Stocks Plunge At Market Open, Dow Down 1800 Points | NBC News Special Report

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