and global growth like michael farr was discussing. jpm now seeing negative growth for two consecutive quarters and calling for a so-called novel global recession joining me is their chief economist and managing director of global research bruce casman. we all really kind of snapped to attention to see gdp quarters could be minus 2 or 3% here. >> i think the disruptive events of the virus are pretty significant and broad based and it's also spreading around the world. so what we're seeing now is an enormously large economic shock spread over february in china, march and april in the u.s. and western europe and elsewhere and it looks to us like the global economy overall will be contracting in the second -- in the first half of the year i would emphasize, recessions are about the depth of the shock, the breadth and duration of it and the first two we have, we have a very big shock spreading across the world we don't think we're going to have the duration of the shock we think we will rebound around the middle of the year and hopefully t

number states implementing lockdown measures with that is the backdrop let's brink in our friend michael farr and steve grasso who will join us on the phone. michael, i was hoping this morning we were going to go out with modest losses or a modest gain to end the week it would have been the first back-to-back as i'm remembering up days for the market, but it doesn't look that way now. how discouraged are you that the market's tone seems to be limping into the close >> it's been a tough couple of weeks for most every investor. coming into a friday afternoon, very few people want to get caught with inventory stocks on their books. play alreaarticularly for tradi and leverage trading firms so they're trying to get flat they don't want long positions if news comes out over the weekend that somehow affects those prices so to see this coming into the final hour, probably makes sense i would still hold my breath for that last half an hour to really see which direction things take. as we've had these dramatic headli headline, we've had dramatic reactions. i was encouraged with oil. you don't begin to

michael farr has the energy names there there. let's talk about the changes you're making in your port fefo as well? >> i've been rolling out some of the name ons this tradeable bounce that i acquired one of those was paypal. you'll reallocate the funds. you'll put them in quality names that are trading and never broke below their december of 2018 lows cash balance sheets very strong. they are the microsoft, the apples, the jpmorgans. i gave last week old dominion. that's another quality name. i like that because the market capsize on that is about $15 billion. small caps coming off of bottom and the eight indistances of a 20% decline since 1980 small caps have been the leading equity size class on the rebound. i'm moving the chips based on this incredible appreciation that we're witnessing and understanding how is it i'm going to measure my risk based on where the equity market trades to. >> it's one to watch there small cap is a key focus for a lot of folks out there that's our investment committee thoughts for this portion here

>> 11 days to go each one seems like an eternity lately thank you both michael farr and steve grasso sharing their thoughts on these market which are headed lower. dow's down about 657 points. thank you so much for wahoffing. our breaking news coverage continues now into the final hour of the tradinging day >> thank you so much for that. welcome. as the new york stock exchange prepares to temporarily close the trading floor on monday. stocks sinking as we near the end of this crazy week let es east have a look at what is driving the action. oil faltering, $20 a barrel level and the broader market taking a leg lower along with it the u.s. government announces it's working to close the border with mexico. it moves tax day back by two months and provides relief for student loan debt and new york orders 100% of the state's workforce to stay home except for essential sftss. california, illinois and united kingdom asking residents to do the same >> moments from now, he runs the largest restaurant in the world. mcdonald's ceo will join us for an exclusive interview to discuss the company's