approval could only happen if boeing continue to say make complete and thorough revisions. but dave calhoun is clearly making it a big priority i'm sure the gang on "closing bell" will have more in just a moment. >> see you then. welcome to "closing bell." today here at the new york stock exchange i'm at the disney post, that stock off a percent and a half as fears of the coronavirus. the dow off 168 points right now, but well off the session lows, with we saw it drop more than 300 points. right now the biggest contributor to the dow, it's boeing. even up for further session highs. we'll have a look at what's driving the action, the nasdaq hitting a record height% turning

sharply low. the dow well off its lows and highs, as boeing pops after the f.a.a. said the recertification of the max could come before midyear. bond yields are both falling once again as coronavirus fears spread the ten-year dipping to its lowest level since october joining us is dan nathan from risk reversal advisers dan, good to see you. >> clearly a risk-off sentiment today. do you see that as a buying opportunity or sign of more to come. >> listen, this virus came out of nowhere all of a sudden i think it's given investors the reason to hit the pause button a bit. when you think about the performance so far, the nasdaq making a new all-time high today, you still narrow group of stocks, microsoft up 5% on the year. that's 3.5 trillion in market cap, really doing a lot of work here to me there's a lot of

underperformance outside of meg tameg a-cap tech s&p is down about a percent. only one positive, utilities the number of people infectioned around the world the coronavirus is now rising. 26 deaths have been recorded meg tirrell has the laters the eunice yoon is on the ground in beijin beijing. dana from telsy advisory group is here with us to talk about the possible impact on china-exposed stocks. >> reporter: comes out just now, the numbers are ticking higher health officials here in the u.s. confirmed this morning the

second case here, a woman in chicago, who had traveled back from wuhan china early last week the cdc says 63 potentially cases have been under investigation from 22 states, in addition to the two confirmed positive, 11 were found negative for the novel coronavirus. they're working quickly to learn more, and they said they believe the immediate risk to the u.s. public is low, but note that the situation is evolving quickly. contessa >> thank you, meg. let's get to eunice yoon what are you finding out about china's respond? . >> reporter: well, china is now restricting travel for 16 cities, that's 46 million people, double the population of florida. the focus now is on whether the chinese government has the capacity and the resources to manage the situation on the ground there have been certainly reports out of wuhan, the

epicenter of the outbreak, that the hospitals don't have enough doctors or testing kits to diagnose new cases or even hospital space in fact, wuhan has said it's now building at 1,000-bed hospital over the next several days out of prefabricated materials the government has also sent in military medics to help on the ground now, the chinese government has also said it's taking stricter measures when it comes to the potentially for the outbreak nationwide for example, they don't want people to gather in public spaces over the lunar new year holiday. they said they'll be shutting down parts of the great wall here in beijing, as well as other popular tourist destinations, and they're ordered travel agencies to stop organizing tour groups overseas, as well as domestically. guys >> eunice, as to the quarantine

around wuhan's province. clearly we understand it's planes, trains and buses, but if someone has a car themselves, they are allowed to travel what has been the reaction to the quarantine it might also lead a smaller group of people to flee quite aggressively >> well, actually it had that effect from the very beginning the government had made the announcement at 2:00 in the morning beijing time a couple days ago at this point we were already hearing reports at that time that people had heard the announcement and just got into cars or tried to go to the train station or other places to try to get out of the city as quickly as possible. in some ways it's had the opposite effect, because the government has been moving so aggressively to try to stop travel in these areas. >> eunice, thank you so much for

that eunice yoon in beijing disney says it will close its shaj high report until furse notice, julia boorstin has more. hi, julia. >> reporter: wilf, that's right. disney is working to refund or reticket ticketholders who were set to visit the park over the lunar new year holiday the rest is controlled by a company owned by the chinese company. disney shanghai generates estimated $250 million in operating income, less than 4% of the park's experience and products division at disney. disney's parks division is already suffering from lower attendance from hong kong due to the protest, calling a $15 million decline, and disney warned there could be more impact if protests were ongoing in hong kong back to you.

>> dan, where do you stand on the impact of this it's been a soft couple days,. >> no do you about it. julia just laid it out as far as hong kong and shanghai the overall contribution is no big deal i think investors are prepared for the weakness we know that comcast has been down 5%, 6% because of their subscriber guidance. that's the thing weighing on the group right here disney, i suspect when we've seen overseas, it's been a buying opportunity we know the stock will trade off their new streaming initiatives. to me i think below these levels, you know you have a range of gap above 120 it's likely to, i would be a buyer between 120 and 130. >> another area expected to get hit bid the coronavirus outbreak is retail. piper out with an outlook as

some of the most at-risk brands amid this outbreak we wantto get more from dana from the telsy advisories group. these luxury brands account for a major portion of revenues. this is an important holiday three billion trips according to the chinese, were anticipated before the outbreak. >> when you think about the impact overall, keep in mind it is the most important time of the year they're on a 40-day holiday. the trips they take last year generated $74 billion in travel sales, and nearly $150 billion in shopping and food so it is an impact we're going to get more luxury goods numbers next week, but it's an impact given the global travel that they have. if it gets until control, sentiment can come back quickly. that's what you have to watch.

>> is the shopping impact really relegated to the centers of commerce in china that are under lockdown, under quarantine, or do you think there will be a bleed-over effect? macy's and ralph lauren already have said they've seen international tourism into the united states down the last five years. could that have a bleed-over effect >> it easily could it's about 35% of luxury good sales, and you have already half of it being traveling chinese. keep in mind overall they can certainly purchase online, so can it benefit the malls or alibabas of the world. burberry just reported the other day. it's waiting to be seen what the overall impact is. >> which companies are most exposed to the region? >> it's swatch that's the most exposed on a global luxury basis. companies like nike, that was

around 20% of their sales come from china. >> what's the lesson from the previous issues like sars? i guess china is a much bigger percentage of sales. that said, as you mentioned, online shopping is a much bigger part of the pie as well. >> when you think about last time in the three-month time period, you have had some of the luxury goods name in particular down in the mid teens. if it can show it's under control, can we have not as big of damage, but that's what's unfortunate in how disruptive it is, because it's a significant part of consumer spending. >> dan, do you think it will put off demand are they still going to buy it and put it off aren't they can be out shopping after you've been quarantined for a week or, however long it lasts, then isn't there a big rush to catch up >> people plan these trips up to

a year in advance, so you can't say you get everything back. you always lose something if you can't be there, especially since it is trips were booked so long ago. >> dan, what do you think? >> ily the luxury goods are likely to snap back, but this comes at a different time. it was about to print the lower present in decades right now, and your question, wilf, you know, gdp was going from low single digits up to double digits it really didn't come back now we're going the opposite way. i think it comes at a bad time, especially when we know the chinese company has been hampered business these tariffs. also, i'm going to throw on another thing. the dollar started rallies, so i mean, there's a lot of things going on the longer this kind of hangs around the rim, sentiment will be dampened.

>> oil prices have softened, which i guess is a bit of a help dana, thank you very much. >> thank you. 49 minutes left in the session, we're down only 162,ed s&p is down a little less than 1% boeing gearing up for the first test flight of the 777-x phil lebeau has the latest. >> reporter: and we're still waiting. if the conditions are optimal and we're still waiting for the tailwind to slow down a bit. the ceiling has come back in a bit, but they think they might get this plane up in the air in the next hour, hour and a half meanwhile, look as shares of boeing, which have been moving higher why? two pieces of news from the faa. today administer or steve dixon talking with executives that fly the max, and he said two things that are significant one, there is progress being made by boeing as it works through the it issues needed to

clear this plane, and two, it is potentially possible that we could see the 737-max recertified, ungrounded by the middle of this year. now, that's a big caveat in there, could be recertified. steve dixon did not tell the executives, yeah, it's definitely going to happen, because if more issues pop up, it could be pushed back. but the significance could not be overstated. steve dixon has been forthright of his criticism over the last six months and today is the first time we've heard from him genuine, positive comments about the progress boeing has made working with the faa to get the 737-max fixed and back in the a air. that's why you're seeing shares moving higher. as for the 777-x for a text flight, do they always wait for more perfect

weather conditions obviously this plane will have to fly in much worse, in due course once fully approved, but for the first test flights, they wait for nicer conditions, do they >> reporter: well, they want to have at least minimal conditions this is a test flight. this is not just the first flight, look, we builts this play, it's up in the air it's the beginning they need to make sure certain parameters are met that to see, they've been out on the runway, why don't they take off? they can't you're taking off with a tailwind you have to make sure it's safe to do so, and then you have the ceiling. that you have to make sure the conditions are optimal before they take off and make the first flight >> phil, i hope for us here on "closing bell", but for you having been there today in those tough conditions, these take off in the next hour and 25 minutes

so we can see it here. >> reporter: you bet we'll be here. thanks so much helping the dow on the process, with the improved outlook for the potential return of the 737-max. dan, where do you stand? >> the last six months, people are saying the stock has worked remarkably well. it brought through 320, that was the support level. it almost felt like a mini capitulation, so maybe you do see the stock starting to -- and you have a stock where their earnings literally had gone from $16 a share last year to zero this year on a 20% sales decline. we know what the backlog is, we have cameras waiting out there the earnings will come back. it's just whether you can stomach between the news that comes out in the next few months until they get the 737-max

recertified and everything else up and running i think below $300 you may not see it again anytime soon, so i think investors are starting to pick at it a bit the. the dow down now only 150 points or so still ahead, stocks on pace for the worst week of the week and jpmorgan's gabriela santos will say why a correction could be on the way. a big winner for intel we'll hear what the company's ceo said about growth in china up 7.5%. a check on the data tracker the flash manufacturing pmi coming in at 51.7 for january that's below estimates of a reading of 2 52.2 we're back right after this. boxed in, or held back. especially by something like your cloud.

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welcome back hi, mike first double dare, the market is actually double from a fairly key level a few years back then family feud, stocks within the s&p 500 are moving at odds

with one another, so you have those implications tic tac-dough, as simple as that a lot of money in the system, and then press your luck take a look at sentiment coming in today, we did see on the border loon some extremes. phish of alps, the double dare it goes back to when the market peaked this is 1565 on the s&p 500. you double that. what does that get you to? it gets you to a bit over 3100 so we obviously have surpassed that i want to point to a different level here, which is around 2013, about seven years ago, it hits alternates over 1600. it took that long after 2007 to start making all-time highs. a lot of people said, is that it it's up 10% annually

that's basically where we are. now where we also are is pretty much at the upper edge, as i pointed out before of this long of had term trend kind of path we've been on for a while, so it's really not that surprising. try and maybe soften up and alleviate some of that pressure. i also want to look at the dynamics of the concentration of the market look at these two in side by sides. the same stocks, but weight indeed reverse, so that the smallest stocks have the largest holding. there'sactually an etf that holds that a big gap is open up, eight or more percentage points that just shows you the mega-caps have been driving things it's going to alleviate some of that how do they reverse weight it,

so the weight of the biggest switch is the bottom one. >> exactly if you turn the s&p upsidedown, insignificant, the 400th to the 500th company are the top weightings in this one. >> mike, has that happened in the past >> it has happened it tends to happen toward the latter part of bull markets when you get a lot of people piling in to the big winners. it's not necessarily indicative of exactly pretty much as it's been in a couple weekends. after the break, one firm set a new street high price target on alphabet, forecasting a 20% up side.

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firm believes adspending commerce will be driving credit suisse is get bullish on square and paypal. they say it's -- they expect paypal to continue to capture share gains within a massive total addressable markets. and downgrade on take-two to neutral. saying that while the company still looks attractive, there are concerns about content pipeline visibility. dan, you want to talk about google, what do you make of this call the market's a bit soft today. >> a tough setup for a lot of these mega-cap earnings. better talking about the trillion dollar name it's appearing, and it's microsoft. so here's the thing. this stock is up 45% or so, trading about 27 times

in 2019, earnings growth decelerated. we know a lot of these companies in the digital space had a lot of spend to do i suspect spending continues this year. i think 27 times with mid teens earnings growth expected for 2020, that's probably expensive. at 1300, went up a couple hundred points i just don't like the setup. i think you'll have the opportunity to buy after earnings we have 33 minutes -- i was about to go for a question, but they told me i had to wrap we'll have it later in the show. 33 minutes into the session. coming up we have a last chance trade. and we look ahead to apple earnings next week and discuss the key thing that could make or break this report.

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here we go here are the three things driving the action the nasdaq hits a record high, as intel soars on strong earnings the dow well off its lows, as boeing pops after the faa said the recertification of the max could come before midyear. bond yields and oil falling once again as coronavirus fears fred, with the ten-year dipping to the lowest level since october hi, sue. hello, contessa. hello, everyone. a 6.7 magnitude earthquake struck eastern turkey, causing some buildings to collapse, killing at least four people it was at a depth of 6.7 kilometers rescue efforts are ongoing.

explosions on mt. aetna et d it's caused lava to flow, and rocks flying through the air according to local media, sxloigs have taking place over the past two days. 18 railcars derail in mississippi. it came off the tracks just after midnight the overturn cars were leaking fuel, causing several homes to be evacuated as a precaution vanity plates may be getting a bit of a revamp in vermont a bill to feature emojis if passed legislators have yet to reveal exactly what all six emojis are. >> i thought when i saw the bottom story there, i was getting exiled so you get one at the end to at

a bit of fun to it, as opposed to a full emojis where you kind of -- the policemen would say we're in pursue of a smiley face, wavy face, kiss. >> yeah. >> monkey? >> my personal emoji would be like -- [ laughter ] >> i like this >> it's a cute idea for anybody who's like tailgating you and getting really aggravated to have a smiley face on the back >> yeah. >> done. good for vermont thank you, sue, as always. >> see you next hour mike has the second installment. >> windchill ilf, talking about a family feud, there's a lot of disagreement about stocks that are knoll readily traveling toes

it usually means the market is not under a particular make roe stress it's not consume that's usually a good thing. but it also tends to happen toward the end of rallies. it was early 2018, this was the later part of 2018 basically each individual holding was kind of reacting independently. that's probably a fruitful area for stock picking. making it's going broadband corporate news, as opposed to macro, but it tends to be when you get the preceding conditions for a potential pullback, it fits in a lot of the sentiment that this rally has rolled on for a while. maybe it needs a bit of a shakeout now, the s&p losing 1%, but our next guess says while the market will have positive returns over the year as a hole,

a correction is highly likely. gabriela santos joins us good to see you. >> good to see you >> is this 1% selling today almost sort of regardless for the reason for it? is that enough to spark a pronounced pullback? >> i think we have to see how much further this is next week, but when we say a correction is highly likely, it's looking at the number historically, and judging the 5% correction once a quarter, and 10% pullback once a year, absolutely normal. we didn't quite get that last year despite the headlines, it was lull aa year below volatility we think it's a run to average levels. >> the interesting thing is we got a note today the s&p has consistently rallied after the fed initiates they repo operations we've been seeing a lot of this. the fact that they're still injecting money, it's still out there, do you expect to see the same kind of pullback for matter

what the fed does? >> i think it depends on the risks that pop up. i think there's some known risks that we thought could cause volatility, issues around the election we can see that today, for example at the health care sector, or some new risks that pop up, that we see affecting certain sectors today as well. i think if those risks really expand, it will be irrespective of what the fed does. >> you're hearing notes about the optimism, the fundamentals, the strength of the american consumer you're a bit skeptical. >> i think interesting, white house what he was three consecutive rate cuts, without the fed expanding their balance sheet by half a trillion in late q3, q4 look at the ism number that we had in june, the lowest since 2009 it was done 8 percent year over year. without the stimulus that was to

your question, a lot of people are just calling it q.e. if it's a mid cycle adjustment, fine forget the equity market, look at the bond market, look at the treasuries, off the down trend of what people thought was a generational low at 145. we're seeing the two 10 spread getting narrowive. we are six months after that, and we were total then you have to get 12, 18, 24 months to a recession. maybe we're that much closer, i don't know >> where do you stand on expectation of the gdp do you think coyne virus is an added concern? >> i think it's way too early to know our expectations so far stability around 2% growth in the u.s., 1% in european, and 5.9% in china. if indeed this coronavirus affects comps significantly and then starts to impact behavior

and activity in china, we could see a bit of a pothole, but what we learned historically is it's a pothole. activity recovers once confidence recovers. >> thank you for joining us. good to see you, as always. >> good to see you. we have 22 minutes in the session. we are low across the board. off the lows most noticeably for the dow. s&p and nasdaq still down a percent. up next, we have your last chance trade dan is looking at one airline stock up nearly 10% this month intel bouncing today 'll discuss if you have buy other sell straight ahead on "closing bell."

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♪ ♪ don't get mad. get e*trade, dawg. welcome back we have about 18 1/2 minutes here a check in on the big board. the major averages declining quite significantly. the dow slipping back again, having had a nice bounce because of boeing. that's now over 1% of declines for the s&p and the nasdaq some of the biggest laggards

today, including the likes of dow, merck, jpmorgan chase health care and industrials and banks also have been a rough day. >> dan >> on a day we've seen some of the major airline carriers get destroyed for a lot of the fears, i think it's interesting to look at jetblue they recorded q4 yesterday guiding 2020 eps to to% year over year. the stock broke out above $20. it's been in that range between 16 and 20 for the last year. really interesting, if you look at the five-year chart, it's broken down trend from the 2015 high, up at like $26, so technically things look good the stock is trading at about 8 1/2 times that ubs -- they don't have the exposure that

some of their competitors have they do have long-haul flight -- >> it feels like a year ago, and wire still a year away. >> that's the point. that's good news right now if you like this stock and like the company. the other thing is just oil. you mentioned that before. it's getting hit here, so i think it's an interesting name to touch right here, and i think you'll see momentum to the up side. >> what i respect is you come to "last chance trade" with prepared charts as well. >> this is the fast money game here, buddy. we also wanted to check into pinterest. >> last time i was here, i thought it was under-appreciated, and i thought it differentiated with some of the ones having more scrutiny on the regulatory front the stock is up about 10%. i think you probably see mid 20s, when this company records in a couple weeks, if they're -- mid 20s easily, but it's called last chance trade.

>> i think we gave you credit for 14%. >> so modest. we are going to take the last commercial break before the close. coming back we'll bring you uninterrupted coverage at the final minutes of trade we're down 245 points at the moment, 1.2% for the s&p 500 you can always watch or listen us vetoli or on the go on the cnbc app back in a couple clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks.

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market zone, commercial-free coverage of all action. >> and oh, yeah, mike santoli is here to break down these crucial moments of the trading today and day, oh, yeah, can't level him out, dan nathan is here as well we are down 205 on the dow let's kick things off with intel, which is the best performer on the dow on a percentage basis today after beating earnings estimate, initiating upbeat full-year outlook. we discuss whether he's seeing a slowdown in china. >> it's been a bit more stable of late. i think the more cooperation that we see happening between the two governments, the more progress, the lower the tensions, i think the more deployment of capital for new areas of compute growth. it's a big market for us it's been growing, reasonably

stable of late, and we expect modest growth. >> all more impressive in light of one of the rare weekbays for broader tech. >> inintel was not really a leader they are the cheap ones, the street's very skeptical over the course of multiple quarters. i think that's why the outside move today when intel joins the part after the market has been rolling for a while, it's not the beginning. put it that way. >> it's also one of the only major mega-cap tech stocks that's not above the all-time highs. the stock had an upgrade from a sell to a hold, okay they sentiment isn't too bad, the stock is cheap, but i think it's important to remember, bob swan said it himself, modest growth

they're for only low single digits that's why this changed cheap to the market about 13 1/2 times. i suspect, though, this stock gets back up to the prior all-time highs at about 76 i think you will see buyers back into the mid to low 60s. american express hits an all-time high today. let's get over for kate rooney kate >> hey, contessa, that's right, am exbeating fourth quarter expectation, earnings per share coming in, revenue also higher than expected. the company sures an on which mystic earnings. net card fees. growth with mill lynnalities

plame noor approval to work in and amex catching up with -- >> kate, the interesting thing, the competitor visa announced it was buying plaid a few weeks ago. were you hearing any talk about potential m & a? >> for sure, analysts were curious on the call about that at least two asked based on visa's acquisition, even paypal, which we don't think of a direct competitor, they've alpsing doing strategic m & a. they said that's something analysts are watching and something to look for in 2020. >> dan, do you think that part of the reason why we're seeing the acquisition of the payment companies is because it's either if you can't beat them join them mentality, that they could actually end up taking the job of credit cards? >> i think there is a bit of scarcity, too. plaid is a very elegant solution you might not have known it when you're connecting to some service that you're doing to the

bank it sounds like there was a bidding war to this, especially as some of these more established players are looking to kind of not get outgunned by a competitor who can get a leg up by making an acquisition by there. >> without a doubt american express doing well on a day when discover is getting -- and merck always traded at a tres premium, it's kind of rebuilding that premium a bit. its clientele is a bit more attractive, and it does have a payment network business kind of buried inside of american express. >> we've got -- kate, thank you for that we have under eight minutes to left let ate get out to phil lebeau for more on boeing. >> reporter: a big reversal in shares of boeing today, turns positive why? because of a phone call that was held by the admarch tore of the

f.a.a., steve dickson. he called them up and essential said, look, we're seeing good progress in terms of the work that boeing is doing to get the max ungrounded potentially this plane could be ungrounded by the middle of this year there's a big caveat in there. he did not say it was going to happen what he did say, though, is there's a lot of potential and progress is being made by boeing that's why shares moved higher we cannot overstate this enough. steve dickson has measured and straightforward in his commentary about the max since he took over running the faa this is the first time we've heard from him where he said, i like what we're seeing here and we're on the right path. that's enough for investors to say let's push shares of boeing higher on the possibility we could see the max back, at least ungrounded, by the middle of the year >> phil, you have an hour and seven minutes to get the 777-x

off the ground in our show >> the winds need to die down. if they do, we'll see it flied very nice. i'm pleased that the rain has died down, but the wind i can tell is still there. thank you, phil. well, this was another rough day by macau -- macao casinos. mgm said they're just scaling back on one celebration. harry curtis wrote today that strong bookings for these casinos heading into next week won't matter at all if china containment efforts don't work this weekend both the u.s. and hong kong listed gaming companies have

underperformed the broader markets since the coronavirus news, down for the week. the thing is unlike what we were talking about earlier, if they lose out on visit action, if they lose out on gaming revenue, they can't win it back this was a linchpin for these companies. if they lose it, it will hit hard firms. >> i will say, though, those are stiff declines on a weekly basis, so it's obviously jumpy stocks in general. but it is interesting that the market has decided to just kind of give them a sharp haircut >> it's always absolutely an crucial weak ahead for them, and the fear is how much do people get concerned about it longer term s. we have 4:30 left in the

session. we're traden down 170 points or so shortly after the open, so we're a long way off the back. >> yeah, pretty sharply negative, as you might expect, maybe even more than you might expect, if you look at the ratio of up to down volume this is very lopsided. what does that come to oh, basically, you know, almost 80% to the down side, i think. so 70%, let's say. obviously shows you very lopsided people skimming a lot off the top. we've had a good run on the market breath has been holding up pretty well, so this obviously is a bit of an outlier clearly today was kind of a sell first instinct a look at the nature of the sectors that have been working this week. the more defensive stocks as captured, etf outperforming the high beta, the real kind of

aggressive stocks by three percentage points. yield's been down, all that story is kerncertainly working, though the high beta has led off the lows the volatility index perked above 15 today, got on the verge of that level that says, okay, hey, more slippery footing for the market we do have to keep an eye on this they do have some clinching up in the markets, people anticipating potential tesh lens. >> mike, we said earlier in the week if you continue to see declines around the rest of the world, it's harder for the u.s. to keep up longer. >> even day you've had a widening of the restrictions and incidence of this disease, and it's happening at a time when global sentiment has come into question so all of that stuff working together in a market that was already stretched. >> when we start the 2020 they

unknown unknowns that bob pisani likes to talk about so much, came into play with coronavirus. how much seriousness are you putting into this? >> i think over the next couple weeks, as reporting earnings, it will be interesting to see how much this gets referenced. it's a great mulligan. just get it out there. >> if you look at the way the banks are acting now, a week after there was generally a good result, they're acting poorly. that may have to do with the flattening of the yield curves, i think we're probably a we're on two away from a day where we see all of them down 5% from one day. that's when things start to steamroll a bit. rick, what do you have >> well, contessa if you look an intraday of 2s, down seven basis points on the week october chart of ten-year down five off day, down 14 on the week, the surf flattened between sos and 2s, seven basis points

this week. the dollar index by far the champion of the week look at it the best levels since presiden end of november. bertha, after sick higher weekly closes in the nasdaq, it looks like we're going to miss on week 7. >> yeah, we are snapping that we are win streak here with today's decline. apple had been on pace for its ninth straight weekly gain, but turning lower here nonetheless it's still on pace for the best start to the year since january of 2012. chinese consumer stoblgs are among the worst the travel company is the worst performer in the nasdaq. luck has its worst week since august among those hitsing historic highs today, two brokerages. both of them looking pretty strong even as health care has

been weak. >> it was a big move here. still a lot of damage. 1.2% decline ual down about 9%, marathon oil, a lot of energy stocks down 10%. there's the close on this week's trading. dow jones industrial average well off the lows thanks to the boeing turnaround an hour ago. s&p down 130 s&p down 30. welcome to "closing bell." we're along with mike santoli, senior markets commentator, and then a wild crowd here. >> a noisy bunch we have here at the close. let's check in on where we finish there the s&p opened positive, sold off throughout most of the session, around 2:30 found a bottom, a slight recovery in the final minutes. that put us down at just over 1%

for the week as a whole. utilities are the only positive sector, and only fractionally positive the nasdaq down a similar amount the dow outperforming because of boeing's rebound barry knapp joins us still with us, dan nathan. and, of course, mike santoli mike, what were you watching today, as we saw the moves on the nasdaq reverse, and the dow coming back off its big lows. >> dow, boeing certainly helping there. i'm looking more at almost 1% pullback in the s&p 500 from a high, just unable to ignore the pullback in treasury yields, the general sentiment that in fact you weren't going to bet on a quick acceleration we keep having to mention a market that we've been saying

for a couple weeks looked a bit stretched, sentiment was a bit elevated, all the makings on a check of the risk appetites. i think you're also seeing an unusual amount of attention for this point in the campaign season at the primaries, bernie sanders rising in the polls, a lot of hedging related to the dates, which is an interesting feature of the market. >> where do you stand as to whether we were a bit stretched on the up side and whether we still are or not >> yeah, i think it's fair to say from a technical perspective we were a bit extended, but the conditions, the three tailwinds that i expected to be pervasive through around about april are still very much in play. one is fed liquidity, the qe that's not qe program. the second is the global manufacturing recovery look at the pmis we got overnight.

germany is at a low level, but it's improved considerably all of the other indices ticked up that global manufacturing recoveries looks like that's intact finally the broader condition of the u.s. consumer. even within earnings season, we're seeing a very strong surprise until consumer discretionary sector, which, by the way, got hammered pretty hard today those conditions are still in play for me, the way i'm approaches what happened today is to look at what went down the most and what would i buy on weakness first and foremost is a sector i've been recommending for the better part of a year. we've got this series of scares last year related to yield curve flattening we have another mini one going on right now if you really thing about wheeze happening in fixed income, the seeds of a reversal are being sew sown the fed has been reducing the holdings mortgage prepayment risk is the

single biggest source of all we have had a ferocious 50-base point of drop of 10s in august and a quick reversal because of this increase in convexity risk. vol caught a bit in fixed income so i think there's a good chance if we come in on monday, it looks like the crisis has eased a bit, you could have a pretty sharp reversal seven basis points was hardly a big moved for fixed income so financials are the sector that really stand out to me. >> dan if you want to buy equities because you think that the news flow will be better about the coronavirus on monday, be prepared to do that, buy and sell off those news for maybe weeks, if not months i'm not saying that's what the last guest just said, bud if you're one of these people with a 3500, 3600 year-end price target, one of the best-case scenarios might be ha 5% to 7%

pullback back near 3,000. the market continues ton an irrational bullish phase, according to bank of america it said bond and equity fund saw nearly 25 billion inflows. predicting this bullish certaintiment will carry o through q1 clearly there's a lot of debate around what the fed is doing >> without a doubt whatever the absolute driver, financial conditions are very accommodative. what's interesting about this call, it comes from the strategy group over there that had been calling from late last year for the s&p to get to 3333 by 3/3. that's march 3rd we got there in mid-january. so it's been a much stronger,

more persistent strategy when you look at flows, it's been a lagging indicator people are very reluctant to throw money into equities. that usually has been a signed of a wall of worry when they finally jump in, okay, maybe the market is gel overheated there's been a lot of people raising their hands, it's too hot, companies are getting credit that are not creditworthy. >> crude oil keeps going down, you will see those fears, but there's another way to think about it there are companies like apple that have great credit they've been buying tons of stock, and there's no organic earnings growth, so the -- all those corporate credit fears, you know, look at just any measure -- mike, what's the measure? whatever it is, they're like blowing out.

we've never seen this sort of thing before >> right, but rates are so low, balance sheets are fine, spreads are very narrow. obviously that can reverse >> it's not likely when you think about the negative dead. we have a debt issue here, and china, and we don't know hoe it would end. >> we don't. it's increased very slowly through this entire business cycle, which by the way is the longest one on record. the reason they're tight is same reason that vol is low share prices, which have benefited. that's what it does. it suppresses volatility, tighten credit spreads, so. >> i think it stands in the face of that major, major force

is mortgage-backed security supply the housing market is strong right at the time, assist i want the vols return in the market. that's an april or may. hang on here let's get back to bob pisani >> boeing turned the market around at about 3:00, but the key is a lot of damages down more than 1% oil collapsed and just killed some of these oil names. bank stocks, lower yields, of course we have a little move after the earnings report as well

finally i think the keep is apple. it held up very well so far this year if that starts dropping, that would be an issue for the market. >> thanks so much for that, bob. barry, back to the banks looking at the year-to-date performance now. all of the money despite the relatively good earnings season. does that makes sense, or is it a small bowen? as i said, i've been very bullish since the proposal in mid 2017, they reached a level of profitability in the fourth quarter of '18 this quarter was incrementally worse partly baas the fed started pushing cash back on to their balance sheets

we do need it to pick back up. asset growth to improved a bit now it's cheap, so i wouldn't sell it, and why more inclined to buy it on any sell-off related to the yield curve nevertheless, the results were marginally worse than the last couple of quarters thanks you so much for joining us have a great weekend, guys. next week will bring big-name tech earnings, including apple. we'll have that when "closing bell" returns in 90 seconds. a golf course is designed to be difficult. to challenge your thinking and test your execution. but great minds are driven to seek out the complex. they see what others don't, from an angle others won't take. they learn that embracing those challenges

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welcome back apple announcing results next tuesday. multiple firms have jumped into the debate rating the target. stating that investors are increasingly looking forward, and commenting that part of apple's big run has been anticipation of 5g.

what ares key things you think analysts will be looking out for? >> you would think so. in the past three months, right? what's really changed. maybe people have gotten more confident. but did they make 10 billion or more in that we're ables category that's been high growth and do services continue to look healthy? this valuation isn't just coming iphone has been around forever investors must warrant to believe the other areas are growing on their own and creating a virtual cycle within the ecosystem. >> with 5g coming down the pike,

how much does that matter with the other things that apple is produces >> it does matter a lot of the first thing i would point out is apple is notoriously secretive, so don't expect to hear about the 5g iphone next week, they only give one quarter out guidance but the 5g iphone is expected to be a big incentive for the unit numbers to move higher like jon mentioned, iphone is apple's success, but if you look back a year ago, people were negative that sentiment changed in the back half of last year, and then after the iphone 11 was released, because one of the big drivers for iphone 11 was the fact that the battery level was very good, so that drove people to spend more, whereas the view before that is nobody would buy phone 11, they would rather wait for the 5g

so i think the sentiment has evolved and continuing to evolve into the 5g cycle. chris, you have a buy rating, but your price target, we're almost at your price target which one of those two things will budge >> sure, our price target, wilf is 350 there's a 10% up side, which is pretty good for a large cap, a trillion-plus dollar company the reality is it's a high-quality problem to have next week, once they report earnings, but the bottom line is, i think you have the 5g momentum, you know, services are still growing, and you saw some numbers come up a cumulative of 155 billion, and to jon's point wearables is growing so you have a multiple revenue vectors helping the company grow

>> jon, you were about to weigh in >> yeah. i just think investors have to be careful i'm not an analyst, but i've been on whiching this stock for about 20 years it seems to me the negative sent march might have tipped toward irrationally positive in a sense. i was saying this to analysts who were negative on this, when does it excite start to kick that's kicked in, but we don't know yet what apple will do with 5g people just aren't going to buy 5g they're going to buy some application, some service, some feature that takes advantage of it it was facetime and the front-facing cameras that sold high-speed networks. we'll see in summer that perhaps what apple will introduce that will take advantage of faster networks, but until then you're sort of going on a hope and a prayer >> and they need the networks to

deliver functional 5g widespread as well. >> and to find a price point that is appealing to consumers, if what they're getting is 5g without a lot of explanation of what it will do. >> as much as they can sell the airpod pros at the price point, apple figures it out. >> thanks, krish. >> thanks for having me. we'll break down why the market has been so resilient despite the coronavirus. disney forced to close the shanghai park. we'll look at the outbreak and its impact on the entire entertainment community. you can always listen to us on the go on the cnbc apt "closing bell" will be right back d to aging? prevagen is the number one pharmacist-recommended memory support brand.

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third game of the gale this is the one i like. >> tick-tac-dough. this cuts to the chase it's the st. louis fed financial stress index when this is going down there's a lot less stress what are confer the initial norm was set, if you go back to 2008 in the hard of the financial crisis, it was at 5, so basically the line would be up near that ceiling. this tells us credit spreads are very placid. all the things we look at, it's going to forgive a lot of sins

much of a deep or longer lasting downturn if you do look back here, it kind of perked up in a hurry that's when the stock market was backlogged. >> what had lead to financial stress flaring again >> i think you probably look at a growth scare that would flatten out the yield curve, probably have credit spreads go out again. basically a rho racial demavorad >> i do like it. still ahead, the coronavirus outbreak forcing china to shut down nearly 70,000 movie theaters up next, how that could affect the movie industry plus boeing rallies today on new hopes for the grounded 737-max jet. how that could impact growth later here on "closing bell.

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you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ here's a look at the "closing bell" big board the major average is at the top, down about a percent or so we were down a bit more than that, close to the close, but recovered a bit in the last hour of the trade there's a look at some of the

biggest laggards in the group tod today. it's time for a cnbc news update hello, everyone. president trump making history, becoming the first president to speak in person to people gathered for the march for life. the crowd assembled on the mall in anticipation of his arrival.e on abortion. >> unborn children have never had a stronger defender in the white house. and as the bible tells us, each person is wonderfully made vice president pen meeting with italian prime minister in rome he was welcomed by italian and u.s. officials and lsu football coach ed

org org orgeron is reaping the benefit he has a contract extension. lsu beat clemson to claim the school's first national title since 2007 you are up to date i will send it back downtown to you. how democrats are in the final hours of laying out their case ylan mui has the details for you. >> reporter: wilfred, democrats are now on article ii, obstruction of congress, an act they called a declaration of -- >> it was historically unprecedented. >> reporter: we are far from done today still next week senators will get a

chance to ask questions. they'll have to dismiss them in written to the chief justice a source tells me that chuck schumer has set midnight tonight as the deadline for democrats to get those questions into his office they want to make sure that they have time to organize them into themes, make sure they're not redundant. essential they are focusing on making sure they are ready >> so what's the best guest of when this can be drawn together? >> we know they will be in session tomorrow they'll go for several hours after that we expect the white house to make the bulk of the case on monday that's when the cameras will be rolling, the ratings will be higher we expect them to go through at least monday, but we are looking at potentially all of next week to still be consumed by the trial. it depends on how long the white house takes to make its argument

and how long the senators want to deliberate. >> ylan, thank you. there are now 937 confirmed cases worldwide, with two confirmed cases in the united states, and dozens more under review the gadget is being felt among industries 70,000 theaters in china closed their doors. the chinese box office is expected to lose 1 billion in revenue this week. i m imax is expected to be down, and variety's co-editor joins us how are they bracing for impact? >> here in the u.s. it's not much of an impact yet.

where it's entirely chinese movies however, in the longer term we could see some impact as it's possib possible, they could be competition, could be rescheduled, so there would be some impact. do you have a sense of whether there can be -- whether they might be streaming movies more >> there is in one particular instance a chinese studio that has elected to take one of the major movies they would have put in theaters in that country and now is putting it online i believe there's tv networks,

donatesing the rights to tv programming that could come in, and while people are quarantined they could have some entertainment. >> i now you want at the top not a huge percentage of it would be -- how big, though is chinese new year week for the broader industry >> there's a huge cost there any idea about how quickly people might come back to this industry if we look at past case

s. >> i think it will be dependent on how the crisis unfolds. best-case snare i don't, maybe this is just a matter of days, and the movies get rescheduled, come back in they're not going to make back all the money they lost during a crucial period, but if this doesn't stretch on for weeks, or god forbid months, that will dampen the impact. i guess it was in reach g rg that would be the case analysts say 2020 as the year that china would surpass new york america they have a 9 billion mark as of last year.

>> what are the big individual firms in franchises that before this, or regardless of this expected to do well? china? "mulan" wasn't quite set, but it could have been as early as march in chinese theaters. now it remains to be seen. we have a news alert julia boorstin has act vision blizzard is teaming up

it would make it the youtube streaming -- those include the competitive video game leads for overwatch, call of duty, heartstone also part of this google cloud will become act vision's cloud provider this could be seen as a blow to amazon's twitch, one of other leading destinations for much watching video game play in this growing industry still to come, find out whether -- could take a toll, or if it returns to service . so when a hailstorm hit, usaa reached out before he could even inspect the damage.

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welcome back phil lebeau has breaking news. >> reporter: we stood out here all day, we were hoping, did not see the first flight boeing said it's not going to happen it will give it a go tomorrow, to see if the conditions are more optimal ultimately it's just too windy

becausethey were not taking ou into the wind, they go with the tailwind they never goat the right conditions we'll see if the weather cooperates tomorrow and they'll give it another go then. phil, thank you. that's a great shame, for you and for us we appreciate it as always, phil lebeau as you just saw boeing's shares rebounded, as ffa director is calling airline executives, telling them the regulator could approve the 737-max's return to service before midyear senior economics reporter steve liesman is looking at how the moving tribaltable place a bit of havoc with the forecast. >> your read was perfect before, creating turbulence in economist growth forecast. forecasters cut their first quarter gdp outlook last month

by as much as half a point they had a rebound in the second quarter, and soft right not return under at least any ex year, that prompted others to lower than paragraph b of a said the longer the shut jon persists, the higher the risk of multiplier it cut second quarter and pushed into the third quarter, so production and delivery starts up sooner, economists may have to get out the pencils and eraser yet again it's big enough by itself to have a measurable impact on growth in the third quarter. it depends on when they start up production and deliver yes, sir for a single-quarter's forecast. >> steve, they didn't lay off people when they halted production they took their workers and spread them around did that have an impact --

>> no. >> -- in spite of -- >> no, but suppliers did spirit airways they announced layoffs of 2800. boeing has tried very definitively they would not be laying off workers we know they want to start up production as soon as possible, and when it happens in a given quarter, if there's a month's worth of production, it's probably worse something to the gdp. if it happens in the second or third quarter, half off for both quarters or just one quarter, and then you have the rebound when it comes back in. >> so half a percent or so for just the 737-max, boeing in total is worth what of gdp roughly. >> it depends on how you put it it. >> in a given month, i don't know the answer to what total civilian airport production is worth. what i do know is there's enough planes here that aren't being

produced i think the number was 52 down to zero. what was happening before, the 737 max was grounded, boeing continued to produce we didn't have the shipments going into gdp, but instead we had an nevinventory build. hand then you lost the inventory build. so that's why you had those two components where it might have shown up another play it showed up was in exports as well. if this comes back, that play alone. remember we're multiplying everything in a quarter really to the fourth power, so it has an outsize effect from when the actual numbers are >> steve, thank you for breaking it all down for us we appreciate you doing the math. up next oil on deck. chevron and exxon said to report results. we'll dial do you think on everything key investors need to watch for, ahead

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china and india. as soon as you see something like this that affects china at the margin, it becomes extremely negative and concerning, and we are oversupplied in oil. so it becomes a double whammy. >> there's been a lot of volatility recently because of the action in the middle east and other things how are the olympic companies, chevron and exxon positioned to weather all of this volatility >> what we are saying to them is you have a plan on 40, and let's make everything es free cash flow, so get your cap ex down, your spending down conocophillips, all this noise is unavoidable, and provides more or less free cash flow. we call it the renaissance thesis, they have to be in the same position, to coheerchtly pay a dividend and sustained some sort of volume is sustainable at 40, and who knows who will happen next

libya is not getting attention now, but there's a million barrels off-line right now in libya. how much have we got ahead of the current situation? are we pricing in a sars style of epidemic? could we have a swift rebound? >> essential the market is oversupplied that's notwithstanding the at the libya situation. he at the moment the d.o.e. data, which is prior to any of this happening was very weak we were seeing terrible u.s. demand, we're having a horrendously warm winter in terms of energy demand i think really up until probably yesterday we weren't sure that wu-flu was not just a storm in the teacup, but now it seems like it will be a big deal >> it seems like the market is

saying that there's really weren't we don't even know what the next cycle looks like. is that correct at this point? >> the burkett market starts in 2021, and there's some controversy whether that's true. in q3/q4, growth finally got below global growth. so oil production growth was exceeding total demand that immediately presents a problem for opec on top of that, we have guyana, norway, brazil growing, so we have -- without a warm winter and without the other issues it's still a challenge we look at the frack spread. that's coming down hotter, harder than the rig count. if you had asked me six months ago or a year, probably a million barrels a down for u.s.,

now we're looking at 700 the low numbers are at 300 you know the production has high decline rates, it will not take too long before the u.s. goes into decline it could come as early as 2021. >> paul sankey, thank you. >> thank you. sin city is changing its slogan we discuss the pros and the cons, when "closing bell" comes back legendary terrain in telluride, the unparalleled landscape of park city,

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with 24/7 monitoring from xfinity home. awarded the best professionally installed system by cnet. simple. easy. awesome. call, click or visit a store today. lets get over to mike for the final installment of the dashboard. >> wilf, investors came into the week deciding it was time to press their luck this is an indicator we look at once in in a while, the bank of america bull/bear gauge. it show as snapback up to the upper end of the zone. it's short of what a firm considers a contrarian sell signal that's about 0.8 surveys and positioning information. clearly the rally is not a secret people are trying to ride it and getting close to the level as we've been saying the last couple weeks where it seems that sentiment is a headwind as opposed to tailwind but not a fat pitch by the way we spiked above that early 2018.

that continues to be the high water mark for good feeling in the market we'll see if today took it off the boil since we had a pullback i know constantlia knows the catch phrase, press your luck? whammy. >> is it good or bad. >> bad so many choices you could have gone with the price is right 25,000. >> all credit to you for the idea of the theme. but of course mm choices to redo. >> next up 70s television. >> or british tfrgs game. >> up next the buzz on wall street when "closing bell" comes back oh, your mom just texted. she's landed. and she's on her way to our house.

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♪ put your money where your mouth is. >> to the buzz on wall street. what happens in las vegas doesn't apparently stay there. because this was supposed to be a surprise unveiled during the grammys this weekend that las vegas is ditching the what happens in vegas stays in vegas slogan 17 years after the famous tourism campaign launch. the ceo of the visitors authority has indicated that there will be the new slogan unveiled at an event this

weekend. >> which is. >> word on the street has it it's going to be what happens here only happens here and the reason for that of course is that they're getting so much competition, new jersey is now beating them in terms of sports handle. there is casinos opening up all around the country so las vegas wants to make this about a destination you can't get an experience like it anywhere else. >> new jersey doesn't say what happens here stays here. >> no, no, no. i'm saying that new jersey is in competition for gambling dollars and visitors now against las vegas. >> las vegas wants to emphasize the uniqueness of the experience. >> it's not catchy, though. >> i think they need to include the vegas. what happens in vegas only happens in vegas. >> seriously that's the scuttle butt. >> i have sources in las vegas they will not confirm nor deny so i'm just here to report what i know now, which is pretty much nothing. >> i always liked, the cost me

polten in vegas. >> i don't love this looking forward to the weekend with the new slowingen. >> maybe they surprise us with something completely different than out on the internet. >> they should contact mike not just for the latest suggestion but every day for the latest charts thinking outside the box with those things. >> yes. >> switching focus, president trump unveiling the logo for the space force tweeting after consultation with our great military leaders designers and others i'm pleased to present the new logo for the united states space force, the sixth branch of our magnificent military the logo drawing immediate responses on conspirator, comparing it to the star fleet command on star trek it's stellar. >> what are the team of it was

dr. spock and captain kirk. >> i know i like star trek. >> yeah. >> there is a new one out at the moment isn't there with patrick stewart, a spinoff series. >> i think that's true >> but i haven't seen it yet. >> it's a great rowingo. >> it's remake movies were disappointing. one was good and others weren't great. but back to that i don't know if you can blame them it resonates with some people. >> it would have been great if any copied the united federation of planets >> yes. >> the cut line on that. >> there we go that's the word on the chat on wall street. looking to earnings next week, a huge week for earnings monday we hear fl whirlpool and d.r. horton. tuesday numbers from apple, starbucks, ebay. 3 mis pfizer and boeing, mcdonald's and mond leisure. thursday coca-cola, amazon and viza friday cat, chevron, exon amongst names reporting.

huge, the tech names overseas in particular just because of the impact on the index and the run they've had. >> and the run they've had the setup for them is demanding perhaps in terms of upside surprises. but i think it's coming as a welcome thing if earnings take the focus away from the bigger picture stuff we've been dealing with i think the context matters. we have a 1% pullback from a record high. right now nothing but routine. but it seems as if the macrowinds are blowing in the direction of saying we have to question the premises we had coming in. >> interested to hear what whirlpool said because they have hit hard in the trade war. we'll be interested in that. and las vegas sands reports on wednesday and that's really going to be our first chance to hear from the company about what's happening in macau and corona vierds and i'm sure questions about that. >> the theme of the week down a lot but basically today's declines. >> down 1%. >> better the rest of the world.

>> s&p up 2% year to date and the year is only a few weeks old. i think the market is on alert to see ifs in a shakeout but well within the range of a normal back slide. >> out of time here that does it for "closing bell" today. >> "fast money" begins right now. live from the nasdaq market site over looking new york city's times square this is "fast money" i'm courtney reagan for melissa lee. traders are tim seymour carolyn finerman steven grasso and guy adami. tonight on fast investors on edge as the deadly coronavirus spreads. a second case confirmed in the u.s. how wall street reacts to the outbreak also ahead we're gearing up for the busiest week of the earnings season we break down key names need to be on your radar later our chart of the week. why in mystery name stood out to one of our traders we begin with a big move higher for boeing the stock erasing near all of