that our businesses can face certainty, know what the rules are and plan their capital investment accordingly. so as much as i find it abhorrent that they may lose their democracy there, i think from the american point of view -- charles: i got to let you go. thank you very much. liz, again, more and more folks are talking about hong kong. that's a big difference than last week and may be contributing to all of this. liz: yeah. those protests are not happening in a vacuum. i think you're absolutely right. thank you very much. in fact, folks, we believe they are worsening the trade tensions between the u.s. and china, and the markets as you see right now, having to sell off at this very moment with 59 minutes before the closing bell rings. it's 3:00 a.m. in hong kong and this is the scene that triggered much of the selling. what you see are protesters, at one of the busiest airports in the world, totally shutting it down because anti-government protesters have clogged it. the hong kong international

airport handles 1100 flights to 200 destinations daily and at this moment, airport authorities are working with airlines to see when and if they can even resume operations just three hours from now. but listen to this. the chinese are now accusing the u.s. of engaging in rabble rousing in hong kong, hinting u.s. politicians are meeting with protesters. meantime, we are just 20 days away from new tariffs kicking into effect on $300 billion worth of chinese goods. we have the chairman of kent international, the nation's biggest bike manufacturer, made in america, assembled in america, employing americans. he is here, back after three months of being on the show, to see whether he's gotten any relief from the tariff man, as president trump calls himself. it is a fox business exclusive. treasury yields are also spooking the markets. they are still sliding as the markets struggle with the trade war and fed moves. the former cantor fitzgerald ceo

sean matthews has traded every possible thing whether it's derivatives or stocks, bonds. you name it, he's here exclusively on the trade now. how he's profiting off negative yields. on wall street, markets hitting session lows. we were down 403 points weigh on investors. nasdaq lower by 1.33%. plus the shocking suicide of jeffrey epstein. markets popped to drop and is today the day for the cbs/viacom merger. less than an hour to the closing bell. let's start "the claman countdown." liz: we've got some breaking news. boeing, the stock is just now coming off its session lows after some news from the federal aviation administration. while boeing is down 1.5%, you

can see it was worse earlier. we get an idea about the return to service of the 737 max jet. this controversial jet which has been grounded since two fatal crashes, one earlier this year and one late last year. new faa head just sworn in, stephen dixon, says the faa is not following any timeline but also says this. >> this plane will not fly in commercial service again until i'm completely assured that it is safe to do so. liz: boeing does expect the plane to be back in service by the end of this year but based on what we are hearing, the faa may not recertify the aircraft in time for that projection to be hit. at the moment, boeing is down $4.73. still, just barely off the lows of the session. over to the markets. wall street playing a game of dominoes today. when it comes to stocks, they are falling like fireflies here, selling off as trade and geopolitical fears dominate the markets. that in turn is pushing

investors to the safety of treasuries again. look at the ten-year yield, folks. it tumbled below 1.66%. that was a resistance level for a lot of market participants. we do have it at the moment at 1.65%. i will give you the exact down to the actual point here. 1.644%. you can see we are going very close to that 2016 low but earlier, it hit 1.59%. in turn, that pushes down interest rate sensitive bank stocks. let's take a look at some of them. red on the screen for the major financial money centers but also i would imagine that we also have the banks overall just down. goldman down about 2, nearly 3%. morgan down 3% as they make money by borrowing short and lending long. let's bring it full circle. financials are the biggest losing sector in the markets. the spdr financial, the etf, gives exposure to some of the

biggest names, down a full 2%, just off the lows of the session. so as the markets continue their downward spiral, what we are going to do is watch tick by tick and make the call, because we are down 403 points. in just a few minutes, as to whether we are going to go commercial free. we're not sure just yet. we do that in order that you don't miss any moves whether it be off the floor or lower. goldman sachsidot help the situation this morning. they told clients in a recent note that the trade war is having a much bigger impact on the u.s. economy and because of that, it's causing risk of recession to rise. goldman analysts now say they expect a .6% drag from that on the u.s. economy, up from its .2% drag earlier estimates due to the trade war. what do we have here? trade concerns causing goldman to lower its fourth quarter growth forecast by 20 basis points, now standing at 1.8%. is goldman right, is the weight of the trade war, you weave in all this drama out of hong kong,

something to fear and is it going to trigger a recession? to the floor show. i don't want to be what everybody accuses me sometimes of being, too negative, but then of course, when things go south, it's liz, why were you cheerleading. scott, i will put it in your lap. do you agree and how should investors prepare? >> i kind of agree with goldman's call because six to nine months ago, most people would have thought the trade war would have had some kind of conclusion or been closer. at this point it seems farther away. sentiment is getting hurt. big companies are doing less ordering, there's less clarity as far as 10% tariffs, maybe even more than that. people are dialing back their spending and it will hurt the economy which is what we are seeing in the numbers. that's why you have yields going lower, it's indicating growth slowing and it's staying slower so that could give some more fears of recession, so the s&p cash, 6% off all-time highs when usually you are in a healthy environment. you can't count on a 10% move off that, which would be 2725,

in the weeks ahead. liz: the fear trade is smack on the screen, treasuries. the price is going up, the yield is dropping. i will repeat it. 1.63%. we now have a very serious 30 basis point inversion between that and of course, the three-month. when the shorter dated treasuries are doing better, yielding more, because there is so much fear, people want to park their money short-term. give me a sense of what you are seeing on the floor. there's got to be smart money moving around to certain trades. >> yeah. there definitely is. i think the flows we are seeing is actually in the longer end of the curve right now. the three-month, ten-year as you just mentioned at its widest point it's been at since 2007. that does have people unnerved. on the other hand, people are kind of accustomed to it. it has been inverted for quite awhile and given the fed has their neutral rate so much higher than what the market says it should be, people are saying well, gee, that's why the

three-month ten-year is inverted. there's a lot of flows into the longer end because even though ten years are yielding 1.63%, they are a significant bargain compared to anything else in the world right now when you have -- yeah. liz: it's almost like you are paying people, right. we will explain more than that in just a minute. there is another fear trade here. that is gold, up $18 right now. this to me smells of maybe a one or two-day event. last week we had a ton of volatility, up, down, all around, pops and drops as we call them. that's what our "countdown" closer will talk about. i want to mark it here. 52 minutes before the closing bell rings, we are down 410 on the dow. go ahead. >> well, i definitely think gold is a trade. over the long run, what's it going to give you, right? you have always said there's a lot more inflation than there is

that people are talking about in the market. i think it's a short term trade. i think the pop in oil is a short term trade. it's a bit of covering after the saudi news. i don't see, you look at global demand, i don't see oil going up for any reason. i don't see that happening. i just wanted to make one outside note. if you want to understand what's going on in hong kong, if you want to understand what's going on with fentanyl coming over from china, read about the opium wars and get a better picture what's going on. things in hong kong are fairly serious. you should find out, not you, but people should find out why hong kong is what it is, how it got there, and where it's going to go. read about the opium wars. liz: there's that, and there's the push back against chinese overbearing rule, that long arm from the mainland coming across. i don't know if we have more pictures we can show. we are weigaiting on a live pice from the airport out of hong kong. meantime, let's take you there with the pictures we do have. you are looking at dozens of protest arrests that have taken place. you can see the police are not

giving much patience to this situation. hundreds and hundreds of hong kong residents protesting and totally shutting down the international airport. of course, the airport had to make the decision to ground all flights as thousands of these pro-democracy demonst protesting day after day, week after week against police brutality and that controversial extradition bill which triggered the whole thing. those participating in hong kong have spent the last ten weeks protesting to protect their liberties and legal autonomy from china. meanwhile, the city's largest airline warning its staff that those who quote, support or participate in illegal protests could be fired. why does this matter to our business focused investor audience? take a look at somef these names. major u.s. companies with business operations in hong kong. goldman sachs, hsbc, 3m in there, accenture, marriott,

wells fargo, the list goes on. let us go to edward lawrence live at the white house with the very latest. the chinese are now making some serious accusations against the u.s. which makes me think this trade war and any kind of deal is now further off. reporter: yeah, it's all being mixed together. the white house responding to the protests that shut down the airport just a little while ago. the white house releasing this statement saying quote, societies are best served when diverse political views are respected and should be freely and peacefully expressed. the united states urges all sides to refrain from violence. today a chinese foreign ministry spokesperson came out and said basically, u.s. politicians and the u.s. itself is stoking these fires, saying or adding basically to stay out of the situation. listen to this warning from hong kong officials. >> translator: we must firmly resist the violent crimes against law enforcement. we strongly support the hong

kong police force and the judiciary to decisively enforce the law and bring criminals to justice as soon as possible. reporter: the protests have been going for about nine weeks now. the reality is that there isn't much the u.s. can do if china takes force in order to crack down on all this. this further complicates the trade issue. there's a stalemate there with the trade issue right now. chinese government officials are in their annual retreat and we are told from chinese sources they are coming up with ways to retaliate against the united states on the economic front without affecting the china economy, maybe helping chinese companies or helping foreign companies in china that are not u.s. companies. listen to this, liz. in june, 33 chinese companies have applied to their stock markets to move some distribution outside of china, vietnam has been the winner of this. we are talking about textiles, some materials, vietnam, malaysia is another one. it raises the question, how they

can determine whether it's actually made in that country or is that product going to be recycled and repackaged with a label and actually made in china. that's something they have to work out. but obviously, they see a prolonged fight here with the trade war, if some of the manufacturing is starting to move out of china. liz: so see what we are showing on the screen? i don't know if you can. it is the protesters, some of whom are carrying american flags. now, that has really infuriated the chinese. it has made them make that connection to somehow u.s. politicians inflaming the situation and quote, rabblerousing. we are keeping an eye on this, folks, because it does all tie into the trade war. with the closing bell ringing in 47 minutes, we do have the dow down about 397 points. the only name in the green on the screen is j & j, johnson & johnson, up by only ten cents at the moment, $132.14. coming up, the trade war has

slammed the brakes on one all-american company. kent bicycles. the chairman and ceo told "countdown" three months ago he needed relief from the self-appointed tariff man's plan to keep his american bikes rolling off the assembly line. well, that ceo is back to tell us if he got what he hoped to get by this time. "the claman countdown" is coming right back. ♪ limu emu & doug look limu. a civilian buying a new car. let's go. limu's right. liberty mutual can save you money by customizing your car insurance, so you only pay for what you need. oh... yeah, i've been a customer for years. huh... only pay for what you need.

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take your business beyond. we're hoping the trump administration can give us like a five-year umbrella of no tariffs at all. >> like a waiver. >> like a waiver for five years. liz: that is the ceo of kent international, the biggest bicycle manufacturer in the country, just three months ago here on "the claman countdown."

arnold camler was extremely worried he would soon have to resort to not only further price increases but to layoffs. with no end in sight to the trade war between the u.s. and china, here in a fox business exclusive, we welcome back arnold kamler, chairman and ceo of kent international. first things first. give us a progress report. have you gotten a waiver? >> we have not received any waiver. no. liz: no waiver at all? >> none. liz: now what's your battle plan? >> well, we have formed a coalition with 11 other american bicycle assemblers called the american bicycle manufacturers coalition. we are having a bill written for us that will lobby to give us a dramatic amount of relief from the 301 tariffs and normal import tariffs. the thought being that we can collectively increase the amount of bicycles being assembled in the united states from about half a million right now to maybe four or five million bicycles a year, creating lots of jobs. liz: have you ever, well, you haven't been running it for a hundred years but of course, it's been in your family for the

hundred years this company has been in existence. have you ever had to form some type of coalition with competitors or do anything to this extent? >> no. nothing like this. liz: never. tell me about the state of the business right now. last time you had hiked your prices slightly but since then, of course, what have you had to do? >> we had a small price increase because of the tariffs late last year. liz: right. >> the effect was not as much as we thought it was going to be. it was -- initially it was but then things calmed down and people got used to the sticker shock. now we had to raise our prices an additional 9% as of just a couple days ago because of the latest change of the tariffs from 10% to 25%. i mean, 10% additional or 25% additional so we are now paying 36% tariffs on bicycles and unfortunately, we even have to pay that money right away. it's the same thing on the bicycle parts that we are importing. we have to pay 30% to 35% on all parts right now and pay those

import tariffs. liz: that's a cash flow issue, is it not? >> it's a terrible cash flow thing that's straining for us, about one-third of our cash flow. liz: have you had to resort to layoffs? >> unfortunately, the answer is yes. i was hoping not to, but we have laid off about 35 people down in south carolina and another five in our headquarters in new jersey. liz: you know, when people get laid off, do you give them a reason? what did you say? >> i mean, we told them the truth, that these tariffs are hurting us and it's hurting because the inflation on bicycles and prices that we had no choice but to do this. the job market in south carolina is pretty healthy. we think most of them will find jobs. but a lot of them still want to come back if they can. liz: the president and one of his top trade advisers, peter navarro, have consistently said the chinese are paying the tariffs. you say what to that? >> well, i mean, i can understand a little bit of that, where the chinese have weakened

their currency a little bit, but that's just a tiny part of it. we, for instance, on a million dollar shipment that comes in, which is an average weekly shipment for us, we are paying $360,000 of import duty and we need to pay that to u.s. customs within a couple weeks. so if there's somebody else wants to pay for it, let me know. but we're paying for it. liz: i would love to see a photograph of that check. this way, peter navarro has asked to come on the show to explain it but you are paying. >> well, it's not a check. liz: shows what i know. >> it's automatically deducted. it's auto debit on our company checkbook, our company banking policy with u.s. customs automatically deducts. liz: good luck to you. >> i have documentation that i can send to you on that. liz: i would like to see that. that way i can hold it up to peter navarro, who would like to come on the show, and we can talk about it. arnold, good luck to you. >> thank you very much. liz: please keep us posted. we will have you back.

arnold kamler runs kent international bicycle company that's been around in this country for 100 years. they have had to lay off people and raise their prices. we are watching the story. 39 minutes before the closing bell rings, we do have the dow down 402 points. up next, this worrisome phenomenon happening across the globe in france, in germany, switzerland, spain and more, to the tune of $15 trillion. negative bond yield, meaning investors are so fearful, they are paying governments to simply hold their money. as top market watchers fret, it could happen here, maybe, what is the trade? shon matthews led cantor fits gerald for years. he's next on how to profit on bonds hitting record low yields. there's always a trade.

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we're gonna need a bigger room.

liz: look at the nasdaq, down

109, the dow down 405, as the financial world's freak-out continues over negative bond yields around the world. why is this worrisome? well, right now around the world, $15 trillion in government bonds have negative yields. now, usually government bonds are a place to park your money. they come with a guarantee that you will get paid back with a little something extra, and that would be the yield thrown in, when you cash out. but from germany to switzerland, all over the place, to france, look at these negative yields. okay? meaning by buying a negative yielding bond, the only guarantee is that you will get less back but instead of freaking out, how is the smart money playing that trade? in a fox business exclusive, we bring in former cantor fitzgerald ceo shawn matthews, founder of hondius. there is always a trade, is there not? >> absolutely. the world is moving now to more of a tactical scenario where you

are going to have to take your money and move it around into different areas depending on what conditions are out there. certainly right now it's a risk off environment where people are looking for safe havens so you have had a duration trade where people are pouring money into fixed income market, precious metals are doing very well. you have to start thinking about what's the next trade after that. certainly, there's a series of trades i think over the next year which will be very profitable and interesting. liz: so let's talk about that. what is your battle plan you have been putting together? >> we are now looking at precious metals and are involved in the precious metals space and think you will have more capital going into those areas just as a safe haven. you have duration plays that are out there. really, now it's about the countries that have negative yields and the countries that don't. the countries that don't, it looks like every curve is flattening down because people are looking to scramble into duration. i think that is an aggressive play at this point in time. i don't think you will go to negative rates in the u.s. but

you start to have to think about where do you put your trades on and where do you put your capital to work. to get the highest return. i think in europe, there are going to be interesting plays when, you know, you have christine lagarde come in, she's going to be more talking about fiscal policy and as that happens, you are going to start to see some of the negative interest rates come out of the system. liz: okay. you are shorting french sovereign debt, correct? now, how can our viewers do something like that? >> well, you can go with the futures market. we are being very tactical about it and looking at it where the entry points that are out there, and we may not be there yet, but there's certainly an interesting trend because if you look at germany, germany is really the bellwether of europe right now, they are legislationally cannot go above 35% debt to their gdp, which is really putting pressure on their system. so they can't borrow extra to put money to work at a time

where their entire yield curve is negative. so they are getting their current account balance is actually very positive so they are taking that money and putting it back into their bonds. france doesn't have that problem. france can actually borrow more. i think you will start to see countries like that, with the ability to borrow will start to come in and actually perform some fiscal measures which will help their economies grow. liz: negative yields, though, if i'm correct, are basically a reflection of very high bond prices. can you explain to me, you know, i got roasted last week for even repeating what pimco had floated, simply it's not entirely out of the realm of possibility that u.s. treasuries could go negative. i mean, it is a long shot, certainly, but the ten-year yield is now at 1.6%, lik like .63%, .64%, the lowest since 2016. what are you looking at when it comes to whether it's those or junk bonds out there? can you short something like that? >> if someone told me 20 years ago we would have negative

interest rates in this kind of massive scale, i would say it's utterly impossible. the world has clearly changed. also interestingly, you have almost a trillion dollars of corporate debt that's negative as well which doesn't have the taxing authority and you know, the sovereign entity associated with it. that's even more ridiculous than the sovereign debt. i think the world will look back at this 20 years from now and call this a pure bubble. that's currently in play. when this happens, you have a couple dynamics. you have more credit borrowing because interest rates are so low, they can borrow very cheaply, so credit spreads have also come in and been very tight, which they are taking that money and i would do it as well as i was a cfo or ceo of a company that was public, i would borrow as cheap as i can, turn around and buy back my stock. that's driving the stock prices higher. so this is really an intertwined bubble that's going on right now. liz: shawn matthews of hondius,

named after a famous dutch map maker, is that right? >> that's right. liz: congratulations. thank you so much for coming. see you next time. we'll be right back. the dow still down 401 points.

susan: i'm susan lfshgsi with y fox business brief. planet fitness a little out of shape after the "wall street journal" called out the gym chain for being too bulked up. according to the "journal" an

economic slowdown could shred the judgment-free zone valuation. why, you ask? the gym chain seems to prefer those who like the idea of exercise versus actually going to the gym to work out. at only $10 a month, many members barely show up and the act of canceling membership is daunting to some people, after falling 10% following its earnings report last week, planet fitness falling 3.25%. fashion brand coach issuing an apology after facing backlash for undermining the country's one china policy in recently released tee shirts. the company failed to identify hong kong as part of china while recognizing taiwan as an independent country. coach was not alone. versace givenchy offering apologies for similar tee shirts. coach's parent tapestry falling today. michael kors also down as well. it's not all doom and gloom. food marketer and distributor,

cisco corporation, a top performer after posting a better than expected profit beat for fiscal fourth quarter. analysts at bmo raising its price target to $80 a share and gave the stock an outperform rating. cbs and viacom reportedly this close, very close, to a formal engagement but the media marriage might have still some significant details to work out before proclaiming i do. charlie gasparino with late-breaking details next on "the claman countdown." arches o. carrying up to 50 times its body weight. it never questions the tasks at hand. but this year, there's a more thrilling path to follow. (father) kids... ...change of plans! (vo) defy the laws of human nature... ...at the summer of audi sales event get exceptional offers now!

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liz: not only are stocks falling, corn futures at the moment are tanking by about 6%. we did have the fda confirming that fewer corn acres have been planted, plus of course, you can't forget the early spring, all of the floods, just a horrible situation. corn down about 6%.

wheat down about 5.5%. >> you don't look like a midwestern -- liz: i lived in ohio for seven years. i know all about corn planting. knee high by the fourth of july. final chapter in cbs/viacom merger negotiations is here as shari redstone, the woman who pushed hard to reunite cbs with the entertainment giant that her father sumner had founded, looks to put a ring on it. to charlie gasparino with the up-to-date details. >> i know they're trying to get it done by today. like after the bell. there is no try, there's only do. no, there's try. there's a lot of is to dot, ts to cross. it's a big legal thing. you got to get everybody to sign off. liz: you're not the only one who can do imitations. >> at least people know dr. evil. liz: you don't know who yoda is? go on. >> in any event, they are trying to get it done by the end of the day today, after the closing bell.

this is "the claman countdown." isn't that perfect story for your name? liz: yes. >> "the claman countdown." anyway, if they don't do it today, look for it before the bell tomorrow. there's a good possibility. again, there's a lot of little things they have to cross the ts on, dot the is, among them the sort of exactly what is joe ianniello going to do. again, everybody knows joe is the ceo of cbs. he will remain at ceo of cbs. under the management structure, he's going to be reporting to bob bakish, just so you know. bakish is going to be running the whole thing. he's not -- i was told he was going to be bakish's de facto number two. not so. there will be several others reporting in to bakish of equal numbers, of equal i guess in the management structure, equal weight. but he will be running the most important part of the company, cbs, the biggest part of the company. but again, bakish runs the show.

now, the question is, how long do they lock joe in. does he stay beyond his contract in january. i don't know. i think that's what they are working out right now. there's been a lot of media reports about the price being an issue. they have had the change rate on this thing for a long time. cbs is a bigger company than viacom. the shareholders get more, the cbs shareholders get more. it will be at a premium. i'm just saying i don't know if that is what they are wrangling about. my guess from what i'm hearing, there is talk about this management issue and how long to extend -- how long can they convince joe to stay because they would like to have him there. he knows what he's doing. he's a very savvy financial guy. by the way, in my view, i think bob bakish did a great job at viacom. this was a company back if 2016, if you ever look at the stock price, it was imploding, there was no real strategy, no real sort of streaming strategy. he's kind of done that, okay.

i'm not saying he doesn't deserve it but joe, you could say he deserves to run the whole thing as well. he was very good. les moonves got all the ink because he was, you know, just a bon vivant, he handled the talent well, he was out there and analysts loved him on the calls but the guy that made the place run is essentially joe. just so you know. having those two executives in the game for the long haul i think is good for the company and analysts would say it's good as well. but again, i think -- i don't know if they are going to be able to lock him down. that's some of the issues here. so timing is still, you know, as of like a few minutes ago, i asked one of the people involved in the deal, can it happen tonight. yes. it can. it can happen after the bell. will it? i don't know. maybe tomorrow, you know. but i'm just saying -- what's the matter? liz: i just wanted to know over the weekend, i know you were working the jeffrey epstein story as well. no definitive cause of death. >> no. listen, there's a lot of mysteries obviously involving

epstein from who were his clients, how he made his money, did he kill himself, why they allowed him to kill himself. i'm going to give you, this is going to be on foxbusiness.com soon, couple hours, a little snippet into my interactions with him. i spoke with jeffrey epstein in march, okay. it's when the media frenzy started getting extremely huge. as a reporter, i called him, i didn't think he would call me back. i got his number through a real estate executive and lo and behold he called me back and we had several conversations. he started out saying i want this off the record. i said i have to be able to use it in some way. i need your side of the story in there. he agreed. on a not for attribution basis. why am i saying we spoke now if that was the case? first, he's dead. i think journalists, if the sources are deceased and the conversation and the story's important enough to maybe get some sort of insight into the guy, i think it's important to put them on the record.

i think that's what i'm going to do now. liz: foxbusiness.com. >> couple hours. i'm working on it. liz: charlie gaspino. thank you very much. the dow now off its lows of the session. that was a loss of 466 points. we are down 397 points. this could be our last commercial break. then we will blow everything out and go straight until the closing bell. i'm really into this car,

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liz: 12 minutes to go before the closing bell rings. normally we would take one more commercial break. we are not going to. why? because markets are actually crawling back slowly, but crawling back nonetheless from session lows. here we have about, as i said, 11 and a half minutes before we hear the closing bell ring. remember it was just one week ago that stocks suffered their worst day of trade of the entire year. that's not this right now. we are down 397 points.

that was more like 700 points. let's bring back our traders along with christian magoon, matt, chris, phil. good to have all of you. christian, on a day like this, what are you doing? are you buying, are you watching, are you just static? >> we are cautiously watching right now, liz. there's been a lot of pops and drops. these big drops have been followed by pops. often a relief tweet or some news. we are standing pat. we are definitely looking at the longer term here. liz: you are looking at walt disney and the gold miners. sean matthews says he, too, is long gold. he's a smart trader, matt cheslock. he obviously feels that this volatility or possibly even a market fall might continue. >> yeah. gold's been a great source of growth or market gains over the last little bit, based on what you're seeing out here, we have

recession possibilities are increased, growth forecasts were downgraded here today. we saw two countries in economic turmoil between italy and argentina. what's out there to really excite you to buy. you want to buy protection, are you buying gold. gold has been definitely the best performer among anything over the last couple weeks. liz: phil, again, though, we are just, depending on which index, 2% to 4% off all-time record highs. that is not that much. that's certainly not a correction. phil? hold on. phil flynn, can you hear me? all right. we are going to reestablish phil's audio in just a second. i want to go to chris robinson. i will ask the same question of you. what do you think? >> well, the big correction we had last week, big in quotations, at the bottom it was 8.5%. the nice thing was we rallied back 6%. we haven't got that 10% mark, a

lot of people think we may get there. we have to get through august, the next two weeks. everybody is looking ahead to september and whether or not they actually raise the tariffs. i would anticipate continued -- 1% move is 300 points. i think we will have a lot of 1% and 2% moves between now and when we start shaking this out in september. liz: christian, i'm looking right now, okay, we are nine minutes away from the closing bell ringing. volatility certainly has gone higher. we are at double digit percentages, that's the fear trade for the vix. give me a sense, it's not like we're at 30. we're at 20. >> yeah, 20 is not high historically but relative to where we have been at the last couple months, it's elevated. you know, there are some potential black swan risks out there for the environment or for the market environment. we are looking at china and hong kong, india, pakistan, certainly the u.s. and china. we think you need to be cautious here. it just seems like risk is building and we think that investors need to be real

protective in how they go about looking at their core portfolio in this current market environment. liz: we haven't even talked about the argentina situation. that currency, the real, is collapsing. that used to be such a vibrant, vibrant country when it came to the financial world, certainly. it hasn't been for quite some time. you take that, you take the fact that it is almost 4:00 a.m. in hong kong, they do not have an airport that is open at the moment. one of the world's busiest airports. then you have the chinese spokesperson outright pinning the u.s. with rabblerousing because some of the protesters were waving american flags because they are fighting for democracy. do you see this somehow planting itself in the cortex of investors and causing an even deeper fear of trade? >> i thought you were coming to me. liz: phil. >> from what i can see, with all the things you mentioned just now, i'm amazed the market's holding up as good as it is.

i think that's a sign of resiliency. come on, over the weekend we have thrown everything at this market we could possibly throw at it. the situation in hong kong, we still have brexit out there, we didn't even mention the u.s. trade balance, you know, where we just went up 27% above what we brought in even though we brought in a lot more money. there's a lot of things out there. i think stocks are actually acting pretty resilient. we came in on the weekend, you had the turmoil in argentina, new election, could be a change in power. the market didn't like it. you have the hong kong protests which could actually froth into something very much larger but yet the u.s. markets are holding up pretty good. considering that, and the way the market's holding in, some of the orders we are seeing come in on the buy side right now, we might bounce back like we did last week. it's amazing how resilient this market has been. liz: six minutes, guys. six minutes before the closing bell rings. dow is down 394, low of the session, a loss of 462. look at the s&p, if we could.

that low of the session i believe was a loss of about 45 points. we are down for the moment but the s&p, i want to say about 35 points. again, we are off the lows here but phil, matt just referenced what's going on in the united kingdom. they saw shrinkage in their economy. they had a negative gdp here for the second quarter. their economy contracted. anything about that concern you, or in truth, is the uk an island and their problems will remain their problems? >> well, i think it could expand throughout the eurozone but it just raises the concerns to the marketplace about how this is going to play out. with the hard brexit. if we get into a hard brexit, you know, the people are afraid that things are going, and with their economy contracting a lost it is due to uncertainty, not necessarily bus theecause their economy is doing bad. liz: matt, what do you think? >> i agree with that. brexit is the overwhelming concern. we aren't going to look at this until there's a decision being

made. there are too many pressing problems throughout the world to just focus on the uk right now. they got their own problems. let them deal with it. liz: in the meantime, christian, this is on sale. down 2%. it's at $135.56. but there are other names getting hit harder. maybe amd, advanced microdevices which was a high flyer, down today. you don't want to look back and say i missed the chance, right? >> that's right. there are some dips to take advantage of. disney had a less than expected rosy earnings report. they have some interesting catalysts with disney plus coming online. i know they are introducing their new nba experience today. we think disney has the ability to trade up to 150s or so. very strong brand and a healthy dividend yield. we owned it in our enhanced dividend income etf so it's a stock we think liz: chris robinson, any other

flows that i'm missing here? whether it be a different precious metal -- let's not forget palladium. palladium higher by 1%. platinum not necessarily so. it is sort of flat but is there any other trade you want to bring to the forefront for our viewers? >> you talked earlier what happened today in the grains, in the u.s. it was a very, very big usda report. it was surprisingly bearish. that will be, could have more ramifications further down the line politically, because we still need to get the trade deal worked out, not only with china, but also here with north america. so, that may be something moving on. so i continue to watch corn, soybeans and wheat, to see how that plays out. liz: corn down 6% due to the futures. the fda announced there were fewer acres of corn planted due to floods. phil flynn, with 3 1/2 minutes of trade, the 10-year yield, as

it plummets we have resistance level a floor if you could say so at 1.645. at one point we're at 1.647 right now? >> that may be in of itself may be creating more fear in the marketplace. actually the lower yield is taking a lot of heat off the u.s. economy. we talk about putting pressure on the fed by president trump saying they need to cut rates. the markets doing it for them right now. the big debate in the market. who has been right about the market? the stock market continues to show resiliency. or is it in the yield market, are they showing real fear. i think stock market has it right. i think the yields are a positive for the economy. should give us a little bit of boost. with all the other stimulus coming in, stocks should do very well. liz: 2 1/2 minutes before the closing bell rings. susan li on floor of new york stock exchange. >> i am. liz: i'm looking at sector stocks on my thomson reuters

stock. every large health insurer, every large financial a lot of biotechs in the red, oil, a lot of those names down, not to mention chinese stocks. susan: you name it, industrials, financials, consumer cyclicals as well. we saw the 10-year yield go past 1.65. 165 basis point, you saw automatic selling in sell orders come in. we're looking at declines, i would say it is pretty well-contained. the vix is at 20. if there was real panic we would be up in the 30s, right? liz: christian, you can't talk about stocks falling without the federal reserve. we have 20% chance we will see not a quarter-point cut, but a 50 basis point cut. so double that. do you believe we'll see that with 1 1/2 minutes before the closing bell rings? >> liz. i think we will see it. they say a bull market's climb a wall of worry. we're looking at a mountain of

worry around the world right you no. so i think pressure is on the fed. this market activity will only ratchet it up. i think we could see the 50 basis point cut. liz: really? phil what do you think with the dow down 390 points. >> i think that is pushing it, i really do. we may definitely get a quarter. they may signal extra cuts. if they go to 50 looks like they will give in to donald trump and. liz: chris robinson we have solid economy. don't forget that. >> we keep having the same question. we're at record highs. unemployment at record lows, we continue to talk about cutting rates. at some point the risk they push on the string. when they need something they don't have anything to do. liz: christian, final word, 10 seconds. go. >> we'll see what happens. a lot going on here. be cautious as an investor. liz: indeed. we have the collapse of the

argentinian currency. hong kong airport is shut down. [closing bell rings] china pointing at the u.s. blaming the united states for some of the protest drama. we have stocks endin a very volatile seson o session lows. that will do it for the "claman countdown". melissa: hong kong unrest weighing on wall street. violent protests forcing flight cancellations as demonstrators fill the city's airport for another day of unrest. stocks sinking at the close. all three major averages end the day in the red as u.s.-china trade tensions fuel global growth fears. the dow ending down, look at that, just about 400 points. 399, near session lows. we had been down 452 earlier in the session. i'm melissa francis. welcome back, i think. connell: another happy monday. i'm connell mcshane this is "after the bell." the s&p and nasdaq firmly in the negative down.2