Opening Bell March 9 2020

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=ZxtBeGZ_1MY

CNBC's Squawk on the Street team announces the bell ringers at the Nasdaq and New York Stock Exchange. • Moody’s Analytics Mark Zandi warns Wall Street is underestimating the damage from a coronavirus pandemic — both on the economy and President Donald Trump’s re-election campaign. • “Right now, we don’t have a whole lot of confidence. I mean he can’t seem to get on the same page with the experts, the CDC,” the firm’s chief economist told CNBC’s “Trading Nation” on Friday. “This is a significant threat to his re-election.” • Not only is the response to the medical emergency key, an economic downturn sparked by the coronavirus would be political kryptonite. • According to Zandi, the probability of a recession is jumping. • “They’re at least even odds,” he said. “If you take the most likely scenario and the CDC is roughly right, then it’s pretty hard to avoid one.” • The market’s historic correction suggests investors are cognizant of the recession risks associated with a coronavirus pandemic. • Stocks just saw their worst week since the 2008 financial crisis. The S P 500 is off 14% since its Feb. 19 record high. It now sits at its lowest level since October. The Dow just saw its worst weekly point decline ever. • Despite the record losses, Zandi believes Wall Street is dangerously underestimating the magnitude of a recession. • “The general thinking at the moment is V-shaped — that this is a problem here and now. The Fed eases monetary policy, and we’re back up and running pretty quickly. I suspect that won’t be the case,” he said. “The Federal Reserve does not have a lot of room to maneuver... I don’t think policy is up to the task to really juice up this economy to get it going again quickly.” • Before the coronavirus emerged as a risk, Zandi came into 2020 warning investors the economy wasn’t strong enough to sustain the market’s record highs. He believed conditions were ripe for a correction. • Now, Zandi is escalating the call, warning the odds of a coronavirus pandemic have doubled to 40%. • “Valuations were very stretched. Anything probably would have pushed the stock market back on its heels,” Zandi said. “COVID-19 [coronavirus] is more than just something, and that is something very substantive.” • The White House did not provide a statement on Zandi’s remarks. • For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=yo... • • » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision • » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC • » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic • • Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. • • Connect with CNBC News Online • Get the latest news: http://www.cnbc.com/ • Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC • Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC • Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC • Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC • • #CNBC • #CNBC TV

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