Skip to main content
Internet Archive's 25th Anniversary Logo

tv   FBN AM  FOX Business  March 13, 2020 5:00am-6:00am EDT

5:00 am
we'll have tomorrow, john solomon, general jack keane, and pastor robert jeffress. see you cheryl: it is 5:00 a.m. here are your top stories at this hour, a volatile week is ending for the market as coronavirus fears send the country to a halt. investors are worried about a recession on the way. is growth about to halt in this country. lauren: this weekend's democratic debate changing venues. what can we expect from bernie sanders and joe biden going one on one on sunday and how will the coronavirus affect their campaigns. cheryl: and one arcade owner swapping out toy prizes for toilet paper. how he is catering to what customers are really looking for. it is friday, it is march 13t march 13th. "fbn: a.m." starts right now. ♪
5:01 am
♪ i'm a soul man. ♪ i'm a soul man. ♪ i'm a soul man. ♪ i'm a soul man. ♪ got what i got -- lauren: welcome to "fbn: a.m.." good morning. happy friday the 13th. i'm lauren simonetti. cheryl: good morning, i'm cheryl casone. we are looking at luckily a little bit of a snapback. lauren: everyone can breathe a sigh of relief. look at the markets, dow is up 558 points, s&p is up 69, nasdaq up 233. just for perspective, the dow saw the biggest selloff yesterday since the crash of 1987 around th1987 and the nasde biggest selloff since the dot-com crash 20 years ago. cheryl: the nasdaq is up 217.
5:02 am
we will take. oil and gold, interesting story. oil is still up, up almost 4% right now. gold is actually down just slightly. remember, gold has been that safety play. lauren: stocks in asia taking a cue from wall street. cheryl: plunging before recovering some of the earlier losses. nikkei fell to the lowest level in more than three years. lauren: let's see the reaction in europe where stocks have opened a few hours ago and the ftse is down, it's down by 9% this morning. the cac is higher by over 1%, the german market is up too. the ecb green-lighted stimulus measures but left interest rates unchanged. cheryl: let's take a look at what we saw yesterday. this was the big story. we haven't had a selloff like this since 1987. the s&p 500 and the nasdaq joining the dow in bear market territory at the close last night, all three major averages plunged more than 9%.
5:03 am
this was a broad retreat that we saw, based on coronavirus and fears of a recession. lauren: it's been a tough week. let's show you the damage this week, the dow down 18% on the week. that and the s&p are on pace for their worst week since the financial crisis back in 2008. the nasdaq down 16 and-a-half -- down 16% this week, is on track for its worst week since 9/11. cheryl: as are airline stocks, which is what we saw after 9/11. lawmakers are resuming work on new legislation that would help contain the coronavirus pandemic. house speaker nancy pelosi expressed confidence that negotiators are closer to reaching an agreement after they failed to get anything to the floor yesterday as planned. >> the agreement is subject to the exchange of paper. we resolved most of our differences. those we haven't, we'll continue the conversation because they will obviously be other bills.
5:04 am
lauren: democratic leaders are working with senate republicans and the white house on legislation that mitigates the spread of the coronavirus, delivering testing for everyone, protecting americans well-being as well as industry and commerce that's crushed by the outbreak, as mitch mcconnell canceled the scheduled recess and it seems bipartisanship will deliver some results. >> i think we stay here, we get it right, this is a time and place that you do not want to rush something. cheryl: well, that was kevin mccarthy. it count come any sooner as the financial markets as we showed you tumbled yesterday. wall street saw the worst day since 1987. the dow down more than 1400 points at the close. the s&p down more than 140. nasdaq dipping almost 400 again at yesterday's close. the president did urge that americans should have confidence and they should be patient. >> you have to remember, the
5:05 am
stock market as an example is still much higher than when i got here. it's taken a big hit. it's going to bounce back and it's going to bounce back very big at the right time. lauren: sports events and skoals closed across the nation and new york state is under a state of emergency, the governor ordered the ban of large gatherings across new york including shutting down broadway shows. cheryl: dow down at the close, a loss of about 10%. so all of this of course is on fears about the coronavirus spreading. there are over 132,000 cases of the virus worldwide and at least 4900 deaths confirmed. at least 1600 of those cases are here at home. new york and washington state topping the list for the states with the most cases. canadian prime minister justin trudeau is in self quarantine after his wife tested positive for the virus. he said the symptoms are mild
5:06 am
and his wife is doing fine. right now he is not showing symptoms. lauren: there are reports out of china that the number of infections there are falling. currently, there are almost 81,000 infected in china and more movies, the releases of these movies are being pushed back. fast and furious 9 will not open globally until april of 2021. nemulan has been pushed back ton unknown day. everyone is trying to figure how bad this gets before it can get better. cheryl: as of today, broadway will be shut down in new york city. andrew cuomo saying after today no more large gatherings of 500 or more. it has reverberateed through every phase of our life. lauren: the governor of washington said it's inappropriately -- it's inappropriate to be shoulder to shoulder to one, like in a
5:07 am
restaurant or a bar. cheryl: nothing is changing when it comes to politics. well, come things are changing, actually. joe biden and bernie sanders are going to be facing off on sunday for the 11th debate in the democratic presidential race in washington but not in phoenix. they had to move it. biden has the upper hand in the race after defeating bernie sanders in michigan, missouri, mississippi and idaho. the debate also promises to be a much quieter event after party officials decided they are going to hold it without a live audience due to concerns over the coronavirus outbreak. this is supposed to be in fee mix, arizona -- phoenix, arizona. lauren: both of those gentlemen are in their 70s and bernie sanders recovered from a heart attack, that's a pre-existing condition. should they be traveling. a historic week on wall street after the coronavirus outbreak ended a bull run. the s&p 500 and nasdaq have joined the dow in bear market
5:08 am
territory, a decline of 20% from a recent high. that recent high was a month ago. are we in a recession? jim russo, chief investment strategist is here with us now. are we in a recession. capital economics says that this coronavirus could force contraction of 4% in the second quarter and again in the third quarter. that's a recession. >> i do believe that we're in a recession. we just don't know it yet and won't be official until we're able to look back at it. you and i have been talking in recent months about this over-valuation of the stock market, especially in large cap stocks. when you have these kind of black swan events, you never know what's going to precipitate the decline. if you look back, i likeen the large cap stocks to the nifty 50s in the '60s and it took the energy crisis to collapse until we had the correction, like the correction we had after
5:09 am
the dot-com bubble and the financial crisis. lauren: as people look or maybe don't look at their 401-ks, because the decline has been precipitous, people are trying to cover positions, so they're selling gold to do that. it's fear, the vics index the highest level since the crisis. i got it. do you see this being something that does affect the banks, that does affect credit and liquidity or is this completely medical? >> we're seeing a seizing up because the medical issue is causing abject fear. the fed stepped in to helping liquidity as people need to cover up those positions and move for cash. it will take bold action on the fiscal side too. remember, nancy pelosi and democrats got along with the bush administration to get something together and i think you're going to see that type of bold action also. lauren: will we see it today? >> hopefully. it's imperative that they get that done. and more testing kits would be
5:10 am
helpful too. as we do social distancing, this is going to be devastateing to the economy in the long term. we've been 50% stock going into this, because of the cautionary over-valuation. now we're at 40. i think investors should expect the market will go up and down for a while. lauren: when do cooler heads prevail and investors realize the social distancing won't be forever, it's just to get us through the pandemic. >> when we see the light at the end of the channel. china is seeing that now. we're a month behind. as you and i social distance, it will take social kindness for us to help one another and get through the type of scenario we're. we'll start to recover, that's when the market will start to recover. in the short term, we'll have more pain. when i look out five years, i think we'll look at this as an opportunity. lauren: would you buy today. >> >> we're absolutely buying, nibbling, just be careful. lauren: thank you so much. cheryl: we are getting -- we're looking at the snapback today
5:11 am
for the markets which you probably expected after yesterday's blot blood-letting on -- blood letting on the markets. the dow is up 531 in the premarket, a gain of 2 and-a-half percent. we'll get economic news this morning, we'll see how that moves the markets, s&p is up 66 and-a-half, nasdaq is up 216, it's been a very volatile week. the happiest place on earth having to shut its doors over coronavirus fears. the entire list of closures and cancellations coming up. lauren: one couple are going to the extreme to get home after being stuck out of the country because of the travel ban. their incredible story coming up when "fbn: a.m." returns. ♪ she comes in colors everywhere. ♪ she combs her hair. ♪ she's like a rainbow. ♪ comes in colors everywhere.
5:12 am
♪ oh, everywhere.
5:13 am
5:14 am
lauren: good friday morning. public gatherings canceled from coast to coast. your weekend might look different as health experts express the importance of social distancing. sports tournaments, concerts, broadway shows, even theme parks are closing. cheryl: todd piro joins us live this morning with all the latest fallout for america's favorite past times. our lives will look different this weekend.
5:15 am
>> reporter: good morning to both of you. game over across the sports landscape with the nba suspending the season on wednesday, the nhl followed suit yesterday. pausing play with the hope of resuming. major league soccer will pause for 30 days as well. the start of the baseball season delayed two weeks with spring training suspend. ed. pga tour suspended in the middle of the master. racing events like indy car and nascar going to continue but without people in the stands. and with march madness less than a week away, perhaps the biggest hit was the cancellation of the ncaa men's and women's basketball tournaments, part of a complete cancellation of all spring and winter college championships. here's kentucky's coach, what it means to the student athletes with growing calls to extend their eligibility by one year. >> it wasn't anybody's fault. it had to be done. i thought greg sanky made the
5:16 am
right move. they don't have a chance to live that last moment, whether you're going to win or lose. that's for me the hard thing to swallow. fate intervened but they deserve to keep playing. >> reporter: from sports to hollywood, close to a dozen movie premiers or releases delayed including the new bond movie and the latest fast and furious film and from screen to stage, broadway shutting down all productions as of last night and say they're going to stay shut until april 12th. >> came for the ncaa tournament, the big east game, and they canceled it. we thought we could hit a show on broadway. >> what have you been told? >> that they're closed indefinitely right now. >> reporter: as are theme parks with disney shutting down disney world and disneyland among others, multiple states across the country banning gatherings ranging from 250 to 1,000 people. cities from chicago to seattle to san francisco and new york all impacted and here in the big
5:17 am
apple, the mayor declared a state of emergency, warning the outbreak could easily be a six month crisis and obviously we're on a business network here, lauren and cheryl. the economic impact, unreal. cheryl: i've got a doctor right here. we're going to talk about that predictions, todd. thank you very much. you know, todd is doing a great job, reporting all these changes, these large gatherings being canceled. is it safe for people to attend smaller events. let's bring in dr. jeanette neshua. that's the thing, we're changing how we're living our lives, parades, sporting events, everything canceled. will this of stop the spread of the virus. >> i think it will have a positive impact to help prevent the spread of the virus. remember, this virus, coughing, sneezing, water particles, gets from one person to another, that's how it can spread. it's highly infectious, highly consistencontagious. close contact with other people, you spread it to one person,
5:18 am
that person spreads it to those around them. it's a reasonable step to take to help slow down the spread, to contain it within our community. cheryl: we've seen estimates and we've heard that as many as 1150 million people could have this. as the virus spreads, do you think the mortality rate goes down. >> i do, absolutely. especially for the older age group who have underlying medical conditions, heart failure, kidney disease, on dialysis, chemotherapy, that sort of thing and for every age group as well. even though you're in a higher age group, that doesn't mean the younger population can't be affected by this as well. cheryl: we've seen deaths in younger people too. let's talk about -- dr. anthony fauci came out. he's been critical of the u.s. government's handling of this. he says the system has failed. the testing kit debacle. do you have the tests you need right now? >> you know, cheryl, i'm in the thick of this. i'm on the front lines. i've seen many patients coming in, i'm testing them, swabbing
5:19 am
them for influenza or if they meet the criteria for covid-19. we're going to take precautions. just because we don't have a test, for example, doesn't mean we're not going to be able to take care of you, meaning go home, rest, here's an inhaler, ibuprofen, tylenol, if your symptoms worsen, get seen again. cheryl: you're testing people for coronavirus but the criteria is pretty extreme. you told me earlier, 105 fever. >> not 105 -- 100.5. cheryl: 100.5. >> oxygen level has to be 94% or lower, have you to have respiratory distress, you have to have symptoms. cheryl: i can't walk in and say test me. >> not if you're asymptomatic. i would tell you these are the steps to take to protect yourself, avoid close contact with someone who is sick, keep your hands washed and cleaned, stay hydrated, get a good well
5:20 am
balanced diet. cheryl: are hospitals ready to handle this? >> we're as prepared as we can be, there's always more that can be done. we can always use more suppliers, more staffing, more resources. we have 46,000 icu beds at this one time but we always want to be prepared for what we call surge need, meaning someone comes in and multiple people come in for the same thing at once. for example, if you have a 10,000 people coming in for a wrist fracture, we can take care of it but it's a lot at once. we always want to be prepared in regards to having enough supplies and staffing and the medical equipment, hospital beds. cheryl: maybe congress will give that to you today. we shall see. doctor, thank you very much. great information. lauren, over to you. lauren: i've got good news, futures are building on the gains, the relief rally that we're seeing after the blood bath and the worst day for the dow since black monday, 1987 yesterday. dow now up 636 points, that's 3%. the nasdaq up 3 and a third
5:21 am
percent this morning. well, coming up on "fbn: a.m.," bernie sanders and joe biden gearing up for a much different debate than previously planned. the changes in the democratic face-off and how it could affect the race for the white house. cheryl: older americans are most at risk for catching the coronavirus. are they doing enough themselves to protect themselves? mom, dad, you watching? "fbn: a.m." is going to be talking to you when we come back. ♪ don't let me down. ♪ don't let me down. ♪ don't let me down, down, down . liberty mutual customizes your car insurance so you only pay for what you need. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
5:22 am
can we go get some ice cream? alright, we gotta stop here first. ♪ ♪ from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you?
5:23 am
can you help keep these iguys protected online?? easy, connect to the xfi gateway. what about internet speeds that keep up with my gaming? let's hook you up with the fastest internet from xfinity. what about wireless data options for the family?
quote
5:24 am
of course, you can customize and save. can you save me from this conversation? that we can't do, but come in and see what we can do. we're here to make life simple. easy. awesome. ask. shop. discover. at your local xfinity store today. some people say that's ridiculous. i dress how i feel. yesterday i felt bold with boundless energy. this morning i woke up calm and unbreakable. tomorrow? who knows. age is just an illusion. how you show up for the world, that's what's real. what's your idea? i put it out there with a godaddy website. make the world you want. cheryl: here are some headlines making news this morning. senior citizens seem to be the least concerned about the coronavirus according to a new poll. this is despite being the most
5:25 am
prone to catching the illness. the harris poll shows older people are more likely to exhibit more defiant behavior than millennial as the illness continues to spread. 881% of senior say they're willing to attend family or social events, 77% believe they won't catch the virus. well, jamie dimon is out of the hospital. jp morgan chase ceo released yesterday after having emergency heart surgery last week. doctors say dimon suffered from an acute aortic die section. he was said to be feeling well with surgery being considered a success. well, the president of the u.s. soccer federation has resigned. carlos kordiero has been facing backlash for discrimination. the men said they had a higher level of skill than the women's team.
5:26 am
cindy pa rlikone will become the first woman president of the federation. the 30 day travel ban of anyone coming from europe for anyone coming to america tonight. one couple paid 4600 to get back home. they were in paris to celebrate their engagement. they said all the cheapest flights were sold out. they said paying to leave was their only and, yes, very expensive option. lauren: i'd pay it. all right. the dnc moving the 11th democratic debate from phoenix to washington, d.c. out of an abundance of caution over the coronavirus outbreak. so, as joe biden and bernie sanders prepare for the debate, who benefits from these changes and how do you campaign amid the virus? let's bring democratic strategist, david mauery. david, good morning. >> good morning. how are you? lauren: i'm great, i think. it's been a tough week.
5:27 am
the coronavirus, will that be the starting gun for sunday's debate, will they attack the trump administration and how they responded? >> yes and yes. that will be the context of every debate, every communication for the next weeks, if not months. i think they'll spend less time attacking the trump administration and i hope taking more time talking about where they're going to take the country. i think it will more of a conversation than a food fight. it will be more dialogue than pro wrestling tussle. that's good for democracy with a small "d." lauren: the live audience forum, is that advantageous to joe biden who they're limiting how much time he speaks at these rallies and speeches or they have been, i know a lot of these future events have been canceled for the time being. but he's better when he speaks less. >> that's right. lauren: so is this format good for him? >> no, i don't know that he's better when he speaks less. anyone who knows joe biden knows he likes to speak more. i think it's been a challenge
5:28 am
for him, the multi-contender debates. the last time he debated before that, he was rusty when he started, was one on one in the vice presidental debate. i think this will give both candidates more time. bernie sanders is a great debater. it's a challenge for vice president biden, but, listen, i'll tell you something. momentum makes a candidate feel like a leader, feel like a winner. i think joe biden will have that sort of feeling going into this debate. lauren: he certainly has that. we have a lot of primaries on tuesday, specifically the state of florida and a arizona. president trump canceled trips to nevada to, colorado, amid the coronavirus. so how does campaigning change amid a pandemic? >> they're going to have to reimagine what this looks like. we're all reimagining our lives for the next -- we hope not months but it may be months. it certainly will be weeks. they're going to have to do the same. there will be a lot of virtual reality in these campaigns going
5:29 am
forward. it's going to be a whole different ballgame in that sense and a candidate is going to have to look into this camera like way are now and make their case in a way we've not experienced before in american politics. lauren: do you believe that president trump's re-election is contingent on the coronavirus and how it's addressed. >> likely. this will be probably the defining moment of his presidency. i checked the odds, lauren. the odds makers say 54% likely trump is elected president again, down about 10 points. lauren: oh. >> who knows what's going to happen. i would note one thing about joe biden. the last 12 days, we forget this with this coronavirus crisis, no candidate, no leader in modern political history has seen such a momentum swing. it's amazing how the news works today. in 12 days, the day after south carolina, the world changed for joe biden politically. it's amazing. lauren: real clear politics puts the average in a biden, sanders matchup, biden leading
5:30 am
sanders 54 to 35%. at what point do you think bernie sanders drops out? >> i'd say when he wants to, but it's coming i believe soon. i think we're back to odds, 99% to 1%. like an nfl receiver, they always have a chance to return a punt. at some point a lane can open. it's getting harder to imagine the lane that opens for bernie sanders right now. he's got to do this in his own way, his own time. it's hard to come back under these circumstances when you can't have rallies and you're doing debates without audiences. lauren: and that's what you're good at, when you speak of person beebernie sanders and alo president trump. thank you. have a good weekend at home, enjoying netflix. cheryl: thanks for watching "fbn: a.m.." we know you're at home but you're awake and we appreciate having you here. lauren: we sure do. cheryl: futures are actually, after those three major averages went into bear market territory at the close yesterday, we have green arrows and we're seeing a bump up in futures buying this
5:31 am
morning. the dow is up 741 points, the s&p is up 86 and three quarters, nasdaq snapping back, up 277. are we seeing buying opportunities today? is the talk of a recession over-blown based on two possibly short-term black swan events. we've got an expert coming up. lauren: the dow is down 200 points in the past 10 minutes. it's been a very long week so what better way to celebrate the end of it with a sleep holiday. you're watching "fbn: a.m.." don't go to sleep yet. ♪ 448,134 to be exact. they answered 410 questions in 8 categories about vehicle quality. and when they were done, chevy earned more j.d. power quality awards across cars, trucks and suvs than any other brand
5:32 am
over the last four years. so on behalf of chevrolet, i want to say "thank you, real people." you're welcome. we're gonna need a bigger room.
5:33 am
- my parents helped build it. - now we don't get wet when it rains. - i don't get too hot or too cold inside. - and i don't have to worry when the winds blow. this is my house. - this is my house. - this is my house. - this is my house.
5:34 am
- my house. - my house. - i can play with my sister, i can play with my brother, i can play with my mother, my father, my family. - my family. - my family. - this is my house. - this is my house. - i can study. - i can be safe with my family. - this is my house. - this is my house. - this is my house. - this is my house. - my house. - my house. - this is my house. - visit habitat.org to find out how you can help more families like mine have a safe, decent place to call home. lauren: here is your morning cheat sheet. the top headlines to get you through the day, the coronavirus continues to spread with 47 out of 50 states confirming cases and over 1600 infections right here in the u.s. joe biden and bernie sanders
5:35 am
gearing up for the 11th democratic debate this weekend. sunday's debate was moved from phoenix, arizona to washington, d.c. because of the coronavirus. there will be no live audience. a snapback for the markets this friday the 13th after a week of red, deep red. futures are in the green, dow up 688, nasdaq up 267. cheryl: our next guest says the coronavirus pandemic is going to push the economy into a recession. that has been the concern for traders. let's bring in steven blitz, chief u.s. economist. good morning. >> good morning. cheryl: are we overblown in our fears about a recession for the year. >> yes and no, but we're going to say no, we're not overblown. cheryl: you do think we have a recession? >> yes. there's two aspects of this. you have lost revenue from the virus which in the united states now is going to get worse because of all the -- you shut down the hockey season, the basketball season, shut down
5:36 am
disney world. there's a tremendous number of independent contractors and individuals who rely on these businesses and that just spreads out in terms of the contraction of income. so there's the virus effect and then i think what's not being really, truly understood is a wealth effect. we saw in december '18, decembey market collapsed, we saw retail spending collapse. in the last 10 years, because of policy, perhaps because of demographics, household balance sheets are over-invested in equities. so when equities go down like this there's an out-size response based on what history would tell us. the equity market itself is telling you you're going to get a contraction in consumer spending and the great selling that we saw which the fed has stepped in yesterday, treasuries, tells you there's stress. cheryl: that's an interesting thing that you're watching the numbers.
5:37 am
basically the market is going to push us into a recession and the market is worried about the economy. analysts have come out and said we'll get 0% gdp for all of 2020, that's a very rough prediction. >> right. cheryl: what do you say about gdp for the year? >> i think that's a fairly good idea. cheryl: wow. >> i think first of all, the first quarter gdp number is probably going to be okay because january and february were okay. you're talking about how much of a contraction in the second quarter, how much of a bounceback in the third. and a lot of that depends on two things. one, does the equity market go down -- well, down. does it go down and stay down or does it go down and does it come right back up. cheryl: it's hard to tell. we're having this volatile week. >> exactly. look, friday is a short covering weekend, so i wouldn't take a lot out of the bounce you're getting today in terms of being meaningful just yet. cheryl: okay. >> i think that as the equity market go down and stay down, because if the market goes down and stays down, you'll keep contracting household spending
5:38 am
activity. you've got two things, the revenue effects. when do things open up again, when does the nba open up again, so that puts the third quarter a question mark. eventually, everything opens up. fourth quarter things start getting better. that's why -- you start with zero as a base case and if things -- cheryl: yeah, that's your base case that's zero. that's crazy. we would love to have you back to talk more about this. there's so many questions unanswered about the economy and you're the economist. thank you very much. over to you. lauren: the u.s. army is offering to pay up to $65,000 in student loans or $15,000 in bonuses to recruits that are willing to join the infantry. the infantry is one of the army's most physically challenging jobs. this offer a part of efforts by the army to offer more financial incentives after it failed to meet recruitment goals in 2018 by over 6,000 soldiers. cheryl: kfc facing backlash on
5:39 am
the classic slogan in the wake of the coronavirus. >> ♪ cheryl: the fried chicken chain pulled this ad after receiving multiple complaints in the u.k. it was called, quote, irresponsible for promoting behavior that could lead to spreading the virus. kfc said they hope to release the ad again sometime in the newer. yeah, that finger licking good thing isn't good. lauren: not now. it's friday the 13th and also national sleep day. it highlights the importance of sleep and its critical role in our lives. world sleep day is aimed at reducing the impact of sleep problems on society by better managing sleep disorders. it's tough to do this story when you're on a morning show. cheryl: yeah, right. you're all waking up, folks. after world sleeping day, you can follow up tomorrow with pie day. pie day is celebrated on march 14th, 3/14, around the
5:40 am
world. pipi is the symbol used to represent a constant, the ratio of the circumference of a circle to the diameter. do you remember junior high? lauren: i do. cheryl: 3.14159. the day isn't real i just for lovers of math. foodies have jumped into this. pies from apple to pe pecan, evn pizza pie. lauren: pizza's included. cheryl: i can't wait to see what the delivery revenue is going to be for the coronavirus. lauren: let's do some anecdotal research over the weekend. cheryl: there are green arrows across the board, dow is up 733 in the premarket, our last guest was saying, yeah, you're getting a snapback. s&p up 86 and-a-half, nasdaq up 280 and three quarters. lauren: as the world deals with the coronavirus pandemic, china is trying to shift the blame for its early reaction to the outbreak. will china be held accountable for what they're doing now?
5:41 am
keep it here on "fbn: a.m." ♪ because you're mine. ♪ i walk the line. ♪ voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement.
5:42 am
can we go get some ice cream? alright, we gotta stop here first. ♪ ♪
5:43 am
from smarter atms, to after hours video tellers ♪ ♪ comcast business is connecting thousands of banks to technology that turns everyday transactions into extraordinary experiences. hi there. how are you? do you have any lollipops in there? (laughing) no, sorry. we're helping all kinds of businesses go beyond customer expectations. how can we help you? lauren: china is working behind the scenes to down-play the coronavirus outbreak, even going so far to falsely accuse the united states for starting it. this tweet from a chinese government spokesperson claiming the u.s. army brought the virus to wuhan.
5:44 am
amid a global pandemic. why the blame game? senior research fellow with the heritage foundation asian research center, dean chang is here. what's china's angle? >> i think the chinese are working very hard for two reasons. one is to basically make sure that china isn't blamed for this global pandemic, to present itself as a responsible player and this has a domestic component, right. if the chinese government says it was the americans that started it, this is a message that will go over the chinese government hopes, while at home to basically say, look, if there were any problems it wasn't our fault, it was the americans who spread the disease to us. lauren: the south china morning post is reporting the first case happened in w wuhan, patient ze, back on november 17th of 2019. i don't know how china is going to prove that. again, many people scratching their heads and asking why it matters. however, with the pandemic now
5:45 am
reaching our shores here in the u.s., do you think beijing is emboldened? >> i think that the chinese are driven by a couple of things. one is that they clearly are able to influence a number of international organizations. notice how long it took the world health organization for example to finally declare a pandemic. second of all, they do have significant portions of the american pharmaceutical supply chain and i suspect that this is also an implicit threat against the united states to say, look, if you tick us off enough, we have the ability to turn off things like ibuprofen and precursor chemicals for penicillin. lauren: 95% of ibuprofen is supplied from china. do you think they could limit their exports of what we need right now in terms of masks and disinfectants. >> to be fair to the chinese, they have at this point probably the largest number of cases so i'm not sure we're seeing evidence of them deliberating
5:46 am
slowing down exports. i think they will prioritize meeting their own demands before allowing significant exports around the world. lauren: how does this affect the trade deal? it's been argued there's a possibility that as stimulus for the american economy and the chinese economy too, that maybe the best stimulus is a rollback of the tariffs. your thoughts? >> well, that probably wouldn't hurt but as a number of your guests have already noted, we're looking at an american and almost certainly global economic slowdown. i think that we're looking at a situation where trade is going to -- that's even before people start worrying about whether or not things are safe that are being transported across the world's oceans. so anything that would improve trade, whether it's reduction in tariffs or a general -- anything that will promote a general uptick in economic activity would be welcomed. lauren: do you think anything president trump would do -- he comes down hard on china many
5:47 am
this is a major campaign issue and a victory for him. do you think he would actually remove the tariffs? >> i think it depends on basically where the chinese are going. if they keep accusing the united states of starting covid-19, i don't know see much room there for a relaxation in trade tensions and frankly i think the political tensions will go up between the two sides. lauren: i think you're right. certainly beijing starting a new pr war against the united states. dean, have a great weekend. thanks for joining us. >> stay healthy. cheryl: all right. let's take a look at how your money is moving this morning after all three major averages went into bear market territory at the close yesterday. things are turning around, folks, this morning. take a look at the green arrows, the dow is up 741 in the premarket, s&p up 88 and three quarters, that's a gain of 3.6%. nasdaq showing about 4% gain at the open, up 287 in the premarket. we are awaiting house speaker nancy pelosi who may bring an economic rescue package to the
5:48 am
floor today. lauren: the travel industry taking a hit, especially the cruise lines. but just how bad has the coronavirus rocked their industry? we'll have an answer when "fbn: a.m." returns. ♪ the way you make me feel. ♪ the way you make me feel. ♪ it really turns me on. ♪ you really turn me on. ♪ you knock me off of my feet. ♪ awesome internet.
5:49 am
it's more than just fast. it keeps all your devices running smoothly. with built-in security that protects your kids... ...no matter what they're up to. it protects your info... ...and gives you 24/7 peace of mind... ...that if it's connected, it's protected. even that that pet-camera thingy. [ whines ] can your internet do that? xfinity xfi can because it's... ...simple, easy, awesome. [ barking ]
5:50 am
5:51 am
some people say that's ridiculous. age is just an illusion. how you show up for the world, that's what's real. what's your idea? i put it out there with a godaddy website. laurencheryl: here's some of ts making headlines this morning. the cruise ship industry hit hard by the coronavirus outbreak. princess cruising canceled all voyages for the next two months. the company has been hit with two outbreaks on the ships. carnival, norwegian and royal caribbean have lost $47 billion since the virus was reported here in the united states. convicted rapist harvey
5:52 am
weinstein not giving up hope just yet. according to his lawyers, weinstein is eager to fight his looming criminal charges in los angeles. the disgraced movie producer is in the hospital for chest pains. he was hospitalized after he was sentenced to 23 years here in new york for rape and other crimes. president trump signed legislation that bars telecom companies from using subsidies to purchase equipment from huawei, also from zte and any other companies that are deemed a national security threat. the law requires the fcc to help offset the cost of removing the banned equipment and replacing. a new poll is shedding lights on how americans are reacting to the coronavirus. according to the results, 59% of americans plan to wash their hands more, a quarter of people plan to stop attending social events. when it comes to financials, 13% plan on starting a rainy day fund, 6% will make changes to their 401-k, a third of those who responded say they haven't made changes to your daily
5:53 am
lives. changing your five 401-k, that'a market response. i don't know that's such a great idea. lauren: i sometimes say, that's when you want to forget your password. cheryl: have faith in the markets, right. lauren: sometimes it's a low number, though. i need to invest in lotion for my hands after all the hand washing, by the way. do you feel -- i feel like i'm washing my hands all day long. cheryl: you're good. lauren: futures are up 804 points, s&p up 95, nasdaq up 309 or 4 and a third percent this morning. this is a rally on this friday the 13th. cheryl: coming up, are you hesitant to cancel your upcoming travel plans? you are not alone. we don't blame you. lauren: having trouble finding supplies amid the coronavirus? yes. the coveted prizes that one arcade is offering in one of its games. keep it here on "fbn: a.m.." ♪ guess what, i'm having more fun. ♪ and now that we're done.
5:54 am
♪ i'm going to show you tonight. ♪ i'm all right. ♪
5:55 am
5:56 am
cheryl: as more travel becomes restricted, some people don't have to plans upcoming vacation. lauren: what do we think about that? people taking advantage of cheap airplane tickets? mike: they called the coronavirus travel impact.
5:57 am
results are eye-opening, 84% of respondents said they had plans to travel within the next 3 months, others 75% say they will not cancel travel plans. when we break it down to where they are going, 70% traveling domestically say they won't be canceling but drops a little bit overseas or internationally, 60% of those traveling internationally will not be canceling. we will see what happens as far as restrictions and all that, but it's funny the younger people 18 to 29 year's old, 21% of them have been taking advantage of those cheap deals. lauren: i know. mike: you can get cheap airfare right now. cheryl: i do feel bad for parents right now who had spring breaks who are having to cancel. mike: my sister was planning to
5:58 am
go to disney. also a reason not to go, right? lauren: the thinking is for young people i'm healthy i will be be fine and take advantage of a discount. let's say it's safe to go the country you're going to because they don't have outbreak of corona virus, can you get back into the country? cheryl: if you're an american you can. lauren: what happens on your way back. cheryl: let's end on a story i love. one arcade game changed with prices. >> there's lines everywhere, supplies are missing, or gone, not even on the shelves anymore. someone in uk having fun with this. he's arcade owner. he took out all the teddy bears and stuffed animals and instead he replaced them with hand
5:59 am
sanitizer and toilet paper. people have some fun with it. listen, if you need hand sanitizer and you're looking inside glass and there's a bunch of them, you may take drastic measures to get the hand sanitizer. lauren: speaking dow up 900 points. thanks for watching fbn:am. cheryl: maria bartiromo, good morning. maria: happy friday, i'm maria bartiromo, what a week. it is friday march 13th, your top stories right now just before 6:00 a.m. on the east coast. markets are pointing to a bit of a rebound this morning. pretty good numbers, up 919. nasdaq up 136. this after the worst day since 1987 crash yesterday.
6:00 am
the worst day since black monday yesterday the dow, nasdaq, s&p 500 down 10%, biggest point losses in history. it was just under 10% in dow industrials, 9 and a half percent for nasdaq and s&p 500 yesterday, what a day. s&p 500 going from record high into a bear market in just 16 days. the last 16 days have been wild. federal reserve yesterday in its prize move injecting 1 and a half trillion dollars into the market trying to calm fears as the coronavirus pandemic grows. 29 states under state of emergency as the death toll in the united states rises to now 40 due to coronavirus. doctors struggling to find test kits and one of america's top doctor admits failure in the testing capacity. congress delaying recess, a deal may come today. we are waiting on that. the pandemic shuttered some

166 Views

info Stream Only

Uploaded by TV Archive on