President Trump, Cnbc, Kristina Hooper discussed on Squawk Pod
I I'M NBC producer. Katie Kramer one of the voices behind the CNBC podcast squawk pot. In these times of uncertainty. We WanNa make sure we're bringing you our listeners. As much information as possible as quickly as we can. That's why we're sharing with you now. See Special report markets in turmoil. Listen and good evening everyone. I'm Tyler Mathisen on day. Ninety nine of the corona virus crisis stocks surging today all major indexes up seven percent but this virus has now killed more than ten thousand American. Wow what a market date star search if we're plateauing we're plateauing at a very high level. Trend trackers show signs of peak is near looking at a decline in GDP thirty percent. But it's clear the damage has been done and big risks remain as the crisis continues this is a CNBC special report markets in turmoil. Here's Tyler Mathisen and good evening once again after a major update for stocks. Let's start right now with a look at where the future stand remember. These futures are very volatile at this hour. And you can see that. The implied open tomorrow for all three of the major indexes is lower at this hour but that can change obviously in the blink of an eye. Let's talk about the Dow. The S&P Nasdaq. They were all way up today. All three indexes rising seven percent but each index. Don't forget this. How could you is still down big from those highs of just two and a half from their highs just two and a half about a couple of months ago the Nasdaq now. Nineteen point five percent below. Its I the S. and P. Five hundred twenty one point five percent off of its back in February and the Dow twenty three percent off the high from mid February. What does the optimism in the markets today J. P. Morgan's CEO Jamie Dimon warning shareholders in a letter about the economic impact? This virus will have diamond writes quote. We don't know exactly what the future will hold. But at a minimum we assume it will include a bad recession combined with some kind of financial stress similar to the global financial crisis of two thousand eight. Let's bring in CNBC. Contributor and halftime report traitor Surat city of Douglas Lane and associates and Kristina Hooper chief global market strategist with INVESCO. Welcome to both of you. Surat let me start with you. What kind of encouragement do you take from today? And the past several days now that that March twenty third bottom is a full two weeks behind us. I think what we're looking for. We got today was a little bit of good news the flattening of the curve. I think that's what investors were looking for. There was so much negative news that we were having of last couple of weeks and as we go into the next couple of weeks we know the news is not gonNa be good. We know that earnings are going to come out in a pretty disappointing way in guidance is going to be pretty dismal so I think what we needed was to say okay. We've got to crisis here humanitarian crisis and a financial crisis. We know that we can get through the financial crisis but we needed something and we got a little bit of it today but we need more. We need a therapeutic. We need a vaccine and I think the markets Kinda took a breather on the positive. But I think we've got a long way to go and Christina. What are your thoughts here? Is this a bottom in the market that we can trust or potentially a false bottom Arabia's? He's not going to move right. The reality of you need and how how Working Polity Working Committee talked. Not on the last several weeks. We've got monetary policy. We got this tossing United States and get news about actually being lowered here telling us three man that was seen off your nation for conference not looking to be slope shirtless rather jacket. But we do have pencil for Nice Christina. Thank you very much Surat. Let's turn to what you mentioned just a moment ago. And that is that in just a few days we're going to start to see some earnings numbers coming out of American and global corporations. What do you expect to hear here? And maybe even more tellingly. What do you expect to hear? By Way of commentary guidance. I think a couple of things one is water company seeing on the ground in terms of demand and then I think the important thing that everybody's going to be focused on cash flow and balance sheet. And how we're GONNA companies survive of the next couple of quarters when they know for the first time that revenue drops so drastically and I think those are the key things to watch for us to get a bottom of this market Sarah. Thank you very much Kristina Hooper. Thank you throughout this. That said and Kristina. Hooper joining us. Tonight well a short time ago. President trump once again warned Americans that about the difficult times that lie ahead. We're going to have a rough week. We're going to have maybe a little more than a week and but this tremendous light at the end of that tunnel. We say getting back to normal. We mean something very different from what we're going through right now because right. Now we are in a very intense mitigation. When we get back to normal we will go back gradually to the point where we can function as a society. But you're absolutely right. I mean if you WANNA get to pre corona virus that might not ever happen the sense of the fact that the threat is there. But I believe with the therapies that will becoming online with the fact that I feel confident that over a period of time. We will get a good vaccine that we will never have to get back to where we are right back now so that means getting back to normal. Then we'll get back to normal. I think we can get more than back to normal from an economic Sam would actually be better but more than back to normal but I I would agree that Would love to see a vaccine but immediately would love to see a therapeutic. And I think we're getting very close but we also heard today from New York Governor Andrew Cuomo at his daily briefing offering some glimmer of hope that his State may too soon turned the corner. Total number of hospitalizations or down the ICU. Admissions down and daily intimations down. Those are all good signs and again would suggest a possible flattening of the curve. Well earlier today. President trump did hold a call with the CEOS of four big biotech companies hoping to smooth the way for a treatment for the virus. May Terrell is with US tonight. Meg what can you tell us? Height? However we understand it wasn't just president but also the vice president the Commissioner of the FDA Dr Steven Hahn and others from the White House on this call there were executives from four major biotech companies on this call as well the CEOS from Amgen genentech which is a part of Roche a Gilead and the chief scientific officer and Co founder of regeneration. Now all of these companies are working on different therapies. Four Kovic nine thousand nine hundred and some of them have repurpose drugs that they're testing for them. Including Ron and rochas genetic testing rheumatoid arthritis drugs severest patients to try to tamp down the lung inflammation that you see in those cases. Gilead of course has the antiviral drug Desa Vir for which were waiting. The initial data in just a few weeks and Amazon has just launched a project as well so all of these companies in the midst of this saying that we're hearing from the call that the president expressed his appreciation for the progress that they're made in promised that the government would be a helpful partner for them and also hearing that the company's thanked the president for directing the administration to cut the red tape to help facilitate getting these drugs through the process and potentially out to market. Well Dr Scott Gottlieb know something about that is the former FDA commissioner and he joins US tonight. Dr Gotlib. Thanks for joining us. You wrote about this and the Wall Street Journal just yesterday. Op Ed piece where you said. This is the headline on the peace. Antivirals and antibody therapies are showing promise the FDA needs to step up its pace. How can the FDA.