stock, i'm not involved -- charles charles well, i am impressed. i tip my hat to him and, again, looks like elon musk may have the last laugh. david and david, thank you very much. all right, folks, a critical day in the market. the last hour of trading, i'm handing itoff to liz are claman. liz: it is critical, and the nudes flow still is coming, much of it from overseas. charles, we just got this video in. president trump moments ago, about four and a half minutes ago, arrived with his wife melania at 10 downing street for an evening reception with the north atlantic treaty organization leaders and, of course, we are expecting some royals there as well. while it may be all smiles at dinner, for investors the president playing the role of scrooge on his first day of that visit to london by saying a china trade deal may have to wait til after the 2020 election. he immediately prompted widespread selling. this is the intraday picture. we opened gapping lower, and it's a pattern that is still holding as we head into the final hour of trade.

the dow 30 is filled with companies that have exposure to china. from boeing to apple, to intel to dow chemical, no surprise it's suffering the biggest percentage loss, down 333 points, 1.25%. but, you know what? tech is also getting a double whammy. during the president's meeting with emmanuel macron, france's president, instead of sticking up for big tech -- which is about to be taxed by the french -- president trump's only complaint was that he wants to be the one to tax american tech companies. gary shapiro is the ceo of the consumer technology association. he represents big and small tech giants here in the u.s. he's here in a fox business exclusive to react to that and also talk about how silicon valley plans to fight digital taxes no matter who throws them at these companies. plus, cyber monday did set the new record for retailers. one of them proved long ago there's gold in them there

eyebrows. the founder of the eyebrow shaping beauty empire is here in a fox business exclusive to tell us how she's partnering with social media stars to grow anastasia beverly hills into a mull -- multimillion dollar beauty beast. oh, yeah, and she emigrated to this country in 1989 with no money, unable to speak english. we're all about the american dream here. so with less than an hour to the closing bell, let's start "the claman countdown." ♪ ♪ liz: breaking news, we need to take you to capitol hill. walking out right now before the cameras intelligence committee chair adam schiff. she just got to the podium. he is holding a news conference to discuss his committee's report on the democratic impeachment inquiry. the report details the case against president trump, articulating what the committee

says is proof that the president used the powers of his office to solicit foreign interference in the 2020 u.s. election. the report comes as the house judiciary committee is scheduled to kick off hearing tomorrow. we're watching that very closely. any headlines, we will bring them to you. in the meantime, let's get to the markets here. we look at financials first. they're enduring a broad selloff as trade war fears have investors scurrying to the safe haven of government treasuries. the ten-year yield came into the look with a resistance level of 1.71%. it fell down to about 1.699% earlier, crashing right through that floor. right now it's back above it only slightly at 1.72%. but it is heading to its lowest settlement since november 1st. the trade-sensitive philadelphia semiconductor index hitting a one month low, down about two full percentage points. names like micron and on semiconductor, they're all

falling anywhere from 2, nearly 3% to 3.75%. big cuts there. luxury giant lvmh is having a lousy session right now, down about 1.75% as investors fear that sales at its french leather good company, louis vuitton, are at risk from u.s. tariffs which president trump says he's going to impose in retaliation for france's digital services tax on u.s. tech giants. the threat is not just hurting french companies. american high-end brands like tapestry which is, of course, the parent company to coach, tiffany -- which has been bought by lvmh, but that deal has not yet gone through -- are all down. tiffany just about gnat at the moment -- just about flat at the moment. what about facebook and google parent alphabet? they would be subject to this french tech tax. facebook's down a percent. piper jaffray started coverage of both names with overweight

ratings. the firm says despite the negative noise surrounding the tech giants, listen, it appears users and advertisers are showing no sign of walking away from either company. so investors are either sticking with the companies or buying a bit more. netflix extending losses for a second straight session as citi group's new coverage begins with a neutral. that stock is down 1.5%. what's so bad about neutral? well, the previous citi analyst had the stock at a buy. the streaming video behemoth needs to raise prices to justify wall street's earnings estimates. all right. to the markets we quickly check the dow, down 340 points. one look at the vix, or the volatility, fear index as it's known, it has spiked. it shows that investors do not agree with president trump who calls the day's 457-point drop in the dow earlier, quote, peanuts. he there triggered -- he triggers the selloff by

announcing he feels, quote, no pressure to sign a trade agreement with china in the near future. listen. >> i have no deadline, no. in some ways i like the idea of waiting til after the election for the china deal. but they want to make a deal now, and we'll see whether or not the deal's going to be right. it's got to be right. liz: but the clock is ticking to december 15th when new tariffs will kick in on chinese goods. as president trump just officially -- has president trump just officially killed any santa claus rally, or is he right, guys? i mean, this is a 1% or 1.5% drop in the dow. john corpina, what do you think? >> two things. one is, i like that you showed that vix chart coming in, up 10% right now. that thing was up 18% earlier today, so it's getting soft towards the end of the day. seems like people are getting a little bit, a little easier with the way the markets trading today. and i don't think president trump said this off the whip, right? this is probably a negotiating

tactic, because he knows that his comments cheerily direct -- clearly direct our markets and these headlines dictate our markets. he's probably just trying to bring china back to the table. we know the december 15th deadline is coming, it's going to be important to get something from there. i don't think this means we're kicking everything down the road. no, he said til after the elections. he's showing himself that everything's going to go rosy. i would think this would be some of his major platform that he could say look what i got done with china. this is just a little bit negotiation. keep everything in perspective, we were up 25% going into this, we're down 2, 2.5% so far. it's not such a horrible thing we're seeing. liz: i agree. i mean, phil, look at the nasdaq. the nasdaq has had an incredible run, so with we could argue that just under 1% loss here, if ever there were a time to fight this battle with the chinese, you do it when the stock market and the u.s. economy are very strong, do you not? you don't do it when we're weak

and floundering. we look pretty good right now, so if ever there was a time, the president has picked the correct time. >> i absolutely agree with you, this is the time to do it. and it's the time to run deficit is. rates are at a historic low. you mentioned the stock market selloff like peanuts, where are you supposed to sell peanuts? when the circus is in town, the right? this is the time to press the chinese. i think what he's doing is masterful if a couple of ways -- in a couple of ways. number one, he's telling the chinese, hey, you want to wait for the election? go ahead, because i'm going to win, and when that happens, you're going to get a much worse deal. i think this is a way to put even more pressure on him. the chinese, of course, have been concerned about the hong kong deal, you know, there's displeasure, they say it could slow down the trade deal. president trump is like, fine, let's do it. you know, if you want to push it off til after the year, we're doing a lot better than you are, we're feeling the pain -- we won't feel the pain, you are.

liz: at least some of the portfolio whether it's the 529 or 401(k), do we still see a santa claus rally on the horizon? >> i think that's real difficult, liz. and not necessarily because of what happened today the, but just because we came so far, so fast. now, it's not anything like what we saw last year. we're in a completely better space economically, interest rates, all that stuff. but i think the market got a little top heavy. however, i do disagree a little bit with both phil and john. i think this negotiation tactic is more with investors and traders and the market than it is with china. i truly believe that, you know, when president trump came out a week or two ago and said we're right close to that a phase one deal, it was more a market movement thing. and today, again, i don't think there's any deal that is pressing here. i think what he said this morning is really more superfluous to the overall market and traders and investors, main street america,

should really learn by now that these comments are very reactionary, right? the market is going to react. however, in the long run what we've seen, we have not seen sustained moves after these one-off comments, one-off tweets. so i would just be very, very cautious and tell people that when they read these headlines and see these news pieces out of the white house, just be very careful if you're going to trade off of that. liz: yeah. hold on tight, right? john, phil, scott, thank you so much. we appreciate it. >> thank you, liz. liz: folks, down 335 points for the dow, our low of the session was a loss of 457. all right, you're looking at a live picture right now outside the british prime minister's residence, 10 downing street. now, look, the night is still young in london. the president still has about 50 minutes to go of the trading session to drop another verbal bomb, but right now he's attending a reception with queen elizabeth and nato leaders. look at this, you've got a choir standing outside. i believe they're singing

christmas carols. beautiful decorations out there. nobody does it like the british, although have you seen the white house? melania did beautiful christmas decorations. i saw them on the web, loved it. china was not the only headline falling from the lips of the president as we see other nato leaders -- wait, they have to knock? [laughter] is there a ring doorbell attached there? [laughter] can't you see on the inside? the president's comments also added on france digital attacks, trade with the european union, the usmca deal, the site of the apex meeting and, of course, the possibility of nuclear disarmament talks with russia and china all raising eyebrows in just the last 12 hours. it's been a whirlwind day with the meeting with the queen, prince charles, leaders of the u.k., france and more. blake burman is live in london. boy, what a day so far. more to come. >> reporter: it's beautiful

here, liz, on the 13th floor of our hotel the balcony. [laughter] so i've got to imagine it's even more stunning at the event that the president is at right now. you're right, what a day it's been. the president held out what turned to be, essentially, three mini-type press conferences when he met with the leaders of nato, france and canada, 121 minutes in total that he took questions and answers. early in the morning the president suggested that a trade deal, as you been talking about, between the u.s. and canada could potentially be a year away. afterwards at one of those events, the president was asked about the stock market as it was falling in response to the president's comments, and he kind of brushed all of that aside. watch here. >> we're at a critical stage. they've called us today, and they've called us yesterday, we're having ongoing discussions. and we'll see what happens. but if the stock market goes up or down, i don't watch the stock market. i watch jobs.

jobs are what i watch. i watch making the proper deal. finish. >> reporter: president says he doesn't watch the stock market. of course, a quick check of his twitter feed would suggest otherwise, especially on days in which the stock market goes up. then there was another meeting throughout the day in which the president sat down with emmanuel macron, and that was fascinating because just yesterday the u.s. trade representative's office announced it would be putting forth $2.4 billion in tariffs against france because of france's digital services tax that it would be levying against some u.s. companies. the president sat there the next to macron and said that he would be willing to go dollar for dollar with france if need be. >> as the president knows, we tax wine, we have other taxes scheduled. but we'd rather not do that, but that's the way it would work. it's either going to work out, or we'll work out some mutually beneficial tax. and the tax will be substantial,

and i'm not sure it's going to come to that, but it might. it might. >> reporter: liz, when the white house released the president's schedule for today, this was a bit of a surprise as justin trudeau a appeared on there for a one-on-one meeting. that allowed the president to sit next to the canadian prime minister and push for house democrats to bring the usmca onto the house floor for a vote. liz: i'm jealous. that's beautiful behind you. [laughter] >> reporter: big ben right there. it's cold but it's beautiful, we love it. liz: all right. thanks for bringing it to us, blake. we've got about 45 minutes til the closing bell rings. we should look at merck, the sole winner on the dow 30 and kind of not by much, although verizon's right there. slightly higher. so the pharma giant has revealed that the food and drug administration is going to speed up its review for new uses for keytruda, its blockbuster cancer drug. the stock is up 13 pennies, but

we'll take the win. meanwhile, tesla blinking in and out of the red most of the day, caught in a tug-of-war between china trade tensions because it's trying to sell in china and positive wall street vibes. here's the positive part, piper jaffray calling the cyber truck release, quote, awesome, raising its price target by $51 to 423 a share. that's the third highest price target on the street. tesla's at $336 right now. as you look at shares of the electric empire, it's up $1.69 to $336. this stock was $5 lower earlier today. as the shock of the cyber trucks shattergate say elon musk could be looking at a totally different set of troubles. the defamation trial over his pedo-guy tweet is just getting underway in los angeles in federal court. we have details from inside the

courtroom. our reporter is there. we're going to take you there straight ahead on "the claman countdown" and explain what pedo guy is, in case you don't know. ♪ my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away

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liz: breaking news, we just got thiso in. tesla ceo and billionaire elon musk just walked into california district court. our cameras caught him, he is wearing a suit and appears to be accompanied possibly by lawyers or company officials. this ahead of the start of the defamation trial in los angeles where jury selection has begun. now, in case you don't know, this case dates back to a tweet he sent out back on july 15th of 2008. it's a tweet that elon are musk later deleted but was captured by many. it accuses british diver vernon

unsworth -- this was the british cave explorer who helped rescue 12 young soccer players and their coach from a cave in thailand -- it accuses him of being, quote, p if edo guy -- pedo guy. he helped rescue the team that july and had mocked elon musk for sending a mini sub over to thailand to help in the situation, and that is what prompted this tweet. unsworth denies musk's accusation ises. tesla's ceo says i didn't meet ped fire, i just meant -- pedophile, i just meant creepy old man. the ceo is expected to testify on his own behalf and has since apologized for his comments. earlier this year musk was fined $20 million and tesla another $20 million by the securities and exchange commission after he tweeted about potentially taking tesla private at $420 per share. robert gray is outside the courtroom. robert, tell us what's happening

there. any word on how large a penalty musk could face? >> reporter: hey, liz. no word exactly on what size the check may be, but the bar has been lowered by the judge in this case already in a preliminary hearing saying that unsworth is not a public person, so it's a lower threshold, if you will, to prove defamation of character here. obviously, this could be a litmus test whether this insults over media becomes more along the lines of published comments, if you will. most of the morning spent choosing jury selection, the proceedings began a couple of hours ago, and they dismissed about half a dozen potential jurors. ended up with a panel of eight, three men, five women. they basically were asking them if they had strong opinions on unsworth, musk, had strong ties to thailand, the u.k., what their thoughts were on billionaires. an internet marketer, a nurse, am immigration attorney among those on the panel.

unsworth was here and present for the jury selection. big teams of lawyers representing both sides, even though elon musk not present, his team was in play. the judge explaining the law of defamation to the panel and going on to talk about, and unsworth's team talking about the rescue and how he was hired to map and plan the rescue and then detailing, of course, the trading of insults very publicly, unsworth with his comments about the sub marine and then, of course, musk tweeting back a couple of days after that calling him pedo guy on twitter. so we're expecting musk to testify, as you mentioned. and the head of musk's private office who hired a private investigator to dig up dirt on unsworth is also expected to testify. so we're awaiting that and we're going to continue to follow this. right now, back to you. liz: yeah. you know what? to prove prima facie defamation,

you need to prove four things. the bar is relatively high here, but keep us posted. no cameras in this courtroom, by the way, but we are right outside, and we'll let you know if anything happens x. there he is, again, walking in. we should let you know this is not terrorizing the stock. it is slightly higher today and well off its lows. all right. makeup stocks melting in the selloff. with the closing bell ringing in 37 minutes, elk beauty -- yes, it's publicly traded -- it is tumbling nearly 6% after investment firm marathon partners sent a letter to its board pushing for it to seek a sale. and we've got also just barely -- ulta just barely higher after barclays moved the price target to $220 a share: right now it's at 237. and coty is also slightly higher along with at least ulta. coty is banking on its new deal

with kylie jenner, but the kardashians don't really have a makeup monopoly. one woman has created the eyebrow empire of her own from the beginning with no money. anastasia of beverly hills here in a fox business exclusive of how she plans to keep way ahead of the kardashians. "the claman countdown" coming right back.

>> we're thankful president trump moved the tariff on toys to december 15th, but we have a huge warehouse in the inland empire. and, yes, we are bringing massive amount of merchandise to meet the demand. liz: well, guess what? isaac was right. shipments of his lull surprise doll that i was holding up there in late august, kids are absolutely crazy over this.

they made it in under the wire before september 15th tariffs may hit in just a few days. and guess what? according to adobe, folks, that on our screen was the top selling product out there on cyber monday. a day on which shoppers spent a record $9.4 billion online, yesterday. now, some of those dollars, no doubt, going toward products from brow queen of the entire planet earth, anastasia, ceo of anastasia of beverly hills. sort not only grooms the brows of the rich and famous, but also runs a global beauty empire which she began with no money. he did it on her own. she joins us now in a fox business exclusive. your brand, the new holiday launch, the palette vault, was the number one brand on sephora yesterday or last week? >> absolutely. liz: okay, i have it right here. >> and that's amazing.

glam and modern renaissance. they are -- liz: how many did you sell? >>. it was number one -- [laughter] definitely, we did. liz: and what is inside this? i love the box. the box alone -- >> well, you don't need to wrap. liz: it's like a jewelry box. >> yes. and this one here. we have three palettes there and two palettes here. eye had does and liquid lip glosses. liz: let me ask what this retails for? >> i don't even know. i think is 59? i don't even know. liz: just brilliantly, right in. >> it was absolutely amazing. liz: when you think of how many brands at sephora stores around the world, that's huge. they have some of the biggest brands there. >> yes, yes. i'm really privileged to be there, to have a presence and to offer amazing products. liz: what do you think of how cyber monday has grown, and why do you think you in particular have been able to capture so many of those consumer dollars?

because there are so many competitors out there when it comes to makeup. >> yes. there are amazing lines out there, but i think our power started, of course, with social media. we have 20 million followers, and i think we're able to communicate with our customers. liz: you joined instagram back in 2014. you were among the first beauty brands to do so. >> actually, we joined in 2012, and by '14 we were able to launch makeup on instagram. liz: i see. you could launch the actual products. >> yes. liz: and that kind of was fascinating because, you know, the kardashians, for example, who -- you've done their brows for many years. she's done mine for even longer. [laughter] my sisters and i were among your first customers 20 years -- >> that's true. liz: longer than that ago. but, you know, kylie -- >> yes. liz: -- just sold her company, a big portion of it, to coty. that is a huge number, $600 million. but you hooked up with a private

equity outfit and have done even bigger numbers. i know you don't talk about what your company's valued at, but some said it was valued at more than $2 million -- $2 billion. >> 3 billion. that is not a secret. it was valued at $3 billion. and what can i say? i'm looking forward, of course, by selling the minority allowed us to expand, to invest in infrastructure, to be able to be a global brand. liz: you always morph. you never just sit on your laurels. you began with brows and brow pencils, but then you expanded. i remember your first jump out of the gate was not successful. you stopped and started all over again -- >> exactly. liz: and now you're morphing by hooking up with social media stars like carly bible. you have a new eye shadow palette named after her. >> it's beautiful. liz: let's show this. >> look how pretty. liz: ooh.

sparkle bunny. oh, that's gorgeous. >> from the -- you know what? from the beginning my daughter, norvena, that creates all the makeup, we kind of -- she convinced me to create this amazing community on social media. so we basically encourage women that they were makeup artists that they wanted to learn how to do makeup, and we start collaborating with them. one of the first ones that i'm a big fan of her, we collaborated with her. then nicole guerrera, then tomana. so we had so many of them, including jackie that listen ared to our consumer, and we understood that our colors were a little too actual for darker skin. and, of course, we wanted to be diverse. liz: one last question. we have about 20 seconds. >> yes. liz: you started with nothing.

you came to this country from romania, a refugee. >> yes. liz: you didn't speak the language. now you employ how many americans? >> wow, maybe 400? around 400. liz: what would you say about that immigrant spirit? >> oh, i think this country is the best country on the planet, and i'm -- and immigrants are the ones that are making people better, the country. liz: great to see you. >> thank you so much. liz: check out her stuff online, it's unbelievable. markets are cutting losses. we're still down, but gary shapiro of the consumer technology association next on that french tech tax. gotta hear what he says. ♪ value is more than just talk. we offer commission-free online u.s. stock and etf trades. and, when you open a new fidelity brokerage account, your cash is automatically invested at a great rate -- that's 21 times more than schwab's. plus, fidelity's leading price improvement on trades saved investors hundreds of millions of dollars last year. that's why fidelity continues to lead the industry in value

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liz: now, this meeting between presit trump and french president emmanuel macron in london just a few hours ago was expected to have real fireworks. why? because the president has slapped retaliatory tariffs on france that could be as high as 100% on things like champagne and cheese along with, yes, chanel luxury handbags. why cheese and purses? this after the u.s. trade representative accused france at its digital tax as, quote, discriminating against u.s. companies even though this tax doesn't specifically target american businesses. president trump and macron actually had initially reached a teal on france's digital tax law that would have placed a 3% tax on yearly revenues of tech

giants that make at least 750 million euros annually, impacting facebook, amazon and google. so what does this tit for tat retaliation mean for herring's biggest tech titans, and maybe some smaller ones? we bring in the ceo of the leading trade association and producer of ces, consumer technology association's gary shapiro, here in a fox business exclusive giving his first comments post the macron-trump meeting. what do you make of what happened there, and what does this mean for the big names in technology here in the u.s. and maybe smaller ones? >> well, it's no secret that i've been a big fan of emmanuel macron. he attended ces frequently, and he has really led france in entrepreneurship and innovation, and they have great companies. but, honestly, going after u.s. companies is not the, a good approach, it's not a good strategy. and it's clearly aimed at u.s. companies. there's not too many companies that have that revenue in

france. the approach was to go through the oecd to focus on a group approach to say here's a reasonable way of paying. it doesn't just aim at big companies, it aims at other companies as well, it's not anti-american. so we know that no one can win a trade war, and this is setting up one more trade war. the stock market's reflecting it, it's really not healthy. liz: did it surprise you though? president trump didn't exactly come out swinging in defense of big u.s. tech giants. in fact, all he really said was i'm annoyed, i want to be the one to tax them, because he said he isn't thrilled with what some of these companies are doing, whether it's amazon or google or twitter. but did that surprise you, that he didn't say, wait a minute, don't attack our proprietary, great companies that everybody around the world uses? >> well, since the day he's been elected, i've been consistent in saying president trump will measure himself by stock market performance. he knows that these big companies are a part of a lot of

pension funds, a lot of our wealth is tied up to these great american success stories, unparalleled in the world. that's what we've been great at the last 20 years, is producing great tech companies globally, and it's our job to protect them. liz: gary, we're weeks away from the consumer electronics show 2020, tell me what you are seeing as the trend that's going to come out there. every year there seems to be that one trend. >> well, certainly, artificial intelligence is hot as is 5g, robotics and mobility. and we're seeing that in our cumulatives, non-traditional companies being present. because every company is a tech company. and this is the world's most important business event, the world's biggest trade show. it's a global place where 4,50 companies exhibit. lots of trends. and important people like you will be there, liz, so we're thrilled. liz: yep, that's me last year by the all-electric hog, right? that one motorcycle. unbelievable. gary, i will be there again. fox business will be up front

and we'll beat everybody's credentials to get inside. thank you so much and see you then. >> thank you, liz. i look forward to seeing you. liz: two full days of the consumer electronics show and, of course, we'll be talking with the chief executive behind one of fast food's biggest novelty products, the impossible whopper. the plant-based burger that's been giving burger king some royal-sized sales figures. ceo pat brown joining me live on stage this year for an in-depth look at his game-changing faux meat maker as it plants its seeds for the future. coming to you live january 7th and 8th with amazing guests and the hottest news, consumer electronics. don't miss the action. we're coming right back. the dow is still down but by 298 pointerrings. ♪ ♪

♪ ♪ liz: well, the chain on peloton's stock is kind of breaking at this hour. shares are down 9 -- 8? 9.5%. it's literally dropping as we speak. that wipes out yesterday's intraday comeback. it may be a case of there is such thing as bad pr. the interactive stationary bike maker 's latest commercial going viral for all the wrong reasons. the tv spot portrays a husband gifting his exercise-wary wife one of the peloton's bikes for the holidays. she looks extremely excited at first and then totally anxious and nervous. look at this face, right? critics are knocking to social media calling the commercial tone deaf, equating the gift to spin classes on demand from a husband to telling his wife she needs to lose weight which, by the way, in the commercial they never mention. that other social media users taking issue with the, quote,

rail thin wife before and after journey saying there was no change in her look over the supposed year time span of the ad. now parodies are sprouting up. it's been viewed more than 750,000 times. perhaps if we look at this from 30,000 feet, peloton shares are actually still up about 30% since it went public back in september on the 26th. nice move since the ipo at least. and, yes, i watched the commercial multiple times. in fact, i'm on inside edition talking about it tonight. check your local listings. let's go to gerri willis live on the floor of the nyse. what are you hearing from traders about the selloff? >> reporter: holy cow. you look at the turn-around from today, it is amazing. we have a selloff, sharp selloff early in the day, we hit the low, down 457 points at about 11 a.m. this morning, and we've sort of been fighting back the whole day.

why? well, the traders tell me that this is the way it is these days with trade. we have one and done. a big selloff and then it stops. therest no real follow through, and they also tell me they just don't believe donald trump when he says he won't have a deal until after the 2020 election. they think he's going to try to time it for march or april, that would give them the best ride coming into the election. i'm just the messenger here, that's what they're telling me. but i have to tell you, big selloff this morning in tech stocks, chip stocks in particular, micron, invidia, all down hard this morning. the poster boy for trade stocks. china's their third largest market. they sold off pretty handily as well. but as you can see, we've really come back a long way here. now, it's really going to matter what happens in these last few minutes of trading as we see if there are any sell orders that come through. but we'll be watching. finish. liz: you know, the fear index is up pretty significantly over the

past week, about 52% in just a week. there is that angst, but it's not a huge selloff -- >> reporter: no panic down here, i have to tell you. liz: gerri's all calm, cool, collected. thanks -- [laughter] >> reporter: welcome. liz: the closing bell ringing in 12 minutes. yes, we do have a pool of red on wall street, but is the grinch about to feel the santa claus rally? what we're going to do is take you to our experts, the floor show part deux, when we and "the claman countdown" come right back with some very big money men. stay tuned. ♪

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coming up off the of floor rather impressively. yes, the dow is still down 278 pointers, but we have sliced nearly 220 points off the lows of the session for the dow. what is helping the markets recover in these final 8 minutes of trade? let's bring back our traders in the floor show, alan knuckman and phil flynn. we also have is bill studebaker with $1.8 billion in assets and jeff kravitz at u.s. bank corp. with about $181 billion in assets. first to phil, the comeback is pretty impressive, is it not? even though there's red on the screen, we want to put this in perspective. >> it really is. i mean, you know, when we saw that report today by president trump pushing the trade deal out past the election into 2020, it freaked people out. that's why you saw the fear index go up, that's why you saw the bonds make a huge move, up three points. but people are starting to realize these comments don't

really mean anything, and i think people realize they've overreacted. i was just looking at the s&p board, we're seeing a surge of buy orders coming in. people are look at this as a buying opportunity. if there were names on the board that you like, this is the time to buy them. we're starting to see that happen. i think you have to put this into perspective. when we look at what's happened today, right? trade war negotiations, we're over in nato, we're talking about new sanctions of bra, there's a lot of uncertainty -- brazil. and most of the traders just assume that the tariffs that were going to go into place on december 15th weren't going to happen because president trump wanted to make a deal. now he's saying, hey, wait, i don't need to make a deal, but that's what he's been saying all the time. it's either going to be a good deal or no deal, and he's telling the chinese, hey, december 15th's around the corner, and we're willing to put it off the election. liz: bill, phil just said that we're seeing a surge of buy orders. for a guy like you, you have to tell us what you're doing on a

day where at one point we were down much more. we were down more than 450 points. so that was a buying opportunity for people like you? what were you doing? >> well, we definitely are buyers. i mean, i think that when you sit back, you look at where the world's going, we're ushering in a period of unprecedentedded innovation and prosperity as we go forward. and investors have a lot to be thankful for as they lack at the markets -- look at the markets, new highs in november despite the fact that most strategists and even market participants are sort of watching in dismay how the markets keep going up. i think a lot of this has to do, certainly, with the positioning that's at hand that investors have got wrong and asset managers have struggled because, why? people sell what works, they sell what doesn't work, and we're stuck with the lackluster performers in the middle. as i look at what's happening in the world in automation, i think the direction is way up and to the right. so i'm pretty excited. liz: okay. al lan, are you -- alan, are you

seeing the same thing on the floor of the cme where you're watching the situation? we just showed the ten-year yield, and it is falling back down. now remember, the floor going into today was 1.71% for that yield. folk, when the yield starts to fall, that is a flight to safety. already we're down 11.9 basis points as we head into these final couple of minutes. what do you make of that? >> well, that's the old school indicator. that's what we used to look at for money flow when people were scared to see how the bonds reacted. liz: used to. not anymore? >> back in the day. now we have the vix. it was up earlier today, it's back to the 16 level. it's taken a lot of that off. now, the vix gave us a caution sign last week. even though the market made new all-time, forever highs on wednesday, the vix was not even near annual lows. and the s&p at that point was 15 0 or the -- 200 points than it was back in april. let's see where we are the next couple of sessions because we get these mini explosions in the

last few sessions, then let's see how the market settles out. and every time, as we've seen in the past, the vix comes down and the stock market goes back up. it's been a buy a dip market forever now. liz: jeff kravitz is, you've got a beast of a business over there at u.s. bank, over at wealth management, that division. finish tell me what the wealthy are doing with their money right now, because each day there's a different headline. phil is right, you've got to tune it out because the president on one day says, oh, we want a deal, we'll see what happens. the we'll see what happens is basically the consistency here. so what do you, as somebody who's really in charge of so much money, do? >> well, what we're telling our clients is to stay focused on the long term and the fundamentals. and what's really moving markets is the economy. the fed, the consumer. those are the things that we're focused on. and, of course, every day week to week you see short-term volatility with trade news, but that's, in our minds, just a

distraction. so you've got a resilient consumer, good economic numbers, so that sets us up for a move upward, and we're not too concerned about the short-term volatility with regard to trade. liz: i get that. so what areas look good to somebody like you, jeff? because, look, insurance names are are down, european banks are down, big u.s. financials are down. i'm looking at my stock charts here. tech what looks good to somebody like you? >> the areas we like are areas benefiting from the evolving economy. really, cloud computing, artificial intelligence, things like that. that would be technology, especially software. there is innovation when it comes to health care. so those are areas which we really like. and, which should continue to do well as long as consumers and

businesses are still spending and upgrading their platforms. liz: why does oil look so ugly? drillers are down. as i said i'm looking at everything from exxonmobil to cvs, everything looks really ugly, occidental petroleum. what is going on? >> when you look at the energy complex, energy is really a comment on global growth and when you get trade fears it does affect the energy complex because there is a fear there will be a slowdown globally in trade and economic development. and that hurts energy. especially emerging markets, places overseas in asia. liz: phil flynn, why do you think that is happening? right now with the dow jones industrials down 267 points exxonmobil and chevron are two big names on the dow. we also have many in the s&p as well. is this one of these cases where at the end of the year it hasn't

been a big sector star, so you might want to start nibbling around the edges here? >> if that is to me, absolutely. this is a sector nobody has loved for the last year-and-a-half. i think for all the wrong reasons, right? what is going on right now with the oil market, there is so much focus on u.s. oil production being at record high, 12.6 million barrels a day. they think that will be enough to supply the entire globe. it isn't. we have issues going into the end of the year, new regulations could drive the market. if the economy doesn't slow down it could rally. liz: jeff, you get the last word, no panic, right? you like buying stocks at this very moment? >> no panic. no, we're keeping our long-term asset allocations with clients. we are definitely focused on u.s. stocks over international stocks. on bonds, we like high quality bonds. we think the bond portfolio should act like a portfolio.

[closing bell rings] we want to keep our clients calmed and invested in the turbulent markets. liz: great advice from all of you. our flow show finalists here. markets sell off two days in a row. but off the lows of the session. melissa: it is not just china. another trade battle contributing to wall street's decline today. all three major averages ending the day in the red for the third day in a row after president trump says a deal with china may not happen until after the 2020 race. a tense meeting with his french counterpart. i don't if it was tense. connell: a little awkward. melissa: they kind of looked like they were both enjoying it. connell: really interesting to watch. >> straight talk. the dow down 278 points, off session lows. we had down about 458 points earlier in the section. i'm melissa francis. connell: i'm connell mcshane. by that measure pretty good close all things considered. welcome to "after the bell." s&p and nasdaq