What a big change, because at one point the dow, remember, was down 628 points. So this is really a different story. The nasdaq right now down 96 and the s p is down 11 points. The twoday selloff, by the way, in the nasdaq so severe this morning, it was actually within 25 points of correction territory. Since wednesdays record high of 12,056, the techheavy index is now down, as you can see right now, 103 points. Both snapping a fiveweek winning streak, the s p and the nasdaq. Were going to have our floor show trade thers ready with instant reaction for all of you. Now, the record selloff completely discounting a pretty positive august jobs report that showed an increase in 1. 37 million jobs with the Unemployment Rate dropping to 8. 4 . One company is helping to fill all those vacancies left behind by the coronavirus pandemic. Were going to introduce you to the ceo of shift pixie, helping big business find qualified workers in the gig economy. Plus, colleges struggling with infection rates early in the semester turning more and more to online learning. A leader in Online Education for years,zovio, were going to talk to its ceo about how it is helping colleges streamline new world, their cyber course lode. Lode courseload. Im Cheryl Casone in for liz claman. Here we go, lets start the claman countdown. Cheryl top market movers, taking a look at wayfair right now. Bank of america downgrading shares of the Online Furniture retailer to neutral from buy. The firm says that its data shows that sales are not shirting as they did accelerating as they did during the pandemic as Home Furnishing sale ramp up in brick and mortar stores. Citigroup upping their price target on lululemon, saying the stock actually priced to perfection right now, so defendant watching. Lulu. The tech selloff taking down docusign despite the electronic signature platform posting better than expected results for the july quarter, docusign also raising its forecast but valuation concerns are certainly weighing on the stock. And then bucking the tech downdraft, broadcom, the Semiconductor Maker reported an earnings driven by demand for datacentered chips and expected 5g phone launches. All right, reversal mode is happening right now. Were all in the red are here, the dow, the s p and the nasdaq, but really its the techheavy nasdaq down 115 points. But, you know, the big it can names, those big names you know was definitely the9 catalyst over the last two days. Will the tech stocks be the end of the major market rally, and what should investors do after the selloff ends . Lets bring in our traders. We have tim anderson and larry silver. Great to have you both here. Thank you. Great to be with you, cheryl. Cheryl great to see both of you. First, tim, to you. I mean, what do you make of this complete reversal . Because this volatility i know were going into the labor day holiday, i understand that, or and you sometimes have these big swings with the lower volume picture, but its the tech story that seems to be throwing the markets for a loop, and theres some interesting machinations happening in the markets. What do you say . I just think this is the reaction that so many people have been waiting for in the market since we started this very, very sharp climb. Maybe even in late july. I think there were two real tells that something was imminent in terms of a sharp reaction to the downside. That was that the vix rose monday and tuesday even though the s p and nasdaq went to new, sharply higher highs on both of those days. The vix kept rising. And also i thought that, i thought that zoom media going up 40 on tuesday after their earnings, a stock thats already up hundreds of percent for the year, was just almost waving a red flag to the market. Finish i mean, up 40 in one day, it was look, weve been a little bit overextended, weve been a little bit overbought. I dont really want to use the bubble term and rekindle memories of the Global Financial crisis or the internet bubble bursting, but weve been overbought and overextended, theres no doubt about it. And, you know, it was, this was just inevitable, that this was going to happen at some point in time. And it came at us kind of right out of the chute yesterday. Cheryl yeah. Larry, i have to say, this did take a lot of folks by surprise. I talked to a couple of market analysts that are eliminating portfolios going into labor day. I think thats an extreme reaction to all of this, but thats what people do when you see massive swings like weve seen today. Yeah. And not just the last couple days, its been a really turbulent year, and thats an understatement. So i think today or this week was just a blowoff, a huge, massive Short Covering by a lot of hedge funds that got caught the wrong way and continue to get shorter on the way up. It really does prompt the individual investor to get scared and sell. Again, we need to go back and really work hard at keeping our emotions out of it and being disciplined and diversified. Thats different than being a trader. But being an investor, looking at the long term. If you had a 50 50 portfolio at the beginning of the year, right now that would be 65 35 because of what growth has done relative to value, but that doesnt happen all the time. Just seems like its happened recently. I really encourage the individual investor to get diversified and stay that withdraw. And if you want to be a trader, thats a whole different story with a whole different set of risks to out. Cheryl tim, lets kind of focus on the economy because we talked a lot this week about the real economy and the disconnect in the markets, yet you had this big selloff at least earlier in the session today and then you had a jobs report for august that actually was a surprise. We went under 9 on the Unemployment Rate, 1. 4 million, almost 1. 4 million jobs added. That was a strong signal. I mean, look what we had back in april, you had, you know, nearly 15 Unemployment Rate, now were at 8. 4 , thats a very fast recovery. But markets didnt reflect that. Look, there are people even, even from the president s economic team, a couple of months ago, maybe three months ago they were talking about how it would be great if we could get the Unemployment Rate under 10 by the end of the year. I mean, its the first week of september. So and there were some nuggets in that unemployment report that really show the potential for significant improvement over the next couple of months. 197,000 Service Sector jobs or and Business Services jobs, and half of those temporary. Theres two big, leading indicators always for jobs. Thats overtime and temporary workers. Because when business starts paying a lot of overtime and or when theyre hiring temporary workers, if they find a few weeks down the road they still these them, they turn those into permanent jobs. Cheryl all right. Well, certainly or the markets have had a roller coaster ride. Its fried. Thats the good news. [laughter] tim anderson, larry shover, appreciate all your perspective on all of this. We are, of course, watching your market right now and watching, again, a major turnaround from the lows. Well, to politics, and we are now 59 days and counting until the polls open on tuesday, november 3rd. Earlier this afternoon democratic president ial nominee joe biden attacking the job President Trump has done with the u. S. Economy. Biden calling this worst Economic Situation the u. S. Has been in since the great depression. Finish Hillary Vaughn was in the room where biden spoke, and she joins us now with more. Hey, hillary. Reporter hey, cheryl. Well, democratic nominee joe biden dished out heated attacks against President Trump for not doing enough in the middle of the pandemic to keep businesses open and workers on the job. But biden made those comments while speaking at the west end Neighborhood House that received a ppp loan for at least 350,000 on april 27th as part of the relief in the cares act that President Trump signed into law. Biden also talked about todays jobs report saying while it is good news that 1. 4 Million People got jobs in august, those new jobs are not going to the right people, saying that some economists believe we are in a kshaped recovery where people on top are benefiting from the recovery, but people on the bottom are not. We did get reaction to that from white house economic adviser larry kudlow who tuned in to bidens comments, and he he said that those added jobs have actually benefited lower income sectors, leisure and hospitality, food, beverage and retail which has benefited people in those industries that are typically in the minimum wage income category. After biden wrapped his remarks, whats interesting is we heard a lot about whats wrong with the economy right now but not a lot from biden about what he will do with the economy if he is president. A key part of his economic plan hinges on raising taxes if hes president. Cheryl . Cheryl a lot of talk on the campaign trail is heating up. Great stuff. Hillary, thank you very much. All right. Lets take a look at the big board right now. What a day. Is your head spinning . It probably should be right now. [laughter] the dow at one point with was down more than 2 , the nasdaq down more than 5 . Right now the dow is literal lu done by 13 points, and we went positive right before the 3 p. M. Eastern time hour of fox business began. Right now the s p down 11, nasdaq down 89. What a story. Were going to stay on these markets for you, and weve got a lot more coming up. We are going to introduce you to the gig economy matchmaker thats got freelancers hooking up with jobs at some of americas biggest corporations. And one online educator looking to help cure colleges suffering in the coronavirus crisis. What zovio is doing on the fast track of cyber spas. Thats coming up next on the claman countdown. Stay with us. 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Powered by the largest gig Speed Network in america. But is it secure . Sure its secure. And even if the power goes down, your connection doesnt. So how do i do this . You dont do this. We do this, together. Bounce forward, with comcast business. Cheryl well, today the university of maryland at college park us pppedded all athletic activities after a spike in athletes testing positive for coronavirus. This comes a day after the first Public College became the first to go all remote after a covid19 outbreak. And the university of South Carolina recorded 1,026 coronavirus cases in one week. Look at that. Well, enter zovio, the Company Offers tutoring, coding boot camps and online learning, and now the university of arizona struck a deal to purchase zovios Ashford University to create a new online nonprofit institution. Man, things are changing. Lets bring in zovio ceo and founder andrew clark. What a year for you. Great to see you, sur. [laughter] good to see you, cheryl. Thanks for having me on. Cheryl lets talk about this deal with university of arizona, again, a school with at least 40,000 students if not larger, but the online push is on. Talk about how this is going to work between yourself and the u of a. Yeah, certainly. I mean, i dont think its ab understatement to say that this is an amazing, historical Inflection Point in Higher Education where universities have to be agnostic about where their students are. It really fits well with the university of arizonas mission to, as a land grant institution, to provide access to students, you know, not just in the state of arizona, but in this case globally. Cheryl yeah. Do you have other deals that youre working with other universities . Because, obviously, as i just said in the intro to you, the coronavirus cases are spiking on College Campuses maybe from a few parties, just going to throw that out there, kids,es but thats what were seeing. No, but do you have is your phone ringing right now . Yeah, no, the phone i is ringing, cheryl. Weve seen a tremendous demand in terms of institutions calling us around our technologies and the services we provide. We have one of our Portfolio Companies is a staff academy, an academy that provides coding curriculum in the universities. Its probably the Fast University partner growing academy right now with about 23 partners per quarter that its adding. Our online tutoring business saw a 350 increase in its business last quarter in terms of consumer use act, an 850 increase just in terms of University Partnership uses. So universities, you know, have been scrambling and, unfortunately, a lot of them continue to scramble. And theyre, you know, calling zovio with, calling Ed Tech Companies asking for help, trying to find ways in which they can really becoming agnostic about where their students are, not care about whether theyre on campus or learning remotely. Cheryl well, you know, one thing i think students and probably parents do care about is the type and quality of instruction that thaw get. Talk about the teacher themselves or if theyre full professors or not. Like, for example, are they actual u of a professors that are going to to be connecting with these students, or are they going to be external teachers, instructors . Yeah, thats a great question. So the university of arizona has set up a notforprofit entities that is acquiring the assets of Ashford University, and some of those assets, obviously, are its facultiful they have wonderful faculty, top tier faculty at ashford that are now become part of university of arizona global campus. And therell be a Faculty Advisory Committee from the university of arizona that will work in close connection with the university of arizona global campus faculty as well. So the students are going to have access to some wonderful faculty. And you make a great point because theres quite a spectrum in terms of Remote Learning today and Higher Education. A lot of universities that have scrambled go online quickly, theyre doing zoom, faculty arent prepared, perhaps have never taught online. Zovio has the technology and services to be able to help those companies excuse me, those universities out. Cheryl ive got to ask you, i went to northern arizona. One of my favorite memories was of my professors and being face to face. Are we ever going to get back to facetoface learning at universities, or do you think that this change is permanent . Were definitely going to have facetoface learning at universities, but i think the use of technology in Higher Education is permanent. I think youre going to see universities have to really not care about where the student is. I think youll see the hybrid approach of with students, you know, both on site as well as learning remotely, going back and forth, reviewing a lot of their coursework online before they enter the classrooming. So just like Retail Businesses didnt go away with amazon, the storefronts didnt go away, you know, inperson learning is not going to disappear because of this. Cheryl yeah. I think a lot of us have such great memories. Andrew clark, thank you. So muc. Its a great time to be if in your business. Thank you, cheryl. Cheryl lets get back to these crazy markets. Yes, your eyes do not deceive you, the dow is up 32 points. I mean, no words at this point, right . S p is down 4, nasdaq is down 58. Which is, by the way, a half a percent. We are we were down more than 5 . It only matters how the markets close, right . Hollywood shocker. The batman star, Robert Patten szob, testing positive pattinson, testing positive for covid. Director ma9 reeves determining to keep filming. Warner brothers movie also starring Robert Pattinson be here to save the day . Coming up, the blockbusters looking to boost the box office as disney goes for more digital action. Thats next on the claman countdown. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Cheryl well, after a nearly 54 Million International debut, Warner Brothers scifi thriller tenet hitting theaters this weekend in more than 420 reopened theaters. Cinema shares of both amc and and imax green as we to go into the Holiday Weekend, a lot of movie theaters back open and folks want to go. But disney forgoing the big screen altogether. Mulan, which faced mounting delay, now available for streaming today on disney plus. But its premium content. Its going