bad news out of china is finally translating into bad news almost a total delayed reaction. Should have been a week ago. Because our economy remains deeply intertwined with theirs so many of our companies rely on chinese suppliers for everything from trim, like in clothing, to buttons, essential medications, components, all sorts of technologies were really much more intertwined than people realize. I think were right to be worrie
Decision tomorrow. Ok cutting rates during the sars outbreak. Stimuluspecting fiscal measures out of south korea, not to mention a hong kong budget so lets get a check of the markets with our cross assets reporter. Downading at session lows, 1. 9 . The nikkei two to five bringing yeartodate losses to more than 6 . Beensi 300 stocks have paring some of the losses, but still down. Hong kong done more than 1 . Fluctuation in 0. 25 . Ow up 0. 5 i want to look closer at the technicals when it comes to the nikkei 225. When you are in a deep selloff, when does it end . Can bees moving averages looked at as Technical Levels of support. It already dropped to the 50day and 100day moving averages. Moving average currently holding, bouncing off that level. We will see if we can close above it. If not, it could portend a super selloff. Lets get more Market Reaction in korea. David ingles is in hong kong. What stands out to you . On top of the price declines in the south korean won , for example, we
Committee of the key parts of the company in the United States to try to assess and manage and control risk and help support our overall ethics and compliance programs to make sure we protect huawei and our customers and we continue to do business and manage the cybersecurity risk. Host what is huawei legal and commercial status in the u. S. Right now . Guest is a moving target. National Defense Authorization act and we have rulemaking pursuant to executive order and right now we cant sell to the u. S. Government and cant sell to the u. S. Contractors and there is pressure for our small carrier customers of wireless and wireline customers to rip out huawei gear so there is legislation depending that would provide funds, not adequate or provide sufficient time that would give the money to rip out huawei equipment . Is a difficult situation and although not official u. S. Government has basically blocked the american carriers att verizon from selling our mobile devices. Host why do you t
Week on the communicators. Mr. Purdy, what do you do for huawei as chief Security Officer . Guest my primary role is interval although ive been doing more extra things in the last six to 12 months but my responsibilities have to do with sharing a committee of the key parts of the company in the United States that tries to assess and manage and control risk, help support our overall ethics and Compliance Program so we can make sure we protect huawei, protect our customers and continue to do business and manage cybersecurity privacy risk. Host what is huaweis legal and commercial status in the u. S. Right now . Guest its kind of the moving target. We have National Defense authorization act. We have pending rulemaking pursuant to an executive order. Right now we cant sell to the u. S. Government. We cant sell to use contractors, and theres pressure for our small carrier customers, wireless and wireline customers, to rip out huawei gear. So theres legislation pending that would provide fun