At roughly 2 00 p. M. The president is expected to take the podium and unveil a policy action or slate of actions that is expected to significantly escalate tensions with china in the wake of the coronavirus and just months after that much harolding phase one deal was struck in january. You can see the reporters there to answer questions. This has been an announcement thats been telegraphed slowly throughout the week. Theres been an significant ramp up on behalf of the administration in the last week after china sought to impose a National Security law in hong kong that would crackdown on public demonstrations there. Since then, the secretary of state has told congress that hong kong is no longer autonomous the secretary of state certifying that is the case and that could result in some policy actions that could lead to the revocation of the special economic status in hong kong that allows that territory to be free of tariffs. That is one of the policy recommendations that was on a menu presented to the president earlier this week. Other actions were a possible revocation of visas for chinese officials and Chinese Students and researchers that are found to have ties to Peoples Liberation army there. Thank you while we awats President Trump, lets get more on the market sell off with dom. Were making a move toward the lows of the session so far with regard to the dow and the s p 500. How much people are saving in america versus spending. That picture is weighing on some of these Retail Stocks you can see this particular etf stock, the spider retail etf is sitting right at its longer term average price for 200day moving average. Well watch that Retail Sector take a look at somesto stocks on the move lululemon gets an upgrade. Tyson foods is lower after its shutting down one of its pork processing plants in iowa due to a coronavirus outbreak there kelly, back over to you. Down about 6 its good to have you here what is the markets expectation, you think about what we might hear this hour it seems its relatively new if there were serious concerns we would either say revoke the phase one trade accord that was signed with china in december of last year or if there were sanctions that would effectively cripple Cross Country trade. I think the market would be selling off a little bit more. If it was going to be a set of sanctions that we would still be surprised on the down side. What about the banks in particular here. This keeps coming up as a concept that those with exposure could see sanctions or something of that sort what might that look like . Listen, i think sanctions on the bank, if i was to create a list of sanctions from things that are extremely mild and i would put sanctions on individuals whether its freezing someones saassets or preventing them from travel or kids cant go do harvard, i would have that on one end normalizing taiwan, selling new weapons to taiwan or cancelling that if thats on the other end, sanctions on banking are on the more serious end the president wants to thread a needle here. He wants show hes serious because joe biden will try to be serious and outhawk him but at the same time he doesnt have to rattle the markets any time you start getting in banking and financial institutions, i think thats more on the series side of actions taken by the president ron, anything you add to that given the fragility of the economic rebound in the United States and it may be going better than expected, i think the timing is considered i think we need to be in a slightly stronger position to deal more forthrightly with china not that i approve this the strategic importance of this need to be a knee jerk response. Nie need to be well thought out to great more global pressure and become a good actor rather than a bad actor. Also comply with International Trade law on a more serious basis than it has in the past. To rons point, is it possibility of any action backfiring limited because were going into Election Year and we dont want to or President Trump doesnt want to inflict the same damage inflicted during the negotiations for phase one yeah. I think thats really the tricky part the president wants to be taken seriously. He doesnt want to rattle the markets but he has the other guy out there, joe biden, who has already made it clear and his staff made clear they intend to be tough on china. I think the president has talked a good game but hasnt followed through. Biden is going to be tough and again, the president does not want to be out hawked by joe biden. I can can see this as a year of escalatining tensions youre saying the markets are looking past this. Should the markets be more concerned about the potential down side coming from this i would be. I dont know if part of it is my mood everything going on in the last 24 to 48 hours strikes me as significant and disturbing whether its in minnesota, whether its in washington, whether its in beijing. I just feel general unease at the moment i would suggest the market might be more concerned about this it will only take one misplaced comment to heighten the tensions but the real possibility of limited trade relations of the u. S. And china. Jerome powell warning about a slow economic recovery in a virtual event. Steve joins us with all the details. Thanks. The main Street Lending facility is a 600 billion fund that will lend to mid size bases it will help to companies in that 500 to 15,000 employee range. He also said the fed has Additional Fire power to help the economic recovery. Hes worried about a second wave were not close to any limits. It might make for longer recovery and weaker recovery dom told you about the efkts of Retail Stocks on spending numbers. Let me show you what the numbers were every one of the numbers you got to see is historic 11 increase in income talk about that in a second. How did income get so big. A 2. 9 increase in government benefits most of it that 1200 check. When it comes to the true picture of the consumer, should we be focused on the wages and the possibility that perhaps pay cuts and those sorts of salary reduction measures havent hit the numbers yet. Im focused on the savings rate when i think about the long term you want to see wages and sal y salaries come back you want to see americans put back to work once they are back to work, what is their proclivity for spending you can see an initial surge on spending because of pent up demand do we get to a place because of this recent bout of unemployment, they feel like they need to have bigger rainy day funds. You have an economy thats starting to recover and has these head winds and now we have the flare up with china. I dont think trump would pick now as the time to punish them about what they are doing about hong kong. Now isnt a great time but maybe thats the point if i were the chinese, maybe thats the point i think when the phase one trade deal was announced, i think it was by far the consensus opinion on wall street thats it. Were done maybe they might talk. Certainly no expectation of any more market rally sanctions or new tariffs. Thats all been blown wide open. Other republicans who have turned hostile and it looks like trump is the biggest dove in the Republican Party thats where we are. Thats why i think a bet on increasing tensions even if its only a headline risk thing is not a bad one. Hes trying to thread the needle here. If we can pick up on that, cant everybody if theres a sense of announcements meant to show big import but not do upset markets too much larry kudllow said im not worried aworr ed about the tstock market something has to be done here. The president might feel differently and maybe that we have to consider his niensment in light of that i think so. We dontknow what we dont know theres a lot of that going around these days and its true with the president s announcements on any given day the market has rallied so much, does the president want to create an impediment for himself going forward. Joe biden may be more hawkish on china for the moment the real risk is again, anything that puts the brakes on recovery in the u. S. Economy or causes the type of cross border trade disruptions that could really throw a wrench into a Global Recovery is problematic. The timing is always the question were going to take a quick break. We got the two minute warning about ten minutes ago. Thats the status as we await to hear from the president. Well keep you around. We hope to come right back and catch his announcement as we await this discussion, energy is one of the worst performing sectors but oil is on track for its best month ever. Well tell you how traders are playing that comeback. Also talk about the housing rebound. Its been a bright spot despite the bpandemic home builder stocks had been on fire a whole lot more power lunch is still ahead. For business as usual. Or is it . What if business as usual means putting people first. And understanding their needs . If thats your business. 365 days of every year, then business as usual is precisely what these times require. Which is why your lexus dealer will do what weve always done. Put you first. Find out how we can service your individual needs at lexus. Com peoplefirst. Find out how we can service your individual needs there are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Welcome back to power lunch. Were awaiting the president s News Conference where hes expected to discuss china. S p 500 is down. The Housing Market has been major bright spot as the recovery has been fast and fur ro furious. The Home Builders are reaping the benefits this came as a real surprise to most in the industry and the builders themselves. New home sales out performed expectations by a lot. Still down from a year ago but only by 6 then luxury builder Toll Brothers this week reported at Second Quarter as super strong to start then a sharp drop off mid quarter as the virus struck. Ceo doug yearly said web traffic has also steadily improved from the lows we experienced in midmarch and returned to the same strong activity we enjoyed p precovid19 you can see the builders stocks and the Home Construction etf have recovered its not the big builder they said sales have doubled from april lows and web traffic is increasing and back to the busy levels they saw in february the builders have ben fiefitting from this sharp drop in supply of existing home sales they are also dropping prices. 22 of builders said they dropped prices on average of 5 . Back to you. Thank you very much check out the home builder on pace for its best quarter ever up more than 40 if you missed the rally, which names have more room to run. Lets bring in the director of research ken, great to have you with us good to see you do you scratch jour heyour h . Youre getting this roes si picture from a lot of the builders what do you make of the consumer now . Debt is a record low. Mortgage is about 42 . Were going to be seeing an amazing shift in terms of appetite for Single Family homes. Yes, theres a shortage. Were getting good weekly data in terms of demand theres a lot of households looking to the suburbs to make that change from expensive rentals. The rent versus buy decision is more appealing for buying. I disagree in terms of pricing coming down. The reason price came down was not incentives to get demand going. Its because the entry level new home buyer is getting a smaller home of 1800 to 2000 square feet thats why the builders are showing lower price. Households whether they are sipping lattes in manhattan and have one child and one coming or its in awe stustiaustin, texasx and you have great chance to move into new Single Family homes that have all the appeal youre looking for that werent there a few years ago. What kind of home builder is best positioned to take advantage of the strong consumer Toll Brothers focuses more on the luxury, the higher end maybe that sort of consumer is stable in his or her job in the lower end. How do you look at that . We beg to differ. They are depen dent dent on a sg stock market its a big shift to entry level. For investors looking for large cap stocks, we like dr horton. Its a strong buy. We call it the walmart of the industry calling something walmart today is good thing. Its got great scale and builds Affordable Homes we have two other strong buys that are targeting the entry level buyer with all their selling communities. One is Meritage Homes that went through major change you come into their selling communities. You have a choice of five or six models very clean lay outs. Maybe theres 15 to 20 that boosts the velocity of sales. Kb home is another one the analysts dont like it we do. Strong buy they build to order but they are well positioned in markets what is the one Economic Data point that you have on your screen that you follow very closely when it comes to monitoring the health of the end user of the companies that you follow, ken. Its absolutely unemployment. Keep in mind that unemployment which is dire in the u. S. But the majority of that is for household who is cannot afford a Single Family home when we look at the middle to upper income, those that are professionals, those who have been really in urban markets, theres a lot of demand there. Right now, the total available homes in the market is less than half of where it was over ten years ago. Single family homes are attractive for the reasons i mentioned before even maybe for Health Reasons moving it to a home where theres no risk either to mold or to covid19 thank you thank you still ahead, talk about a comeback oil on track for its best month ever the traders will tell you how they are playing the rebound plus as we await trump he is going head to head with jack dorsey as the social media giant senatored another one of his tweets well tell you what that btlate means for the stock. That is straight ahead thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. A portion. A chunk. With dollarbased trading you can spend what you want, even on just a slice of a share. Truly transformative sleep. So, no more tossing and turning. Because only tempurpedic adapts and responds to your body. So you get deep, uninterrupted sleep. During the tempurpedic summer of sleep, all tempurpedic mattresses are on sale during the tempurpedic summer of sleep, iits not acceptable oor nothing. And its definitely not close enough or nothing. Mercedesbenz suvs were engineered with only one mission in mind. To be the best. In the category, in the industry, in the world. Now, get 0 apr financing up to 36 months on most models and 90day firstpayment deferral on any model. Mercedesbenz. The best or nothing. Lets get to sue for a cnbc update heres whats happening at this hour. Former Minneapolis Police officer Derek Chauvin has been arrested and charged with thirddegree manslaughter. He expects charges will be filed against the three other officers who were involved. Former Vice President joe biden says the death of george floyd in Police Custody has krae created an open wound for the country. Hes criticizing President Trump for what biden calls comments that divide the country when unity is needed. Its always there weeks like this, we see it plainly that were a country with an open wound none of us can turn away none of us can be silent none of us can we hear the words i canword wordword i cant breathe and do nothing. New jerseys governor says the state Child Care Centers can reopen on june 15th and some organized sports can resume on june 22nd provided safety precautions are taken and put in place. Youre up to date. See you next hour. Back do you. Thank you now over to seema trading nation we are watching oil here just minutes from closing out its best month ever. West texas intermediate crude, get this, up 80 in the month of may. What does this mean for Energy Stocks lets bring in the trading nation team to discuss we have Craig Johnson and Steve Chiavarone stooe steve, which part of the Energy Complex would you be a buyer of . Its really remarkable whats happened when you look at this base, our story has remained the same. Companies with good strong Balance Sheets that you know will be around in two, three years as this sector consolidates and can pay a yield in the meantime to provide the best opportunity for long term winners. These are the integrated we continue to stand by that we dont like it too speculative. Craig, why havent energy stoc stocks kept up with the gains we have seen in oil so far . I think at this point in time, let me say first off were neutral energy right now but we see some select opportunities. I think the reason that youre not seeing crude oil stay in sync with what youre seeing is there seems to be a bit of a disconnect between what youre seeing between the supply, whats happening with the demand side and right now when i look at the crude oil price i would say when you look at that chart were coming right up in the down trend were seeing nice series of higher highs and lows in here. What i think is really pushing those highs is up is a concern of bankruptcy for a lot of these smaller producers that appears to be coming off the table to a degree and really lifting these individual equities. Xl looks pretty atrafficive and making a nice serioes of higher highs and higher lows. Got it. Thanks for joining us today. Head to our website or follow us on twitter back to you. Ahead, were awaiting President Trump at his expected comments on china any moment well take you live to the white house as soon as it begins shares of twitter are dropping as the Company Continues to butt heads with the president. They labeled one of his tweets as inappropriate well discuss all of these developments, next markets coming off the lows as we await the president s News Conference on china the the dow is down by a third of a nasdaq is up by 1 Information Technology the leading sector on the nasdaq the spat between President Trump and twitter is heating up. Slamming a warning on the president s tweet about the riots in minneapolis claiming the remarks violate ed twitter rules on glorifying violence it comes as the president signed an executive order yesterday tra cracking censorship. Mark, always great to speak with you. Just a few hours ago the president also tweeted repeal 230 referring to section 230 of the Communications Decency act joe biden, the presumptiontive democratic candidate said in past he would like to repeal 230. What would a world be like for the social media platforms if that part of the Communications Decency act were repealed . I think that would be disasterous. These businesses have had a lot of legal protection. They have not been liable for the comments that individual makes on their platforms if they were liable for those, then they would have to make nothing would be tweeted immediately. Nothing would show up on youtube immediately. It would all have to be filtered, censored by by the companies before they could go up it would undermine the rational for twitter which is realtime commentary realtime tweets whether the information is good or bad, its all realtime you gut 230, you gut the ability to be realtime it would be disasterous. Seeing that 230 is that critical, twitters bambit of going there, does that make sense to you how do we look at that in terms of gaining or losing engagement because thats how they sell advertisement. As an investor you have to look at the impact on engagement. If it didnt censor the president s tweet and said were just a platform and post whatever you want on there pretty much. Would twitter lose engagements versus going into wading into the mine field of censoring tweets how to you look at that . I never heard an advertiser say they are spending on twitter or not based on the political commentary and whether or not there are warning labels i would be surprised if this changed advertisers view toward the platform you create more controversy on twitter. My guess is this will increase engagement on twitter. I want to be careful about some of these terms my personal opinion is what twitter is doing is not sens sensorsh sensorship putting labels against content they view to be dangerous, harm, inciting thats different. Thats not censorship. I want to make a big broad point here i think some of the greatest expansions in Human History in terms of free speech have come because of the rise of twitter, facebook, youtube. The ability to have anybody to put up commentary there its smart or stupid, it doesnt matter the ability to do that and have tens of millions of people watch it, read it. I think thats been good for free speech. Facebook and Mark Zuckerberg have been very specific about having a completely different philosophy on this than twitter. Were lumping them all together but i think facebook is trying to differentiate itself and perhaps as nancy pelosi suggested there week is because they dont want regulation but theyve been asking to be regulated. They have been asking for rules. What does facebooks different approach tell you and what is Mark Zuckerbergs philosophy here to be hands off is right in the sense that jack dorsey is now inviting a lot more of a broad natured clamp down on internet freedoms than anybody had expected earlier this week theres such a fine thread going through this in terms of what speech is tolerated i think theres a pretty broad consensus that some peach should never be tolerated, hate speech. Stuff that is purposefully misleading i think facebook and you tube and twitter have probably under indexed. They have been more free speech oriented its not the worst thing in the world but theres been problems in terps of some of tms of somes that have been said. Some of the companies have not forsaken their content off even facebook has. I think finding this fine line is a really hard thing to do i dont know how the find it im not sure anybody has the answer there i think you want to protect the free speech elements of these sites and allow them to figure out some ways to get content thats labeled content that looks like it could be highly controversial or dangerous kelly, youre asking the right question i dont know what the answer is. Im sure if we brought ten legal scholars on, they would have ten different opinions its challenge and they will keep struggling the next five to ten years. Its challenge for all of these plats forms. If it doesnt impact the business model, then why do you think the stock is down . We get headline risk on these names. Youll see it when you get negative testimony by some of these officials in washington or positive i find some of these other medium size platforms are more attractive for investor. You bring twitter down to 25 or something. I think its increasie ining engagement on the side snapping pins, they arent the target of any doj invest igss or section 230. Mark, thank you. Appreciate it. Again, were awaiting President Trump who is about to hold a News Conference where he is expected to discuss china were going to listen to that as soon as it comes the dow and s p are lower for the second straight day. The nasdaq holding up slightly better coming up, well check on a couple of stocks that are benefitting as americans stay home stay tuned right now is a time for action. Thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. And wells fargo employees are assisting millions of customers never before across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage Payment Relief efforts and donating 175 Million Dollars to help hundreds of local organizations provide food and other critical needs. When you need us, wells fargo is here to help. Truly transformative sleep. So, no more tossing and turning. Because only tempurpedic adapts and responds to your body. So you get deep, uninterrupted sleep. During the tempurpedic summer of sleep, all tempurpedic mattresses are on sale during the tempurpedic summer of sleep, okay, give it a try. Between wisdom and curiosity, theres a bridge. Between ideas and inspiration, trauma and treatment. Gained a couple of more pounds. Thats good for the babies. Between the moments that make us who we are, and keeping them safe, private and secure, theres webex. Beautiful. 13. 5 of that just today dell is another stock benefitting from the work from home trend i wants results boosted by Strong Demand for notebooks. That offset weakness in other offices such as printers dell shares are up 7 today. People are buying less marijuana. Cannibas growth shares are plummeting as the company lost a bill dollars in first quarter. The stock is down almost 20 rough session for them. To the bond market now rick is tracking all the action at the cme lets look at a particular ch 1st chart of 30year bonds the yields have been hovering at a 10week high and its the only thattu maturity thats up on the week its tied while the short maturities are down on the week. Everybody is talking about the e etfs and the purchases by the fed. Lets look at the pictures lqd, one week. It looks to be closing like it did yesterday at the highest level since the first week in april and the hyg, lets open it up to april 1st so you can see what i mean. Definitely some strength there remember never fade the fed is what traders have been doing lets look at the dollar index its down about 1. 5 for the week look at this one week chart and as it sits its up 2 on the year but nasty week for the dollar index kelly, back to you certainly is. Rick, thanks very much coming up were still awaiting President Trump. Were expecti ining any hoemt to hold a News Conference it was supposed to be top of the hour as activity picks up in many areas of the economy, car sales lloe alng wel ok at some of the reasons why right here after this its hard to eat a whole pizza. But a slice is just right. Thats why fidelity offers dollarbased trading. Buy what you want based upon how much you want to spend, even if its just a slice of a share. Thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. Americans are getting back to resuming a lot of activity. Buying cars doesnt seem to be looking at one of them phil is looking at why auto sales are stalling theres a number of interesting reasons. Look at auto sales over the last three weeks. These are retail sales at dealerships. Its plateaued at negative 23 to 25 . The question is what is happening here some of the factors include that leasing is lagging people who had a car or truck under lease and instead of bringing it back, they havent done that or extended the lease. You have a weak economy that has people thinking twice before they buy a new car or truck. Memorial day, it wasnt memorable. Memorial day is one of the biggest weekends of the year for auto dealers but because so many parts of the country were locked down, that didnt happen car max is one that people are focused on why . Its because used vehicle sales have been out pacing new vehicle sales. Thats right in the sweet spot for car max. General motors is increasing north american production. This is important for two reasons. It shows they have been able to manage the covid19 back to work situation for Assembly Line workers and two, they need to really ramp up the supply of full size pickup trucks. Finally, lets sorry to interrupt you we want to get the to white house and the president who will speak about china. There he is approaching the podium let oos listen in. Thank you very much good afternoon thank you. Im here today to talk about our relationship with china and several new measures to protect americans security and prosperity chinas pattern of misconduct is well known for decades they have ripped off the United States like no one has ever done before hundreds of billions of dollars a year were lost dealing with china especially over the years during the prior administration. China raided our factories, offshored our jobs, gutted our industries, stole our intellectual property and violated their commitments unde World Trade Organization to make matters worse they are considered a developing nation getting all sorts of benefits that others including the United States are not entitled to but i have never solely blamed clie th china for this they were able goat away with the theft like no one was able to get away with before because of past politicians and frankly, past president s. Unlike those who came before, my administration negotiabilited ft was right its called fair and res rescipra cal treatment. China has unlawfully claimed territory in the pacific ocean, threatening e freedom of navigation and International Trade and they broke their word to the world on insure iing the autonomy of hong kong. The United States wants an open and constructive relationship with china, but if that relationship requires us to vigorously defend our national interests. The Chinese Government has continually violated it promises to us and so many other nations. These plain facts cannot be overlookeded or swept aside. The world is now suffering as a result of the malfeasance of the Chinese Government chinas cover up of the wuhan virus allowed the disease to spread all over the world ins gait iing instigating a Global Pandemic that has cost more than 100,000 american lives and over a million lives worldwide. Chinese officials ignored their reporting obligations to the World Health Organization and pressured the World Health Organization to mislead the world when the virus was first discovered by chinese authorities. Countless lives have been taken and profound Economic Hardship has been inflicted all around the globe. They strongly recommended against me doing the early ban from china, but i did it any way, it was proven to be 100 correct. China has total control over the World Health Organization. Despite only paying 40 million tlrs per year, compared to what the United States has been paying, which is approximately 4 450 million a year. We have detailed the reforms that it must make and engage with them directly but they have refused to act because they have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving urgent Global Public health needs. The world needs answers from china on the virus we must have transparency. Why is it that china shut off infected people from wuhan to all other parts of china, it went nowhere else. It didnt go to beijing. It went nowhere else, but they alloweded them to freely travel throughout the world inclouding europe and the United States the death and destruction caused by this is incal cue we must have answers for the rest of the world. This pandemic has underscored the crucial importance of building up americas economic independence, reshoring our critical supply chains and protecting americas scientific and technological advances for years, the government of china has conducted espionage to steal our industrial secrets of which there are many today, i will issue a patriotically information to better secure our nations Vital University research and to suspend the entry of certain foreign nationals from china who we have identified as potential security risks i am also taking action to protect the integrity of americas Financial System by far the best in the world. I am instructing my president ial working group on Financial Markets to study the differing practices of Chinese Companies listed on the u. S. Financial markets with the goal of protecting american investors. Investment firms should not be subjecting their clients to the hidden and understood risks associated with financing Chinese Companies that do not play by the aim rules. Americans are entitled to fairness and transparency. Several of the most significant actions were taking pertain to deeply troubling situations unfolding in hong kong this week, china unilaterally imposed control over Hong Kong Security this was a plain violation of beijings treaty obligations with the yupted kingdom in the declaration of 1984 and explicit provisions of hong kongs basic law, it has 27 years to go the Chinese Governments move against hong kong is the latest in a series of measures that are diminishing the citys long standing and very proud status this is a tragedy for the people of hong kong, the people of china and indeed, the people of the world. China claps it is protecting National Security but the truth is that hong kong was secure and prosperous as a free society beijings decision reverses all of that. It extends the reach of chinas invasive state Security Apparatus into what was formally a bas onof liberty chinas latest incursion along with other recent developments that degraded the territorys freedoms, makes clear that hong kong is no longer sufficiently autonomous to warrant the special treatment that we have afforded the territory since the handover china has replaced its promise formula of one country two systems with one country, one system therefore, i am directing my administration to begin the process of eliminating policy exceptions that give hong kong different and special treatment. My announcement today will affect the full range of agreements we have with hong kong from our extradition treat to our export controls on dual use technologies and more with few exceptions we will be revoizing the state departments travel advisory for hong kong to reflect the increased danger of surveillance and punishment by the Chinese StateSecurity Apparatus we will take action to revoke hong kongs preferential treatment as a separate customs an travel territory from the rest of china. The United States will also take necessary steps to sanction prc and hong kong officials directly or indirectly involved in eroding hong kongs autonomy and just if you take a look, smothering, absolutely smothering, hong kongs freedom. Our actions will be strong our actions will be meaningful more than two decades ago on a rainy night in 1997, british soldiers lowered the union flag and chinese soldiers raise d th chinese flag in hong kong. The people of hong kong fell simultaneously proud of their chinese heritage and their unique hong kong identity. The people of hong kong hoped that in the years and decades to come, china would increasingly come to reemable its most radiant and dynamic city the rest o the world was electrified by a sense of o optimism that hong kong was a glimpse into chinas future. Not that hong kong would grow into a reflection of chips past in every decision, i will dont proudly defend and protect the work es, families and citizens of the United States of america. Thank you very much. Thank you. President trump leave iing t podium after his announcement in the rose garden as it pertains to americas response to chinas actions in hong kong melissa, perhaps the most surprisingi surprising aspect is even as th reporters are shouting questi questions, he did not take questions on this or many of the other issues of the day. He stuck to script and it was a laundry list of alleged wrongs that china has committed against the United States. Which he presented his reasons for the most recent reaction in termses of the market, we did see the dow as much as a pe sent but bounced back because no mention of going back on phase one, no mention of tariffs in that announcement. So we do have the dow pretty stable here down by. 2. S p higher by 2. 5 points to so thats worth watching as we go into this week it will be interesting to hear what chinas response is is. As he began the speech, a tough tone i think the market all of a sudden thought theres going to be a bigger announcement than exing pechted. By the end of it, it was clear while theyre looking into various measure, there isnt anything in terms of sanctions or the like. Its fwoipg to require further monitoring doesnt have a lot of near term meaning for hong kong. Crazys it is to say. Yeah, i think this is one of the themes we are going to have to just watch in the days to come in terms of what the result is of looking into some of these potential actions. Nothing may come of it in the end. Yeah, 100 . Over to closing bell, well catch you at 5 00. Thanks so much. Welcome to the closing bell. Lets get straight to an intraday chart of the s p 500. Just go over those points kell hi aly and melissa were covering the s p started down about a quarter of a percent when President Trump began speaking it lowereded it during his presentation down about three quarters, it has now recovered as you can see to be positive as melissa pointeded out, no mention of tariffs, of tearing up the phase one trade deal albeit strong rhettic rick on other issues as it per