or do we let this thing happen? >> i think if the white house and central banks could actually cause a little more panic and fear. i would just let it work out. the markets and medicine will take their way. charles: back to liz claman on the floor of the new york stock exchange. we have come back a couple hundred points, liz. liz: yeah. yeah. but we are still down 810 for the dow jones industrials and we are kicking off what could be a historic final hour of trade. certainly, the story behind this final hour is definitely something for the history books and that is this massive concern about the coronavirus and of course, what it's doing to stocks. over the weekend, the fear started building up and we want to tell our viewers that it got so bad late last night that the futures were plummeting, no surprise then. the dow jones industrials gapped open at the top. we are looking at careening head first into a very busy and scary

final hour of trade for investors who have been watching all day long this pretty significant selloff. live from the floor of the new york stock exchange, we are talking to traders, market gurus, all kinds of people who will help you deal with this hour and with the money. i want to show you a couple things. dow, s&p and nasdaq, we will clock it right here, because you are seeing the selloffs. we are off the lows of the session. we do have the dow jones industrials down 821 points. when it opened, it did absolutely gap down but they are looking at the moment at the s&p down 89 points. it had been down triple digits. i will tell you that much of this started with the coronavirus spreading to unlikely countries. we are talking about iran and italy. investors, very concerned, of course on friday on "the claman countdown" we told you wait a minute, there is this hot cell of cases of the coronavirus in northern italy, an area called lombardi. sure enough, what happens, we are looking at real fear because

on that day, friday, 16 people had been sickened. now we are looking at 229, just over the 72 hours of the weekend. here's a number to watch for the dow jones industrials. 1175. if we see a loss of any more than that, that would be the all time record point loss, not percentage, point loss. you have to go back to about i want to say february of 2018 when we saw that. what had caused that back in february of 2018, fear that the federal reserve would be hiking interest rates. we do not have that fear right now, folks. we want to tell you as we look at fed funds futures, this is the area where of course traders bet on the likelihood of a fed rate hike or cut. well, now look at this. we are looking at a fed funds futures indication, if we can put that up, of a cut of about 80% chance there. that what we're seeing, guys? it's really changing moment by

moment. so 80% chance that we will see at least a quarter point cut by the july meeting. that means there is an incredible amount of fear and the federal reserve is going to rush in possibly, at least that's the betting, and prop up this market. even with the new global cases that we have seen in italy and iran, this is really starting to get worrisome. that's why you are seeing such concern here. the u.s. has confirmed 53 cases of the coronavirus. that's the united states. we are watching this extraordinarily closely but putting aside the fact it is now spreading to quite a few continents here, we just haven't seen many cases in africa, i'm pretty sure not any cases in south america or alaska which is not a continent but certainly separated from the united states. here's what is a real worry for a lot of people. that the world health organization is punting on calling this a pandemic. in the past couple hours, the w.h.o. came out and said yes,

we're concerned but we still don't believe it's a pandemic. let me tell you something, wall street is not waiting around to see if that is the case. they believe it is a pandemic. all you have to do is look at the red on the screen. although i would point out, take a look here to the left. dow jones industrials down 795. looks like we are struggling and trying to come back off those lows of the session of a loss of 1,079. coming up, we have all kinds of triggers in this hour, so we are going to go commercial-free for the entire hour. we will bring in these top money gurus, gold bug, coronavirus experts, all you need to know. in the meantime, want to talk about the vix, the volatility index at its lows of the session, down about 44%, hitting a level of about 25. we look at the vix, i believe it's hovering around 24 at the moment. just off the lows of the session. let us bring in our floor show traders right here on the new york stock exchange. i am joined by sarge. stephen guilfoyle, our good

buddy. also luke ribari and peter schiff, who of course is the gold bug. you are kind of the guy of the hour here, because gold in the early morning session had spiked significantly. it's coming up off those highs, though. you see this? it's scratched back about 30 bucks and we're not off as much as we were earlier. what's going on? >> well, this is probably the most unloved bull market i have ever seen in gold. we have been climbing this wall of worry so i think too many people look to take profits. they really have no idea how high the price of gold's going to go. it's not the coronavirus that's driving it, it's fed monetary policy, especially the additional easing that i think the markets are correctly starting to price in is going to result from the coronavirus. liz: okay. i want to bring sarge in. you heard what peter said regarding gold is the trade of the moment, definitely when you are looking at that, although tell me what you are seeing with the markets and what you expect in the next call it 55 minutes

of trade? >> i would love to see us hold the levels we're at for 55 minutes. this would be good enough on a day we were down more than 1,000 points on the dow. peter is right about the fed, because i heard you mention the fed funds futures before. right now, they are pricing in a rate cut on the short end of the yield curve for april, another one for september and a 44% chance of a third cut in december. so that's kind of significant. although i don't see, being i think that the coronavirus is such a huge part of this, this is not a standard selloff. i really think this is something that investors have to get back, they have to step back -- liz: what are you buying, then? look, you have apple down more than 4%. >> i bought apple this morning. liz: what else? >> i bought amazon and disney this morning. all three of these levels are trading higher than when i bought them. i bought them for all technical reasons. i do believe these are good businesses, although some of them may be overvalued in the historical sense. that's not a concern right now because if this turns into a trade, not investment, i can still make money.

liz: luke, i want to get to you. what is the metric you are watching for that will give you either a green light flashing or there is a further leg down on this issue? >> one of the metrics is going to be what you talked about earlier which is the vix level. remember, normalized vix, somewhere around 16 to 20 for some people, 18 to 24 for other people, we are just getting back to a normalized vix. volatility was so low. let's see where the vix goes. that's one of the levels i'm watching. i also want to watch the chip stocks. i want to look at the low of the chip stocks and see where they close out. that's going to be important because -- liz: be clear about that. let's be clear about that. because they have the most exposure to china, semiconductor stocks, i believe advanced microdevices was hit the hardest earlier. >> but also, also they are going to make the biggest comeback and also, we are not going to use less chips, ever. from now until the end of history.

unless something huge happens. so the chips are going to be what you want to look at and i also want to look at some of the biggest stocks we have talked about, what google is doing, some of the biggest dividend paying stocks, are they staying steady because their balance sheets are stronger than a lot of weaker stocks. liz: okay. peter, gold is at a seven-year high. but guess what is outperforming gold and there aren't a lot of investments that are outperforming gold right now, tlt, an etf that basically mimics the 20-year treasury. i believe that that's having a better day even than gold. what do you say about that? explain to our viewers why you think that is. >> well, i think anybody who is taking refuge in long-term u.s. government bonds thinking they are a safe haven is going to lose a lot of money. in the short run, it's a crowded trade. people pile in there. what the bond market is doing is they are correctly anticipating future fed rate cuts, but not because they are appropriate, but because that's what the fed

is going to do. if you remember, back in december of 2018, when i was on your program, just after the fed hiked rates for the last time, that's the last time you saw the stock market this week, i said the next move the fed would make would be a cut. i said they were going back to zero and that they would go back to qe. they have already gone back to qe. we are not quite at zero yet. the coronavirus is simply giving the fed an excuse to do what it was going to do anyway but it is not going to solve the problem. the fed is not going to cure the coronavirus. it's not going to cure the economy. what the fed is doing is going to make the economy sicker and ultimately, the inflation that they unleash is going to destroy the bonds that people are buying. the real safe haven is gold and that's what people should be buying if they really understand the problem. >> i think you're spot-on with saying what the fed is doing and what the bond market is doing is pricing out future growth. i think they are pricing out future growth and even future inflation the way they measure it. liz: you don't throw all stocks out with the bath water that we

see today. check the dow jones industrials down 794. go ahead. >> oh, no. actually, growth names, once we settle back into an environment where growth is hard to come by, what have we got, the ten-year, the three-month, the inverted curve is -- yeah, that's really, that's really negative. you are going to end up with -- [ speaking simultaneously ] >> remember, though, u.s. stocks are extremely expensive even if there was no coronavirus. the u.s. economy is long overdue for a severe recession anyway and we have got the prospects of berniened sanders being the ne president. there are scary things out there when you have an overpriced market. liz: luke, what about that overhang that we have when you are talking about overbought stocks? this market is still near record highs. >> liz, i mean, i have been saying it, i have been saying that the fed has taken growth from several years ahead of time

and brought it back, that rates are too low. i don't think the fed cutting rates is going to do anything or that much more for the market. peter is saying they are going to cut rates. they expanded their balance sheet which is the same thing. they weren't cutting rates, they expanded their balance sheet which is kind of the same thing. another area that a lot of people i think are looking at mistakenly and taking it wrong are commodities. they are saying china commodity demand is going to be down, some commodities are getting hit. commodities are going to be harder to produce, harder to transport. look at unleaded gasoline today in relation to oil and the oil stocks. people should keep that in mind. >> precisely. liz: gentlemen, hold on. quick, peter. really fast. we are looking at -- >> we are getting a supply shock so the supply of goods is going down, at the same time the fed and central banks are creating more money which artificially inflates demand, that exacerbates the problem. we get stagflation out of this.

that's a disaster. >> what if we make more stuff in the u.s. now? >> no, we're not. >> migrate back to north america. it would boost wages in the middle class. >> none of that's going to happen. we don't have the capacity to do that. we don't have the infrastructure. we don't have the supply chains. we don't have the trained work force for the factories. that's all fantasy. liz: okay. that's it. no fantasy here on the floor of the new york stock exchange, i can tell you that. thank you all very much. see you in a minute. i do want to take a walk over here. remember when you just heard sarge say that we were maybe seeing a loss of about 795. now we are down 827. i'm talking to traders who every single minute of this session say it is the final hour of trade, particularly the last 45 minutes, where you may start to really see some action and why is this all happening today, why did we see an earlier 1,000 plus point loss on the dow jones industrials? because of the coronavirus

spreading, make no mistake, to italy and iran and south korea is definitely spiking up as a hot zone. let us bring in some of the experts here who are talking about what is happening here and one of them is dr. michael osterholm. he's at the university of minnesota but more importantly, he's a very major expert when it comes to the transfer of all kinds of diseases, whether it is hepatitis b or hiv, between the transmission between health care workers. welcome. thank you for being here. why is the w.h.o. saying this is not yet a pandemic? >> first of all, there are both political and public health considerations to any kind of a definition of pandemic. in 2009, the w.h.o. got widely criticized for declaring that influenza situation a pandemic when in fact, it was, but it wasn't as severe. i think what we have to do is just understand what makes up for a pandemic is the worldwide

spread of a new disease that's of significant importance. this virus is transmitted worldwide, it's transmitted like influenza virus, which is like trying to stop the wind, it's not possible. you are seeing the kind of transmission around the world now that we predicted several weeks ago, if in fact this was going to continue to spread and it is doing just that. liz: italy, on friday, i noticed thanks to lori garrett, the author of "the coming plague." the pulitzer prize winning medical reporter, she had flagged the situation in italy and it's the northern part of italy, i don't know if you saw the milan, probably the milan stock exchange, you're not watching on a daily basis but we here at fox business are, it tanked 5.4% and in doing so, it knocked 30 billion euros, about $31 billion u.s., off the value of these italian stocks. so let's quickly talk about the spread in italy. on friday, when we saw this, we talked to our viewers about it, there were 16 who had been

tested positive. now there are 229. what does this tell you about how quickly this can spread? >> first of all, i wouldn't concentrate on italy. this is going to happen worldwide, including the united states. we just had five new countries today reporting cases for the first time. within four to six weeks, you are going to see much more widespread transmission around the world. somehow people think the u.s. is going to be spared. it is not. we are going to see a worldwide outbreak of this and i don't care what you call it, we need to get ready for it. we need to understand our supply chains, on an international level, and what that means for critical life-saving drugs. we understand if we close borders, we are going to hurt ourselves more than help and just don't concentrate on one country. look at the world right now. it's in a coronavirus issue. liz: doctor, i do want our viewers to understand what you guys know that the world does not. one single case can, in six days, equal how many cases?

because i saw, you've got to tell me, i'm hoping this is wrong, i saw that one initial case can spawn more than 3500 cases in sort of this triangulation of this person passes it to two others, then to another two, et cetera. >> right. if you look at the transmission about every six days from one person to another, and you talk about doubling that, meaning that's been the average number of cases that one person will infect, you go from two, four, eight, 16, 32, 64. that's not a lot of cases initially, particularly since 80% will be relatively mild. but by the time you get to the 10th or 11th generation, you are now talking about 3500 cases. what's happened in italy, what's happening in countries around the world, is they have now had subsequent transmission four, five, six, seven generations, and now we are seeing these cases poke through. when you see five health care workers already infected in italy when the outbreak was first understood to have occurred, you realize that that had to be transmission that

occurred over several weeks, not just this past week. liz: okay. then i do have to ask about the diamond princess, the ship, luxury ship that was docked off yokahama, japan. what happened there? because they definitely quarantined so many people but by confining them, it appears that hundreds got sickened when only a handful were originally sick with the coronavirus. they were breathing recycled air. can you not deduce from that as we look at the dow jones industrials falling 843 points right now that the fear is in here? >> well, first of all, we will get through this. we have to keep remembering that. but it's going to get a lot worse before it gets better. the diamond princess situation you talk about is one where, in fact, people were unfortunately kept on that ship. they should have been taken off. it was a cruel human experiment. we know that ships are very good places to spread germs like this. but i think at this point,

that's a lesson learned, how infectious this virus is. liz: okay. doctor, thank you for your expertise. folks, if i have to pull out a headline, he says the united states will not be immune to what just happened in italy. so as we look at all that happening, i want to quickly take a look at what's going on. when you look at europe, europe is closed right now but you look at the dax, it lost 544 points. it was a very, very rough day for all that was happening in europe having to do with what's happening in italy. i want to quickly talk about oil, because folks, as we look at oil in the aftermarket session, it's less about the price of oil which went down as low as $50 and change and i believe we are slightly off that at the moment, and more about margin calls. sounding the alarm about margin

calls, we will explain what that is because it could make the market cycle much lower, david greenberg. david was a nymex trader for decades, on top of that he was the risk manager for his company on days like this, on both the persian gulf wars and of course, 9/11 post when the markets finally reopened. good to see you. thank you so much. quickly explain why margin calls, the phones may be ringing right now to people who borrowed to buy a lot of stock or the commodities. >> always good to see you. as you said, you and i have been through a lot of these things between the gulf war and 9/11, katrina and all these other major issues. what tends to happen, while today is important, with an 800 point down move, the key is going to be what's going to happen the next few days. and what sets that up is really the risk managers and the margin calls that are coming through. there will be people today in their e-trade accounts, in their schwab accounts and morgan

stanley accounts, they will get a notice that they need to put more money up for the positions that they have because we all know that stocks are on margin but even more so, commodities have an extremely huge margin position. so what happens is that now we are trending about 800 lower. now is when all the hope traders come in, i hope it goes higher, i hope it bounces. what ends up happening, why tomorrow is important, you have a few days to get that margin money in. if tomorrow opens up with what we would call a leg down, a lot of the risk managers and the margin managers are going to force people out of their trades which puts another leg that shoves the market down and then it could be very interesting to see where it goes from there. liz: okay. just to be clear, some investors borrow a lot of money because they believe that oil was so cheap at $53 a barrel that they borrow from their broker and then when you see such a drop here, such a significant drop in oil, the brokers look and say wait a minute, you have now

breached that floor, that floor that you need to be at at a minimum so there are one of three options. they will call you up, they will say give us the money to bridge the gap to make it back up to the minimum, or you hear that noise? that's classic. these traders all have these indicators. they make all kinds of noises just so you know all about that. >> i was a floor trader. trust me. liz: you can liquidate stocks, raise the cash or is it true, they will liquidate your account or enough of it even without asking you to cover the margin call. correct? >> sure. the key thing is the clearinghouse you're with and your relationship with them. if you have a position, everybody can trade a lot more than the money they have in their account. it's just the way the market works. but as a risk manager, if i'm worried that this market is so volatile that you can't get out of your position and you're not only going to take yourself down but you are going to take me as your clearinghouse down, i'm cutting your position, i'm

telling you to get out, because the end of the line, you want to risk your money, that's one thing. you want to risk mine, or merrill lynch's or morgan stanley's, that's a whole other story because the way it works is the clearinghouse is the ultimate protection against the exchange from getting wiped out. so this is where the risk managers come in. it's not always about the other people's money. it's about the company's money they are protecting. liz: david greenberg, thank you so much. we are watching brent crude which was down in the aftermarket about $2.20 to $56.30. that's what trades overseas. west texas intermediate down about two bucks to $51.42. we had been at a 50 handle so we are off that low. quick check of the dow jones industrials, we are down 831 points. boy, what a difference a potential pandemic can make, specifically elon's happy dance. you remember elon musk of tesla, the ceo who is always a little bit controversial and always interesting to watch, he of course was at the opening of

tesla's shanghai factory awhile back, well in the rear view at this hour. nearly $3 billion worth of the electric vehicle maker's revenue last year came from china. that's 12% of the elon musk driven company's entire top line for 2019. fears over the worsening coronavirus outbreak are shaving about 6.66% off of tesla's stock. that equals a 59% cut there to $841.17. now we are quickly looking because i think it's very important to note, folks, the small caps are oftentimes people say the small caps, the russell 2,000, if we can look at that, down 44 points. good for a 2.6% chop. sometimes they are less exposed to global situations. well, guess what, they are not. as we watch the markets and at the same time, we talk about the coronavirus, we want to bring in

sean george, the ceo of a company called invitee, a company that does diagnostic testing. as we know, it's testing for the coronavirus that is really key when it comes to quarantining people and making sure that it doesn't spread. sean, welcome. thank you for being here. what's your world like lately? >> thank you, liz. thanks for having us. you know, good news is as we build the future of genetics applied to health, diseases like cancer, cardio vascular disorders, reproductive health, it's a long term view. we are building long term business. the day to day fluctuations in the stock market of which today is a particularly volatile one, is really something we have to take in stride as we look at the future of medicine. one thing i would say that is common between what we do and infectious disease side of things, is that a clear demonstration of the importance of genomic technology for therapy and treatment of these disorders. liz: well, you are a diagnostic

testing company. gilead is trying to get together and make a vaccine. that's months, even possibly a year away. but the word was that the world health organization said the drug maker's antiviral may be effective against the coronavirus. then you see quotes from pulitzer prize winner fellow at the council on foreign relations, lori garrett, who says let's be clear about this moment, it's not about china, it's about the world and clusters will be popping up all over. we just had the university of minnesota's doctor talking specifically about the fact the u.s. will not be immune. but to south korea, now you have 14 countries banning anybody coming from south korea who has been in south korea for the past 14 days. are we throwing spaghetti at a wall to see what sticks? >> i don't think it's that. you are seeing the highlighting of the importance of the cooperation between the public and private sectors at its core, fundamental first principle,

this is biology. it's not as predictable. there's a lot that has to go into it. i think it's kind of the cooperation on the public side with the very vibrant and i would not bet against the private sector here in the united states, companies like gilead, companies like ours, using the new molecular tools to usher in the new era of genetic medicine. that's ultimately how we combat this on the industrial side as well as from a matter of public policy. liz: if you had to guess, when will we see this fizzle out? we know viruses sometimes do that. they hit peak. we are not at peak. i have studied this at the moment. we are far from peak, particularly considering we are not getting truly transparent numbers from china. so where do you see this going, how much longer? >> to be clear, i have applied my career toward health, again, on cancer, cardiovascular, reproductive health.

as a company, we are building that sector. what i can offer, the only thing i feel comfortable opining on is the good folks at cdc and w.h.o. do have the global view in mind. we are best to follow their advice and again, i think this is something where collectively together, with the use of modern technology, i think we will be on top of this. liz: well, thank you. we will end on that note. sean george, we appreciate it. let me get to kristina partsinevelos. she is over on another part of the floor of the new york stock exchange. give me some movers here. up or down. kristina: look, we are going to focus on my face while we are doing this. it seems like some algos are coming in now, given the upswing. i want to talk about bond yields, if we can, because bonds in general have been telling us a completely different story than the markets. what we are seeing with the yield falling, you are seeing the inversion just over the past several business days. why is that happening. that's telling us possibly that economic growth is going to slow down. that's one catalyst for the fact

that you are seeing yields so low. another major catalyst is investors really didn't know how to price in this coronavirus. this huge upswing in the number of cases in italy came to a big surprise for a lot of people, the fact that they are stopping italian visas. i was talking to another trader that looked up just for fun, flights to milan. there are 32 first class seats available on a flight this evening as well as 130 seats total available overall. you can see that it's going to affect the airlines but as we have been saying from a lot of traders overall, this is not a sign of the fundamentals of the market as a whole. what we are seeing is the coronavirus and how we can actually contain that. you are seeing certain sectors, especially those exposed to risk in china getting sold off right away but overall, that's not necessarily a reflection of the fundamentals for a lot of these companies, especially those based in the united states. liz: you know, i got to ask about the fangs because if you wanted them but you felt they were too expensive, they are definitely cheaper at this hour.

with about 32 minutes left before the closing bell rings and the dow down 866, right? kristina: exactly. should you be getting in would be the big question. you are seeing some people start to buy in but if you are not familiar with this daily trading constantly playing the game, is it safe. i was talking to one trader about that because apple issued a warning last week about the coronavirus so what's stopping a lot of the other tech companies to do the same. facebook, huge selloff today. down 4%. originally before it was down 5%. so we could potentially start to see more warnings from these companies. we are in a state of flux at the moment where there's a lot of question marks, coming off of those lows. i even had some traders talk about putting bets in that we would see negative 1,000 point on the dow, maybe even negative 1500. they are coming off of that. but this could be a larger trend for the tech sector. it seems to be hold off a little bit. always be in the market. that's the big key. liz: well, yeah. you can't time it.

don't try and time the market. you won't catch the highs and you won't catch the lows. kristina: that's why we are here, to share the news. liz: ten seconds away from 3:30 p.m. eastern time. we will set the reset button. here we go. three, two, one. let's look at it now. dow jones industrials down 886. the s&p down 95. i want to just, kristina mentioned -- hey. congratulations on keeping some stores open. mitch modell here. this is the capitalist area. sorry. i was walking over here because kristina just mentioned the airlines and there is, of course, the delta area around here. we could pull up some of the airlines, i know i'm calling an audible at the moment, but from this floor, you can see that we have some of these names where you are looking at a real hit to the airlines and it's a dangerous game when you are talking about that, as we are

standing by some of these areas, these posts where the airlines trade. you can see they are down rather significantly as far as percentages are concerned. even though many of them, american airlines in particular, have stopped flying to china. okay. from airlines to shopping, you want to talk about some of these hot stocks that have done so incredibly well, but boy, are they exposed. specifically starbucks and skechers. we can talk about those two retailers because they have significant exposure to china and again, they've got global exposure to now italy and some of the european areas where we are starting to see the coronavirus. can't really see a chart now, guys. if you can tell me what starbucks is doing and skechers. i believe they are both down somewhat -- starbucks down 2.5%. skechers down 7%. can i flip it over to asia's version of starbucks? luckin coffee. again, this was a momentum play. look at this hit it's taking,

down about 7% for luckin coffee. that of course is based in china. travel stocks, we already mentioned. boy, are they having real trouble here. they are plummeting on speculation that authorities will crack down on actual movement and we have been talking about the cruise liners from day one of the coronavirus. the cruise liners have had a very difficult time. they are down about 8%. we are talking about norwegian, royal caribbean, carnival, all lower. and yeah, did we show -- we showed the airlines, right? european counterparts, everybody is having a very tough time. so as we take a breath for the moment, let's bring in one of the most widely respected market gurus on planet earth. can i say that about you? byron, i'm so glad we have you in the final hour of trade. thanks for joining us. >> glad to be here, as always, liz. liz: so tell me, i know this morning, you were calm and copacetic. has anything changed over the

six hours the market has been open since you first spoke about it? >> no. i'm pretty much sticking with my view at that time. i'm still optimistic that the coronavirus will be brought under control by the end of june, that there will be a drug that will treat the symptoms of the virus and it won't cure it but it will certainly tend to the virulence of the disease and this crisis or pandemic concern that seems to be enveloping the market now will be alleviated. liz: okay. but is there a safe haven? everybody is talking about gold. if we can look at some of the treasuries, the yields are plummeting. got to tell me a sense of where you would find a safe haven, a safe port in this atmosphere.

>> the only thing that's up today is gold, although gilead is up today because they apparently have a drug that can treat the virus. so that's the one stock that's up in this market. but i don't think there's any safe haven and i wouldn't try to find a stock or treasury, i would buy either gold or keep it in cash. liz: oh, boy. so peter schiff is doing his elon musk happy dance right now. what about buying stocks that you feel would certainly have an opportunity to rise later, that they are on sale and then we will get to the dollar because i want to talk about the dollar as safe haven. >> i'm a growth stock investor and you are seeing a lot of growth stocks that are being hit very hard in this market. technology in particular, pharmaceuticals, they are being hit not only by the virus but by the prospect of bernie sanders

being the candidate and maybe being the president. so these factors are hurting pharmaceuticals. i think you can find some good bargains in this selloff. liz: byron, would you touch the airlines? i want to show you something. come this way. we are looking at delta airlines at the moment. delta is down 6%. we are here at the delta post at the nyse. very tough moment, down $3.61 to $54.26. 25 minutes left in trade of the day. would you go anywhere and pick up some of these airlines that look like they are 6% cheaper right now? >> i mean, the airlines are seeing their passengers count dwindle. you know, i do think things are going to return to normal the second half and the airlines

will be a good holding at that time. the airlines servicing asia. liz: we got to wait until the second half? >> you got to wait -- look, this is very serious. liz: i know. >> it's now a pandemic -- liz: to that point, can i interrupt you? the world health organization says it's not a pandemic. wall street is acting like it is. i personally think it is. what do i know, i'm only a doctor's daughter. >> well, i'm a doctor's son and i can tell you, it has the characteristics of at least a market pandemic and i think by the second half, it will be brought under control and there will be some great opportunities created in the first half to be taken advantage of for rewards of the second half. liz: all right. it's good to see you.

thank you very much. byron wien, we do appreciate it. before i get to charlie gasparino, i want to show you over here, we can look at some of the foreign stocks here. these of course brazilian companies here. the oil company for brazil down 7.3%. very tough to find anywhere that you can actually hide in, although as we look at barclays, some of the financials are just slightly -- well, barclays is down 6%. hoping for a better shot there. at a certain point, charlie, as we are looking at the coronavirus, you just heard byron wien talking specifically about that. he's seen everything. he's been through all of these issues. what's it looking like to you in the sources you have been speaking to? charlie: he knows it's not 2008 right now, this is not a panic, this is, you know, this is a serious situation that the market is digesting. i want to point out, i'm a

doctor's brother, okay. liz: i know. i know. charlie: that does not make me qualified to comment on this from a medical standpoint, but here's what the market people are telling me. there's a couple things going on. that's why you see this sort of volatility that we have. by the way, we are at almost 30,000, you know. low interest rates. if you are ever going to be a time to take some profits, now might be the time to do so. but clearly, traders, major investors, people who have big mutual funds, they are all calculating the gdp impact and trying to figure out will there be a gdp impact and there is likely to be some. they just don't know how much. that bet of how much it is is what's being reflected in the market today. as you know, you can't be that big of an impact if we are down only 900 points. is that what it says? 931. when dow is at 30,000. that's not so big of an impact. but clearly, there's going to be some impact. one thing that i keep hearing from traders is that, you know,

they factor in worst case scenarios of this disease. like how many people will it kill, essentially. and you know, this is not the bubonic plague here. i'm not dismissing this. i'm not, you know, our prayers go out to people with the virus. but this is not something that's going to lead to massive amounts of deaths. that's essentially why the markets aren't off 5,000 points or 2,000 points, why there is just a correction at these levels. the other thing i want to tell you, this is what's been creeping around wall street, the government is now getting flooded with potential, with plans for cures. the fda, applications for fda applications for alleged coronavirus cures and vaccines, that is happening. so there's going to be something scientific coming out of this. we should point out that the fda process is very laborious. it takes awhile. but clearly, there is stuff in the works for awhile now, stuff that's out that's going to --

it's going to come out that you are going to see some sort of scientific response to this. these are -- some of these companies are public, some are not. the federal government has to be careful because a lot of these are sham products. it has to go through the process. but clearly, there's going to be a scientific response to this that will be fleereflected in t market. i would say this to the average investor. you know, i don't think this is the end of the world. this is not 2008. there will probably be some gdp impact on it. that doesn't mean that there is not a lot of good stocks out there. that doesn't mean this is 2008. that doesn't mean 1,000 points at dow 30,000 is really that meaningful when you think of it. it might be a good time just to -- give it some perspective. i'm telling you what the market guys who do this for a living are telling me. liz: charlie gasparino, less than 20 minutes before the closing bell rings. thank you, charlie. to charlie's point, thursday, a

big investment guy, he has a big venture capital firm, he also deals with mergers and acquisitions, he said to me liz, i am selling all my equity today. he used the past tense. i sold them today. this was his personal account. i said okay, why. he said i think nobody understands how far-reaching the coronavirus is. however, as we look at the u.s. dollar, here's another opportunity. we're not just about saying doom and gloom, right. look at the u.s. greenback where this is truly the place where people are diving into the bomb shelter that is the u.s. greenback, against the euro, you can see it is much, much stronger. people are piling into this. the yen is sort of showing a little bit of strength. i think that's interesting. but we are talking about an aussie dollar, australian dollar, hitting an 11-year low. sometimes that's a proxy for china risk because the two countries do a lot of iron ore exchange and you get a sense of the trade between the two. an 11-year low for the aussie dollar.

let's talk to traders, i believe we have scott redler. we are walking on the floor here. i do want to let you know, no commercial breaks this entire hour because we don't want to miss any kind of gap down or quite frankly, a move up. i'm looking at the dow jones industrials, down about 947 points. scott redler has just walked in. great to see you. thank you for being here. he's one of the best traders we know because you put it into regular language about what's happening. has anything changed between 3:30 p.m. eastern and 3:42 p.m. eastern? because sometimes we hit these markers. >> last hour is usually very important. what happened is they tried to retrace the decline a little bit, tried to bounce. there wasn't a lot of enthusiasm, wasn't a lot of power. now it feels like we are rolling down a little bit. the s&p is at 3234, low of the day is 3214. so we are not that far off the lows of the day. i don't think this bounce is going to get any traction. i don't think that today's low is going to be the low of the

next few sessions or weeks. liz: really. >> yes. liz: do you expect that tomorrow, we will go down again? or some of the sort of bottom, you know, bottom feeders, not a lovely term, bottom feeders, will come in and say i think something's good here? >> i think traders came in today and tried to buy a bit. on thursday and friday, very faulty action. closed below the 21-day momentum was lost so if they reduce risk already today, they tried but there wasn't much success. once you try a level and it doesn't bounce, the next time you test that level which was 3214, it tends to break that. liz: would you fit out the next 24 hours? >> i am a professional trader. probably not. as an investor, i do think you don't need to be in a rush. if you are looking to really have a bargain or buy a dip, we are only 5% off the highs. i do think when you get more bad news out of europe and asia with the coronavirus, i would say look for 3154 on the s&p which was a prior high.

that's about another 80 handle. li i would say within the next week we touch it and i think that's when investors, if they want to put more floats in besides the monthly float, that's probably a better bargain than here. liz: 17 minutes before the closing bell rings, again, dow is down 948. we tried to make a run for the bothereder border of 750. couldn't scratch that back. we are now down 955. s&p down 104. i do want to bring up another situation that we have as we are watching all of this now, is the bond yield. can we show the ten-year yield? as we started to look at it, it was awfully close to an all-time low and the 30-year, by the way, did hit an all-time low of 3.18%. that was a rather significant, as we look at that, 1.81%.

>> that's before the coronavirus started to go into europe, iran, south korea. so the bond market was seeing we are slowing down. that's why the president keeps talking to the fed saying lower interest rates because the economy appears to be much better than the bond market is telling you. now you have a slowdown potentially from seminars being canceled, flights being delayed or canceled, asia is not really open for business, now italy just had a major eyewear conference put off. business is being put off. this might not be a first quarter phenomenon. lot of people are saying first quarter will lower guidance but then make it up in the second or third quarter. it seems like it's not just going to be the first quarter. it could be lowering guidance for the year. liz: let me ask scott, because i'm a trader too. phil flynn joins us along with ed coyne, a gold trader. phil, give me a sense of what you think happens. exactly 15 minutes before the closing bell rings. let's go. >> you know, i am getting the sense there is some buying coming in here at the last minute. you know, we did bounce off some very key technical areas on the

s&p this morning, and we popped off of that area. this is the first time really since sunday night opening that we saw any buying activity really step in and try to support this market. this gives me a high hope that tomorrow, you know, cooler heads are going to prevail and we could start to see some recovery. but it always comes down, as you know, to that closing bell, the last few minutes of trading. when we start to see those flows at the end of the day it gives you a pretty good idea. this time of day, the biggest concern is margin calls. lot of people are really taking a lot of heat and sometimes as you get closer to the close, a lot of people have to do some extra selling and that will pressure the market down. but having said that, i think a lot of people would have gotten out already because the market has been down so dramatically straight down all day, and we didn't really have a heavy long position going into the weekend.

so there's a real possibility that we could see a rally, you know, and we are just waiting to see how the order flows come in as we get closer to the close. right now it's kind of even steven. not a lot of sell pressure, not a lot of buy pressure. it will probably come down to the last few minutes. liz: 28,077 is where we stand for the dow jones industrials. i bring in ed coyne, a gold investor extraordinaire. we already talked to peter schiff and he's always saying buy gold, buy gold. you have to explain to us what the value is at the moment for adding a bar of the yellow metal to a portfolio. >> sure. well, i think if you got to look at gold as an asset, also look at it as an insurance policy. when you think about gold as an investment, so often people think of it as a commodity. the reality is over the last two decades, gold has really moved into alternative asset basket. when you think about alternative assets, what are they designed to do? they are designed to go down or perform differently than your traditional stocks and bonds. gold did that in the fourth

quarter of 2018. it's doing it again today. today is really just a not so gentle reminder that the market can go down and the real purpose of owning gold and gold equities for that matter is to have an asset that zigs when the market is zagging. today is a wonderful example of that once again, that gold serves as a perfect diversifier in a portfolio. liz: okay. i get that. but do you agree, phil, that at the moment, gold is a little pricey but -- ed has made this point before, it has year to date, granted, we are only a month and a half into 2020, it has outperformed the s&p by something like eight percentage points. >> it has. you know, i will tell you why, liz, because when gold cycles and goes into sideways pattern for what was really about a three or six-year period, once it breaks out of that area, there's not a lot of resistance at that point. so when that happens, that's when gold usually has its most dynamic moves. so you've got all this pent-up

concern in the marketplace that is adding to gold. central banks have been big buyers of gold along this range. so even if the coronavirus fears calm down a little bit, it doesn't mean that gold will calm down a little bit. but it's kind of interesting, if you compare gold to the industrial metals today, kind of interesting, silver sometimes is known as the poor man's gold, right, but now it would seem like -- liz: yeah. >> it was up and actually, silver went down a little bit and then back up a little bit. the poor man's gold is not really performing as well as gold. liz: guys, we are marking it at about ten and a half minutes before the closing bell rings and again, mitch modell of modell's sporting goods, he's a businessman, he was on the network earlier. he's just about the leave the floor. this is my microphone so we have to get really close to talk. as a businessman, what is going through your mind when you see a stock selloff like this? do you worry that your customer

is going to be spending less? tell me the atmosphere. >> it's about the customers, about the 401(k)s for our associates, it's about the environment, you know, this is like a tragedy, beyond a tragedy. hopefully -- liz: for an employer. >> right. liz: because you are looking at fewer customers at the moment. >> fewer customers. also sourcing. how is this going to affect all our sourcing on imports. china. it's going to delay a lot of our deliveries. people that reacted before, they will be fine. people that are scrambling today, we are already hearing 30, 60, 90 day delays on goods. liz: well, tell me what you have learned from this as a long-time guy in retail and apparel. do you change where you source your -- >> you got to move out of china and you got to spread it as much as you possibly can over countries that aren't going to be affected like this. it's unreal. liz: i only buy my son's adidas sweatpants from modell's. thank you. hey, i could stand here all day. i could stand here all day long. am i going to kristina?

okay. i'm going to walk up to kristina. getting a sense here that we are heading -- i know what scott redler said, we are not gapping down, we are not jumping up at the moment. we are down 941 points. what are traders telling you? kristina: we want to focus on some travel stocks right now because we have a huge selloff. a lot of resorts, a lot of these resorts in general have exposure to china as a whole, specifically if you are looking at wynn. 75% of their revenue came from macao. so you know this sector is going to get hit as a whole. you have people, not traveling. i know i was in india, i was wearing a mask. everybody is paranoid when traveling. that was within asia region. now the fact that you are considering europe a major part of it, too, we were looking at plane tickets just for fun on kayak. 400 bucks to go to milan from here. you are going to see travel visas stopping over there. if that continues to spread. the major talk is how can we contain it and will it get worse, which is why this selloff

has hit a lot of the travel sectors. a warning was put on japan, too, as well as south korea. we have all these factors. china, of course, japan, south korea, italy now, throw in iran but not many of us are traveling there, and that's going to weigh heavily on the sector as a whole, especially the cruises. liz: indeed. she's not even flagged. we have eight minutes to go. eight minutes left before the closing bell rings. again, no commercials this entire hour because, sarge, anything starts to happen in the final five minutes, you could even say, right? >> oh, sure. right now, i think when i was on with you earlier, the dow was down seven something. we are almost defending the lows of the session here. this will go on all week. liz: you have so many fans of our viewers but as a trader, the psychology here is boy, things look cheaper so i might want to get in, but there still may be

more shaking out to happen. >> to be honest with you, liz, i've gotten myself involved in three names today. i probably have pedestrian profits in all three right now. i might take that risk off going into the last few minutes, depending how i feel, depending how the market feels. i know they are big names, amazon, apple, disney. i may or may not want -- those are intended to be investments, but if i have to turn them into trades to make money, that's what i'll do. liz: okay. ed, i want to point at gold up on this board here. gold is up 12 bucks. it had been up $30. now it's at $1,660. why such an interesting move on a day where there is so much fear? >> well, i think the biggest mistake investors can make is think about gold as a trade. it truly is an investment. when you think about what it does in a portfolio, more and more investors are thinking about it as a core allocation. i wouldn't get too caught up with gold going up or going down in any one given day and really focus on what's gold, you know,

what's its purpose for your portfolio. is it allowing you to stay invested in other stocks and know that you have an asset that's going to move at different times for different reasons. so i wouldn't get too caught up on what gold does today versus tomorrow and continue to focus on the long-term direction of gold the last four or five years since the fed started tightening in 2015. liz: can we put up the vix, the volatility index? i want to point this out, guys. the vix is your best indication of fear in the market. earlier, i marked the vix at 2394. it then wen up to went up to 24. the vix is up 66% year to date. right now, it is back up 44% just on this session alone. phil flynn, tell our viewers why that's significant. that's a big jump there. >> you know, i think what it is is that we . mainly because the stock market got a little bit of a bounce. i think if you look at most of

the moves on the commodities it has been predicated what the s&p and dow have done. what we saw a bounce in those, we immediately saw some of the risk-on come out of these start to come back off today. interesting, we talk about gold and silver a lot but look at platinum and palladium. palladium had been near a record high collapsed over a dollar which is a huge move for palladium. platinum as well. seen volatile moves on silver which had big impact as well and copper being back down. as we get closer to the close, we look at order flow coming into the pits. we're really not seeing commitment right now, higher or lower. very even. half as many buys as sells coming. they really aren't deciding whether this recovery bounce off the low is good or just temporary. liz: four minutes, four minutes

before the closing bell rings. we're down 980 points at the moment. i would guess, sarge, what do you think, do we go lower from here? do we drop even more? kind of weird behavior we were down 990 points. there we are, 994? >> there is lack of commitment. we don't know how broad the coronavirus is. don't have no idea what is going on in iran or north korea. liz: down 1000. >> would be surprised down 1200? i would not be surprised. i wouldn't have the pedestrian profits so far but wouldn't be surprised. liz: only happened twice in history as far as point losses we were lower than that. i want to pull up nike, a widely-held stock. nike down 4%. we knew nike had exposure to china. the concern in italy. it is fashion week in milan. they are trying to deal with all

kinds of issues with the thousands and thousands of people who come for fashion week in milan. gucci, they are all luxury names having a very tough time at the moment. the dow wiped out the gains of 2020. forget dow 28,000. we were at 29,000? we're now at 27,993 and losing steam. phil flynn what would you buy on final two minutes of trade here? >> you know, i mean listen, we always hate to catch a falling knife but i think at this point you could probably buy some cheap calls on the s&p or on some stocks. because, we know that, i can't tell you how many times, liz, we came in on a monday on fears of either coronavirus fears or china trade war fears and people came in over the weaken and couldn't wait to get out of the market.

then came tuesday, and things got put in perspective and we saw the market come back up. we can't guarranty that is going to happen, but i can tell you this, the market held key support. we seemed to find some stability. we're probably one headline away from really taking this market down lower tomorrow or bringing it back up. but you know, we did get positive headlines on coronavirus today from the world health organization. liz: i don't believe them. i'm sorry, phil. >> i agree. you don't have to believe them, but if the the market believes them we could get a rally. >> liz: clearly the market does not believe it. we're down 1003 points. sarge, final minute 1/2 of trade. >> let's go back to gold. i don't think the small investor know how to get involved in gold. 7 1/2% of gold. 5% physical. you want currency in all heck

breaks through. other 5% manipulate through paper gold. that is how you get yourself done. you can expose yourself to gold anytime even when we're not in crisis. you need some bitcoin going forward. i have none of that myself. you see trade in opposite direction. liz: with one minute left, can we pull up bitcoin? bitcoin lately on a day like this has shown spark and life. i looked at it up 70 bucks. but bitcoin has been in a way weird flight to quality. we're down 1008 points on dow jones industrials. do we have a bitcoin call? >> dxy is flat. it will trade inverse to the dxy. melanie, bitcoin please? can somebody tell me? 9587 and i'm guessing that's up? >> that is -- liz: really? okay. >> [inaudible].

liz: gotcha. here we go. the guys hear the cheering. [closing bell rings] dow jones industrials look to close 1023 points. and look at the s&p, down triple digits, 111 points to the downside. connell: all right. global outbreak spreading and stocks have been plummeting throughout the day. investors worried about a worldwide contagion and all this, cases of coronavirus have been multiplying outside of just china. the dow closing down by more than 1000 points and in doing so, wiping out all of its gains for the year. so that's where we are on a monday. i'm connell mcshane. melissa: easy come, easy go, right? not really. i'm melissa francis. this is "after the bell." the s&p 500 and nasdaq both heavily in the red. both down more than 3%. the s&p 500 on the cusp of currenting negative for the