sell-off is under way. stock futures pointing to heavy selling at the hope. as president trump takes unprecedented action to help stem the spread of the coronavirus in the u.s >> we will be suspending all travel from europe to the united states for the next 30 days. the new rules will go into effect friday at midnight. >> the nba suspending its season after a player tests positive for coronavirus. the fallout and much more coming

up it is march 12, 2020 and "worldwide exchange" begins right now. >> announcer: this is cnbc breaking news, market sell-off >> good morning, i'm courtney reagan live at the marketsite in times square this morning. stock futures set to extend the sell-off take a look at futures dow jones indicated lower by more than 1,100, s&p down 130 and nasdaq more than 82 points testing these limit down numbers where we have a mechanism in place to keep us from falling further. yesterday, the dow lost 1,400 points to close in bear market territory. down more than 20% the s&p 500 just above bear

market levels. if the s&p hits 2,709, it will be the fastest drop on record. we are set to hit that level at the open the 10-year level trading below 1% at 0.39%. the 30-year at 1.2%. oil falling and hovering around $31 down almost 5% it is really not just red in the u.s., it is red across the board around the world asia and europe is lower you see the nikkei off by more than 1%. ftse 100 off by 5.5. and president trump announced he is suspending travel to europe

in an attempt to stem the spread of the coronavirus to u.s. shores we have global team coverage matt taylor is in sing toapore, karen in london and tracie potts in washington and going to houston for market insight matt, we'll start with you >> a sharply weaker day. talking three, four, five, six, even 7% down china market is the best but still down 1.5%. saying the country has passed the peek when it comes to the coronavirus cases. hong kong down 3.6%. india down more than 8%. japan more than 5% south korea off by 3.8%.

japan back in bear market territory. the lowest level since april 2017 the australia market was the worst with the exception of india which can is down 7.4% we are off some 26% from the recent high from last month. 17.6 billion australian dollars. much of that in cash handouts. the market reacting negatively off 421 points you were talking about the travel band, we did see an adverse reaction of travel stocks cathay pacific down more than 4%, japan down, qantas down. karen joins us from london

with the early trade >> good morning. european investors not going to flat footed. despite those vicious selling moves. some what of a catch up trade but futures ahead today. the travel ban between u.s. and europe having a huge impact. 6.4% lower we are also keeping an eye on the ecb today. perhaps another move on the department rate. also the liquidity measures. that should help sentiment at this point you should see how they are falling across the board 5.6% off the market. falling 1.4% as we saw measures in the bank of england the french market and the dax selling lower. some relevance given when we are seeing with those travel bans.

>> air france down 14% thaurch very much. we'll get over to traycie potts where just hours ago, president trump suspended travel to and from europe for 30 days. >> good morning. there are exceptions but the president says this is what is necessary at this time for the next month in order to prevent in virus to spread in the united states even further. that travel ban goes into effect tomorrow >> my fellow americans -- >> to keep the coronavirus from spreading, president trump canceled his trip to nevada and colorado and announced the u.s. is shutting down all travel, people and cargo from europe except the uk. >> these restrictions will be subject to screenings on the

grounds. >> he'll ask congress to cut payroll taxes and add $50 billion for small business loans. today, family focus, paid sick leave, unemployment and food assistance >> seniors and children will be hungry >> government health experts say this is just the beginning >> is the worst yet to come? >> yes, it is. >> we are on the front lines >> in california, nurses complain hospitals are not ready. >> we have a finite number of beds and ventilators >> more than 100 colleges are sending students home for an extended break, holding classes on line and heeding advise to avoid large crowds, march madness with large fans and the

nba suspending the rest of the season after a utah jazz player tested positive. >> back here on capitol hill, we have our first confirmed case here on the hill, a staff member of washington senator maria cantwell has been isolated that office has been shut down for a week and colleagues being tested i understand some areas are doing their own testing but without the cdc? >> right there has been a backlog of test kits getting out some areas, some hospitals have been approved to do their own tests. you will still find areas where they can't get their hands on tests. that is a big concern, health experts don't believe we are testing as many as we should be at this point. >> absolutely. that concern is a big one. thank you for joining us this morning. taking another look at futures

in the wake of the speech. a sharp selloff where the dow is indicated lower by almost 1,200. s&p lower by 135 and the nasdaq off by 393 points. joining me now is bill stone avalon and investments and advisories this is gearing up to be another rough day. most investors probably don't take comfort in seeing these what is your message to an investor waking up to see another sell-off today >> you talked about this earlier. the rapid sell off has probably made it more disturbing than many we have seen and left with the unknowns i think what i try to talk about is these kind of times make you tune in to the short term. you have to think about the long

term and how this likely plays out. all of those things likely to get worse in terms of the virus, et cetera. long term, once you get throughthrough, you do see a sharp rebound we look for normalized earnings and opportunities. you do have to think about there will be companies that may not make it through the down turn. we don't know how long that will last that is part of what is going on, you throw in the oil on top of it and also for the energy sector that is part of the picture. >> i want to start pirs with your comment about history we've had down turns before but

have we have a down turn spurred on what is being called a pandemic >> it is never exactly the same but i think when you look at whether it is natural disasters because this falls under the natural disaster that is easier and it is a hard thing to say some of it is the timing as we move through quicker we don't know how long this will last once you get through this, we have seen with any of these epidemics, you do see activity pick up. part of what you think about is that you you are trying to slow it down. you know you can't stop it you want to slow it down the things you've been talking about is the worries and the

precautions to get to that point. >> most of us feel at some point, there will be an end to this we don't know when if you are an investor, is it best to wait to see more stabilization or should you have a strong stomach and put your money to work here >> i thinks that the key if you can hold tight, slowly moving money in. again, using history as a guide, it has rarely been a bad move. you have to think back to the financial crisis there aren't many times when once you get down 20%, you haven't been up in a year's time it takes a strong stom a 5-- stomach to make sure you get

through. certainly those things are things you have to think about a rebalance, if you add high-quality bonds, you can rebound a little bit >> thank you stay healthy and safe yourself when we come back, details on the action the nba is taking after one of its players tests positive tightening its grip. the italian government strengthening restrictions first, 69% of s&p 500 stocks are trading down 20% or more from recent highs cvs, nike, comcast, alphabet, and more we are back after this ♪

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welcome back the coronavirus outbreak has reached pandemic levels with more than 125,000 cases confirmed globally frank holland has the latest >> china's airlines lost an estimated $3 billion last month. they say the number of air passengers fell by 85% to

8.3 million people the first three months are normally the busiest time as workers return home for the lunar new year >> the cme group is closing the chicago trading floor taking effect friday at the close of business and added no cases have been reported. making it the first major u.s. exchange to close a trading floor. the nba has announced it is suspending its season indefinitely after a preliminary test found coronavirus in a utah jazz player who had been sick after they were set to face off against the thunder forcing the cancellation of that game. we'll go to italy now where they are raising their country wide quarantine and raising the death toll to 827. we'll go to rome for the latest.

>> reporter: good morning. if you thought telling 60 million italians to stay at home unless they have a real emergency was a big ask, well starting today, the government is shutting down all businesses. shops, pubs, hair dressers, only grocery stores and pharmacies will remain open to allow shopping for basic necessities for the time being last night, prime minister of this country warned italians not to expect to see the benefits of this lockdown rules overnight but to wait two weeks to see a slow down of the number of people tested. until yesterday, you were thinking italy was in a lockdown today, this country is in total

lockdown >> thank you the italian index is down 5.6% one day after warning of a financial crisis-like slow down, the ecb's christine lagarde is set to take the podium again a live report from frankfurt is coming up next the stocks getting hit the hardest pre-market, norwegian cruiseship line down and american airlines down 14% we are back after this ghts canc. blocking the pd-l1 protein, lets the immune system attack, attack, attack cancer. pd-l1 transformed, revolutionized, immunotherapy. pd-l1 saved my life. saved my life. saved my life. what we do here at dana-faber, changes lives

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>> welcome back. we are hours away from the ecb policy decision due out at 8:45 today. outside the ecb headquarters in frankfurt. >> yes we are expecting a rate cut by 10 basis points today by the ecb adding liquidity measures to the banks it makes up the bulk of the economy and on top of that, we are expecting more generous terms for the tiering system so to take the pain away to

actually still lend to the real economy. all in all, christine lagarde has a to have decision because they are upping quantity ti the euro exchange rate towards u.s. dollar is spiking that is the situation currently in the eurozone that is not exactly positive we don't know how the crisis is affecting the economy. we know it will be substantial >> when you look at the economies, they are connected but also separate. >> actually business travel came a stand still across the eurozone you talk to business people, they are no longer traveling

the cities are empty we heard from angela merkel who said she is expecting 60 to 70% in germany to get the coronavirus. what we are seeing in italy is just the beginning that will spread to other countries like germany and france i think what politicians are trying to do is slow the infection rate down because the health system is the big problem. they might not have the capacity to deal with all of these people getting the coronavirus. back to you. >> thank you for bringing us the latest from the ecb. straight ahead, we'll go to washington where president trump took to prime time to layout unprecedented steps to stem the spread of the virus. >> this is not a financial

crisis this is just a temporary moment of time that we will overcome as a nation and as a world. the outbreak hits hollywood as one of the biggest stars confirms he has been infected. looking at travel stocks amic deranown by 11% "worldwide exchange" is back in a moment when did we introduce siracha? not soon enough. these are our sales... by product, by region... ...set against evolving demographics. you can actually see taste- trends. since when can we do that? since we started working with bdends. (announcer) people who know, know bdo.

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president trump addresses the nation over the coronavirus announcing steps to stem the outbreak >> we will be suspending all travel from europe to the united states for the next 30 days. the new rules will go into effect friday at midnight. >> that speech disappointing investors as the market faces another steep day of losses. the nba suspends its season after one of the players tests positive the second half of "worldwide exchange" starts right now >> welcome back. we begin with breaking you news.

stock futures set to extend the selloff officially marking the end of the 11-year bull run. the dow jones down almost 1,100 points, the s&p down 136 and the nz down 398. we could open lower than indicated now. for a better indication, let's look at two etfs these track the major averages the dya and the spy. these would give a better indication the dow etf is down 5% and the s&p 500 etf is almost down 5%. here are the levels to watch

today. if these numbers are breached, circuit breakers kick in halting trading for a period of time if the s&p 500 drops 17%, trading halts 1 minutes, if it falls 20%, trading halts for the remainder of the day the level we'll watch for the first drop of 15 minute will be 7% the dow lost yesterday 1,400 points ultimately closing in bear market territory, which means we are down more than 20% from the recent 52-week high. let's look at the treasury market the 10-year yield is above 0.7%

at 0.74% still historically very, very low. oil prices, those are falling again. crude oil above $31 a barrel down more than 5%. down 5.4%. red arrows overnight in asia australia down more than 7%. that officially in bear market territory. the japanese nikkei down more than 4%. the hang seng and shanghai composite. european markets when we get a check in on early trade are also deeply in the red. look at france the ftse 100 off the dax is down by 6.6%. let's give you a check again on the dow futures. you see when we took a sharp

move lower during the president's address at 9:00 p.m. announcing measures to prevent the u.s. from falling into recession falling short of officially announcing the measures. our eamon jafers joins us from washington >> you are right the president responding to the world health organization declaring this officially a pandemic now the president announcing new travel restrictions. stopping short of sweeping measures here is what the president said about the travel restrictions in terms of fliers coming in from europe >> keep new cases from entering our shores, we'll be suspending all travel from europe to the

united states for the next 30 days the new rules will go into effect friday at midnight. these restrictions will be subject to on the ground and will not apply to the united kingdom. >> implied that travel restrictions in asia could ease soon >> we are monitoring the situation in china and south korea. as their situations improves, we'll re-evaluate the restrictions and warnings currently in place for a possible early opening wanting help for those starting to struggle the president said

he wants congress to push forward on tax relief. not sure there is the type of relief for that on capitol hill these days >> he stopped short of those measures but looked to congress. >> i think congress will take action as soon as today on their own package. i think that will be broad i don't think as of right now, it does not appear that there is the appetite for the enormous payroll tax cut the president has been talking about he proposed a 0% payroll through the end of the year. that is about $1 trillion tax cut through the end of the year for people on salary payroll >> that is a lot of money and this is a very fluid situation hotel stocks, airline stocks

continuing to sell off we'll go back to the markets the dow did end the historic bull run yesterday because it fell 5.9%. leaving it 23% below the close 19 trading days since the great depression in 1931 the s&p would have to close at or below 2,708.92. they hit a record close on february 19. the dow jones again indicated lower to the tune of 1,191 s&p lower by 136 and the nasdaq off by 400 we are testing these limits down those contracts are limiting how they fall.

bringing in our guest. this is another fearful morning probably for many investors to wake up and see another sell-off do you think this is an appropriate action or an unknown. are we going too far >> courtney, i think we are overextended this is a knee jerk reaction to the travel ban we are not quite down at that 7% we will see significant down draft. we are closer to ,700. the velocity of this move is breathtaking i do think we'll see a robust

fiscal stimulus. likely the rumors around here is that they will cut 75 basis points there is an opportunity because the time to buy stock is when the vix is at 60 not at 15. >> what would you advise investors to do here >> buy what you know and what you use. look at boeing they are at $189 exon in the low $40s we are sticking with tech. if you are utilizing xlk or igm, look at names like microsoft and apple. the only two big tech names still above average. it is easy wto get spooked and

scared you don't ushly see the vix go above 60 this is still a crisis embrace the opportunity and we will see a lot of change in the next 72 hours. washington, d.c., bring your a game this is really important we can't go into the weekend without additional fears >> as the who now officially calls this a pandemic. >> coming up, the latest on the coronavirus outbreak as the cruise industry takes new steps. first, a big check on the biggest dow losers pre-market. boeing is down nike is off 7% we are back in just a moment

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a ban on travel and an attempt to curb the coronavirus here in the united states. frank holland is back with the latest >> good morning. the cruise industry is looking to implement new restrictions. they've submitted a proposal to impose banning travelers over the age of 70. people over 70 would by banned unless they could provide consent from a doctor. >> twitter employees announced a plan to order workers to work from home following similar orders from google and amazon. amazon saying any worker impacted will be eligible for up to two weeks of paid sick leave. actor tom hanks and his wife have both tested positive for coronavirus. announcing they were tested

positive in australia where he is working on a movie. >> serious stuff thank you. speaking of postponements, we are following the nba's decision to halt its season what are you hearing over what went into making this decision >> rudy gobert who plays for the utah jazz tested positive. they were set to play oklahoma city thunder if he tested negative, he was set to play. just before tip off, they canceled the game. the pa announcer said sit tight, that game never did start. the players waved to the fans

that they were leaving once he tested positive, then the nba had to determine next steps they practiced around different arenas, the referees were at different arenas >> there have been changes to march madness. what about other sports leagues? >> the pga have a tournament starting today that will go on if fans want to come, they can come or figure out a refund the nhl will have a statement today. march madness will go on without fans every league is taking this day

by day. >> interesting how that all went down. >> the national association of manufacturers conducting a survey finding more than a third facing supply chain disruptions joining me now to discuss is jay t timmons. national director of supply chain. tell me when that was conducted? >> it was earlier this week, obviously given the market conditions, the news could be even more negative

a manufacturers are looking for information. what we have gotten back are questions about timely, concise accurate information about what is happening with the supply chain and what to do if an outbreak occurs or an infection is diagnosed in our facilities at that point, we need to shut the facility, how do we clean the facility and what are the actions we can take to make sure employees stay whole. >> you said there are questions of what they need to do. do they have a plan? >> that's what they are trying to establish

this is new any type of disruption will have consequences for the economy if it is as broad as some are predicting those numbers, a third facing supply chain disruptions, meaning their times or sourcing, they expect a negative financial impact over half say that they anticipate a change in their operations whether that is a change in how they are operating on the sight or whether they have to close the sight. all of those are concerning to manufacturers and to the economy as well. >> if manufacturers are

watching, what advise would you tell them when there are so many unknowns >> we have established a coronavirus task force where we are fielding questions right and left all day long on what advise is coming out of the cdc what regulatory solutions are on the table. we appreciate the focus on this issue. we've offered a plan that would provide liability protections of medical devices and masks. we are talking about putting that in a package. we suggested that there by tack breaks for employers employeeing workers even if they can't work as well as relief of some of the tariffs. we've got some good news on

capitol hill from a bipartisan perspective and we are hoping that continues >> thank you for being with us this morning and your advise to manufacturers. on deck, we are breaking down how to navigate this sell-off the dow off by 1,050 a downward drop of about 4%. taking a look at several hotel operators under pressure this morning as the travel ban is further placed by the president. hilton down 4% marriott down more than 7% watch or listen livend a on the go on the cnbc app we'll be back.

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>> futures are indicated lower down by 1,050. s&p off 115 points putting the index now down more than 20% ending an historic 11-year bull run and making a move into bear territory which was 19 trading days ago looking at the etfs. right now, the dow etf is indicated lower by 4.3%. the sep sep etf is off by 4% to our guest, where do you see

things going this week is there any end in sight for you. >> the key will be last night, you want to hear more from trump, we didn't hear that i think america is going to wake up and take this more seriously. the nba headlines, tom hanks and the premiership not playing in front of fans. the numbers will go lower. we've seen numbers grim out of china. i think it is too early to jump

in we'll see the testing kind of ramp up and go from there. you are guessing at this point where the bottom is. >> chief investment strategist is joining us has anything changed since hearing what the president had to say for you >> no. i agree with joel. wall street hates uncertainty any one who can tell you what the earnings impact will be have no idea. we are seeing the cycle in china. the infections started late last year, the deaths started coming in early january

we saw a peek and now in wuhan, they had eight new cases yesterday. that was the lowest they've had. most of the manufacturing facilities went back to work two weeks ago in china outside the hubei province and this week, all the restaurants in beijing and shanghai were told to reopen we are seeing a cycle of deaths ramping up and peeking and then ramping down we are seeing the same cycle in korea. it will be a two to three month period >> paul, if you could give us some of our ideas for investors, if you think there is an opportunity or if you think we should sit on the sidelines we

always see the markets hitting new highs. this is definitely a i buying opportunity that will do well with people staying at home. now is the time to buy those companies after they have been hit so hard. >> joel, what are your opportunities? >> i love the video game stock activision they have a strong pipeline that will support the multiple. they've had recent launches as well on the short side, i think semiconductors are at risk anything tied to handsets, auto

and industry, i'd avoid. >> thank you for joining us here. >> that is it for "worldwide exchange" this morning "squawk box" will pick up the coverage right after this. hi! we're glad you came in, what's on your mind? can you help keep these guys protected online? easy, connect to the xfi gateway. what about internet speeds that keep up with my gaming? let's hook you up with the fastest internet from xfinity. what about wireless data options for the family? of course, you can customize and save.

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breaking news, futures are plunging president trump announced emergency measures to combat the coronavirus pandemic shock waves in the shorts world. the nba suspends the season indefinitely after a player tested positive. ncaa will continue without fans.

tom hanks and his wife have tested positive in australia while there for a film "squawk box" begins right now. >> good morning,everybody. welcome to "squawk box." i'm becky quick coming to you from cnbc headquarters. we are coming to you from separate locations because of coronavirus. we are doing this out of caution. this is what we'll be looking like but not going to change what we do which is bringing you the news you need. a big part is to make sure we continue to do that even if one of our sites i