there. ultimately, there are still contrarian indicators you have to look to. but i believe we have done a good job in educating the investing public. i don't know anyone on wall street that wants people to feel pain. charles: david, david, dani, have to leave it there. liz claman, it's yours. liz: i will take it. charles, i am pretty sure what people are seeing on the screen was not exactly the fed's intended effect but as we head into the final hour of an extremely volatile session, dow jones industrials, down 710 points. the federal reserve's emergency announcement this morning that it was dropping a shock and awe50 basis point interest cut on the markets has now triggered a stunning flight to safety. the complete opposite of the confidence it was meant to inspire. you are looking not just at jay powell but what was in the aftermath, a never before seen low in the ten-year treasury yield. it is the first time the

ten-year yield has fallen below 1%. it dropped to a record low of just .9%. right now it's barely above that at .98%. stocks made a brief attempt at rallying but then completely tumbled. the central bank said it was making a preemptive strike to stop the coronavirus contagion from affecting the american economy. the dow started swinging all over the place. more than 1300 points from a high of up 381 points to a low of a loss of 996. as you see, we are down 642 points. the s&p is down 71. of course, the nasdaq, triple digits, down 234. it all comes as president trump right now is at -- live picture, right now at a roundtable at the national institutes of health where he is meeting with all kinds of health vaccine experts at the research center. he's going to then take a tour. let's listen in.

he's taking q & a. >> if it was necessary, i would do it. yes. reporter: what's your timeline on further travel restrictions, mr. president? >> well, we are looking at different areas and we will make that decision with these professionals. we made an early decision based on a little bit of luck, i suspect, but that was the original decision on china itself. and china in all fairness to them, they never blamed us. it was a tough decision for them but they fully understood. they were very reasonable about it. but that was a hard decision to make but i guess we would have had a lot more people with difficulty if we didn't make that decision very early on. but we'll be making additional decisions as they arise, i guess, tony. reporter: what about closing the southern border? is that still on the table? >> we're not looking at that very strongly. we're not seeing a lot of evidence of that area. we are closing it i guess automatically because we have a very strong border there now. we didn't have a strong border at all. we built 129 miles of wall and

the wall area's 100% secure. but we haven't seen any great -- i don't think we have seen any great evidence that that area's a problem at this moment. we won't have to bother with that at this moment. anybody? you're so nice today. nih. it rubbed off. say it? reporter: tell us about super tuesday. how you're watching the primaries that are taking place. >> well, it's going to be a very interesting evening of television. i think it's really going to be something. it's got some races going on that didn't seem to exist a few days ago and now biden has come up a little bit and i don't know what's happened with bernie. i think they're trying to take it away from him. i don't know if that's fair but i guess it's politics, when you get right down to it, what's fair. but i think it's going to be a very interesting evening of television and because of the time difference, california time difference, it's going to go a little bit later than we're

accustomed to, right? i will be watching. who would i like to win? anybody. i'll take anybody i have to. that's the way it's got to work. doesn't matter. reporter: do you have a favorite opponent? >> i really just, you know, we have done a great job. we have the strongest economy on earth. we've gone up, as you know, china's economy has been hurt very badly, long before this. we have done a really good job and people understand that and i'm looking at polls that are really good. whoever it is, it is. we'll take them on. we have no choice, right? anything else? reporter: did you have a reaction to the north korean launch of those missiles yesterday? >> no, i have no reaction. short-term missiles, no. no. reporter: on the afghanistan, was that your first conversation with the leader of the taliban? >> i don't want to say that, but we had a very good conversation with the leader of the taliban today and they're looking to get this ended and we are looking to

get it ended. i think we all have a very common interest. we will find out about the country itself, but the country really has to get it ended. we have been there for 20 years. other presidents have tried and they have been unable to get any kind of an agreement. the relationship is very good that i have with the mullah. we had a good long conversation today. they want to cease the violence. they would like to cease violence also. reporter: the afghan government seems reluctant to turn over those 5,000 prisoners. >> they may be reluctant, you know. they have done very well with the united states for many years. far beyond military, if you look at all the money we've spent in afghanistan. we've spent trillions of dollars, trillions of dollars, and we're really a police force, we're really not fighting, per se. it's a fight that if we had to, we'd win but i don't want to kill millions of people. i don't want to kill millions of

people. i think it's crazy. and so we will be very, very soon it will be 20 years, and i said right from the beginning, not easy to get out of these conflicts. very complex in terms of all of the people you have to deal with, including frankly people in the senate, people in the house and lot of people feel differently about things, but i have been amazed at how positive the response is to getting out of afghanistan and to moving on. and i really had a great conversation with him today. reporter: the meeting today -- reporter: -- guidelines for nursing homes given the cluster in washington? >> i could ask you to answer that question. >> so actually, we have been educating health care providers really from day one back in january about the need to be on guard against respiratory syndrome and then when we had this case of the long-term care facility in washington, we sent out special alerts to long term

care facilities to be very mindful about infection control, isolation, with these most vulnerable of our seniors and other individuals who have co-morbid conditions. that's really what we have been seeing around the world is the prevalence of fatalities have been in the elderly and those who have other forms of medicalfragility, co-morbid conditions so really being on very high alert in our nursing home community is called for. reporter: mr. secretary, could you talk about your meeting with lawmakers today and what specifically they are asking of the federal government, what's their biggest concern? >> i think it's the same concern that we all have, which is getting testing out there rapidly into the community so that we can be testing as many people as possible. as you know, our excellent teams down at the cdc developed the test really in record time, within weeks of getting the genetic sequence back in january, and we approved the diagnostic at the fda under an emergency use authorization in

record time. we have been able to be testing at cdc throughout, without any backlog in testing. our throughput has been great there. we have had 12 labs qualified to be able to do the testing. we did suffer a manufacturing issue on that test as it went out to the rest of the public health labs. we've gotten that issue solved in the last week so that's up and running in the public health labs. we also have gotten this test produced by this contractor to get it out so we will this week have up to 75,000 tests shipping out there to public health labs as well as available to hospitals who order it. that's something really important that happened on saturday morning. one of the biggest issues around testing that people don't understand is during the obama administration, the fda for the first time asserted control and regulatory jurisdiction over what are called lab developed tests. before that, if a hospital or

lab like quest diagnostics, labcorps, would develop a test on their own with reagents and test, they could just do that if they were a certified clinical l lab, but under the obama administration, the fda asserted jurisdiction and said you have to come to us first and get approval of that test before you can do it. on saturday morning, commissioner hahn issued guidance saying under an emergency use authorization, we are permitting these labs, these public health labs, these hospital labs, commercial labs, to go ahead, get the tests going, do your own test, make it available and come to us for approval after the fact. that will make as commissioner hahn said, millions of tests per week available quite rapidly. liz: that is health and human services secretary alex azar and president trump. they are going to continue their roundtable and we do just want

to say that the president announced when asked that he was not at the moment looking to close the southern border with mexico because quote, he doesn't see much of a problem there as it pertains to the coronavirus. but the death toll, we do need to tell you, we have some late-breaking numbers here, now rising to nine people in washington state. nine who have succumbed to the coronavirus. previous total as of yesterday was that six lives had been lost. eight of those deaths in king county, home to seattle. officials reporting a total of 27 cases confirmed in that state alone. as of right now, that's up from 18 cases just 24 hours ago. we've got this on ford motor company and that stock is dropping about 2.5%. ford confirming moments ago to fox business that two employees in china have developed the coronavirus. ford is saying that both are quote actually getting better and as we see ford shares down 2.8%, this is a $7 stock for the

moment. all stocks are still very volatile. we want to warn you of that at the moment. the dow is off its lowest levels which had been a loss of about 997 points. we are down 687. spain has just confirmed its first coronavirus death. as we know, following a very volatile day yesterday to the upside, we got this announcement, this emergency rate cut that the federal reserve was cutting rates before its scheduled meeting by 50 basis points. what does that mean? that is more importantly, what shows us that we now only have four quarter point rate cut arrows left in the federal reserve's quiver. you are supposed to i donuse th things for major emergencies. is it truly something that is a massive emergency that is kind of going to cause all kinds of problems when it comes to supply chains and liquidity? did the fed panic by cutting 50 basis points? will lowering interest rates

somehow inspire confidence? jerome powell said this morning he understands the limits. >> we do recognize that a rate cut will not reduce the rate of infection, it won't fix a broken supply chain. we get that. we don't think we have all the answers. but we do believe that our action will provide a meaningful boost to the economy. more specifically, it will support accommodative financial conditions and avoid a tightening of financial conditions which can weigh on activity. liz: in essence, the federal reserve chief is saying that he is somebody who truly feels that at the moment, we need to be part of a multi-pronged attack, along with the public health institutions. just last thursday, guggenheim partner's co-founder and global cio scott minerd joined me in studio and said he thinks the fed will actually wait as long as possible before it acts to reduce rates. so what does he now think of the surprise cut? joining us again, scott minerd of guggenheim by phone. scott, what do you think? >> i've got to tell you i think

we got exactly the outcome that i expected and that is if they cut rates between meetings, the market would see that as perhaps an act of desperation or panic, and the stock market is telling us that it did not really do anything to shore up confidence in the market. so you know, i felt if they waited until the next meeting, you know, that it could be viewed as more of a responsible and routine action, but nevertheless, whether it was going to be at the next meeting or whether it was going to be today in an inter-meeting basis, it's something that the fed was going to have to do to assure the markets that the policy makers are awake and are prepared to take what action that they can take but even the chairman in his speech today made it clear that they are just

one small piece in the equation of what needs to be done. liz: i do have to ask you about the ten-year yield. you want to talk about a massive flight to safety or fear trade, this was it. we can put it up right now and see where it is. it is actually, the good news is, it is off that low of .98. it's back above 1%. but just barely. we have never seen the ten-year yields fall below 1%. how do you view this? this is not a good thing, is it? >> well, no, but this is again i think what's to be expected. i believe the fed is going to have to do more. the market is telling us right now that they are pricing for another 25 basis point rate cut. i think ultimately we will probably get back to the zero bound and you know, liz, the technical work that i did last week on bond prices showed that the ten-year note would probably

ultimately get to a quarter of a percent and the long bond would probably trade around 1%. liz: what about what happened yesterday? yesterday we saw the biggest point gains ever for the dow, s&p and nasdaq. my question to you right now is do you feel that people missed that entry point now or this is their second chance at getting in with stocks a lot cheaper? >> well, history shows us that when we have these kind of panic selloffs like we did last week, that they don't just end in like a v reversal. we typically go back and revisit the lows. so i think there will be a chance to re-enter if you really want to at the lows that we saw recently. but you know, most of the time, those lows get undercut. and so this move up that we got yesterday was to be expected.

there had been comments over the weekend about central bank account activity. liz: we got some telegraphing there. i'm just as surprised as the markets and perhaps more alarmed than encouraged. scott minerd, thank you for getting on the horn with us so quickly. we do appreciate it. quick check, dow is down 565 points but with 44 minutes left in the day of trade, we are on every single metric that we know truly matters to you. we will cycle through stocks, volatility, gold is jumping at the moment. oil managed to see another gain, eked it out. it's up 1.5% in the aftermarket. gold is kind of a winner at the moment. we see that up about 2.6% or 42 bucks. let us bring in a voice that is widely followed when it comes to fixed income. andy brenner along with our traders at the new york stock exchange and cme. andy, to you, you heard scott

minerd was saying that this was not the best idea and it certainly didn't get the intended response. this 50 basis point cut, shock and awe, yes, but it's kind of a dud at the moment if they were meaning to inspire confidence. >> you are absolutely right. this thing that the fed did today was a disaster. not only did they do it early, 50 basis points, yes, it is shock and awe but what the market needs is not lower rates. the market needs unlimited liquidity. if they had coupled this with quantitative easing, coupled this with opening up the spigot so people don't have to worry about getting money if things start to go sour on the coronavirus, the fed didn't do that second step. that is what has caused the lack of confidence and that's what caused the stock market to be down at one point today, the dow being down almost 1,000 points and the ten-year getting to 96 basis points or whatever it was. liz: 90?

not even 96, right? >> well, whatever it was, i missed a few minutes coming up to the studio. nonetheless, i think it's a total disaster what the fed did and how they did it and they are going to have to open up the spigots, they are going to have to increase the fed balance sheet, they are going to have to go to some kind of qe and quite honestly, it wouldn't be so bad if they did what the bank of japan did and brought in the protection team, whereas the bank of japan yesterday bought $1 billion worth of etfs, equity etfs. while i don't think this fed will do it, it's certainly not a bad idea. liz: we are showing the fed funds futures for april but we have a meeting before then, on march 17th, andy. that's 100% chance of another rate cut. how much more do they cut there and we see a 60% chance just a month later for april's meeting. >> liz, the way we see it is they won't cut again on march 18th. liz: they won't? >> they did shock and awe today.

no, i don't see it. as you aptly pointed out at the beginning of the show, they had six bullets this morning. they used two of them. they've got four left. you don't want to use them right away. in other words, they are going to be meaningless. look what happened today. you did two and it did not have the desired effect so why are you going to do it again? stupidity is when you make the same mistake over and over again, get the result you don't want and continue to do it. you know what, no, i don't think it. but april 29th, yeah. that's a possibility. we have to see how the virus affects the economy. liz: stay there, andy. john corpina on the floor of the new york stock exchange, what do you think traders think will happen in the next 41 minutes? i'm looking at the dow, thankfully off its lows of the session if you are a bull. where are the flows? is there anything, any buyer out there that you see, or is this just too much of a rock and roll final hour? >> if you look at our last four or five trading sessions, the last half hour of the day has been the most impactful one.

we are starting to see it now. we are bouncing off the lows, dow is up about 500 off the lows, s&p about 50 off the lows. what we are expecting is as this momentum moves higher, the algorithms will start kicking in, we will get a snowball effect and we could push this market higher here. i don't think the fed got the result they wanted today. the timing was off. they are using all their bullets -- liz: wait. why didn't the algorithms kick in when we were down 900 points earlier? you're saying they wait until the last half hour of trade? >> as the market was getting pressed down we did not break down 1,000 at all. every time we got to 998, 997, systems brougought it right bac, 50 points in a second the dow moved. the computers work both ways. the momentum is going to snowball from there. liz: scott bauer, you not only have your trader hat on but your family hat. tell us what's going on with your son. he couldn't get back from where was he and where did he fly into and what happened? >> he was studying abroad in florence and he was actually in

switzerland at the time. couldn't get back to florence once his study abroad program shut down. we had to rent him a private car to get back to florence, him and two friends of his. finally got him on a flight outside, out of florence back to the states. however, what was unbelievable is, and this was three days ago, when he got into jfk, nothing. no screening, nothing. they knew exactly where he had been. so when i hear the administration talking about they are doing this, they are doing that, we've got screening in place, i lived it. it's not happening. or if it's happening, it's happening in a very, very minimal amount right now. that has what's got me scared to the spread of this. we are definitely going to see a spread. fortunately, most people will be okay. most people will be okay. but i have lived it with my son and it's not fun. liz: that is on the ground anecdotal evidence that at least when flights were coming in from italy or that one, scott's son

was not checked for a fever. we are watching it all. andy, can you stay in the chair? john and scott, i know you guys have to go and trade. we will take a quick break and when we come back, we are all over the markets, of course. we will also be talking about telemedicine. we just had news that not just twitter but vanguard and sales force.com telling their employees to stay home if they are sick. how are they going to see a dock snore the company that's helping them do that. stay tuned. with sofi, get your credit cards right by consolidating your credit card debt into one monthly payment. and get your interest rate right so you can save big. get a no-fee personal loan up to $100k. gto feel connected. personal loan it all starts with an invitation. the invitation to lexus sales event now through march 31st. lease the 2020 es350 for $379 a month for 36 months and we'll make your first months payment. experience amazing at your lexus dealer.

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call unitedhealthcare and ask for your free decision guide. learn more about aarp medicare supplement plan options and rates to fit your needs oh, and happy birthday... or retirement... in advance. liz: this just hitting the tape. we have breaking news out of jpmorgan. jpmorgan reportedly following sales force's sweeping plan with a major move of its own. jpmorgan is ordering all u.s. employees to work from home as it tests contingency measures for closing domestic offices, should the coronavirus spread.

right now, looking at jpmorgan stock, it was already down because the federal reserve cut 50 basis points off the benchmark interest rate and that is never good for financials but the jpmorgan stock is down 3.25%. now, why did i mention sales force? 24 hours ago, customer relationship management giant sales force.com put out its coronavirus plan online to reach its 50,000 employees worldwide. since then, it is fast becoming the template for companies implementing their own plans. for the month of march, sales force is number one, so spending all non-essential travel, prohibiting cross-border travel and asking all employees who experience symptoms of any illness, of any kind, to stay home. they don't want you coming in to work. today, here in new york, the co-ceos of shoe company albirds told me during the taping of my

everyone talks to liz podcast which drops tomorrow, how all shoe manufacturing operations which span multiple continents and countries from china to italy, have or have not been affected. listen. >> we are going to assemble the shoes in shenzhen, china, southern china, and that had a two-week delay. essentially, that's it. so really no material impact. who knows what happens from here. it looks like things are still uncertain in developed economies as well now. liz: i asked about italy. you are near milan. that is a worrisome hot spot. what are you seeing in italy? >> you know, i think it's just -- it's not good. clearly all the stories coming out of there are not good. but i just don't think we know enough at the moment. our approach is just to be very very patient. we are communicating often with our team. liz: but as legions of workers are told with jpmorgan just hitting the tape to work from

home, particularly if they're sick, american well is a company at the forefront of telemedicine's emerging role amid the deadly outbreak. american well co-ceo and president dr. roy schoenberg joins me live in a fox business exclusive. tell me what role your company is playing? how does it work? >> thank you for having me, liz. telehealth, telemedicine, our technology allows people to use devices that they have, mobile phone devices, to very quickly within a minute or two get in front of clinicians, they can interact with them, the clinicians can actually investigate and have a better understanding of what medical issues they have and the level of certainty or severity of those issues and help them make the next move in terms of acquiring medical services. liz: they can just download the app, correct, and tell us exactly what happens at that moment. i believe we've got some video that shows how you can get right in front of a doctor with your

smartphone, your laptop, ipad, whathave you. >> that's right. it's actually not more complicated than you describe it. you download the app, often enough the app is made available to you by your health insurance plan. you can download the am well app sif itself and you will be matched with clinicians, practitioners who operate within your state who carry a license and are able to take care of you. and you can within a couple minutes be connected to them live. you will be able to see the doctor, they will be able to see you, interact with you, create a record and prescribe medication if necessary for you. liz: okay. tell me about these doctors. what kind of jump have you seen, any spike in your user base? >> yeah, you know, just before we came on the air, you talked about the uncertainties in the markets. in health care, uncertainty especially when you talk about contagious diseases can in itself become a certainty of a very bad thing. if people are going to be concerned that they may have contracted the virus, they will

go to where health care is and the result of that will be overcrowding, overwhelming of the health care resources that we have. the beauty about telehealth is that we can actually make health care go to them. we can reassure them, we can get in front of them and one of the things that are amazing about this, while health care can travel over technology, viruses can't. so we have the ability to reassure a very large number of people as to where they are and what should the next step be with their care. liz: the company is american well. if you need, download the app. it's got urgent care and doctors who can give advice. good work. thanks for coming on. >> thank you for having me. liz: any time. we are 29 minutes before the closing bell rings. we do have the dow down 573 points. we will whip through some individual stock names that you may own and what they are doing right now. and charlie breaks it next on what the federal reserve's next move might be in just two weeks. andy brenner just said no,

they're not going to move. they have to preserve dry powder. jay powell and company convene on march 17th and 18th but guess what? tomorrow, canada's central bank meets. "the claman countdown" will be right back. look, this isn't my first rodeo...

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i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. liz: if you want to talk about a fear trade at exactly 1:46 p.m. eastern time, america's benchmark government bond yield, the ten-year, took a dive to never before seen territory, below 1%, and eventually touched a new record low of .90%. that has absolutely slayed financials from jpmorgan to goldman sachs. look at morgan stanley, that's down 4 p%. bank of america, we don't have wells fargo up there but that too is struggling. financials, the biggest sector laggard on the s&p 500.

so we thought let's get in one of the top economic gurus of the entire planet earth, mohammed allal erian. we know you have a flight to catch. we won't take too long here. we want to know why the fed's intended effect is completely not happening at the moment. it cut 50 basis points hoping to inspire confidence and the markets are down. we got the dow down 684 points. obviously, the ten-year is gyrating in the wrong direction. >> two reasons, liz. first, it's because the fed doesn't have a tool that addresses the problem. the problem is that people are not interacting with each other. it doesn't matter how low interest rates go. it doesn't make you want to travel. it doesn't make you want to go to a conference. it doesn't change the fact that people hesitate to interact. that has been compounded by what you reported which is companies telling you to stay home.

so the fear factor is building up more and more. the second reason is that the market simply wants more. even the fed thought it was surprising us by 50 basis points, an emergency cut between meetings but guess what, the markets immediately priced in more. that's a problem, is that markets have become too greedy when it comes to liquidity. liz: what do you think? should they have done more? that would only leave us with three quarter point cuts for some other exogenous event. who knows what north korea is thinking right now, let's get the united states, they are struggling, they are down at the moment. anything could happen. >> no, i wouldn't have done more. in fact, i'm not even sure i would have done 50 basis points for two reasons. one is as you point out, you have less flexibility going forward. and two, we are going to have pockets of illiquidity, of market dislocation.

i would like our fed to have dry ammunition to address market malfunction. they can do that if they have policy room so i wouldn't use my policy tool on something that i cannot solve. liz: where are you seeing fragileity in the markets? i want people to know the dow is now down 800 points. >> i worry about two areas. one is something people hardly ever look at, the triple b minus, these are investment grade companies holding on to that status and that risk being fallen angel falling down to high yield. if that happens, the high yield markets cannot absorb the volume and what that will do is start creating more dislocation throughout the marketplace. that's one. two, is what you are seeing today and last week, including friday's much better session, which is liquidity is not as bad as people thought it was. that's particularly true for

emerging markets, for various segments, that people have believed we have more liquidity. keep an eye on liquidity risk. liz: really. you know, charlie gasparino is here. we know you have to go. he wants one quick question. liquidity risk is major. charlie: how you doing, mohammed. quick question for you. is this the black swan the markets have been waiting for for years, like something wild, exogenous and that you can't measure and could cause a massive selloff? >> it's certainly not unthinkable. it certainly damages economic and corporate fundamentals. my biggest worry, thank you for bringing it up, is for long time, we have been driven by just one of the three engines we need and that is liquidity. we haven't had very attractive valuations, we haven't had good fundamentals. the reason why we were willing to embrace liquidity is because we believe central banks were not just willing to help, but able to help. i worry that this may be the shock that makes the marketplace

revisit this enormous faith it's had in central bank liquidity. keep an eye on that because if that happens, elevated asset prices will have to converge much more quickly. liz: mohammed el-erian, thank you for getting in the chair with us at "the claman countdown." stay healthy, stay safe. charlie is right here. charlie, you foreshadowed today's emergency rate cut just last week here on "the claman countdown" but also, what jpmorgan was going to be doing and that was telling all employees to stay home for now. charlie: right. i think mommihammad hit on this. one of the reasons the markets did not embrace that rate cut is because it was very much signaled. we reported it on thursday, i believe, that essentially traders were saying as you see the markets are somewhat coming back now but people were talking about an emergency rate cut.

clearly all the smart money believed it was coming. so what you have is at a time when the markets hit a real bottom, looked like they hit a bottom, i think it was friday around, i don't know, 2:00, 3:00, the dow was off about 1,000 points, that's when you saw people starting to rush back into markets and start to buy. so you knew there would be a snap-back monday. so the question is, the snap-back monday, what was it related to? it was related to a lot of traders believing the fed would ease -- liz: and the market was oversold. charlie: oversold. now you have to -- now the markets recoil. this is if you are an investor and you are playing this day by day. i will get into a longer term situation in a minute. the markets recoil and say what is going to be the impact of our gdp and ultimately corporate earnings of that as mohammad said, people don't travel, people don't communicate, people don't do business. well, that will be lower corporate earnings and people just don't know how much lower. liz: we already reported yesterday that more than 100

conference calls and corporations had mentioned the word coronavirus in discussing an impact or their numbers. can we put up leaders and laggards? charlie: i would just say this. again, jpmorgan has taken, as we reported friday, steps to work from home. everybody is talking about working from home. you know, this could be a big deal for gdp or it could be a big nothing. that's what the markets are grappling with. liz: it could end very quickly. charlie: it could end quickly. i should point out a couple things. we are getting end of month numbers from the big hedge funds. some hedge funds are doing very well. we understand citadel was up 4% year to date, was up about 1% just in february. in a crumby market in february -- liz: the s&p, to compare, down succeeds % year to da 6% year to date. the russell is down 10% year to date. bitcoin isn't doing well. that's supposed to be flight to quality. bitcoin at --

[ speaking simultaneously ] charlie: also up is steve cohen slightly for february, up 1.72% year to date. we are getting these numbers from banks who track these things for their clients. liz: anyone gaming what the fed will do on march 17th and 18th? charlie: you get a million different answers. i will say this. mohammad made the point, you made the point, at some point, how much more you going to cut? because you get -- suppose we do run into a recession. there are things called economic cycles you are supposed to use, these rate cuts are supposed to be used for. what can you do then? you can go out and literally print money. liz: andy brenner, you still in the chair in utah? andy brenner had said just about 38 minutes ago the fed will not move on march 17th and 18th. join this conversation, andy. >> hey, charlie. how are you? charlie: andy, how are you? >> good, thanks. look, liz, i think the fed only has a certain number of bullets when it comes to rate cuts and

that's four, four remaining. i don't think they need to i don't them four on march 18th. maybe on april 29th. but you know, what the world needs, what the u.s. economy needs right now, what the markets need, is liquidity. they need to know the fed is there to provide liquidity. whether they want to provide it through quantitative easing, whether they just want to increase their balance sheet which is somewhat the same thing, we need liquidity. the bank of japan showed it yesterday. we need more liquidity and that's what it is. we don't need lower rates. as everyone has said including mohammad whatever, lower rates isn't going to make people go out and spend whatever. we need liquidity. once we get through the liquidity the markets will bounce back. charlie: when you talk about liquidity -- liz: qe. charlie: what are you talking about? >> i think the fed has qe, the fed has to make it known money is available for all banks for whatever circumstances. liz: andy, it's not working.

whatever they are doing, today was a hash tag epic fail. they cut 50 basis points -- >> but they didn't do it. all they did was lower rates. charlie: isn't there plenty of liquidity out there? it seems to me the real question is the real economy as opposed to the wall street economy. listen, i know they converge and they often do, they do every day, but if you think about it, there's plenty of liquidity out there. what's not out there is people going out and buying and shopping and traveling. that to me, it's not like -- >> you have 1,000 point moves in the dow like it's a hot knife going through butter. you have the ten-year going -- look, the ten-year started the year at 1.92. according to what liz told me today, it went over 100 basis points through that. this is like a hot knife going through butter. there's no liquidity out there, charlie. the banks cut back on what they

have -- charlie: you are saying, you say liquidity, there's no one buying on the other end, more or less? >> there's no one stopping it, there's no one, you know, mitigating the huge moves. that's what we need. we don't have that. until we have that -- liz: let me make one point. i will use axp as an example. why yesterday was american express a screaming buy and today, it is a sell, down 4.33%? i mean, this is not a rational market, folks. if you have a shopping list and you are looking for cheap names and yesterday, as you saw the market spike and you thought missed tahat bottom, you have another chance to buy. am i correct, andy? >> absolutely, liz. we use the 20% bear market, once we got the 10% correction, we look at the 20% bear market. so far we are holding. we are holding at high yield spreads, holding in corporate spreads. i think we are going to be okay. but boy, is it going to get

nasty. liz: we've got to run. charlie: if you are the average guy or gal, what do you do? i said this on fox news the other day, i'm not a financial adviser. i don't give people advice, but just common sense. if you rode this market all the way up and you got this thing where it's a complete -- it's really an unknown, wouldn't you go into cash a little bit? i don't know. sleep at night, put your money -- i'm not saying sell everything. but if you are in cash and nimble, when this thing gets really cheap, you can start buying. liz: andy brenner, we will let you go. thank you very much for joining us. andy brenner of natalliance. charlie, thank you. we have to talk about amazon. is it getting caught in the coronavirus market whirlwind. not necessarily in a bad way. shares are ebbing and flowing and ebbing. we can look at amazon at the moment, see how it is trading. i'm going to pull it up. down 1.75% after popping 4%

yesterday. jefferies calling the online retailer a potential big winner in the coronavirus outbreak. why? as preppers, is that the new word for hoarders? give me a break. charlie: what is that? liz: somebody preparing for the apocalypse. as preppers far and wide turn to the e-commerce giant for key supplies. same situation with costco yesterday. that stock jumped 6%. amazon says it is adding new warehouses closer to big cities to help speed up same day deliveries. charlie: i will buy some vodka. liz: i'm going to buy brie cheese, hunker down. you know, we're not all total nervous nellies here. for those who watch "the claman countdown" faithfully, i know a lot of you are out there, you know these stockpiling efforts did not just start this weekend. our producers captured these images of empty store shelves in cvs and duane reed back in

january, january 24th, because i had gone to a fort lee duane reed to pick up something and the masks were totally sold out, more than a month ago. fast forward to this past weekend, take a look at the scene at costco. retailers across the nation really became the beneficiaries as americans filled up and lined up to buy food, cleaning supplies, bleach, despite the virus inspired rush, costco and walmart getting hit by target's disappointing full year forecast after the discounter missed on previously lowered revenue expectations in the fourth quarter. can you take a look at this one. we have one of the main companies benefiting from the stockpiling effort. that is clorox. it's not on the screen. there it goes. all right. clorox is down 2.33% even though they are the guys that make the wipes and other disinfectant products. it was jumping to a new all-time high this morning before falling

in that selloff and by the way, that selloff is deepening once again today. we are now down about 800 points at the moment for the dow jones industrials. amazon grocery delivery, how many of you picked up the phone and said could you just deliver? well, it is coming in handy for one of our floor show guests who right now is joining us from his home on an island north of seattle. keith fitz gerald is now self-quarantining along with the rest of his family. keith joins us now along with matt cheslock and phil flynn. keith, explain to our viewers why you are self-quarantining and how is it going at the moment? >> you bet. thanks for having me. we are self-quarantining because my wife and our oldest son have recently returned from japan, where obviously the coronavirus situation is very very serious. we figure we didn't want to be that family that introduced the virus to the community if, in fact, any of them developed symptoms. so far, we haven't. but you know what, precaution and abundance of precaution is

probably merited which is why we are doing this. liz: tell me how you are managing. because there are quite a few people out there who think if i have to do what keith is doing, what did you do, what didn't you do that you wish you had done to prepare yourself for this? >> well, tell you what, we saw this coming. i remember vividly the avian flu in china because i was there. i remember sars, so i have been in japan, i have seen what's happening there. we started buying ahead of time, started buying masks and disinfectant andaerosoland we have stockpiled. we haven't gone to prepper lengths but we are being intelligent about this. so you really now are turning to things like instacart and companies that can deliver to our house with no contact. liz: i tried the old let me buy some purell off amazon. that was saturday night. yeah. they're like delivery march 28th. matt, give us a sense of what you are seeing in these final eight minutes of trade.

eight minutes of trade left in the session here. >> look, the last couple days we have seen the last ten minutes have moved the market significantly. we had a huge disconnect friday. we saw massive rally take place, almost 8% off the lows from friday's lows to yesterday's high. i would anticipate some wild activity. we are not sure the fed is done at all down here. we don't think they provided any clarity at all. i think that's why the market is really sket skittish right now. that why we are seeing it trading into the lows at the close. liz: will people kick themselves if the market moves up higher because the bulls came out of their hiding places saying i missed it, i should have done it during "the claman countdown" when they said this could be yet another entry point? >> how often do they kick themselves when they miss "the claman countdown"? that's every time. shame on them. they deserve it. no, just kidding. listen, absolutely, i was listening to mohammad el-erian and listening to everybody and

i'm like wait a second, guys, you know what, the federal reserve made a major move today and even if you go back to quantitative easing, if you remember, i remember, you and i were on the air when that happened and the market initially acted negative, like it was a terrible thing but it turned out to be a major bottom in the market. even though people can argue whether or not this is going to solve the problem, it's not going to cure the coronavirus, it's not going to make people move. but i do know this. you don't want to fight the fed and you don't want to fight global central banks. they are telling you they are going to do whatever it takes to stimulate this economy. i think in a way it might be overkill. it is creating a little more panic than maybe this thing is worse than it really is, but i think we are going to get through that. when they start doing liz: you know what? refi your home. pick up your phone. you don't have to leave your house to do that. rates are going down. gentlemen, thank you. keith, good luck to you and your family. >> thank you very much, liz.

liz: how much longer is your quarantine going, keith? >> we think about the 14th or 15th if everybody proves healthy. we're enjoying being a family again. a long time since we've been together this closely for so long. liz: making best of the situation. we wish you the very best. i want to say we do have bank of canada tomorrow. we'll see if they cut rates. then we've got ecb and bank of england next week. we're watching all of this very closely. we're watching minnesota mining and manufacturing, also known as 3m. they make the face masks. they're falling to a multiyear low ahead of vice president pence's visit on thursday. kristina. what is going on? kristina: we're seeing massive part of the selloff. we know they signed a massive contract with vp pence. they will make 35 million more masks per month. that created a huge up swing in

the share price. 3m is plummeting as the we see across the board the dow is down 721 points. the stock for 3m is coming closer and closer to 50 week low which is $134. we talk about 3m. i want to continue with the coronavirus theme right now, uber, uber seems a little bit of a bright spot. we her people may not want to get into unuber or lyft vehicles or go to shows yet the stock is climbing higher. has to do with analyst note from needham. we acknowledge the airport ride could hurt near term but management speaking later at investment conferences we think addressing the impact more likely puts a floor in the stock. they believe with uber could potentially already close to a bottom. it can only up swing from there. two major swings or two major stocks we're talking about. dow up -- down 800 points a lot

of confusion with the traders what is going on with the fed cut. back to you. liz: investors are taking the under on over/under here. they're alarmed by this. the dow is down 800 points. the video on your screen is from moments ago. this is president trump after his roundtable at the national institutes of health. he toured the vial pathogen sis lab where they look at pathogens like the coronavirus. he is with dr. anthony fauci, first and last word in big vaccine situations and certainly viruses that are pandemics and i would remind everybody the world health organization has still yet to call this a pandemic but they did say today, covid, the coronavirus has a 3.4% death rate. seasonal flu, folks, kills far

fewer. let's bring in somebody with a lot of money, to see if he is picking up nails on the cheap. we bring in the 73 billion-dollar man, brandywine portfolio manager jack mcintyre. hi, jack, three minutes left. tell us what you're doing? >> well, actually we've cut back on some treasurys. this is a tough environment because you're getting a lot of panic reactions i think. i like treasurys for a long time. i think today's move in treasury yields is probably an extreme. so we actually cut back on some of our treasury positions. we'll see how things sort of play out. you're right, fed cutting rates today, i think the fed was in a tough spot. the market priced in the fed to cut. the fed had to do that or run risk of disappointing markets. well they disappointed markets anyway. liz: disappointed? more like freaked out. >> yeah. liz: you say you're cutting back on your treasury positions. which part of the yield curve? >> the long end of the curve.

you know, i think the price action was indicative after market come too long. having said that, we have to make an assumption. we are making the assumption that this coronavirus, as you go in what you just said, this will be a very bad flu. we'll come out the other end. we have a lot of stimulus, monetary, fiscal. eight months from now, i think global economy will be much better footing. we could see better growth. liz: i noted that the australian dollar fell to an 11-year low day before yesterday. you like it here. you also like malaysian bonds. give me a sense why the aussie dollar, australia is considered almost a proxy or a benchmark for china activity? >> you're right. that is actually an excellent point because china has gone through this. they still have a ways to go but they're doing a lot of stimulus. they're coming back online. i think next two or three weeks will be critical, as china workers are back online, if we don't see ramp up in new cases,

we're going to see better growth. [closing bell rings] liz: jack mcintyre, brandywine. appreciate you coming in front of the cameras on a very volatile day. we end off the lows. that is it for "the claman countdown." i will see you 5:00 p.m. on "bulls & bears." melissa: wall street under pressure. all three major averages sinking on coronavirus fears after the fed slashes interest rates amid the escalating outbreak. the dow down 793 points, still settling out there, just one day after the biggest one day point gain in history. s&p 500 and nasdaq closing in negative territory. all three major averages ending down more than 2%. i'm melissa francis in new york. this is "after the bell." connell? connell: i'm connell mcshane. we're broadcasting from charlotte, north carolina. what a week it has been for the markets already. happy super tuesday today.