i do think -- charles: all right. well -- >> you mentioned consumer staples and discretionary and there's a move into there. we are happy to see that. i do agree with alicia, i think we will see some softness going into the summertime but i do think we will see -- charles: got to leave it there. ladies, thank you both very much. we always appreciate and learn from your wisdom. i've got to hand it off to cheryl casone, filling in for liz claman. cheryl: got a lot of breaking news this hour, charles. thank you very much. at any moment, we expect to hear from president trump in the east room. this is at the white house. you are looking at live pictures right now. he's expected to participate in a national dialogue on safely reopening america's schools. k through 12 and higher education, professional students and parents of all levels of education are going to be in attendance as school boards and universities across this nation develop plans for a return to the classroom. we are going to take you live to this event at the white house

when it happens. we've got our eyes on that. we are also going to talk to the president of k12, the largest online education company in the country. he's going to tell us what he wants to hear from the president as virtual education takes a larger role in the lives of american students. it may be the education they have come fall. we don't know yet. meanwhile, restaurants across the nation getting swamped as reopening plans get sunk in some areas, while others push closer to indoor dining. cameron mitchell restaurants owns ocean prime restaurants with locations in both hot spots and areas that are recovering. the owner cameron mitchell is here to talk about dhthe challenges of dealing with these changes along with keeping his businesses afloat. markets are slipping late in the session. red across the board. the nasdaq just went into negative territory a few moments ago. if we can pull out green, it would be the 25th record close.

dow down 266, s&p down 18, nasdaq down 25. we are going to of course follow these markets throughout the hour. we are less than an hour to the closing bell. i'm cheryl casone in for liz claman. let's start "the claman countdown." cheryl: we are getting some breaking news on amazon. the company, we are finding out, is planning to open its first fulfillment center and second delivery station in little rock, arkansas. this fulfillment center going to launch next year. amazon says it will create more than 1,000 full-time jobs. the news coming as amazon yesterday cracked the $3,000 mark. that helped its market cap hit $1.5 trillion with a "t" and also touched an all-time high earlier today. amazon is in the red now down 1.5%. again, a big day yesterday and today for amazon. the news continues with that company.

well, the united states is moving at warp speed on its covid-19 drug hunt. novavax, look at this stock right now, up almost 30%. this stock skyrocketing since the bell this morning. they have just landed a $1.6 billion federal funding contract for a potential covid-19 vaccine. the biotech company says it hopes to deliver 100 million doses by january. this could happen later in the year. this stock is up more than 2400% this year. operation warp speed is the government agency, multi-agency effort to get a vaccine to americans as fast as possible. now there's regeneron, nabbing a $450 million contract with the u.s. government to produce up to 1.3 million doses of its experimental antibody cocktail. the first doses could be ready as early as the end of the summer. regeneron up more than 3%. this therapy is designed to

treat and prevent covid-19, in particular for those that have close contact and that do get infected, say a roommate, for example. we talked about that yesterday. now let's look at united airlines, weighing on the sector on a "wall street journal" report that a new spike in coronavirus cases, plus these travel restrictions is going to hit the industry which has already been hit. look at united down 7%. american down more than 6%. delta down more than 5%. this report also says united saw a plunge in bookings at its newark, new jersey hub as tens of thousands of employees are potentially now facing furloughs. that's the news on united airlines. well, once again, want the remind you, take a live look at the white house. this is the east room you are looking at right now. we are waiting for president trump to speak at the white house. the administration is holding a discussion on reopening schools in this country. the school year is fast approaching. remember, it's august in some places across this country.

resuming a normal education environment is important, if only for the education of the children in this country, but also for parents that are hoping to return to their jobs without the stress of wondering what they are going to do with their children. this event comes just one day after florida's department of education mandated all school districts reopen next month for the fall semester, even as coronavirus cases are spiking in that state. want to bring in edward lawrence. he is at the white house. he's got a preview of this event. it's a very large event from what we are seeing here in new york, edward. reporter: yeah, exactly. you hit the nail on the head when you talk about the president pushing this forward. the president donald trump wants those schools to reopen across the nation because he doesn't want parents to have to face that choice of going to work or going back, not having kids go to school and having to stay home and maybe possibly not working. in that room there, you are going to see professionals from k through twelfth grade, also parents and students as well as some higher educational

professionals also. there are some people in the room wearing masks, others are not. now, a third of the kids in the united states, a third of the families in the united states have a child under 14 years age at home. now, when the expanded unemployment benefit runs out in august, they will have a choice. 50 million americans can either work at home or try and work at home or stay home with the child or they go to work. they hope that school does start at that point so governors balking at the idea of reopening, other governors going forward. you mentioned the florida school board decides that all counties will eventually open. now, in a statement from deputy press secretary judd deere he says the trump administration is committed to working in partnership with university presidents, superintendents, principals, counselors, teachers, health professionals, parents and students, to ensure in-person learning resumes in a safe and healthy way. in fact, within the last hour, the head of the cdc says that there's no reason that schools across the nation could not open. listen to this.

>> cdc encourages all schools, all schools, to do what they need to reopen and to have plans that anticipate that covid-19 cases will, in fact, occur. when i look at it, i think it's important that the guidance that we've put out as the secretary mentioned this guidance and i want people to see it as guidance to reopen. nothing would cause me greater sadness than see any school district or school use our guidance as a reason not to reopen. reporter: the health and human services secretary says yes, they are going to reopen but it might not look like a regular school year. there might be some sort of distancing going on, might not be as normal. however, it is more normal than having the kids stay at home, is their point. cheryl: as you were speaking during your live report, we do have live pictures from the east room and the vice president has now sat down. we are getting a list of

attendees. secretary betsy devos will attend the session as well as alex azar. dr. deborah birx is in the room. there is kellyanne conway, senior adviser to the president. obviously we will go back to this event as soon as it happens. looks like it will be pretty soon. edward lawrence, thank you for that live report and teeing up this event at the white house. there's dr. deborah birx. we will take you back to the white house as soon as that event gets under way. we expect a two-minute warning. the dow is down 280, s&p down 20, nasdaq down 35. the nasdaq hit another record high earlier but it actually has now just gone into the red. the dow, s&p and nasdaq are on pace at this point to snap five straight days of gains, on fears of surging covid-19 cases across the country. some states, texas, florida, arizona, really showing a resurgence. all of this in the markets today just one day after stocks

charged higher. citigroup is bumping up their s&p 500 year-end target to 2900 from 2700. good news. but that is still a nearly 10% drop from current levels. here's a question now. are investors just nursing a monday hangover today or is the rising number of these cases something we really just can't ignore anymore? let's bring in our floor show experts. teddy weisberg is standing by as well as phil flynn. great to have you both here. if i have to interrupt you, i apologize now for this white house event. teddy, i want to start with you. i have been getting this question multiple times a day. the markets are going higher and higher and higher and so are the cases. where is the reckoning in all of this? >> well, first of all, markets don't go in a straight line. you know, i would be a little careful to get all nervous and jerky just because we have one day of selloff after five good days. markets, that's simply what markets do. i would agree that stocks for the most part, in my opinion, are pretty much priced to

perfection in anticipation of a recovering economy and dealing with covid-19. the market still has a lot of issues out there, cheryl. and at some point, it is quite possible that this will all come home to roost and we will get in a real downdraft, maybe not what we saw in march, but a downdraft. if that's the case, clearly there's not going to be anyplace to hide. for the moment, i think it's a little premature to throw the baby out with the bath water in terms of where the market is, where we think it's going, and are we poised for a big selloff. cheryl: i agree with you. when markets go up and up and up, that's when i get nervous because healthy pullbacks is what you are talking about, but there's another interesting thing i found in market action today. phil, i want to take this to you as i'm watching these shots from the white house. that's that the gold contract ticked above 1800 bucks. remember the 2011 record for gold was $1888. i was really surprised, i guess

i haven't watched the contracts that closely recently, we are seeing that flight to safety. what does that tell you? >> it tells me a lot of things. it tells me that gold is acting as one of the perfect hedges against the potential return of inflation but more than anything, the devaluing of currencies around the globe. that's what we are seeing in response to this coronavirus panic right now. every major central bank on the globe is printing money. if they say they are not printing money, they are lying to you. what we are seeing is all this record stimulus. any time we have seen the stimulus around the globe, it's been great for gold. this rally in gold reminds me quite frankly of what happened after the financial crisis in 2008. gold prices tanked, the end of the world, disinflation, then all of a sudden, we got qe and that set off one of the greatest bull markets in gold history that eventually culminated in that high that we were talking about just a few years ago. if you look at the chart on gold right now, it's very similar to

what we saw, you know, in 2008-2009. the prices crashed on the covid stuff, the stimulus comes in and gold goes up. that's why we have a real good shot to see $2,000 an ounce by the end of the year for this gold market. cheryl: all right. phil, by the way, did you move to miami overnight? it looks like boats behind you. >> no. this is beautiful chicago. this is -- there's the planetarium, they are looking at stars. i don't know what they're doing. cheryl: another gorgeous view from phil flynn in chicago. phil, teddy, guys, thank you so much. appreciate it as always. all right. we are waiting on this event at the white house. we will take you there as soon as it begins. we are watching the dow right now. big board on your screen. we are down 281. the sun is shining on the solar industry as the top two companies in the residential solar panel market announced a merger today. they agreed to a $3.2 billion deal. actually, let's take you to the

white house right now. president trump is now stepping out into the east room. here we go. >> -- and for those of you that this is the first time, i know exactly what you're thinking because i was here first time and it was still something i'll never forget. so it's great to have you. and our first lady and i are pleased to welcome everybody to this wonderful place and discuss the vital importance of safety and reopening america's schools. we want to reopen the schools. everybody wants it. the moms want it, the dads want it, the kids want it. it's time to do it. you know, our mortality rate is right now at a level that people don't talk about but it's down ten-fold. ten-fold. so you look at deaths are way down from this horrible china virus and it's a disgrace that it happened, shouldn't have happened, but it did, and the

economy's coming back and it's coming back strongly. jobs are setting records for two months ago, they set the record and then again almost five million new jobs last month which is a record, and it broke our last record of a month before. so the numbers are happening much faster than anybody anticipated. the stock market, nasdaq just hit another record today and the markets generally are just really a very small amount below where they were at the height of the market when we first had to do this about four and a half, five months ago. and it's incredible what's happened. when you look at education, my administration has approved $13 billion for state and local education. we have approved over $6 billion to support colleges and another $6 billion in emergency grants to students, very importantly. we waived standardized testing

requirements, deferred federal student loan and interest payments so you take a look at the student loan program, we have waived student loan and interest payments and that is something that people haven't been hearing about and nobody talks about it but it's a big deal. we have pioneered new treatments that are dramatically improving the health outcomes, vaccines are doing very well, therapeutics are doing very well. the therapeutic research has been incredible. i think you're going to have a lot of big things happening long before the end of the year on both vaccines and therapeutics. therapeutics and i guess a little bit of a word we can use for on the way to a cure but they make you better. to me, the therapeutic is even more important than the vaccine at this point, because people will get better. but the numbers are -- the testing numbers are the highest they have ever been. we are almost up to 40 million in testing and 40 million people which is unheard of.

far more than any other country. many times what any other country has and therefore we have more cases because we are doing more testing. we have more cases. if we did half the testing, we would have far fewer cases. but people don't view it that way. what they have to view, though, is if you look at the chart and maybe mike has it, but we looked at it before, if you look at the chart of deaths, deaths are way down. so what we want to do is we want to get our schools open, we want to get them open quickly, beautifully in the fall and as you know, this is a disease that's a horrible disease, but young people do extraordinarily well. i was with the governor of new jersey, we were talking and he said out of -- he mentioned a number which is a very high number but it's a number nevertheless, thousands of people, there was only one person that died that was under 18 years old in the state of new jersey and that was somebody i guess had a problem with perhaps

diabetes or something else, but one person out of thousands of people, one person died who was under 18 years old. so that's pretty amazing stat when you think of it. but i would like to now just give the mic to our first lady. she will say a few words. then we will go with mike and karen pence, then we will go around the room a little bit, say a few words. kellyanne, you did a great job this morning. thank you. really great. so if i might, first lady, please. cheryl: we wanted to give you the president's remarks at the top of this event. now he's going to melania trump, the first lady. the president there saying that obviously the country's making great strides when it comes to treatments and vaccines and therapeutics. 40 million tests done, the president said and the mortality rate for the coronavirus down ten-fold and obviously talking a little about the economy and the record jobs numbers. we will be monitoring this event from the white house. if any more news comes out of it, we are certainly going to bring it to you. but what they are talking about

here is schools. how do you reopen schools. protect students but also get children, some at risk, out of their homes. traditional schools really struggled with the sudden shift to remote learning in the spring when this all happened so quickly for this country. now the question is, is there going to be more virtual learning in the fall or hopefully as the president is talking about now and the first lady, are kids going to go back to their schools. i want to bring in, as we monitor this event, the biggest online education provider in the u.s. and chief of that company, k12. they have educated over 120,000 students nationwide. the stock up 62% this year. k12 president is here. james, first i want to get your reaction to what you are seeing. i know your specialty is online learning but the president and the administration, they want to get these schools reopened for multiple reasons that we will go through. your reaction to this event at the white house, sir? >> sure. yeah. well, you know, i think first of all, you said it right. this spring was hard for a lot

of families. you know, this coronavirus came on us really quickly and a lot of school districts weren't prepared. the school that k12 operates, we were prepared. we didn't shut down. we were able to continue operating through graduation without really much [ inaudible ] and there's no black or white here. school districts will have to figure out what they need to do but i think in the fall, they need to start preparing now for the fall. what president trump i think is talking about is getting kids back into school, it doesn't mean they all have to be physically in the school at all times together. there are blended and hybrid type of programs. you can do some combination of online virtual learning together with in-school programs. i think the real message, though, is to make sure the kids -- the schools get prepared, school districts start thinking and planning now. that includes everything from communicating with the families themselves, a number of

districts i know are doing surveys with parents, seeing what they want, talking to the teachers, making sure teachers get trained properly. we saw in the spring teachers were thrust into sort of these zoom environments without much training. we have got to make sure teachers are also properly trained. i think it's really not an either/or. cheryl: one of my closest friends here is a teacher, elementary school teacher, and there was a lot of frustration in first it was the technology of doing the online, the virtual learning, but then the second part of that, i think this is where we really talk about actual physical schools reopening, is that a lot of these kids, if their parents weren't there, with them to really keep on them to make sure they were following their lesson plans and doing their home work, et cetera, a lot of these kids were zoning out. she said it was really a frustrating experience. how do you address that if indeed we are going to have more virtual learning in the fall? >> it's hard for sure. this really took its toll on the

teachers, on families, on the administrators. it's hard and it's a balancing act. i think one thing we are seeing which is really encouraging is companies are really stepping up and allowing a lot of work from home these days. we have seen that companies are giving some flexibility to their workers, allowing them to spend some time -- cheryl: i'm sorry, we want to interrupt you. we are monitoring this event. i want to let our viewers know the president just said that he basically plans to put pressure on governors and everyone else to open up the schools, get them open. he said it's important for the country and i think this is key, this is part of our discussion, he's saying it's important for the well-being of the students and that he's going to put maximum pressure to get these states to open up these schools in the fall. your reaction? >> yeah, you know, i really don't enjoy when we politicize kids' education. i think that's really dangerous. i think what we've got to do is really focus on what's right for

the kids, what's right for the teachers, the families, and i think that right now, that means that the districts have to really get prepared. so putting pressure on the governors and bringing them back, i think there's some other people who really need to weigh in on what's the right amount of time the kids need to be in class versus how much distance learning -- cheryl: okay. what about staggered? sorry, i don't have a lot of time with you. what about staggered? that's been floated about a lot in different states. that you have children that go in in shifts, basically. >> exactly. cheryl: or some go during one week, you keep families together, brothers and sisters. what do you make of that idea? >> i think that's a really prudent approach. we see that in my own backyard in virginia, we are seeing a number of districts doing that as well. i think that districts have to also be prepared for changing landscape in the fall. maybe the district starts off with everybody, all the kids coming into school and maybe

have to shift like they did in the spring. i think really, part of that is planning on making sure you have a backup, contingency plan in case things change quickly on you as well. i do think that having some mix of in-school and online learning is good but i also think schools need to think about what's their backup plan. what happens if this gets worse and governors start to order families to stay home and shut down schools again, and what's their backup plan for that. i think they've really got to think about the virtual learning platforms and planning they do in case that also happens even if they do plan to open in the fall. cheryl: what's your favorite technology? i remember like schools were told okay, use zoom. then it was don't use zoom. then it was webex. then cisco meetings. there's been a lot of back-and-forth about kids and schools connecting with technology. what's your recommendation? >> k12, we use a good mix of proprietary technology as well as third party technologies. i think if you look at the

landscape, all the technologies are actually really good. zoom is a good technology. google classroom. they are all good. i think the more important thing is to make sure that the families and teachers are trained on the technology. so whichever technology you choose, you got to make sure you train them so they know how to properly use and apply them for that setting for the kids, making sure they are communicating properly with the kids and families. cheryl: thank you very much for being here during, again, this live event at the white house we are going to continue to monitor. thank you very much, sir. appreciate it. >> thank you. cheryl: we will keep our eyes on the white house. we are also keeping our eyes on the market. dow is down 268 right now, 26,017. 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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cheryl: once again, we are monitoring live pictures out of the white house. this event you are watching is focused on reopening schools at this moment. but as coronavirus cases increase and as the election

looms, the white house is looking to counter that. i want to bring in charlie gasparino, who's got exclusive details on the latest stimulus efforts. charlie? charlie: yeah. i mean, as we reported last week, i believe it was, there was some lull in the momentum for doing a stimulus program before the september -- before the september -- essentially congressional republicans were worried that it was already too much stimulus out there, that unemployment was falling, why throw another trillion dollars at this when the first trillion dollars in ppp loans and other issues like that weren't sufficiently spent. but what we know now, and this is essentially coming from the white house, the white house is making a big push to get the stimulus program done by july, pushing mitch mcconnell and the senate republicans to compromise, find ways to compromise with nancy pelosi and the democrats to get a stimulus through because what we have is a problem with covid cases rising that would essentially slow some of the openings of

states. it's already doing it here in connecticut. it's doing it in parts of florida. it's doing it in california. new york, throughout the country, there's a slowdown in the reopenings of states. that's going to have a drag on the economy. so the trump administration is pushing for the stimulus now. one of the factors of the day, as you know, cheryl, is that this is an election year, not just a year wracked by pandemic and protests and rioting, but it is an election year. one of the things that donald trump knows for a fact, that is if he has any chance of winning the election in 2020, he has to show that he's better on the economy than joe biden, his opponent, and one thing that the white house desperately wants to do is get unemployment down below double digits, maybe down to 9%, particularly in that october print, in order to achieve that and at least have the economy that they can tout during the final stretches of

the 2020 campaign. getting it below 10%, cheryl, is a big lift if you have covid cases raging across the country and states stopping their reopening. so that's why there's a real renewed push for more stimulus. you know, they could, the white house could benefit from this if these covid cases stop rising, if states continue to reopen and then you have the rush of the stimulus coming in, i think that's kind of the game plan here. but as we know, as i reported, they are pushing for this new stimulus. what we understand is republicans still want liability protection for companies that open up so they can't get sued for class action. democrats want state aid and extended unemployment benefits and other issues. so you know, this could be delayed until september if they get bogged down in horse trading but i can tell you, the white house wants this because the covid cases are rising and it's hampering the nation's economic

recovery that's going on right now. back to you. cheryl: key phrase, house democrats. charlie gasparino, great reporting. we will see where all that goes. could be a big old fight in washington. charlie, thank you. i want to take a look at the markets now because we are in the red. the nasdaq was on track for its 25th record close of the year this year. but looks like we are snapping that. dow, s&p and nasdaq snapping a five-day winning streak. dow down 312, s&p down 23, nasdaq down 42. coming up next, reopen or reclose? restaurants struggling as state and local governments keep moving the goal posts. cameron mitchell restaurants has shops in cities going in both directions. its owner is here to tell us how his employees is dealing with the uncertainty while trying to deliver a quality dining experience during the coronavirus pandemic. be sure to tune in for the next fox business virtual town hall. neil cavuto is hosting america together, open house. this is thursday, 1:00 p.m. eastern time.

real estate pioneer barbara corcoran part of the action along with special appearances by quicken loans ceo jay farner and hovnanian ceo ara hovnanian. they will answer your questions as the housing landscape in america undergoes rapid and drastic changes. message fox business on facebook or instagram or e-mail us at investedinyou@foxbusiness.com. we'll be right back.

cheryl: let's take a look at shake shack. the stock is down 6.25% on the day after reporting a 49% sales drop from last year's second quarter and a 60% drop in traffic. a problem shared by restaurants across the country from major chains to your local diner as eateries continue to wrestle with covid-19. our next guest is on the ohio recovery task force as he looks to get his industry back to its

sizzling ways. we welcome in the founder of cameron mitchell restaurants, the man himself, cameron mitchell. great to have you here. >> thank you. it's great to be with you today. cheryl: you had a meeting today with the ohio recovery task force. what's the biggest concern right now for your group there? >> well, several issues but we have some businesses -- we have 18 members on that task force across a variety of industries and representing states and national organizations and you know, we are seeing some businesses doing well, others not doing well as all. it depends on locality, depends on lots of issues. our governor has done a great job. our task force has done a great job. ohio has been moving forward for the time being. cheryl: let me ask you about the government side of this, the federal government, because you have said in the past that those ppp loans, that helped you survive, that helped keep you in business. now you've got this new threat of potential new cases. if there's more stimulus coming from the government, is that

needed, in your opinion? what would that look like for your industry? >> i think yes, it's needed. for us in particular, we would not have made it back without the ppp loan. it was essential for us to get reopened and help us move our business forward. going forward right now, i feel as uneasy today as i did four months ago on march 7th as coronavirus is coming across the horizon. we know we see the spike in cases. my restaurants in florida, we are seeing significant drops in sales, texas, arizona. we have -- and beverly hills, we had to close our dining room. i have two restaurants closed currently for two weeks for quarantine because of outbreaks with staff. we are facing just one challenge after another. restaurants, big or small, or larger chains or mom and pops, all are in the same boat and are going to need more help, i'm afraid, in the future in order

for us to survive. or we will see systemic closures of restaurants going forward in the next six months. cheryl: i know you have had a couple of your employees test positive. we have seen this at other restaurants where especially down i think it was the carolinas or florida where a couple folks that worked at a bar restaurant went to work and had coronavirus. that's the concern here, how do you protect your employees, but how do you protect your customers, so people feel comfortable coming back to a restaurant and being inside? >> right. we have our own coronavirus task force internally. we work with the cleveland clinic for all of our safety and sanitation protocols and had those approved by the cleveland clinic. we have taken great measure -- we just came out publicly last tuesday requiring our guests now to wear masks in the restaurants to and from the tables, when seated they are fine without the mask, and providing additional protection for our associates. but it's very challenging. we are doing the best we can and

following all the guidelines, cdc guidelines, et cetera, but coronavirus is out there and it's around us. cheryl: you had to furlough i believe about 4500 workers. have you been able to bring them back? you still have folks on the sidelines? >> yes, we have. we have brought a majority of them back. not all of them. a number of associates still want to sit on the sidelines until their unemployment benefits run out here at the end of this month. but we've had limited reduced sales so we have been able to deal with that appropriately. we are still struggling in some of our restaurants to get staff and it's a constant challenge for us among many other challenges. cheryl: there are so many for the industry. what's interesting that you just said is the fact a lot of your employees are making more money probably staying home with their unemployment benefits that are set to expire at the end of july. there has been talk in washington of extending that unemployment that extra $600 or something like it.

that would be a problem for your business, right? >> absolutely. it will be a problem getting people back. i'm sure there's industries, i'm sure we need some extensions to unemployment. i'm not sure what the answer to that is. but if we just continue as is, it's going to encourage our people to continue to stay home and we just really can't have that. cheryl: we are seeing that in this part of the country as well. cameron mitchell, thank you very much. ocean prime, great place. thank you, sir. >> thank you, cheryl. take care. cheryl: all right. let's take a look at the big board. i miss going inside restaurants, by the way. let's see. the dow down 321 right now. 25,965. we are following the markets. 18 minutes to go. the social media phenomenon tik tok that 30 million u.s. users turn to to lip sync and dance their way out of boredom during the pandemic may soon be banned. coming up next, all the details surrounding the potential u.s. ban and what that means for other chinese social media apps

and users. "the claman countdown" will be right back. my name is christine payne, i'm an associate here at amazon. step onto the blue line, sir. this device is giving us an accurate temperature check. you're good to go. i have to take care of my coworkers. that's how i am. i have a son, and he said, "one day i'm gonna be like you, i'm gonna help people." you're good to go, ma'am. i hope so. this is my passion.

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and see how much you could save, call the hartford at the number shown on your screen. that's the number on your screen. or go to the website shown on your screen. the buck's got your back. cheryl: market losses are accelerating into the close right now. the dow is now down 357. we are really losing some steam here. the nasdaq, s&p, dow snapping a five-day winning streak. that nasdaq streak of three record closes, it is over. i was looking for the 25th record close of the year. maybe tomorrow. all right. let's take a look at carnival. they are upending their schedule as the coronavirus delays the delivery of two new ships. the mardi gras and carnival radiance won't be delivered on schedule, causing cancellations and rescheduling of several trips.

carnival is also saying it expects to divest six older ships and potentially sell non-ship assets as the coronavirus pandemic hammers operations. carnival's news also dragging down norwegian cruise line and royal caribbean, as you can see, royal caribbean down almost 5%. norwegian down more than 5%. well, movie theater giants amc, cinemark, regal suing new jersey governor phil murphy for keeping their businesses closed while allowing churches and other places of public assembly to reopen. the lawsuit calls distinction between the businesses and houses of worship allowed to reopen and those that are not arbitrary, irrational and unconstitutional, allowing violations of the theaters' right to free speech, equal protection and due process. the theater chains have submitted their safety protocols to the governor and are ready to implement them but they have been given no reopening timeline from the state. taking a look at those stocks, 3.5% loss on amc, cinemark down

more than 2.5%. the u.s. is warning that it may take aggressive action against chinese-owned social media platform tik tok. as well as other apps from china, over national security concerns. that as tik tok makes a major announcement on its operations in hong kong. let's go to susan li for more details. susan: well, we know tik tok has become so popular that it's almost part of the everyday zeitgeist. you hear about these tik tok challenges all the time. now they are also a big player, monster player in the music industry. they decide the number one big sellers but they are also posing a national security threat according to the secretary of state mike pompeo. listen. >> we are taking this very seriously. we are certainly looking at it. we have worked on this very issue for a long time. >> would you recommend that people download that app on their phones tonight, tomorrow, any time currently? >> only if you want your private information in the hands of the chinese communist party. susan: -- response, tik tok says we have no higher priority than

promoting a safe and secure app experience for our users. we have never provided user data to the chinese government, nor would we do so if asked. they also mentioned their servers are in the u.s., backups in singapore and they recently hired away disney's streaming boss to become its new ceo. tik tok is one of the most downloaded apps on the planet, downloaded more than two billion times so far, and as it might be banned here in the u.s., they are voluntarily leaving the hong kong market. this is after the national security law that was implemented just last week. and tik tok says you know, if beijing is going to have the authority now to decide who gets jailed, who gets arrested and also has censorship abilities over the chinese internet, why not just leave it all alone. so we do have google, facebook, zoom, and twitter among the social media companies that have said we are going to pause on answering these reviews -- review requests in the hong kong government because they need to assess what the implementation of this law means and what it

means specifically for human rights. now, tik tok itself didn't really have that many users in hong kong, 150,000 out of the seven million that lived in the country. they weren't making any money so i guess they felt from a cost perspective, you might as well save money and protect yourself on any down side costs which kind of makes sense. cheryl? cheryl: you know, it makes sense obviously that the u.s. government is concerned about tik tok because of the chinese implication and the security issues. know what else makes sense? now i know why i never downloaded this app. i had none of the moves that i have watched during your entire segment. susan: you haven't seen any of those? come on. cheryl: i watched them. just saying i have none of those moves. other people do. susan -- susan: don't underestimate yourself. cheryl: susan li, thank you very much. all right. great stuff on tik tok. losses are accelerating. this is not so great. into the close, the dow and s&p are set to snap their five-day winning streak. nasdaq looks like it's going to snap its winning streak as well. we almost had it.

down 69 on the nasdaq. our "countdown" closer says the economic recovery is just in the beginning stages so which stocks should you be piling into as pent-up consumer demand is set to be unleashed? we will tell you next on "the claman countdown."

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now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. ♪. cheryl: got exactly five minutes until that closing bell rings. we are seeing a pullback with the dow, s&p, nasdaq set to basically snap the winning streak we had seen. and really enjoyed on this show. the nasdaq was looking for the 25th record close this year. unfortunately that did not happen. what helped the nasdaq be so strong, as you know, microsoft, apple, amazon. investors, we had five days of gains. investors are weighing basically

rising cases. we have a deep recession and how deep is the recession and can the economy recover. overall it has been a strong july and month and june for the markets. markets we're not hitting lows we had during march pandemic in march 23rd. want to bring in the closer for the day, phil plan blancato. we have a rice in the cases and rise in the markets, which is it? >> data is much better than expected. if you think where we were a month ago. you would think unemployment to get back down to 11 million people was a long shot. ism manufacturing, service sector, most important part of our economy, coming out with a big number. core of the economy held up very well. credit to the fed.

credit to high savings rates. and credit to pent-up demand. some exorbitant valuations bond -- cheryl: is the fed dependent. that worries me, that people are on a fed high. gary kaltbaum says we have the fed stimulus juice. does that worry you? >> worries me all the time because what happened here, savings rate sky rocket, every dollar saving 25 cents. debt levels are very. the reason because the fed handed out $600, $100 per family. most of the people saved that money. here is the key point to your point. they didn't give us enough money to get us to the other side of this. we'll need a second round of stimulus? if so, we'll hold on here. if we don't get second round of stimulus or vaccine or antiviral. that is completely different

variable. fed has to act whether we take off on our own shale shale you like colgate palmolive which i understand. microsoft is one of big names that pushed nasdaq higher. cost coast americas sense but you like marriott. i have to ask but the marriott pick. is that because of the china story or. >> couple things are involved. rotate the strong balance sheets that help preserve wealth and participate and protect. marriott is number one hotel chain in the world. as i look at the data we're beginning open up globally. europe is opening process. united states is lumpy, and we'll have fits and starts. rest of the globe is moving along faster. they will benefit from overseas earnings. i think they survive to the upside. a long-term play, buying a good company with very strong balance

sheet, 50% off, 60% off from its highs. 40% where you're buying it. this is opportune mystic stock where the others are the balance sheet stocks. cheryl: goldman sachs says september, is when the economy really recovers. which means the first two months of third quarter will not look pretty. what do you say? >> completely agree. negative gdp first quarter. second, negative 30. month of june will be better than expected but july might be worse than expected. we'll end up with this slow lumpy grind higher. kind of just, i would call a modest climb higher over course of next two years. the key is if the data holds up the fatality rate stays low and we're manage the new case lows. we'll open things up higher with the anti-viral vaccine. you have to be smart about earnings. dividends are greater than 10-year u.s. treasury. cheryl: love the comments about

the vaccine, thank you very much. say that over and over. phil, thank you very much. [closing bell rings] s&p down 36. that will do it for "the claman countdown. connell mcshane. jackie deangelis for "after the bell." connell: president trump has a event at white house talking about opening schools in the fall. we'll talk about that. jackie: i'm jackie deangelis, in for melissa francis. the nasdaq record streak at the close coming to an end. index hit all-time high earlier today along with tech titans, apple, amazon, microsoft, facebook and netflix. fox business team coverage. susan li in the newsroom. first we start with edward lawrence at the white house. reporter: