get ready for a wall street whipsaw. stocks coming off the worst day since the financial crisis after the dow fell more than 7% in yesterday's trade. stock futures pointing to tuesday turn around though as crude looks to stage a major comeback after the worst day since the first gulf war on lockdown, italy taking drastic steps to stem the spread of coronavirus and major economic steps what the white house is doing to prevent the economy from sinking into recession tuesday, march 10, 2020. "worldwide exchange" begins right now.

good morning welcome, i'm courtney reagan in for brian sullivan what a day it is shaping up to be again today, but looking different than what we saw on monday we'll kick off this morning with a tuesday turnaround dow futures are pointing higher indicated higher by more than 900 points 920 points at this moment. the s&p 500 indicated higher by more than 104 points and the nasdaq up by 323 points. we have a lot of hours left until the opening bell sounds but this is come after the worst day for stocks with the dow falling more than 2,000 points in a single day. the sell-off triggering the first halt to u.s. trading in 20 years. as it stands right now, all the major averages are in correction the dow transports and the

russell are in bear market territory down more than 20% from recent 52 week highs. same thing goes for energy financials, industrials, materials and tech all those sectors also in that same boat bonds are hovering off the low, ten year is back above energy pouncing back after the worst day since january of 1991. right now wti crude is higher sitting below $33 a partial at 32 spot 72 we'll get a look at asia and around the world green arrows you can see there for shanghai, hang seng, japan, and the early going in europe. we have france higher by more

than 3%. germany also tacking on 3% to make up at least maybe some of those losses from yesterday. well, this morning's tuesday turnaround does come after president trump said he will be meeting with senate and house republicans today to discuss a quote possible tax relief measure in response to the coronavirus slowdowne a great e. we're a very strong economy but a this came -- this blindsided the world and i think we have hand i would it very, very well. the people behind me have done a great job so i'll be here tomorrow afternoon to let you know about the economic steps we are taking which will be major. >> joining me on set to help break it all down, chris retzler and thank you for being here futures are indicating we could see a bit of a turn around but could investors breathe that

sigh of relief yet just a temporary pause because the coronavirus cases are continuing to stack up and saudi arabia isn't reversing the course on the direction for oil. >> good morning, thank you for having me. you know, it's n unusual for us to see the types of corrections or these moves up after big moves down like we saw yesterday. you know, i think what investors really need to do is take a little bit of patience and not panic in this environment. you know, re-evaluate what are their goals, where are they?y actively deploying capital here in this marketplace. we're finding some really good values, but we're not committing, you know, oversized positions at this point. we are legging into them and we're taking our time. you know, so for longer term the market should recover but we won't call the bottom here you know until we get more certainty as to how long this is going to last. >> that seems to make sense to

me you're taking a prudent appre investor with money on the sidelines should you be deploying the same approach? >> i think this -- i think that you leg into investments over time dollar cost averaging both in and out of positions i think is a good strategy for many of the retail investors it's hard to put all of your money in, it can strike at your confidence, but if you have been doing your due diligence and maybe you missed all of the faang moves over the last bunch of years maybe it's time to say is there some money to put in? again, we're not calling the bottom yet there's certainly a lot of volatility out there i don't think the opec oil situation helped the situation on friday. but that's a whole other war that's going on between kind of two godzillas that really want to take back market share and you know we seal what our government -- we'll see what our

government actions are which i think will be a little bit supportive to the industries >> so you're talking aboutu men. is that where you would recommend putting some money to work because of the pull backs we have seen >> it's an area of some high quality coe retail investors you know can understand. they know those , that's in many cases a pretty good strategy for retail investors institutional investors like ourselves, active management, we're kind of doing the work digging down to those nonhousehold names and seeing where we can deploy some capital there and what we're seeing, you know, some green shoots in china. they're coming back and the factories are fog back to work the pace of which my be different, but we are seeing some activity there for the supply chain are good areas. but those are not household names. i think retail investors would know. >> some good advice this

morning. chris retzler, thank you. >> thanks for having me. well, when we come back, italy on lockdown. the country taking drastic steps to contain the largest outbreak outside china. we have a live report coming up. but first, after the worst day for u.s. stocks since the 2008 financial crisis, look at the lost market caps for the five most valuable tech companies in the world in total, more than $321 billion wiped out in a single day. "worldwide exchange" is back after this ♪

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to the global coronavirus outbreak chinese president xi jinping arrived in wuhan, china, to inspect efforts to control the spread this is xi's first visit to the epicenter since it began back in december meantime, they're announcing steps to contain the largest outside of china claudia, what is it like in rome >> good morning, courtney. where it's almost deserted nobody is around me. i'm at the coliseum right now usually one of the most crowded places not only in rome but in the whole of italy there's really a few people around and mostly they are foreign tourists because of what the government has told italians last night as you said, the prime minister

last night in a very dramatic press conference told all italians, 60 million of them to stay home unless they have a real reason to move around like work reason or a medical emergency, they should just stay home to prevent the spread of coronavirus. even if they do go out and a few are of course including me for work reasons, you need to carry a self-certification that states who you are, where you're doing and why. whoever breaks the rules, well, they incur -- they can incur into the fine of $350 or prison. >> as you mentioned it sounds like the citizens are taking this very seriously. >> they are taking it seriously. usually it takes a while to move around rome, rome is a chaotic

city, that's a lot of traffic and a lot of people around, including a lot of tourists even those have now disappeared in droves well, it's so easy to move around these days. there's barely anybody around. it took my five minutes to get here usually it takes 20. nobody stopped me becausep with the city of course it is -- there are no check points. but i have been told that if you do get out for instance, from the city, on a train station, in train stations there are checks. there are some policemen or the army who are asking you for the self-certification if you don't have that piece of paper, that form they give it to you to fill it out and there are some check points especially in the north at the entrance of -- on the highway and the entrance in several hot spots like for instance, the highest number of the coronavirus cases per capita in the whole of italy so it's fairly easy to move

around in the city like rome not so much if you want to get out of the city or throughout the nation but certainly it does look like it's almost a ghost town these days rome, at least, courtney >> you mentioned the tourists as well what happens if you're a tourist, you're not an italian citizen and you're in the country when this quarantine, this lockdown went into effect >> well, it's fine for tourists in the sense they can still move around because they have a reason they are tourists and they're justting the problem for tourists is that everything is closed i mean, galleries, the coliseum, archaeological sites you can't go anywhere. you can go to the restaurant but restaurants these days close at 6:00 in the evening. and italians i mean, just think of that. italians tend to eat at 9:00 so that's a problem for tourists and we met a couple -- we spoke to a couple of american tourists just now who were enjoying the fact that rome is so empty but

certainly they were not enjoying the fact they can don't in anywhere luckily, this is a beautiful sunny day and they can take a long walk, but not the italy they were expecting when they came here. >> that's true i guess it's not the typical italian cultural experience. thank you, claudio and stay healthy. steve cohen's firm has found itself at the center of the coronavirus outbreak an employee has tested positive for the virus. earlier reports suggested the employee has been self-quarantined since early last week and has not come into the office since a .72 spokesperson said that they're taking preventative measures to protect the employees. they add they have extensive continuity plans in place to make sure it can continue to operate. well, still on deck, recession warning signs. what the price action in financials is telling our next guest about the future of the

u.s. economy. plus a top look at the s&p

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...for a cleaner way forward. welcome back the big banks trying to bounce back this morning after the sector suffered its worst day since april 2009 financials remain in bear market territory down more than 26% since the most recent 52-week

high that was hit back in january joining me now is rj grant, managing director at kbw, a steeple company. what a day yesterday for the entire market, but of course the financial sector as well when you look at these big sell-offs and you look at where rates are sitting right now, particularly the ten year, albeit off the lows but 0.7% can bank really recover from this? >> yeah. it was one for the record books. we were struggling with the fears around the coronavirus and banks were down about 20% in the last three or four sessions. that isn't something new but yesterday for the most part we saw a bunch of selling from short sellers, from long sellers and it didn't materially develop throughout the day and that

speaks to what you were talking about earlier. you had the coronavirus and the new oil rates which kind of felt like the final blow for the banks. it plunged down 45 basis point and they're making a bet that recession is near. >> what happened to the sector if we look at the recession and if we look at the fed intervention, almost tapping out. although we are expecting another big cut but the last one surprised as it was, it didn't do much. >> it didn't do much and the lower rates the banks aren't built to handle 0 interest rates so our research department about two weeks ago did a piece that talked about a less adverse rate cut for the banks and a more

severe approach which would be five rate cuts and close to the 0 interest rate policy this is kind of where we're at right now, so we stress tested the banks. we feel in a more adverse scenario, it can be about 25% dps so i think feel like the banks have adjusted to that already. i'm not saying there are not issues out there and we can't go lower but some of the request we have gotten, people want severe stress test analysis, they want work on european and japanese banks which traded 50% of book value in some cases. so we're starting to see investors really -- i don't want to say push the panic button but really prepare and hunker down for the adverse scenarios in the sector. >> you're talking about these two different scenarios, the second of which more severe. you didn't think we'd get there, but looks like we are. you're building in recession. >> yes, i mean i think if you're going to that place and scenario

two, investors are clearly buildingn the recession probability. but we put a couple different analysis out there for investors to express how they feel and look at the work and, you know, the market is voting right now with what they feel. >> so what do you do if in is the scenario, your recommendation >> it's a little bit -- a lot of folks are trying to compare it to the financial crisis. it's a little bit different in the sense that the banks balance sheets are more well capitalized or diversified, not as much exposure to the mortgage market. you know, even from 2016 banks have tightened up the lending standards on oil and gas and hospitality and travel so the lending standards we feel are higher and better. so there's good capital return stories out there. there's conservative banks that have historically made good loans. so we feel if investors can move to quality because there's a lot of trophies on sale in the

banking sector right now. >> well, keep us updated on everything as it develops an as the scenarios model forward. thank you for being with us this morning. >> thanks for having me. well, straight ahead, tom lee will join us his take on the rebound and where he's advising his clients to put money to work. and president trump last night called for a new payroll night called for a new payroll tax cut in lig from having your, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking ship skis delivers, hassle free. ship ahead and go catch those first tracks on fresh snow. ship skis. your skis. delivered.

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this morning's best performing dow stocks in the premarket this morning we've got chevron, exxon and apple. chevron and exxon mobil up more than 6% and apple up more than 5% apple shed 8% just yesterday so we have more ground to make up u' wchg tuned yoreatin"worldwide exchange" on cnbc. we'll be right back. can we go get some ice cream? alright, we gotta stop here first. ♪ ♪

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a sea of red for the markets with the dow suffering the worst day since 2008 as coronavirus and oil fears hit a tipping point. bu turnaround on this tuesday morning. poised to regain at least some of the loss. the bounce coming after president trump puts out global fiscal relief. we have moves you need to make with your money as the second half of "worldwide exchange" starts now and good morning, welcome. i'm courtney reagan in this morning for brian sullivan with me for th half hour we have global advisers, managing director tom lee before we get to tom we'll kick off this secons pointing highery almost 1,000 points. we're higher by 977 points at this moment in early premarket

trade. the s&p 500 indicated higher by 112 points and the nasdaq higher by 334 points. now, this is coming after what was the worst day for stocks since the financial crisis with the dow falling more than 2,000 points in just a single day. the sell-off triggering the first halt to u.s. trading in 20 years. as it stands right know, all the major averages are in correction territory. the dow transports and the russell, those are in bear market territory down more than 20% from recent 52-week highs. as is energy, financials, industrials, materials and tech all those sectors also there bonds at least hovering off their all-time lows. the ten year is back above 0.5%. moving 0.721. energy bouncing back in a big way after the worst day since january of 1991. right now though still below $33

a barrel at 32 spot 85, but higher than 5% from where we closed yesterday "worldwide exchange" has your global team coverage following all of the action this morning matt taylor is in singapore, geoff cutmore has the early european trade and eamon javers is standing by in washington with the white house response. matt, let's start with you >> hi, there, courtney as the markets are staging a bounce-back today. new zealand as you can see here down about 1.7%, but hopes of more fiscal stimulus generally to helping out the markets we say an average gain of around 2% japan was an underperformer but staged a late day turnaround we saw the market up by 0.9% we saw the yep weaken and the prime minister is going to implement whatever is needed to offset the impact of the virus

the china markets, green right across the board here. and the shanghai is up about 1.8% inflation data, consumer prices are rising in february but the factory shutdown hitting producer prices which sanction by 0.4% on year in that month. now, the australian market it was the outperformer today the underperformer yesterday bouncing back by about 3% today. in fact, we saw a 7% intraday move in the australian market closing up by 179 points there at the close helped out by banking stocks in australia today. courtney, back to you. >> matt, thank you we'll send it over to geoff cutmore. he has the latest on the early action in europe as italy is totally shut down. >> yep, you know what, court courtney that's not having a big

way on how they're trading today. sell on the dips is what they're doing at this point and we expected early on we would see gains of under 2% but an hour and 30 minutes into the european trading session, you can see that we're actually just starting to pull away from those 2% numbers and in fact investors are re-engaging with equities at this point in the european trading session. the fact we have 60 million people on lockdown in italy doesn't seem to have taken away from the rebound that we have seen in this hour from the european session let me show you the sectors. in terms of where we see the biggest rebound this morning is you can see the banks and the autos are getting a jump here. but oil and gas is the biggest winner athistage in the european recovery. we did have a little bit of news out suggesting that the saudis are going to up production here, perhaps a way of pushing back to the russians overnight who said

they could also increase production but the rebound is coming in oil and gas and very quickly i just want to show you some specific stocks just to see if that gives you a sense of where you may go in youe italian oil business and renault, the french autos business up on the gainers side but we still have weakness here. anything to do with airplanes at the moment seems to be a nonstarter i think just because people are still concerned about travel around coronavirus in europe back to you, courtney. >> absolutely. that seems to make sense to me geoff,> we'll move now to washin where president trump will be meeting with senate and house republicans today to discuss new the coronavirus and related e of slowdowns. eamon javers is here with us with more. hi. >> courtney, a dramatic day yesterday and i'm told there were two simultaneous meetings

happening more or less side by side at the white house yesterday in the oval office yesterday, late afternoon, you had the white house economic team meeting with president trump to gather ideas on what to do to stimulate this economy and support those people who have been hurt by coronavirus particularly hourly wage earners who might have to take time off of work. some real uncertainty for those folks. the white house wants to deal with that. that was one of the meetings the other meeting was downstairs at around the same time in the situation room at the white house. i'm told that the treasury secretary steven mnuchin toggled back and forth between the two meetings the downstairs meeting was the coronavirus task force who later appeared on the stage witht pro today, tuesday, he will roll out some new economic stimulus measures here's how he described what it is he's going to be doing today. >> they will be very dramatic

and we have a great economy, we're a very strong economy but this came -- this blindsided the world. and i think we have handled it very, very well. i think they have done a great job. the people behind me have done a great job so i will be here tomorrow afternoon to let you know about some of the economic steps we're taking which will be major. >> so the president there promising major economic steps courtney, i'm told those are not finalized just yet treasury secretary mnuchin and larry kudlow is going to see where they are in terms of the support for the number of the options that the white house is considering behind the scenes. >> going to be a pretty important announcement i understand there will be a meeting between some

the idea here is to gather as much information as the president can from the people who are on the front lines of that sell-off that you saw yesterday. trying to figure out what if anything the white house needs to do here there's no specific agenda that's been circulated to those wall street ceos but we do expect to see them meeting with the president on wednesday, courtney >> we know that the president obviously follows the stock market fairly closely. has he had anything to say about yesterday's large drop and maybe even today's subsequent possible rebound? >> you know, he didn't really address it yesterday he returned from the fund-raiser in florida and i and a number of reporters shouted to him about the drop and on twitter he blamed it ones and the russians for the oil sell-off. >> got it, thank you very much we're going to give you a quick look at the futures and it

does look like we are extending the early premarket gains here with the dow indicated higher by more than 1,000 points, 1,050 points s&p 500 is higher by 120 points and the nasdaq up by 354 points. this of course though happens as the ten year bounces off the historic lows. still pretty low but at 0.73%. we're under 0.5% we're going to bring in tom lee, the managing part and head of researcher at global advisers. yesterday was a stomach churning day for a lot of investors and right now it looks we're coming back a little bit. can we trust a rally like this >> i think investo many thousant swings the market has been lurching, but i think the white house moves yesterday and the move in interest rates back above half a percent and the 30 year back

above 1% are things that give you a sense that maybe crisis levels have dropped from you know, 10 plus to nine. i think it's moving in the right direction. >> but still the ten year at 0.73% that's incredibly low. or the 30 year above 1%. >> it's unimaginable that the u.s. is trending to interest rates we have seen in countries with emergency interest rates so i think that really highlights how scared and how dangerous markets have become and, you know, the threat posed by corona. >> if we get some fiscal stimulus measures as president trump is suggesting we will table, will that help, stabilize things from th weeks to play out and that's what the fixed futures is pricing in, they're pricing in volatility until may

you need something to keep your confidence in to tide you over if we have one or two quarters of the fiscal support and plus the central banks providing liquidity it will get us through this speed bump. >> the fed cuts, it didn't do much when we had the surprise fed cut of the 50 basis points is that necessary, should they do it? >> i'm in the cam than the fed needs to respond what's happening in the rates markets and there's a lot of pressure because before the emergency cut, the front end rates were actually higher than long term rates. so we ha aunt of inversion in the yield curve that emergency cut largely addressed it so 90% of the curve is fixed so i think it made sense not from trying to stimulate the any but to prevent it from getting worse. >> i'll ask you one more question before we have to move on but you're going to stick

with us. yes, we were seeing a rebound here in the oil market by about 5.5% but still wti under 33. we are hearing this profitability point for many u.s. producers is around 50. i mean, what -- how closely correlated do we need to be watching both the market in oil and then the broader market for equities globally and otherwise? >> yeah. well, the drop in the oil is a disaster economically. because i mean, if you think about just credit for instance, 11% of the high yield market is oil so we saw a huge widening of spreads there and that's why the banks and energy have been the most toxic groups. and yeah, it's a probably globally because 40% of global gdp is produced by countries that produce commodities so if oil is tankis putting the lot of the world in depression. >> tom, you're going to stick with us and help us throughout the hour we'll have much more in a minute but we want to remind everyone to tune into the special

coverage of what is shaping up to be really another fast moving day of market turmoil. a full breakdown at 7:00 p.m. eastern time on cnbc. coming up, our brian sullivan is breaking down what it can mean for the battered oil sector when "worldwide exchange" returns. ♪

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today's big number -- 52%. that's how much occidental petroleum tumbled on monday, driving it to the 18 year low. shares of occidental are bouncing back as oil rebounds this morning right now, ox den shall petroleum shares are up 27%. taking a look at crude prices bouncing higher by 5% or so inl

oil is since 1991 over falling demand due to the coronavirus outbreak, escalating tensions between saudi arabia and russia and fears that all of this could lead to the excess supply of oil. joining us on the cnbc line for the state of play for the energy sector, brian sullivan what a day yesterday and brian, what a day already today here we have wti up more than 7.5%. >> everything is fine, right, courtney good morning, by the way these moves are -- they're sudden, violent. they're a little bit crazy i think. look at ox den shall down 52%. up 334 because the number got smaller. listen, we're not picking on oxy, it's a good company, but anything with debt was attacked

yesterday. as the price of oil fell you e bonds fall from oxy and other producers as well. so today up 27%, oil up 6 or 7%, still in the mid to low $33 range. probably not going to cut it for a lot of companies i'll give you this, courtney i'll come at you with a bigger number if you don't mind which is in the bakken region of north dakota, there's a number of companies that primarily operate there. the average return of one of those companies operating in the bakken this year, the average stock return is about negative 78%. that's not a made-up number. you have oasis petroleum down 90%. unit corps down 62% and down 78%

on average and it's march 10th. >> so brian, we have the s&p gainers at least in the early going. most of them are related to oil and gas. so perhaps we pushed it a little bit too far yesterday. but we do have some big problems you brought up the debt issue. i mean, that didn't go away overnight. >> no, it's not, but the one thing that people might fear might go away overnight for some of these companies is their dividends. i mean, if you look at companies like an exxon mobil or others. look at their dividend yields they look incredibly attractive to some people who screen for dividend yields but the problem will these dividends have to be cut across the board in many companies. we don't know. exxon pays 8% dividend yield and oxy is 20%, with a $3.60 dividend so if you're just looking to buy these companies for dividends, i think the fear on the street and

"the new york times" talked about this, not just me, is that will there have to be dividend or capital spending or other types of cuts and most people agree it's doing to be some combo of many of those it might be all of those for some companies for one thing i know there's going to be layoffs and it's going to get hard for a lot of these folks that i have gotten to know in midlandin north dakota, it will be tougher times ahead. >> brian -- this is tom lee. what do you think is going to happen the next steps between saudi arabia and russia and opec and the whole fracture do you expect something in the next few weeks for next few months >> you know, tom, people are looking at the save, if you will because they have obviously walked away. they took their ball, or their barrel and went home maybe -- it's kind of like everybody is punching themselves in the face and nobody wins, right? so maybe there's a situation where if -- we saw the

department put out a statement talking about the foreign actors in the oil, probably going after the russians maybe the state department talks about the sanctions that are on the russian oil company. maybe if we agree to pull back some of the sanctions they decide to go back to the table with the saudis. they had a 1.5 million barrel cut production deal in place here's the problem, guys the current deal ends march 31st if no deal is made, then as of april 1st it will be april fool's day for the industry because every company -- i should say every country can pump as much as they yontinuingo follow all of this us. it's an important sector.

>> thanks. the global death toll for the coronavirus has surpassed 4,000 and the number of cases here has topped 700. rahel solomon has more. >> that's right. out of the more than 4,000 deaths, 884 have occurred outside of main landchina. meanwhile, here's about the ongoing outbreak and the subsequent market turmoil have wiped out more than $5 trillion from the s&p 500's market value. the index's top -- largest companies including microsoft, apple, amazon, berkshire hathaway have seen their combined values drop by more than $1.4 trillion several travel and leisure companies are pulling their guidance because they can't offer accurate forecasts because of the coronavirus looks atof vail resorts they were done and the resorts are down about 12% in the premarket. booking holdings down almost 2%.

also the coachella music festivals reportedly is being postponed and possibly rescheduled because of the coronavirus. according to variety, the festival may take place in october instead of next month. the music event's company golden voice is trying to figure out which artists are available. and last friday we talked about south by southwest being called off entirely for first time in history and this is becoming more common. >> difficult calls to make i think. rahel, thank you speaking of travel companies jet blue's ceo robin hayes are talk about the outbreak and that's 4:00 p.m. on "the closing bell." well, futures are pointing to the solid rebound following yesterday's historic sell-off. the dow jones industal average is higher by more than 1,100 points and a reminder as the global markets continue to face

volatility you can always watch or listen on the live on the cnbc app "wlddexcng iba iorwi ehae"s ckn just a moment. shouldn't you pay less when you use less data? now you can. because xfinity mobile gives you more flexible data. you can choose to share data between lines, mix with unlimited, or switch it up at any time. all on the most reliable wireless network. which means you can save money without compromising on coverage. get more flexible data, the most reliable network, and more savings. plus, get $300 off when you buy a new samsung galaxy s20 ultra.

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welcome back stock futures are looking to trim at least some of yesterday's historic losses. take a look at tesla shares up more than 10% after shedding more than 13% yesterday. that's the early nasdaq 10wh ri. we are conside up by more than 0 points at 1,082 for the dow jones industrial average and the s&p 500 is indicated higher by 125. wow, what a day we had yesterday. looks like we could be reversing some of that today indicated higher by about 4%

but yesterday was pretty brutal as brutal as it was though, there's still some home for investors. according to the spoke investment group, the average gain after the last ten black mondays the s&p dropped more than 5% we saw gains of more than 5% the following day and more than 12% over the next six months let's bring in jeff kleintop and still with us is tom lee we'll start with you yesterday was a stomach churning day for a lot of investors and today it looks like we could be clawing some of that back. but my gosh, which way are we supposed to feel as investors? do things fundamentally change overnight from where we were yesterday? >> no. and a bounce isn't going to make the bottom here and traders should be cautious of the bounce generally markets don't bottom

until we see new case growth peek out and by the way, that happened in china and the markets have continued to improve over the last month or so i think longer term investors are better posed to face on the duration and stocks are up likely to remain down say let's say year's end barring a prolonged recession. >> recession, there's that word. what do you think, tom >> i think the investors are a real -- are really worked. if you look at the vix, we have priced above 100 in a recession and i think the markets are bracing for something in the real world that sets it up for the rebounds. >> is this time to put some money to work and take advantage of the sell-off or is it just too early to do that because as you suggested perhaps the bottom has not been put in yet? >> yeah, i think for traders it may be early you want to see more technical

support than what we're seeing for now. i think for longer term investor looking at your portfolio. there are areas that you might be underweight i noted how china has been doing pretty well and until i guess yesterday had actually been nearly back to where it started the year lots of stimulus in china. falling oil prices, by the way, china is the world's biggest importer which helps them. if you don't have emerging markets in your portfolio you can add here some that may be diversifying you on the downside the diversified markets have not been falling but gaining more on the upside if you're looking for a place to add in the marketplace that might be a place that a lot of investors that are underweight that could serve them here. >> yeah, i have seen that. it does seem interesting that china is within 2% of the all-time highs but if the u.s. is going to dip into recession and investors are pricing that in, i don't see how emerging markets can be unscathed to me the market relative

performance doesn't make sense i think if investors want to understand if the stocks have bottomed i think it comes down to the s&p. >> are there levels you want to watch and when we hit there it's time to put some money to work >> i think a couple of things that happened yesterday that are important to think of the bottom's coming. only 7% of the industries were up over a three-month period and that's only happened 14 times in the last four years. the last time it happened in 2008 it was the structural bottom of the bear market. that was october '08 from that point a lot of groups began to outperform so i think if we're like as jeff said, if this isn't the bottom bottom i think the structural bottom is in place and what you want to avoid are the groups that led us to the weakness which is energy and financials but tech, health care, you have consumer staples, discretionary

they're buyable today. >> what do you think of some of those groups, jeff >> you knows it's interesting. energy and financials though might be the first to rebound. i know that seems crazy with a yield curve looking the way it is, but whatever led on the down side might lead on the recovery side especially if we have a deal in the opec the saudi crown prince is a difficult person to forecast he's flip-flopped on khashoggi on and other things. the yield curve as well. you know if the fed cuts pretty aggressively we start to see a steepening of the yield curve and you can see the environment where it's beneficial for financials those two areas could rebound the sharpest as well we're not recommending an overweight but it's cautious going to the underweight. >> tom, i'm going to end with you and let's talk about rates here we are seeing a slight rebound and what do we need to be watching here? >> i think that's a big deal

i think jeff gunlock was making some points over this weekend this looks like a potential reversal pattern taking place. >> yeah, it's pretty unbelievable we're sitting at 0.7% there thank you for joining us. that's it for "worldwide exchange." "squawk box" begins right now. good morning stocks coming off the biggest one day drop since the financial crisis but futures are pointing to the rebound today and crude is clawing back some of those losses in yesterday's carnage. president trump says that he will talk to congress about relief for workers who have been impacted by the virus. including the payroll tax cut. and help for hourly wage earners. italy is now officially on lockdown the entire country now subject to travel restrictions we'll take you there live. it's tuesday, march 10, 2020 and "squawk box" begins right now.

>> good morning. welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm becky quick, with joe kernen and andrew ross sorkin our guest is joe terranova, a cnbc contributor good to see you. >> good to see you. >> let's look at the stock futures they're rebounding after a steepest single day we have seen since the 2008 financial crisis the dow and the nasdaq all falling more than 7% in some wild trading that kicked in circuit breakers just as we got under way with trading yesterday for the first time we have seen circuit breakers in about 20 years the declines