Sessions. Its been on such a winning streak. Again, i use the word breather right now. While vaccine timing is spooking the markets, colleges across the nation are trying to minimize the scary impact of the deadly virus. Alabama state is teaming up with dragonfly to keep its students safe. The ceo is going to be here to show us how this is all supposed to work. Meanwhile, the covid crisis has caused the makers of one frozen Treat Company to put its Business Plan on ice. The ceo of dippin dots is here to tell us how his freezers are working overtime on new pandemic opportunities. You dont want to miss that. Then one of the Biggest Car Rental Companies in europe is zooming into the United States in the middle of a pandemic. We will ask the board member and namesake about why now is the time for them to expand in america. Less than an hour to the closing bell, im Cheryl Casone in for liz claman. Lets start the claman countdown. Cheryl so after a day of records on wall street, it has been a rough one. The market sinking with the dow seeing its worst day since june 26. We are actually at session lows right now. The dow down 929. We are hitting new session lows. Charles was right, this will be a crazy hour, folks. Now, heres a question. Did the strong start to september just lose its footing . Is this a oneoff, a oneday event . Lets bring in john corpina and phil flynn. John, what do you make of the numbers . You know, we havent seen a day like this in quite some time but lets put it into perspective. We were up 1. 5 yesterday, down 3 plus today. So netnet its down 1. 5 , maybe a little more there. If you look at where we have been and how we got to where we are today, clearly very positive momentum that we have seen in this market. You cannot have oneway markets. They cant always go straight up and straight down. There needs to be some sort of healthy volatility in our markets, two steps forward, one step back. As the market continues to get to even level on 2020 and to new record highs, the conversation of when are we going to sell off, whats going to be that catalyst, how is that going to happen, we are seeing that now. I think this is actually healthy for our markets. In a shortterm basis we will probably see some followthrough tomorrow. Take into consideration this is leading into a holiday weekend, buying is very light this week. Thats going to magnify a lot of the activity. People are working from home who are on vacation as we get through towards labor day. We are not seeing the numbers that we really should see. No one is stepping in the way of this market, whether it was moving higher yesterday or lower today. I think overall, this is a wakeup call the markets not always going to move up. You dont have to make sure you are prepared for some volatility and in the next few months leading up to the election, we are clearly going to see more volatility in this market because the uncertainty as far as covid, china and elections are still there. Cheryl all three of those. Phil, what do you make of that idea about volatility for the fall . Thats a question mark that had already come up this week on this program, because you are looking at these numbers, looking at low volume trading, and then also looking at the other factors, lack of a stimulus deal, lack of a vaccine, the november election, all of that is the uncertainty and markets just dont like uncertainty. No, they dont. They dont like when john tells america that the markets dont go up every day. They want them to go up every day. Im telling you. Why isnt it going up every day, you know . Call john. He knows why. Seriously, i do think we are, i think hes right, this is a healthy correction. We really needed one because we were getting frothy, right . It is the month of september, its a new month, traders are taking a little bit off the table before they head out on their vacations and there are some concerns that, you know, maybe the economic recovery is stalling out a little bit. We have priced in a lot of the good news. You look at some of the data today, the weekly jobless claims, yeah, they were under a million but they are still very very high. You look at the nonmanufacturing data, here in the u. S. And in europe, so it seems like all that momentum we have seems to be stagnating a bit and what that tells us of course is that Congress Really needs to get going and get a stimulus bill to keep this momentum going so we need some help here, you know. The markets calling them out a little bit. This is not by any means a disaster selloff. Its not time to run to the sidelines but it is a wakeup call that we have work to do on this economic recovery. Cheryl to the point about the selloff today, maybe taking some money off the table, if you look at the biggest drags on the dow, its the biggest winners we have been watching. Microsoft, apple, amgen, home depot. These are the companies that have been the power behind the rally, a little bit of cash off the table isnt such a bad thing going into a holiday weekend. Absolutely. You look at the rally that we have had throughout this year, yes, its not the conventional way, but the fang stocks clearly were leading that and you are seeing now today that they are the ones that are leading it to the down side. So you are going to get swooped up into that on both ways. You will get on the way up and then back on the way down. I think that also ties into my point earlier that without volume, you are going to see magnified swings here. Yes, this market needed to sell off. Does it need to sell off 1,000 points, probably not. But thats what we are going to see. It should be down 400, 500 points. If it was a normal day. Conversely, would the market have been up as much as its been consecutive days and weeks over the last few trading sessions and weeks, probably shouldnt have been as much. I think the path is in the right direction. We just need to kind of tighten our outside upper and lower boundaries. Cheryl guys, thank you so much for being at the top of the show. We appreciate it. We have some breaking news coming up actually, we have stocks to watch right now. We have carnival corp. These stocks, well, this is the breaking news. Carnival corp is docked at the top of the s p 500. Two of the cruise line brands are going to resume their sailing operations. Costa cruises will restart in italy on sunday and germanybased aida set to resume in november. This is interesting and good for these companies. Taking a look at the rest of the group, as you can see, they are all higher, even if sails arent going to be happening in u. S. Waters, overseas they are. Carnival up more than about a quarter percent. Norwegian higher by almost four. Royal caribbean, 2. 59 higher. More stocks to look at right now, Rocket Companies are sinking despite swinging to a Second Quarter profit and reporting increased loan volume. The parent of quicken loans taking a hit after it predicted it may fall as typical seasonal trends this year in the Real Estate Market which that tends to be softer in the fourth quarter. We will see what happens here. That stock is down almost 15 . Crowdstrikes earnings lands with a thud, sinking along with the rest of the tech sector and a substantial number of price target hikes. Cannot rescue this. That stock is down almost 9 right now. This has actually been a strong stock this year. Getting caught in the technology downdraft and thats the tech selloff we are seeing today, mentioned at the top of the show you have apple and tesla. Poststock split monday, the tech megacaps are losing ground, apple down for a second straight session, down almost 7. 5 . Probably still getting used to that number on your screen, the share price, but thats the split for you. Tesla down for a Third Straight day as investors are driving profits after the stock surged nearly 400 year to date. Dow down 885. More breaking news to get to you this hour. Never disappoints. President ial candidate joe biden is meeting with kenosha, Wisconsin Community leaders right now, just two days after President Trump was in town. Biden also met with the family of jacob blake earlier this afternoon. Thats something President Trump did not do during his visit. You saw it actually live on this show. Hillary vaughn is following the democratic president ial candidates every move and joins us live. Reporter well, this is democratic nominee joe bidens first visit to the battleground state of wisconsin. This is a Campaign Stop for him, which is notable because he criticized President Trump showing up on the ground in kenosha earlier this week saying it was a selfcentered visit that offered zero solutions, but biden today can only offer Campaign Promises to these local leaders that hes meeting with in hopes that he gets elected in november and can actually do something about the reforms they are calling for. Hes also meeting right now with black lives matter activists, religious leaders, even Small Business owners and before he got to kenosha today, yesterday, biden was pitching himself as a better person to protect Small Businesses and help them rebuild for those businesses like those in kenosha that have been gripped by day after day of riots impacted by looting, impacted by arson and burnt to the ground. He said President Trump has done nothing for these businesses but he would be the one to do it. The one thing biden left out was that earlier this week when President Trump was in kenosha, he promised 4 million in federal funds to get businesses in kenosha rebuilt and back open for business. So hes meeting with them right now today. Cheryl Hillary Vaughn following every move of former Vice President joe biden. Thank you very much. We appreciate it from kenosha. Well, back to the big board, back to the markets. Session lows for the dow. We are down 947 points. We are pushing lower, as you can see, we are below that 29,000 mark, well below it, which we had just jumped above just yesterday. But look, theres a lot of things going on and a lot of its tied to the development of a Covid Vaccine by november 1st. The hunt still goes on. Novavax shares are up on positive results out of its early trials. Moderna paring early day gains. The top three developers viewed as nearest to an effective covid blocker, these are the companies and Vaccine Companies to watch. Pfizer falling despite saying it could know by the end of next month if a vaccine it is developing with biontech is actually going to be successful. Its all about the trials, folks. As you can see, novavax, moderna are higher. Until a vaccine is ready, one University Going high tech to fight covid outbreaks and keep inperson learning intact. We have an inside look at that secret weapon coming up next on the claman countdown. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old you know limu,g after all these years im burning away its the ones that got away that haunt me the most. [ squawks ] cause youre not like everybody else. Thats why Liberty Mutual customizes your car insurance, so you only pay for what you need. What . Oh, i said. Uh, this is my floor. Nooo only pay for what you need. Liberty. Liberty. 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No strings attached. Cheryl we have some breaking news, more breaking news, believe it or not. Suny uniata is sending its students home for the semester, after over 300 cases of the deadly virus since the start of the semester which started 11 days ago. This is a wakeup call to colleges and universities across the country. Alabama State University choosing technology from dragonfly company we have had here on countdown to help assess Student Health and social distancing compliance in realtime. To find out more about it, how this all works, i want to bring in dragonflys ceo, here in a fox business exclusive. Cameron, this is fascinating what your company does. It really is. Youve got these ten stations set up at alabama state. Explain what each does and how this works with students. Sure. Thanks for having me back again. Dragonfly is the oldest operating drone manufacturer in north america. We trade dflyf is our symbol. We appreciate being here. We originally developed the technology to work on drones but where we have really seen traction is in fixed base cameras and even in on cell phones for telemedicine. What the technology does is it can actually read temperature through the thermal sensor, but it can also through the rgb sensor, the regular camera sensor, be able to read heart rate, respiratory rate and o2 saturation. These are all additional symptoms as well as temperature which may sometimes be asymptomatic that can help give indication if somebody may have an infectious condition. Cheryl do i let me interrupt. For that particular station, do i walk by it, do i walk through it . Do the kids have to go through a specific area and do they know they are being screened . Yeah. For that particular, yes, absolutely people know they are being screened and its voluntary. That particular rig, you cant be without knowing, without consent, you cant be giving your temperature or heart rate or respiratory rate. You would walk up to it, face it directly. It can be manned or unmanned depending on the use case scenario. If people are walking into a stadium or tightly controlled area where you really need to manage the health measurement, you would have it manned and make sure every person goes through a process or you can have it as an unmanned situation where people can go up and do a selfassessment. Cheryl i know when you were doing drone work and drone scanning, that there had been some privacy concerns. But at alabama state, you are not collecting any data from the student, you are not collecting name or anything, right . Theres no personalized data, absolutely, involved at all. It doesnt do any facial recognition. The technology was originally developed for two use cases which was one in Disaster Relief areas to be able to see if survivors on the ground are alive or how serious condition they are in so you can triage appropriately. The second use case was to actually monitor the health of wildlife who might be in a dangerous situation like a fire or challenging migration. Of course, in both cases you dont use facial recognition. Cheryl i like that. I like that. Real quick, any other universities approached you . Are you talking to anyone . Yeah. The fact of the matter is you cant test everybody every single day. Theres not enough tests to go around anyway. To be able to have a proactive action like this for people to screen and get a sense of where they are, to see if they need to go for a test, what we are seeing is that its having an impact immediately already in the first week. Cheryl you are talking with some other universities . Yeah. Dozens and dozens, actually. Cheryl okay. I wanted to get that out to the viewers. We are running low on time. Cameron chell, thank you for being here. Appreciate it. Very interesting. Lets take a look at the big board. We are a little off of the session lows for the dow, down 926. A lot can happen in 40 minutes, as you know by watching this show, but again, we are seeing pressure and the dow, nasdaq and s p have erased all their gains for the week. Technology, the big piece of this selloff, if you will. Beyond meat bucking the red arrows this hour. The shares initiated at outperform with a price target of 160. The firm bullish on beyonds Revenue Growth pointing to increasing distribution and the introduction of new beyond products. Right now, beyonds stock is barely down. Coming up, how fake meat makers are helping a big name we all know and love ice out the pandemic. The claman countdown will be right back. 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. Stocks by the slice from fidelity. These days, businesses are adapting to new ways of working. And innovation is at the heart of it. Verizon 5g ultra wideband is the fastest 5g in the world, with speeds up to 25 times todays 4g networks. Its massive capacity and ultralow lag time is already available in parts of s which means businesses both large and small can innovate like never before. And then found the home of my dreams. But my home of my dreams needed some work sofi was the first lender that even offered a personal loan. I didnt even know that was an option. The personal loan let us renovate our Single Family house into a multiunit home. And i get to live in this Beautiful House with this beautiful kitchen and its all thanks to sofi. Cheryl markets are basically sitting at session lows right now. During the commercial break, the dow went down to 984. Thats the new low we just hit about a minute ago. Right now we are down 982. We are sitting there. S p, the low was 147. We are at that right now. We are sitting there. We just blew through another number. Nasdaq down 680. Again, we are pushing down to the session lows right now. Weve got about 36 minutes to go. Tough day for, you know, this is a tough day. We are going into the weekend, the best traders, and ceos, they are all looking at these numbers right now and trying to figure out we are about to hit 1,000 on the dow. We did hit it. Okay. Thank you, brad. We just hit 1,000 down on the dow. Look, a lot of what this is is we have had a strong week, the markets have had a lot of runups. We have had a string of guests already in the hour saying you take some money off the table, we are going into a threeday weekend, its labor day, there was that thousand number again. We are definitely below 29,000 and pushing 28,100 on the dow. We will stay on these markets. Again, you know, you just have to remember that we are low volume, a lot of times that pushes up the volatility and thats kind of where you get these extreme swings, if you will. It is summer, at least for the rest of the week. Enjoy it while you can. Well, i mentioned ceos and Market Makers and how they are tracking the market. Lot of ceos out there have had to really change how they do business. Dippin dots has found or was found, i guess, in sports arenas, malls and movie theaters across the country but had to change things up. How do you sell ice cream in a closed arena . Well, maybe you do another type of business. Scott fisher flipped the business. He used the cryogenics process to help other businesses. Ice cream sales plummeted 85 but the freezing business boomed up almost 1300 . Here to bring him in as we watch these markets right now, in a fox business exclusive, dippin dots ceo scott fisher. Thank you for being here. Thanks for having me. How are you doing . Cheryl good. Its Cheryl Casone in for liz today. What a day as we are looking at these markets, keeping our eye on these numbers. As a ceo, you probably try to adjust to these volatile days, if you will, from your perspective. You went into cryoagagenics. How did this happen . Ice cream is the fun part. I guarantee my mother brags about me selling ice cream a lot more than the plantbased meat segment. But the business is something we just felt we needed to diversify. We have grown a lot since acquiring the business in 2012. We did around 300 million gross retail sales last year in ice cream but having one revenue stream is dangerous, even heavy growth of one revenue stream, you are still limiting sustainability. Thats what we found we needed to diversify. We know thecryogenicprocess. We licensed out our trade secrets to a subsidiary and started to market that to business. We found pharmaceutical companies coming to us for the process, we found veterinary Vaccine Companies coming to us for our process, then the plantbased meat segment did as well. It provides us a diversified revenue stream, diversified risk exposure, diversified market segments, cost of goods sold, overall just provides more sustainability. Cheryl what a switch for you. Talk about in particular what you are seeing within th thecryogenics business and whats clicking there. What i found interesting was dippin dots has a generational brand equity. The parents enjoy the products in part, now they are taking their kids to the same parks for that experience. So the Generational Equity gave us something to market. Then we had to license the property to the cryogenic process. I took those trade secrets, that experience, our knowledge of the cryogenic process and started to market it. I didnt know what business was available out there. I just wanted to market it with the great equity dippin dots and the businesses come to us. Pharmaceutical companies, veterinary Vaccine Companies, the plantbased meat segment, they came to us and we found that diversified revenue stream. Cheryl its really interesting, scott. Look, hopefully arenas are going to come back. Movie theaters are back open, starting to. Is that a good thing for you, last word . Oh, absolutely. Absolutely. It is. I think human nature, well get back out there. We saw that the parks started to open around june 1st and so the accuracy of our timing was pretty onpoint. But the demand was heavier than we anticipated. That tells us the consumer wants to get out there, they want to buy stuff. Thats human nature to want to get out there and live life. I feel confident the parks will come back. And the theaters and all those areas. But cheryl we do, too. Scott, way to turn the business and take a turn. We love it. Dippin dots. Thank you very much. We want to focus once again on the markets and we really have our eyes set on the dow, s p and nasdaq. As you can see, we are1,000 poi dow. The s p down 150. Remember, a lot of these techheavy names are whats pushing these markets down but they have been the biggest winners. Little context, folks. We will take a quick break. When we come back, the enterprise rental car of germany is now making inroads in the United States. Why its betting on america and american travelers despite covid19. The claman countdown coming right back. Cheryl want to point your teen attention to the markets right now. We are going to be going commercialfree for the rest of the hour. We now have 26 minutes until the markets close on this thursday. We are looking at a sharp selloff, just over the last in particular hour or so. The dow down more than 1 d1,000 points. Few things going on. Dr. Anthony fauci during an interview this morning threw cold water on the idea of getting a vaccine out to the states by the end of october, early november. Remember yesterday, the markets had actually popped higher when there was a report the cdc was telling states get ready to distribute a vaccine. We have been watching vaccine makers today and those stocks are certainly of high interest and have been for a long time. Then you also have the issues of lack of stimulus coming out of washington, that forced stimulus plan, if you will, the november election. I forgot to mention there are also new tensions between the u. S. And china that are making investors a little bit nervous. There are new restrictions on chinese diplomats here in the United States. All of this combined really is kind of giving investors a little pause right now and remember, we are going into the threeday weekend. Its the last week of summer. A lot of folks are on vacation. We have lower volume than normal. That means more volatility. So if you see these numbers bounce around a lot through the next 25 minutes, dont be surprised. We are following the markets for you right now. Again, this is the worst day we have seen since june and we have had 11 days straight of the nasdaq with new records. We just broke it today. Well, lets focus on another company that is really changing things up. This is one companys misfortune that became anothers opportunity kind of story. German Car Rental Company sixt acquired concessions at ten u. S. Airports from the Parent Company of advantage rentacar in a bankruptcy sale. The jewel in the crown is new york citys three major airports which serve a combined 141 million passengers last year. Today it took a page out of the streaming Services Book and launched sixt plus, a car subscription plan for a monthly fee starting at 4. 59 a month. In a fox business exclusive, sixt groups chief sales officer constantine sixt joins us now. The big question is you decided to enter the u. S. Market when people arent traveling. Why take this gamble . First of all, thanks for having me. Its a really great honor to be here on fox News Business for me. Thank you very much. Well, we have entered the u. S. Market around ten years ago based on basically a dream of my grandfather, hans, my father, they dreamed almost 100 years ago to rent cars in the United States and that dream came through ten years ago with our first branch in fort lauderdale, florida. We are running now 88 branches in the United States and generate around 500 million u. S. In revenue. I think it picked up very good in the u. S. Market. Cheryl to be clear, i knew you had operations in florida but sixt is not really a wellknown car rental name in the United States. I knew it because trips to europe, like most people would. Its all over europe. But what you are doing now which i think is interesting, you have launched sixt plus. Thats the new news today, besides the fact you took over the concessions at the new york airports which i think is big. But this new app, you are doing two things with it. You can rent a car for a month, right, but you also have a partnership with lyft. Explain what that means. Absolutely. First of all, you are right but we are just changing that. Nobody knows sixt in the u. S. , i guess with your help, many people listen to that. Cheryl maybe they will. Yeah. We will see. So the first question, sixt plus, our new subscription service, indeed, we try to solve a problem. If you think about what kind of [ inaudible ] will come with car ownership. Its a multiyear contract and you end up driving the same car for many many years, even if you dont want that car anymore. We have changed that with sixt plus. You simply go to our website, sixt. Com, choose the car that you like, 24 hours later, you have the car, you can cancel that subscription any time and if you dont like the car anymore, you just change it. Its really hasslefree and i think its a really really big innovation to the car purchase market in the United States and has tremendous opportunity. This is one of our new innovations for the u. S. Market that we indeed have Just Launched this morning. Cheryl yeah. And also, congratulations on that, but also, how has the coronavirus, the pandemic around the world, changed your operations . What are you doing differently now with the cars . Sure. I think being in the travel industry, i think the whole travel industry has been hit pretty severely with air traffic being almost at zero, taking away basically our revenue at airports over the last month. We have seen on the other side a massive increase in demand in our downtown location, especially United States, because many people dont fly anymore and go from a to b by car. So that helps us a lot besides new innovation and you mentioned our new partnership with lyft, where we are very proud to call ourselves exclusive partner, by the way, of a fantastic company of lyft for their rent product, where we can now seamlessly book all sixt cars completely at lyft app all around the nation. You see we are considering covid not as a crisis and are afraid, we are seeing this as a big opportunity and we are trying to come out stronger from that crisis than we ended. Cheryl again, a bankruptcy here and there in this country means an opportunity for you to really put your footprint in this country. Thank you for being here with the exclusive news. We appreciate it. Thank you very much. Cheryl well, as we continue to follow the markets, theres a lot of sectors we are watching. One of the hottest sectors this year has definitely been the stayathome stocks group, its losing momentum in the final minutes of trade. We have 20 minutes to go. Workfromhomers zoom and slack are moving in reverse, believe it or not. The shares of the messaging and chatting platform actually, as we can take a look at zoom, there you go, we are down more than 10. 5 on zoom. This has been again one of the hottest stocks of the year. Then look at slack. Its down almost 9 . Zoom was one of the weeks most talkedabout names after they blew out their quarterly report. They are still up 27 for the week despite the red arrows youre seeing. Then again, theres slack. Activision and take 2 getting blitzed alongside Electronic Arts despite new evidence that pandemic gaming trends are actually alive and well. Ea reported that their first week sales for their nfl madden 21 game was 20 from last years installment with player engagement for the 30year franchise rising, get this, 50 because a lot of us miss football and will take it however we can get. Lets look at peloton. The chains breaking on this one after two days of record highs. The ondemand fitness quest giant and equipment maker still up more than 140 for the year. This has been another pandemic hot stock. Even the love of liz claman not enough to help protect it from todays red storm. Little bit of pressure on peloton. Im sorry. Stock is down almost 10 . She got me into the app, by the way. I love this thing, too. There you go. The stocks in the red. Even streaming winner netflix, and ecommerce giant amazon getting dethroned as the markets reigning tech titans falling victim to what we are seeing as this broader selloff we are watching but a lot of that pressure is in tech, i got to keep reminding everybody, these are the stocks that have been the hottest stocks of the year and have had a huge run, every name you are seeing on the screen has been on fire. Apple is splitting earlier this week, so little bit of money off the table today anyway. Charlie gasparino is here now. Hes got his read on the downturn today and i dont know, charlie, im not terribly surprised that we are seeing red on the screen because the markets have been going up and up and up, and the question keeps coming about, is the market divorced from the economic reality of the country. Charlie well, theres a lot of stuff going on including the fact, this was fascinating, it was pointed out to me by larry mcdonald, goes by the handle convert bond on twitter, longtime wall street executive, trader, friend of mine, larry pointed out that there was massive buying and call options on tesla, apple and a few of these tech names. It was so massive that, you know, the calls were about four times more expensive than puts and way out of the money options. That means that long dated options, say january calls, thats an option to buy, at 50 out of the money, those were being bid up on apple and tesla to astronomical levels. That was a tell, i think, for a lot of people that these names were getting incredibly frothy. There was Something Weird going on. It was a big player maybe in the market initially buying those stocks and those calls. It got out of the market and then the robinhood people, the real retail got in. They always get in late. They are often left holding the bag. Thats what you are seeing here. You are seeing that apple should not be people shouldnt be thinking right now they are going to basically be 50 higher any time soon even though that was the bet that was put on. So i would say this is about irrational exuberance, coming back to earth. We should point out tomorrow might be a completely different day. We might get an unemployment print thats below double digits, that would be a good thing. Particularly if more people are working, if its not just people dropping out of the work force. Well have to look at those numbers. That will be very interesting tomorrow. That might be a mood change. It might go the other way. You could have a virus a vaccine tomorrow that pops up that, you know, maybe relieves sooner rather than later. Obviously a lot of selloff today was on algorithms reacting to what dr. Fauci said that we may not have a vaccine until the end of the year. I dont know why the markets would necessarily trade off, way off on that, but because thats kind of been baked in a lot. I dont think people are really believing a vaccine is coming tomorrow. So all these things are factored in. Including the fact, cheryl, that the market is worried about the election and its not just worried that joe bidens going to come in and win a senate thats democrat and they are going to raise everybodys taxes. Thats a possibility and that could hurt markets. But during the election. But people are worried about a contested election. You see a lot of option buying after, you know, on options that are dated after november 3rd. You know, not around november 3rd. So you know, theres a lot of theres a lot of pentup worry in this market. People look for reasons to sell when that generally happens. We should point out that the fed is kind of the driver here. They are going to remain at zero Interest Rates now for awhile. Fiscal stimulus, we may not get that for awhile as well. Thats a negative on the markets, at least short term. But lets look at a bright side here. Lets just say we dont get a second wave. A possibility as the first wave wanes in other parts of the country, it hit new york hard, its moving through the sun belt. Just to say we dont get a second wave, we get a vaccine sometime in the fall, donald trump gets reelected or we have divided government which markets like, you could see this rally pick up or you could see a selloff on that and then it coming back later in the year, when people start digesting just how the economy is reacting to the stimulus and to the potential that they are not going theres not going to be massive taxes on Wealth Creators and investors because as you know, joe biden and a Democratic Congress would raise Capital Gains taxes, a lot of taxes that could have impact on the market. So you know, theres a lot here to digest. I am not surprised by today. I mean, you know, this was cheryl me, either. I just said that. Im not really surprised. You know, when we were here together yesterday, at this exact same time, you were talking about the report that came out of the New York Times about the cdc telling states to get ready, you know, beginning of november for a vaccine. Of course, everyones initial reaction was thats the election, this is political. Im wondering if Market Participants still kind of have that doubt in the back of their head that this is real, this could actually happen. Then you had the fauci comments today, you know, and charlie i remember during the financial crisis, back in 2008, where the markets werent as hair trigger as they are now. They would trade off of every positive headline up dramatically, even as the banks were insolvent. So remember, to try to ascertain and broad philosophical thoughts out of a moment of trading is just foolhardy. But you try to look at whats going on and try to put it in context, this shortterm selloff is was baked in the cards as far as im concerned. When i saw that crazy call, buying of call options on long dated call options, way out of the money on tesla, on apple, that shows you that the retail was in there chasing someones tail that was already out, someones tail was a sophisticated investor already cashed out, retail was left holding the bag and at some point, retail says its not going to happen and you see selling. One other thing we should point out, though. This market has been propelled not just by the fed, not just by fiscal stimulus that, you know, that they are trying to work out and that has come. Its also propelled by retail the growth of robinhood, you know. Cheryl i know. Charlie the app that you are able to trade and buy stuff on. People obviously are not at gyms, lot of them are not at work so they are trading. That has pushed these markets higher and that froth is going to come off at some point. I dont know when. Maybe this is the beginning of it. Cheryl robinhood is an interesting story. I will leave it at that. Charlie gasparino, thank you for the market perspective. You hit a lot of clear points and i think you are dead on. Charlie gasparino, thank you. I want to bring back in phil flynn from chicago. Phil, you know, we didnt even get to this earlier about the issue of what the Energy Sector is doing. All 11 s p sectors are down so there is selling off across the board, but we had that oil drawdown earlier this week that we havent even talked about yet, and sometimes the Energy Sector can propel us back up. Not helping us today, though. Well, it isnt, but its probably given us a good sign that maybe tomorrow is going to be better. The reason why i say that is yesterday, we got, on the face of it what looked like a very bullish report, major drawdowns in crude oil and gasoline and normally the oil market would go up but it went down. If you remember, yesterday, the stock market was strong when oil was down. Now its kind of the inverse a little bit. Oil was way lower earlier in the session when the stock market was going down but actually recovered, not quite to higher on the day but made a big comeback by the end of the day. Sometimes you can look at the price of oil and its kind of a leading indicator to the stock market on certain occasions. Not always. But i think in this particular case, it was. There was something wrong with oil yesterday. It was down, stock market was up. Today, stock markets down, oil is down but then it came back. So theres a sign we are going to come back. I think charlie hit it on the head. It could be about the jobs report tomorrow, right. If we get 50 jobs, looking for 9. 8, looking for that Unemployment Rate to fall down, if theres a sense that goes against the common grain here, that, you know, the jobs market is slowing down again, that we get a little bit of a boost, that can turn this around quite quickly as well. But i think when it gets back to the Energy Sector its a big deal. Cheryl so glad you brought up the jobs report and shame on me for not getting to that until 3 will can 3 51 in the hour. I want to bring in john gagliardi. We had initial claims better than expected, continuing claims better than expected. We are below that million claim mark. Would have liked to see that fall below a million in june. We ended up getting it in august. Fine. But that jobs report, im wondering if phils got a great point mere. Some of the data i have seen leading into tomorrow tells me we might have a strong report, good report, john. That could turn this whole story around before the end of the week. It could. They come when they want to come and go when they want to go. This selloff is right on time to the end of the quarter and its not unusual for profittaking. I would like to say that looking at this in the big picture, this could be sector rotation. But sector rotation is brutal and ugly and this is as ugly as it looks. It gets bad. People are going to sell their winners which in eveevitably ish and health care, all the things that have done fantastic, and look to buy value. Thats typical for sector rotation. The only thing that does scare me as a technician, looking at charts all day long with clients, looking at financials, industrials and utilities, financials and utilities are right under their 200 day moving average. Theres a load of resistance. This could be a bigger selloff and this is usually how they start. You look for these three telltale signs. Look for a gap down, check. Look for a big move down, check, check. You look for a big move in volume. Three checks. And so this is one worth keeping an eye on. Cheryl well, you mentioned volume, though, but look, this is the last week of summer and you know, we are going into a threeday weekend. I mean, a lower volume story would give you a higher volatile market. Absolutely. Absolutely. And a lot of this could be, you know, its sell for three days and go away. No one wants to go, especially if people took an extended week off, no one wants to be thinking about their portfolio while theyre out in the hamptons. Cheryl yes. I mean, yeah, that market story seems to, 20 years i have been doing this and we always talk about the darned hamptons and they come back after labor day. Phil, back to the disconnect between the real economy and the markets, maybe you dont think its there, i kind of do, but at the end of the day we have a lot of uncertainty coming up between the election and the vaccine and we dont know whats happening with stimulus. Are these numbers telling you that those fears are actually, you know, substantiated . Well, i think they should be. These are real risks to economic growth, the economy going forward, and when you get these different headlines every day, you know, the fauci comments today, the comments from the Drug Companies saying they are ahead of schedule, you really dont know what to believe, right, so you see this kind of volatility. I do think as we get closer to the election, we would expect to see some strong volatility. We saw it during the last election and the election before that. How many people can remember when they said if Hillary Clinton gets elected the stock market goes up or if donald trump gets elected the stock market crashes. But we remember after the Election Results came in, the market went down, hasnt looked back since. We could see another type of volatility move like that. Cheryl tell you what, Maria Bartiromo called it. She did, back if 2016. John, phil, thank you very much. Speaking of that, tomorrow morning, the august jobs report, 8 30 a. M. Eastern time. I will be bringing you that breaking news in the morning. Get some sleep. Its going to be a roller coaster in the morning, likely. We are looking at the dow right now. We are coming well off of session were down only 835. Im saying that. S p was down more than 4 on the s p. Were down about 3 1 2 . Techheavy nasdaq, a lot of technology selloff stocks is story behind all three indices being down, that is the story were following, have been. We have five minutes to go. Five below is up more than 5 today on an earnings beat. They are rising above a tide pulling a lot of other retailers down. Lets bring in Lauren Simonetti for some good news. Lauren. Lauren thank goodness, lets talk about five below. What a winner today, just under lien that a winner in a day like today. Five below is a discounter. They reported net income 30 million. They are planning to open up 110 Net New Stores by end of the year. Ceo says were a destination. I think parents are looking for something to do with their kids and five below is that destination. Dollar stores, cheap stores, theyre great. You can get the kids anything. You dont feel guilty. Not all stores are destinations. Let me show you the losers now, cheryl. Michaels, take a look, they got hit really bad, down 14 . This one is interesting. Obviously an arts and craft store. Think of activities to do at home, locked down, they reported a net loss of 7. 8 million even though online sales quadrupled from last year. Im chalking this one up to overall selloff today, a little bit of buy the rumor, sell the news. Michaels shares are up 1000 percent sips the march low. That is pretty impressive. Weve seen that with much of the stock market. Up so much since the march low. Giving some of it back today. Look at costco. The stock is down too. Another great month. August sales up 15 . Online sales doubling. But the stock is down 3 . It is taking big lots and bjs down. The retail wreck with the exception of five below and macys by the way. It hit walmart and hit target. Those are lockdown winners in a big way. Theyre each up double digits. Cheryl, back to you. Cheryl Lauren Simonetti thank you very much. Target is one of the stocks our countdown close closer is sticking through with the opinion pan. A little pressure on the stock. I heard the retail wreck but i think target is an exclusion to this. I think target is thriving on new consumer environment. Their omni channel is seeing significant growth. In covid world more people want onestop shop for other needs. Target delivers on that. Their private label brand, good and gather is gathering significant revenues. Theyre firing on all cylinders. Cheryl youred adding starbucks to watch list. Theyre opening more stores, more globally than in the states. They have been on track . Gameplan for dealing with covid. They are known for social gatherings, business places. Theyre moving towards convenience. Downsizing stores and Closing Stores in corporate areas. Theyre using the strategy in china which is more towards delivery. We think that is successful. We think that is a tailwind for starbucks. Cheryl starbucks down right now. September is typically a rough month for stocks. Not typical of 2020 but is this a sign what the month will look like in your opinion . I dont think so. I think investors are taking a step back to ask themselves if the valuations make sense. Were seeing rotation into more cyclical stocks. Weve seen it multiple times last few months and the trend never continued this plays into the divergence between actual Economic Data and the market as well. Cheryl carter, i liked the picks you got. I talked about super target on the air. Great place to shop. Thanks for giving as you little bit of a good news and thanks to lauren. Were looking a markets, were well off the session highs. We were down more than 1000 points. Were down 787 and counting. Well off the lows. The dow, s p, nasdaq wiped out weekly gains but, but. [closing bell rings] were not looking at what we had at the top of the hour. There you go. Thats it for the claman countdown. Connell mcshane, Melissa Francis picking it up right now. Connell that was a rough day. All three major averages sinking today. This comes one day after the s p 500 and the nasdaq closed at record highs. The nasdaq getting hammered, snapping a fourday winning streak in the process. The dow after being down more than 1000 points earlier in the session, closes lower by 800. Well put it into perspective best we can. Thanks for joining us. Im connell mcshane. Melissa what a rough day. Im Melissa Francis this is after the bell. We have fox Business Team coverage. Lauren simonetti is watching todays market selloff. Good luck to her. Edward lawrence is in washington. Lets start with lauren. Lauren i know, it was a rough one