His message, law and order and warns of economic collapse if his opponent, joe biden, wins the presidency. Biden taking a page out of the trump playbook, pushing a med in america plan for jobs. Coming up you, ill be talking with devin nunes on the Ongoing Investigation into spying on the trump 2016 president ial campaign and who could be held accountable. Senate republicans introducing a 300 billion coronavirus stimulus bill, democrats say this skinny plan does not go far enough. Beware, you could be exposing your personal information. Weve got the biggest mistakes you could be making when you get rid of that cell phone or laptop. Plus, reality tv will never be the same, the kardashians 14 year run coming to an end. Mornings with maria is live right now. Global markets this morning green across the board. Take a look at european indices, the fq100 us up 1 , the dax higher by 134, england moving to curve coronavirus spikes, banning special gatherings social gatherings of more than six meme in thsix people in the. The u. S. Is preparing orders to block cotton and tomato imports from chinas region over forced labor allegations, china responding, saying that the u. S. Is trying to oppress chinese customers and incite instability. Its the region where 1 million uyghurs are in camps. Joe biden lawn ping his new launching his new made in america platform in michigan, on of posing an ow opposing an offshoring tax credit. President trump doubling down on the law and order message in North Carolina yesterday. He warned in biden wins the economy will collapse and the rioters and a anarchists and looters will take over. If biden wins, the violent mobs, theyre biden states and cities, theyre democrat states, if they win, the mobs win. You see these guys, they go around saying i want your meal, give me that food, give me that a woman sitting there, she wants to eat. They come and grab her food. They grab her drinks. Nobodys ever seen stuff like this. That is all that ideology. Were not going to let it happen. If biden wins, the rioters, arsonists and anarchists win. Maria today, President Trump is expected to announce a withdrawal of 1700 troops from iraq. Meanwhile, no break for firefighters in california, where devastating wildfires are threatening lives and property across the state. Three firefighters hurt, one critically injured while fighting the dolan fire in central california. 148 people are trapped by the creek fire, rescued by hell cop crews. Governor helicopter crews. 2. 3 million acres have been burned so far this year in california. Astrazeneca pausing Clinical Trials of his Coronavirus Vaccine after a participant in the u. K. Had a serious adverse reaction. Its unclear if the illness was caused by the vaccine. Astrazeneca said this is routine. This is the first report of any serious issues from these trials. Astrazeneca shares are down about 2 . Vie license and unrest taking a toll in rochester, the citys police chief and entire command staff now stepping down. This as Rochester Police are trying to identify suspects accused of launching fireworks at Law Enforcement during these protests. Apple steps up the legal pressure on epic games, the maker of the popular game fortnite. Apple is counter suing the company for breach of contract for operating its own inapp system. It is seeking punitive damages. Epic sued apple and google last month after they pulled the fortnite game from their app stores. Apple and google get 30 of inapp purchases. Apple shares in the premarket, trading this way, a dow component, and it is up 3 and three quarters percent. Broad market positive this morning, apple lifting a few boats following yesterdays selloff. Look at the bounceback this morning. The dow industrials fell better than 600 points yesterday and is rebounding this morning, 175. The nasdaq now yo in correction territory with a 465 point decline yesterday, is now bouncing this morning. All six major tech stocks all lost more than a trillion dollars in market value in just the last three days. Joining me right now is Disruptive Tech research founder, chief analyst, lou ba bassineste, Dagen Mcdowell and Mattie Duppler. Lou, let me kick it off with you, ask you about the massive selloff in the nasdaq yesterday which took the whole market down. Was that the correction, is there more to come . You look at some of these names like tesla and apple. They were pretty hardhit yesterday. Perspective matters. Weve had five months of rallies, three days of a sudden selloff. It begs that question, is this just a Natural Healthy pause in the market or the start of something bigger, a bigger downturn. I think the answer is both. I think you have to look at names like tesla and zoom which are up 400, 500 yeartodate, completely divorced from any rational fundamental metrics in terms of valuation. You cannot put a model to tesla and zoom and justify that. Those types of stocks are in jeopardy of correcting a lot more. Tesla had its single day worse drop ever, 21 . You have other names like microsoft and apple, you know, you get into google, theyre not trading at ridiculous valuations yet, theyre trading 28 to 33 times historical earnings. Everyone wants to say this is a dotcom era all over again. Back then, those stocks would have been trading at double those prices. You really cant maria no, please, finish your thought. I was going to say, i think you cant look at tech at a block. We used to be able to trade the fang stocks in a block, no problem, buy every dip. Now you have to be more selective, you cant buy every tech stop for the rally and momentum play. You have to be selective on fundamentals, maybe move down in the market caps where you can get better valuations. Maria tesla suffered its worst decline ever yesterday, the stock was down 21 , because it was let out of the new additions to the s p 500 on friday, lou. This is the kind of situation where as we watched this stock go up there were questions as to whether or not it was equating to the companys actual earnings power or earnings visibility. I said look, you see this, there was tremendous momentum, a lot of speculation they would be included because they had four quarters of profitability. If they were included that would bring in a lot of automatic buying from index funds and etfs. That didnt happen. So it really took out that underlying buying momentum but then you also saw some large investors start selling as well. This is a thing about momentum stocks. When things change direction, they change direction quickly and now weve got negative momentum going the opposite direction. Ive been really bearish on tesla for a long time and ive been wrong, thankfully havent had a personal position in it. I dont think fundamentally the company can justify its valuation, trading bigger than pretty much every car company in the world, yet Still Producing a fraction of the cars. I think about 500,000 cars a year when toyotas doing 10 million a year. Tesla is in for more declines, just like other Companies Trading at stretched valuations. Maria what do you think, then, as far as the rest of the year and investing . There are a few unknowns obviously, the election being the biggest out there, the economy coming back as well. How do you want to allocate capital with these unknowns . Listen, i think theres uncertainty building about the election. This is a question that keeps going up with a lot of clients and among colleagues. I think the best and most prudent course of action right now is to have cash on the sidelines. If we get a nasty selloff because of whoever wins the election, you want to be in a position where you can take advantage of that. Weve seen that time and time again through this bull market that 10 to 15 corrections are followed by strong rallies once the uncertaintys removed from the market. Whether we have a biden or Trump Presidency moving forward, the market will adjust. Right now, its uncertain. Maria i think you make a great point. Dagen mcdowell, i was struck because you look at that selloff in the nasdaq and then you look at the number of stocks that actually you attribute that 460 point selloff. It was like four or of five stocks, dagen. Dagen to lous point, those are the four or five stocks that the kind of new trader, the reckless retail trader, people who maybe were betting on sports before the shutdown who are now in the market, those are the very names that individuals are attracted to, right, lou . They are. Look, these are the household names we all use these products and Services Every day, the pandemic has accelerated the use of apple, amazon and netflix. You invest in what you know and what you use. And i think dagen, youre spot on. These have been brea bred by yow traders coming in, driving them to valuations that move the markets. I think what you need to do as you become more experienced, investors will learn you you learn the hard way, youre either humble by in the markets or humbled by the markets and theyll move to names that are more you affordable. You can buy salesforce at a ridiculous valuation or small or midcap names trading at half the valuation. Maria lou, its great to get your insights this morning. Thank you so much, sir. We will see you soon. Thank you, maria. Maria check out your morning mover of. Slack, the stock is sliding after reporting earnings last night, despite raising the full year outlook, billing growth slowed in the second quarter, came in below analyst estimates, billings are a key indicator of future Revenue Growth at slack and the industry. The company took an 11 million hit in the first half because of the coronavirus concessions, that stock down 16 plus percent. Quick break. We are just Getting Started this morning. Coming up, Richard Edleman is here about how employees are feeling about safely returning to work. And James Langford joins us to weigh in on the gops skinny stimulus plan. All that and a lot more. Plus dr. Mike is here, joining me to discuss what speeds up the process of aging, tips to staying young. Youre watching mornings with maria live on fox business. In the night, the stormy night. 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My goal is to lead projects that affect the world. I know that to be great requires hard work. With the icon that does the same. The rx, crafted by lexus. Lease the 2020 rx 350 for 409 a month for 36 months. Experience amazing at your lexus dealer. Maria welcome back. The stimulus stalemate this morning, Senate Republicans have proposed a 300 billion coronavirus aid package, it provides a 300 a week unemployment boost through december 27th. It also funds state governments, schools and Small Business. It forgives the u. S. Postal services 10 billion loan and it does not provide another round of stimulus checks. Joining us right now is the editor at large at reason, matt welch. Thanks very much for joining us. What do you think, this plan will likely be rejected in the house bees is this a starting point for another stimulus plan . Some stimulus is going to happen. Im struck by the House Democrats criticism of this, using the word emaciated to describe a bill that would spend 300 billion. It shows how much the baseline of our of conversations about washington sort of money printing machine has gone over the past, you know, 10, 15 years. Its crazy. We spent more money on coronavirus related stimulus relief, whatever you want to describe it, than we did the financial crisis of 2008, 2009, by a lot. By a lot. Were going to have more debt this year than the government has ever spent in a year and democrats are saying this is emaciated. This will give you a sense of what the spending pressures would be like under a biden presidency, should he win in november. I think theres going to be a deal, theres going to be some money printing going on from washington. There is not any more, any meaningful break on the appetite for spending in washington. But fiscal conservatives lost and theyre not making a peep much anymore. Maria youre so right. Emaciated is the word they used. Its a sign of the times of where we are. All of that money. Emaci ated. What does this mean for the campaign trail . You have President Trump campaigning in florida and North Carolina yesterday, hes warning of a, quote, economic collapse and certainly more riots if joe biden wins. And biden is heading to michigan to make his pitch, called made in america, to save manufacturing jobs which is of course what President Trump has been doing. He says hes promising to enforce offshoring tax penalties and buy american initiatives. Its interesting how biden has pretty much very similar plans as the president when it comes to onshoring and jobs and manufacturing. Yeah, its a race to the left when it comes to trade protectionism on the two major parties at this point. I think with biden what you might expect, youve seen this on other issues like fracking, when hes talking to michigan auto workers hes going to sound an awful lot like President Trump. When he goes back to raise money in new york or whatever and say wink, wink, nudge, nudge, im not really going to punish you for moving offshore. Thats the way of democratic business. We saw the same thing with Hillary Clinton and others. You get the moderate, the centrist comparatively in the field to win, to make insincere promises and make sure the financfinanceres are happy. I think americans are fed up with insincere poll of ticks. Thats why donald trump won in the first place. Its hard to see the overall impact of kind of stimulus poll of ticks are on the country when ticks ar politics are on the. Yes, people are suffering. I would say the way most people are feeling with the coronavirus this particular month are in schools. If you are a parent of one of the 57 million kids who are in public schools, youre freaking out, trying to figure out what to do. The problem with that in politics is that, is that really a National Issue . No, its handled on the state and local issues. Its hard to see how that plays out in the president ial election. Maria dagen . Dagen matt, i want to go back to the stimulus really quickly. Do we really need it at this point or is this just political posturing . I dont know, dagen. I mean, one thing that really strikes me about this is that in the republicans plan, Something Like 47 million or 47 billion, its all illions at this point, 47 billion is being spent on things like testing and specific things having to do with combating the coronavirus. Its always a fraction in these bills which strikes me as kind of bananas. What is the role of the federal government in this thing . One could argue that the biggest problem the federal government had from the beginning, and this is a bureaucratic problem, not a trump problem, is that we put the brakes on testing, weve had a bottleneck of it back in february and march with huge implications. I would have hoped that the reaction from washington would have been fix that, throw money at a problem, throw money at a testing problem more than anything else and vaccines and things of that nature that make sense and that has not been the case and it continues to not be the case. But again, we have now tried to or we devolved into seeing washington as a money printer. Do we need it . I dont know. I dont think so. But theres a ton of people struggling out there right now and theres no meaningful kind of stop on that line of thinking. Maria yeah. Well, certainly we are expecting growth in the second half but its been tough for many people. Matt, real quick before you go, your feeling on the election, is florida up for grabs right now . Sure. Floridas the best state for trump in terms of momentum in his direction. But then on the other side, arizona is up for grabs in ways that people wouldnt have thought. Theres a lot of third party voters in 2016, theyre not going to vote for third parties this time in nearly the same way. They are overwhelmingly going towards biden. Thats a problem for trump. Maria matt, its great to see you this morning of. Thank you so much. Matt welch joining us from reason. When we come back, astrazeneca is pausing Clinical Trials of the Coronavirus Vaccine. Were going to take a look at that. It has the stock down better than 2 right now. Stay with us. Well be right back. i need it so bad dont call it a hobby. Its way more than just a job. This is how we live every single day. Can we go and play . roaring of engines i needed to try needed to fall i needed your love im burning away i need never get old im burning away i buy my own rocks and i flaunt it rolling through the streets so stunning you know im a diamond honey im a celebrate this feeling watch me while i break the ceiling you know that unstoppable feeling so ima showem how im shinin walking bold. 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