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Stock Trading Halted After Markets Plunge At Market Open | NBC News - YouTube
Channel: NBC News
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is an NBC News special report here's
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Savannah Guthrie and good morning
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everybody we're coming on the air with
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breaking news this is the New York Stock
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Exchange the trading day is just
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beginning on Wall Street and there are
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fears that the Dow will drop and drop
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quickly and we're already seeing that
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futures over the weekend were down so
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much that they actually had to put an
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emergency trigger that stopped trading
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and the expectation in fear is that we
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will see markets in freefall this
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morning here in the US as they have done
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in the global markets already today
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let's get right to CNBC's Becky Quick
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who is at the stock exchange for us
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Becky this is expected but here we go
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the numbers are already in freefall
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that's right Savannah this morning we
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had been looking at the futures down by
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five percent as you mentioned that's
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limit down that as far as they will
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allow the futures to trade down before
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the opening bell but in the very first
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moments of trading here you're seeing
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the stock market move well below that
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right now it looks like the Dow is down
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by about six point nine percent this is
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some massive pressure if you haven't
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looked at 401 K over the last couple of
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weeks I wouldn't recommend doing it
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today because just over the last two
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weeks we had already seen the markets
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down by about 12% a little more than
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that now you're adding declines of more
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than 7% today now the 7% that we're
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sitting at right now that would kick in
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additional circuit breakers if we get to
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these levels though new circuit breakers
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are there to try and prevent panic
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selling which is what you might be
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looking at right now circuit breakers
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kicks it kicking when Becky and what
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works for the SP for the SP 500 the
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circuit breaker would kick in down 7% if
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we are looking at down 7% for the SP 500
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you will see a pause and trading for 15
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minutes then if you see the SP trading
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down 13% from those original levels
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where it closed on Friday it would pause
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again for another 15 minutes and then if
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you see a 20% decline at any point
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before 3:25 p.m. because the markets
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closed at 4:00 p.m. if you see a decline
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of 20% the market would actually halt
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trading for the day now it's worth
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pointing out that we have not seen these
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circuit breakers triggered since they
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went into effect in 2013 at least not at
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these levels
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we'll be watching this very closely
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because you're sitting near those levels
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right now I'm looking at the SP right
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now down buoyed by six point nine five
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percent so we are near those levels
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where you would see some circuit
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breakers kick in the big
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for this obviously people concerned
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about coronavirus and what death is
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going to mean for the broader economy if
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you look at within the stock market the
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sectors that are really getting hit the
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hardest you have to look at the travel
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industry Cruise Lines in particular I
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saw some of them trading down ten to
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twelve percent this morning airlines
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have been watching them trading down
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four to seven percent and then if you're
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looking at hotels a lot of pressure on
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those things to the but other big issue
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savannah is that we really saw a big
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issue with the oil markets over the
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weekend too if you're looking at crude
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oil this morning it's been down more
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than 20 percent crude oil alone and
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that's having a huge impact on all of
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the oil companies out there big oil
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companies including Exxon Mobil and
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Chevron as well this is happening not
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only because of concerns about an
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economic slowdown but also because the
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Saudis and the Russians really got into
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a big fight over the weekend and their
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Saudis are really trying to do an oil
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price war here and that's why you're
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seeing all of these issues kind of come
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to a head this morning and the timing
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couldn't be worse to be having that kind
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of turf war at the very moment that the
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global economy is really struggling
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under the weight of the coronavirus work
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stick there Becky if you would we're
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gonna keep an eye on the Dow Jones is
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what we're showing you right there so
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we're talking about those other circuit
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breakers that was in regard to the S&P
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index the one we're showing you is the
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Dow but in any event you get a sense of
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it and here although the US markets as
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they open this morning I want to go to
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Jeff Bennett who's at the White House
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obviously the White House is watching
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not only the public health crisis
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unfolding Jeff but also this in this
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economic crisis we're seeing you're
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right about that Savannah good morning
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administration officials say they are
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monitoring the stock market open there
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was an expectation that there would be
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something of a negative reaction to the
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coronavirus crisis but in many ways they
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are watching this slide in real time as
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we are president Trump still in Florida
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he spent the weekend there he has a
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series of fundraisers today we don't
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expect to hear from him in public apart
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from his tweets until later today but as
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you well know President Trump has spent
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the better part of the last three years
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really personalizing the stock market
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the overall economy making the case that
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one of the reasons for the stock market
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success until this point was because of
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his stewardship as president but there
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is a reason why US presidents don't
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really boast about the stock market
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because if you own the high
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politically you also own the Lowe's so
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we will see how any of this setting
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aside the real public health crisis we
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will see how this situation in perils
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the pitch that President Trump is mating
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making to voters in this reelection year
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for him Samara Jeff Bennett at the White
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House Becky quick my colleague at the
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stock market this morning of course will
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continue to keep our eye on what's
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happening you can find out more at
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nbcnews.com as well as MSNBC and of
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course CNBC with its eyes on the markets
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will return most of you to the Today
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Show I'm Savannah Guthrie in New York
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this is a NBC News viewers thanks for
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