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Stocks Plunge At Market Open, Dow Down 1800 Points | NBC News Special Report - YouTube
Channel: NBC News
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>>> THIS IS AN NBC NEWS SPECIAL
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REPORT.
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HERE'S SAVANNAH GUTHRIE.
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>> GOOD MORNING, EVERYBODY.
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WE'RE COMING ON THE AIR WITH
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BREAKING NEWS.
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THIS IS THE NEW YORK STOCK
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EXCHANGE.
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THE TRADING DAY IS JUST
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BEGINNING ON WALL STREET AND
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THERE ARE FEARS THAT THE DOW
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WILL DROP AND DROP QUICKLY AND
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WE'RE ALREADY SEEING THAT.
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FUTURES OVER THE WEEKEND WERE
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DOWN SO MUCH THAT THEY ACTUALLY
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HAD TO PUT AN EMERGENCY TRIGGER
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THAT STOPPED TRADING AND THE
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EXPECTATION AND FEAR IS THAT WE
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WILL SEE MARKETS IN FREE FALL
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THIS MORNING HERE IN THE U.S. AS
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THEY HAVE DONE IN THE GLOBAL
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MARKETS ALREADY TODAY.
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LET'S GET RIGHT TO CNBC'S BECKY
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QUICK, WHO IS AT THE STOCK
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EXCHANGE FOR US.
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BECKY, THIS IS EXPECTED, BUT
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HERE WE GO.
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THE NUMBERS ARE ALREADY IN FREE
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FALL.
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>> THAT'S RIGHT, THIS MORNING WE
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HAD BEEN LOOKING AT THE FUTURES
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DOWN BY 5%.
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AS YOU MENTIONED, THAT'S AS FAR
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AS THEY WILL ALLOW THE FUTURES
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TO TRADE DOWN, BUT IN THE FIRST
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MOMENT, YOU'RE SEEING THE STOCK
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MARKET MOVE BELOW THAT.
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IT LOOKS LIKE THE DOW IS DOWN BY
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ABOUT 6.9%.
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THIS IS MASSIVE PRESSURE.
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FU HAVEN'T LOOKED AT YOUR 401(K)
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OVER THE LAST FEW WEEKS, I
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WOULDN'T RECOMMEND DOING IT.
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WE HAD SEEN THE MARKETS DOWN BY
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12%.
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NOW YOU'RE ADDING DECLINES OF
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MORE THAN 7%.
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THE 7% THAT WE'RE SITTING AT
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RIGHT NOW, THAT WILL KICK IN
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ADDITIONAL CIRCUIT BREAKERS.
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THE NEW CIRCUIT BREAKERS ARE
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THERE TO TRY TO PREVENT PANIC
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SELLING.
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>> THE CIRCUIT BREAKERS KICK IN
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WHEN?
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>> FOR THE S&P 500, THE CIRCUIT
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BREAKER WOULD KICK IN 7%.
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YOU WILL SEE A PAUSE IN TRADING
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FOR 15 MINUTES.
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THEN IF YOU SEE THE S&P TRADING
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DOWN 13% FROM THOSE ORIGINAL
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LEVELS WHERE IT CLOSED ON
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FRIDAY, IT WOULD PAUSE AGAIN FOR
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ANOTHER 15 MINUTES.
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AND THEN IF YOU SEE A 20%
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DECLINE AT ANY POINT BEFORE 3:25
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P.M. BECAUSE THE MARKETS CLOSE
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AT 4:00 P.M. IF YOU SEE A
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DECLINE OF 20%, THE MARKET WOULD
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HALT TRADING FOR THE DAY.
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IT'S WORTH POINTING OUT THAT WE
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HAVE NOT SEEN THESE CIRCUIT
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BREAKERS TRIGGERED SINCE WE WENT
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INTO EFFECT AT 2013.
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WE'LL BE WATCHING CLOSELY,
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BECAUSE I'M LOOKING AT THE S&P
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BY 6.59%, SO WE ARE NEAR THOSE
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LEVELS WHERE YOU WOULD SEE
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CIRCUIT BREAKERS KICK IN.
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THE BIG REASON, PEOPLE ARE
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CONCERNED ABOUT CORONAVIRUS AND
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WHAT THAT IS GOING TO BE FOR THE
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BROADER ECONOMY.
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THE SECTORS GETTING THE HARDEST,
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YOU HAVE TO LOOK AT TRAVEL
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INDUSTRY, I SAW CRUISE LINES
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TRADING DOWN 10 TO 12%.
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AIRLINES, 4 TO 7%.
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AND HOTELS, A LOT OF PRESSURE,
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TOO.
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THE OTHER BIG ISSUE IS THAT WE
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REALLY SAW A BIG ISSUE WITH THE
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OIL MARKETS OVER THE WEEKEND,
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TOO.
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IF YOU'RE LOOKING AT CRUDE OIL,
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IT'S BEEN DOWN MORE THAN 20% AND
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THAT'S HAVING A HUGE IMPACT ON
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ALL OF THE OIL COMPANIES OUT
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THERE, BIG OIL COMPANIES,
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INCLUDING EXXON MOBIL AND
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CHEVRON.
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THIS IS HAPPENING BECAUSE OF
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CONCERNS ABOUT AN ECONOMIC
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BELOWDOWN, BUT ALSO BECAUSE THE
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SAUDIS AND RUSSIANS GOT INTO A
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BIG FIGHT OVER THE WEEKEND AND
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THE SAUDIS ARE REALLY TRYING TO
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DO AN OIL PRICE WAR AND THAT'S
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WHY YOU'RE SEEING ALL OF THESE
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ISSUES COME A A HEAD.
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>> TIME COULDN'T BE WORSE TO BE
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HAVING THAT TURF WAR WITH THE
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ECONOMIC STRUGGLING UNDER THE
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WEIGHT OF THE CORONAVIRUS.
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WE'RE GOING TO KEEP AN EYE ON
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THE DOW JONES.
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WE'RE TALKING ABOUT THE OTHER
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CIRCUIT BREAKERS, THAT WAS IN
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REGARD TO THE S&P.
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WHAT WE'RE SHOWING YOU IS THE
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DOW.
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BUT YOU GET A SENSE OF IT, ALL
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THE U.S. MARKETS AS THEY OPEN
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THIS MORNING.
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I WANT TO GO TO GEOFF BENNETT AT
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THE WHITE HOUSE.
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OBVIOUSLY THE WHITE HOUSE IS
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WATCHING THE PUBLIC HEALTH
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CRISIS UNFOLDING, BUT ALSO THIS
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ECONOMIC CRISIS WE'RE SEEING.
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>> Reporter: YOU'RE RIGHT ABOUT
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THAT, SAVANNAH.
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ADMINISTRATION OFFICIALS SAY
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THEY ARE MONITORING THE STOCK
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MARKET OPEN.
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THERE WAS AN EXPECTATION THAT
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THERE WOULD BE SOMETHING OF A
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NEGATIVE REACTION TO THE
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CORONAVIRUS CRISIS, BUT IN MANY
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WAYS, THEY ARE WATCHING THIS
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SLIDE IN REAL TIME AS WE ARE.
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PRESIDENT TRUMP STILL IN
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FLORIDA.
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HE SPENT THE WEEKEND THERE.
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HE HAS A SERIES OF FUNDRAISERS
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TODAY.
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WE DON'T EXPECT TO HEAR FROM HIM
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IN PUBLIC APART FROM HIS TWEETS
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UNTIL LATER TODAY.
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BUT AS YOU WELL KNOW, PRESIDENT
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TRUMP HAS SPENT THE BETTER PART
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OF THE LAST THREE YEARS REALLY
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PERSONALIZING THE STOCK MARKET.
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THE OVERALL ECONOMY.
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MAKING THE CASE THAT ONE OF THE
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REASONS FOR THE STOCK MARKET'S
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SUCCESS UNTIL THIS POINT WAS
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BECAUSE OF HIS STEWARDSHIP AS
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PRESIDENT.
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BUT THERE IS A REASON WHY U.S.
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PRESIDENTS DON'T REALLY BOAST
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ABOUT THE STOCK MARKET, BECAUSE
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IF YOU OWN THE HIGHS,
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POLITICALLY YOU ALSO OWN THE
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LOWS.
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SO WE WILL SEE HOW ANY OF THIS,
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SETTING ASIDE THE REAL PUBLIC
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HEALTH CRISIS, WE WILL SEE HOW
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THE SITUATION IMPERILS THE PITCH
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THAT PRESIDENT TRUMP IS MAKING
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TO VOTERS IN THIS RE-ELECTION
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YEAR FOR HIM.
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>> GEOFF BENNETT AT THE WHITE
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HOUSE, BECKY QUICK AT THE STOCK
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MARKET THIS MORNING.
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WE'LL CONTINUE TO KEEP OUR EYE
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ON WHAT'S HAPPENING.
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YOU CAN FIND OUT NOR ON
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NBCNEWS.COM.
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WE'LL RETURN MOST OF YOU TO THE
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"TODAY"
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