Pounce on the remarks an hour after he made them seems like a little bit of a leap here. It mixed into the selling sauce. The markets dont need to hear much to sell or trigger something. If they dont know what is happening on the fed front and certainly dont know what is happening on the virus front. As i often say they sell first ask questions later. Well see. Jackie deangelis on the new york stock exchange. With the dow down 265 points. An update. Jackie . Reporter were off session lows. It was interesting around 11 30 the market dropped the first 100 points. People were scratching their heads, asking if there were any headlines crossing the tape, what was causing this and there wasnt a clear explanation. When the second 100 point drop came, one gentleman said there were rumors floating around, chatter, that the markets were too complacent when it came to the coronavirus. There were concerns china is not forthright with all the information. Maybe the numbers are not accurate. Maybe this could be worse than expected . Sort of fear building on that, it is spreading to other countries maybe more quickly than previously thought. The drops like this, you see market impacts here, when a rumor like that starts to circulate and algorithm starts to kick in, that is when the selling starts and that could explain what is happening here. There was commentary about the comments about the fed earlier. Those came out earlier in the morning. It wouldnt explain a specific drop like this. All of sudden we saw a shift. The yield in the 10year start to fall. Money flowing into treasurys. That is why the yield dropped. The money is going into gold. A 12dollar spike last time i checked. 1624 is where gold prices are trading. The stocks hit hardest are Technology Stocks which are coming back to the coronavirus. Remember the supply chains are located in china. We have news earlier this week about apple, look, were warning about revenue because our supply chain is based there. That is what you seem to be seeing crossing the market here. The one thing ive always said about the virus, since this news started was that, it was going to cause extreme volatility. Weve seen the kneejerk reactions today. This is another example of thats a the dow trading down 300 points, neil. Neil crazy times, thank you, jack. Good for oil, good for bonds, good for gold, good for silver. Lets get the read on that from phil flynn at cme . Tell you what, oil prices this morning looks like they had shaken off the coronavirus. Forget about the virus. Talk about inventory inventories. U. S. Oil join tories came in lower than expected. Refinery runs, are strong for gasoline and. Those supplies are tighter than you think. If you look at oil, neil, we were going for eight days in a row of higher closes in the brent crude contract. Wti has been keeping pace as well. If you look at the markets it has been a story of the come back right now. A lot of concern that maybe the price of oil had priced in too much demand destruction from the coronavirus. Things maybe werent that bad. So the market started to price that in. They tarted to focus on things like libya where their oil exports had been shut down to basically zero because of concerns. Theyre looking at the fact that rosneft got hit with sanctions by the United States which could tighten supplies even more. They were looking very optimistic on this run. Then coronavirus headlines started to talk. People started to get worried about the virus, the selling started to kick back in. We started to see the risk off situation, safe haven buying in the treasurys. We saw safe haven buying in gold and oil not so much. Oil pulled back off those highs. Oil is still higher on the day, neil. Gasoline prices are also still higher on the day but if those virus concerns come back and they think this is going to spread, they might start penciling in the potential for more demand destruction Going Forward. They were shaking that off, saying hey, it would not be that bad. Now theyre pricing in a possibility might get worse. Neil you and i talk about this so much, my friend, but think about it, the movements up and down based on the latest news we had on the china trade talks. Now on the china virus situation. If that is not a reminder how much influence and weight this region of the world places on all the worlds markets i think weve settled that . I think youre absolutely right. You know, especially when it comes to energy. Because despite the fact that the u. S. Is the biggest producer in the world, one of the biggest consumers, the growth factor has been in china. When they shut down all the factories neil, theyre not running a lot of oil. It was interesting, early in the week, we kept hearing how bad demand would be in china, the chinese refiners, when prices got low started to buy. If you look at actual futures market, even though pricing in bad demand destruction, if you go out a few months, theyre pricing this that demand will come back, maybe very strong in the second half of the year. Lets hope the back end of the traders are right, because if they are, that means there is life beyond the coronavirus and there will be a Strong Economy when this thing finally gets past us. Neil which might be the reason why the fed vicechair was saying if youre expecting a rate cut, not sew fast . Right, exactly. He may be right. Ill tell you what, opec, russia and opec, theyre reluctant to cut production as well because theyre saying, well, wait a second, we might overreact and do too much lets wait to see how this thing plays out. It might not be as bad. Neil nice job. Thank you very much, phil flynn on the floor of the cme. To put it in perspective, a 300 point hit on the dow is nothing to sneeze at. Keep in mind it is about 1 . Keep in mind people dont need. Of an excuse when they get a little anxious to sell here, they have had some heady gains for nasdaq going into today, up 9 1 2 on the year. S p up 5 . The dow close to 3 . To say nothing of all of those averages doubledigit advances last year. So sometimes with very little reason or trigger, they get triggered. This is one of those moments where they, again, sell first, ask questions later. Well see. Meanwhile there is the roger stone sentencing to look at too. That too could be a marketmoving development especially with the president already weighed in the fact of original talk ever sentencing up to nine years for essentially lying to congress was a bit severe. You know what cascaded the day after that. Right now the judge in the case, judge Amy Bermanjackson is weighing in and will be handing down that sentence. Edward lawrence at the United StatesDistrict Court with the very latest. Where do we stand, edward . Reporter yeah. The judge is right now going through those counts, sort of admonishing roger stone with this. Here we are two hours into the sentencing hearing. It was only expected to last an hour but roger stone on the way in, sort of hopeful coming into this morning. We do have video of him coming into the courthouse but his defense team tried to basically say he really wasnt making any serious threats. The judge reading some of the Text Messages though allowed, including expletives. It was more than just playful banter on misleading congress. The judge said, mr. Stone, you lied. Adding this prosecution all started according to the judge, it arose because roger stone characteristically inserted himself smack in the middle of the most incendiary issues of the day. Looks like edging towards stronger end of a sentence for roger stone. Came out said in the face of the gag order when stone, sort of ignored the gag order on social media, the judge said this, this is intolerable to the administration of justice and the court should not sit idly by, shrug its shoulders, that is roger being roger. The defense said he is a family man, expected to be a greatgrandfather, does charitable work. It seems the judge will come down on the harsher side, when the sentence comes down. It is imminent as the judge is speaking inside of the courtroom. She said to the prosecution and the defense inside, the original sentencing guidelines seemed reasonable. That was seven to nine years. So she does seem like she is going for enhancements related to all of these counts. We will again have this sentence in minutes from now. Back to you. Neil she is not taking up the issue of tamika hart, the jury foreperson who clearly had a gripe with the administration, donald trump, and roger stone, said a lot of things people were told not aware of at the time. There was a push to even throw out the case as a result. No talk of that, right . Reporter no talk of that. She already said she will delay the execution of this sentence until that hearing can take place. The department of justice has until tuesday to file a brief related to that. So that hearing will take place. We will know the sentence and seems coming down on the harsher side. Well wait and see. Let me check. We have producers inside. Bill mears is inside of the courtroom waiting for that. As soon as we get it well relay it to you. Neil thank you very much. The dow down about 315 points. This necessarily would not be a market moving event. There had been talk the sentence meted out today, might move to pardon roger stone. That could whipsaw the markets. Never know. A lot of pundits and rest, say nothing of mr. Stone whose future is up in the air. Well have the latest on that. Of course ken feinberg is here. You remember he was brains behind settlements of victims of 9 11 to the Gulf Oil Disaster around many, many, in between. Boeing hired him to sort of settle out where their funds will be apportioned to victims, causes, communities affected by two of those boeing plane crashes. He is here and only here, after this. Lets get down to business. The business of hard work. Hustle. And high fives. Modernized comfort inns and suites have been refreshed because our business is you. Get the lowest price guaranteed on all Choice Hotels when you book direct at choicehotels. Com. Mainly because of where we are as a nation, and the value of the dollar and how the value continues to drop. I feel like that gold and silver, its a tangible inheritance, whereas your dollar, its just paper. You need a whole basketful of different ways of preserving wealth. So, i went back on the gold standard. If youve bought gold in the past or would like to learn more about why physical gold should be an important part of your portfolio, pick up the phone and call to receive the complete guide to buying gold, which will provide you important, neverseenbefore facts you should know about making gold, silver and platinum purchases. With nearly two decades in business, over 1 billion in transactions, and more than a half a million clients worldwide, u. S. Money reserve is one of the most dependable gold distributors in america. One that saves you money by letting you design your own data giving you more choice and control compared to other top wireless carriers. Now you can choose unlimited, shared data, or mix lines of each and switch any line, anytime. No one else lets you do that. Design your own data with xfinity mobile. Its wireless reimagined. Simple. Easy. Awesome. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Neil all right. Timing is everything on a day the dow is down 246 points. A lot having to do with the coronavirus and the fed, whether it is going to cut rates later in the year. Growing doubts that it would. Roger stone sentencing set for today. A bit of a washington drama because the judge involved here, Amy Bermanjackson said the original recommended sentencing, the original recommended sentencing from prosecutors who were looking at seven to nine years, for his, among other things, lying to congress, and much more, seemed appropriate and acceptable range. This is the same sentence much guidelines ultimately got the Justice Department involved, intervened up to the bill barr level, some say all the way up to the president of the United States. It became a bigger event than normally would be the case. Growing talk as well, if this does not go roger stones way the president might intervene and pardon him today. No way of knowing. This guy knows all the stuff backwards and forwards, possibilities, judge senior judicial analyst judge andrew napolitano. What do you think, judge . Well this case is really a mess and the judge is making a number of mistakes. She has before her a very serious challenge to the integrity of the conviction, namely one of jurors, the foreperson, herself a lawyer, had prejudged the case and revealed her antipathy to donald trump, to donald Trump Supporters and to stone specifically in private tweets to friends, not in any platform where the government without hacking could have found out what she said. She didnt reveal this until after the conviction. In fact she revealed it within the minutes of the resignation of the four prosecutors. So the Supreme Court has said in criminal cases in america, state and federal, the defendant is entitled to a jury of 12 people who are quote, indifferent as to thecome. This woman was not indifferent as to the outcome. So stone is clearly entitled to a new trial and clearly entitled to this kind of analysis by the judge before she sentences him. But perhaps outrage that the president s intervention, perhaps perceiving the president s intervention as an attempt to intimidate her, it now appears the judge is going to sentence first and address the integrity of the trial later and sentence on the highend of the recommendation, even though she knows that the department of justice isnt even asking for numbers that high. Neil you know, she has promised a hearing to look into the foreperson comments and all. She seems to be kind of, having hoping, im addressing this, hearing will take testimonydo from the foreperson, questions like, youre a lawyer. We asked you if you had any bias and prejudice you said no. Why didnt you tell us about these tweets . How did you expect us to put you on a jury where you have expressed prejudgment about the defendant and his colleagues . She is going to have to answer questions like that. She will say to the federal prosecutors, the four that resigned in the courtroom, did you guys know about this and not tell us . So the hearing could be quite inflammatory but, neil, the things she said to roger stone, blaming him for causing the controversies that are surrounded all of this almost are tipping her hand that she is not too sanguine about this motion for a new trial and she should be because her job is to assure a fair trial. She can no more have a predetermined outcome in her mind than a juror can. Neil so whatever she does and there are different reports were getting what is going on in the courtroom. Reuters, for example, is reporting that the judge just said it is unnecessary to give President Trumps longtime advisor roger stone seven to nine years in prison. You can read to that it is unnecessary to limit it to that, to go to that, leaving that aside, is it your sentence the president would intervene and just pardon the guy . Yes. If she in my view goes anywhere above what the new recommendation is, which is 36 months, i think the president is going to intervene. He may intervene anyway. Im concluding that from the comments the president has made publicly about roger stone. The most recent of which was to retweet what our colleague Tucker Carlson said last night. The president literally retweeted tuckers monologue on his show last night, calling for the pardon. Neil i get that all the time. Im wondering though, if he were to pardon him, he tends to pardon or do commutations in bunches. Could you see similar treatment to pal manafort or general flynn, what do you think . There is a theory that the commutations and pardons that came down two days ago was to set the table for far more controversial ones. That those would include, stone, manafort and general flynn. I think there is an indication that is what the president s thinking is. Manafort is serving seven to 14 years. General flynn has not yet been sentenced. His case is in abeyance. He asked to withdraw his guilty plea, a request previously been denied but he made it again and stone is within minutes finding out what his sentence is going to be, as david pointed out, our colleague in the courtroom, roger stone will walk out of the courtroom today no matter what she sentences him to. She, the judge has said that because she wouldnt execute the sentence until she resolves this issue whether or not he had a fair trial. Neil very interesting, judge. Were waiting like you are, on that. A lot of different ways to read comments judge is making whether she is leaning very, on a higher sentence, a longer sentence or just, you know, triggering something that could be just the opposite. We just dont know. Were watching that at the courthouse in washington. Also watching the reaction the day after Michael Bloomberg. A lot of people were saying it is a good thing he can raise his own money because he would have a difficult time after the debate performance raising it from anyone else today. After this. Your cash is automatically invested at a great rate. Thats why fidelity leads the industry in value while our competition continues to talk. Talk, talk while our competition continues to talk. Hi with the worldse first invisible trailer. Invisible trailer . And its not the trailer right next to us . This guy . You dont believe me . Hop in. Good lookin pickup, i will say that. Oh wow. Silverado offers an Optional Technology package with up to 15 different views including one enhanced view that makes your trailer appear invisible. Wow. Thats pretty sweet. Thats cool. Oooohh thats awesome. Whered the trailer go . I love it. Its magic. The better question would be where do i not listen to it. While im eating my breakfast. On the edges of cliffs. On a ski lift. Everywhere. Download audible and start listening today. Neil dow down about 300 points. Were keeping on top much it, a lot of it virus related, a lot fed related. Did you see the debate last night . Say the las vegas chips kind of hit the fan for Michael Bloomberg. Are you willing to release all of those women from those nondisclos