The nasdaq turning negative for the year. Fox Business Team coverage. Edward lawrence live on capitol hill, Deirdre Bolton on the floor of the new york stock exchange, phil flynn is watching action in oil and gold at the cme, but edward, we will kick it off with you. Reporter centers for Disease Control says the American Public needs to be prepared for a possible sustained spread of the coronavirus. Also communities need to brace for possible outbreak. The president has been briefed on all of this. Health and Human Services secretary alex azar testified today he is concerned about the sustained humantohuman transfer that theyre seeing in italy and iran related to this virus going forward. He told senators at an Appropriations Committee hearing that the 2. 5 billion additional they want will be enough to stay aggressive against this virus. Listen. It would be very concerning if this virus spreads say to africa or other areas that have less developed Public Health infrastructure because they wont be able to take steps towards mitigation and containment we can take here in the United States. Reporter extra money in the United States would be used to expand surveillance systems, port and state local response, research and development of vaccine, stockpile medicine and protective equipment. Azar heard it from both sides of the aisle this might not be enough money. Listen. This is doing our job for the American People. I dont know, i know that request you made, supplemental 1. 25 billion and some others but money should not be an object. This is not the time to shortchange the American People on anything or say omb has done this and that, whoever it is, whatever the administration is, democrat or republican, this is the time to step up. I think you know this probably better than i do. The Administration Must increase its emergency budget request to at least 3. 1 billion with no cuts, no cuts for ebola funding which is still raging in africa. 3. 1 billion is the amount our Public Health organizations say is necessary. Reporter the secretary seemed a little stunned by getting it from both sides wanting more money. In terms of a vaccine were about a month away from a trial. It will take three months according to nih, the head ever the nih to see if the trial works. After that it goes to phase two. That is another six to eight months. Bottom line were year, yearandahalf away for a vaccine from the coronavirus. Back to you. Jo edward, thank you. Stocks plunging for second day in a row. Go to Deirdre Bolton. I want to put this in perspective for viewers. We had seen a 17 runup in stocks before we saw a pullback. A lot of smart traders were saying part of this is the coronavirus and obviously in the news this afternoon, but traders are itchy to take profits here and take a breather. What are you hearing, deirdre . Reporter it is worth putting moves in context. It is hard between yesterday and today when we lose almost 2,000 points on the dow. Were in a 11year bull market. So there are programs trades that kick in at certain levels. There are a lot of stocks. We know especially among the very highflying tech stocks which many analysts have been telling us are priced for perfection. So the fact that this coronavirus we dont know exactly how it is spreading. The fears as we saw yesterday are starting to kick off particularly in italy, when it was spreading to so many other regions and so many parts of that country were shutting down. Bigger events. Carnival comes to mind in venice, Northern Region of lombardi. Unknown factor how much this virus is going to affect the global economy. No one has the answer to that right now. That is why you are seeing investors react in this way and if you look at the sectors that pressure the markets the most, exactly that fear, that question that is showing up. Materials, energy, industrials. These are always ones that investors bet on when they are betting on Global Economic expansion. These are the biggest weights, if you like today. Take a look at the dow, since were talking about the fact the average fallen close to 2,000 points in two days. Give you the a quick list, melissa, ones responsible for half of the decline today. I would be remiss, we started up 180 points. Obviously can see where we finish. Boeing, united health, apple, american express, goldman sachs, those are, if you add those together responsible for half of the dows declines today. I want to give you one other indication i know youve been monitoring any way about the fear that is in the market today and that is the treasury. If you look look at the 10year treasury yields looking at record low record low is. 37 , neverbeforeseen 1. 37 . Many people in their own accounts not selling today. Melissa, back to you. Melissa it is another thing to be cautious about your health and another thing to be stupid and panic about your money. Everybody take a breath. Connell . Connell gary kaltbaum, kaltbaum Capital Management president and liz peek, foxnews. Com columnist, both are good friends ever ours and fox news contributors. Deirdre used the word context, liz. Any context or perspective you would like to add after the last couple days in the market . Everyone is saying the right things. A, the economy basically is still in intact. The problem we dont know what impact will be from this virus on the world growth outlook. It has been dented by that secondly, i think what really happened today, everyone sort of got very nervous what will happen here at home. So far the administration has taken a very rigorous approach to keeping people out of the country, keeping this virus at bay but you know, we had people from the Health Administration saying, well gosh, it will come here. We dont know how bad it will get but we have to be prepared to get a lot worse. That was clearly not helpful to everyones sort of nervous system. Connell sorry to interrupt. I apologize. Thats okay. Connell this is a big corporate story breaking into fox business alert, guys, get you guys to react to it on the fly if you like. Bob iger Just Announced that the Walt Disney Company he will be stepping down as chief executive officer. Bob cap emek, named at chief executive officer at disney. Iger will become, stay on assuming role of executive chairman through the year 2021. That is afterhours quote. Up a quarter percent on disney. Middle of Everything Else, one of the best known Corporate Executives in america stepping down, a change at the top at the Walt Disney Company is coming up. Sorry to interrupt you liz. Melissa that is huge. Connell gary, jump in as well. Quick reaction to that what were seeing in the market. First on iger is that immediately stepping down . Connell he will stay on, as i said as executive chairman through 2021. Okay. Connell i believe stepping down as ceo. I believe that is immediate move. Melissa he will direct the companys creative endeavors says. Keep role of executive chairman through 2021. Connell right. The new ceo will take over. Let me be clear, i visited disney world last week. Im not worried about disney. The lines were two hours long. Connell youre down there in orlando we should point out, but go ahead. Case closed. Im not choreographed. He created a gargantuan business, one of the great brands of history. The streaming business is going gangbusters. Their movie business just ridiculous in the last year. Not worried at all. He will be around couple years with the transition. Melissa the new ceo recently served as disney of chairman of parks and experiences to your point. This will take place immediately. Effective immediately. Connell from the ceo position. Iger stays until 2021 but the ceo move is immediate . Melissa yeah the absolutely. Can i make one other comment . Connell yeah. What people have to do is look at prices. Stocks are on sale. If you have a wishlist of stocks you want to start to buy, determine what your price should be and get ready to put money in this market because there is nothing fundamentally wrong with our economy or even the World Economy and these stocks will come back. They were oversold i think. Maybe not tomorrow. Maybe not this week but i think people should be looking at this as an opportunity to get in the market. Melissa gary, to that point, can i say, this is a point i think we made yesterday but it is worth doing again, talking about three months after 90 days, after the first case was diagnosed here in the u. S. , on market, sars, s p 500, sars the market was up 22 90 days later. Ebola was up 6 . Sikh can, 9. 4 . My point being, after all the fears subsided on three big events we saw like this, we saw an s p dramatically up. Gary, your thoughts . Im a big believer in precedent, so that is excellent that you do bring that up. That is something we have to be aware of and recognize. The fact of the matter is, if tomorrow it is announced they came up with some medicine to combat this, i suspect the market would be back up 1000 pretty quickly but i want to make sure, give a big perspective. You gave great perspective before, melissa, let me stretch it out. Since the bottom of the bear market in the last quarter of 2018, the nasdaq in 14 months was up 58 , the dow was up 36 . This is about as normal as normal can be except it is going quicker because of an outlyer event going on. We will eventually get past this, but i have to believe more price and time out there. We may get more mastercards. They announced after the close yesterday for the next quarter or so numbers are coming down. Mastercard is a business that handles all businesses. Guess what . Other businesses are going to come with that. I think that could affect things in the weeks ahead. Melissa is you a question as we move on, look at walt disneys stock here. This is a huge announcement. Bob iger has been the head of this company and has done a fantastic job for a long time. He brought in disney among many other things. There is so much speculation about when he would retire, about who would replace him. Forgive me for being suspicious that they put this news out after the close in the middle of a twoday massive sell off. I wonder for investors who felt good about bob iger for a long time, it is just interesting timing on making this announcement in the middle of all this other news. Does anyone connell remember he put off the retirement because of the fox deal. Melissa i know. Connell go ahead, gary or liz . You make a good point because this is surprising to me. I followed it closely. I thought he was good to go for another two or three years. So this is really out of nowhere at this juncture but let me say as an organization, disney has a bunch of experts in every division that know their job, know what theyre doing. Leave no doubt they were preparing for this to ultimately happen a couple years from now. I get your point about being a suspicious melissa it would be bad news when you said it at any point. Two or three years in front of what they said. Well find out sooner rather than later if there is Something Else going on. Melissa im not saying there is Something Else. What im saying is right. Melissa it is not he has been fantastic. I dont know it will be greeted as it will make investors nervous. They chose the timing well because people really will not focus on. That might have been my point there. Connell all right. So the stock down three bucks. 3 1 2 , at bottom of the hour, 4 13 p. M. In new york. At 4 30 disney will have a investor call. Maybe well find out about the planning, what went into this, why now part i dont know. Bob iger stepping down, new ceo is coming in. That is the news. Deirdre bolton has been doing a lot of reporting on disney. She was on the top at markets. Joins us from the new york stock exchange. Interviewed iger not that long ago. Reporter thats right. One of the topics we spoke about the fact at the time he was on the board of apple, we even joked about it, i was saying okay, since youre getting ready, this is obviously predisney tv plus launch, do you excuse yourself when apple is talking about its streaming . Yeah, i go out, excuse myself from the room. I check on emails on my ipad. A little humor there. Obviously he did step down off the apple board. Ii want to mention looking at stock, postmarket reaction. Eiger has been ceo since 2005. If you bought the day he became ceo you would have more than a 400 return. Melissa wow. He has done a phenomenal job. Connell that was quite a battle for him to become ceo at the time. Youre so right to remember that, point that out. It is true. A lot of people said oh, you know, he is so smooth, he is not as aggressive as eisner. Is he up to the job . He most certainly is if you judge by investor returns. Then he put out the book, if you remember a few months ago, a lot of people were surprised, sort of 15 years, almost of a look back at being the helm of disney and a lot of people saying that is odd this book was published. I think obviously he telegraphed at some point he would step down. Today is the day, you can see postmarket, a lot of people will miss him especially those investors who bought back in 2005. Melissa right. Absolutely. Of the transformational ceo. He he is someone studied at Business Schools around the world. He really took this company, brought it into the next age in media and returned so much to investors. You know, really looking at it. Interesting day to roll this announcement out. Connell youre talking about coronavirus. Maybe he is going to South Carolina for the debate tonight. That is our next story coming up. Melissa there you go. Connell i am joking. There used to be a rumor for bob iger running for president. I dont think he is doing it this time but these guys are. Democrats debating second time in a week, 10th time this season. Can Mike Bloomberg deliver a better performance this time around . That is the. Former mayor of philadelphia, Michael Nutter coming up. Melissa connell thinks bob iger will jump into the race on democratic side you heard it here first. New york mayor bill de blasio already tried, looking to do more damage before leaving office, targeting city schools, specialized schools and schools for the gifted. Well talk about that. Connell well head out to wine country. Find out why the price of a bottle of wine could be coming down along would stocks and Everything Else it seems. Well keep building smarter suvs. To help keep you focused on the road ahead. And. The road beside. Did we mention the road ahead. With an available best in class. Epa estimated combined fuel economy and the technology to practically park itself. This is the reimagined 2020 ford escape. I wanted more from my copd medicine thats why ive got the power of 1, 2, 3 medicines with trelegy. The only fdaapproved oncedaily 3in1 copd treatment. Trelegy the power of 1,2,3 trelegy 1,2,3 trelegy woman with trelegy and the power of 1, 2, 3, im breathing better. 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Melissa fox business alert. Bob iger will step down at disney and bob chapek named ceo effective immediately. Chapek served as chairman of disney parks, services and products. Shares down after hours for a lot of reasons. Tough day in the market. Well hear more about the story, no doubt. Connell. Connell the dow losing nearly 2,000 points in the last two trading days. It happens as Democratic Candidates for president are taking the stage for the 10th debate of the 2020 election cycle. Here is now Michael Nutter, National Political cochairman for the bloomberg campaign. Also the former mayor of the city of philadelphia. Thank you for coming on. Thank you. Connell from the bloomberg headquarters. Second debate for your candidate. Obviously there will be a lot