negative interest rates which is really somewhere i don't want to be. the fed preemptively cutting everything half a basis point this week outside of -- charles: you will probably have a cut again. that's what everyone is saying. we will see. thank you both very, very much. liz claman, over to you. liz: yeah, you know what, what the bulls giveth, the bears taketh away almost like clockwork, every other day. wall street looks to hit a notorious record as march markets come in like a lion. from stocks to bond yields to volatility, everything is in play in this final hour of trade. the dow is tumbling, down 987 points, inching closer to what could be the biggest point loss ever, set just five days ago at 1,190 points. to treasury and mortgage yields, both the ten-year yield and the 30-year fixed mortgage rate have dropped to all-time lows on fears the coronavirus outbreak will sink the u.s. economy. but those low numbers could be a blessing for the real estate and

home builder market, as crazy lows spark a mammoth rush to refi but could rates drop even lower? mortgage guru barry habib of mbs highway here exclusively on whether you should pounce now or whether you should wait. opec plus russia, fretting about the deadly contagion as the price of oil plummets. it's no longer if, but by how much the cartel will slash production. dan yergen is one of the world's foremost experts on black gold. how low will that go? dan has an idea. he will reveal it right here. it's a fox business exclusive. and as companies from bmw to twitter order their employees to work from home, there's a softwear company helping you get the job done without leaving your couch. the ceo is here on how well it's working. with less than an hour to the closing bell and gold and bitcoin surging, let's start "the claman countdown."

liz: breaking news. senator rand paul of kentucky, the only senator to vote no as moments ago, the senate passed the $8.3 billion emergency funding bill. this bill is aimed at stemming the coronavirus outbreak here in the u.s., and it includes $3 billion for research and development of vaccines, treatments and test kits. there is another $2.2 billion for public health activities and the bill of course now goes to president trump for his signature. he is expected to sign it into law. will it or won't it be canceled? we are waiting hour by hour to hear about south by southwest, the austin, texas music media and film festival which last year drew 420,000 attendees. it is supposed to start march 13th. for now, it is still on. i just spoke with the austin public health department, who told me that they are having meetings on a daily basis about

the event which draws techies and entertainment stars from all over the world. but i wanted to show you this. take a look at this website here on my computer. it's called www.is it canceled yet.com. what it does is lists whether events are canceled or still on. as you can see right here, for now, south by southwest is not canceled at the moment. but you can see all the other ones are not canceled but for the minute, you see something like the ted conference, uh-oh. they are joking. there are a bunch of other ones, for example, google reader, that's a yes. even as tech behemoths apple and netflix have dropped out, the fallout is slamming the austin hotel business as cancellations snowball. marriott, i don't know if you guys knew this, has four hotels in austin and you can see mar is down 7.25%. hyatt and fairmount hotels have

properties there. accor is down 5.5%. hyatt down 8.25%. finally, along with many other privately held chains including the four seasons, windham, the w and the omni, they are also as we hear from reports on the ground, there are cancellations coming in. if rooms are canceled, you could probably bet that flights are, too. the international air transport association saying today that the coronavirus could hurt global airline revenue by $113 billion. southwest airlines today issued a revenue warning, saying it's already seeing significant declines in demand paired with an increase in cancellations. you can see right now that american airlines is down 11.5%. 11.25%, rather. delta down 6.5%. luv, i just want to say because it moved off the screen, southwest down 3% right now as united and jetblue also cut flights. to ibm and walmart. they are severely curtailing

employee travel at this hour. the retailing giant, walmart, is down about 1.5%. it has canceled its u.s. customer conference scheduled in dallas next week. ibm which is down 3.75% has suspended participation in all external events with more than 1,000 attendees. we remind you, south by southwest has 400,000 at least from last year. we are watching this closely. as i said, as of right now, the austin health department, public health department, is telling me for now, it's on but they are supposed to have a press conference monday. to the markets. they are cratering after a spectacular jump just yesterday. remember that? 24 hours ago. investors woke up today jittery about new news on the coronavirus. they rushed out of stocks and into the safety of u.s. government bonds. right now the dow is down 1,033. s&p down 114. the nasdaq down 288. let's flip it over to this ten-year treasury yield story. before noon, the ten-year

dropped to .89%. we are at .93% right now, but .89% is the lowest level on record. mortgage rates tend to track the ten-year yield so down they went. the average 30-year fixed mortgage rate, it dropped to a record low of 3.29%. look at just last week. the rate last week was 3.45%. so is it time to refi or not to refi? i want to bring in the mortgage expert who predicted last year that the ten-year benchmark would fall to 1%, possibly below it, barry habib, from mbs highway along with sarge guilfoyle at the new york stock exchange. sarge, in this final hour, we are down 1,034 points. what happened between yesterday, when we were up 1,000 plus points, and today? >> we had a few more cases of this virus, liz. let's face it, we are trying to price in us guys and gals on the

floor and other places, trying to price in post-virus probabilities using pre-virus economic data and earnings numbers. so we are left with a whole lot of uncertainty and we know there's going to be a demand shock, we know there's going to be a supply shock. we have to rotate our own portfolios and we have to let the public know just what we are thinking so that they can react because let's face it, we are all in this together. liz: that is very true. but you can't deny that it was a pretty stunning move, barry, to see the ten-year of course go below .9% which was a shocker on monday, certainly, tuesday, but give me a sense of where you see mortgage rates. we've got a lot of people watching right now -- wait. should i refi today? i mean, quicken loans had its biggest day of mortgage refinances and mortgage originations in its history and that was monday, when this was higher. >> there's so much going on right now, so first of all, the stock market, lot of money going

into the bond market. that's driving yields lower. watch 3019, if we close below there. these spikes you see, this is not the sign of a bull market, these are signs of a bear market. i think we are headed lower in stocks as more news comes out about the coronavirus, as it's more widespread, as things slow down, do i have to go to the bowling alley, to the movie theater, do i have to send my kids to school, go out to dinner, have somebody sneeze on my food. these are concerns. the ten-year treasury and bond market, usually smarter. i think the bond market and ten-year goes to about .5%, very realistic, in my opinion, because there are othercoronavi. mortgage rates that follow the ten-year loosely will continue to head lower but it's a little difficult because it's a two-sided coin with mortgage rates. because now, mortgage servicers are losing money as they have run-off on their portfolio so they are hurting on one end. yes, they are making it up on

origination but you will see mortgage rates continue to go down. you will see mortgages with a 2 in front of them. to answer your question, it's probably still a very good opportunity if it makes sense to refinance now. you will save a ton of money. you don't necessarily have to lock in today. you can watch it and monitor it but get that going because if it turns, you want to respond quickly. be ready to close, be ready to lock. >> can i -- liz: wait one second. i want to explain to our viewers on the screen, this is the reit spdr, the basket of reit names. reits and utilities are the only two s&p sectors coming into today that are still up for the year, for 2020. you can see this reit spdr down about 3%. go ahead. >> i wanted to ask the other guest, as consumer credit becomes less profitable, or even not profitable, does it become less available? do these better rates become something that the regular consumer just can't get? >> i think there's plenty of

credit out there. there's no shortage of credit. that's not the issue that you run into. you actually have an abundance of credit because as servicing rolls off as people refinance, you have the ability to go out and create more credit so it's not as if it's diminishing. it's just rolling over. there's plenty of credit to be had out there. the thing of it is, consumers today need to consider the fact that they have a lot of equity in their homes and if you are going to refinance, do it wisely. look at your other debt. pay that down. use the equity wisely. i'm not saying consume the extra savings. take that savings, use it to accelerate the pay-down or take a shorter term on your mortgage and create a lot of wealth for yourself. liz: okay, but sarge, i need to quickly ask you, barry just said there isn't a liquidity problem. i have been hearing, we had mohammed el-erian just a couple days ago say watch out for any liquidity crunch or squeeze. what does that mean for people? that means banks decide you know what, this is getting too worrisome, we are going to pull

back on lending. you see that at all? >> i haven't seen evidence of that yet but i understand where mohammed is coming from. i do believe the overnight markets have to be watched very closely. hopefully the fed continues to provide that liquidity. they haven't really met demand the last couple nights so they need to keep doing that. they need to keep adding to the balance sheet. let's face it, i think, i believe they are going to go back into quantitative easing and i believe they will cut the fed funds rate by another 25 basis points. >> which probably is the stupidest thing you can do. you can't fix a flat tire with a chocolate bar. you can't cure a virus with a rate cut. liz: true. >> i would argue with that if i get the chance. liz: hold on, we have to run because we have a breaking story here. now the dow is down 1,079. thank you, sarge. barry, making a call here that the ten-year will hit or plummet to .5%. we will be watching it. all right.

th this sign greeting delegates as they kicked off the organization of the petroleum exporting countries, also known as opec, two-day meeting. it's in the lobby of the cartel's headquarters in vienna. what you are seeing there is that ministers and members are getting their temperatures checked before proceeding to the meeting. this as the temperature gauge of oil prices goes pretty stone cold. research firm ihs market says oil demand will see its steepest decline on record in this first quarter due to the coronavirus. let us bring in ihs market vice-chair, dan yergin in a fox business exclusive. we just got a report saying that opec plus will propose to extend new 1.5 million barrel per day cuts until the end of 2020. doesn't this all hinge on russia? >> yes. they meet again tomorrow and russia has to agree to it because the opec countries, particularly saudi arabia, said we won't do it unless russia's on board. i think russia will come on

board because if you look at the oil price, it's down 25% from where it was in january. as you said, it's a real register of what's happening to the global economy and the slowdown in the global economy, almost the paralysis we are seeing as things get canceled. you talk about things being canceled. we had to cancel our 6,000 person conference in houston next week for exactly the reasons you are pointing to. liz: right now, let's look at oil in the aftermarket, at $45.84 a barrel. we did have it close at $45.90. we are dropping penny by penny here. at what price per barrel does it really hurt opec nations? i had heard for russia it's 20 because they are churning out this stuff, $20' per barrel but they do need to see a certain level, don't they? >> it benefited because of depreciation of their currency, but basically around $40, $45 is what the russian budget is based upon and some of the opec countries really need more than

that given all the things, all the commitments they have made. liz: okay. we also have video of a couple days ago, when alexander novac, who of course is the russian oil minister, came in and when he was greeting the opec chiefs, they were instead of doing the fist bump or what we call the ebola elbow, they were actually doing the foot touching. you will see this right now. i find it interesting, there you go, a couple of days ago. russia was already on the ground there. >> yes, no, in fact the russian minister was there, they met, he's flown back to moscow. he's coming back for their big meeting. what they always do is have the opec meeting one day and say this is what we are going to do and then opec plus, non-opec the next day. that's on friday. that's what the oil market is looking at. i think the odds are at this point they will make a deal because ultimately at the end of the day it's in all of their interests, given what's happened. this collapse in oil demand is really dramatic.

passenger travel in china is down 80% and you talked about what's happening with airlines and everything else. so this is a real demand shock. it's more powerful than 2008 in terms of what's happening right now. liz: that is a definite headline. more powerful than 2008 and a real demand shock. dan, please join us again. great to have you on. >> good to be on. liz: any time. the coronavirus tentacles taking a grip on the market once again, kind of putting the squeeze. right now the dow is down 1,067. up next, charlie gasparino breaks it on what wall street is doing to fight back. i want to hear that. "the claman countdown" is coming right back. ♪

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liz: you need to take a look at the dow transports here. they are far outpacing the dow, nasdaq and s&p when it comes to losses. they are down 5.5% or 518 points to 8,991. we just had dan yergwynin, one the top global oil experts, saying that oil demand is collapsing and that quote, it is worse than what we saw in 2008

during the financial crisis. we are going to put up that quote of what he said and in turn, there is a fear trade here with gold. gold at the moment is up $31. we have it at $16.74 per troy ounce. just to let you know that some of the transport names, yes, the airlines, they are getting hammered, but we also have some of the railroads. be careful about the railroads because we are hearing there's a real crunch there. we do know that there's, you know, norfolk southern is in there, csx, union pacific, all these names struggling, down 4% plus. wall street preparing for the worst as the coronavirus spreads. charlie gasparino is here with new details on what big wall street names are doing to batten down the hatches. charlie: not just wall street, it's corporate america and every firm. we are getting anecdotal information piecemeal but most companies are taking similar steps. interesting enough, jpmorgan, from what we understand, banning now all non-essential travel

anywhere. if it's not essential, i guess it's up to the managers to figure out if a deal is essential to go to another country or to another state or to wherever, from what we understand -- liz: jpmorgan down 5.5%. charlie: i know. that's an interesting trade in and of itself. jpmorgan also apparently separating their sales and trading staff, the people there are telling us. people at jpmorgan. what does that mean? they're in different locations, apparently, so just in case, you know, one person gets sick in the sales department, they don't affect or infect the trading department. at least that's what we are hearing they're doing. google is telling new york city employees right now, reminding them bring laptops home, bring their laptops home every evening to prepare for potentially working from home. so what they are saying is this thing is happening now, that the quarantines of these big companies could be imminent. at least that's what they are signaling with this. we should point out the new york

stock exchange, we previously reported this, is conducting tests this saturday to operate as if the exchange floor, humans, where the humans generally show up, where that -- where they can't show up. so the new york stock exchange traded stocks can price and list, list of stocks can be priced, you know, obviously they have an electronic component so that's what they are testing now, they are going to be testing saturday. also, nasdaq continues to monitor the situation. kind of interesting there, they are screening visitors, anybody that comes into the shop, they want to know have you been to asia, have you been to these affected countries. so corporate america is acting right now and i hate to like ramp up the fear level here, you know. i'm just telling you -- liz: we're not. we're just dealing with numbers. charlie: but they are acting as if this thing spreads enough where people like maybe next week, that's what it sounds like -- liz: -- it is one very very

rare -- charlie: what is zoom? liz: the video conferencing company. jumping 6.25% right now. charlie: i will say this. i said this the other day, i got -- liz: one-week shot. charlie: oh, god. i got a little pushback from people. i'm telling you this. nobody knows if this coronavirus spread into panic itself is warranted. we don't know ultimately whether it's warranted. i can't tell you how much this will impact gdp and corporate earnings. nobody on wall street can. liz: southwest airlines has just said it will absolutely impact -- charles: it's going to impact some. we don't know how much and how that's going to affect the stock. the one thing i do tell you is this. just common sense, i'm not a financial adviser, now if you rode this market up, now is not a bad time to shift somewhat into cash. not everything. but you could be nimble, you could be in some cash, count your profits, because no one can

tell you whether this is existential where it's going to be a real big impact on gdp and earnings, or you know -- liz: we are about to go down about 1100 at the moment. there we go. charlie: this is why i said that. liz: gold is up 31 bucks but what we are seeing with gold is that people are actually selling it, because it is at such a high price. they need to raise money, whether it's for margin calls or whether they are just concerned they are not going to have enough liquidity when it comes to some of their other investments. charlie, thank you. up next, what arguably was the one thing people woke up to this morning and started selling their stocks and piling into government treasuries? the latest cruise ship and the problems it is having. it is quarantined off the west coast, off california. california has now declared a state of emergency. we will take you live there in just a minute. with sofi, get your credit cards right by consolidating your credit card debt

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liz: all right. moments ago, vice president mike pence boarded air force two. you are looking at video of him getting on the plane. he's heading to the west coast to meet with washington state governor jay inslee at the washington state emergency operations center, where they are working to deal with the state's now 39 confirmed cases of coronavirus. vice president pence spent his morning touring mask maker 3m's innovation center along with company chairman and ceo mike roman in minnesota, as all around the world, face masks, hand sanitizers and other cleaning supplies are becoming harder and harder to find. we know that south korea has now prohibited the export of face masks, saying they need them there in south korea. this as california governor gavin newsom has declared a state of emergency. he is not allowing a cruise ship seen on your screen called the "grand princess" to dock until all the passengers have been tested for the coronavirus.

look at carnival cruise, the parent of that ship, down 14%. norwegian down 13%. all three including royal caribbean down 16%, are trolling the bottom of the s&p at this hour. governor newsom's declaration comes after an elderly man outside of sacramento died, becoming the first death in the united states outside the state of washington. for more on all of it, we are taking you live now to san francisco and claudia cowan. the previous numbers for the cruise ship were that we had about 11 passengers and 10 or so crew members who were showing symptoms. what can you tell us us now? reporter: we are getting some new numbers regarding people who are showing flu-like symptoms. that number now up to 35. meantime, the "grand princess" remains offshore while health officials investigate a cluster of cases linked to a previous

cruise and race to test everyone on board to make sure no one has contracted the coronavirus. take a look at this map. you can see where the cruise ship is now, anchored off the coast of central california. that is where hundreds of test kits have been airlifted by coast guard helicopter. samples are being collected, then tested today at a bay area lab with results expected tomorrow. again, those 35 people with flu-like symptoms are being tested first. the ship returned from the mexican riviera on february 21st and set sail that same day for hawaii with more than 3,000 passengers and crew. 62 people took the two cruises back-to-back. they may have been exposed to the virus and they have been told to stay in their cabins until they are tested and cleared by medical staff on board. for now, no word on when this ship will be allowed to return or where it will dock. it was supposed to return here to pier 27 on saturday. that is probably optimistic at this point.

i suspect much will depend on these test results. liz: can you give us once again the numbers? because as we have had it, 11 passengers, 10 crew. if we can take claudia's shot right now, i need to hear from you what the numbers are now, because i'm looking as we put in our stock symbol for ccl, we are not seeing any difference here. reporter: that figure, those figures were reported yesterday by california governor gavin newsom and at the time, he said expect these numbers to increase, and indeed, they have. we now understand 35 people who are on this cruise, which set sail from san francisco to hawaii on february 21st, are showing flu-like symptoms. they are now being tested with these tests, being airlifted by coast guard to the ship and yesterday, the governor was very clear about assessment. listen to what he had to say yesterday.

all right. we may not have that sound bite. but gavin newsom made it very clear that everyone on this ship would be checked and rechecked before they are allowed to disembark here in san francisco. it's a very fluid situation, and we hope to have more information in the next few hours, as press conferences were held and numbers continue to be updated on this. liz: claudia, thank you. growing virus case numbers in california are raising fears that disneyland may shutter its gates here in the u.s. the magic kingdom's locations in shanghai and hong kong, as you know, were both closed down in january as part of the containment efforts when this started to spread in china, particularly hubei province, where wuhan is. but just last week, tokyo disneyland announced it was shutting down through march 15th as a precautionary measure. the mouse house's anaheim and

orlando parks do remain open right now but the company has said it is monitoring the situation and has increased hygiene protocols at its u.s. parks. as we look at shares of disney which are down more than 18%, since the closure of shanghai disney on january 25th, it is important to note that this stock has certainly been a true winner, but year to date now we do have it down 21%. now disney is up just 3.25% over the past 52 weeks. when we come back, much more straight ahead. we are on the news here, we do have the dow jones industrials off the lows of the session, down 936 points. take a look at the nasdaq, down triple digits, 275. we'll be right back. at fidelity, online u.s. stocks and etfs are commission-free. and when you open a new brokerage account, your cash is automatically invested at a great rate. that's why fidelity leads the industry in value while our competition continues to talk. ♪ talk, talk

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employees to stay home. the coronavirus is continuing to hit america's workplaces. amazon is telling its seattle area employees to work from home through the end of this month, if possible, after it announced the first case of an amazon employee with coronavirus. amazon's stock down 2.75% right now. the tech giant following similar pronouncements from microsoft, twitter and facebook, who all also have operations in seattle, a hotbed of america's outbreak, and obviously a hotbed of big tech. antivirus measures like that are changing the way companies work and bringing renewed attention to collaborative workplace services like bluescape, a visual pralatform that lets workers see and interact with project data across a suite of applications. its ceo, peter jackson, is here with us now and but for companies like yours, it would be almost impossible for any kind of productivity. tell us how your product works

and who is using it right now. >> the company has been around for about nine years and the idea behind it was build a container, right, that everybody can be in with, as you mentioned, all different types of content. it could be video, if i'm playing a video in san francisco, around the world, everybody is seeing it at the same time. one person could pause it, make a duplicate of it. you could open up spreadsheets. you could all be working on it together. the difference between, say, conferencing solution say like zoom is that when you are on a call with zoom, it's one to many. there's only one mouth and a lot of ears. when you are in our solution, it's everybody to everybody because you could be post-it noting, if you think about movies being made, almost every movie you see today is made in bluescape from beginning to end. liz: we were just looking at some video. explain to us what that is, because it looks like a big screen. do i have to have a huge television screen to be able to do this? >> you can do it right on this

screen here. most of these are touch devices now. so the idea is that it's a container and your face would be in there, my face would be in there, all of our work would be in there, and we would be moving it around together. liz: who is using it? i'm sure you have quite a few big customers. who before all of this insanity had signed up and where are your clients? what type of companies? >> it's a lot around situational awareness. a lot of the federal government, most of the stuff that protects us today, most of the stuff that's happening in virginia and d.c. is done in bluescape, also in european governments. the users are becoming more accelerated certainly over the last couple weeks because they are being told to go home and they need to have a tool to interact. so ford hackette just came out and told "usa todayyesterday, p home, use bluescape. liz: ford has some employees in china who tested positive. you have jpmorgan, who charlie gasparino just reported jpmorgan

is saying you know what, non-essential but check with your managers, we don't want you traveling. goldman sachs awhile ago was concerned about this. are you seeing an increase in your customer base, and perhaps more importantly, everybody is talking about slack and microsoft teams. well, are they competitors of yours? they're not exactly visual. >> i think of them as an analyst came out on this last week and said when you look at bluescape versus slack or office teams, they are like the radio and we are like the tv. it's a much different experience. so a lot of these touch screens you are getting used to doing, your home tv will be a touch screen. the idea of interacting with your doctor or mris or bloodwork, interacting off your television set, is not what a slack does. slack is a channel of communication and if it goes beyond 10 or 11, you stop looking. liz: what we learned about this virus as we finish up here is something that we really don't have a lot of experience with, and that is the concept of

fomites, object or materials that have the power to transfer viruses. it could carry infection. it could be clothes, utensils, furniture. as we have seen with cruise ships, it has become a problem and so as more companies work from home, i suspect your company will be a go-to place. good to see you. thank you. >> thank you so much. liz: a fellow cal grad. >> go, bears. liz: go, cal bears. one quick question. you flew here from san francisco. >> correct. liz: anybody on the plane? >> no. i got a nice big seat in the front. it was about half empty. liz: half empty. all right. thank you very much. we have been watching the airlines and they are definitely suffering at the moment. twitter launching a new offensive in the social media worlds. the social media giant looking to take on snapchat with a new messaging product called fleets as in fleeting thoughts.

like its popular ghost chatting app rival, fleets would allow users to send tweets that ostensibly would disappear after 24 hours. if you believe that. all right, twitter testing the new feature in brazil first before deciding if it's going to expand to other areas. twitter's stock is down about 2.9%. snap is call it flat to down just slightly. ceo jack dorsey, we should mention, has said that people are coming to twitter more to figure out what is happening with the coronavirus. competitor snap, as we saw, now has just turned positive. it has been in the green most of the day, after mkm upgraded shares to a buy, calling the recent selloff a buying opportunity. connell mcshane, not too much buying we can find in the broader market right now. very tough going here for the dow. connell: we were talking about it yesterday, the alternating week we have had here. wild swings up and down. today is the down day. we have jack otter and john

hilsenrath on. obviously we will put this all in perspective and see how low we will close. deirdre bolton joins me today, in for melissa. you put the big political story of the day into some context, with liz warren dropping out of the democratic race. conventional wisdom that all her supporters somehow go over to bernie sanders and might help him, not so sure about that. we will talk about that. that comes after the market close. let's see if we have another 1,000 point down day. certainly looks like it right now. liz: have you gone shopping at costco? connell: i heard about that. i saw that. it's crazy. the behavior, it's what people are doing. liz: a pharmacist gave my sister home recipe for hand sanitizer. connell: home recipe? liz: if you can't find it, whip it up at home. i will try to put it on the facebook page if i get it. connell, thank you. connell mcshane. dow jones industrials down 1,054. speaking of the big box

discounters, we've got bj's wholesale club reporting same store sales seeing a slight drop in its latest quarter. in a few moments, we will hear from rival costco. costco at the moment is down 1.5%. most likely we are going to hear them talk about the impact i think of the coronavirus on its business. kristina, i would imagine this is good impact, right? kristina: i feel like everybody has been using this story in financial media, lines at costco around the country as people stock up on toilet paper and hand sanitizer. i really hope your family member is not going to actually make their own, by the way. but a key metric we are going to be looking for with the earnings after the bell is same store sales. this is sales open at stores for more than a year. expecting a little bit of growth. they are expecting 6.5% growth. see if that's been hit by any type of the virus. earnings per share, expecting $2.06, on revenue of $38.2

billion. costco overall has been doing quite well versus the broader market, up 8% over the year. as we take a look at some of the research, i was trying to check before going on air, there's a lot of buy ratings, bullish analysts on costco. i guess it's going to continue to be the case as this coronavirus, we continue talking about it, pandemic fear comes in, people stocking up andcocooning. a lot of these companies that offer staple items should be benefiting like the canned goods and toilet paper. i did see online already some spots are out of toilet paper? liz: yeah. they are called preppers now. kristina: called what? liz: preppers. not hoarders. preppers. kristina: did i call them hoarders? liz: no, no, you didn't. kristina: cocooners.

it's the lingo nowadays. those that will stay at home and have a party in their house and make popcorn and stuff. i don't know. trying to make light of this. liz: listen, we are just giving the facts and the facts show that costco has a lovely one-year chart except for the last couple weeks. all right. dow is down 1,040. we want to quickly mention that the russell 2,000, that benchmark, that is down four full percentage points or 62 points. volatility is up 30% to 41. no more commercial breaks here, folks. we have 12 minutes left of trade. we are also looking at the moment at testing giants that are making breakthroughs, testing as in testing for viruses. co-diagnostic shares are surging on blockbuster demand for coronavirus test shipments. that stock is up 18.75% to $ $14.25. the deadly virus is working its way around the globe. we know this as we see more and more cases from different

countries. switzerland, norway, finland. this as quest diagnostics, which is down half a percent, is joining the fight, announcing that it will be launching its coronavirus test monday. to hospitals and doctors' offices. we should say quest hit an all-time new high earlier this morning. co-diagnostics is charging straight ahead. this as another major name in the market is claiming it's immune to the outbreak. kroger shares hitting their highest point in a year, jumping 8.33% after the grocery giant said the coronavirus did not pose a risk to its full year guidance. the supermarket chain sourcing most of its products domestically so they are able at least for the moment to stock their shelves. kroger, by the way, beat on earnings and revenue estimates for the fourth quarter. it stands right now up $2.60 to $33.56. now we have about 11 minutes before the closing bell rings. nasdaq down 287. the dow is fluctuating between

down about 980 points and down about 1100 points. at the moment, it's 1,006 to the downside. it is not just the dow, s&p and nasdaq tumbling. let us look at the russell 2000 and dow transports. we paired them together because as far as percentages are concerned, they are really plummeting here. the transports, as we mentioned, have just gone below 9,000. 8,994, down 5.33%. the russell stands at 1,471. these are the small and midcaps which also usually don't have that much exposure internationally. they are plummeting about 4% at the moment. but when you look at travel, the airlines of course, the railroads, the fed ex, delivery people, those are in the transports. let's look at some of the other averages. they are on pace to close higher during a volatile week. i don't know about that. i would think lower. it looks like the russell looks to close down about .25%, with the transports looking to close

down about 4%. small caps are on pace for their third straight weekly loss and the transports are set to close lower for a second week. washington state, we are just seeing this hit the tape, folks, this is breaking news, washington state confirming new cases now, bringing the total to 51 cases there. and new jersey has just confirmed a second confirmed case. we are going to bring in our traders once again. what we have done is put together a floor show part two, with sarge, who we already saw at the top of the hour, joining us again. phil flynn, chris robinson. phil flynn, earlier we had dan yergin, an expert on oil, saying he suspects the collapsing demand is going to make opec move very quickly on cutting output but either way, that will not spur demand, will it? >> it won't. but interest rate cuts may. but you know, it's a crisis of confidence right now. interestingly enough, if you look at all these oil companies,

they are still importing oil, storing it, because they think this is going to end, but if we see this continued headlines of more deaths and more fears and more cancellations, and people really get scared, the oil demand is going to continue. i agree with daniel, i think russia is going to get on board. i think this whole disagreement between russia and opec on the cut is a big show. i think tomorrow they are going to try to wow the market like the fed did with the 50 basis point cut. i hope it goes better than that, at least initially. but they will get going. interesting, i want to talk about this really interestingly, it looks horrible today. it looks terrible today. but it's interesting, right now we are certainly getting a surge of buy orders. one of the reasons might be just from a be theing atechnical vie bad as the news was today and it was terrible when it came to the coronavirus, we still have an inside day on the stock market. in other words, today's high was not as high as yesterday's high. today's low at this point is still above yesterday's low. so all this volatility really,

even though we moved all over the place, we really didn't go anywhere yet. even though we are at the lower end of this range, it will be kind of interesting to see how this ends up. liz: i'm looking at starbucks, down 4.25%. chris robinson, there are great deals to be had at the moment, if you can just hold on tightly through -- yesterday we were up more than 1,000 points, today down about 1,000 points. the other day, down 1,000. then of course, monday we know what happened. this is just sort of a hold on tight kind of market, pick up some really good names? >> i think so. it's like you ever watch the nfl, the coaches walking up and down with a list of plays. you have to know what you are going to do if it happens. it's not predicting but you have to go oe to say if we get here, this is what i'm going to do. we are moving around 2%, 3%, 4% moves. historically, believe it or not, most professionals think that

anything 5% or less is noise. right now we've got a lot of noise. it turns out that 3% is 1,000 points. if you can focus on the percentages, i think that's the key. but there are opportunities, if you've got a buy list, and i think you have to have a plan beforehand because in the moment, it's very easy to freeze up like a deer in the headlights, say we'll wait, and then that opportunity's gone. liz: well, speaking of opportunity, year to date or quarter to date, delta airlines is down 23%. you could look at any of these. we just had our friend from bluescape, he flew united. united airlines is just getting hammered here. you are telling me a year from now, united and delta are somehow not going to be higher than this? united is down 41% over just the last two months. >> i mean, sure, if that's your horizon, almost everything looks good right now. if that's not your horizon, if

you worry day to day, week to week or month to month, i got a few ideas for you. i have taken cash up over 50% just so you know. i have taken my debt position is right around 17.5%. we are trying to rotate out of treasuries into corporate debt, staying in aa and triple aaa. mostly aas. we are taking gold up to 10%. it was 7.5%. that leaves, what, maybe 23% for equities? on the equity trade, i gave you a few of these last week. we had the rebound trade. that stays the same. adobe, anyonvidia, amazon. moderna, gilead. teledoc. it's a big company that covers life sciences. we are going with canned food, kraft, campbells, conagra. i missed zoom this morning. i'm not paying $127 for that thing. liz: it is definitely spiking for

s&p global says its employees based in can nearry wharf in london that is pretty much their wall street version, are to stay home and work at home until further notice. four minutes, four minutes of trading remaining in the day. phil flynn, give me a sense what worries you here? whether demand, lack thereof? gold is spiking. mohammed el-erian watch out for liquidity problems. when you see people rushing to refi, it is a great opportunity. barry habib told us that 50 minutes ago even though he says he expects rates will go lower. is there something we're not seeing? is it suddenly the overnight repo rate freezes up? >> it has been said a million times before the biggest fear we have to fear at this point is fear itself and that is what is driving a lot of markets.

when you get headlines people staying at home, the headlines of seattle and schools closing, this becomes a self-fulfilling prophecy to a large degree. and people start reacting and overreacting to their money. you know. but more often than not. we've been through similar things. maybe not exactly like this. liz: of course. >> tendency people overreact and things settle down. that is the sense that i'm getting right now. that is the biggest concern. as far as lack of liquidity, there has been some talk that these wild swings that we're getting in the stock market it is making it more difficult for banks to do big orders, to do big mortgages. we've seen that in the volatility. but, i too believe that will calm down as well, once we start to see some stability. when will we have that, i don't know? tomorrow we could be right back up again if we get the right headline. connell: regional banks are getting hit very hard. they tend to be lenders in their

respective communities. pull that up while we're looking at 10-year treasury yield. liz: 10-year treasury yield down below the 1% mark. right now sitting at .91. earlier today it had hit never-before-seen level of .89. i mean that is just crazy. but as it stays hovering above the record low we want to bring in the "countdown" closer. the banks are getting hammered, right? tim chubb, gerard chief investment officer. what is your idea, tim? >> thanks for having me. as banks continue to struggle will be a low interest rate environment for a long time with net interest margins being come prettied we need to look at nonbank financials, credit card companies, insurance companies, pick up value in market where financials are hit hard. the other piece, look at banks

and what they spend on moving forward is infrastructure. eking out efficiencies within the business model as net interest margins come under pressure. i think some technology companies supportive of the banking industry, especially with the pullbacks we've seen right now, within technology and also financial stocks, could be a good time to snap up to be selective. melissa: we have one minute. one minute remaining in the day of trade. the dow is down 928. we were down more than that, certainly down about 1,000 plus points. but we can see that there is a slight attempt at coming back, tim. what, what are you dipping into here? i mean you just showed the non-bang financials. >> i think some of the nonbank financials, some of the credit card companies definitely as we've seen. liz: mastercard, visa? >> consumer, yeah. we've seen consumers not really pull back spending at this point. the mastercard cfo was on yesterday speaking how january, february, saw continued momentum we saw this time last year.

[closing bell rings] there will be weakness. we need to consider having a healthy dose of you milt considering a period of unstability. liz: tim chubb. girard. red across the screen. that will do it for "the claman countdown." connell: another day of wild swings on wall street and the health fears continue to slam stocks. all three major averages sinking. coronavirus outbreak is spreading across the country. california declared a state of emergency. that and other headlines contribute towing the dow down 972. six con soak tiff day of o