Good morning welcome. Im Morgan Brennan live at cnbc headquarters kicking off with historic moves on wall street as the dow moves towards 20,000 the First Time Since february 2017 the dow has now erased all of its gains since President Trumps inauguration back in 2017 this mornings futures it has been volatile, we started higher, turned lower weve gone flat. Right now, the dow is indicated to up 194 points, the nasdaq to open up 143 points it has been a wild ride. Futures spikes on the news of the stimulus from the ecb. Weve been bouncing around ahead of that 9 30 open. Taking a look at the bond market weve seen a lot of volatility there. Treasuries yesterday sold off with significant spike climbing as high as 1. 25 . Now coming off as investors move back to treasuries with a 10year at 1. 177 . Just off threeyear highs. I want to get a check on crude bouncing back in a big way after sinking to its lowest level in 18 years 20. 37 a barrel ice brent 26. 91, an 8 bounce. We are still at these multiyear lows i want to get a check and look at the major moves and major volatilities a lot of talk now about the potential of a dollar shortage you can see 101. 48 there. Jeff is standing by in london. Good morning to you after miss firing last year, chris teen lagarde, the president of the European Central bank has come good extraordinary times call for extraordinary action thats how she defined this 750 million euro purchasing program. Ultimately, they will step into the markets and biuy assets, bot sovereign and others it has helped equity markets european markets are all higher at this hour as they respond to this from the central bank in terms of the credit marks, this is where the focus was. There was a concern we might see a lowing out we saw immediate tightening of significant levels across the european sovereign debt markets. The spread we watch very closely between the french and italian have all contracted the session in asia and show you the asian markets despite some of that positivity early in the asian session. Many of them starting to lose any gains they had all to play for in terms of how we see your session evolving here but right now, there is positive news here in europe and it is helping both credit spreads and the European Equity space. Thank you rahel sol momon is here with th latest President Trump signs relief package known as phase two providing sick leave, testing and sick leave also trying to help industries ramp up production of emergency medical supplies as lawmakers continue to negotiate over the more than 1 trillion phase three relief bill that would include among other things sending checks directly to u. S. Citizens and federal ba bailouts the Federal Reserve creating a backstop General Motors studying whether they can use auto factories to use for ventilators space. They wont be retooling but they will use extra space we have seen a number of factories halt production. Har Harley Davidson is another one joining me now for the first time on the news line, sylvia jablonski. Incredible to think it has been one month since s p 500 made its last record high and to think we are now trading down nearly 30 from those levels. How would you contextualize where we are or are we finally nearing the bottom is it even possible to say caller as you said, it is feeling like unprecedented times where we can go out of a comparison to 2008 things do feel a little different this time. I think we are hitting lows as the news gets worse. The news was also expected to get worse. We are hearing about hotels and restaurants shutting down. Markets on edge. There is a lot of fear a lot or not all of that or near all of that might be priced into the market for now there will be potential consequences on the economy in the short term potentially longer than what we thought. What we thought was missing. Sort of containment in the u. S this morning, we heard hubei reporting no new cases at the epicenter. If we take a step back, the data on the coronavirus is on down trend or stopping. We have to see how the Economic Activity steps up. I think ecb, 850 million stimulus, and 1 trillion globally but i think what we need is stabilization on the coronavirus news to your point, looking at the moves the fed has made, all of this fiscal stimulus and relief that is now making its way through the federal government now. A lot of use of the term bazookas being fired now to quell the pan on wall street and main street we get these new headlines and the selloff even accelerates why do you think some of these stimulus and government measures to help havent been mor positively received by the markets in the meantime . I think what is happening is we are getting positive news about what we are getting from the fed. At the same time, what is going on with the virus. The amount of sick people and the spread and the criticism about the lack of plans and the plan here to contain and what can get worse. If i take a step back and look at the market, i can look at it and say, there are incredible opportunities to buy on the names ive been wanting to get into like what things that wont go away growth in Technology Semiconductors to help the growth in ai, 5g, apple, microsoft. All of these things that operate from the china eco system to the u. S. And over the last decade or really the last year a lot of those names are on sale but you have this volatility it is really hard to look at your account and say, gee, i got in im up 5 today, down 5 tomorrow a lot of investors are starting to look at things like flight to safety, quality names and inverse. A lot of whiplash daily or even hourly. Thank you. When we come back, oil coming off the worst session in history. Our next guest says it could get worse. And london nears a lockdown hours away and former irspit airlines ceo and his take on boeing more after this. Serve the full. T. Rowe price invest with confidence. To challenge your thinking and test your execution. But great minds are driven to seek out the complex. They see what others dont, from an angle others wont take. They learn that embracing those challenges is what sets them apart. I am justin rose, and we are morgan stanley. Welcome back oil prices are bouncing off new levels looking into a weave of stimulus moves against the impact of the coronavirus. Russia signaling it would like to see higher prices but it is stopping short of reaching out to opec and other partners wti trading at 23. 19 ice brent at 26. 74 lets bring in emrita sen, chief oil analyst. Thank you for being wi having me the move lower was particularly stunning more stunning is your call for where brent is headed. Tell us about that caller i think the Biggest Issue we have with brent right now is that we have so much oversove oversupply at the pump not only because of the production but the complete collapse of the use. You are not going to shut in highcost producers. You are saying brent risk testing 10 and you are saying as soon as april thats right. We predict oil demand could collapse simply because of the drastic measures being taken by governments in europe and u. S. To implement social distancing i was going to ask you how sustainable is the Barrels Per Day from saudi but how sustainable is 10 a barrel during this price war caller it is not sustainable for opec or the Global Economy the issue is if you need that highcost producer to shut in, we may have to touch completely unsustainable levels for a long time look at canadian prices right now. They are at 7 you will probably get Market Forces from keeping those levels we are getting towards those levels i know you are talking about the potential for a deep and painful collapse in crude. Tanker rates those ships that are transporting the oil around the world. How supportive can that be and could the federal government moves if they are coming out to buy more crude be. It is a drop in the ocean it will be about 79 Million Barrels. If you think about our oversupply, it is a record of 2 Million Barrels a day. That will not make a difference. Other companies will provide because of the oversupply and because saudis are trying to push more crude into the market. For refiners also eating to producers directly we saw record lows yesterday as well how much pressure could this put, potentially positive pressure on things like gasoline, heating, et cetera gasoline will be the worst affected given social distancing the problem now, yes, it is low prices but demand collapsing as well consumers will only see the benefit once demand picks back up which we dont think will be before the summer. Thank you for joining us today. Still on deck, the New York Stock Exchange shutting down for the first time covid19 hits amazon in the warehouse. Announcer todays big number, 8 thats the average loss of an s p 500 stock yesterday. The index is on pace for its worst month since october 1987 was a softer, more secure diaper closure. As a mom, i knew it had to work. There were babies involved. And they werent saying much. I envisioned what its like for babies to have diapers around them. Thats what we do at 3m, we listen to people, even those who dont have a voice. 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Welcome back amid the joongoing coronavirus outbreak, london is moving towards a total lockdown morgan, i dont know how many days ill be reporting from london weve come down to Buckingham Palace right in the heart of the tourist district it is a very fast moving pace here schools have announced theyve all closed exams canceled the death toll has moved towards 2,600. The government will double down on its testing trying to get 25,000 tests conducted per day emergency legislation coming down including a partial lockdown of london the queen is still in london the Royal Standard is flying above the palace we believe that is temporary the queen is due to go to london and go to Berkshire Castle and sit out the virus there. More on the emergency laws we think will go into the legislation. The option just nodding it through as well. The coronavirus bill to detain and quarantine people, canceling school, court and more potential london lockdown on the cards. Steve, stay safe. The british pound falling to the lowest level since 1985. How much of this is the macro picture around coronavirus and how much is the effect of the uk has been in a specific position giving brexit, its relationship to europe, et cetera in the mist of all of this i have studied the pound since june 2016 when we had that brexit vote. The main level of the pound has been literally glued to the 1. 30 level. This is undoubtably about coronavirus. This is nothing to do with brexit it is all about the coronavirus. That pound demise is all about the rush for dollars the dollar finally becoming safe haven of choice. We are seeing the ftse aggressively hit lower you normally think as the dollar rallies against the pound, the parm su pharmaceuticals and others should be on the rise but they arent weve seen the decline and no demand coming through in the oil prices the likes of bp in this market i had a feeling you would have some insights on this straight ahead, the Airline Industry banking on a bailout. What former spirit ceo thinks of the plan breaking market coverage comes back right after this. Stay with us do you have concerns about mild memory loss related to aging . Prevagen is the number one pharmacistrecommended memory support brand. You can find it in the vitamin aisle in stores everywhere. Prevagen. Healthier brain. Better life. But when allergies and congestion strike, take allegrad. A nondrowsy antihistamine plus a powerful decongestant. So you can always say yes to putting your true colors on display. Say yes to allegrad. Stocks facing more v volatility President Trump signs off on emergency aid to help more americans. And the white house push to give airlines a fiscal lifeline the former ceo of Spirit Airlines is weighing in on the battle it is thursday, march 10, 2020 this is cnbc welcome back. Im Morgan Brennan live at cnbc headquarters kicking off this second half hour with breaking news the dow breaks below 20,000 for the First Time Since february 2017 on pace for its worst week since the financial crisis the dow has erased nearly all of its gains since 2017 it is a volatile session the dow now indicated to open down 58 points a similar story for the s p 500, which is posed to open down three points nasdaq futures are posed to open up about 55 points it has been a wild ride. Futures initially spiked on news of the stimulus from the ecb you can see that charter that opened higher. We are hovering around the flat light. Want to get a check on the treasury market the 10year firmly above 1 . Want to get a check on crude too. Crude is bouncing back in a big way. 20. 37 a barrel in trade on wednesday. It is now up 12. 5 that after the steep selloff putting wti at 22. 88 ice brent at 26. 40 now, up 6 . Lets go worldwide as well more red on the boards in asia a rebound 0en the w on the wa. Going to lone con with geoff talking about that ecb move 750 billion euros. It is a Pandemic Emergency Purchase Program or p. E. T. They will ease collateral standar standards. This is designed to support credit in europe didnt help with the asian market any positive we saw around the ecb action just walked away. Europe is slightly different story. Christine lagarde saying extraordinary times require extraordinary action that did give diggs early on to the european session futures have weakened. We have seen some markets start to lose the gains like the central dax. Telling you what has happened with the sovereigns here in europe very, very quickly we saw a tightening up of the bund the french, italian and spanish yield all came in against the 10year. They are sighing, okay, we finally see a backstop we can buy into there is a positive sentiment here in this hour. Well have to see how investors will digest this risk. Back to you. President trump signing a relief package late last night known as phase two providing paid sick leave, more virus testing. Also the defense production act to help ramp up production of emergency medical supplies as lawmakers and others continue to negotiate over the 1 trillion phase three relief bill that would include sending checks directly to u. S. Citizens and industry bailouts. Eamon has more with us that vote on the phase two bill was 90 to 8 you are starting to see some bipartisan action. Starting with that first bill now being called phase one it looks like we are going to have a lot of phases passed by the house of are especially tiffs and signed into law. 8. 5 billion was the first one last night, we estimate about 105 billion largely in terms of sick leave and unemployment spending there. Phase three is what they are working on right now that is the request from the treasury secretary mnuchin for a large amount of money, up to 1. 3 trillion. Phase four was requested yesterday about 45. 8 billion for Agency Funding according to the white house they are asking for a lot of money to keep the agencies going. Democrats in the senate saying that they want their priorities answered as well Chuck Schumer and Top Democrats have said if there are going to be bailouts, we need to make sure workers and labor come first, that workers are not laid off. You can imagine as it was said, lets not let perfect be the enemy of the good here lets vote on a bill and move forward to help americans right now. You can imagine democrats will see some of what they want here. Eamon, stick with us. There is a lot to digest here. For more on washingtons response to the ongoing coronavirus outbreak, i want to bring in our cnbc contributor. Good morning to you, jimmy i want to get your reaction to all of the different phases in terms of stimulus. How quickly it is moving and whether it is ultimately going to be enough hopefully, it will be moving more quickly than it has so far. We need to move fast there are people losing their jobs and businesses shutting down this is not going to be 2009 where you have the administration proposing a number and then the republicans trying to slightly get under that number. I think the ultimate big number will be well over 1 trillion. It would not surprise me if its 2 trillion. There is a proposal now that would propose 1 trillion in aid to small and medium businesses direct Financial Assistance to keep those businesses running. I think there will be checks sent out there is a growing need that we cant have businesses shut down. If we want a strong recovery on the other side of this that cant happen. You have to have people attached to their businesses. Keeping people on payroll and making sure people can make their expenses given that some companies are already starting to issue layoffs right now. Eamon, it may not be 2009 but there is a lot of relating this to a war, comparing this to world war ii the thing that struck me is that in time of war, at least you see some sort of industrial ramp up in response as well. It seems like we got something of that yesterday with the defense production act break