Up 41. 22 a barrel the giants of the industry, exxon mobil and chevron into bear markets. Where is the president , right now hes heading to the center for Disease Control in atlanta after signing the 8. 3 billion corona spending bill this morning. That seems like ages ago and now the dow is down 812 points. It kinda looks like no amount of money can fix which is gumming up and rupturing in great part to the coronavirus lowdown. It is hitting our nation with a 12 punch after last years trade war, we will take you life to the port of long beach in what is now the fullblown shipping container crunch. From ports to people as 50 new virus deaths overnight add to italy fast growing number of victims, how is the biggest name and traveled to her that region handling the situation. Steven perillo of Steven Perillo tours joins us in a fox business exclusive on cancellations and his new policy. Less than an hour to the closing bell, lets start the claman countdown. Liz we have a bunch of breaking news, i will start with this, lets take a look at apple shares. Right now theyre falling after what many had expected with apple shares down 3. 7 . Apple employees at a Silicon Valley headquarters have been asked to work from home today as a precaution. Apple joins the ranks of other tech from amazon to twitter and beyond who have asked employees to work remotely from their homes. As you look intraday, actually it was down much less earlier even as Deutsche Bank took an ax from 305 to 295 bucks, right now apple is at 282. Ubs is warning that demand risk is increasing and the nearterm for Coronavirus Impact on chinese consumers. We knew that but now ubs is making the connection with apple, apple supplier on Semi Conductor is bringing down pretty much the entire iphone and Apple Ecosystem after had to cut the revenue forecast due to what is called virus disruption down fourpoint to 5 . You can see sky work solution down five full percentage points, and down 4. 9 . Also those are being felt in the travel sector. Disney cruise lines announced it will allow guest to cancel sailings for a full refund and will start screening crews and passengers before embarkation. Thats for passengers who decide theyre still going predisney is down 1. 6 112. 14. Lets look at the crews liners, they were green earlier today, now they are red, norwegian stock halted earlier due to volatility, norwegian down 4. 5 , Royal Caribbean down 4 and ccl down three and change percent. Check out the national air gua guard, air dropping coronavirus testing kits to carnival grand princess cruise ship that has been left in limbo off the coast of san francisco. We do need to tell you that virgin voyage new scarlet lady cruise ship has canceled its new york city launch ceremony, that ceremony i was the press invited to not, i have confirmed they have canceled, it was supposed to take off from the hudson river, it is postponed canceled for now. In just a few minutes we are going to bring a parrilla tour, Steve Parrilla to discuss the impact on his business for tickly with the death toll rising overnight in italy. What are the changes he is making, where are people choosing to go instead of italy which is considered the hottest destination for spring. We are witnessing risk redistribution hour by hour, investors are moving in and then out and then back in and back out during the final trading session of the week. There is red with the nasdaq down 4 . What a wild weekend has been. A 1000 plus point gain on monday, 1293point then on Tuesday Morning after the market began trembling, we saw a loss of 785 and it was about 2 30 p. M. Eastern when the Federal Reserve in a rare move made an emergency cut of 50 basis points to the benchmark lending rate, they spike more than 1000 points wednesday about 1173, but then as you see on thursday resumed cratering. But oil has been one of the big sufferers day by day, crude is now in the second day of selling off big time collapsing today to the lowest level since august 2016. 41. 30 in the aftermarket after opec failed to strike a deal with russia to cut output in order to put a floor under the dropping prices. U. S. Crude dropped 10 in a regular session to settle up 41. 28. You can see were only slightly higher, the biggest daily decline since 2014. Let us flip it over to wholesale gasoline prices, we call them are bob gasoline prices, down 8. 7 at 1. 39. This is wholesale a lot of your pain more but clearly you have crude and gasoline, natural gas following crude down the rabbit hole. Yesterday in countdown, dan juergen who has followed oil for four decades was very blunt what he had seen. It is collapsed in oil demand is really dramatic, this is a real demand shock, more powerful than 2008 in terms of what is happening right now. Liz where are we and what appears to be as under perfect storm scenario on equity and oil market together. Let me take it to the four show. Both chevron and exxon mobile, 20 of recent high. It is very dangerous right now and it shows bad things for the market in todays drop, the biggest oneday drop since the last time opec had a failed meeting. In the bigger concern is not just the price of oil or the price of gasoline it is the sustainability of a lot of u. S. Energy producers. This hit with a historic drop in demand and now the historic drop in price is going to have ramifications and if they do not get this under control, this is going to go beyond the oil market and go into the debt market and other issues. So we hope this will stabilize, if it does not there will be bigger problems for energy next week. Liz it is important to point out, i bringing this up because less than one minute ago this just moved on the wires that the country of columbia has confirmed its first case. Here is the issue with a big trick, its a 19 euro patient so the theory only hitting elderly people, it still stands the elderly people with previous conditions are still dying but younger people are appearing to get this, i bring this up because we are all going to be seeing this everything will day, there will be more deaths for there are fewer so as we ride out this very traumatic wave in the market, give me an assessment of what you expect to see. Bottoms do not happen in a day. They bump along for a while dont they . They most certainly do, right now were in the process of retesting the lows from last friday were sorta above that around 2900 right now kurt. Some of the excess has come out of the market a little bit. But right in front of her, oil doing what its doing was very hard for the s p or the overall market to make the rebound that he made last friday. Liz we are making were getting closer to the. 66 on the treasury yield which is cratering once again, we had pumped up to about. 72, its very important to keep her eye on treasury specifically because thats the flight to quality and were seen multiple prices and a meltdown in the yield. We really have, to be honest with you i have not seen anything quite like this since i have been doing this. Thats more years than i want to admit right now. The long end of the yield curve just exploded overnight, i think its beyond reality, its more fear and if you look at what happened at the vicks today, its been expressed there. Liz at 35 . It is crazy. Liz 37 right now. It is absolutely crazy right now. It shows were going beyond reality because i understand why people are doing what theyre doing but i think its way over reaction. Liz we can think that and i did see we had a fathead speaking and he was basically saying the market is way over estimating and taking into account the worst Case Scenario and we know that is not going to be the case but the market is a voting machine, dont fight it for now. Thank you. Phil and tim we may bring you back because we still have theyre down down 813 points in the nasdaq down 349 points. You are hearing a lot, we keep hearing about supply Chain Disruption caused by the coronavirus. Lets take it to the nation ports. They were hammered the last 24 months as the u. S. China trade war severely car tailed shipping volumes and then the seasonal slowdown that comes in early january during the Chinese New Year it initially had a mild impact but now the coronavirus and the domino effect from factory closures in china has led container volumes to plummet. Let us take you now to ally picture of the port of long beach with the los angeles biggest port complex, more than 200 billion worth of goods moved through the port of long beach each year. Maria cordero the executive director of long beach is joining us on fox business exclusive. Thank you for joining us, we understand container operators have canceled 60 Trans Pacific sailing from china that were to head to your port, can you describe the situation on the ground right now as you see it . Thank you, certainly the situation is a point of a crises, there has been 60 sailings of the largest compex of the nation. What that basically means is less volumes in the typical impact in terms of what that means and the job supply chain in the jobs and the economy. It is very concerning. Liz a huge selection for you to saw truckers having the gridlock in the dockworkers, can you specifically talk about the issue at hand, it is very specific but i want our viewers to understand it. These are read empty refrigerated containers and there is a massive shortage because they are still stuck in china and not coming across to see. Correct, when we talk about the trade route which is the most important trade route for this country, asia to the west coast, because of the coronavirus added time when he already had two week closures due to the Chinese New Year end the coronavirus what that did was move the closures to an extended time, 3 4 weeks, that disruption that happens causes a domino effect in terms of supply chain. Liz this may be a dumb question but could you retrofit nonrefrigerated containers customer. No, i think at this point given the situation that we are in, i think the bottom line what we are trying to do at long beach is to mitigate the situation and again, i am told by some of the carriers they are prepared to do that by sending ultra large vessels coming to the port to address the issue. As we go i want to show the dry index, the benchmark for the price of moving brought and finished goods across the seas, will you be forced to four low employees if the situation continues customer. In terms of the employees who work at the dock and the natural labor force in the warehouse union, the dockworkers, at this point my understanding is the job assignments with us dockworkers have been reduced anywhere from a third 50 , a significant impact. Liz hang in there, you and the gang, we really appreciate it and we hope you stay strong. Thank you so much liz. Liz Mario Cordero of the long beach report. We are 45 minutes away, where the Dow Jones Industrial struggling to find any air and get left, were down 784 points but thats off the lows that we saw earlier of 894point, j. P. Morgan chase at the bottom of the dow 30 today. This after the bank revealed last night that chairman and Ceo Jamie Dimon had to undergo emergency heart surgery. Up next Charlie Gasparino has been reaching out to his contact high inside americas biggest bank to see if the health scare could lead to a shift at the top sooner than later. Charlie breaks it next and with the coronavirus spreading wider than the roman empire, what do you do about the onceinalifetime Roman Holiday you had planned. In a fox business exclusive, the ceo of a wellknown trusted tour operators in the nation steve carrillo, perla tours is coming up first on fox business prewe are coming back. They answered 410 questions in 8 categories about vehicle quality. And when they were done, chevy earned more j. D. Power quality awards across cars, trucks and suvs than any other brand over the last four years. So on behalf of chevrolet, i want to say thank you, real people. Youre welcome. Were gonna need a bigger room. Oh no, here comes gthe neighbor probably to brag about how amazing his Xfinity Customer Service is. Im mike, im so busy. Good thing xfinity has twohour appointment windows. They have night and weekend appointments too. Hes here. Bill . Karolyn . Nope no, just a couple of rocks. Download the my account app to manage your appointments making todays Xfinity Customer Service simple, easy, awesome. Ill pass. Liz we have breaking news on the New York Stock Exchange as coronavirus preparation. Charlie gasparino has made it to the set what you hear. The New York Stock Exchange is the epicenter of finance, you get visitors from all over the world that come during the closing bill and want to see the traders. Recognizing that is very prudent of the management of the New York Stock Exchange owned by the Intercontinental Exchange rate as of earlier today the implemented additional measures to make sure this places safe and sound. From what we understand, they first asked traders to move stuff off the desk that is extraneous, theyre going to clean the place or crazy. Number two, theyve taken some steps to separate the visitors from the traders. I dont exactly know what that is. Liz visitors parade out to the floor, every time ive been down there, they common in the karen. I think visitors will have to follow cdc protocols, did you visit italy recently, tested for fever. The exchange is setting up the safeguards, the New York Stock Exchange and the nasdaq, the average person, the nasdaq is known for, the computer, the New York Stock Exchange, theres people on the floor, if the destination. Liz people come to the nasdaq to ring the opening whatever they call it. As much as i love people out the nasdaq, theres nothing like the big board. The iconic big board, it is an iconic team, thats why we have cameras, the closing and opening bell is a celebration of capitalism. People are there, its obviously a place that is open possibly to the outbreak of the coronavirus given all the foreigners coming in. So they are taking additional steps. This weekend theyre going to test run the New York Stock Exchange as if the place will be closed remotely. That is coming this week about additional cleaning steps are happening, the separation of visitor traders is happening, there will be more stuff, we will come back when we get it. Liz speaking of capitalism, the capitalist of bankers jamie dimon is thankfully recovering, you hear from emergency heart surgery. The ceo of j. P. Morgan chase, we should point out he is not just a ceo hes one of th best s in the world, clearly the best one and baking. I have no him for years, i know him when neither of us had gray hair. Thats how long i go back. So i consider him a friend, take it for what its worth. He is going to make 100 recovery, the fact that he caught this early, you recover from this heart issue. Because he had cancer a couple years ago, hes very into this body, he knew something was up thats where he took himself and got checked. Liz whats happening with the chess pieces up j. P. Morgan. Thats the real question, does he stay or does he go. Just based on the people i speak with today, i would be very shocked if he did not come back to work. And finish out his term, i think yes three years before he said he would retire. I would be very surprised. I would not be shocked if you called it a day. Liz the stock is down 6 . I would say a lot of that i think jamie is going to have to make a choice, does he want to stay at home hang out with his grandkids, wife. The last time he was out of work, the guy went nuts, he took a guitar, he hated it. Liz i love speaking with him oneonone and he has an ability to crystallize and calculate all thats going on in a very rational way. Jamie dimon is at home all day, he will go nuts. The only thing i can tell you, its more than a theatrical possible to, he said enough is enough. In 1999 that was a long time ago when he was out of work it is different now, hes an older guy. Liz thank you very much on both the pieces of news within New York Stock Exchange protocol and jamie dimon. Closing bell 37 minutes away, the dow is down 707 points, the big changes to Chipotle Mexican Grill it has nothing to do with burrito bulls or chips and salsa or queso blocker, that ahead in todays fox business pre. We have talked so much about supply chain in the breakthrough coronavirus countries, you have to download my podcasts, operations in china and italy among others, his cofounder tim brown and joey launch the ship company out of an apartment, today is a billiondollar brand supported by celebrities, the ceos all around the world. Is made out of sugarcane, its a Success Story preview have to hear, apple, fox news podcast. Com, subscribe, let me know what do you think on twitter at liz claman. We are coming right back. While the world keeps fighting for your attention. 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. Liz we should take a look at mcdonalds and cd joining the coronavirus cancel coaster which was one of the first chain to shut stores in china in january. Now canceling threeday Worldwide Convention which was supposed to take place in orlando starting april 20, the event be held digitally at the outbreak shows no sign of slowing down. Donald was down 7 the past four weeks as a grapples with the worldwide impact of the virus because the stores are everywhere, right now down 2. 2 5 . Mcdonalds is not the only food chain bearing the brun rental oe coronavirus. [crowd boos] we have starbucks brewing up bad buzz, heres what the coffee giant fall