Everybody. Well see how the nasdaq settles. It is just about at that level right now. Look at big tech titans, microsoft, amazon, alphabet, facebook, apple, all those individual stocks down significantly today. Apple down nearly 7 . Apples market cap falling below the two trillion dollar milestone as well. On top of that, it is the worst day for oil in three months, sliding to the lowest level since june. Well cover all angles of this. Fox Business Team coverage, blake burman at the white house, gerri willis and Edward Lawrence standing by with their reporting. We begin market panel, carol roth and gary kaltbaum, kaltbaum Capital Management a fox news contributor. Let me start, gary, with the big rotation out of the big cap momentum stocks, particularly technology, the last three sessions i guess and it continued in a big way today. So where do you see all of this going . Well, look, the only thing more overdue than a correction in technology is if my knicks win the. [banba championship. We had a magnificent run in tech. I called for a meltup in tech for a while. Big institutions, that drive the market, they went from buyers to big sellers quickly. It is continuing here. Not that anything is wrong or anything changed. It is a gargantuan rally. Nasdaq is up over 30 this year in the midst of a pandemic. We really do forget when things are so good corrections do happens. Sometimes they go into the teens. I think you will see that here in tech. I wouldnt be surprised to see the nasdaq down near the 10,000 first before we can turn back up. Connell right. That is a quick 10 off of that high reached just last wednesday, carol. All of that happening with the calendar saying we have an election on november 3rd. How is positioning for that playing into that. You start thinking about Capital Gains and start thinking about sectors that might do better under one scenario than the other . What about election positioning in the market . Welcome to september, particularly in year a lot of concern beginning of november, we might not even know who the president is. So i think that this is one of those times when fear is spiking up. Why youre seeing this rotation. In terms of positioning, i do think it is prudent to add a little bit of insurance to your portfolio, if you have not been doing so. The fear gauge right now is going crazy and the fact that we have all of this conflicting information, not a lot of really great information coming now, what were seeing in oil, what weve heard from the fed, concerns about china, there is just a lot of concern, fear, uncertainty in the market. So i agree with gary, you could see this going lower again before it goes higher. Connell if thats the case then, gary, how do you position yourself for that . If youre taking some facebook profits, say, for example, where does that money go . Where is a sensible place to park it for now . All i can tell you on thursday i went from 90 invested down to 10 invested because im a technology guy. I saw what was coming. I know the opposite side of good in technology can be very bad. So what i simply do right now i keep score on a daily basis what names are holding up best in the worst of markets because when things turn, the names that hold up best will lead coming back up and typically it is those names that have the strongest earnings and sales growth. I have them in a bunch of software names. I have names like amazon and facebook and the like have very good numbers. Even apple, not the greatest of numbers but for their size some pretty darn good stuff but right now you have just to recognize that sellers have the upper hand. These stocks got so overowned and overleveraged right now. That is why youre seeing a little sharper downside than the norm. My other worry though right now is financials are, never really got going, theyre starting to gag too. I think this is a correction that will have some teeth at least into september. Well reevaluate in a few weeks. Connell, if i can add on the Technology Front there was that unmasking so to speak of the nasdaq whale as softbank going in and buying not only Large Technology positions but significant amount of options. There is a lot of fear from professional investors that the unwind of that trade could have a big impact on the market. So just in terms of it needing to take a breather, i think that is one of the big catalysts. Once that gets out of the market, that is when you also can see a turnaround. Melissa yeah. That is a great point without question. Meanwhile no spark. Tesla plunging, closing down more than 20 after not being included among the Companies Joining the s p 500 on friday. Gary, i mean the stock had been on a tear, was up Something Like 400 yeartodate but at the same time, you know with four, i believe it was consecutive quarters of profitability, there were those who thought that it would become part of the nasdaq, of the index. What are your thoughts . Teslas stock went up 50 on the announcement of the stock split. There is no way that can continue up. So this is the comeuppance. Also you know, the larger the split, not that the greatest characteristic of a continuing bull market in there. So again all the most famous, greatest names that could overown are now will stay under pressure for a while. And it will be my job to sit back to wait and see where buyers finally get the upper hand. I can tell you were not near there yet. I suspect there will be some more just remember a lot of these stocks are margined heavily. Margin has to come off first before that occurs. I cant say it enough. These things had monsterous move. The old line about trees growing to the sky, they can get to the sky but eventually they come back down. That is all youre seeing right here. Dont be the last one in. Let them come down. You find them cheaper. Melissa carol i think i said nasdaq. I had nasdaq on the brain, i meant the s p. You know what i meant. What do you think about this move, do you think this stock is grossly overvalued where it is . I think this is a cult of personality stock. While i applaud tesla for doing the things that it has done, we all left it for dead, not too long ago and it has come roaring back, it is really all about elon musk. Unfortunately from a governance standpoint, that is not necessarily a great thing. I think that is part of why the S P Committee decided to leave it out and it is not just the type of stock i like to own. I think it is too impossible to value. There are a lot of fan investors so to speak. They are investing in it because they believe specifically in elon musk. I just think he is too much of a wild card for it to be a meaningful investment for Something Like me who is more of a long Term Investor instead of a trader. Melissa i completely agree with you. That is why i think they left it out as well. Interesting to see how those things work. Carol and gary, thanks to both of you guys. Connell. Connell all right, President Trump on the move, melissa. The president just wrapping up in florida this hour. Now he will head to north carolina. He has a Campaign Event in that key swing state this evening that is the backdrop as we bring in blake burman live at the white house with more on the president. Blake. Reporter connell, rarely does a election go by in state of florida where issue of offshore oil drilling doesnt become a front and center in that state. President trump made it very clear, extended moratorium on the west coast of florida and also expanding it to floridas east coast along with the coastlines of florida and georgia. The president contending it will not impact his desire to have the Country Energy independent. Watch. Thanks to my administrations proamerican Energy Policy we can take this step, the next step, remaining the number one producer of oil and natural gas anywhere in the world. Were the largest producer now in the world by far. Were number one in the world. We are energy independent. Reporter President Trump off to the swing state of north carolina. He will give a speech there later today. Back here in Washington SenateMajority Leader Mitch Mcconnell released what is being described as a skinny relief bill which his office says is roughly 300 billion. It calls for just to name a few things, that 300dollar federal unemployment benefit through the end of the year. Ppp loans up to two billion dollars for the hardest hit businesses. 50, 105, rather, billion dollar education stabilization fund. Now democrats say lower, the price tag, republicans initially came out with a one trillion dollar plan. Now it is 300 billion. Democrats say lowering that price tag is a nonstarter, absolute nonstarter. I just heard back from a white house official, melissa and connell, who described this to me as a serious targeted proposal. At least for the moment the white house is standing behind what Mitch Mcconnell put forward. Back to you. Connell all right. More on that a little bit later in the hour. Blake, thank you. Melissa. Melissa here now to discuss is James Freeman from the wall street journal. He is assistant editor of the editorial page. He is also a fox news contributor. James, thank you so much for joining me. What do you think of how much the gap has closed in florida . You know that would imply that we think the polls are accurate or at least that the trend is accurate. I dont know how you feel about that. If you have anymore faith in them now than we did a month ago what do you think . Certainly a tight race. I think the trump team has got to be excited about that new nbc marist poll showing the race tied, with trump with an edge among latino voters. You mentioned he likes to stress the economy wherever he goes. He is trying in his florida trip, especially. I think well hear it at other places to talk about conservation versus environmentalism which is increasingly defined by joe biden and others as really making big changes to the economy, phasing out fossil fuels. The president is talking about, sort of air and water issues maybe closer to home. Cleaning up the everglades. Maintaining national parks, this sort of thing. Well see if that sings to that voters. Melissa yeah. I mean i thought that was interesting as well. Does it, do you feel like the research and the vibe and everything supports, it must, otherwise i dont know why he would be out doing it and saying it right now . Is it surprising to you that is what the audience wants to hear. It is a moratorium on drilling, when we continued to talk about how important drilling is, but leaning towards fracking and also talking about they have had a huge problem with red tide and those other issues along the florida coast. Certainly that is a huge part of everyones Property Value and livelihood and the tourist industry and all of that kind of stuff . Well i think he is trying to strike a balance. We talked about on this program how a lot of times when you poll people on environmental issues, particularly the climate, they express a great deal of sympathy with doing something about it, but not so much enthusiasm about spending tons of money. I think this is part of the strategy. The president obviously had a lot of success in terms of limiting regulation, putting in reforms to allow Economic Growth but i think he also wants people to nope that he is not talking about just, sort of no rules environment where they cant depend on clean air and clean water. I think that is what he is trying to do here. He will also talk about a bill he signed last month to dedicate some of the royalties the federal government collects from energy, oil and Gas Development to improving national parks. A lot of the maintenance that has been ignored for years and years. This of all years, people are heading out camping a lot more. I think that might resonate with some people. Melissa no, yeah, that is a great point. Real quick before we run out of time, there is a lot of talk today about the president putting money into his own campaign. This idea that he has spent a ton during the coronavirus. He says to battle back against the lies that democrats are telling. At the same time, you cant change the channel or go anywhere without seeing a joe biden ad. Theyre pretty compelling. A bunch of the ones i see have him looking directly into the camera. My son walked by the tv what are they showing . He thought it was a speech. The way they shot it, it doesnt feel like an ad. He is doing better job than he might normally reading prompter, talking offthecuff perhaps. Is this an Effective Campaign . Do you think it will make a difference . I dont know. The money raised by joe biden has been impressive, that is for sure. The president told reporters today before leaving for florida that he is going to spend whatever it takes to win. He says this is the most important election in years or maybe ever but melissa ever. I wonder how much paid advertising really matters to a, in an environment like this where you have so much media that is hostile to the president , im not sure buying the additional hostile messages on some other Cable Networks is really going to move the needle but the president says he is ready to match biden on the spending. Melissa well, far be it from me to criticize Television Ads that pay my salary. So i will leave it there. Thank you so much. Dont bite the hand that feeds you man. Connell . Connell yeah, thats right. Where the bread is buttered. The race for the vaccine up next. Drugmakers bracing for latestage testing results as the u. S. Hopes to have a vaccine by the end of the year. Dr. Lloyd minor will join us from stanford. Well talk about the timeline and the path forward. Thats next. Taking a stand, new york city politicians joining eateries suing Governor Cuomo and mayor de blasio. They would love to reopen Indoor Dining in the city. Well talk to one of the politicians working on that later in the hour. Looking to pay less, more College Students call for a discount as classes transition from in american to online. Stick around. Hlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Theyre going to be paying for this for a long time. They will, but with accident forgiveness allstate wont raise your rates just because of an accident, even if its your fault. Cut sonny. Was that good . Line the desert never lies. Isnt that what i said . No you were talking about allstate and insurance. I just. When i. Lets try again. Everybody back to one. Accident forgiveness from allstate. Click or call for a quote today. Connell back with a fox business alert. Apple filing a counterlawsuit in the legal battle with fortnite creator epic games, seeking unknown amount of damages for the gaming companys alleged breach of contract. Melissa. Melissa a dose of help. U. S. Health experts are waiting to find out if the company can have a safe and effective vaccine by the end of the year, maybe sooner. Our own Edward Lawrence is live in washington with details. Edward . Reporter melissa, two companies have publicly said they will have enough date to submit for approval of the vaccine in october. Talking about astrazeneca and biontech. Moderna will not be far behind. All three vaccine makers in phase three trials around the globe. President trump making sure that voters know that. Weve done a great job with covid. Weve done a great job with the china virus a great job. Whether it is ventilators or whether it is vaccines which you will be seeing very soon or therapeutics, weve done a great job. Reporter an to justify early approval, nine vaccine makers signed a pledge that they will follow guide loons established from the regulatory agencies from the fda. The guidelines some on the screen. Using diverse clinical group. People in trials will not know if theyre getting a vaccine or placebo. Over the weekend senator Kamala Harris said she would not trust President Trump on the vaccine. Vice President Joe Biden says sometimes the president gets the facts wrong, that it fosters doubts in peoples mind about the safety of vaccine. Today dr. Anthony fauci saying unlikely but possible we could see a vaccine in october. Hhs administrator alex azar says theyre filing the science. What do we know . We think it is credible that weville tens of millions of doses in the fda Gold Standard vaccine by the end year. We will get data when clinical end points are met. Reporter the cdc is reasking states to relax regulations to have Distribution Centers in every state that could possibly get ready for november 1st. They want them to be operational. There are hundreds of thousands of doses already on the shelves that have been made through help by the federal government. Back to you, melissa. Melissa edward, thank you. Connell . Connell all right, dr. Lloyd minor is with us now. Dr. Minor the dean at the Stanford School of medicine. Weve had so many of these discussions over the last couple weeks about timing, whether the vaccine is ready to go in october. Dr. Fauci saying unlikely before the election. Others say it will be here by the end of the year. What should we takeaway in terms of just in regular person looking at the odds of a vaccine and when it might come out . When should we be realistically expecting do you think . I think realistically it is unlikely a vaccine will be available for wide distribution in october. Now by the end of the calendar year i think there is reason to be optimistic. I think we have to emphasize that the regulatory bodies, the fda, the cdc, have put in place some very careful guidelines that have been seasoned and tested for many other vaccines and therapeu