yield in three years. >> stocks are much more attractive. >> so your bonds and buy stocks. i will get reaction from trump advisor peter navarro. dow is up 239 points. i know the last hour will be another crazy one. >> it so interesting, stuart showed a nice move and then you kind of got the news. [laughter] that's what everybody has to just plant it right here on fox business. don't change the channel. breaking news, a trump tweet is still sinking the market. look at the set up version of what happened. the president to valley to impose tariffs on the $300 million of chinese import that had up until now and escaped his tariff raft. the tweet coming just over an hour and half ago and taking

multiple asset classes from stocks to treasury to soybean prices on a violent ride. now at any moment, the president is expected to depart for raleigh tonight in cincinnati ohio. he estimates planing to do investors and he might just do so. he usually stopped to talk to the press on his way to marine one. we have several cameras stationed at the white house for the president's comments if and when they happen. i want to tell you leading up to the tree, stocks have been in china really welcomed rebound after yesterday's selloff which is by the first interest-rate by the fed and more than a decade. the dow which has enjoyed gains of 311-point earlier now down 253 points in a painful spiral. tech which led the charges morning's point back so hard that the nasdaq right now down about 63-point is enduring 229-point swing from peak to trough. our traders are reaching for their neck braces and getting in

front of the cameras. we have a power panel here that will assess everything from trade to the fed into bitcoin. peter shift was the first award back in 2018 that the fed would be forced to cut rates. he is here on what he sees happening next in signatur signe bancshares scott, whether the fed made a mistake. but he said is not the one that the president thanks the fed made. entity financial analyst greg mcbride answered the question is now your last best chance to grab the best and lowest rates to refinance your mortgage. the oil rigs getting humored. we are less than an hour to the closing bell. let's start the countdown. ♪ so much for that really this morning. breaking news, wall street is

now up double digits, we see as again of 12.5% spiking, this is an indication of fear in in panic. it climbed as high as 15 plus percent and that's where we are right now. slightly off the height of the session. it's pretty much the only green on the screen in the sea of red. which was washing over wall wall streestreet. he says he will stop new tariffs on $300 worth of goods that come in from china. what you can see here, we're going to show you how played out. 1:26 p.m. eastern time, the bottom fell out which had a been up 311 points. so let's see when stocks started to move. caterpillar and boeing starting to drop. we know how boeing down 2%, cat is down three and three quarters. over to the financials, if things get worse, then you expect the federal reserve will have to cut rates once again and

that is not good for financials which really hope to get higher returns on their landings. over and tech, they depend on lots of china business and they are the most exposed, the chip names if we can flip it over, getting absolutely crushed, qualcomm earlier had come out with the loss that exciting, we have them down about 3%. but they are not the only ones. if we look at amd, again down 3%, intel down one in the third%. the news also sent the ten year treasury yield down to 1.88%, right now we are just slightly higher at 1.89%. investors scrambling to bonds. those prices go up, the yokum sound. in the last time the treasury yield for the tenure style that level was the day after president trump was elected.

oil absolutely crashing, the worst day since every 2015, you can see it drop your. oil is down 7% or $4.19 to $54.40. what is the concern there. the demand will go down if the economy starts to hurt because of much more trade war prayed look at the energy names, i picked up this three, i looked at the s&p 500 of worst performers all the way down. three names in the oil cash, pretty much at the top. devon energy down 7%, caliber down 5%, and noble energy about 7%. let's switch over to soft commodities program soy in wheat. soy at the moment is down 2% and wheat is also plummeting to and a third% as president trump tweeted that china had reneged on his promise to buy large amounts of agricultural products. when he says that, there was a

lot of promises and some of those were canceled. there is no good relationship right now. no matter what people are trying to prevent from inside the beltway at the moment. it is icy between china in the u.s. and all you have to do is look at the market at the moment. the president twitter trade comments were coming after he met with the trade negotiators at the white house who filled him in on this past week's trades in shanghai. the president called it a small tariffs, which he says he will post september 1 and he revealed the trade talks will resume on september 1. this does not include the $250 billion that has already been soft with tony 5% tariff. let me get to edward lawrence who is joining the fight from the white house. we will put up all different metrics as your speaking. they are giving us a sense of how much the markets are reacting. >> i tell you the president is about to leave any minute for

ohio in an event that will happen in ohio might have something to say about this. he seemed a little frustrated by what he heard in the briefing you're talking about. the president say that china wanted to renegotiate the deal that is already been done trade he did want to say, september 1 tariffs we go 2% on $300 billion for the chinese goods, that is basically everything else that china imports into the united states, the end of the tweets saying he looks forward to helping positive talks with the chinese and with the future of the two countries he believes remains bright going forward. this comes as a result with the briefing the president had between u.s. trade representative in the u.s. trade team with the president. during those briefings, they talked about what happened in shanghai, the face-to-face meetings in shanghai. out of those meanings the chinese made no mention of protecting intellectual property which is something the u.s. wants prayed that the heart of the trade you for the united

states. we also don't know if the chinese put back in any of the concessions that the u.s. that they took out of the trachea. that was something they were going to discuss in shanghai. clearly the president upset, vice president mike pence saying these tariffs will level the trade playing field and put american workers first. >> we are working as we speak with japan. on free trade agreement. we're talking to the european union, once the uk goes through brexit we told him we are ready to go to work with them and we all know, we finally have a president who is standing strong and demanding more from that china open its markets to yo u.. goods entry american workers and american companies barely reveal another example of the u.s. not backing down. in fact the u.s. wants an enforceable trade agreement which is something the chinese have balked at the language in the trade agreement. they don't want to be locked into something enforceable.

the chinese want huawei removed from the entity list. and they tell me today that that is not going to happen. >> we were just showing up on the screen. it's at $209. they had been at $218 earlier. so we saw that complete reversal. specifically apple is in the target of these tariffs. the president has said in the past, this next round of tariffs, apple will not get a waiver going forward. he has made that statement so that will directly affect apple. >> by the way, another safe haven, gold up $15. we are watching all of it. please interrupt us because if you get anything more it could again move the market. doubt down 206 for points, the s&p done 27. it is the russell 2000 when you're looking at the stock tuesday it is down more than a percent and of course the

transport are really getting crushed down 2%. let's bring in traders. it's been a roller coaster ride. 24 hours right. do you think jerome powell had any inkling that the president would be adding more tariffs and what are you thinking about the maelstrom that is hit the market in the final hour trade? >> first of all, no way. there is not a chance that he knew this was coming, because if he did he would not of screwed up the press conference. he had a double statement in a hawk's press conference. there is no way he would went that route. >> i am not saying that jay powell really sold it like a champ. but what we are seeing right now is off the president's tweet. >> you asked me if you knew this was coming, no he didn't. china had this coming for long time prayed he had gave them a

month to get there and to unscrew the act so to speak, we fight them and we fight them until we went. >> scott bauer i think is an important battle to fight, however, i'm not so sure soybean farmers in wheat farmers are really thinking that weight at this very moment. because the just follow whatever hope that the chinese would start bing their agriculture again fizzle. i'm not saying that cannot turn around but what do you think? >> i think that they are throwing up their arms and exhausted. and thinking what will i do for the rest of my life. this is almost at the nail on the coffin for the period there is no chance that jerome powell knew this was coming. unfortunately, the way the market is reacting, i really think that president trump had this in his back pocket yesterday and was going into the press conference yesterday knowing that if it was a

quarter-point cut he was coming out with his news today and it was a 50 basis point cut he probably doesn't say anything. unfortunately, the market is taken like that. this is adding so much uncertainty, does the fed really have is independence or not. >> on looking at the dollar. it had been hitting two-year highs earlier today and suddenly we do see a little bit of weakness, that in turn. because oil has denominated in dollars. how long does a spasm last? and is this a really bad step at least for stock investors at the moment. do they just hold on for a tough ride? >> the stock investor hold on. this is no different than corrections we had before. don't panic. what is happening, you can't buy bonds. the place to be is after engine start bringing out your shopping

list. you start buying the selective stocks that you want, this market will end up probably going higher, the market is doing the fed's job, it's taken the rates down, it's doing the president's wish, is taking the rates down, how can anybody not expect the something was going to happen when you get lighthizer and management going to shanghai, they have a dinner were confident in coming home. do you think that went well? nonsense. >> constructive narrative? >> not at all. >> do you see the ten year yield 1.88%, just to put this in perspective, we were at 2.0 six early this morning. >> we can manage that. >> what can investor do at this moment. >> what the central bank can do is sell the five-year, ten year end 70 out of inventory into open market and use that currency to buy the shortened to buy as much as they can.

too somewhat get the yield curve back in order to get the purchasing managers back on the case. you sell the ism, very dangerous. construction spending, all those numbers are coming in a bit wonky. this looks very poorly for growth going forward. we have to get that back on track and the only way purchasing managers are going to purchase is if the curve looks more normal. they were taught in business school not to go ahead in this environment. >> i'm through to have you there as voices of reason and intellect. so nice to have you guys. thank you so much. if you look at all stocks, many, many of them are down right now. but there are individual stories that are hurting specific names, one of them is fitbit. it is feeling the burn with the closing bell ringing 45 and a half minutes. fitbit is down 22%.

this is not just the 3.20% stock. what happened here, a major misstep on second-quarter sales in the slashing of the world under full-year guidance. sending it to new lows. try $3.24. is this as good as it gets when it comes to mortgage rates. coming up, why rate guru greg mcbride says if you don't pull the trigger right now on refinancing your mortgage, you might be shooting yourself in both feet for the long-term. that is next, the dow is down nearly 300 points. ♪ how do you gauge the greatness of an suv? is it to carry cargo or to carry on a legacy? its show of strength or its sign of intelligence? in crossing harsh terrain or breaking new ground? this is the time to get an exceptional offer

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>> i'm trying to make a dr. seuss character with either going in opposite directions. look what is certain, you have the homebuilder names moving higher in a very down market. minard, dr martin all up to - 3%. charlie brady is just confirming it for me, much lower ten year yield were probably translate to much lower mortgage rates. perfect segue to what we are doing right now. what a difference eight month makes.

november the average rate was hovering around 5% for 30 year. since then, it has sliced off one and a quarter percent. mortgage rates are at their lowest levels in some three years. the downtrend tied that the federal reserve was going to cut interest rates, it did not happen until just now. now people are wondering how much longer do the rate cut cycles continue if there is a cycle. now the fed has gone, what does this mean for mortgage rates and revise? let's ringing chief financial analyst greg mcbride. now you gotta do or die? >> if you are looking for a consumer impact with the fed cutting rates, this is it. as you mentor, mortgage rates went about 5% in november now to below 4%. and from the previous segment, the tenure yield going 1.75, you're talking that mortgage rates will make their way closer

to the record lot with greenhouse percent. refinancing, you will save 100 -- 150 maybe $200 a month after payment. at any rate, that's a pay raise people did not get earlier this year. >> do you see mortgage rates falling even further. use a do or die now. but there is a chance that the federal reserve does get forced to continue at least one or two more. i don't know if we can put up the future but this morning a september cut was priced in at about 60% chance. now it's something like 17%. which is just before the top of the hour. another rate cut, 70% in september prayed why would i not wait even more? or that playing russian roulet roulette? - it's a little bit over that. i think you can wait but get the pay stubs, tax returns and bank statements together. and be ready because mortgage rates don't move in response to the fed, they move in advance of

the fed. right now you see the big drop in tenure yield today because of the concern that tariffs are really going to weaken the economy. it's outlook for weaker economy that brings the long-term rates down. so that is a move that you're seeing right now. keep in mind the economic fundamentals are still pretty sultry. unless you see actual weakening take place, that dip could be short-lived. if you're the refinance owner now you had to be paying attention. but if you pull the trigger this week or next week, you've got a little bit of time to sit back and watch but be ready to pounce. >> nasdaq is down 49, industrial transports down 258. what other interest-rate sensitive opportunities do you see going down, willoughby credit cards, car loans? >> we are seeing a little bit of movement on carlos, it does not impact the household budget. a quarter point difference on a $25000 car loan is $3 a month.

nobody will upgrade from a compacted suv by quarter-point. >> reg mcbride says get it while the picking are good not slim. busy day here closing bell ringing in at about 48 minutes. what you are looking on your screen, boom videoconferencing. that is me with the guy who is behind the whole shooting match. and when we tell you, that he has a story you cannot even imagine. all in the latest edition of everyone talks to liz, his name is aaron, ceo of zoom video, how many times did it take eric to get his u.s. visa. you will not believe how many times he tried and when he got it what inspired him to reach for his dreams and build the company. he became an instant billionaire.

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>> no surprise but the amount by which chinese stocks are taking is a little disconcerting. we have ten sent down one in the third%. when you look at ali bobbitt is down or into the present. this in the wake of a tweet that is come out two hours ago by president trump were in essence he said, market on your calendars, september 1 he will impose 10% tariffs on the final $300 billion of chinese imports that had up until now remained

free of those duties. at the moment we are watching a selloff in u.s. stocks, the dow is down 198. overseas were seen falls two. >> can you guess who that is. nearly a week, barely a week after the sprint merger finally got the justice department okay and angels sing, because we were done with this 50 month saga. i partly we are not done prayed far from over. we had haggling going on behind-the-scenes. charlie gasper arena. >> we will do sprint t-mobile, we hinted that this during the negotiations. they have discussed the repricing of the deal. why do they maybe need to

reprice this deal? there has been a significant amount of the gestures, to get this through the regulatory. there has been an extended discussion about it. here is what we know as of now. obviously we should point the company has not commented on this. they are leaning against the repricing. the 26 billion-dollar measure. they believe if they actually go in there, start repricing and re-file all the paper work with fcc, if they have to refile, i guess there's a filing with the fcc as well, that will take a lot of time and add more time into the closing of the merger which they want to get this done with. best we can say, they have discussed this, they fixed under discussed extensively. in my view there trying not to go this route but you never know what is going to happen. between now and the end of the year we will get some daylight

at least now into the next couple months. as of now leaning against it, this was clearly a major issue for them even all the divestitures. $5 billion worth when to dish. >> what about cbs? interesting, i know we've been reporting this as long as we have reported the other one. we keep say next month, next month. about a month ago i said next month, it looks like next week could be the week where we get some indication. we should point out both companies report earnings on thursday august 8. cbs post bell,. >> cbs just announced an 18-cent share dividend. >> so they both announced on thursday, one before the vote and one after the ball. a lot of people say that today they look before they get some indication on whether this thing

is announced. i've been told there's a chance it's going to get announced on the eighth and is something we should watch for. if it does not get announced on the eighth, that does not mean it's over, it just means it may take longer, it could mean it's over. this is the hedging that is going on. or it could mean they want to wait a couple more weeks. i would pay attention to next thursday. it seems a logical time. you have both earnings come out the same day. it's a logical time to say we are finally at this deal, how long has it been going on,. >> that goes way back, further. >> 2016. they betrayed to do this since 2016. it looks like thursday will get indication. i've been told there is a possibility or even more than a possibility that it will get announced on thursday. if it doesn't, these things have a way of taking longer than

anybody anticipated. it's a logical time, one post, one pre-you think they put out a press release and said were rocking and rolling and here's the terms that we need to work out. thursday is a key day, watch it, it will be a big day for these companies and it looks like. if it isn't it can wait a little bit or maybe they decided to call it off. it just sounds like the terry wants it. it makes sense to put together print if you're ever going to build something you need summer balance sheet scale and that is what this gives them. if you want to combine and sell them, get rid of the overlap, this makes sense, a lot of people think they want to sell it by discovery, that's one of the potential deals. >> annual high, 34 bucks it's at 2980 right now. >> whether the sub the whole thing off.

there is also another alternative three out there. comedies like cbs and viacom immediate company, no one buys them for a while, tech comes in and buys them on the cheap in two years. these are tough businesses right now. that is where we are in operant sprint, t-mobile major discussions on repricing leaning against it for technical reasons, cbs, viacom next week will be a key date. august 8. >> president trump is expected to depart the white house momentarily -- with the closing bellringing and 26 minutes. will he comment on his tweet. will he talk about the fact he said he is now ready to escalate the trade war with china september 1. we will bring you any comments he has two the camera as soon as they happen. the guy who told you month ago it was coming.

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>> regardless of what they do, the next thing they will do is cut rates. they are going back to 20 prayed but is not going to stop the bear market and not stop the recession. >> the first of those three predictions has happened. yesterday as you know the federal reserve cut interest rates by a quarter of a point. we said we would bring peter

back when he was right. and here he is. he predicted the fed would have to cut rates before raising them. were also joined by scott shea who says it was a mistake for the fed to lower rates but not for the same reason that president trump would say it's a mistake. peter i'll begin with you, you boldly went where very few uppers had gone and you said in december they will be forced to cut known of this hiking. what was your first reaction when you saw it announced? >> i was pretty much expecting it. and also as expected, the fed or powell was not honest why the fed was cutting. he is trained to pretend because it was because of concerns about the overseas economy. it's really the u.s. economy that is driving the fed. that is why this is the first step on the road back to 0.

it was a mistake when the fed went to 0 the last time. it will be a bigger mistake when they do it next time and the also go back to quantitative. they announced yesterday the end of quantitative titan but the next step is to go back to q. week and qe for will be bigger than qe 12 and three combined. the president would agree with you, he wanted to be 50 basis points, but your say there's a mistake made but that was not it. >> we have serious problems, we have problems with trade, manufacturing sector, we are trying enter trading soybeans with whil telecommunications. i think doing financial engineering with 25 or 50 basis point is besides theoint.

in inflating and it may support our financial markets, but we have some very serious issues. and were distracting ourselves. >> what should the fed have done? >> i don't think it was necessary for the fed to cut, they should've stopped quantitative tightening because there's no reason to be second on the marketplace. within environment of a 3.8% on appointment where we have 125,000 people who are out of the job market coming into the job market, that is pretty actually present. i think it's time we do with her trillion dollar deficit and again, all the fundamental issues about our competitiveness. we really need to face those issues. >> don't hold your breath. peter we have a situation going on with the market right now. about two hours and 20 minutes ago the president tweeted that he was going to put in effect around under brand-new round of tariffs on 300 billion more in chinese goods coming into this country. we have been up 311 points for the dow, we are down 236 right now. we sell the ten year yield, to

see that drop of 18 basis points, we went from 2.0 six down to 1.8, it was as low as 87 now 1.89. where is the traitor? >> first of all i think trump was sending a message to powell not to china. this was trump's insurance policy to make sure the fed keeps cutting. but i don't think he needed the insurance. look at the horrible minute factory data that came out today. the week construction data, the u.s. economy is going to recession and headed there fast. the fed is going to go down. gold is up about 30 bucks today. we just below 1450 prayed want to take that number out we can be off to the races. people are totally on the wrong side of the street.

they have no idea how much inflation the federal reserve will be unleashing and it's not going to be good for stock prices. the inflation will be in the supermarket not the stock market. >> we have bitcoin higher. you believe that this might be an alternative investment right now. we have up 242 bucks to 66 per coin. i have to respond to that, again i talked to a lot of purchasing folks who are clients and what is worrying them is not 25 basis points, it's too some degree what they heard last night, maybe a cleantech deal that will make the catholics what they may be purchasing obsolete. maybe the insurance industry is going away. those are fundamental issues. >> bitcoin, i think bitcoin is a sore value like coin. when times are looking uncertain, people flock to it. just like other commodities to hide from the marketplace.

>> peter you get the last word quickly. >> i don't think it's anything like gold. people are speculating it and hoping it goes up, maybe it will go up for a while. ultimately it comes crashing down. i suspect money is chasing the bubble and crypto's but the smart money is buying into gold and silver. because those are legitimate and monetary assets and they will sign when the dollar crashes. >> we have to run because we have a very fluid market. they can so much. dow down to 40 at the session down within 300. we have been up 200 plus. stay tuned. ♪ write the future? can you feel calm in the eye of a storm? can you do more with less? can you raise the bar while reducing your footprint?

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>> breaking news, we are seeing

retail names getting absolutely hammered, the retail industry leaders have came out to respond to his announcement of new tariffs set to be imposed on 300 billion of chinese imports take effect september 1. we retail says the list of products you terse will hit our entirely consumer-oriented in the direct hit on consumer products, families and their budgets. u.s. national retail federation responded by saying tariffs continue that is already slowing the u.s. economy, growth, crating uncertainty in discouraging investment. >> summer down as much as 10%. i'll take you through some of the names. best buy, gap, kohl's, nordstrom, macy's, it is down more than 3%, it is down the worst date since may.

i will back up where you reported from the retail federation. one analyst i spoke with said that the consumers are going to be the one who pay the additional tariffs, when they go into effect. they took it a step further, they say this could actually shock consumers into spending less or into a spending freeze. at the moment it seems wall street is very much trading on that. in addition to retail, financial and industrial spring you have been covering this amazing swing but i would mention this 311-point gain for the dow now down 375. back to you. >> we are seeing the dow head back down, we're down to 79 now. he is speaking before the cameras right now. he is saying "he is not concerned about the drop in the

dow stocks that we're seeing right now. arguably triggered very much by his tweet imposing brand-new tariffs on chinese goods. blake with the white house. reporter: i will give you headlines, the president on the south on about to leave for cincinnati and taking questions. the president says he thanks president xi of china wants to make a deal but he says china is not moving. it is not moving fast enough. he says china is devaluing its current president. he says he is not concerned with the turn of around in the market that we are seeing today. the president has taken celebratory lapse time and time again when the market goes up and rightfully so as the market has spiked under this president but as you know if you on the market as it goes up you must also own as it goes down. which were seen today as a reaction to the latest

announcement from the president that he will institute the 10% tariffs come september 1 as a result of the discussion that happened in shanghai over the last couple of days. the trade team, were over here at the white house earlier today when numbers of the president's economic team briefing man about the discussions. the president did not like what he heard as it related to what happened over in china with those discussions. he says he will move forward with additional tariffs and the president also singled out the chinese president xi jinping and the tweets saying that president xi had promised to help with the fentanyl problem in this country to make sure chinese fentanyl is not making its way into the u.s. but that promise has not been lived up to. the president also saint china has not fulfilled an ad by that they said they were going to prayed the president still talking on the south lawn which

i believe will get that tape soon and more from the president shortly. >> he is also saying he does not know what china's attitude is on the hong kong situation. he is also making comments about north korea. i have to tell you, we almost came within a loss of another 300 points, we are down to 88 at the moment. 304 is a low. a loss of 304 points. >> just for context for our viewers. we are just getting snippets. the president is taking questions on the south lawn on a host of issues. these headlines are brief snippets. you gotta check the tape because they are long comments from the president and we expect that to be the case this time. >> there's a stock market tape, now down 305-point market is not liking, we just hit a new low, 305.

the market does not like what the president is saying that the moment. i'm guessing specifically one of the things the market is pushing back on at the moment, they are sending from what he just said, i'll read it, he thanks president xi wants to make a deal but the word thanks that he wants to make a deal but then he goes to say president xi is not moving fast enough, china is devaluing its currency, he does not know -- that goes back to the other one, he thanks that they can reach a trade deal and it's the way he wants to go and he is not concerned about the drop in the dow. right now we are down to 96, we are watching every moment and with the tenure yield down 1.88%. that is a fair trade.

let's bring in jay jacobs, 10 billion under management. the senior vice president of global excellence. back in front of the camera. let me just get to our traders first. did you see anything in these headlines from the president speaking right now and i'm guessing there's more to come. that would give you hope that the markets are going to at least possibly make a run for the green? >> you have to work your way around this, i'm thinking my cash positions are a little too low. i am thinking, i'm okay on gold, but my equity positions are little larger than they should be. i'll pill back about 4% between tonight and tomorrow. >> i'm just watching the market activity right now, about five minutes ago just as the president spoke we saw cell orders come in electronically with her hands out. it seems to me to ease and up a little bit. what is happening, the market is

coming to adjustment. the thing they have to remember is the sanctions don't really go into the market react big. i looking at the ag market, they took a hit initially on the headline but they bounced back. we saw buying coming in from the buyers. who thought it was a buying opportunity. that might be a ray of hope. oil prices on the other hand show no signs of hope. it is brutal right now. they're very, very concerned on two levels. number one, the weak u.s. manufacturing data we saw today seems to suggest weaker demand. now the fed disappointed the oil traders without cutting more. then of course you have got this. liz: we're well below the close of the session for oil. no no, we're slightly up on crude.

jake, tell me when you're buying in an atmosphere like this? you could car we missed the bottom. we called those "flash crashes." you wanted to scoop something up with the dow down 300 point. we're down 289. >> this market cycled from being a little bullish to bear territory. we're seeing across assets. this is not just oil but the yen selling off which is safe haven. this is market where across all markets is moving into safer havens right now indicating a bear market. liz: are you worried about manufacturing? because phil point the out it. july institute of management number, health of manufacturing, fourth decline in a month in a row. >> this is a trend line that is starting to go very negative. the question is this being driven what is happening overseas or is this some sort of

domestic weakening because the u.s. consumer is very strong. maybe this is more internationally focused than the u.s. liz: sarge, we're getting, yeah the july jobs report. i'm very interested to know what happens here. it could, if it's a strong number what might that do? i'm beyond guessing what the market interprets economic date. >> i never want to root against your country. i think you can expect probably the, i think futures markets will guide towards easing no matter what the jobs says tomorrow. i don't think the jobs can really hurt us more than we are already hurt. liz: phil, we're 15 seconds away from that bell. what happens tomorrow? >> i think we bounce back to be honest with you. i think the market will put this in perspective. it may start out very, very

ugly. people will put in perspective, they still have time to cancel tariffs. [closing bell rings] it is probably donald trump negotiating again. liz: 600 point swing from peak to trough for the dow. it closes down 272. thanks to all of our guests. time for "after the bell." >> good afternoon, an escalation of the trade war with china. president trump announces the u.s. will impose new tariffs on $300 billion of chinese imports. the dow tumbled as much as 566 points in reaction to the president's tweets. president trump saying he is not concerned about the steep drop. i'm jackie deangelis in for melissa francis. connell: i'm connell mcshane