that the economy could globally slow. >> we god a neat from moody that points out the impact the lowering yields/will have on banks and metlife is off 2% as they insurers try to find a hedge. "closing bell" will continue the coverage right now >> good afternoon. inch sara eisen. it's so good to be back. we're off this market sell-off we have not seen a 1% klee lower since i went on maternity leave, last october best -- it is on the dow, boeing again continuing a recent run. did you see tesla, though? >> past $100 billion

>> but none of this has been half as hornet as what ivan up to. >> i've been watching cnbc every today, of course, with a new baby harrison, who smilish, loves "closing bell." >> there he is we staked that one also samuel watching that day obviously that was a tough day for me >> i know you wanted to meet him. your boys have great taste watching "closing bell" every day. we have to pivot back to the market, a big, big sell-off, down about 1.5%, as we stand 409 points on the dow investors look for safety, and outside of virus

spheres, we're entering the busy week for home builders >> joining us for the hour, kate bliss, welcome kight, how does this sell-off look to you? we were at a sell point on the vix, which usually -- they move in opposite direction. think we'll bound back here, level off. also down 1.4% we're covering all angles of the coronavirus.

five cases are in the united states, and 82 deaths so far in china. the u.s. state department just raising the china travel advisories to level 3, telling americans to, quote, reconsider travel to china due to the virus. eunice yoon is on the ground in beijing. sea mody is tracking the stocks moves, and mike santoli has the dashboard. eunice, let's kick things off with you >> reporter: state media has confirmed the first death in beijing, a 50-year-old who had travel from wuhan, the epicenter of the outbreak. chinese authorities are now recommending that everyone wear a mask which is the reason i'm wearing a mask right flow which is what is normally a bustling nightr up did life area.

they have expanded the travel restrixz also bus travel has been suspended for other cities, including a major port city and very important to international business this is after restrictions have already been in place for the province most affected by this virus. hubei province, with about 52 mill million people. so the chinese premier is currently in wuhan he has been tasked with managing this pandemic after president xi jinping had convenedage emergency meeting when he called the meeting grave. he had other measures, by three days to february 2nd, there's a really big question as to whether or not or how long

companies are going to stay closed the city of shanghai and suzhou both important for business. companies will consume their businesses close under february 8th or 9th companies visually having telling me they're worried how long they'll have to stay -- saying that people shouldn't expect to come back until february 10th. that really starts to get at another problem for of economy here, because it's not only about the consumption companies, the travel companies, but also will manufacturers, and other types of businesses that are really questions just how long they're going to have to stay closed, which is going to hit the economy, as far as global companies. guys

>> eunice, what can you tell us about the incubation period, which is something that appears to be a bit of a moving target investors are trying to figure out to see how much this could spread into a potential pandemic >> the incubation period, according to health officials from this weekend is ten days. it's as short as one day or as long as 14 days but the surprise information and somewhat disconcerting information, was that the virus is contagious during the incubation period when you're not showing symptoms so that's very different from the sars outbreak in 2003, when people were contagious when they were -- when they had a fever or were coughing. so that's been one of the reasons why people have been so scared, and also the fact that there's this trust gap there's been a lot of people who

have been questioning the authorities, really ainge are you at how it's being handled, especially in wuhan, that they don't necessarily file like they can trust the information. let's bring in meg tirrell with with a look at the pharmaceutical response. >> companies are moving quickly. they're also looking into developing new drugs and rapidly working to develop vaccine we went into the lab of mo derna to learn move about the approach they have identified the proteins on the virus they'll target with the vaccine. they say they've got working nights and weekends to ramp up a phase one clinical trial they hope to do that in a few months if that's successful, the next challenge is to increase

manufacturing capability. >> we're all hopeful that it's not a situation that evolves, but unfortunately hope is not a strategy what we need to be doing right now is putting our head down, working around the clock to make sure if it does evolve, there's a chance for us to intervene and hopefully slow the spread of this virus. >> that's what you're hearing from all they countries, hoping for the best, but as you just heard there, hope is not a strategy wilf >> meg, thank you. let's get over to seema for a look at the stocks that are moving the most. >> the conversation around coronavirus has expanded beyond the travel operators, as investors try to assess the economic impact. the s&p warning that if the situation worsens, the disease could knock off about 1.2 percentage points. that's why a number of the companies that are reliant on consume es are under pressure within the travel sector, many

flames names been being hit, as it raises to level 3 the hotel operators have been investing in china, in fact china leads the world in hotel room construction with over 228,000 rooms currently being built. lastly, guys, the cruise lines, downgrading, those stocks are lower by 4% to 7%. the dow is currently down about 385 points. let's go over to mike santoli for today's dashwe, looking at how the market as performed. a lot of people uses h1n1 as a corollary. >> so great to have you back the convalescens curve is what ipt cage this, but i want to caution against drawing too many specific conclusions over this

people are lookeding at that instance, once there was a sense it was contained, we did have a he rebound we were in a bear market for a couple years, we had the lead-up to the second iraq invasion. sars was an additional source of pressure, and then of course we got released from it one that was not on here is in 2014, we actually had a pullback a year and a half pulled -- in september/october of that year, we got the ebowl ooh scare, but it seems more an excuse than a cause. we may look back on this episode as some like that as well. >> keith, whether or not this is the cause of the most recent pullback, you were alluding earlier you see this as a positive to flush out the

momentum. >> the weekends gets out of the way, institutions step back in you're starting to see a lot of value in the names that have run up if you're looking at some of the stocks, they're going to step back into this as mike was pointing out, if you look at what happened with sizia and ebola, it was an excuse to get out of the market. the avian flu, the market was a very different place back then, 16, 17 years ago we didn't have dissemination of information as quickly, or we didn't have the connectiveness. >> true enough, but again, if you think this is going to be resolved in a relatively short time frame, and i'm actually in touch with a genet tick company in colorado which is working on a vaccine, and they they could they can't have it ready by

february 20th, we could see this resolved pretty quickly. the chinese authorities are doing a pretty good job of containing it. if we don't get to a contagion situation, i think we -- the fundamental thing we've been dealing with the last four months have not changed. let's hope for that. phil lebeau has the details on boeing >> a story was posted just a few moments ago basically saying that boeing has secured more than $12 billion in loans from more than a dozen lenders. this is not a surprise she first reported last week they were close to at least $10 billion in loans the market was widely expecting this as the company has been saying we want to do whatever we can to shore up the bleed with the 737 nabs, gu -- a lot easie

set up and repay as they see the 737 max he production resuming later this year. again, boeing securing more than $12 billion in loans for more than a dozen banks, according to cnbc.com's leslie joseph guys, back to you. >> boeing down 1.5% today. there's about 47 minutes left. we have all-star lineup coming up. up next, a look at a part of the market that's doing relatively well. "closing bell" will be right back

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as investors look for safety dom chu has more for you. >> wilfred, sara, we are looking at gold prices having a six-day winning streak in play, and wti crude oil meanwhile, having a five-day losing streak the bluish green line here, and

the orange, yellowish gold line is gold prices that divergence is huge. watch what it's doing with gold prices, compared to the overall market the gold versus the s&p 500, on a one-years basis, junior gold mining stocks up, the s&p is only up 22, so handily outperforming the markets. these are the big names driving some of that action. as we talk about this idea, sara, wilfred, gold prices could continue to be the safe haven trade that a lot of folks like back over to you. >> certainly working dom, thanks, stocks falling on increased fears over the coronavirus outbreak one group that's getting hit hard, with the index down about 3% for more on the global market

impact, we have emerging markets strategies, and also joining us is russ appear blackrock. >> beyond the humanitarian impact, the big question is how much will this impacts chinese growth, how much will it impact global growth? it's coming at a difficult time, in that the global economy is just getting off its feet, just starting to recover from the manufacturing recession, and it accent waits -- it changes people's view of how quickly that recovery happening is what's being discounted, why cyclical assets are being hit. >> what's your assessment of how much an impact this could have on china's growth and therefore global growth. >> first of all, my those are with those in china.

it's important to take a step gab, focus on fundamentals we think effect on chinese and global growth is likely going to remain contained at most we see a temporary hit to growth of one quarter, and then a swift round basing on the cases of the sars in 2003, and march in 2015. >> how can you estimate that it's only a one quarter impact based on historical cases. if thing don't get worse, we think the prospects of a deeper macroeconomic run is different >> in slight of the fact that bonds have moved so significantly, do you think this is a more pronounced a potentially long lasting risk-off move?

>> not necessarily i think actually the underpinnings of the market, of the global economy still look solid. let's not forget one of the factors that supported the rally has very accommodative monetary policy the other centrals if anything it perhaps grows i think the key is the global growth impulse assuming this is correct and that this is a temporary effect, i do think you'll see people come back into the markets for me, the bond of treasuries, the flight to gold, the outperformance of defensive assets like utilities which have just been ripping, trimming their global growth estimates, and a little concerned about the uncertainty of how do you discount something that at the end of the day is a public health issue, not a financial health insures. >> i was in davon last week and all the decision makers were pretty optimistic.

they were thinking things were all looking good the question is, is this the type of shock that could disrupt that kind of narrative and the growth numbers >> i think it could. it could and let me caveat it at the end as i always do the cases seem to ramp up quickly, but chinese officials are getting it contained you know, wuhan is nine hours by car from beijing, 12 hours from shenzhen so they're keeping people away from those major business centers, but i firmly believe, other potential pandemics, we will come to realize this was an opportunity to come to the sidelines for a while and jump back in. the fundamentals haven't changed, i would be investing in here. >> alejo, as a emerging markets strategist, do emerging markets benefit from oil prices?

>> of course, you need to see the reason behind that move, and if oil prices go lower, most likely that's because the global growth is expected to be lower, and that's rarely go for any emerging market, so the question is for how long will the prices be here? we think conditional past experiences, if this is managed within certain limits, we think global growth will continue. >> so everyone here at the table, ross, you included, great this could be a temporary hiccup what about the valuations, tech a little those factors, how will they impact the way the market traits this may be temporarily, hopefully not an existential

threat but you may not see the snap back. in 200 you were coming off a 50% decline, today you're coming off a 30% rally. i think that will fact the bounce even under the best-case scenario thank you both for joining us here. >> thank you. we have 38 minute to say go. we're looking at a dow selling off about 377 points we actually went negative for the year on the dow a few times today. we're back in positive territory. pretty broad-based sell-off. the community ways in on the impact of the coronavirus on anywhere from retail to -- we'll break it down next. and an interview with the ceo of whirlpool back in a few minutes. ♪

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welcome back to "closing bell." dow down 387 we're looking at analyst notes and highlight key companies that have exposure to china and the coronavir coronavirus. 3m manufacturing the surgical

masks that are in high demand. down to performia outperform, say due to the china exposure, the company's higher margin retail segment could be adseriously impacted, and potentially longer onnen haimer removing estay leed lauder it's really connecting with the chinese consumer all over the globe. meantime, guggenheim saying starbucks has the greatest exposure in china. matt defrisco, the analyst behind that note, joins us now to discuss star becomes tops the list in terms of exposure, is that right? >> yes they have a company operating model with almost 4500 strauss,

so we still between 12% to 15%, even more importantly, though, they're looking to grow 2,000 stores globally, which about 30% of that comes from that market, china. so there's i think not only the immediate effect from consumer disruption, but also you have a potential ablaze in the growth -- >> has that already been priced in >> i don't think so, not yet they're going to report tomorrow we will find out more, on maybe an update the of the early cases of the consumer became chinese new year is a big time to spend more than they normally do it will be hard for them to get back all of those sales. >> what about mcdonald's how much are they going to get hit? >> mcdonald's is more of a license model, so they have less exposure we estimate less than 5% of operating income.

>> something that will be discussed? >> if you go back to sars, yum brands did discuss it. it was a topic for the two, three quarters that it was exposed to it. >> so if we broaden out, it's clear the slight difference between a starbucks and mcdonald's, but as we were discussing in the prior segment, the overall sentiment was this was a brief issue and it's not really going to derail army corps of engineer, but it's due to more selling? >> well, i do think it will come back. do you see this as a buying opportunity? >> i do. it's being pointed out it probably won't trickle into starbucks for a while, but this

all hinges on everything we've been talking about if you think it's an early fix, then you're okay stepping in if you don't, maybe you stay away from this for a little while. >> thank you for joining us. >> thank you. also wednesday kevin johnson will be joining "squawk on the street" to discuss earnings. be sure to tune in. we have a hour hour left stocks lower across the globe as fears over the coronavirus take shape. oil prices are dipping as well investors look for safety. gold been the yen tick higher, and we're in the midst of the busiest week of earnings season. we'll talk to whirlpool's ceo as soon as the numbers that hit the only safe spot right now is the utilities. that's a traditional safe haven. >> still in the red, though, just time to get a cnbc news

update with sue herera >> here's what's happening at this hour, everyone. a team of 20 investigators are now combing the hilly terrain where a hell icopter carrying ke bryant and his daughter, plus seven other passengers eight vms have been recovered in a fire on the tennessee river. thousands of teachers left their classroom to march for a fund our future rally. the teachers are moping to put pressure on lawmakers for pay raises and mower funding public schools in richmond were closed after they couldn't find enough substitutes to cover the classes. and it's that time of year not the holidays, but the tax season

the i.r.s. is beginning to accept tax returns today as in years past, the agency recommends filing electronically on that happy neat, that's the news update this hour. guys, i'll send it back downtown to you. >> sue, see you next hour. still to come, you'll have the last-chance trade. and this is exciting we're debrewing a brand-new segme segment. we'll have stewart butterfield. ten-year yielding around 1.6% that would be the lowest level since october. "closing bell" will be right back hey, saved you a seat.

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25 minutes left to go in today's session. let's send it back to mike

santoli for the second segment. >> this chopiness that we have gotten in the market suggests we might have to cross any volatility valley that'ssort o sitting out there in front of the traders right now. look at the volatility index futures, vix futures this is not it this is wti crude. this is what i'm doing right now. this is basically mapping out the risk-off trade that will do the volatility futures the next time we're down to the bottom end of the range. i think that's the relevant point, low 50s we kind of went down this morning and just have been sitting there. i don't think it's necessarily saying economic growth is fall off the cliff, in terms of the oil market that is something to watch i think in general the reflation trait go ahead drained out of the market, and here we go, i'm talking about how the credit markets have been so strong, this is sort of softening up a

bit. this is the price of the high-yield etf against the 7 to 10-year, so it's a proxy for credit space this spread kind of widened out. that was treasuries outperforming, and then you see we came all together this you see, the treasuries have outperformed and high yield is backing off. it hack a decomponent in my view >> but, mike, the most recent couple than weeks, it's been driven by more of buying up treasuries than selling corporate bonds. >> it's been more that, but you also are seeing weakness in the prices of corporate bonds. but you're absolutely right. you're seeing the yields on corporate credit are not tracking lower, as much with treasuries. >> mike, thank so much i have a feeling we know what the next one will be we look forward to that coming up we have 23 minutes left in

the session. here's where we stand, lower, considerably off of lows of the session, which was down 549 points, at the moment we're do you 430, essential 1.5% of the s&p, and the nasdaq is down a little further, 1.8% we have the last-chance trade coming up next. >> and check out "fudgitive ceo tonight at 10:00 it's going to be good. we'll be right back. ♪ ♪ ♪ ♪ don't get mad. get e*trade, dawg.

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19 minutes left in the session, down 1.4% on the s&p. big board and major averages there at the top the nasdaq lags three, the dow down 1.4 we've got some of the biggest laggards there in the nasdaq at the bottom you can see the likes of broad com, applied materials. hopefully american airlines as well, and other airlines at over 5%. >> that's a new feature. >> yes, it's not as brilliant a new feature as the market zone >> i can't contain my

excitement. >> this is a "jeopardy" look keith, last trade. >> i was thinking mike getting out of sequence was a nice segue, because might be is all bond complex and treasury bonds have gotten overextended to the up side. so again, i'm very tactical and short term in my nature. i will come back as bond yields come up. >> whenever people predict to go against the wave of buying and bonds. >> this one is pretty accurate >> you think, therefore, the move we have seen in the last couple weeks is purely risk-off sentiments, adjusting about whether central bank policies are headed. >> i think they'll continue to be dovish, and we'll probably hear that from jay powell this thursday when they come out with things. >> even if they start the repo operations, and the balance sheet starts shrinking again >> there's been a tug of war

about where rates need to go i don't think the market is telling you we'll have weak global demand. >> there we go last-chance trade from keith we have just 17 minutes left up next, uninterrupted coverage of the final minutes of trade when we take you inside the market zone. as a reminder, you can always e tch our listen to us live on thgo we're back in a couple minutes hey, saved you a seat.

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trading day. we are now in the "closing bell" market zone. commercial-free coverage going into the close. >> mike santoli is here with us. we have keith bliss as well, with those 13 minutes left, we're down 1.5%. let's kick things off with stocks selling off broadly because of fears over the coronavirus. the dow and s&p both on pace for the worst day since october. let's bring liz ann sonders. she's at charles schwab. great to hear from you what's your take on whether this will park whatever the cause of it, spark a more brought and pronounced, prolonged pullback, having had such a great run for markets? >> the honest answer is i don't know what i wrote about in my note was heading into this on

pretty much, attitudinal measures which in and of itself doesn't suggest you're ripe for a pullback, but does suggest mods more vulnerability. whether it's long-lasting i think it's too soon to tell. but for now anywhere, i think it represented a park, in an, for instance, energy and technology today getting battered a lot harder than most of the rest of the market we've seen airline stocks, semiconductors, what advice would you give to investors as to which sectors to buy and which ones to avoid right now? >> we wouldn't make any tact

dalles shifts in trading recommendations around a one-day event. we're not making any trading recommendations specific to the coronavirus, but clearly when you start to see a pullback, it hits the areas, whether it just travels, the airlines you mentioned, other you can see that oil prices intended to sell off in the aftermath of the epidemics. we don't know that this one could be considered that yet, but then also because of how strong the market has been, there's just that natural tendency to take profits where profits have been the highest. i think that's why you're seeing the weakness sort of spread across sectors that are not just immediately impacted by the coronavirus. >> finally liz ann, what is the move in the bond markets telling

you? lowest level since october how much of a setback could this be for economic growth which are coming into the year looking pretty good? >> interestingly, a view of start to see it by virtues of some of the signs? now if we get a falters in global growth, i think that calls into question the ability for the business investment. to kind of catch back up >> liz ann sonders, thank you for phones in. >> thank you. analyst weighs in on the coronavirus's impact on apple. josh >> jpmorgan out with a new note, saying apple is a notable loser, in their words, from this

coronavirus, that tim cook's company could be losing out on sales. others aren't so sure. evercorp says it's hard to gauge demand implications. china is a key in the apple supply change, and that two of the sites are in wuhan, but they think apple can shift products to other unaffected sites. tomorrow, the street is looking for eps of 455 on revenue of 88.5 billion suggesting a top-line jump of 5%. guys, back to you. >> how significant was the china ease new year expected to be i guess because we're quite some distance, it would not be as significant a -- in the retail industry >> i think china is a key market, wilf, for this company apple doesn't break out china specifically, but analysts would stilt it's about 18% of sales.

the question is, do you think because of this virus, consumers aren't going to the stores apple has 42 stores in mainland china. because of this virus, is tim cook seeing less foot traffic to those stores that will be a question you can be sure analysts will have tomorrow >> a quick question, do you think it's come pretty aggressively on earnings >> i think it's an opportunity i think in other parts of china, where the 32 stores are located, they'll have pretty good sales here for the chinese new year. i still believe that. >> this is a test of those stocks, people have been piling into not because earnings estimates have been going up, but because they were the big watt names to own. now energy the worst performing sector today. kate >> energy getting slammed as oil

prices sink into bear market territory. the broad sector sevens more than 2%. it's down 8% as fears worsen over the coronavirus and the potential impact on global demand for crude oil, especially in china the worst performers are the oil and gas exploration companies. one of the etfs, ticker xop, is down, and set for its worst month since may of last year oil is down, mike. >> and sector underperformed crude oil, the supply is still coming to the greater degree, because there hasn't been a price response also natural gas is bouncing now. all of it hasn't worked, plus the general global reflation in value trade has backed off a

bit. the likes of chevron reporting at the end of this week. it doesn't sounds like this one is set up i think it's such a weak purchaser that i think it's a hated trade right now. >> and buy the dip on these stocks i probably would play the commodity. the commodity is at or oversold right now on wti. movie theater stocks getting hit. julia boorstin has more on that trade. julia? >> sara, imax shares hitting a 52-week low today imax's china subsidiary is shutting down its theaters in the country. amc entertainment shares down nearly 6%, down 13% for the week

and amc is the largest theater owner in the u.s. and europe an analyst telling us that any company that's exposure to people gathering together could be concerned one of the issues for the movie theater exhibitor themselves is a movien seen -- but for the studios, you hate to see it anytime, but it's not a period where they have high expectations releases. >> too julia's point, china is such a key market for this industry as well. >> it is but i was struck by the amc. that has no exposure to china,

but they're getting thrown out with everybody else. more to my thesis about an overdone market here we have, what, four minutes left in the session. >> low volatility after the open, it's kind of sat in a range. you have a very lopsided picture. it's not quite 90% to the down side, which is one of these thresholds, but it is very much. after friday's decline, it cements that you might be hearing tomorrow morning, that hey, we're kind of getting a little watched out and oversold. maybe that is something that you look forward to. semiconductors against consumer staples. now, this is year to day, but as of today, because of this decline in semis, staples are outperforming. so it shows you there's been this pronounced october, but just about flat for the year, just slight gains, and then the

volatility index, we did spike about 18, now definitely in that territory, where things are looking a bit slippery in terms of the very short term not quite as high, though, as we got in that early october sell-off this is pretty much in tune with a market that's on alert. >> yeah, risk off, down 439 on the dow, we're heading south again. of course the low cause down 550. >> the they tried to hang on to the 3250 area, but i don't think that has tremendous significant. as i think where we -- 3240 is where we took off. it's nip and tuck. keith, on the vix. >> the jump high, you know, could in fact be a positive. >> so what we see, what we looks for is the opposite moves in the vix relative to the broader market, the s&p 500 or the dow, and the vix is vastly overbought

by a factor of -- >> what we'll need to see is if the money. we're do you eight basis points, open the chart up to october. first of all, we closed at 192 last year, so we're 32 beats down for the year. we established the highs for 2020, so pushing this market lower with coronavirus wasn't a large task rates have been spongy finally look at one week of the ty vix it could be the highest vix on the ten-year since early

november bertha, 88 points between today's high and friday's low. >> and we're seeing a number of sectors that were pushed hardest, getting hit hard here chips are the leader to the down side in terms of tech. they are see the worst day since last august 23rd, having given up nearly all of the year's gains. align technology, they make inadvi inadvii invisalign they produce over there. to seema. >> the sell-off was wide ranges today. and dow componentser trading lower. i'm watching 3m, getting set to report earnings tomorrow morning. the focus will be on china and

coronavirus, 3m saying it's increasing produces of the -- it's industrials had a report on friday, and that stock is down, another -- there's the closing bell, off the lows of the session. just joining us, welcome to "closing bell. >> we're back here with mike santoli. >> let's check in on where we finish in with the s&p 500 we started obviously very low, a bit of intraday recovering, but nothing significant. we closed down 1.6%. every sing the sector was lower.

and all down more than 2%. >> and then no safety, we saw the selling of oil, buying the safe havens like gold and the japanese yen, and sector that did -- you had utilities, also staples and real estate, classic safe haven plays we're moments away from earnings from whirlpool the company's ceo will join us to break down the results. he'll talk to you before he gets on the conference call we are debuts a new segment called "the closer." kicking it off today is stewart butterfield. jeremy siegel joins us, and keith bliss is still with us first, mike, to you to reflect on the sell-off we saw it was very elevated sentiment

and stretched market this was the check on that now, it didn't seem, though over the course of the day if it was high intensity, just skim off the top. i'm looking at a stock like alphabet that is down almost 3%. it's not even in china >> mike the broader so a few percent down from here this is the kind of pullback we should expect to have. but that's the reality with the charts. >> professor siegle, what is your level of concern for the

market and the economy on these coronavirus headlines? >> well, actually welcome a bit of this pullback i thought in the early part of january the market was getting dominated by momentum players that were just riding the trend we had an incredible string of days where -- i mean, i think this is the first one where we had a 1% move in the s&p in months, and it's good to see -- as we said, a reality check. it was really nothing going a that could keep on forcing that market up at that level. so in a way, i think this is a healthy check. now, can we get back on that train? yes. sometimes a little pause, and then people get the confidence back, and say no worry we'll have to see at this particular, you know, juncture stocks are fully priced, which means things have to go right, which means that if things don't

go right, you're going to get reactions like this. >> to what extent, professor, are they fully priced still? talk us through some of the numbers. >> when you have s&p, basically selling at 19 to 20 times this years's earnings, historically that's definitely on the high side, and in the post-world war ii period, the average has been about 17 we are in a low-interest rate environment, which is certainly good, but we're also, you know, 12 years into an economic expansion, so you have two sides. this is a fully valued market. things have to go right. i mean, i don't -- we've got, what, 20, 25% reporting earnings, they're okay, they're not spectacular. i didn't see what was really driving the market straight up in early january, except relief that, you know, the worst of the

trade wars was, you know, over the hump, and at least that was out of the way, but when you're priced like this, i think a little stone in the way such as the coronavirus, you're going to get a stumble. in a way, that's the reality check that you have to expect. >> keith, you're more relaxed, because you don't thing 19, 20 times is expectative >> i think 19, 20. >> sorry, professor one second. >> it's all right. i just -- it doesn't seem he the ingredients to power another 10, 15%, 20% year. >> underscoring dr. siegle, he's absolutely right the worst thing for a stock market is higher interest rates. i think what you're seeing, and the other thing i would add, it's not the most expensive p.e. that we've had in history. that was back in 2000.

but one of the things we're seeing is the uncertainty about how far this goes. i think that's why people are pulling back once we get through this period, let's say we do get a vaccine, then what's the catalyst at that point? we are extended. i think we bounce out of this. >> hang on, everyone let's get back to meg tirrell for the latest on the coronavirus and the fears that drove a lot of today's sell-off. >> the case stands at 2900 worldwide. more countries confirming their first cases. there have been 82 total deaths at this point. the u.s. case count has remained at five overnight, all from travelers from wuhan china, and the cdc does expect to see new potential cases over the coming days and, of course, seeing some of those stocks move on those

headlines. and up know 20% for vir technologies thank you very much, moping. we look to past, of course, and there are some incidents apparently -- the s&p has lost 6% to 13% over these time periods on various outbreaks i know it was different circumstances, but if that's the market's guys, that suggests a furse down side. >> by the way, last week before this really gained momentum as a fear and a story line, there was a lot of preliminary about the democratic primaries so there's a sense that's always waiting that could take us backsliding for a while.

i'm not convinced there's a template as to how these market reactions really operate meantime, fears are not deterring some analysts, but are raising price targets on the fang stocks. facebook, for instance, up to 250 from stifel, that's applying an up side amazon jpmorgan uple apple's price tart citi maintaining a neutral rating getting bullish after an already incredible run, mike what does that tell you? >> it seems like it's deferred maintenance, because the stockses just ran away the apple upgrade was definitely so many, so it was very minor indeed

>> it's sort of like the beginning of the year. obviously today wasn't the day to jack them higher. could earnings be a disappointment and what level, for example, of a beat does apple need to deliver when you've had that type of price -- >> the expectations are so high, the revenue number's getting so large. i think they would need to just to continue push higher, or at least get back to a level. it's all about what tim cook says after they report the numbers as well. >> it does raise the question about what's going to lead this market, if you are expecting a rebound and higher market in 2020 so as of today, it looks like utilities have surpassed the technology is it going to be a utilities trade or technology trade kind of year? >> well, you know, for a while i

think we have all been waiting is there a time when value stocks will outperform is the growth stocks and tech stocks. i was thinking there were some episodes last year that was a turnaround, and if there's a disappointment or some political pressures that come to bear on some of these tech names, and people look around saying there's no yield in fixed income, maybe i better go to some of the dividend-paying stocks that could be a shift? psychology we haven't had that yet. it could happen this years, but i think you would need some sort of disappointment on the tech front to actually cause it to happen jere jeremy, keith, thank you for joining us. >> my pleasure. the big debut of our new segment "the closer form". plus we're awaiting

quarterly reports from whirlpool. we'll get instant react from the ceo, when "closing bell" returns in 90 seconds. with portfolio managers focused on the long term. who look beyond the spreadsheets to understand companies, from breakroom to boardroom. who know the only way to get a 360 view is to go around the world to get it. can i rely on deep research to help make quality investment decisions? with capital group, i can. talk to your advisor or consultant for investment risks and information. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk welcome back whirlpool earnings just hitting. >> a miss on revenue coming in, but a nice beat on earnings. compared with the consensus expectation of 47. whirlpool says it was

disciplined on costs and on price mix that is the prices that are assigned to the products it offering the manufacturer says materials cost moderated, but it's dealing with a touch macroenvironment where currency issues are challenging, this south america, for instance, and investing in brand transition in china. whirlpool offered full-year guidance, better than consensus, the stock price now in extended hours up a%. >> sara? >> contessa. thank you. joining us in a first on cnbc is ceo mark bitzer. >> we're coming off report earnings, and we closed with an all-time record quarter. we have strong momentum. we feel good about what we have achieved for district cost

management, and our cash flow came in strong we feel good about the momentum coming out of the year >> and that's sort of been the theme right? not necessarily by selling more units. does that change does that turn how do you fix it? >> overall we've been focused on getting or price increases, and it has been the consequence of basically two years of cost inflation. what has changed from the back half of last year, is we increasingly get the cost pressure under control we were able to take it out while maintaining pricing discipline on the top-line growth, you know, of course you have to factor in certain currencies and keep in mind we sold the business in south america over some of last year. you take la out we had 1.2 growth we aspire to get around 3%

organic growth a lot has been driven by currency how is the strength of the american consumer? >> surprisingly resilient. same time last year, we were a little more cautious i think we're entering 2020, with a bit more confidence particularly in our sector, it was the housing data for the center, it's been an encouraging data point. >> obviously do metzing home building and housing-related company also are doing well. how big a part of your business is that? >> it highly correlates with existing home starts you know, if you look at that, that's been depressed for ten years. the market has undersupplied, we have arguing we neat 1.5 to 1.7

new homes, and for at any time years weave below that so that was very encouraging obviously we have to see is that trend -- or is it turning into a trend? >> and every aspect, of course, they come at the very tail end of a new home. so they have to be the last one to come in if we see a positive signal, that translates into revenues. >> you've been at the center of the tariff storm and debate, first on washing machines, then on steel, bring us up to speed on your expectations, now that we have started to see some trade deals? >> first of all, of course, we have all seen this phase one of the trade agreement, which we consider as good news, to step back, as we all know tariffs have multiple different parameters, aspects, some good for us, some bad for us.

right now, the net of all the impact is about $12 million every month. now, that has remained stable pretty much for the last several months, and you passed that on to the consumers >> it was passed on to the consumers -- well we have broader cost inflation considerations but right now it's pretty stable that's why talking about tariffs tomorrow in other earnings call. >> i want to get back to the balance between your costs and the price increases for the consumer if that persists and one of the reason your costs come down, do you ultimately have to pass on some of that on in due course, or have you still got a year's worth of consistent price increases? >> first of all, we have to keep in mind we had about $700 in

cost inflation over two years. one part was raw materials for example, it's been logistical you have inflation across the entire value chain yes earp we have seen some relief so as such, you know, we have to maintain prices, that allows us to drive mix >> mark, tell us what you're seeing out of the consumer in china right now. and how you're dealing with an unfolding situation. >> first and foremost, it's the human aspects. we have about 10,000 people in china, and beyond this -- >> are people told to stay at loam

by definition most people are at home, and it's fairly quiet. which consumers don't shop it has an impact it's -- but it's on the supply chain. our manufacturing basis largely china for china, so there's a bit of expert we product in the u.s., so it doesn't impact it that much, and of course qwest components we always plan the suppliers inventory levels, the holidays, so i would say we're well covered for an additional three, four days. an extension of a lot longer, we might have been issues. >> thank you for joining us. the numbers impressed the market >>. >> you could do do your earnings call now. >> thank you. up next, whether today's

spike in volatility is a red flag. you can always watch or listen to us live on the go on the cnbc app "closing bell" will be right back this is the age of expression. everyone has something to say. but in a world full of talking, shouldn't somebody be listening? so. let's talk. we are edward jones. with one financial advisor per office, we're built for hearing what's important to you. one to one. edward jones. it's time for investing to feel individual. we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and saving money. shipstation saves us so much time.

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let's send it over to mike santoli for his third dashboard of the day you know, i miss the themes, trying to figure it out. >> i didn't make a great effort on that one, plus i gave you a trailers for this one last hour. here is the look at the volatility futures right now we have some actual volatility, just a little bit in the past couple days. you can actually buy future market volatility in the form of vix futures. what is unusual is this is the current contact, and you're see it go down into the march contract this so-called inversion, where the current futures contract is priced above the next one out, it's called -- it's essential a sign the mart is clenching up for further volatility some people say it's the sign of

a unstable market. some of this is iowa caucuses. by the way, that's election day, so you see the market pricing things in. >> mike, thanks so much for that still ahead, the tech sector still ahead, the tech sector getting crushed oncoronaviru fears. we're back in a couple minutes ♪ ♪ ♪

welcome back time for a cnbc news update with sue herera hi, sue. >> hi, wilf. hi, everybody. president trump sounded hopeful after a meeting with benjamin netanyahu on reaches a middle east deal. >> it's something they should want they probably won't want it initial lip, but i think in the end they will. i think in the end they're going to want it in fact, it's over will good to them the official twitter accounts for the nfl and some teams including the houston texans and buffalo bills were hacked by a group called our mine in a statement, twitter confirmed the attacks and said it is investigating. big ben will remain silent on friday when the uk officially leaves the european union. supporters of hearing the clock bong in commemoration have begun a crownedfunding page to get

them working in time they came up short, so the money raised will be donated to charity. >> i have to say, i've never seen such overexaggerated debate on both sides, whether it should or shouldn't ring. >> yes, it's a very hot topic. >> yeah, big time. is celebrations in whatever way you wish i can't believe it went that far, but it did. these things are often polarizing >> got it the sue he tomorrows. the call for witnesses in the trial of president trump is intensifying ylan has more. >> two senators, mitt romney and susan collins, have signaled they would like to hear from john bolton. other potentially swing voters, including la mark alexander,% li lisa murkowski and corey

gardner, seem to be keeping their options open so far today they have argued the impeachment inquiry was unconstitutional from the beginning, the house didn't do its job, and that rudy giuliani ask just a red herring in all of this back over to you ylan, if we were going to see john bolton or other, when would that happen? >> reporter: that likely won't happen until friday. remember, the senate would have to take multiple votes first a vote on whether to call witnesses at all if after that, there would be debate who the specific witnesses might be you can't still see protracted debate over this switching focus, semis taking a hit today the broader markets down about 1.6% joining us to talk about the impact that the coronavirus is having, is chris caso, and a

have good afternoon to you both. chris, i want to start with you. do you think reaction is overdone, if the rewas purely because of the virus >> semis have been up a lot over the past few months, so we've been looking for any excuse top they will pull back, certainly i'm no experience on the coronavirus, about we expect it to be a relatively short situation. you know, some of the fundamentals coming into play, kniffin -- >> talk about who is most exposed. name some names for us. >> sure, i think the expectation has been consumers to go and buy

buy the 5g phones. so what you see exciting the market is some of the expectation for the second half are right now been questioned. what i see is an isolated situation where you have china's largest manufacturer is located right outside wuhan, so any lack of shipment or ban on transportation obviously is goff to have an adverse impact. so that is positive for companies like western digital, it could actually be again -- it would help digital to gain share. other companies on universal display, they may have a hard time shipping key material to some of these chinese display manufacturers located in wuhan

i think at this point it's too early, but i think we should look at some of these manufacturing hubs, looking at wuhan on who will benefit and who doesn't. po. >> for companies like samsung or apple, does it play into particular holiday vibe? or is it more spread out particularly >> oh, it's a big deal, as my friend chris would also share with me, china is supposed to buy north of 100 million of 5g phones to the extent that people you staying home, it's going to cause a problem. unfortunately it's too early to quantify the impact on 5g phones i'm sure they are shipping things that will need to happen. we have to figure out how the travel ban is going to be

extended it seems to me that a week of a chinese holiday is not extended to a couple weeks. how is that going to impact the consumer it is too early but it could have a material impact. >> you want you turned positive on the group summer, if you're still sticking with the call, you didn't think the group got well ahead of itself nvidia today goes down 4%, just to pick warm-up name does it subject they were overcrowded and people were full up or how do you read it? >> think this from a short-term perspective, there was universal positive sentiment, so going into this microchip positive announcement, they're very broad based. so certainly the bar is high, you say texas instruments last week had a good report, the stock was down a bit, but giving you a sense that probably stocks

are full for what you're seeing right now. this is, for example, the first quarter of -- saw an improvement on bookings, so, you know, in my experience, you know, the first quarter of a recovery doesn't quite bake it all in, but, you know, for this particular reporting season, there was a lot of expectations. >> thank you both for joining us. up next we'll talk about direct listing with slack ceo stewart butterfield as we debut our new segment "the closer. "closing bell" will be right back how well does your financial advisor know you?

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today we're debuting a new segment called "the closer " we're kicking that off today with stewart butterfield, the ceo of slack thank you for joining us >> thank you for having me the theme i wanted to start on is the journey since your direct listing to now. obviously it's an early-stage

company, that stage where the revenues are growing fast, but still making a loss. that was such a big theme for so many other ipos last year. when you saw some others fail, wework, for example, did that help you tilt what you focus on? and of course your own share price that is slipped a bit. >> yeah, so the short answer is no they're very different businesses we're a software business, 88% gross margins, so the mechanics are pretty straightforward i think most institutional investors understand and appreciate that. i wish we could spend more, you know we've found effective ways to drive growth, but i think we're growing at the rate we're able to, given expanding office space for sales team and programs. >> and the process you use to

come to market, clearly you chose that in part because you didn't need to do a big capital raise. and the earnings call and the much more quarterly focus on whether you have or haven't hit targets. with it the fact that the share surprise has come down a lot has it male y-- made you rethin? >> we made that decision in december 2018. things looked pretty rocky in you event we opened into an all-time high for everything so, you know a vigorous market, but no, you're right, the reason we didn't do a traditional ipo, we had about $800 million on the balance sheet. we're still in a very strong cash chgs, but today as a public company, value about twice as

highly as we were a private company. so about two earnings calls in, i think we're still forming an opinion. i think you need three, four, five earnings% they're able to understand the business. >> one thing investors have been worried about is microsoft how threatened do you feel by microsoft's seemingly pretty aggressive attack on you guys pushing its own team's platform. >> it's been a surprising aggressive attack but what is going on is what is going on with customers and the proof is in the pudding, so we look around the world expanding here, in europe, in asia, particularly in japan, a great set of enterprise customers growing really quickly. we just haven't seen that kind of the rhetoric or the press releases show up in the actual marketplace. >> do you think big tech, whether it's microsoft towards you or -- do you think they've

they've gotten away too lightly when they see a new tech company and able to copy it to some extent s. i think the bottom line is the competition is important so if there are things that prevent that from happens, that's an issue, but customers are benefiting and that's a real driver >> i think that's a great question it's success in the enterprise, just in financial services, we have investment bankses, insurance company, td ameritrade, vanguard, northwestern mutual. i think that's driven largely by the compliance future, and i

think people don't understand that they think slack is for small tech startups or purely media companies, where it's a global foot. what do you think about the battle with microsoft? do you think they have very good reason to be worried, as it were not just in the messaging space, but are you planning to attack the -- and take some share of that >> no. it's a bit of a subtle point we want to enter-operate with as wide a variety as possible that's a multiply irof the other 97, 99%, that's a win for us and win for customers. i think what's going on there is ultimately slack replaces e-mails within companies not every use, but e-mail for

internal communication, and if the relative importance of e-mail decline, it's one point of leverage lost >> i think one interesting fact is that the average slack users spends nine hours a day, 90 minutes per day in terms of active engagement. how do you capitalize and keep those numbers climbing >> it's not like facebook, where more minutes equals more revenue. if people could spend -- the enga engagement, i think you're right, is the real driver. it's because, depending on your function -- if you're marketing, analytics tools, ad servers, engineers have their building, and to the extent you can make slack a command center for all of this, you have an enormous advantage. >> people talk about one of the things that microsoft has that

you guys don't, it's obviously huge size and scale. is that a concern for you? if so, or even if not, have you ever thought about partnering with a rival of microsoft, whether that be google or someone, to help you beat them >> well, so not for that reason, but partnerships with a whole bunch of companies we have a deep partnership with google, but also salesforce, and ibm, and microsoft itself as well with onedrive and outlook, and that's part of our m.o., you'll see intel graces, intra-operability and trying to drive more value with the entire investment that companies are making. thank you for joins us stewart butterfield. remembering a legend people all over the world are

paying tribute to kobe bryant. more when "closing bell" comes right back (upbeat music)

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find your degree at snhu.edu. man: how can i deliver superior long-term results? it begins with a distinctive approach to managing money. that for over 85 years has focused on keeping confidence up when markets are down. an approach where portfolio managers work well independently. and even better together. who don't just invest, but are personally invested. can i find a proven approach designed to deliver results? with capital group, i can. talk to your advisor or consultant for investment risks and information. the world is mourning kobe bryant today, including major companies. including nighte nike in a statement from mark parker, he reflected personally on the strong relationship. my heart goes out to the bryant

family and their friends kobe and gee a-- gianna will be missed he always came prepared with thoughtful ideas, strong opinions, pushing us into new territory will every project one thing was always certain -- rising to meet the expectations of kobe made everyone better he leaves a lasting legacy and inspired all of of us to raise our game their relationship goes back nearly two decades bryant was with nike for 14 years, where he released 19 signature shoes, including a number after his retirement. cnbc talked to kobe about that special relationship listen. >> he's really been hands on i asked him a lot of questions about leadership, things of that nature i've been very, very fortunate to have access to some of these people, mark parker and jony

ive, tick cook i've been very, very fortunate to pick up the phone and call and ask for advise. >> nike put up a billboard overnight. this is near penn station in new york city. it's fair to say his influence will be felt in beaverton. oregon, and way beyond that. first of all, somebody who's biography has been known, and he's one of these one-name guys. >> kobe. >> and his brand traveled around the world. >> including in klein. he really had a connection to the chinese market you should read some of the editorial. he tried to learn mandarin, he traveled around the world with nike >> and every single interview clip that's been tweeted out, always so thoughtful and articulate as well >> a businessman. >> an absolute legend and

absolute tragedy as well our thoughts with everyone involved in that helicopters crash. up next, weighing economic worries. a new survey out showing how americans are feeling ouabt the biggest issues facing the u.s. mike will head to the telestrator for that hey, saved you a seat.

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a doubt. >> mike thanks key things every iesr nvtoneeds

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lebeau about his spectacular escape from japan. tonight woe hear details from he and his wife carol about his first moments of freedom in lebanon. >> it was super early in the morning, and a friend of ours who picked him up from the airport called me and told me i have a surprise for you. >> carlos ghosn has successfully and surreptitiously escaped japan. >> now i have the impression i am reborn and somehow i am breathing again. i'm alive. i'm alive again. >> what was the first exchange between you two like >> we hugged each other and we couldn't talk. i mean i was so emotional. >> i told you you are my lioness, she has been a lioness for this period. she was alone. she was abandoned by a lot of my friends and by excolleagues. >> phil lebeau joins us now. clearly, there is a personal story here. >> sure. >> besides just the crazy made

for hollywood escape and whatever happens next inside those companies. what else did you learn from talking to the couple? >> you can definitely see the devotion between the two of them what is interesting is i asked carlos ghosn i said look there is the possibility you may never leave lebanon again. you won't be able to go to france or brazil certainly if you go to other countries there is a chance you will be extradited he said if that has to be the case that has to be the case i am working on repairing my legacy and clearing my name. then i asked carol ghosn, i said are you prepared remember, she's an american citizen. are you prepared for the possibility you may never leave lebanon. she said if that's the case, that's the case. it is clear that they are not only thrilled to be together again, but this is a joint mission in terms of clearing carlos ghosn's name. you will hear more about that tonight during this documentary. >> phil, we can't wait all the teases i have seen today have had his captivated.

we look forward to watching it thank you very much. that documentary will be out tonight exclusively here on cnbc at 10:00 p.m. eastern time you don't want to miss that. we are out of time it was great to have you back, sarah. >> i will be back tomorrow >> excellent we are out of time here thanks for watching "closing bell." >> "fast money" begins right now. it loss, live from the nasdaq market site this is "fast money. traders are brian kelly, kirn feynman, guy adami we kick thing off with a major market alert stocks plunging as the coronavirus rattles investors. the dow falling 453 points it was not just here in the united states. global stocks also selling off every major market in europe lost 2% or more. as did the asian markets that were open. remember, the china markets are closed for the