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. Why . Because hes sitting on that unused spectrum. They want him to use it some day. This is going to be an interesting thing if he doesnt go through this. As you know, rubbers meeting the road. July 1 is coming down the pike. I just also want to update on major League Baseball. This is like another running soap opera thats going on here. Major League Baseball is expected to answer the latest proposal by the players and do it tomorrow. Now, from what i understand, rob manfred, the commissioner, wants and prefers a negotiated settlement. That means he does not want to impose the Nuclear Option of just playing 50 games and calling it at that. He wants a real season. He wants playoffs. He wants all the stuff, shortened but not at a 50game season. From what i understand, at least what they are working on now, things could change, hes moving somewhat closer to the players plan. The players pitch was simply this. Full salaries, pro rated, and an 89game season. I dont think the owners are going to pay full salary pro rated but they are going to move up their number closer to that 100 and increase the number of games. Again, expect this tomorrow. Its not written in stone, obviously. Nothing is. They dont want to do it today and they didnt want to do it yesterday because of the draft. So this is coming down the pike and hopefully by this weekend, we will know whether we are going to have a decent major League Baseball season. Back to you. Liz you know, okay. Charlie, thank you. Im just being told that the Cleveland Indians will win the world series. Thank you. In my dreams. Yeah. Im still waiting for that. All right, folks, we are now at session lows but because its past 3 25 p. M. Eastern time, no matter what, unless we are down 20 on the s p, were not even close to that right now, there will be no Circuit Breaker pause. So at the moment, at 3006, thats the level that we stand, we are looking at a pretty big loss of 5. 7 for the s p and it has fallen below its 200 Day Moving Average of 3013. Remember sarge was just telling you if we can close above that or at that, we should be okay. We will be okay no matter what, but we are now below it. All right. Dow is down 1816. We have 31 minutes before the closing bell rings. Microsoft, the latest tech player deciding to limit the use of its facial Recognition Systems to Law Enforcement organizations. The tech giant says its waiting for congress to now pass a federal law that would regulate the use of the controversial technology. Microsoft joins amazon and ibm, both of whom made similar announcements in the wake of nationwide protests to end Police Brutality. All three stocks are down. Ibm down 9 . Microsoft down 4. 8 . Amazon down 2. 7 . Up next, as we await the president s arrival in dallas, where he will discuss Police Brutality issues that triggered the george floyd protests, its the Dallas Mavericks who have already embraced the topic. The mavs have the only africanamerican ceo in the nba. Mark cuban hired her in 2018 to fix major inclusion and diversity issues in the back offices, on the team, in the whole organization. Shes here in a fox business exclusive on why issues off the court can make a winning team next. Well be right back. Yeah yyeah yeah hey, hey yeah apps except work. Rywhere. Why is that . Is it because people love filling out forms . Maybe they like checking with their supervisor to see how much Vacation Time they have. Or sending corporate their expense reports. Ill let you in on a little secret. They dont. By empowering employees to manage their own tasks, paycom frees you to focus on the business of business. To learn more, visit paycom. Com hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. Liz all right. We want to take you inside the event where President Trump is soon expected. This is dallas, texas. At any moment, he will be there in that room to meet with pastors, Law Enforcement officials and Small Business owners as well to discuss plans for a quote, holistic revitalization and recovery of the United States. Of course, in the wake of the death of george floyd at the hands of a Minneapolis Police officer which has triggered unbelievable massive protests, not just here in the u. S. But worldwide. Well, the president s event comes two days after the Dallas Mavericks held their own forum called courageous conversations. This involved 200 community members, current and former nba players and Police Officers who all sat together to discuss how they can collectively Work Together to make meaningful change in the dallas area and beyond. Joining us now in a fox business exclusive, the first and only africanamerican female ceo of an nba team, the National BasketballAssociation Taking over the job after more than 35 years at at t, cynthia marshall. Great to have you. I need to know right off the bat what your meeting was like two days ago. Our meeting, its great to be here, thanks for having me, our meeting was amazing. There was a lot of energy. We were focused. Our theme was listen, learn, unite. So we had three different conversations to help bring the Community Together to help them to understand what is really underneath all the protests that are going on across the country, and then to just share some experiences. We had a conversation called welcome to my world, where we had some of our africanamerican employees share their experience of being black in america. We had some of our coaches and others share their reactions to the george floyd situation. And then we had six leaders who actually lead the different systems that in my opinion, undergird oppression and racism and so they talked about where we are now as a community and then where we are going. We laid out some concrete action plans and so im just excited to see dallas coming together. We are going to make some changes. Liz give me a sense of why an nba team, you guys were already engaged in all kinds of conversations with the entire organization. Mark cuban, the owner of the dallas mavs, had brought you back in in 2018. What was the genesis of that and how has it morphed especially during this time postgeorge floyd murder . Mark brought me in because we had a crisis. We had a crisis regarding how we were treating women and also how we were treating people of color. So he brought me in to basically execute on a culture transformation. So he gave me a mandate and we put together i put together a 100day plan and we focused on modeling zero tolerance, we put a set of values in place and those are character, respect, authenticity, fairness and teamwork and safety, which is really important right now. We put our values in place and we executed on a plan. We put a womens agenda together and just put an in exclusiclusi diversity strategy together. Two years later we have made lots of progress. Liz let me play devils advocate. I can hear some people saying you are running an nba team, you care about two things. Winning and winning. Okay. Thats it. They just want to win. Well, i guess make money would be the third, right . They want to make money and they want to win. Now, dallas mavs have won a championship, i believe, 2011, but tell me where this all fits in. I can hear cynics saying you know, with the eye roll, okay, yeah, but how does that help the team win. Well, first of all, it helps you with recruiting. You have to have good employees to run a good organization. So when people know that you accept your corporate social responsibility, when they know that every Voice Matters and you are a place where everybody belongs, that helps in the recruiting area. They want to do business with you. They want to work for you. Sponsors want to do business with you when they know you accept corporate responsibility. Minority suppliers want to do business with you, women suppliers, and thats good for competition, good for the bottom line, diversity is not just a good thing. Theres a bottom line Business Impact to having a Diverse Group of people at the table, a diverse fan base. Even right now, what were doing, we are saying people see that we are relevant. We are already expanding our fan base and our sponsors just by what we are even doing on this issue. So recruiting, sponsors, diverse suppliers, fans, marketing, it all impacts the bottom line. Liz the nba season is going to restart i believe july 30th or 31st in disney world in orlando. The mavs have made the cut. How is it looking . Are you guys prepared for all of the restrictions regarding the coronavirus . We are prepared. The nba has been working very very hard which is why its taken time for us to figure out how to bring all this together, health and safety is number one for adam silver, the coaches, all the owners, and so we are ready. Our players will be coming back soon. So im excited. Were ready to get going. Liz okay. Before we say goodbye, you know im a fellow cal bear. Ive got my little helmet here. Every time theres a cal bear alum, you were the first africa ch n american cheerleader on the football team. Heres my helmet in honor of you. Heres my cup in honor of you, fellow bear. Go, bears liz go, bears. It is so great to have you. The first africanamerican first ceo of an nba team, africanamerican and female. Thrilled to have you. Thank you so much. You belong there no matter what. From the business of sports to the business of semiconductors. The latest in the u. S. Counterstrike to the made in china 2025 strategy involves dangling a very large and i guess we could say green carrot in front of the specific industry. Senators mark warner, democrat from virginia, and texas republican john cornyn have come up with the chips act, 25 billion to Bolster Research and grant tax credits and incentives to companies who build microchip operations in the u. S. The state department got out ahead of that. In may, it announced its working on a 12 billion deal with Taiwan Semiconductor manufacturing to build a plant in the United States. Undersecretary of state for Economic Growth energy and the environment, keith crock, is point man for much of this movement to secure the semiconductor supply chain. Undersecretary, thank you for joining us. Good to see you. 25 billion is one big carrot but these buildouts are expensive. Taiwan semis is 12 billion. That eats up ostensibly half of what the senators are proposing. How do we make this successful without a much bigger investment . Well, first of all, thanks for having me back on your show. Youre right, these investments in the Semiconductor Industry are massive. That is because they are so valuable. Also, the semiconductor investment, they bring their ecosystems with them. What they are doing is building a five nanometer plant and this is the most advanced in the world, and they bring the ecosystem with them and this is critical for national security. Its also critical for bringing the Semiconductor Fabrication business back to the United States. And we are really excited about this. We are working on a number of Semiconductor Companies and its a game changer for national security. They represent the largest offshoring in u. S. History. Liz securing the supply chain is more important than ever, and i have to ask you, though, how is this going to work . Taiwan semiconductor does a huge amount of business with china. Most of it with huawei, which is certainly in the u. S. Governments crosshairs. They applied for a waiver. Can they build a plant in the u. S. And continue to do business with huawei, can they serve two masters . In other words, will you grant them that if they threaten to pull the 12 billion operation away from the u. S. . Well, first of all, 65 of their customers are in the United States. Second of all, when we announce the deal, we announce what we affectionately called the 5g trifecta. And their most sophisticated chips were going to huawei. They arent anymore, because through our export controls we closed that loophole by utilizing our strength and Equipment Manufacturing and Software Design tools so they will not be shipping to huawei. That was a big part of that announcement, because it applies to Semiconductor Plants all over the world. Then the third thing we announced was the 5g clean path. That means any Network Traffic that comes into the United States state department, foreign or domestic, like our embassies, has to come in through a clean path. That means it cannot have touched an untrusted vendor like huawei or zte. We see other countries adopting this principle. We also see Companies Adopting that and so this is huge in terms of preventing the ccps 5g strategy that we all know is dangerous, is for malign purposes. Liz keith, we have only got a little bit of time here but i do have to ask. The u. S. Government has cried foul because china and the government gives so much in subsidies to their state companies and that gives them arguably an unfair advantage. The u. S. Sued European Countries over the airbus subsidies saying that that really hurt our Aerospace Companies like boeing. Here we are giving incentives. Is that the same thing . Does it look a little bit confusing to some people saying wait, it wasnt okay when they did it but its okay when we do it . Well, you know, if you look at the state of arizona, gave a significant incentive, you know, the bill you were referring to is a most welcome bill. This is for the entire Semiconductor Industry. And i mean, its part of the what we need to do in terms of our national security. I think one way to look at it is similar to the race to the moon. All the great spinoff technologies that came off of that. If you think of the semiconductor business, it underpins ai, 5g, autonomous vehicles, cybercomputing, and we know that this is the number one obsession of communist Chinese Party that they want to control this industry. We have always had a great strength here and we need to bring the fabrication side back because thats strategic. Liz i want you to come back, because this is a big story. When they break ground, we want to see it. Keith krach of the state department. We are going commercialfree. Folks, we are looking at a lot of fear in this market. The volatility index is up 48 right now. We are looking at the fourth biggest dow point loss in history, down 1716. We are coming right back. Commercialfree. Dont go away. Going to be over and we dont know exactly when the stock market will reach its bottom, weve got to be prepared for this to last a long time. If you assume that youre out of work for nine months but you end up only being out of work for. I come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx and now for their service to the community, gas. 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 i just mentioned the volatility index. Check it now. We are looking at the vix or the fear index surging. It is up 50. 8 . I just glanced at it. It was 49. Now its 50. Nearly 51 . It is on pace to finish at its highest level since may 1st. What was happening may 1st . We know we were in the middle of this virus and the fear and the lockdowns, but this new news that there are more states that are showing an increase in cases of the coronavirus has a lot of fear pouring into this market and the market in turn is nosediving. Regarding the volatility index, this is the vixs fourth day of gains, making it the longest upside streak since february 25th. To our traders. We are going commercialfree. Lets bring in tim anderson from the nyse and Chris Johnson wait, im sorry. Tim anderson, i want to get to you first. Chris robinson is at the cme. Tim, give me a sense of whether anything is moving or the whole sort of broader index is just a crater. Well, clearly everything is down. Its easily a 90 down volume day. Decliners, at least 15 times advancers. But this is i think a byproduct of the fact the market was clearly ahead of itself last week and the red flag that was missed by a lot of people was this massive short squeeze that took place in these companieste bankruptcy, American Airlines, hertz, tiffanys, a number of others. Stocks that just had astronomical rallies at one point early last week, where the biggest example was hertz, up 175 one day, down 80 the next day. Clearly investors have felt like they had missed so much of the rally. Were looking around for cheap stocks that hadnt participated yet and the short sellers had to double their positions, double them again and then probably eventually [ inaudible ] by whatever fund they were trading through. I think todays action is largely in response to what the fed said yesterday. Because the fed liz yeah. Is always going to be very conservative on looking at what their guidance is going forward. Liz except that, chris, what he said, what Jerome Powell said was we are going to keep rates incredibly low, 0 to. 25 until 2022. Usually that is a screaming buy signal. Yet combined, when you mix it in, you do a little alchemy with rising cases of coronavirus, suddenly the whole market froze and then began melting down. Well, 72 hours ago we had record highs. We just rallied, in 11 weeks, over 9500 points on the dow. So 52 gain, here we are, if you do the math, roughly from the top to the low today, we are at 9 . So back in the day, we were always told that 5 moves are noise. We are in a market thats very volatile. You will get bigger moves, bigger swings and because the markets are set up now, you get these markets that move very very quickly. Why is the market down so much . I can tell you, the one thing you can do if you are long stocks and you cant get out, sell dow futures. Even though you still own your stock, your hedge is protecting you. You see people pound on the s p, thats really whats going on. If you cant get out of your stock position, you are buying s p puts and thats whats going on. People are selling the s p and thats what this market is set up to do. Youre not obligated to watch the sky collapse. You can hedge yourself and when you get a market spook like this, you are seeing it happen and its happening in realtime. So its pretty interesting, pretty scary if you are on the wrong side, but i would not i would expect to see more volatility like this. Weve got 150 days until the election. Thats roughly 100 business days. We are going to see moves like this, i think, quite often. Get used to them. Liz, tim, chris, stay with us. I want to bring in two stockpickers. Michael shelton rdm financial and sean owe ohio hara, pacer etf. What do you do with the nasdaq down 512 points . Volume on etfs picks up. Were not active managers. We look at the different strategies to figure out where we think is opportunity. Market is trading up on a story forever. Well open up soon, everything will go back. Good news last week on the employment side. The bad news this week maybe we wont open as fast f youre looking for opportunity in a market like this going forward, we think one thing for certain will happen regardless when we do open back up, well shop online, more ecommerce will grow faster than anybody thought. We like the Industrial Real Estate sector, names like prologis or duke realty will have to buildout 4 to 500 million square feet in additional distribution space f youre looking for places to derisk, put money ahead of the growth curve as we come out of this, we know we will shop online more. We need more Distribution Centers to satisfy that need. Liz yeah. It is important. Viewers you can actually tailor your Real Estate Investments two things you might be an opportunity, building out server farms or sean just mentioned any kind of big Distribution Centers. Folks there are 3 1 2 minutes left, 3 1 2 minutes left of trade. Were down 1866 on the dow. Michael, we saw financials, they are tanking at the moment. You say bank on the big banks. Tell us why youre getting in on a day like this . This is important. Were financial advisors. We try to make sure clients have the right Asset Allocation to ride out the inevitable up and downs in the market. Our two favorite are technology. You have to have some froth in your portfolio and health care, our garp, growth at reasonable price. We think 12 to 18 months the economy is likely to recover. Weve seen some signs of that it will not be a Straight Line. When the economy recovers to get more solid footing. You consider investors adding financials and industrials to the portfolio. Those are the sectors which will likely benefit as the economy rebounds over time. Liz sean, we had sarge our trader close to the top of the show. He called it reverse square root. It is not looking like a v. As michael said it will not be Straight Line to the upside. With that said, you look what is great for your investors. We know one thing were using more technology. Is it tech . Check the nasdaq down 503 points right now. I talked in the past about the Technology Buildout that is necessary. Again on the publiclytraded real estate side. Name like equinox or cyber trust. Two things happen more going forward, well use more internet and were going to shop more online. If we use more internet. Data centers, cell phone Tower Networks and fiberoptic networks are great opportunities f we shop online we need to buildout ecosystem that support that on the distribution side. By the way, they go together. Tech cant happen unless the data centers buildout. Tech cant happen without the fiberoptic networks. If you want to diversify away from tech exposure, five names are 40 of nasdaq 100. This is way to diversify and participate in some growth. Liz okay. Sean, michael, chris and tim, i want to say that the 10year yield is at. 66 right now, just a couple of days ago it was at. 88. [closing bell rings] were seeing major fear in this market. What will happen tomorrow . We get a sense with futures tonight, 6 00 p. M. Eastern. I will be on twitter live. I let you know how futures trading begins. Today, market rout. Time for after the bell. Connell fears of a second wave really slamming into wall street today. Stocks plunging throughout the day. As we see a rising number of covid19 cases in some states. Hospitalizations starting to go up in some areas. So were watching those numbers. Were watching dallas, texas at this hour. President trump just landed a lot of feed. He is about to make announcement ahead after discussion with local leaders. Well be there as soon as the president s remarks fin. Thanks for joining us. Im connell mcshane. Melissa im Melissa Francis this is after the bell. The dow closing down 6 . The major averages seeing the biggest