Cnbc, Steve Weiss, Scott Wapner 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. Listening good evening. I'm Scott Wapner. Today's Wall Street Rally Fizzles is the Dow finishes negative and on the one hundredth day of the corona virus crisis the city where it all began. Wuhan. China ends its lockdown. We started red hot and ended ice cold reversal stocks loose team this afternoon. A nine hundred point gain for the Dow evaporates. We're going to have to restart that economy with enough to restart a lot of systems that we shut down new information tonight. New York Governor Andrew CUOMO'S PLAN TO RESTART BUSINESS LONGER. It lasts the more disruption. There will be in the harder it will be to come back and the sobering reality of death. Illness and job cuts tonight. How three religious leaders are dealing with unprecedented fear and prices this CNBC special report markets in turmoil begins right now. Here's Scott Wapner good to have you with us yet again tonight. We do start this evening with a look at futures which right now are slightly lower in early trading. You could see after that big give back towards the close stocks did suffer a major reversal. I do mean major. The Dow is up nine hundred points at one point today. Sold off into the close to finish in the red a similar story for the SNP and the Nasdaq after big gains both finished the session lower. Shannon's Akasha is chief investment officer with Boston. Private Wealth Steve Weiss's founder and managing partner of Short Hills capital both. Cnbc contributor is good to see both this evening Shannon. I begin with you. What do you make of the big give back in the fact that we were up nine hundred closed? Negative profit taking this afternoon. That's clearly what was on the table if you look at the buys. Yesterday a lot of people are looking to to grab travel and tourism stocks a retail stocks. There was an enthusiasm there that we were going to come out of this and that the positive data that we saw of New York in particular over the weekend was going to extend and actually compress the duration of this curve. And so today. I think what you saw this afternoon was there have been a lot of investors who held this prior to corona virus. Who held these travel and tourism names who've hung on for a better exit point retail names the same thing and I think you saw that this afternoon. Steve Weiss what are the last couple of days? Tell us if anything about where this market is heading. I've been consistent with saying that. I think the bottom was in. I still believe that. The market really defies analysis traits more on emotion and more than words. It's more linked in my view to what governor Komo's saying because he's at Ground Zero. New York's been the most effective but I think the conversation now is turning to okay. What happens in the aftermath? We're taking for granted at this point to where at least comes into conscious that may be in a month. We'll go back to work but then what happens. People go back to work and does the virus come back. So that's what you're looking at right. Now that's what I was looking at. I think champs correct. I didn't get involved in travel stocks for obvious reasons that I was going to take profits this afternoon after an exceptionally strong day yesterday and the mark fouls pattern. It's risk Friday because you worry about really bad news over the weekend risk comes back on and then you take profits big money where he again. It's that kind of market Shannon. Do YOU AGREE WITH STEVE. Wife's that the bottom is in that we won't retest the lows. I don't think we can say that just yet. We're in this vacuum of information over the course of this week. We're looking just at virus data. We've got earning season starting next week. Scott and we're going to get some really great data about what companies are seeing in their businesses and some of that could be really dire news so I don't I can't say that just yet so we're waiting for earnings season to get more information. We'll see you guys on the halftime report. One day soon. Thank you so much in Secaucus. Kosheh Steve Weiss with us. Let's turn to Dr Scott Gottlieb now the former FDA commissioner and CNBC contributor adding a new title today officially joining Maryland Governor. Larry Hogan's Corona Virus Response Team Doctors. Good to see you. My Home State is in good hands this evening. Thank you let me talk to talk to you about the market clearly rallying yesterday and in some respects for the better part of today on these improving numbers specifically out of New York. Are you as optimistic as the market is suggesting well? The numbers are improving. We should acknowledge that. The numbers of New York that cities probably going to be entering plateau. They'll bounce around the top for some days and then they'll start to come down but by next week we might see the number of new cases. Starting to decline hospitalizations will contain increase for a couple of weeks but the new cases will start to decline. That's true of most of the north and the Northeast as well as Pacific northwest which has been declining over a longer period of time. I'm still in cases in the southeast Florida. Reaching fifteen thousand cases Louisiana sixteen thousand cases. The hot spots in both of those states. Miami in Florida New Orleans in Louisiana are doubling every two to four days right now so there's still rapid growth in cases in those two states and I still think Georgia and Texas remained question marks that you haven't seen acceleration in cases in those states. But they're still under testing and you see hospitalizations going up. There's still some concern so we're not out of the woods yet. But I think we're starting to see the light. At the end of the tunnel in terms of wetness epidemics. GonNa peak nationally and where we can start to contemplate releasing some of these really onerous population-based mitigation tactics and we've been following basically keeping people in their homes. We'll make that transition and may I think there's still a lot of uncertainty going forward. What happens in June and in what happens again in August and I'm not sure the market's really anticipating that I think that there's a lot more uncertainty around what the fall looks like when people are really starting to factor in right now. I'm wondering how you're thinking about the numbers themselves and if you think we can truly trust them. There are some alarming reports. Tonight that a lot of people are dying at home and not in the hospital. Therefore they're not being counted in the official numbers. What are your insights on that? I think most deaths in this country get reported and the closet delegates reported. I'd be very surprised if there is any kind of dramatic under reporting in the US. Right now it is. True that systems are overwhelmed is going to be under reporting on the margins at hospitals outside the hospital setting. We're clearly not diagnosing all the infections. There's a lot of infections happening in the community. That aren't making into official statistics. There was a study out in the British Medical Journal. Today saying that as many as four or five cases maybe eight symptomatic cases. That's high relative to other analyses but we also know that there's probably a lot of asymmetric infection that's occurring that we're not counting so the number of cases higher probably there are some deaths that aren't getting reported. There were some early desperately that weren't reported but by and large I think hospitalizations people who are infected in hospitalized and people who come to the infection I think those are by and large making it into the official statistics. That's why when we look at trying to track what the scope of an outbreak or epidemic in state the first thing to look at his hospitalizations because people who get hospitalized with the infection are going to get counted more reliably than people who are just diagnosed with infection and might be at home speaking of hospitalizations now half of where they were a week ago in New York the number of ICU trips are down. That significant can we for the first time. Doctors say that the curve is indeed flattening tonight. I think the curve is starting to flat and I don't think we're quite there yet but you fit a line to a curve and generally reliable when you do this kind of modeling and unless we really did something to pull back the measures that are now implemented which we're not GONNA do we're GonNa continue with the measures until we see a real trend unless we were to pull back right now. I think the trends are going.