it is 5:00 a.m. at cnbc global headquarters. here's your five at 5:00 -- stocks are in rally mode after closing out their greatest financial crisis week. dow futures swinging more than 900 points to the upside on hopes central bankers around the world will step in at some point. this as goldman sachs is out with another bombshell note saying jay powell will act sooner rather than later plus, two more airlines making chan changes as virus hits.

cooperman taking on trump over the federal reserve in times of crisis "worldwide exchange" begins right now. good morning and welcome to the show i'm dominic chu. >> announcer: to brian sullivan. with me the entire hour, peter bookfar wiright now stock futur indicate what could be a nice open to the upside, about 175 points within the last hour we were up 400 to 500 points implied. we'll see if that moves. the dow jones futures have been going from losses all the way to gains. at one point we had a range of

1100 it's been a volatile, possibly preshadowing the market. ten-year government yields we gone down to 1.0 3 year, setting the record two-year treasury notes, 1.2%. the session low for american-based crude is $43. you can see $45.53 the last trade there. we have seen a bit of a downside move in the last hour or two let's watch what's happening a rebound in under way, in asia and europe as well as investors hope for action from global central banks around the coronavirus.

matt taylor is in singapore. julianna tatelbaum is in london. matt, we'll start with you first. we did see some nice green finally in those asian markets >> absolutely. asian markets mostly in the money despite that woeful news for manufacturing numbers. china markets the strongest, up 3% after that contraction in pmi. australian market, proxy was lower ahead of a possible rate cut out of the central bank there tomorrow let's talk about the pmi data because we saw a big decline, 35.7 down from a reading of 50 in january we also had the private sector survey falling a reading 43.3. dom, back to you >> julianna tatelbaum is in london with the latest

that green theme continues in european sessions. >> dom, that's right we saw a strong rebound at the open in europe with the stoxx 600 up more than 2% at one stage but the optimism has faded in the last hour or so, much like the developments you pointed to in u.s. futures. now the italian index has come under a great deal of pressure, down 1.9% italy remains the hub of the virus here in europe. 90% of the cases remain concentrated in the northern parts of the country over the weekend, italian authorities launched a 3.6 billion euro package of easing to try to mitigate the impact of the virus on the economy investors still concerned this morning around italian markets the german index has also now slipped into negative territory down about a quarter of a percentage some of that initial optimism has faded in the last moments of trade. the banks coming under pressure

this morning banks down 1.9% here the italian banks are dragging this index down. so, very concentrated risks in markets in europe. health care up 1.5%. food and beverage and oil and gas up 1.3%. this rally in oil and gas stocks comes off the back of bounceback from crude a mixed session for european markets after the strong rally at the open. >> julianna tatelbaum live in london with the latest there to the latest on the coronavirus outbreak, the global death toll exceeds 3,000 with a second death reported in the united states and new york has now its first confirmed case rahel solomon joins us with the latest headlines. >> new york governor andrew cuomo confirmed his states first case but didn't offer many specifics. he know the woman recently traveled to iran and is isolated

in her manhattan home. as companies continue to take action nike says it's temporarily closing european headquarters in the netherlands after an employee was infected with the virus. american airlines is waiving change fees on newly purchased tickets and united airlines ceo oscar munoz telling employees his companies will likely need to cut additional flights. both these moves as the travel industry deals with declining demand >> thank you for those updates on coronavirus. stock futures indicating what should be a green open right now but it's well off the session highs. we were just about 150 points to the upside implied right now about an hour ago we were 400 to 500 points implied goldman sachs out with a new note predicting the fed will cut interest rates by 50 basis points at or before its next meeting later on this month. an additional 50 basis points, half a percent worth of interest

rate cuts in the second quarter as well. goldman also says to expect action from policy makers not just here in the u.s. but also canada, the united kingdom, australia, india and more. with me now for this hour is peter. the central bank theme has been a driving force behind supporting markets for the better part of, say, a decade now. why is it the coronavirus fears really did not respond to the idea the central banks could step in and help >> they realize a rate cut or two is not a vaccine and it's not going to address supply issues out of china. it's not going to make people get back onto a plane or get back into a casino it's not the anecdote to what ails us now. it's not a rate cut, which i know they'll do, but it's not going to help economic growth.

maybe it will grease the wheels of the financial markets for a short period of time i'm more afraid they do this, the markets rally for a short period of time, give it all back and then these cuts are wasted >> it's interesting to put this move in perspective with what's happened over the course of the past, say, year, year and a half with regard to drawn out trade conflict between the world's two largest economies that seem to get resolved at the end of last year the trade war had nothing like this in terms of impact so the economic growth scenario is still there but this is a bigger threat than the trade war, apparently. >> no question the world was not prepared in terms of the pace of growth and assets going into this global growth was only 3%, u.s. spread was 2%. tightest spreads since '07 valuations in the equity markets at 20 times earnings

we were set up for something out of left field that is going to rock economic activity whereas sars, it was after the nasdaq had fallen 80%, after the financial crisis when we actually had more important things to worry about. so, it was sort of the positioning for this that is making it more profound. >> we want to show viewers and listeners on sirius/xm, we are showing a graph that says falling below key levels a 200-day average people like to follow basically every sector out there along with the broader market is now falling below a key longer term trend line. does that mean that this is the buy the dip opportunity people have been waiting for? >> that's the mentality people have been trained on for the past decade because central bankers are the stimulant for that kind of behavior.

but i think people have to be more careful this time around because they have to understand central banks are going to be shooting blanks. they're going to give us what they think they can give us but there are going to be blanks in that gun i'm just warping people. the answer to what ails is an end to the spread of the virus not bank cuts. >> liquidity won't save us from a virus outbreak. >> right >> when we come back on the show, trouble at twitter as they troll its founder and ceo. details coming up next as we head out to break, all 30 dow components are in correction barring this morning's rally with 11 in bear market territory, down 20% from their recent 52-week high. names like boeing, exxon, 3m, disney, all part of that story a veryus by morning ahead when

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welcome back to the show let's take a look at dow premarket gamers including apple, home depot, boeing, each up 2% if these gains hold into regular trading. twitter may be gearing up for a fight with a major activist investor over control of the ceo office. rahel solomon joins us with that

story. >> sources tell cnbc elliott management founder paul singer is looking to replace twitter ceo jack dorsey. elliott is pushing for dorsey's removal because his focus is split between running twitter and square he began as ceo in 2015. in november dorsey also tweeted he planned to live in taf ka for three to six months this year. that announcement surprised investors. "the wall street journal" reporting elliott has taken a $1 billion stake in twitter and has been in talks with management about perhaps finding a full-time ceo and they have nominated four directors to the boards the journal says at least for now, it may be working with twitter instead of waging a public campaign. they nominated the directors before a recent deadline as a backup plan in case talks fall

apart. the stock has little changed since dorsey returned to the ceo world. meantime, facebook has doubled. >> this is a chart since 2015. what you want to look at for folks watching right now and for folks listening in is over the last couple of years, this stock has troughed and actually had some great upside momentum. >> sure looks like it. >> until september of last year when things hit -- started to fall off there this could be a situation where twitter is a company that shows it has to get back to those levels and user engagement and growth - >> and jack dorsey himself, when compared against facebook, you don't see the growth with twitter, they feel his focus is a little -- a little spread. maybe he's spread a little thin these days >> it's hard enough to be ceo of one company. to be ceo of two companies - >> square and twitter, sure.

>> you would have to believe he himself would say, this is way too much for me. >> both those companies are not small in any way, shape or form either. >> and the africa announcement unsettled people a lot of questions about what he would be doing. >> it's a big year for catalysts with elections and olympics. social media will be a big thing. still on deck for the show, a warning from the world health organization around coronavirus containment. hadley with the comments from the head of the w.h.o. and the dow's worst five stocks for february >> announcer: today's big number -- $3.9 trillion. that's how much market cap the s&p 500 has lost since its record high of fruy thebar19 the index tumbled 13% since then

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jeffrey epstein. nokia says ceo suri will step down in september after six years at the helm. he'll be replaced by a former notice could yeah nokia. harley-davidson ceo stepped down in friday in a mutual agreement with the board of directors. harley's revenue has declined he as it struggles to appeal to younger riders board member has been named acting ceo shares up 5% in extended trade. still ahead on the show, where the chief investment officer of nuveen is putting his money. his firm has more than $1 trillion in assets under management. here are the top s&p 500

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welcome back to "worldwide exchange." could you believe ten-year government note yields were north of 3.5%. the highs at the day we were at 1.15 at the lows, 1.03.

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hold onto your hats. we are set for another wild ride on wall street stock futures are up right now but they've traveled more than 1,000 points in a volatile overnight session. officials on high alert as report of a second death related

to the coronavirus. central banks to the rescue. what goldman sachs is telling clients to expect from fed chair jay powell the second half of "worldwide exchange" begins right now welcome back to the show i'm dominic chu in for brian sullivan joining me peter boocvar markets around the world bounce off their worst week since the great financial crisis stocks point to a positive open but not by as positive as they were an hour ago the dow would open up by 165 points the s&p by 13. you can see the dow jones futures, we have traveled from the lows to the highest over 1,000 points at one point. we lot some momentum over the

last hour, hour and a half but watch the dow jones futures if there's any indication of the ride we'll see, the regular session could be pretty bad. the wild ride, we have indicated losses of 130 points last night. right now there are some moves to the higher. in the bond markets we've seen move lower in ten-year note yelled that's higher than the 1.03% we got overnight. a record low, by the way two-year note yields a hair below 73%. check out the action in crude. the session low for u.s. benchmark crude wti, $43.22. right now 1.5% to the upside $45.45 we have global team coverage for you as we track the market action and headlines surrounding the coronavirus outbreak

matt taylor is in singapore. julianna tatelbaum live in london and eunice yoon in beijing and hadley in dubai. matt, to you first, with new comments from the bank of januajapan overnight. >> that's right. they say they stand ready to help out the markets if we continue to see the volatility japanese markets along with south korea moving higher. china the standout performer, up 3%, despite the woeful manufacturing data this has prompted stimulus hopes coming out of authorities in china. the record contraction when it came to pmi. china, the best performer around the region because we can see the pmi falling to a record low of about 35 over the month of february because it's down from a number of 50 the private sector survey plunging down to 40.3. back to you.

>> matthew taylor live in singapore. to the early trade in london, julianna tatelbaum joins us now. those european borsis, are they holding up >> markets have only been open for a couple of hours. after a strong start, the optimism faded we have bounced off the lows of the morning. the german index, the dax, is teetering around the pressure line the ftse mib down more than 2% italy home to the largest outbreak in europe of coronavirus. over the weekend we heard from italian authorities they are launching 3.6 billion euro pack toj to offset the negative impacts of the virus but investors are concerned around the italian banking sector banks down 1.8%. the bulk of that selling is

coming in the italian banking space. but we are seeing some green on the board as well. food and beverage up 1.6%. health care up 1.6% as well. oil and gas, the majors in the equity market are performing well this morning. that sector up 1.3%. right alongside the bounceback in oil prices seen in the latest trading session. putting it all together, a fairly mixed session for europe but a volatile one continue to watch what happens in the lead to the wall street open. >> a little slowing momentum for the european markets julianna tatelbaum live in london to the latest on the coronavirus as the u.s. reports its second death and first confirmed infection in new york city our hadley gamble joins us live from dubai where she sat down with the director-general of the world health organization offering his own outlook for the outbreak hadley, what did he have to say? >> reporter: it was a wide-ranging conversation.

essentially what i was able to draw is they still don't know what they don't know he's essentially saying when it comes to containing the coronavirus, the window to do that is narrowing. listen in. >> we need to focus, of course, concerns and worries are there, they should be, but we should calm down and work stigma should also be avoided, which we are seeing and which is dangerous. this virus is everybody's economy. everybody's enemy. as human beings, we should stand in unison. discrimination and stigma is worse. it's more dangerous than the virus itself. >> reporter: the world health organization saying we have to avoid panic and avoid fear at the end day we don't know, we don't know we don't know how quickly it will continue to spread.

they have slowed down reporting cases in china iran is a major area of concern, italy a major area of concern. talking about the united states, i asked him, is the u.s.'s response good enough he said each country has to decide for itself what it needs to do exactly to combat this virus. listen to what he had to say about president markets specifically i asked him if they were in need of a serious reality check >> yes, global markets -- it's everybody, by the way. they should calm down and try to see the reality. as you said, reality check facts, figures, you know, decide based on that. we need to continue to be rational irrationality doesn't help we need to go back to facts and figures and based on that we'll decide >> the director general talked about iran, italy, china,

europe, the united states. up with thing he wasn't able to clarify and i pressed him on again and again, what was the threshold he is looking for at the point which they have to declare this a pandemic? he wasn't able to give me the hard numbers, that data, those facts. part is because they're still collecting that data the w.h.o. is sending a team to iran today they want to take more time. my interview with the u.s. treasury secretary on the sidelines of the g-20 conference, he was essentially saying the same thing. it will take three to four weeks to understand the shakeout for what it means not just for the u.s. economy but the global economy. that was echoing comments we heard from the director-general of the w.h.o they still don't have enough date to see what this means for the world. >> what are your sources on the ground saying about the moves we've seen in oil prices there's some chatter about opec and its partners looking to maybe move on production cuts. it's helping to bolster the

markets today. is it a reality? can we expect to see some action from opec in the coming days and weeks? >> reporter: no doubt about it, do am. we'll be witnessing live, as you would say, opec plus meeting we'll bring that to you from vienna one thing we've heard from sources on the ground is this is seen in many ways as a indication of the saudi oil minister, he was pushing the russians, pushing members of opec to come to the table for more cuts. that was just as coronavirus was starting to become a big thing and a worry for the markets. it seems as if he's been vindicated for what we've seen in the price and folks on the ground telling us, behind the scenes at least, that they're looking to move on further cuts. >> hadley gamble in dubai. thank you very much. dow futures trading well off their session lows again off their session highs as well right in the middle. this as stocks come off their worst weekly point decline in

history sending all of the dow 30 into correction names like boeing, disney, cisco, 3m down more than 20% from their recent 52-week highs. back with me now is peter boocvar and joining me is brian nick from nuveen thank you very much. brian, we'll start with you this time around. we've seen the markets and there's been an argument made that markets were, quote/unquote, overbought. they were too far to the upside, overvalued, overextended, everything else. they're definitely not there now. is this the bottom we've been looking for? >> i think it's too early for us to call the bottom i think the other thing we have to look at is, yes, we saw very high valuations coming into this period, the highest by 20 years. one thing we're doubting is the pe ratios. we've only started to see that are we sitting at more expensive

levels than we think i think we have to wait to see how this shakes on you the. >> over the course of the past few days we've had a number of large investment banks and analyst economist teams come out and say, we could see no earnings growth for 2020 because of the coronavirus to the "e" point you were just saying, does that make you feel this is a situation where the markets can extend lower >> i think so. coming in we thought they were too high when they were 10%. we need to see them come down substantially more we didn't enter the year as bulls on the u.s. stock market we were thinking flattish. flat looks like a pretty good return for the year from where we're sitting right now. it's much more for us about where do we see the opportunities. how can we outperform the benchmark if the benchmark won't be doing much. >> where exactly are the opportunities you're seeing? what has gone on your shopping list as the markets have fallen

in some ways by 10% or 15% or more for certain stocks? >> anything with a high yield is going to catch a bid as far as there's plateauing when it comes by spread and country and number of cases we're seeing for the coronavirus. for the time being we're defensive. trying to target that more towards growth we're trying to play the middle. not trying to hit a home run by catching a falling knife in a cyclical sector. we're looking at sectors like health care, technology. same sort of play book that got us out of the last swoon last year with the trade war. >> brian brings up an interesting point with the "e" side of things, the earnings a lot will be the macro economic back drop these companies have to operate in. how intense will that slowdown be and will it have a real material effect on earnings?

>> going into this global growth it was 3%. there wasn't much of a cushion to deal with what we're dealing with right now i think it's obviously many countries for sure will see negative in q1 and the u.s. will probably see a gdp number possibly with a one handle and maybe even below and carrying over into the second i think the big question is what kind of recovery do we see in the second half assuming we get this somewhat in control that obviously remains to be seen the economic impact is more intense but you can't discount human nature people get scared. they get in this hysteria. you go to costco and the shelves are empty. >> i drove by my local one this past weekend the line of cars waiting to get in was around the block where i was. there is certainly a mentality

developing here. brian, are you forecasting or expecting to see a real slowdown in the consumer? it's been one of the pillars of the global economy, the u.s. consumer specifically. is this going to dampen skurnl sentiment? >> this is the one thing that's held us up with prior corrections over the last ten years is the u.s. consumer never went away. we've seen dips in consumer confidence but we haven't seen consumer spending slow down. a couple positives, consumer spending coming into this period still looks pretty solid i think the first quarter numbers incorporating a strong january. we're still seeing strong consumer numbers and high savings rate we can't discount that either. if you can't get to the store to get something to buy, savings rate doesn't help you much we think consumers and households are well prepared for at least a softer patch in the u.s. economy the question is, does this extend into q3 we know q1 will be sliding down to february and march. q2 could be the weakest period for the u.s. and global economy.

but do we see a v-shaped recovery or l-shaped recovery which means we're in demand shock. >> i've seen the v, l or u scenarios play out what is in your playbook how do you strategize an actual plan for how to tackle the next three quarters >> first, stay humble because this is different in that -- this is a virus. this is not going to dictate consumer behavior like a trade war. this is something that regardless of how low the fed cuts interest rates or what company interest rates look like, this is do people not want to take flights, not take vacation the nature of the recovery is going to depend very much on what happens with the news flow with the virus we're optimistic about q3. the equity markets are luooking past a v-shaped recovery

>> peter, where are you allocating to? you have a client list and model portfolio, where do you feel asset allocation goes from here into the next three quarters >> i think that's the question do you de-risk and wait for this to clear up or just ride it out or you put aside some extra cash to take advantage? i think it's a combination of that i'm continuing to like gold and silver you talked about dividends to me the big energy companies, these are pretty fat dividends some can handle those dividends. you need to have cash as a cushion to look at as dry powder and as defense we don't know how this is going to go from here. >> peter, yao you are sticking around brian, thank you for those thoughts. coming up on the show, a major energy conference in houston is now canceled amid the coronavirus outbreak add that to the list as oil bounces off multiyear lows at this stage

plus, a look at the worst performing s&p 500 stocks from the month of february. you've got norton lifelock, royal caribbean, norwegian cruise line, under armour, all of those companies maybe have an effect on the coronavirus.

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welcome back let's bring you up to speed to the global coronavirus outbreak at this stage. rahel solomon with the latest headlines and details. >> the global death toll from coronavirus now exceeding 3,000 with a second death reported in the u.s. over the weekend. and new york has now confirmed its first case a woman who recently traveled to iran she is reportedly isolated inside her manhattan home.

europe now-a nounsing it will inject $3.9 billion into its economy to help stem the economic damage from the virus this will include tax credits for companies that see a drop in revenues, tax cuts and extra cash for the health system another major business conference being canceled amid the outbreak ceraweek will not happen, one of the top conferences of oil ministers. back to you. >> travel taking a hit there thank you for those latest details on coronavirus. let's go live to eunice yoon in china eunice, what exactly are we looking to see from the chinese government >> well, a whole host of measures the expectation, as you said, is now that the policymakers are going to stimulate the economy

because the factory activity was just so bad. it was the worst that this country has seen since the global financial crisis. the official pmi for manufacturing dropped to 35.7 when the estimate was for 46 so, still a contraction. much worse than what people had expected these record low numbers prompted several brokages to scale back their estimates for the first quarter. capital economics, another research firm, says they're worried about the employment picture and they think that the chances of a v-shaped recovery are falling fast nomura says it expects near zero or negative growth in march because factors won't be back online if infrastructure spending, mizuho expects infection by march and fitch believes fiscal

will jump 5% that would be the largest since 1990 chinese authorities are not only spending on a national level but locally. they are offering more incentives to try to get people to buy -- to make big-ticket purchases since in hunan province and guangdong, they are offering hundreds of people to people so they can buy a car. >> let's talk about some reports we've seen with regard to economic activity getting back on speed apple is trying to get their stores back up and running with limited hours. starbucks is opening up limited outlets. it seems economic activity is trying to get back up to speed from your thoughts and your observations, are we there how far away are we from getting china back up and running? >> well, the government wants china to get up and running. you do see some more signs of activity

like you mentioned, some shops are open some of the factories. when i speak to people in the factory sector they say they are getting more people into their factories to be able to produce more products. it is happening. the pace a still big question mark we had encouraging signs because the epidemic is coming under control. wuh wuhan, the epicenter, had closed a pop-up hospital because the new infection rate is dropping and 20 provinces have now lowered their emergency response level. sop encouraging signs but the pace is a big question mark. >> pace obviously a big concern but we're showing video of some hospital beds not as full as they were before encouraging signs. u. on deck for the show, famed investor leon cooperman taking on president trump over his treatment of the federal reserve in times of crisis

his comments to cnbc, that's coming up next. as we head out to break, an analyst call we need to tell you about. apple getting upgraded to outperform from oppenheimer. they cite opportunities offered by the company's strong balance sheet. you can always watch or listen to us live on the go on the cnbc app "worldwide exchange" is back in a moment 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 is what sets them apart. i am justin rose, and we are morgan stanley.

welcome back to "worldwide exchange." u.s. markets appear to be clawing back this morning somewhat from last week's massive stock selloff. futures indicated dow higher by 140 points the s&p up by 11 the nasdaq up by 56. long-time market watcher and investor leon cooperman weighing in, speaking to cnbc last night.

he says he believes the fed will likely cut rates in response to the coronavirus, but also suggests another course of action as well >> this volatility is scaring, 50 to 100-point swings up and down in 30 minute time frame make no sense. the president should stop leaning on the fed chairman powell knows what to do he's done a very fine job. >> uptick rules, president trump shouldn't bash on the fed. let's bring a few voices in for discussion steve, equity strategist and portfolio manager and brian kelly, a cnbc contributor, and peter boocvar, a cnbc contributor. steve, let's start with you. you heard leon cooperman's

comments the volatility, is it scaring people is it scaring you as an investor >> i think it's scaring people i don't have the luxury of being scared i'm a professional investor. can you separate the fear from the probabilities? in our perspective, look, i have no idea what the market is going to do in a couple hours when it opens and i have no idea what the next 1% move is. is the s&p worth 10% to 20% less than it was a month ago? i don't think it is. the question becomes, how do you look through it? find opportunities and put money to work responsibly. that's what we're trying to do. >> where are you finding those opportunities? >> we raised cash over the back half of last year so we had cash to deploy. the way we're thinking about it is buying at intervals we're not looking for events, we're looking at - >> price intervals >> yeah, price intervals the idea being if we're medium to long term constructive, which

we still are, if we like it at 5% down, we like it a little better at 10%. large cap growth we've focused our buying on. we think that part of the market is seen as a little more secular. as we move down the line, if markets are lower, we'll start to evaluate the market sectors. >> brian kelly, anything you've seen over the past week that hasn't scared you and are you in there buying up the markets given the sharp selloff we've seen over the course of the last several days >> listen, i think there's an opportunity here if you're going to be nimble and be a trader to play for the central bank government stimulus that we're starting to see come in. i think that's what the market is starting to price in. in the equity market it's already happened in the bond market. we're factoring in almost 100 basis cuts by the end of the year the equity market hasn't adjusted to that

we have multiple central bank meetings coming up this week we have the opec meeting coming up and then we have the federal reserve meeting coming i think there's a period of time here while cases in china start to go down, if it looks like it's contained globally or at least starts to slow down and you get central bank stimulus, then you have a period of time where you can probably be nimble in this. my concern is, is the uncertainty. you talked about how everybody is panicking, everybody is going to costco and there's a line around the door. if everybody continues to have that mentality and you have apple stores and starbucks stores closing down in the u.s., this isn't the time to buy but i don't know and i don't think anybody else is. >> nobody thinks apple or starbucks stores are going to close in the u.s central banks, the focus of goldman's note we talked about it the last half

hour the chief strategist says earnings in the s&p might be nothing this year. now january hatzius and economic team saying they expect half a percentage rate cut from the fed on or before the march meeting, the meeting that happens this month. an additional half percent cut in the second quarter, rate cut from other market development banks. should the fed be acting so aggressively intraperiod if they're going to cut rates does it send more panic in the markets if they do it before their next meeting >> i believe so. if the next fed meeting was six weeks from now, you can make an argument they should do it now but they're talking two weeks from wednesday we're not in the middle of a financial crisis we're in the middle of an hysteria more than anything. do i think a fed rate cut is going to matter whether it's tomorrow or two weeks? it really shouldn't. there's an extraordinary amount of peer pressure because earlier

in the show you talked about, yeah, ten years we've been medicated on this and every dip has been bought because the central bank play. we've been accustomed to central bankers somehow saving us. remember what happened the last two rate cutting cycles. >> brian >> i listen with peter in economically it doesn't matter whether you get a 50 basis cut today or in two weeks. i think sipsychologically for investors and for the investing public to have that central bank come in. i'm not a fan of this, but i think as a pure psychological factor, the sooner central banks act -- >> brian, i want my candy today. i don't want to wait for tomorrow >> exactly >> everybody wants their candy we've been medicated on it, like you said steve, what's your takeaway and what are you doing

>> two things. number one, i think there's a role for central bank as far as small businesses they need a tide over. our play is the following, yes, earnings growth is going to be lower. the year doesn't end on -- the world doesn't end on 12-31 >> thanks very much for that market coverage picked up on "squawk box. begins right now. another wild ride so far on wall street. dow futures up right now but they have traveled more than 1,000 points in a volatile overnight session. u.s. on high alert as officials report a second death in connection to the coronavirus outbreak the first confirmed case in new york city. plus, goldman sachs expected the federal reserve to get a lot more aggressive cutting rates by as much as a full point this year it's monday, march 2, 2020 we're here after the weekend "squawk box" begins right now.

good morning welcome to "squawk box" on cnbc. we're live from times square andrew is out today. our guest host is liz young from bny investment management. let's take a look at market. right now you'll see dow futures are indicated up by 71 points. s&p futures indicated up by 3. the nasdaq up by 33. as joe mentioned, the dow futures have swung 1,000 points. a lot of road they've traveled overnight. this comes on the heels of last week's massive declines in the market the dow was down by 12.4% for the week nasdaq off by 10.5%. we're watching thi