The new world and is stored with low economic data, wall street reversing in just the last hour, we have been down in some cases triple digits but now we have the Dow Jones Industrials just down about six points, s p down to, the nasdaq has punched into positive territory. What is this mean, market legend mohammed is about to tell you if he thinks the worst for the market has finally passed. Plus ill go oneonone with Energy Secretary, just as oil pushes back about 29 per barrel. We mentioned nascar, nascar about to drop the green flag once again this weekend, nascar president is here as engines begin to rub when nascar becomes the first major sport to get back to action since the Coronavirus Crisis began. But what will change prewe will tell you. Even the april retail spending collapse, there is one piece of clothing that saw a triple digit jump in sales, with an allstar lineup this friday on less than one hour to the closing bell, lets start the claman countdown. Liz breaking news, House Speaker nancy pelosi has just begun speaking at the house of representatives, they are beginning to debate the 3 trilliondollar heroes act that the democrats have put forth as part of six of the stimulus two, four, six, is expected to hold a vote on this bill, the Trump Administration has already issued a formal veto threat but is also sent a quieter signal same is not entirely opposed to new stimulus. We will see what happens as the cares turn in d. C. In the meantime we have major breaking news out of the conductor sector, global chipmaker stocks are slimming as President Trump moves to kick chinese huawei off the gray list and straight on to the blacklist. Taking a well beyond u. S. Chipmaker, the administration now moving to block, not just u. S. Companies from selling to huawei but to band Foreign Companies that use American Equipment and software from doing business with huawei. The news is key, the huawei conductor is a big supplier to huawei chip company, high silken but also supplies to apple and flip phones, taiwan is about down for 1. 6 , a victory for President Trump who has pressured many factors to move to the u. S. , taiwan semi has agreed to build a 12 billiondollar advanced chip factory in arizona. , what does it all mean to the Worlds Largest and most valuable semiconductor company, lets bring in the man who runs it, bob swan joining us live. Throughout to have you come in particular on a newsmaking day. These new Commerce Department rules just went into effect in the last hour, first what does it mean to intel and have you or will you apply for a waiver . Good afternoon, thank you for having me, first i would say were very Global Company and as you said in your opening comments, the largest Semi Conductor player in the world. We have a large presence around the globe in terms of customers, at the same time the lion share of our capacity is here in the u. S. , the lion share of r d is in the u. S. We will continue to meet the needs of our goebel customers while at the same time dealing with emerging changes and regulation in every market that we operated. Liz a waiver, is not in your future . Would you like to pressure the Commerce Department to grant to one, the commerce secretary told fox business this morning that most waiver request will probably be denied, have you been in contact with anybody at the federal level on this matter . We are in process and digesting the news that came out this morning and we will continue to look first and foremost how we deal with new and emerging regulations once we have a chance to understand them. But also in conjunction with that serve the needs of our customers around the globe. Liz if the president were to get his wish, there would be a massive separation between china and the u. S. While intel has multiple in arizona, big presence, covering a range of about 12000 employees there, oregon, new mexico massachusetts, parts of your supply chain and customers around the world as well, i guess i want to know with American Labor and cost of production in the u. S. Higher, what would it take for you to move more operations block from overseas or start new ones . First in terms of our global infrastructure, our fabs, as you mentioned our largest presence is here in the u. S. , oregon, arizona, new mexico, we also have fabs in ireland and israel. That is our global famine manufacturing capacity. And over the last several years, weve continued to make significant investments, and arizona in particular, we just opened a new fab, we spent 7 billion in arizona we had a 3000 additional employees over the last couple of years and we expanded our facility there, were also expanding our presence of an oregon. We have added over 15 billion in revenue to the company over the last few years and as we think about the global footprint, we are more than half of our employees here and we have more than half of our production here in the u. S. We will continue to invest to serve the needs of our customers around the world. Liz do you agree with the Trump Administration the american businesses intel included, are too reliant on china for customers and for production . In some ways, we have built a very Global Business in the way our business in the Semi Conductor industry works which is still predominantly a usbased industry, as we serve needs of customers around the globe, we make money in doing that, we bring that money back here to the u. S. , for the most part and we reinvest in r d and in our manufacturing footprint. There is a company we spent 25 o continue to stay ahead at the innovation curve with the technology that we build and to build fabrication facilities in the u. S. , that is how our motto works, the big proponent of developing technology to meet the needs of our customers around the world, that is the best vehicle for us to continue to invest and expand our capabilities and the u. S. Liz intel is just a shining star and has been sent to beginning of silicon valley. You guys just acquired tom in his vehicle company, as we look at these cars, i look at your decision to dive more deeply in the space, it leads me to the Corporate Responsibility goals and that includes doubling the numbers of women and minority and Senior Leadership roles, 0 waste to landfills, and your commitment to carbon neutral, yonder energy sipping chips which have continued to develop and get better and better, how do you achieve that. If you start our report that we released yesterday, and some ways we reflected on the accomplishments that we have made over the last ten years from a csr perspective, whether its green energy use, up to 71 with 100 here in the u. S. Secondly our company is a must 70 figure exiting the decade then we were entering the decade but despite that we use 38 less water and third from a diversity and inclusion standpoint we met our goals of full representation in our u. S. Workforce while also a global pay equity around the globe. Were very proud of the accomplishments weve made over the last decade but what report is meant to do over the decade is to take the opportunity to step back and think about the role that we play in global society, our purpose which is to create changing technology that enriches the lives of everybody on the planet and then think about our investments we make and how do we align our investments with our purpose. An autonomous driving is a perfect example of that, and in essence we acquired a company a few years ago, the acquisition that we made last week was geared towards how do we accelerate atomic striving mobility expand the role that we play into mobility as a service and in doing so address two fundamental problems that we have in the world, one, 1 Million People die every year from car accidents. We want to leverage our technology and share our responsible algorithms for safe driving with private enterprise, with Public Enterprise so that were pushing forward for safe driving which in terms can save lives, and reduce carbon emissions, and so many ways the role it plays is a unique opportunity to take this thing that looks like a computer today, and automobile, leverage our technologies and address some common issues that we face around the world. Liz i love to see that, even warm buffett has said his Car Insurance company will probably suffer because there will be fewer accidents, looking at intel and all of its moves into different businesses as well as the current global situation, it is great to have you, bob swan of intel, please visit us again. They can very much. Liz bob talked about aiming to be carbon neutral. Coming up Energy Secretary dan burnett is joining us on his Energy Future goals and the delicate balance between bolstering the oil sector and keeping prices at the pump low for you the consumer, we are coming right back, the dow was up four points, there nasdaq is up 37. vo since our beginning, our business has been people. And their financial wellbeing. Its evident in good times, with decisions focused on the longterm. And crucial when circumstances become difficult. That continued emphasis on people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. Its my own thing that i can do for me. Since i dont have time to read, i mean i might as well listen. If i want to catch up on the news, or history, or learn whats going on in the world, i can download a book and listen to it. I listen to spanish lessons sometimes to and from work. Yea, it makes me want to be better. Audible reintroduced this whole world to me. It changes your perspective. It makes you a different person. See what listening to audible can do for you. Liz today marks the day of records but kinda for all the wrong reasons, retail sales plunging a record 16. 4 in april, this supports the damage from the nations coronavirus lockdown crushing everything from furniture to apparel to electronic sales which leads us to u. S. Factory output. Then it makes sense, u. S. Factory output saw a record 11 drop in april, is this the bottom and is the worst behind us, lets bring wall street most closely followed a communist, mohammed, okay mohammed, happy friday, does this get better or worse . It gets slightly better but the overall picture stays very worrisome. As you just noted, it is not often its a simultaneous collapse and production and consumption, both sides of the economy collapsed and that does not come back very quickly, it takes time. Liz okay, it takes time, i get that but you said not much better, tell me what gets worse, there have to be some areas that improve and then do you expect to see a downward trajectory in certain sectors, and which ones . We are going to continue to see big winners and big losers and is going to be more of the same, the big winners are going to be the ones that you and i have been talking about and weve been saying they will outperform in the half, companies with solid Balance Sheets, with good management, positive cash flow and on the sunny side of the covid19 shock, microsoft as an example, many others in big tech, healthcare, biotech and on the other side, the losers, travel, hospitality, retail, that distinction will remain in attempting as it is to now hope that the losers will come back quickly, unfortunately that is not a time yet. Liz you talk about the strongest sector, you have to look at electronics, we talked with the ceo intel bob swan intel stock is up 20 yearoveryear, we know that everybody has been rushing to buy electronics during the work from home situation but we also see for the longterm we now will never put the genie back in the bottle, electronics and being connected are so crucial, is that the winning sector, again i know you saved by companies within sectors have great Balance Sheets but is technology really that shining light that goes on for a distance for us . Absolutely, it is one example of a different landscape, this move from physical to virtual that weve all experienced, were not going to go back, quite a bit of the things that we do will stay in virtual space, will have forced automation when the Manufacturing Sector opens up, that is also going to benefit technology, technology has very much the tailwind of the disruption and the tailwind of what comes after this rupture disruption. Liz are you worried about the Federal Reserve leaping into the corporate debt world . We dont want the story to get lost for viewers but they are buying Corporate Bonds, some of them slightly below junk, slightly the below Investment Grade, but do you see any downside to that . I do, i welcome the first move into Corporate Bonds which was Investment Grade, that is because they reopened a market that is really important in this was mainly a liquidity issue, then they took a second step that many wonder and i have a lot of discomfort with, not only do they agree to by companies that went from Investment Grade two junk but they also agreed to by the highyield index. That exposes them to significant default risk. And that is also has tons of issues, political, institutional and financial. I worry about that and i worry that was a step too far and i worry if theyre not careful, its not going to be Zombie Companies but it could be the risk of zombie markets, that we dont want for the longterm health. Liz no, no zombie markets please. All right, thank you. It is lovely to see you, happy friday and thank you for joining us. Mohamed, closing bell, 40 minutes away in the dow has now quintupled what we started with we were up about four points, now were up or than that, 28 points. Sounds good right, ladies and gentlemen, start your engines, nascar racing back in action life on foxs sunday, up next, nascar chief, steve phelps on what they are doing to leave the corona gyrus in the dust. The corona count down is coming right back can my side be firm . And my side super soft . Yes. With the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. 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 comfortable. So, you can really promise better sleep . Not promise. Prove. And now, save 1000 on the sleep number 360 special Edition Smart bed, now only 1,799. Plus, free premium delivery setup when you add an Adjustable Base ends monday. Liz that sound is going to be music to nascar fans ears around the world, viewers are getting revved up for the return of live bracing, the sunday drivers were start their engines for the First Time Since march 8, the sport is back with strict new rules and new safety measures. What will the new normal mean and look like for the business of nascar, ahead of the big day, a darlington waste were in south carolina, were joined by steve phelps, great to have you on the show, seven races over 11 days, what is the first thing the viewers will notice that is different . I think the thing you will notice first, we have no fans in the stands, in her 72 year history, we have never done that, that would be the first thing that is different, there is no practice and no qualifyi qualifying, the drivers are going to jump in their cars, put on her seatbelt, pulled them tight and get on the racetrack and start racing. When the green flag drops, the thing that will look the same is great nascar racing and thats a promise that we have turned fa fans. Liz absolutely, im looking at the team roster which will be limited to about 16 people, usually some of the bigger teams, up to 40 people, obviously you want to keep social distancing et cetera but how is that going to work from a technological standpoint in the pit crews and Everything Else . We try to limit as much as we can so really just essential personnel in the footprint of the racetrack, that was important for us, we want to try to limit that as much as we can, it will be roughly 900 people that will be there putting on the race, using that number as close to 2000, lillian protocols that we worked on with cdc and local state and federal government to make sure that we are bullet proving rocksolid what that plan is. Were excited about the plan that we have in place, we finetuned and were ready to go on sunday. Liz im interested to know what the drivers think, kyle busch is going to be running all seven races over the 11 days, that is grueling but tell me what the responses been from the drivers as they prepare for the new normal at nascar . , not just the drivers but the crew, it will be very different from them, we have them isolated in their motor coaches and when its time for them to raise, they will make their ways through the screening and get right in their vehicles, when they get out of put on masks, then go back outside the footprint, back into the play status safer than kyle busch himself, seven races and 11 days is going to be crazy, he is obviously one of the best drivers we have, that is an ironman for sure. Liz do you expect any change in revenue because they earn no fans, obviously people buy tickets but this is a huge sport for people to be watching him, needless to say you expect to have life fans back in the stadium on those tracks tonight from a revenue perspective obviously the tracks, we own a number of the tracks ourselves, so we dont have omissions in the loss of revenue, the sponsorship that is lost, hospitality suites, all about the comes with putting on a race with fans, so certainly lost revenue there but the spon