good afternoon kelly will join us in a moment we continue with our breaking market cover at this hour. the dow crashing yet again today. down more than 2100. almost 2200 points despite major emergency action from the fed as coronavirus cases in the u.s. grow and cities and states start to shutdown businesses the big banks are getting crushed today. the worst performing sector of all today. take a look at these here. regional banks, you see them not being spared we'll talk to the ceo of valley national which is falling double digits as you see right there. he'll be with us later this hour >> thanks. here is what you need know there's now 3800 cases of

coronavirus confirmed in the u.s. new york, new jersey and connecticut are banning all gathering over 50 people and closing dine in restaurants and bars following that recommendation from the cdc. u.s. airlines are seeking 50 billion dollar in government assistance and if approved, it would be the industry's first broad bail out since after the september 11th attacks we have full team coverage this afternoon. bob is monitoring conditions at the new york stock exchange. rick is out at the cme watching the bond market. bob, we'll begin with you. >> third trading halt in the last six trading sessions. that's this morning after the open 9:30 or so. 15 minutes the s&p down 7% these trading halts have, at least, served to slow the markets down a little bit and do bit -- put a bit of a break on things we'll keep an eye on that. we're continuing to see this

bifercation in the market. health care and staples are out performing this has been the trend since thursday here. market gainers, if you look at some the consumer groups, rite aid says they are working the white house to offer testing in car parking lots kroger has been doing great. clorox got an upgrade. some are calling for trading holiday. we ought to stop for a few days or few weeks stacy cunningham at the nyc says no it's important for the markets to remain open she tweets this afternoon and for them to function in fair and orderly manner as they have been she says closing the markets would not change the upside

lining market. finally, here is the new new normal as i walked in this morning. this is what i saw at the nyse people coming up to us and checking our temperature a lot of questionnaire feeling okay got a fever. you've been outside the united states recently. this is what the world looks like now back to you. yields have been dropping sharply again today. rick is all over the action at the cme. hi, rick >> hi. we had four sessions worth both dollar and interest rates were higher looks like we'll break on both of those if you look at ten year note yields you can see we're visiting the low end of today's range as we hover around 73 basis charts minus 54 is the low close from a week ago

the low intradate yield was minus 31 you want to keep those two numbers in mind. the yield curve is flattening. we lost almost nine basis points today. most of that at the behest of the long end you want to pay close attention. as for what's beginning on in high yield, we have a surrogate for that let's look at the hyg. right now it's the low e yield since february 26th. back to the march 2008 the credit crisis is the definitive historic marker for that these spreads are wider. the dollar index is up on the year the dollar down a bit. it's hovering around 105 losing some ground on that safe harbor trade kelly, back to you >> thanks very much.

>> i've been trying to gauge all day talking to senior bankers at different firms all day. the response to the feds last night and the answers are not good the best thing i heard was it will work. it will take time. i asked somebody else. they said is anything better today in terms of being narrower in spread and the answer was no. there wasn't much take on that

which may be good news compared to the morning where they took down 129 billion the afternoon they took down only 19. huge submissions for these fed treasury purchases as we described all day. the fed is in the market during day and a series of purchases of 40 billion dollar of treasuries and mortgage backed securities the market continues to call for the fed to do more we're hearing repeated calls for the fed to get involved in the commercial paper market and other directed lending this needs to be done perhaps to certain industries one of the things we can tell you is the outlook for the u.s. economy now has changed dramatically we did a fed survey over the weekend. now there's a 67% probability of a recession in the next 12 months that is up from a 41% already elevated in january.

not really a big hit in first quarter. now look at the second quarter where you have a big negative there of minus 1.8% on an annualized basis going flat in the third quarter and finally you get a rebound in the fourth quarter this is upon available information. now i hate to provide even more news but forecasters at the ucla anderson forecasting shop there put out a release saying the u.s. may already be in recession right now according to their gauge of the economic data kelly. >> steve, i have one follow up question the fed today said it was going to do about a half trillion dollars of repo. that emergency liquidity or funding. then came the news they accepted just $19 billion worth of bids they offered 500 billion but only 19 billion of it was taken up what does that tell us >> well, let me go back. that was the second offering they offered a trillion in repo

today and in the morning they took up 129. 500 billion is a fed proxy for infinity offering. we will offer you as much as you need that's the way to think about 500 billion. they don't mean 500. they don't know if it's needed 500 is their gauge of the most ever that the market could need. there's as much ample supply as may be needed. the 19 is a good sign. it's not a good sign the fed felt the need to come in with a second repo action today it may be a good sign that in the afternoon they only took down 19 billion. going to have to watch theese markets. you'll have to be on the phone talking to people saying some of these markets are broken and the way to think about what the fed did last night is really focused on getting these markets to work because the end of the day nothing really matters if the

u.s. dollar funding markets aren't working >> great info. we appreciate it thank you so much, sir >> stocks are plunging today she's chief market at global infestments. mark, your characterized friday bounce as the legitimacy will be tested you were right this is a test of its legitimacy >> it is we're getting back the gains that were made on friday and we haven't closed yet for the day obviously, it's dispointing to see th -- disappointing to see that. holding its own with the fed intervening the way it did yesterday. until we have some handle around

the number of cases is going to begin to decelerate. we'll have to live with these bouts of volatility for good or bad. the market is over sold at the juncture that implies we could on any day or hour see a significant ricochet rally it will be challenged by any kind of follow through unless we get confirmation, even perhaps starting in italy that the number of new cases being reported subsides. >> there's monetary stimulus in the system there's some fiscal similar plus coming in the form of the package that was moved through the house on friday night. you don't get a market to turn around they could be helpful. you need to see some progress on the health front before people have any confidence to go out

and buy and buy new cars and do anything other than go to the grocery store and load up on staples and paper goods. >> you're right. the fed is here to ensure the markets are functioning properly the injection of liquidity is what's needed. once we see the cases peak, once we see the cases start to decline, some of fear and panic we're seeing in the markets will begin to subside at that point, things the fed has done will come into play more and allow it it to be maybe a stronger recovery. we're not going to see the market stable ieds until the health issues and that peak number of cases is reached >> mark, the dow has lost roughly a third of its value the russell has lost more than

that can you envision a situation where it loses another third of its value? >> obviously in this environment, anything is possible however, you mentioned a third that happens to be roughly what we typically see in the draw down and the equity market with a recession. in my view, at this point, equities are presenting a compression in valuation and price that largely have pulled forward the odds of a recession which are increasing as steve talked about seems likely we'll have one negative quarterly print while we would see lower levels, i think investors should leg into certain very high quality franchises that have been sold off in this environment because i think 12 months hence they will find it to be very rewarding. >> begin to leg in that suggests do it gradually. kind of dollar cost averaging

your way in because you'll never hit the bottom >> most definitely we can't say for certain we have bottomed but we may be bottoming or the process thereof and i think it's very difficult two in all in >> are you starting to nibble victoria or not in. >> dedid start to do that towards the end of last week i think you can find opportunities that are strong names. they have strong balance sheets. you know that will be able to ride through this. this will be a good opportunity to start adding to your portfolio. we did it with existing names like apple, amazon, microsoft. we brought in new names. service now is name that we just brought in the companies moving more towards people work at home. this is a great test of that for

companies around the globe we'll see more opportunities there. look for companies that could not necessarily take advantage of the moves in the market that is going on now but actually will come back and be stronger >> all right we have to leave it there. kelly. >> today's sell off is triggering circuit breakers again this morning freezing trade it's been a wild market. joining me now to make sense of it all is terry duffy. rick is not down there on the floor. you guys closed that up a couple of days ago. what do policy makers need know about this market action >> i think we need to have coordination i know a lot of people are saying maybe the market should

shut down. let's talk about that for 30 seconds or less. what's important is you don't know if you'll have pents up demand for buying or pent up demand for selling everybody come said on this show and said it historically, we don't know what numbers will be. today, as you know, it's 5% overnight. then it goes 7, 13, 20 after 20 you're halted we should go 7, 13 and halt. or 7, 10 and halt. we don't know what's going to happen i'm not talking my own book. i'm thinking we tighten it up a bit. >> let me stop you on this thought. why? what is it about the trading behavior today that tells you we shouldn't let markets go that 13% or that 20% down in one session. are you basically saying the

liquidity has gotten so bad that the circuit breakers need to be tightened up >> no. not saying that. we're dealing with something we have never seen before we're not dealing with the financial crisis as you and your guests continue to talk about. we're dealing with something completely unknown when you deal with unknowns, you should look to tighten it up to make sure the public has an ability to manage the risk but at the same time not let the risk run wild. that's the reason i'm saying that not because of ill liiquidity >> here is what i'm trying to understand what would tighten that up accomplish if you're saying we don't want to close things >> nothing it would accomplish a couple of things you have a lot of people including scott wapner tweeting the market should be closed. my point is that would be wrong to close the marketplace

you have etfs that are trading outside of these bans that are becoming leading indicators how is this even possible? tamper the volatility. >> that's an interesting point too. we have taken to watching the dow, s&p if the markets were open, this morning was a great example. they're halted down. i think it's 5% but the dow would be down 11% now. i can see that because the etf trades because of 4:00 we should not allow for those etfs to trade and give us the

information any way. kind of undermines the point of having the futures halted or not halted but limited >> you got to coordinate what the underlying security markets and something. >> determine whing whatever thes equity market is going to do that's me point. >> you're saying there is no -- i'm thinking about it from policy makers point of view, there's no liquidity problem you're seeing a ton of action in terms of people showing up to trade. you're saying for the general public, maybe a way of taking some of the pressure out and volatility out of this situation is by having trading halted if we hit something like 13% instead of 20% >> that's all i'm saying.

there's so much money being managed, you don't know if you'll hit a massive amount of stops that hasn't transacted yet in the overall market. you should lever the markets open so people can transact. is this is a virus that we know nothing about and we should let the professionals tell us what to do. we should think about coming up with some new solutions so people can transact business >> thank you thanks for joining us today. terry duffy.

there is no indication when demand will rebound and when people will start rebooking flights as opposed to cancelling them most of these stocks are off of the low of day they did come back about an hour ago when the industry trade association says we're looking between 50 and $58 billion no indication whether or not that is going to be received on capitol hill or whether not it's the beginning of a negotiation when you look at specific stocks, take a look at united airlines the reason we're showing you united is because last night they said we'll cut our capacity by 50% it was the message that really stood out. he was very blunt. he said the worst is yet to come we do not see this getting better day -- day by day it continues to get worse take a look at ryan air. they are talking about grounding the majority of their fleet

within the next week that's because you've got a number of country ies over ther whether it's poland or ukraine they say we're not taking flights outside country's border virgin atlantic which is 49% owned by delta, they may be giving unpaid leave up to eight weeks for many of its staff members. we're in the midst of trying to see the airline come up with two things one, way for their government to help them out through the crisis and two, whether or not they have to look at cost cuts or furloughs. >> offered eight weeks of unpaid leave. that doesn't sound much of an offer to be honest with you. >> no. what's your alternative? okay we don't need you anymore. we're going to furlough you or lay you off. it's a tough choice if you're an employee >> it is an eight-week furlough. what other measures are you

seeing airlines take to combat what's been going on with the virus? >> i think one of the more interesting thing s the airlines are trying the kwoiconvince thoe who are still flying that when you get on a plane, we've seen the reports of it's not save to get on plane look what delta does delta hired a company out of boston it's called earth safe, chemical alternatives and they spray a chemical on the aircraft and we talked with one of the executives earlier today in the parking lot at cnbc. he gave us a demonstration and plained how this works s >> one of the benefits of this technology is how fast it is disinfect an airplane. it takes three or four minutes the benefit there is they can use it to disinfect the planes not only in the evenings but also between every turn and it

takes minutes until the passengers can reboard the airplane >> perhaps one of the more interesting thing s that when we first reached out this company, our producer reached out to them, they were like we're not sure people want to talk about this now the airlines and other companies say we want to let the public know we are disinfecting aircraft cabins but other companies are using this technology >> thank you very much the federal reserve took some drastic emergency steps last night hasn't done much to calm markets today. the stocks are down about 10% for the dow. the session lows, dow was down about 28000 points we're not back there yet we are down more than 2,000 points.

chris, as pessimistics we say the bond guys are, we were just speaking about an hour ago about whether we're going to see maybe three months or six months or seven months of negative gdp owe are talking about something worse than that. >> i may have engaged in a little hyperbole but the world is running that way at the moment i'm shocked that some of my colleagues on wall street are already calling for real gdp to fall 5%. 5 percentage points in the second quarter it shows you how extreme this has gotten we're not even going to get growth until april if it's down 5% in the second quarter. up 1%, third up 2% the fourth then gdp will fall this year, 0.5% as the fed

measures it. looking back to the '80s it's it's only fallen two other years like this. it would be dramatic i'm hopeful this is like a coronavirus recession. in other words, it's not a standard recession where it can build on itself and the job losses can build and there's a downward spiral when your neighbor loses a job i'm hopeful once the economy gets well, gets over the virus, activity can come back faster than we're thinking. that's my hope i'm trying to be a bit more optimistic now that i'm losing so much money in the stock market today >> one thing, if it's worth reflecting on. there's a reason why you're hearing a lot of people call for thousands tlar checks to households who wouldn't be in favor of that policy there's a big difference between a recession that comes on because the economy is changing

and needs to go through creative destruction and the business cycle is ending. this is the kind where things are chugging along and something hits you out of the blue wouldn't you say the policy response should be different than something like '08, '09 you want to punish the banks, for example for being bad actors you want to make sure the businesses who are minding their own business, so to speak, don't have to go belly up because this happened to them >> yeah, i hear you. i think there's too much risk management at play here where people are trying to get out in front of actual events much the too early. for instance, i think the number of coronavirus cases in new york, i saw this morning was 950. it doesn't sound like it's the bubonic plague here. i think the lesson the fed has learned or should have learned over the years is when they come in early, very strong, it falls

on deaf ears because people are running for the exits and don't care in way they lose the ammunition. >> sure. >> it's too early. >> let me ask you about this if we wait and see how bad the damage is, it's going to be worse. if workers and businesses knew, there's going to be a federal backstop for three months of interruption, they'll have more competence to keep their operations going and keep people on than if they don't shave tha assurance. we can't wait and see here >> i disagree respectfully there. we have the example of the payroll tax holiday in 2011 and 2012 they gave the top earners $2,000 extra in their paycheck for the

year it did nothing for economic growth in 2011 the tax cuts did nothing for growth in 2012 it wasn't until 2015 that the economy came back. i think this is premature. i think people are watching the stock market now fed officials and policy makers sare panicking too. >> thanks very much. we'll check back in with you soon still ahead, the s&p regional bank index falling more than 11%, today. this after the feds emergency rate cut last night. we'll talk with the ceo of a regional bank here in the northeast. that's coming up the volatility index spiking with its highest level since the financial crisis what it means for trading and

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here is your coronavirus update. the number of confirmed cases reaching 179,000 today with more than 7,000 deaths. the head of the world health organization says social distancing and other measures to limit contact between people can help fight the spread of the coronavirus. testing people who might be infected is still the number one priority in canada, prime minister justin trudeau announcing the country will close its borders to non-citizens with the exception of permanent residents and u.s. citizens. anyone exhibiting covid-19 symptoms would not be allowed into the country he noted these restrictions will not apply to commerce or to trade. here in the u.s., the governors of new jersey, new york and connecticut announcing all three states will ban gatherings of more than 50 people all gyms, bars, casinos and restaurants will close at 8:00 pm bars and restaurants will operate as take out or delivery

only you can get more by checking out cnbc.com back to you. it's been another rough session with crude dropping below $30 a barrel >> also hitting its lowest level today. the coronavirus still taking its toll on demand especially as more airlines and countries cut off travel supply is not helping the situation with opec set to ramp up production after its talks with russia and other allies broke down here on the u.s. side, president trump saying friday, the energy department would purchase large kwaun tip kwaunties of oil reuters reporting the purchases could begin as early as two

weeks. back do you. >> thank you oil is coming off its worst week since the financial crisis and president trump announced on friday a purchasing plan for the strategic petroleum reserve. our next guest says that bail out is not enough. mike, welcome. first of all, how bad do you think this is going to be for oil and gas production in this country as prices continue to plunge >> this is a disaster for many shell producers and we're watching it very closely we want to make sure that the oil markets remain well supplied we're keeping an eye on all of our refineries this supply shock, particularly as a consequence of saudi arabia and russia producing all they can produce is really damaging to american oil markets. >> it's double whammy. you have demand fall and supply increasing because of that

dispute. >> api does a monthly statistic report it's going to be released this thursday we saw u.s. refining through basic ports set february monthly records. u.s. crude production sustained a record of 13 million barrels a day which, again, is also a record it helped stage for these dramatic results when we saw this inkrecredible surge that ce online actually, what we're seeing in addition to that and this report will be out thursday we're starting to see downturns in demand of diesel and jet fuel we have seen slight increases in demand for gasoline which suggest that many people are

driving instead of flying. that's going to go down as the demand concerns continue to increase >> that's really interesting point about substitution i want to you something wonky. apologize if there's not an answer at this moment. we have seen the price of wti and brent narrow considerably. they are both trading about $30. they usually have a much wider spread what does that mean to you >> we saw in february where the u.s. and international crude oil prices grew closer we're still about $5 a barrel higher for wti wti is at a premium to crude oil. >> does that put u.s. producers in worst spot or better. what do you make of that in. >> u.s. producers are resilient. we continue to be concerned about their financial position this is an industry that continues to invest for the long

term they have made big financial decisions earlier. they've hedged a lot of their oil. this industry is going to continue to invest for the long term >> thanks for joining us restaurant stocks taking a hit. let's check in with indicakate . >> cities are taking steps to include encounters all announcing this morning that bars and restaurants will move to take out or delivery only there are nearly five million workers in this industry who stand to be affected by layoffs or reduced hours a number that will surely rise as this out break grows. businesses are stepping in stack bucks temporarily closing company operated stores in high

gathering gathering locations including malls and college campuses the company is moving to a to go model for customers. workers will be paid if their store hours are reduced. chipotle is offering free delivery shipping in tamper evident bags dominos has a contact delivery option we should note that right up until we went on the air, dominos was the only restaurant stock that tha was still positive year to date. it just turned negative. >> thank you very much as americans flock to grocery stores to stock up on staples. krogers, sprouts and other chains have seen major bump in business the stock prices reflecting some of that bump grocery chains under pressure to keep up with demand with people hording specific items

the president held a call yesterday with grocery executives my guest was part of that conversation joining us is the president and ceo of south eastern grocers welcome. i know that was an off the record call but how did it go and what did you talk about? >> thanks very much for having me back tyler, to you and kelly. it was an off the record call but really the president wanted to listen to us to what we really needed and the message and the conversation that i passed on on behalf of our associates is that after hospitals, the emergency services and elderly care facilities, we had a strong request to keep grocery stores open because we're serving a very basic need. >> you operate largely in the south eastern part of the united states are you seeing bump of sales and

what categories are driving that if you're having one >> the short answer is yes there's a bump in sales. it is category specific. obviously those categories like household cleaners, bleaches, hand sanitizers, toilet paper. everything around personal care. we have seen bumps in the region of up to 200% in some of these categories >> why are -- i don't know whether you're having this but i went into my local grocery today and all of the paper products were gone. many of the sort of staples like pasta were in extraordinarily short supply why do that he has shortages occur and how long should one expect them to last? >> i think it's a natural human behavior when there's the fear of the unknown i mentioned last time we had four category five hurricanes in the atlantic basin over the last

four years we have built a very strong muscle especially around our computer generated ordering systems that we can change the fields in order to flex and meet that demand. it's a consumer behavior that is centered around this fear of the unknown. >> it's a natural experience what is it about the supply chain that could make it come back faster. in other words, why aren't stores up here able to restock quickly? >> we have an extremely experienced supply chain based on the muscle i said we built over the years we're able to bounce back very, very quickly i was talking with terry thomas from unilever and the big manufacturers. the demand is 130% of their actual capacity. it's just really about refilling

that supply chain as fast as possible where we do better is in fresh i was in stores yesterday after the call with the president and we stood very tall in produce and deli and seafood >> are you limiting hours in any of your stores >> yes we're limiting our store hours all of our stores will close at 9:00 p.m >> what about kwaun tquantitieqs are you limiting number people can go out with so they don't go out with 42 rolls of toilet paper. >> yes >> you have 137 beer and wine and spirit stores. are sales up >> they are. people enjoying the disaster

like to relieve themselves with wines and spirits. that's for sure. >> thank you very much antho anthony, keep up the good work >> seafood and wine. got the message. it's not just restaurants, bars and gyms closing to try to halt the spread of coronavirus. retailers are shuttering that includes apple stores one employee in an apple store has tested positive. >> we have statement from apple. a teen member in the culver city office has informed the company they tested positive the individual had no symptoms when they were last in the office and remains in self-isolation at home that news coming as apple surprised investors making this dramatic announcement they close all retail stores outside of greater china until march 27th it's a good reminder of how big the retail footprint is.

they have 500 stores the risk of the virus transmission is to reduce density and maximize social distance if the stores really do remain closed only until march 27th, as expected, the next decision impacts revenue in the current quarter by about 2%. key questions for investors looking forward, what happens if the stores remain closed beyond that deadline. how does the economic slowdown weigh on consumer spending and what that means looking ahead for iphone demand. back to you. with have breaking news.

comcast. julia has the details on the phone. >> that's right. nbc universal parent company just now announcing that universal pictures will make its movies available at home on the same day as their releases the troll movie will be the first available in what's called day and date release you can rent it at home the same day that it's made available in theaters that trolls movie is opening april 10th in the u.s. they will make it available at home then. the company announcing they will make movies in theatrical release starti ining friday, ma 20th all three are currently in theaters they are going to be available for a 48-hour period for rental. the suggested retail price is $20 in the u.s

this is a big move this comes as movie theaters have been closed around the world. they will be doing social distancing within their theaters and effectively limiting capacity in theaters that are open by 50%. this is a big move by universal to try to make their films available with a whole new model during this coronavirus situation. >> does this mean that i can get it on demand no matter what cable or satellite system i'm on i do not have to be a comcast customer to take advantage of this >> correct this would be just a regular rental service now you can go -- i rent movies from itunes or amazon prime.

you can find movies and depending on how recently, now you can go rent or even purchase for download a movie the cost usually varies depending on how recent the movie has been in theaters this is the first time you've seen major studio offer a film for rental at home for access for 48 hours be same day it would be available in theaters >> thank you very much >> thanks. financials dropping 10% today. it's been the regional banks that have taken it on the chin it's good to see you first of all, is business suffering? >> business is definitely down as a result of this.

we have done a billion dollars in loan origination just this year so far. that's about 20% greater than where we were last year. >> you take that 20% increase as a sign of the better economy going into coronavirus or the desperation from customers now >> i think it's going into it. we're looking at low levels of interest rates that many of our customers haven't seen in a long time the actions that the fed has undertaken with regard to monetary policy is stimulating certain segments of the industry >> do you have the capacity to handle the refi and new origination demand especially if your staff is starting to work from home or be impacted by the

coronavirus? >> i think it's a great question right now we're able to. the benefit with having refinances is there's some flexibility as to when the closings on those are. right now we don't see any hiccups. business as usual within that specific market. we do a very large auto business we have about 1,000 auto dealers across the seaboard. you're seeing shifts from new cars to used cars. i think that's where many of our consumers are looking at delaying new car purchases they're not quite needed but for some of your used car consumers, looking at and saying new car is a better at terntive than getting into an uber sdp. >> you're my new favorite guest but for maybe all the wrong reasons. i wish the news weren't so bad your auto dealers, you have about 1,000 of them are down about 50% in business as people

are also shifting from new to used cars. let me ask you this whether it's those customers or others, what happens to businesses who will be in a cash flow crunch situation. we spoke to washington federal bank out of seattle the other day. they are trying to extend $100 million of emergency loans to help people get through the period can you do something like this as a regular course of business, can people draw down lines of credit how do you kind of help your customers stay viable throughout this >> it's a great question that's what banks do i'm not alone in answering this but our function is to make sure that we're there for our customers in times like this not necessarily in the good times. when hurricane sandy hit, when the financial crisis hit in 2008 we were out there providing loans to many of our constituents whether it be deferrals when it comes to certain payments, whether it's interest only but banks are more focussed on structuring a loan that makes sense for a customer as opposed to going through the foreclosure process for many of the

customers. when we look at what happened in the industry we have seen such focus on technology and sin tech i think this is an important opportunity to look at this as an opportunity to say that people to human relationship is better than the technology relationship. >> you think you can keep your customers from going out of business >> no question. >> ira, thank you. we really appreciate it today. >> thank you for the time. >> ira robbins of valley national bank. okay breaking news out of washington, d.c. and eamon javers has the details. >> yeah. senator chuck schumer is proposing a third covid-19 response bill. now, this would become after the current bill which was passed by the house last week and it's now held up a little bit on capitol hill as they try to work out some technical corrections and

objections from republicans up on capitol hill. what schumer is talking about is a democrat in the minority and the senate is $750 billion that would do a number of things including address hospital and treatment capacity issues, expand unemployment insurance and moratoriums on evictships and deliver immediate help to small businesses, fund emergency child care especially for health care workers and first responders, help schools with remote learning. ensure senior citizen medicine and food delivery and keep public transportation running among other items. that would be a third bill that would have to be worked out between republicans and democrats in the senate and then in the house of representatives. you get a sense of what we'll see is wave after wave of congressional action responding to the evolving needs here of the covid situation. back over to you. >> thank you eamon javers now casinos are getting crushed again today as they start to shut down locations in the u.s

wynn and mgm and las vegas sands dropping 20% contessa brewer has more. >> hey, there, michigan, massachusetts, maryland, new mexico, ohio, illinois, louisiana, those casino shutdowns just go on and on. wynn resorts has drawn down the credit line, closed the las vegas casinos, mgm has suspended the strip operations, cancelled the $1.125 billion share buy book and announced furloughs and layoffs and cesars is sending out notes to their employees funding commitments were in place, it is down -- eldorado, 72% over three months. carl icahn went on with scott wapner and poo-pooed the idea that the merger is in danger penn has fewer than five months of liquidity and the stock is

seeing an incredible plummet over that partnership with barstool sports. but now of course there's no sports to bet on then the gaming reits that own the land under penn properties gaming and leisure and vichy, they're down on fears that what will happen is the casinos won't be able to pay the rent. deutsche bank gave mgm growth an upgrade and las vegas sands got an upgrade to buy because of the strong balance sheet and the steady leadership. that balance sheet is something that i'm seeing come up and over and over again really important amid the crisis. >> contessa, are these casinos shut down right now, why isn't all of las vegas shut down >> it's a good question and the government wants to respect those who voluntarily shut down.

to try and keep coronavirus from spreading. other casinos have chosen to stay open right now. they're monitoring the situation. because of social distancing, they're turning off certain slot machines and they have to sit farther from each other. >> contessa brewer, the casino stocks today thank you very muff. the volatility index is at the highest level since the financial crisis joining me to discuss the ongoing volatility is taal cohen. how are you handling all of this >> well, the last week and half have been unprecedented and i would say the market and the nasdaq has handled it very well in terms of the availability of all markets. the frkt -- markets have

functioned of course we hit market wide circuit breakerslast week. once again today and that's not been tested before so these new market guardrails have worked for the first time we entered into a halt on an orderly basis. we came into the reopening on the orderly basis. the industry responded well. from the nasdaq perspective, most importantly, we wanted to get our stocks up and running, quoting and trading immediately so that we could support a robust price discovery process and the feedback we have gotten so far from the industry and the s.e.c. has been generally positive. >> i see -- my notes tell you you're closing options trading in philly tomorrow why? >> so what we're closing tomorrow is the open outcry floor. >> i see. >> of the philadelphia stock exchange so to be clear, the options exchange will be open for business on a fully electronic basis. after careful consideration and collaboration with the floor

traders, we made the decision to put people's well-being and safety first so we have suspended floor operations for the time being. >> yes, my notes said trading floor in philly. i should have noticed that but i just misread it. let's talk a little bit about the flow of ipos i know that's one of the lifebloods of your business. i can't imagine there's much blood circulating in that realm right now. >> there's still pockets of activity so we see them somewhat active if i took a step back and looked at the s-1 filings the pipeline looks reboast to us. because of the valuation being suppressed they'll push out the dates and from what we can tell they're still preparing. we're still engaged with them. so we hope that they come out later this year and we'll be ready to welcome them. >> there's some talk in some quarters that markets ought to take a breather, shut down a little bit i assume you don't agree with

that. >> we understand the sentiment in it's unprecedented that we're seeing with the heighted levels of activity, but markets are functioning well so the question we would have will that improve investor confidence or not? are we setting the precedent we want to set or not and from our perspective if there needs to be a conversation let's make sure that it's coordinated with the s.e.c., with our exchanges let's talk about how the market wide circuit breakers have been working or not working, but in that context let's sure make sure we're solving for problems in the marketplace because our concern is just by shutting down the marketplace it's hard for us to understand what problem we're solving. >> and the function -- and the market is functioning just fine. there's volatile -- volatility. >> there's a higher level of uncertainty in the system and across the markets >> thank you very much

tal is the evp at nasdaq in charge of market services. kelly, what another day it has been. >> yeah, for you way over there, ty - >> yeah, can we get a shot of social distancing here >> we are all the way -- >> we're a good long away. >> there you are get that jib -- swing on over. there am i. >> hello, how are you? >> this is what we do to keep everybody safe we're talking about how to keep the market safe. maybe not let the market go down 10%. neil bradley of the chamber of commerce says he wants the payroll tax cut. it can help small businesses immediately. i think we'll hear calls for more help on commercial paper. a lot of demands on the table. >> it really is. it was interesting to hear the

guest from valley national bank as well as the guy on friday talking about extending loans so that small businesses don't go out of business under the stresses that they have in terms of the cash. >> yeah. everyone go back listen to valley national. fascinating candid discussion with the ceo it's good to keep them going if they can now we'll turn it over to "closing bell. thank you for watching >> and the final hour is here. kelly and ty, thank you very much for that one hour until the close, i'm wilfred frost we are staying focused on bringing you the most important market moving news and sara eisen will join after 4:00 the stocks are in free fall. we are awaiting a briefing as well from the white house in the next 30 minutes time in the