New notice, saying that the fed will use all its tools to support the american economy. The s p, yeah, it came up off the floor, but it is still down 64 points and the nasdac is still losing 126, todays selling follows the worst single day point loss in history, for all three indices. What will happen in this final hour of trade . It is also the final trading day of february, so what were going to do is keep you rock steady and solid with everything you need to know. Since the thundering bullherd got spooked by the threat of the coronavirus, total equity losses so far coming into today topped 4 trillion. All 11 sectors in the s p right now are in correction meaning they are off 10 or more since their recent highs. Joining the dow, nasdac and s p, as markets fall into correction territory, and are staying there folks the past six sections mark the fastestever decline from record highs all the way down to correction for the s p and the nasdac. The outbreak making its way now into sub sanctuary hair an african as nigeria confirmed an italian has tested positive for the deadly virus as google and this just broke in the last hour or two, google announces that an employee in zurich has contracted the coronavirus, so where is the World Health Organization in all of this . Also raising its global threat level to its highest status but is not yet ready to call it a pandemic. Were bringing in team fox business coverage our floor show traders at the New York Stock Exchange, christina partsinevelos, live at the nasdac, Shanghai Bureau chief russel flanner y, was eying a flight tomorrow on United Airlines what does he predict for chinas economy and billionaire class and as apple stock faces a big cut weekto date, susan li with her exclusive one on one with apple ceo tim cook on how the coronavirus is impacting the tech titan. To jay powell. We could argue we were going to make a run for the highs of the session not happening check the dow down 766 points. Jay powell the head of the Federal Reserve, stressing that the fundamentals of the u. S. Economy do remain strong; however, he said that the fed is keeping a cut on the table, as the virus risks the markets they are monitoring the virus. He also went on to say that the Federal Reserve and this is the quote, will use tools and act as appropriately needed to support the economy. He also said, and i think this may be why the markets cant quite make a run for it, coronavirus poses evolving risks to economic activity. So, check here with the s p, were now back down about 73 points, the nasdac losing 154 with 57 minutes to go before the closing bell rings. In the wake of the Federal Reserve chair powells statement just about a half an hour ago the markets are now pricing in, check it on your screen, folks, a 100 chance of not just any rate cut, a 50 basis point rate cut at the feds next meeting which is march 17 and the announcement will be the 18th. Looking further out well lets see. The markets are seeing now a better than 75 chance of a further quarter point cut for the april meeting which i believe is the 28th and the 29th , and then of course we know that theres a june meeting and we do believe that Goldman Sachs says we will see a total of 75 basis points total by june lets break down the Coronavirus Impact here, on your money. Oil is getting smacked again sinking to the lowest in more than a year. West texas intermediate down 16 for this week in the after market session right now its down 4 1 3 and were at 45. 03 per barrel for crude oil. Natural gas has been something people have been ignoring, we are not going to ignore it. It is in lockstep tumbling to a near four year low, now at 1. 69 per million british thermal unit s so weird seeing lock here down look at the after market plummet here. That i would say is significant its down 3. 5 . Were looking for safe havens, aside from the volatility index which is up 21 the only safe haven right now is the japanese yen which surged to a seven week high against the u. S. Dollar which is awfully interesting considering japan is very concerned about some of the cases there. Lets look at gold. Even gold as it has become the asset of choice in normal times to generate cash during the stock selloff of this magnitude, what happened . We did see a significant runup over the past month to more than 1,600 an ounce, right now we lost 59 today were at 1,583 for a ounce, the wannabe safe haven bitcoin is falling to its lowest level, lost another 98 at 8,615 per bitcoin, remember it really got very close to 10,000. Let me look at mcdonalds, dow component a lot of you own it, its lost 11 over the past month , of course the coronavirus plays into this , it was forcing mcdonalds to shut many stores in china, that stock losing 4. 5 right now in the final hour of trade, good for about a 9 clip to 190. 59. The cruise lines have gotten torched folks from day one of the awareness of the coronavirus , norwegian cruise lines, finally though a float just a bit today up about 4 despite Deutsche Bank cutting the stock to a whole so the cruise line has lost 33 this month, its trying to scratch back at least moment by moment some of that,nclh is at 36. 49, lets bring up mylan, well it is plunging after the drugmaker said that it expects the coronavirus outbreak to impact its financial results, meaning its earnings, and warned of drug shortages if the virus continues to spread. Mylan down 7 known for its epipen but it is in a lot of drugs that a lot of people use on a monthly basis. Right now check the Dow Jones Industrial down 772 points again i would remind you lower the session with a loss of 1,085 that was well earlier in this morning, right . But it has been such a wild ride for just specifically the Dow Jones Industrials alone this week. What we wanted to do was put up the calendar. Look at these point drops throughout the week. Monday, 1,031 points, tuesday 879 points cut, wednesday people thought well maybe were bottom ing out only a loss of 123 , yesterday the largest point drop in history for the dow, a loss of 1,190. Now weve got as i said, fed chair Jerome Powell promising to appropriately use tools to support the economy but will monetary easing help stem the publics fear of going out id . I dont think if the borrowing becomes cheaper and getting loans becomes cheaper does that make any difference whether you go into a crowded theatre . How would a fed rate cut help the overall economy if the Coronavirus Crisis worsens . Bring in our traders right now, john gagliardi, give me your thoughts . Ive been talking to clients and i have clients sitting in cash for years, and theyve all been saying the same thing, if there was just a pullback, if we could just get a pullback i could get interested in markets again and here we are. This is it so i have to ask all my clients, whats your number . Whats the number that gets you in . Is it 2,900 which we saw today . Is it 28, 27, at what point do you say the market has gone low enough while it has to begin to participate and here is the answer. Theres no right answer. The right answer is whats right for you as an investor and of course, theres nothing wrong. You could buy some at 29, 28, 27 , the only thing we should be keeping a close eye on, the low of Christmas Eve 2018. Liz i remember. That is our trend line, and if we break that low, especially if we should close a month at that low, that be a huge danger post. Liz hold on one second. If we can get a threeyear up that be helpful because it would encompass what we saw in december of 2018, which was another massive fearful selloff , and so therefore as we look for that opportunity, chris robinson, i have to tell you, im really surprised that we havent seen what hermes, who sat here on my set three days ago and said leg in, a point here, a point there, just exactly what john said. Why are people so unbelievably fearful when we see such a big selloff and much cheaper name . Well thats human nature right . You always want to wait and see and its always easier to do nothing and wait. Thats why we have the markets move the way they did. You look back at that low on christmas of 2018, that was interesting. That was a 0. 20 correction between halloween and christmas but that took two months. Weve had a 16 correction but its taken six days, so thats the thing that i think is the rate of decline has been really shocking, ive been in the business since 88, 89 and i remember coming into it after 87 , so this has been a very volatile move down, and i think it is a wait and see , and so but i do agree, its a good time to start maybe dollar cost averaging in. Youre never going to buy the low but you say okay ive got money ive been saving and ill buy some this week, and buy some next week and see where you are six months from now. Liz okay im looking at volatility. For the year so were just talking the first two months of the year, it has spiked 244 . Why not capitalize on Something Like that, john, and do your investors who you have on the phone saying wait, wait, wait, do they have a Shopping List what are they most excited to buy as i look at the 10 year yield, an alltime low on the 10 year yield and the same with a 30 year yield. You are correct, liz and they should have their Shopping List. You should always, these are the moments where you brush up on that watch list, and all of your fundamentally sound companies, dont take this advantage to try to buy the lowest quality things you could find. Buy the highest quality. Indexing, the s p 500 is never going away. The major indexes are not going away. The names may change, but those indexes will always be there. The question is how inexpensive can you wait to buy them and youre never going to get it perfect and its okay to leg in over time. Liz good to see you guys hang in there. Again, 49 minutes before as were calling it hell week because it has been very difficult for the bulls and many investors, were here for you. I will say though if you had to pick one or two sectors that have absolutely gotten singed, its the Airline Sector scrambl ing to deal with the fall out from the coronavirus which keeps of course being the gift that keeps on giving so its been very tough, domestic ally alaska air and jet blue say they are waving fees as they let customers change tickets through the middle of march, in europe we have British Airways and Spanish Airline iag saying theyve reduced capacity on italian routes for march. I was looking at the numbers for italy. We do have i tall yankees confirmations, 888 people sickened, yesterday it was 650 so its really kind of spreading definitely and 21 confirmed dead , for march were looking at british budget carrier easy jet saying it would cancel flights and cut costs. I know Hawaiian Airlines has said they are not going to be flying to certain areas of japan , United Airlines today announcing Additional Service cuts to asia, as the coronavirus engulfs the globe. Among the routes affected for those traveling from the u. S. Are ual flights to tokyos airport, so osaka, this on top of flights already suspended so guess who was thinking of a flight out to china tomorrow on united . The Shanghai Bureau chief for ford, russel flanner y. You call shanghai your home. Whats happening about tomorrow are you going or not . No. Too much uncertainty staying put happy to be here in new york for a few days, lots to take in. My thinking about the bigger uncertainties in the market is that initially, we saw coronavirus in china having the biggest impact on the market now what were seeing is a lot of uncertainties in other parts of the globe weighing on the market. Liz well south korea, 2,300 people are sickened there i would say its a pretty significant number, iran 210 people dead, we know that illinois, the good news, america is doing something right. Both patients who had it in illinois have recovered and the governor, of course, running the state of illinois, is saying that they have successfully contained it there. So thats good news, but what are you hearing from all of your friends and family in china. Well the situation in china is much better in terms of what we dont know. A couple weeks ago we didnt know when people be going back to work, would they be going back to work. We didnt know would the case number come down, would the cases stay concentrated in the wuhan area and what we can say today is there isnt too much reporting of new cases anywhere outside of that most concentrated area. Liz my question to you because you understand the chinese way of thinking, xijinping with a face mask Walking Around speaking to people, he was furious with certain officials in wuhan who did not quarantine the entire area quickly enough, how do you square the fact that china put out all of this news saying were shutting down cities and were making sure nobody leaves, and yet theyre trying to shove people back to work. Susan li will join us in a minute. Apple is reopening many store doors but foxconn is offering people more than 700 per worker a bonus just to return to work. Which part are we supposed to believe china saying were tough on this or hey, everybody get back to work it looks better for our economy . I think from an investor point of view youre looking for value in the market and youve got to base that on something, which you can base that on for china, which suddenly looks relatively less uncertain than some of these other places, that the people are going back to work, companies are reopening, the big uncertainties at this point are will there be some spread that we cant understand after people get back and also, when we look at the Global People now what will the ill pact on be chinas exports but chaired to a couple weeks ago, i think companies are more comfortable with where they are, how they are going to rebuild and i cant say that china is the safe haven, but if we talk about in the world ocean of uncertainty and the world right now, there is certainly a lot more that we know that we didnt know about a couple weeks ago. Liz i think with the stock market people are worried about the ding to the entire economy whether its in china, europe or the United States and therefore they translate that directly to the stocks that they own. You are preparing the Forbes Annual edition of chinas billionaires. We know that in the United States, many of our billionaires whether its jeff bezos or bill gates or Warren Buffett theyve taken on paper definitely major hits to their net worth. What are you seeing with the chinese billionaires . Yeah, definitely china has been a great place to be for tracking the worlds wealthiest people, and ive been lucky to be doing that since 2003. Liz some of the names . Tencent, all these fortunes have trended down, in the last few days amid coronavirus, but at the same time we still have a lot of new faces in china, so chinas the worlds second biggest economy, second biggest home to billionaires in the world, and assuming as many them are saying this works itself out over the next few months it seems to me that china will rebound. Liz well chinas down weekto date 3. 6 , alibaba, and if you were to look at amazon for example, for the week, amazon is definitely getting hurt more. Its down about 11. 7 , so do you see some opportunities and i know you dont pick stocks youre a journalist, but do you see that there is some stabilization there, and what would you tell our viewers about what you expect to find when you get back to shanghai . I expect to find people telling me there are more people out on the streets, some stores are starting to reopen that were closed over the last month and i expect businesses to be focused on policy, because as much as were worried about communism and the kind of command economy that represents part of chinas economy, the fact is they can get a lot done when they want to do something. My expectation is just going to be some good stimulus. There will be other measures to benefit businesses and growth will recover in the second half. Liz russel flanner y, bureau chief in shanghai for Forbes Magazine looking forward to the chinese billionaire edition but maybe the coffee may have to change just a bit. Bring in the edits at the moment because as the markets plunge the Major Trading floors are now making preparations just in case the coronavirus outbreak does reach pandemic status which it has not yet but we spoke to the cme Group Chairman and ceo terry duff y asked him about that on the claman countdown and what his organization is working on. We got a lot of contingency plans put in place here for the markets to continue to operate here in chicago so were very well prepared. We wish everybody well. Liz Charlie Gasparino has been looking at plans of other exchanges what can you tell us i guess youre starting . Charlie as i reported earlier today the New York Stock Exchange is beginning to prepare for the possibility that the floor might not be able to open. Now as you know the New York Stock Exchange has an Automated System as well, its a mixture of both humans and an automated trading system, computerized Training System so theyre planning for a possibility that the floor traders, the brokers, the designated Market Makers cant make it in because they have to stay home, so they are preparing for that from what i understand they will have some test runoff that in a couple days, stay tuned on that. Major wall street firms are taking steps from what we understand weve been surveying them, my producer and i have be