meeting about the solidity and the strength of this resilient economy. that's it for us tonight. we hope you will join us. cheryllauren: it is 5:00 a.m. here are your top stories at this hour. president trump confronting the coronavirus with a series of sweeping measures to stop the spread in the u.s. it's not enough to stop the bleeding on wall street. how long will the bear market last. cheryl: the coronavirus shaking up the campaign trail, what it means for the 2020 race for the white house. lauren: the sports and entertainment world also being rocked by this pandemic. what's canceled, who is sick and who the world is waiting to hear from. it is thursday, march 12th. "fbn: a.m." starts right now. ♪

cheryl: welcome to "fbn: a.m.." good morning, everyone. i'm cheryl casone. lauren: good morning, i'm lauren simonetti. cheryl: all right. let's take a look at how your money is moving this morning, after the dow fell at the close last night, concluding what has been an incredible 11-year bull market run. right now, the dow is down 1,194, a loss of more than 5%, s&p is down 132, nasdaq down 383 in the premarket. all three averages in bear market territory. investors worry about a global recession. lauren: they're waiting to hear details from the president's package. oil is down 5% at $31.33 a barrel this morning. cheryl: the yield on the 10 year treasury falling on recession fears. it is actually fallen -- it is a loss of 12.9 basis points.

lauren: sea of red in asia, the jab niece market joining many other markets in bear market territory, down 4 and-a-half percent overnight. the hang seng and kospi down nearly 4%. cheryl: italy has closed all stores nationwide except for food markets and pharmacies. right now, red across the board, most of those markets down between 6 and 7%. lauren: governments are taking drastic measures to contain. that is our top story this morning. president trump taking drastic steps, implementing a 30 day travel ban from europe, the world health organization declaring the outbreak a pandemic. that is escalating fears across the globe. cheryl: griff jenkins is in the nation's capitol this morning where democrats worked through the night to come up with a counter to president trump's initial plans. griff, good morning. >> reporter: good morning, lauren and cheryl. official washington is in high

gear, addressing the pandemic, as the president seeks to calm the fears of a nation, announcing what may go down as his most important oval office address, he's slashing travel from europe to the u.s. starting tomorrow. >> to keep new cases from entering our shores, we will be suspending all travel from europe to the united states for the next 30 days. we are all in this together. we must put politics aside, stop the partisanship, and unify together as one nation and one family. >> reporter: in addition to the travel ban, the president outlining measures to protect healthcare workers and combat the economic toll this may have on americans, including a payroll tax cut, guarantee of financial aid for the sick and those caring for them and help small business as lawmakers on capitol hill have been working to prep a bill for the floor possibly today that would cover coronavirus testing for all plan, establish an emergency

unpaid leave program and provide a billion dollars in food assistance for those who need it. speaker pelosi issuing this statement, saying in part, we cannot slow the coronavirus outbreak when workers are stuck with a terrible choice between staying home to avoid spreading the illness and the paycheck their family can't afford to lose. and lauren and cheryl, the white house announcing yesterday the president has canceled upcoming trips to no have and the nevadad his participation in an irish st. patrick's day event. cheryl: griff, thank you. ceos from some of america's biggest banks met with president trump at the white house to discuss what they could do to help small businesses and the financial markets cope with the coronavirus outbreak. the leaders of citigroup and bank of america, among others, giving the president their perspective on the pandemic. >> this is not a financial crisis. the banks and the financial system are in sound shape and we are here to help. >> the first thing is to add

fiscal stimulus in a time of stress is the right answer. i think anything that gets out to the most people, so keeping people that become unemployed or under-employed, we think this is a key thing. cheryl: moynihan added that people continue to spend money and take out loans for small businesses, to buy cars and homes. the sba could be offering more money through the banks. lauren: the banks might be in good shape despite the coronavirus outbreak but the travel industry might not be. the u.s. travel and tourism industry could lose at least $24 billion in foreign spending according to data from the tourism economics, based estimates on if the virus was contained in six months' time. these totals are equivalent to about seven times more than what was lost during the sars outbreak in 2003. around $256 billion a year is spent on travel and tourism here in the u.s. cheryl: the ceo of jetblue saying this could be

catastrophic revenue-wise for the industry. lauren: parallels to 9/11. cheryl: breaking developments overnight, the nba suspended the rest of the season after a player in utah tested positive for the coronavirus. business and community leaders nationwide cracking down on large gatherings. lauren: todd piro is live with the latest developments on the covid-19 outbreak. now the nba cancels the season and people are a little more nervous this morning, or so it seems. >> there's definitely been a change over the last 24 hours. the player tested positive with players told to self quarantine. as for the left of the leagues season, the nba is suspending game play following the conclusion of tonight's schedule of games until further notice. cameras catching mark cuban when he found out about the move mid-game. >> this is people's lives at stake. this isn't about basketball. it's a global pandemic,

something out of a movie. >> from the pros to college, the ncaa deciding to hold men's and women's basketball tournaments without fans, with only essential personnel and limited family attendance, aflying to all nc -- applying to all ncaa sponsored championships. more than 100 colleges and universities are closing and/or going online for the near future, with communities from washington state to santa clara to new rochell cracking down on large gatherings. the latest numbers in the u.s., 36 deaths, 29 in washington state, more than 1300 cases in 44 states. the who declaring covid-19 is a pandemic, meaning the virus has spread worldwide. it's a new virus against which people don't have immunity. the virus can spread easily and efforts to contain it have failed. >> people always say, well, the

flu does this, the flu does that. the flu has a mortality of 0.1%. this has a mortality of 10 times that. that's the reason why i want to emphasize we have to stay ahead of the game and preventing this. >> it is important, lauren and cheryl, to remember that the word pandemic describes how widespread as illness is, now how lethal it is. back to you. lauren: 1% would be the rate if it is 10 times more lethal than the flu. cheryl: we're learning that the st. patrick's day parade in new york, in boston, chicago, all canceled. anything that's a large gathering seems to be off the table. >> you heard governor quo toe talking about the six foot rule. obviously that's tough on a normal day to sort of carry out here in new york city. you can imagine a parade when everybody's packed in on the streets of fifth avenue and marching in the parade, six feet is not possible, so hence the cancellation. lauren: or postponement.

we'll see. thank you very much. cheryl: big news out of hollywood and the coronavirus, tom hanks and his wife rita wilson have tested positive for it. the actor announced the news with this post on instagram that they're in isolation at a hospital in australia. hanks said they had not been feeling well and decided to get themselves checked. a slight fever, she had the chills. a health official said the pair contracted the virus outside of australia. they were in the country for pro production of -- for preproduction of an elvis presley movie. lauren: let's get to other headlines making news. two american and one british ser member killed in a rocket barrage in iraq. 18 rockets struck the base where the troops were stationed. iraqi security forces found a truck rigged to fire rockets a few miles away. this came two months after president trump ordered a drone

strike. harvey weinstein waking up in a new york city hospital room this morning. he was said to be suffering from chest pains hours after being sentenced yesterday for 23 years in prison for rape and sexual assault. his lawyers say he plans to appeal his sentence. lawyers for chelsea manning say she is recovering in a hospital after a suicide attempt. the former army intelligence analyst tried to take her own life before a court hearing tomorrow. she has been jailed since refusing to testify before a grand jury that is investigating wikileaks. she previously served seven years for leaking highly classified documents to wikileaks before her sentence was commuted. finally, tiger woods is heading to the golf hall of fame. he was elected yesterday from 10 phfinalists to join the class of 2021 after rules changed to

reduce the minimum age from 50 to 45. woods is 44. he said he is honored and humbled. he has 93 victories, completed a grand slam three times and won four consecutive majors. officials with the pga say there are no plans to cancel the players championship but they will make changes if necessary. cheryl: tiger woods, despite his personal issues, is an amazing golfer. lauren: he is golf and that was quite a comeback. cheryl: we are looking for a comeback today. we don't have one now. we're going to get jobs data today. we'll see how the markets shake out. a pretty rough morning for markets. investors aren't impressed. the dow is down 1,230. we'll probably hit circuit breakers today. s&p is down 137, nasdaq down 396 in the premarket. it's been an incredible 11 year bull run. markets may be heading for the bear.

how long is the bear going to be in its cave. not as long as you think. lauren: coronavirus may be negatively affecting a lot of things out there but there is one industry that is not stopping and not changing. we'll have those details straight ahead on "fbn: a.m.." 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

cheryl: well, folks, it is over, the coronavirus pandemic ending the dow's incredible 11-year bull run, as the president is taking steps to

curb the spread of the outbreak. let's bring in dave harden, cio of global investments. before we get to the president's comments from last night, the market seems to be looking for a bottom. how close are we? >> i don't think we're there quite yet. we have a lot on our plate right now with the virus. it's still in front of us in the u.s., the infection rate is climbing. so we're watching that. but i don't think that part of is, travel and other things are being shut down with the president's comments, so i think the bottom is still in front of us. i think we're going to test lower lows. cheryl: the president talked about different things we could do. goldman sachs said we don't expect the payroll tax cut but they do expect obviously some money could be funneled down to either sick workers or those that are in that low income scale, maybe paid sick leave, small business loans from the sba to small businesses. there are steps the government can take. what can congress do, if they

approve stil similar plus, woult that be -- stimulus, wouldn't that be a market positive. >> anything they can do to help the country is what we need, in the health front, stock front, economic front, this is a time when people need to step together, reach across the aisle and do this for the united states family. cheryl: do you think we should be concerned about a recession, not just a u.s. recession, but a global recession? because we are seeing red arrows this morning. >> oh, absolutely. and for heaven's sake, when you look at what's going on in the u.s. today and with the lack of travel with the airlines and the cruise ships and other things that the recession's a lot closer than we probably think it is, hopefully we avoid it but it's definitely on the doorstep. cheryl: if you look at the average of a bear market throughout history, it's 206 days. that's for the dow at least. but after 11 years, a lot of analysts were looking for some type of black swan event. they got two this week. they got the oil supply to the

saudis and the russians, before that the coronavirus. these two things can be short-lived. unlike the financial crisis, short-lived according to goldman sachs. what do you say. >> that would be a great thing if it would be short-lived. if this were the seasonal flu, if we coffing out how to treat covid-19 better, that would help us. an economic package would help us. the cut from the fed last week is going to help us. all these things will help shorten the tim timeframe. the reality is, car sales plummeted in china 92%, airlines were off 85% in february. we're going to experience some pain here. like you said, let's hope it's short-lived and we get back on track. cheryl: real quick, airlines, cruise lines, should they get help from the government? >> that's a hard call. that's probably for other people to decide. for me as an investor, investment manage e i'm not going to hold those companies for a while, that's for sure.

cheryl: interesting. okay. dave, thank you very much for being here. we appreciate it. >> thank you. lauren: jetblue was trading at a dollar. let's take a look at your money right now. it's been an ugly and volatile past few weeks. the dow is down 1,231 points this morning, that's a lot of five and a quarter percent. the s&p is down 5%. the nasdaq down about 5% as well. dow in bear market territory and the s&p and nasdaq are teetering on it. president trump ordering new restrictions to protect the public from the coronavirus. >> we have issued guidance on school closures, social distancing, and reducing large gatherings. lauren: how effective will that be in containing the pandemic? cheryl: amazon shoppers outraged after discovering face masks labeled made in the usa were not made here but, get this, made in the epicenter of the virus and there's been a lot

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cheryl: , well, amazon customers are voicing outrage after they ordered these face masks which are advertised online as being made in the united states but the label actually says they were made in wuhan, china. of course, that's the center of the coronavirus outbreak. customers taking to amazon, leaving one star reviews, some say they wouldn't have bought them if they knew that. president trump is reportedly expected to issue another executive order to help combat the coronavirus. this would require american made medical supplies and drugs to fight the outbreak. many active ingredients that make drugs work actually come from china and production is in china, we should adhere. meantime, denver, colorado is home to the u.s.'s first

drive-through coronavirus testing center. it's free, not open to everybody, though. people have to experience symptoms and they have to have a note from their doctor. lauren: as we have been telling you, travel from europe to the u.s. will be suspended starting tomorrow. here at home, we've seen the number of coronavirus cases increase daily. the hope is that the travel bans and the warnings that we're constantly telling you mitigate the spread but will it. we have the chief medical officer for holy name medical center in new jersey here with us, dr. adam jarrett. good morning. >> good morning. lauren: we hear about the extreme measures. they seem like they may be too late in the game. would you agree? are they effective? >> i think they're very effective. i think we need to do more. i think the more social distancing we can do with each other, the better. that is the one thing we know about the virus that the way to stop it is to keep people away from each other. lauren: what are you saying? >> i'm saying besides the travel restriction, we need to think about larger scale closings,

schools, churchless. it's not about preventing every case. we are beyond that. we are going to have a significant number of cases. it's about preventing as many cases as possible. we know for every one patient that's infected, two others are infected and then four others are infected. when we stop a single case, we have a significant impact. lauren: if we were to quarantine the nation in a sense, is that just for a two-week period and then the coast is clear or not really? >> i'm not recommending we quarantine the nation. lauren: that was my exaggerated way of saying if we do close the schools and we do close the churches, to handle this, how long are we talking until we can see the other end? >> i don't think we know the answer to that. i think we need to take this one week at a time and i am strongly encouraging our local officials to consider a one week restriction and closings of schools and churches and temples. lauren: why just one week. >> i think we need to reassess every week. i think it will likely take more than one week but we need to reassess on a weekly base socia.

lauren: tell me about the testing. how many tests do you have at your hospital? do you have the results. >> we are no longer testing through the department of health. we found we were able to get quicker testing through the commercial lab. we have adequate numbers of tests. the real issue is the delay in the testing. it takes us anywhere from three to four days to get a test result. patients that are well enough to go home, which are a significant number of the patients that need to go home and isolate before they get the results. nantz need to be hospital -- patients that need to be hospitalized don't know their test results. it creates major issues with flow in the hospital. we have to restrict the patients and treat them as isolation patients which will create major problems in hospitals. lauren: absolutely. and can coronavirus survive in the air? >> coronavirus can survive in the air, can survive on surfaces. that's why we need to do the measures people are talking about, hand washing, et cetera. lauren: a new study said it

could survive in the air up to three hours and on a surface for up to three days. is that what you're seeing and what you know? >> we know that it can survive. i don't know if we have enough information to draw specific conclusions about how long. we need to assume it can survive and, therefore, we need to terminally clean rooms that patients are in, we need to wash hands, we need to socially distance from each other. if we stay further than six feet from each other, if we wash our hands, don't touch our face, we will limit this problem. lauren: and protect grandma and grandpa. >> that is correct. cheryl: let's take a look at u.s. futures. the dow is in bear market territory, the s&p and nasdaq look like they're heading for. for the dow, on average, a bear market lasts on average 206 days. this could be short-lived. you want to watch the markets today. the dow is down 1,225, s&p down 135 and-a-half, nasdaq down 394 and change. president trump's stimulus plan proposal didn't impress

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lauren: here is your morning cheat sheet, the top headlines to get you through the day. there are more than 1300 coronavirus cases across 44 states and washington, d.c. president trump calling for a 30 day suspension on travel from europe to keep the virus from spreading further. the world health organization officially declaring it a pandemic. the virus also shaking up sports and entertainment. the nba suspending the rest of the season after a utah jazz player tested positive for the coronavirus. and tom hanks and rita wilson also testing positive. the couple is australia for

preproduction of a movie. harvey weinstein waking up in the hospital this morning after being admitted for chest pain, hours after he was sentenced to 23 years in prison for rape and sexual assault. weinstein's lawyers plan to appeal. he also faces charges in california. cheryl: we are watching the markets this morning. the trump administration announced a ban on travel from europe to help fight the coronavirus pandemic. but that step certainly isn't easing investor worry. the real worry, the consumer who is staying home and not spending money. joel griffith, heritage research fellow, joins us now. good morning. >> good morning. cheryl: so much talk about what the government can do about this, goldman sachs putting out a note saying maybe $80 billion they could use for fiscal stimulus. where does the money need to go? >> that's absolutely right, there's no doubt that the virus is potentially going to have a very substantial impact on our economy. but unlike in past situations,

we're starting here from a fundamentally strong position and for that reason we think any of that physical spending needs to be temporary, targeted, and it needs to be very transparent. a payroll tax cut unfortunately will not meet those specifications, it's not going to assist those who are staying at home in order to minimize the risk of disease. although it typically would include consumer spending, our response is going to be throwing a monkey wrench into this situation because this is not a typical recessionary period. we are proposing an epidemic tax credit that would compensate businesses in epidemic areas for those employees that have to be laid off or sent home, it would compensate for that and that would contain the virus. cheryl: the business would compensate the worker. if you look at the structure of the u.s. worker and the economy, it's that lower wage worker, those that aren't on salary, that don't have paid sick leave, that are going to be hurt the most and those are the one

that's are staying home, food service workers, 24% of u.s. workers, that's 33 million people don't get paid sick leave. you're saying this is the way to do it. >> this is the way, because this would only be in declared epidemic areas, directed at workers that can't work remotely, cover 90% of that cost. this would help the virus, help contain it, but also directly help those who are actually impacted by having to stay home from work. cheryl: let's talk about initial jobless claims. we're in record unemployment territory. we've been here for, what, three years now, we've been seeing incredible numbers. the stilit's a small uptick. this is the first report that shows us the coronavirus effect. what do you expect? >> i expect it's going to show a slight uptick in the number of jobless claims. we usually focus on a rolling average. this time around, i think we will be giving a lot more attention to the actual weekly number. cheryl: what about the fears

about a global recession, like would it be a short recession? >> it should be a short-lived recession. this is not because of structural problems with the economy like the financial crisis. a lot of the reports coming out of china suggest we'll see a one to two quarter slowdown. but they could end up the year with positive growth. we don't want to minimize the problems across our partners in southeast asia. these have been dramatic factory slowdowns, we need to see a quick ramp-up to avoid anything prolonged. cheryl: we could see zero percent growth this year, not just in the u.s. but on a global level. how concerned are you about that? based on the fact that we've had years of strong gdp growth globally. >> you never want to applaud a slowdown, nothing to celebrate. but thankfully, this one would look to be short-lived because it's not because of a financial crisis, a credit crisis, this is something related to mother nature. we've seen epidemics before. we've recovered from them. we can look back to the sars outbreak and nine other --

actually, 10 other epidemics after the past 35 years. i'm confident we'll be able to work together and contain this and once we get everything back online we'll be able to come back. cheryl: this is not the 2008 financial cries circumstance very different and it could be a short -- crisis, very different and it could be a short crisis. thank you for your perspective. lauren: here's look at what else is happening today. joe biden will deliver an address on the coronavirus response, he'll speak in delaware instead of the previously scheduled event in tampa, florida. the biden campaign will hold virtual events after he and rival bernie sanders canceled their rallys in ohio, despite the scaled back schedule and tuesday's primary results, sanders is vowing to stay in the race. cheryl: well, pete buttigieg is trying his hand at late night tv, that's going to be tonight. the former presidential candidate is guest hosting jimmy kimmel live. he said he will perform all duties of the show including interviewing guests and even the opening comedy monologue.

he is stepping in for kimmel who is busy with the who wants to be a millionaire revival. lauren: we told you about mcdonald's double big mac and taco bell is trying to compete with that, they announced the triple chalupa. the two meet in the middle to create a whole new flavor. it will be available for a short time at participating taco bells. cheryl: yum. lauren: i know. cheryl: it looks good. lauren: comfort. cheryl: we all need that. tennessee is bracing for unfortunately another round of severe weather headed their way. lauren: and the news just hits you right and left. senior meteorologist janice dean is live in the fox weather center with the forecast and of course her daily smile which we need this morning. >> thank you, ladies. i want to make sure that people across middle tennessee know what to do if there's a watch or warning, where are you going to get those watches and warnings. we had devastating tornadoes last week, the potential is

there again today for severe storms but not only tennessee, kentucky, illinois, indiana, parts of arkansas, missouri. we're on alert here and we could see watches and warnings especially in the afternoon hours into the evening, know where you're going to get those warnings. we are concerned for this area. future radar shows those storms that will move through this afternoon and evening. then we watch the southwest and the northwest where this area is going to remain active over the next couple of days. this is the desert area. so any rainfall that accumulates is going to cause flash flooding, so flash flooding concerns for our friends in call california and parts of arizona. there's the forecast precipitation. even though it doesn't look like a lot of rain for us in the northeast, this is a significant amount of rainfall for the desert southwest so we'll continue to monitor those areas. always nice to see you, ladies. sorry, i'm giving you some alerts today but we need to. cheryl: to your point, the folks in tennessee, i mean, they really need to be careful. it's been a devastating couple of weeks for them.

janice, thank you so much. >> nice to see you. lauren: let's take another look at futures. we are seeing severe dive at the open. the dow down 1231 points, five and change percentage wise, s&p down 138, nasdaq down 400 this morning. investors looking for the bottom of this market as we deal with the coronavirus and that virus is shaking up the campaign trail. does it actually give one of the candidates a leg up is the question we're going to be asking. cheryl: the end of an era for one major sporting goods store. the chain, you know them, details coming up, "fbn: a.m.." just over a year ago,

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lauren: the coronavirus shaking up the campaign trail. for now, candidates whim not hold campaign rallies and sunday's democratic debate won't have a live audience. what does this mean for the candidates that get a boost during moments like these including president trump? joining me now to discuss is attorney to president trump, jenna ellis. jenna, good morning. >> good morning. lauren: it's so true, president trump really shines at these rallies and major campaign events and you can make the same argument for bernie sanders. you can't make that argument for joe biden. so not having these campaign events, is that potentially bad for president trump and good for joe biden? >> well, not at all. president trump always shines no matter what form or venue he is,

he's a master of the media and communication to the american people. even though everyone loves to see him in person, the rallies are always such wonderful events, i've been privileged to attend several myself, we also saw the town hall, that was the highest rated townhall and president trump spoke so clearly to the millions of americans that tuned in and i think he'll continue to do that and we at the campaign will continue to also bring across our message of keeping america great and how president trump has fulfilled his promises. lauren: do you think his re-election is contingent on his response to coronavirus? >> well, you know, i think that the american people are seeing that president trump was so excellent and evidenc effectivet night in communicating to the american people and calming and reassuring them that he and the administration are taking decisive and effective action in the best interest of americans. listen, president trump met yesterday with wall street executives and he heard and listened to their concerns and he's taking a whole of

government approach here and we saw all of the things that he's doing to stimulate the economy, to make sure to protect americans and really that's a whole of government approach. but i think it's really important here, lauren, to also recognize that this is a temporary moment of uncertainty and we've had other key moments in american history that have been moments of uncertainty that the american people have always faced with courage and not fear. and i think under president trump's leadership, i'm confident that the american people will also face this challenge and come through with the strength that makes us the greatest country in the world. lauren: what would you say to critics who say they want to see more from the president, from the administration. they want more details of what a rescue package looks like. what's your response to them. >> well, i think that the president and also vice president pence and the entire task force, secretary azar, everyone has been very transparent here with communicating all of the information that's timely but they're also very measured. so i think that as we continue

the president's going to continue to be transparent with government but also make sure he's effectively communicating what we know and making sure that he is also measured in his approach to not over-react but make sure he does every decision in the best interest of the american people. we're going to see that continue. lauren: jenna ellis, thank you very much for joining us this morning. >> thank you. cheryl: we continue to watch u.s. futures this morning. the dow closing in bear market territory last night after an 11-year bull run. the s&p and nasdaq, if these numbers hold at the close, bear market as well. but there is some good news, folks. we're going to get to that in a second. s&p is down 136, nasdaq down 402. okay, will the historically low mortgage interest rates bring on a big buying boom this spring for the real estate market? we're going to talk about it. lauren: the u.s. soccer federation is under fire once again over gender pay. the shocking comments just made when "fbn: a.m." returns. awesome internet.

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cheryl: coronavirus fears are impacting the markets but could all the trouble actually lead to a big silver lining. with interest rates getting lower and lower, applications for mortgages are jumping. can we expect a housing boom this spring? let's bring in the owner of ceo of rogers heely and associates, roger heely. are we going to see a spring housing boom thanks to the incredibly low rates on a 30-year. >> i hope. i think just like a lot of us, we're kind of just a little bit in that fear of the unknown phase. but the last couple weeks have been nothing short of crazy in really, really good way, especially for people in the mortgage business. the spring market is right around the corner.

this is normally when it gets very, very, very busy but it got busy a lot quicker this year. i think we're going to see something really interesting for the next couple months. cheryl: we talked about refinancings jumping, up 79%, which is amazing. the 30 year right now, 3.25%. we haven't seen these type of interest rates since 2013, i want to say, rogers. >> and they're still going down. i think that people love incentives, no matter what's going on. the talking heads, what's really going on with the world, people love incentives, especially if it's financial. we have people that have come off the fence or people that weren't thinking about doing something right now, i'm refinancing right now and i had no intention of doing it and it makes sense. there will definitely be continued action. cheryl: looking at the applications for mortgages, 55% jump in one week. let's talk about the banks. obviously, you have to find the house, if you've got nothing else to do this weekend, you

don't mind going out in public, maybe go look for one, if you were thinking about it. how quick do you think the banks can process the loans, if they're overrun by refinancing and new mortgage application. >> i'm not in the banking world. i think there's going to be massive delays. which is going to play to the favor of the consumer. once you get locked in to a rate, you have x amount of days to go and close on it. if you're closing with a bank, they're going to make exceptions to the rules. i think it's going to play to the favor of the consumer. i think interest rates will get closer to 2% as time progresses. cheryl: what about inventory out there? in some pockets of the country, inventory is low, new york city is one of them. in other parts, inventory is pretty strong. that helps spur buying, correct? >> it's supply and demand 101. the spring market is when it gets the busiest, spring to early summer, year over year, whether there's a pandemic like the coronavirus or a normal year like last year, this is when

people start making moves. in the next two weeks, we'll have a pretty good idea of what it will be like for the next half a year. cheryl: one other group of buyers i want to address, that's those that are looking for a second home, looking for investment property, that could be a second home, could be a piece of commercial property. what do you say to that buyer right now, potential buyer? >> let's go, let's do it. with the oil price, what happened this week, people will gravitate towards a tangible investment and real estate is the most tangible, old school investment on planet earth. i think we'll see people looking at something to go and hold their cash in something, even if it's for a couple years. the second home market will be an interesting one for the next few months. cheryl: we'll leave it there. to your point, the secondary investment of the stock market is the real estate market and i think it's about to be a piece of fire. i hope you can come back on television if you're not too busy. we love having you. >> i would love to come back. have a great day. cheryl: thanks. lauren: here are other headlines making news this morning. u.s. soccer federation is under

fire, the governing body facing scrutiny after it said the men's national team members had more responsibility and higher level of skill than the women's team. they said that in a legal finding. the reining world cup cams are e suing for equal pay. coca-cola, visa and deloitte condemned the comments. a sporting goods retailer will close all their stores. liquidation sales at remaining stores will begin tomorrow. the store has been family owned and operated since 1889, had over 15 # o 150 locations at his height. gronk may be done with football but he's lined up for his next job. he signed a deal with the wwe. he previously appeared at wrestle mania. remember that. three years ago. you're looking at it there. and chick-fil-a granting the

wishes of many. the company has announced to customers that it will be selling bottles of some of its favorite sauces. so far, chick-fil-a sauce and polpolynesian sauce are the only ones available. it is currently in the state of florida as part of a pilot. cheryl: have you ever had their sauces. lauren: i love those sauces. i ask for extra. cheryl: this is not weird, we've got a selloff to show you right now. now, the dow is coming back a little bit, we'll see how today goes. we've got initial jobless claims today. the dow is down 1,087, worries about a global recession, the u.s. recession, the economy, consumer not spending money. the nba suspending its season but wait until you see what the player who helped force the move did just days before being diagnosed with the coronavirus. lauren: and coronavirus may be

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lauren: the nba season has been suspended after center of utah jazz tested positive for the

coronavirus. cheryl: how is the nba going to handle this, how does it work? mike: they are suspending, not officially canceling. the playoffs are supposed to take place in a month, 6 weeks from now. they are not saying those are off. right now the nba season is suspended. doesn't make sense. they are saying suspending right now. cheryl: how do you set the playoff teams if you don't play the regular season. mike: the reason this happened because utah jazz center tested virus right before the game started. he will be out. but also all the teams that played him are on voluntary self-quarantine. now, a couple of days ago as we showed right now, rudy mocking coronavirus.

now, 2, 3 days later he got coronavirus and didn't take it seriously and now maybe he should have. what does this mean for sports leagues out there? you either play games in empty stadiums or you suspend like the nba did. the nhl plays a lot of the same games as the nba does. they share same arena, training facilities and more. in addition to that, major league baseball, they actually have time on their side. it can go to october. will go to october. maybe they'll be all right because they can delay it, however, you look at states like california, you can't have gatherings of more than 250 people. how are they going to play the games and how will they play them in front of fans?

march madness announcing that they'll be no fans. so no fans, they will see if they can play them in smaller arenas, et cetera. why would ncaa play games. that could be up in the air as well. cheryl: real quick, we talked about this earlier, one thing that the coronavirus is actually helping. mike: listen, the love must go on. love is in the air because new survey on okay cup id found that 90% of respondents on america's cupid found out they are willing to date in coronavirus era. [laughter] lauren: that's how we will end the show. cheryl: maria bartiromo, good

morning. maria: hey there, ladies, right back at you sunshine. i'm maria bartiromo, it is thursday march 12th, top stories before 6:00 a.m. on the east coast. president trump issues travel ban from europe sparking global selloff once again. 11-year bull run coming to an end for the dow industrials. nasdaq and s&p near bear market territory. the market is down 20% from recent highs. this morning we have another drubbing under way. nasdaq futures down 371. dow academy largest point loss ever pushing the dow into bear market territory down 1464 at the close yesterday. almost 6%. world health organization declaring coronavirus a