popcorn. the tesla circus will begin. i think there are bold promises from elon musk and not backed by much reality. i would bet on the decline. charles: tell you what, all right, you bet on the decline. $20 billion says this stock is short. liz claman, it's going to make -- options are saying it will move 20% up or down after these earnings come out. liz: thanks for the direction. it's like i love when they say that. 20% either up or down. thanks. thanks for the clarification. charles, love it. thank you so very much. we do have to say that we might have seen higher moves here but investors are feeling the heat of new claims of u.s./china tension. on your screen, the smoky scene at the chinese consulate in houston last night, coming as diplomats reportedly took to burning documents just hours after the state department ordered the diplomatic outpost closed. as we head into this final hour

of trade, china's biggest names, many of them trading on the almighty nasdaq, getting caught in the crossfire. though it is america's tech titans that get quite a bit of credit for the nasdaq taking 2020 by storm, but could another stealth sector be poised to steal silicon valley's thunder on the tech-dominated index? coming up, nasdaq ceo adina freeman here live on her exchange giant's massive earnings beat and the stealth stocks that may deserve the credit for much of the win. and she is surely one of the many in the market who will be watching tesla's latest look under the hood today. could we see elon's empire speed its way into one of the markets' most exclusive clubs? we will tell you what that is. plus sports, betting on america's pasttime. a new window into the clean energy future. and charlie breaks it. with less than an hour to the closing bell, let's start "the claman countdown."

liz: we have this report just crossing the financial times. breaking news. a group led by general atlantic and sequoia capital apparently trying to buy superstar chinese social media site tik tok in order to help prevent the controversial short video app from getting banned by the u.s. over espionage fears or at least stealing of data. according to the financial times, the group of investors is in discussions with the u.s. treasury department and other regulators to see if spinning off tik tok from its chinese parent bytedance would firewall it from u.s. concerns that the app allows the chinese to allegedly spy on its american users. no word yet on any kind of price tag that's being thrown around but we keep our eye on tik tok on this show. meantime, investors clearly thinking the stock is the best

buy after it hits a record today. the electronics retailer announced online sales were up 255% for fiscal second quarter. best buy stock up 7.25%. nice move. i-robot stock at this hour not reflecting a quarter that showed an increase in revenue guidance. an earnings beat and return to operating profitability. the stock is pulling back by about 7%, perhaps on the fact that the company makes its autonomous vacuums in china, and it does warn it could be hit with trade tariffs later this year. glad i got both my roombas. thank you very much. checking in on technology, the local antitrust authority in italy inspected the offices of amazon and apple after complaints the tech giants are indulging in activity that results in quote, negative effects for consumers and businesses. we have apple moving -- call it flat. amazon down 1.5%.

that's just been an absolute power player over the past couple of months. as a heat wave roils across the mid to northeast and south, solar window technologies is making hay and a lot of it is green after we unveiled its transparent electricity generating glass which may enable buildings everywhere to become vertical power generators. the product not for sale yet, but people are snapping up the stock, that's for sure. it's up 10.5%. we need to get you to houston, where last night just hours after the state department ordered china to close its consulate, smoke and flames rose from inside the consulate's courtyard. apparently people were seen inside throwing papers into dumpsters that were on fire, possibly in an effort to destroy documents before vacating the premises. yesterday, of course, during the show we told you the justice department formally accused two

chinese engineers of trying to steal covid vaccine research from u.s. and other countries' companies. as china today threatened retaliation, caught in the middle, chinese stocks that are very popular with investors. you see the red on the screen for everything from baba to jd.com to tencent holdings. to our floor show traders. phil and teddy. phil, these stocks are caught in the middle of this developing situation. you know the tendency for investors i would think might be to flee and sell. we are seeing a little of that today. what is your inclination? >> i think you still have to swing the bats, right. those are the big chinese stocks, baidu, alibaba, tencent. i actually like those stocks, because regardless of whether or not the u.s. gets into a trade war, those first two stocks especially, alibaba and baidu, are probably still going to flourish in china because a lot of those still have a lot of domestic sway.

i think that even if we get into a trade war with china, their trade with other countries won't necessarily shut down so they're going to be good. tencent, on the other hand, i'm not too thrilled with right now. i think they are getting some rising competition in china. the gambling aspect of that company i don't think is producing as much as it should. but two out of the three bats, i think you can swing for the fences on this. liz: but look at the three-month picture. if you looked at a two-year picture, tencent is a winner. i don't know, teddy, it feels like you are taking the other side of tencent. what about the overall chinese stock picture here? >> well, first of all, i have to admit that i have never owned any of the chinese stocks from the get-go. no particular reason, i guess it's simply a matter of you can't kiss all the girls. i have simply not been involved with them. if i were to pick some chinese names, tencent would be if not the very top, would be pretty close to the top, as would baba.

but i think if you look back with all the geopolitical issues we have had with china over the years, including what's going on today, every time these stocks have gotten weak as a result of geopolitical issues, clearly they have been a buy. so i think that -- i don't know if it's today or tomorrow, but if they get weak enough and they very well could, technically, on the short term, you probably want to buy them, not sell them. liz: yeah. we have to see what the so-called retaliation by china is. apparently they may want to boot our diplomats out of one of the consulates in china, the many that the u.s. has, whether it's wuhan, we shall see. gentlemen, thank you very much. it's great to see you both. as we are watching these stocks, we said, caught in the middle of this story, we've got the closing bell ringing in about 53 minutes. taking the top spot on the dow jones industrials at this hour would be pfizer. dow is up 88 points.

the pfizer picture is very nice here. we see it moving higher by 4.5% along with its development partner, biontech. both are spiking after announcing a deal with the u.s. department of health and human services for an initial order of 100 million doses of their covid-19 vaccination that's in the works for $1.95 billion. hhs may acquire up to 500 million additional doses under its operation warp speed program. biontech, which trades on the nasdaq, up 10.33%. it's actually been part of an even bigger success story for the nasdaq. coming up, we speak to nasdaq ceo and president adena friedman live on the role the covid-19 vaccine race is playing in the nasdaq record rally. everybody has been tech, tech, tech big names. think about biotech. "the claman countdown" will be right back.

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get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. liz: all right. welcome back. the so-called fang stocks plus the likes of tesla and microsoft have been the belles of the stock ball this year, powering up the nasdaq's nearly

unbreakable run this year at 26% would be the biotech names, playing an increasingly powerful role on the nasdaq, particularly during the pandemic. 592 biotechs and pharmaceutical names including pfizer's covid vaccine power player partner biontech, trade on the nasdaq. you can throw moderna in there, gilead. they are all very much at the forefront of the covid race. nasdaq's performance has levitated the stock of its parent company which reported stellar earnings before the bell this morning. adena friedman joins us live right now to talk about all this and more. welcome back to the show. congratulations on beating estimates by a long shot on both the top and bottom line. you know, yes, mega-tech has captured investors' hearts but to me, a perhaps bigger story for you right now is all the biotechs that we just mentioned that trade on the nasdaq during this pandemic. i need you to tell us how that story has been developing for you. >> sure.

well, liz, it's great to be here. thank you very much. we are really proud to be the home to biotech in the united states. i think that we have 592 biotech and pharma companies, we also have the nasdaq biotech index which has almost $15 billion of assets under management tied to it. and we continue to be the place where a lot of biotechs turn to in terms of supporting them as they're looking for investors and managing their lives as a public company. we are really really proud of our role in the u.s. economy when it comes to the biotech industry. liz: well, yeah. it's fascinating. they may be down today but the runup has been very impressive and we are all waiting for that trajectory that we know will come when the vaccine is created. but let's get to the incredible performance of the technology sector. what do you think is at the core behind its domination at a time where huge question marks hang over the actual american economy? >> well, i think the first thing is, biotechs and technology companies, if you think about

what is going to carry us through the pandemic and which companies are really going to drive the economy on the back of the pandemic, and i think you really end up leaning into technology companies that are geared towards, you know, consumers and making sure that they have convenience that went from nice to have to need to have, and obviously a global work force and diversified work force is really where a lot of other really large and successful technologies really focus their energy and of course, you have health care and the biotech industry. all of those elements of the economy are really powering us through this pandemic and i think investors are recognizing that. not only in terms of the current period of time but what will the world look like afterwards. i think that's why investors are really coming in and having confidence in those investments. liz: yeah. you know, although we talked about this a lot on the show, this bifurcation split between the economy and the stock market. the economy doesn't look great, the stock market looks wonderful. but the macro picture for stocks

could have been much worse if it hadn't been for the federal reserve's quick response. in just the last hour, i was watching goldman sachs ceo's david solomon, and this particular comment he made jumped out at me. listen in. i thought it was appropriate for this discussion. >> there's a conviction that rates are going to be zero for some time. there's a conviction for more monetary and fiscal stimulus and that's obviously bolstering asset prices. liz: yeah. >> i would have to say -- liz: fangs plus tesla -- go ahead. >> i would have to say, i fully agree with his comments there are three elements of what is really bringing investors into the market. the first is fiscal and monetary stimulus. i think there will continue to be more stimulus which is really creating very low cost of capital and also creating liquidity in the market.

i think those two things combined give investors more confidence to come into the market. then we have, of course, the overall trends that i just mentioned in terms of which sectors are really driving the performance of the markets and those are the newer economy sectors like tech and biotech, other health care as well as other industries that really lean into the fact that going forward, we are going to have a different economy. we are going to have a more technology-driven economy, a more remote economy, a more flexible economy. i think all of the companies that lean into that are doing quite well. then the third thing is, of course, what are the alternatives. there's a lot of money to put to work, there are a lot of investors with a lot of cash. they are looking to make investments that will generate a return and with the zero rate environment, you really do have a situation where the alternatives aren't nearly as attractive, so they are putting risk capital into the equity market. liz: yeah. risk capital and the "r" word, when you look at the fangs and all those names, those names plus tesla, microsoft, i always like to add that, by the way,

both of those names are reporting after the bell right here on fox business, we will have that, but they represent a huge percentage of the nasdaq's value. that plus the federal reserve, adena, people feel that could create a certain distortion if there is some way to tweak how the index is weighted to maybe balance those distortions out. have you thought about that? is that something you don't need to do or you at least consider it? >> well, we have actually done some of that in the past, in terms of making sure that the mega-cap companies don't become the entire index but the fact of the matter is, those companies are the ones that are growing, generating enormous amounts of revenue and earnings, driving the economy forward, therefore they become a bigger weight. that's a natural part of things. if you think about what our economy looked like back in the '60s and '70s, they were really driven by oil companies, and so there are phases in the economy over periods of decades where you see, you know, way back in the day you had the railroads,

then you had capital intensive companies really dominating the markets, then you had the oil companies really coming in and becoming dominant in the market. now you have technology that really has become the dominant driver of economic growth. i think for that reason, they are sitting at the top and they are as large as they are for good reason. liz: they have captured people's attention, particularly novice investors. they flooded to this online trading platform robinlookehood. that's a favorite of millenials who invest more on trends rather than fundamentals. have ou tyou considered making play for robinhood? >> they are a great client to us. they are an important part of the ecosystem today as are the other retailers as well, td ameritrade, e-trade, schwab, they are all experiencing a growth in retail investors and they are important clients to us in terms of our trading business but also, we provide them and power them with essentially real-time information that allows the investors to have a

great experience on their platform. i see them certainly as clients more and partner clients, but clients nonetheless. liz: the ipo picture is way better than anticipated, even during social distancing and lockdowns. you guys had i think 87 ipos in this year of the pandemic. we can put some of them on the screen. warner music, zoom info, there were some really impressive performances here. what is it about how you have presented the opportunity to companies that has drawn them in to go public, a, during a very unsure time, and b, everybody wants that moment where they get to press the button and we have all of the excitement about it. when do you expect you will have the next in-person, like what will it take to have an in-person experience for an ipo next time? >> well, i think first of all, i'm extremely proud of the team because we went from being in the office to being at home in a period of a week.

then on top of that, we then needed to make sure that we continued to support our clients in a seamless way. that's whether they are technology clients, our issuer clients, our broker dealer clients. but in terms of the ipos, really, i think that we were a bit surprised by how quickly the ipo market did recover on the back of the really challenging days we saw in march. once companies realized there is a lot of capital to put to work, investors are looking to create opportunities for themselves in the markets and the companies that came out during that period were biotech companies, technology companies, ones that really were leaning into the trends that people were seeing during the pandemic. so they were able to find those investors. then you had to do an online road show and online ipo. so we were able seamlessly to create our ipo experience online. and that has really changed the ipo experience, the road shows are shorter, more condensed and more intense, but at the same time, we are able therefore to bring ipos to market more days of the week, and at the same

time, i think that, you know, of course the ceos and senior executive teams do want to be able to come back here and do their ipos in person, but first and foremost, they want to keep themselves and their families and their colleagues safe. so being able to have a virtualized ipo experience has been very important. i don't really know when we will have the first in-person ipo again. but in the meantime, we are very successful in working with our customers and being flexible about how they want to manage that great moment for themselves. liz: yeah. it is a great moment. i have done that ringing, pressing a button at the nasdaq. it is so much fun. gives you chills. i do want to ask you about the situation with china. you guys were pretty active and out in front when it came to the chinese company luckin, which got into some real trouble in the past, and so you actually got them de-listed from the nasdaq. now the u.s. is going after other chinese firms that are not on the up-and-up, they say, and

may kick some of them off the exchanges if they don't adhere to u.s. rules. how closely are you looking at that situation, considering many of them do list on the nasdaq? >> well, first of all, they are compliant with the rules. i think that the issue is do we have rules that really promote the transparency that we would expect of companies that come and list in the united states. so the rules exist, and they operate within the rules. but what we are proposing is to continue to enhance and improve those rules to improve the disclosures that companies coming from countries like china have to experience when they come to the u.s. markets. they come in two different areas. one is how much oversight does the s.e.c. have on the accounting firms that are overseeing their financials of these companies and secondly, what are the disclosure obligations that chinese companies have versus companies from other countries. that really is the role of the s.e.c. so we did ask the s.e.c. to convene a roundtable of experts looking at the underwriters, the

accounting firms, the lawyers, as well as the exchanges, and the whole ecosystem that surrounds the decision of bringing a company to the u.s. i think that that roundtable really did lay bare to the fact there are some issues that the s.e.c. has to address, and it really will require diplomacy with china to try to address them. but we also took it upon ourselves to make some improvements in our own rules in terms of having more oversight over the quality of the accounting firm, requiring that members of the management team or their consultants have experience in the u.s. markets and increasing the requirement for companies coming to the u.s. we can play a role but the s.e.c. plays a much bigger one and we were encouraged that they did convene a roundtable to discuss this. liz: well, it is a work in progress and suddenly heated up over the past couple of hours or days. great to have you on. we would love to have you back. such a great story. your leadership has been platinum. adena friedman. >> thank you. liz: ceo of the nasdaq.

see you next time. >> thank you, liz. liz: "the claman countdown" is coming right back. dow jones industrials up 125. nasdaq still in the green as well. we'll be right back. ♪ ♪ ♪

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i mean, again, it's like why are they fighting, what's the significance of this fight? if the players want something, give it to them. liz: two-time super bowl champ jarvis green of the new england patriots monday, telling "the claman countdown" that the nfl should just stop trying to negotiate with the players and simply grant them what they say they need before they will take the field again for pandemic play. looks like the league may have been listening. per players' request, the nfl now has agreed to scrap all preseason games, they have wanted i think four, then they went down to two. now they say okay, fine, none. while also reducing the size of

training camp rosters from 90 to 80. 59 players have tested positive for covid-19 but with 50 days to go until gridiron action even begins, major league baseball taking the field less than 24 hours from now and you can bet on that, literally. to kristina partsinevelos, who is at fanduel sports betting facility in east rutherford, new jersey. i always wanted to see what that place looks like inside. kristina: that's perfect because we are here to show you. we know sports calendars around the globe have been affected and fans have been very upset about that but like you mentioned, slowly, the ball is rolling, sports are starting to make their comeback which is why we came here because it is officially open to the public. you can start placing your bets even though mlb, major league baseball, starts on thursday. that's going to look a little bit different this year. of course, fans are not allowed in the ballpark and you are most likely going to have to enjoy the games exclusively on tv,

which is giving sports leagues the opportunity to drive viewership through sports betting. but let's take a look at some of these publicly traded companies, these sports gaming companies that have been doing quite well despite the fact that there hasn't been any or very little live sports in general since early spring. and one step further, many of these publicly traded companies and some of the gaming companies have signed sponsorship deals with sports leagues and sports teams. there are predictions their sponsorship could actually surpass the ticket revenue and attendance this year alone. the american gaming association predicts that major league baseball could make $1.1 billion off of sports betting alone this year. it comes when slowly across the united states they are legalizing it. at the moment we have a map to show you, it's legal in 18 states, six more to come because they are passing the bill so that's moving forward, and it just shows that there's so much pent-up demand and it comes at a good time for these states to

finally allow this legalization. that pent-up demand, if i could just end with this, you have a situation in colorado where they just legalized sports gambling on may 1st. the state over there said residents wagered, get this, $6 million on professional ping-pong. so imagine what it's going to be like once the nba comes out, the nhl, et cetera, even college football, u.s. open. lots to gamble on, hence the reason why we are here even though we can't attend the games in person. back to you. liz: yeah. i mean, it is unbelievable. ping-pong. they will find sports anywhere they can, live sports. they were doing korean baseball. now, mlb. all we need is hockey. can't wait for that. thanks a lot. kristina: i know. go, habs, go. liz: right? she likes montreal. i'm kings when i'm on the west coast, rangers when i'm on the east coast.

kristina: no! liz: way to take a stand, liz. i know, i know. look at this. we fight. closing bell ringing in 28 minutes. tesla's nearly 275% rally so far this year may have made it the biggest u.s. automaker by market cap but tesla still hasn't been invited into one of the most exclusive clubs on wall street. up next, as we await the ev giant's quarterly report out after the bell, our tesla bull and bear battle it out over whether musk and company can finally achieve the major milestone of joining the s & p. we'll be right back.

liz: strap yourself in. we're about 25 minutes away from one of the most hotly anticipated quarterly reports of the season, tesla. the electric vehicle maker's

stock speeding this year. tesla, now the reigning mvp of the auto industry when it comes to market cap. it's closing in on a massive $300 billion valuation and if ceo elon musk's clean powerhouse turns a profit this quarter, it could be the ticket to doing the electric slide into the s&p 500. why is tesla's stock such a polarizing investment? people either love it or hate it and want it to fail. we have a bull/bear battle royale. our bull, ross gerber who comes to us live from his tesla, and art behr chief market strategist matthew mailey. i thought you were live in a tesla model y. what happened? >> you know, we have three of them at the company. the two guys are working from home with the model y but my wife wouldn't give it up today. i thought i could sneak it out from under her but she's kind of loving the car and she's a nice

car driver and has never really driven my tesla because she's scared of the technology and she loves it. liz: so she knows who wears the pants in the family. she gets to take whichever car she wants. are they going to do it? are they going to have a profit this time around because to make it into the s&p 500, there are a bunch of checkmarks they've got to kind of hit, and they made three out of the four. >> i mean, i think they hit it because you know, basically, they just delivered high margin model ys, kind of like what they did with the model 3 when it was launched when i got this model 3, i was one of the first buyers, and by having to pay cash for the car, and then the fact that the car is also the performance version, it has the highest margin so they delivered the really high margin cars this quarter and i think that's what pushes them over the edge along with the credits that they get as well. i think that's really the advantage tesla has right now. liz: matthew, what's not to

love? ross is such a fan. you are very concerned about this company, this stock. what is at the heart of your questions? >> well, first of all, i want to say i'm not one of those permabears by any stretch of the imagination. last spring, last june, the stock got down below 200, i said if it gets below 190 buy it with both hands. that worked out very well. liz: i remember. >> my concern is the valuation and you know, some of the technical aspects because even when a company, we have seen it many times in the past, even when a company goes on to change the world, and we see it with microsoft, apple, one of maybe the best examples, amazon, they still sometimes get to levels that are so stretched in terms of valuation, so stretched in terms of getting so overbought, they have nowhere to go but pull back. it was just 10% to 15%, who would care but usually when they reach the kind of level tesla has reached right now, those can be much bigger, anywhere from 40% to 50%. therefore, those that trade

around the position, not trying to time the market so much, trade around the position a bit, they can really enhance their returns quite dramatically. liz: what do you say to that, ross? it has had quite an unbelievable runup. >> you know, as a beneficiary of it, yeah, you're right. we have sold some tesla here, to be honest. that's mostly because it's about twice what our price target is. it has nothing to do -- see, this stock market doesn't make any sense. the fact that tesla's valuation doesn't make sense is just as nonsenseical as the entire market valuation. tesla is a symptom of the overall market being incredibly overvalued for what's happening in the world right now. but we can't change that. what we do know is tesla is one of the most exciting, innovative companies in the world that's dominating several industries and we have known this the whole time but now it's all coming together and their competitors are just getting murdered. so the premium is very steep for

tesla, but you know, maybe it's warranted. liz: matt, you were spot-on when you said if it plumbes around 200 bucks a share, pick it up. it was a smart call. what would you have to see it fall to before you say scoop up tesla once again? >> to really want to scoop up aggressively, i guess my point is this stock could fall quite dramatically. it wouldn't surprise me if it dropped below $1,000 before the end of the year at some point. doesn't mean it will close the end of the year that way. we have seen so many times, look at amazon, when it was in kind of the same stage of its progression back in the late 1990s, we saw three or four declines -- sorry, seven declines in the late 1990s of anywhere from 30% to 50%. but the stock as overbought as tesla is now with its weekly rsi up near 90 and over 300% premium

to its -- sorry, 200 day moving average, those are good times to take some chips off the table, some, not all of it, trade around the position and look for it to come back down. i think it could easily fall 25% to 30%, it could even fall as far as $1,000. liz: one of the oldest tricks in the book. take some profits. don't get greedy. before we go, ross, what color? they don't offer the navy blue sparkly thing that i used to love that color. what color are you in right now? can you show us? >> yeah, my car is, you know, black and interior red, exterior. it's a wonderful car. the model y is the perfect tesla, i have to say. they have done an amazing job. but the real amazing thing about tesla and why the valuation is so high is really what i'm going to show you now. it's the auto pilot and what's happening with driving. that's where there's enormous upside potential for tesla. liz: okay.

great to see you both. it wasn't exactly a bruising bull/bear battle royale. >> the bear isn't that much of a bear anymore. liz: yeah, but he's thoughtful. he's thinking. >> i like it. i like it. >> i'm used to much angrier bears. much angrier. liz: all right. thanks to both of you. i do appreciate it. ross, matt. see you next time. dow hitting session highs right now. we see it up 150 points. "the claman countdown" is coming right back. don't go away. charlie breaks it next. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out.

we've just been finding a way to keep on pushing. ♪

liz: are stimulus negotiations

revealing a widening split between top gop officials who are now, apparently, according to charlie gasparino, turning acrimonious in their discussions just when americans need the help most and quickly. charlie: yeah. we are going to get something i think by the end of next week and as you know, time is running out before the august recess. here's what's motivating some, at least some of the debate today which kind of turned acrimonious with people, with gop senators and the white house not really coming together on a solid proposal. that proposal, when it is put forward, would be put forward by mitch mcconnell, who is an expert negotiator as you know, the senate majority leader, knows a thing or two about this stuff. what i understand his whole rationale is this, liz. what he's telling members is that, and he's telling people, lobbyists that are republican lobbyists on the hill that are pushing for various agenda

items, he wants this thing to be over, he wants a fairly quick resolution, he wants his members to get home. there are about five or six very vulnerable seats that if they turn, the democrats will control the senate and you know, they could run the table, the white house with joe biden besting donald trump if the polls stay where they are, and if that does happen, it's going to be increasingly difficult for the republicans to hold on to the senate. not impossible, but he needs his members home campaigning. campaigning in colorado, campaigning in iowa, joni ernst, for example, susan collins in maine. he needs these vulnerable republicans to be campaigning and that means getting out of dodge. now, how do you get out of dodge kind of fast without getting in a prolonged battle with the democrats. well, it's not -- doing that is basically very difficult, and it's sort of foreshadowed in the fight between steve mnuchin and larry kudlow over white house -- the white house position on the stimulus. should they be pushing for a

payroll tax cut, making that the top agenda item, or should they just concede the payroll tax cut because the democrats probably aren't going to give it to them and look for other items, extend unemployment insurance, look for liability insurance, liability waivers and other issues. so that's what mcconnell is grappling with right now. again, he wants to get out of dodge. how do you get out of dodge early. well, if you are betting, this is what it's going to look like. they are not going to push for the payroll tax cut. they know there is too much stiff opposition from the democrats. they are definitely going to do something stimulative in terms of unemployment insurance, maybe do the $600 checks that are winding down over the course of the year, something mnuchin had talked about in internal white house discussions. so that's possibly how they go about it. they may go about it in a bifurcated way. they may just get the sthurns thi insurance thing out of the way this session and try to come

back for a payroll tax cut after the recess which, by the way, would be very difficult. that, i will tell you, a lot of conservative activists worry if they take that approach, if they don't push the payroll tax cut now, they are never going to get it. it's off the table for good. so that's kind of where they are right now, disarray. mcconnell clearly wants them to hold on to the majority. he believes the best way to do that is not getting into a huge battle over the payroll tax cut versus unemployment insurance, and having the whole thing lock down. it's getting a deal and getting home. i think if you are looking at that, if you are starting to bet that, that means the payroll tax cut, at least as a major priority for republicans, we'll have to see what the bill looks like. sometimes you throw it in the bill and you don't fight for it, by the way. that becomes less of a priority and probably not going to happen. back to you. liz: charlie, thank you very much. charlie gasparino, who has been working this story and certainly breaking a lot of news on it.

we've got the dow jones industrials now up 164 points. closing bell, eight minutes away. you know, gold is surging to a nine-year high, but what is the next big play? how about the u.s. dollar? but which direction? our "countdown" closer, peter schiff of euro pacific was spot on about gold at $1800 an ounce. his newest and latest prediction unveiled right here in a fox business exclusive. stay tuned. . . .

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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. ♪. liz: closing bell, 3 1/2 minutes away. the dow shooting higher in this final hour of trade. now up about 173 points. s&p up 19. the nasdaq also moving up about 27 points looking to avoid it is first back-to-back losses since may. all right to gold. gold right now at this hour is closing in on $1870 a troy

ounce. we're at 1868. it is nearing a record high. silver, just busting through the ceiling here, now at $23.28 an ounce. right now, we bring in a man who predicted it. europacific capital peter schiff predicted these i illustrious moves months ago. he was right then. what is his next dramatic prediction? peter schiff with a warning on u.s. dollar and potential new economic crisis. way to make me really happy to have you on, peter. what's your new prediction about the dollar. >> it is not really a new prediction but namely more timely. the dollar is not just going down but crash. but priced in real money, gold and silver the dow is actually down. what gold is telling you and silver the dollar is losing

value. it is losing purchasing power. it has been drifting lower the past five weeks against other fiat currencies. the dollar index is a few ticks off the march low. euro at 1.16. the i think the dollar will drift down until it collapses this will usher in a real economic crisis in america unlike we never seen, it will force the fed to choose between saving dollar, dumping bonds it has been buying, letting interest rates rising sharply, forcing u.s. government to slash spending right now, abandon all the stimulus plans, or let inflation ravage the entire economy and wipe out a generation of americans. liz: okay. what is the trade? what is the play? what are you buying if your thesis you believe is correct what names are you adding to the portfolio? >> well, you know, we're in encouraging our clients, i would encourage everybody listening to fox to get out of dodge like

gasparino was saying, get out of dodge with your portfolio and get out of dollars. number one, own gold and silver. gold and silver mining stocks are killing it. they're just getting started. these stocks could go up 10, 20 times in dollar terms. but for the more defensive part of your portfolio you want to buy foreign stocks that derive revenues outside of the united states so they don't earn u.s. dollars. they earn foreign currencies. they return appreciated foreign currencies to you in dividends, so you can avoid inflation tax. forget about the payroll tax. the real tax that will clobber inflation, is how the government is spend funding spending. inflation is a tax on anybody that owns u.s. dollars. liz: you like philip morris. we put those up one more time. i think it is important for people to know. you like ambev, ntr. british american tobacco. going for a few sin stocks. peter shift, thank you very

much. here comes the bell, peter. [closebell rings] we got to run. nice move on stocks, up 172 points for the dow jones. nasdaq pushing out a win, up 28 points. connell: here we to. elon musk and company might be about to mark a major milestone. we have the results from tesla, expected out any moment now. stocks meantime shrugging off renewed tensions between the united states rand china ending the day higher. microsoft is also on deck this afternoon, expected to report earnings shortly. we have a lot to do. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." the major averages closing near the high of the day. pfizer leading the dow higher after the government reached a deal with the company and