always welcome to the "halftime" report i'm scott wapner our investment committee, steve weiss, josh brown, shannon saccocia, tom lee, the head of reference at fundstrat, john kri sin ski, steve liesman, mike santoli, volatility, the word of the day. stocks had those wild swings right now the dow jones industrial average is up more than 760 points. steve weiss, i go to you first is this how a bottom, at least a near term bottom, is made? does it feel like we are trying to do that today >> right friday we started trying to do it, towards the last hour of trading powell came out and talked i don't think there is any surprise to what he said i put some exposure on then. put more on this morning feeling good about the market. but i think it is going to be short-term here's why the u.s., as of friday, performed 500 covid-19 tests right? putting that in perspective, the uk performed 8,000, south korea performed 65,000 the point is that once we start ramping up those tests and pence said we would have 5,000, you are going to see in my view more major outbreak in the u.s. >> you think the numbers

josh brown is with us with via skype. josh, give me your thoughts about where we are and how you're feeling about things today? >> i would say that obviously stocks are well off the lows but people are saying is this the bottom was that the bottom. i'm not sure that's the right way to be thinking about the market overall it is encouraging to see the bank stocks, 11% forget about the overall level of rates dollar swaps are very, very important right now. people that are bringing clat r -- collateral to the window should know they can do so as long as they need to do so i own both stocks. each of them were 40% off their highs at those lows. the s&p 500 at its morning low was 30% down from peak to trough the russell 2,0000, 30% down. that's a huge decline in any period of time but in this period of time that's historic transimportants 38% off peak to trough and the semis down 32% off their highs. if you're saying do the fundamentals justify seeing all of these major averages, 30% off their highs, my message to you is that ma

josh brown, i'm wondering what you make of the move in nike, the results, and whether there are otheres that can do this clearly, if you have a strong brand and if you have the momentum going into this crisis in terms of digital business and really good relationship with consumers, feels like then you can really reward investors here, which is what nike has been doing >> i actually bought nike. i was down ten points immediately after buying it, and now i'm up this stock has had some roller coaster ride, about a $19 change per share in two days. fine i'll take it i don't think the company's out of the woods, but i think you make a really important point, sara, and i think starbucks is a similar story. companies that have a big business in china, that are able to point to, here's what things looked like during and then here's how we got through it and here's how quickly we saw things rebound so if nike becomes an exemplar of what that looks like for other u.s. companies as we eventually get back online, i think it's very, very positive and it's one of the things that gives me hope that

today we have the wealth management josh brown as well. let's start off with the uncertainty we see reflected in the markets right now. there is contentious debate about the coronavirus and where it is going globally bill miller sees the recent stock selloff as a buying opportunity. >> there have been four great buying opportunities in my adult lifetime the first was 1973 and '74 the second was in 1982 the third in 1987. and the fourth was in 2008 and 2009 this is the fifth one. i think is an exceptional buying opportunity. i don't mean to put all the money in at once but i do think layering it in right now is the way to go >> clear call there. meantime, confusing messaging from pershing square's bill ackman >> if we continue the way we are operating, until a vaccine is manufactured, distributed and injected, we'll go through awe depression era period in the country and millions of people will die aren't globe and as many as a million americans are going to die and it is just math. >> mike, coming to you first as always clearly to what bui

josh brown, ceo of ritzholt management. you said this is not about the s&p, it's not about the dow.s is a health crisis. we can't ignore what's happening in markets. how bad is it going to get? >> i agree. we can't ignore it. the worst thing that could happen, and i think the fed moved -- first of all, every central bank around the world coordinated this policy with dollar swaps and technical things i won't get into now but the critical thing is to prevent a recession which is inevitable, if we're not already in one, from becoming a depression. to that end, not only will the central bank actions that have already been taken be instrumental in that effort but fiscal has to get serious. we cannot be talking about single digit billion-dollar programs. the airlines will need a bailout. there's a possibility the hospitality industry will need a bailout. and not just the bailout for stockholders. a bailout for the people who earn wages from these companies. i want to say something that's important for the viewers because, stephanie, every single one of your viewers has some kind of exposu

josh brown, it's been one heck of a week. what are you thinking about today after we've given, you know we gave up almost all of the 1,000 point bump we're still hanging on to a few hundred. >> so couple things. one of the points i've been trying to make on the show recently is that security selection is not going to be the answer to how much pain you are going take in a moment like this and that was proven this week. the xlu, which is the utility sector, which normally in any market correction is not going to be disastrous, was absolutely disastrous i'm not even giving you the draw down from the peek i'm just going tell you this week the xlu is down 19% there really has been nothing save and yesterday of course, historic day at 3:30 there was ant single green s&p 500 stock. security and selection has not mattered i come back to owning diversification, stocks and bonds, and only portfolio construction is going to be the answer the other thing i want to tell you is what i told my clients last night, in a letter which since we

joining us for the first full hour, final hour of trade is josh brown, ceo of ritholtz wealth management. your take on the rally and how sustainable it is? >> well, it's a rally in the context of a market that's moved more than 2% in either direction in five of the last seven days, which has happened before, but it's fairly rare and i think when you look at health care being up big today, yes, you can do a direct -- you can point directly to super tuesday and the nominee looking more like it's going to be biden, which i guess is nice so now we have a different worst case scenario. we can take full-blown communism out of the picture so now it's like a pandemic in which everyone cancels everything, but low tax rates. so that's the new worst-case scenario so i don't think that this market is finished with volatility related to the virus. i don't think the headline shocks are quite over. and my evidence of that is take a look at the leading industry groups and sectors of the market most of what's happening is people buying anything with a decent yield look at the leadership then when you loo

josh brown is with us. first, though, to you, mike, on just we've seen 12 sessions up% 3.5% today no exception. >> i think the 10-day average move is over 3.5% right now. and the market is having to go range more widely every day to find buyers and sellings with any anything to make a call. i think one thing that is worth pointing out, though, if you spend every day this week kind of turning over the same territory, the same roughly 1500 points of dow, we've done that down, up, and down again it doesn't mean we're done but it means at this level, it's a lot of trench warfare going on i think you probably play it either way and say maybe there's been enough selling for the moment but we also, perhaps at the end of last week bond yields hopping, though, today. i want to see if it's a difference in the character and complexion of the market. >> we're down 8% for the week. it's only wednesday. [ laughter ] >> yeah. >> what do you tell your clients? >> we're saying stay calm. we don't think cash is the right pla

and josh brown, a cnbc contributor. andrew, to you first. markets seem to be loving this deal, but why specifically is that? we'll get unemployment numbers tomorrow that are huge and we don't know when any of this money will get to people or businesses. >> look, i think it's a real issue. i don't want to suggest that yesterday's rally was a hedge fake, but it may very well be. it wasn't just the stimulus. >> the one i keep hearing. i think everyone heard president trump's ambition and goal to at least get some parts of the economy up and running by april 12th, ran with it and gave them some confidence despite what we're hearing from health experts, which suggest at least from what i'm hearing this could run much, much longer than that and we won't begood into know from a data perspective whether we can start thinking about goals, deadlines and the like, probably even by easter. but i do think. i will also say, i heard people saying given the peak of what's taking place in new york may come sooner rather than later and the peak is a terrible

. >> josh brown, where does this leave us there are what seems to be a growing number of bottom calls or close to a bottom calls we heard from lee cooperman today who was on squawk box. i'll find it in my notes which are scribbles all over at this point. what do you think about this >> i would love to be wrong. i do not think the market can bottom until the virus tops. i think we need to see the rate of infections slow and then decelerate in places like italy and new york before we can see any market action and say that is the low it's now safe the feel as though it's all upside from here. i'm sorry, i can't get there mentally i could end up being wrong but new york state had 7300, 7700 new cases reported as of thi morning. many of them are in manhattan. i don't think that's the fertile ground in max pain on the headline front that we need for stocks let me tell you what i think the last three days did accomplish first things first, liquidity has returned to the fixed income market, at least on the etf side all of these etfs were we looking at as being a problem has had v shaped recov

let's bring in cnbc's dom chu and josh brown. what are you looking for?craziest part is the volatility. two of the biggest point gains ever in the dow happened in the last three trading sessions. that volatility is what's scaring a lot of investors and traders out there. of course, it is coronavirus and fears of the unknown driving a lot of traysiding action and ha been the last couple of weeks. today we're hearing more numbers with regard to how bad the economic impact will be. in this case here, one of the global trade organizations that represents the airline industry says that you could see between 63 billion and $113 billion of revenues lost for the global airline business in 2020 because people are traveling less. we know a lot of conferences and large scale events are postponed or turned into virtual teleconferences. the u.s. economy may slip into recession and whether the global slowdown story takes hold more. that's the reason volatility is here to stay quite some time, and why traders are watching closely to see whether or not there's any stabil

chris liu and josh brown, ceo of ritholtz health management. jim, you were part of the administration during the last financial crisis when congress passed a massive stimulus bill and had to get support to over 700 large companies. what do you think about secretary mnuchin's timeline to get this cash out? he said starting friday. >> well, he's right that we need it as quickly as we can get it. it's an aggressive timeline. the good news is a couple of things. number one, over half of americans already e-file so we have their direct deposit and can move very, very quickly. the second thing is people who need this most, the unemployed, this bill calls for a drastic increase in unemployment benefits and we can get that money out very quickly. the problem is going to be in the sba loan fund he's talking about. those are really hard to do. hard to do fast and their complications are massive. and i think that's where the government is likely to have real challenges. >> let's talk about that, josh. the small business administration has three -- only 3,

josh brown >> i just want to say that the only way the shelter in place orders will work is if we start hearing more about recoveries and start seeing some evidence that it's working to slow the spread i understand that science and we still have some days out before we get any evidence that in any of these places we are getting a slow of the spread, theis the single most bullish thing for equities to catch a bid, that con tanment is starting to work. we are not there yet and i think investors bracing themselves until we get there. >> yeah. guys, thank you. thanks, everybody. have a good weekend. keep your families and yourselves safe. i want to touch the markets because we have -- it is a whipsaw day. less volatility perhaps and dragging your head all over the place. the dow is down by 125 the s&p off by 22. just about 1%. focus on the nasdaq, too big stocks basically flat that does it for us. let's pass it over to "the exchange" now with kelly >>> scott, thanks. hi, everybody. the gains is disappearing today. we are down about 141 points so we are off the lows. these declines are despi

always welcome to the "halftime" report i'm scott wapner our investment committee, steve weiss, josh brownn saccocia, tom lee, the head of reference at fundstrat, john kri sin ski, steve liesman, mike santoli, volatility, the word of the day. stocks had those wild

joe terranova, stephanie link, josh brown, steve tubin. we will lean on him today to find out what he is telling clients. stocks and bond yields plunging. the stock off its lows, still a loss of 550 points you tell me, is this a blip or a black swan a blip, stocks are voweler inible, they may go down well but rory is soon black swan, stocks are volume tight, goes down another 25% this worsens and the economy suffers a steep recession. what say you >> i think the blip. closer to that the bird box snaree i think the progression and fear has been alarming. the spillover to price action and risk assets has been alarming, but you had a very healthy patient going in so i think we can withstand some of that. i think the proper actions here are helping investors think about where they are in the progression to the infection phase to the containment face. sechan certain countries are ahead of us there might be places in emerging markets for risk seeking vefltors we use a concept called price cost averaging which is dollar cost averaging with decele

. >> josh brown? >> i agree expect bad headlines and watch the reaction of the markets. >> coming out the wind will be at the backs low oil prices low interest rates. >> see how this day finishes up. the dow good for 600 have a great weekend try to "the exchange" begins now. >>> thank you, scott hi, everybody. welcome to "the exchange" on this friday. i'm kelly evans. the market desperately trying to hold on to the gains following the single worst day drop since 1987 we were up over 1300 at the highs. we've been losing steam into afternoon trading and still on pace for the worst week since twagtd and the capstone to the week the president's 3:00 p.m. 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'l

. >> i'm sure josh brown will be on the air here in a moment. >> rescue the market, josh "closing bellarts now. >> welcome, everyone, to "closing bell. i'm sara eisen here at the new york stock exchange what has become an ugly day on wall street dow is down almost 5% today as the sell-off intensifies 59 minutes left of trade. >> i'm karl quintanilla in for willfred frost a global pandemic as the u.s. government urges local steps to fight the coronavirus. hopes for physical stimulus fading as concrete details about a payroll ta

jim lebenthal is here along with josh brown, shannon saccocia, mack lazby, the chairman and ceo of the avenue capital group. steve liesman, our senior economics reporter all over today's move from the fed. from new york, rick reader, black rock's cio of global fixed income we will be joined by mohammad al aryan and minor -- the dow jones industrial average right now is off by 1%. a loss of 280. the s&p down by three quarts of one% ten year note yield it is up a slight amount right now. but it was as low as 1.02. we are keeping an eye on all of that steve as we try to make sense of what happened today and the 50 basis point cut, the largest since '08. you say it was meant to be a surprised but you weren't? >> i don't think if you were paying you should be surprised let's look at the ill at that of the tape friday, unscheduled announcement by the chairman where he said he would use all the available tools and the fed would act as appropriate. that was one yesterday, comments from perota, from la guardia are the ecb, comments from the imf and the world bank along the same lines. we learne

jim lebenthal is here along with josh brown, shannon saccocia, mack lazby, the chairman and ceo of the avenue capital group. steve liesman, our senior economics reporter all over today's move from the fed. from new york, rick reader, black rock's cio o

got the sort of stocks that you know are not as reactive to this we have seen a number of -- to josh brown's credit, teledoc and work, which is slack, both of those working very well. because they are remote access points that people can go to, scott, to use, versus things like the airlines or the cruiselines that you talked about at the top of the show as far as right now what i am doing i am glad thatter with seeing two-sided paper again started last friday. you and i discussed. we have seen it throughout this week two-sided paper. first four days of last week it was not two sided. it was straight one way, just sold, sold, sold, sold on even any lift, they sold it even harder. that's not happening to the same extent this weekend. there is a lot more buying the balance returning is a positive thing. >> the buying seems species, though, meghan, not trustworthy. the experts have told us, this is how it happens. you don't put a bottom in immediately when you rally 1300y then you reverse it with almost 1200 and nower with back down about eight, seven or eight. what are you advising people to do

. >> we know that josh brown anointed him as the next james bond i'm going to try out what i do and so i think if this -- they're going to, and this would be a great opportunity for them to demonstrate that and flex a bit and show what they've got. >> i've been very fortunate to come on your show over the last few months, but it seemed like one of the most obvious trades over the last six months or so they won't be too much hawkish here on on the i think the tlt, so it's opposite to long-term u.s. treasury rates has just blown out. i think it's gotten done i think if you're long the lt and pressures u.s. treasury yields, i think you turn that trade around a bit and see a snap back. >>> we have 11 minutes left in the trading day. we are now going strayed into the "closing bell" market zone s there are the down moves, which of course have been sizable. mike, quite an impressive impressive 40-minute bounce. >> these little spasms of highly stressed activities and a bit of backing away from the edge but the market settled back into an area where it basically was down on the week and it did

that and think at what point do you say i want to buy american because it's much more profitable josh brown is really good. he's been extraordinary on "the closing bell." it's not false security, but the idea is, is that any one of those stocks if you took a longer term perspective, is that where you want to be no you'd rather be in roche. >> do you believe behaviors will change significantly even when this is over and done with >> no. >> not when it comes to airlines, people will resume traveling again. >> yeah, but do you know when? >> i don't that's the problem, i don't know. >> when versus their balance sheets, david. >> i don't know. >> when versus the balance sheet of norwegian cruise. when versus the balance sheet of carnival do you see the debt? >> you're talking about a credit crunch. >> well, he's talking specifically about the balance sheets of companies that have too much leverage given the fact they're not going to be taking in enough cash. >> these are great companies i at all times have been -- these are fabulous companies, they are they offer great bargains. cruise ships off

dave brown, former senior advisor and commit to counsel to democratic senator patty murray. josh holmes, former chief of staff to senate majority leader mitch mcconnell. i will guess at long done mike some point you'll used to see each other in the halls of justice up on capitol hill. dave, i will start with you. how much damage does it do to have your party be so split? you got one side coming together behind joe biden and you got the front runner still bernie sanders. >> i think you will see a huge clarifying aspect to the race following super tuesday. about a third of the delegates up for grabs coming out of today. i think you are already seeing a realignment of the race, it coalescing around, really, to coprincipal contenders now pay bernie sanders and former vice president joe biden. if you compare what we are doing today to '16, i think we are avoiding the pitfalls of '16 when the republican primary still remain pretty fractured heading past super tuesday. i think democrats are very aware of the fact that we got to run a general election. picking our nominee sooner rather t