eric chemi has the latest. >> that's right.ig story out that came out this morning, golf's most prestigious tournament the masters announced it is postponing the event it had been scheduled for mid april a month from now that news coming after last night's news that the pga tour canceled its current event after one day and shut down all events for the next three weeks just a short while ago, we also learned that the boston marathon, which had been scheduled for april 20th, that would be postponed into september. overnight the xfl, vince mcmahon just launched this year, cansingling the rest of its entire season. the brand new league saying it would still pay its players for the missed games the season would have ended in april. leagues, teams, business partners are trying to figure out a lot of unknown questions, that they don't have the answers to mark cuban is looking into ways to pay hourly workers who might not get paid during the stoppage because there are no games kevin love from the cleveland cavaliers announced he's dona

eric chemi for more on the impact on the sports world, espn college basketball analyst jay billas. great to see you how tough is this as somebody who covers the college hoops season >> it's difficult and it's heartbreaking for the players and the coaches and certainly the fans this has become one of the biggest sporting events in the world over this three-week period every year. as we all know there are greater concerns and this is a global pandemic and it was the responsible thing to do for the ncaa and all the different conferences to cancel play. >> jay, my friend mike greenberg was debating this morning on his own program whether or not the students who would be graduating otherwise or heading to the draft with this cancellation whether they should be given another year eligibility to play college ball what do you think of the impact that's going to have on the ncaa going forward? >> the impact is profound. the ncaa office takes in over a billion dollars annually off of the ncaa tournament and then the conferences themselves lost millions upon millions of dollars with canceling

our own eric chemi, as well. let's take a look at the markets, because we are headed back towards session lows. the dow is down nearly 8% right now. after we triggered the 7% circuit breaker the first time, it has to be down 13% to trigger it a second time the nasdaq is just shy of that level. the itb is the home construction etf. it's on pace for its worst day since the housing crisis down 11.5% right now our diana olick is in washington with more. diana? >> several things weighing on the builders today mortgage rateses fell to a record low last week, but moving up again as lernds try to deal with the onslaught of demand in addition, bank of america downgraded lennar and toll brothers, saying while they're still bullish on housing, we would be remiss to assume no impact on end market demand from covid-19 toll brothers a luxury builder will be impactedby the massive drop in the stock market, it's already down 50% from its 52-week high bo a is tampering its forecast for repair and remodeling. there is concern that

. >>> well, the oil market is closing for the day and let's go to eric chemi at the cnbc commodity deski, eric >> that's right, oil closing higher for the third straight session. wti could end up with only its third positive week of the year, if it can hold these gains crude has had some pretty choppy sessions this week as we still see some resistance at $25 a barrel level that's 2445 right now. that's where wti is. the cracks in demand are showing everywhere today a key proxy for u.s. gas demand posted its biggest supply since december so despite today's gains, oversupply is still very much a concern for the oil market tyler, back to you >> eric, thank you very much we're watching the dow, up 1,059 poi points, better than 5% still ahead, not just the straun restaurants and the airline industry are ask congreing congr financial help ranchers also find themselves in a bind is a beef bailout on the way and check out the names leading the dow, boeing among them nike up almost 2%. big rally taking hold today. (vo) quickbooks salutes the grit and determination of those who work for themselve

let's go to eric chemi for the details. >> remember, a few minutes ago, we were talking about how san francisco didn't want any gatherings of more than a thousand people. so the golden state wroarriors, tomorrow night their home team will be played without fans in san francisco. the first nba game to be played without fans then they go on a road trip. they'll have a few days to figure out a plan. and all other games and concerts and other events that will be happening at the chase center, they are either going to be moved, postponed or canceled things like a minor league santa cruz warriors game, a post malone concert remember, the chase center, brand-new multi-billion dollar facility it grosses about $3.5 million per game it's the highest grossing nba arena, because it is brand-new and very expensive so no fans tomorrow. >> to be clear here, the warriors are reacting to state and local stipulations they're not doing it at the direction of the nba >> correct this is because the city of san francisco doesn't want gatherings of more than a thousand people. so they're responding to that.

. >> an evolving situation for sure eric chemi, thank you julia boorstin has more on what the suspendedn means for media partners. >> the nba suspending until further notice will have ripple effects across media and advertising. loss for disney whose espn and abc airs games and at&t whose tnt airs other games it's not just about lost revenue from in game advertising but also about the lost ability to promote the rest of those networks' lineups to nba viewers. nba games are rare live programming that gets people to watch in real time this value is why at&t's turner and disney spent a reported $24 billion in a deal for those rights back in 2014. it was a nine-year deal that extends through the 2024/25 season now without those games ratings could decline at espn, abc and tnt at a time when people will be at home and will have a range of streaming video options that are add-free to choose from. now laura martin notes this would be a negative for the paid tv providers since live sports is a key reason families pay for the tv bundle. this deals a blow to the advertising conglomerates down dou

. >> over to eric chemi, a sector story at headquarters. >> stocks chicalawing back gain with every sectorp moving higher. that's the only sector to do so. a few names related to credit card and payment technology are leading wait today including alliance data, visa and mastercard even after it withdrew its 2020 guidance dxc is up 20% and plans to tap $1.5 billion from its credit line back over to you guys. >> all right marriott's ceo arne sorenson after the back and the cbs of cbs health larry merlot on a new recession call and nike earnings after the bell. stay with us on cnbc for breaking news coverage of this marketal oc u6.7% rly ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. you met on an app. why? delete it. he's the one. gesundheit. [sneezes] i see somethi

it's market cap once again eclipsing $100 billion let's get to eric chemi, i think back at hq i don'te ability to even see you. i'm guessing you're there and have a sector for us. >> i am here at headquarters the s&p 500 on pace for its third straight day of gains all 11 sectors as you can see are up so far this morning. let's highlight real estate up today but notice weakness in several mall and shopping center names as more people stay home and more nonessential businesses are closed there are growing reports about major tenants possibly unable to pay rent including cheesecake factory, h and m and subway. that's adding pressure with names like sl green, simon property and regency centers off their lows of the day, but still understand performing the broader market i'll send it back to you guys. >> all right eric, thank you. stay with us in the breaking news coverage on cnbc. the dow up 800 points. s&p up 3.2%. how's the it department liking the now platform? every time it takes care of something for us, we celebrate. how often does that... got it. servicenow -the smarter way to work