breaking news, markets in turmoil as markets look to bounce back in a big way the dow falling more than 300 points wiping out all of the gains from 2019. hope comes as president trump vows to support u.s. industry in the face of the coronavirus slowdown it is deuce, march 17, 2020 and cnbc special coverage of the coronavirus outbreak begins right now. good morning

welcome. i'm morgan brennan on cnbc and st. patrick's day. breaking news. that is wall street. stock futures surging. well off their highs hitting limit up levels overnight as president trump said in a tweet last night, quote, the united states will be power fully supporting those industries like airlines and others particularly affected by the chinese virus. we will be stronger than ever before limit up means we turn attention to the etfs that are tracking to get a better sense of where they are opening this morning the die, the dow etf is up 2%. off the gains we saw earlier the s&p 500 etf, the spider, is up about 2%. the qqq trust is up about 3.3% coming off that worse day for both the dow and the s&p since

1987 and the nasdaq and the russell 2000, worst daily drop ever breaking overnight, the eight largest u.s. banks announced they will be jointly taking funds from the federal reserve all of this after all the major average posted the worst day since black monday drop of 1987. the dow and the s&p 500 back on track for their worst month since october 1987 this month's volatility tied to global economic fears around the coronavirus. the number of cases in the u.s. surging past 4,000 the president is recommending people avoid gatherings of 10 or more amazon is hiring additional 100,000 workers in the u.s. to meet demand for online shopping

amid the outbreak. the company says it will be raising pay for existing employees by $2 through the end of april amazon sent items were out of stock and delivery promises are longer than usual. new developments in the race for virus test kits, roche is shipping the first 400,000 test kits across the country after the fda granted emergency use of tests originally used for the sars virus originally used to increase testing capacity by, quote, thousands per day. in the last two hours, goldman sach cut q 1 gdp on china to 9%. slashing growth from 5.5% to 3%. yesterday's china's factory rate

plunged as the pandemic brought the world's second largest economy to a virtual stand still. checking the global market action we have matt taylor standing by for the early trade in europe. matt, i'll go to you first >> it was a really patchy picture for the asian markets. we had some markets moving higher some lower by the close. the only trend was that we did see some markets improve through the futures japan ending modestly high the government saying it will offset tax cuts no trade in the philippines.

that market closed indefinitely in response to the virus take a look at the china markets. the hang seng and the hong kong ended higher shanghai down around a third of 1% hong kong saying it will join others around the region and the world and implement that 14-day self-quarantine for foreign visitors coming into the country. take a look at the new zealand market lower on the day but we got a big stimulus package $12.1 kiwi dollars significant going to wage subsidies for those hard hit yesterday, australia was the lagarde. the best performer we are expecting a second wave of stimulus there possibly as early as tomorrow. to the early trade in

europe, which is similarly mixed. karen joins us from lone ton >> thank you the greens have been sliding away it has been hard for the rebounds to stick. some fiscal measures out of france announced to try to support those these days we started up about 2% early on as we began the trading session. we are on the flat line. we didn't have the extend of the selling on wall street yesterday. down roughly 4% to 5% on these markets. if we switch over the boards, take a look at the individual sectors. trading down 1.5%. you guessed it, travel andles

you're one of the stocks in germany is down double digit. basic resources and chemicals picking up some action i would point out that we are seeing short-selling bands across france and belgium with an impact. looking to recover from yesterday's steep selloff. we are looking at gains after major averages hit the upside limit. after the dow dropped 3,000 points for the worst daily performance since 1987 the third largest one-day percentage drop of all time. joining me now, president of patomac wealth advisors. thank you for being with us. i want to get your take on the market if we do see this bounce today, how should investors position

themselves light of that? >> we should see reverse of what we are seeing. the past 10 years, it was buy on the dips what we might see is sell on the bumps. these sharp moves, 10% down is really trying investors nerves the worst fears are setting in the ghosts of 2008 are resurfacing for people we'll see the rally limited by people taking whatever they can off the table. >> you mentioned the ghosts of 2008 but trading strategies have changed. we have the rise and emerging of investing. when you see something like the vix. volatility closing at the highest level ever how do you factor those into market >> in some ways, they are

exacerbating it. it is out of control of the individual investor once the computers take over. that's why we have had 8% or 10% up and down. the underlying fundamentals are concerning i'm on the trip today and washington, d.c. is a ghost town when i see no one on the roads, no one in restaurants, bars and gyms, it will threaten some of the weakness in the oil patch we have seen. demand for oil people that lend to these sectors will be struggling whether leisure or energy. we can't pretend that people not taking cruises, air flights, hotels, theme parks. everything related to those are shut down. we can't pretend that those supporting those won't feel the effect absolutely the question is what about

valuation. right now, we think we are getting pretty close to what might be nearer to the bottom than the markets emotional reaction is indicating >> i'm glad you brought this up. how much of this is the crisis itself versus all of the uncertainty around that? i ask that in part because i wonder how much is actually priced into the market here especially since we don't have the most up to date data points? >> the way stock prices are presenting across the board. it is a more program trade good companies that aren't affected by this companies might actually benefit in an odd way from the relocation of society or

reallocation of resources and trends we are seeing stocks brought down across the board. when i look at microsoft or others, maybe they were a little frothy if we continue to be a six-feet away from each other society, how do some services and sectors not get affected by that >> good to have you here when we come back, caught in the middle the precious metal and boeing in crisis a look at the biggest gainers on the s&p pre-market we are back after this

welcome back a market slash uber is working on shared rides. normally let's users save money by sharing a ride with up to three other passengers regular rides and uber eats will continue to operate. shares are up about 1.7%

pre-market trade check out gold today those prices are down at 11% to continue to sell assets and hold cash as the stock market tumbles. joining us on the cnbc news line suki, thank you for being with us >> how much of this is for seeing that is actually triggering selling within gold >> it is interesting that initially the selloff we have seen has really been driven by the investors needs and the return to high-quality assets. gold, especially given that crisis hitting the high, it was a natural disaster recently, it has been the broad based risk that has seen the

rebounds it has been the dollar that has benefitted the safe haven. that has really pressured gold recently is this rally and rebound something that will continue >> if we look at the gold price action, we saw a very similar reaction gold was being pulled between safe haven and liquidity needs as well later on when gold prices hit the highs we have seen some

redevelopments we may see where the investors may turn for the goal. >> such a big portion, how does that factor in now >> of course, that was a key factor when the markets were lifted weaker, what we've seen is the central bank buying. so far, we only have data for january many of those have continued to add to those. many have turned to the liquidity and safe haven as well especially the key markets where that hasn't been tested.

>> you mentioned the dollar earlier and the fact that we have seen this relationship of the dollar, is that a relationship that remains in tact >> it has been interesting that the key relationship for gold has been real yields the longer term relationship has been this dollar that relationship has strengthened again. gold has come under pressure over the past week or so for much of 2019 and 2020. we think the dollar strength

will weigh >> best way for investors to own gold now >> we still like gold over the next few months. we think etfs and futures depending on the price that will be the best way to hold gold. >> thank you for joining us. still on deck, how the trump administration is weighing bailouts in the wake of the coronavirus slowdown a live report from washington coming up. >> announcer: today's big number, 82.69. that's where the vix closed stdayeery. that's the highest close for the fear index ever. ♪ yes i'm stuck in the middle with you, ♪ no one likes to feel stuck, boxed in, or held back. especially by something like your cloud. it's a problem.

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boeing is reportedly in talks about short-term aid for itself and the aviation industry boeing is said to be trying to win support for manufacturers, suppliers and airports they are seeking at least $58 billion in loans and tax changes while airports have sought $10 billion. this comes as s&p has cut boeing's credit rating from a

plus to b. the significant drop in travel due to the coronavirus we get these headlines on boeing as airbus also confirms overnight, it will temporarily pause production at both french and spanish sites for the next four days in the midst of this coronavirus pandemic back to the outbreak and latest developments in the tri-state area frances rivera is in new york with the latest. good morning it is st. patrick's day but there are no celebrations. new york has banned crowds over 50 peoples and closed schools starting today in new york, new jersey and connecticut have agreed to close bars and other businesses and impose curfews that begin at 8:00 p.m. daily. raising alarms about other actions that need to be taken. >> we are going to have to set

up emergency icus in hospitals all over new york city and america. >> we have a surge and demand is going up i'm losing nurses by the day that is a priority for testing for me the testing capacity is going up it is dangerous. >> we have to flatten the curve of this at all costs if we succeed, we'll be able to take the pressure off the health care system and god willing save lives as a result. college dorms being called to be used as make-shift care centers. this is close to home for a lot of us. drastic measures thank you. therm owe fisher ceo joining jim cramer last night detailing

efforts to ship out as many testing kits as possible we have continue right after this there is only one competitor out there. that's the virus the more tests available for the public is the one important thing. you have tests from roche and home lab tests developed as well expanding that capacity is super important in addressing the virus. but great minds are driven to seek out the complex. they see what others don't, from an angle others won't take. they learn that embracing those challenges is what sets them apart. i am justin rose, and we are morgan stanley.

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markets hit another devastating blow suffering the worst day amid growing concerns around the coronavirus outbreak. futures pointing to solid gains and the white house weighing whether or not to bail out industries in an attempt to keep the economy from coming to a complete stop. it is thursday, march 17, 2020 and this is cnbc welcome back, i'm morgan brennan live at cnbc headquarters. kicking off this half hour with breaking news. stock futures surging early hitting limit up levels as president trump vowed to backstop u.s. industries futures are coming off their highs from earlier in this pre-market session the dow is indicated to be up

279 points after indicating to be up more than 1,000 earlier. you can see those moves right there. president trump saying in a tweet last night that united states will be power fully supporting those industries like airlines and others particularly affected by the chinese virus. he says we'll be stronger than ever before. limit up will be tracking the major averages to get a better indication of where we will be this morning at 9:30 a.m. eastern. the spider dow up 1.2% the s&p up 1.1% and the qqq trust is up 2% breaking overnight, the eight largest u.s. banks announced they will be jointly looking to take from the discount window. all of this after all of the major averages suffered the wofrts day since black monday of

1987 the dow losing nearly 3,000 points yesterday the dow and s&p back on track for the worst month since october 1987 overnight action in asia and err will i trade in europe, team coverage let's start with you and what has been a mixed session >> really patchy and choppy for a number of these markets here a handful closing in positive territory. one thing we did see was as u.s. futures improved some moving to positive territory. japan ending higher. others saying it will consider tax cuts others failing there about nine points

in the philippines, they've closed china markets mixed as well. hong kong market and hang seng up issuing a 14-day self-quarantine rule for visitors arriving from other nations with exception of china, taiwan and macao. looking at the new zealand market a big government stimulus package. $7.3 billion most of this aimed at wage subsidies. back to you. a lot of red across the board. karen. >> thank you

we've only been trading about an hour and a half. we've had a swing from top to bottom the benchmark was up here more than 2%. we are now trading down 2.4% when you look at the major indices. the ftse, the dax, the cac, these markets are reaching for fresh lows when it comes to the dynamics, we've had short-selling bans that have come into place. when it comes to stimulus, the markets looking for physical stimulus pause up initially when it comes to the uk, we've seen a continuation of the selling. the sterling providing support we are also seeing more in the way of bans on the uk which has been lagging behind. if you look at volkswagen today.

saying it is impossible to forecast the impact from coronavirus this year. it is all up in the air. shutting down some factories to curve the spread similar impact of airbus i know you are look being at boeing in the states airbus here will be stopping some of its production facilities in france and spain for four days to try to curve the spread of coronavirus. every sector now trades in the red in contrast to every sector. hard-hit areas in the market travel and leisure back to you. getting another check on u.s. futures here. we are posed to actually go negative now in another pre-market session dow is indicated to open up 82

points after being up as many as 1,000 points overnight the s&p in a similar situation as well with those futures up 6.5. the nasdaq is continuing to be up 50. this is after future contracts hit the upside limit in washington today, the senate is set to take up the coronavirus aid relief bill. this as the white house wrestles with selecting which industries to effectively, quote, bail out as the industry grinds to a halt already asking for assistance of more than $50 billion. we have more >> good morning. we don't know exactly when things are going to unfold throughout the day in washington we do know the house of representatives was able to pass that technical correction yesterday. they are finished on the house side now things go over to the senate side unclear where all of that will

happen there has been political disputes about whether this bill is big enough or doesn't tackle enough of the measures needed here for the u.s. economy. we'll see the treasury secretary back on the hill today he has been the lynch pin with senate republicans we'll see if they can push this forward. we'll wait for developments on that yesterday, the president, as he was announcing these new restrictions as he was talking about with no gatherings of more than 10 individuals. he wants all students to learn from home and people to stay out of restaurants and bars and food courts he was asked what about the airlines >> we are going to back the airlines 100%. it is not their fault. it is nobody's fault unless you go to the original source.

it is nobody's fault we've told the airlines we are going to help them >> there are some questions about what is going to happen on capitol hill there is some concern that if members go on their previously scheduled recess back to home districts. if airline flights and health impact their ability to travel, it could be hard to call congress back to session some is members are concerned that they need to do whatever their response would be this week before they disperse across the country. >> i would imagine the cruise industry is another one in focus. i guessov overall, what other industries or sectors can we expect some form of bailout? is this something that would have to go through congress and lawmakers?

>> you can imagine every other sector would be under consideration here the mind bogles at the idea of how big a bill that would have to be in order to make that happen the good news is that interest rates are very low if the government needs to borrow money to make that happen that's the good news, the bad news is that this will ripple through the iceconomy. >> the cruise lines, people ask is that essential? yes. you have to have airlines. what about cruise lines? a lot of them are flagged overseas all of that, still to be determined and just magnify that by the scale of the economy and

the scale that congress is dealing with right now >> it is a lot thank you for joining us this morning. following the federal reserve surprise rate cut announcement the fed is taking new action it announced yesterday, it is conducting a new repo operation to help keep money to flow through the system demand for this appears to be light. i'm joined on the phone by chris rupkey, union bank managing chief economist. unprecedented and now more actions being taken. more continue to selloff a aggressively as they did what does that tell us about the

relationship between the fed an wall street right now? >> caller: it is early yet in the amount of qe first off, i guess the repo operations the term repo that is notbeing taken up by the street that's more of a temporary to ease funding that's all good. the fact that a lot of it is not being taken up by the pressure nothing by what occurred in leem an, the crisis then when everybody stopped trading with one another. the stock market reversed and is up stock futures used to like fed qe powell gave them that in the sunday 5:00, sunday afternoon

announcement thank you for that announcement sunday afternoon they said they were going to buy $500 billion treasuries. that's a lot they are just starting out we'll see what that does they are trying to form the runway here. >> when you look at the actions, there seems to be a sense from some folks that have actually spooked the market you finally start to get some data points out. seeing a record drop in march. we'll have the earnings after the bell to get you a sense of trade flow what are the key metrics you are watching and are they telling you we are already in recession? >> the best month that we had

for the economy could have been march. you can do that. i have to admit it is odd to try to forecast a recession now when we just got 273,000 new payroll jobs this is a very odd situation i would say, if this is going to be a recession and if everyone is falling all over each other, this is a man-made recession it is a coronavirus recession. there is nothing fundamentally wrong. the underpinnings of the economy are not weak this is just a two-week quarantine with your kids caused about i -- a virus the last two recessions there

was a stock market bubble. this recession isn't going to persist. it could can be over briefly >> it is good to hear you say that we do have low interest rates and prices that could be up sized for consumers and america americans when things get up and running. thank you for joining us coming up, a number of popular fast food restaurants taking steps to combat the spreftd coronavirus. one of the largest for profit health care networks. breaking down just how prepared hospitals are for the outbreak and cvs coo saying his company is working to keep up with the demand.

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spread of the virus. kate rogers with the latest. there is a lot and not just by the hour but by the minute >> southwest airlines has withdrawn its guidance it has seen dramatic declines in bookings it will soon reduce flight schedules, reducing capacity by 0% from april and june several fast food restaurants. several customers are encouraging food to go mcdonalds is closing dining rooms at company-owned restaurants and asks other owners to take the same steps. the kentucky derby announced the 146th run will be delayed. it was scheduled to take place the first sunday in may. nascar is postponing all events

until may 3. back over to you, no cities and states take extreme measures, hospitals are bracing for the worst. in new york city alone, existing facilities could be overrun. joining me now largest physician-led private health care network in the u.s thank you for joining us >> thank you for having me >> are we ready? if this balloons and stretches out into august as president trump said as being predicted right now? is the hospital system here ready for it >> this is an unprecedented health care crisis the situation is extraordinary

we are a large national health care company we have 35 hospitals in 12 states we have seen this coming we began to stockpile resources after the first cases began in wuhan, china we have been working to get ready here in the united states. we have seen clearly the worldwide explosion of this disease not only in asia, europe but now in the united states today, we announce for the first time in the united states, a dedicated institution for health care for these patients. we are opening a hospital in massachusetts, carney hospital that will be designated as our first coronavirus hospital in the united states. we are opening a ward today. a floor dedicated with 11 patients that will be cared for by staff exclusively trained to

take care of patients with covid-19 >> there has been a lot of attention on the infection curve and how to keep that flat. do we know enough about how to do that now? >> i think everybody has talked about flattening the curve i think that means the increase of abrupt incidents. with social distancing and hand washing to try to decrease the disease. hopefully delaying the number of cases that will occur and decrease the need to care for a lot of people all at once with social distancing with great hand washing, we think we can flatten that curve we'll still see a lot of cases

and again decreasing the time frame to see more of these down the road instead of all of them occurring at once. >> doctor, thank you for joining us today >> thank you for having me on deck, markets look to dou bounce back since the worst day in 1987. looking to the moves you need to make as the global markets continue to face these wild swings. you can watch or listen with us on the go live or on the app we are back in just a moment this is the age of expression.

but shouldn't somebody be listening? so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. welcome back $1.3 trillion is how much the so-called maga stocks are down the dow down

this month has been one for the record books in the last 17 days, we've seen three systemwide trading halts an average move of 5.9%. joining me now, thank you for being with us today. it looks like after being up earlier this morning what does that tell you about how we are set up for this trading day? >> the market doesn't have anything to hold on to there is no credible corporate guidance issued. they are not going to bottom

these are a droppped on the back drop as the moves continue to be more dramatic and volatile when you look at portfolios, thinking about the depth with a lot more down side to go this is a shock rather than a cycle that has been overextended focusing more on the duration than the effect we saw in flows in the month of march even through yesterday

that's a sign for many that are focused on the short term and through the hit. >> also important to know that it is the fastest bare market ever what names do you like the most? if you want to think longer term, what would be that are held up better they may have already seen the peek. those are holding up a little better than average. and on the up days, that might be a sign of better things to come in the u.s. markets when we hit that peek. >> when it comes to the coronavirus, what are the key data points you are watching most closely >> take a look at the mortgage applications that are maybe a

bright spot here we saw retail sales. consumers are continuing to spend even if it is on hand sanitizer and toy lilet paper >> are there key majors in the averages for you >> no. it is not clear how much deeper this can go. >> thank you for joining us today. taking a look at the futures right now dow futures have turned negative. similar futures indicated down to 19 and a half breaking mkeart coverage will continue after this.

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two of the five steepest market drops in history have happened in the last three trading days the dow dropped 300 points pointing to upward limits in the session. but they are well off their highs. the whip saw action comes as americans are making changes avoiding restaurants and postponing elections we'll show you what is happening in some key sectors from the banks to the airlines. small businesses fighting to survive and pay their employers. our coverage of the pandemic and market reaction continues right

now. good morning and welcome to squa "squawk box. we are coming to you from three separate locations today doing our own form of social distancing watching the futures come back down to the flat line. right now, futures are indicating being up 195 points the s&p looking to be up about 25 points and nasdaq being up as well worth pointing out what happened yesterday. as joe mentioned, dow down 12.9%. that was the worst day we've seen since 1987, third worst day ever s&p down 12% back to the lowest level of december 2018. the nasdaq was the worst ever day. the treasury market this