hour scott gottlieb has been early on this throughout if you've been following him and what he's been saying he has been a little bit on the early side in forecasting what was going to happen. it's been great to have you with us we appreciate it thanks for watching. our breaking news coverage of the coronavirus and the market reaction continues now into the last hour of the trading day good afternoon, everyone i'm wilford frost with sara eisen and tyler mattison back at headquarters not a big rally on wall street after a shaky start this morning, dow moving as much as 20% off its monday lows. the s&p 500, by the way, peak to trough was down 35%. where we stand right now, peak to where we are is down 25%. let's have a look at what's driving the action today the white house and the senate agreeing on a $2 trillion stimulus bill to provide some relief for workers and companies

in what minority leader chuck schumer called the largest rescue package in american history. boeing and the airlines getting a huge lift on the back of that stimulus package with some names up 20% or more and treasury yields pulling back today with one-month and three-month yields in negative territory for the first time since 2015 >> we've got a great lineup of guests for you today including two key players in the global food chain the ceo of yum brands, they own cfl, pizza hut, and taco bell, keeps some open for pickup and delivery the ceo of mondelez, the steps his company is taking for his workers to keep that food on the shelves. let's focus in on the big stories we are watching today. mark santoli is tracking the market but kayla has the latest details

on the massive stimulus package and when we can expect it to actually pass. >> sara, the text of the legislation was circulated around 10:00 this morning before republicans and then democrats in the senate held respective calls with the treasury secretary to understand the contents of these 800-plus pages of legislation in this deal that was reached in the wee hours of the morning on capitol hill. they took some time to understand what was in it. it was a few hours before some of the objections started emerging one so far is coming from the republican side of the aisle three senators, senator ben sasse of nebraska and if two senators from south carolina, raising objections over what they call a massive drafting error that incentivizes workers who are paid on an hourly basis to quit their jobs or be fired from their jobs and receive the unemployment benefits that are outlined in this package they say that it would be more lucrative to leave a job, say, at grocery store or at a hospital where those services are so direly needed at this

time and instead would be receiving these unemployment benefits just last hour, senator lindsey graham expressed why he was objecting over this. >> this bill pays you more not to work than if you were working. very few people are going to turn down a 24-hour dollar deal not to work. >> reporter: so what does this mean for bill's passage? well, leadership in the senate was hoping to have a vote by the end of the day, and i was texting with a few sources on capitol hill, and the expectation is that some change would need to be made to address the concerns raised by those three republican senators. they are asking for language that says that if you're receiving unemployment insurance it can't be more than 100% of your salary or your earnings before you accepted those benefits unclear exactly what this language will look like when it's finished, but the sense is

that something needs to be changed in order to secure the support of those lawmakers >> and kayla, the us aage making as you're this describing it is never a pretty process, but time is of the essence here what do you know about, you know, once this passes, how long will it take for americans to get those checks how long will it take for small businesses to get those loans and big businesses in some cases like the airlines to get that cash infusion? because you know what, we're talking about a surge in tomorrow's unemployment claims this is literally happening in a very fast speed. >> reporter: yes and sara, here on capitol hill, i say here, i'm obviously not there right now, i'm in my backyard, but on capitol hill where this legislation is moving, the house of representatives needs 24 hours' notice from when the final bill text is released from when a vote is scheduled. so we haven't seen the final bill text, so add on 24 hours from that and then the president would need to sign it once the house passes it. then it's up to the individual

agencies that are the vehicles for this money to get those funds through to the different constituents the direct cash payments, those we have learned from the treasury secretary will be direct deposits from the irs then there was a small business administration facility, a federal reserve facility, and then a treasury facility that will go to corporations. so it really depends on, you know, which part of this package you are needing money from, how good your relationships there are, and whether you have some of these existing financing mechanisms in place that you can just essentially go and turn the switch on.kayla, thank you so mr that from the bank side of thing, the commercial banks are expected to help deliver some of these loans to companies and individuals i spoke to a senior cfo late last night who at this stage was still in the dark what that process was. just warn you can expect a few

administrative hurdles as when this bill finally passes before the banks are ready to deliver all the liquidity intended we are up 4.6% on the s&p with 54 minutes left in the session let's get to mike for a closer look at the s&p 500's move today and of late. mike >> yeah. we well, yesterday's rally very powerful and broad it made a decent case it would be a relatively reliable low for the short term today's action is improving in that case. i would say it's essentially supporting the idea that what we saw in the prior several days in the market when we made the new lows on monday was a little bit of an overshoot, and once we got away from the idea that the fed was going to kind of let financial conditions get very messy from here on out, once we kind of walled off that risk, some buying could happen look at the year to date s&p chart to frame where we've gone and where we're maybe headed to. with this two-day rally, all

we've basically done is dialed back eight days. we were trading around these levels of 2,500 on st. patrick's day, march 17th. i also think it's significant that we would, if we closed right here, have gone above the close of march 12th. that was the day of the most intense selling. frankly, all we're doing right now is closing up that downside overshoot, and it doesn't necessarily say where we go from here everybody talking about how the biggest one-day rallies tend to happen in bear phases, not at the very low these are just guidelines and we can have v it go any which way from here. the thing i want to accentuate is you could go up about 5%, 7% from where we're trading right now and all you're doing is popping back to that place on march 11th where we just fell off the cliff. so, again, we're just sort of kind of patching up that big hole in the chart and then you take it from there to see if there's any followthrough beyond >> is there anything else fundamentally you'd be looking for, mike, where you'd feel more

confident saying, okay, this maybe the bottom it feels like there's a lot of skepticism out there still about the trajectory of the virus and the shape of the curve in the u.s., even with the help of $2 trillion of stimulus from washington >> absolutely. no, sara, and i guess we have to kind of define what we mean by fundamental. i think if you look at the fact that credit indicators are doing better, so you have normal market functioning, maybe that's a low bar, the fact we have a functioning, you know, bond trading activity going on, but that's helpful i don't think that fundamentally we're talking about trying to get a fix on earnings power for this year or anything like that. and to your point, the key i duration of this forced economic halt, because we're not really i don't think working with any linear data set that the market is tracking to say here's when we'll know when, in fact, the worst is over. i think all along, i've tried to say this and maybe it's not that helpful, the way the market was

going to go, it was going to overshoot to the downside what was then a probable scenario for how this virus affects the economy. did we do that on monday maybe. it was going to look like this no matter what level it happened, a violent v on the chart and we'll see if it holds up >> always helpful to get your warnings thank you, mike santoli. let's bring in david harrow and find out what he's doing, chief investment officer of international equity at harris associates joining us by phone what do you make of this two-day move if we close up like this, first back-to-back gain since this whole coronavirus crisis started to hit the markets >> you certainly can't get obsessed with short-term price movement the this environment. it has been a very aggressive roller coaster over the last few weeks. and so what we try to do is as follows. we try to by discussing with our companies and doing our fundamental research and meeting with all the parties that are involved in a particular

business in which we're invested in, we try to come up with the most accurate picture of what the business is worth over the long term. and, yes, these short-term, shutting down the economy for a couple months, is certainly going to have an impact. but our view is generally speaking the impact this has had is far smaller than the movement and the price of the businesses. so what we have to do is stay as current as possible on the value of the companies so when the market through all this volatility goes up and down and up and down, we can keep our portfolio's positioned such that those companies which have the highest expected rate of return are maintained big positions in the portfolio. the volatility has meant you could barely blink there was a company we owned one morning it was down 10% a couple days ago and it closed up 20%. that is a 30% interday move.

obviously, this isn't fundamentals the business' value didn't go up by 30% and it didn't go down by 20%. it's just this is the way it is and it's important for investors to look ahead, not to get so concerned and time every short-term move, because they're big and they're frequent you'll get dizzy >> so, david, i mean, clearly, there is a lot of volatility and you don't want to be drawn in on daily moves. that said, the more pronounced sell-off that we've soon since the high provided a lot of opportunities. did you act significantly? did you rebalance when we were at the lows? i know you're still tempted to do so. or are you just holding the same companies whose values haven't moved much as of a few months ago? >> oh, no. we've really had to do a lot of rebalancing through all of this. now, this top say 15 names are probably still pretty much the top 15 names in the portfolio. however, their relative position

in the top 15, given the contrary price movements, the conflicting price movements between one another, as meant that you had to be very cognizant of the need to rebalance. and also the short-term economic impact of course affects some companies different than others. if it's a company with a more variable cost base and a strong balance sheet, et cetera, it might have one impact on business value, and if it's one that's more geared to the short-term economy, it has another. so we've been very busy. you know, traditionally, our natural rate of portfolio turnover, we're boring long-term investors. that turnover is about 25% this year it will be over 50%. for some portfolio managers that's still light, but, you know, this is who we are we invested pieces of businesses, which we think are good quality companies that are selling at low prices, and we behave as long-term investors.

>> so, david, give us a sense of -- or name some names for us of where you think companies have been unfairly punished and where you see especially good values >> well, i mentioned this before if you look at the european financial space, you see kind of a mixed bag. and yet some companies are hanging in there and doing very, very well despite the fact that their share price is down about 40%, 45%, almost in some cases 50%. take a bnp paribas or a credit suisse, strong capital position, something that needs to be emphasized, that 11 years ago, going into the financial crisis, the tier one capital positions on an equivalent basis were somewhere around 3.5%, 4%. today they're at about 13% or 14%. so absolutely they're going to face a couple really tough months, but today unlike 11 years ago, they have the balance

sheets to fight through this so this has been one area that has really gotten clobbered as well as a lot of the consumer discretionary. take a company like a bmw. you know, it's down on a 37% year to date and it has $17 billion of cash on its balance sheet, is one of the premier auto brands. these are companies that will get through this, have good business models, have good brand cache, and they'll do quite well but you have to be patient because it is very volatile and, you know, there's always opportunity somewhere when there's this kind of volatility. >> david herro, thanks for phoning in >> thank you >> s&p up 4% >> still to come, italy's caseload and death toll have been on the decline, but seeing an uptick yesterday. we'll tell you the latest about e sss c lrnn that country and thleonweanea ithe u.s. s.

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but we'll take a 2.5% move given what we've seen in the last month. let's check on some stay-at-home stocks for today credit suisse is raising its subscriber outlook for netflix, citing increased app downloads amid social distancing they expect the streaming giant to add 9.6 million subscribers for the first quarter compared to its previous forecast of 2.6 million. the despite the bullish outlook, shares of netflix have been moving lower by about 3% right now. warner media releasing viewership stren shiship trends amid the outbreak. since march 14th, time spent on that platform up more than 40% from its four-week average, hbo shows delivering gains of more than 50% during this time including "big little lies," "chernobyl," and "game of thrones. at&t moving higher by 6% on the session. and zoom video higher today as well by nearly 3%. the recent rally comes as more people work from home and use

video calling to stay connected amid the outbreak. shares of zoom video are higher by about 30% over the past month. tyler, thanks so much for that italy has more than 70,000 cases of coronavirus, quickly approaching china's total. meanwhile, case and deaths have been on the decline, the most recent numbers are mixed meg tirrell joins us with more >> there's a lot of hope seeing those numbers decline in italy since saturday of both new daily cases and the number of deaths reported each day. however, yesterday we saw an uptick today we just got the update at 1:00 we did see them come down just slightly, so it almost looks the same on the last two graphs. what people are wondering is does this mean that there was a peak on saturday and we'll start to see a downtrend epidemiologists and public health experts are saying it is too soon you need at least two more weeks of data to see if the trend

continues. harvard saying about four weeks from the lockdowns is when we should probably start seeing a real impact. as you can see here, italy expanded its lockdown nationwide on march 9th how does this compare with other countries and particularly us here in the united states? those horizontal lines, the blue, the green, the yellow, and the purple, those are asian countries which have managed to flatten the curve in the first 30 days after their 100 cases. we are many tin the orange in te united states with the steepest trajectory in our first month of outbreaks here that is not a good sign. we did, however, hear from new york's governor, andrew cuomo today. he is expecting an apex in about three weeks so i hope these efforts will start to flatten the curve. we'll be looking to italy as a leading indicator for us in the u.s. if they can start to do that >> i guess comparing cases, a huge amount does depend on how much testing the two countries or multiple countries are doing and also doesn't take into count the size of populations.

it's not a sort of per-capita comparison >> no. that's absolutely right. of course italy is a much smaller country than the united states, but the testing impact is extremely importantbecause that can explain a lot of environments in the numbers. that's why we need to see a couple weeks' worth of data to see if that trajectory holds because sometimes even the workload can be shifting throughout different days. so you might see a move up or a move down but that's just because, you know, the labs are getting overwhelmed and they're reporting everything all at once >> meg, thanks so much for that. more about italy next hour we speak with former italian prime minister enrico l letta. >> just under 40 minutes left of trade. we are seeing a strong rally on wall street after yesterday's historic gain. the s&p is up 4.5% the dow is up 1,200 points, the high of the session about 1,300 higher on the dow. after the break, the hard-hit auto stocks are seeing a bit of

a comeback today, but there's new data out there showing a significant drop-off in demand could be coming. we'll discuss that witthh e former board ceo mark fields when we come back. heading in a new direction. but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward.

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but when you're with fidelity, a partner who makes sure every step is clear, there's nothing to stop you from moving forward. 36 minutes of trade. the auto stocks are seeing a bit of a comeback but down sharply amid this crisis new data pointing to a steep drop-off in demand phil lebeau has the details for us

>> not a surprise we're seeing a dropoff in demand in the united states let's think about this most of the country increasingly is under a shelter in place type order. the last thing you're thinking about doing is going out and buying a new vehicle, which is why an estimate out today in terms of what we might see for march sales, and this is according to rbc, they're estimating sales could be down between 40% and 50%. other analysts are saying we're thinking in that range too these are just guesses at this point. the 2020 full-year sale, many believe they'll be down anywhere from 15% to 20%. that's why when you take a look at the auto stocks, the thing to keep in mind is these guys will be under pressure here not just for march but also going into the first quarter. also, bmw, this may be the last auto plant still running in the united states, the one where they biuilt more than 400,000 vehicles in spartans burg, south carolina they'll close it for at least

two weeks. the pant closures are expected to continue until early april. we heard from ford yesterday we have yet to hear from gm and chrysler, fiat, but increasingly when you talk a with suppliers and people in the aw they're expecting plant closures to continue at least into the first week of april. one last note, moody's out with a note on several of the automakers saying they're reviewing their credit ratings not a surprise given what we're seeing in terms of the pressure on the balance sheets these guys will be facing >> phil, thanks so much for that i'll pick it up and bring in mark fields, former ford ceo and tpg capital senior alleged visor who joins us now thanks for joining us. phil put it out there for us, you know, the balance sheets are under pressure how much pressure have r they under in your view do you think these companies will need to take on some government help? >> well, it's going to depend on how this virus gets contained. the bottom line is versus the great recession about a decade ago, the oems, the detroit-based

oems have much stronger balance sheets than they did back then you saw the actions from ford and gm they have anywhere between $30 billion and $35 billion of liquidity. so they can go a number of months under this, but the most important thing they're all thinking about is liquidity and it's not just liquidity for their companies it's liquidity through the supply chain because they're only as strong as the supply chain when production does come back >> and what does that look like, mark how strong or weak is the supply chain with regard to liquidity and being able to survive this pretty steep revenue drop-off? >> well, when you look at the tier one suppliers, the bigger suppliers, their balance sheets are in pretty good shape as well they did a lot of restructuring during the great recession they got rid of really bad contracts from different oems. they're in pretty good shape it's the tier two through tier four suppliers that could be severely strained by this.

what each ceo should be doing whether an oem or tier one, et cetera, is going to their cfos -- >> what's the difference between tier one and tier two? give us some examples. >> tier ones are being seeding suppliers, suppliers that provide big power train component, things of that nature they're basically big public companies. tier two through four are smaller companies, many of them private, that provide very specific parts for vehicles. and so, what each ceo is doing, they should be going to their cfo and saying, listen, we don't know what the market is going to be, but give me three scenarios, mild, bad, and worse, and then let's look at the liquidity, you plan for the worst and you hope for the best >> mark, i was interested yesterday in something said by dave calhoun of boeing, which is that he wouldn't take a government bailout if it involved the government taking equities they can accompany. from what we know of the congressional bill for help for

the airlines, for example, it will involve some form of equity exposure from the government given what you know, having seen your industry go through government assistance in 2008, 2009, where do jo you stand on that sentiment from calhoun? or is it more binary you have to take what's given? >> it depends on what your needs are. if you absolutely really need it, you'll agree to most everything and, you know, when it comes to the government support, there's two key questions they should be asking what are the terms what that we should impose on the companies and what should we get in return and the terms should be things like ranking in executive pay or stopping dividends or stock buybacks during the term of the loans. but even, you know, gm, for example, way back in the great recession, remember gm and chrysler went bankrupt at ford we didn't take the money, but in return for that, the government got warrants, for example, for gm. so it's really like a snowflake. every situation is going to be a

bit different, and it's going to come down to how badly do those companies need that liquidity and what agreements do they actually agree to to take the money. >> mark, as it stands for the autos, how badly do they need that liquidity do you think any of them are at risk of going bust >> no. i think, again, when you look -- you know, i caveat this. it depends on how long the shutdown is going to last. it's really about consumer demand and when that consumer demand comes back. again, the balance sheets for the detroit-based oems, for the large tier one suppliers are much stronger than they were but let's face it. this is all about consumer demand going forward, not just production when you look at what supports a good auto industry, it's low interest rates we have that it's wage growth we're not going to have that and it's a low unemployment, and that's going to go up. so, you know, everybody's guessing what the market is going to be, but i think we all know it will be less than what was expected and forecasted at

the beginning of the year. >> mark, thanks so much for joining us great to see you >> you bet thanks >> i'll pick it up from there. wilf, welcome back, everybody, the closing bell 20 minutes to go the industrials are up by about 5% or thereabouts. my eyes are a little less good than they used to be 5.66%. the s&p up by better than 4% nasdaq up better than 2% and the russell 2000 by 3% there are your sectors you see them all in the green right now led by the industrials and real estate. the laggards comparatively, communication services and consumer staples, technology in there with about a 3% gain here are the three things that are driving the action right now. the white house and the senate have agreed on a massive $2 trillion stimulus bill to provide some relief for workers and companies. boeing and the airlines getting a huge lift on the back of this

news, this stimulus package with some names in that sector up 20% or more today. and treasury yields pulling back with one month and three-month buy yields in neg tifz territatr for the first since 2015 sara >> time to get the latest on the coronavirus. sue herera has that for us >> hello, everybody. here's what we have. the head of the world health organization is praising italy for its efforts to fight the coronavirus. he says he is encouraged by some, quote, good signals on the ground there now but he has harsher comments for the rest of the world. >> i think we squandered the first window of opportunity, but we are saying today my message, i made it clear that this is a second opportunity which we should not squander. and do everything to suppress and control this virus >> canada is now imposing mandatory self-isolation for

those returning to canada. the new restriction goes into effect at midnight, and it will last for 14 days israel is tightening its already strict virus lockdown. most people will not be allowed to venture more than 109 yards from their homes except for necessities like food and medical help many in israel's ultraorthodox communities have defied restrictions on public gatherings despite pleas from rabbis and local officials as always, you can get more on the coronavirus coverage here at cnbc by going to cnbc.com. wilf, over to you. >> sue, thank you so much for that we have got 27 minutes left in the session and we are up 4.2% on the s&p 500 the dow leads the charge, up 5.5% coming up, we'll speak with the ceo of global snacking giant mondelez about risks to the supply chain and helping employees during this crisis a check on bonds, yield mixed today with negative yields on

one-month and three-month treasury yields in the u.s. for the first time since 2015. the 10-year treasury note at 0.68%. we'll be right back. liking the now platform? every time it takes care of something for us, we celebrate. how often does that... got it. servicenow - the smarter way to workflow. i know that every time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected. during turbulent times, consider protected lifetime income from an annuity as part of your retirement plan. this can help you cover your essential monthly expenses.

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welcome back sales force ceo mark benoit just tweeting that his company will not conduct any, quote, significant layoffs over the next 90 days and will continue to pay hourly workers while offices are closed kevin johnson of starbucks telling jim and david earlier this week, wilfred, that we'll continue to pay workers for 30 days whether they work or not. more kroerz aceos are joining tg to keep their workers employed of course when companies are able to do it. companies in stronger shape with stronger brands, a sales force, we know, has had a very strong run of business and were able to do that. as benoit always does, calls on others to follow his lead in corporate america. >> i agree it's great to see. not exactly sure what significant means in terms of significant layoffs, but certainly commendable

regardless we should mention, by the way, very encouraging picture for the markets as we approach the close with 23 minutes left we're higher by about 5.8% on the dow, 4.5% on the s&p and today as well have shaken off a couple of fades in the market as to posed to that one-way traffic we saw yesterday also got oil higher and the dollar softer, which is good to see as well. still ahead, yum brands suspending its buyback and warning on sales as the company shutters thousands of locations amid the outbreak. we'll speak with the c cineoomg up don't go anywhere. don't get mad. get e*trade, dawg.

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welcome back another wild ride in the markets today and another massive move, this time higher, first back-to-back gain in over a month, since the coronavirus started infecting the u.s. markets. joining us by phone is mike ryan, america's chief investment officer at ubs wealth management mike santoli joining us as well. mike, what are you telling your clients as far as navigating this crazy volatility in the markets and whether they should be using this opportunity to buy? >> first of all, thanks, sara, for having me on we're telling clients we want to be selectively buying here

we've seen a broad faceoff although the last two days have been more encouraging. we're talking about opportunities in the types of names and companies that we think offer value where the long-term cash flows aren't impacted and strong fundamental values we're taking a discriminating approach on how we're telling people to engage in the market >> mike ryan, i mean, what have your clients been asking you and has that changed in the space of a couple of days when we've seen markets bounce has it changed your clients' psychology at all or is this still a moment of fear and panic for them >> well, first of all, i think there's been an incredible whipsaw for individuals because, remember, we're not just dealing with this as investors people are also dealing with this from the human aspect you know, they're either fearful of their own safety and own health as well as family members, members of the community. they're grappling with two things at once one is the health impact and making sure that they're safe and secure

the other is the economic fallout and trying to gauge what the investment impact is i think sometimes it's a little difficult to separate those as you become more anxious about your own personal health, you tend to focus more on what the downside is in terms of the economy and financial markets. i do think what is really encouraging and certainly is supporting the markets in the last couple days has been increased responsiveness of policymakers we've argued here that this would take a multifaceted approach towards stabilizing markets and that we would have to see a significant mobilization not only of monetary policy but also importantly of fiscal policy so we have the monetary policy response, the fed responded quickly. now it looks like we've moved further ahead in terms of the fiscal policy response >> mike santoli, to that point, i mean, a few days ago we were here watching credit spreads, watching that very strong dollar and talking about some real stresses and scary signs that were happening in the markets. that looked to for now have been

alleviated by the fed action what do you read into the moves there and what do they signify nor stocks >> yeah, for sure. they've definitely been medicated. i do think the idea that the fed is there as the buyer of last resort and across multiple parts of the bond market gives you clearance if you are an actual private investor to say, okay, maybe i'll go and see if any of these junk bonds now trading at 10% or 11% yields, which most of them are, look like they're actually money good. that process i think is under way. it's still tentative, not necessarily as if we have these great liquid markets anymore you are seeing investment grade corporate issuance that's good. markets are not malfunctioning it's not as much selling and the rest of it what we don't know is exactly what is the market right now pricing in in terms of duration of shutdown, what it means for, you know, wear and tear on corporate balance sheets and various commercial businesses, and that's i guess for another time so i think we're out of that

zone of, you know, disorderly forced selling for the moment and beyond that i think you have to just decide, are you in the business of increasing equity exposure when stocks have underperformed bonds by 25 percentage points in three months or are you not trying to rebalance into that? that's i think the longer-term investors' perspective is to make that call >> mike santoli and mike ryan, than you both very much. >> thank you >> we're going to take a quick break now. it will be the last one before we head into the close up next, we'll bring you uninteupd vegef e nal minutes of trade getting to patients in record time. at emerson, when issues become inspiration, creating a better world isn't just a result, it's a responsibility. emerson. consider it solved. (vo) quof those who workthe grit anfor themselves. they're the backbone of our economy. and in these challenging times, they're adapting to support their communities.

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e we are now in the closing belt "market zone," commercial-free action going into the close mike santoli here as always to break down the crucial trades in the final moments of the day today we have ceo josh b josh brown joining the conversation as well. >> let's kick things off with the broader markets. stocks are moving higher for a second day following yesterday's historic rally former fed chair ben bernanke joined kreshgs nbc earlier today to weigh in on the effectiveness of the federal reserve's recent actions. take a listen. >> what the fed is doing is using another set of powers which is its lending power, which were used in the 2008 crisis as well, and in a world where credit markets are not functioning well, that could be a very big help. i would just like to say, you know, i can say this now since i'm six years away from being in

the institution, i can say that i think the fed has been extremely proactive and jay powell and his team have been working really hard and gotten ahead of this. >> steve liesman joins us now to discuss. steve, i mean, that point there, we discussed in the last couple days, which is just the unbelievable speed with which the fed and other central banks around the world have reached this whatever it takes type mantra and, indeed, have also been able to lean on the crisis of 12 years ago with some of the mechanisms that they're using. >> yeah. we were able to show that knew merally, wilford, as you mentioned. the qe2 over six months was 600 billion. the fed has done about a trillion dollars of purchases if it follows through on all its plans between last week and this week on the one hand, powell benefited to be able to take some of these programs off the

shelf. on the other hand, he's the one who had to turn on the on switch he did it and without misgivings at all >> josh brown, one of the reasons why i love you is you always sort of encapsulate the market mood perfectly. so now here we are with another is 1,000-point rally in the dow, the snapback continues where are you in terms of fiscal and monetary stimulus on one side and the virus numbers getting a lot worse on the others what do you think the market is trying to tell us here >> so, i agree with everything that steve just -- by the way, i love you, too, sara. i agree with everything that steve just said. the only caveat is that this money takes a long time getting to where it ultimately has to go in order to restore any semblance of even economic stability for a majority of people and in that gap period, the problem is we still have not seen infections slow, and that to me is really the only way that you could feel comfortable looking at something like monday

morning and saying, yup, that was the bottom, that's as bad as it gets. so i'm not there mentally. it's not we need a retest or anything technical like that i just don't think you can trust there being a floor under the market until the infection numbers stop piling up so i think what governor cuomo said tuesday was hopeful, talking about being able to slow the spread in westchester. i'm not a medical expert, but if more news like that continues to come along, stock market investors will have more confidence that what they just bought was the low again, i just don't think we're there. that being said, real quick, very, very good that we are now going to have this new theme emerge which is, quote, the big rebalance. all of the big banks have put out notes talking about what pension funds need to do we'll be at quarter end in the next few days. what insurance companies need to do and what you might see in wealth management, bonds being sold, stocks being bought.

that could gives us a little more of what we have going on today, which is a welcome relief, even if we didn't see the bottom, we do need days like this so one can take a deep breath and reassess what their portfolio looks like >> we are actually losing steam right now. the dow's gains cut more than in half everyone, stay right there if you would. we want to go to kayla tausche with some news out of washington, which may be behind this fall we're seeing in the market kayla? >> reporter: sara, we're seeing only late-day snags in support for stimulus bill. last hour we told you about three republican senators who are pushing for some language changes in the bill because some workers would stand to earn more through these unemployment funds than they would in their median incomes in their current jobs. now senator bernie sanders has tweeted unless republican senators drop their objections to the coronavirus legislation, i am prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion of what he is

calling a corporate welfare fund that is the money that is earmarked to go to aircraft carriers -- or air carriers, to national security companies, and to these $450 billion of eligible miscellaneous businesses that will receive this money so he's pushing for more restrictions on that to pass, you just need 60 votes. if the senate goes down a more arcane path or a simple majority if it's more straightforward but there is a gumming up of the works that could happen in the process if senator sanders decides to pose this so i have been texting with aides on capitol hill who say they understand that certain changes need to be made to this legislation to win over the support, but it is seeming like what seemed like a done deal earlier this morning is definitely running into some snags this afternoon >> kayla, thanks very much for that

mike, i'll come to you first in terms of the market reaction clearly we've seen quite a notable amount of slippage, the dow only up 600 points it had been up 1,300 points. it just shows the fragility of any rally that we're going to get at this stage, that one senator can seemingly have this effect on the market >> well, yeah. one senator who can basically turn $2 trillion off or on, absolutely, especially when the s&p is up 15% in a day and a half as it was in the middle of the day today. the other thing to keep in mind just along the lines of what josh was saying. we haven't really tested this rally at all for what we know is going to be awful data starting with the unemployment claims tomorrow i think we have to sort of watch and see how things get absorbed. obviously something coming out of congress that is effective and relative lly quick and of tt size is a premise behind this two-day rally we've had. obviously, that can't go away

and expect the market to take it easily >> i mean, steve, i brought this point up earlier if time is of the essence here, and i know this has happened quickly in terms of getting a deal through congress, but the longer they hold up, the more pain there's going to be on main street it's not just about wall street. it's small businesses. every day i get in my email another nail salon or dry clean they're's closing up shop because they've already been a few weeks with revenues grinding to a halt. and this bill is supposed to address that talk about what we're going to see out of unemployment claims tomorrow and how the economic damage is piling up here >> it's going to be ugly sara, you're right about the need to get this money out there are people experiencing real pain. there also should be some, you know, realistic expectations about what this bill can do. it can't make the economic effects of this virus go away. in fact, it's probably misnamed as a stimulus bill it's a relief bill and probably even if the amount of money

they're talking about it's a partial relief bill. now salons are going to close and unfortunately all the king's horses and all the king's men may not be able to reopen those nail salons again. they may permanently be closed there's an attempt here to provide a series of programs and actions here that allow employers to keep people on the payroll. some of them will be kept on but there's tremendous bureaucracy to be established to put these loans together there's new sba bureaucracy, trying to streamline the process. there's 350 over there there's 450 going to the fed that could become a $4.5 trillion lending program, but getting that money out, writing those checks, sara, people are going to be relying upon their savings and their loved ones for a while before the relief comes. and the primary safety net is going to be the old one, which is the unemployment insurance. that's the one that's going to provide people who can't get by the best checks that are out

there until the government can send this money. >> yeah. well, speak of the government sending money, airline stocks are surging today on optimism over that relief bill in congress phil lebeau has the details as now we have another holdup here with senator sanders tweeting some opposition. >> sure. right. most believe that the airline portion is pretty much locked in look, it's $50 billion, $25 billion in direct cash grants, another $25 billion in loan, though some are raising the questions about whether the airlines want to be a part of the loans given the language that's involved. the airline bailout restricts executive pay, defensive dnds, and layoffs. three airlines in particular, united announced it's cutting its domestic schedule by 52%, cuts continuing for all airlines at delta, many employees are working three- and four-day weeks in the next few months and shares of boeing, potentially on their way to their best day ever since the ipo in 1962. remember, yesterday they said that in may they plan to resume

production, at least wake up the production line for the 737 max. guys, back to you. >> phil, for the airline ceos, if bonuses are off the table for a couple year, what portion of that total comp does that tend to be? i know if that was applied to bank ceos, for example, it would be 75%, 80% of their total comp. >> most of their compensation is coming through performance bonuses as well as through stock performance. now, we don't know the particular language that's attached to the government aid in terms of what is prestricted when it comes to executive composition sa compensati compensation that's one of the details everyone wants to look at. >> we have 45 seconds left of trade. let's check on where the markets are as we approach the close we have lost steam as sara mentioned because of toing and froing at washington nasdaq up 1% the dow leads the charge because of boeing, which is up 24%, still holding on to a large amount of its gains.

the nasdaq, though, in the red now, down 0.6% senator sanders having an impressive em pak impact on the. or is it a bit of selling taking short-term profits as we approach the close after a two-day rally. oil, 2% of gains, dollar stayed at 1%. we have three sectors in the red in the s&p, industrials leading the charge up 5%, s&p 500 closing just higher than 1%, 1.1%, with the nasdaq in the red and the dow up 2.3%. sara, over the you >> welcome back, everyone, if you are just joining us. i'm sara eisen with wilfred frost and tyler mathisen and mike santoli, senior markets commentator. another jerky day of trading here with the dow and the s&p closing up lu v but losing a lot of their gains in the final moments of trade on some opposition from senators to the stimulus relief bill there's the s&p 500 closing up

only 1.13% ten minutes ago it was up 4% the nasdaq closing out the day in the red, down a little less than half a percent. the russell 2000 index of small caps closing up more than 1% as far as sector performance, industrials the highest. boeing was a big part of that. also a big part of the dow's outperformance it gained sharply today. real estate and energy did well. three sectors closed lower communication services, consumer staples, and information technologies bonds rose today and the dollar fell on further signs of easing those tensions in the foreign exchange and credit markets on the fed's massive s ivive inter. coming up, how the coronavirus is impacting the restaurant and food industry. we'll be joined by the ceos of yum brands and mondelez, how they're navigating their companies through this tricky period >> looking forward tw to thoo t

interviews first, chief economiced a vie or at allianz and still with us, josh brown top of the show, it had been encouraging to see the fact that today's trade saw the market shake off a couple fades earlier in the session i guess that doesn't apply now with that loss pullback, albie wit dow still up 10.5% so far this week. >> right no, it doesn't necessarily quite apply. it was looking like a very solid followthrough day to the upside around midday, midafternoon, but i do think it does underscore the way when you have these very high-stress markets, under a lot of pressure, steeply down in a short period of time, you want to call it a crash or a bear market, most rallies tend to be, you know, take within a grain of salt i would say aside from the d.c. news we did get, there was a report that hit the tape that perhaps apple is going to delay the launch of its 5g phone i don't see that as being

terribly surprising but it reversed apple and the nasdaq. it more was a measure of how skittish and shallow traders' convictions are around this tape as opposed to somebody really extrapolating that apple news. >> mohamed, you've been with us through this entire crisis has it has unfolded. you've said before don't catch a falling knife. you're not prepared to buy yet what do you make of the action in the last two days we did get encouragingly first back-to-back gains in over a month, however they slipped toward the close >> we did, sara, and we did for good reasons between the congressional package and what the fed has been doing since tuesday last week, we have of averted for now what was the real risk of an accelerating economic and financial deleveraging and at the end of that road would have been a 1930s-like depression and a 2008-like financial

disruption so the good news is that for now we have averted that the less good news is we have a very tough economic and financial road ahead of us the stimulus isn't going to be effective immediately. you need to build pipes. there will be massive layoffs. there will be bankruptcies so we're not out of the woods, but at least we are now on the path to something really nasty because of that, sara, i think this is an up in quality opportunity rather than an all-clear situation. what do i mean by that if you're a bond investor, look carely at what you hold, reduce exposures with weak balance sheets and follow the fed. they have higher quality bonds follow that. if you're an equity investor, we look at balance sheets because the risk of things going wrong

here are quite high. >> josh brown, i feel like you echoed a similar sentiment earlier to say the worst is not behind us yet. are there some strong balance sheet companies to mohamed's point that you have been comfortable enough buying in the last couple weeks? >> well, i've bought the king of strong balance sheet companies, which is berkshire hathaway and some other stuff i think mohamed is right one thing i've been saying with compliants pretty consistently is we already know for a fact that the news will get worse, but the good news is the ability of that news to shock us will diminish over time and that's true of every crisis. i understand there were aspects of this that are different because it's more than financial, it's life and death i understand all that. but the ability of the news to shock us, we also know will diminish however, we haven't even seen the news yet yeah, we've gotten earnings warnings, but keep in mind, this quarter is closing, and we're

going to start seeing the actual reports in a couple weeks. additionally on april 3rd, we're going to get march unemployment. we know it's going to be bad do we know how bad and so, like, these are the things that i think we need to think about when we see the dow up 2,000 points yesterday and then 1,000 points today. this urge to feel like, oh, my god, i have to be part of it, you've got to calm yourself down you've got to calm yourself down because we have not seen the peak of infections in new york city, probably not california, maybe not even washington. let's slow down. let's slow down. so that's my message to people i understand the news will be bad. get used to that but also understand at a certain point we're not going to fall off our chair every time somebody files for bankruptcy. we're not there yet, though. i still think it's early >> yeah, and at the current juncture right now, mohamed, what we're teeing off is every headline from washington, they still can't pass this stimulus or relief bill, whatever you want to call it.

senator sanders with some opposition, but also three gop senators also don't like the jobless benefit sort of provision in there how much is this going to do, this bill, whatever form it takes, to alleviate some of the pain out there in terms of unemployment and the economic damage that we're about to see >> it's a very important step, sara, and i think it will be going through something similar we saw with top. i'm important and i'm glad you bring it up to understand what it will do and what it cannot do when the pipes are built, and that's an important qualification, it will provide major relief to the most vulnerable segments of the population, to certain companies, and it will help the fed in battling market failures. all three things are really important. but it's about protection really it's about damage containment. what it cannot do is restart

economic activity. for that, it's about containing and identifying the spread of the virus. it's about increasing immunity, and it's about better treatment of illness that is what it takes, and until we get there, the most that the fed and other government agencies can do is try to contain the damage and it's not easy. they're going to be building the infrastructure as they try to get the money to people and to companies, and that's not an easy task, let alone all the tradeoffs that are going to emerge where very delicate balances will have to be made. >> sam, you've been having a look at what the volatility index has been doing what do you make of the latest couple of days of moves there? >> well, wilfred, yes, as i wrote last week, looking at a rolling 15-day average of the

intraday volatility, we are at the third highest going back 60 years, second or third only to 2008 and 1987. what i had found is once we start coming down off of that stalagmite peak, then we get an idea that we're fairly close to the bottom we are still rising at this point, so i would tend to say that, you know, in terms of intraday activity, you can see it on the upside and the downside, so it seems as if volatility is likely to be with us for a while >> yeah. today was no exception we were all over the place in the session. let's go to bob pisani for a look at some of the biggest movers today bob? >> and good news we did put together two back-to-back days, first time in six weeks on the s&p let me show that to you because we were all over a 160-point move the s&p, 2,408 the low, 2,570 in the middle of the day

and came down with senator sanders saying he would give a hard time to the deals out there. 2,474 is where we close. boeing, big start today, but boeing was $97 at the start of monday it went to $170 today. it came off the highs, pretty impressive, beyond impressive, a couple-day runs. caterpillar, industrials doing well today they're beating up sector along with energy did really well. cater pillar, all these stocks came off their highs going into the close. walmart, interestingly, all the big consumer names that are out there, the walgreens and walmart that have outperformed recently all havedone very well here. great day for long-term investors, i think, but a very bad day for hedge funds caught on the wrong side of crowded trades here. big reversal of recent trends here most of these guys, value has been outperforming growth. this is today, what we're looking at most of these hedge funds, they've been long growth and short value. wrong side of the trade and minimum volatility also has done not as good against high beta,

where some of the big tech names. big reversal in hedge funds today. back to you. >> bob pisani thanks so much for that let's check in on bond markets today. rick santelli. >> wilf, this action in stocks has made a difference in the whole complexion of the day. two-year note yields are down five basis points and if you look at an intraday of tens, before we started giving background in the equities, we were on the uprise as a matter of fact, they were following closely. of course that's reversed a little bit we settle at 85 so we're down one. for a while it was up on the session. if you look at the lqd, the investment grade etf, this chart starts on friday, a ten-year low under 106 and it's been ascending every day. some selling pressure in the dollar index as you see on the last chart, and this is very significant. it's hovering right around 101 why is this important? because it's been support, and as the dollar slips a bit,

equities firm up, and the yield curve steepens by the long-end rates being higher those are all normal situations that will calm investors in the grand scheme of things wilf, back to you. >> thanks for that >> i'll take it. good news at least for now guys, i wanted to bring up nike, another threat in today's session. nike shares rallied more than 9% today after earnings yesterday came in a lot better than feared it was a really important litmus test because it was the first time a company with a major business in china showed the impact of what covid-19 looked like on earnings with nike's quarter ending at the end of january, a decline of 4% in business nike pivoted over to online sales which they managed to grow 30% in the quarter for china and john donahoe, the new ceo, said we have a playbook now on how to deal with this crisis, which is now affecting stores that have been closed in europe and the u.s.

josh brown, i'm wondering what you make of the move in nike, the results, and whether there are other companies that can do this clearly, if you have a strong brand and if you have the momentum going into this crisis in terms of digital business and really good relationship with consumers, feels like then you can really reward investors here, which is what nike has been doing >> i actually bought nike. i was down ten points immediately after buying it, and now i'm up this stock has had some roller coaster ride, about a $19 change per share in two days. fine i'll take it i don't think the company's out of the woods, but i think you make a really important point, sara, and i think starbucks is a similar story. companies that have a big business in china, that are able to point to, here's what things looked like during and then here's how we got through it and here's how quickly we saw things rebound so if nike becomes an exemplar of what that looks like for

other u.s. companies as we eventually get back online, i think it's very, very positive and it's one of the things that gives me hope that this doesn't have to be l-shaped or u-shaped, that this potentially could become v-shaped, but, again, and i hate to end everything i say with this, i really don't think even nike is out of the woods. it's great they reported a quarter that gave you a good reaction to the stock. but today india put 1.3 billion people under lockdown. that's a fifth of the earth's population no longer on the streets consuming anything europe is on lockdown and america. people are not concerned with what they look like right now. i don't think nike is going to have great sales in the second quarter. by the way, there are no sports on i don't even know who my kid is going to root for when this thing ends, let alone whose jersey he's going to buy that's where we are with nike. i wish i had more positive things to say. i did buy it, but i'm not expecting anything out of it anytime soon >> mohamed, i just wanted to

wrap things up with a comment you made earlier, which was that because of the fed's actions we're not going to face a financial crisis how important is that in making sure that we will ultimately come out of the other side, whether that's going to be in three months or 12 months? >> so, wilf, we have reduced the probability. we haven't eliminated it i'll explain why in a minute but it's critical that we did so market failures were multiplying and they had migrated from low-quality markets all the way up to the treasury market. now we're seeing the reverse in play down to investment grade. the treasury market is working fine the corporate market is working better the investment grade, the municipal market, give it time it will work better. but the low end of it will remain under risk. so we've averted it for now, and that is really important

we haven't totally averted it now, and i want to stress that if the concern plays out, which is we don't come out of this necessarily in a v but it could be a u, and if the bottom of the sushgs long, then we're going to start talking about credit risk among the banking system and so far we've been worried about nonbanks, not the banks. so there is this residual risk i think the fed is all over that and it's good news it will be in the banking system because the fed understands the banking system it understood the banks and the liquidity issues but it's not out of the woods either we've got to be incredibly vigilant and the fed, now that it has so many bullets back, it can act proactively as need be so we have significantly reduced the risk, but we haven't totally eliminated it. >> mohamed, josh, and sam, thank

you all very much for joining us >> my pleasure >> thank you >> we've got another key earnings report to tell you about. micron is out. josh lipton with the numbers josh >> so, sara, micron reporting q2 eps here at 45 cents street was looking for 37 cents. that's a beat on revenue of $4.8 billion. analysts have been looking for $4.9 billion, so beats on the top and the bottom q3, they're looking for between 55 cents, plus or minus 15 cents on revenue between $4.6 billion and $5.2 billion, roughly in line with what the street was looking for. also saying they'll commit $35 million to coronavirus support micron's ceo says that the company delivered in his words solid second-quarter results in revenue at the high end of their guidance range, despite, he says, the unfolding pandemic of course investors watched micron closely it's a big maker of memory chips and they find their way into a lot of different products.

smartphones, pcs, and servers. micron has a lot of fans a billionaire investor was on cnbc and said he was adding to his positions in certain tech stocks and one name he's adding to was micron. back to you. >> josh, thanks so much for that coming up next, yum brands suspending its buyback and warning the coronavirus will significantly hurt its second-quarter sales ceo join uss exclusively in 90 seconds. don't go anywhere.

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welcome back yum brands expecting the coronavirus to have a greater impact on second quarter same sore steals than the first quarter. it's suspending its previously announced buyback program. ceo david gibbs joins us by phone for an exclusive interview. thanks for phoning in. >> hi, sara. hi, wilfred. thanks for having me >> so give us a peek into what your business looks like right now across the u.s. as far as stores, traffic, and delivery? >> well, look, our business is being impacted across the u.s. and all the other markets that we operate in that are experiencing the challenges of dealing with this virus. but we know we have a very important role to play in the communities we servearound the world. our employees, our franchisees, take tremendous pride in giving our customers safe access to the affordable food they love and given our footprint, over 50,000 restaurants around the world, and big presence in asia, where

the virus has already impacted the market, and we've had this great ability to leverage the learnings from that market and take those to the other markets as they start to experience a it l b -- little bit of this crisis. we are open for business around the world. 5% of our stores are operating today. the vast majority of our markets. but our business looks different to your point, to your question. we have more delivery, more driverthrough, more carryout-type business and we're introducing new ways of using our brands that didn't exist before joey watt, the great ceo of our yum china brand and her team, they went ahead and developed a new contact list delivery process whereby a customer can offensive board tlir an app, take care of all the payment, and when the food shows up at the customer's door, they're notified by the driver and then the driver moves away so there's no contact between the driver and the customer so a great innovation that's been adopted by all the

restaurants around the world in our system and in the restaurant industry the business is certainly changing and it's our job in good times and bad to change with the challenges of the business >> let's talk about the use of cash that was the other big announcement that investors pay attention to today suspending the buyback program, borrowing another $525 million on the revolving credit line. bring us up to speed on the strength, on the health of your balance sheet and what position you find yourself in right now >> well, look, we have over a billion dollars of cash now. certainly we're in a good position but we want to take an abundance of caution as we manage through the challenges of this situation. so our number one priority is taking care of our employees, our franchisee, and our customers, ensuring that's a safe experience for them so if that means providing some assistance at this time, that's what we're going to do that's why you see us out of an abundance of caution suspending buybacks so that we can do

things like we just did in the united states, which is provide a grace period for franchisees on their royalties or suspend capital investments for them so they can have the cash to get through this crisis, continuing to serve their communities, continuing to keep their employees employed, and -- which is very important for the economy and important for our business so all of that is being done out of an abundance of caution to make sure we're set up to ride out this crisis in whatever direction it takes >> david, to what extent have higher take-aways and deliveries offset footfall in the restaurants themselves gauge it for us in terms of scale. >> well, our business has historically been much more reliant on delivery, drive-through, and carryout than it has been dine in, so we come into this with a better business model to weather this kind of storm. what we're seeing is no surprise intuitively you would expect it, that customers are more

interested in delivery one of the interesting things that's come up, though, is they are actually more interested in carryout as well, and the carryout business is growing in parts of our business. we're make sure we're set up in those channels to make sure we can serve them in the best way possible in the vitae business, where we have a number of stores that are heavily relibt on dine-in, those are some of the stores unfortunately that closed during this time in markets around the world because we're not seeing the dine-in business, whether it's in the u.s. where it's quickly gone away, or the uk, where all dine-in restaurant have closed. it's a big shift in our business but we've always been in the business of reacting to what customers want there's a period of time where customers are looking for something different than they've ever had but there was a time when the drive-through was introduced into the restaurant industry and that was a different way customers wanted to react to brands

we will constantly be evolving our brands to react to consumers' needs. >> what happens to the workers in the stores that have had to temporarily close because they're in states that may be shut down or otherwise we're just trying to gauge how bad the unemployment numbers are going to look in this country. for your industry, restaurants, i know the small restaurants in new york are extremely worried and starting to shut down. i'm wondering what it means for bigger or more stable companies like yours what are we going to see in terms of employment? >> for us, we've previously announced a while back that for restaurants that we operate, if the restaurant closes we'll continue to pay our employees. we know that's the right thing to do. we're working with our franchisees to take a similar approach certainly, if you look at the restaurant industry at large, this is something that's going to have an impact and without the stimulus bill, we know that a lot of restaurant companies won't be able to continue to take care of their employees, which is why it's so important we get that bill passed and take care of our great franchisees and all the employees on the

front lines. a business like ours in the united states, for example, has a thousand different franchisees. many of these people actually started as front line workers at an hourly position in our restaurants and grew to own one, two, ten, 15 restaurants those are the people that are desperately trying to make sure that they can take care of their employees during this time that's why the government aid will help greatly in that regard >> david gibbs, thank you for phoning in keep us posted >> thanks, guys. still ahead, the ceo of mondelez will join us exclusively to discuss supply chain issues life isn't a straight line.

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it was the first back-to-back days in the green in the s&p and dow in the bet paert of two months, the industrials up almost 500 points at 21,200, really double that until the last ten minutes when some word of a snag down in wa kwa abo washington about the stimulus

package wove its way into the markets. the s&p up 28 points nasdaq turned negative in the last ten minutes or so it had been the laggard much of the day, ending down 33. the russell 2000 up 1.25 sara >> tyler, we'll send it over to mike santoli for a check in on investor sentiment, mike >> pretty drugmaker move the investors intelligence weekly survey of professional investment advisory services you see this big rush to the bearish side now more bears than bulls in the latest weekly survey that's not the typical thing as tom mcclellan has pointed out, in the last couple of decades it's rare you have bears exceeding both in this particular series and it does suggest at least that the mood has soured enough for there to be some kind of low taking shape, at least by this measure. did also want to place the current kind of crash-like move in the market into some historical context as well

fidelity has put together this chart that matches up 1987, 2012, and 2020 they're the only charts in the past 50 years that have a 30% vertical drop like this. you saw how it played out from there. 2018, kind of sideways, then the retest did not succeed and several months later a lower low. in 1987, however, big rally, then sideways for a while with an upward tilt never saw those lows again this is a way to accentuate there's no single way that things playplay out after we've seen a market pattern like we have, guys >> mike, thank you for that. morgan stanley's online trading platform for wealthy clients went down today. hugh joins us with more. >> hi, wilfred it was down for at least a few hours. i checked in, you know, and it appears to be up and down, so intermittently so basically, if you recall,

what happened with robin hood, the free trading pioneer, they were overwhelmed by the amount of traffic on certain days in the past couple weeks. and so this appears like it's the same issue >> i think hugh, for that reason, given that we covered that story so much, very important that we cover this as well i guess the slight difference is that morgan stanley also has a human interface that people can still place trades i presume that was knocked down. if you couldn't place an online trade, you could phone in and speak to your broker instead >> absolutely, wilfred the major difference is that, you know, this online portal is really just one of the two options that people can call and there are about 15,000 of these financial advisers and typically handle people with $5 million to $10 million in as ets. it's a white glove kind of experience you can always call in it's not exactly apples to

apples, but also, still, given the attention, it is not a great look >> for sure opinion hugh son, thanks so much for bringing us >> thank you, guys well, wilfred, as the coronavirus pandemic persists, global food supply chains are called into uestion. mondelez ceo dirk van de put joins us in an exclusive interview. thanks for joining the program give us an update on how you're managing the supply chain to get that food out to groceries so people can stock up. >> good afternoon, sara. thanks for having me yes, i think the situation is changing every day, and we have to deal with unforeseen circumstances around the world but at this moment, i'm happy to say that all our plans are working and that all our route to markets are working fine. every day there's something that comes up that we need to adapt

to but so far so good and i feel very good about our people around the world that keep our factories running, that keep our distribution centers working and our sales forces that make sure that our products are on the shelf around the world. so, yes, it's bumpy, but so far things are very good for us, i would say. >> yeah. i mean, we're hearing the same from campbell soup we talked to yesterday, from coca-cola. what are people doing right now when it comes to your products i think of them as more indull gent snacks -- oreos, nabisco crackers is that part of what people are buying >> yes yes, for sure. i think in moments of anxiety and stress and nervousness and uncertainty, it's normal that consumers go to comfort food like biscuits and chocolates yes, we see an increased demand, a strong demand for your product. we know that the consumer is

buying more. we see that pantry loading we call it in the u.s. very clearly that's happened. but also in europe, we saw an increase and in other places around the world we also know that at home, you're consuming more of our products, so i would say that for our categories, and we know historically the snacking categories, that they fare well when things get a little bit rougher, a recession coming or a consumer not feeling that well or that great about the future snacking does well in those circumstances. >> doug, with that in mind, do you think that the performance for your and for your sector will be similar to what it was in 2008/2009 or is this a different type of crisis that may benefit you more because of things like stockpiling and rushing to buy certain foods >> well, it's very early to

tell at this stage, the consumer staying at home and consuming more at home certainly is benefiting our categories. we see a diminishing of the home consumption, as you can expect, but more than compensated by the in-home consumption. linking in with the question is that sara asked, it's all going to depend on these supply chains i don't think there's an issue with the supply chains not being able to supply what's needed, but will we be allowed to continue to supply that is probably the bigger question that's something we didn't have in 2008 or 2009, so it's difficult to make a comparison, but i do think that from a basic consumption, the need for the consumer is certainly there. >> dirk, you've got such a global perspective with the

majority of your sales outside of the u.s., including in india, which i know is a key market for you. 1.3 billion people have to stay at home there. how is that going to impact society and the economy there and your business? >> yes india is a country where people live outside like in many tropical countries and developing markets so just the task to keep everybody at home is an enormous task i would say but this sunday, they did i would call it a test run and they did quite well. and i think that has emboldened them to do it now for three weeks. it's clear that that is one of those disruptions i was talking about that comes upon us every 24 hours so we have to quickly adapt. on top of the fact that people really live outside, it's an economy of a lot of small stores

in many cities around the country that need to be serviced on an ongoing basis by salespeople and trucks so i would say at this stage it's a little bit feeling our way through this and see how this is going to work. obviously, if everybody has to stay at home and only essential goods can be sold and distributed, that's going to have a major impact on the economy. and i'm expecting that also our business will be affected a little bit in the beginning and after that we will find ways to adapt to that. >> really quickly, dirk. in the markets, commodities and currencies have both been wild along with the stock market. and they both affect your business in terms of raw materials of course and as overseas sales how does it look to you versus other sort of volatile periods in history as far as what that's going to do to your bottom line? >> well, first of all, we don't live hand to mouth we hedge on our commodities and

i would say for this year we are more than covered and even into next year. so what we've done on commodities in the recent fluctuations is use the downs to protect yourselv ourselves moree feel good on where we stand for commodities next year. we've don the same with the exchange rate. obviously, over time, particularly in developing markets, those exchange rates will play a role in our cost, and then prices will have to go up so we will have to see and we will have to live with some price increases in developing markets in the future. but on the other hand, i think on the commodity side we feel pretty good. >> dirk van de put, thank you very much very much for coming on. >> thank you >> ceo of mondelez >> i was going to say that you don't need stress to go out and buy chocolate and biscuits

anyway still ahead, the former prime minister of italy tells us what lessons the rest of the world can learn from the impact coronavirus has had on his country. desperate situation there. it's a challenging market. edward jones is well aware of that. which is why we're ready to listen. and ready to help you find opportunity. so. let's talk. edward jones. it's time for investing to feel individual. when i lost my sight, my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me.

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welcome back let's get the latest on the coronavirus outbreak sue herera has the details for us hi, sue. >> i do indeed, wilf good afternoon, everyone another state asking its residents to do their part minnesota's governor has ordered state residents in all nonessential jobs to stay home for two weeks starting friday at midnight california's governor gavin newsom says 1 million people have claimed unemployment in that state since march 13th. there were just 281,000 jobless claims in the entire nation for the week ending march 14th newsome also announcing four big banks have agreed to a 90-day waiver on mortgage payments for those impacted by the outbreak and the coronavirus continues to spread in new york the hardest hit state in the nation there are now more than 30,000 cases there, more than half in new york city. new york's governor explain why is he thinks is outbreak is so

severe >> because we welcome people from across the globe. we have international travelers who were in china and who were in italy and who were in korea and who came here. and i have no doubt that the virus was here much earlier than we even know >> you are up to date as always. get more on the coronavirus and cnbc's coverage on cnbc.com. back to you, sara. >> sue, thank you. up next, facing the coronavirus try v c crisis we'll speak to the former prime minister enrico letta. life isn't a straight line.

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welcome back italy has reported another 683 deaths from the coronavirus since yesterday. the total death toll now more than 7,500 making up more than a third of all virus-related fatalities worldwide this comes as the country's under a nationwide lockdown. the prime minister hiking fines to $3,200 for those who defy the measures without good reason joining us now is enrico letta he was the prime minister of italy in 2013 and 2014 mr. letta, thank you for joining us, and our heart just continues to go out to your nation and the tragedy of course that keeps unfolding there. and i wanted to ask first of all if i may why you think the

tragedy has been so much greater in your country than some others >> it's very difficult to say. it's very difficult because there's an epicenter in italy, lombardy, an the rest of the country has figures that are not so different from figures we are having in france or in other european countries there's an epicenter in lombardy, so it's important to understand what happened there and now there's no other explanations, but it is clear that the situation there was really more complicated than in the rest of the country. and you mentioned, tragically, yes, it is a tragedy >> do you think it has anything, mr. letta, to do with the health care system in italy, with the age, with the population in italy? we're just trying to glean, you know, that as a test case and figure out, you know, how to

learn from what's happening there as it relates to this crisis that we're dealing with here in the united states. >> i think the only reason we can raise on this point is the fact that italy is a country where we leave open doors. italy is a country, a melting pot country, is a country where there's a lot of travels, a lot of changes, companies travelers, people working outside, coming and i think it is maybe one of the reasons, it's not a remote place, it's a very central place. the north of italy is more central than the rest of the country. so maybe it's one of the reasons. but, you know, it's very difficult to say because what has happened today in spain is exactly at the same level of what we had in italy the last days so at the same time, germany is

different. so it is not easy to have trends, to see trends. but of course we can take lessons from what's happened until now. >> mr. letta, what are the lessons to take away from the fe tragedy in italy what would you advise policymakers here in the u.s., if they're listening >> i think the most important lesson, lesson number one, is please do not underestimate what is happening please do not underestimate. because tomorrow it will be more difficult if you underestimate now. i think this is the most important point. of course there are many lessons and many tools first of all, distancing second, it is very important to isolate the oldest part of the population you have to stop schools,

universities this is what we did, and the rest of europe too at the end of the day, the most important point is, do not underestimate. because at the end of the day, of course it is my guess, it is impossible to say that this virus will end up in three weeks, five weeks, eight weeks when i heard president trump saying that easter, and then business as usual -- i would like to believe his word, but i fear it is not the real word my guess is that we have to leave with this tragedy or with this big problem for the next months, maybe the entire year. because before finding the vaccine, it is very difficult to think that we can defeat completely the virus

>> mr. letta, thank you so much for joining us, and our very best wishes to your country. >> thank you very much up next, your daily good news run down from us. itd we are moments away from the whe house task force briefing of the day we'll take you there live, 5:00 p.m. awesome internet.

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each day we've been finding stories of hope amid all of the pain caused by the coronavirus, as companies and individuals step up for the greater good here are some of the most recent examples that we've found for you. major tech companies, including facebook, twitter, and microsoft, are partnering with the w.h.o. for coronavirus hack-a-thon in an effort to develop software tools to help with health care, business, education, and more. hertz says it will provide fre rental cars to health care workers in new york city through the end of april, along with free cargo vans to transport supplies starbucks is pitching in saying it will give free coffee to first responders and health care workers through may 3rd. retailer gap tweeting it will pivot resources so factory partners can make masks, gowns,

and scrubs for health care workers on the front lines tim cook tweeting apple has sourced 10 million masks for the u.s. and millions more in hard-hit areas in europe hollywood couple kristen bell and dak shepard will record lid waive rent for tenants in buildings they own in los angeles for the month of april i love this segment and it does lift the spirits >> absolutely. we are moments away from today's coronavirus task force briefing what investors need to be watching for when we come back you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading

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welcome back some breaking news, phil lebeau? >> s&p has cut the crediting rating to junk level more details but ford has been cut to junk credit rating by s&p. not a surprise we've seen a number of notes from the credit rating agencies on ford, gm, fiat chrysler, because of what's happening with coronavirus, the cut or stop in production, as well as the big dropoff in auto sales that we're seeing right now that's expected to continue over the next couple of months.

>> phil, thank you. we are moments away from the coronavirus task force briefing. that is set to take place at 5:00 p.m. tonight. we know that's been very important for investors, for citizens, as we all try to figure out where we are in this crisis and what the government is doing about it. >> and that is expected to start any moment now, as is "fast money. over to brian sullivan deal or no deal? stocks giving up a big chunk of their gains. signs that a massive $2 trillion relief bill could be delayed by bernie sanders and four gop senators welcome to cnbc's continuing coverage of these markets. i am brian sullivan. check out the late-day move in the market you can see the market taking a big hit into the close right at the end of the day that's as senator bernie sanders came out and said that he will hold up the $2 trillion package if the gop senators do not change their views on what he calls corporat