it is 5:00 at cnbc here is your "five@5." mixed messages policymakers sending investors on a very wild ride. as wall street is coming off its best day in more than a decade but can that hold. one winner is buying apple surging nearly 10% but supply chain struggles still there. google, facebook and more are standing down from key events.

more trouble for uber admitting the first time for its risks to business over the coronavirus. it is tuesday, march 3 and "worldwide exchange" begins right now. good morning and welcome to the show i'm brian chu. with me the entire hour, cnbc contributor car contributor carrie firestone the dow is coming off the biggest point gain snapping the losing streak in hopes of snapping from around the world comments from the bank of japan, european central bank, international monetary fund are

giving buyers reason to buy. one stock hit hardest was up very big yesterday apple shares surging after an upgrade in the gain. those shares up in the pre-market as well this morning, stock futures are in the green in volatile trade if things stand the way they are, the dow would open around 100 points the nasdaq around 26 points. at one point, we had indicated down more than 200 points early in the session several factors you can see here down that level. australia's central bank cutting the key benchmark to a record low of half of 1%. number two, early reporting that fed chairman jay powell and

mnuchin will be, quote, coordinating a conference call to help orchestrate a global response to the coronavirus outbreak both good news for investors initially. but number three is giving some pause. drafting a statement from the g-7 makes no direct calls for fiscal or monetary support amid the coronavirus outbreak earlier, president trump weighing in on the crisis and the spread tweeting, australia's central bank cut interest rates. they reduced to half a percent, a record low other countries are doing the same thing, if not more so our federal reserve has us paying higher rates than others. we should be paying less tough on our exporters and puts

the u.s. at a disadvantage must be another way around jerome powell has called it wrong from sad day one, sad that was a lot of stuff coming from president trump about the central bank here in the united states reaction from asia and europe so far has been interesting julianna tatelbaum standing by in london with the latest. we are seeing a lot of green on the screens. >> indeed, that investor optimism has filtered through to the european session the ftse mib in italy is trading 2.75% higher italy was the key performer yesterday. the key country facing the biggest outbreak outside of asia, outside of europe. even that index is trading

strongly this morning. very strong gains there. no doubt optimism moved from central banks providing some support from investors this morning. looking at the sectors we've got green across the board. travel and leisure up. impacting airlines which has borne the brunt of the selloffs. that is the most sick call trade exposed market on the down side there, we have the more defense portion of the market even those are trading north of

2% this morning. >> thank you very much now to the coronavirus outbreak where china is reporting the lowest number of numbers while infections around the world continues to rise. rahel is with us >> china reported 125 infections and 35 deaths. that is the lowest number since january 20 but outside of china showing troubling signs. south korea, the number rose to more than 4,800. back home, killing three more residents at a nursing facility in seattle bringing the u.s. total to six foxconn expects the company to return to normal by the end

of the month last month, it did warn of a negative impact. tech companies abandoning plans for major conferences in coming weeks. the google cloud next 20 event will be held virtually out of abundance of caution and safety. facebook decided not to participate in south by southwest this month adobe made the decision to cancel its portion of the submit in las vegas march 29 through april 2. back to you. >> thank you for the latest details on the coronavirus back to the markets. stocks searching for some direction after the massive rally. with me the entire hour is carrie firestone i have to say it was huge. the biggest point gain ever on record for the dow was yesterday the bottom?

down 16% it came down with just vor osity that we really had a level that was undeniably oversold. >> we are showing viewers and listeners right now how massive the dow's big swings were. down over 1,000, nearly 900, up almost 1,300 is this indicative of a market that is healthy at this stage? >> we have to separate a couple of things. there was a lot of program trading, at the end of a few of those days where you collapse

and watch the screen that was cycling down at this pace. that was because of the program trades that were put on and possible that yesterday, the second half of the day, 245 was possible the enormous rush from big back boxes that put in buy orders does that mean this can sustain us if the market was selling at a level on february 19 that was a bit overbought, naturally, i think there was reason to expect it to come down coronavirus or not. there was a lot of optimism in the market by the end of friday, huge pessimism. we had to see some recovery. >> there is no doubt, we have in roughly a decade-long run. it has been a long time since 2018 when you saw any real down

turn in the markets. what do you think drove all of those massive losses this past week or so >> the market would ignore and kept going higher. they say, gosh, doesn't the market worry about bernie sanders or weakness in china which is 16% why isn't the market worried about that or the coronavirus? market didn't worry, didn't worry, kept going higher all of a sudden, it woke up and said, oh, gosh, there are going to be cases in the united states this is going to affect things >> thank you, carrie we have a lot to break down. when we come back, bouncing off the bottom we are tracking crude oil as it surges and how a trading app favored by

millennials and young investors left millions out in the cold yesterday. >> and later on, masa's m mea culpa. a very busy hour ahead when "worldwide exchange" returns after this no matter where you are, xfinity mobile gives you

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we want to keep you up to speed on some breaking news. severe weather in tennessee overnight leaving a trail of disruption radar indicating a possible tornado over the northern part of that city a number of counties under tornado warning right now. so far, at least two people have died this is a developing story we'll update you devastating tornado, possibly ripping through nashville, tennessee just last night. oil prices are extending gain in hopes to offset the reaction to the coronavirus. also growing optimism opec and partner companies will also take a look and announce deeper output this week before we get to the guest here, carrie, the focus has been there

for investors. they say those commodities might be the better indicator about whether or not the global economy is slowing down. how closely have you been watching what is happening with regards to coronavirus >> it is very important. if you've watched the price of oil, wti, it is down 27% since january. that is a tremendous decline, it cuts out or should a lot of production here. if we see resuming of prices, that would be excellent for the energy ministry and it would show an underlying strength. we have seen such a debacle between too much supply, not enough demand. then sentiment against the fossil fuel industry that they

need something that will boost this sector. >> there is also an interesting market dynamic now just looking at triple a currently, we are talking regular unleaded $2.02 a gallon. we have seen gasoline prices fall that could be for a reason people are driving less. can you look at this as a self-correcting mechanism? >> you can hope so the industry hopes so. going into warmer months and assuming people want to travel and not fly. people fear flying, they will drive more, which will be good for consumption and for the sector and perhaps good for

profits and stocks >> those airline stocks are getting crushed at this stage. >> bringing it to our chief asset manager. we were just having a discussion about some of the demand and supply aspects of what is happening in the oil markets right now. does opec need this coronavirus situation resolved and what is it willing to do about it? >> of course, they would like the situation resolved given the kind of demand we are looking at we think q1 global demand will be down. they are very very aware of the need for action. i think the numbers are deeper cuts for q2 even longer.

$6 $600,000 barrels a day up to a million. they will differ a big cut opec and saudi arabia realize this isn't about delivering a short term cut even about a big number this is about maintaining more or less through a reasonable level so that once demand does pick up, the prices can rally. this is about the future upside rather than delivering the short term quick upside to oil prices. >> i'm curious with china coming back on line, how much do you expect to come back per day from china? >> some of the numbers being talked about in china, demand fell by 50%. we don't think it is that steep. but in terms of normalization,

we think right now, chinese demand is about 60% the same of what it was last year. in april, we have 80% normalization and assuming there is not another outbreak, things go back to normalcy. you are talking about a million barrels a day and two million barrels a day by april to may. >> we have about a minute left here, let's talk about how the u.s. shale producers are being impacted is there impact now and more stress because of the steep slide we've seen in u.s.-based oil prices >> absolutely. we've put out a note highlighting this. there is a lot of down side to production at about 600,000 a day. the biggest position is that they are far more exposed to

downed prices. they are really struggling the credit market is completely closed just general lending is very, very tight we will see more bankruptcies. you will start to see those downgrades we could get u.s. production down for the first time in overa decade >> oil prices continue to slide. thank you for those thoughts and carrie, thank you for sticking around. still on deck, forget philadelphia, why twitter may be the new hot spot for brotherly love ask jack dorsey and elon musk about their recent tweet exchange >> announcer: today's big number, 4,953. that's how many points the dow

traveled in the past five trading days with yesterday's gain, the dow, s&p and nasdaq all exited correction territory. do you have concerns about mild memory loss related to aging? prevagen is the number one pharmacist-recommended memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

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oversupply and issues weigh on the can can aid yan pot maker. logitech is cutting profit guidance for the year. the company known for wireless head sets and mice, due to uncertainties from the coronavirus. continued strong demand for its products shares up 3% the spread of the coronavirus impacts travel the hotel operator says revenue has been affected due to business travel. we'll keep an eye on all of those travel and leisure stocks. we'll look at the historic rally. apple up 9%. walmart up more than 7%. united health, up 7%

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xfinity mobile. click, call or visit a store today. take a look at the dow so far from record highs we saw. down from the intrarate lows, we travel almost that range, 4,900 points we have now recovered about 40%

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here we go again, futures swinging after posting the biggest one-day point gain ever.

the big question after the coronavirus. a roundup of all of the messages investors need to know straight ahead. plus left out in the gold. a trading platform outage shut millions out of the market tuesday march 3 and the second half of "worldwide exchange" begins right now welcome back, i'm dominic chu. kicking off this half hour with mixed messages the dow is coming off its biggest point gain in history. snapping the second session on hopes of action from central banks around the world amid the coronavirus outbreak you can see the massive surge in stocks comments from the bank of japan, european central bank, imf and

more giving investors reason to buy that historic selloff. one stock up big yesterday we are talking about apple surging and seeing its best one-day gain since 2008. apple shares up there. $301.35 for apple stock. indicating a higher open by about 75 points off the best levels of the session. if these gains hold in the opening bell, the s&p would open up as well dow futures were very low at one point. we've climbed higher off the session indicating another green day at least for now several factors are at play, number one, the reserve bank of australia is cutting the key interest rate by 25 basis points

number two, now early reporting that fed chairman jay powell and treasury secretary steven mnuchin will be, quote, coordinating a conference call to discuss response to the coronavirus outbreak both good news for investors initially. number three is giving pause as a draft statement from the g-7 makes no direct calls for additional fiscal support amid the outbreak earlier, president trump weighing in on the crisis on twitter of course saying, ka australia's central bank cut rates. our federal reserve has us paying higher rates. tough on exporters and puts the

u.s. at a disadvantage must be the other way around jerome powell led federal reserve has call it had wrong from day one sad. now to the global markets. we have complete team coverage julianna tatelbaum is live in london following the early action let's start with matt taylor and how asia performed overnight and we are speaking of a situation where green is on the screens. >> absolutely. i'm going to kick it off with the reserve bank of australia to that new record low. the australian market higher well off the highs of the session up by more than 1% we even have the australian dollar making gains as well with the increased rate cut in the

outlook for australia continuing to have an impact on the economy like tourism the australian economy will return to the economy and it does stand ready to act tomorrow elsewhere in the malaysia central bank cutting rates by 25 basis points cutting that rate to 2.5% or around a 10-year low. australia, new zealand was the outperformer today we did see the china markets hong kong just closing on the flat line. a lot of money going back to the safety of the japanese yen trading around that 107 level. that really hit the japanese market up sharply at one point but closed the session down

about 1.2% or some 261 points. dom, back to you >> thank you very much now to julianna tatelbaum in london tracking the early action in europe. julianna >> dom, despite the mixed messaging you highlighted there in terms of what we can expect, european markets are marching higher this morning. green across every region including italy, the ftse mib is up the italian market lagged and focused on the fall out. the worst outbreak in europe the german index, the dax up and also charging ahead. put this into context, we are still well off the highs seen last week. markets are pushing higher but we are lower than where we were at the beginning of the

outbreak those parts of the market, travel and leisure also up a positive session in europe >> as for the u.s. markets, they continue wild moves from last week, major averages coming off the worst weekly skids since 2008 with the dow posting two separate losses. fears of a spreading outbreak rattled investors. stocks bounced back as indices snapped out of the correction territory. the best one-day point gain ever the best percentage gain since 2009 joining me now, head of global

investment carrie firestone is still with us thank you for being here we'll start with you let's talk about what exactly drove yesterday's trading action kwun made it one that could have legs over the medium term? >> it started over the weekend with the central banks i don't think it was a surprise. at some point, they needed to hear this message they were coming together. at some point, markets thinking, okay, we are going to have a coordinated response, a lot of support whether fiscal and monetary wherever possible that's what you see in markets

you also eventually had to snap that long and violent losing streak it doesn't mean it is all clear. we'll see how it goes. it won't be a surprise to have a couple of days out and come back you are still going to have questions on growth. in the u.s. and trying to assess the impact having that backstop and the central banks and major governments as the support will always be helpful. >> so, interesting what she brings up here saying there may not be a bottom in place stopping others from putting the work so were you buying on that weakness, where are you putting that money to work >> if we looked friday on that

sharp decline and ended the day less than 1% down on bargain basement opportunity fr we put together the response that was very cheap including facebook, amazon, pay pal, sales force. names that had been strong for us they were all down sharply this economy will recover. >> was it just technology? payment technology like pay pal. names like facebook, was it only tech and com services on your shopping list? was anything else out there? >> yes we also bought some baba, a chinese company. psx, which is phillips 66 and

refiner, remax, which is a real estate company and biotech. we bought a few names that we thought were extremely attractively priced that the market would start to come back to at the multiple the market was trading at on friday, which is about 16 times next year's earnings very, very low earnings. we thought this is an opportunity such as december of 2018 when the market crashed >> carrie brings up a great point, there have been calls about valuations of markets. markets can't keep going higher. they are statistically overbought is this more attractive to you what types of industries go on your shopping list >> absolutely. valuations were high we thought they could continue

to go higher as earnings growth were supposed to be a bit better i don't think we are going to see a recession in the u.s much more attractive today including certain other sectors that will take longer such as nrlg where you are going to have more confidence that will come back before working before talking about those geographically still favors the u.s. europe is more exposed to chinese. a bit of preference there, definitely more positive and maybe one of the reasons why we

had a better performance as well >> how much of the market moves these days in this environment are going to be predicated on investors getting some sort of response together. is that necessary for markets to be constructive over the near to medium term? >> i think markets needed to hear you had that backstop most of what the central bankers were trying to do was to bring stability to the market. cutting rates will not make that big of an impact given what is concerning markets it does really help investor sentiment. this is 9 valuations better. how long do i want to stay out of this? am i worried this will stay out of the bounces

you needed to hear it and maybe put a stop to the skid it will take more to have a more sustainable move upwards >> how important is the coordinated response, is it necessary to make this thing last >> it is a good thing to have. remember, it was the coronavirus worrying investors if it appears to be receding in china, that's what the market will want to hear today. >> thank you for that. also, carrie, you are sticking around much more we can go into coming up, stocks feeling the impact of the coronavirus. names you need to know today are coming up next first we head to break looking at winners in the pre-market united, delta, american

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the latest with the coronavirus, rahel has the latest >> some of the tech giants are reporting product shortages including apple ipads, air pods and more world's airlines continue to face the impact of falling demand dubai's emrite airlines is offering staff unpaid leave. >> talking about fighting the coronavirus. what he said yesterday meeting with big pharma executives >> i don't think you'll need that i really think we are in extremely good shape we are prepared for anything we can do that at a later date

but i don't think we'll need that >> dom, back to you. >> visa warning the outbreak has limited travel to and from asia and driven a sharp slow down the key source of rev you into shares up 3% pre-market. >> pulling earnings guidance citing the coronavirus the company has seen weak demand in asia and china. customers are kurning to work at a slower pace and anticipating shares down half a percent uber says the coronavirus possesses a material risk. warning users could decline due to many factors including a pandemic or fear of such event

mentions five times saying it could disrupt operations outside the u.s. as well those shares up about 1.5% pre-market >> to washington, d.c. where the crisis response remains in high engineer ahead of a busy week point person mike pence. joining us now from washington this is very much aboue u.s. and how it can deal with this. are lawmakers and politicians ared for what could happen next? >> vice president mike pence is heading to capitol hill as lawmakers get close tore a deal that would offer billions to respond to the coronavirus i am told the package is between $7 billion to $8 billion and likely to be unveiled today. both democrats and republicans are working on this. house secretary nancy pelosi

said they are expected to vote on it this week. >> i'm glad our prospects rest in the hands of a bipartisan group. i encourage my colleagues in both houses to let them do their work it will be important to pass this benchmark within the next two weeks. >> democrats are laying out four key principals in this bill. first, none of the money could be transferred to any account to pay for any other projects such as the border wall small businesses that have been hurt by the virus should get interest-free loans. right now, there don't appear to be any objections and the initial proposal of the $2.5 billion is not even close to enough. >> let's talk about the possibility logistics within the

government and congress of getting this done. how quickly does it need to be done to feel they are getting something tangible in place? >> this aid package appears to be on the fast track that would require waiving the bill that could come up to a vote. even some talk that the senate might even come up through the week there is pressure and they understand that they are working on this in the outbreak. >> working on its response

coming up on the show, new data on how the rally broke first, take a look at this week's winners in the pre-market exon and american express up caterpillar up 1% as well. you can always watch or listen live on the go from the cnbc app. we are back in a moment. [ fast-paced drumming ]

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welcome back time for the executive recap you need soft bank ceo met with u.s. investors yesterday in what some are calling a charm offensive. he's coming under fire from the hedge fund calling for softbank

to make changes including buying back $20 million worth of stock. he told investors he'll be more careful with hi behavior >> elon musk endorses jack dorsey to remain ceo of twitter. we'll watch that >> robin hood experienced a shut down causing many to miss out on trades traders feeling a little bit of the sting. back to the markets, coming off the biggest one-day point gain in history historically stocks that got hit would come back the most

bouncing back the least in trading. carrie, does it worry you that some of the hardest hits are not bouncing back as strongly as others >> it doesn't worry me that is the most important thing to feel comfortable. if you look at the worst performing names you are going to see today travel and energy related stocks it is not who is first but whether they get there the s&p, if it broadens will be a good sign today.

we told the story about the free trading app. other broker deals to be fair would have similarproblems it would have caused people to sell because it is free and they could be buying it could have an effect on the market because people could get in and out without feeling a pinch. we'd be remiss if we didn't let

you leave here your take on a possible sanders nomination and what it means for the sentiment now that moderates have all but dropped out biden is still in there, bloomberg is still in there. >> one could have made the case, i've heard that the decline was in part because of a sanders front runner status. and the strength picked up we had the biden victory backing biden. i think the market would be more comfortable with that. you say this is not the bubble

you've seen before what do you mean >> because 2000 and 2008 were bubbles. excessive valuation. really overbought areas. >> good morning. wall street coming off its date. >> the coordinating virus response. >> president trump is making his preference known and rate cuts. it is tuesday, march 3, 2020

"squawk box" begins right now. good morning welcome to "squawk box" on cnbc. we are live from the marketsite in times square. i'm becky quick along with us here seeing the biggest one-day gain. >> kind of an equal and opposite reaction in terms of extremes. 5% on the dow. 4.6% on the s&p 500. both of those indices remain below wednesday's close. that i