don't think you have. you missed a big chunk but this is a long-term thing. always appreciate your expertise here. folks, no c.p. effect today. the dow is off about 200 points. the s&p about the same. liz, i think you could have an exciting last hour of trading. i really do. liz: it's that magical mark that's within striking distance for the nasdaq. how cool. charles: i think so. liz: you know, we are closer and closer to nasdaq 10,000. look, the tech heavy index already swiped it, then retreated just a bit but nasdaq is set to notch two straight winning days and closes at all-time highs. the dow and s&p 500 still lagging as investors take some profits on many of the travel stocks and the airline stocks that have run up in recent days. dow is down 215, but the nasdaq is up 52 at 9976. stay with me. you got to see whether we hit

that 10,000 mark and close there. the market picture is mixed, of course, as george floyd is laid to rest in houston. you are looking live inside the fountain of praise church as the memorial service continues. the death of the african-american man in police custody just over three weeks ago was the spark for protests on racial inequality and police brutality. major corporations, you have seen this, we have told you about it, rushing to pledge support for the cause. randall pinkette is not only the winner of season four of "the apprentice" but he founded and runs a company that actually leads corporations in a whole bunch of government agencies to overcome the racial divide. he's here and he will tell you which companies are doing it right and what else has to be done to achieve true equality in the workplace. forget carmageddon. vroom is shooting straight up

after its ipo today, up triple digit percentages. wait until you see that. the ceo of the online used car dealership is here on whether profitability is close or farther ahead on the road. less than an hour to closing bell, let's start "the claman countdown." liz: you know what, i want to look at oil. right now it is up 2%. we are now just getting data on the resumption of oil activity. oil and gas in the gulf of mexico, after tropical storm cristobal tore through the area over the weekend. the u.s. government says still about 31% of oil production and 33% of natural gas output still remains shut. typically, you got to know this, the oil majors inspect their platforms after a storm passes through before they will resume normal operations just to make sure nothing's been dislodged or

that the area is entirely safe. we do have gulf oil producers, everyone from murphy to occidental to bp to royal dutch, all moving lower anywhere from let's call it 3.66% to lower by 5.66%. good runup yesterday and as i said, oil in the after market up 3%. we all heard of one company named after nikola tesla. now another automaker named after him has been on a tear, up 141% after its public debut following a reverse merger last thursday. nikola had a huge day yesterday. it's up another 11% right now. i want you to meet the badger. that cool thing is nikola's battery powered super hot-looking pickup truck. it boasts electric and hydrogen electric trucks. the stock spike came on the heels of their announcement that starting june 29th, it's ready to take preorders for the

badger. no used badger yet but dozens of pre-owned teslas are listed on vroom's website. the used car sales site zooming into the land of publicly traded stocks today. can it beat carvana? we have the ceo paul hennessey coming up live. we are going to talk to paul about that. we are going to show his website. we will see how he's different from sort of the leader in the space right now. carvana. while the ipo market is booming so is the craze for gardening. scott miracle grow coming up roses, up 1.66% right now after it forecast higher sales growth thanks to a yen for tending gardens during the covid-19 pandemic. i actually planted mint and basil. don't ask me what happened when i let the dog out. okay. we're not going to talk about that. wasn't pretty. the company known for making your glass phone screen is

catching the covid wave. demand for glass vials surging as drug makers race to find a coronavirus vaccine. corning is the winner. this stock is up 34% quarter to date. very nice move here. now the u.s. government says it's going to give corning $204 million to boost its manufacturing capacity of those much-needed glass vials. flip it over to macy's stock. macy's stock is back from a trip to i'm calling it near death valley. the retailer which hit a low on april 1st of $4.43, look at it now at least. it has clawed higher by 85% quarter to date. it now stands at $8.90. really coming back. why? well, macy's has reopened 450 stores and says they are performing better than anticipated since they have opened. with e-commerce business strong and that of course helped by the introduction of curbside pickup. so they morphed, they finally

got moving which is hard for one of those legacy type of businesses. so macy's back from, yes, as we call it the land of the near death valley. we may be seeing the dow and s&p 500 slipping back a bit after gaining 44% since the notorious march 23rd low, but even as the nasdaq is about 20 points away from the never before closure level of 10,000, we're at 9972, what's a few percentage points lost, when during that time period, global stocks overall, look at this number, have regained $21 trillion in value. i have a question that may be a little painful for some of you. did investors who sat nervously on the fence miss the chance to get in on the market rally? to our traders on the floor show. tom, let me start with you. i know the answer to this question short-term and it's yeah, they missed the greatest entry point, but is it better late than never? should they get in now?

>> well, liz, there's no question as you said, we are up 44, 45%. in the short term, and even if we push higher here in the short term, it's okay. over the summer, we are going to have to digest this quick move and we are at the beginning of a new cycle. so in the short term we have moved a lot and will digest that. in the intermediate to long term, this is the beginning of a brand new cycle. use these opportunities in coming months to add to cyclicals. why cyclicals? because those are the sectors that perform the best coming out of a recession in a new cycle, like banks, like defense stocks, like home builders, like energy, like small caps, and even if you missed out on this 45% move, there's one sector that's still cheap that's lagged behind and that's banks. 95% of financials have dividend yields greater than the ten-year yield. they are sitting on a half a trillion dollars of cash.

they are well-capitalized and the credit reserves that they are going to have to take are smaller than anticipated because of the intervention of the fed and of the treasury. we still like banks here. we like adding cyclicals over the summer on any pullback and the opportunity is well ahead of us in coming years with all the stimulus, 12% of global gdp, fiscal stimulus, we have never seen anything like that. with earnings estimates for 2021 at $165 a share, we have room to run and we are going to be seeing new highs in the s&p too for sure in the next 12 months and probably a lot sooner. liz: yeah. you know, phil, the fed meeting, two-day fed meeting, has just begun today. but let's look at sort of a little bit deeper into the weeds here. the price to earnings ratio of some of these names look absolutely crazy. pe ratio of apple right now, i'm not saying that's crazy, but

it's around 27 which is historically pretty darned high. are valuations overly stretched everywhere? have you dug up some real opportunities? >> you know, i think we have. apple, i do think, is overleveraged right now and it's not something we would want to add to. it's not something you want to sell, either, necessarily. but i definitely wouldn't be adding it here. but yeah, look at these other opportunities across the board. we were looking at different sectors here that we had that we thought were pretty weak. i look at planes, trains and automobiles, all of those markets got hit terribly during the coronavirus shutdown. those have come back. energy, of course, with the big runup in oil today. we got a report from the energy information administration that basically came out and said they were stunned. they didn't use that word. but they basically said, you know, we had to re-evaluate everything we thought about energy. we're looking at demand, demand is coming back a lot faster than we ever anticipated.

we are looking at production and production has fallen a lot faster than people realize. that's why i think a lot of these energy names that have been beat up are really going to perform well. you look at their price to earnings ratios are at historically low levels. not all of them. some of them are in financial trouble. but if you got a good balance sheet, energy is going to be a real good opportunity down here. liz: yeah. let's get back to the basics, folks, and make sure that you look at the pe ratios before you dive right in. tom, phil, great to see you. thank you so much. no fence-sitters here. i know you guys are invested in what we have to tell you each and every day because, you know, i tell our viewers every time the closing bell ringing in about 50 minutes, these markets will go up and down and all around but the trajectory is often to the upside over the years, right? so as we look at the markets right now, we now want to turn our attention away from them and turn our attention to george floyd, who is mourned in his hometown of houston.

that funeral is happening right now. this is a live picture from the scene. worldwide protests sparked by his murder at the hands of police officers have forced businesses to address diversity head on and they should look no further than randall pinkett, a man you are about to meet. he's been blowing the roof off bias in the world of business for years, but doing more than just finger pointing. up next, the first african-american winner of "the apprentice." yep, that "apprentice." we will show corporations how to go from talking the talk on inclusion to walking the walk. he's next. ♪

liz: the new york stock exchange holding the longest moment of silence in its entire history today in honor of george floyd. the nearly nine-minute long silent tribute to the african-american man who died in police custody on may 25th, just the latest example of big business, wall street, no less,

shining a light on racial injustice and economic inequality. randal pinkett has been fighting the fight for decades. he's so much more than the first african-american to win "the apprentice." he's a rhodes scholar who holds five degrees, author of three books and chairman and ceo of a company called vct partners, a company everybody from citigroup to microsoft turns to to help close their gaps in workplace inequality. how toss he do it? let's ask him. he's here in a fox business exclusive. we welcome vct partners chairman and ceo randal pinkett. great to have you. in the past three weeks and change since george floyd was killed, corporations have rushed to say the right things. you have been working for years to get them to actually do the right thing. i want to just begin by asking you how do you view these past three weeks and a day since george floyd was killed, and what you have seen as far as the reaction on behalf of businesses?

>> well, liz, first, thank you for having me on the program. it's a pleasure to be on. i've had mixed emotions over the past few weeks. i've felt sadness, i've felt anger, i've felt frustration but i've also felt a sense of hope, a sense of hope from what i see in young people organizing and protesting but also to your opening remarks, the growing response from businesses and their stated commitments and stated investments in looking at how to foster systemic change, how to really promote racial equity, but having done this work for many years at vct, what we've learned are two things. one is that you cannot begin to build your house on racial equity if you have nothing already existing to stand on. so while i appreciate many of the statements and commitments, my deeper question is what have you been doing before george floyd occurred and what happened

in minneapolis. second, perhaps most importantly, even if this is a new commitment or a new direction for your company, this is a marathon, not a sprint. so you've got to be in this for the long haul if you really want to make fundamental and systemic changes to your organization. liz: let me bring up adidas, for example. adidas, which by the way, suffered looting and had to close many of its stores, came out with a statement. it also retweeted its competitor nike's commercial, saying we are all in this together. the tweet that it had put out, we can put it up here, said basically together is how we move forward and make change. that of course is very well intended but what you get is a headline from the "wall street journal" that says adidas tweeted and employee says not quite enough. how do you go from the well-intenti

well-intentioned move to the actual action so that you don't get that headline okay, it's not enough? >> you have to walk the walk and not just talk the talk. employees of these corporations know whether or not their organizations have already demonstrated a real commitment to racial equity. so they are the ones who are going to be able to speak to whether there is any truth behind the words, whether there is action underlying the statements. it really speaks to do you have a strategic plan around diversity, equity, inclusion. are you making a commitment to training employees around unconscious bias, are you adopting best practices for employee resource groups and business resource groups, and how are you fostering dialogue within your organization, which we have done, that speaks to what they are feeling, what they are seeing and what they believe needs to be the solutions to solve these problems.

liz: i'm so glad you brought up dialogue. starbucks had one store a couple years ago that really, really made a mess when they called the police on african-americans who simply wanted to use the restroom and were sitting there. you know what? their action i think was definitely something that made a difference. they shut all of their 8,000 stores in the united states so that they could have diversity discussions with all of their employees. you know, just because companies make mistakes, would you say that they can still come back and make it that learning moment? >> absolutely. the only way we're going to make it to the end of this marathon is by acknowledging that we're not going to get it right every time. there are going to be mistakes that we make but the question is can we learn. i would also add to that, can we really bring some new innovation to how we approach training, how we approach education, how we approach dialogue.

we launched at bct a solution that leverages virtual reality to help mitigate unconscious bias. as an innovation, that helps put people in the shoes of someone else that they can see the world through somebody else's eyes. in fact, we call it through my eyes. so it's using those kinds of innovations and other approaches that are creative that can force us to have greater empathy for the experiences of people who are not like us. liz: speaking of making it through a marathon, you made it through the marathon of an entire season of "the apprentice." yes, donald trump's "apprentice." and you won. you were the first african-american to win "the apprentice." something happened in the very moment that you were crowned the winner. what did he say to you and how did you absorb that? >> for those who didn't see my finale of season four of "the apprentice" in the very final minutes of the show, donald

hired me as the apprentice, and then just moments later, asked me if i wanted to share the title, the winnings, with the runner-up, a white female. and quite frankly, it was insulting that he posed the question and many who challenged my decision to not accept this idea of sharing the title said well, why didn't you share it. my better response, i think the better response is why did he ask the question in the first place. there were seven seasons of "the apprentice." there were six winners who were white, then there was randal. that's it. why is it that donald asked the only african-american winner out of seven seasons and no other winner before or after to share the title. i believe we have seen now through his candidacy and presidency why that is, but certainly, as i think back on that experience, it was yet another example and a good

friend of mine wrote about this, he said what happened to randal, he writes for "black enterprise" magazine, he wrote what happened to randal happens to african-americans every day in corporate america. he just had 14 million people watching. liz: interesting. i think it's so important that you do look at some of the companies that have learned and have done it right. you give a shout-out to price waterhouse coopers. they set up a whole website. it's amazing to see some of these other companies that have jumped on board. then there are huge companies, everybody from comcast to bank of america. bank of america committing $1 billion. comcast, $100 million. we want to thank you, randal, for what you're doing and the light you're shining on what everybody needs to learn about, so we thank you. randal pinkett. great to have you. thank you. we do have al sharpton speaking at george floyd's funeral right now.

he is giving the speech and i'm quite sure it will be as powerful as the one that he gave a few days ago at the memorial service. we do want to let everybody know that after working inside the trump organization, after he won "the apprentice" what was the number one thing he did learn about donald trump? tomorrow in the newest edition of my everyone talks to liz podcast, randal pinkett reveals it. it drops tomorrow on spotify, apple, google and fox news podcasts.com. stay with us. we'll be right back. this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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i've been 'round long enough to know what's what. i'm proud to be a part of aag, i trust 'em, i think you can too. trust aag for the best reverse mortgage solutions. so you can... retire better. liz: you guys know this. apple is a company based on tradition, and traditionally it unveils its very big secrets at its annual worldwide developers conference. that's less than two weeks away. this year's will be an all virtual affair because of

coronavirus but is this year's big surprise already out of the bag? to susan li, who has been running down more details on this report that after years of this super-secret development, apple is ready to say no more intel inside. we have known for years apple was tweaking the chip recipe. what ingredients do we now know are in it and out of it? susan: it's also part of steve jobs's mantra, end-to-end control of the entire pc. we know 2021, chips, these new macs might be having apple's own made chip for the very first time. according to bloomberg news, things might all change but these new chips will work on the same technology that the iphone and ipad chips are based on so they used the tsmc to make the semiconductor. they will be building that factory in arizona. now, also, it will allow apple to have full control over the

design of these macs in the future so they might be thinner, smaller and might even be faster. apple is pretty loyal to chip suppliers. for instance, the first ones used motorola in the 1980s and then we had power pc taking over in the 1990s and intel has been the go-to since 2005 but it will be a big direct hit to intel. we know apple only has around 10% of market share when it comes to pcs. as for macs, they make up less than 10% of apple sales. it's not really a big direct hit but analysts say it's a bigger picture for intel that is waning influence and lessening innovation but technology will take some time. chips aren't an easy thing that you implant. if you have software designers they need to adjust and optimize software to adjust for new components. it looks like apple continues to power higher. record highs. this is because analysts say app store revenue and also iphone sales has actually been better than expected in this covid

downturn but intel, intel going forward is one of your largest, most influential and premium customers, is switching to their own made chips instead. liz: that is very classic apple. they just say we're done with you, we're going to make our own which in certain cases definitely makes sense but taiwan semi is up 1.33%. i think that's interesting, they will actually help them make these processors on arm platforms, the architecture. arm is in more than billions of products around the world now. thank you so much. good to see you, susan. closing bell, we've got it ringing in 29 minutes. forget the dow for a minute. we've had such an incredible rally. it's down 174. keep your eye on that nasdaq. it already touched 10,000, then retreated just a bit. can it close there? you've got to stay with me. it's at 9,992.

axios reporting that airbnb is restarting internal discussions about a possible market debut. yeah. when is that ipo happening? this after the ceo in a recent interview said despite the clobbering it took from covid cancellations, bookings from may 17th to june 3rd showed a year over year increase, even with all the drama that's gone on this year. well, that has given the home rental company new hope. but one company not wasting any time making its public debut is vroom, the online used car seller is flooring it right out of the gate. right after our break, the ceo paul hennessey is here. why he put his medal to the metal despite the pandemic and threats of a pre-owned carmageddon. stay with us. we will be right back with a huge gain on the first day of trade for vroom. - i'm norm.

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liz: okay. this, if you're a ceo or investor, is what you want to see on ipo day. shares of vroom are accelerating at lightspeed in this final hour of trade. just a second ago they were up a perfect 100%. they are up about 98% at $43.65 at this very moment. they neatly doubled upwards after its stock market debut, the stock rose more than 100%. i would say about an hour into trading. could be wrong on that but i was looking at the intraday chart here. they raised nearly $500 million for a market cap of around $2.5 billion. it's an online platform for buying and selling preowned cars, priced at $22 a share. you can see exactly where it is now, $43.70. the company purchases used vehicles and sells them in an online catalog. once it gets a buyer it provides financing through lending partners such as capital one and ally. vroom delivers the vehicle directly to the customer's

doorstep. vroom's ceo paul hennessey has torn himself away from watching the intraday chart, i'm sure. paul, great to see you. congratulations. what is your gut reaction on the stock performance today? >> thanks for having us back on the show. you know, my reaction is we're thrilled that investors are, you know, sharing our enthusiasm for what we're doing for our customers and you know, it's humbling on the level of enthusiasm and makes us want to work even harder for our customers and our shareholders. it's a really good day. liz: well, yeah. now, it's a little bit of a crowded field. that's nothing you don't know. but i need our viewers to know how you are different from the carvanas of the world. >> sure. first, i just remind you that the market, $841 billion in annual revenue, the largest

single shareholder has 2% market share and the next 100 players have 9% market share. so we think it's a wide open opportunity for vroom. what vroom does really well, you articulated when you opened, we've got a great experience for our buyers. we've got a great experience for sellers. now in this world, more than ever before, offering a contact-free sales environment and contact-free delivery environment. it really matters to customers. liz: contact-free, yeah. we've hardeard a lot of that lately. tesla sells its cars online. you actually have preowned teslas on your website. we can show you some of the other cars that are out there, everything from the kias of the world, you have a bmw2017 m-2, chevy volt. tell me what i get with that. do i get a guarantee that this thing isn't a lemon somehow and

that's why the dude who sold it didn't get rid of it because there was something wrong with it? that's my biggest fear. >> of course. first of all, we recondition our cars to expert level so we ensure core safety but also improvements in cosmetics so the customers just love the car. as you can imagine, we could never build a national brand, a public company brand, by giving customers something that doesn't meet their expectations. we are completely committed to that. we also offer a 90-day warranty but i think more importantly, we allow the customers to test drive the vehicle for seven days. instead of having just to go around the block at a dealership with a stranger in the car, you can exercise the car, take the kids to school, go out to dinner, see if the luggage fits in the trunk. truly exercise the car and if it doesn't work for you, you can return it no questions asked. liz: yeah. i need to make sure that there's a wide enough little hiding place for my candy because i

keep red vine licorice right in there. my final question to you is what do you say about the health of the car buyer right now or the interest after being cooped up for three months but also worried that they might not keep their job or they have already lost their job? people ready to pay up for cars? >> you know, used cars have historically always been a better deal than new cars, because customers can save money, the depreciation's already happened in the car. so what we're seeing is not only because of our business model, all the contact-free elements of our model, but because we are in the used car space, they are getting significantly better value for their dollar. that matters now given the level of uncertainty in the space. the market's coming our way and we are taking advantage of that. liz: dozens of teslas on the site. i love that. all right. we'll be watching. paul, congratulations. huge move today for the debut of vroom. good luck to you. closing bell, 19 minutes away. yeah, the dow is fluctuating,

it's down about 190 points right now, off the lows of the session. that said, well, it looks like he didn't go to jared. jewelry giant fitness sinking as tiffany shines despite 14 karat sized sales plunge for both retailers. what's driving this tale? that story and charlie breaks it. don't go away. and because we don't know exactly

when this crisis is going to be over and we don't know exactly when the stock market will reach its bottom, we've got to be prepared for this to last a long time. if you assume that you're out of work for nine months but you end up only being out of work for...

you say that customers maklet's talk data.s. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item - corner offices for everyone. just have to make more corners in this building. chad? your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. liz: well, diamonds are not a girl's best friend during this pandemic. wait, says who? diamonds are always a best friend. tiffany sales actually plunged, this is not a surprise, but what is a surprise is that they plunged more than expected, 44%

in the first quarter due to the closures of the stores. you couldn't get in. but the jeweler famed for its coveted robin's egg blue boxes is shining intraday, up 2% at the moment after creating some new financial elbow room by reworking current debt agreements ahead of its $16.2 billion buyout by french luxury retailer lvmh. meanwhile, yeah, to rival signet. although they are kind of different. signet's down 16%, plunging after its own disappointing sales figures both online and in store. the kay jewelers, zale's and jared parent leaving investors with a lack of clarity, pulling its full year forecast and they also had to announce the permanent closure of at least 380 stores. there are some of these stores that just aren't coming back although signet trying to make a go of it overall. it's been months since t-mobile and sprint got the green light to merge but now a key component of that deal, the

creation of a fourth wireless network, courtesy of dish, remember that was supposed to happen, could be on the ropes, charlie? what now? charlie: you thought this story was over, didn't you? it's not over. liz: i hoped it was. charlie: i know. it's not over. there are a lot of moving parts to sprint's purchase -- excuse me, t-mobile's purchase of sprint, including a moving part known as charlie ergen, the notoriously tough negotiator who runs the dish network. he was supposed to buy boost, a prepaid service, that's a servi service, wireless service that is tailored to low income people. he was supposed to buy that and essentially create another wireless network with that and with his unused spectrum, okay? now, one aspect of that, the purchase of boost at least according to telecom executives, we are getting this from a wide range of telecom executives, we are getting this also, it is not being denied by dish or the

justice department, but there is some snag that's holding up the purchase of boost by charlie ergen. the deadline is july 1. from what we understand right now and we are getting this, again, from telecom executives and doj will not deny this, neither will dish, that doj is in the room essentially trying to mediate the deal that's between ergen and t-mobile which is what they are buying boost from to make it happen. now, i should point out this about charlie ergen. nothing is over until it's over with charlie ergen. he may be just jostling for better terms out of t-mobile. obviously the value of boost has fallen amid the pandemic. the pandemic and the lockdowns that occurred really hurt core people. they might not have the money to re-up long-term deals for their wireless. that's an issue for buying this company. he may be just looking for

renegotiating terms but from what we understand, this thing as of now even though it has a july 1 deadline, is in limbo. nobody is denying this. what happens if he says no, i'm walking away? well, doj, s.e.c. can come after him in various ways. they can make him -- remember, he holds all that unused spectrum. he can give it back to doj or s.e.c. he has to use it or lose it and he's well past the deadline. that's part of the deal. there are probably other issues they can deal with him, negotiating in bad faith. but clearly this thing has hit some snag and the reason why you know it is because no one's denying it. we got this from senior telecom executives. they know it's hit a snag. liz: you're saying that he's in violation of a contract he promised, i don't know if it's a written contract, to the

government, when he was supposed to buy boost. that's bad faith. we know about contracts and bad faith. charlie: i just want to be clear. i'm not saying he's in violation of anything. the pandemic is a force majeure. it threw a monkey wrench into businesses -- liz: was he going to do it before the pandemic? charlie: i think he was. he put his hand on the bible when the attorney generals went after, tried to block the deal, said he would do it, he actually used those terms and we got something like 9/11. i don't want to say this guy is negotiating in bad faith, violating contracts. but this is an issue right now. i will let the justice department decide how they want to approach this and how they want to sort of frame what he's doing, and you know, he could get on the phone immediately and tell me what's up. we have offered them the opportunity. they meaning dish, has no comment. back to you.

liz: okay. good stuff, charlie. thank you very much. there's a restaurant in paris called gasparino's but charlie actually probably cooks better. dow is down 306 points. little bit of a selloff. profit taking today. but the nasdaq, i don't know, we are going to close at 10,000. we're at 9951 with about eight minutes left. at this time tomorrow, we will have heard from the federal reserve chair following his june virtual news conference. today's "countdown" closer has some picks to boost your portfolio no matter what jerome powell has to say. he outlines them when "the claman countdown" comes right back. . . . .

liz: any gain for the nasdaq is the second record close in a row

and yeah, we've got a gain of 35 points, but the magical 10,000 mark may have to wait. til tomorrow. that's why you have to be here. the final hour of trade. it's game on for the sony play station event this thursday as microsoft's ceo says the next generation xbox is still coming for the holidays. i better not say that too loudly. i don't want my son to hear. this is probably music to the ears of gaming merchandise retailer gamestop which in minutes will unveil how much of a level up it got from the stay-at-home movement. microsoft is up about .75% and of course, the video game console maker sony is down .25%. let me get to cheryl casone in the fox business newsroom. let's talk about what analysts are expecting. cheryl: for gamestop it will be interesting. expectation is they are going to report a loss of $1.27 per share on revenue of $1.07 billion in the most recent quarter. they will release earnings right after the closing bell.

there are the estimates for the stock. the stock is actually as we move into the final moltments, busins conditions will certainly be in play today. that will tell investors whether or not the stock is priced right at these levels. it's down more than 2.25%. they already warn that first quarter sales fell 33% to 35% from a year earlier thanks to the coronavirus pandemic. comparable sales expected to fall 30% to 31%. 76% of their stores closed starting in march and on the 22nd of that month, they closed all of their u.s. locations. 65% of those locations still conducting limited curbside pickup. they have begun to safely reopen stores around the world. hopefully they will give us a little bit of a forecast when they report after the bell. liz: yeah. it's a $4 stock. high of the year has been $6.92. holding out hope for gamestop. cheryl, thank you very much. cheryl casone.

so the federal open market committee meeting began its two-day meeting today and then tomorrow, 2:00 p.m. eastern, we get the fed rate announcement, probably not going to be any major decision here. we are at 0% to .25% on rates. how many lower before negative? fed chair jerome powell will then hold his second virtual press conference. our trillion dollar "countdown" closer has sector picks he says could help your portfolio no matter what comes out of powell's mouth. state street global advisers chief investment strategist is here. michael, what is the number one thing you will be looking for from jerome powell? >> i think there's a couple things. i think powell is going to take a bow because i think he bit an -- built an effective bridge from recession to recovery. i think he's going to stay committed to doing whatever it takes to keep the recovery going. finally, he will suggest that he needs some help and he needs some fiscal policy. i think markets will applaud all three of those things.

liz: all right. give us the sectors you really like that you say no matter what the fed does, even if it stands pat because we're not supposed to fight the fed, that you say people have got to at least have some of their portfolio in. >> i think there's three things right now. i think there's a real reacceleration of the trends, the previous story was all about xbox coming. the way we work, live and play continues to be centered around technology and that's largely continuing to be driven by software. we think software and services continues to fuel the growth of cloud computing, gaming, all types of things. if you look at it over the next three to five years, software and services are supposed to have double the earnings per share growth relative to the market in a time where growth is tough to come by. that's an area you want to be. the second is biotechnology. more than 20% of biotech companies are searching for a cure for covid-19. that means 80% are continuing to

do good work on things like cancer, alzheimer's and other things. their growth rates are pretty strong, too. finally, convertible bonds. you have a foot in both camps. they have done better than credit -- liz: michael, thank you for joining us. that will do it for "the claman countdown." connell: we are in record territory on wall street and the nasdaq has ended on a record high. second day in a row that that has happened. the nasdaq composite index hit the 10,000 mark earlier in the trading session but it fell closed almost 50 points close to that level. still a record. good to be with you. i'm connell mcshane. melissa: this is "after the bell." a bit of a pullback on the dow. the s&p 500 also down slightly, still about 5% away from its record high. fox business team coverage, blake burman is