whipsaw day. less volatility perhaps and dragging your head all over the place. the dow is down by 125 the s&p off by 22. just about 1%. focus on the nasdaq, too big stocks basically flat that does it for us. let's pass it over to "the exchange" now with kelly scott, thanks. hi, everybody. the gains is disappearing today. we are down about 141 points so we are off the lows. these declines are despite the fed injecting hundreds of billions of dollars into the system and offering liquidity of muni bonds stocks began to lose steam in particular after new york governor cuomo ordered nonessential businesses to keep 100% of the workforce at home now. the dow headed to the worst week since 2008 let's get to bob pisani with more on the moves and today on a quadruple witching day meaning

extra volume in the market. >> yeah. more than normal this is the quarterly expiration four things, not as parent as it used to be the hope here, kelly, is perhaps we'll get a little less volatility, volume in the following week and usually happens with a quadruple witch maybe helps calm things down a little bit we have been battered all day. certainly a major issue still. the volatility this notice to -- for essentially 100% to stay home from new york, i talked to a couple of firms out there about whether or not they're going to close or work at home. talking about trading desks and trying to figure it out. firms are scrambling to do that. just in terms of what's been moving, some of the tech areas right now. tech is a leadership group health care has. you see consumer staples are weakening because the food and

consumer stocks leading earlier in the week are no longer that way. banks and utilities lagging. the problems overall with utilities. you can't essentially -- a moratorium on paying bills in terms of stability, if you're looking for stability, microsoft is pretty stable all week. close to $140. that's a nice sign caterpillar around 96, $95, as well nike in that territory around $70. fedex did note the other day small businesses are operating in china 95% of the large manufacturers are back they did that when they talked about the company overall. so a few stable signs. we'll see how the day closes out. >> a quick follow up for you new york ordering basically workforce home as you sit there with the floor of the new york stock exchange i think officially closed monday, what are you hearing from the traders and market makers about

volume and liquidity in the market is it affected by this >> if you think about it, trading desks usually operate as a collaborative effort, often in pods you see them together and they talk to each other it's easy to facilitate trading when you're standing next to somebody or yelling across the desk if people have to work at home and firms are doing, trading firms, setting up home trading operations one guy going tonight with the firm to work -- set up the trading operations at home you think there's sand in the cog. it is not that it can't be done. it can be done, it is being done but it does slow the collaborative process down and the ability to trade a little bit. initially there will be some problems and people will get better and better at it. just as you and i are. who would have thought we would be in our homes essentially chatting and yet the technology really does work and quite

remarkable. >> we'll be setting up the little home camera later hopefully just as a backup bob, good to see you for now i appreciate it. >> take care. meanwhile, the 10-year treasury yield below 1% today. is that a good sign or not rick santelli is keeping an eye on that. rick >> the fact it's open and trading and all is a good sign i can't believe there's anybody that thinks that when everybody is decentralized, whether it's computer trade or not, the volume is near where they should be we can't trade fundamentals. they haven't caught up to the dynamics of the virus. we don't want -- as a matter of fact, you know, much of this we have seen is liquidation and in terms of short selling is that patriotic? short selling? i don't want the government to get rid of it but let's be honest here. it should be weaned down a bit look at a two-day of 2s. 31 is where it's trading if it was to close, it would be

down so much, it would be 14 on the ay, down 18 on the week. 24 is the low intraday ever and we are at 31 look at a two-day of 10s right now 94 basis points. that means down 20 on the day. but it is only down two on the week 30's the same thing. down a couple on the week. that's how much the yield curve moved. crb, commodities, if you are in the emerging markets or nondeveloped economies, this is big time the lowest commodity price basket level since february of '99. week to date of the dollar index. only up about 4% and it isn't really on the highs. if you open the chart up, hovering in a three-year code. dollar index needs to moderate a bit. we don't want interest rates moving much below half a point in the 10s where many traders tell me they get more nervous. back to you. >> below half a percent, rick?

>> yeah. considering right now the intraday all-time low on a 30-year bond is coming in right around what? 34 basis points. so we would like to have somewhat of a cushion there. all the fed facilities are awesome. i don't have a problem with them considering the reason we need is because we have been on the central bank risk diet since 2008. >> thank you very much for more on whether fed liquidity is helping to calm the markets, i'm joined by jim paulsen and john augustine so it's good to have you here, jim. i guess for starters, you know, you're very good at kind of looking at the action across stocks and bonds and other asset classes for a fuller sense of what is going on here. what are your thoughts on the latest moves >> well, you know, i think, kelly, that today we're seeing a little evidence of some of the

liquidity problems are calming down a little bit. rick just mentioned the dollar finally rolled over after a spike, the bond yield up to almost 10-year to 1.25% here earlier in the week and it's back down again. there was evidence of ill liquidity there. swap spreads improved. there's a number of things seeing the evidence that the fed dramatic in massive actions to work a little bit. i also think personally that i think the bond yield backing up is a little bit of a good thing because i think it suggests that the massive buying of bonds by panic investors might be receding a little bit allowing yields to lift if you will. and i think it's -- i agree with rick if we push the 10-year yield back below 50 basis points it adds to the fear out there rather than reduce it so i actually think that's a fairly

favorable sign. >> how do you think through everything coming at us from the central bank and the government is all of this stimulus, the liquidity helping the market to find a bottom and ultimately the economy? because when i see goldman sachs saying that second quarter gdp is down 24% analyzed you think, we have a huge challenge to meet. >> well, one thing i thought about, kelly, this is the only recession by proclamation we have ever had in our history usually it's because of the vulnerabilities in the economy that tip and they happen more slowly where the data coming out bad and the stock market wonders if it's a slowdown or recession and the bear market stretches on this one was the quickest to bear ever in our history where it dropped 20% quicker than any other and i think because everyone knows we're headed to recession. it is not a debate we did a recession by mandate.

decided to shut everything down and recess for sure and so the market got there to recession case very quickly. and what my point about that is even if we have a recession i'm not sure there has to be more downside in the market because it very quickly has already discounted a lot of that now, if it is longer than expected that would create more downside but if we have a one or two quarter very deep contraction and then a recovery, i'm not sure the markets don't already price a lot of that in. >> so let me bring in john on that note. this is unusual because the stop in the economy and the stock market happened almost coincidentally what does that tell us as we start to look ahead towards a recovery can we discount one? can stocks price in what they think might be better news six months out or will we have to bait and s wait and see and take it day by day? >> we think likely day by day and be around what treatment is

offered for coronavirus. in our view, we are at the count stage with trying to have the containment stage. now we are looking forward to the treatment stage and to echo jim's comments, we may have one or two quarters downwards and when markets come back with the economy, it may be as violent as when they went down but going -- we want to make sure that our clients are participating. >> explain what that could look like because typically, john, tacking about downturns, v-shape recovery is great news but this could be a huge challenge of its own, right >> definitely. ginn t given the closures hour by hour and state by state it challenged the v-shape and back to the treatment this is a health crisis first. economic second. but we still give better than 50/50 odds that we will come back third and fourth quarter

from our economic team stocks will generally get ahead of that as jim said. we've discounted the genre session at this point but the panic selling seems to be calming. evident by some buying in the bond market today, buying in gold today and stocks being volatile so it is a day by day, kelly, as you mentioned. we hope for a "v." probably plan for a "u" and want to be invested through that. >> all right fair enough. guys, thanks enjoy your weekend as much as possible. let's turn to washington where senate republicans releasing a proposal for a third coronavirus relief bill. this one is expected to cost at least a trillion dollars but the plan is already getting pushback kayla tausche with the latest. >> reporter: the bipartisan negotiations continue through the weekend. president trump and the white house weighing in, as well he held a call this morning with

the top senate democrat chuck schumer and he said they're not that far apart in terms of these negotiations the white house is also identifying and looking for as many levers that it can pull to bring relief to consumers and businesses in the near term as soon as possible to that end, you have the tax filing delayed until july 15th and you also have payments on federal student loans paused for 60 days as those stimulus talks continue and the direct payments to americans and payroll loans for small businesses is a fever pitch. earlier today president trump said he agreed with many of the conditions that democrats brought forward. that there should be some conditions >> workers are my number one concern but the way we take care of the workers is we have to keep the companies going i'm fine with restricting buybacks in fact, i would -- i would demand that there be no stock buybacks i don't want them taking

hundreds of millions of dollars and buying back their stock because that does nothing. >> reporter: senate majority leader mitch mcconnell said earlier today he hopes to have a vote on this package by monday morning. kelly? >> thank you. what major political hurdles still remain joining me is dan clifton, head of policy research at strategis. how quickly both for the bill to get passed an for the money to make the way into the economy? >> both are great questions. we start at 1.2 trillion, 1.3 trillion and probably has to get larger to pass senator schumer calling it inadequate today for more money for health care workers and probably more for unemployment insurance there's hurdles, there's going to be disagreements, the legislative process is never pretty sight to watch and what

they're doing in this legislation is absolutely critical the u.s. government is going to backstop small business payrolls from having to lay off workers we as taxpayers will be paying to make sure that the payrolls don't get shedded. people keep their jobs during the temporary nature of the coronavirus and dropping about $500 billion out of the helicopter into the household sector that almost begins to gap these 10%, 15% declines in two q gdp we are seeing. there might be a timing difference of when that spending comes into effect but you are really seeing a plan designed very well to deal with the demand shock we are about to face and i expect them to fight over partisan priorities, there's going to be a lot of uneasiness on both sides of voting for some of the provisions but we could start seeing votes on this early next week in the senate and then have to start working with the house

so this time next week we'll have a much more clarity on the size, the details and when the president's gong to siing to sit into law. >> do you think it should be passed next week >> i do. i think there's a recognition how vital this is. nobody wants to see unemployment surge higher and the quicker we pass this legislation the sooner we could stop the bleeding of unemployment next thursday we'll get a very big unemployment insurance claims number, if we don't have it passed by thursday it will be shortly after thursday and i think moving fast. never fast enough. there are many disagreements that we need to overcome and there's going to be ebbs and flows here but i think over the next week we will have a lot more clarity on this bill. >> the most controversial aspect is the government taking direct stake in companies how likely is that outcome at this point and kind of there's that issue of controversy on the one hand, on the other hand there are the strings that may be attached to

the funds as they make the way through the economy in order so that if peopleare upset about buybacks or what have you. the president said they could prevent something like that from happening in the future. what do you expect on that front? >> yep there's very little appetite to give direct aid to companies like we did in the 2008 financial crisis so if a company needs liquidity, they can get a loan as part of this there's going to be conditions attached to it could be no buybacks while you accept that aid. buybacks are under attack and probably a biggest casualty out of the coronavirus but the next step is whether the government takes a stake in a company and something that you are seeing around boeing and some other companies which may need additional aid that is not about liquidity and direct aid and since kronk doesn't want do give out a grant, the government may have to have a preferred share, a warrant, something to that effect why would we do that there's 2.5 million employees in the boeing supply chain and if

boeing starts to suffer then you will see those layoffs happen and unemployment will go dramatically there's a well-designed plan to backstop this to prevent unemployment from surging and done without direct grants to companies to avoid any backlash and what is interesting about the bill is how much more aid for small businesses rather than large businesses which is a very different tact than we took in 2008. >> i don't think that's well understood yet we will have time over the weekend to get up to speed to your point also taking stakes in the companies given the kind of meteoric nature of this thing, hopefully the taxpayer will recover the fund an pay for the programs in the first place. but again, those details are still to be worked out some what. >> the government is becoming a distresed investor here and they have the longest time frame so benefiting from the upside as a taxpayer is very, very welcomed. >> exactly given what we are talking about. dan, thank you very much we appreciate it today

dan clifton. as we have been reporting sales of products like sanitizers and toilet paper have been soaring nielsen has data just a few moments ago. frank holland has the latest on that for us. frank? >> reporter: good afternoon. hand sanitizer sales jumped 208% last week according to those released numbers from nielsen. it's actually a decline from the previous week where the sales increased by 470%. for the month, sales of the highly sought after liquid increasing by 266% nielsen saying many consumers are making the shift to soap and water. toilet paper sales spiking 213%. disinfectant sales growing for than 500% last week. thermometer sales growing by 500% and temperature is seen as a sign of coronavirus. sales of dried beans growing 231% last week sales of meat alternatives, 280%

higher oat milk sales, 477% higher. much higher than cow's milk. back over to you. >> we preernlt appreciate it. we got news on the fed steve, what now? >> what now? the federal reserve announcing now that it will do $1 trillion of repo every day for the rest of the month it's hard to put it in context of the idea that the fed used to do tens of billions or maybe the outside hundreds of billions but now it will do two overnight repo operations of $500 billion each once in the morning and then the afternoon. it is doing that this week, a sign of tremendous distress in the credit markets and the fed's attempt to provide overnight liquidity to liquefy vast parts of the credit market frozen as a result of the coronavirus. it is the third extraordinary announcement from the federal reserve today. it took action earlier today to

expand the money market liquidity fund to include municipal bonds of a short term duration it took action this morning with global central banks to expand the variability of dollar funding around the world so banks and investors to get it overseas finally, kelly, hearing distress in the mortgage market trading wide to treasuries barclays with a note saying they're afraid of an accident happening in the market, particularly with a leverage fund, the focus on mortgage reits and a call for the new york fed to get involved much more heavily by buying mortgages or agency backed mortgages and not doing so in planned auctions which it is doing today. kelly, the fed already planning to purchase $107 billion of securities today for a largest

day if not the largest day ever and the biggest week of purchases ever. >> it is crazy the numbers we thought in the financial crisis were huge intervention by the fed now we are doing in a week what we were doing in a month then. i want to pick up on what you said quickly there the same thing about the mortgage market, the fascinating in a time of rates to plunge and then the fed's talking about buying mortgage security that is that mortgage rate is not going down with a lot of -- how would you characterize the problems in the mortgage market? >> right it has to do with leverage of those holding the mortgages. they were playing a spread and now they have to unwind. especially because of the volatility out there kelly, it is hard to underscore the importance of this for the federal reserve. mortgages and housing is a primary route by which the federal reserve hopes to affect the monetary policy to help the economy. if the rates do not decline they cannot have that effect through that way and not to mention the

difficulties that happens through the credit strain and the affect on all different markets. why the markets are blowing up, many, many reasons for it. but one of them has to do with leverage in the market and the problems with the mortgage market right now the fed is trying to throw i think everything it can at the issue. and doing so with the speed we have never seen before in part because it's able to take programs from the prior crisis off the shelf and expand them. the trouble is it's not gotten to the place to say we have had some positive affect in really calming down the markets every day that looks like there's a new problem, a new stress and today that focus looks to be either on the muni market which the fed addressed and/or on the mortgage market which it needs to do more of. >> as the viewers mostly know, a trillion dollars of repo doesn't mean the fed is spending a trillion dollars but it's a huge number thank you very much for that latest news.

meantime, if you think the dow is bad lately, check out the russell 2000 down nearly 40% since the peak in january my next guest said there might be bright spots joined ahead i'm joined by steven desanctis really tough times what is the problem for the small caps in particular energy >> oh boy. >> is it everything? >> i think, kelly, hit it on the head sort of everything first of all, small cap was really the canary in the coal mine given the fact that small cap performance peaked january 16th when the market really peaked in february and then seen a big down, you know, downdraft after that i think for small cap, right, economically sensitive so when the economy's going to recession really tough place to be you hit it on the head with energy also 25% of the small cap

profits are barnks or financial. so earnings growth has been a lot weaker consumers and another big slug problems there with consumer unfortunately, the list goes on and on. >> sure. >> the other thing is coming into this big downturn, small cap companies had leverage they do have a lot of cash but obviously that freaks out people when you think at just how much leverage they have and so that's caused a lot of the problems here. >> right you guys have gone through to focus on those with clean balance sheets, meaning less than 35% debt to equity and some of the names include sienna, deckers outdoor. what are some of the other areas? health care is one where you think people can invest. >> yeah. so i mean, health care we just upgraded hard to upgrade when it's a

maelstrom but it's a solution. some of the smaller bio tech pharma companies are the solution to the problems and so with that, you know, i think they're going to get, even if they may not profit from it, they get premium multiples in addition there's more m&a in health care. last year was a record year. i think when the dust settles there's more m&a definitely down market cap definitely in health care in particular health care with the cleanest blns sheets coming into the year not that it necessarily matters but the cleanest, though i think they'll take advantage of that. >> okay. you still would avoid consumer discretionary. so i would assume that's just because we can't yet know when this economy is going to be back and running. >> the big problem is i said that leverage went up in small cap but even more in the consumer discretionary space in the last 12 months they were levering up as the economy starts to unroll and

unwind itself and a big problem and i think you are right. we don't know what earnings will be for many of these companies i do realize we'll get this government bill and we are gong to bail out a lot of these small businesses and some smaller companies to benefit and still be in business but the one thing i remind people is that we bailed out the banks in 2009 and financials and small cap the worst performing sector that year. >> takes time. >> an awful lot of time. steve's done a great job on the reporting side and to see stability on and obviously everything that treasury and the fed's doing, that's really helping, that's going to help a lot. >> yeah. and that's the hope in the longer run steven, thank you so much for your time and analysis of small caps in particular. >> thank you, kelly. let's get over to sue he ri

-- herera with the latest numbers on the coronavirus. >> total confirmed cases worldwide stopped 250,000 and there are more than 10 thousand dollars deaths according to the johns hopkins count. tax day is moved by two months the deadline to file the 2019 taxes from april 15th to july 15th you can also wait until then to pay any amount due without interest or penalties. jpmorgan giving what it calls front line employees a $1,000 bonus. anyone still working in a branch or office to maintain essential services is eligible. and for would be home exercisers, peloton is suspending the sale and delivery of the treadmill peloton will, however, still deliver and fully assembled bike to the doorstep. to your doorstep is the key there. you might need to get some strength training if you need to get it up inside or up a flight of stairs.

you are up to date, kelly. get continuous updates on the coronavirus at cnbc.com. >> we do the air bike at home. it is not as heavy thank you very much. let's check in on shares of boeing slightly higher now by just about 1.5% as the company seeks federal assistance and not everyone believes that's a good idea that now includes a former board member phil lebeau has the story for us. >> nikki haley joined the board last year and as this company has moved forward over the last month, two months with the idea that perhaps it needs a government bailout, haley decided i don't want to be a part of a company seeking government aid and resigned effective immediately and the letter the resignation, doesn't mincemeat in terms of what she says i cannot support a move to lean on the federal government for a stimulus or bailout that prioritizes our company over

others boeing, well, it was higher earlier in the session and now trading back under $100 a share and there you see what's happened in the last month for boeing and other airline stocks, as well. seeking a government bailout the interesting thing is whether or not one of the conditions is the federal government may take a stake in either the airlines or in boeing or in any company that gets federal aid. that is all as we have bee talked about hashed out on capitol hill right now. >> would you say overall the sense of your reporting is it's more or less likely than it was three to five days ago >> the people talking with the folks on capitol hill more optimistic that it will happen but the question is, with what conditions that's the wild card in all of this when you talk with airline executives, with executives at boeing, they're not even sure what those conditions are going to be. listen we were just listening to the president talk he said i don't want stock buybacks i think that should be a condition. will it be one of the conditions

that there are not stock buybacks can the government take a stake? hopefully we get answers on that within the next, you know, week or so. >> sure. especially for investors and for the whole market with the uncertain time phil, we appreciate it for more on boeing, i'm joined by carter copeland. richard alafalia is also here. i'd say, look, it is a cash infusion a lifeline basically but for bioing with the 747-max disaster and should it go forward? >> i wouldn't describe it as a bailout. the truth is that they could simply respond to market realities saying, okay, nobody wants jets right now let's stop all orders to suppliers. let's lay off a lot of people.

let's have the suppliers lay off a lot of people. make life difficult and stave off bankruptcy and that would be fine it would be a disaster for the economy. that's really what's at issue here i suspect the overwhelming majority of the sum talked about to filter down through the supply chain making the majority of a boeing jet and to the workers. so really we are not talking about something that bails out boeing we are talking about something that keeps aircraft production goingali at all levels of the supply chain through the just couple of months of the demand side of the aviation industry ceased to function. >> how do you do that in a way that's punitive somehow or somehow separate it is operational challenges which it's still working through from keeping the nation's plane maker going?

how do you separate them or impose the kind of conditions that would effectively achieve that >> yeah. exactly right. as phil lebeau said there are questions of the mechanism here but the good news is plenty of precedent and promise. you know first of all, absolutely no buybacks ending dividends all good people involved this can say this money is not a conduit to shareholders. executive comps on the table i would hope that operational decisions weren't on the table but, you know, ultimately anything can be. the level of the first -- who should be in charge of making sure that the cash filters down or trickles down, if you will, the boeing suppliers rather than staying in boeing? maybe that should be a government function. what does the government get the possibility that, you know, as with the -- a few years ago,

not that there's a lot of comparison but the government came out ahead in the end of the day and given boeing share price maybe there is a prospect of the government taking wants, a stake -- >> yeah, no. agreed in which case it would be in the best case of the taxpayer to allow dividends and buybacks they would have a different kind of -- anyway, it is complicated quickly. let's bring in carter on that note how dire is the situation for boeing when will they run out of cash >> the company has quite a bit of liquidity at present, right they have probably plenty -- they can access today but as richard correctly points out there's an immense of money to the supply chain trying to guess that in the course of the year, the supply chain takes in $30 billion so the way the system works is airplanes pays boeing, boeing pays the suppliers

then you come into what is a textbo textbook liquidity crunch and it's a crisis, not an insolvency crisis but not just boeing's crisis you can see today, you know, the french government is moving to support airbus, as well. so this is an industry crisis. not just isolated to boeing -- >> how bad was it getting for boeing because of the 737-max problems the plane down for over a year it is still not anywhere close to back in the skies it was a major kind of next generation profit center for them and the other -- you can say, look, this sudden stop in the economy came out of nowhere and the companies can't be blamed but boeing was dealing with a self-inflicted crisis already. >> look. that's correct but the amount of money we are talking about for the max pales in comparison to the amount we are talking about. boeing sitting on $10 billion

worth of fully constructed jets sitting in the parking lot and for every month they don't run the 737-max factory, they eat the better part of half a billion dollars chlts talking about $60 billion industry bailouts it is about something much, much bigger than the 737-max. and again, you know, if you look to airbus saying why do they need government support? they don't have a 737-max. this is about hoping that the supply chain can stay healthy such that when this crisis is over they can function because just three months ago the industry, you know, was underproducing airplanes for global demand and the bette is that when this goes away they need to go back up and then don't want to lay off a couple hundred thousand people. >> absolutely. thanks today up next, we'll talk about the staggering number of layoffs about to swamp state unemployment officers across the

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welcome back unemployment filings are surging coast to coast but there are businesses looking for help right now. we have a look at who's hiring now. let's start in the 33% spike in federal claims filing. >> two sobering predictions. bank of america and goldman sachs forecasting that jobless claims to hit 2 million to 3 million for this book, the largest spim initially ever and spiest on record reporting from "the new york times" indicates that the trump administration might be so concerned about the spike in claims that they're asking local labor offices to withhold exact anymore berhes until national numbers are released on thursday a state official confirming to me, yes, they were asked to report generalities. we have been speaking with labor

offices across the country and the story is largely the same. the number of people calling about unemployment benefits or filing claims is soaring, even jumping triple states in some states officials in new york seeing a 400% increase of log-ins per day. and washington one of the first states to report covid-19 cases, there officials said on tuesday they saw calls increase 827% compared to last week and by wednesday this week, louisiana officials fielded 28,000 new unemployment claims. the total last week about 1,800. the concern is what we see this week continues if not get worse for weeks to come and perhaps longer >> rahel, the offices are old school and employees who may be facing work shutdowns with coronavirus. not 100% but how are they dealing with the surge when they

themselves might need to take precautions? >> in new york, for example, telling many e that they have 700 dedicated staff members and extended the hours louisiana, yes, also seeing unprecedent unprecedented levels and been through hurricane katrina and they'll get through this and others telling me that they're encouraging people to try online first but that's not always helpful. here in the state of new jersey at times that site is crashing according to governor murphy so, kelly, a thing to say is talking to the offices there does appear to be sympathy i think everyone is trying to get think this as best they can and sort of telling people different things, to apply online or try again or so that to call in off peak hours. >> thank you very much let's tmurn to better news

kate >> walmart is looking to hire 150,000 new workers for the distribution and fulfillment centers and stores temporary until may and some may become permanent. amazon looking for workers earlier this week the giant announced 100,000 new roles for fulfillment centers, transportation operations, stores or making deliveries, also trying to keep the current staff happy offering extra $2 an hour for all hours worked through april. the pizza chains staffing up big. domino's looking to bring on 10,000 new workers and papa johns. grocers are also seeking additional staff several of these companies promising to speed up the hiring procedures to meet the demand. walmart says two-week hiring process is reduced to 24 hours papa johns said some cases applicants can apply and start on the same day.

>> hopefully with temperature checks thanks very much. >> that's the truth. >> a couple of places expanding an could help take the sting out of this. many looking at data of china and italy to predict how our epidemic to play out, rbc updated the coronavirus model and meg tirrell joins us now meg? >> hi, kelly we showed you the graphs yesterday with rbc's modeling in the u.s. based on the numbers they saw in china and italy creating kind of an algorithm of what they expect to happen here in the u.s. and with case numbers here rising so quickly, now to more than 15,000, and what rbc and others are saying, they're seeing an uptick in hospitalizations due to influenza-like illness in new york city, suggesting that there could be an exponential growth in severe covid-19 cases requiring hospitalization and updated the chart. now the base case scenario has

become that and this is the orange line to be looking at the dotted line where we were yesterday and the day before the orange line, solid line, where we are now they're seeing because of the surge in cases to see ic u capacity stressed by next week and seeing in the hospitalizations that's not due to flu that is what's really concerning people about the hospital's capacity right now. >> not only the coronavirus curve worse than we thought and we can show that graphic again but people showing up for other flu-like problems that is straining the capacity that these hospitals have >> sorry to explain that better, what they're doing with the flu data is looking at people hospitalized for influenza-like illness and likely not flu

deriving from that data the conclusion it might be covid-19 and not seeing that picked up by the tests officially dwret and starting to cause alarm that the hospitals are wholed. >> we were on the dotted line and now on the -- we're trying to flatten the curve, meg. it is steepening this is not good news. >> not the right direction but with the analysts saying that what we are seeing in california and new york are steps in the right direction and it may be a delay until we see that bare out in the direction of the curve and the testing capacity increases. numbers go up but things might be getting better. now several lawmakers are under fire for selling major holdings at the beginning of this stock market selloff. while still reassuring citizens that the u.s. prepared kayla tausche kick this is off.

>> i'll jump right in. federal records show up to $3 million in stock sales in the weeks after a private coronavirus briefing, both you and your husband who runs the new york stock exchange said these were conducted by third party advisers without your involvement but who were the advisers and what regular communication do you have with them >> kayla, thank you for having me on. i want to tell you that the third party advisers are same one that is many americans rely on for their investment advice i have no involvement in these decisions. i don't have conversations with them about any of this and so, this is a very third party relationship that many people are familiar with >> were these part of pre-planned scheduled stock sales? or were these individual investment decisions that were made by these advisers given what was facing each of the 29 companies where you or your husband trance acted in recent weeks? >> these were completely

discretionary trades that the decision of our investment managers we had no involvement in them and, in fact, i don't find out about these drads until these reports are compiled at the end of the reporting period so i had no knowledge of these companies and in fact it was a mix of buys and sells and so i just want to set the record straight i had no involvement and, you know, will continue to have no involvement in these investment decisions and i should note that i have 20 years of investment experience where i'm accustomed the managing through sensitive information and i have always adhered to the letter and the spirit of the law and i'll continue to do that. >> you have a background in corporate america, senator, but you are the newest member of u.s. congress. you are among the wealthiest members. and you are running for election this year. why not hold off on the sales? >> these are sale that is i don't have discretion over our portfolios are turned over to third party investment

managers making the decisions, they represent a very small fraction of the portfolio and that's going to be normal course trading that you would have seen if you looked back to the portfolio a year ago there's no pattern that we can mandate or dictate within these buys and sells and so i would not have had decision cession over those decisions. >> senator, it is kelly here back in studio just to clarify for the public, is it a coincidence that the holdings sold on the same day with the briefing about the severity of coronavirus? >> i think that's an inaccurate characterization this report reflects a period of time and, in fact, the only activity that i had individually was a purchase at the end of january and so i think it's really important to set the facts straight here that there was not an outright sale in fact, if you look at many of the individual trades they were quite bullish.

>> were you privately more concerned of coronavirus following that briefing than you publicly indicated >> no. i think all of us back in january i think we were all very aware that there was an outbreak but that we had very competent health officials that the president was taking this seriously, the travel ban was important. i don't think it was until a start of this month when we started to realize the severity of it and certainly should not be different than what other americans have seen with the progression of this disease. >> can you understand why this looks so bad to the public and that allow that maybe we need to have more safeguards, more sales, outright sales, for a family as well positioned as yours so that these conflicts of interest seemingly or otherwise don't come up? if it's a case that other senators directed sales and that

these were not done by managers then what should the punishment for those actions be >> well, i can only speak for myself and saying that i have been very, very careful throughout my entire career to adhere to the letter and the spirit of the law. have done so here. will continue to have done so here. will continue to do. will continue to over comply where needed i say that i think as we, you can look back across the activity that we had and it's no different from what we rored in the past but now it's out in the public >> senator, you say you weren't made aware of transactions until february 16th the be market was near all time shiy highs since t time have you sold any stocks

>> i don't know. i've not involved in the investment decisions i made that decision many years ago for the position that i had in financial services that i would not get involved in investment decisions i don't direct or participate in the decision made for any of our portfolios >> how would you describe your level of access to non-public information? whether it's the closed door briefings or your many visits to the cdc in your home state of georgia? >> i think it's low. material non-public information something i understand it's not something that we're involved with a lot. but to the extent we are, we obviously cannot trade on it and i would not. i'm very aware of those requirements >> to avoid the optics of potentially the public connecting those dots between acquiring that information and

making some of these transaction, do you think congress should be banned in dealing with individual stocks and will you submit to an ethics review >> i'm happy to answer any and all questions and would submit to whatever review is needed we somewhere to make sure all the rules and laws are being followed i think they are in followed many my case i know they are i can't speak for other people that's what securities laws are for. that's what ethics rules are for. >> senator, thank you. >> we thank you both very much breaking news on fed once again. >> thanks very much. not a half an hour ago without a new act if the fed

the fed now saying it will do an additional 15 billion dollar of purchases of nomortgage backed securities on top of 32 billion that was already going to do it also said next week it will purchase 100 billion dollar of no mortgage backed security what was a report $107 billion of purchase is now 122 back to you. >> i'm going to keep tally the number of times we see you before the coronavirus took hold of the country, looked like we were heading for an epic spring selling season. ha happens to home values in the meantime diana has the details for us >> reporter: february existing home sells were huge they jumped over 7% to highest

level in 13 years. those february closings were based on contracts signed up to two months before. we already have prediction of a 35% drop in home sales this spring the bright spot may be prices. the realtors chief economist said he does not expect to see prices fall because there's still such strong demand out there with low mortgage rates and the housing shortage got even worse in february invenn toitory dropped to barela three-month supply we could see sales pushed the a strong fall market that is if the economy is up and running again and the economic stimulus helps to bring back consumer confidence. we have seen mortgage rates jump back over 4% because there was so little buying this should help get more money into the mortgage backed bonds and lower mortgage rates again kelly.

>> real quickly, are people having open houses yet or no >> reporter: no. it's all about virtual open houses now everybody is saying and some real estate agents are saying if you want them to walk through the white house while they hold an ipad and you're on the other side and they can walk through and talk to you and do it that way. a lot of them are doing so not a lot of open houses this weekend. >> we appreciate it. turning now to analysts on wall street who might say well there's place where is the selling is over done here are today's calls for you we have citigroup upgrading lululemon to a buy while the retailer will be impacted by store closures, they believe lulu will fair better than most given product offerings and its long term power is not at risk you can see it audiotaup 8.5% t. the value remains tied to growth

trends that will play long after coronavirus disruptions have subsi subsided finally, jpmorgan upgrading tyson and sanderson farms to overweight they are seeing outstanding retail demand for their products in the grocery stores. tyson is up 3% we have another big hour of our breaking news coverage straight ahead. next, it's inside the outrage story of the day several senators selling stocks after receiving briefings and after they reassured the public that the government was ready to do battle with it. plus the ceo chipotle will join us live with the details on how they are w eing to expand delivery and hothr work force is holding up under the strain. we'll be right back. business.

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good afternoon we begin as we have been all week with breaking news. what a week it has been. the dow on track for its worst week since the 2008 financial crisis the worst month going back to 1987 as attempts to stop the

spreadof the coronavirus start to cripple american business check out shares of chipotle they are jumping as the company ramps up delivery by teaming with uber eats the ceo will join us later this hour the dc stock dumpb cau causing upro uproar some senators selling millions of stocks in february while keeping the public in the dark we heard from senator kelly loeffler denying the characterization the reporter who helped break that story will tell his side of the story here this hour >> here is what you need know, everybody. u.s. cases of coronavirus are jumping quickly as testing around tunramped up california, new york and london are in lockdown to stop the spread of the virus. the irs has officially pushed back the tax deadline to july 15th both for individuals and for businesses no penalty directl