NEXT EPIDEMIC, FOR THE NEXT PANDEMIC.
PANDEMIC. BE ASSURED, IT’S COMING.
>> PRESIDENT TRUMP’S EFFORTS TO
QUELL CORONAVIRUS FEARS DURING
HIS OVAL OFFICE SPEECH LAST
NIGHT DID LITTLE TO EASE
CONCERNS ON WALL STREET, AS
STOCK FUTURES POINTED TO ANOTHER
LOW THIS MORNING.
FUTURES DROPPED MORE THAN 1,100
POINTS, WHILE THE S&P AND NASDAQ
POINTED TO LOWER OPENINGS.
MARKETS REACTED POORLY, AS
INVESTORS WERE HOPING FOR A
STRONGER FISCAL RESPONSE FROM
THE PRESIDENT THAN HIS NEW
EUROPEAN TRAVEL BAN AND HIS PLAN
FOR FINANCIAL RELIEF FOR ILL
WORKERS.
WORKERS. AFTER AN 11-YEAR RUN ON A BULL
MARKET, THE DOW PLUNGED
YESTERDAY INTO A BEAR MARKET
AFTER REPORTING LOSSES OF OVER
1,400 POINTS.
1,400 POINTS. S&P AND NASDAQ ALSO REPORTED
LOSSES.
LOSSES. JOINING US NOW, CNBC’S COURTNEY
REAGAN, LIVE FROM THE NASDAQ,
WITH MORE.
WITH MORE. >> Reporter: GOOD MORNING, MIKA.
WE ARE OFFICIALLY IN BEAR MARKET
TERRITORY.
TERRITORY. THAT MEANS THAT THE MAJOR MARKET
INDEXES HAVE FALLEN MORE THAN
20% FROM THEIR RECENT 52-WEEK
HIGHS.
HIGHS. BY THE WAY, THAT WAS ABOUT 19
TRADING SESSIONS AGO.
THAT’S ANOTHER CONCERN.
THE VELOCITY AT WHICH WE HAVE
SEEN STOCKS FALL.
YOU MENTION THE PRESIDENT’S
ADDRESS LAST NIGHT.
IF YOU WERE WATCHING THE FUTURES
MARKET, WHICH IS INDICATIVE OF
WHERE STOCKS WILL OPEN WHEN WALL
STREET’S OPENING BELL SOUNDS AT
9:30 A.M. EASTERN TIME, YOU SAW
THE FUTURES TICK DOWN AS THE
PRESIDENT WAS SPEAKING.
INVESTORS WERE NOT REASSURED BY
WHAT HE HAD TO SAY.
THERE WAS NO REAL PROMISE OF ANY
FISCAL STIMULUS, WHICH HAD BEEN
REPORTED THAT THE PRESIDENT WAS
POTENTIALLY LOOKING INTO SOME
TAX CUTS.
TAX CUTS. IT MAY STILL COME.
WE DIDN’T GET IT LAST NIGHT.
AROUND THE WORLD, YOU SAW
MARKETS FALL.
MARKETS FALL. AUSTRALIA SOLD OFF BY MORE THAN
7%.
7%. JAPANESE NIKKEI TUMBLED 4%.
SOUTH KOREA DOWN 4%.
EUROPEAN MARKETS ARE DOWN TO THE
TUNE OF ABOUT 6% TODAY.
WHEN YOU LOOK AT INDIVIDUAL
SECTORS, IT’D MAKE SENSE, AS
WE’RE SEEING THE AIRLINES
SELL-OFF PRECIPITOUSLY.
SELL-OFF PRECIPITOUSLY. DOWN DOUBLE DIGITS FOR AMERICAN,
DELTA, BECAUSE OF THE TRAVEL
RESTRICTIONS.
RESTRICTIONS. AS WELL AS HOTELS.
WE’RE EXPECTING TO GET AN
ANNOUNCEMENT OUT OF THE EUROPEAN
CENTRAL BANK TO HELP SUPPORT THE
EUROPEAN ECONOMY FROM A MONETARY
STANDPOINT.
STANDPOINT. THAT’S COMING LATER THIS
MORNING.
MORNING. WE ARE IN FOR ANOTHER WILD RIDE
ON WALL STREET.
JUST A REMINDER, THERE ARE
CIRCUIT BREAKERS THAT COULD BE
DEPLOYED TODAY IF WE SEE THE S&P
500 DROP 7%.
IF THAT HAPPENS, WE WILL SEE
STOCKS HALTED FOR 15 MINUTES,
SORT OF ALLOW COOLER HEADS TO
PREVAIL
PREVAIL PREVAIL.
PREVAIL. JUST SO THE VIEWERS KNOW, THE
NUMBER WE’RE WATCHING FOR THE
S&P 500, IF THAT WERE TO BE THE
CASE, 2549.
CASE, 2549. BACK TO YOU.
>> CNBC’S COURTNEY REAGAN, THANK
YOU VERY MUCH.
JOE, THIS IS OBVIOUSLY A HUGE
PART OF THE STORY, WATCHING HOW
THE MARKETS RESPOND TO THIS.
>> YEAH.
>> YEAH. IT IS.
IT IS. YOU HAVE TO TAKE CARE OF FIRST
THINGS FIRST.
THINGS FIRST. THE PRESIDENT WAS OBSESSED WITH
THE TRAVEL BAN.
THAT’S FINE BUT, AGAIN, THE
KILLER IS ALREADY INSIDE THE
HOUSE.
HOUSE. YOU HAVE TO TAKE CARE OF WHAT’S
INSIDE THE HOUSE.
OF COURSE, KEEP OTHERS FROM
COMING IN.
COMING IN. YOU HAVE THE PRESIDENT OBSESSED
WITH THE FINANCIAL CRISIS.
HIS TOP OFFICIALS ARE MORE
OBSESSED WITH THE FINANCIAL
CRISIS AROUND HIM THAN THEY ARE
THE HEALTH CARE EMERGENCY THAT
WE HAVE.
WE HAVE. BECAUSE OF THAT, THE PRESIDENT
CAN THROW ALL THE MONEY AT THIS
HE WANTS.
HE WANTS. THE MARKETS WILL CONTINUE
COLLAPSING UNTIL HE TAKES CARE
OF THE UNDERLYING PROBLEM.
THE UNDERLYING PROBLEM IS A
PANDEMIC.
PANDEMIC. NOT A FINANCIAL PROBLEM.
HE NEEDS TO SHOW THE MARKETS,
THE HEARNAMERICANS, THE REST OF