staying with us is ole sloth hansen of saxo bank and mike regan. abigail doolittle is with us. abigail: take a look at the selling action we have here in the u.s. so, theast half-hour or s&p 500 did hit that first circuit breaker, down 7% off of come of the worst day since 2008. that is the degree of selling we are seeing. investors just want out of stocks. we also have the nasdaq lower, x, and take a look at , with thoses airlines that are so sensitive to the coronavirus fallout, now down 7%. confirmed for at least a 40% decline. that probably suggests more selling is ahead. if you switch of the board and look at what is happening, the stoxx 600 having its first dem a down day.g the nikkei down 5%, along with the hang seng. investors want out of stocks, not knowing what the coronavirus impact will be for the economy. pressure, another this crash we are seeing in crude oil. let's take a look at a four-day chart. you have a bear market in a day. i can't room for the last time i have seen that for crude oil, down 28%. you can make the case that that area of congestion could cause

mike regan is joining us on the phone. along with john. john is this different?l think the development is that the bond markets have moved into truly historic territory. we have never been at these low and these bonds in the 150/200 year history of the market. it's obviously very important that the feds have decided to riskits stocks and did not the slide. that's a very worrying development, because it makes it that much harder to see a line being drawn. i would agree with chris while an early era, you can, just about see -- with chris watts chris,rly -- with earlier, you can see -- but i wouldn't want to set a great store by it. and a final point i would like to make over what we seen from opec. the greatest fresh because of concern or fear in the last couple of days is credit, and in the u.s., there's a source of corporate credit that does create some concern it is shale. and presumably with the russians are doing by trying to get the price of oil down is flush out the shale operators. i suspect there could be quite a knock on effect from what's going on in the

mike regan, thank you for giving us the updates. , want to bring in laura kane global wealth management. your clientsell now? >> the number one thing is to not panic. when we have had this in the past, but pretty strong economic fundamentals, we're seeing the markets do well so while we don't know how long the virus concerned going to last, we believe there is solid fundamentals underlying the u.s. situation should resolve. in the meantime, we tried to investze there are some in at attracted entry points and regardless of what happens with the coronavirus. is the continued trend towards accessing more services online. see medical platforms, education platforms and we think these trends will continue andy coronavirus is shedding light on these. >> you have amazon employees working from home if they work in the seattle area which is a cluster of coronavirus cases and here you have twitter employees obviouslyom home, that hand ones technology without physical conduct. what does this mean for tech companies? >> i will say across the board we will see companies adjusting their operation and

regan and us is mike nancy. nancy, let me go back to you because we had economic data that was highly anticipated because it was a high frequency data point, which is jobless claims. the data only went to saturday so we did not include most of this work week when we saw a lot of people staying home and shelter-in-place. what kind of data point when it comes to the economy appears to move this market? or are we had a point where we will not react to that until we see the virus case numbers start to peak or bend? question.is a great because many of these numbers are backward looking -- here is the good news. the economy was in great shape going into this. jobs were robust. consumer confidence was high debt levels were muted. all of that is off the table now. what investors are paying attention to is the number of cases and how effective the government's policies are in shoring up small business and the unemployed. inre was a modest spike those numbers this morning, but i don't think there is much we can read into

mike regan, i was looking at the high spread indices, much wider than where we were, water than a coupleears ago, but not as wide as the financial crisis. is that at least providing a glimmer of hope? mike: i don't take it much as a glimmer of hope. the rate of change of the spread widening is almost unprecedented. you look at energy high-yield. it went from six percentage points to almost 16 at this point, as of yesterday's close. doubling to-yield 6.5 percentage points. this is just over a few weeks time. that rate of change is important. it causes the credit markets to seize up to some degree when you see that violent repricing in the risk in these markets. the question going forward is how are companies that need to roll over debt going to be able to do it in this environment. it is not clear they will be able to without some major government backstop program. that gets us back to the washington, d c dysfunction. i think back to the original tarp vote during the financial crisis. congress voted no initially to the program and you saw a nasty reaction in markets, one of the worst days

taylor: our thank you to loomberg markets editor mike regan for jumping on the phone. came during president trump's press conference, the president declaring a national emergency freed up, lion emergency services and more, all of this to try to contain the coronavirus throughout the u.s. res. trump: i'm also asking every hospital in the country to activate its emergency plan. the hospitals are very engaged. on the phone g us advisor and enior professor. what was your take from the preconference that we heard today? >> we saw the president which is reason why the market seemed to rebound in that last hour, you know, feel the decisive o take more action as this virus has spread to upend so arted many aspects of americans' lives. the market and americans felt the president was responding in the way that they wanted him to several days ago, maybe a week or more ago. had been up to this point that the federal response had left something left to be desired. about increased testing, $50 billion now that the states are going to be able use to combat this, i think importantly,