A live update. Yeah, cheryl was right, markets are losing a bit of steam late in the session. The s p as i said, kind of straddling that line. Its up two points right now but the nasdaq which had been up, is now in the red, negative by 13 points. It was headed toward a second Straight Record close. Dont worry. Thats not necessarily in the rear view mirror. Weve got again, now its 59 minutes, we will see. Are we witnessing the start, though, or at least the original sounds of a correction . Our floor show traders are about to play defense for your portfolio. From white claw to bud light seltzer, now the seltzer wars, those hard seltzer wars are really bubbling up as a new competitor joins the battle. In a fox business exclusive, we have the president and ceo of Anheuser Busch north america to respond to cokes new challenge. And we will take you for a ride. This is so cool. On the new socalled fun utility vehicle. The ceo is here to show it to you but also to talk about how everyone from First Responders to Small Businesses to stars like Mark Wahlberg are jumping into this allelectric trike. Plus its the first time in three decades we cant for sure say that disney earnings are coming out after the bell. Will the covid quarter loss be as bad as everyone predicts . Our 170 billion countdown closer reveals his newest position and will apple really make a play for tiktok . Charlie breaks it. Less than an hour to the closing bell, lets start the claman countdown. Liz Tropical Storm isaias is pounding its way into the northeast, unleashing heavy rains and 70 mile per hour winds. This is a live picture of the radar. New york and new england on high alert with Governor Phil Murphy of new jersey just issuing a state of emergency. According to power outages. U. S. , more than two million customers are without electricity. We want to give you a live shot outside the fox business studios on sixth avenue in new york city. You can see, i count four cars. This is crazy. This is sixth avenue. Avenue of the americas. The projected path of the storm has shifted slightly westward, giving the city a bit of a reprieve from the heavy rainfall. Isasias made landfall in North Carolina as a category 1 hurricane. At least two people were killed when one of the twisters spawned by this Hurricane Force winds hit a mobile home park. Check the dow. We are up 87. We need to get to the stocks that are popping and dropping. Playtime during the pandemic propelling take 2 interactive. Folks bolted to their couches during the covid lockdown giving a big win to the video game publisher which more than doubled sales and profits and take 2 also raised its full year adjusted sales forecast. The stock popping 5. 33 . This is all a good precursor for activision blizzards which reports after the bell. Ahead of that, atvi up 1. 3 . From stayathome gaming to stayathome studying and the movement in this stock may confound even advanced calculus students. Online learning and digital textbook leader chegg reported quarterly profit and revenues that beat forecasts, they raised their full year guidance and showed boffo subscriber growth, yet the stock is trading lower by about 2. 25 . That stayed, perhaps its a little profit taking on a stock thats done pretty well. Virgin galactic shares, Ticker Symbol space, thudding back to earth after the Space TourismCompany Reported a wider than expected quarterly loss and also, it filed for a Public Offering of 20 million shares. Sometimes investors perceive that as dilutive for the outstanding shares that are there. We have space moving lower by 12. 5 . The news comes after rival spacexs crew dragon endeavor capsule made that historic landing on sunday. From rockets in space to the rock rockettes in new york city. This years Christmas Spectacular officially canceled for the First Time Ever due to the covid19 pandemic. Tickets for the holiday show known for its highkicking rockettes and live camels will be refunded for those who are holding them now. The company also says it will have to lay off a third of its work force. Msge nursing a pulled muscle at this hour, down 1 . Is it going to be a trillion, three trillion . What will be in it, regardless of the top line number . We are about 25 minutes away from the start of another round of negotiations on capitol hill where law makers have not yet reached a deal on the Coronavirus Relief package millions of unem mroi eemployeds are waiting upon. White House Press SecretaryKayleigh Mcenany said the democrats are making a quote, absolute mockery of this process as they have rejected four offers from the white house. She did neglect to mention that republicans also rejected the democrats plan that the democrat controlled house passed back in may. So lets look at the two plans together. The democrats for now are proposing 3 trillion in relief. The plan extends through year end the additional 600 per week in emergency Unemployment Benefits and another 1 trillion in assistance for local and state governments, who very well may have to lay off lots of employees. The republicans have a smaller plan, much smaller, 1 trillion. Thats the total. Cuts the 600 per week down to 200 through the end of september, after which benefits would equal 70 of wages when combined with state benefits. To the white house live and blake burman. Blake, Senate Minority leader Chuck Schumer just hinted there might be progress. He is speaking live at this hour. What can you tell us from the white house . Reporter he has been talking about progress but you also have to wonder if there is option c which is nothing at this point, because you have to really and seriously question what the way is Going Forward here among democrats and republicans in the next step relief measure. Heres why. Earlier today, the top two white house negotiators, steve mnuchin, mark meadows, chief of staff, met with Senate Republicans during their lunch. They are set to meet next with Chuck Schumer and nancy pelosi later this hour. After that lunch, just to give you one example, john cornyn, top republican, was asked about what comes next, what plan comes next, and cornyn said there is no specific plan because democrats arent serious. That is their take. However, mitch mcconnell, you see on your screen there, also openly acknowledged after that lunch that republicans are seriously divided. Senate republicans seriously divided on a way forward. The only thing it seems as if the republicans can agree on at this point is that the 3. 4 trillion plan that democrats have passed is a nonstarter. Watch here. If youre looking for a total consensus among republican senators youre not going to find it. We do have divisions about what to do. What were hoping for here is a bipartisan proposal. Were ready to help. Hopefully we can get rid of the trillion dollars thats unrelated to the problem. Reporter i also want to note that earlier today, the white house was asked about the comments made by the minneapolis fed president over the weekend, who said the economy can be saved if there is a four to sixweek hard stop. The press secretary Kayleigh Mcenany was asked about kashkaris comments. This was her response. Im certainly not going to engage in hypotheticals but no, theme president is not considerg a national lockdown. What he is encouraging is mitigation efforts like wearing a mask which is patriotic, like social distancing and engaging in these really commonsense safe measures to safely reopen and avoid the Health Consequences of a lockdown. Reporter so Chuck Schumer has been talking about progress, though its certainly a foggy way forward as to how you might get that progress or at least get to the finish line with it. Larry kudlow, the president s top economic adviser, today told Stuart Varney that one of the things that the white house feels President Trump can do with an executive order is to extend the eviction moratoriums because that deals with federally backed loans or at least deals with the loans that are federally backed. When you talk about Start Talking about what we can do Via Executive order, and you Start Talking about that openly, it really goes to show where things stand at the moment when the discussion is what we can do if there is nothing legislatively at all. Liz . Liz you also risk triggering some type of domino effect for anybody who owns rental buildings. Mr. Trump himself will be watching all of that. Blake, thank you very much. Blake burman. By the way, we will hear more about what President Trump has to say about the negotiations today, because hes joining lou dobbs tonight, 5 00 p. M. Eastern time. In just a couple of hours. Dont miss it. With the closing bell ringing in 51 minutes, the dow, well, weaveve got a nine handl here. Ralph lauren ripping at the seams in this final hour after pandemic store closures sparked a 77 drop in quarterly revenue in the north american stores. The iconic fashion chain reporting sharp sales declines, not just in north america, though. Across the globe. Shares right now down 5 to 66. 18. Many retailers getting ravaged by the pandemic but big tech holding strong. The recordshattering nasdaq looking like the energizer bunny. So why is one of the streets biggest names sounding an alarm . That warning and how to play it, next on the floor show. Dont go away. Its easy to get lost in the economic uncertainty. The volatility. The ambiguity. The moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. Northern trust. You say the customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept. 5g, everybody is talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item, corner offices for everyone. We just have to make more corners in this building. Chad . Your wireless, your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch to Xfinity Mobile and save up to four hundred dollars a year on your wireless bill. Plus, get two hundred dollars off when you buy an eligible phone. Liz the techheavy nasdaqs pretty much unstoppable run seems slightly on pause at least right this second. If it closes higher at all today, that will be the 30th record finish this year. By the way, last year, in total, 31 records. Already at 30. Now for the First Time Since 2012, Technology Stocks make up 50 of the index. Yes, the year to date gains have been powered by a landful of popular stocks from netflix to tesla, apple and a in,md but it not just the marquee names. Check out the year to date returns for docusign, cadence, idex, up 56 . Docusign up 209 . Those names also giving tech bulls a major assist. With the epic runup and a bunch of unresolved risk simerring under the surface, Morgan Stanley wakes up today and says quote, we think the most likely outcome remains a 10 correction in the broader index led by the beneficiaries before the recovery and then the bull market continues. To the floor show and our floor show traders. Guys, listen, lets just say morgan is right. If you were to rotate out of tech for safety purposes or at least you take some profits here, what would you rotate into . Phil flynn, you first. First of all, i think theres a lot of people watching today that are praying for a 10 correction because they want to get in. Right . Liz exactly. Morgan stanley is saying hey, guys, we are looking for a correction to buy. Trying to predict a 10 correction is like predicting it will probably rain pretty soon. It will happen eventually. When it does, you hope you have an umbrella. But assuming that you want to say i dont want to get out for this 10 correction, i want to look for a sector but you really believe we are in a bull market, you probably want to pick a sector and pick the strongest names in the other sector because if you are going to sell some really good stocks, buy the best stocks in another sector. For example, consumer staples. Dont buy the garbage if you think you are in a bull run. Buy the best of the best. Its cheaper. Names like jm smucker, campbells soups. They have done well during the coronavirus. If this bull market continues, they should continue to run and should benefit as tech continues to fall. Liz yeah. You know, it makes absolute sense to take profits, tom, but again, if youre looking at names that really have staying power, sure its big technology, but lets just say for the most you rotate out of them. What do you like here that isnt overbought . Well, i think i want to follow Warren Buffett. If you noticed in the last two weeks, hes bought 1. 7 billion of bank of america stock and everyone said when warren is [ inaudible ] hes buying these cheap stocks, they say has Warren Buffett lost his touch. The answer is always no. I like bank of america. I like wells fargo. The regulators are going to have to lift that asset cap on wells fargo if they want to see our recovery be sustainable and strong and steady after all the effort thats gone in and i think Morgan Stanley noted correctly [ inaudible ] we will have 27 Earnings Growth in the s p next year but only 14 Earnings Growth in technology, 33 Earnings Growth [ inaudible ]. Liz yeah, you know, your signals a little bit sketchy here. But im looking at the pricetoearnings ratio. We try and let our viewers know this. The pe ratio for bank of america is 15. Thats cheap. Then you look at the pe ratio i mean, amazon is like at 120. We talked about that the other day. Lets just say apple, apple is certainly higher than that. As we check that pe, phil, i see these names and i say okay, profit take. Pe of aum pple is 33. No reason why you cant take profits. Hes absolutely right. Some of these banks look very good. The reason why the bank stocks have underperformed recently, had some concerns about the coronavirus writeoffs but also because of low Interest Rates. If you look from a big picture, Interest Rates arent going to go a heck of a lot lower from this point. You only have upside. And youve seen that the volatility on the banks, their trading arm in most of these banks have done pretty well. Lets face it, we get a 10 correction in the nasdaq, that volatility is going to stay high and it probably means they will do very well on the trading. Liz okay. I would be remiss if i didnt bring up gold as we finish up this conversation. Gold is now above 2,000 per ounce. Now we are at 2,000. Yeah. Thats right. Look at it now. Gold making a big move, pushing through any resistance to the upside, now at 2,023 per troy ounce. A gain of 1. 8 . Dow jones industrials is up 100 and we are watching the nasdaq, waiting to see if we have another record. Phil and tom, great to have you both. We have the closing bell ringing in about 41 minutes. Disneys star wars spinoff the mandalorian nominated for 15 emmys but the Quarterly Results expected to be anything but awardwinning. What we will do is crush the numbers ahead of its Quarterly Report after the bell and thats straight ahead. And the wait list for polaris loads of fun atv is still a long one but check out the automaker taking the fun from the backwoods on to the highway. Arcimotos newest electric vehicles are so hot, even actor Mark Wahlberg is buying one. Up next, a fox business exclusive with the ceo on chargedup ev demand and the newest offering for the front lines of the pandemic fight. Dont go away. 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. Liz fuv. Not only is that short for fun utility vehicle, its the Ticker Symbol for a company that suddenly is in big demand. Actor and entertainer Mark Wahlberg recently treated himself to one of arcimotos all electric threewheel vehicles that looks like a cross between a motorcycle and a car. The tiny fuv can cruise up to 75 Miles Per Hour and is small enough that three of them can fit into one parking spot. More than 4,000 people are already on a one to twoyear long wait list for these fuvs. Mark wahlberg and his restaurant, heres how he came into it. Hes teaming up with arcimoto to field test the delivery ev called the deliverator that will be in florida. Shares are up more than 280 this year. Arcimoto founder Mark Frohnmayer joins us in a fox bus