that is abc news reporter christiane cordero in baltimore. let's shift talked a bit here because we're just getting into the morning session. couple of things standing out, firstly, very muted gains so far, tracking what we saw in the u.s. overnight. volumes are off the 200 day moving averages. perhaps a question of what is next -- the next catalyst for markets. next is goldman sachs co-head of market research, timothy moore. we are talking to people at the moment, what will be the big driver in the second quarter? tim: we're just finishing the first quarter and there is a few things we can mention about that in terms of the dispersion of returns. but looking forward, the key areas we investors will be focusing on will be five main factors. number one, obvious but important, is the fed and the prospect of the start of a cutting cycle and we think that will be amplified -- pretty much every central bank in asia will be embarking on a culling cycle, of course excluding the bank of japan. rates is number one. number two, geopolitics. the u.s. el

to help clear the wreckage, abc news reporter christiane cordero has the latest. >> the devastation from the francis scott key bridge has closed the port of baltimore for days at the crash site, crews starting the painstaking work to reopen the waterway. >> step one of that is we're going to clear the debris from the channel. step two is we're going to remove the vessel, the navy dispatching four giant cranes to the scene, hoping to refloat the cargo ship dolly officials say it's a complex task. >> we have to get that section of bridge that is resting on the front of that vessel off of the vessel. >> that section weighs more than 9 million pounds and will need to be cut into pieces before it's lifted off the ship, according to the army corps of engineers, which escorted abc news around the wreckage. sonar equipment helps them see underneath it, inspecting the damaged bridge and looking for debris. efforts to find the four construction workers, whose remains are still unaccounted for, are complicated today by hazardous materials, according to the coast guard. the chemicals are believed to

abc news reporter christiane cordero has the latest cruise in baltimore, working against the clock to find survivors of the francis scott key bridge collapse. >> we're going to send all the federal resources they need as we respond to this emergency. >> it was around 130 this morning that maryland officials say a container ship lost propulsion as it was leaving baltimore and crashed into the bridge. video shows the ship hitting a support column. the lights go out as the entire span collapses seconds before impact. that same footage appears to show vehicles crossing. >> we're going to be working closely with the national transportation safety board as they lead their independent investigation, and with the coast guard as they continue operations in the water, the pilots reportedly warned the maryland department of transportation that vessel could crash before it made impact. >> maryland officials say the pilot's mayday call prompted the bridge to shut down to traffic, potentially saving lives. no drivers were traveling on the span at the time, but there were construction vehicles and w

christiane cordero, abc news, baltimore the bridge collapse could have an impact on our supply chain. >> vessel traffic through the port of baltimore is suspended for now. baltimore is the ninth largest us port for international cargo handling, some 52 million tons last year. >> this has a significant and a seismic impact. economically. we're talking about $191 million a day of economic activity, 8000 jobs that are directly related to this. >> experts say you could see an increase in shipping costs as a possibility. but goods can be moved through other ports, like oakland, for example, so disruptions are expected to be minimal. stay with us for the very latest on the baltimore bridge crash and collapse and investigation will update the new developments at abc seven news.com, former vice presidential nominee and senator joe lieberman has died at the age of 82. >> his family announced today that he passed away in new york city due to complications from a fall. lieberman served as a senator from connecticut from 1989 to 2013. he was the first orthodox jewish senator in us history. he was

christiane cordero abc news, baltimore well, it's difficult to predict all of the legal fallout from the baltimore disaster. >> lawyers here say there are clues. >> yeah, amazingly enough, those clues come from when most commercial ships were actually powered by sales. so we're going back many years here. abc seven news anchor julian glover has the details, and she sits over in aquatic park right now. >> attorney john hillsman has spent a legal lifetime learning about ships, boats and nearly anything that floats. and he's seen his fair share of disasters , including representing bay area fishermen in the cosco busan oil spill on san francisco bay. but he says charting a legal course often begins with untangling an obscure maritime law that stretches back more than a century. >> the ship owners limitation liability act literally dates from gothic medieval concepts, but it was enacted in the united states in 1851. the same month that moby dick was first published. >> that's right, that moby dick and like the famous novel it is a twisted tale, hilsman says the law was originally intende

abc news reporter christiane cordero has the latest cruise in baltimore, working against the clock to the francis scott key bridge collapse. >> we're going to send all the federal resources they need as we respond to this emergency. >> it was around 130 this morning that maryland officials

katie: that's abc reporter christiane cordero and we will be back with her later this hour. outside of the rescue efforts the bridge collapse is causing big concerns about the supply chain. i spoke earlier with ford's cfo about the fallout. >> this is a large port with a lot of flow through it. it will have an impact. at this point we have to understand what that means for us specifically. we will work on the workarounds and divert parts to other ports along the east coast or elsewhere in the country. it will probably lengthen the supply a bit. katie: for more knowledge let's bring in bloomberg trades are -- trade czar brendan murray. put into context how important the port of baltimore is when it comes to the global flow of goods. brendan: it's not a gigantic board for containers, but as you indicated, it's one of the most important ports for automotive imports and exports. where else? what other ports can handle these flows of automobiles is baltimore is off-line for months, say? you are showing pictures of the wreckage. that will take a while for salvage crews to deal wit