addiction of the markets to the fed's invisible and market neutral is really unhealthy. charles: i hear you. it's not, but it is what it is. it's taken us this far. thank you very much. cheryl casone in for liz claman. i'm saying it's a coiled spring. you will have an exciting hour. cheryl: we will have an exciting morning tomorrow. see you on "mornings with maria." you will be handling the jobs report. hope it's good news. that's all i can say. thank you very much, mr. charles payne. breaking news right now. the nasdaq aiming to open the second half of the year with a new record. we just need 72.6 points to make it and we are at 96.5 right now. this would be the 22nd record of the year. right now there's the nasdaq up 95 points. the dow actually just turning negative, down about 11 1/2 points. the s&p up little more than half a percent. the u.s. manufacturing sector

actually expanded for the first time since february. a little more good news out there. all of this is coming as the trump administration implements the $1.2 trillion trade agreement with mexico, canada, the usmca, and they are working on a new phase of stimulus to help the u.s. economy recover from the crippling effects of the coronavirus pandemic. and right now, here we go, blake burman, got a chance to talk to president trump just moments ago in a wide-ranging interview. they touched on everything from the stimulus plans ahead, jobs, record markets, wearing masks, and of course, his 2020 opponent, joe biden. blake burman joins us right now live with the full interview. you will see it right here for the first time on fox business. blake, take it away. reporter: yeah, i spoke with president trump over here at the white house for about 12 minutes earlier this afternoon. as we stand here on july 1st, the new month, we talked about a host of topics. july of course when the trump

administration has been talking about when negotiations would resume for phase four, july, another month closer to the presidential election and on this day, there are three states plus right here in the district of columbia that have new minimum wage requirements. we talked about that and much more in a wide-ranging interview with the president. watch here. mr. president, thank you for talking to fox business. we appreciate it. lot to get to. let me start with phase four and what might potentially come later this month. another round of direct payments for individuals. do you support that at this time? >> i do. i support it. but it has to be done properly. i support actually larger numbers than the democrats but it's got to be done properly. we had something where they wanted, where it gave you a disincentive to work last time and there was still money going to people and helping people so i was all for that, but we want to create a very great incentive to work so we're working on that and i'm sure we'll all come together. reporter: you want the direct payments larger or the uninsurance benefit? >> i want money getting to

people to be larger so they can spend it. i want the money to get there quickly and in a non-complicated fashion. and they wanted to make it too complicated. also, it was an incentive not to go to work. you would make more money if you don't go to work. that's not what the country's all about. people didn't want that. they wanted to go to work but it didn't make sense because they make more money if they didn't. and we had some of that. so we don't want to have that. we want to have people get out and we want to create a tremendous incentive for people to want to go back to work. reporter: on the uninsurance benefits, mitch mcconnell yesterday signaled his support for an extension. the $600 figure, do you agree with that number, do you think it should be less? >> we are getting together. we are going to meet tonight and we're going to make a determination but it's going to be a good number, a substantial number. people are going to be very happy. one thing that's happening, and you see it, you see it with the numbers and we have big numbers coming out, hopefully they are going to be good, they are very important but when you see what's happening with jobs, when you see that we are doing record numbers of jobs, in the history

of our country we have never created more jobs than what we did last month, that last month number, retail sales are at a record number, especially when you talk about increase. when you look at percentage increase, nobody's ever seen anything like it. so we are headed back in a very strong fashion with a v and i think we are going to be very good with the coronavirus. i i this that at some point that's going to sort of just disappear, i hope. reporter: you still believe so? disappear? >> i do. i do. yeah. sure. at some point. i think we will have a vaccine very soon, too. reporter: speaking of covid-19, goldman sachs put out a model yesterday saying that if there is universal masks, it would be a net positive for gdp. we know the ihme model says if there were universal masks, that it would be beneficial, it would save lives. so if there is an economic benefit, sir, and there is a public health benefit, sir, why not go forward and say there should be mandatory masks all across this country? >> well, i don't know if you need mandatory because you have many places in the country where people stay very long distance.

you talk about social distancing. but i'm all for masks. i think masks are good. i would wear -- if i were in a group of people and i was close -- reporter: you would wear one? >> i would -- i have. i mean, people have seen me wearing one. if i'm in a group of people where we're not, you know, ten feet away but usually i'm not in that position and everyone's tested because i'm the president, they get tested before they see me but if i were in a tight situation with people, i would absolutely -- reporter: think the people will see that at some point? >> i mean, i have no problem. actually, i had a mask on. i sort of like the way i looked, okay? i thought it was okay. it was a dark black mask and i thought it looked okay. looked like the lone ranger. but no, i have no problem with that. i think -- if people feel good about it they should do it. reporter: want to ask you about your opponent coming up in november, joe biden. he has a much different tax vision than you. he talks about taxing the wealthy, about increasing the corporate rate from 21% to 28%. mr. president, in this environment of double digit unemployment right now, do you worry that that message might

resonate better? >> i think what happens is if you do that, you are going to crash the market. we have a market that's going to be i believe by some time early next year, could even be sooner, at record levels. you are going to crash the market. 401(k)s will be down the tubes. the wealth of the country will be down. no, he really wants to just to put it more accurately, he just wants to raise everyone's taxes because they want to spend it on nonsense. they want to spend it on things that don't work. they want to give the money away and i don't think people are going to stand for it. the democrats want to raise taxes. it's going to ultimately be everybody's taxes. that will kill the market, it will kill everything that we are doing, it will kill jobs, and it will be very bad. i think that frankly, the stock market's doing well but it's an overhang. if he got elected, and they say this, if he got elected, that's an overhang over the market because the market would crash, would absolutely crash. the market would go down by a tremendous amount.

he would raise taxes, he would raise regulations. look, one of the biggest things i've done is i've cut regulations more than any president in history. we still have regulations but they're much less. if biden got in, first of all, it wouldn't be him because he's not into regulation. he's -- he doesn't know where he is frankly. i watched his press conference yesterday. he's answering, i mean, he's answering questions like this from a teleprompter. i said what's that all about. but his people, the people around him are radical left. they are going to raise taxes, they are going to raise regulations and they are going to put everyone out of business. it would be a disaster. reporter: i want to ask about minimum wage because today here in the district of columbia, three other states as well, they are raising the minimum wage. the critics would say this is the wrong time to do that for businesses. do you agree? >> i'm going to have a statement on minimum wage. i feel differently than lot of people on minimum wage. some people in my own party but i will have a statement over the next two weeks on minimum wage. reporter: in terms of? >> well, i think i'm going to

have a very positive statement on minimum wage. look, i'm putting people to work at record numbers. i did it once. we had the greatest economy in the history of our country, then we got hit with the china virus. it came in and it came in rather quickly and we put bans on china, did a lot of things right. i think we did it all right. we did a great job. we are credited with doing a great job. but we had to turn off our country or we would have lost millions of people. we would have lost millions of people, millions and millions, and now we're coming back. we did it once, best african-american, best hispanic american, best asian american, best employment numbers we have ever had, best economy we have ever had, best stock market we've ever had, and the beautiful thing is if you take a look today, the stock market is getting very near those numbers again. that means jobs. reporter: you see what happens, you saw what happened last night in new york city with the council there and what it means for the nypd. what would you want to say to mayor bill deblasio? >> well, i'm a big fan of new york's finest. we call them new york's finest,

policemen. what he's done to that group of incredible men and women is very sad. it's very sad. i don't mean just the billion dollars. that's a big thing, but even if you go long before this, when they turned around, they turned their backs, his relationship with the police of new york and these are incredible people. it's been very sad to watch, frankly. reporter: before we go, i want to ask you about jay powell as well. because you had talked about this idea of maybe you could demote him, maybe you could potentially even fire him. based off of what you have seen over the last few months, you still have those feelings? >> well, first of all, i didn't talk about it. the media did. i didn't talk about that. and i would say that i was not happy with him at the beginning and i'm getting more and more happy with him. i think he stepped up to the plate. he's done a good job. he's had to liquefy a little bit. let us liquefy, let the economy, i mean, put out the money that you needed and i would say that over the last period of six

months, he's really stepped up to the plate. reporter: if you had to make a decision today on his next term, would you keep him? >> i don't want to say that, but i can tell you i'm very happy with his performance and steve mnuchin, i think they have both done a very good job. they are working together very closely. they have done a very good job. le here we are with the stock market almost where it was. you know that better than anybody. the market is just a little bit shy, not much, of where it was and before we had the highest market in history. we're not very far off that. reporter: you think the stock market needs to be at a certain level come november 3rd? like do you view that as a barometer? >> no, i think the higher it is the better it is. reporter: you have a number in mind? >> i think the democrats would like to see the country stay closed as long as possible because they probably figure that's good for the election because it would be bad a little bit for jobs and maybe a lot for jobs, but it's hard and people want to get back to work, they want to get back to doing what they're doing. we understand this disease now. it's a horrible thing and it shouldn't have been sent or it shouldn't have happened. maybe it was sent and maybe it wasn't. we'll find out. we are going to figure it all

out but it came from china. shouldn't have happened. they shouldn't have allowed this to happen. they could have stopped it in china. and they did stop it going into china for the most part, but they didn't stop it, beijing had a little bit of an outbreak, i understand, recently but i would view that as somewhat different. they stopped it from going into china but they didn't stop it from going to the u.s. and the world and they should have been able to do that. reporter: if you get re-elected would you cut another trade deal with xi jinping? >> i will sort of hold that answer in abeyance. i'm not happy. we made a great deal, but the ink wasn't dry when we got hit with the plague and the plague came in from china. so i'm not happy. reporter: lastly, sir, on the issue of russia and bounties, if there is ever a scenario in which russia puts a bounty on u.s. troops, how would you respond? >> first of all, they would hear about it but we never heard about it because intelligence never found it to be of that

level where it would rise to that -- when you bring something in to a president, i see many many things and i'm sure i don't see many things that they don't think rose to the occasion, this didn't rise to the occasion, and from what i hear, and i hear it pretty good, the intelligence people didn't even -- many of them didn't even believe it happened at all. i think it's a hoax. i think it's a hoax by the newspapers and the democrats -- reporter: based on what you have been briefed, you think it is -- >> i think, yeah, i agree with the intelligence people. i think frankly that many of the intelligence people didn't think it was something that even happened. and if it did happen, the russians would hear about it and anybody else would hear about it that was involved. there's never been anybody so strong, so good to our military. i have spent more money, we have a brand new beautiful military. when i took over it was depleted, it was a mess. and the greatest asset we have in our military is our men and women, our soldiers, our sailors, all of the people in our military, and i'm here to

protect them. but this was something that never got presented to me and they know that. never got presented because it didn't rise to that level. reporter: thank you, sir. we will leave it there. appreciate your time. >> thank you. reporter: there you go. i think we covered a lot and let's just start again with a few of the headlines there which i think was president trump talking about this phase four negotiation which again, the white house said will happen this month and that not only does he support another round of direct payments, but he also says that that number would be bigger than what the democrats' plan has put forward. the heroes act, the democrats had the $3 trillion bill that passed the house, calls for another round of $1200 for individuals and the president says not only does he want that, but he wants it bigger than that. he will be talking with mitch mcconnell tonight on the unemployment insurance component of it. remember, mcconnell said yesterday up on capitol hill that essentially he thinks it needs to be there for folks who are still unemployed at the time. then on the issue of minimum

wage, president trump saying that he will be speaking out on this issue in the upcoming weeks. i tried to get an answer from him on exactly what it might be, but the president just said he will be talking about this in the upcoming weeks and it might not necessarily be something, he said, he said i feel differently than some people, differently than people in my own party. we await that statement as the president put it couple weeks down the line. cheryl: the minimum wage thing was interesting and also, i thought when mentioned the jobs report, he said jobs last month, and about how great the number is or is going to be. did you hear that, kind of the same as i did? is he talking about the jobs report we are going to get tomorrow? reporter: no, i don't think so. as the standard goes, normally the president gets briefed on the jobs report later in the evening the day before. so i don't have any reporting to suggest he's been briefed already and that's maybe what he was talking about, but as tradition holds, that wouldn't have happened by the time that

we had spoke. i think he was talking about the month prior and -- though we did see, of course, the june adp number earlier today as well. cheryl: i also think, i'm glad you asked him about joe biden and a presidency. a lot of our viewers have been kind of buzzing about the fact if there is a joe biden presidency what that would do to the markets. he said it, it's probably not going to be a good thing. we got to gear people up for what's to come. blake burman, great interview. great interview. lot of ground covered. thank you. great job. blake burman in washington. all right. well, we've got the closing bell coming up. we are flat. the dow up .14. doesn't get more flat than that. fresh covid-19 fears threatening reopening hopes as the second half of 2020 officially kicks off today. aren't you ready? for the pandemic and presidential election? our floor show traders have the picks to keep your portfolio open for business and profits the next six months.

"the claman countdown" is coming right back. 49... 50!

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itself out last night. the dow has now crossed the unchanged line, 117 times so far today. taking a look at the dow now, up two and a half points, s&p up 21, nasdaq up 112. tesla's ceo elon musk has something to dance about finally as it speeds past japanese automaker toyota to become the highest valued car company in the world. any reason to show this video. the ev makers propelled its market cap to $270 billion, dwarfing toyota's $200 billion. roku getting a lift after peloton's app launched on the media streaming firm's platform. roku's u.s. users can now access a subscription based workout even if they don't have peloton equipment and i highly recommend the workout. faux meat products maker beyond meat launching sales in mainland china through alibaba's market chain in sang hihanghai plans to expand to other areas. this allays wall street's

concerns about their reliance on customers. apple will close 30 additional u.s. stores this week including the last two still open in florida. the new closures are in addition to the 77 stores already shuttered due to the new covid-19 outbreaks in the u.s. shares of apple pretty much flat right now. well, the markets are starting off the second half of 2020 on a high note. this after the s&p 500 saw a nearly 20% gain for the second quarter, making it the best quarter for that index since the fourth quarter of 1998. suntrust advisory chief market strategist said while history is only a guide, he expects it will be repeated as the bull market continues. in fact, according to data, one of the top ten best quarters since 1950, the s&p 500 has climbed an average of 8% the next quarter every single time. so with everything still facing the united states this year and the markets, can investors expect another stellar quarter from the s&p?

let's bring in our traders, teddy weisberg and phil flynn. teddy, first to you. how should we prepare for the coming quarter? history tells us at least for the s&p it's going to look like a pretty good market. >> well, you know, we can get in real trouble when we look at the crystal ball and try to guess where we're going. the reality is that there are still huge issues out there. there's second quarter earnings which we'll start to see in just another week or so, and we know they are going to be bad. the question is how bad. then there's the possibility that will spill over into the third quarter. we have the election results or the election coming in november. it's not that far away. the polls clearly are tilting towards a democratic win, not a republican win. and then thirdly, it's the whole issue of this vaccine, when it will come, will it come, perhaps that's the real game changer in the mix. we know that markets love to climb walls of worry and certainly they have been doing that since late march.

the big question is, can that continue because these issues, these concerns, are very real. these are not just imaginary issues that investors have to deal with. these are real issues and we know stocks can get overbought very easily and they can get oversold very easily. i would suspect that the markets at least at their current levels are pretty much priced to perfection which means there isn't a whole lot of room for disappointment. cheryl: okay. okay. kind of hold off on maybe some buying but at the same time, phil flynn, the president just telling blake burman if joe biden was elected president, he said the markets would quote, crash, you know, more taxes, more regulation, which is a fair warning from president trump, phil. >> actually, that's the biggest threat i see to the market right now is a biden presidency. let's face it, i mean, remember the last election, oh, boy, if trump gets elected, the stock market's going to crash and only hillary clinton can save us, right? well, it's just the opposite,

right. what we have seen in the stock market is one of the best performances under any president, any time in history, and i say for the next quarter, let's do it again like we did last quarter. i'm very optimistic about the next quarter from an economic viewpoint. i will tell you why. looking at all the stuff that is beating expectations and are forward indicators. i think today, the manufacturing data today, much stronger than anybody thought it would be. it's shocking that underneath there is some strength in this economy which i think is going to be very very good. i think blake burman's interview with president trump was spot-on, i'm telling you, because i really think it led to this. everybody is talking about the polls. it's too early to be worried about polls. the president has been hit with a lot of stuff over the last couple of months. the coronavirus, everything else. i'll tell you, you know, that's going to be a lot different in november than it is today. cheryl: it is early. even joe biden said that yesterday. it's early. teddy, phil, guys, thank you very much for the floor show. we'll be right back.

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cheryl: well, the boycott of facebook is still in full swing. as reports are that cvs is the latest brand to pull its advertising from the social network for at least the month of july. hundreds of brands, coca-cola, starbucks, unilever, best buy, verizon, ford, are either boycotting or pausing their ads on facebook after the failure of last-minute talks with ceo mark zuckerberg over the removal of hate speech and misinformation on the site. well, constellation brands just announced they are pausing advertising on facebook for the month of july. they also announced the acquisition of direct-to-consumer vintner empathy wines. good timing considering the alarming rise of covid cases have states coast to coast shutting down. bars in california and new jersey are on pause.

restaurants in new york city not going to be allowed to restart indoor dining next monday as planned. then you've got florida, texas, arizona, they are closing establishments. but is there a silver lining? will these restrictions add more fuel to the already red-hot online alcohol sales industry? who better to ask than the founder of newly acquired empathy wines. he is also an early investor in facebook and twitter. we will get to that but first, this deal with constellation brands, i mean, the timing is interesting as sales are skyrocketing and also, what were the terms of the sale? >> constellation's not disclosing it and so i'm sorry, i can't d dise thth far as the the ng, this this about ninout nine months mss ans tuly wraalpp wraed upore t codcod stion, jution, just soms an great foght by robert th team at cellation alation atio n the timinhe timineally wor t for them chercheryle havee have seeneeees ring the pandemnd whetherthert

was polling byg aymerica talkialngk about ownwn alcoholol co umption,ptioecptioially thosehoe thatth ae with tthheir kids.ids. but talk to me about the future. does this change the game, do you think? does it make it more of a direct-to-consumer type of business and what does that mean for the liquor shop in our neighborhood? >> my dad owns a pop liquor shop in new jersey so it's something i pay attention to and know a lot about. i think the cat's out of the bag for certain consumers. they have now actually switched to going direct-to-consumer. i also think once we get to complete normalcy, whether that's vaccine, whether that's three months, six months, 12 months, we will see a lot of people go back to drinking wine at restaurants, buying them at mom and pop shops but this trend was happening anyway. especially on the premium end, it was outpacing, growth was outpacing retail left and right. this has just accelerated, i'm sure in three, four years, maybe a year, we will have data that

shows this accelerated by three years, five years, seven years, but this was inevitable, period. cheryl: it's interesting, too, because you aren't just in the wine business. i just mentioned your new partner, constellation, pulling facebook advertising but what's happened here is that twitter and snap are getting kind of, you know, gathered up into this. when they have actually been really trying to deal with hateful content. what do you make of what's happening with facebook right now and social media overall? why do you think this rush out the doors from these companies? >> i think headlines and the climate leads to anxious decisions. what a lot of people don't realize is when you talk to a lot of even the businesses that have boycotted, when you really get into the executive layer and ask them what they want to change, they are almost not even sure and really, what you are seeing is brand safety. i don't want my brand advertising showing up next to hate speech. the reality is, that happens when you search on google, that happens when you go on unlimited

websites that you know, platforms that host these websites. i think facebook is being picked but the reality is every single television, print and digital platform in the world has the same vulnerability and i think it's a slippery slope. i think you will see more smoke for different platforms and different genres. cheryl: you are a great voice on this. congratulations on the deal with constellation. cheers to you, sir. thank you. >> thank you so much. cheryl: all right. let's take a look at the markets as we take a quick break right now. as you can see, the dow is higher by 24 points. s&p is up 25. nasdaq is up 127. social injustice protests are putting the spotlight on inclusion in business. coming up next, the man who has been in the spotlight his entire career both onscreen and in the c-suite. media mogul byron allen will be here to outline his ten-point plan to achieve economic equality in this country. and be sure to tune in for

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cheryl: well, with just minutes to spare before the midnight deadline, new york city lawmakers passing the city's budget last night, agreeing to slash $1 billion from the nypd. although many are arguing the cuts aren't sweeping enough, the move coming in response to protests calling to defund police departments throughout the nation in the wake of george floyd's death in minneapolis. meanwhile, a heavy hitter in the entertainment industry penning this piece. black america speaks, america should listen. what we need to do to never come back here again. joining me now is the author of that article, entertainment studios ceo byron allen.

we should mention entertainment studios owns the weather channel and was part of the deal to buy fox sports network. great to have you here. >> well, thank you. thank you. it's great being here. really appreciate you having me. cheryl: let's talk about this article. it was a ten-point plan. we will put up a full screen with the points you make in the article. but of the ten points you make, what is the one thing you say needs to happen right now in this country to start the discussion and to start change happening? >> you know, i've gotten quite a few calls from folks, especially white executives, what can i do, who can i donate to, who can i give money to, and i say look, there are a lot of organizations you can give money to, you know, but i don't think that's the right way to look at it. because this isn't a charitable event. this is a partnership. you shouldn't look at it as i'm going to donate out of this. as americans, we are very charitable, we give away about $300 billion a year.

but we also invest trillions and we need to look at this as an investment. that's how we make america truly great again, when we invest in every american and we invest in every american to succeed. i think you have to look at this as a partnership and not a donation. not a charity. it's ongoing and needs to be sustainable. we need to invest in education. we need to make sure that every american has the best education and they are fully educated and positioned to realize their full potential. that's very key. we need to make sure that everyone has access to capital that's not predatory. my company, i own my company 100%. not because i wanted to, but because no one ever offered me money 27 years ago when i started my company from my dining room table. now i have built it up to a media company, that's one of the largest privately held media companies in the world, with

about 1300 employees and a number of the assets that you mentioned as well as abc, nbc, cbs and fox affiliates around the country. that happened because a lot of african americans do not have access to capital. i do believe that a lot of these firms on wall street should lean in, especially the chairmen and ceos. you should be your own chief investment diversity offer. larry fink of blackrock should know me. the head of franklin templeton should know me. the head of all of these major firms that manage capital from all of these pension funds, a lot of it paid in by people of color, they should know african-american entrepreneurs like me and they should be sitting down with us and trying to understand how can we embrace your talent and invest in the community. that's very important. this is an investment, not a charity. cheryl: i love that you are talking about economic inclusion, because that is so important, you know, it's not -- we talked about that with america's veterans, american

veterans. it's not a landohandout, it's a up. i was looking at something from brookings institution that kind of stunned me, actually. black americans hold just 2.6% of the nation's wealth but they are 13% of the population. you mentioned a lot of ways that we can change that. but i was surprised to see this is -- this low number really surprised me. what's the problem there? >> you know, the relationship with black america and america is very different than any other americans. we were brought here to build the wealth of america. when we were brought here as slaves, we were asked that and the moment we became free we went from assets to liabilities in america's mind. that's when america started killing us and lynching us and incarcerating us and making sure we didn't have access to capital that wasn't predatory, and our businesses didn't grow. it's a relationship that's been predatory for over 400 years.

we have to stop that and realize that we need to become one america, because two americas will not survive, as martin luther king told us. the truth of the matter is, when you look at the fact that we are only about 330 million people out of a global population approaching nearly eight billion, we are only 4% of the global population. the problem here is that you have half the women in this country living at or below the poverty line. if the mothers fail, most likely so will the children. now, two-thirds of our nation, approximately 200 million kids, are in college in china. china has the equivalent of two-thirds of our nation in college. everybody watching knows that whoever develops the intellectual capital will eventually end up with the capital. we have to become one america, invest in every american to realize their fullest potential, their fullest potential, so we can carry the american flag and

protect our standing worldwide. and this is important. this is important. cheryl: yeah, it is. byron allen, i could talk to you all day. we are out of time. i'm so sorry. thank you so much for being here. that was a very powerful message. i hope everyone reads the plan you put out. it's incredible. thank you. >> thank you. cheryl: all right. we'll be right back. nasdaq, 16 minutes to the closing bell rings, we might have a new record. we'll be right back. just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ so thank you.

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cheryl: president trump told blake burman that he supports getting the next round of stimulus done soon. charlie gasparino may be hearing otherwise. charlie? what do you know? charlie: you know, this is still -- we still got a long way

to go here in terms of the next stimulus but there's two sort of interesting strains we are getting from lobbyists who are talking to congressional aides out there. number one is that the momentum for a quick stimulus package, something that would happen before the august recess, is starting to fade a little bit. why is that? well, lot of gop congress members, people in the senate, really believe that the current plan that affects small businesses hasn't been used enough yet. if you look, the mainstream lending program hasn't really caught fire that's being administered by the fed. the ppp loan program i believe still has some juice in it left. there's a question as whether or not we need to spend another trillion dollars immediately when we could just wait and sort this out. that's one thing we're hearing. the other thing we're hearing is sort of the changing dynamics of what might be in the stimulus plan. again, likely to be infrastructure, but we keep hearing stuff about child care

and other issues like that that democrats are trying to get in, so it's a changing structure. there is less need for it immediately from what we are understanding. that's what we're getting from our hill sources. and it's interesting, there was lots of talk about some sort of cannabis provision in this stimulus plan, meaning that essentially it's allowing banks, provision that gives banks a safe harbor so they can lend to cannabis companies. right now you can't do that because banks are federally regulated, cannabis is still considered a narcotic even though it's legalized in many states, so banks can't lend to these companies, and you know, transactions are done in cash. you know, you understand what i'm talking about. if banks can do it, it could be a real spurt to the industry. that was being pushed by the american bankers association. what we hear right now, that is not -- that is not catching on with a lot of -- with the members of the gop, particularly in the senate. mike crapo and mitch mcconnell, who are the sort of gate keepers of the senate on those

provisions, particularly banking provisions, are just not warming up to pot smoking, you know, in this next bill. so again, details remain a little sketchy. we do understand there's going to be some money for education, some money for maybe teach at home, some money for non-public schools, infrastructure money, cannabis looks like it's not going to be part of it, and again, the momentum is slowing. i'm getting -- i'm getting -- i'm hearing that if you think there's going to be a next stimulus plan, you might have to wait until september. the momentum to get it done right now is waning. that could change if one thing happens. if president trump directs steve mnuchin, his treasury secretary, to go to the hill and say start negotiating with nancy pelosi, we need money now, i want, you know, one of the big things of the trump administration is to get unemployment down below 10% for that october unemployment print so he could run in the final stretch of the campaign against joe biden with an improving economy.

so i wouldn't discount that trump would take this on his own to push it. as of right now if you leave it to congress, it looks like it might not happen in the near term. cheryl: charlie gasparino, thank you very much, sir. all right. "the claman countdown" coming right back. (vo) since our beginning, our business has been people. and their financial well-being. it's evident in good times, with decisions focused on the long-term. . . our advisors, associates, clients and communities gives us purpose, strength and a way forward. today. and always.

♪. cheryl: the closing bell is going to ring. we've got five minutes to go. the dow is down 50 points as you can see. we're looking for a record close for the nasdaq. this would be the 22nd record close for the tech-heavy nasdaq. you have this news, pfizer and biontech for a covid vaccine candidate. they were creating coronavirus anti-bodies in healthy people in the united states and europe after multiple tests of its

gene-based. inovio plunging with questions about it is dna based. this is on pace to set a record in 2020. $200 billion going into exchange traded funds in the first half of the year with u.s. equities, fixed income and investment grade corporate etfs leading the way, what should you know about the etfs, ed rosenberg. with american century investments, with $177 billion under management. ed, as we look into the third quarter, second half of the year, what sectors do you see those inflows going into

>> the biggest sectors are technology. they're hitting all-time highs. even during the downturn earlier this year, technology held up and bounced back pretty well compared to others. as we all started to working from home, obviously technology became more important. in addition, you know, consumer staples and potentially, this depends on the individual securities, consumer discretion. it depends on the stocks there, how well they have ad. todayed their technology to go with online shopping as we move forward. who knows what will happen obviously. as we continue to shop from home and work from home. cheryl: interesting. i've been an etf index lady for a long time. what you do think is making these investments so attractive right now? >> i think there is a bunch of things that make them attractive. the first is flexibility. you choose when you go in and go out of your different invests. the second thing etfs have gone

through a bit of evolution from index to weighted active. you're offering investors more choice at a reasonable price point that allows them to select what they want to use, when they want to use is frankly how they want to use it. whether they want to go long or sell short. given the right slice to fit within their portfolio. cheryl: flexibility. as we look at the second hatch of 2020 is there anything you're worried about? is there a sector you stay away from that you are concerned about? people talked to me about consumer staples which surprised me. >> i think the place i'm worried the most is industrials. what happens if the cities don't open up the way they plan to and if travel is pulled back? i think industrials if we're not moving around and not doing, along with energy, those are the two areas or two sectors i'm worries most about. as we go forward it is un

undickable everything that will happen. it would be nice to know to have more assurety into those sectors. cheryl: we had the news chesapeake energy filing for bankruptcy, if not the biggest fracking company in the united states. is a fracking story? >> overall usage. how much more storage and production can we have? if you think about what is happening, most people are not driving or flying. until we get more back to a regular schedule how can we predict the energy usage will continue and where oil will bounce to and from in that time period. i think it would be nice to have a clearer picture before jumping back into that. cheryl: are you worried about a second wave of the virus? >> i think i'm always worried about the second wave. you never know what is going to happen. do you think the second wave will be as bad as the first? not necessarily. i think you have to plan for that if you're investing, more than anything. why take the risk if you don't have to.

then you get a clearer line of sight as we go through, feeling like a little bit of a "w." cheryl: ed, thank you very much. we're looking for the recovery. [closing bell rings] the dow slipped into the close. nasdaq out of the park again, another record. 22 for the year. that is it for me. "after the bell" right now. connell: we kick off the second half of the year with a new record on wall street. a choppy session for the dow, following what was its best quarter in more than three decades. good to be with you once again i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." the dow dipping into the red in the final minutes of trading. the s&p up slightly. it's a new record close for the nasdaq, its 22nd of the year. that's pretty good. fox business team coverage. blake burman is at the white house of course. jackie deangelis is in the newsroom and edward lawrence is in washington. let's kick it