how low can it go? power lunch starts right now we ll explain. thank you, tyler as markets lose their gains on coronavirus headlines, we have all the angles of this story and the selloff today covered for you. meg terrel has the latest on the comments that took down the rally. bob and rick santelli following the volatile moves in the stock and bond markets ameamon javers has the white hoe response. update officials saying it s fair to say we re on the cusp of the pandemic according to a bloomberg report early this afternoon. head of the fda center for buy logics evaluation and research said there is significant concern given the virus has spread to six continentcontinens we saw the first case confirmed in latin america that country getting a raised travel advisory from the u.s. state department based oen the sped of covid-19 there dr. marks saying the time lines of vaccine development mean one won t be available before the initial wave of the disease passes moderna st
mark on that company power lunch starts right now and welcome to power lunch. i m melissa lee. we re looking at the markets right now but this is not telling the entire story intraday, that s the story we went from session highs in fact intraday all time high on the dow industrial to a low. on a dow jones headline about u.s./china trade talks hitting a snag over farm purchases we ll get the latest and monitor the latest reaction for you. thank you, melissa. we re going to go now to washington and kayla tausche who has been following trade for us for many months now and has the latest headlines and some context. kayla? well, tyler, the headlines that are moving the market lower from the wall street journal which says that china is balking at putting a specific dollar figure of agricultural purchases into the deal text remember, this was supposed to be a good will purchase primarily centered on intellectual property selections and stopping china s practice of forci
repeatedly pointed to the period during the late 1990s, when the fed cut rates multiple times at consecutive meetings, but not for an extended period of time he said that experience was successful but, of course, policy is not on a preset course. on the other hand a couple officials at the meeting and in the minutes, argued for a bigger rate cut of 50 basis points. and possibly even guidance now, throughout the meeting, there were references to trade tensions and there was this gnawing concern that the uncertainty has been weighing on business investment and manufacturing, could lead to a slowdown in hiring, and that could ultimately end up hitting the consumer on this volatility and the repo markets. the fed had a discussion about that, there were staff presentations about it, but the fed ultimately just agreed on the need to discuss the appropriate level of reserves in the future back over to you thank you very much essentially we are unchanged right now, still up 27 po
magic. power lunch gets started right now. and let s check where we stand at this hour we re off the highs of the day the dow up 200 points right now, but the session highs were about 100 points above that when we were up more than 300. s&p and nasdaq both up about a percent as well. even though asian markets were down 2% overnight, so a real turnaround for our markets today. and take a look at apple, the stock is jumping after one top analyst says that the tech giant might be tariff proof. we ll explore that a little later this hour, kelly thank you, bill the big news affecting the markets today coming from the g7 meeting in france. it s been changing quickly hourly let s go to eamon javers for the latest yeah, kelly, that s right the president has left the country, air force one was wheels up from biarritz france a short time ago, and that brings to a conclusion the g7 where everybody involved was at pains to strike a message of unity it ended with a fascinating pre
dow fell about 150 points as president trump says this morning there s no trade deal with china just yet. shares of p&g, procter & gamble, up 4% after its earnings report. this is a record high for this stock. we ll have much hoar on that later on thank you very much with the dow just above 27,000, the president this morning saying we would be 10,000 points higher at 37,000 on the dow if not for the fed s actions. so with 24 hours to go until the fed decision, we know the president would give jay powell an f for his performance as fed chair, but how did chair powell do in the cnbc fed survey? mr. liesman knows. steve. yeah, i m not doing the grading. our panelists. about 40 or so economists and fund mangers in the survey, giving powell a b-minus. you can see how this compares with the final grade of yellen, a b-plus, and bernanke at a straight b and you know what, powell had to navigate hikingerates and then going to hold and then going to what looks like a cutting modali