Well get into that as well. Deirdre bolton has all the fast moving developments from the big board. Neil what a week, what a week indeed. This is the worst week for the dow weve seen since 2018. Just the volatility alone today. As we can see down 470 points. We were down more than 900 points earlier. I want to highlight quickly some of the stocks that are limiting the losses on the dow. You have two pharmaceuticals, not a huge surprise in the backdrop of these fears about the coronavirus spreading and one staple which also does sell face masks. Merck and pfizer, we know merck has had a long history of developing vaccines. So you do have the stock moving higher limiting some of the losses. Pfizer as well, and 3m which does make the face masks. If you look at some drags on the average, part. Reason today, why were seeing so much weight you have apple, microsoft, two Huge Tech Companies that both have exposure to china. Apple in 2019 got 17 of revenue from china, microsoft about 10 . Both of these companies saying they will miss this Current Quarter sales targets because of feeling effects of the coronavirus. Also tesla, neil, moving lower as well. Keep in mind, they have this fancy new shanghai factory. Orders in china, what they are calling china registrations, are down. Just feels like people cannot be out and about. Dont want to be out and about, depending where were talking about, whether your choice or your governments choice. In any case, more people staying home this is being reflected, just how much will fears of the virus slow down the Global Economy . How much is it going to hit the bottom line for corporations . We heard from Goldman Sachs earlier, 2020, you could see u. S. Corporations not reporting too much of a bump up in earnings due to the effects. Look at hewlettpackard and mastercard, if were all staying home more, we argue, do a little more online shopping, as far as travel, seems like that will be limited. Hewlettpackard cutting earnings expectations. Mastercard cutting revenue expectations. Even going as far as what we consume when were out, neil. If were less social, not going to so many bars or going to so many restaurants, anheuserbusch, bud, the stock down close to 8 . The company saying it will have the worst quarter, judging again by earnings in a decade, seeing weaker demand, not surprisingly from china. Neil, some moves here, im with you as long as you need me. I will throw it back to you. Neil trust me, well need you. The bolton thing is coming in handy this week. I appreciate it. Sure. Neil before we get to blake burman at white house, i cant to get to the selloff with the dow down 430 points. It is in correction territory, drop of 10 reached from highs a couple weeks ago. Nasdaq in and out of correction territory. The next stop would be a 20 correction, which would be the definition of a bear market. A lot of times we get very close, like in december 2018 when the averages were just within a 1 10 or. 2 of a point and rebounded. Sometimes we slice about 20 and we come back from that. So they can be very short bear markets but that would be the next level. We focus, weve been talking as well how quickly this is all happening. I was talking to charlie brady, our stocks editor, says this is very distinct, it is the shortest span from reaching a high to getting a 10 correction, certainly in the case of s p if it holds since 1933 and nasdaq if it holds since 1971. What is amounting to be among major markets one of the worst weeks since the financial crisis back in 2018. Well all spell that out but a lot of this goes back to the coronavirus and our response to it. So many unknowns but the administration already has the Vice President in place for whom well be hearing shortly. He is at the cpac conference, getting a sense where things stand. Blake burman with the latest from the white house. Reporter a lot is going on in washington. Cons dentally the health and Human Services secretary alex azar is testifying on capitol hill. The top pick was his budget for his agency. He is pelted by his Administration Response to the coronavirus. Azar started out his prepared remarks in part, saying access for testing to the coronavirus could potentially be increasing here in the coming days. At least 40 Public Health laboratories should not be able to test using modified, existing cdc test kits. In addition newly manufactured cdc test can be sent to 93 public help labs as soon as monday. There is privately manufactured test, based on the new cdc test, sent to the same labs as soon as tomorrow pending fda clearance. Reporter meanwhile top two democrats on the hill put forward what they would like to see happen on coronavirus funding. Chuck schumer and nancy pelosi want to make sure when there is a deal between democrats and republicans it would mean the Trump Administration cant transfer funds elsewhere down the line. They say vaccines should be affordable. State and local governments should be reimbursed for costs and Small Businesses impacted by the coronavirus should have access to interestfree loans. During her press conference a little while ago, pelosi said a deal on the emergency spending package could be within reach. Were coming close to a bipartisan agreement in the congress how we can go forward with a number, that is a good start. We dont know how much we will need. Hopefully not so much more because prevention will work. But nonetheless, we have to be ready to do what we need to do. Reporter neil, you began by mentioning Vice President mike pence. We believe we will hear from him in 15 minutes from now. He is set to speak at cpac. That is the annual gathering of conservative grassroots activists and leaders. President put him in control of the government response to the coronavirus coordination. The Vice President s office just within about the last 20 minutes here said that they would be moving over the governments top, foremost expert on hiv and aids over here to the white house to join the task force and to help with the coronavirus response. She now joins the team, ambassador debbie burkes. Neil . Neil blake, i was a little surprised, encouraged, that the president didnt go titfortat on criticisms of likes of nancy pelosi and chuck schumer. He didnt ignore them when asked about them. Whether you like the president or dislike the president , whether you like pelosi or schumer or dislike them, whether now is the time to stop the political mud ling . Reporter people are saying lets set the politics aside. Azar hearing, there is politics involved here. At the end of the day this is washington, d. C. There is money involved and as we know, there is an election year. No matter what, however you want to slice it there are indeed politics involved here. Neil indeed there are. Thank you my friend, very, very much. To put it in perspective 27 of the dow 30 stocks are in selling territory. You might notice two prominent standouts on the green side, pfizer and merck, in the arena where they might come up with something to treat the symptoms or have a possible vaccine down the road or at least treat those who get caught up in this virus. 3m of course looking at the overall Global Environment and saying it sees things pretty stable, for now. So were watching that because, you are aware of pocket the where does money go in fast Market Conditions . We were down close to 1000 points. Again were down about 380 points now but i wouldnt pin anything on where you are at any given second of this day and neither do my next guests. Weve got bullock researchs Catherine Rooney vera, rosecliff founder, mike murphy. Catherine, when you look at this, one thing to stay calm dont worry about it, i guess what makes this unusual is how fast the selloff has been. What does that tell you . Tells me that the market was looking for some opportunities to realize gains and to realize the valuations were getting pretty darn stretched. I would say that it does present opportunities as well though, neil. Look at the real estate sector. If you expect as i do the fed to respond, the fed to one time or probably twice this year, chinese fiscal stimulus is very likely in the pipeline. So the question im asking myself, no one knows the duration of this contagion or when it will be contained but the question i ask myself, one, is aggregate demand being destroyed or is it being delayed . And two, how effective will policy making be as a backstop to both market declines and economic repercussions . Neil that is an important distinction there, kathryn. Mike, i want to pick up that notion with you. Mike, it is not as if the Strong Economy stops. The strength to come is just delayed and thats very analogous to what happens when we have you know, natural disasters, hurricanes and the like. It disrupts activity but that activity comes back, knowing that mike, in the history of that how do you play these markets right now . I think youre absolutely right, neil. What you do, you look for opportunities in this selloff. Looking, assuming that this is going to pass at some point which it will, youre looking for quality names like apple, like microsoft that have had big selloffs, like disney, youre saying if you have cash on the sidelines youre putting it to work here. The market had, we dropped 10 in a very short amount of time based on what this virus could become, based on what this could do to the Global Economy, to the Global Supply chain. It is not what has happened yet. So if we get any sort of news about the coronavirus that tells us it is being contained you will have the market go focus on fundamentals being back to where it was two weeks ago. Neil you know what i worry about, guys, i dont care whether youre on the left and the right, i know it is election year, i get that, when you hear tom steyer say this is Donald Trumps katrina. We dont know where this goes. We dont even know what it call this yet. We dont know whether the pandemic possibilities are real. Whether it is fear or heard out of the fda or cdc. There is a lot we dont know, but to jump to that argument does get in the way of addressing it. And that, im stating obvious, kathryn concerns me. We could make a much worse situation than is warranted . I agree with you. I will add one point with respect to the markets, neil, the political one, it is hard to ignore it. 95 of this collapse has been because of the virus but how much the of it, if you look at health care, look at energy, they disproportionately underperformed. I wonder how much is attached to Bernie Sanders being the frontrunner . I would like to flip the script and ask you and mike what you think. Really the truth is we have march 3rd super tuesday come up if we have a sanders sweep, i wonder if we get another leg down, exacerbating momentum to the downside because sanders becomes defacto nominee . This granterred could go to second ballot convention, but if we have a sanders sweep i dont think the market will take that. Neil i will punt on your very having question. Mike, kathryn worked on that beautifully because if the idea sanders gaining strength, does well on super tuesday, you could make an argument that surge coupled with the growing doubts about this virus, you know, has people wondering, maybe the president isnt a lock . It could be overstated but, do you think thats entering the mix here . Yes, for sure because i think a lot of investors, neil, realize we will get past the coronavirus. However, if it comes down to President Trump versus Bernie Sanders in the election, i believe President Trump wins that but if he doesnt, youre looking, you have to price in a major correction or repriceing of the stock market. If Bernie Sanders will be the democratic nominee, that gives him a 50 50 chance or fighting chance in the general election against President Trump. In the event that he won, that would be much bigger than any impact that we would get from the coronavirus here in United States and for the u. S. Stock market. Neil guys, i want to thank you both very, very much. In the meantime. This is not to play politics with this, this is just looking at wall streets mindset, just as wall street didnt want bill clinton thrown out of office because they were making a lot of money with him, these guys are not red or blue i often say. They like green that they made under this president. Anything that could endanger that or any alternative to him would endanger that and that would be a selling point or certainly a catalyst here. So were watching it very, very closely. Speaking of Bernie Sanders he is busy as a bee trying to take support from a group normally been scared about him, im talking about big tech. Many have been vocally critical of him. All of sudden now, he is not saying, wining and dining them but wooing them. Jackie deangelis on how all of this is playing out. Reporter good afternoon to you, neil. Bernie sanders has been very clear on his reactions to big tech. Apple, microsoft, facebook, theyre too big, need to be regulated and need to be split up. Might surprise you the democrat on the debate stage is not being funded by billionaires received money from most five largest valuable Tech Companies. The federal Election Commission raised more than a Million Dollars from these folks. What is interesting, not tim cook, bill gates, jeff bezos, but from the bluecollar workers in the companies. Sanders will rally in san jose before super tuesday to rally before the primary. Elizabeth warren is getting 800,000 from employees of big five. She keeps pushing idea of breaking big tech up. San jose where sanders will rally is 10th largest city in the country. It is also where a lot of tech workers live. Sanders praised smaller Tech Companies for unionizing and championing job security and better wages. Jay carney, former press secretary under president obama, senior Vice President of Global Corporate affairs under amazon, penned a recent oped in New York Times about amazons move to raising the minimum wage to 15 an hour and how sanders called to praise the company for it. The bottom line, bernie is not alienating big tech. He sees its importance, its power. He is working how to use his message to get that vote, neil. Neil that is very interesting. Jackie, thank you very, very much. Were looking at the dow dramatically pared its losses. We try not to jump it tick by tick. Starbucks reopened most of stores in china. Traders will grasp on anything encouraging in the ongoing coronavirus story. It is a story whose ending we do not know. Mike murphy, what do you think of all of this . That is a very important point, neil. We saw Apple Reopening stores in china and now were seeing starbucks reopening stores. I think if you look, there is no way that tim cook is saying, they shut stores down. Lets reopen them to meet an Earnings Report or drive sales for the quarter. They would not be reopening stores if they felt it was risk to the public or risk to workers. Rather than relying on news out of chinas government, lets rely what were hearing from our own top 100 companies doing business in china. If theyre reopening you have to think there is a reason for that. They see some sort of safety on the ground. Neil are you doing anything or buying anything in this environment . How do you play it . Yeah, so, no, i didnt think you needed to dive into it but this morning we saw disney that had retreated from 153 down to 119 and we bought that. We also saw microsoft retreated from the 190 range down into the low 160s. So we bought that. We looked at apple from almost 330 down around 280 and we bought that. So there are a lot of, any Quality Companies that has a 20 correction, based on the fear and the anxiety that has been driven by coronavirus as an investor, thats a name i want to buy. Neil those are three issues if you bought at those prices youre up, youre up right now. Were up. Were looking at uber. Uber correcting thought process no one will get in a car or open a door handle or the business will slow down or stop. The stock is down from 42 to 31. We bought some of that today. Neil that is interesting. Playing casebycase. Dont go anywhere my friend. Bring in democratic fundraiser don peoples. The thing i like about you rise above the politics. You expressed concern with the Bernie Sanders emergence here how he could hurt democrats and certainly hurt likelihood of a democrat getting elected president but we were exploring the possibility this coronavirus thing accelerates through no credit of his own, not meaning to disparage the senator, he could slip into office because of a meltdown. How likely would that be . Were getting way, way ahead of ourselves but what do you think of that . I dont think that is likely. I think sanders is likely if Vice President biden doesnt rehabilitate himself i think sanders is likely the nominee just like trump in 2016. Everyone was fighting each other to try to get their lane and left trump by himself. He picked up steam and was unstoppable. After super tuesday sanders will have a lead insurmountable or have a good run for his money from biden. I dont see him, i think it will be a tough position for him to get elected president of the United States under any circumstances. Neil but would an environment outside aberrant or black Swan Development like this accelerate, it might not, there are signs there are some promising developments, a number of American Companies reope