frankly, we do want ukraine to, we want to help them. he said there's no pressure exerted by him. he said it come about one sentence should stop us but he said there was no pressure exerted, but you don't have to ask him, all you have to do is read the transcript. read the telephone call. what i was having a problem was was this, number one, tremendous corruption, more than just about every country in the world they are rated one of the most corrupt countries in the world and i don't like giving money to a country that's that corrupt. number two i said the following and i said this loud and clear to everybody and rob

portman backed me up and there's nobody more honorable than rob portman of ohio. he called up and said please let the money go. i said rob, i hate being the country that's always giving money when ukraine helps european countries far more than they help us spread the like a wall, like a big wide beautiful wall. he said you know what it's important and he came out and said that. that was my only reason because i don't like being the sucker country. we were the sucker country for years and years. i gave it because rob portman and others asked. i don't like to be the sucker and european couries are helped far more than we are. [inaudible]

>> biden and his son are stone cold crooked. you know it. his son walks out with millions of dollars, the kid knows nothing. you know it and so do we. >> the question was what did you want the ukrainian president to do about joe biden and his son hunter? >> are you talking to me. >> yes it was just a follow-up to what i just asked you. >>aryou ready, we have the president of finland, ask him a question. >> i wanted to follow-up on the one i asked you. >> did you hear me? >> asked him a question. >> i'm giving you a long answer, ask this gentleman a question, don't be rude. >> no, sir, i don't want to be rude. i just want you to have a chance to answer the question i asked. >> i've answered everything. it's a hoax and people like you are playing into the books and the fake news media and i say many cases the corrupt media because you're corrupt. much of the media in this country is not just fake it's corrupt. we have some very fine people too. great journalists and great reporters but to a large

extent it's corrupt and it's fake. ask the president of finland the question now. >> all move on. mr. president in your opening remarks you said to president trump you had been to museums today and you respected the u.s. democracy and encouraged him to continue it. are you concerned that that's not happening? and my second question to you is the wto rule in favor of the united states today saying the united states can now impose tariffs on european goods because of illegal subsidies against airbus. >> that was a big win for the united states, right? you never had winds with other presidents did you but were having a lot of winds at the wt0c. the winds are now because they think i don't like the wto and they want to make sure i'm happy because all of those countries were ripping off united states for many years. they know i'm wise to it. we've had a lot of winds.

this was a 7 billion-dollar win, not bad. the this are you concerned that the president will impose those tariffs and effective may have on the economy. >> first of all i just wanted to tell that i'm impressed with what the american people have gained during these decades it's a very impressive democracy so keep it going on. to wto, i have a lot of respect and to international institutions. they have given now in association which is quite tough in europe, but i just say that the wto has said its

opinion and that's that. >> i just want to finish by saying it's an honor to be with the president of finland. he's done a fantastic job. the wto has been much better to us since i've been president because they understand they can't get away with what they been getting away with for so many years states.s ripping off united please remember the president/remarks, that we are a great democracy. the united states is a great democracy and i'm airing what i'm airing because we are in fact i democracy, and if the press were straight and honest and forthright and tough we would be a far greater nation.

we would be a far greater one. we don't have the cnn's of the world who are corrupt people. thank you very much everybody. >> all right, the markets continuing to sell off as an apparently agitated president trump called the media corrupt and his political rival crooked and now were looking at the markets with about 54 minutes into, less than that left into the final hour of trade. read on the screen. everything moving lower at the moment as you saw volatility jumping because the fear factor is in play. during his joint news conferenc conference, not only did the two nations talk about cooperations on telecom and nokia is working to develop superfast 5g and on the defense and the impeachment inquiry into whether the president convinced ukraine to dig up dirt on joe biden. let's go to blake berman.

>> you just saw the end of it as it focused on the wto and the wind that the administration had today as it relates to airbus and the $7 billion worth of tariffs that the u.s. can now impose as a result of subsidies regarding airbus. a highly contentious, probably the best way to put it, what we've seen from the president today who is pushing back on this claim of impeachment or wrongdoing regarding the call that he had with th ukrainian president. there's a host of economic news as well as the president has been watching the markets. he tweeted out earlier today that he thanks the democrats are trying to send the markets down in order to gain a 2020 election win. just yesterday the president had blamed his normal punching bag day powell for what's been going on in the market. today he sort of shifted that toward the democrats way.

that came as nancy pelosi was up on capitol hill giving a press conference along with the head of the house intelligence committee adam schiff in which nancy posey said she wanted to move forward on lowering drug prices and saying the things that are going sent right now is potentially good thing for the um ca but she didn't give any indication they could be at the finish line though they are moving toward a pathway to yes. either way he continued to question democrats as to whether or not anything can get done in this town legislatively and you saw a little bit of why in this press conference. there's a heightened tension, a heightened feel as talks of impeachment proceedings swirl and we see what's going on with the market and the president addressing all of

it. >> thank you very much. it was interesting when he implored the reporter to please ask a question of the finland leader. the reporter then did in the president proceeded to answer it and it almost seemed like there was a moment where the two were trying to speak over each other. in the meantime, all this and i can even call it a backdrop, superimposed over day two of the october fright fast. markets are taking another major letdown on weak economic data and trade tensions. the s&p is down one and two thirds percent or 49 points. we've got the nasdaq down triple digits, 120 points lower, energy, technology, materials, industrials, all of them are tumbling. i want to tackle the dow shedding nearly 900 points in just the first two days of the new quarter. the dow is on pace for its worst start to the fourth quarter since back in 2008 which was the height of the financial crisis.

you could argue a weak private sector jobs number that came out got the day off to a bumpy start. it was a miss but only by 5000. we've got a hundred 35000 jobs created, the expectation was a hundred 40000 but things started to go south at a.te whene got a surprise build in crude oil inventories. huge amount, 3.1 billion barrels. there is so much supply. obviously that hurts the price. it settled down at about $52.64, a loss of about 2%. we are at 5255 in after hours trading. let's look at the xle, this is the energy stocks, it is down to a half percent. the xl b which is material, that too is getting hammered. that has fallen through the 200 day moving average. also falling through the important technical level of

the 200 day moving average. traders are standing by ready to put it into perspective and the man who manages it, he's here in a foxbusiness exclusive. what a day to have terry duffy chairman and ceo, he's just seen them close out a record quarter. he is getting in the chair to tell us what he thought and what he expects toee les look at the dow transports. they are taking the biggest hit down to an a quarter percent. yesterday they were down 2%. that's obviously a big loss here. meanwhile those seeking safety are cowering pretty much under the usual suspects, rocks. they're just a few ticks away from the next resistance level for we call it 1.59%. yesterday we were at 1.67%.

so when the yields go down price of treasury goes up. gold is up for a second day in a row. we are now above 1500. we were yesterday as well. remember monday we were looking at a two month low so at this moment we do see gold jumping $16.20 to $1505. what does this all mean to your money? let's get our floor show trader traders. it's a very tough day. normally stocks go up when investors believe the federal reserve will cut rates. we've got data that shows they probably will by october 30. why are we seeing bad news is bad news with the dowd down 453. >> sorry lives. yes, there are things to be concerned about. clearly the economic, the negative economic news we got

yesterday and n there seems to be some concern about the employment number which we are going to get, but the fact is the market was trading at or very close to its all-time hi, it didn't take much to knock it off its pedestal, probably we are way overbought short-term, most folks i talked to today, money managers in particular are actually looking for an opportunity to put money to work, not to take money off the table. i'm not personally to concern here, there are issues but we all know markets love to cry wolf and were just a week or so away from third-quarter earnings and that clearly could be a very positive for the market. >> you can see the markets trying to come back. we are far from the flat line or even green territory, but give me a sense as we look at what happened yesterday, usually it's today that has affected everything. we cannot ignore that the manufacturing number for the pace of factories here in the united states hit a decade

low, a decade low. it was just a nightmarish number and it's a contraction for the second month in a row. is manufacturing giving people a signal that the domestic economy is showing cracks. >> the answers maybe. that's why you have not just one number that turns everything. you see the ism, that was a surprising debt. adp was a surprising number. friday's unemployment number is looming out there, that will probably be bigger and the fact that the market really has baked in another cut for the fed but you have to look at the overall big picture. we are about 5% offer all-time high. we are relatively in good shape. also if you step way back and get a 30,000 foot view from the airplane, we've been at 300-point trading range in the s&p for about five months. we've got to get used to this

type of move. i know it's frightening to see 500 points, 900 points, but you gotta remember just two weeks ago we had a 2000-point rally in the dow and that doesn't bother anybody. you can have a 2000-point move up without expecting to see 500-point move down. it's just the way it's gonna be as long as we maintain these index at high level. all in all were in good shape. friday's report will be big. we'll see what they throw at us. >> the reports don't look nearly as bad as the one day or one week mover. the one weeks are just really ugly. were looking at oil falling in the aftermarket. let me go back to the reserve. these are the pits where people bet on whether the fed will cut rates. on monday it was a 40% chance

that there would be a cut. today it has jumped exponentially. i believe if we can get it up read about 70%. what you make of that. >> there probably going to cut, but so what. what's the next move. they been cutting for so long that there cuts don't mean as much anymore. i don't know why people don't seem to get that. it's basically been the same, we haven't done anything. were just going back and forth. volatility is starting to become normalized, volatility has been low. this is normal volatility for the market. you have to remember the japanese bond action was a disaster. you have private placements and companies that were trying to say they were worth 47 billion, and it might be zero, burn, lift, smile direct, look at all these companies that have come on and gone down. before they start to reprice their starting to say maybe these companies, these private placements, is this really where i want to be. i would say there's opportunities, technology is

down but you have to remember some of the biggest companies with the biggest balance sheets are technology companies, microsoft, google, those are the places you've got a look. >> boy am i glad you just use that segue because we want to look at tech stocks. thanks for getting in front of the cameras on a very big day. the dow is down 448 points. we should look at google and apple shares, both are moving lower and at least in one of the cases a london court is saying big tech is not above the law. today a london court cleared the way for legal action against google. the case accuses the internet giant of bypassing the privacy settings of apple safari to collect iphone users browsing data, sort of secretly collected. privacy, of course, has facebook down. we have certainly come back. alphabet google is down 2%. if we look at apple you can see that is down as well.

you've got privacy is just one of the many issues that have the most massive of titans ensnared on both sides of the aisle. they say it's time for silicon valley giants to be cut dn to size. larry was a chief architect of that clinton era act. it was a table munication act of 1994. hearing he's here on an exclusive. he said it might be time for a refresh. boy did some of these companies blossom. >> we were successful with what we wanted to do. we were trying to grow an industry that didn't exist and people forget in 1993 there were 15 million people on the internet. now there's 4 billion. in 25 years you've got 4 billion people on something they've never heard of in 1992. that's the success. the bad part is we set a regulatory model for a baby, a little baby infant and the baby grew up and now we have

to rethink what the rules are. >> okay, but this is from you the man who, we could argue, two decades ago when things were so different, this telecommunications act of 1996 did the opposite. it open the gates letting this industry that people said let them grow, get government out of the way. that would normally be a good thing it was for a time but today republican senator josh holly said outright, if you're serious about bias, privacy and competition then sell. liz warren just tweeted yesterday let's talk about my plan to break up big tech and wife got mark zuckerberg so worked up. they taking the sledgehammer seriously enough. >> if they're not, they better. this isn't going to go away no matter who's the president and

what congress looks like. on both sides of the aisle, both sides of the hill, folks are thinking about doing something about big tech. facebook clearly isn't everybody's sideline because were all on facebook and twitter several times a day and facebook has significant problems. they probably wouldn't be allowed to by whatsapp an instagram today in the climate we have. ament amazons another one. between alexa, whole foods all of the different things, amazon web services, both of those companies are the ones i think will be the most likely to be looked at closely. the federal trade commission and the department of justice are doing surveys, the states arking at it and from my perspective i hope we get it right in the united states. if we don't get it right got china and the european union also looking to big tech companies. they need to take this very seriously.

facebook just turned positive, the dow is down 412, the low of the session with the loss of 598. i'm glad you brought up amazon. some say that would be easiest to break up because you could sort of dislodge the separate businesses that are distinctly different whether it's web services or the website amazon.com. i need prediction from you. will any of them, amazon, facebook, twitter, will any of them eventually be forced to break up or sell assets. >> history says yes they will. anytime there's been a monopolist in the area, particularly in new technologies, governments will allow you to get to a certain size and we want bigness. it's not bigness that's the problem. it's bigness that constrains innovation. everywhere i go whether it's boston, i'm hearing from the investor community that they don't invest in innovation and facebook or google because they're afraid they just won't have an exit strategy. when you start hearing that, i think members of congress or the various agencies will take a hard look.

i would suggest either facebook or google or amazon should start thinking about what makes a lot of sense because they're going to see a change in their composition in a few years. >> you've created a monster. it allowed us to take a leadership role. >> i hope they do it with the scalpel, not a sledgehammer. we have great companies. the chief architect of the telecommunication act of 1996. larry irvin cannot thank you. we need to look at johnson & johnson. they are settling up with the closing bell ringing.

it's the loan mover to the upside. it's up to dollars nine cents. the only bright spot on the dow 30. j&j announced a $20 million, million with an m, opioid settlement with two oh. [inaudible] investors like the move. maybe they don't know there's 88 counties. many of those have problems they may bring to the opioid doorsteps. the stock is down 1%. shares losing their gain after being downgraded to worlds of war craft and call of duty. they're saying the videogame stock is just too expensive. given future risk of fundamental. we are coming right back because activision is not the only name feeling the tremors in today's market. jerry willis live from the floor of the stock exchange in the epicenter of today's

action in your portfolio. stay with us. obvious. sometimes, they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪

let me tell you on your stock you are making money. even though there's a lot of red across the screen, the stock is jumping three and three quarters percent. the home building giant taking the top spot. after reporting a 7% rise in home sales. listen listen to this, 13% it uptick in third-quarter profit. shares are standing up 5785. i need to go to jerry willis because jerry, listen, let's talk about thene. talk about the airlines at the moment. we have a lot of viewers.

>> this is a fascinating story. the 15 year battle between the eu and the u.s. over what airbus and subsidies. they find in favor of the u.s. and says we can put in favor $7.5 billion of export tariffs, yes, sounds like good news, no. look at these airline stocks. they're all trading lower. across-the-board transportation average was down 5%. why? because there is another pursuit from the eu back to the u.s. over the u.s. subsidies of boeing. that means they can put on tariffs against us in the same category so investors intelligently are thinking to themselves hey, this is just bad news for tramp transportation across-the-board and it certainly seems that way when you look at what stocks are doing right now. >> i would say so. were looking at the dow still

down about 441 points close to 32 minutes. we are going to take this last break and then we are going to go commercial free because we could either see and acceleration to the downside or a move to get up off this floor. you know what, this uncertainty around equities did not just start yesterday. a certain class of investors has been on the hunt for safety the last three months with a particular nod to managing risk. closing bell 31 minutes away, gold is extending games after seeing demand off the charts with record inflows. wait till you see the spike in options and futures and what those have done. next, chairman and ceo terry duffy is here. where he is seeing the biggest spike and what you can infer.

the countdown is coming right back and then we are going commercial free. stay with me.

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certainly benefited from the fear factor. the stock of the world's largest risk tool marketplace derivatives, options and future, is up 25% over just the past six months. the stock has done beautifully as investors have raced to safe haven, particularly in the past third-quarter. they saw a record trading in a lot of places but look at gold ultra, gold futures record average, average tenure note and crude oil futures. the man who leads the company handling those massive moves is terry duffy here on the foxbusiness exclusive on a very busy day. it's gonna be crazy on the floor of the cme. >> it's crazy all over the world. thank you very much for having me. the markets have been rocking and rolling lately. i have to laugh a little bit about it, you don't laugh in a

down market but i was saying to my colleagues on the way over to the studio, everybody on the floor of the new york stock exchange was down 25000 and now were all booing because it's down to 26000. i think we have to put this in perspective. they always go down faster than they go up and it's not a big surprise. >> let me talk about oil. it's down one and three quarters in the aftermarket you had record energy futures and options contract in the most recent quarter specifically on september 16. that was the day after the suicide drone attack by allegedly the iranians on saudi arabia and oilfields. terry, you had 6.4 million energy futures contracts on that day alone. >> it's amazing pretty think you gotta realize, i know we have record supplies and were

talking about earlier about oil, but until we figure out a way to get off all these fossil fuels which will take some time, this is still a very important product in all of our lives and when you have an attack like this, i get a little concerned because the market spiked up toward 61, but it seemed like the market really dusted it off. when you look at where that drone attack happened, in that general hundred 50-mile radius , there is 50% of the world's reserves in the area. i think it's a little more concerning. that bothers me a little bit. >> gold was huge. it is jumping 51%. explain what we can do with the gold contract that would be so attractive at a thing like this i think this is the

first time that we've seen this in a lot of years. it goes on the front page and then it goes off. that has not been the case. it's actually getting paired up paired with the interest rates being down as well as their outcome i think people are looking for places to put money where it's relatively safe. this has been a very active for us in precious metals. to me it's a very exciting time for the gold market. i don't think it's going away soon. it's up a hundred 9%. it's just amazing for averaged daily volume.

[inaudible] women a day like this when there's a lot of fear, how would that manage their risk. >> i think a lot of people look at those products and get concerned because there's a lot of rhetoric that the president may put pressure on the federal reserve chairman to once again cut rates. i think you referenced earlier the probability of a rate cut. so these are products that people are trying to manage the risk. even though interest rates are at record low, the exposure is extremely important because credit cards are not zero, auto loans are not zero, mortgages aren't at zero, there's a lot of interest rate exposure out there so they are

trying to decide what they think the fed rent lending rate will be which is basically affecting all the other products i just reference. >> i'm looking at volatility. the fear index stands at 20 at the moment. we are up 8% today. what have your vicks trading band like. >> we don't trade the vicks product. we trade all of our products are essentially tied to volatility. we are not trading just pure volatility but when we look at livestock or greens or some others that we talk about, we trade every met asset class that's out there. they're all affected by volatility. i think that's where people look at the vicks index today and that's measuring equity volatility. when you look at the volatility in the other

classes, we talked about intereat com of these are all products we trade that are affected by it. >> i'll tell you what's happening on a daily basis, team got killed like by ther red wings in the preseason. what is going on. >> are they in finland? i don't even know where they're at. they're hiding somewhere, getting ready to playefore the season starts. hopefully the preseason jitters will be over. you've gotta stay tuned tomorrow. tonight the nhl season begins. tomorrow we've got gary bettman, the commissioner of the national hockey league and they're going so big on bedding. it's a big thing for them.

you gotta stay tuned for that. one quick question, the repo situation became a big issue where that overnight interest rate started to spike in the new york federal reserve started pouring 75 million a day at it. your volume increased 28%. are you worried about this situation. >> you're always worried about situations like back but i think they've got it under better control. i think everybody got caught asleep at the switch. everybody needed cash and there wasn't enough available. we were able to lend out cash at a higher rate not quite to the 8% but some did so yes, that's a situation that i think a lot of people got concerned with why that happened, but i think the fed. [inaudible]

>> hopefully and iron back are two different things. >> i know it. >> gary, thank you. >> terry duffy, anytime, chairman and ceo of the cme exclusively here on a very busy day. we talk about things like risk management, options future, nasdaq, s&p, but the dow jones is plummeting. could we work failure to launch has anything to do with it? i'm on a kick lately. >> i go in these cycles, cds via con and t-mobile sprint one of the under lying things.

we looked under the hood of this thing which everybody liked. when you really look under the hood it wasn't worth what they said it was worth and i think when you have a failure of something like this something like 45 billion, when the thing came to market before they have all this debt off balance sheet as issues. that is one of the triggers of this market. yes it's mostly trade and worried about gdp going forward but it's also an underlying fea fear.

whether they have the staying power and whether they should just be selling these things because as the economy slows are knocking to make it. we worked as focused on the notion of that valuation of some of these companies. the markets coming back a little bit and we should point out we are at record high. there's a lot of reasons you take money off the table. the logic of the markets would be, even if you got impeached,

the likelihood of the senate convicting him is very low. what i'm hearing is trade, manufacturing slowdown, may be gdp slow down. >> your point is somewhere thinking that maybe we work with this gigantic, forget canary a huge parent in a coal mine that indicated, look at uber ipo, stock is down 36%, lift is down 45%. >> these are companies that came with very high valuations that were not making money, they are heavily in debt becaus t were growing, they had to invest in their infrastructure and when you start quote peeling back the layers of the onion you start seeing some bad stuff for that does not justify their valuation and it became, when

that happened, i'm telling you there was a lot behind the ipo. the loans were collateralized. they are not losing money on that. the fact is when you have a big bank, that is their banker. they pulled the ipo. you're getting some of that in this market right now >> i'm sure we can't show lift stop, it's down. that's a low. >> do we have not flicked. >> that's down two thirds of a percent. >> that's not huge, but that's the name i keep hearing about in terms of there's ever a bubble stock.

they are not growing anymore. they may have issues. can they weather the storm of an economic slowdown which we may be going through? there's a lot of people talking about back. >> again, let me just echo terry, remember when everyone. >> if i was a journalist i would refrain from wearing a hat, just so you know. >> it's fun though, it's cute. we've got breaking news, aside from what were seeing on the market the dow is down 476. delta has just released a statement saying the new u.s. tariffs on airbus planes will inflict serious harm on u.s. airlines, the millions of

americans they employ and the traveling public. delta is down 5% at the moment. united airlines, as you saw, already pointing us out down 5%. delta also said the unexpected will also reduce deltas profit and impact a of its 80000 employees. it's the biggest competitor to boeing. it's a consortium that gets a lot of subsidies and boeing is independent. the big complaint has been it's not a level playing field. however, all of the american airlines or many of them by airbus aircraft so if you're going to start taxing those, that could hurt american airline stock. they have a look at what you can expect after the belt. your pick of a million big stories.

>> there talk about the reason the market is down and obviously we know the concerns out there about growth that started. the question is what comes next. we talk to art about jobs and more importantly we look forward to friday morning you mentioned johnson & johnson, i think it's the only dow stock hired. we have a noted doctor who's done a lot of work in the opioid realm coming on a little bit late and are 4:00 o'clock hour to talk about that settlement and what comes next. plus we'll see how this market closes. you set it at the top your show.

>> i think we were at 400 connell and melissa will absolutely this is the bket of stocks, the traded fund of industrials. parroted 200 day moving average is pretty much what you consider a technical support level that went below it when an index falls below that, that pre-stages further losses and you've got that indicating, both that and xl b which is materials.

matt and phil, i need your energy in your thoughts and your guidance for our viewers right now. >> right now we are seeing orders come in on the buy side of the market there's absolutely no doubt there is a lot of fear on the trading floor. if you look at the data, traders are all talking about it, there wondering if it's a one-off or a bigger slowdown. of course the adp jobs number wasn't that bad of a mess, and

impact in every sector of that report that actually added job so it's not like a major slowdown. maybe that's one of the reasons things are starting to calm down a little bit. the impeachment drama is also been weighing on traders minds. they've kinda been looking at the president trump press conference and those developments today and it seems to suggest a little bit that there may have been some help with the whistleblower around this report and it seemed to take some of the impeachment odds off the market. a lot of stuff the traders are watching his debility right now. >> friday we get the labor department's number for job creation in september so will be watching that to see if that may help or hurt the situation. scott bauer, talk about, i love how phil said the markets appeared to be stabilizing. a loss of 501-point. how do you see it right now.

there definitely is caution out there. the warning sign did go up without ism number. we will get that services sector tomorrow. so, it's been the consumer in its attribute to the consumer over the long haul here that has really held this market up. we get this number tomorrow and then like you said the jobs number on friday. if those are showing some cracks also, those are very, very significant leading indicators which then slo -- slow down the consumer. if we see a slowdown for the consumer to consumer, especially at the holiday season, that's where the concern is and bic and fear of the marketplace. >> maybe we can look at consumer discretionary. i can pull up things like tiffany's, these are names that are gonna do wellin this atmosphere.

although tiffany's down about two and a third%, getting closer to its annual low of 73 bucks. it's still 88 but the high was a hundred 28. matt, where are you seeing, with seven minutes, six minutes to go before the closing bell rings. >> i thought it was pretty much paired off on the close. not surprising you see it selloff, there's certainly a lot of faith being putting into this number. it could be a one-off event, will have to wait and see. i know you talked about consumer discretionary's. nike reported last week stocks flew on the upside. guidance was strong. we have to pick more than one number. right now i think patience is probably the better part. >> nike is 1% cheaper today. if you wanted it last week, is cheaper today. you know who's sitting next to me, he has trillions, more than half a trillion dollars

ssets that h watches as a chief investment officer. it's a little bit less today. at least were keeping our humor. as we start to cycle through the leaders in the lakers, there aren't too many leaders but give me a sense of whether you would be buying on a day like this or after yesterday, paired with today where we are 900 points lower on the dow and we were we went into trading monday morning. >> we are getting close to a low we think. the market looks pretty oversold to us. if you look at the cyclical names, you've been pointing out a lot of them. at delta you are talking about downey 15%. chip company down 18%. if you go into the energy space, there down 12% sometime during the course of the day today from its highs earlier year.

a lot of the industrial names are down 10 - 15, some 18%. you have the cyclical side of the market really pulling in here. there's been a softness in the manufacturing sector globally, the industrial global manufacturing started to turn negative last year. >> maybe that's why the future is trading on options that terry duffy was just talking about. that's a six month run. people have been pouring money into insurance. they've got everyone terrified. you have fed action, to fed cuts coming before the end of

the year. i want to market right here, we are about three and a half minutes away from the closing bell ringing. you need to stay with us. we could see a gap further down or move up off the floor. steve, what you like? you say be bullish about stocks in the fourth quarter. we have a trade war still unsolved and we don't know what's happening on that. it's been driving us down for 12 months now. i think we passed the second derivative. where we want to put money we haven't done anything today yet. but over the next few days i guess we'll be probably adding here. liz: favorite sectors you would be adding to? >> we would go to the industrials here. they're unloved here. they're already very cheap. liz: they're cheap because we as showed earlier fox, the xl independent, a basket of industrials has fallen through

the 200-day moving average. >> that is usually a buy, not a sell. liz: okay. guys he is looking at other side of this. this is important, industrials, energy and financials. even as the fed cuts rates financials usually don't do well in that atmosphere. >> everyone discounted that. everyone knows they will not make on interest margins. they are giant cost cutting machines. as long as economy moves forward. if we get a decent ism services number tomorrow which we expect to be okay. they will keep growing a little bit that is more than enough to keep valuations. liz: charles schwab cut rates. >> i'm not buying charles schwab. jpm as an example. liz: jpmorgan is cheaper. >> i would love to buy it at 110. liz: we're at 113 there. >> we're not quite there but we're getting close. liz: how discipled are you? >> we're disciplined, liz.

you want to buy low, sell high, that is how you get to 500 trillion. liz: really? er in heard that before. we have volatility and big selloff. we're off the lows of the session. we can tell you the transports have just gotten hammer down two 1/3%. that the is airlines and choo choos. give me a what you are looking for as an all-out buy sig until. >> i would like to see a fed action. we'll see that in october. i would like to see something come out of the trade situation in october. we've got that coming. the first week of earnings season will not be great. i would like to get past that. i think we'll be probably be in the all. liz: great to see you steve? >> thanks, liz.

liz: steve auf, is trillion dollar m. nasdaq crushed by 122 points. [closing bell rings] liz: there is the bell. gold moving higher by $16. not bad. nhl season starting tonight. gary bettman tomorrow. melissa: stocks plunging for a second day on concerns of economic growth. the dow closing down, look at that. whoo. 491 point right now. off session lows amazingly enough. we were down nearly 600 points earlier today. buckle up. i'm melissa francis. connell: yes, we are buckled up. i'm connell mcshane. this is "after the bell." s&p 500, nasdaq down almost percentagewise. melissa says it was worse if you can believe it earlier in the day. a lot to talk about. fox business team cover