Vaporized. We are at 9529 for that. The selloff comes as President Trump is minutes away from arriving in dallas, texas. Now, once he lands, hes going to head to a 4 00 p. M. Roundtable with faith leaders and police to discuss issues from racial inequality to Police Brutality. The Dallas MavericksBasketball Team just held their own discussions with local police and current and former nba stars, including shawn marion. How has the nba team managed to strike the right tone . The ceo of mark cubans team is here to tell you. Shes here in a fox business exclusive on making the business of basketball both diverse and inclusive and of course we will ask her about the upcoming restart of the nba season next month. If you have to pick the underpin of all innovation today, you would have to say its a teeny tiny square of silicon with transistors on it. No wonder team trump is looking to lure foreign microchip companies away from china into the United States. The state departments point man is here. Whats the cost of convincing a company like Taiwan Semiconductors to turn its back on China Business and look forward to the u. S. . We will ask. Even the stayathome stocks are suffering right now. We will show you the one thats charging higher and charlie breaks it on new troubles in dishs deal for boost mobile. Less than an hour to the closing bell. Stay with us, its a rough day. Lets start the claman countdown. Liz breaking news. We need you to look at the s p 500. The percentage of the drop for it is right now. What we are looking at is we are getting very close to Circuit Breaker territory. Now, right now, the s p is down 5. 5 but its getting closer and closer to the important level of 7 losses. If it goes down 7 before 3 25 p. M. , it will trigger a 15minute trading halt. Now, all bets are off if it happens at or after 3 25 p. M. If that happens, we are going to keep trading unless the s p 500 falls 20 . So the 7 level, that would be a drop of 223 points. We are not there yet. The 20 drop would be a drop of 636. Right now, we are down 169. Weve got some breathing room here. We are watching it very closely. Mobile game developer, breaking news here, just announcing its going to create multiplayer titles exclusively for snaps gaming platform, snap games. Both stocks are down, probably getting swept up in the downdraft here. Snap is down about 6. 5 . Zynga down 2. 5 . The first title under this new collaboration is a mini bumper car game called bumped out and its already available to play right now. We are watching that news, even on a day like this. A deal that would be probably really positive, certainly for zynga is pulling it down about 2 . We already talked about Circuit Breakers. Lets go forward to talk about at least one name that has managed to hold on to most of the gains. If we can forward to regeneron, of course its been one of those really Important Companies that matters very much when it comes to the coronavirus issue. You can see that most of the day, regeneron was able to hold on to this gain but you can see that it is pulled down and under water at the moment, down about 9. 52 or 1. 5 . Earlier it was a 52week high after it announced human trials of its potential covid19 treatment. The Biotech Company expects to go into the second phase of testing in just the next couple of weeks. Things are moving pretty quickly here. All right. A treatment cannot come fast enough for any travel stocks. The dow transports, this is the index chock full of airline and trucking stocks, has nosedived into correction territory. Now its down 11. 5 . Correction, 10 lower off the recent highs. We are there and more. Travel related names are unravelling on dire Economic Outlook from the Federal Reserve, which it outlined yesterday. But look at the hit the airlines are taking. When you look at American Airlines which at this moment is down about call it 15 , American Airlines just a week ago was a 22 stock. Its now 14. 47. Southwest, this monday it was 40. Southwest right now is at 33. 01. Delta and jetblue are also getting smacked here. United airlines down 15 . Its a really tough day for delta, down 13 . If you felt like you missed that entry point, 14 , 15 cheaper right now. Lets get to cruise stocks, under water as well. Carnival, norwegian, royal caribbean. Look, carnival at the moment is down 14. 5 or 17. 59. But remember, carnivals low was on april 2nd, 7. Again, perspective here, right . Let me flip it over to hotels. Marriott, hyatt, hilton. No surprise you would start to see some vaporization here. Yeah, marriott down 10 , hyatt down 8 , hilton lower by 5. 33 . Because, of course, we know that we are seeing an increase in covid cases around the United States in some states. Car rental agencies have been losing ground over and over but right now, avis down 13 . Hertz which of course a couple weeks ago had to apply for bankruptcy, is down 19. 5 to just 2. 03. With all of this red on the screen, you would think it would be a bumper day, positive day for stayathome stocks but even as that prospect of a second wave of covid19 infections inches closer to reality, weve got tepid moves here. Netflix down 1. 5 . Electronic arts down 2 . Blue apron, that one stayathome stock, the make your own meals at home company, is up 3. 5 to 10. 11. Why . Why is today looking like it is . Lets get to the triggers of this broadbased selloff. Number one, yesterday in this hour, Federal Reserve chair jay powell said this is what he sees. He doesnt expect the fed to raise rates again until 2022 because he doesnt have a huge amount of confidence that we can somehow just eliminate 20 Million People unemployed like that. Well, immediately investors read that as things are bad, things must be that bad that we need low rates for years. Well, you witnessed the plummeting tenyear yield. The tenyear yield just four days ago was more like. 86 . We are at. 66 . 20 basis points gone . So yeah, we are looking at a tenyear yield at. 66 . That shows fear in the markets. Number two, rising infection rates in some of the states that have reopened. That of course we talked about. Number three, to our traders for number three. Guys, after the fastest runup rally in history, im not surprised that the market is just simply suffering from altitude sickness, right, sarge . If thats the case, the dow is having its fourth worst day ever, is that a little bit of overkill or realistic . No, its realistic. You got to understand that jay powell is right. We are not going to have a vshaped recovery. We will have a reverse square root symbol type recovery where we come halfway back, then go sideways maybe for a long time because its going to be a drag on growth. Now, what investors can do, i look to my four baskets of doom in times like this. We go to the vaccine therapeutics group, pfizer, moderna, johnson johnson, merck, regeneron, teledoc. To the work from anywhere. Not the stayathome stocks. Thats entertainment. People arent going to have money. Work from anywhere stocks, microsoft, sales force, adobe, who reports tonight, marvel technology. You need security. We go to the safe retail group which means they also sell groceries, amazon and walmart. I almost had costco in there but they failed recently so theyre out. Now to the pantry groups, things that can stay on your shelf for a month. Conagra, campbells soup, pepsi cola. Liz thats one kind of liquid but phil, we are looking at another and that is black crude. Black gold. It is not gold right now. Its down about 9. 33 . Still, at 36. 21 a barrel in the aftermarket, remember, for those of you who were on mars or somewhere else, i guess two months, month and a half ago, we were at negative 40. Remember that freaky friday, whatever day that was . I sure do. I think most of the exchanges in the world remembers it as well. It was a historic day. Ill tell you, we had the worst headline that i think, my biggest fear about this bull market has been a second wave of this coronavirus. You know, its really disappointing to hear these kind of headlines come out because lets face it, the market was looking ahead. It was believing that the fed was going to get ahead of this coronavirus by putting in the stimulus. It believed that americans were going to get back to work, so the concern is that if we have to shut things down again, thats a bad thing. I will tell you this. The market is ahead of itself. We are way ahead of ourselves on the selloff. The reason is because we dont know enough. Just because we have had one spike doesnt mean we are going to get a second wave. It could be an aberration. So theres not enough data. So with the fear factor, in my opinion, its one of the main reasons we are really getting beat up here. Liz we were already showing, guys really, really, really quickly, sarge. Okay. Just for the folks at home, this will help them, okay. The Standard Poor is trading at 3021. The 200 Day Moving Average is 3013. We hang on to that, we might be okay for tomorrow. We dont hold that spot, theres about another 120 points to the down side. Thats important. Also, im short liz okay. Nobody but nobody is paying 1200 for a phone next year. Liz i dont know. Some parents can be convinced by very very vicious children who push them hard. Apple is down about 3. 8 right now. Guys, thank you very much. Weve got so much action that the dogs are actually barking here. Okay . The closing bell ringing in about call it 49 minutes. Yep. Boy, that dow down 1659. Believe it or not, we are off the lows. Just a month after Taiwan Semiconductor unveiled plans to build a 12 billion plant in the u. S. , lawmakers both sides of the aisle are now looking to dangle a large carrot in front of the whole Global Semiconductor industry. In a bid to encourage them to move statestiide and away from china. Up next, a fox business exclusive with the u. S. Undersecretary of state for Economic Growth, energy and environment. The point man for the project joins me live when the claman countdown returns. Rough day in the markets. We know it. We are walking you, running you through all of it. 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. And now for their service to the community, we present limu emu doug with this key to the city. [ applause ] its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. And now we need to get back to work. [ applause and band playing ] only pay for what you need. Liberty. Liberty. Liberty. Liberty. Liz wow. You know, uber is probably sitting there saying that hurt. Ouch, that smarts. Grub hub ceo matt maloney saying a deal with uber didnt fall apart due to antitrust concerns. Well, then what was it . Grub hub reached an agreement to be acquired by a completely different company, a European CompanyJust Eat Takeaway in the final hours of negotiation with uber. To Cheryl Casone in the fox business newsroom for the details. Wow. Uber got played here, didnt it . Cheryl i think they might have. Thats a great point, liz. This deal was for 7. 3 billion that they signed with the europeans. Its going to give that european name a hold in the United States. All stock deal. Values grub hub at 75. 15 a share, 27 premium to grub hubs Closing Price of 59. 05 last night. Uber has been in talks to buy grub hub but talks fell apart over reportedly the price and regulatory issues, although as you mention, maloney saying that was not the case. Could be a he said he said thing. This will be the Worlds Largest food Delivery Business outside of china. The Companies Plan to place extra value on volume at independent restaurants which should, they say, drive profits and drive growth for the company and when the news broke, shares of grub hub took off, went nuts. Uber actually, as you can see again, was actually under pressure when the news crossed. Wedbush analyst dan ives believes grub hub has about a 24 share of the u. S. Market and food delivery, a lot more popular during the coronavirus pandemic, obviously, whether its grub hub, door dash or uber eats. Which is now just, liz, uber eats. Liz yeah. Pretty huge, though. Yeah. Matt had basically said he didnt want to give uber eats that much power, but i mean, listen, 7 billion versus 6 billion and change, thats kind of the answer right there. Thanks, cheryl, very much. Closing bell ringing in 48 minutes. Sorry, why can i not get this right . 38 minutes. California regulators declaring uber and lyft drivers, speaking of uber, considered employees versus selfemployed people. The new order striking at the heart of this gig economy business model. Both Ride Hailing Services have said you know what, if we have to reclassify our drivers to fulltime employees its going to negatively impact profitability. So shares are both down, we already showed you uber down 10 , lyft is down pai8. 5 . Coming up, as the july 1st deadline approaches, is dish signaling its deal to create a fourth Wireless Network might be in real jeopardy . Charlie breaks it next. Hes got the details on the troubled deal when the claman countdown returns. Dow is down 1756. Heading back down to session lows. Massmutual has been helping people weather storms. Let us help you prepare a plan to protect your family, your loved ones, and your future. Find a financial professional at massmutual. Com and people you can rely on. Im a Dell Technologies advisor. Me too. Me too. Me too. And if youre a Small Business, were with you. We are with you. Were with you. We want to help. So well be right here. At home. Answering your calls. Providing support. And standing by you every step of the way. Bye bye. Liz when is a promise to the government like youll start a Wireless Network, when is that not a promise . When a Global Pandemic and a market selloff enter the picture. But will that be the excuse dish ultimately gives if it backs out of a deal it made during the sprint tmobile merger talks . Lets get to charlie gasparino, who has been following this. Is that going to be what happens . What are you hearing . Charlie some of that. Lets be real clear here. The claman countdown busted this story wide open a couple days ago and now its the talk of the telecom industry, thanks to lydia, who did great reporting on this. Heres what we know. Telecom executives right now are talking to private equity about a potential sale or purchase of boost if ergen does not go through with his plans to buy boost, the prepaid network. This is a big deal. Boost was essentially being sold to dish in order for the Justice Department to give its blessing to the sprint tmobile deal. They still have to sell it if ergen reneges or tries to back out. What we are hearing now is hes at least trying to renegotiate the price. As hes doing that, from what we understand, Telecom Executives are quietly shopping a potential to buy boost from tmobile which has to get rid of it. It cant keep it. If it keeps it, its violating its Consent Decree with the Justice Department. Thats whats going on right now. We should point out we put calls in to dish, to the Justice Department, which from what i understand is trying to mediate some sort of deal here between the two to try to save this thing, because quite frankly, this was makim delrahims idea. Makim delrahim is head of the antitrust division. In order to get dojs approval, get it through the staff, he did two things. He basically said mr. Ergen, we will give you more time to buy, to use your spectrum, he has a lot of unused spectrum, to build another Wireless Network to take the place of sprint when it merges with tmobile. On top of that, we want you to buy boost, the prepaid mobile network that tmobile has because they have to essentially sell stuff to get smaller so they can deal with the anticompetitive issues. Right now, its coming down to the wire about buying boost. Kind of interesting, Telecom Executives are saying well, we thought we had agreement, whats up here, how could you just say no now, how can you try to renegotiate. Apparently final terms were never totally negotiated. Thats what we understand, or agreed upon. The other thing is, he may be using force majeure, an act of god, by saying the pandemic essentially hurt boosts business, focuses on low income people, they have been getting hit the most from the pandemic lockdowns, therefore, i want a lower price, i want to renegotiate the price and not pay 1. 45 billion. So thats where we are right now. Again, the claman countdown is way ahead on this. Everybody is catching up. If he doesnt buy it, if he backs out or reneges, theres going to be some explaining to do. Justice department will have to tell us exactly what went down, what went wrong. Mr. Ergen is going to be somewhat i guess hes going to be hes going to rub the people in the Justice Department and s. E. C. The wrong way.