Earlier like they were headed to brand new record highs. Not so now. We do have the Dow Jones Industrials down 143 points. Ciscos poor earnings is pushing that index down. S p down 11. Nasdaq just higher by 19 points. Not the same at all for apple. Apple hitting yet another new high as it closes in on the 2 trillion market cap. News breaking of its new plan for subscribers to bundle the apple joy so which Companies Might want to dive for cover . We are taking a deep dive into the apple barrel, online contactless auto sales winning the race during the pandemic. Why are investors hitting the sell button on the hottest used car deals in cyberspace . We will ask the vroom ceo because hes here. And musicians still resorting to zoom with no live concerts and broadway still closed. But that does not pay the bills. Enter the chairman and ceo of the Recording Academy. The man behind the grammys. What hes doing now to help artists with their strings cut by the pandemic. Its a fox business exclusive. Why the hot markets, as i said, may have congress slowwalking the next relief package. And 15 cents for a movie ticket said no one, ever, until amc. What the theater chain is about to offer you. Less than an hour to the closing bell, lets start the claman countdown. Liz breaking news. 2020 president ial candidate joe biden calling on the nations governors to mandate mask wearing. He just made the comments in wilmington, delaware moments ago, after being briefed on the coronavirus numbers. He is campaigning for a second day with new running mate kamala harris. Earlier, biden called todays historic peace deal between israel and the United Arab Emirates quote, a historic step to bring the deep divides of the middle east together perhaps just a bit more. We shall see. Israeli Prime Minister Benjamin Netanyahu called the deal quote, full, formal peace. Now, as part of the plan, israel is halting the stock is hitting an alltime high and closing in on the coveted 2 trillion market value. Right now, its market cap and the stock stands up about 1. 5 for the stock. Its at 458. 49. If it can close above 467 it will grab the 2 trillion brass ring and make history. The stock soaring on the news today that the tech titan is prepping to launch a new sales pitch to consumers. Apple 1 will be rolled out to customers as early as this october. Tim cook is possibly the one who will make this announcement by october. A bundle deal of apples popular Digital Services all for one reduced price. It is set to include apple music, tv plus, news plus, arcade, icloud storage and a pelotonlike virtual workout service. As investors applaud the potential, there are legions of companies feeling a little vulnerable. To susan li in the newsroom. Susan, which companies, which stocks should be threatened by this potential apple bundle . Susan i would imagine peloton, nike and amazon should be paying a lot of attention right now. Yeah, the subscription bundle alongside its new 5g iphones this october according to bloomberg as you just mentioned, apple 1 so a number of different tiers will be available, the basic combo of apple music and apple tv plus, then you can move up to more expensive bundles that will add in, say, the apple arcade which is for gaming, apple news plus and then extra icloud storage on top of that. The higher end bundles will reportedly include a brand new fitness Subscription Service from apple and this will offer virtual classes and workouts accessible via ios app on the phone or on apple tv which is very similar to services that are being offered from nike and peloton on your bike. Now, the bundles will be marketed towards families and that works with apple family sharing systems which means each service can be accessed by up to six people in that family. As you expect with subscription bundles, buying them will be cheaper than say buying them individually so uber says that for example, if a family subscribes to all of apples Major Services plus the highest icloud storage tier, that would cost around 45 a month. A new bundle can knock more than 5 off of that so you would be paying 40 instead. Will this compete with the pelotons and nikes of the world . Some say yes. Also googles gaming streaming site and amazon prime, of course, which does a whole lot of bundling on its own. Apple services is a big, big component of apples revenue, more than doubling since 2015, way ahead of schedule and closing in on 20 billion and apple very close to breaking through 2 trillion as you mentioned on the back of this news. We are nine bucks away from that. By the way, apple is one of the reasons which has been driving up the s p 500 up to these record levels or near record levels because apple is probably the most single influential stock on this benchmark going back to 1980, in 40 years. Liz susan, let me tie this all in. We just got this breaking news. Epic games, this is the name behind fortnite, huge, it is now apparently just disappeared from apples app store because, well, i dont know if its because but after implementing direct payments, this according to a report on twitter here. Epic games fortnite no longer is appearing in the app store after implementing direct payments. This speaks to that whole issue where basecamp, remember they got into this big todo because they feel they should not have to pay the 30 for the revenue that they get when it comes to appearing on the App Store App so im just really fascinated to see what might be happening and you know, im looking at tencent stock right now. If we can punch that up, its down about 4. 33 but it was down earlier because as you know, tencent of course is the parent of wechat and the president has taken aim on that one, saying he wants to ban wechat because it is chinese owned. What do you make of this, with the fortnite news, now it disappears. Does that put apple in the hot seat for wielding its power once again as what congress talked about . Susan well, we know that fortnite and epic games has been looking to do this. This is a report that was anticipated because they are looking to exit the Apple App Store and also, googles play store as well. Fortnite is the biggest video game on the planet right now. They bring in more than 1 billion worth. Now, are they going to go direct, some have suggested they will. So this is all a huge surprise, not really, but i did enjoy that interview you had with basecamp just a few weeks ago. I think his point was that why should basecamp and hay have to pay 30 of their revenues to apple when somebody like facebook doesnt have to. That was the takeaway i got from your interview with them just two weeks ago. Liz well, yeah. You are Holding People to different standards here, different companies. We are watching it very closely. All right. So for all of you fortnite lovers, it has poof, its disappeared from the Apple App Store right now. We will check on that and more. We do have covid lockdowns making comfort food hot again. With the closing bell ringing in about 50 minutes and the dow down 146, comfort food favorite Johnny Rockets so hot that fat brands wanted a big bite. The name behind fat burger acquiring 50s style diner Johnny Rockets for 25 million, expanding fat brands total number of locations to more than 700 globally. Whoa. It is not often you see a stock jump 116 right now but the belt buckle is popping off shares on the news, fat now stands at 7. 56. Thats a huge jump. Others in the restaurant industry, though, still pleading for help as stimulus talks continue to stall. In fact, some are calling it a stalemate. Could the skyrocketing markets nasdaq and s p have congress slowwalking the next phase of federal relief . There doesnt seem to be any emergency here, folks. When the markets look so good. How should you play the divide between wall street, main street and the government . Our floor show traders have that next. Its easy to get lost in the economic uncertainty. The volatility. The ambiguity. The moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. I appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Liz for the First Time Since the pandemic hit 21 weeks ago, weekly jobless claims came in below one million. Folks, this is a number you want to see come down. Now, even though 30 million americans are still on the unemployment rolls, on this 100th trading day since the march 23rd lows, the nasdaq and s p, while down right now, Still Closing in on alltime highs. This is the s ps best 100 days of trading since august of 1933 and nasdaqs best 100 days since march of 2000. But how is this positivity coloring washingtons timeline on a rush job to pass additional stimulus . To our floor show traders. Scott redler and phil flynn. You know, phil, does the market need to see a selloff for a relief package to be fasttracked, i guess . I think it would definitely help. If we got a little scare in the market, politicians would start blaming each other but they would realize that both of them would probably be at risk because listen, both sides have dug in their heels and are not moving along. Having said that, you look at the economic data, todays jobs recovery, and it shows you two things. Number one, that the economy is recovering a lot faster than probably anybody had predicted, but number two, to keep that momentum going, it appears that the stimulus that we put into place before was a big help to get us to this point. So i do think President Trumps executive order may get us over the hump and buy us some time, but i think everybody in the world, the federal reserve, the president , the democrats and republicans, all realize that this needs more help. Its not over yet. You got to keep on moving forward and you know, they have to put politics aside, start thinking of the American People. Liz well, the question, though, is, scott, should investors be somehow waiting on this or its not going to be perhaps like the t. A. R. P. Reaction where we saw the markets just spasm. I was on the floor of the New York Stock Exchange that day back in 2008 when it didnt pass and people were just panicking. The markets were imploding. It doesnt feel like thats the situation that is so desperate at the moment. How do you play that as an investor . I was there also. That was a very complicated time. Those who actually traded through that time period, if you had asked all the experienced traders out there, you know, 90 days ago, 100 days, think about 100 days ago it hit the bottom, i would say about 20 days after that, [ inaudible ] anymore. So the most experienced influential traders out there have trouble believing in this rally since 2050 on the s p. The ones that keep putting in their money every month and have a longterm plan, they got a nice average cost on that dip, same Way Investors have done over time. So every week active traders like myself are looking, pretty much focused on what is the market looking at. Right now we are near alltime highs. It does feel like we need another push, another catalyst. Hopefully in september for the American People and for main street, we get a stimulus package for them because they didnt get asked to be put out of work. They didnt decide to close down their doors. They were forced to. Liz of course not. They need help. At this point i feel like the technicals are still leading the way, not the news flow. As long as the s p continues to go higher, traders will be involved week by week, every time we get a selling bout like we did in tech, boom, tech comes back. Right now the market still feels healthy until it doesnt. Liz yeah. Well, to keep it going, as Eric Rosengren said of the boston fed, theres more thats needed for all of these people that are unemployed. Great to have you both. Dow jones industrials down 103. Look at the nasdaq, still up about 30 points. We are seeing a gain there, thats not a record for the nas just yet but we are watching it. Bank of america, a believer. With the closing bell ringing in 41 minutes, b of a reiterating its buy rating on Umbrella Academy streamer netflix after july checks on churn rate and trial interest came up sunny. No umbrella needed. Despite the rotation lately out of techs high flyers, netflix is moving higher by 1. 5 right now. Streaming of course, we have been telling you guys this, a pandemic winner. But a lockdown on Live Entertainment has brought the Recording Industry to a screeching halt. The Recording Academy, the Organization Behind the grammys, now bringing its fight for the people behind musics biggest hits to capitol hill. The man leading the charge, the Recording Association ceo harvey mason, joins us next in a countdown exclusive. Wait until you hear how hes advocating for musicians. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Liz ticketing and live Concert Promotion giant live nation down 28 year to date. Kind of like a record needle scratching the vinyl. The coronavirus pandemic has brought Live Entertainment in the summer Music Festival season to a halt. Madison square garden entertainment which owns live venues, radio city, the beacon and chicago theaters, the Fabulous Forum in los angeles also struggling, down 15 since its recent high june 5th. Sadly, you guys, this doesnt even begin to tell the story of who is perhaps hurt the most, whether its Concert Orchestra musicians or broadway musicians in the pit or musicians playing for global audiences in stadiums worldwide, many music makers are suffering. Did you know the Median Income for musicians is just 25,000 . But there may be help. Joining me in a fox business exclusive, Recording Academy chair interim ceo and president , harvey mason junior. This is the Organization Behind the grammys. Harvey, you took over in january. This was like baptism by fire, all you have had to deal with. What is the status right now with the musicians that you protect, that you advocate for . How often are you hearing from them and how often are they applying for help to you, like per day . Well, first, thank you for having me. Thank you for shining a light on some of the issues were having here. Im hearing from them every day. We have never faced anything like this and of course, as you say, i have been here six or seven months. Could have never predicted we would be in this position. Weve had a lot of things to work through but i have been very fortunate we have done some great work, we have been able to help our constituents and our members out. Amazing team at the academy. I would love to talk a little more about some of the things were doing. Liz well, yeah. Lets talk about that. But more importantly, what you have already done. We will get to what you are about to do. You guys kicked into gear when covid hit and you began advocating for the bread and butter musicians, the ones who are in the recording pits or ive got two siblings who make their living, one is a studio musician and one is a musician who is also a teacher so i really understand how rough it is actually. You went and started to advocate for musicians when you heard about the cares act. What were you able to glean for your rank and file people . Well, we were able to give consideration around some of the stimulus and relief packages that were happening, specifically the cares act. Right now we are continuing to do some of those activations. We are really concerned right now with three things. The academy and our membership are working really hard to get some of these things done. First, getting musicians back into the studios and you know this because you have relatives in this space. So thats the hits act. We are lobbying hard to make sure that happens. Second is to help independent venues survive and get a chance to reopen. Thats the restart act. Then third, we are trying to ensure that music people are always considered in all the relief or stimulus packages, specifically right now the [ inaudible ] package. Those are some of the things we are doing to advocate for our members. Liz well, you guys were able to get some real attention for selfemployed musicians in the cares act. They were able to apply for Unemployment Benefits and i believe that those were extended Unemployment Benefits. They also got to apply for ppp as well. So that, im sure, gives them a bit of a lifeline but i was reading that you are hearing, at the height of the pandemic, you were hearing from 600 musicians a day . Applying for some type of help from you guys. Tell us a little bit, give us granularity on how serious, how almost frantic this situation is. As you said in the opener, many of our people are suffering. They are not able to play live, they are not able to do some of the recording they normally do. Theres no tours. Even if you are playing in a hotel lobby, you know, in a jazz band, you are not making that income. So we are seeing that people need real help paying rent, getting food. So we went above and beyond. We raised 20 million and gave that out to people in need, people across the entire industry that need food, that need medical attention, that need rent. We are continuing to do that fundraising. We have had Great Partnership from the Music Industry as a whole. We have had great contributions from major artists who are some of the people that have been fortunate enough to make a good living making music. They have given back to the industry as well, in addition to the efforts we have done to raise money, again, we are also advocating to make sure we are included in some of the packages that are happening. Liz harvey, i heard you wrangled Jose Feliciano and ziggy marley to wring some help from congress. These congressional members are a little starstruck. What else you got in your arsenal that you can get some more attention when it comes to helping the musicians . We are doing everything we can. We are jumping up and down talking about it. I know were not the only group thats been affected here. Everybody has had an issue with this. We are all facing hard times. We are really trying to advocate, draw attention and shine a light on whats happening. Just yesterday we had district advocate day. We had over 2,000 members address some of their needs with the legislators virtually. They are talking about things they are going through, issues theyre having and how our country and government can help out. Liz you actually have written and produced for everybody from beyonce to elton john to whitney houston. I look at your background and i think to myself you know. When you were starting out your career, im sure there were some really lean years without a pandemic. What can you say about the average profile of a musician to our viewers who perhaps dont understand what were dealing with here . As you said, music people, its a long journey to get to a place of success and to really make a living. Our membership is made up of all different varieties of musicians and artists, people who are very successful and can give money but the majority of them are hustling, they are scratching to try and make a living. They are so important, so needed as we are seeing in this time during the pandemic. Music is life and music is healing. Its soothing. So all these people that have spent their time perfecting their craft and working their way up, being able to provide entertainment, content for us to consume, those are the people we need to take care of, we need to protect them. As you said, its a hustle. Its a long grind. But we are a very Resilient Community and have had to continue that resilience around kind of the pandemic and some of the hardships we are facing now. Liz i know on the calendar, the grammys are set for the 31st of january 2021. Is that date a moving target . Is it squishy or is it a hard date no matter what . The date is not squishy but what we are going to do on that date is a little up in the air. Obviously we are not going to be having an audience at this point. I think we are parallel tracking a couple different show ideas and creative around that show, whether thats all virtual or partially virtual, partially prerecorded. We are definitely going to have a show. We really want to celebrate music right now and we want to be able to use that platform and that time to bring some entertainment, some feelgood to our country. I think its important that we do that. Liz amen. Harvey mason jr. , i promise i will be there to cover it. Thank you so much. Good luck to you. Thank you very much. Liz and all the musicians hanging in there. Thank you. Liz any time. Any time. Closing bell is ringing in 29 minutes. Yeah, we got a little bit of a selloff but we are well off the lows of the session. The dow down 77, s p down 5. Can we make it a plus 5 . If we do, that will hit an alltime record. The 2020 ipo thats kind of pulling over on to the shoulder in this final hour of trade. The man at the wheel, next on how long this speed bump might last and what hes doing to steer things back in the right direction. The claman countdown is coming right back. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. A reverse Mortgage Loan isnt some kind of trick to take your home. Its a loan, like any other. 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The stock has been a big winner since it ipoed. Its up 40 over the past two months. Today its down 17 . What do they do differently . The company purchases used cars and then sells them in an online catalog. Once it gets a buyer, it delivers the vehicle and the keys directly to customers doorsteps contactfree. Lets bring in vrooms ceo paul hennessy. Look, you got a bit of a selloff because you disappointed on guidance but give us a snapshot of what the landscape looks like right now because all we have been hearing is that nobody can get their hands on used cars, and the prices are going up. You have been hearing the truth, liz. We, as you articulated, we had a great Second Quarter. We had 74 ecommerce growth. So during covid, customers are turning to us and they appreciate the contactfree way of doing business, whether its on the sales side or whether its actually selling us a car. We have had great feedback from customers that they are turning to vroom because of the model and so we believe the Second Quarter was incredibly validating for the model, and yeah, what we did see was that customers were telling us that during tough times, they are looking to buy cars that are more affordable. So vroom, you know, in its agile model, pivoted so it could serve those customers exactly what they were looking for, and even though our average selling price came down, our average Gross Profit Per vehicle went up. So we are actually really pleased and we are now seeing sequential growth in june and july so theres an ascending guidance in our that we gave yesterday in both units and in Gross Profit Per unit. So we are feeling really good. Liz the revenue issue for the third quarter, wheres the disconnect . Because i would think, you just outlined a really beautiful scenario. Yeah. I think the street is processing that change. We had always had it in our longrange plan that we would move down market and offer more cars at this particular price range which is in the low 20,000, and what happened because of covid is that it really happened intraquarter, so i think that the street is really just digesting that quick change instead of a long plan change. But you know, my sense is that you know, as we continue to execute, stock price takes care of itself. Liz tell me about your average customer and what he or she really wants and how you deliver that. Give me an example, if you could. Yeah. Certainly. You know, our customer type runs the gamut. As you know, we are a nationwide advertiser and so our customers then of course spread across all levels of Credit Rating from prime to near prime to nonprime. So we are literally serving the entire nation and weve got a range of pricing of cars from low priced cars as you know all the way up to high end cars and we have talked in the past about the teslas on our website. So our customers, is a broad swath of america and we are serving all of them now when they are really needing us more than ever. Thats why we are seeing such a surge in demand. Liz well, its so interesting because many of the Car Companies had to shut down their Assembly Lines at the height of the lockdowns and therefore, the inventory shrank and people became frantic when they couldnt find enough cars to buy. They turned to used cars for a couple reasons. They were probably very worried about their income in many cases and therefore, to me, that seems to be a nice engine for you. How do you look at the competition right now . Yeah. We have always looked at the competition as 43,000 dealerships that exist in the market. Its a highly fragmented market and there are a couple of players that are doing similar things to what vroom is offering. But we are highly focused on executing for our customer and just delivering customers both a great experience online but then also a great driveway experience. So you know, we think the competition is the status quo. So we are leaning into that. Whats great is we are being rewarded with the amount of demand thats coming in. Our real challenge now is getting inventory fast enough and getting inventory listed fast enough so we can serve all of the demand that our customers are putting on us. Liz well, i wish i still had my used peugeot with 100,000 miles on it i could hand over to you guys. That was my first car. Good to see you, paul. Good luck to you guys. We will have you back. Thank you so much. Paul hennessy of vroom. Closing bell now 19 minutes away and we are seeing the s p still down about 5. 5 points. A record would it for it to be up five points. Right now we are not there. Nasdaq has just gained another 10, up 41. Up next, wechat pushback. Some of americas biggest multinationals tell team trump a complete blacklist of the chinese social media giant is not a good idea. They need wechat. We will see what happens. The details straight ahead. As the world waits for the return of the nfl next month, find out how twotime super bowl champ and former patriots defensive end jarvis green pivoted from football to business. To a second business, during the coronavirus. In an all new episode of everyone talks to liz podcast. Jarvis greens incredible journey, now available on spotify, apple, fox news podcasts. Com. He will give you inspiration to reach for your dreams if you are sitting home thinking how do i do it. Download it. Let me know what you think. Well be right back. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. The volatility. The ambiguity. The moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. Northern trust. Simon pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. I appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz breaking news. We have just gotten dueling responses from both apple and epic games regarding what we reported at the top of the hour about epic games suddenly disappearing from the Apple App Store. Apple says epic games violated the app store guidelines, triggering the removal of the fortnite app from the store. Epic games, this is the name behind that wildly popular game fortnite, apparently enabled a feature in fortnite which was not reviewed or approved by apple. Apple says it will work with epic games to resolve the violation so they can return fortnite to the app store. But heres what epic games has now just responded to. Epic games says its ready to sue. It says it has just taken legal action. Not a lot of clarity on exactly what that legal action is. But legal action against apple for removing the Epic Games App from the app store. Apple still up about 1. 6 . Of course, tencent is the company that owns a big chunk of epic games. Tencent has been down pretty much for the past couple of days as the Trump Administration takes aim at another business under tencents umbrella. That would be wechat. That brings us to corporate americas response to wechat and the threat to ban it by the president. The wall street journal has just reported that disney, apple, ford, walmart, intel and nearly a dozen other u. S. Business giants have banded together on a call with the white house this week to pressure the administration to narrow the executive order banning the chinese chatting app. The titans of the industry worry that the ban could threaten their competitiveness in china if extended to overseas operations. Folks, if you dont know, a lot of businesses are already on wechat to reach the chinese market. Right now, walt disney do down. 66 . Intel down 1 . Ford down 1 . From wechat to tiktok. Social medias newest and perhaps most controversial name standing accused of misusing data, president accuses them of that, but tiktok now trying to fight the good fight when it comes to its brand on another front. Lets get to charlie gasparino, who has been out in front on the video sharing apps efforts to improve the reputation. Charlie . Charlie yeah, liz. What we understand is inside tiktok, officials recently conducted what they called an internal sweep of users. It wanted to see just who these folks are, who some of the millenials and some of the young people that are doing the dance videos, who they are, what their political affiliations are, and from what we understand, we are getting this from people close to the company, what we understand is that they believe there is now a significant presence of conservatives on tiktok. Now, i dont know if you would consider my 12yearold niece a conservative or not. Im not sure she even cares about President Trump. But i can tell you that this is what they are telling us, that this sweep shows that there are conservative voices on tiktok, that they liz well, sure. Charlie they believe there are voices that go beyond, you know, simply music videos and sarah cooper, i believe thats her name, her satire of donald trump, that the conservatives do exist on the platform. From what we understand, this is part of their argument they are trying to make with policy makers. Again, the horse is kind of out of the barn at this point. Trump has issued President Trump has issued a 45day edict essentially to either sell to a u. S. Company or you will be banned as an app to be used on various platforms in the u. S. As that clock is ticking, from what we understand, they are still in negotiations with microsoft. I do not have an update on those deal negotiations with microsoft. As of the other day, they were ongoing and i can tell you, as lets just say two days ago, they were ongoing and working towards something. So that doesnt mean liz Charlie Charlie things could change very fast in this arena, liz. Liz yeah. Charlie but clearly, whats fascinating here is that i dont know, tiktok says theres a lot of conservatives on tiktok. Liz did you know [ speaking simultaneously ] liz i want to teach the little dance. Did you know there are these hype houses on tiktok with a lot of influencers and theres a republican hype house. I think that kevin mayer is such an operator and such a leader when it comes to these kind of things that he has all kinds of arsenal within his head and his management expertise to be able to figure this out. He is appearing, hes writing blogs on, you know, the news feed for tiktok and hes getting out there. I really think that hes prepared to fight this good fight for tiktok. Well see what microsoft does. Charlie i still think, listen, im pretty conservative. Im not doing any dance videos on tiktok to celebrate adam smi smith, you know. Liz john charlie yeah, you know. I just wonder, you know, listen, i have not checked the conservative republican presence on tiktok but theyre saying theyre there. I dont know. You seem to agree. I do know this. Tiktok does have the potential, i think this is why microsoft is interested, to be Something Like a twitter in terms of disseminating news and opinions. Liz bigger. I think bigger. Charlie its minus the you wont see trolls doing it because they would have to expose who they are. Liz i wish you were on the short video roll. Charlie, dont you hear the music . We got a commercial break right now. Charlie should be on short form video. We are down 75 points for the dow. Coming right back with our countdown closer. From fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. But what if you could stdo better than that . K. Like adapt. Discover. Deliver. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Liz okay. Im looking at the markets, 3 1 2 minutes left before we close, but no cigar. Well have to wait another day to see record closes for the s p 500 and the nasdaq. Were just points away. Lets bring in the 114 billiondollar man, Wilmington Trust chief economist luke tilly. Luke, it really appears there is like a disconnect between the markets which are flourishing, healthy, and blooming and the economy certainly Getting Better but we still have tens of millions of people unemployed. How do you view it as an economist with all that money behind you . Yeah, liz. So obviously can seem like a bit of a disconnect but there is a couple of important points there. The markets are always looking forward if they think the economy is going to improve or on an improving trend then they will be pricing that in ahead of time and we think this improvement in the market is justified so long as the economy does go along that path, that optimistic path. There are really five pillars in our view holding up that disconnect and those are incredibly important. Some of them are on really strong ground, really strong pillars if you may and then some of them are a little weaker maybe showing signs of cracks, liz. So the first one liz we can look at those pillars. There are the pillars. The most important one is the federal reserve. Federal reserve pumping liquidity in the markets to make sure markets are even functioning was an important part way back in march and continues to be. One is track of virus. Were encouraged by the vaccines and. You get a little shakier as you move down. We know fiscal stimulus talks have broken down. We think the fiscal stimulus will be pretty important as we go forward. The last two pillars are continued job growth, Consumer Spending and the election. As you move down the pillars you get a little shakier liz. Liz it is hard to figure out the election right now. How do you invest in this, luke . Wall street journal came out with a stat the big five stocks of combined value of 23 since february yet rest of the market down 7 for those stocks. So what you do like here . That is an incredibly important point. We say the market is back to where it is positive yeartodate, almost back to the highs but the difference in sectors incredibly important too. We like the active managers that are a little better picking particular stocks and sectors that will do better and recently we put a little more money into gold coming out what was reefly overweight to cash. We think gold will still do pretty well. Has had a good month. It has done well since then but good place for investors to be. We have still a little bit underweight to equities. We think if the stimulus talks break down, if we continue to see a little bit of slowdown in the job growth it will be challenging for the market. [closing bell rings] liz great to have you, luke, pleasure to have a smart market watcher. The bears participating more than the bulls. Nasdaq gaining 25. The rest of the market is in the red. That will do it for the countdown. Connell possible milestone in the economic recovery today. The dow slipping at the close but the numbers of americans applying for jobless benefits fell below one million. That is the first time that happened in more than five months. It is happening as lawmakers in our nations capitol remain far apart on the stimulus plan. Im connell mcshane. Cheryl im Cheryl Casone in for Melissa Francis this is of the the bell. The s p down slightly after touching record territory earlier today. Close but