market rally fights to finish the week on a positive note as the dow makes its biggest three-day surge in nearly 90 years. the house meets over the worries of getting the $2 trillion stimulus package approved president trump making the case to get this country back to work as this country becomes the epicenter of the coronavirus outbreak cnbc coverage of the crisis begins right now

good morning and welcome it is 5:00 a.m. on the east coast of the u.s i'm frank holland along with courtney reagan. good morning let's get a start with the markets early and see where the futures will open this morning we are indicated lower the dow lower by 400 let's check on the bond markets and see what is happening. the 10-year yield at 0.77% all of this after the big rally yesterday. the dow jumping more than 1,300 points or 6.4%

the dow is on track to snap a three-day losing streak. most my green across the board in asia. different in early trade in europe, however. matt taylor is standing by in singapore. we'll toss to you first. >> mostly positive session for asia pacific markets seemingly shrugging off the picture. japan up about 4%. japan logging the best weekend gain you can see at the 108 level australian stocks ending down. the government ordering all people arriving in the country must self-isolate in hotels. india cutting the repo rate by

75 basis points and an unscheduled emergency meeting. indian market higher by 4.4% now to europe with jeff cge cutmore for the latest >> europe is not showing a coordinated response to the virus. let's show you a regional break down of the markets. with the ftse 100 probably one of the most liquid markets in europe, off 3% as people are selling what they can sell in terms of the sector break down, let's see where the pain is being felt most here.

this is a broad brush source travel and leisure saw the biggest gains. down sharply by almost 4%. this explains why people are getting edgy around the corporate outlook. cutting their guidance and daimler, telling the market it needs financial support, asking for extra support from governments at this stage. a reflection of some of the corporate ails that are holding back investor sentiment now. >> now to washington warehouse members are discussing the vote. tracie potts joins us now from

washington >> let's see how the markets react to this. turns out it is not going to be a voice vote that was the plan until one lawmaker wants to make sure his colleagues vote in person. $2 trillion on the line this morning. >> it could be one vote. one grandstander, maybe. >> one member of congress, republican from kentucky hinting he'll call for a recorded vote on the coronavirus rescue forcing at least 216 lawmakers back to washington to vote in person michigan's fred upton tweets, i'm driving back to d.c. to get this going >> another is jumping on the red eye. >> a we have members quarantine.

at stake $1,200 checks for americans and billions for hospitals and local governments. the house speaker is confident it will pass today >> we expect to have a voice vote on it if we don't, we'll be prepared for whatever it is scrambling to save the economy and americans running out of cash of course, this is the big bill that includes money for emergency and extended unemployment as we've reported, there were a record $3.2 million claims, twice what the government was expecting. >> that number was higher than our last record number the last high number was 695,000. i have to ask if lawmakers

weren't in washington and they did this voice vote, what does that mean? how would they do that >> bottom line, there has to be kwa kwor um, a minimum number. it is sort of don't ask, don't tell if no one asks, a voice vote, even with a few people in the chamber will work. something like this with an overwhelming number of supporters are for it, if one person stands up and says, i want a count and there aren't enough people there, then it fails or they can't pass the bill that's what this member of congress is threatening to do to ask for a count when there wouldn't have been anyone in the chamber. >> forgive me if this is a silly question, why is massy doing

that >> good question not everyone is into spending this $2 trillion it is not clear at this point. nbc tried to contact him we haven't heard back to get explanation of why he's hinting that he'll call for a voice vote or a roll call vote. >> thank you definitely a developing situation there. to the headlines, president trump is set to hear recommendations on a plan to reopen the country the president will be briefed by the white house virus task force. vice president pence told reporters yesterday that task force will share a range of recommendations as the u.s. has surpassed china and italy as the epi enter epicenter of the outbreak.

steven mnuchin is indicating that airlines will take takes for grants the aid to airlines emerged as a major sticking point with some lawmakers. secretary mnuchin has signaled equity stakes could be part. general motors will temporarily cut pay for 69,000 salaries workers. gm attempts to save some money that reduced pay on wednesday will be repaid with interest no later than next march. courtney >> thank you let's get a check at futures here it is just after 5:00 a.m. in the united states. the dow jones is indicated lower to the tune of 510, the s&p by 62 and the nasdaq lower by 193

points with necessity now jeff jacobs, head of strategy and research. thank you for being with us. i'm not sure if you heard all of tracie potts' report but we are not yet past the finish line on this relief bill we think in person as a number of persons are trying to physically get themselves back to washington, d.c is that why the market is lower here there is some concern that maybe we are not at the finish line yet? >> no. i think the markets have expressed a lot of ocptimism around what has been done. we've seen very close to passing in the senate and the house. i think markets are looking forward and realizing everything washington is doing is supportive of the economy and the markets. they are treating the symptom and not the cure

trying to treat the economy that is totally stalled out there is a little bit of the optimistic view that has now passed and they are looking at what is the new upside going past washington's involvement. >> i could understand being an investor waking up and being a little confused. where we've hit this new rally seeing the records from the lows we had just hit from days ago and waking up this morning and seeing now futures are indicated down how are you supposed to make sense of this market today we know the outbreak is continuing we know the numbers are going to continue to get higher. what are you supposed to do

by the up days followed by the very large down day? >> no doubt there is an extremely volatile moment. a lot of investors right now have been trying to wait this out and remain calm and stick to their investment plans they've been a little more aggressive on the risk taking side we've seen a lot of investments out there trading at pretty big discounts. looking at the high-flying areas like e commerce, video game trading space. investors that have a little capital to deploy are looking at these daily swings as buying opportunities to get into these long-term themes that have

expressed a lot of price appreciation >> why video games what is the opportunity you see there right now? >> it is just one of the things you can do at home this is a longer term trend people have been looking to play interactive games. there are billions of gamers around the world you've gotten rid of actual sports, gotten rid of going outside and going to restaurants. people are looking to fill that time socially with friends on line or with their family on the couch at home. this is concentrating that entertainment dollar into one specific segment we've seen revenue estimates for this industry increase through this crisis as there is more and more money being spent on video games right now. it is a rare bright spot but

even despite those increased revenues, it is trading from a discount of about a month ago. >> video games that is an interesting one to watch there. jay jacobs, thank you. when we come back, president trump making new comments on the relationship between u.s. and china. china's president calling on a coordinated virus response the mayor of new york issues a dire warning as the virus outbreak escalates even further. major agleue baseball goes to bat for hospital workers. more when we return. i know that every single

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welcome back president trump taking to twitter, writing, just finished a very good conversation with president xi of china. china has been through much and developed a strong understanding of the virus we are working closely together. a very measured tweet from the president. cnbc eunice yoon is with us now. >> it is really interesting, frank. because the state media has been

presenting president xi's remarks as the one who is really responsible as a statesman the state media has been quoting president xi as that china has shared information in an open way, wasted no time providing information on the virus and told crumb p that cooperation is the only right choice. those comments echo what president xi said during the g20 video conference call when he is urging unity to fight the pandemic leaders committed $5 trillion to the fallout and will do whatever they can to fight the virus. all of this talk comes at a time when tensions between the u.s. and china are very high. both countries are accusing the other of a slow response when fighting the pandemic and also

for miss naming the virus. an indication that perhaps the tensions will be there quite some time. president xi jinping made calls to those fighting the pandemic in their own countries, italy, germany, spain, it was only today when he got on the phone and state media pointed out it is only at the behest of the americans. >> very interesting. it seemed like a much more measured tweet than we have seen from president trump with regards to the language even what he calls the virus. my question is because you all were in front of this time wise in terms of where we are with the outbreak, numbers and response, what can you tell us about where things are right now and how things are reopening or

not? what is lifelike right now in beijing? >> life is better in beijing companies are opening up again more businesses are opening to consumers. people are venturing out now at starbucks, you can now have two people seated at one table a couple of weeks ago, people had to sit at their own table. things are improving a little bit but because of the trauma of having to deal with the pandemic for so long, that psychological scarring has led a lot of consumers to just not quite feel comfortable to go out in full. that's where china is at they are trying to get people to go out more but people are still very reluctant >> thank you an encouraging sign still in

china. on deck, retailers hammered and looking for any sign of relief talking about what it will take to get people back out and back shopping >> announcer: today's big number, 19.99% that's how much the s&p has gained since monday's intraday low. logged the third straight positive day for the third time in more than a month nsurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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welcome back a live look at times square. much emptier than we are used to seeing it. the number of confirmed cases in new york topping 23,000. frances rivera has the latest. >> tough end of the week, the new york health care system is facing an unprecedented strain of coronavirus cases in the city surges past 23,000 and the death toll passes 365. the mayor says, quote, we will remember your actions for the rest of history. >> president trump is planning his first trip outside of the u.s. in a few weeks. the navy hospital ship is setting sail for new york city bringing over 1,200 medical

personnel. the vessel has 1,000 hospital beds governor abbott has requested a quarantine for new york. drastic measures we are seeing all over the country and world hope you are staying well, safe and healthy. >> francis, great to see you and i hope your family is staying safe too still ahead, president trump makes the case to reopen the u.s. the stimulus package with a new hurdle >> despite the disruption of the demand brought on by the coronavirus outbreak cnbc is back in a moment our full range of products and services will take your enterprise to a bold new era.

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stokcks are set to snap. president trump pushes to reopen america. >> we have to get back to work our people want to work. they want to go back they have to go back retailers set to get some relief in that stimulus bill as consumers clamp down on spending >> it is friday, march 27, 2020. you are watching cnbc.

good morning and welcome back. i'm frank holland along with courtney reagan. >> good morning to you, frank. let's check on the markets and where things stand in the early going before those opening bell sounds the dow jones is indicated lower by almost 500 points, s&p off by 58 and nasdaq is lower by about 190 points looking at the bondmarket. right now, the 10-year yield is at 0.77% the yield on the 30-year is at 1.365% all of this after the rally we saw marking three straight gains. yesterday, the dow jumped 1,300

points the dow is up more than 17% this week on track to snap a two-week losing streak. back to you. mostly green in asia overnight. we have team coverage around the world. matt taylor is in singapore. we'll toss to you first. >> it was a mostly positive session for the asia-pacific market seemingly shrugging off most of the futures in this session. japan heading up near 4% with the best weekly gain on record japan was up 17% this week despite the yen strengthening sitting at that 108 level. china markers were firmer despite weaker data. industrials falling by more than 40% in the february period ending down more harsh measures

being imposed. new arrivals must isolate in hotels for 14 days in india there, we are seeing moves go higher. cutting the repo rate by 75 basis points you can see the india market shy there. now to geoff cutmore with more >> we are off more than 2.5% across the european blue chips this morning we have been spooked here by the rising infections in the united states overnight of course, we are seeing a lack of real policy unity here. we had a council meeting at the eu level they failed to agree on euro bonds or coronavirus bonds, what they are calling them.

there is a lot of uncertainty in the trade here now in terms of how it breaks down on a regional basis. the ftse 100 down nearly 4%. disproporti disproportionally impacted here because they are suggesting no further transactions should take place. taking you down to italy still not really seeing stabilization because of the impact of the coronavirus. one of the first and biggest impacts here in europe showing you the sectors. it's those that would gain as over the last few days we are giving it all back. banks are down oil and gas and real estate. a reflection of the real estate story where the uk is suggesting there should be no further property transactions at this

point. looking at the story the eye wear business, a cement company both pulling their guidance and daimler asking for a $10 billion euro credit line raising concerns about the auto sector that is a wrap up from europe. back to you. in the u.s. toorksd tday, te is expected to vote on the $2 trillion stimulus package. eamon has more >> one congressman from michigan is driving 10 hours to get to washington today for this vote on the massive stimulus package. they thought they would be able to pass this by voice vote but there is some indication that house member from kentucky

might ask for a voice vote they need a quorom of members. members in new york are told to shelter in place a number of members have been diagnosed with coronavirus getting everybody back is very difficult. they say they are working on that and they do expect to have a quorum at some point at some point, we do expect the houseto pass this. the threat is is not that it won't pass but it might be delayed until they can get those 216 members to the capitol and looking to cruise lines, a lot of them are registered in

offshore tax jurisdictions here is the president saying he thinks there might be a work around >> i lido like the concept of coming and registering here in the united states. it is very tough to make a loan to a company when they are based in a different country that being said, they have thousands and thousands of people that work there and maybe almost as importantly that work on shore the cruise line business is very important. >> the president there seeming to suggest that there is a compromise here if the companies can be reregistered in the united states and pay u.s. taxes. i'll toss it back to you >> eamon, we spoke about this earlier with eunice. the president sending out a tweet talking about a

conversation with the president of china his tone seemed more tempered especially with regards to china and the role of the virus original nation there. any understanding about why the tone seems to have shifted >> he was asked that exact question yesterday whether xi jinping asked him to stop referring to this as the chinese virus. he stopped doing that this week. no indication why from the white house. the white house kind of danced around answering whether president xi asked them to stop. >> i was surprised with the tone there. but maybe we are moving forward from that. thank you, eamon have a good day. joining me now, michael purves, chief market strategist. he will help us size up the market and perhaps what you

should be doing as an investor right now, futures indicated lower by about 500 points. this comes after an impressive three-day rally. they say, look, you could not trust this rally and maybe the top indicators were that he is right. fundamentally, nothing had changed. assuming that this does get past in washington. >> looking at these rallies with a lot of suspicion i'd rather have that spread out over six days and not three days or two days. the sharpness of this rally, the magnitude and the sharpness and

velocity of this rally, you've only seen that level in bear markets. in 2008 and in the 1930s one thing that is interesting, the vix closed at 35 it is telling you the average boom will be 4%. those will not all be 4% up days there will be down days. it is pretty inevitable we'll recast those lows. whether we go beneath that of how the function goes and how

bad for the key. >> those are key features we will watch the dollar is something we should watch closely down 3% for the week here. relatively flat right now in the last 12 to 24 hours. what should workers be paying attention to when it comes to the dollar >> that is a great point that back drop here with respect to the dollar is one of the silver linings so far. i had been arguing that after the first 50 basis point cuts was that the weaker dollar eases conditions in the u.s. and emerging asia. those countries are not only on the front lines of corona but in

the phase of rebooting i think the weaker dollar condition where you are seeing across the taiwan dollar, the korean yuan. not all of them are really weak. but the key message is not to see the dollar surge here. that is very, very important there is a lot of dollar dominated debt that would seeboroisee borrowing costs go up a lot. a lot of those are involved in the supply chain at the sovereign level, doesn't need to be sfresed anymore than they already are every country in the world will be having issues

especially in emerging asia, you don't want to see that right now. >> there is a lot to be done we have to keep a strong stomach about what will come through michael purves thank you for joining us thank you, courtney. coming up, confirming the u.s. credit rating at triple a but not without warnings and coming up, lululemon shares. said it will not offer an outlook due to the outbreak. still to come, among today's special guests, vice president keen at 10:15 eastern. we'll be right back.

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welcome back we'll continue to follow the outbreak fitch confirms u.s. rating as triple a hilton is suspending stock buy backs and announcing plans to layoff staff the ceo will skip salary for the rest of the year and the

executive committee will take a 50% pay cut. baseball league wants to help hospital workers. fan attics will make 1 million gowns. don't miss the ceo at 8:15 eastern. a number of industries hit hard by the outbreak we talk about airlines and cruise sector and hotels as frank brought up those names retail, one in four americans works in retail or supports it with us, head of global consumer industries thank you for being with us. to that point, i keep hammering this home. i am concerned about the american worker and consumer

which are often one and the same >> they are one and the same. >> when you have stores closed, that is a problem of course. those workers can't be working the consumer was really the lynch pin to this economy for so long when the other factors started to weaken. is this taking it further into recession here >> the real question is how fast the workers get back into the stores their employment is directly tied to the consumer confidence factors that drive spending in the u.s. and other markets globally >> so confidence is a really big deal confidence and sentiment what will it take to get american consumers feeling better again do we have to see these numbers

totally gone does this virus have to be totally past us before we can restart the economy before someone feels okay buying that discretionary sweater? >> in one direction, consumer confidence and the supply chain of retail and the need and capability to get essentia products through the supply chain and to the store is strong that part of america's retail has really with stood the challenge. the question about the discretionary spend is really when do those dollars hit the u.s. pocket book >> you brought up the supply chain. even though there is growing strength in e commerce, the

majority of sales are still done in physical stores right now, maybe you are buying more on line than before, even if it is taking longer to get to you. will that change behavior? because of habits that are formling now that maybe didn't previously exist for some of us. >> the key is to really stop thinking about consumers through channels consumers don't think that way they look for path to purchase that has the least friction. today, their only option is on line that has allowed retailers to really bill the infrastructure to fit the need in that channel. when we go back into stores physically, we expect a surge back into the local community where consumers are taking care of their local stores bringing the e commerce numbers back down

but something close to 40% is not unlikely going forward >> thank you for being with us today to help us understand the thoughts of the american consumer the markets are up more than 20%. check out the biggest laggards pre-market you can always watch or listen to us live on the cnbc app we a bk aomt.reacin men

good morning welcome back you are looking at a live picture of chicago a couple of cars there out on

the road let's look at futures and where things are indicated after several days of green arrows, we are pointing to a lower open but we have hours until the opening bell sounds. dow pointing at opening down 500 points joining us now to square up where we might be going today, is td ameritrade it has been a weird week the worst month since the financial crisis are we out of the woods or not should you be relieved or squared? >> if you think about yesterday and today so far, we haven't hit the limits in overnight trading.

in order for us to really go higher, what you need to see is more predictable trading throughout the day so at some point, it would be great to come out and say, here is where the support is right now as resist tense throughout the die i don't think anybody can say without confidence because the moves are just so big. we start to see more trading range. right now, we are traiting at 100 s&p trading points overnight. something more predictable and more in the ranges that we are used to. i think that is the very, very first step that we need. i think it helped the market with confidence quite a bit. the size of these moves would be over 1,000 points a night.

long term would be through the market and makes it difficult for the average person to go through and do those things. >> good point, we are not at limit up or limit down where futures will go is not held throughout the trading day. we got those jobless claims numbers of 3.28 million. we knew it would be bad, at the end of the day, we still rallied 6.4% on the dow. should we just expect these numbers to be worse than expected and it is not going to dictate market direction >> first of all, you are correct. that was a surprise to many people just over 2 million was the high end. when we came to the 3.2 million

number, the market didn't know what to do with it it was amazing throughout the rest of the day. i do think those will continue to be worse and will have employment here. everyone is lowering their expectations further retail sales will be really interesting when that number comes out. one thing people are looking forward to we have the stock market being a forward looking vehicle is how the pent up demand is. getting to the outside where they came some of the beaches where they are pent up to get out. when all stores are open a

little bit, you may see a surge initially. that said, it looks to still be two to five weeks away depending on what the estimate is from doctors. can the market hold? that is the most difficult thing. >> we have about 30 seconds or so left. while businesses are largely closed, we have numbers coming out. just quickly, does it give you a broader indication of what might be going on in the tech market or any other read there before we let you go? >> chips so far, may look like they are okay. stocks have good news there. they held up better than expected i think those with really good balance sheets will come through really well.

it is infrastructure, so people will have that demand. >> thank you for being with us >> have a good weekend >> i wish you a good day ahead that does it for us on cc.nb we'll send it over to the next crew right after this break.

good morning the u.s. now has more confirmed coronavirus cases than any other country including italy and china. president trump will hear recommendations this weekend on plans to open the country to ease the strain on the economy leaders of both parties are rushing house members back to washington to ensure there are enough votes to pass the $2

trillion stimulus plan today friday, march 27, 2020 "squawk box" begins right now. good morning i'm becky quick along with andrew ross sorkin if you were watching this, the dow over the last three sessions, up more than 20% this is why they say you have to stay invested. yesterday, the s&p was up. nasdaq up by 5.6%. this morning, we are seeing some red arrows s&p down about 70 points nasdaq down about 214 points treasury yields, the