Points right now down more than 900 following yesterdays huge lerelief rally and that fear bleegd into the bond market. The ten year yield hitting a fresh record low breaking below 0. 9 . Thats a staggering move right now, at 0. 928, but it was lower than that earlier, we now have about 177 cases of coronavirus in the United States as the cdc begins to roll out more testing across the country. Washington state dealing with the largest outbreak so far. Cases doubling in new york well tell you how bad things could get as power lunch begins right now thanks, ty and im kelly evans. Were all over this virus volatility today our Team Coverage of this market sell off rolls on as coronavirus grip wall street once again. Bob pisani is track iing the action at the nyse for us. Rick santelli watching these amazing moves in the bond market meg with the latest on the outbreak and Steve Liesman digging into a potential credit crunch coming for corporate america. Bob, we start with you the debate has
Dominate bonds surging, yields making new record lows today as the tenyear fell below 0. 9 opec backed the biggers cut, dependent on russias approval is thats all to come. Joining us for the first full hour, stover any link. Interesting to me, though. Week to date, only three sectors are in the red week to date the s p is up a couple . Today was basically just within yesterdays range. It is the market finding out to whats notable, though is the cyclical areas of the market getting brutally hit so were essentially pricing in a steeper slowdown today its not really just oh, the big tech stocks that were up what do you do on a day like today . Stay calm. The day to day action is taggers. What the implication is, earnings to the conomy, we cant model out that none of that so im looking at copper, looking at the tenyear. Im going to feel better im kind of quality upping my portfolio. I bought united last week. We talked about 300 to 250, nike 104 down to 85 with a 5. 1 dividend yield. And i
Security, cybersecurity, Disaster Preparedness and the coronavirus. The committee on Homeland Security will come to order. The committee is meeting today to receive testimony on Administration Budget request for the department of Homeland Security. Without objection, the chair is authorized to declare the committee in recess at any point. Acting secretary wolf is here today on the extraordinary troubling circumstances. Americans are rightfully concerned about this coronavirus, and spread its way across cost group called and claimed the lives of thousands and including at least six years home. Working to the government for leadership and guidance. And fourthly the Trump Administration, has not been equal to the task so far. In the place of this potential pandemic, the president is downplayed as threats, overstated help close scientists are to developing a vaccine, and muzzling experts in his own administration who disagree with him. It is a crisis unfolds, the president has continued to
Redfielddr. Robert testify on the outbreak. It is two hours and 10 minutes. South korea has now tested more than 196,000 people but we are not anywhere close to that. They started conducting drive through testing, but people here in the United States cant even get tested by their own doctors. This is the United States of america. Were supposed to be leading the world, instead were trailing far behind. How did south korea test so many people so quickly but we didnt test a fracture of that number . Why did it take so long . We must do better. Unfortunately these delays have been systemic. Just last week the Trump Administration promised to deliver a million tests by the end of the week but it didnt even come close. On sunday they admitted they delivered only 75,000 tests, thats over 900,000 tests short. And this was their own stated goal to the American People. Now the Trump Administration is saying they have distributed a million tests and they will be distributing four million by the e
[indistinct conversations] the committee wil without objection, the chair is authorized to declare a recess of the committee at any time. I want to inform members that we have a change in schedule. As we explained in the hearing memo, we were planning to do Opening Statements from 9, 30 to 10 00 and testimony and questions from 10 00 to 1 00. Is morning, we were informed that President Trump and Vice President pence have called our witnesses to an emergency meeting at the white house. We dont know the details, just that it is extremely urgent. Now the witnesses have to leave at 11 45. In light of this sudden change, we are going to significantly reduce Opening Statements instead of doing 30 minutes, we will do 10. We will get right to questions. For the witnesses we have your wit and statements. Keep your oral statements as brief as possible. At 11 45 we will recess the hearing and work with the agencies to determine when the witnesses can return. With that i recognize myself for a few