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Markets Close On One Of Worst Quarters In History Amid COVID-19 Pandemic | NBC News NOW - YouTube
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the first quarter of 2020 ended today
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and it was the worst first quarter ever
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on the Dow MSNBC host David Gura is with
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me now to run through the day on Wall
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Street and David for starters I will
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apologize for my bookshelves they don't
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nearly stand up to the ones you've been
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showing us over the past couple of weeks
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and next to the markets they were sorry
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my friend I'm doing the best I can the
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markets were up this morning then they
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took a turn for the worse this afternoon
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what pushed some lower yeah the girl
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home tour continues here I didn't want
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to put you to shame so I've left the
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I've left the library here for today
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just slightly and you know it's funny
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the way that we've recalibrated our
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expectations for the market we see the
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Dow down 410 points one point eight four
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percent you know in the past that would
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be seen as not an insignificant drop
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down what we've seen these recent weeks
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is so much volatility so many dips and
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so many rises as well you know it's just
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funny again how we look at this but you
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know I think the biggest uncertainty
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lies is in certain sectors of the
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economy right now oil oil prices are
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still just dramatically low I think that
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West Texas Intermediate snow around $20
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a barrel here at closing today that's
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extraordinary we know that that's going
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to have ripple effects on the economies
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in Texas across the Midwest where
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there's a lot of oil production so I
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think today and as we go forward here
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it's still investor solders trying to
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get a grip on what's happening with the
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economy you're looking at the
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implementation of that fiscal stimulus
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package that third iteration of it
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thinking about what that fourth
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iteration might look like if we get that
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as well but again less volatility today
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than we've seen in days past Alison yeah
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David it's so crazy when you say that
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but it's totally true that 400 points
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you know lower on the Dow would
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typically be a terrible day and in these
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times it's it's just not that terrible
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something I know a lot of folks were
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looking at today March consumer
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confidence numbers were out earlier
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we're expecting a pretty big drop there
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what happened yeah we got a drop it
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wasn't a huge drop I think we're gonna
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see that in the next print the next read
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of these numbers but you see consumers
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starting to grapple with what economists
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have been looking at here for the last
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few weeks that is how big this is going
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to be for the economy so there is a bit
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of a drop as they looked at current
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conditions of confidence as they looked
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ahead to what kind of confidence
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consumers will have going forward that
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was down somewhat
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as well again you just see the drop up
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here as a result of this outbreak not
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unexpected in light of what we've been
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seeing over these most recent weeks but
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again consumers starting to wrestle with
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the fact that a lot of them are out of
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work a lot of them are worried about how
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long this is going to last they're
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worried about how long their kids are
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going to be out of school this is just
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another read giving us a sense of how
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the consumer is student as you know
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Alison this has been such a huge part of
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why the economy has been doing well
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consumers weren't confident they weren't
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out spending if we hadn't had this if we
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hadn't had this outbreak obviously
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suffice to say this number would
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probably continue to be strong as we've
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seen in recent months David Goldman
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Sachs had an upbeat forecast I guess if
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you could call it that saying there are
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some dark days ahead but that will
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bounce back faster than ever
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what are economists over there
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projecting yes this is a new report by
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Yann hotsia the head economist there and
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again as we're talking about relativism
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yes it's it's a slightly more positive
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report but then we've seen basically
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what goldman sachs and its research team
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are saying is we're gonna see a pretty
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terrible first quarter second quarter is
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going to be even worse when it comes to
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gdp growth not going to be much of it
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that could be a differently employment
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as well but as you say the bounce-back
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might be stronger and the reason that
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they cite is you've got strong monetary
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policy coming out of the gate here Jay
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Powell at the Fed has done so much to
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increase liquidity in the market
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globally he's pledged to do as much as
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he can do as much as the Fed can do to
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make sure that the economy stays as
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robust as it can throughout all of this
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as we fight this public health crisis
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and then you got the fiscal side as well
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that's cheered them as well just seeing
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the size of that package that larger
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than two trillion dollar package was
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larger than what they thought we were
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gonna get and as we saw today from the
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president United States some indications
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there might be another iteration of this
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going forward that there might be a
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fourth round of stimulus that perhaps
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could deal with infrastructure perhaps
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to deal with things on the
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state-by-state level so a rosier picture
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still but again it's gradations of
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rosiness its relatives compared to what
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we've seen David tamar's the first of
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the month and we've been talking about
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this for a few days now but but that is
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a scary date for a lot of people and
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businesses they have rent and more
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payments to make and most of them have
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not yet gotten any financial help from
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the government if they can't pay what
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kind of impact could this have on the
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economy because we're talking about
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potentially so many people unable to
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make those kinds of payments yeah to be
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determined for sure how big an impact
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that's going to be but you're right I
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mean April 1st so many bills are due
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it's mortgage payments it's rent
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payments it's credit card payments and I
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think a lot of consumers are going to be
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sitting down looking at all of their
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bills prioritizing trying to do some
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triage of their own to figure out what
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they need to pay and when and I've read
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anecdotally a lot of people having those
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conversations with their landlords with
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their banks to say look I might not be
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able to make the payment on time as I
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usually have is there any leeway there
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can I pay a little bit upfront a little
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bit more later in the month as they wait
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for those checks to come from the
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federal government and again I just I
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want to stress the fact that we did have
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this huge stimulus package it is it is a
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sizeable thing all of that money going
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to consumers to these direct payments
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you're right that money hasn't arrived
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yet but there have been a lot of people
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talking about the size of that payment
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no thousand bucks a little bit more than
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a thousand bucks might help somebody in
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one place might not be as impactful in
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another place and you know there's no
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indication that that's going to continue
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that that's going to continue to roll
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over so I think that what we're gonna
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see starting on April 1st is again just
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this new negotiation the consumers are
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gonna have to have with their landlords
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with their lenders be them their house
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lenders their car lenders everybody is
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in a bind here everybody's in a pickle
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and what we have seen from banks is
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there is some willingness to maybe let
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people let things slide a little bit
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give them a little bit more leeway here
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to negotiate those things again a kind
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of wide understanding of course of just
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how dramatic this is for consumers
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across this country Alison yeah David we
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had a credit expert on yesterday and he
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said as tough as it may be swallow your
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pride you need to ask because lenders
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may because they can they understand
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what's going on yeah you have to call
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David girth thank you so much we
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appreciate your expertise your wisdom
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and your house tour always thank you so
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much thank you nice to see you Allison
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thank you hey NBC News viewers thanks
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for checking out our youtube channel
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