we will retest the low, have some shooting up. charles: in other words, it will still be a wild ride. when we hit that bottom we could get a sharp bounce. >> absolutely. it will be ferocious on the way up as well. charles: we hand it over to liz claman. liz: charles, if before this final hour the question was have we seen peak uncertainty, traders i am speaking to on the floor of the new york stock exchange as we head into this final hour are saying no, for a couple of reasons. we will get to that in just a minute. on this historic day, "countdown" is going to go completely commercial-free for the entire hour because the news flow is extremely fluid, as you know if you have been watching fox business all day, and it has been since the very early morning hours. that is when, we can show it to you here, the market hit daily losses never before seen. right now, all three indices are looking at the biggest point losses on record. you can see the s&p is down 6.9%. this is the intraday.

just a few minutes ago we hit another record low. the nasdaq of course is obviously under stress as well, down triple digits. then of course, the dow jones industrials completely lower by 1,862 points, although i would point out the low of the session is a loss of 2,096. let me take you back to four minutes after the open. stocks fell so aggressively that the first circuit breaker as it's called, the level, level 1, to halt trading kicked in and that exact trigger would be the s&p 500 hitting level 1, a loss of about 7% at that time. now, after 15 minutes, this is what the dow was doing earlier on the new york stock exchange, after 15 minutes of the halt, stocks then reopened and that's when the dow promptly fell 2,046 points. at its low, 9:50 a.m. eastern time exactly, coming within 200 points of a bear market level. in the last 15 minutes, the dow hit another new intraday low so

we can change that 2,158, 2,158. let's talk about oil's response to this deadly coronavirus impact on the global economy. it has very much been the driving force, folks, behind today's massive selloff. saudi arabia and russia failing to come to an agreement on production cuts. they were meeting last friday. we told you during "the claman countdown" it doesn't look like they will get together on this. sure enough, oil immediately opened overnight lower and settling for west texas intermediate, down 25%. as we look at oil at the moment, it's at $31.25, down about $10. wait until you hear what goldman sachs is saying they predict for oil. all of this is sending investors fleeing to treasuries. flip it over. avert the children's eyes. the ten-year treasury yield while right now at .5%,

straight, hit an all-time low this morning of .31%. that's it. .3% for interest there. we've got team fox business coverage to get you through this final hour of what we already know is a historic day. traders here at the new york stock exchange, our traders at the cme and of course, in our new york studios, all of our guests. i want to begin first with the european markets. this is extraordinarily important. they hurtled to session lows at their close just over three hours ago. the ftse closing down 7.6%. paris down 8.3%. the dax down call it 8%. stunning losses as you see but look at italy. italy, where 16 million people are under lockdown due to the spreading virus, the milan stock exchange suffered a 10%

grooving. the north is where they have most of the area under lockdown to prevent the spread of this deadly virus. we want to show you stocks that trade here in the u.s. in the rush to protect speexpos to the sector, a couple names. unicredito down 15%. mediobanca down 14.8%. why? well, you do have some traders and investors worried that at least the names out there, not necessarily these, but some italian banks may become insolvent. to banks in the u.s., boy, are they getting slammed. morgan stanley down 10% but look at bank of america. bank of america is very much known for lending as well so they are down 15%, same as citi down 15%. then you've got goldman sachs down about 10%, jpmorgan down 12.6%.

treasury yields from the 10 to the 30 have dropped to never before seen levels. in fact, that's why you start to see some of the u.s. financials really have a problem, because they need to see rates higher, right. we do look at the energy patch fears. that should start showing up possibly with some of the oil drillers and all of the names, the banks that are known for lending to the oil patch. bank7 corporation down 26%. cadence financial group down 32.3%. those are smaller names that tend to lend to the frackers and oil drillers. finally, to a safe haven. let's look at gold. the yellow metal moving higher by $5.70 a troy ounce. what's interesting here, oil was lower earlier. why would that happen? well, a lot of investors when they see stocks fall and they get the so-called margin calls from lenders that say hey, you need to get your account back up to normal levels, they sell what they have to and they know they

will get a great price for gold right now so there was earlier selling in gold that has reversed. bitcoin, though, is in trouble here, down 14% at the moment. all right. the one green spot that we look at when it comes to the perception of the market, volatility. that's not necessarily a good thing because it indicates fear at the level of most investors here. we do have the vix up 27.9%, now standing at 53.7. 53.7. you may remember on friday, maybe it was 40. 53.7. all right. these massive market dislocations we want you to understand is in a way the result of what i'm calling twinning trades, anxiety over the global coronavirus, right, those numbers, particularly in new york city, they are ramping up here in the united states, paired with the saudi arabia/russia fight, the spat these two countries had last week during the opec meeting, where the cartel was so

desperate to figure out how to put a floor under the price of oil which was already falling, they wanted to cut production, russia refused. what happened? as soon as oil started trading overnight last night, boom, oil crashed, falling by as much as 34%. right now we are down 24%. the good news is we are off the lows of the session but crude stands at $31.22. brent which trades overseas and is very much in tune with what's happening with opec overseas stands at $34.66. it often is slightly higher than west texas. in the energy sector, let's take a look at the major oil names. chevron, exxonmobil. while for exxonmobil, down 9% and chevron down 13%, they are not down as much as the shale drillers because they have other businesses such as chemicals. they've got a chemical business so they have a little bit of preserved exposure they don't have to worry about. if you look at the pure play

shale names, they are really getting clobbered. flip them over to names like noble energy, diamondback, transocean. noble down 34%. transocean down 38%. diamondback, an independent, down 43%. nabors industries down 43% because there's an excess of shale and there are a lot of players in that market who borrowed quite a bit of money and ramped up and there are d t debtloads there. the deciders with opec plus were not the oil ministers of the russia and saudi arabian nations. they are the leaders. yes, we are talking about vladimir putin and prince mohammed bin salman. how long will those two leaders hold out? what is the price pain point for each per barrel, where at least one of them will be forced to cry uncle? let's bring in our traders right now. to the floor show. at the moment we bring in our floor show traders from all over the nation plus s&p geopolitical

adviser, paul sheldon. scott, when was the first time you saw plummeting oil tear treasury yields down so dramatically? >> i can't remember one in recent history. obviously '91 which actually was my first year on the trading floor, that was when we saw oil down this much. but there's such a dislocation, such a disconnection, nobody really understands it. let me tell your viewers one thing here. the financial markets worked the way they were supposed to work today. trading on the floor here was very active today. it was very frenetic. it was never panicked and it worked the way that it was supposed to. it was actually almost a bit of an eerie calm on the trading floor. in a news cycle where everything is making investors and people panic, that should give people some sort of reason to be calm a

little bit, the system worked the way it should have. liz: indeed. that is the exact same story, if you are wondering why i have this thing on me, it's my cell phone carrier because i'm checking all kinds of levels here. the same thing worked here on the floor of the new york stock exchange but of course, oil markets are global. tell me, what was so important about the saudis' reaction to russia backing away from a cut that caused this very significant selloff? >> saudi arabia clearly threw down the gauntlet over the weekend. this all stems from russia deciding ultimately that they were willing to take the short term pain, as you indicated, their pressure point, around $50 a barrel. obviously well below that even before the decision was made. so russia has made a decision that it's more important for them to protect their medium term market share predominantly against u.s. shale which has been allowed to grow unabated while russia feels they have been constrained by production cuts. ultimately, the finance

ministry's budget concerns outweighed concerns of producers but ultimately this time around, it does look like the russian produce produce producers' arguments outweigh the finance ministry. looks like they are in a period of willing to take the pain. liz: okay, but at what point does it no longer make dollars and cents for them? do you find it ironic that these two, mbs and of course, vladimir putin, are the two names who in very many ways, president trump has been very supportive of, has spoken very highly of, and it's tearing down our u.s. markets right now? do you expect there will be phone calls at the highest level to say come on, let's put a floor under these oil stocks, these oil names? >> that would be entirely unsurprising. there is historical precedent for this, in the 1980s then vice president bush paid a visit to saudi arabia under similar circumstances and effectively

did convince saudi arabia to support price as opposed to market share temporarily. ultimately, it's difficult to see how these dynamics at least in the short term work themselves out to a change in strategy, because saudi arabia with russia out of the agreement probably feels increasingly isolated. some help from the uae, kuwait, iraq, but without russia, they are essentially alone as the real player supporting market prices. now they look at libya has a million barrels a day, that could come back online at any time. the u.s. election in november could potentially bring back two million barrels a day from iran. saudi arabia probably calculated that if not now, then when are we going to protect our market share now that we are standing alone. they do have the financial resources to persevere. their fiscal break-even price is much higher than russia's, $82 a barrel. but they have decided they have financial reserves, a very clean balance sheet, debt to gdp below 25%, so they probably think they can take the pain for a certain period of time here. liz: we will have to watch. saudi aramco, the saudi

state-owned oil giant, is now trading below its ipo price. let me get to tim anderson. he is elsewhere on the floor of the new york stock exchange. what posts are you looking at and what do you expect for the final call it 48 minutes of trade? >> clearly, i think the key thing to look at is whether or not we can hold the closing lows, just below 2,000, down 2,000 on the dow. we retested that maybe about 30 minutes ago and so far have held. we've got 45 minutes to go. as we have seen over the last couple weeks, we could have very sharp moves in either direction in the last 45 minutes a day -- of the day. what the market is really doing is it's got to have a reset of prices for price of oil down 25% from where it was on friday and maybe 35% to 40% from the average of where it has been the last four years.

it may take a couple of days to figure out the range on what that market reset is. so clearly, people will be looking at today's low and today's high intraday and where we were on friday, over the next few days to see how the market reacts to new levels of support and resistance. liz: yeah. yeah. chris robinson, to you, and i'm reading from a trader whom i know who has said watch out for the final half hour because we might see some buyers. i'm wondering, do you see that potential and would they just be professionals and perhaps the bigger names there, because at some point, this is really very much the beginning. i was told earlier what you've got to watch for a bottoming that takes several weeks, let alone a couple days. we are only two weeks into this. >> well, you know, it's been a very volatile move, yes, but we have seen this before. we saw it last christmas, 2018,

that christmas low. we hit a 20% correction there. then exploded higher, right. for the next year we rallies, the dow rallied 8,000 points off that low. i think it's very difficult, that expression, catch a falling knife. the index i would watch would be the s&p 500. that is the quickest way for somebody to get long stocks, that's why it's such a significant, it's a safety valve but also the first index that's going to turn. your guest earlier was right. we went down that 2700 level is very very big, 20% off the high. so we may see people come in and try and buy this level and then see. if that does not hold, we could have another night like we had last night where we go sharply lower. the market's trying to find support and i think if i was going to watch one thing, i would watch the s&p 500. liz: i'm so glad you said that. we are down 211, loss of the

session is down 237. we need to watch for that. thanks to paul, tim, scott, chris, just so you guys know on a very busy day, traders stop what they are doing. that means they put their clients on hold for you to give you that real feel of what's going on here. once again, i would say i'm looking at a floor that's very orderly, very calm but fully expecting that we may test the lows in at least the next half hour or so. all right. what is the next way station for the safe haven of u.s. treasuries, as so many investors are piling in. take a look at foreign bond yields. all these countries are negative, switzerland down .8%. germany, negative .7%. the netherlands, sweden, france, japan, all below zero. who would have predicted our ten-year yield would have fallen below .5%? last thursday, "the claman

countdown" brought in mortgage expert barry habib. hope you guys were watching. here's what he said. >> i think the bond market and ten-year goes to about .5%, very realistic, in my opinion. liz: boy, was he right. this morning, the ten-year yield dropped to .31. right now, we know we are above that, at .51. since he was spot-on on thursday, we thought let's bring him back for his next prediction. barry habib of mbs highway is with us. what level for the ten-year are you now modeling for? >> right now, we are looking at retesting that .31% that we hit this morning as the low. i think you typically go down and retest those levels. as you perfectly showed just earlier, there's room to go when you look around the globe and you look at these other yields from large countries in europe where you see these yields declining into negative levels. there's a difference if you go

with will the fed go negative, i don't think so, but will yields go negative, and it's quite possible they do on their own. because while a lot of people initially think how could i make money with the yield, there's a lot of money to be made in capital appreciation if those yields continue to drop. you kind of get a yield that's higher and as yields go down, while the yield goes down, you are making money on the capital appreciation so there's still money to be made in that trade. liz: yeah. i would think so. but which part of the yield curve, by the way, the entire u.s. yield curve, including the 30-year, went below 1% overnight. so which part of this yield curve do you foresee if we were to go to zero would hit there first? >> well, you are probably going to see the shorter end of the curve like the two-year would probably be the first one, especially if there's thought the fed does another rate cut because that would have a greater impact -- liz: so we let our people know, the two-year is .35. so it's above the lows of the ten-year session.

>> but if the fed does cut another half percent in the upcoming meeting, you probably would see that there's a good chance that that two-year starts to flirt with zero, maybe even goes negative. i think that wednesday, we have to really watch closely at 1:00 p.m. when you have the ten-year note auction. at these levels of half a percent, maybe less by then, what is the appetite and that will tell you, we said this before, the bond market's usually pretty smart, if the bond market has a big appetite at half a percent to buy with both fists, that means bond yields will probably head lower. if the bond market backs off, maybe it got a little ahead of itself and the charts show maybe there's a slight bounce higher. this will be very telling wednesday at 1:00 p.m. eastern. liz: the man with the crystal globe. he looks in it and gets these levels. boy, were you right last thursday when you said the ten-year would go below .5%. thank you. i just want to let people know we are about 39, 40 minutes away

from the closing bell and right now the dow jones industrials down 1,878. s&p down 209. the russell down 126. for an 8.7% loss. do not ignore the russell or the transports. speaking of big transport names, to boeing. boeing is one of the biggest losers on the dow 30 heat map at this hour on new recertification hurdles. at the moment, you also have to worry about the airline problems we are seeing due to the coronavirus but this recertification issue is a real issue for boeing. this on the eve of the one-year anniversary of the ethiopian airlines crash that days later, led to the grounding of the entire boeing 737 max fleet. the faa is set to order the aircraft giant to reroute certain electrical wires on the beleaguered jetliner before allowing it back into the air. boeing hitting new multi-year lows this morning. it now stands at $228 and

change. remember, if we show you just a one-week chart, see where it was a week or two weeks or a month ago, it was above $300 per share. president trump arriving moments ago at joint base andrews on his way back to the white house but if we could, let's go back in time and listen to something the president said in late february. >> when you have 15 people and the 15 within a couple days is going to be down to close to zero, that's a pretty good job we've done. liz: that was president trump on february 26th. fast forward to today, coronavirus cases are not close to zero. in fact, they have now surpassed 500 confirmed cases in the united states and 22 deaths. meanwhile, airline stocks continue to suffer major blows at this hour as the effects of the virus obviously could wipe out up to $113 billion in worldwide revenue this year. american airlines down 7%. delta down 5.6%.

ual down 9.5%. look at hawaiian holdings, down 4%, because obviously, the longer the route, people are a little more concerned about spending long periods of time on airplanes. flip it over to the cruise line situation. the "grand princess" whose parent is carnival cruise, with at least 21 corona cases on board, you are looking right now at a live picture of that. it has now docked, it appears, and is just at the port of oakland. i don't know if you saw earlier, it went right under the golden gate bridge and at this very moment, now the biggest dock in an area that is very secure, the heads of various agencies are highlighting the risk of traveling on cruise ships as the country reports more coronavirus cases. our next guest's company is called cytosorbus that developed

treatments for conditions like sepsis. it is currently being used on coronavirus patients at multiple hospitals in wuhan, china, the epicenter of the covid-19 pandemic. the ceo dr. phillip chan, joins us in a fox business exclusive. how are the patients doing? >> so we only have some preliminary data on -- coming out of china that at least the initial treatments have been going very well. in addition to the patients being treated in wuhan, china, we have also had initial feedback that the device is being used on patients in italy as well. that's a good start. but perhaps just to put my comments into perspective, it is developing a blood purification technology that is designed to treat deadly inflammation caused by cytokine in a variety of

life-threatening conditions, such as acute respiratory distress syndrome, septic shock and other illnesses. it has been used in more than 80,000 instances and distributed in countries around the world, including many of the countries where coronavirus cases have been surging, including italy, iran, hong kong, now in china and also pending registration in south korea. liz: doctor, tell me about inflammation in the lungs because everything that we are reading and hearing from experts when it comes to infectious diseases say that many of these patients who test positive are okay if it stays within the throat and of course, just as a simple cough. but it is when it gets down into the lungs that that becomes the problem. how does cytosorb help the situation? >> the thing about coronavirus is that instead of causing an upper respiratory illness, it is

actually causing a deep lung infection, damaging the respiratory epithelium of the lungs and causing severe inflammation and something called pneumonitis or viral pneumonia. the problem with that is it triggers a localized inflammatory response in the lungs that then leads to widespread inflammation in the lungs that causes the lungs to become leaky, allowing fluid, inflammatory fluid, cells and inflammatory mediators to leak into the air sacs of your lung, essentially drowning the person from the inside out. the problem with that inflammation is it can spill over into the systemic circulation resulting in systemic complications of inflammation including shock, organ failure, kidney failure and secondary bacterial infections. the purpose of cytosorb is to reduce the inflammatory toxins by filtering the blood of these

substances, in a very similar way you would do dialysis today. liz: well, as we look at the numbers, i keep looking at my device here because i want to keep making sure we are giving everythi everything, all of our viewers, the exact numbers. what have you heard from the fda about fast tracking your therapy here? we need more and more people to be able to handle this, correct? >> absolutely. we have been if preliminary discussions with those leading the joint task force in coronavirus infection and our goal is to try to get cytosorb used, at least brought here to the united states to be able to help patients with life-threatening infection. we are already in a pivotal trial here in the united states, but not yet approved in the u.s. so hopefully, we will be able to get fast tracked for this purpose. liz: boy, do i hope the fda is listening, or somebody, maybe with vice president pence's office because we need these kinds of therapies fast tracked.

dr. chan, good luck to you and your company. thank you. >> thank you very much. liz: check it here. we are about 34 minutes away from the closing bell. remember i said that half hour level, at 30 past the hour, is going to be an important moment where we see perhaps -- we are off the lows of the session. now the s&p is down 188. can you believe that's the low of the session? but we do have investors slamming the brakes on uber and lyft. this of course is very much tied to the fact that the ride hailing rivals are taking the hit as a driver in the new york city region was diagnosed with the coronavirus. both companies are now saying they are going to step up and help compensate any drivers who are affected by the virus. i don't know if we have a specification of whether that means financially or whether they catch it from somebody whom they are transporting, do we know that?

we don't know. we don't know yet if many of their drivers are going to be financially compensated in some sort of way or if they will be paying if they do have health care problems. uber is down 9.7%. lyft is down 9%. these are the lowest levels since their ipos late last year. the big banks have been really getting bruised in the selloff. let's show you again because many of you own these, citigroup, for example, is down 14%. same with bank of america. this as the trump administration will be inviting the street's biggest names for a discussion at the white house. this will be wednesday. charlie gasparino joins me live right now with exclusive details on what both sides hope to achieve at the meeting of the financial minds. charlie: it will be interesting. there's really not much they can do. we should point out that citigroup is trading, if they

didn't do -- if they did a reverse split, as you know, they are really at $5.20 right now which is kind of scary. citigroup was one of the major banks that were decimated during the financial crisis and it's not trading much above where it was during the financial crisis. i think it went as low as $2 back then. that's an interesting, if you can get a longer chart, maybe a 10 or 15 year chart, we can take a look at citigroup. it's just an interesting dynamic. they are trading at $52 but that's really $5.20. you know, i think their low during the financial crisis, there you go, low during the financial crisis was like two bucks. just so you know, the $51.99 is not where -- it was a reverse split. they are trading almost at the levels they were trading at during the financial crisis. that tells you something how serious this is. i will say this. the banks are going down there. the banks are getting crushed.

the reason why they are getting crushed is not necessarily because of the coronavirus and the slowdown in gdp. that's affecting other stocks like airlines, you name it, travel stocks. they are getting crushed because of low interest rates. when interest rates go low, you know, just think about it, banks charge less for their products. they charge less interest. it becomes much more -- banking service becomes much more of a commodity and there's competition among the banks for your money and they fight on price. that's why these stocks are going down. when you have interest rates where they are now and maybe going lower amid this panic, that's not good for financial stocks. i will say this. i'm not quite sure what the president is going to achieve with them other than to say i'm here with david solomon. jamie dimon is recuperating from heart surgery. he's not going to be there. james gorman from morgan stanley and the banks are in good shape. so this is a panic that the banks are not going out of

business. liz: what about the lenders? some of the banks that have major lending exposure, say for example the shale drillers, i keep my eye on some of those names. charlie: banks always take losses on certain sectors but we are not at the point now where it's like 2008. it's not even close to that. the banks are well capitalized. it's a positive environment for banks which is good generally for markets. that doesn't mean we are out of this by any stretch of the imagination but that's what they're going to do. the other thing i would say is i'm hearing this, it sounds fantastical but i am hearing this about the fed coming in and buying stocks on an emergency basis. i hear this from traders and different people. just so you know, they can't necessarily do that. the fed's charter prevents them from buying stocks. they can buy bonds. liz: well, i had the fed funds futures 100% chance of a 75

basis point cut next week. charles: they do that by buying short-term securities. that's how you manipulate the fed funds rate and those other interest rates. so the fed cannot buy stocks just yet. congress would have to approve that. i kind of don't think they will go there. we will see what comes out of this wednesday conference. my guess is it will be a lot of we're in good shape, the plumbing of the financial markets is fine and this is an overreaction. one thing i will say. roy blankfein put out a tweet today that said how basically downplayed the whole coronavirus panic and he may be right but i want you to know one other thing. during the financial crisis, lloyd blankfein consistently with others was saying when we were in 2007, way before the bad part of the crisis, that we are in the seventh inning of the credit crunch and that it was almost over. take it from the source when they tell you something is almost over, it might be. they don't necessarily have a great track record.

liz: exactly. as always, we know baseball games go beyond nine innings. charlie: they do sometimes. you're right. liz: charlie gasparino, thank you very much. we want to take a look at teledoc shares at the moment, one of the best performers since the coronavirus emerged as a global threat. shares are up 1.6%. but up nearly 60% since january 1st despite some profit taking earlier today, we have punched back, at least now we are down about 1.6%. sorry, i said up 1.6%. down. telemedicine leader is getting swamped in the selloff but obviously, it has had a very good year to date. the dow, s&p and nasdaq have been falling off a cliff most of the day. i want to get to a set here. small caps are down 127. dow jones industrials down 1,825. what is truly important here is that we stress to you we are off the lows of the session.

but the transports of course are getting crushed and it has been an even deeper dive for trains, planes and automobiles. the transports now off the lows of the session, down about 9.25% as we watch all of that. and i want to introduce bill hemmer, because right now, we are actually going to do a simulcast with fox news and bill hemmer is joining us live now. >> thank you, liz. i hear you loud and clear. what should people at home know? liz: people at home absolutely should know that nobody should be panicked selling. now, should it be buying at the moment? that is up to people who want to take a chance because there were points last week, bill, you know this, where we saw big selloffs, monday and then wednesday, but it's important, you saw big jumps and people thought it's over. i think it's important to note that the smart money here and the traders are saying we're not necessarily buying, we're going to wait -- we're in the last half hour right now, but not

really seeing big amounts of buying. >> so are they suggesting it's over after today? or does anybody see an end to this? liz: they see an end, not today. why. because they are looking for certain way stations and some of them would actually be major breakages or perhaps an announcement that indicates a real fracture in at least one or two sectors. what am i talking about. maybe an airline going bankrupt or maybe an airline filing for bankruptcy. i'm not saying this would happen but these are what the traders here are telling me. if you look at the cruise ship stocks, they have day after day really gotten hammered. there has been a mixed message from the administration. first it was from dr. fauci on chris wallace this weekend who said if you are an earlilderly person and have a pre-existing condition, you should not go on a cruise. i was speaking to dr. ann ramoin, from ucl, a and she said

no one should go on a cruise because it's been found to spread very quickly among passengers. bill: if you've got some moeney and a few years, is now the time? or are you keeping your powder dry still? liz: i'm going to teach people how to say this, leg in. you leg in on every given day a certain point each week, you might want to pick up some names you really like but only think about what you believe will actually be strong way out in the future. everybody is still going to be using iphones. everybody is still going to be using samsung. everybody is still going to be going to starbucks at some point. you don't want to miss a buying opportunity but today, it might not be the day where you have the cheapest price. bill: if that's the case, you want to buy good american companies that are in it for the long haul. liz: right. bill: what are you hearing from the white house, what are you hearing about the fed, because the rumors earlier today suggested the fed is ready to make a big move.

what have you heard? liz: okay. the fed may make a big move. it does not want to make a big move. it made a big move last week when it cut 50 basis points and you see where we are today. s&p down 193, the dow is losing 1,709, the worst levels since 2010. by the way, today, i know you know this, is the 11-year anniversary of the market low from the financial crisis of march 9th, 2009. how weird is that. but the white house, it's more important to really listen perhaps to what vice president pence and his team are saying and make sure that you keep an ear on that but you also want to look at an opportunity where you can look at the favorite names you really feel and especially if you have a long time horizon, nobody should be panicking because the traders on this floor are not. granted, they are seasoned but i got an 18-year-old and i know she has to go to college. i've got her funds in very conservative treasuries. you just want to make sure you look at those points on the

horizon and same with your viewers. i'm wondering where the oakland cruise ship stands. you have been talking about that all hour. it's really important. bill: they will disembark. what you said there, speaking about your 18-year-old daughter, hits home for millions and millions of americans as they are watching now. the president arrives back at the white house in a matter of minutes. we will see if he has something to say. he may mention vice president pence as well after the market closes today. on wednesday, leading business executives have been invited to the white house. what is that all about based on what you have learned? liz: i think they don't want to see another 2008 financial crisis. remember t.a.r.p., the bailout that $700 billion, that kind of looks small at the moment but they don't want to have to resort to that. however, the fed would rather step back and say we have done what we wanted to do. now we want to wait and let the government come in, whether that's congress, to come in with

fiscal versus monetary stimulus. where is the infrastructure plan. if they were to be able to announce that with shovel-ready projects because i don't know about you, i live in new jersey, there are a million shovel-ready projects i would like to see fixed. but if they were able to do that, that may inspire confidence. however, this will be a process. not a single day. bill: great to have you on. liz claman on the floor, live on fox business. check her out every day at 3:00 eastern. thank you, liz. nice to see you. liz: my pleasure. my pleasure. bill: fingers crossed here. liz: indeed. my thanks to bill hemmer. check him out every day, during my commercial breaks and his commercial breaks, you guys can switch. the tech giants are all getting cut down at the moment. these may be some names you really want to buy, when you feel ready. let's look at amazon and netflix. they have been seen as potential long-term winners against the coronavirus, particularly netflix, which right now is down 5.33%, down to $349. because those names are the very names for when you are

cocooning, if you are staying home, you will use netflix, amazon prime video. right now it's very hard to find green on the screen. let me get to kristina partsinevelos, who is at the post at the new york stock exchange on this floor. what have you got? kristina: before i get to the technology stocks, i want to focus on the fact you have photographers behind you waiting for the moments of exasperation on a lot of traders. one trader told me you have to wait for the close in order to see those kind of faces. you talked about technology stocks. let's bring up some of the fangs, facebook, apple, amazon, netflix. you talked about the people coming home, you think netflix would be doing a little better today. same with amazon. the fact they launched their new technology just walked out with plans to sell to other retailers. one of the reasons apple is selling off very strongly today has to do with the weaker iphone shipments in china. they came in a little less than 500 million and that was a major shift we saw, we are seeing

demand start to weaken across the board. this specifically has to do with china but it's not just technology. you are also seeing chip makers, if you take a look across the board, we will show amd, down over 9%. then we talk about staying at home, telecommunicating. everybody has been on heightened awareness as to how they are going to work going forward. some people from banks have been told to stay home for the rest of the week. we know the cdc has put a warning telling people not -- to try to avoid traveling and work from home. apple announcing that -- tim cook saying employees can work from home. you think slack would be doing quite well, used in a lot of work environments including fox business, but those shares are down. zoom media, i hope we bring the right one on the screen, those share prices were in the green and now i can't see but i'm assuming they are teetering off at the moment. tech, often seen as a point of value at this point, still part of the global selloff we are

seeing cross markets. you see traders waiting. back to you. liz: i'm just looking right now. yeah. the nasdaq down about 5.9%. we really want to keep an eye on these levels. we are off the lows of the session. very important to note. i am checking, what i see here is volume. we are looking at volatility index still standing very high, 53.6. to the nation's largest mortgage lender. it's quicken loans. well, quicken loans is saying the plunge in the 20-year treasury yield so dramatic that it means a massive surge, the likes of which they have never seen in their business and their mortgage applications are up 40% right now compared to the previous year. let's bring in in a fox business exclusive, jay farner, ceo of quicken loans. jay, thank you. when i saw that you guys were seeing historic numbers, my first thought was get him on. i know it's busy but give me your latest. how many calls have you taken starting last week?

>> we are taking thousands, hundreds of thousands of calls. in fact, friday and through the weekend, we did something like $4 billion in mortgage applications. liz: $4 billion. what would be the norm? >> maybe 30%, 40% of that number. liz: are you hiring? do you have enough staff to be able to do this? >> great question. we are hearing across the board that capacity has been reached in the mortgage industry. in fact, a lot of small players took in more applications in the first three or four days of march than they are used to taking in in a month. people have been asking are interest rates going to go down any lower with capacity completely maxed out in most places. that's probably unlikely. for us, the way we built our business, we are able to scale quite quickly. we are still accepting mortgage applications. we have not altered our interest rates to slow things down and we are excited to continue to move forward here and have record-setting months.

liz: i'm looking at the last print for the 30-year fixed. it was about 3.29%. that's really what sparked the herd to start turning and rushing and the horses just started stampeding, i would imagine. can i just ask you have been in this business a long time, how much lower does it go? would it make sense for people to wait just a bit more to save a few bucks more? >> two important things to reference when people ask that question. number one, remember, when we lock interest rates, we start hedging that interest rate for the clients so what we are hearing out there, there are a lot of margin calls occurring for lenders who have been hedging interest rates. that alone will slow down their ability to take applications, meaning they are not going to be reducing interest rates any lower. that's number one. number two, going back to capacity, when most places can't accept another mortgage application, there's really no incentive to drop interest rates. i don't see rates going much lower and right now, my number one question would be can you

close my mortgage and as you know, 80% plus of the population probably wins by refinancing right now. liz: what if i told you i have been hearing from people, and maybe other banks too, that they called their bank, bank of america, and are told they are not taking any more applications right now because they have too big a backlog. this is a big business person, somebody with a lot of coin who does a lot of banking with them and they were turned down. my question is being banks are turning down, stopping taking calls, does that mean my bank i might go to because why not, i have a 30-year fixed at 3.6%, something like that, will say no to me, too? >> i know there's a mortgage banker association conference occurring right now in colorado and from pretty reliable sources, i'm hearing that a significant portion of lenders there are reporting they have either slowed or stopped taking applications or they have increased interest rates to slow applications down. i think that's probably what you

are going to hear in most places. here at quicken loans rocket mortgage, that's not the case. we are still accepting applications. we will do 7,000, 8,000 again today. yeah, that's a fair concern. liz: wow. so you are telling us hundreds of thousands of calls since last week and 7,000 mortgages in one single day. jay, good luck to you. please join us again. we really appreciate it. >> absolutely. thanks for having me. liz: jay farner of quicken loans. you can see some of the other lenders, including zions down 11%. regions financial down 19%. m & t down 12%. a lot of these banks are writing mortgages in the past and you know, some of these levels were getting ridiculous. this is a panic selloff and there are great deals to be had at the moment. we are off the lows of the session for the dow and s&p. we are keeping an eye on all of this. let's look at o'reilly automotive and auto zone. why am i talking about car parts makers? they are providing help to

distressed investors. shares of the auto parts makers are two bright spots on the s&p at this hour. o'reilly better by 2.8%, auto zone better by 2.6%. why. both better on the belief cheaper gasoline will fuel confidence and prompt auto sales. those stocks are moving higher. i don't know if somebody can tell me how gasoline is doing. i can try to call it up here. it's probably significantly lower here for commodities. i'm pulling it up right now. nymex gasoline, can somebody tell me? that's the wholesale price, it's down 17%. boy, that better translate to our gas stations on the corner. i know all of you are saying that. why does it take so long? we see oil plunge, then it takes awhile for the guy with the stick to change the price. all right. on the flipside, how low can elon musk's tesla go at the

moment? well, elon's happy dance seems a bit like it's on a collision course because tesla is facing another broad-based selloff. we have the electric vehicle innovator's empire getting clocked right now. it is down about 12.3% but well off the lows. down 86 bucks. earlier it was down 100 bucks. because plunging oil prices bring the notion of cheaper prices at the pump, fueling fears of a slowdown. if you liked tesla at $700 you really like it at $615. its top rival getting hit by the fear factor, down to just $3.35. all right. that's a 14% plus year to date drop that it had already taken due to the coronavirus and outbreak there in wuhan, china and the rest of china. elon musk's top solar power rivals are also getting eclipsed by oil's plunge.

first solar down 8.5%. solar edge down 14.7%. and sunrun down 16.5%. check the clock. we are 11 minutes before the closing bell rings. dow jones industrials down 1,647. low of the session had been a loss of 2,158. connell, that's the good news. cheap gas and off the lows of the session. connell: yeah, right. we talked about that earlier. as long as people are willing to go out and drive which you could argue both sides of that, they might be more than willing to do that if they want to avoid public transit or whatever the case may be. yeah, that's obviously good for the consumer. you said it and when we spoke earlier, you said last ten minutes and now we have about ten and a half minutes to go. should be interesting to watch. it is for now the off the lows story. funny to say that when we are at 1653 to the downside of the dow. we will talk about that when melissa joins me at the top of the hour. obviously size, scope and perspective and all the rest. we will also go to west texas. it's been a big story today, the drop in oil. we have the guy from the shale business on. i was down there about a year and a half ago or so and visited

with tommy taylor, a private company he runs. he will have a really good sense of that industry, how they are dealing with $31 oil, how long they can deal with it and how some others in the industry might be in some trouble, especially if they borrowed too much money. we will do that as well as handle the stock market close. liz: i hear there's a run on my iphone holder here. connell: yeah. especially in certain demographics, liz. they are very popular. liz: with the studs, i'm sure. connell: have fun. liz: anybody wants it, go on bandolier. speaking of retail, there are big names on retail being sent to the return pile. let's check it, exactly ten minutes to go before the closing bell rings. the owner of gap and old navy getting torn apart. gps was really getting hurt earlier and you could bring in other names like urban outfitters. gap is down 10%.

urban outfitters down 12%. tapestry, the parent of coach and some other names, down 14.7%. kate spade is also part of tapestry. these are all sparked by fears over potential supply chain problems that perhaps travel through china because of the disruptions we talked to you about. foot traffic into those stores has also been a problem. let's get over to costco and walmart. it's almost a talef two types of retailers. costco is falling as it ends free samples amid the outbreak. well, that just makes total sense. you're selling off costco because no free samples? costco is down 2.57%. walmart moving higher by a third of a percent. walmart knows it will get more shipments of things people really need, whether it's cereal or toilet paper and of course, sam's club parent walmart literally the only stock in the winner's column for the dow on a renewed recession concern.

people will want to shop where prices are better. dollar store chain, well, interesting, these are getting a boost from a prepping and economic slowdown, fears around the globe. dollar tree, the top nasdaq performer, it's up four bucks or 5%. nice move there. dollar general up 1.5% or $2.42 to $160.80. we should take this moment to check gold. i don't know if we can put it up. let's get that yellow metal up there. it is retreating from the more than $1700 a troy ounce level that it hit in early trade. right now we are at $1674. that earlier high was another fresh seven-year high. the shiny commodity settling modestly higher, up about $3.30 an ounce. in the aftermarket, we are up just $2.40, $1,674 per troy ounce. gold coming off its best week since 2016. is now the time for investors to jump into the safe haven? hey, it's cheaper than it was

this morning. let's bring in our expert. along with the floor show traders. all right, give me a sense, what is your fund showing and what can you extrapolate from the behavior of investors right now as it comes to gold? >> well, there's two parts of the gold market right, there's bullion which is hanging in there today, but the shares, the gold mining companies, the stocks are getting shellacked along with everything else. that tends to happen on these big margin call slash liquidation days. but you know, overall, we are still in a bull market. our view is go positive on gold last summer when it broke out of the technical bear market and we are sticking with it. it's not parabolic movement right now. it's a time to buy. liz: tim anderson, i need to check back in with you. you told me at about 1:00 p.m. eastern that you were watching certain levels. you said the s&p earlier. what else can our investors kind

of peek inside your brain and glean from you at this moment? >> clearly, the transport average has been just crushed over the last two weeks which you would expect, because of just fears to global trade from the coronavirus, the airlines are way down, passenger travel has got to take a big hit this quarter, so maybe have the airline, maybe have the transports hold the 8,000 level, maybe have the dow hold the 24,000 level. that would just give us a little bit of a marker going into tomorrow and the rest of the week on any further weakness. liz: folks, check it here. we are at dow 24,141 and climbing. 147. we are watching this closely. ira epstein, give me the close you see down at the cme. >> it's scary because it seems that every friday we go home, come into a crazy monday. at first it was off china, now it's off america and europe, and that isn't going to change for

awhile. so i don't think this goes away. i think we are building in 100% fed's going to cut in the next two weeks or so. okay. but that's not what it's about. it's about the virus. as i see it, monetary easing isn't science, it's not going to change what the consumer thinks, the airline travel. florida today said if you go to a foreign country and come back to florida they want you to self-quarantine. this is getting worse, not better. looking for lows, i don't think it's a smart move here. i think you have to be very very cautious and go defensive. liz: phil, i'm looking at west texas intermediate. i can see right now it's at $30.95, down $10.32 in the aftermarket. make the call. >> you know what? i will give you the same anticipates i gave you friday. it will make a big move. i can't tell you which way. my gut feeling, i was telling you on friday, by puts and calls, you will get a big move.

if you had done that it would have been a great way to make money. liz: phil, will big integrated oils cut their dividends? will they be forced to at some point? >> they are at risk that will happen. it will not happen right away. i'm waiting to hear from reports that they will do something to help out the u.s. energy industry. whether with tariffs or something else, i don't know what they have in mind that might be enough to get rid of some of the fear. the other thing you're looking at, when you see a selloff in the price of oil it become as self-fulfilling prophecy. even though demand may not be as big as they think it is when they see the prices plummet they don't want to be a fool, buy oil at $30 and see it tomorrow at 25. you see a freeze on buying side. liz: thank you, ira and phil flynn, you see now, we're

coming up on three minutes left of trade. the dow is down 7% once again. there will be no circuit breakers hitting. this is what we saw earlier. which what caused the total trading halt four minutes after the open. we will not see anymore circuit breakers here. let's bringing in phil blancato, and raymond james chief income strategist, kevin givens. kevin, the oil and 10-year, falling below as .5 of a percent. it went as low as .3 of a percent. what is your message to the investor audience? >> liz, it has been that way most of the year, in terms of the fact we didn't think we would see inflation. you didn't see a lot of deal movement. we had two big shocks. coronavirus, followed up by oil, driven the treasury market in particular way ahead of rest of markets when it comes to predicting the next recession. it is very much in recession

mode. we need the fed to fall in behind. we can drive it lower even from here. liz: even from here. phil, were you doing any buying at all today, if so what? if not, what will you buy? >> you don't want to buy with panic in the the marketplace. certainly the virus, all it caused where the 10-year is at you have got to be very careful but there is an opportunity now. the first time in over a year-and-a-half you can buy stocks fairly valued. specifically large cap space, large cap growth, big tech names f you're wanting to buy fair valuation, finally today we are there. this market cleaned itself up. it found some footing here. i don't know we will continue to fall down on itself, we're at a price where it is fair value. that is critical in a market like this. liz: kevin, do you see stresses in the market? i'm talking about liquidity and big financials? i like that because mohammed he will el-erian warned that on fox

business. >> we'll have to wait and see, high yield spreads tied to energy. those spreads have gone out quite a bit. we went from 295 to 518 in one day today. so it is starting to hit the market. whether that is a short-term event or long-term event it is hard to tell but it is now on our radar where it wasn't on our radar two weeks ago. liz: what is your radar right now as we have less than one minute to trade, phil blancato. >> look at microsoft. it is at a great price. you named one, costco, phenomenal name with great balance sheet. liz: phil and kevin, thank you. starting to hear slapping. 28 seconds before the closing bell rings. off the lows of the session,down

1938. [closing bell rings] s&p down 220, the worst session since late 2008, the worst price for oil since the persian gulf war in 1991. that will do it for "the claman countdown." connell: wow, what a day. we have a oil price war on our hands. put it mildly that is weighing own wall street. all three major market averages sinking. third day in a row we've seen that. we have coronavirus fears and oil, the biggest one day drop in 30 years. opec and russia failing to agree on deeper production cuts in face of weaker demand. the dow appears more than down 2,000 points. we'll see how this settles. it was down a little more than this earlier in the session. 2158 to the downside was the low. we're pretty close to bear market territory, down by 7.82%. we have not had a day