Maria and we kick it off with Global Markets lets taken a look at european indices a selloff there as well. S p 200 down 250 points right now and paris down 165 and dax index in germany lower by 362. The European Union announcing the closing of its borders for 30 days to slow spread of coronavirus. In asia is overnight markets started with early rally on heels of wall street rally but then reverse course to finish in the red. Take a look at these numbers you have all of the major down better than 4 as you can see, the nikkei and japan and shanghai and composite 1. 8 and then theres oil. Oil prices tumbling touches levels not seen since 2003. As price of oil between russia and saudi arabia wages on demand is dropping oil prices right now at 25. 40 a barrel havent seen those numbs in quite some time. Check treasuries and yields right now on tenure treasury rising this morning once again, it is back above 1 . Tenure now sitting at 1. 8 that is up ten and a half basis points. The coronavirus pandemic sparking another wild day on wall street. Futures are in limit down mode right now. Many we could see even more significant losses at the open when the bell rings at 9 30 right now youve got futures down 821 points and nasdaq futures lower by 328 and s p futures right now lower by 92. This after the dow ended day sharply higher yesterday, in fact, up better than 1,000 points on session yesterday. 1,048 higherrer and s p was up 143. Joining kftion this morning fox business Dagen Mcdowell ubs Financial Advisor is here and michael lee strategy michael lee thanks everybody for being here. Really important headline this is morning. Dagen when i heard 20 unemployment possible from Steven Mnuchin, you stop and take notice. You do. I brought this up on this program yesterday that the message is if this government, if congress, the white house, the Treasury Department and Federal Reserve cannot coming together immediately and deliver relief to businesses that have no cash flow, that have no revenue, to individuals who are out of work lost their jobs have no income were highly Leverage Society on koarpt and individual side and if you dont do something were going to turn a deep recession into a longterm financial crisis that looks like the great depression. And indeed it the Unemployment Rate hit more than 22 during the depression thats what were looking at, an by the way, it is also a scare tactic from playbook during the 2008 financial crisis. But nonetheless, everybody they need to get up, move on, and do something. Yeah. I mean nobody wants that on their record. It was on my watch that we saw 20 unemployment mike lee, and thats one of the issues here. Youve got politicians alsoing looking at this situation say, we need to get ahead of it. Maria, living through financial crisis in watching that in real time i think the speed with which the fed, the treasury, the administration, and a the congress is acting is really encourage. Unfortunately, were, you know, markets are off today but i think bond market really bought in to what they were selling yesterday as the curb steepen dramatically helicoptered this morning as selloff in 30year so if yield curve steep ling from all time flatness and lows it is a really encouraging sign. And i also think that speaks to what weve been discussing this week with and that bottoming process is in. Normally when with you have futures limit down, you would see a bid for that and not seeing that today so this die very gens near bottom is hopefully a good sign, and again reiterate i think stocks move way with ahead of this problem being solved. So alley mccartney explain this and happy to have you on the panel this morning and great to get your insight this morning but this has gone from a Health Crisis now moving toward a financial crisis as well alley what are you telling clients . Yeah. This is very unique right, both markets are unhinged in terms of the fundamental and lick had liquidity a behavioral issue about of fighting over toilet paper no different than fighting over liquidity in the market we are absolutely unhinged. We keep on coming back down to this level if Technical Levels are important and flooding market with anymore i dont know that technicals are. But theres this level about 24 50 which is 2008, 2018 december level that sort of keep on flirting with. I think yesterday as everybody said, was the combination of urgency, scare tactic, but all of that is good because we do need to do this yesterday. Markets not going anywhere. And until we see evidence of successful containment globally weve seen that with china. Weve with seen that with singapore. Weve seen that with north korea we need evidence of it in europe and here. We need significant, but target ad fiscal measures which sounds like were much closer than we were 24 hours ago than we were 48 hours ago. And we need you know we needs some way to value this feat. The world of finance is based on quantifiability the ability to have a number for price and a number for earningses we have right now neither and youre seeing that in the behavior of Market Participants. I want to add this move up in treasury yield where yield just on tenure yesterday had its biggest oneday gain since september. Of 2008, this is not necessarily a good thing. Because had many investors were long treasury it is theyre being forced to sell them and now people actually starting to worry about amount of money that u. S. Government will have to borrow given this stimulus thats been proposed and many people think it will be into the trillions of dollars not just one trillion so this is not necessarily a healthy thing thats going on in longer term tenure but tenure and treasury. You dont think levels could attract some interest and get people to, you know, spark a refinancing boom, spark a boom in terms of legending which could be sort of the first opening. To some economic relief. This refie boom will go away if you end up with longer term Interest Rates on treasuries had is what happened yesterday. Dagen im thinking a very different alley yeah go ahead michael. Sorry ill take something very different from that this curve steepening at the bottom and 20, 30 year should signify inflation growth over next seven years and curve steepening is bond market say were buying into this fiscal stimulus we dont think were going off the cliff so while there are some negative aspects to the Treasury Curve selling off, i think on the whole, this is a positive that theyre buying into that fiscal stimulus that were not going to turn into japan and go off a cliff. Maria a lot of people on bond market dont see it that way. This is exactly what you were saying mike theyll you want to see a plan that puts cash directly in americans pockets. This is this trillion dollar stimulus package lets take a listen to this. Like we want to get it done, and have a big infusion opposed to going through a little meetings every couple of days we dont want people losing their a jobs and no money to live when they were doing very well four weeks ago. So were going big and thats the way it will be. Americans need cash now and president wants to get cash now pep and i e mean now in the next two weeks. Maria so alley this is from press conference but you said something this will we get some information in terms of the move of the curve of this virus, until we get confidence that were on the downside of the curve, i mean so it sounded to me that you said doesnt matter what numbers are doesnt matter what were talking about about in terms of the economy we need to hear from farmer sector that were moving forward on progress in terms of therapeutic and vaccine is that what you meant . I think we need clarity on all three. We dont need resolution on all three and, obviously, yesterday the reaction and the move up all etho also probably a little selling exhaustion and simply a return to mean was a great sign in terms of the market valuing and noting the difference between idle talk and talk of real dollars going into pockets as you mentioned. And doing it in an urgent way. From a containment perspective. We have seen those containment numbers come out of asia, for example when you look at the data that came out of china, yesterday their ports are up and running at about 70 to 80 of where with they were consumers are back spending on big ticket items. Some of the smaller ticket items are up near 90 so we have a pass forward but to your point we need to see that that is relevant and can be applied to the western world in terms of this steps that weve taken. One real quick saying i want to add a about about this stimulus one of the reasons youre not getting a follow through this morning in markets is because theres a concern that this money will end up going what is initially about a 250 billion so a quarter of a trillion dollars and wont go to people who need it and fewer things to spend it on because they are seblly trapped in their home. This money because we only get really one shot at this as government in terms of getting money in the hands of people in businesses that need it that are that need to be made solvent that dont give it to people who dont need it. Who have jobs who have income or are retired already collecting. Social security, medicare but maria. Mentioned earlier those people who are not going to get a payroll tax cut, the gig economy et cetera other employees working parttime. Yes go ahead. S i was going to say this is real right. Last night i was talking with people all over the country, and youre starting to see restaurants shut down. Youre starting to hear stories from retail shops from Leisure Companies that theyre actually letting their employees go. Almost to get in line for unemployment instead of a delay and this is real and we need real money again go to right people. Majority of this country cant afford a medical bill of 400 dollars and those are people who have been sustaining into this which consumer demanding, and other thing i would like to point out is even if all of this happens we are in an environment again that is much more behavioral psychological and behavioral economics than it is fundamental so things in the bill that have been proposed like for example, Something Like a deferral of tax payment thats not new money. Right, a 6 month deferral of cash from the government maybe that helped a tiny bit right now. But we also want some confidence that there will be a continued level of both fiscal and monastery support into a prolong recovery. So thats spofort like robbing people maria right. Yeses this is important point that youre making. We are, obviously, seeing the impact of the holes in this as we watch markets. Now to latest on the coronavirus, numbers here, illness has now affected all 50 u. S. States, West Virginia, with reporting its first case yesterday. The last state to do so. The death toll in the United States now top 100,000 in at least 18 states. Cases across the World Soaring it near 200,000. In 145 countries meaning youve got 1500 u. S. National guard troops have been deployed to fight this virus. President trump say hes considering having the army corps of engineers build temporary hospitals in new york and california. Remember i asked that question of Vice President mike pence actually kansas now the first state to close schools for the rest of the school year. The governor says that small groups of personnel can return to school buildingses after the facilities are completely cleaned. Nevada ramp off its coronavirus response, it is closing restaurants, bars, and famous Las Vegas Strip by noon today. All nonessential business also offis almosts for next 30 days. Resident are being urged to stay inside. Target stores close no later than 9 p. M. And retailer dedicating first hour of business of every wednesday rather to the elderly and those shoppers that are at risk hoping those people can stock up on food and supplies during crisis during that time frame. Take a look at a target shares this morning as you can see they are down 43 a share. Costco staying open for now but limit number of people allowed in its stores reduce some services while increasing its cleaning efforts. Well take a short break when we come back more mornings with maria. Do stay with us. Or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no commission do you recall, not long ago we would walk on the sidewalk all around the wind blows we would only hold on to let go blow a kiss into the sun we need someone to lean on blow a kiss into the sun all we needed somebody to lean on all we need is someone to lean on my body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. Trulicity isnt for people with type 1 diabetes or diabetic ketoacidosis. Dont take trulicity if youre allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. 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Markets were up nearly 5 after the trumped aing mrgs administration announce a one million stimulus plan, and portfolioing manager jack we appreciate you joining us this morning. What do you think is going on here with markets. Why is there such negativity even when we know that all a hands are on deck youve got fiscal policy and Monetary Policy coming at us. L yeah. Youre right. So all hands on deck im not sure where theyre yet. Marketing are telling us that hey, yeah, Central Banks government, its interesting theyre doing this hey were going to do whatever it take thats kind of what they did in july of 2012 and markets are testing them. Are they really going to do whatever it takes i think, you know, clearly im impressed with the speed of the response. But im not sure it is quite enough considering thats theres going to be a huge consumption hole created because of the impact of the coronavirus, i mean, steps being put in place to address that. And then just the consumes itself im not sure whats being done to this point is enough to offset that yet and i think thats what markets are telling us and one of the things with treasuries because equities arent going to heal until a treasury market heals what i mean by that is not functioning normally. Bid and treasuries out of whack and this is in part why the motivated the fed to step up and do size we have to do more of it. Weve got to pull back on the vocal rule. Weve got to get dealers acting as principal not just agent but thats market im focused on first that has to calm down before any other market will calm down. Bring in Dagen Mcdowell here because im surprised we havent seen anything on vocal rule. Jack is right maybe there are other policy things that need to happen. In terms of the strong hold and or choke hold thats been on banks for so long like the vocal rule. A couple of things that did happen from the Federal Reserve yesterday launching that commercial paper funding facility. And the fed had to go to the Treasury Department to get permission with that money coming from exchange Stablization Fund so maybe that keys up the Federal Reserve to do something. It would essentially work as a bailout, bailout package where airlines, hotel Leisure Companieses and retailers can go to fed well see if that happens also it did launch its primary dealer credit facility. It functions as overnite Loan Facility for primary dealer. Similar to the discount window provides for backup fund for the Banking System. These are two program that will revive from financial crisis, and certainly are aim ad at helping these malfunctioning markets. To jack what about that. Besides Treasury Departments move and stimulus is plan youve got Federal Reserve having taken several action in recent days. To try to settle the economy, it includes cutting Interest Rates but thats to near zero but also extending it borrowing to businesses, promoting Bank Liquidity jack is. It is all good. So hats off to fed they have to do more of that stuff. Because the issue is, youve got three things unfolding. Youve got a massive economic tightening because of the coronavirus. Youve got a tightening financial conditions because of the equity market and dont want have a liquidity credit tightening. Grar yeah. Jack thank you so much for join us. Stay with us a lot more here. In two minutes. Managing lipids, like very high triglycerides, can be tough. You diet. Exercise. But if youre also taking Fish Oil Supplements you should know they are not fda approved. They may have saturated fat and may even raise bad chol