santelli on a bad yield trip for treasuries and steve liesman on the fear and the fed's response bob pisanit's begin with you and think about what's important this morning. >> what's important is how did the system respond to the immense stress that we had today. this is the first real test of the margin circuit breaker system set up back more than 30 years ago and we did have a halt on the s&p at 9:33 for 15 minutes. the -- by all appearances it looked like it went well it reopened understandably some bargain hunters there, a mild lift in the markets so the mechanics seem fine. what was distressing to see what happened to oil stocks put up halliburton, for example, not only halted on the systemwide circuit breaker but when the market reopened, halliburton almost immediately went into an individual stock circuit breaker situation, hit it once and then probably a second time as well. these stocks are really under pressure these hoil stocks, halliburton down 39% see the bottom line here is while the overact marketis under stress i think the saudis did us no favors today and was a major part o

bob pisani is all over these big market moves today bob sullivan is watching crude as it craters. kayla tausche is watching the senate as it works to pass phase ii of the stimulus package and rick santelli on the bond market as the ten-year yield is now higher, 1.2% bob, we'll kick it off with you. >> so we were comfortably down 6 or 7%, tooling along, and very important interview with bill ackman is on and here's essentially when it happened, you can see the market drifted down bill ackman, the new dr. doom. what caused this drop here listen to what mr. ackman had to say. quite an emotional interview they're going to be passing this away for the next couple of days america needs a 30-day spring break, saying that the gradual rollout is not working we all need to shut down the whole country for 30 days and very aggressively saying so. in his words, it got very emotional, i'm not going to kill my father. i went into lockdown almost a month ago to save my father's life very rarely do you get emotional interviews in the business world. this was one of them here's the big surprise he

the vicks did drop after we reopened >> bob pisani, never flustered, thank you. if oil helped drive us down, okay here's the thinking, i wrote about it this weekend. i think it's still on cnbc.com the russians wanted to punch u.s. shale in the face because trump put sanctions on rozneft, it's a big russian oil company, who is putin's former employee and ostensibly best friend >> trump didn't put sanctions on russia those were leg as acy sanctions. >> if the two can talk, do you think there's any chance there's anything we can do to get russia back to the table with the saudis and get the opec deal done which might stabilize oil and thus the market. >> you have to ask what is negotiating tactic, and what are they trying to achieve my view, having spent a lot of time in russia, i can tell you, the oil and gas industry gets more profitable as the rubel devalues and we get in crisis moments. the oil prices are higher levels of taxation, higher levels of oil, more importantly, they are a -- they have local rubel based costs which get cheaper when the rubel devalues, t

opportunity to help solve problems fboth for students and for the colleges >> we want to go to bob pisani for a closer look at the worst first quarter, bob, for the dow ever and it's more than 100 hf year history >> in its form in 1957, this first quarter u down 20% the worst first quarter since the modern s&p was created here. i just want to show you some of the down movers here boeing went from $330 to $97 to $150 that's not a typo. dow, a big global economy, packaging things like that down 46% all of exxon b emotional not bad. down 45% i'll show you some expiration companies down 80% jpmorgan, all the banks didn't bounce even with the rallies there's concerns they're going to be stuck with the bills of everybody refusing to pay mortgages. that's a major overhang for the banks. only one company actually was up in the first quarter believe it or not. and that is microsoft and literally that was flat for the quarter. you can see some of the consumer names doing a little bit better than the rest of the overall market guys, back to you. >> flat still a remarkable accolade to have, bob, in t

press conference to reportedly declare a national emergency bob pisani on the floor of the new york stock exchange. bob, again, as i said as we try to hang on to the gains. >> drifting lower in the morning after starting big 1150 was the bottom and that's when we got word that the president might declare a national emergency so if you put up the s&p you'll see it is essentially we turned around and started to go back up right about the time we heard word about that. this is a form of fiscal stimulus s&p down about 15% for the week. what a number. yesterday for the first time we started to see real differentiation in some of the sectors. generally everybody's been down for the week dramatically but yesterday it started to change a little bit we saw cyclical stocks all down more than the rest of the market and generally the situation for the week if you take a look at more consumer oriented names, all down and better than the s&p 500 and talking about walmart or merck or johnson & johnson down 10% here and even, this is interesting, what we used call -- visa and apple still did better we st

bob pisani o on the floor of the xhang with a crazy day bob. >> and the good news is the circuit breakers kicked in early. addedly quidty, calmed the markets. we did end the lows of the day banks down 14. industrials down 8%. i want to show you exxon mobil down roughly 11% on the day. this would be the lowest close for exxon since 2004 believe it or not. jpmorgan chase down 13% or so. the worst decline since march of 2000 you've got to go back to the financial crisis to see a decline of that on a daily basis. industrials faired poorly. caterpillar and 3m down 5%. %. that's a four year low for 3m and dow u inc, which you can associate with a truly global codings, think that is not a typo down down 21%. just came back about a year ago. that's a new low for that stock. back to you. >> all right, thanks another historic day as well for the bond market. let's go to rick santelli at the cme in chicago rick >> you know, markets right now are trading some very important levels look at the 24 hour of tens. and realize that friday's low yield in tens was 65 .65. right now, today's high was 60 and t

bob pisani, thank you.et's bring in scott devette from stifel out with his best ideas note talk a little tech i mean you kind of have to hold your nose, i suppose, if you're looking to buy things, scott, but you have a number of names in here that you think perhaps even just in the medium term could be good bets including amazon, alibaba, netflix, peloton, alphabet, uber, lyft, what was the lens you used to pick the names >> thanks, jon i believe humans are resilient and have survived many setbacks in the past and we will survive and thrive as well there's unprecedented uncertainty about our way of life and the future of business. we really don't know the depth or duration of the current crisis so now more than ever i think it can be useful to look at the world in years rather than days, weeks or months it's during times like this that consumer habit change to better options at an accelerate pace, when the economy recovers those habits don't revert back this is a significant, long-term positive for consumer

all angles are covered for you bob pisani, rick santelli in chicago seeing new lows on the ten year yield, meg has the latest on the coronavirus and steve liesman on whether the fed will come to the market's rescue here we begin with stocks and bob with the latest here >> kelly, we're just off the highs. the question is, why there's two essential reasons. number one, we have extreme oversold conditions. we'll explain that in a minute and number two, we have hope for fiscal stimulus and coordinated monetary stimulus and there's indications those are coming together as well there you got your rally take a look when we say extreme oversold conditions. it shows you mouch much the market momentum is moouing below 30, that's oversold. you very rarely see this it's screaming buy in a traditional way to look at the markets. another extreme indicator, you have nyse, the volatility index. we were at 49. that's almost four standard deviations away. we never sold those well in history, so when you get up here in a short period of time, the market will move down again. that's almost 40% of the new yor

. >>> welcome back earnings estimates are way down in europe since the coronavirus outbreak bob pisanias that story from the floor. >> what's the situation for u.s. earnings concerning coronavirus? we don't know yet. it's changing and fluid. we can look to europe for a clue because in northern italy they're dealing with real-world situations and not theoretical this is european earnings, europe, up 6.7%, today down 1.4% analysts over there are seeing real-world problems. they're taking numbers down faster than in the united states look at industrial earnings estimates for -- this is europe -- up 5.4, end of january, down 16 look at the huge gap here. that's people coming to realization that the factories could have a real problem if you involve any kind of large shutdown let's move on. is there any reason -- you're in two scenarios, a short-term scenario, people who believe we could have modest changes in the gdp and only last one quarter, we could be down another 10%, 11% in stocks. that's short term. longer-term significant issue, five, six, seven months, the earnings could come down

. >> kayla tausche, thank you very much now let's get back to bob pisani at the new york stock exchanges here to talk about markets the consumer and i assume maybe a trillion dollar plus bailout, as well, bob. >> it moved the markets, brian the dow swung in a 1500-point range from its low right after the open to its midday high and this time the rally held and i think there was plenty of stimulus talk from the white house and both houses of congress and the fed establishing a commercial paper funds facility to buy unsecured short-term debt issued to raise funds and today's rally fell tentative and it was a rally and it came on lighter volume than usual. volatility has also flattened out a bit and i say flattened out because the vix remained extremely elevated and it's been flat the last several days and it would be nice as yields shot up dramatically at the end of the day and j.p. morgan outperforming the market for the first time in a while, but defensive stocks still led and this has been the story. outsized gains from consumer names like spice maker mccormick and hormel foods and clo

we'll try to help you nafrvigate it all and we begin this hour with this big rally and bob pisani has more on that hey, bob >> and it's rather remarkable, where we have come here. first off, the jobless claims were worse than expected, but the market moved up on those numbers. that indicates that the whisper number was much higher and, in fact, on the whisper number, the actual number we reported was better than feared we were 2190 on monday morning at the low it's hard to believe we're almost 2,600 on the s&p 500. we're talking about gains of almost 18% on an intraday basis for the week 10-1, advancing to declining stocks today 90% of the volume on the upside again. this is a third 90% upside day that we've had recently. that's certainly a sign that at least some people are buying at this point sectors, broad rally it's not banks just rallying or industrials. but if you take a look, you'll see health care up, technology has been up, generally that's the sign of a really broad rally. in terms of individual movers, again, look at boeing. boeing was monday, $97 and now you're looking at

they've been abandoned even before the latest shock. >> down 47% for the past 12 months let's get to bob pisanibob? >> it felt rather tentative. look at the dow in the 1500-point range the rally held because we had plenty of news on stimulus stimulus is the primary mover of the market other than any positive news reports on coronavirus treatments here. nice to see the banks generally doing better jp morgan has not outperformed in a long time 7% today s&p up 5 had%. 6% there for jp morgan once again, outside gains for the big consumer names out there. hormel, for example, one of many, new highs in general mills and clorox as well after a horrible few days some of the retailers bounced back we noticed how horrible urban outfitters have been, for example. 11%. dillards, tj maxx, best buy ralliied as well. aren't they going to help boeing it will be massive assistance. why didn't it move up a little more people are concerned about the spirit of 2008 when we saw a lot of companies out there not benefit when they were bail approximated out by the government guys, back to you. >> bob pisani, thank you

bob pisani, biggest moves, on the drop in yields, mike has the market dashboard bob, first to you. >> there's a lot of -- or reduced consumers demand out there. madson square garden has also been down dramatically comerica is down 7.5%, a four-year low, big regional banks, a four-year low, wells fargo, and i know it's very easy to say, but there's a lot more going on with the banks. they're dooling with the potential for lower loan demand. they're also dealing with the potential for more loan defaults these are very important components so, guys, we have settled on the supply versus demand story. notice that tuesday's extreme was violated, but here's something interesting. the 150 on tuesday has not been violated, the low has been 153 ever since, something to pay attention to with regard to are we all alone in this dynamic of flight to safety, which might be not be safe no, look at a 20-year chart it's historic, let's look to canada their 10's at 85 basis points. there's a 20-year chart. you'll never find another one. it's not so discriminating telling us about our economy it's tellin

let get to bob pisani for more as we await the wait that the house will be taking now to pass the giant stimulus bill. >> there was a lot of hopium last night, kelly, and disconcerting. 20% off the highs from the s&p and the lows on monday reports of insider buying going on there were reports, of course, that the dollar was off of the highs recently, and that was some cause for hope, but as you can see the markets are not doing that well today. in fact, there's a lot of return of concern overall that the volatility will continue the vix remains at 67 or so. that's implying the market is estimating 4%, 5% intraday volatility for the next month. we've been seeing that on a regular base for the past months so traders have been seeing what's happening and are projecting into the future take a look at what i call high bait sectors energy stocks, apache down notably and industrials like textron notably weak, semiconductors these move faster than the rest and i watch for them for sign of volatility kelly referenced procter & gamble, some of the consumer state many are holding up better but kel

let's get to bob pisani. >> not only is it a no, sir cut breakers but the volume is lower and the key event this week is going to be the quadruple expiration at the end of the week normally you get increased volume tuesday and wednesday and thursday and maybe traditionally calmer after that. the s&p 500 we were briefly negative after 10:00 eastern time the key level technicals don't mean an awful lot here but 2351 the december 24, 2018 low. everybody using that mentally. we didn't get close to there right now. we're not far from the highs of the day after the open the announcement of the fed to establish a commercial paper funding facility is welcome news but didn't do a lot to impact the market it had been lifting prior to that banks, for example, mostly to the downside throughout the day. bank corp and regional banks on top of citigroup and some of the super banks were also down modestly and remain down modestly the big story continues to be staples continuing to rally. a core group of names we've been bringing them for the last three or four days clorox, walmart, which got an upgra

bob pisani, fighting the good fight, thank you very much >>> let's turn to d.c., the president saying today, we may have to live with this virus outbreakthrough the summer the market sold off another 1,000 points on those comments the late breaking details on that side of the story eamon? >> the president giving us a much stricter set of guidelines, suggesting no gathering should happen of more than 10 people anywhere in the country. all students across the country should stay home from school all americans should stay out of bars, restaurants and food courts, this according to the president of the united states this afternoon, much different guidance than what we got yesterday. no gatherings more than 50 today down to just 10 people in that overall ranking. and brian, i'm going to toss it back to you here, we just lost audio from our temporary connection, i'm going to head back to you because i won't be able to play that sound bite >> we will bring back everybody. eamon javers, that's what we're dealing with, everyone's trying to makeshift these things happen and we'll see what happe

bob pisani is track iing the action at the nyse for us. rick santelli watching these amazing moves in the bond market meg with the latest on the outbreak and steve liesman digging into a potential credit crunch coming for corporate america. bob, we start with you >> the debate has been is this a short-term phenomenon for american businesses or longer term we're going to be dealing with for several quarters today, the concerns about lopger term are prevailing. here's the three sectors that would be most affected energy and industrials, all down here banks are weak on top of that. you see gold rallying here multiyear highs for gold notice china, this is a broad china market is up there's been hopes, been look bing at maps indicating pollution levels are back up in china. maybe a hopeful sign here but not if you look at the whole demand side. folks, look what's happening these are new multiyear lows in these sectors. royal caribbean, marriott, delta, live nation concerns about less participation entertainment. madison square garden down as we

i think i heard bob pisani mention it, so the fact that we closed above it is encouraging what i would be more encouraged by and i'm sure tim has thoughts on this, as well, again, if we can somehow, if the volatility in the treasury bond market would somehow start to wane and whatever the level of instability is, and if we can sort of g sort of get there. if you remember back in february of 2016, i want to say it's february 8th and i don't remember the exact day and it was a day the s&p traded down to 1810 that day after the market closed, we got three pieces of news and we got news that jamie dimon himself was buying j.p. morgan the stock was $54 a share. i think i got news from opec about the oil market cratering and we had the bond market with deutsch banks and those in confluence had the bond market and short of mr. buffett announcing coming some of the ceos and not the corporations buying back stock, but some of these ceos putting their money where their mouth is i think that would give people a lot of -- >> i think it would give them some encouragement. >> yeah. some encouragemen

let's get more on everything going on bob pisani at the new york stock exchange bob? >> our fourth trading halt, a circuit breaker. down 7%. the fourth one in two weeks here look at the markets here 2351, very important number. the old december 24, 2018, low technicals not much good to anybody these days we are sitting right on top of that again, just want to review the circuit breakers level one, we halt 7%. we halt 15 minutes so we'll reopen in about ten minutes or so. if that happens again, there's no stopping at 7%. the next one is 13%. that's until 3:25 and then there is no trading halt after 3:25 p.m. eastern time unless you drop 20% in terms of what's bothering the market, i'll put up a chart to explain everything everything's down. so here you see corporate bonds down here you see the s&p 500, equities down. here you see croude down and gol down, as well. this suggests people are just selling to raise cash essentially. if you take a look at the dow movers, boeing is centerpiece of a lot of this, of course seeking access to $60 billion in public and private liq

right now and that's what everyone is grappling with guys, back to you. >> thank you very much, bob pisani the ten-year yield sinking the record lows. dropping below 1% for the first time in history. rick santelli tracks the action for us as he always does at the cme. hi, rick >> hi, tyler just to give viewers and listeners a little perspective, right now, a two-year note yield is down 24 basis points and a ten-year note is down 21 basis points today it settled at 116. it's at .95. earlier today, it was at 114 before the fed cut interest rates and obviously the rest is history. so you see the intraday chart there. 95, 94 now 94 basis points. it's out of control. look at a long-term chart going back to july 2012 that was the first of the two double bonds in the mid 130s wasnonce we went through thoughi know i was on the air many times trying to warn people how significant that was look at the 20 year chart just to see how we fall off the ski slope. tens minus twos. yes, thflatten the curve. with rates going down, that's not as interesting for banks and finally, nobody's mentioned the dollar

let's get to it all with bob pisani at the nyse as always bob? >> kelly, hello. stocks opened big and the market halted three minutes into trading after the s&p dropped 7% there was a mandatory 15-minute halt and then the s&p and dow both came off the lows and the race right now and plenty of very serious damage and talking particularly the energy sector down 17% energy stocks. banks down roughly 12% industrials, materials, semis down 5% to 9%. consumer staples down 2% and the market starting to make distinctions for the first time. i watched halliburton open look at it opened down 26%. halted with the rest of the s&p and then reopens 9:52 a.m. eastern time it is halted again due to volatility eight minutes later, halted 10:00 a.m. and then halted again. third time down 35% or so three trading halts in one day oh boy that's a pretty rough day, kelly. >> that is a huge drop, bob. we will have more on the oil action throughout the show today. let's talk about yields today, as well. 5, 10 and 30-year treasuries hitting record low yields. 10-year rebounded to about h

let's get the news from bob pisani with all of those wonderful posters behind him bob?> yes, we got a few new ones up the one behind me is a very famous one let's talk about the markets very, very powerful rally here i want to point out, 90% upside day again today. 10 to 1 advancing to declining stocks we had volume speck at 12:30 and 1:30, as we passed the old highs earlier in the day that's a sign of technical buying we haven't seen that much on the buy side, at all, when the markets are up we've seen some very heavy volumes and exchange-traded fund like the spider and the russell 2,000 today. that's good news, because buying on the upside, we haven't seen that much recently that's a very nice sign to see that sectors, it's those beaten up ones that are advancing the most the industrials, energy, banks and retail, interestingly, consumer staples which have held up comparatively well is lagging a little bit here. the vix, we like to gauge the vix. kur curiously, still pretty high but out towards june, you can see it dropping down closer to 30 that june contract was 50

bob pisani and mike santoli join us at post 9 lots of market action to talk about, guys. bob, first of all that robin hood thing, come on. >> the second day of that is the problem. we'll have the sec stek ta.e.c. about it the structure itself has held up well hopefully we'll get an update in a couple minutes we had two votes by investors on the s.e.c.'s announcement today. we had the initial vote by everyone who said, oh, yeah, s.e.c. getting a head of the curve, excuse me, the fed getting a head of the curve, that's great idea. initially market moved up. we had the other crowd come in after that saying this looks like they wasted bullets needlessly or that they're showing excessive concern and panic. we saw some consumer names move up initially on this, home depot and nike, but a lot of stuff that would have been affected by the global economy and by the coronavirus never moved. industrials never moved. banks never moved. the travel stocks never moved. right now the crowd saying they wasted their bullets is winning, but stick around another hour. maybe that cl change >> w

let's get more on that, on these markets, and so much more with bob pisani who's been kicked out of the new york stock exchange, bob, but it's good to see you. >> and sitting at home, missing the new york stock exchange. hopefully we can get that back there as soon as possible. what's interesting about today is it looked like it was going to start out with a lot of heavy volatility, like we saw in the last few weeks in the first 40 minutes, that's exactly what happened. but since just after 10:00 eastern time, markets have largely flattened out. and that's good, because what everybody wants is boredom we want a little quiet sideways action there's still a lot of volatility in some sectors and some big volume. let me just show you the s&p 500. 2351, of course, that was the only -- 3251 -- sorry, 2351, that was the old december 24th, 2018, low. that has not been breached on a closing basis, and that was the close there. that's still holding up here in terms of sectors, again, a little familiarity remember, we've seen days where we're seeing 7, 8, 9% moves on some sectors but the s&p 500,

. >> all right bill, thanks our team of reporters is covering this story for us bob pisani is watching this rally fade and then try to come back today rick santelli is tracking the bond market where yields are moving up. eamon javers is at the white house awaiting a press conference from speaker nancy pelosi any moment now and from president trump at 3:00 p.m. eamon, what can you tell us? >> we got new information from the white house. the president was scheduled to hold a meeting with ceos and got as list of the ceos here and this gives you a sense of what the president is working on right now. they're saying that it included in this meeting are richard from walgreens, brian cornell of target, doug mcmillon of walmart, steven rokowski of quest, matt from roche and a number of other ceos i apologize for butchering some of the names in the pronunciation. the white house is hosting a wide-ranging meeting here on medication and some of the companies and consumer facing outlets that will be delivering medication to the american public in coming days and weeks. we'll wait to see if we can g

>>we did have those circuit breakers yesterday let's get to bob pisani this morning. they don't have circuit breakers going up, do they? why don't they i guess nobody complains about that the market is going up, we have to stop things we had that circuit breaker kick in yesterday, 9:33 a.m. eastern time closed for 15 minutes. it worked well object is to get liquidity into the market again slow things down a little. it pretty much accomplished the task s&p futures here there is a circuit breaker on the upside for the futures contract 5% here. you see we're trading below that at some point, you cannot trade above the 5%, but you can trade below that the futures are here the rules are simple on this for the futures. during nonregular trading hours. it's plus or minus 5% on the futures. non-regular trading ours during trading hours, it's the same as the circuit breakers, 7%, 13%, 20% to the downside keep an eye on that. by the way, we had comments yesterday, everything worked smoothly some people were baffled because the vix was not calculating at the open people said whe

bob pisani is on the floor of the new york stock exchange. kayla is in washington with the response to lawmakers. and we're covering the latest on the virus itself bob, first to you on another roller coaster ride today here at the stock exchange. >> we have a quiet morning i say relatively quiet, it was down 6% tach take a look at the s&p i urge you to watch it emotionally. he said we need a 30-spring break. this slow rollout of a shutdown is not working market dropped quickly to the lows of the day. we hit the circuit breaker at 12:50 eastern time, 15-minute pause. we reopened. we have not dropped to the he second circuit breaker level, 13%. that would halt trading for an additional 15 minutes. after 3:25, no halt unless we drop 20% dow movers today, the big story, boeing, talk boeing. $60 billion for the whole aerospace industry coca-cola got a downgrade on mandated closures for businesses all down 10 to 15 in the cause of boeing, even more than 20%. the reason the market is concerned, put up one board to demonstrate the concern. it's a very

we're going to discuss it further, but first, to bob pisani on the floor of the new york stock exchange. what does this liquidity injenkins i injection do >> it was worth 6% for 15 minutes then back around take a look at the s&p 500 we were at 250 at 12:50. then to 2660 it did that in 15 minutes and as you can see drifting back down we are back to where we were just about the time of fed's announcement here. dow stocks we've been emphasizing the global takedown u. said that many times in the last week, but if you look at apple, coke, mcdonald's, home depot, we're talking about 7, 8% downside doesn't matter what sector it's not about growth versus anything else. it's just about a global takedown the market's not completely undifferentiated i've been putting out the poster child. dow 8. one-third u.s. x one-third asia. big chemicals use the manufacturing. there you see in the last month or so down 50% with the s&p down 25 that's the orange line finally, here's something you're not going to see ever. how about new highs on the nyse. sorry, there's the bond. see bond selling off for the las

. >> over to bob pisani. a flight to saved, we talked about what's going on here, but gold's big rally moving up two, three, four, 5%. a positive reaction, a little less enthusiastic than it was earlier in the day all of them are to the up side here what else can be done? a lot of people are talking about maybe infrastructure spending, some kind of fiscal stimulus you see modest moves up here all on the up side finally banks a miserable day here, concerns about lower loan activity as well guys, back to you. >> thanks so much for that then we found in the last 20 minutes a bit of a recovery. >> first of all definitely sticker shock, and this general sense that perhaps this is what the market was looking for from the fed, but the timing perhaps clumsy did we already price in the probable economic slowdown however, also yesterday's rally was a springloaded we were sitting here 24 hours ago ago, yeah, it's great, but you can't extrapolate that it's a bottom this is how it trades, you retest, chop around. i will s

the first time since 2008 we have been negative every month of the first quarter let's get out to bob pisani with more on today's market action. hi, bob. >> we are just essentially at the highs for the day and i am somewhat encouraged not just by the good news of johnson & johnson but on the market internals. things are changing. the way the market looks is changing we are up more than 60 points on the s&p. essentially at the highs for the day but talking about the market internals changing, number one, seeing noticeably lower volume than we have seen in the last month essentially. volume's been double normal. we have seen a tighter intraday trading range. that's why the vix has been at 70 or 80 today the vix dropped below 60 that's the very, very low end of its recent trading range this is different than things have been in the last couple weeks. hopefully indicates some calming down of the market certainly does at least for half a trading day. in terms of sectors, about 4-3 advancing declining stocks health care obviously abbott and johnson & johnson leading on their good news. retail stil

nearly six months to pass and raymond james said it'sen certain so let's get to all of it with bob pisani tracking the action for us down at the nyse. bob? >> that was a terrific summary folks, you learn from the master there. what kelly is saying that the marginal mover of the market is not just coronavirus story, it is the whole situation concerning fiscal stimulus talk about it more looks more likely coming market tends to react. less likely, tends to go in the other direction. you want to talk about what the president was saying show you royal caribbean 1,000 points in the dow today. we can't figure out the earnings situation. the president started to talk late in the morning of help for the cruise line industry royal caribbeans had three trading halts because the president implied help was coming there's fiscal stimulus and the response directly. the other ones moved, as well. we have withdrawn guidance in the travel industry. we talked about bookings jetblue, hite. just withdrawing the guidance and happening with other industries the main source of the big swings i said the inabilit

cruise industries the headlines leading to a tug of war in industries let's get to it all with bob pisani at the nyse today bob? >> another weekday and attempts to buy today in the beaten up sectors. s&p 500, a rally about 40 moneys ago. st. louis fed chief bullard saying markets seem to be pricing in the worst outcome i'm not sure that's wanted that's him speaking there. came off the lows there and still down 500 points. that comment about tax relief for the travel industry, tar getted fiscal stimulus what a lot of people talk about down here you see attempts today to buy the airlines, to buy some of the travel and leisure stocks like vail resorts, hyatt hotels that happened before the comments that kelly was making look at the heaviest volume etfs today related to travel. the airline etf, that went positive a little while ago. travel and leisure etfs there had been positive. slightly down today. that's not only airlines but that's hotels, as well, in the whole business so some selective attempts here to buy at the bottom. >> we are all watching to see if the sectors hold the gains we ap

turning to the internals for signs of some exhaustion but are those signals reliable in this crisis bob pisani that on the floor. bob? >> carl, it's comforting we're getting a bounce today because friday the internals screamed by we don't know whether they're accurate signals or not. take a look here some indicators here this is a relative strength index, 14 day, shows you how the market is moving up or down in terms of momentum in the last couple weeks look at this huge drop below 30s is consider oversold below 20, you almost never see that with a major index. the vix hit 49 the other day look at that this is going back 20 years. this is a very, very rare event. back here we were up close to it look at this we hit 80 back at the financial crisis that is is a once-in-a-lifetime event. when you get towards 50, that rarely appens, doesn't sustain itself very long usually it's a sign of short-term bottoms we're trying to figure out if that's a good signal or not. new lows on the new york stock exchange 1,000 is a pretty rare occurrence that was the last time we saw that in december 2018. you reme

very hard to figure out what the price prices are, guys, have a good weekend >> bob pisani, thank youwonderful weekend yourself meantime, another wild ride in the bond market in the currency market in particular rick has that for us rick >> yes, look at a ten year chart just for today the way it's nose diving at the end. yes, got down to 66 basis points and it's at 68 85 yesterday, which means we're down 71 for the day and 17 for the week open it up to last friday. not only are we moving lower right as the session ends, we're at new lows of the week at 66 basis points this is not instilling confidence remember, low yields maybe good, but too low yields are never considered good. lqd. talk about a wild ride. look at it a one month chart gets down to 105. over 122 lots of volatility of course everybody's talking about investment grade issue answer is just through the roof and finally, the volatility award, i've never seen a dollar index month like this. this is just the month of march. low of 95. zooms up to 103, settling a little above 98. wild volatility. back volatility in the curren

let's get to bob pisani for the latest action. bob? >> kelly, we are just off the lows for the day the important thing here is that we were in a modest rally. i say modest until 12:30 when the headlines came about the w.h.o. declaring a global pandemic and took air out of the modest rally to see here sitting near the lows for the day. i want to highlight sectors here essentially this is a 4% takedown, the market highlighting overall not individual sectors coming down here industrials, energy, consumer staples, tech, across the board. down 4%. this is what we say about the global takedown. i want to highlight boeing down 13% today with a draw down of the loan, existing loan there. as of friday that's a source there and you see we're sitting at the loans of the day for boeing. interest rate sensitive groups doing bet they are month, down worse than the market. i think that's curious because they have outperformed but with a drawdown of the market, this suggests to me that investors are lighting up on positions across the board getting ri

let's go to bob pisani for a look at some of the biggest movers today bob?good news we did put together two back-to-back days, first time in six weeks on the s&p let me show that to you because we were all over a 160-point move the s&p, 2,408 the low, 2,570 in the middle of the day and came down with senator sanders saying he would give a hard time to the deals out there. 2,474 is where we close. boeing, big start today, but boeing was $97 at the start of monday it went to $170 today. it came off the highs, pretty impressive, beyond impressive, a couple-day runs. caterpillar, industrials doing well today they're beating up sector along with energy did really well. cater pillar, all these stocks came off their highs going into the close. walmart, interestingly, all the big consumer names that are out there, the walgreens and walmart that have outperformed recently all havedone very well here. great day for long-term investors, i think, but a very bad day for hedge funds caught on the wrong side of crowded trades here. big reversal of recent trends here most o

. >> thank you we have all angles of today's sell off covered bob pisani is watching squatock. rick santelli is in chicago where yields continue to plunge. steve liesman is monitoring the fed and economy and diana oleic is telling us what it means for the economy and eamon javers at the white house looking at possible government response, but let's begin with bob >> just barely negative for the week i know that sounds startling barely negative for the week overall. important thing here the bottom was 2954 and we are below that bottom right now for the s&p 500. take a look at some of the laggards now microsoft down very weak today jpmorgan, the worst performer, down 7% overall. nike also weak dow inc also down. home depot is down for the day, but up for the week. that's been one of o the better performers all throughout the week energy stocks, new low you heard from brian, no deal with opec and russia big drop in oil. exxon mobil, 7.3% dividend yield. all the major oil companies, new lows these are rather startling numbers. banks new ulloases lows. low yields we've got loan grow

back to you. >> bob, thanks see you in a bit bob pisani joining us on this news if you're joining uswe have wells fargo asset management president and global cio kirk hardman your initial reaction? >> i'm skeptical this is going to do very much. if it's a circuit breaker, it should come friday afternoon not after a 5% rally we had yesterday. so that function is basically clearly not there given the contacts i think we'll look forward to the meeting. explain why we need to do a big surprise insurance cut is not always an easy sale. it's uphill from hoere. we remain cautious even before the events of last week, before basically the selloff. we were defensively positioned, equity markets were 10% too expensive. if you look where we're trading right now, in line with the previous growth baseline before anything has gone south. in terms of make ro, doesn't change that. get the market up 10% or what exactly are we trying to do here >> i think i would answer that but they are trying to instill confidence ahead of what will be consumption and global growth because of the coronavirus. >> risk

let's get to bob pisani. >> goldman sachs, exxon, procter & gamble on the downside if you look at the s&p futures we moved in 100 point range. 2500 to about 2400 a little bit below that. remember, 2351, the close the old december 24th, 2018, closing low. that's the last mental technical level people are watching. sectors today energy a bright spot early on. industrials were none of this is holding. banks underperforming. consumer staples have been weak in the last day and a half utilities, we pointed out yesterday had a big discussion on this. one of the things they're looking at the senate may be moratorium on bill paying. that includes utilities disconnecting people that's an economic impact for them as well if you look at other things. consumer stocks as well. a little bit of weakness there remember, these stocks had big runups and a lot of people overvalued hard to believe in this environment. but you see some people having second thoughts about running up food stocks in this environment. i thought it was interesting that virtue announced the earnings today and announced a new exp

let's get to where the action is now with bob pisani on the floor of new york stock exchange bob? >> and kelly, we did see a third trading halt less than a minute after the market opened. off the lows but not by much rallied and drifted back down. look at the intraday 2409 i believe we're well off the lows but drifting a little bit lower in the middle of the afternoon. no bounce in most of the major sectors. airlines doing better but the downside american still down. larry kudlow commenting earlier that the airlines were asking for assistance and no comment of whether assistance to be granted to them. you see, though, the airlines well off the lows. dow stocks here, generally the dow movers, industrials and bank stocks, faring worse than more defensive names like coca-cola and proctor and gamble there's comments on twitter. it is -- this is the president of the new york stock exchange it is important for the markets to remain open and for them to function in a fair and orderly manner as they have been kelly, i think this is an indication, goes on to say closing the markets would n

because you just have zero information >> and by the way, i'm reading an email that we got from bob pisani who might come on, 9$984 billion changed hands according to goldman sachs some people got stressed out and i wouldn't pick on robinhood, but robinhood was down for most or all of the day. >> didn't that happen to him the last time? >> those folks, i don't know how many of them there are, but they were unable to participate in this day and so there 00 this another -- >> might have saved them from them >> but there is a risk to these high volume days where we're learning that there are risks in other ways extreme price move reactions. >> and getting back to the global central bank, to do what? is cheaper money going to somehow stem the tide of people traveling? just anecdotally, you talked about it, you were supposed to be at a conference the next couple weeks that is canceled. i had a conference scheduled toward the end of march which is at least 20 something days away that was just canceled as well for the reasons we're talking about. >> by the way, i'm sorry you're going to have me a

bob pisani has a good piece on our website this morning where you look at april expecting the vix to be 55, 45 in may, 40 in june, 30s by august. how much credence and faith do you put into that hope that volatility will be suppressed as we move forward? >> i suspect as we begin to see improving data, you know, particularly if we begin to see, you know, sort of treatments and testing and a vaccine that may come out in the future those are going to be issues that begin to allay the worst fears and that will bring the vix down. the fact that our credit system remains in intact and we don't tip into a credit crisis that helps the vix in the sense it brings volatility down i think people will begin focusing on what these companies are and earning power is, how strong their position is and realize that there's some great values out there. >> it will be good to get maybe some restoration of guidance after so many companies have pulled it in recent weeks and help us understand what earnings might be for the year. >> right. >> thank you, as always. >> yes. >> sandy pommeroy. >> more will be

we begin with this big rally and bob pisani has the numbers for us >> we are at the highs for the day, up almost 800 points. and i want to show you a chart of the dow futures prior to the open here, we went from 26,000 earlier on, to 25,000. a 1,000 point move in about 3 hours, back to 26,200. you just don't see that very often. in terms of what was really moving, take a look at the dow movers they had the stuffing kicked out of them last week. visa, look at microsoft, microsoft has regained not quite, but almost half of the losses in the last week and a half or so one sector really not participating in the same way is some of the big bank stocks. somewhat flattish compared to everything else. extreme oversale conditions, and hopes for fiscal and monetary stimulus around the world. >> we'll dig into that in a moment >> let's turn to rates now 30 year yields hitting fresh record lows. now we're seeing a bit of a rebound. we almost went below 1% on the 10 year earlier. >> we certainly did, let's start with the short maturities. now, for today, 82 is about the high yield in our time zone

. >>> let's get don to bob pisani at the new york stock exchange with more on this rally that, you know, we're drifting back a little bit, bob. still a rare break here in the selling pressure. >> yeah. less volume and enormously wide trading range. take a look at the averages right now. the s&p 500, our low, we were negative, 2367 our high 2553. that's 180-point swing in the s&p 500 so, yes, a little less volume, less feeling of active trading and panic selling but still remashible trading range that we are seeing in terms of the sectors, defensive. we have a rally that's defensive still. utilities, staples, health care, the leadership group tech holding up fairly well. banks not contributing well to this we keep talking about the small number of consumer names up there. clorox, general mills, kroger, these are 52-week highs. massive assistance to boeing, right? the airlines wait a minute. why aren't these stocks up today? and i think the problem is a lot of people down here remember the 2008 financial crisis and the fact that a lot of equity in the companies that were bailed out got dr

also a monster selloff, bob pisani at the nyse. >> we are used to the moves. today largely health care. near the highs of the day. volume is heavy but not as much as the last couple of days but take a look at the big dow movers united health, 24 points, a significant part of the dow's gains, health care of course moving generally on the lower chance and market looking at higher chance of joe biden to be the nominee against president trump there. banks, no bounce at all today. you see very little going on here of course, yields and new lows and probability of slower loan growth also not doing very well "football night in america"ly all this volatility, hey, helping the market makers. preliminary numbers of january and february higher than expected and higher volumes and volatility to help the people that make the market and the quotes out there virtu is a big market mover of the year back to you. >> thank you there's plenty of confusion still that lingers over the fed's emergency rate cut yesterday so what do the pros think of it? will it help the u.s. avoid a

events and conferences canceled what would happen if the new york stock exchange floor shut down bob pisanihe answer for us >> morguep, the nyse is now allowing most personnel to work from home. for the most part, they're not nyse employees i asked stacy cunningham what would happen to the floor if someone tested positive for coronavirus here let's listen in. >> if there is an outbreak wecht clean the floor and reopen pretty quickly as well that's something we're not planning to close the floor at this time, but as you mentioned, we could and we could trade fully electronically >> now the nyse has had a business continuity plan bcp in place for decades in the event the floor needs to close for a flood, snowstorm or any disaster this plan would allow the nyse to trade electronically without the floor open if it needs to. the market makers and the floor brokers who are here can continue to participate in that electronic trading, though there may be limitations around the closing auctions, for example. the nyse has closed many times over the year, notably four months of the outbreak of world w

bob pisani, thank you. >>> it's time now for special rick santelli exchange >> reporter: hi, morgan.i get to my guest, professor ken former imf chief economist and current harvard university professor i would like to point out the dollar index has been on a tear in the last 30 minutes. 30 year bond are two basis points in positive territory they settle at 128 now at high yield price of 130.y as rates drop so did stocks and confidence in the economies domestic and global. we're seeing a bit of a reversal to that. you want to weigh in on this subtle change to get ready for 24 billion to be auctioned off >> it's heightened on certainty driving down both the interest rates and stock market and, you know, other times when tint rates go down sometimes the stock market goes up so, this is an extraordinary circumstance that the market is feeling incredible and certainly, yeah, even if we hadn't changed the meme expectation of where the economy was going w-this kind of volatility we would see a sharp drop in stocks just with that. >> now we saw, of course, mr. carney and bank of england and u

bob pisani, we want to bring you into this conversation as well how much of this, this move we're seeing to the upside right now, is hinging on the fact that we are potentially finally close to some sort of coronavirus stimulus bill moving through congress, versus something like short selling, which art cashin has pointed out? -- short covering, excuse me. >> yeah. i don't think short covering is a pretty modest part of it so far because the amount of shorting going on has been fairly modest in the last week or so. a lot of that has already been dealt with i think the coronavirus issues and what's going on with the stimulus plan is the primary mover of the markets right now, what i'm a little concerned about is a lot of attempts to call bottoms and i don't think that's going to be very successful. it's remarkable, we're entering earnings season and very few companies have withdrawn their guidance we've heard of a few, twitter just did recently, but not many. in the next two weeks as we get into earnings season you will see companies coming out saying we're not providing any guidance at a

the dow headed to the worst week since 2008 let's get to bob pisani with more on the moves and today on a quadruple witching day meaning extra volume in the market. >> yeah. more than normal this is the quarterly expiration four things, not as parent as it used to be the hope here, kelly, is perhaps we'll get a little less volatility, volume in the following week and usually happens with a quadruple witch maybe helps calm things down a little bit we have been battered all day. certainly a major issue still. the volatility this notice to -- for essentially 100% to stay home from new york, i talked to a couple of firms out there about whether or not they're going to close or work at home. talking about trading desks and trying to figure it out. firms are scrambling to do that. just in terms of what's been moving, some of the tech areas right now. tech is a leadership group health care has. you see consumer staples are weakening because the food and consumer stocks leading earlier in the week are no longer that way. banks and utilities lagging. the problems overall with utilities. you c

i'm bob pisani team for etf evidence.saw $986 billion in stock change hands on friday this is the largest dollar value ever traded on u.s. equity markets. that's according to goldman sachs. think about that there was also massive val tilt around etfs. how did they all hold up let's ask chris and nick we are all watching high yield hig lost 20% of its assets, high yield spreads blew out how did trading hold up? >> trading held up really well one year spreads didn't get to highs. 460 last week. the redemptions in nyg and jnk was almost as bad didn't have an effect on the high yield market. >> chris, let me ask you, the largest vix tooefds, t vix and vxx also had outflows given the numbers blew up a couple of years ago how did the vix volatility etfs hold up? >> remarkably well there is 2400 hundred etfs, they all held up rel. the long, short marger etf everything end up well this the market and verbiage was orderly >> we had doomsdayers saying whatever happens if we get stress in the system the more thinly traded one with d