only someone like you could know that. but then again, you're baseed in hollywood. you've been spot on so many times, everyone, pay attention. we appreciate it. rob, have a great holiday weekend. all right, folks, we're grinding back here and, you know, it's not the end of the world and, by the way, there's another hour to trade, and something tell it's going to be pretty exciting. cheryl casone in for liz claman. buckling up, for sure. charles: yeah, yeah, you can start the holiday weekend in a couple more hours. this is going to be fun, charles. thank you very much. well, folks, we could be looking at a major comeback. markets are well off of the lows heading into the very long labor day weekend. are you ready for it? a tech sector selloff earlier sending markets tumbling for a second day in a row after we say's record closes. but not the case right now. the dow down as much as 628 points, and as you can see right now, taking a look at the dow, just slightly lower.

what a big change, because at one point the dow, remember, was down 628 points. so this is really a different story. the nasdaq right now down 96 and the s&p is down 11 points. the two-day selloff, by the way, in the nasdaq so severe this morning, it was actually within 25 points of correction territory. since wednesday's record high of 12,056, the tech-heavy index is now down, as you can see right now, 103 points. both snapping a five-week winning streak, the s&p and the nasdaq. we're going to have our floor show trade thers ready with instant reaction for all of you. now, the record selloff completely discounting a pretty positive august jobs report that showed an increase in 1.37 million jobs with the unemployment rate dropping to 8.4%. one company is helping to fill all those vacancies left behind by the coronavirus pandemic. we're going to introduce you to

the ceo of shift pixie, helping big business find qualified workers in the gig economy. plus, colleges struggling with infection rates early in the semester turning more and more to online learning. a leader in online education for years,zovio, we're going to talk to its ceo about how it is helping colleges streamline new world, their cyber course lode. lode -- courseload. i'm cheryl casone in for liz claman. here we go, let's start "the claman countdown." cheryl: top market movers, taking a look at wayfair right now. bank of america downgrading shares of the online furniture retailer to neutral from buy. the firm says that its data shows that sales are not shirting as they did --

accelerating as they did during the pandemic as home furnishing sale ramp up in brick and mortar stores. citigroup upping their price target on lululemon, saying the stock actually priced to perfection right now, so defendant watching. lulu. the tech selloff taking down docusign despite the electronic signature platform posting better than expected results for the july quarter, docusign also raising its forecast but valuation concerns are certainly weighing on the stock. and then bucking the tech downdraft, broadcom, the semiconductor maker reported an earnings driven by demand for data-centered chips and expected 5g phone launches. all right, reversal mode is happening right now. we're all in the red are here,

the dow, the s&p and the nasdaq, but really it's the tech-heavy nasdaq down 115 points. but, you know, the big it can names, those big names you know was definitely the9 catalyst over the last two days. will the tech stocks be the end of the major market rally, and what should investors do after the selloff ends? let's bring in our traders. we have tim anderson and larry silver. great to have you both here. >> thank you. >> great to be with you, cheryl. cheryl: great to see both of you. first, tim, to you. i mean, what do you make of this complete reversal? because this volatility -- i know we're going into the labor day holiday, i understand that, or and you sometimes have these big swings with the lower volume picture, but it's the tech story that seems to be throwing the markets for a loop, and there's some interesting machinations happening in the markets. what do you say? >> i just think this is the reaction that so many people have been waiting for in the market since we started this very, very sharp climb.

maybe even in late july. i think there were two real tells that something was imminent in terms of a sharp reaction to the downside. that was that the vix rose monday and tuesday even though the s&p and nasdaq went to new, sharply higher highs on both of those days. the vix kept rising. and also i thought that, i thought that zoom media going up 40% on tuesday after their earnings, a stock that's already up hundreds of percent for the year, was just almost waving a red flag to the market. finish i mean, up 40% in one day, it was -- look, we've been a little bit overextended, we've been a little bit overbought. i don't really want to use the bubble term and rekindle memories of the global financial

crisis or the internet bubble bursting, but we've been overbought and overextended, there's no doubt about it. and, you know, it was, this was just inevitable, that this was going to happen at some point in time. and it came at us kind of right out of the chute yesterday. cheryl: yeah. larry, i have to say, this did take a lot of folks by surprise. i talked to a couple of market analysts that are eliminating portfolios going into labor day. i think that's an extreme reaction to all of this, but that's what people do when you see massive swings like we've seen today. >> yeah. and not just the last couple days, it's been a really turbulent year, and that's an understatement. so i think today or this week was just a blowoff, a huge, massive short covering by a lot of hedge funds that got caught the wrong way and continue to get shorter on the way up. it really does prompt the

individual investor to get scared and sell. again, we need to go back and really work hard at keeping our emotions out of it and being disciplined and diversified. that's different than being a trader. but being an investor, looking at the long term. if you had a 50/50 portfolio at the beginning of the year, right now that would be 65/35 because of what growth has done relative to value, but that doesn't happen all the time. just seems like it's happened recently. i really encourage the individual investor to get diversified and stay that withdraw. and if you want to be a trader, that's a whole different story with a whole different set of risks to out. cheryl: tim, let's kind of focus on the economy because we talked a lot this week about the real economy and the disconnect in the markets, yet you had this big selloff -- at least earlier in the session today -- and then you had a jobs report for august that actually was a surprise. we went under 9% on the unemployment rate, 1.4 million, almost 1.4 million jobs added.

that was a strong signal. i mean, look what we had back in april, you had, you know, nearly 15% unemployment rate, now we're at 8.4%, that's a very fast recovery. but markets didn't reflect that. >> look, there are people even, even from the president's economic team, a couple of months ago, maybe three months ago they were talking about how it would be great if we could get the unemployment rate under 10% by the end of the year. i mean, it's the first week of september. so -- and there were some nuggets in that unemployment report that really show the potential for significant improvement over the next couple of months. 197,000 service sector jobs or -- and business services jobs, and half of those temporary. there's two big, leading indicators always for jobs. that's overtime and temporary workers. because when business starts

paying a lot of overtime and/or when they're hiring temporary workers, if they find a few weeks down the road they still these them, they turn those into permanent jobs. cheryl: all right. well, certainly or the markets have had a roller coaster ride. it's fried. that's the good news. [laughter] tim anderson, larry shover, appreciate all your perspective on all of this. we are, of course, watching your market right now and watching, again, a major turn-around from the lows. well, to politics, and we are now 59 days and counting until the polls open on tuesday, november 3rd. earlier this afternoon democratic presidential nominee joe biden attacking the job president trump has done with the u.s. economy. biden calling this worst economic situation the u.s. has been in since the great depression. finish hillary vaughn was in the room where biden spoke, and she joins us now with more. hey, hillary. >> reporter: hey, cheryl.

well, democratic nominee joe biden dished out heated attacks against president trump for not doing enough in the middle of the pandemic to keep businesses open and workers on the job. but biden made those comments while speaking at the west end neighborhood house that received a ppp loan for at least $350,000 on april 27th as part of the relief in the cares act that president trump signed into law. biden also talked about today's jobs report saying while it is good news that 1.4 million people got jobs in august, those new jobs are not going to the right people, saying that some economists believe we are in a k-shaped recovery where people on top are benefiting from the recovery, but people on the bottom are not. we did get reaction to that from white house economic adviser larry kudlow who tuned in to biden's comments, and he he said that those added jobs have actually benefited lower income sectors, leisure and

hospitality, food, beverage and retail which has benefited people in those industries that are typically in the minimum wage income category. after biden wrapped his remarks, what's interesting is we heard a lot about what's wrong with the economy right now but not a lot from biden about what he will do with the economy if he is president. a key part of his economic plan hinges on raising taxes if he's president. cheryl? cheryl: a lot of talk on the campaign trail is heating up. great stuff. hillary, thank you very much. all right. let's take a look at the big board right now. what a day. is your head spinning? it probably should be right now. [laughter] the dow at one point with was down more than 2%, the nasdaq down more than 5%. right now the dow is literal lu done by 13 points, and we went positive right before the 3 p.m.

eastern time hour of fox business began. right now the s&p down 11, nasdaq down 89. what a story. we're going to stay on these markets for you, and we've got a lot more coming up. we are going to introduce you to the gig economy matchmaker that's got freelancers hooking up with jobs at some of america's biggest corporations. and one online educator looking to help cure colleges' suffering in the coronavirus crisis. what zovio is doing on the fast track of cyber spas. that's coming up next on "the claman countdown." stay with us. ♪ given my unique lifestyle, that'd be perfect! let me grab a pen and some paper. know what? i'm gonna switch now. just need my desk... my chair... and my phone.

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powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. ♪ cheryl: well, today the university of maryland at college park us pppedded all athletic activities after a spike in athletes testing positive for coronavirus. this comes a day after the first public college became the first to go all remote after a covid-19 outbreak. and the university of south carolina recorded 1,026 coronavirus cases in one week. look at that. well, enter zovio, the company offers tutoring, coding boot camps and online learning, and now the university of arizona struck a deal to purchase

zovio's ashford university to create a new online nonprofit institution. man, things are changing. let's bring in zovio ceo and founder andrew clark. what a year for you. great to see you, sur. [laughter] >> good to see you, cheryl. thanks for having me on. cheryl: let's talk about this deal with university of arizona, again, a school with at least 40,000 students if not larger, but the online push is on. talk about how this is going to work between yourself and the u of a. >> yeah, certainly. i mean, i don't think it's ab understatement to say that this is an amazing, historical inflection point in higher education where universities have to be agnostic about where their students are. it really fits well with the university of arizona's mission to, as a land grant institution, to provide access to students, you know, not just in the state of arizona, but in this case globally. cheryl: yeah. do you have other deals that you're working with other universities? because, obviously, as i just

said in the intro to you, the coronavirus cases are spiking on college campuses maybe from a few parties, just going to throw that out there, kids,es but that's what we're seeing. no, but do you have -- is your phone ringing right now? >> yeah, no, the phone i is ringing, cheryl. we've seen a tremendous demand in terms of institutions calling us around our technologies and the services we provide. we have one of our portfolio companies is a staff academy, an academy that provides coding curriculum in the universities. it's probably the fast university partner growing academy right now with about 2-3 partners per quarter that it's adding. our online tutoring business saw a 350% increase in its business last quarter in terms of consumer use act, an 850% increase just in terms of university partnership uses. so universities, you know, have been scrambling and,

unfortunately, a lot of them continue to scramble. and they're, you know, calling zovio with, calling ed tech companies asking for help, trying to find ways in which they can really becoming agnostic about where their students are, not care about whether they're on campus or learning remotely. cheryl: well, you know, one thing i think students and probably parents do care about is the type and quality of instruction that thaw get. talk about the teacher themselves or if they're full professors or not. like, for example, are they actual u of a professors that are going to to be connecting with these students, or are they going to be external teachers, instructors? >> yeah, that's a great question. so the university of arizona has set up a not-for-profit entities that is acquiring the assets of ashford university, and some of those assets, obviously, are its facultiful they have wonderful faculty, top tier faculty at ashford that are now become part

of university of arizona global campus. and there'll be a faculty advisory committee from the university of arizona that will work in close connection with the university of arizona global campus faculty as well. so the students are going to have access to some wonderful faculty. and you make a great point because there's quite a spectrum in terms of remote learning today and higher education. a lot of universities that have scrambled go online quickly, they're doing zoom, faculty aren't prepared, perhaps have never taught online. zovio has the technology and services to be able to help those companies -- excuse me, those universities out. cheryl: i've got to ask you, i went to northern arizona. one of my favorite memories was of my professors and being face to face. are we ever going to get back to face-to-face learning at universities, or do you think that this change is permanent? >> we're definitely going to

have face-to-face learning at universities, but i think the use of technology in higher education is permanent. i think you're going to see universities have to really not care about where the student is. i think you'll see the hybrid approach of with students, you know, both on site as well as learning remotely, going back and forth, reviewing a lot of their coursework online before they enter the classrooming. so just like retail businesses didn't go away with amazon, the storefronts didn't go away, you know, in-person learning is not going to disappear because of this. cheryl: yeah. i think a lot of us have such great memories. andrew clark, thank you. so muc. it's a great time to be if in your business. >> thank you, cheryl. cheryl let's get back to these crazy markets. yes, your eyes do not deceive you, the dow is up 32 points. i mean, no words at this point, right? s&p is down 4, nasdaq is down

58. which is, by the way, a half a percent. we are -- we were down more than 5%. it only matters how the markets close, right? hollywood shocker. the batman star, robert patten szob, testing positive -- pattinson, testing positive for covid. director ma9 reeves determining to keep filming. warner brothers movie also starring robert pattinson be here to save the day? coming up, the blockbusters looking to boost the box office as disney goes for more digital action. that's next on "the claman countdown." ♪ ♪ get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

♪ ♪ cheryl: well, after a nearly $54 million international debut, warner brothers' sci-fi thriller tenet hitting theaters this

weekend in more than 420 reopened theaters. cinema shares of both amc and and imax green as we to go into the holiday weekend, a lot of movie theaters back open and folks want to go. but disney forgoing the big screen altogether. mulan, which faced mounting delay, now available for streaming today on disney plus. but it's premium content. it's going to cost you an extra $30 to view and, remember, you have to have decemberny plus. disney plus. well, from box office watch to the company seeing its way to the s&p's winner's circle, jackie deangelis here now with your fox business brief. >> good afternoon, cheryl. cooper companies turning positive for the year after the contact lens maker beat profit and revenue estimateses. a big winner today. cooper also nabbing multiple price target hikes on better than expected guidance for the

quarter. casino giant wynn and scientific gaming expanding their course setting team-up, already powering wynn's din a tall sports -- digital sports app in new jersey. and the dead lauren for just eats -- dead lauren for the buyout of grubhub getting extended by six months until year end of 2021. shares of the food delivery giant under pressure despite reassurances it still expects the $73 billion deal to concern 73 billion dollar deal. up next, high demand gig economy jobs being brought right to worker' finger tips. that and more on "the claman countdown." good so you're a small business,

or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business.

♪ ♪ cheryl: well, the labor force participation rate climbing .3% from july to august. not a huge jump, but things are moving in the right direction as more americans are are looking to get back to work after being laid off due to covid-19. freelance workers made up 35% of america's work force in 2019. that number could actually join the labor force participation rate and increase as more americans are looking for any job to keep their bills paid. well, enter shift pucks city e. they -- pixie. they work with some of the biggest companies in the world -- mcdonald's, subway and a lot more -- to help fill those tough-to-fill jobs. let's bring in the company's ceo, scott, it's great to have you here. >> good afternoon, cheryl. glad to be with you. cheryl: let's talk about business for you during the pandemic. i'm assuming you've seen a big

increase in job seekers but also with the restaurant industry, they needed a lot of new workers because we're all at home and ordering. >> yeah, that's right. actually, we did see a dip, depending on the format, the dining format for our customers. those that relied heavily on dining room traffic sow saw some big declines. those that were, relied on delivery, we have a lot of pizza brands that we serve, they actually did very well, actually improved, had improved sales, again, because people were staying at home. those that relied on drive through, they had a decline but not, not as steep a decline as those that relied on dining room traffic. we are starting to see some of that, those populations crawling back to normal: cheryl: and i want to talk about the interface with users for your platform because i like the simplification of it, i'm not

going to lie. i've been covering jobs myself as a reporter for years, and it's, base clue, it's almost like swiping to calculate. it's like a dating app, but you're connecting a job seeker with an open job. talk about that and what a great idea. >> sure. well, we saw a major disruption in the u.s. part-time labor market starting in about 2015. a lot of that was attributed to the new gig platforms that invaded the market whether it was the rude sharing or food deliver -- ride sharing or food delivery. they created a new preference and began catering to this new preference for people that were dedicated to part-time labor. as a result, if you were a brick and mortar operator, say a restaurant operator in particular, suddenly you couldn't find and keep people. and the old traditions of 100% turnover, which was an expectation in particularly the restaurant industry, all of a sudden those turnover rates started to escalate to 3 and

400%. we saw an opportunity to take our original dna, we found a way to enable that same technology that the gig platforms did but deliver it to brick and mortar operators so they didn't have to make an investment and also that compliance we've been doing one shift at a time. cheryl: i want to pick up on that gig worker and economy, if you will. there's been a huge fight in california, it's ending up on the november ballot, and it's about lyft and uber drivers being employees versus free lancers. where where is that going? do you think we're going to start to include these people as actual employees? because that destroys the business model for the company, but it's better for the worker. where do you sit on that? >> well, listen, we've been a very aggressive observer from the very early days, and we knew that there would come a day that you couldn't scoff very settled law on the employer/employee

relationship. and no matter what you call it, what a lot of people don't realize is that when you get paid as an employee, your boss, your employer is paying into the state as well a tax. and if you think about it, how long will cash-starved states like california, illinois, new york, new jersey, how long will they forgo the employer tax revenue? cheryl: yeah. >> that's really a basic component. cheryl: which those states desperately need right now. we're running out of time. great conversation with you, scott. scott absher. >>ing joy the weekend. cheryl: you as well. i'm going to enjoy it a little more than i thought i would because the dow has come back. we were positive earlier. now we're back down 118,, but i wasn't ready to hit labor day looking at a big old selloff. the nasdaq was, at one point, down 5%. well off the lows. no dancing for elon musk as

he sees his net worth fall $20 billion as tesla falls off after this week's five for one split. we told you the nasdaq and the tech stocks had fallen off. what's behind all of this? charlie's going to break it, coming up next on "the claman countdown." ♪ ♪ i'm hector. i'm a delivery operations manager in san diego, california. we were one of the first stations to pilot a fleet of electric vehicles. we're striving to deliver a package with zero emissions into the air. i feel really proud of the impact that has on the environment. we have two daughters and i want to do everything i can to protect the environment so hopefully they can have a great future.

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♪ ♪ cheryl: tesla smashing investors' hopes hard this week. the glow of monday's five for one stock split fading. shares down more than 15% since monday's record close but had dropped more than 20% since that record at the session lows today. now, tesla right now is actually higher by almost 3%.

so there you go. but, you know, the clean energy empire kind of looking as a bear. avoid wracking up the longest losing streak since march 18th. i want to bring in a man who knows a thing or two about tesla and robbing hood, still stuck on that from yesterday, charlie gas prix know. hey, charlie. >> listen, the major media, i guess outside of us, is now catching up to our story from yesterday, that this was a major buyer of call options, bullish bets on tesla, on apple over the last three months that was propelling the markets higher. this buyer was also buying shares -- that's how you hedge yourself -- and it was followed, sort of piggybacked by the robin hood traders. this major buyer sold out of his position probably, most likely

had a huge gain. because from what i understand, this major buyer is not involved anymore. it's the robinned hood teaches, the people that were latching onto these stocks that clearly had way with too much froth on these tech names like tesla, apple, a bunch of others that are usually left holding the bag, that's what happened here, and that accelerated the losses over the last couple days. retail, is so to speak, capitulating. who is that major buyer? i had the name yesterday, just so you know. it's out there today in the journal and the financial time reporting that it's softbank. why didn't i, when i reported a major buyer yesterday in the market? i'll be honest with you, cheryl, i don't know how you confirm it's them. you know, i'm not on the trading desk, i'm not taking the order. clearly, it was market rumors that it was them, and they were in the market bigtime buying these long gated call options. when you buy elongated call

options, that means $50 above where apple is trading now, that's a huge bullish bet. and other traders see that, the robin hood types smell it, thaw sense it, and you try to puggyback that trade. what you don't know is when that buyer, if it's a big buyer, is in or out. you don't know if that buyer sold out of his positions two weeks ago, took its loss, took its gains, and while everybody else is just catching up. i think that's kind of what happened here. so what you had is the worst of both worlds. they kept writing up the, the updraft in these stocks. many of them got in late. and then they took the brunt when the big buyer sells out of its positions and stocks go lower, and then they get screwed even more because other retail capitulates. that's what you have now. now, does this mean that apple and tesla are going to halve in value? you know, i doubt it. i mean, i think this is a trade.

and i think the trade is starting to up wind. it'll -- unwind. it'll be interesting to see what happens on monday, cheryl, just how much, just how much -- if it's just robin hood. it would be interesting if a major hedge fund was somehow caught up in this thing -- cheryl: wait, are you going to be here monday? because i'm not. >> that's right. it's tuesday. cheryl: just confirming. >> markets aren't open on labor day, right? cheryl: lord, i hope not. [laughter] >> you know, up when you have these sort of decapitulations, you do have -- sometimes traders get on the wrong side of this, and there's been all sorts of rumors about, you know, major hedge funds being on the wrong side of major trades. it'll be interesting if this is just retail getting crushed and kind of deserving it for gambling or this is, or there's a major hedge fund. the hedge fund doesn't deserve it. but, you know, if it's a major

hedge fund, the losses can amplify it dramatically -- cheryl: it hurts the overall market, i think, to your point. that's rough for everybody. go ahead. i was going to say real quick. >> i think the unemployment numbers put a floor on the market today. things are slowly getting better. and, you know, the economy should improve as more states open. and if we don't have a second wave, you know, this is going to affect the presidential election. the talking point of the trump campaign is going to be unemployment below double digits thanks to our efforts. things are not -- we're not in a depression thanks to our efforts. and they're going to have, to be honest with you, they're going to have good evidence, they're going to be able to show that. unemployment, suppose it gets close to 8% but october. cheryl: it'd be good for november. have a great weekend. try not to work over the next three days. >> all i do is work here. cheryl: i know. don't work over the next three days. >> i don't think i'm coming

back. maybe i should just, like, quit now. [laughter] cheryl: no. stay there and be comfy. charlie, it's great to see you. see you tuesday. >> you too. cheryl: liz will be back, by the way, on tuesday, everybody. nasdaq, this was crazy today, we were down 582 points, session lows. now if we were to close higher, that would be the largest point base reversal ever on record. they've never finished higher falling 400 points finish after falling 400 points. thomas, could we maybe turn it around in the next 12 minutes? crazier things have happened in this hour. >> well, cheryl, welcome to the reopening trade. you know, the story that no one has talked about for the last four days is the kvw banking index is up every day for the last four days, and the yield curve is steepening. people are not racing to get safety in treasury is. we're actually seeing a positive

environment for banks. and this is a function of money crowding into growth and tech because they thought slow growth environment, and now we're seeing the light at the end of the tunnel, and people are moving into cyclicals;bags, industrials -- banks, industrials, etc. we're going to look back at this selloff in a couple weeks and say it's a sign of good things to come. cheryl: you know, scott, this reminds me of something charlie was just saying, you know, that all this volatility is good for some investors/traders. and we have seen this uptick in traders at home during quarantine, and that seems to be now really affecting the broader averages. >> it really does. and, you know, this is really one of the first selloffs that these traders were talking about, whether you want to classify them as robin hood traders or whatever, that we've seen since they all started fueling into the market over the last three, four months or so. this is healthy. this is warranted. this is great for the market.

now, that being said, where are all the buyers, you know, that were on the sidelines saying, man, when we get that 2, 3% selloff, i'm in. maybe they came back today, right? maybe they actually stepped up to the plate and came back today. to the point that just made about the bank index, yeah, the banks, the financials have been really strong. but don't count out these nasdaq stocks. don't count out the apples, the fangs especially and the microsofts of the world. just because with we had this little selloff, which was more than warranted, these are still going to be the stocks to own moving forward -- cheryl: agree. i agree with you. yep, no, i think that's a really great point and comment. i want to pick up on that because, or you know, the airline sector, we were just looking at those, all green arrows despite red across the board for the major averages. the president twice has now mentioned stimulus coming for the e for the airline industry, help coming for that industry.

this is the thing, these sectors get beaten down out of fear, and someone steps in and says, hey, look, that's a good trade. i'm not saying airlines aren't volatile, they can be ors thomas, but something to think about here. >> we're about two months behind china in terms of the recovery, and if you look at their e seats in the air recently, they're getting closer to pre-pandemic levels for domestic flights in china. i i think we're starting to see the same things here. i flew last week with the family with masks, etc., it was a great experience, everyone was safe. i do think that there's a selective opportunity for the highest quality airlines moving forward, and then as we get closer and closer, certainly, with the vaccine, etc., you can go into the cheaper -- you've seen cruise lines, travel, etc., and there's real opportunity here. we've been hearing a lot of good news on the vaccine front, on the treatment front, so that's where there's value.

cheryl: those businesses aren't going away. tom the, scott, i really appreciate you guys joining me. thanks for your time. >> have a great weekend. >> appreciate it, cheryl. cheryl: you too. we've got about eight minutes toss go. markets are still trying to claw back into positive territory. "claman countdown" coming right back on why this late-day rally should be keeping us all optimist you can e. ♪ ♪ 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: the closing bell rings and five minutes from now market falling short of a massive reversal into positive territory educate see down 129 and s&p down 22 and s&p 121 dog things obtained for the week and here the numbers for the week, the dow is in the near and to negative territory as is the s&p and nasdaq is down 3% for the week and this is the five winning streak that we had for the nasdaq into the s&p 500. let's go to jackie deangelis for the week's leaders and laggards.

>> let's start with the dow because we see in off of session lows after the big, big selloff yesterday, i went to take a look here, it is caterpillar, and american express, you have a financial and chemical material comfort, and industrial taking is higher today, that is a little different than what we see before, on the losing side for dow stock, we are microsoft and the red, salesforce.com and new entrants to the dow and home depot as well. sometimes a pandemic plagues are slowing down intech is slowing down as well. when it comes to the s&p 500 i thought it was interesting because you got brown-forman, up 9% going into a holiday weekend and we've all been drinking a little during this pandemic but that is one to watch their and also seen a 5.5% after earnings and outlook if they topped the wall street estimate.

finally let's take a look at the losers, the energy companies, diamond back and front tier and oil price under prices are lower today, the winner on the nasdaq is interesting as well, your after the second quarter earnings of zoom crushed the estimates in pharmaceuticals and hedge funds getting into this one. back to you. cheryl: people have been drinking during the pandemic? >> that's what i hear, i cannot speak from experience. cheryl: mean neither. have a great weekend jackie deangelis. marcus back after major today, that has been a crazy couple of days and liz is back on tuesday, she can take the reins on this. there are still things to be optimistic about in the stock market. the ceo of hudson valley is here. how are you? >> how are you very good to seal. cheryl: what a day. very volatile. why do you say that? >> you're coming into. where usually the markets goes sideways a presidential year end right now you're looking at past

earnings and outlook and seeing where were going to be going for next year end the risk comes in of who is in the white house and what the changes would be in terms of the senate and congress and what laws will get past if they get past and what direction the economy can take because of that. cheryl: a lot of people are looking for opportunities and it's a sector story, i think most people try to look for sectors, is there anything that you like that you see that is beaten-down enough that is interesting to you? >> individual, cannot talk to specific stocks but in terms of looking at etf's, the transports are going to be a big winner over the next couple of years, there's a number of factors for that, people ordering more things that are coming to their homes, logistics is getting smarter and more and more technologies being implemented on the transportation side, where houses are smart, the last mile is very important. you see amazon who has invested $3 billion recently just in

terms of their logistics platform. cheryl: i was going to ask you about retail, i'm glad that you brought up amazon, the retail, all the online sales numbers on the earnings report has got to walmart and target have been nothing short of incredible. you have to think that that story will continue for these companies. beyond the pandemic. >> i would agree with you, the consumer is really strong, look across all the industry groups and if i'm going out and trying to go to home depot for lumber and you can't find it and trying to buy a car, you cannot find it and if you're looking for house, multiple bidders away from the cities, that is not what you call a recession. i think it's going to continue to move higher and we end up having a consumer if you were to open up its dependent on states and where they opened up the more the economy will be more robust and i think things will be better than what people could've ever envisioned back in march. cheryl: who thought we were going to be under 9% unemployment rate like we were today. great to see you. have a great weekend.

just some context here, i said it over to melissa francis, the dow was more than 2% and the nasdaq down more than 5% s&p down 3% during the day and guess what it does not matter because it's how we close which is happening right now and as you can see the bells are ringing in the dow down 159 per melissa to get away. melissa: absolutely, major reversal on wall street stocks ending in the red but well off the session lows as a nasdaq came within 25 points of entering a correction despite much steeper than expected drop in august on appointment. i am melissa francis and this is "after the bell", happy friday everyone. we start with fox business team coverage, lauren simonetti is following the market, edward lawrence live in washington on the august report and hillary vaughn is in wilmington delaware. lauren we will start with you.