Transcripts For FBC Cavuto Coast To Coast 20240712

Switch the dow around would we be looking at essentially the same falloff . Essentially we would. This is taking nine of 12 key sectors down. Financials are holding up pretty well today but a lot of this was driven right now by concerns, comments made by dr. An any fauci. I believe he was doing interview on cnn he expressed doubts having a vaccine ready by october. I think there was leaping on that as excuse to sell, just as it could be a leap on Mitch Mcconnells comments that we might not get a deal together, spending measure, virus, stimulus deal together anytime soon. And that he doubts they will be on the same page, republicans and democrats anytime soon. Add to that that weve got new u. S. China tensions. This didnt get as much attention. It has nothing to do with trade per se but with the administration move to impose restrictions on chinese diplomats already here. I do think when you get a selloff going, people collect all of this together, say, sell, sell. It is not that neat and orderly. Again any one of these, and a combination of any and all of these leads people to cell first and ask questions later. With the big dropoffs weve seen, do not whose sight of the fact al major market averages are near or at record territory going in the day. The dow a percentage point away going into the day. Three Percentage Points thanks to todays selloff. The s p and nasdaq are coming off records just reached yesterday. Well get into the mechanics of all of this. This is that opportunity to people try to seize on, to say all right, maybe now we take profits off the table. It is rather cliche when it comes to selloffs that is a popular one were getting today. Go to phil flynn, monitoring all this from all sectors, all fallouts. Sir . Thank you. You hit on almost every important point neil, exempt for one. You also have the holiday coming up. A lot of times ahead of a holiday, with a big run in the stock market people take profits and they do that many, many times. I think that is part of it. Interestingly enough we look at the stock sector, it was yesterday we saw the commodity sector showing signs of weakness here. The reason why that was concerns about the economic recovery may have plateaued a little bit. Were not seeing the same amount of growth on demand side for a lot of commodities from energies to everything else. That probably led to some profittaking today. We have the nonmanufacturing report from the institute from supply management and that basically came out a little bit soft. So you also look at the girls that brought you to the dance in the stock market rally giving up gains today, right . Your apples, your sales force, basically rallied in part because of the concerns about the covid virus they would perform better in those type of situations. Obviously adding the apple split. Of course with the sales force entry into the dow we had a little bit of buy the rumor, he is the fact on that type of situation. So it was a perfect setup for the correction. Many with Technical Analysis people will tell you september is really a rough month for the stock market. But i have to caution people throwing the baby out with the bath water right now. This market is probably due for a correction. These selloffs are healthy for things because if you get too high, they fall too hard, too fast. Letting off a little steam once in a while is good for the market. Generally i think that is what were seeing today. Neil you know you and i might be old enough to remember, phil, when you look at 612 point drop in the dow, that is very similar to the 600 point selloff we had on october 1987. The difference. That is 2 of the dow today. Back then it was worth close to 25 of the dow. So again these numbers are big. Im not minimizing them. Im trying to say percentages give us better insight what were really looking at here. Your thoughts . Really is. If this were, if this were the 1980s, would be jumping off the building. It would be that kind of incredible move. The 600 point swings, weve gotten used to that. Before we had the amount of recovery after the postcovid, precovid we had incredible swings in the market when there was uncertainty about the china trade war and concerns about the covid. So were more used to this type of volatility. I guess what were not used to we havent seen it for a few months. The comeback in the stock market has been incredible. The comeback in the economy as well. Welcome back for at least a few days, well watch it closely, my friend. Phil flynn following all of that. I do not want to get too much into market mechanics before i get to Edward Lawrence following comments dr. Anthony fauci made, if you look what is getting hit in this market today, suffice it to say issues selling off are swamping issues that are gaining. Declining issues within the much big board, for example, are running 18 to one as of this hour over issues that are gaining. On the nasdaq the ratio is more like 69 to 1, selling versus buying. That is again an idea of the craziness that you go from, bye buy, buy, to sell, sell. You leap on any and all catalyst. The fauci comments among them today, with an interview he was granting to cnn. Edward lawrence with more on that. What exactly did he say . Reporter nasdaq on worst pace for worst day since july 11th. Dr. Fauci said unlikely that there would be a vaccine by the end of october, that is likely what computer algorithms grabbed on to. That is the fda makes that decision Going Forward. Of the administration is trying to secure a vaccine. The administration is has deals with six vaccine makers to get 600 million doses by the end of 2020. Here is how it breaks down, they will get 100 million doses like novavax, pfizer, mow dern narcs by the end of 2020. 300 million doses from astrazeneca this year. Now the Distribution Network is being set up. As i first broke the story on fox business last month, no one will have to go far to get a vaccine. The Network Includes doctors offices, hospitals, local cvs, walgreens, anywhere you get a flu shot to the got vaccine there. The cdc sent a letter to state governors asking them to relax regulations for distribution centers. In the letter it says the centers will be fully operational by november 1st. We have been able to engineer the fastest industrial mobilization, the biggest one since world war ii and this vaccine development, if were able to get to the finish line with it by the end of the year, it will be done in the third of the usual time and the way were doing that is not cutting corners. Reporter also as i first reported right here on your show there are hundreds of thousands of the vaccines already made and stockpiled at the moment from three companies that the u. S. Has invested in. They wont say what companies because those are Market Movers but the administration believes the vaccine will be the key to, secret to that longterm economic recovery, and bounceback, the key today, might be the algorithms and taking some profits. Back to you. Neil my friend, there are those who disagree with dr. An Anthony Fauci, including those who served in dr. Faucis capacity not too long ago. Not everyone is on the same page of arrival of a vaccine, whether doable by october or november. That one is coming sooner rather than later. The timeline that might be pushed baucussing those concerns. I want to go to carol roth right now, former investment banker. Carol, going into today the confluence was looking pretty good. Claims in the latest period, far, far less than thought. Well under a million. Well under 900,000. The trend was the friend on continuing claims. We had concerns about factory orders that might be hiccupping, the trade deficit getting worse, not better. People gnawed on all of the above. How do you see the data, just the data . Well i think that the data is, sort of a disconnect from where the market is because while we can focus on the data, one of the things that you and phil didnt talk about in the previous section, when you talked about the data, the vaccine and political deals is the Federal Reserve. The Federal Reserve is what allowed us to get to this point to be so disconnected from the market. We heard not that long ago from jay powell, now they will have this new framework and that this dual mandate trying to serve the speech of price stability and unemployment may not be working out so well. I think that telegraphs that theyre changing their policy is something that hadnt really made its way into the market. Then when you have all these other factors put on top of that, to me, that is the Biggest Issue that could end up being a longer term issue for the markets. Neil you know, im wondering too, we obviously look at heady performance of the averages. The dow very close to a record going into today. The s p, nasdaq, already there they had been virtually uninterrupted runs, particularly for Technology Stocks. So i want to focus on the nasdaq for the moment and its, close to 5 hit right now. No surprise that you know, those who inclined mightily, decline mightily on a selloff but what do you make of what youre seeing . That is what happened here when you have a market induced by low Interest Rate policy, by fed buying, those are the companies that are going to rise to the top. Certainly when you have covid on top of everything, those seem like the companies that are going to continue to soar but they have gotten to a point where their valuations, obviously nobody is looking at this on a valuation basis. Theyre looking at it on a momentum basis. So when the momentum stops, that is when you will have some pullback in those names. Overall do i think that these are the companies that are going to be the leaders, next year, two years, five years . Absolutely but and you said previously were both old enough to remember markets dont go up all the time, its a healthy breather. Like you said, the giants go up big also are a little bit harder when they fall. Neil you know one thing i did notice when you go through the data, there is something going on with the Services Sector. I dont call it crashing, i do call it slowing and we saw that in the ism Services Growth index shows it is slowing and then in the adp data we got out of yesterday, good read of the Services Sector up north of 428 workers, largely Services Worker but they had been expecting around 900,000. Yeah. Neil im wondering how much this adds to the scrutiny of tomorrows employment report because that bifurcation, whatever you want to call it, is pronounced. That is very real. What do you think of it . I would like to think that factors in. It should have factored in all along. People talk about what kind of recovery weve had. We heard about vshaped and ushaped, i sort of see it like the letter e, you have a trajectory at the top of bigger names that continue to soar, tech names, maybe some of these biotech names. In the middle that arent as affected by whats happened but arent necessarily benefited either by whats happening and then you have these struggling businesses, Services Sector, the Small Businesses of the economy i think are going to continue to struggle for a long time as we try to figure out what normal looks like and how long it takes to get back to there. Around i think that the market and just sort of everybody in general has underplayed how important that piece of the market is, the economy is and at some point theyre going to have to Pay Attention to that. Neil well watch closely. Carol, good catching up with you, carol roth, an uncanny reads of these markets. Never getting too giddy when theyre high, never gets too depressed when theyre down, you want to step back to get a skyhigh view of where things are right now. The way things are right now were selling above 500 points on the dow industrials. Less than 2 hit. Im not trying to minimize this or be pollyanna about it, but im saying when you look at the percentages, look how far and fast we have begun, look for a seven or 8 selloff in apple, forget it has run up 30 since it announced a four for one stock split a few weeks ago, perspective. Just perspective. My name is joe. Im a sustainability science researcher at amazon. Climate change is the fight of our generation. The biggest obstacle right now is that were running out of time. Amazon now has a goal to be net zero carbon by 2040. We dont really know exactly how we are going to get there. Its going to be pretty hard. But one way or another were going to reduce our Carbon Footprint to net zero. I want my son to know that i tried my hardest to make things better for his generation. Ilookentertainmentour texperience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Neil all right. Take a look at the dow right now, still down 566 points, about a 2 hit. We had been down north of 800 points. It is nasdaq taking it on the chin, not only point terms but percentage terms. Virtually all Technology Stocks have been caught up in the selloff. Apple at its worst moment down 8 1 2 but keep in mind this stock has, you know, effectively doubled its yearend. We should also point out, surged better than 30 since announcing a four for one stock split. Were seeing that in a host of other keytek players getting hit today but have had appreciable gains. Amazon is a reminder of that. Remember when it crossed the 3250 threshold, it made jeff bezos a man worth better than 200 billion. He is losing a little bit of that today, but again for amazon shareholders, microsoft shareholders, alphabet shareholders, whether they got into this the beginning of the year or last couple months theyre sill in the money. What begs the question when people see this, do they panic and sell, the thinking that went into the big march selloff, had us at bear market levels. People simply hung on, accepted loss on paper but refused to see losses in reality, they did okay. That has been the punctuating theme of these markets over the last few years, when theyre beaten down. They invariably come back up. That wont always be the case of course. That is one of the noteworthy developments. Another sector benefiting in all of this right now has been the Energy Sector and some, not all, dividendpaying stocks, bank of america comes to mind, a host of others have ironically talking up markets but talking to inherent strength of those to pay a dividend, extra goodie to the investors to cushion the fall i dont have in the stock. Were not losing sight of the importance of this but Jackie Deangelis with big Money Matters concerning the president eager cut funding to cities eager to cut police budgets. Jackie. Reporter this is interesting, neil. That is right. President trump is taking action as we see violence plaguing cities like new york city, washington, d. C. , portland, seattle. Yesterday he signed a memo asking federal agencies to report to the omb what federal funds are going to these cities and how they could potentially be redirected. For new york city, it could be the tune of 7 billion according to some reports. New York Governor Andrew Cuomo had a very stern response to this. Listen. He cant come back to new york. He cant. He will walk down the street in new york . Forget bodyguards. He better have an army if he thinks he is going to walk down the street in new york. No. New yorkers dont want to have anything to do with him. And he knows it. Reporter new york city mayor bill de blasio who has been under fire for his leadership here also had a response. I want you to listen to this as well. If you persist in trying to deny funding keeping new york city going in the middle of this crisis we will see you in court. Once again we will beat you in court. Why dont we stop the words and get on with some actual action to help new york city and help the people of this country . Reporter all right. That is new yorks leadership, how they feel in response to what President Trump is doing. Clearly theyre setting up a debate here, right . Theyre asking the question does he have the power to in fact do this . Also, theyre wondering, you know, if this is going to encourage a way to kind of curb this violence because the president is really going after them where it hurts. He is going into their pocketbook. Andrew cuomo clearly there saying he cant walk down the street here which is another part of this story. Having said that, it was a theme at the rnc, right . The president and all the republicans spoke talked about enforcing law and other and importance of that in this country. The president promised that he would do it. Were used to him sometimes circumventing through executive orders and doing things in an unconventional way. This time its a little bit more of a stretch. He is saying to the cities, clean up your act or the federal government isnt going to support you. It is interesting, also a little ironic, specifically in the case of new york city because weve seen so many residents kneeing the city, neil. You have got a lot of folks saying i dont want to pay the taxes anymore. You have others saying they will go to the federal government looking for even more funding than theyre getting right now. Back to you. Neil all right. Jackie, thank you very, very much we talk about the markets and speaking with the selloff right now on the dow jones industrials. For a lot of folks the markets are not theyre already hurting. Whether theyre involved in the markets, enjoying the runup, for now taking it on the chin with the selloff, the fact of the matter a lot of businesses are hurting particularly in the seattle area where many are putting out a for sale sign, closing up shop all together. Christopher rufo, city journal contributing editor in seattle looking at that phenomenon here. It is just part of a problem that goes largely ignored in a lot of these cities across the country but, christopher, these are pretty disturbing numbers. What have you learned . They are. Over the course of the last few days over 100 businesses in downtown seattle announced permanent closures is. This is happening because of two things. First the coronavirus lockdowns decimated businesses in the downtown core. Second the ongoing riots led hundreds of businesses to board up simply to defend themselves. When you combine the two, coronavirus lockdowns and ongoing riots, and unrest it spells disaster especially for businesses in the downtown core. It really reached a moment of panic. Business owners, Community Groups and political leaders are starting to realize that the status quo is going to be a disaster for the city and they have to make changes. Neil does the president potentially compound the problem though threatening aid to those cities that are doing this, Cutting Police budgets and like . Wouldnt that really put them over the edge entirely . You know these cities are doing that quite on their own. The Seattle City Council has majority of members pledged to defund the police by 50 . And theyre really playing with fire. I think a lot of the rhetoric coming out of these progressive cities is really to deflect attention, shift blame up to the federal government and the president in particular but what theyre doing in their own backyards is simply devastating. They are in control of their own destinies. Right now it seems like they are in freefall and yet theyre continuing to double down on the same policies that have gotten them there. Neil you know, you do wonder too, in the case of, you know cities like portland where they take you know, no outside help to deal with the constant protests, when they get very violent, that whether or not your city gets Financial Aid it is a moot point to businesses that cant be open in that environment, now were closing down left and right because of that. That is exactly right and one of the big underreported themes, big corporations that have huge office towers, ten of thousands of employees in cities like portland and seattle, theyre now also fleeing to the suburbs and rural areas. In seattle, amazon has been reaching out to their employees, they have more than 40,000 within the city of seattle. Theyre saying when the lockdowns are over we go back to work would you be interested in traveling to a Satellite Office in many is suburban cities aroud the city of seattle. If this happens in a small scale it could be devastating for the hundreds of thousands of businesses that depend on those employees that depend on people with disposable income. Cities that depend on the tax revenues. So the cities have to get the streets under control. They have to restore public order, because if they dont, the big corporations that are the great drivers of economic growth, they can act quickly, they can go to fulltime remote work. They can construct Satellite Offices. They can move out of the cities that is the key dynamic that well see unfolding in the next three to six to 12 months. Neil all right. Thank you, chris. I think. Christopher rufo following all of that very, very closely. Looking back at the dow here. Well take a quick break. With the dow down 607 points. These things get me thinking which is always dangerous, my friends, i look at apple, with the four for one stock split, i have want to get proof on this, Charlie Brady, our stocks editor knows this in in and out exceptr my questionable math, apple shares when they split four for one, it is accounting 43 points of the dows falloff. Had it maintained its presplit price going into this, in the same falloff it would have accounted for, well, more than 200 points. So it just is a reminder how something, just changing the weighting of the dow, players in the dow, good when apple is soaring, bad when a case like this when it is not but not nearly as bad because it is a smallerpriced stock. Its weird. But it is. Who is usaa made for . Its made for this guy a veteran who honorably served and its made for her shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for get an insurance quote at usaa. Com quote im a verizon engineer, and im part of the Team Building the most powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles and in new york city. 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Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Neil all right. Continuing to follow a selloff down from the worst levels of the day but still down a lot. We were down more than 800 points earlier on. I think a little bit more than an hour ago. Now down about 645 point on the dow. The irony was going into the day everyone was on bated breath with now the dow itself this morning going into trading a little more than 1 1 2 Percentage Points from a alltime high, maybe it too would follow the s p and nasdaq. Nothing goes that neatly to script. What we try to do, we always try to do it for you, throughout the show we pepper data that you see coming up on the screen, various markets, might not have anything to do with the guests were talking to, but i want to make sure youre getting pelted by reliable data. Some people see the dow, whoopdeedo, im concerned about Technology Stocks or Retail Stocks or worried the bond market or focused on the energy market, focused on any potential winners out there, some of those dividend players. Some of the energy players. So well blitzkrieg you with that if you indulge us here so you have the best of both worlds. It might not jibe with whoever were talking to but it will illustrate the backdrop were talking period. I hope you take that. I dont mean to inundate you with data. Just data that i think is important for you to have and sort of digest, decide for yourself what you want to do. Having said that i look at a lot of points going into the trading day. Every morning what i like to do since this is not a prompterdriven show. I can read the prompter, not just that im great at it, i just cant see the prompter what i do see each day, this is kind of boring, maybe my dear friend helping me out at home, i put this together every day. He finds it amusing. The reason why i do it, i put together in colored terms, the good things going into the day, potentially, going into the markets, worrisome things that can rattle the markets. One of the things i pointed outgoing into this morning, Technology Stocks heading around far and fast without a chance to catch their breath. Then an item has Mitch Mcconnell doesnting that any new spending package comes to fruition anytime soon. The biggie we pounced upon, touched on it yesterday, the fact that we now know as a country more than the value of everything we have in this country. In other words, we are now worth less than the gdp of our country. We owe more than we have. We have not been in that phenomenon since world war ii. And there you could argue, there was, i dont know, a world war this is very, very different. So that backdrop is not encouraging. Were looking at a 3. 8 trillion deficit which used to be the budget for this entire country. That is why im so glad we have mattie duppler. She follows this stuff. National Taxpayers Union senior fellow. Im sure xi was checking off her list, the fears of the worst numbers focused on for years, and mattie that is a big one. That goes beyond whatever day to stay daytoday gyrations in the market. What do you think . Youre right, neil. The Congressional Budget Office next year gdp will get below the amount of debt were carrying as a country. That is extremely worrisome. You made a comparison to world war ii. This is where we look at the economy, we see what is happening in the United States domestic economy and listen, were in unprecedented times here. The fact that the government came in shut down a economy, labor landscape that was best in 50 years, now were back to the contraction and employment landscape along the likes where we were before world war ii. You can ask what is the rolled of government here . I think it makes sense government has stepped in to try to spend and blunt the impact of what has happened because of coronavirus to the economy. The question, what are the longstanding consequences, and what does that do to the National Debt . I want to be careful here. I think the negotiations happening in washington right now have shown really how far weve fallen talking about fiscal scrutiny and sustainability. Right now you got republicans an democrats talking about we need to spend one trillion or two trillion, three trillion. Throwing out numbers like they dont mean a darn thing, neil. Here is the question, are policymakers asking what is the bang for their buck . Are taxpayers getting return for dollars on relief measure . That is what policymakers need to be asking. Unless we ask that question, we are doomed to repeat the scenario where debt overpowering our economy. Neil that is brilliant every word you said. I copied it down, later on my shows i will use that insight as my own. I hope you dont take offense. The thing youre dead right about, all kidding aside, that is always nervewracking when i say this time is the markets like stimulus. The markets like talk of still more stimulus down the pining pike no matter its cost. Every time that looks like it is delayed or denied, mcconnell stuff, they freak out. Im not saying it is justifiable. Im saying we come a long way about the laissezfaire view of markets viewing government stand back. They dont like when it is their heinies on the line and they like to be rescued but the fact this is the norm. The difference weve been spending and now the markets embrace it. They want to see more of it. They dont care about paying it back. That is what rattles me. Here is the deal, neil, we need investors have that level of sophistication what is happening in the stock market. By all accounts this is nasdaq driven slide only whiching us back where we have been since last week. Equity is are on such a tear since the Federal Reserve. Question of detachment the stock market from the real economy is good one. When you look at what is happening today. This is not a meltdown, or a meltup. This is a recalibration from a stock market that is completely detached from what is happening on the ground level in the u. S. Economy. We have a long way to go before back where which were in february where the economy realistically and fundamentally was quite strong. Neil you know what i do think, mattie, youre the expert, but you know i play one on tv you do it well, neil. Neil there we go, thank you but you know, that is accurate. She is so good i will let that slide. One of the things im worried about if we dont get a deal, 1. 3 trillion, which im told is the cheap package, and, you know, it is put off, put off, put off, this could punctuate, you know and get worse and thats weird because you can make a credible argument for not needing, certainly as much stimulus right now or now maybe following markets it become as front and center issue. What do you think . I think that is absolutely right, neil. The economy abhores a vacuum. The question we have right now there is so much uncertainty. There is policy uncertainty what congress will do. There is uncertainty what happens with coronavirus, whether it gets worse in the winter. Of course were in election season. We could have a sea change in terms of congress. Those three factors are weighing on economy. The congress could right the ship, give us a couple months of certainty, help businesses stay afloat as they continue to navigate Uncertain Times for businesses. Very uneven. States are in very different situations compared to different parts of the country. We certainly need some kind of policy that steps in here that tries to solve some of those problems and some of those inconsistencies until we see the other side of this thing. Neil thank you, mattie, youre the business. I dont care how you put me down, you put me down so elegantly, i can take it. Mattie duppler. National Taxpayers Union senior fellow. Thank you, neil. Neil she is a scary brainiac. Well rifle through all the numbers and continue doing this next hour 1 2 im own here. Well do this later on at 4 00 p. M. On your world. It might not just to men you out, sieve it in perspective around also as we move not only with what is happen tag but where the various sectors and stocks are yeartodate. I think you need to hear that sometimes because we get so focused in the moment that we forget the bigger picture. Well see it as a snapshot, my friend. How many times, my friend, one snap, its shot. More after this this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. They will, but with accident forgiveness allstate wont raise your rates just because of an accident. Cut is that good . No you were talking about allstate and. I just. When i. Accident forgiveness from allstate. Click or call for a quote today. Neil all right. Taking a look at the selloff right now. Energy issues just as our phil flynn was reporting at the outset here are relatively stable through all of this. Not across the board but enough that this slowdown or concern of a slowdown kind of vindicates the notion that things might have been overstated in some of the prices that were sliding prior to this but having said all of that there are some winners that peak out and some financial players, those that pay a dividend. If you lose money in the stock you like the cushion of having a stock that pays a dividend. Typically dividendpaying stocks will tend to do better in an environment from this. Then you will get come some beating data that flies in the face of reports that you heard early in the day that could change momentum in the course of the day. This dr. Fauci comment on cnn interview he has his doubts a virus available or vaccines available. Before end of october but lo and behold pfizer says it could have a vaccine by the end of october. You look at trends and bulletins coming in and decide whether to trade or sell on that but this seems to be a mutually conflicting story. Dr. Fauci saying not optimistic about october. Pfizer a key player in all of this, things are looking good for october. Jump ball. Take that as you will. We will continue giving you this backdrop throughout the show, anything and everything thats moving. Those that are gaining. Those that are getting shellacked. Also the same issues getting shellacked a perspective where they have been this year. Certainly indicates of apple where it has been over the last couple weeks since it announced that four for one stock split. It was a given to the markets for run up or taketh for the markets contributing to the selloff but not as contributing to the selloff as it was four times more expensive as single share. That was splitting for four one price weighted index apple doesnt have as much oomph as it used which on a day like this might be good. Were following politics and events in increasingly tight president ial race and were focused on former Vice President joe biden, he will be in wisconsin today. He will be taking a look at what is happening in kenosha. Lets go to Garrett Tenney what he is finding out the Vice President s plans will be. Garrett . Reporter neil, ahead of this trip the state and local officials who criticized President Trump for come together city while it was trying to heal and rebuild are now silent about joe bidens visit. However the candidate yesterday said that he has spoken with the Governors Office as well as local officials who encouraged him to make the trip. There has been overwhelming requests that i do come because, what we want to do, we got to heal. We got to put things together, bring people together. And so my purpose in going will be to do just that, to be a positive influence on what is going on. Reporter joe biden and his wife jill will hold a Community Meeting this afternoon with local business owners, Law Enforcement and community leaders. The bidens will meet with the family of jacob blake, including his father who did not meet with President Trump during his visit tuesday. Here is what jacob blakes father and the family attorney said they hope to hear from the bidens today. That were about reform and deescalation. I let ben answer the rest of that. What we would do, chris, hopefully have Vice President biden demonstrate leadership because as america deals with covid19 pandemic, we in black america are dealing with the covid 1619 pandemic of racism and discrimination. Reporter at this point no incation that the bidens will tour damage of last weekends riots as President Trump did. This used car dealership is at least one of 40 businesses that were destroyed. Worth noting this is joe bidens first to the state since he became a candidate. The first time a democratic president ial nominee has been in wisconsin since 2012. Neil . Neil thank you, garrett. Thank you very much. Kelly Jane Torrence on this. Look at the election with the backdrop of the markets is there a connection here . That is a good question, neil. We remember the night that donald trump got elected in 2016 the dow futures tanked. So you know, you never can quite predict the market, how it is going to feel about political events and sometimes, i think in that case, they decided that they were wrong. Of course donald trump has done a lot of deregulation, tax cuts that businesses really like. Neil right. But it hates uncertainty. There is a lot of uncertainty in this country right now. 2020, the word uncertainly is one of the only words we can use toe describe this year with any certainty. There is a lot going on. Neil i hear you, kelly jane. Hang on to that im sorry im cutting you off. Were following this hard break schedule. Which we are after this. Y. 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. So youre a small bor a big one. You were thriving, but then. Oh. Ah. Okay. Plan, pivot. How do you bounce back . You dont, you bounce forward, with serious and reliable internet. Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Neil all right, as stocks stand right now theyre looking at biggest tumble in three months. The dow down 740 points. Almost anything connected to technology is down and down a lot. We should point out that the S P Technology sector has had 11 straight up days in a row. Thats a rarity. So some giveback is is in order, with that giveback, it is up appreciably, with apple down 8 as we speak. The bigger perspective, the stock essentially doubled on the year, when you include the stock split and everything else. Jpmorgan chase, bank of america, theyre up. They got a big recommendation from Deutsche Bank in the middle of all of this. There is that. Stay with us. Youre watching coast to coast neil all right, this selloff that weve got going on the corner of wall and broad was surgeon hi not telegraphed9 with the Economic Data we got when jobless claims, you know, came in much better than thought, 881,000 americans filing for them in the week that e ended saturday. Most were expecting something in the vicinity of 950,000. Furthermore, continuing claims 13. 3 million for the week, that ended august 22nd. Again, down from the prior weeks revised figures as well. So the trends certainly appear to be the friend on the jobless front if that data givens to improve and set up what many thought would be and still could be a positive employment report tomorrow when were expected to see the Unemployment Rate possibly dip under 10. It was at 10. 2 , some think its going to get to 9. 8 , but all bets are off on a day like this as we revisit the worst levels of the day from about an hour and a half ago. Lets get the read from superlee of what were susan lee of what were looking at here. Jobless claims came in less than expected, Second Quarter productivity up 12 , thats the best weve seen going back to 1971. Call it profit taking, thats what a lot of wall street traders or are calling it today. The dow is on pace for its worst day since the end of july, the worst day for the s p 500 and the it canheavy nasdaq since the middle of june. This is a bit of a profit taking, and a lot of these big tech names that are leading these declines today, in fact, if we take a look at the dow big movers and the ones dragging on the dow, we see the apples and the microsofts, and this all came off after we heard from Anthony Fauci and his thoughts of a possible vaccine not likely. Listen. So if someone comes out and says, you know, im going to shoot for the possibility that ill get it by october, you cant argue strongly against that. Thats unlikely, not impossible. I think most of the people feel its going to be november december. It is conceivable that you could have it by october, though i dont think that thats likely. Given that Program Trading now accounts for 70 of market flows, a lot of the algorithms and the computers may have read into that, and thats why were seeing a decline. I had mentioned the dow being led lower by apple, its worst day since the middle of march right before the bottoms that we saw during covid. Also microsoft, visa, home depot among those leading the decline today. Microsoft among the 74 stocks that actually hit Brand New Records the day before, on wednesday. So here we are, i guess its changed in just 24 hours. Now, here are the momentum plays i want to talk to you about, the teslas on its worst threeday slide, 17 . And thats the worst three days going back until, heading into that march bottom. Also the zooms of the world, we saw it rally 45 in one single session after blowout earnings, the docusigns and the poem tons pelotons, but a lot of these momentum plays are giving back a little bit. Theyre still up a lot so far this year, in 2020. I saw some outperformance, i was looking for some winners in the session, beyond meat, up 3 . 150 price target is what people have, i guess, guessed for beyond meat. Also chevron, phillips 66, we have these energy plays that are outperforming in a down market. And carnival cruises, i mean, they actually outperformed in august, up 40 . Continuing today. Leisure and hospitality groups have been hit so hard so far in 2020, i guess theyre seeing value all of a sudden, neil. Neil yeah. The carnival thing blew me away. I wasnt expecting to see that. But to your point, you know, in a crazy market, every dog can have its day, and maybe they dont think its a dog anymore. Susan, thank you very much. Susan li. Lets get a read on all of this here as now we approach our worst levels of the day with the dow down north of i guess i would say 860 points right now. Weve got virtually all components, save chevron, taking a hit here. Lets get the read from i liberty shah levine alicia levine, Jon Hilsenrath of the wall street journal, last but not least, our own Charlie Brady. Charlie, your take on whats going on today. Did you call me Charlie Brady . Neil charlie gasparino. I did, i did. I apologize. You know when i did . I think brady. Hes our ensigh e lo media. All right, lets go to the other charlie, gasparino. What do you think . I think charlie braid duh, the real Charlie Brady, would agree with me, and heres why. If you look at the sort of options activity that was coming in before today, there was tremendous buying of call options concern thats options to buy, that means out in the future, and they were trading at such a premium. Those cooptions were on apple and tesla. Call options. I. E. , you had a lot of what youd say retail, other people would say dumb money jumping into this stock pushing levels that are, you know, just incon severe bl conceivable. Obviously, there was a stock split, things going on that made people want to buy, but theyre buying into something that may not reflect where it should be trading. And, you know, so there was a reason why these stocks are getting crushed and why the undexes are going down index cans are going down. So, you know, im not convinced this is some seminal moment. Apple, tesla, a lot of these names getting crushed today were due to get crushed. You saw the dumb money come in in recent weeks, and that pushed up the stock to where it should be. I think people are just taking some profits right now, and, you know, its a decent selloff. Ill is ask Charlie Brady when were done, by the withdraw. [laughter] neil iowa liberty is shah, what do you think of that, that this could just be an overdue . But i do notice that after the fact when people points on, oh, yeah, Mitch Mcconnell says a stimulus deal could be a ways off and, oh, yeah, that, you know, we owe more as a country than we with make. And then they start putting this together and saying thats still more reasons to keep selling. What do you tell clients . Hi, neil, nice to see you. Look, i think for the most part, you know, our concern has been the parabolick nature of some of the names that you talked about in the beginning of this segment. And as we know, parabolic charts dont make for good buying opportunities. It is a healthy thing that the markets coming off here. We went straight up in august despite the fact that we had fiscal tightening, meaning we fell over the fiscal cliff, and were not really any closer to get a deal in congress. That should be a concern because the income replacement, the results of these programs has really been enormous and hasnt been responsible for the consumption that weve seen. We do think the upward trend is still intact and it is healthy that some of this froth is coming out of the market, real world things need to happen. It didnt only happen in the market, it also has to happen in the real economy, and we do need another fiscal stimulus bull. Neil thats interesting, john hill season rath, because there used to be a time when wall street had a laissezfaire at tuesday. I know we live in different times maybe going back to the financial meltdown when wall street itself needed a bailout and happily took it. But could that be a factor . If this thing never comes to, you know, to fruition and iowa lush shahs right that theres alicias right and theres a clay getting that stimulus out there, will wall street panic . Well, i mean, i think that the bigger problem isnt whether wall street panics, but whether main street panics. You know, right now when i look at wall street and i look at the other market, the bond market and, you know, weve got multiple trillion dollars of debt being piled on ever year in federal debt, and Interest Rates are still very low. So i dont see any sign of wall street panicking. But i think there is a risk building for the second half of the year for main street which is that the a lot of state and local governments have been really squeezed by whats happened in the economy over the last few months. And theyre now getting to a point where they might be making cuts to balance their own budgets. And, you know, this has been framed as a red versus blue issue in a lot of places. But, frankly, this affects every state. It affects red states, blue states, and it affects swing states. So im looking out for that. Im looking out to see whether were going to have states cutting back on employment of teachers, firefighters, health care workers, sewage workers, transportation workers, police in the months ahead because they have to balance their budgets. The states, unlike the federal government most of them, not all of them have to live by their own balanced Budget Amendment agreements. I think it is neil go ahead, charlie. I really think its red versus blue. If you look at the Economic Performance of texas, of florida, of the sun belt states that got hammered publicly, you know, by the Mainstream Media for, you know, the recent upticks in covid and not locking down long enough, their economies are much better than new york city, new york state, new jersey, connecticut, particularly new york city and new york state. I mean, i think that, i mean, that is a big problem. Well, charlie, if i can respond to that, neil, one of the comparisons i think is kind of interesting is two statements right next to each other, arizona and colorado. So arizona was very aggressive about taking its restrictions off earlier this year in the spring, and they got hit with an upsurge in coronavirus and a lot of debt. Colorado was a lot more gradual about taking that stuff off, and theyve controlled the virus. But heres the important thing in terms of economic tradeoffs. If you look at the percentage of those, the work forces in both states that are getting Unemployment Benefits, its about, its about even. Arizona was even, was much lower than colorado before, but colorado has come down. And arizona isnt improving as much. I just think this whole red blue thing john. Its too simplistic. I know its simplistic, but look at it this withdraw, new york city this way, new york city, new york state, if you look at the covid numbers in new york right now, and my brother is an icu docker he fells me, theyre almost nonexistent. Yet we are not, we are still, its still an economic catastrophe here even as most of new york state is starting to open up right now. The city hasnt. I really do believe if you look at raw economic numbers, you just compare blue states versus red states, colorado, by the way, did not lock down as severely as new york state did, it is pretty obvious the Economic Impact thats going on out there. Its a tale of two cities. Florida is doing much, much better economically than new york state, and theres a reason for that. Now, im not saying that, you know, i dont think lives are worth economic growth. I get that argument. But there was a point in new york and some of these blue states where they got their Hospital Systems in order, but they still didnt open up, and theyre paying the economic price for that. So this, if youre e i coveredded the muni bond business for a long time, the markets, youve got to be really careful in which types of bonds you buy. Be careful with new york state appropriation bonds because theyre facing a mass budget deficit. Neil all right. I dont want to go off on a tangent. Alicia, could i get your take though . What are you going to tell clients today . I mean, looking at this, like i said, for the investors in the s p 500 tech sector, 11 Straight Days of gain, they almost think its a birthright to keep it going. Not all, but some would get alarmed. What do you tell them . Look, we have always thought you had to have core allocation to Growth Stocks because we think Going Forward growth will be hard to come by in the next couple of years. You Want Companies that can grow irregardless of the viral, but its very clear that were concern of the environment, but its very clear were closer to the end than the beginning. Also the rapid tests, one after another companies are getting approved for rapid tests that can be easily used by individuals. Thisll help bridge the gap until we do have a medical solution. And so, therefore, you need to reopen trade. So you need leisure and hospitality, gaming, even financial which has been very difficult to own because of where yields are. But we think, ultimately, you will get a better outcome in the next few months in the real economy. So that is something its hard to buy when everything looks terrible, but its really a time you should buy. Neil all right. Guys, i want to thank you all very much neil, if i could neil down 101 points. Very quickly, buddy. Very quickly. No, i was just going to say i think this is what the market is sniffing out. Yeah, its down today, but the market has had a great run, and its telling us that recovery and expansion are in train and its likely to continue. Neil all right. From your mouth to everyone elses ears. Right now down about 715 points. In the middle of all this and ahead of all of this weve seep a lot of businesses forget about the markets just relocating or shutting down. Thats a macro phenomenon that made us unimpressed except when we see days like this. After this. Tada did you know Liberty Mutual customizes your Car Insurance so you only pay for what you need . I should get a quote. Do it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. To listen, is to hear more than whats being said. And offer the answers that make someone feel truly heard. I understand, lets get started call a Dell Technologies advisor today. You can adjust your comfortst on both sides. Your sleepleep numnumber setting. Ed i understand, lets get started can it help me fall asleep faster . Yes, by gently warming your feet. But can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both effortlessly comfortable. Will it help me keep up with mom . You got this. So you can really promise better sleep . Not promise. Prove. And now, all beds are on sale. Save 50 on the sleep number 360 limited Edition Smart bed. Plus 0 interest for 36 months free premium delivery when you add a base. Ends labor day. The big events are back. Xfinity is your home for the return of live sports. Neil all right, we are monitoring a white house briefing, i dont believe Kayleigh Mcenany has addressed the selloff to this point, but well monitor that. In the meantime, the dow down about 800 points. A lot of it focused on technology. In fact, that is disproportionately getting hit on the chin because the nasdaq itself is down close to 5 here. Well keep an eye on this for you, but in the meantime here, even before this selloff today a lot of businesses concerned about the virus, concerned about escalating crime in some cities, theyve been relocating or looking at alternatives. This has nothing to do with the stock market, just the economy and the way they see it and where their opportunities are, and more to the point, where they are not. Grady trimble following all of that very, very closely from chicago. Hey, grady. Reporter hey, neil. Here in chicago tourism has essentially drieded up. The season ended well before it normally does, before it could really get off the ground, and a lot of people, rightfully so, attribute that to the coronavirus pandemic. But weve also seen looting here that many Business Leaders andty elected officials fear could be keeping people away from the city and could potentially, at some point, push businesses out of the windy city. In portland, after months of rioting, thats been directly tied to businesses leaving that city. One downtown developer blames the mayor and elected officials for not letting a handle on the lawlessness sooner, and bug companies are skipping town because of it. Google, microsoft and airbnb in a letter to the mayor andty council in portland. He also saws if you know a retail or office broker, give them a call and ask them how many clients they have trying to leave. The number is like nothing ive seen in 42 year of doing business downtown. And finally in san francisco, more than half of all storefronts are still closed. More than threequarters of Entertainment Venues and bars remain closed. The chamber of commerce there says thats largely due to coronavirus, but we also is seen Large Businesses there getting out of that area including charles schwab, pg e, a lot of other Silicon Valley companies, neil, are letting their employees work remotely forever, and that could lead people to leave that area and relocate somewhere else. Is so there are big concerns in these big cities that businesses and the people could leave. Neil . Neil grady, thank you very, very much. Will this become a Campaign Issue . Forget the violence, the economic fallout from that violence and all the disturbance. Democratic strategist extraordinaire, laura, what do you think . How does this factor in to the November Vote . Well, i think that, obviously, americans want to see the unrest calm down, but its going to take a leaders who is going to use every tool at their disposal to do out. And that means turning down the temperature, using the presidency to ease fears, to hear both sides to work on unity and all we see, you know, the old saying when you only have a hammer, everything looks like a nail . His leaning is this law and order, exclusively law and order message, i think, has the potential to alienate swing voters because they understand this is a more layeredded problem than simply cops verses us protesters. Neil the rap rap against democrats theyre kind of johnny or should i say joey come lately to this issue, that they didnt are raise it much during the democratic convention, and theyre regretting that now. Do you believe that. Well, you know, ive heard that a lot from various folks as a, you know, just asking the question. I dont think that thats true, and the reason is because you just have to look at what Americans Care about right now. Its the coronavirus, its the economy and the Economic Issues that are tied to the fact that were really behind as the world goes in beating this virus. And additionally, you know neil you dont think they look at this violence playing out on the screens and they see it again and again, i i mean, they oh, you can look neil they also want to feel safe. In a good number of these cities, they dont. Heres the thing, i do look at the data, and its not showing up in the data so far. It just isnt. The issue is not rising to the top five. And so and, frankly, you know, if you look at that same data, it shows they trust joe biden more than donald trump to handle it. So i dont know this is a winning issue, and i wrote a piece for foxnews. Com, this is all about swing women. This is about, you know, white women that generally are married, sometimes live in the suburbs, and i dont think you appeal to them by kind of trying to scare them into something. I think you have to persuade people, and those swing voters deserve, you know, respect, and they deserve to be talked to not just with this sort of onestrike solution. Youve got to say this is a layeredded issue, it requires leadership, it requires unity, and it requires turning down the temperature. They know. And they also know the issues that they care about. Im a liberal, so ill make a little joke at my expense. We tend to sometimes try to create issues and make people care about issues that arent on the top five. This is what i see republicans doing here. Yessing or its a concern. But until you address the colorado coronavirus, the fact that everybody on the precipice of being evicted because you havent passed any kind of a congressional aid package, those are the bread and butter issues, kids going back to cool, that i see swing voters and voters in swing states that top tear list. This is an issue, but so far the American People have said that it doesnt rank compared to the pandemic and the economic crisis. Neil well, i know this much, that and polls are fleeting, as you remind me, and i get that and i appreciate that, but in all these battleground states, things have narrowed. And the only thing different this time is this law and order eshoo that republicans have been pounding. Im not saying thats exclusively the reason, but do you think it would be wise whatever your thoughts that joe biden really pick up the tempo, pound visits to these state, spend more time out of his home, much more time in these states . Because for a lot of democratic operatives i talk to, theyre worried. I think its right that he should be out on the trail. Obviously, respecting social distancing, wearing a mask, doing all that. But, you know, he was in kenosha, and he did address this issue head on in a way that the president has not where he said that the lawlessness has to end. He unequivocally condemned the violence, and he also condemned some of the groups on the right that are coming in with weapons and stirring that up. And so, you know, we saw something because, again, this isnt a onelayeredded issue, its multilayers neil he didnt talk about the targeting of someone on the right by someone on the left in another city. Is so im just wondering, is he just flipping the bias of the president . Well, i dont think voters are seeing that because they prefer him to the president when it comes to law and order issues which you wouldnt expect. And this is true in the very swing states that youre talking about. And so neil not as much though, right . Not as much. Polls are tightening, right . Thats all im getting at theyre tightening, but hes well, hes up by 9 in wisconsin. Hes up by 4 in North Carolina where, which nobody thought he would even be competitive. Right now what i think the republicans should do is have a little concern for the senators that are running in some of these states. Martha mcsally, susan collins, tom tullis and coarty gardener have got to be sweating because they see this divide is actually not closing, and they see this issue isnt actually playing into the hands of republicans and trump like he wants it to. You want to energize people around a law and order message, you know, i see that working. You want to appeal to swing voters, dont condescend and tell them issues that you think are important are what top their list. Neil well, well see. In minnesota its a tight race. And youre right, still early, but something tells me that this race is getting to be more pronounced than people have given it. Well watch it very, very closely. Good seeing you again. Be well, be safe. Good seeing you, neil. Neil same here. The dow down 788 points. The only exceptions right now, american expression, jpmorgan. Wow. 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Neil all right, we are just learning that the university of new york, the Higher Education system including colleges and University Systems throughout new york of a public nature, will be suspending all inperson classes. So making them all virtual after an uptick in cases during several of the schools throughout the system. I want to get the read from dr. Roger kline, Heartland Institute policy adviser, much, much more. Doctor, i hate to hit you with this late development, but you probably know it already. But this notion that some schools are just cutting out inperson classes, asking questions later. Theyve tried to deal with it, more often than not when they do have spikes, they just go all virtual. This is the latest example. What do you think of it . Well, you know, i understand it, but i think i dont think its well advised. I mean, these young people are are at extremely low risk from this virus, and, you know, i think were really compromising their education by doing this. So i would urge caution on behalf of College Administrators who are going ahead with these moves based on outbreaks that are perhaps inevitable among young people. Neil yeah. I remember last time chatting with you, you talked about the inevitability of the spike in cases as soon as people gather. We saw, certainly, on baseball teams when they started playing again, College Football teams, when they started practicing again, that youre going to see spikes, and you have to, obviously, keep the spikes in balance and justify when its still worth going to school or resuming a season. But i do wonder in this case here whether we panic too much. What do you think . Well, i am concerned that we do. I mean, but youve got kids can theyre going back to cool and particularly those who are living in dormitories, i think we have to expect that were going to have some outbreaks. It doesnt mean we have to stop living. This is going to go on, could well go on for a couple of years, and, you know, i think we need to, again, learn to deal with it, as ive said before. That means not overreacting and not shutting down life the minute we get wind of some infections or an outbreak. Neil you know, doctor, Anthony Fauci made some news today in a cnn interview i in which he expressed doubt that a vaccine would be ready by october. Possible, but he seemed to rule out that possibility. This on the same day that were learning that pfizer is continuing with phase three trials, is optimistic that by the same time it could have something out. What do you make of this debate whether its october, november, this year . What do you think . Well, you know, im actually optimistic as well, and, first of all, i do want to give credit for the administrations efforts in really shepherding and ushering these vaccines already into production in such a quick, with such a quick tileline. But what i would timeline. What i would say is we have to understand the legal standards, and ill put on a legal hat here. Were not talking about approval. Were talking about an emergency use authorization in the middle of an emergency, a Public Health emergency with a lifethreatening decide. Disease. In which case the standard is not safe and effective. The question is whether the potential benefits outweigh the potential harms. And if we test thousands of people and we see that people arent harmed by it, i think that its fair to go ahead and use it in people in whom the risk will outweigh the benefits, im sorry, will outweigh the riskingings. For example, in elderly people or nursing homes, People Living in nursing homes. The been fit, potential benefits may well outweigh the risk each though we dont know for sure that its effect i. And it doesnt have to be perfect, by the way. We dont need a vaccine that prevents the infection. If it mitigates it or we have some immune response that makes it less severe, that would be a great win as well. Neil dr. Roger kline, thank you very much. Good catching up with you, my friend. Dr. Roger kline, Heartland Institute policy adviser, much, much more. The dow down about 785 points right now. Most of the dows components are taking it on the chin. Virtually all of technology taking it on chin right now led by apple, amazon, in many cases doubling this year and then some. Now the question becomes, for how long . Stay with us. 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. Neil you know, every time the markets are freaking out, i say, you know, weve got to call charles payne. If theres any such thing as a calm in a storm, he doesnt get too giddy when were flying high, doesnt get too bummed out when were selling off. Charles payne, what do you tell folks . Yeah, its one of those things, neil, where a lot of people have been sort of waiting for this day, waiting for this day, waiting for this day, the market has gone parabolic, which is another way of saying straight up. Particularly, obviously, the it can names and some of the other areas that arent necessarily as well known, cloudassociated stocks, semiconductors, software names. And then when it comes, its like, golly, it did happen. [laughter] its i gotta tell you, on one hand, for me, as someone whos active in the market, you know, theres been a lot of names ive wished i was in, i got in, maybe i got out too soon, and now im looking at them, i feel like a genius. A couple im stuck in. You know, yesterday we had my subscribers get out of a stock, its down 30 today, right . So i feel smart, but identify got mdb, which had an amazing earnings report, it was also down 20 . Yesterday was a tough session, that was a yellow flag. We saw rotation out of these tech names into the blue chip names, but that news from the cdc sort of masks, right . All at the same time, all the same indices, but it was pretty clear for most of yesterday s session there was some row talkings, people were starting to take profits out of the high fliers. When i saw at least seven names that should have been up on earnings last night after the close, all down, that was a red flag. Neil interesting. Thank you, my friend. Thank you very much. Look forward to seeing you in about 20 minute. Focused on kenosha, wisconsin, right now. The former Vice President meeting with jacob blakes family today. A busy schedule. Were on it after this. Are you frustrated with your weight and health . 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Lets go to Hillary Vaughn for the latest there on that trip. Hey,hill true. Reporter hey, neil. Right now joe biden is in milwaukee, wisconsin. Thats where he landed, and he is meeting with jacob blakes family at the airport. He has been in that private meeting for at least two hours now, and were waiting to get more information when he leaves that meeting. No press so far has been allowed inside. This meeting with jacob blakes family follow what he said yesterday when he said that he thinks charges appear, quote, warranted against the Kenosha Police officer involved in blakes shooting, and this trip is happening after his Campaign Slammed President Trumps trip to kenosha earlier this week as a selfcentered stop that offered zero solutions. Bidens visit today is a Campaign Stop for the candidate where he can offer Campaign Promises about what he would do if he becomes president. We should be dealing with those, those businesses that have been burnt out and those and damaged. We should be finding federal help for those businesses to get back on their feet. But this administration seems to think its all of a sudden going to go away like angel dust is going to be spread around. Reporter biden may not have been paying attention when President Trump offered millions in federal funds to help the community there rebuild. Im also providing nearly 4 million to support these Small Businesses that i talked about today that got burnt up, burned out, and were going to be providing over 42 million to support Public Safety statewide. Reporter the visit is notable because it is the First Time Since 2012 that a democratic president ial candidate has visited the battleground state the, and it is bidens very first visit to the state this cycle. Neil . Neil hillary, i dont know whether you know this or not, im just curious. I know the democratic mayor of kenosha as well as the governor did not want President Trump to come. Were told that both men said the same about joe biden coming, that nows not the time for either to be there. Do we know whether the former Vice President plans to meet with either of them, the governor or the mayor . We dont know that, but with we do know that he talked to them before he ultimately decided to make this trip today. He was asked about that yesterday, why he decided to make the trip in spite of those comments from local leaders there saying it would not be a helpful time for him to come. He said the people have asked him to come, and they said they would be okay with a visit, and they want him to visit. Thats why hes going today. And the other thing ill mention, neil, before President Trumps visit we did hear a lot of comments from local leaders lashing out, you know, saying that that visit was controversial. But things have been pretty quiet ahead of bidens visit today. He also will meet with local Law Enforcement and Business Leaders later in a Community Meeting. Neil . Neil all right thank you very much, hillary. Not quiet in kenosha itself, the last three nights have been quite quiet. They hope that continues. Yet another University System indicating its suspending inperson classes this fall, Temple University in philadelphia has anticipated thats the way its going to too for most of its classes for the rest of the fall, online. This follows suny, the state University System of new york indicating that all of its classes for the remainder of the fall among its various campuses will again be online and not in person. Randy weingarten is here, what she make of all of this. Good to have you back. What do you think of these moves . Me too, neil. How are are you, by the way . Neil what do you think of this . Were seeing, so when you saw the New York Times on saturday or sunday have a fullpage of all of the closures of colleges, i started asking people to kind of toll up how many cases weve had since the finish basically, the last couple of weeks, and theres 26,000 positive infections on College Campuses already are. And to so thats why youre seeing so many of these policies close up. Its not that some of them didnt try. And just like we had been wrestling in terms of k12, weve been trying to figure out how to do in person because we know in person is so much better than remote, but its that, you know, that covid is so contagious and that if you dont actually keep to all of the safeguards, youre going to have a spike and a spike that can become a surge. And thats what people are really worried about both in terms of suny as well as in terms of temple in philadelphia. But you also saw it in terms of unc in North Carolina. Neil im just curious though how do you balance that, right . I mean, with all of these kids testing positive for the virus, the bigger fear is that their teachers or instructors or their administrators catch it as well, that theyre not quite as vulnerable yes. Neil be that as it may, im just wondering then how far does it go . Because when more and more kids go back to any type of school, you know, kindergarten, you know, elementary school, high school right. Neil the colleges and universities, they get together, there will be a spike. What is an acceptable level . How do you decide that . So that is so, neil, you just put your finger on what every person who is in Public Office making these decisions has had to wrestle with. And the, you know, what you saw in other countries, you know, take south korea, for example. They said and we should have that we have to protect human life. We have to actually make sure were doing what we can to protect the safety of the citizens in america. And thats why it has to come first. And what the experts are telling us is theres9 about six or seven things that you need to do to actually do that. And whats happened is this is the first move both in terms of college and in terms of school, this is the first move indoor. So if you dont actually fixate on not opening things up if you have more than a 5 Community Spread, if you dont actually fixate on having a testing and tracing process so that you can track asymptomatic spread because children and adults can spread this virus, and then in school if you dont actually have those safeguards of masks and physical distancing, cleaning and ventilation, hand washing, if you dont have the resources for those things, if you dont have those three things, then you have to you cant open in person. You have to open remotely. And thats why twothirds of the big districts in the United States have opened remotely, because they havent been able to pass all three of those tests. The having the testing, the threshold of Community Spread and actually making sure you have the six safeguards that cdc has proposed as well even with with all their other neil right. Those six safeguards are still there. So we as a union have tried to actually call balls and strikes based upon the safety and the science. Neil all rightful well watch it very closely, randi. Some school systems, some colleges have different metrics they use, a 5 percent figure or 10 percent figure positive cases. Be that as it may, to your point, to put things off in person. Just to clarify, and thank you, randi, again. On the suny system, they have had quite a spike in cases. This does not apply to all the other College Systems in the State University of new york system. The word has gone out after a couple of hundred cases, i believe, the chancellor said, you know what . Were going to suspend inperson classes. The same sentiment reached at Temple University where, by and large, all those classes will be virtual. Thiess through the fall. Stay with us. So you ready to hit the road . I dont know. Just get on your bike. And ride no 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. Neil theoff ensues here with 28 of the 30 dow components down. People pointing a lot of fingers at Technology Stocks that went up far and fast. Some are taking it on the chin. Expiration of Unemployment Benefits at federal level. Mitch mcconnell touting that a new spending package to address that could be had anytime soon. This separate report that our debt eclipses everything we make in this country. So were upside down. We owe more than were worth. Theyre bouncing on all of these development here. Suffice it to say when markets sell off, they come with excuses. Right now the perspective it is one day. It is a crazy day but it is one day. Charles payne right now. Hey, charles. Charles neil, what got me through high school and college was d. All of the above. Neil you can never go wrong. Charles good afternoon, everyone, im charles payne. This is making money. You know what, it is finally happening. The challenges with the rotation efforts you can see loud and clear. Tech titans, they are beginning to falter. We saw some fall yesterday and beginning today. Theyre taking the Broader Market with them. It was clear a bunch of hot tech stocks got hit yesterday, after the close posting strong numbers this would be a difficult session. The worstperforming sectors of 2020, theyre showing life