Stocks Bounce, Market Attempts to Recover from its Worst Drop in 2 Years, Mastercard’s Coronavirus Warning, Vaccine Coming?

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 25 February 2020

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber breakdown the big swings in the market. Stocks jumping at the open as Wall Street tries to shrug off its worst day in two years. Experts still urging caution over the coronavirus, as cases outside of China continue to rise. Mastercard warns about the potential impact of the virus on its 2020 results, sending their shares down. The company also naming its Product Chief Michael Miebach as CEO, as Ajay Banga moves to Executive Chairman. Home Depot driving Dow gains, rising after earnings beat, the CEO says investments are paying off. Shares of Moderna skyrocketing after announcing it has shipped a coronavirus vaccine to U.S. government researches for study, with the first clinical trial expected by the end of April. Plus, David Faber breaks down HP’s earnings and what the company’s CEO is saying about Xerox’s proposal.

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:08.3	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kington-Away. Jim Kramer, David Faber, the New York Stock Exchange.
0:13.8	Looking for the bounce after the worst day for the Dow and the S&P in more than two years.
0:18.6	A lot of coronavirus warnings, this time from MasterCard, United,
0:21.7	Phillips, but Home Depot is a bright spot. Europe started green, currently red, 10-year-137, K. Schiller
0:28.4	home prices of 38 year-on-year. Our roadmap begins with a turnaround Tuesday. Maybe stock set to
0:34.7	bounce at the open as markets attempt to recover from the worst
0:37.6	drop since 2018.
0:39.2	Plus shares of Moderna are surging. The drug maker shipping the first batch of its coronavirus
0:43.7	vaccine to U.S. government researchers as the World Health Organization warns the outbreak has
0:49.6	the potential to become a pandemic.
0:51.5	And the big tech tumble, the top performing sector just last week,
0:55.0	losing more than $200 billion in market value yesterday and set to fall again at the open today.
1:01.3	So as stocks come off, as we said, the worst day in a couple of years, the coronavirus numbers
1:05.5	continue to climb both in and outside China. Total confirmed cases now exceed 80,000. Deaths surpassing 2,700.
1:13.4	Heading into the session, the Dow and the S&P are in negative territory for the year. We got
1:17.9	new cases for the first time in Austria, Croatia, Oman and Bahrain added some. The Iranian Deputy
1:25.8	Health Minister has tested positive.
1:28.0	Jeez.
1:28.7	So you can't read all the headlines, Jim. They're coming too quickly.
1:32.9	No, and I think Iran and Italy are the two that I think people are focused on, but all these
1:36.9	others, they always seem to develop in clusters because it is so easy to get.
	...

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