breaking news, wall street set to pick up where it left off after one of the worst quarters for stocks on record as the white house warns the u.s. death toll could reach 240,000 overseas, largest banks scrapping some $20 billion worth of buybacks and dividend payments it is wednesday, april 1, 2020 you are watching cnbc.

good morning welcome to the show. we begin with breaking news as we have been for the past few weeks. futures pointing to steep losses after pointing to one of the worst quarters on record the s&p down as well as the nasdaq as well markets much lower the dow shedding more than 23% in just the past three months. its worst quarterly performance since 1987, and worst performance for a quarter on record boeing there, sliding more than 50% since december 31, shaving

nearly 2,000 points off the dow itself not much better for the s&p 500, losing 20% for its worst quarter in history and worst quarterly performance since the financial crisis oil prices as well down 66% to the lowest level in 18 years coming off the worst monthly and quarterly performance ever down 66% the numbers are not much better right now around the world matt taylor is in singapore. julianna tatelbaum has the early trade in europe. matt, we'll begin with you it has started early in asia and is carrying around the world now. >> absolutely. the first day of the new quarter for us in asia looking like the last few sessions as well. we saw a fair bit of late selling as well as futures moved

sharply lower. we want to go through some of those. particularly in china. take a look at the shanghai kpozity down we have seen light in the manufacturing space showing that pmi expanded in the month of march. it rose 50.1 following the official pmi number which showed a read of 52 when it comes to shanghai composite, it showed a decline and in hong kong, the decline of about 16% over the first quarter. in north asia, japan down 20%. bank of japan showing a negative mood among manufacturers in japan that slipped to a read of

negative eight from zero this is the first negative print we've seen in seven years. elsewhere, south korea down 20%. in australia, its worse quarter on record there down some 24%. back to you. >> thank you for that update to the early trade in the european forces, julianna tatelbaum is standing by in london >> good morning. european stocks are trading lower this morning you can see losses of more than 3% the ftse 100 underperforming the broader market, the uk benchmark. we had some manufacturing data out for the eurozone this morning confirming a steep contraction in the output. that only just begins to account

for the coronavirus output and what it means for the economy. there is more defensive sectors like health care holding up better every sector there is trading in negative territory a very similar picture to what we saw in the u.s. substantial losses the ftse mib logging the worst quarterly performance ever down 28%. the dax down 25% and the ftse down 24% today, first day of the month, first day of the new quarter, that selling pressure has returned >> julianna, we have other news coming out of europe some of the uk's biggest banks are bowing to pressure from the bank of england scrapping some payments in light of the crisis.

we are talking big names san tan dar, barclays and more take us through that >> so far this morning, we have seen a negative reaction across the banking space. here is a look at the moves we are seeing now this move from the uk lender is on the back of request from the banking authorities. the bank of england pushing them to scrap and use dividends to help the economy and channel measures p ut in place by the government into the real economy and households that need it. this follows similar calls from the european banks this is uk banks joining

european lenders scrapping those dividends. we are seeing a negative share price action here. this is a short-term tradeoff for a long-term benefit. >> that is live from london on the european trade tothe latest on the coronavirus outbreak where the number of global infections is set to hit 900,000 with nearly 200,000 in the united states alone. >> that's right. the u.s. infection rate remains on track to hit 200,000. the new statement from the white house has people on edge >> that is a minimum number. what we are looking at, whatever we can do under that number and substantially under that number, we've done that through mitigation and dedicated american people. >> 100,000 is the low end with

projections estimating cases to rise to 240,000. the president adding that the u.s. is facing a, quote, very, very painful two weeks >> maine is the latest to issue a stay at home order three out of four americans are now under some form of lockdown due to the coronavirus pandemic. quest is withdrawing 2020 guidance saying testing volume has declined including covid testing because people aren't going to the doctors to tests. shares of quest down in early trade. back to you. back to the markets now. stock futures indicating a sharp lower on wall street

joining me now, bill baruch. should traders and investors expect more of the same in april than we saw in march >> caller: we saw a nice rally some of the levels, a lot of people watching the retracement in the market where the s&p just stopped on a dime a lot of people attributed the balancing and a lot of liquidity that seems to be dying out here. if we get below 23.80, we could start to see cascaded selling

there. keep an eye on the weakness from overseas crude oil there keeping it there. >> so bill, you mentioned these retracement levels talking about levels and benchmarks that traders look at on things perhaps moves, momentum and that sort of thing. is it safe to say that those particular types of levels are what is driving action or is it still the uncertainty about the path in the u.s. and global economy >> absolutely, you have to credit some of these as volatility picks up. there is more uncertainty. that uncertainty and volatility, you may have a more fundamental back drop on trading and

investing. a lot of people are driving on the technical levels that becomes more relevant here in a market like this. that doesn't mean the entire market needs to come off of that yesterday, we cut all reads for the time being there are different things you want to focus on looking at that narrative, where in april are you going to see tightening where are all these bills going to be paid what parts of the economy will start to work out. >> thank you for those thoughts, we appreciate it empty super mark shelves and long delivery wait time are some signs of the global shock.

a first-hand look at what consumers can expect plus, the pressure continues to grow for amazon over the firing of a warehouse worker who took a stand against what he saw as unsafe working conditions at one new york city warehouse. now city hall in new york weighing in and sobering words from cleveland fed president over the unemployment picture. still ahead when cnbc comes back ever since we've gone mobile on the now platform, something's gotten into the office.

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welcome back if you've made a run for supplies amid theout ---out break. truckers have been key in the growing demand they are creating some hurdles for drivers to deliver those goods. joining me with the story is jeff tucker, former chairman of the transportation association which represents the third party logistics industry jeff, thank you for joining us let's talk big picture now are the u.s.'s supply chains for u.s. groceries in tact and not

stressed yet >> they are in tact. they are stressed a bit. i want to first acknowledge truck drivers. these are folks that are 55, average age 61 in the crosshairs of this virus. they are out there supporting our needs. there are challenges these folks are facing we could all be doing better as elected officials. >> i've made a couple of supply runs to my grocery stores. one of the things they ask is whether there is a real panic they look around and see store shelves stocked. what happens if we start to see more bare shelves and our

truckers are more versed to the growing fears of the coronavirus? >> i'd like to assure viewers that truck drivers as a whole, wrap themselves in the flag and rise to every challenge and occasion so i believe truck drivers will not abandon supply chains or areas even the hardest hit right now stores and food distributors, we take a percentage of calories from restaurants. all of this now has to go through grocery chains they are challenges with keeping up with that they are doing a pretty darn good job, i would say.

things we need most likehand sanitizer will take longer to come back on line. you'll see things feel normal again soon >> you bring up an interesting point about need we all need and want things like wipes and clorox wipes what does the trucking industry need to effectively do their jobs and keep american store shelves stocked? >> it starts at the top. i think washington needs to priorities safety and convenience for drivers. roeg decisions like pennsylvania made recently to shut their rest rooms and highway rest stops is a slam in the face of drivers who are literally sustaining us in life. drivers are telling us, the

biggest challenge they have right now is food, rest rooms and park etining. they are getting ticketed when there is no parking available for parking. every four or five times we acknowledge the health care worker, we should be acknowledging the truckers as well >> we wish you and everybody in the industry good luck and best of health. still on deck, pitching in one ride at a time uber pitching in to help the front line workers first, watching shares of macy's

as s&p is removing the iconic retailer from the index saying the cap looking to be replaced we are back after this

welcome back the crisis growing ever day with the death toll topping 1,000 in new york >> america's medical system is struggling to keep up. in new york city alone, the virus-related death toll has exceeded 1,000 with 182 deaths in just 24 hours the 911 volume continues to hit new records. they received more than 6,500 calls in one day governor cuomo spoke about the difficulty of getting equipment into the hands of medical officials. >> you have 50 states vieing for one item we all wind up bidding out each other. it is like being on ebay with 50 other states bidding on a

ventilator >> there are new reports of hospitals warning workers that they could be fired if they speak out about the lack of gear or talk to media without authorization. new york mayor has ordered an investigation into the firing of a working at the amazon warehouse. they fired him after, quote, violating social distancing rules. back to you. >> thank you frances rivera, stay healthy still ahead, best buys and what my next guest calls the market bottom check out shares of microsoft, the only dow stock to escape the first quarter in the green by the slimmest of margins with a

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stocks set to kick off a new quarter as futures point to new losses president trump points to a very painful two weeks ahead amid the coronavirus outbreak

the outbreak setting up challenges for many americans paying their mortgages new issues there it is wednesday, april 1, 2020 you are watching cnbc. welcome back to the show i'm dominic chu live at the cnbc headquarters kicking off this half hour with breaking news futures are pointing to steep losses ahead of the opening bell ahead of one of the worst quarters on record as you can see here, the dow would open down by 668 points. about 78-point decline for the s&p 500 and the nasdaq showing an implied open down 209 points. today's action comes after an historic month for the markets the dow shedding 23% worst quarterly performance since 1987

worse first quarter performance ever leading the decline, boeing shares losing more than half their value. 54% to the down side that shaved points to the dow over that time span. the s&p 500 losing 20% and oil prices trading near its lowest level in 18 years coming off its worse monthly and quarterly performance ever down more than 66% much of that same around the world right now. matt taylor in singapore and

julianna tatelbaum in london >> for us in asia, much like we saw in the first quarter we have positive economic numbers out of asia. particularly china we did see a number of the asian markets. we did have the shanghai composite trading higher also in the manufacturing space with the private sector clashing and pmi showing expansion rising to 50.1 in march and hot on the heels of the official pmi number we saw showing a read of 52. the shanghai composite, one of the better performers in the region neighboring hong kong did well it stood out as a better performer with a decline of 16%. things became rougher.

further north for japan. the bank of japan showing a negative move among manufacturers in that country slipping to a read of negative eight from zero. the first negative print we saw in seven years elsewhere, south korea at 20%. further, australia logging its worst quarter on record there with the s&p down some 24% up by about 3.5% >> now to the early trade in europe julianna tatelbaum is live in london >> good morning. so european stocks are kicking off the next quarter on the back foot across the board every region is trading lower the cac 40 down by

the same we got fresh manufacturing data as well showingout put this is expected to be one of the newest data points one other is the action on bank space. uk banks lenders have scrapped their dividends for banks to cancel dividends and buy backs and bonuses to bankers to use those funds to show up funds and lending to households that need it reaction has been negative you can see, we are seeing a

great deal of pressure it was a dismal quarter for banking stocks as well following much of the same you've seen state side back to you. >> to watch now where the trump administration is ramping up projections of the death toll to the coronavirus. eamon has those details. good morning >> good morning, dom it was a grim-faced president trump who came to the briefing room to tell reporters that the best case scenario is a lot of american deaths. >> they are very sobering. when you say 100,000 people, that is a minimum number what we are looking at and as many people as we are talking about, whatever we can do under that number, substantially under that number, we've done that through mitigation and dedicated american people. >> so the president saying that

the best cased scenario is somewhere around 100,000 deaths in the united states that puts america's wars pales by comparison. 2.2 million could happen if they had taken no mitigation efforts. yesterday, we talked about nancy pelosi and her plans for a phase four stimulus to get the country out of the economic shock. i have talked to two senior officials overnight who sul suggested to me that behind the scenes at the white house, there is no planning for a phase four bill nothing whatsoever moving behind the scenes one official cautioning that no staffer can rule out plans for a phase four, implying that it will be up to the president. they are focused entirely right now on executing this phase

three. this massive big that was just passed will require a lot of effort right now >> it is interesting you know who said they are talking about a possible next phase on the record was president trump himself on twitter. he took to twitter to say, that this is a great time to start an infrastructure project to fix our roads, bridges and tunnels that could be the next stimulus we need. is there any possibility that washington can get together in an bipartisan effort if there was a need to arise to put a massive infrastructure in play to focus for americans right now to get jobs? >> my understanding is that the president was sort of throwing that out there for discussion. the democrats have been talking about that a lot on capitol hill nancy pelosi saying the fed chair told her now is the time to go big and think big

especially with interest rates so low the president likes that idea. i'm told there is no real planning or effort going into play for phase four because phase three was such a big push. they've got a lot of work to make sure the rollout of phase three goes smoothly. so, yes, definitely a bipartisan appeal but they are not quite there at the white house pointing back to the markets now on the first day of this quarter as investors hope to recover to the worse month since the recession. hurt by three big drops. nearly half of the dow ended down at least 10% in that trading action joining me now is mike ryan, ubs

global wedge manager is the bottom in or is there more ahead >> thanks for having me on when we saw the bottom is in, there are several preconcessions we need to see some case that the case curve is bending here you've heard the president and officials talking about different models there is a couple of things we are looking at to determine whether the case load is slowing down one is going to be in terms of the number of hospital bed utilization. that is probably the cleanest way to read it some of the data is underreported because testing is not widespread so one thing will be looking at hospital utilization rate. second will be the number of states in lockdown

lastly, the grim stat tisic 245 we have to focus on is the mortality rate secondly, we need to see the policy response is adequate in terms of size. we have seen what we consider to be a surprisingly quick initiative by the fed and the fiscal policy. we've seen elected officials and massive utilization. the issue you raised is is it enough or will more be required? >> let's talk about unprecedented. you've used that word are regard to the economic perspective as

well we haven't seen anything like this what exactly are you looking towards in terms of precedent about how we emerge from this in terms of market and economy? we don't have any framework for referring this to. we've had short-term duration but it is not something we can model here this is not just a shock we work our way through. this is an internal slowing meant to contain the virus there is nothing on the record here here, you have to run the course of it. you have to first stem the public health threat in our view, the second quarter will be one of the worst or the worst on record.

it is important to set up the infrastructure that allows once we work through the case load and once the virus begins to crest, beginning the process of getting the economy back on track. we expect to see that in the third quarter and fourth quarter. >> in some ways like a natural disaster and in some ways not. thank you for being with us. a quick programming note, can you get a recap of the latest headlines at 7:00 p.m. eastern only here on cnbc. great perspectives to wrap up the day. coming up, the trump administration mulls new steps to help oil and gas amid falling crude prices and uber making a new pledge to help health care workers on the

front line xerox says it is scrapping the take overattempt of hp citing uncertainty over the situation

welcome back the number of coronavirus cases continues to climb near the

190,000 mark >> the energy department is set to announce letting companies lease space in oil reserves. the president ordered the doe take advantage of low prices to fill demand. uber announced it is giving away 10 million free rides and food deliveries. helping health care workers, senior citizens and those who need assistance. the owner of paceo of palo forego his salary. >> we announced that fund and a pledge we have committed to no layoffs in our company

taiwan plans to donate 10 million face masks 7 million will go to the eu. that plan will likely anger beijing and highlight the tensions between those two sides. back to you. >> the housing market right now is feeling the impact. more trouble is on the way as a number of americans struggle to pay their mortgages today. good morning >> today is the first of the month, which is when a lot of people pay their mortgages but with thousands of americans out of work, services are being barraged for help. all barrowers are entitled to

loan forbear arns. they can take three to six months but those payments will be tacked on to theend of that period >> we have set up integrated voice response which allows customers to self-service. on sunday itself, we had about 8,000 requests that people were able to get their own forbearance on line. >> he saided up citi bank mortgage saying the market today is in a better place but admits that this crisis could get a lot worse. >> we have a lot of refinancing happening in two years up to this a large number of customers still have dispose al cash

that is helping a little bit if unemployment gets keeper like the midteens, it could get far deeper >> das says the majority of those calling work in hospitality industry and expects numbers to broaden in the coming weeks. >> this is a key time for people looking to engage in transactions it is the spring coronavirus has shut down traffic physically for people looking to go in and out of houses what does this mean for economic issues with job losses is the overall real estate market at risk because of what is happening because of the

deteriorating continues for people's paychecks in this country given the virus outbreak >> the spring market is pretty much done. we are hearing from agents and home builders that traffic has fallen off we expect to see mortgage applications to purchase a home to drop again. there are some people looking around visrtually. some people have to move but you won't see the numbers expected this was expected to be a busy spring in the housing market you you are seeing people that were going to sell delisting their homes. we could see a drop in 35% of home sales >> diana, thank you for that update coming up on deck, markets set

to face more pain following the worst first quarter ever as markets continue to trade volatilely, you can always watch oris lten live on the cnbc app we are live right after this break.

welcome back after what was a terrible month for the markets, this is cleveland fed president on our air here on cnbc just yesterday said expect more pain when it comes to the jobs picture. >> we basically told people that that is an investment in public health i expect to see some very bad numbers come out of the economy in the first quarter and second quarter. what it looks like is going to

depend on how the virus succeeds and the success of social distancing and other tasks that we are doing now in terms of keeping things contained >> investors could get a taste of that when the adp reports private payrolls at 8:15 eastern today. we are expecting a loss of the terms of that. joining me now, cnbc contributor. jenny, how much does the economic -- first of all, it is not uncertainty. we know it will be bad but how much uncertainty with regard of the numbers will play out in the markets over the next couple of weeks? >> i think markets will be pretty tough over the next couple of weeks. we've had a ton of information coming out a lot of it has been helpful but for the next two weeks,

there will be a potential vacuum of positive information. and instead we are going to get all of this bad economic data. that could contribute to a rocky, bumpy process >> every technician i spoke with told me bottoms happen in processes. what do charts look like if we were to have one. >> i think we started the process. it will be monday and tuesday where things may look worse.

i liken this to when someone is dating and you don't hear from your new boyfriend or girlfriend for a few days and you assume the worst. i liken this to that to your earlier guest's point, until we see meaningful declines until we see that and start to feel better, it will be bumpy. >> if this bottoming process has started to play out, what does this do in terms of your portfolio. what situation have you been weighing to get in >> that has been the conversation we've been thinking about using the hurdles.

i think where we stand right now is bottom up fundamental investors. whether the market goes down and is more bumpy, some are at rock bottom prices some of these are down 50 and 60% and they are at the right places now we are increasing in place where they have had real damage and reinvesting in companies we've held we know dividends are safe and earnings are okay. we know they'll come out of it just fine but the share prices are tough. >> are there ones on the radar

you consider new positions >> goldman put out a new report on monday. there are companies like cisco systems, ibm, home depot some of those we already own other ones are really attractive we've been researching there on the watch list. if we can get them at better prices, they might be compelling in terms of what we are adding right now. yesterday, we added magellan midstream. these are companies we know will have no problem sustaining they are just fine and have share prices down disproportionate to the market >> thank you for sharing your thoughts cnbc's continuing coverage

is ongoing right now we'll start off april with these losses dow implied down 613, the s&p off by 73 and the nasdaq off as well cnbc's continuing coverage is back after this.

breaking news, futures point to a sharp drop after futures point to one of the worst on record the coronavirus death toll passes 4,000 president trump issuing his most dire warning yet suggesting that 100,000 to

240,000 americans could die. it is wednesday, april 1, 2020 breaking news reaction to the coronavirus right now. >> good morning. i'm becky quick along with joe kernen and andrew ross sorkin. the dow shedding 23% in three months the worst since 1987, the worst first quarter performance ever crude prices lowest we've seen in 18 years. coming off the worst performance for wti. starting a new trading month with the month of april. futures looking weak right now the dow would open