the day and i think it will again. guys, thank you very much for that. appreciate it. right now the dow is down 8.61%. i send it over to liz claman. take it away. liz: i don't know if i want it. this is really significant here, folks. the coronavirus crush is obliterating airline and auto stocks, insurance, social media names, semiconductors, gold, the entire oil patch, the entire energy sector, and more as we head into what will be by many metrics a historic final hour of trade. the dow dipped below 19,000 earlier. it is now just slightly above it at 19,478. s&p down 7%. we do have the nasdaq down 5.9% but it is the dow jones transportation index which includes the airlines that is losing blood at an alarming rate. right now the index which also includes freight movers and railroads is down 7.9%.

earlier, it was down 12%. as the deadly pandemic expands to every state in the nation now and the president shuts the northern border with canada, the death toll has ticked up to 97 in the united states. let us start looking through a whole bunch of different sectors here. how low will oil go. the rout at this hour in the aftermarket is pretty brutal. we are down 19.2% and we do have it at $21.78 a barrel. it settled lower than that at $20.37 per barrel just a half hour ago. crude has lost 56% over just the last ten days. that is the worst ten-day trading stretch since the futures contract launched back in 1983. as we speak, we should tell you the senate is expected to begin voting on the $100 billion phase two coronavirus bill. here's what we know it includes. free coronavirus testing, funds for state unemployment insurance

and paid sick family and medical leave for employees and small businesses. we will take you to capitol hill to get the vote tally when it begins and we will try to do that in realtime for you. all of the united states in the union, new jersey is considered one of the top hot zones. we will take you inside the worst-hit area, bergen county. specifically edgewater, new jersey. edgewater, new jersey mayor mike mcpartland runs the town considered to be the gateway to new york city. the former nymex oil trader joins us on how he's holding down the fort. and we are bringing in the star of the netflix docuseries "pandemic," jacob glanville who has been working for years on a vaccine for a pandemic just like this one. he is extraordinarily close but there may be a real problem when it comes to timing at the moment because his operations are in san francisco. san francisco is on lockdown. we will talk to him in just a

moment. we have this breaking news. swiss ventilate or maker hamilton medical, the world's largest maker of face masks, says britain faces a massive shortfall of ventilators as the coronavirus advances. the ceo is saying quote, england is very poorly equipped. we also, unrelated, have this hitting the wires. i promise you throughout this hour, i will keep interrupting to get you anything we see when it comes to breaking news. regarding the census, operations for the census will be suspended for two weeks. the director, steve willingham, is apparently saying it needs to be suspended until april 1st of 2020 so for now, the on-the-ground census takers will go quiet for the moment. let's get to the energy complex, more specifically under pressure. we know oil hit an 18-year low but as demand falls off a cliff, take a look at what we call

arbog gasoline, the wholesale price of a gallon of gasoline. it is down 8.6%. i'm blinking because it's stunning here. just 65 cents a gallon. 24 hours ago we told you phillips 66 was cutting production at its l.a. refinery due to a complete desert in demand due to the coronavirus. we are looking at some of these names. phillips 66 down 9%, exxonmobil down 12%. chevron getting crushed here, down 21%. valero down 13%. royal dutch shell down 16% on a normal day we might say these are hugely discounted. they are real opportunities. we do just want to stress here for a moment before we get to the boeing story that it is slightly treacherous, slightly is an understatement, to try and extrapolate what value is there from any one day to the next because just yesterday, we closed well up. we had a very nice rally yesterday but you see what happened today.

we're just warning you to please be cautious. it's a little too late for that for boeing shareholders. boeing is actually in a fight for its very survival. the stock is trading below $100 right now for the first time in nearly seven years. we're at $93.87, down 24% today alone. it's on pace for its worst month ever and the aerospace giant is of course, as we have reported, begging for a $60 billion bailout. boeing was a $300 stock just a couple weeks ago. let's flip it to the companies that buy boeing. delta airlines plunging after it announced today that it is parking more than 600 jets, cutting corporate pay by as much as 50% and scaling back flying by more than 70% until the sector recovers from the coronavirus epidemic. we do have delta down another 25% to $23.80.

we should tell you that moody's investor service is weighing whether to cut airlines' credit ratings including downgrading delta to junk. to junk status. southwest down 10%. jetblue down 17%. we do have american down 24% to just $11.71. and ual down 32%. we told you also the federal reserve reports now that it is seeing stresses in the commercial paper market. jay powell and the fomc meeting, they were supposed to have their meeting today, not having it because as we know, we cut -- they cut down to zero for the overnight lending rate. well, commercial paper is the short-term lending instrument that corporations use to make payroll and pay vendors. even if the federal reserve threw $1 trillion in overnight and afternoon short-term lending to corporations yesterday alone, to try and mitigate that, take a

look at the stock. this is assured guarantee, ago ticker symbol, down 36% to $18.17. it provides credit protection products to public finance, infrastructu infrastructure, structured finance markets in the u.s. and internationally. it is flashing a huge warning signal that the financial pipes are still clogging up. it has been halted. now i understand three times. when i wrote the script it was halted twice. it's been halted three times and it is a very very disconcerting stock and we will tell you why if just a second. but hedge fund manager bill ackman, you may have seen headlines about this, issued a screaming warning this afternoon on cnbc saying quote, hell is coming and that the whole country should shut down for 30 days. as the markets tanked further as he spoke, mike novogratz who ran hedge fund fortress investments tweeted quote, please get ackman off the air before people start

jumping off bridges. mike novogratz joins me along with phil flynn and former wells fargo chief economist mike silvia. you began your career as a commercial paper salesman at goldman sachs. from what you can tell, is that market which is crucial to overnight lending, is it chilled, freezing, frozen? where are we? >> i think what the fed did is really important. sometimes it takes a couple days for people to get comfortable. you remember most people on those desks weren't around ten years ago, so even how the process works, you are brand new, this is the first crisis you have been in, the commercial paper desks are not staffed by old crusty guys. they are young people. so i think you are going to see that thaw out quickly. the japanese banks borrow a lot in the commercial paper market. that was a very important step. i think it will help. the dollar funding market is the bigger problem right now. the fed i'm sure is looking at it full-time, do they start lending to emerging markets,

central banks direct. usually they will extend swap lines to the ecb and the g-10 banks, but not -- liz: -- we will need to start lending to foreign banks? >> to foreign central banks, i certainly think it will come to that. liz: what do you mean when you say the dollar funding situation? we know the dollar has spiked. in fact, earlier i did see that the dollar index, at least some metrics of it, had absolutely skyrocketed and it has become once again that reserve currency and safe haven. >> the world borrows in dollars and when they need to pay money back they need to get dollars to pay the loans back. as people delever there's an unbelievable demand for dollars. dollar funding gets really tight. so the rate that you can borrow a dollar short term in a different currency, so people, if they can't fund their currency, they just buy the dollar back. so you're seeing, you know, in ,

in any currency connected to oil. but almost every emerging market currency. that's going to create more headwind from the u.s. in the long run but also creates financial dislocation in all markets. liz: okay. now let's get to bill ackman. he of course had gone on, really said some very dramatic statements. >> listen, you're in a panic and he was just throwing kerosene on a fire. the market is already panicking. so for him to get on and start crying on tv and panicking and he was making an impassioned plea that we take this social distancing very seriously and we broadly shut down. kind of that's what we're doing. the country broadly has shut down. i actually think if you step back for a second and just look at where we are now globally, 8,000 people have died over the same time 13 million people have

died. like we have to keep some perspective. 55 million people die a year on the planet. 13 million people have died since this corona started. 8,000 from corona. yes, we need to take this very seriously but it feels to me like we have worked ourselves into this frenzy now which we didn't need to. and we are probably going to do more damage from the economic destruction than we are from the virus. liz: let me bring in phil flynn here. mike, stand by. you are still part of this conversation. phil, what do you make of what mike said and specifically about the financial markets right now? we can't control washington, d.c. but he did give the fed a thumbs up for throwing a ton of liquidity or cash into the system yesterday and last night. >> i think the fed's done what they had to do. we have to get calm at this point. i know it's difficult to say when the world's burning up around you, but he's absolutely

right. we have to put this in perspective. listen, i walk down the streets of chicago, they're empty. st. patrick's day yesterday, there was nobody down there. usually the streets of chicago are buzzing with people with green ties and green beers. so we are seeing this happen in realtime. and there's going to be some real economic pain. look at what's happened in the energy space. those are -- liz: hold on a second. we are going to pull up because you just made that point, we will pull up a picture of times square right now. on any given day, every inch of this area, this is a live picture of times square, would be jam-packed. it's kind of a little jittery here. it is a live picture. go on. >> from an oil trader perspective, what i see there is no cabs, no buses, no people moving. that's demand destruction. it's real. that's what we're seeing in the energy space today. we're hearing from refiners hey, there's no demand, why should i

make gasoline when nobody's driving. why are we going to be buying oil? we don't need oil if we're not running the refineries. then you've got countries like saudi arabia and russia in this production war that are adding more pain, trying to flood a market that's already overflooded. it really creates a dangerous situation. liz: john, you were the chief economist at wells fargo. isn't it fair to say that the virus is now, it's got its claws into the financial markets and the u.s. economy, but how do we get back? how do we start getting firmer footing even as we don't have control on the virus, or do we have to wait until we have that control of the so-called bell curve? >> i don't think we have to wait and i would pick up on your comment earlier about the pipes and the system. yeah, i was there when 2007 and 2009 hit and the fed did intervene in many, many

different ways. one of the ways was supporting the commercial paper market. why is the commercial paper market the pipes of the system? because businesses borrow in commercial paper to pay some of their bills. mutual funds buy that commercial paper because they are facing probably some cases for people borrowing money from the mutual fund, redemptions in the mutual fund, so the pipes are there, the fed is intervening in commercial paper. i think that's very very positive. the other thing i like about the bank of england and their approach, they are getting money from the treasury, giving it directly to the banks and saying please lend the money. again, you don't want to get through two weeks or four weeks of paper shuffling where legitimate companies have to file for new loans at banks. we need to just get the money out there directly. liz: mike novogratz, i hate to quote people who make dramatic statements that are so far out there. you know, he could be right.

bill ackman could be right we all need to just sit tight for 30 days. but he also made the statement if the airlines were to -- most of them are probably in some form of bankruptcy at the moment, but if they were to go belly-up or we had to see real consolidation here, he said that blackstone would go under. do you see anything like that? >> no. blackstone's not going under. blackstone has a monstrous business. they manage other people's money. they get paid a fee to manage that money. their clients will lose some money and they have lost some money. every private investment that you have in your portfolio, you probably should mark down 30% though the privates won't for awhile and hopefully the market bounces back fast enough that you don't have giant mark-downs in these private portfolios. blackstone's not going to go bankrupt. they might have some portfolio companies that suffer. but they are a well-capitalized firm themselves and they make fees. so again, it's just take the tone down. it doesn't help to add kerosene

to a flaming fire where people are panicking. we have had unbelievable wealth destruction. you put bill miller on the phone or some value investors, people are opening up and starting to buy here. liz: what are you buying? >> it's time to start buying, from the fang stocks which have gotten beaten up, that have businesses that aren't going away to cash flowing stocks in the food space. i think there's plenty of opportunity in the market. liz: phil and john and mike novogratz, we do have to run. we are probably going to have you back up on the horn because it is a fast-moving market. our sincere thanks to all three of you. dow jones industrials down down about 7.9%. happening right now, this could move the markets in one direction or another. the senate is on the verge of voting for that $100 billion coronavirus stimulus package. the house of representatives already passed it last week. they are voting for amendments right now.

the trump administration has also pitched an $850 billion stimulus that is still a bit short on details. hillary vaughn is watching the clock here on capitol hill. when do we think they will really start in full force to begin voting? reporter: the voting is actually twice as long for social distancing. typically 15 minutes set aside, the majority leader said today 30 minutes will be set aside for each vote on every amendment. so going a little bit longer than it would originally without these conditions. but we did obtain the treasury document that paints in broad strokes at least from the administration's point of view the numbers that they want to hit for this phase three stimulus package that would go to help industries like the airlines but also small businesses and taxpayers. diving into the numbers in that document, again, these figures could shift as discussions continue, it's setting aside $50 billion for the airline industry, including passenger and cargo air carriers, $150 billion for other sectors of the economy that could be hit.

the president hinted that could go to hotels, also cruise lines, anyone in the tourism industry. part of phase three includes cash for taxpayers, $500 billion set aside for this in two rounds, one $250 billion round set to take effect april 6th and the second on may 18th. these would be direct payments made through the irs. the payments would be fixed and tiered based on family size and also family need. but the idea of cutting a check is not sitting well with all republicans. that's what really, after this vote is about today, getting them on the same page. liz: thank you very much, hillary vaughn. okay. we need to look at walmart. as it is extremely challenging to find green on the screen, we found some on walmart. walmart has become one of the biggest names in prepping, of course, as people flood to the big box stores to stock up on priority items. walmart has hit a record high today. it is among just four names on the dow that are in the green, but it is up $1.53 to $120.79.

i want to give you the percentage because i know a lot of viewers prefer to hear percentages. walmart is up 1.2% right now. walmart is one of the few stores deemed essential to stay open amid quarantines and shelter-in-place orders. fellow dow component home depot, though, is not faring as well, even as the home improvement chain says it too will keep its stores open due to high demand of its items. home depot also announced a 6:00 p.m. closing time now for all stores in both the u.s. and canada in order to both restock essential items and to clean the stores. that stock hitting a 52-week low. it is down 11.5% to $153.92 a share. new jersey governor phil murphy just updated the number of coronavirus cases. they have surged to 427 from 267 just yesterday. five deaths, up from two yesterday. one of the deaths today is in

bergen county, which is located right across the hudson river from new york city, just south of the george washington bridge. bergen county is turning out to be the hot zone for the state, with 84 cases. the borough of edgewater is known as a gateway to new york city. edgewater's mayor mike mcpartland joins us via skype. mike, you are my mayor. this is my town. what is the status of the cases in edgewater? i understand one of them is a school teacher. >> yeah, that's correct, liz. we have two cases in edgewater that are confirmed, and you know, the 427 you said in new jersey, and i hate to report, what was the number you had for bergen county? i'm a little bit higher than that. i got the most recent numbers, at 113. so -- liz: 84 was yesterday. >> yeah, this is today, 113. liz: not quite a doubling there but certainly dramatic increase. tell me what you are doing for the city right now.

this is a smaller town, a borough, certainly, but explain what a mayor like you has done and has to do. >> well, we are kind of following the lead of the governor and county executive. there's a group of us in the eastern county section of bergen county, the mayors, we are in contact with each other all the time. we are all trying to do this in a coordinated way so we are all on the same page. it's a fluid type of thing. if you notice, it changes by the hour. so, yeah, over the last five, six days, we have been putting out alerts, closing our parks at the same time, schools got closed down last week all at the same time. it was tough with the parks over the weekend, you know. we want to let people go out and get a breath of fresh air but you know in our park particularly, this beautiful park along the river, a group of kids go down and start playing basketball. there's two of them, then there will be four of them. we couldn't have any of that. it kind of broke my heart. i was running around like a

chicken without a head on sunday moving people off the athletic fields. but the hudson river walkway is open as of now, but all parks are closed until further notice. liz: let's talk about testing, because we know that certainly at least today, we got some incredible pictures from jones beach, new york, nassau county, and not only do we have military people holding up signs that say windows up as you drive through to get testing, but people are lining up, they do want to get testing. we do have a drive-through testing center that's being set up in bergen county community college's parking lot. any word on when that would be up and running? >> i just got off the phone with my contact in the county and i know the national guard is there, fema is there, they are working on it right now. i know they had set a goal earlier in the week to possibly have it open thursday or friday. so that's really the time frame. they didn't give me much more than that. i know they are working diligently on setting that up. obviously, the more people we

test, that number that we went over earlier is going to increase. every borough, every town in bergen county, i've got to assume, will have at least one case of this. the best thing to do, i guess, is to follow the lead of the government, the governor and executive, and not necessarily shelter in place but do your best. we have to practice social distancing and you know, it might come the a point where we have to shut everything down and maybe this will pass quicker and flatten out that curve everyone is talking about. liz: i should let our viewers know that for many, many years you traded oil at the nymex. that's how i got to know you before you became mayor of the town you grew up in and the town we both live in. can you believe what we are seeing here? obviously demand, it's an understatement to say it's fallen off a cliff. it has completely dried up. we just showed people, a picture of times square, there are no cars. sixth avenue, i can see right out my window, i see three cars,

one taxicab. i'm wondering what you make of gasoline at 64 cents a gallon and of course, that's the wholesale price. that is certainly a tax cut for the average consumer but they're not driving right now. >> no, they're not. but i was going to touch on that. i couldn't believe, i spoke to a couple of my colleagues that are still in the market, still trading actively, and what was the low today, like 20.06 in crude oil? liz: yeah. >> i thought it was 66. it got down to 64 cents a gallon. liz: correct. >> it's amazing how we had this perfect storm with the saudis and russians coming to a head appear fighting, where the saudis are going to pump as much oil as they can. i understand they will increase to 13 million, 13.8 million barrels a day from the current 9 and that's going to really, you know, squeeze out the fellows who are drilling wells and shale

in this country. it will certainly have an effect. this is a sidebar of the virus, not to get too deeply into that, but it will certainly affect them in a negative way. to the average consumer when this thing does pass, we will have cheap gas, for sure. liz: of course. that's why i said it's like a tax cut certainly. mcdonald's. mcdonald's, of course, has been in the news. it's down about 7.33% today. we have a mcdonald's in edgewater. we just put up a bunch of businesses. whether it's publicly traded that we are talking about here, whole foods which is owned by amazon, target, of course, we have one of those, starbucks. starbucks is a $55 stock right now, down another 6% today. dunkin is down 8%. we all want our coffee but people just aren't going there. one last question. you, during 9/11, took your boat and began ferriying people off lower manhattan because they could not get away as the world trade centers collapsed.

tell me what you think now. can you compare it to anything like that? >> well, liz, it seems that way. i mean, it seems everyone was affected by 9/11, everyone is affected by this. this is a lot worse than i thought it was going to be. again, it's changing every day. let's hope we get through it. 9/11, it's almost 20 years ago. it's amazing how that much time has passed. but let's hope that we don't have as many casualties through this crisis but we certainly had enough of our own crises here in edgewater. 9/11 affected us and we have had some other things, hurricane sandy, the hits just keep on coming, it seems. but you know what, that's life. i think we are a strong country and strong people and i think we will prevail in the end. i really do. liz: hang tough. mayor mike mcpartland, mayor of

edgewater, new jersey, thank you. i know it's a busy time for you. united airlines has just been halted. it had fallen about 31%. is it trading once again? i can't tell. it appears to be halted at the moment. no, it has resumed trading. down 30%. it was halted due to volatility but you could say that for any of the airlines. i want to quickly check delta at the moment. delta of course, as we told you, is working very closely with the government. delta appears to really need some cash right now. most of the airlines do. delta stands at $22.90. for the moment, united airlines just resumed trading. it had been halted due to volatility. the airlines are desperate for cash. call it a bailout, call it assistance, whatever you want. the airlines are in real trouble at the moment. casinos, casinos as well. casinos are not taking a gamble.

33 minutes before the closing bell rings, we do have seasons entertainment joining mgm and wynn in outright closing its gambling operations all across the country. shares are getting absolutely taken to the cleaners on the news. caesars down 30%. it's now a $3.53 stock. i want to get you the one-year -- let's see -- hold on. sorry, we're kind of doing this in realtime. i know you guys will stick with me here. the annual high for caesars was $14. it's $3.53. flip it over to wynn. this is mofr re of an uplifting story. wynn resorts ceo matt maddox has announced his company will continue to pay all of its workers, whether full-time or part-time, throughout the entire closure. the ceo actually put out a video statement saying he wants

employees to have peace of mind. here's how he put it. listen. >> next 30 days, we are going to pay all of our employees, not just full-time, and we are going to include tips, because it's work. i want you all to have your full wages because you need to stay home and you need to not think about how you're going to pay your bills. liz: that's the ceo of wynn. he was appearing with dr. rebecca katz of johns hopkins who he said he had turned to when wynn was struggling when china was hurting so badly due to the coronavirus because they have operations in macao so they were offering up some information about that. they were also going to pay their employees not just their salary but tips as well. wynn is just getting caught in the downdraft with all of these casinos, very much troubling situation here, down about 25% to $40.49.

there are still questions swirling around wynn's current cash pile versus the high cost of paying workers should these closures get extended. let us now talk quickly about the dow jones industrials and get you set here. we are almost at the half hour. let's call it right now, the resetting at 30 minutes after the hour. we've got 30 minutes left of trade. the dow does look to close at levels we have not seen since before president trump took office. every option is on the table to stop the ongoing market hemorrhage. let's get to charlie gasparino who joins us with one option that could actually be adopted sooner rather than later by regulators, charlie? charlie: well, we have a call in to the white house. they have not gotten back to us yet. i have been speaking to players at the major banks, morgan stanley, you name it, they are out there telling us the exaggerations in the markets, the 2,000 points up, 1,000 points -- excuse me, 2,000 points down or 3,000, 1,000 point up, that those type of exaggerations are essentially

exaggerations of short selling. yes, computerized trading, you know, that can hit in a nanosecond and trade gazillions of stocks, that's playing in it but what we have is massive short selling, then massive covering of those short sales that are profitable once the trade is deemed profitable. you are getting wild swings in the market that people are obviously freaking out about. so i can't tell you that the trump administration is going to do this. last time i remember something like this was the short selling ban back during the financial crisis, i think it only involved financial stocks at the time which were essentially the big banks that were under pressure and were declared almost insolvent before the government bailout, but you might see something to slow down the short selling. now, they obviously do certain things like circuit breakers, not really working that well, as you notice. after the circuit breakers kicked in today, there was a

major league down in the markets. the history of short selling is never really good. but as a stopgap measure, clearly wall street is talking about it, the wall street people i talk to talk to regulators in washington. i would just say be mindful of this. this is something that might kick in at some point soon, particularly if we get more of these wild swings. again, you know, these are not really conviction trades. these are like particularly on the upside. it's literally, when you have a 3,000 point down day and you have 1,000 or 1500 point up day the next day, a lot of that is covering a short position because you made your money on the downward trade and you're just cashing out. and it's obviously exaggerated or exasperated by computerized trading which can trade a lot of stock in very little amount of time. liz: yeah. the algorithms.

charlie: so that's what we got right now. i wouldn't be surprised. again, the history of these short selling bans, it's not really conclusive that they work. but when you are throwing everything at the system, this is something that you often do throw at the system just theoretically to provide some sort of market confidence. we'll have to see how it goes. obviously the trump administration has a lot of stuff going on right now aside from short selling bans. but you know, this is a president who is very focused on markets and you know, we are in a political season and the market is, you know, he views the market as somewhat of a barometer on the success of his presidency and right now, the dow jones is approaching a territory which is essentially going to wipe out all the gains since the day he was elected, forget about since the day he took office. liz: brad, did you just say it's now gone negative? okay. it did earlier today.

charlie: it would have to be -- liz, yes, i mean, when he took over, earlier today, if you track it from when he took over, what is that, january 20th or whenever he was inaugurated to now, it's at that level or a little bit below depending on what part of the day. i'm talking about since the day he got into office. remember, the day he got into office, night before the election when it looked like he was going to win, markets sold off on futures. then people started to digest the regulatory agenda of the trump administration, lower taxes, less regulation and it's been a wild bull market since then. the market started trading at about 18,000 when he took over, give or take a few points here and there. we are now approaching that benchmark and that's not good politically for the president. liz: at 19,271. charlie, thanks for dialing up on skype. we do appreciate that. for a second there we were down 2,000 points again for the dow jones industrials. want to flag you guys that we have 27 minutes left to trade. these tend to be among the most

volatile so it's touch and go. you have to stay with us. no commercial breaks as we have not had any during this hour. we now have this breaking. president trump is set to meet with nurses at the white house on the coronavirus response at any moment. he did speak with doctors earlier today as the country could soon be facing a hospital bed shortage if the coronavirus outbreak worsens. we will watch for those headlines but in the meantime, a new report that singapore, taiwan and hong kong may now be facing a so-called second wave of coronavirus cases. singapore alone has reported 23 new cases as of late yesterday. as the race against the clock for the coronavirus vaccine in the u.s. continues and quite frankly, globally, everybody is trying, our next guest's team is bioengineering antibodies to stop the spread of the coronavirus. he was one of the star scientists featured in that netflix documentary series, "pandemic, how to prevent an

outbreak." jacob glanville, distributed biopresident and ceo live via skype in a fox business exclusive. first off, you are in san francisco, where there's a shelter-in-place order where almost all businesses are shut down. it's like a ghost town. has this halted your covid-19 program and how close are you to victory on that? >> thanks for having me on. yeah. it was pretty scary a few days ago, we were just weeks away from having our antibodies ready to go and then we got this order that all nonessential businesses need to be shut down. fortunately, we were able to get a 10b exception for our cure we are designing for the covid-19 program. i offered optionally for volunteers for my team if they wanted to come and keep working on it and i was humbled by the response. we are working in shifts right now to carry out the activities and paradoxically we are ahead of schedule because my entire company is 100% focused on this project.

liz: thank you. >> by the week of april 6, maybe the week of april 13th, just a few weeks out, we are going to be having our final therapeutic meeting. we will partner with the two arms of the military that work on testing to test the degree to which these things neutralize the new virus. liz: can i just clarify, april 13th you will begin that work? >> no, no, we're done. by april 13th our drug is ready. at that point we send it to the military. they will test to see how well it neutralizes the new virus. then we start scaling it up. there's paperwork, we start to run human tests on this by the summer to see how well it protects patients. liz: okay. people are terrified. let me pick your brain because you are a pandemic expert. you've got people now yelling and screaming from the mountaintops hell is coming. how do you feel about that? >> i think what i would like to do is tell people on both sides to kind of come to the center.

you have some people who aren't taking this seriously and they need to realize this is a serious disease, much worse than influenza. you also have people who are freaking out. what i would like to say to them is you should be informed, you should be prepared but you should not be scared, we should not panic. there are a series of very strong measures taken by the white house and internationally that have definitely helped slow this outbreak. it might seem scarier now with social isolation policies but we are in a much better position now than we were a week ago. liz: okay. i want to talk quickly just about the company and the results you have on this monoclonal antibody effort. you talk about that. it's obviously ready and you say it will go and start on april 13th at least to the military. what does it do? describe to our viewers how it works. >> sure. so with a vaccine, you give pieces of the virus, then that person's body needs to take weeks to generate antibaeodies protect it.

with this, you skip the middleman. what i did is i took a set of six antibodies that were neutralizing against sars from 18 years ago. people researched these really well. if sars ever came back they would be great drugs. we used technology to tweak them, biojoengineer them to recognize the coronavirus. if you take a patient who is sick and inject or infuse the antibody, within 20 minutes that would be in their body and that would help neutralize the virus so they don't get sick. liz: wow. i can't wait. i'm sure you are having many sleepless nights. are you even sleeping? what's it like in your lab right now there? >> i think actually, surprisingly, the mood is pretty good. i think we all realize the importance of the work that we do here. our lab and many other labs are racing to create a cure. what i say to try to calm people who are scared is that biotechnology has never been better than it is today. we were better with ebola than we were with hiv. we were better with hiv than we

were with measles and we are better now prepared. liz: jacob, what about funding? i need to know where you are getting your money. silicon valley which is right there in your neighborhood, has been funneling money into a lot of efforts, not recently but through the past several years, but you know, we also have this situation where with theranos, that sucked up a lot of money and was a fraud. >> we are a profitable company. we work with 50 different pharmaceutical companies like pfizer, gilead, to develop therapeutics for them. so far, we are profit-driven. that said we are talking [ inaudible ] as part of that $50 billion that just got released. we will happily accept some of that to accelerate our program. we are just happy because we have the technology and we realize we have a unique opportunity to act and did so. liz: neutralize that coronavirus

and let us know. we want you back around april 13th. congratulations. if it's not a problem, we need you back. it sounds like you are really, really close over there. thank you so much. jacob glanville, distributed bio, his company. thank you, thank you. the senate is now voting on that $100 billion phase two coronavirus bill. what we are going to do is let you know the final vote tally when we have it. we also have this. jpmorgan chase says it is planning to temporarily close about 20% of its branches. charlie gasparino predicted this. in fact, he broke that story a couple days ago. again, they are going to begin temporarily closing about 20% of their branches, not including the teller glass drive-up operations. jpmorgan says they will be paying branch employees for their regularly scheduled hours. still, the stock, not catching any kind of bid here, down 13.8%

to $80.77. this breaking news. a trio of top auto makers doing their part to help stop the spread of coronavirus. ford and general motors, they already confirmed they will shut down all north american plants after tomorrow night's shift. they will close them until march 30th. but now it appears fiat chrysler will join them. a source telling fox business the shutdown comes after pressure from the united auto workers union which represents some 150,000 auto workers across the country. grady trimble is live in chicago. grady, any word whether workers are going to be paid during this shutdown, will it be their full salary? what do you know? reporter: that's the big question right now. i asked ford that and we are still waiting to hear back. i also asked general motors and they tell me employees will be compensated but they are still working out the details of that. of course, the uaw is involved in those conversations. in terms of how the auto makers got to this decision, the ceo of the big three detroit auto

makers met with the uaw officials last night and the decision after that meeting was not to close all plants. of course, they reversed that this morning or this afternoon, i should say. general motors ceo mary barra saying about this decision we have been taking extraordinary precautions around the world to keep our plant environment safe and recent developments in north america make it clear this is the right thing to do. in terms of the timing of the shutdown, ford says all of its plants will be closed as of thursday evening. general motors says it will sort of stagger its plant shutdowns and of course, with fca we know from a source this is likely going to happen for them as well but we are waiting to hear back. fca already has two employees who have tested positive for the coronavirus. that led to a plant being shut down in michigan. in terms of the impact, there are 150,000uaw workers for the big three detroit auto makers. they won't be working over the next 11 days.

for the companies, we are talking about millions and millions of dollars lost. the latest example of a work stoppage is the gm uaw strike. that cost general motors $3.6 billion. that was 60 days. of course, this closure is planned for 11 days but we are talking about all three auto makers and it's going to be a big hit. liz: grady, you should know that larry kudlow, the chief economic adviser to the president, is speaking and he is talking to fox news and telling them the u.s. has enormous resources to deal with distressed industries like the auto industry. let me get you some other headlines. the white house economic adviser is also saying, remember, we are voting on phase two right now in the senate, phase three, according to larry kudlow, for the coronavirus relief bill, should bring fiscal stimulus of $1.3 trillion. let's watch the dow here. we are still down about 8.6%. see if this moves the markets at all.

kudlow is also saying -- i already said that. u.s. has enormous resources to deal with all of these issues. okay. this is important. he's saying that a plan is out there for $250 billion to $300 billion for small business workers, but that that could be leveraged higher. bringing it back here, the dow is still down about 8.6%, 1,884 points. the low of the session, a loss of 2319 points. we are off the lows at the moment. but it still is a very ugly picture. more big names closing up shop as the coronavirus tentacles grip the nation. let's mark it here, 15 minutes, 15 minutes left before we hear the closing bell ring. gap is closing all u.s. stores in the united states. this is effective tomorrow. they will be closed temporarily. i want to stress that, temporarily. just like macy's yesterday. it's not forever. this includes the gap, also old navy. remember they own navy.

banana republic. and jamie & jack. they are saying all employees will be paid during closures. flip it to skechers. skechers is down nearly 3%. it too has announced it will close its doors in north america and parts of europe. the sneaker giant also withdrawing its guidance due to uncertainty surrounding the widespread outbreak. i don't know how long companies can continue to pay their workers who are home and not working. these companies are clearly depending on the u.s. government to somehow throw a lifeline to them. that is what the senate is doing right now. again, the second we start to get a vote tally, we will bring it to you. we know a lot of you are staying home. amid the stay-at-home movement, restaurants are having to adjust. kfc owned by yum brands and chipotle are both offering free delivery right now due to the coronavirus pandemic but you can see their stocks are down so much. yum down 8%, chipotle down 13%,

because takeout is a very small part of their business. probably around 8%. i don't know individually but for most restaurants, it's just about 8%. they are partnering with uber eats. uber, while stopping group rides and shared ride, is still on the streets. they are still doing it. we do want to mention starbucks down about 7.7%. $4.55, down to $54.43. kristina is on the floor of the new york stock exchange with more stay-at-home stocks. kristina: i'm going to tell it in a story, a personal story, and i will focus on some of those green stocks, those in the green today, starting with the fact that virus or no virus, we all need to eat. therefore, a lot of people are ordering food. that's why you are seeing blue apron trending much, much higher, up 129%. quite the reversal when just a month ago you had so many analysts ripping this company, it had a double miss in earnings. you can see, look at that trend downward for the past 12 months

or so. yet doing quite well today because we all need to eat. since we are eating so much, honestly, i'm getting personal but i'm starting to notice sitting here on the floor, we are just eating packaged, processed foods, pizza, cookies. i have had so much chocolate today, starting to get a little bigger. so you need to order clothes online retailer stitch fix, look at that, they do a quiz, they send you five items for free. you pick whichever one you like, then pay for that item, ship it back, doing very well. my producer is very excited. she's getting her shipment tomorrow, up 9%. because m eating a lot, i'm buying these clothes, worried about having stuff to wear for the next two weeks, i need to exercise. i swear shths, i contemplated l at buying peloton but it's too expensive for me on this salary right now. those bikes are $2250 plus $50 a month. that stock was higher this morning, trending a little bit flat. people like yourself have the bike and use it vigorously and

swear by it. last but not least, i think i'm coughing right now. oh, i should go online and check out teledoc. this is the telehealth industry leader. we know that the administration just within the last 24 hours said they are going to be expanding medicare to include telehealth. share price winning today, up 11%. my life told by stocks. the end. liz: i love it. the end. no, just the beginning. kristina, thank you very much. peloton, i have been on it as much as i can but remember, if all the gyms are closed, it actually, when you amortize it, is less expensive than a monthly gym or certainly some of these classes that are costing 30 bucks but most of the -- i know soul cycle is not keeping its stores open, flywheel as well and gyms are definitely being ordered to close. let's get over to the film industry. the film industry is taking yet another big hit. the annual festival being

postponed and the outbreak ravages france. that is confirmed, over 9,000 cases for france. investors in disney who had been holding out for a hero left disappointed in the marvel parent's upcoming debut of "avengers" spinoff "the black widow." it has also gotten postponed from its may 1st release date. disney down another 7.5% to $86.36. just to give you some perspective, the annual high of disney was $153 to $86 right now. flip it over to comcast, the universal parent. also getting hammered, down 8.8% despite the film studio's announcement that it will be making current releases available for home viewing as of friday. connell mcshane, hollywood really getting hit here, particularly disney, which has seen not only its film business but theme park empire on ice. connell: of course, just looking

for ways, interesting all these companies that are finding ways to do things at home, or if not available in theaters, especially older people that are stuck in their house, maybe they can watch a movie they wouldn't normally have access to. trying to make the most of it which we are all doing. at the top of the hour, we will obviously start when melissa joins me after the bell with these markets and the levels back to all the gains the trump presidency had given us in the stock market given back today. i guess we are coming off the lows a little bit. we will see how we close. we will start there. and kind of like you are doing, looking for companies or organizations that are either trying to give us an outlet or in some cases trying to do some good. we have this right here in the area, long island cares out on long island, these food banks do tremendous work and they have stepped in when we hear about the schools that are closed down and they have the grab and go foods, students that have to eat, they are helping out and i know a lot of our viewers are looking for ways that they can help out. maybe if they stay tuned they will find a way through this organization. all that and more coming up at the top of the hour. liz: all righ we've got this breaking news. i'm sure you will be talking

about it on "after the bell." we do believe the senate now has the votes to pass this phase two bill, the coronavirus relief bill. we do have this live picture from the senate and this should give us about $100 billion bill. that's phase two. larry kudlow, the chief economic adviser, has said the next phase, phase three, would be way more than that, and at the moment, the senate does have the votes to pass the $100 billion coronavirus bill. we are seeing, can we put up the s&p? the s&p is coming up off the floor. right now it's down 6.8%. it had been down 7%. so we are looking at the s&p down 173 and the nasdaq is also coming up slightly off the floor by about 1% or so. it's now down 6%. the dow which had been down, as you know, much more, at one

point down more than 9%, is down 7%. 7.25%. listen, we will take what we can get at this point. yes, the senate does have the votes to pass phase two of the coronavirus relief bill. online realtor redfin alongside many real estate competitors including remax has canceled all open houses in favor of virtual home tours, as social distancing of course becomes the norm. looking at redfin shares, as i say that, one of the things the president also announced today was that he was going to halt all penalties when it comes to missing mortgage payments. redfin is down 26.7%. but remember, yesterday ara hovnanian of hovnanian homes was right here on the show, saying things were pretty robust this week, that things were actually impressive. the long-time home builder's

revelation underscored the housing starts we got today which showed a less than expected dropoff in february. again, it's a moving target at this point. everything from now until the next couple of weeks is still a huge question mark. let's bring in somebody to answer this. we've got our "countdown" closer panel. mark it six minutes to go before the closing bell rings. gerber kawasaki ceo rob gerber joins us along with brad mcmillan. we also have phil flynn back with us from chicago. brad, i will start with you. it's really dangerous, as i have been saying, treacherous to try and trade this market but are you doing so at all? >> we are sitting tight. we see panic, right now i think we are getting close to the point of maximum panic but if you notice, the draw-downs seem to be getting smaller relative to where we were. right now, we are hitting a point where we are about to say i think that okay, it's as bad as it gets. the government's on board, things are starting to improve,

we are getting there. liz: i'm sorry. go finish that thought. >> well, when you look at the maximum risk, you have a risk now, you have a risk of the number of cases, okay. that seems to have -- it certainly hasn't peaked yet. we will get theest t eses estes. right now we have the measures to control it in place. the economics is maxed out. now the government is stepping in to cushion things. in other words, we know what to do and are doing it. now the downside risk starts to fade. liz: i understand. and when he talks about the downside risk fading, all metrics have changed and we are in a very very strange new temporary normal, call it that. what are you doing at this point? because i know that you have loved certain stocks in the past and you had put in a target for when you would buy say, for example, tesla, which has just gotten crushed lately. in fact, elon musk was basically

told by the sheriff in freemont, where he has his operations in california, to knock it off and close your assembly lines because that county and certainly near san francisco, everybody is shutting down at the moment. do you like any prices here? >> well, you know, i have not seen this kind of market since '08 and it's the gift i can't even believe. what's happening now is everybody is running to the exit at the same time and because the etf generation were getting all sells, all at the same time, all rushing through the gates and the door, and short selling and what you've got is just a ridiculously dislocated market. but where we are seeing just the best opportunities of a generation are in things like the casino stocks. no question, hotels get bailed out here, airlines get bailed out here, you know, travel is going to be hit for a little bit of time. but when you look at mgm resorts

at $7 and we think the company is worth, you know, what it was, $25 to $30 or more, this will be back in business. everybody is planning for october right now the october will be the best month in the history of america if we get through all of this. but the bond market i think has the best overall risk/reward. we're seeing corporate debt getting pummeled where i can take a safer position in the capital structure and get double-digit yields now on what we consider very, very safe investments over time. liz: you know, that makes sense. phil, robert wolf a contributor here, used to run ubs americas, said any bailout package, you heard ross gerber list a whole bunch sectors bailed out, any bailout package must include strict covenants, restrictions

on stock buybacks, ceo executive pay. in the fog of war that we're seeing right now, we got to be really careful we don't bayout multimillionaire ceos. everybody has to take a hit, not just the american public, am i correct, robert wolf correct? >> he is absolutely correct. i may even take it a step further. i remember back in the financial crisis, we came to the aids of banks. we bailed them out at the last minute. i always thought a few years later, banks were making record profits, what about the taxpayers? taxpayers did get benefit and global economy didn't fall apart and country and economy back on what about the record profits? the u.s. taxpayers were investors in the bailout. i would like to see some type of structure of businesses to give back shares of stocks. so when the good times come back, and they will, they benefit as well. liz: brad, what are you advising

your clients right now? have you proactively picked up phone? this is from specter group. i get a lot of reports. corona crash, what advisors should be saying to investors now. this came a week ago. this guy was ahead of the curve here. what are you telling your clients at the moment? >> i'm telling them right now, you have a situation where nobody really knows what's going on. but we know some things. we know what it takes to stop the spread of the virus and we're doing that here in the country and around the world. we know what it takes to mitigate economic damage. you were saying earlier congress was doing that just now. the real fear here this is the zombie apocalypse. this is 2008 over again. we don't think so. we're saying if you have a plan, if you have a portfolio built for the future to get to your goals you should stick with that

if you're not comfortable with we can make changes but don't panic. [closing bell rings] liz: thank you. we close 1000 points off the lows. still down 6% for the dow. fire up your twitter. at 6:00 p.m. eastern, join me @lizclaman. i give you breaking news on futures and more. connell: rising anxiety, another day of extreme volatility on wall street. stocks plummeting throughout the day, even if we came back here at the end. trading had to be halted during the day. fourth time in three weeks. senate had enough votes to pass a 104 billion-dollar stimulus package, to help americans. much more expected after that. we're at 19,900. we're off lows of the session for what it is worth. thank you for letting us take you through all this i'm connell mcshane. melissa: i'm