The nasdaq is testing the lows hit during last weeks threeday selloff that sent it into a 10 correction. Any more than a 206point loss for the nasdaq and we right now are down 212, so yes, we are now deeper into that correction territory. We knew the pandemic absolutely crushed the travel industry but now booking holdings, forced to take a draconian step ahead of the Holiday Travel season in order to stay alive. The ceo of booking is here to tell us if hes at least starting to see a shred of light at the end of a very long lockdown tunnel. Plus we are on the ground in florida after the aftermath of Hurricane Sally. A money manager to sports star shares his covid stock picks. And new evidence of a coming coronavirus foreclosure disaster. Less than an hour to the closing bell, lets start the claman countdown. Liz weve got to get to the hottest software ipo of all time. It is now getting iced over, with about 59 minutes left to trade, take a look at snowflake, falling hard after yesterdays 3. 4 billion blockbuster debut, where yes, they had the zoom ringing overnyse, everybody was cheering. This is the buffettbacked cloud warehouse which did set the record for the best ever start by a Software Company in the public market. By the end of the session yesterday, it was up 111 . But the largest u. S. Listing of the year now trading below i 24 price, now at 226. 18. By the way, its lead underwriters, Goldman Sachs and morgan stanley, which priced it at 120, they are also taking hits at the moment. Goldman down 2. 7 . Morgan down 2 as some investors accuse them of leaving billions on the table. So we are watching snow at the moment, taking a 27 clip to 226. 50. From cold to hot. Lets lean back in our chairs as we take a look at furniture maker herman miller, putting the pop in our pop stocks. The company known for, yes, that ergonomic aeron office chair, flexing its on the home office boom muscle with quarterly revenue coming in at 628 million. Plus a more than 97 million beat on estimates. The stock jumping 33. 33 at the moment. Herman miller reinstating its dividend and announcing its first Concept Store dedicated to the home office. Nice move for herman miller. Weve got a blowout win for esports entertainment. Registered users growing 400 during the latest go Legends Series of the companys tournament. The online event also drawing 1. 7 million unique viewers for partner allied esports. Esports is up 12. 25 . Allied up 3. 5 . Shares both very much powering higher on that news. Quick check of the nasdaq, down 230 points right now. Not to be outdone, barstool sports partner Penn National gaming leveling up. Steeple taking the bet on the portnoy momentum trade, as barstool founder dave portnoy. Raising its price target from 47 to 84 a share two days after the soft launch of teamup Sports Betting app. Guess where it stands now . 71. 62 for a gain of 5. 5 . All right. Breaking news about tiktok. Is President Trump about to hold true to the red line he drew that tiktok be severed from its chinese parent and sold to an American Tech Company or is he hours away from backing away and accepting a compromise . To the timeline on your screen, folks. July 31st, aboard air force one, President Trump tells reporters quote, were banning tiktok, he says its a National Security threat because bytedance, the Chinese Company that owns it, has a huge amount of user data it collects from americans. Then august 6th, the president signs an executive order saying the situation is a National Emergency with respect to securing the tech supply chain here in the u. S. Then august 14th, late friday night, 7 45 p. M. , he signs another eo saying credible evidence bytedance might take action that threatens to impair the National Security of the United States so he signs the executive order ordering bytedance to sell tiktok u. S. To an American Company or be banned in 45 days. Well, now reuters reports its shaping up to be not a sale but a partnership. We are waiting to hear about the percentage stake but that also apparently you have oracle with the right to name a u. S. Citizen as the ceo, which they already had with kevin mayer before he quit in the middle of this saga. Oracle down 1 . To charlie gasparino. Charlie, this is starting to look like a forced joint venture, the very thing the Trump Administration had been railing against for three years. Charlie yeah. And as we were first to report, you can dress up this entity thats going to hold tiktok any way you want. You can say its u. S. Ownership, its a u. S. Company, its going to be ipoed, we will get to that in a second, but the reality is this. Bytedance which is a Chinese Company still owns the app and still owns the algorithm. That is at core, thats the core concern of the National Security officials in the u. S. Thats what trump, the president , was essentially critiquing in those executive orders, saying that the chinese, because they control that app and they created it, they could have imbedded it with spyware, that that app, no matter whose cloud its in, that app is poisonous because it extracts user data from the people and it gives it to the chinese. Thats what he said. I dont know what combination of corporate structures theyre working on. I hear there are certain structures theyre working on which, you know, allows now this entity thats going to hold this to be u. S. Owned, but still, thats the core part here, the chinese would not allow microsoft to buy the whole thing for 20 billion plus and do what they had to do with it. Heres what we know. Heres the state of play. Before we get into this. Just let me draw out a couple facts. Tiktok is trying to sweeten the deal by telling people that if it gets approved, it plans to do an ipo in the next year and list on a u. S. Exchange. What does that do . Theoretically, that would increase its ownership to u. S. Investors, thus less chinese involvement. We should point out when alibaba did an ipo, the chinese were still involved and so was the Chinese Communist party, was in t the prospectus. Officials are still debating this. There is some talk that maybe secretary of state mike pompeo is somewhat being pushed to mnuchins side, steve mnuchin, treasury secretarys side, but i still hear theres a lot of concern there. Steve mnuchin as we were first to report basically signaled he was going to approve the deal through cfius. We reported that yesterday. He was poised to approve it. He just needed the president s signoff. Then this entire mess blew up as we first reported liz so charlie and excuse me, and pompeo getting involved and putting the brakes on it. Thats where we are right now. Liz yeah. Im holding up the two executive orders. I read them very carefully multiple times. They are signed by President Trump. Charlie, the president , one of the president s most trusted trade advisers and the biggest china hawk arguably, Peter Navarro, was on the show last week. He was supposed to be on today. His people canceled it, saying he had a meeting. We know that last week, he was very clear on what would be required. Heres what he said. The problem we have with tiktok is just a massive tsunami of data that they pick up from the American People that allow them to surveil, monitor the American People, their personal information, their user names, their pass words that people likely use across multiple accounts. Liz you know, this is amazing to me that we are hearing about a hosting type of relationship that oracle will have. When you web host, that still doesnt mean that brilliant chinese engineers cant find some way, some back door in. So i fail to see how this will match with what Peter Navarro wanted. Charlie i would say this about Peter Navarro. It is very strange that hes gone silent on this aspect, this deal, particularly as oracle got involved in it. Peter navarro, listen, if a girl scout cookie has one ingredient that may have come from china, Peter Navarro is pounding the table going ballistic and thinking the chinese are infiltrating the american capitalist system. I like the guy. Hes actually made some good points about china but hes off the rails sometimes on this china stuff. Whats interesting about him going silent right now and essentially dodging your question, because you asked him this, when larry ellison, who is a friend of trump, when he seemed to be the leading, the guy to make some money on this and to do this deal, listen to Peter Navarro, how hes gone silent. You know, im just saying liz what about charlie it is somewhat hypocritical liz what about the gop senators . Theres a slew of gop senators, we can put up these names. Hold on. Roger wicker of mississippi, josh hawley, rick scott, marco rubio, all of them have written letters to the president saying reject it. Charlie i know. Just remember, those are folks that are at least, you know, have been consistent. Whats odd about navarro in dodging this now is that, you know, this is his wheelhouse, right . This is an 80 mile an hour fastball down the middle of the plate that Peter Navarro should be going, you know, crazy and knocking it out of the park saying this is horrible, and the fact that hes not liz he may be, charlie. He may be behind closed doors saying are you kidding me . This is a forced joint venture. Charlie i bet lisa . Liz he said he had a meeting. Charlie let me make this point and you can cut me off. I bet he didnt want to answer your question about this. Liz i dont know. I think he wanted to answer it. I just think hes really in a bad position. Maybe the president is going to back away from the red line on tiktok that he himself put together with these executive orders. Charlie liz, like i said, if a girl scout cookie had one ingredient made in china, Peter Navarro would go nuts. Liz well, it is up to the president. We will see if he is unhappy with it. Well see. Charlie, thank you. Minute by minute, this thing is supposed to be expired, banned september 20th. Well be watching it. Closing bell ringing in 48 minutes. Amwell making a healthy debut. Yeah. 48 minutes. Wanted to check that. The teledoc competitor is trading at the moment higher by 31 after raising 742 million for its initial public offering. Backer google, whose google cloud unit owns a 3 stake in the telehealth provider, down in todays selloff, just about 2. 6 . Drug maker teva who owns nearly 7 of amwell through its 10 billion investment is getting a bit of a boost, up nearly 1 as we head into the close. Up next, congress, the fed, market moving ipos, so much data but what is the biggest indicator from market direction as we head into the final months of the year . Our floor show traders are reading not just the cold temperatures but the market tea leaves when the claman countdown returns. Tending hives of honeybees, and mentoring a teenager your life is just as unique. A Raymond JamesFinancial Advisor gets to know you, your passions, and the way you help others. So you can live your life. Thats life well planned. Here . Nah. Here . Nope. Here. When the middle of nowhere. Is somewhere. The allnew chevy trailblazer. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Liz breaking news. Take a look at the nasdaq. It is paring its losses. We have about 43 minutes left to trade. The nasdaq had been down just about 17 minutes ago by 220 points, putting it more solidly into correction territory. Now we are down 178 so all of this uncertainty, at least certainly is welcome for the bulls but it makes very very difficult the picture for investors. As we have mentioned, we are seeing this very hot ipo snowflake cooling off after doubling on its first day of trade yesterday. We also have the Federal Reserve yesterday announcing you know what, we cant see improvement until at least the end of 2023 so we will keep rates near zero for three and a half years. Then theres still the question of whether there will be a lack of a potential surprise stimulus plan before the election. Lets bring in our traders. Tim anderson and scout tt bauer. Scott, are you seeing anything thats the biggest indicator where the markets are going by the end of the year . Lets take a look at tomorrows Consumer Confidence number because the bottom line is we know the consumer drives a very good portion of this economy. It has been really good lately but if it starts to wane now because theres a few more lockdowns, people arent going back to work, the stimulus is not there, that is going to hit this economy, that is going to hit the market and finally maybe the market and the economy will start to work together, and thats the last thing that we want going into the fourth quarter, especially going into the holiday season, which we know is going to be extremely challenged as it is. So for me, its really looking at the consumer and its looking at jobs, and well get a good look at that tomorrow morning. Liz the uncertainty, and i think scotts right on that, there are a lot of things we have to wait upon for data to give us a little bit more of a north, south, east, west direction but timothy anderson, the volatility index is jumping about 4. 5 . I was watching this closely yesterday right in this hour because Jerome Powell was saying three and a half years out, we are still going to have 0 to. 25 rate. Let me be very clear to our viewers, that is for outright emergencies. So we may be in that now but i fail to see how he would know if we are supposed to be recovering and we are, we are seeing decent data, in two years we are still at zero . Does that give you a sense that that will mean great mortgage rates, that will mean great refis and the Housing Market might look pretty good, ex what we got today which was i believe, what did we get today, Housing Starts, august Housing Starts, it was a miss, but other than that we have seen some pretty good numbers so what indicator do you look at . We have seen very good numbers and powell can say Interest Rates will be at zero for two or three years but the reality is if inflation really does go above 2 and stays there for what he said in his statement the other day, awhile, more than awhile, awhile in their terms is probably in the neighborhood of a year, then they will talk about maybe raising rates, even if they raise them to half a percent two years down the road, they are still extremely low. But what i continue to look at in this market is this great rotation that the market continues to go through off the march lows. Look, the s p 500 and nasdaq made alltime highs on september 2nd. Since then, the nasdaq is down close to 10 . The s p 500 is down almost 7 . The dow since that day which didnt make an alltime high is down close to 5 . The dow jones transportation average right now at the beginning of your show liz alltime high. Yeah. Is higher, higher than where it closed on september 2nd. So liz its crazy. Yesterday it hit an alltime high. Intraday, it did. I believe an alltime high close would be 11,555. But what could be a better sign for a healthy market than one in which investors are selling the stocks that have had near parabolic gains and rotating into heavy cyclicals like the airlines, rails, truckers, transport companies, for a continued improvement in economic activity. Liz yeah. Indeed. I just want to make a clarification. I know our banner says high jobless claims fuel recovery concerns, but firsttime jobless claims came in today looking a little bit better than expected. So as we watch this, we can actually slightly worse than expected, but in im sorry. This was the number you want to see higher, a gain of 860,000. You know, this is the number we want to see fall at the moment. As we thank tim and scott, there we go, 860,000 with continuing claims of 12. 6 million, exactly, just look at the numbers. Dont listen to the redhead. Thanks, gentlemen. 48 minutes, 38 minutes to go before the closing bell rings. 100 mile per hour winds and as much as three feet of rain ravaging parts of alabama and the Florida Panhandle as Hurricane Sally barrels into the southern coast. We are on the ground in pensacola with a live look at the devastation and the stocks on the front lines of the rebuilding effort. We have just gotten in some new video via drone that we are about to show you of alabama. It is stunning. We will show it to you in the claman countdown next. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. Im a verizon engineer. And im part of the team building. A powerful 5g experience for america. Its 5g ultra wideband, and its already available in parts of select cities. Like los angeles. And in new york city. 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