markets in turmoil the dow on pace for the worse week since the great financial crisis as pandemic fears over the coronavirus continue to spread as of now, every continent except antarctica have cases of the viruss president trump taken to the podium to ease concerns of the disease. >> i think the stock market will recover. the economy is very strong our consumers are stronger than

we've ever been. we are doing great other countries have not our consumer is very, very strong very powerful economically >> hope comes in many forms. this morning, shares of one biotech are surging as treatment for the outbreak continuing. stocks are set to continue their wild ride this morning as dow futures indicate an open that could be about 150 points to the down side you can see 150 points is where we would open. s&p down by about 21 and nasdaq

down by about 67 it may seem bad but it is earlier than it was. we were down significantly more so far this session. since the selling zban, the dow has been down for five sessions in a row checking now the bond market as the 10-year trades at its lowest level we've dropped 1.3% two-year note yields 1.1. record lows this week. selling continues overnight with asian markets.

early trading in europe as well. we have team coverage this morning. matt taylor in singapore julianna tatelbaum in london matt, we'll go to you first. >> asian markets in the red. the exception, the china markets. authorities reminding investors that country stands ready to provide liquidity. up about 0.1%. hong kong market broader we did see negativity. australia and singapore. japan, the underperformer as we continue to see the spread of the virus. that pushed the nikkei down to the close. we continue to see strengthening knocking on the door of that

level. korea, this is interesting down about 1%. we were expecting korea to cut interest rates it deprives the market and left interest rates unchanged it has left more impact. it did expect to see a negative quarter. kospi down a quarter of a percent and we are expecting to see the yuan strengthening going to julianna tatelbaum, it is significantly more red there. >> indeed, dom, european markets are trading lower. the german index, the dax down about 1 d.8%.

in italy, the ftse mib down nearly 2%. we have bounced off the lows hit. yesterday, we ultimately saw the euro stock close flat on the day. we are going to closely watch the trading. the uk this morning has confirmed two new cases bringing the total number in the uk to 15 let's get a look at sectors. travel and leisure down about 3.5% airlines getting hit hard again. the defensive parts of the market much better, utilities in positive territory investors remain cautious around what this means for europe

>> live from london on the latest president trump holding a news conference late last night in an effort to reassure the american public and wall street over the coronavirus and the u.s. response to it. he is appointing vice president mike pence as point person for that response. we have a break down and what exactly was the president saying with regard to how we will tackle this problem? >> congress is working to fund a multibillion emergency package that is receiving criticism from some on both sides >> this morning, a new face leading the face against coronavirus in the u.s mike pence coordinating the response, officially named coviv-19 >> we'll continue to bring the full resources

>> president trump saying the risk is low. but the cdc warns a widespread disruption is strong >> he just confused the american people about whether this virus is going to spread >> officials confirmed what may be the first case of community transmission in the u.s. a person in california with no known exposure to the virus. >> this is not a time to play politics we want to make sure we have all the funding needed >> critics say it is too little too late >> cdc had been in 49 countries. those were the front lines from bringing it to hear, now there is only 10

>> i'm concerned there has not been stockpiling >> the first human trial of a coronavirus treatment is under way now in nebraska. officials caution it could be 12 to 18 months before a vaccine is widely available >> live from washington, d.c. with the latest u.s. response to the crisis let's get to the markets, u.s. futures lower. those losses pile up more than $3 trillion in value has been wiped out this week alone. comprised of stocks developed. let's get more insight ubs global wealth management mark, i got to say, $3 trillion is such a staggering number.

could this have even more legs to the down side >> thank you look, nobody knows how far this is going to extend and what the hit to growth will be i think there are things investors can do we will switch allocations that has been working throughout the week given the fact that we are seeing such a hurt put on them you would think emerging markets would take the hit the hardest >> i think there is two factors there. shorter term and longer term

we've seen china that is several months into this and bringing people back to work. we are seeing more stimulus measures they are further along in this i would say they panicked early and have come out to a degree now. i think that's why the indices are performing better now. we are more overweight in equities in europe, as this unfolds, when you look at central bank options, they are more limited >> do you feel as though this is an environment right now, we've shown five straight days and u.s. markets are taking a pretty

big hit. longer term in tacts for markets in the united states >> as i said before, we don't know where -- if it is a v-shaped recovery how deep that will be or if it will morph into a u-shaped recovery. we know the virus has moved further outside of asia. i do think there are some factors we need to concern they've been in place since post the seasonal crisis. that trend remains in place. while the inflation is low, we have more policy options

in the united states, the 10-year has come down now leading to refinancing and the ability to get more financing. there is more room for the federal reserve to act >> before we let you go, we've heard an argument made by experts out there, that central bank has a more limited ability this time around that it is a supply shock issue a demand problem that you are shutting down supply chains. is that reason to worry more that the fed cannot rescue us this time around >> certainly as we go through supply chain, you are right, the

fed can't rescue us. leaving you with one thought that markets are pretty good our research shows if you look at something like the fukushima distance te disaster, they are not taken action for some time the market is bad at how fast the growth can resume ambulance the disaster has passed. not necessarying this is not the case this time it is also not time for investors to panic diversification and focusing on longer termed themes the focus on food and genetic

therapies are themes people will understand more as we come out of this coronavirus. >> all very good points. thank you. when we come back, airlines making drastic moves as the industry remains under pressure. hope in the form of a bio tech company. news on clinical treatment for the coronavirus. later on, one of the largest home builders in america his take on the outbreak and what he sees toll brothers ceo. a busy hour ahead when we return after this

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welcome back we are implied open another down day is in focus as fears spread rahel has the latest >> good morning. more than 81,000 people globally have been infected with the virus. new cases have been documented in more than 40 countries. every continent in the world but antarctica sparking fears is a memo from

the cdc of the first communicatal spread of a person in the u.s they cannot say how this case was transmitted. they are not sure. airlines stepping up response. delta will cut in half flights to and from south korea. hawaiian airlines will suspend service between honolulu and south korea. and jetblue will do away with fees for canceling plies saying the impact will be most pelt in economic business. >> today, production is not at 100% level it is a supply chain driven

impact we have estimated in q2, this will have an impact. >> the markets have seened so unsettled by headlines perhaps most unclear when we saw the huge waying of closing down more than 100 points >> markets showing that could continue coming up, stocks to watch first as we head to break, check can court some of the biggest losers so far, microsoft, they warn on the coronavirus yesterday. intel down, apple down tech a focus we'll be back after this >> announcer: this morning's big number, 2.22 million that's how many users zoom has added in 2020. all of last year, the number of actives was 1.99 million, the

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shares up about a quarter percent pre-market booking holdings expects revenues to fall 3.7%. the company says it is impossible to predict where and to what degree the outbreak will affect travel patterns l brands took a charge the right the value of victoria's secret agreeing to sell 55% kroelg stake to private equity firm shares down more than 6% pre-market when we come back, president trump appointed vice pence to head the response to the

outbreak the cnbc exclusive with the ceo of tolbrhel otrs more when "worldwide exchange" returns after this hi! we're glad you came in, what's on your mind?

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we have more when "worldwide exchange" comes back after this break.

♪ here's a razor that works differently. the gillette skinguard it has a guard between the blades that helps protect skin. the gillette skinguard. stock futures back in the red as wall street eyes the worst week since the financial crisis as president trump takes to television laying out the u.s. response to the growing coronavirus threat >> we are very, very ready for this for anything whether it is going to be a break out of

larger proportions or whether or not we are at that very low level. we want to keep it that way. >> and the corporate response continues this morning as shares of the world's biggest brewer take a turn for the worst. thursday, february 27, 2020. you are watching "worldwide exchange" here on cnbc >> welcome back to the show. dow futures currently off the lows we are still going to open down for regular stock trading by about 209 points take a look at this picture. between the lows we started at and the highs of the session, the dow futures have traded in

the 509 range. a big move perhaps foreshadowing volatility the selling began last thursday. the dow has been down five straight sessions. on track for the worse week since october of 2008 when it fell 18% that was the great financial crisis continuing overnight in asia and in europe's early action let's go to julianna tatelbaum from london there. has it gotten better in the last half hour or so? >> in the last half hour in europe, things have gotten a little more negative i want to highlight what we saw overnight. a bit of mixed trade with the shangh shanghai composite the nikkei down 2%

in europe, the dax down 2.2% the ftse mib a little worse in the last half an hour, nearly 2% lower as investors closely eye developments in the uk, the number of reported cases at 15 with two new cases reported this morning. and the ftse in the uk about 1.7% lower now more than 81,000 people globally have been acted the cdc reporting the first possible community spread linked to a patient in california the agency is unsure exactly how that case was actually transmitted. as president trump held a news

conference last night to reassure the american public and wall street's response to it we have team coverage live from washington, d.c. and eunice yoon standing by in beijing what exactly did president trump say and the appointment of mike pence is a big development there as well? >> that's right. the president put the vice president in response to the response the pretzel vsident elevating te response he sought to reassure the public even as his medical officials took to the podium to explain more cases are likely coming to the united states, the president had this to say about whether or not the virus is likely to spread here. >> i don't think it is inevitable i think we are doing a really good job of maintaining borders

and letting people in and checking people. that's one of the reasons i'm here today getting the word out. they'll know i don't think it is inevitable i think there is a chance it could get worse, fairly worse but nothing is inevitable. >> the president also reached for other explanations for the stock selloff this week when i pressed him. here is that ex change >> the dow jones dropped more than 2,000 are you suggesting that was overblown? are financial markets overreacting >> i think the markets are upset when they look at the democratic debate going on. >> the president suggesting that the selloff was due to the

democratic primary when i pressed him, he did acknowledge the virus had some role in the selloff. >> let's talk about the conversations -- it seems like so long ago president xi and president trump were talking about trade. are they still talking is there dialogue about the virus threat >> yes president trump is full of praise for president xi. on this, the president signaling more openness even as his advisors complain they are not getting enough information the president was careful to praise him and say he thinks the chinese leader is doing a good job in response to that. last night, president trump signaling he had spoken with

president xi over the outbreak >> he is working so hard on this problem. he is very smart it is significant group of talented people working. they are calling up our people we are dealing with them and giving them certain advise i had a long time with him he is working really hard. he wants it to go away from china fast and get back to business as usual. >> seems like a constructive dialogue there eunice yoon is live. to say it is constructive the conversation between xi and trump. >> the chinese officials here would likely have been watching president trump's prefrmg with a lot of interest. the concern here is the surge

that could boom range back to china reporting the first such case today saying that a traveler had come in from iran there and was sick with the coronavirus. now looking at contacts. the government is stepping up efforts to screen and post more restrictions on travelers coming into from when we went the highest and quickest rise. uncertainty continues to dog a lot of business here the american chamber of commerce

said 48% holds the drop in revenue here holding until april 30 also released a survey seeing the decline in the first half of 2020 in the target for the year the central bank attempting to reassure business saying the bank will reduce the impact in the goal for the year. that statement raising a lot of questions as to just how long china can avoid a large scale stimulus if they have unemployment and bankruptcies on their mind >> fiscal action as well possibly eunice yoon live, thank you.

to coop to comments from apple we have more on that story, josh >> reporter: as you know, an issue for investors of the coronavirus outbreak and how that has been impacting apple. it had to draw revenue because of the way it is impacting stores and factories where products are assembled share holders asked tim cook he is betting that ultimately that impact will be short term tim cook addressed that issue reiterating it will be fairly dynamic. we are seeing events on the ground apple has reopened 34 of 42 stores with limited hours. the bigger question is when those factories will open to full capacity.

the vote went as planned seven nominees were approved executive compensation were approved share holder proposals were not approved as expected it seems like no industry is immune from feeling the impact here is toll brothers ceo talking to jim cramer last night on "mad money. >> we have 11 buyers in california that are chinese and have asked to delay their closings because they can't get here that was the extent of it. >> you are saying reno, 14, dallas, 8. you are saying this isn't toll brothers >> there is other places where we beat our numbers. i was pointing out the worst

>> you said everything that is wrong. you didn't give us a lot that is right. you can still make the playoffs. >> we may win the super bowl today wasn't a day to promote we have a ample cash will people not even look at homes. people will be on the stock

market if that does not stabilize, i think a lot of people will wait and see. i think owning a home is an important part of one's life if you are ready to move that you are going to sit back because of the coronavirus we do have to see how it plays out. the next couple of weeks are critical in terms of the impact we'll have to see what happens >> that was a take of the interview. catch more of that live on cnbc.com right now coming up this morning, stocks to watch gold trading amid a seven-year high we'll talk about that commodity and others and what it can tell us overall stay tuned watching "worldwide exchange" here on cnbc

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welcome back to "worldwide exchange." let's check some of the stocks on the move. square has earned more from subscriptions and services saying the cash app service attracted 24 million active users up 60% and added new features including stock trading. shares up 8% pre-market. shares of etsy soaring after reporting better than expected fourth quarter results expecting growth of 27% to 37% this year. boxes fourth quarter earnings as larger companies signed up for its products it bets on higher demand for cloud software that let

customers store and manage content. companies around the world continue to respond. >> so bio tech giant gilead working on clinical trials of the virus. shares of gilead are up pre-market about 6.2%. also watching shares of microsoft. warning warning its stock price is down about 1.86%. and inbev anticipating a decline after a weaker than expected finish to 2019 as the world's

largest beer maker to weigh on earnings the outbreak knocked up to $258 million off earnings shares now down more than 6% pre-market back to you. >> thank you, let's check on gold prices today. they are fractionally higher snapping a losing streak as the spread of the virus outside of china is stoking demand for goal we'll go to our guest. joe, this is pretty amazing. the run that gold has been on and coronavirus is the latest catalyst for the buying. >> market risk and uncertainty is the key factor when you look at the drivers for gold.

long-term drivers for the price of gold. our expectation is that on the long term, you'll continue to face one of the two factors. you'll have shorter drivers, opportunity costs and poe meant yum. that's what we are feeling now these are things that play on the short term longer term, we have the market risk we have the coronavirus. when that starts to settle down, we have an election year we have geopolitical risks a china tariff deal. we have brexit we'll continue to think about what is on the risk and what is the next risk to be concerned about. >> you have an axe to grind.

take us through some of the risks we have now. >> it becomes very popular and a topic for discussion around the coffee table demand and supply driven by expansion they invest consumers and assets so thinking about gold that way, those drivers is key weigh address that by ruling that out this is helping people to understand drivers and how factors used to determine those

assumptions will affect the demand long term >> physical gold or etfs which is the way people should get into it, if they want to >> you can choose one or the other simply put, an exchange fund gives you a ready-made package. growing ineurope consumed in a large scale here in the u.s owning bullion is an option. easy to do gold is a $150 market. >> no doubt a focus these days >> coming up, if this morning's swings and futures are any indication investment ideas of how you ca navigate as a reminder, you can watch us

live or on the go on the cnbc app.

>> you can see realty income some of the worse performers down the dow and s&p posting the fifth straight negative session as investors continue to weigh whether or not to buy the dip. joining me now, director of capital markets and head of technology media and telecom starting with you, direction has etfs, what are investors and

traders doing? >> the first thing we've seen is a new etf, which we often don't see. flight to safety is all over the tv it is gold, utilities, long-term treasuries a lot of investors are putting that in their portfolio. they are realizing, i wasn't prepared it is hard to health and do this protect during down turns. >> this has been in fact for a long time now people try to health with volatility

in the long terjs you participate over time. you get some yield there is a little bit there. if you look at internet bear funds. if you have that risk appetite, it is a great way to generate alpha. >> i love that you bring that up joel, this is your wheel house they were leadership and now become biggest laggers is it worry some to you? >> 100%. for me, from a trading respect that just eight days ago, nasdaq was bringing in sharp highs.

apple, nvidia, it's amazing what the whole coronavirus, finally with the spread outside of china has woken up a lot of people that, hey, this isn't contained. at the end of the day, especially look at the semiconductor shocks there is zero shot of a v-shaped recovery there is fear and panic. >> joel, zero percent chance of a v-shaped recovery? in the last 9 or 10 years, we've seen a lot of that, why not this time >> a lot of the focus is on asia look at apple's warning, microsoft cut their guidance

other smaller names. confessions are going to rise. we'll see if the big conference goes on next week. the company will tut numbers there is no visibility that's the problem with the market now there is no bid for these stocks we are seeing very high preference for high quality. facebook, google and other selective names. hardware and communication, there is no bid for these stocks until the situation clears up a little bit >> let's bring this back to the idea there is no bid when you see that worries you, is something giving you a moment

of pause. >> i'm probably more on the camp of a v-shaped recovery or a u shape. often times we do see a pick up. do i think q1 or q2 will slow down definitely if you are a long-term investor, does it give you pause you don't sell with this type of market it might be the time to look at things like semiconductors and others as these things sort out and get back on track. >> a couple of seconds left. is this a situation you are

targeting to get in on >> i'm looking for maybe a break of 3,000 in the s&p. that data point whether auto or industry when the data starts to trickle out. >> thank you that's it for "worldwide exchange." "squawk box" starts right now. good morning, the dow on pace for the worse week since financial crisis as pandemic fears are spreading. spiking a sharp drop overnight president trump holding a news conference to reassure the american people and wall street. a flood of companies warning of a financial hit and taking action to protect customers and employees. it is thursday, february 27, 2020 "squawk box" begins right now.

good morning welcome to "squawk box" on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. big news about yesterday was that the dow was up about 461 points at its high it gave back those gains throughout the course of the day. the s&p futures indicated down about 35 a lot of concerns after the president addressed th