The dow now positive for the year as the s p and the nasdaq close in on alltime highs yet again. Is a deal to buy tiktok hours away . As we reported here first, microsoft ceo speeding fastest toward the social media prize. Now its confirmed walmart has bet on microsofts horse to nudge it across the finish line. The analyst who says a deal has been sealed and is down to the wire in a fox business exclusive. Dan ives of wedbush, only here coming up. Hurricane laura leaves destruction in her wake as the energy world scrambles at this hour to restore power and get natural gas and Oil Operations back online. We are going to take you straight to lake charles, louisiana, where the eye went right over for a look at the ontheground damage. And the boycotts spreading at this hour from sport to sport as americas top athletes protest racial injustice. The ceo of the Company Whose name is on the bucks home arena is with us live on hoops, protests and what big business can do and what hes doing to fight racism. Less than an hour to the closing bell on a rockin hour. Lets start the claman countdown. Liz folks, normally we would say keep your eye on the nasdaq or the s p. All three of them charging ahead. Here is a fox business alert. A profit surprise is leading our pop stocks. Abercrombie fitch back in fashion, down more than 29 year to date, hitting an 11week high intraday after reporting a 56 Digital Sales surge in the second quarter, driven by demand for, you guessed it, lockdown loungewear. Shares up as much as 18. 6 earlier, pared back but up 7. 8 . I got to have you look at beyond meat. It is doing the quote, impossible. The faux meat maker going digital, offering its plantbased alternatives including its beyond beef and sausage patties directly to vegan shoppers online. The stock is up 6. 33 right now. The move comes three months after rival impossible foods entered the directtoconsumer market. A beneficiary of the pandemic food stockpiling, yeah, thats been the name here. Right now, we are looking at 133. 42 a share for beyond. Its added to a 66 gain since january 1st. Abbott labs, we have be talking all week about abbott. Its jockeying for the s p top spot at this hour. The stock spiking 8. 5 after the fda greenlit the diagnostics giants 15minute rapid covid test that only costs 5. The Trump Administration also announces it will purchase 750 million worth of abbotts rapid tests and shares are lhitting a alltime high. We stand at 111. 85 as our intraday picture shows. Rival covid19 testers are going negative on the news of abbotts speedier and less invasive nasal swab test. Codiagnostics down as we head into the close. Again, check the dow up 263 points. What happened . Well, the markets are bouncing on history that happened at the Federal Reserve earlier today. We saw a surprise policy shift from the fed which will now, heres the shift, will now adopt an average, not a straight, but an average inflation target rate of 2 . That caused markets to spike shortly after the opening bell. Chairman Jerome Powell outlined the changes to Monetary Policy strategy during a virtual gathering of the annual jackson hole symposium. Heres what he said. We will seek to achieve inflation that averages 2 over time. Therefore, following periods when inflation has fallen below 2 , appropriate Monetary Policy will likely aim to achieve inflation moderately above 2 for some time. Liz okay. We are going to explain the fedspeak. It was at that point that the markets began to spike. What will this policy shift really mean for supporting the overall labor market, broader economy and much more . Perhaps your investments . We bring in our experts. Andy brenner, Nat Alliance Securities fixed income head and phil flynn from the cme. Andy, please give our viewers the fedspeak translated into regular speak. Why does the average of 2 inflation thrill these markets so much versus a hard 2 . Well, we have a lot of things going on right now, weaker dollar, we have the pandemic going on. You are seeing costs start to rise a little bit. What the fed is telling you, even if you get inflation at 2 , even 2. 25 , even 2. 5 , they are not going to raise shortterm rates. However, the long part of the market does not like this. We are seeing the tenyear go down dramatically and the long bond all the way down to 1. 50 right now. Thats going to continue which is why your banks are doing better because your yield curve is stiffening up dramatically. I think we listen to kaplan later this morning who tried to explain it further and you know, he said well, if it gets to 2. 25 , i might start to be concerned. Liz, the feds in a box. They cant raise rates. They cant raise rates if inflation is 3 because they have already said they are not going to raise until the end of december 22 at the earliest, and how can they raise with unemployment 8 , 9 , 10 , 11 . Long range, they are going to go much higher and the yield curve is going to go much steeper. Liz yes. Specifically, this jumped out at me as i was watching powells speak. Downward risks to employment have increased. Assessments of the u. S. Economic potential have declined. That normally, you would say would not be good for the markets but phil flynn, boy, did the markets just shoot higher as soon as he began saying specifically you know what, we will have a wiggle room both to the upside and the downside and we will still keep rates, meaning free money, incredibly low, 0 to. 25 . It makes you wonder, this is really a historic day. You can call this the powell doctrine because this is a total change of what the Federal Reserve supposedly has stood for for the last 35, 40 years, to fight inflation. They are basically pulling back and saying we have bigger issues than inflation. In fact, we want to see inflation. We are concerned about a more deflationary environment, people getting locked into this for a long time. This is a historic shift. I agree, it is going to change the yield curve a little bit. We have already seen that. You would think with the fed saying they want inflation, gold would have gone straight up. Well, they initially did, but then reversed because back end of the yield curve started to go back up. It is a real big change for the fed. Liz anybody worried here about things getting extraordinarily buoyant, shall we say . Listen, i love our bulls as much as i love our bears, but at the moment, we are looking at record after record, so andy, give me a sense of what concerns you might have, but also, why this is a positive. Well, this is a positive because it keeps the fed from raising rates any time soon. Its also a positive in that if and when the economy does return to normal levels and unemployment goes down to 5 , 4 , 3 , whatever the number is, the feds not going to raise rates just because of that. The negative is, the equity markets are too high, in my opinion, and i think we are going into the worst month of the 12 months of the year, september starts next week. So im a little bit concerned that equities have gone a little bit too high and they are factoring in longterm rates at very low levels and im not sure you are going to see that, because if inflation comes back which i think it is, you are going to see the bond vigilantes come out fiercely. I wouldnt be surprised to see tenyears back at 90 basis points to 1 in the very near term. Right. Liz quickly, phil, go ahead. I was just going to say, we might as well buy the book printers because they will have to throw out all the economics books and start over again. Liz rip out the pages. All right, folks. Dow is up 270. We are positive for the year. All we need is a gain of 206 points to have brought the dow to that and here we are, well above it. Andy, phil, as always, our thanks. By the way, folks, tomorrow in a countdown exclusive, we have one of the federal open Market Committee members who voted for this major policy change. Philly fed president Patrick Harker sits down with edward lawrence, 3 00 p. M. Eastern. Please do not miss that. Now we have to talk about the lurk. Aft after the category 4 hurricane smacked into texas and louisiana, with more than nine feet of storm surge, laura has been downgraded to a Tropical Storm but is still wreaking havoc as more than 700,000 people are still without power. U. S. Energy firms now able to get on the ground and assess the damage to more than 300 offshore platforms and drilling rigs in the gulf of mexico, on the water, so to speak. National Weather ServiceOfficials Say the remnants of laura could cause tornadoes and flash flooding in parts of arkansas and tennessee. To jeff flock, who is in the area, lake charles, louisiana, where the eye of the storm rolled right over. Jeff, what can you show our viewers and tell us about last night . Reporter we took a deadon hit in lake charles. You talked about the power down. Thats everywhere. What you see there, thats everywhere. Power poles down, lines pulled down by trees. Something i want to show you now, this happened over here, you know, the trees have come down almost every block has trees down. They got a report of a fire back behind that one but they cant get the fire engine through because the trees are blocking it. So they are waiting on some guys to come out with chainsaws. There havent been a lot of chainsaws out here. We hope by maybe tomorrow we start to get something happening here. Right now, everywhere, we see trees down. Police have been good about trying to help people get through and all the rest, but a lot of the trees are down on actual homes. If you look at that one over there, its a heck of a picture, isnt it . Four deaths so far reported here in louisiana. All of them as a result of trees falling on houses and killing the folks. Everywhere you look, it happens. And the power of it, look at this over here. It snapped off, 150 mile an hour winds, no surprise the trees would snap off that way. But thats what you see everywhere. This isnt a oneoff. This is everywhere you look in the town of lake charles. Its going to take awhile to get this one back to normal. Liz jeff, that really underscores exactly what we are talking about. So many people without electricity in the heat of the summer. We are wishing everybody the best. Thank you so much. We have the closing bell ringing in 59 minutes. Up next, President Trump just left fema after getting the latest from the agency on the storm damage, but no doubt he is now zeroing in on his focus of tonight. He is hours away from delivering his speech at the Republican National convention. Whats he going to say . And will he mention china, because as you know, the ban on tiktok is coming and he wants that ban. We are about to tell you what he plans to say. We are taking you live to d. C. When the claman countdown comes back. We made usaa insurance for veterans like liz and mike. An army family who is always at the ready. So when they got a little surprise. Two . 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The president expected to argue that americas never had a clearer choice between two visions and agendas seeking to define former Vice President joe bidens candidacy as extreme. To Hillary Vaughn in d. C. Plaza for more on the president s speech from the white house tonight. What are we hearing . Reporter preparations are under way turning the White House South Lawn into an outdoor theater where the president will give his acceptance speech, officially accepting the nomination from his party for president. Hes going to make the case that the American People should renew his contract for another four years, looking at what he has done on the economy and putting that in contrast with what a potential President Biden would do for the economy. There will be a Live Audience as republican law makers and also a Fireworks Show over the washington monument. This happening while the country is grappling with a number of crises from the pandemic that forced this to happen at the white house in the first place and also while hurricane laura bears down on the south. We are getting a sneak peek, though, about what the president will say tonight. He will say this. We have spent the last four years reversing the damage joe biden inflicted over the last 47 years. At the Democrat Convention you barely heard a word about the agenda but thats not because they dont have one. Its because their agenda is the most extreme set of proposals ever put forward by a major party nominee. Trumps remarks will be the finale to this weeklong Gop Convention but before that, the democratic nominee, joe biden, is chiming in, responding to what trump will say tonight. We created more jobs in the last three years than hes created so far. So he inherited like that old phrase goes, everything he inherited he screwed up. He screwed up the economy so badly. For the last four years, we werent having riots, racial riots. When they occurred, we didnt have to call in the national guard, we protected federal property. Reporter once the Gop Convention wraps up tonight, the next big event on the schedule will be the first president ial debate between the two. But one democrat, House Speaker nancy pelosi, is encouraging biden not to debate trump. Biden says today he does plan on debating President Trump but one topic thats sure to come up on that debate stage, liz, is china, because one nickname that trump has had for the democratic nominee is beijing biden for his cozy ties and soft stance on the country. Liz . Liz hillary, as we wait for that speech tonight, important to note that we are hearing that hours away, we may get firm bid information on whether tiktok is being sold at least the u. S. Assets along with the australian, canadian and new zealand assets to a u. S. Company. Our sources saying microsoft. The president wants to ban it. We will be watching all of that and more. Thank you so much. By the way, of course fox business will have complete coverage of all the action at the Republican National convention tonight. Special coverage begins at 8 00 p. M. Eastern. Well, the rnc will have no competition from the nba tonight for tv viewers. With the dow up 287 points and 40 minutes left before the closing bell rings, after leading the charge in protesting social injustice, the Milwaukee Bucks have now ignited a Movement Across nearly the entire professional sports world. As the red sox meet at this hour about their game tonight against the toronto blue jays, is another league about to postpone its games . Coming up, the ceo of the Company Whose name is stamped on the bucks hometown arena, fiservs ceo here in a countdown exclusive next. The dow up nearly 300 points. 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 breaking news. Espn reports the Boston Red Sox are having a team meeting at this very moment to discuss whether to join a growing list of sports teams who have postponed their games in a show of protest following the Police Shooting of jacob blake this past sunday in kenosha, wisconsin. If the red sox postpone, it will be the third mlb game impacted just today alone. The Texas Rangers face off against the Oakland Athletics and philadelphia phillies, thats canceled. Rather, Oakland Athletics and the phillies versus Washington National games, thats called off. Called off. Postponed, whatever you want to call it. Espn is also reporting that the entirely Different League of the National Hockey league will postpone its two playoff games scheduled tonight. Now, we have reached out to the league, to the nhl to confirm that news. We are waiting on a reply. But the nba, wnba, they have moved back all games scheduled for tonight and eight nfl teams have canceled their football practice this afternoon. To the Milwaukee Bucks, who play their regular season games at the fiserv forum. They lead what is now clearly a spreading movement. They were the first team to officially boycott their game yesterday. Joining us in a fox business exclusive is the ceo and president , frank bisignano. Welcome. By the way, yes, we have heard about the National Hockey league. As soon as we get that information or anythin