you have a fantastic track record. thank you very much. meantime, we had one decent rebound attempt today that faded about an hour and a half ago. now we are starting to fade. you can bet the last hour of trading will be crazy. liz claman, hold on to your hat. liz: in fact, i'm doing some back of the envelope math here. the nasdaq over the past three sessions has lost about 1,129 points. big chunk there, definitely. the other indices are really kind of tanking at the moment. we do have a treasury tuesday on our hands. the first trading day after the long labor day weekend has the bulls diving for cover. the vix, wall street's fear gauge, popping 5% but the volatility index is volatile itself. just a few minutes ago it was up 9% so we are looking at a lot of movement moment by moment. with the addition of the oil markets, which we're in the aftermarket right now, oil

markets are crumbling. we do have crude down $2.70, down about 6.7%. we have the new demand worries triggered by china tensions and the lingering pandemic, put in with all the markets. here we go with follow-through. the dow right now down 566. we have the s&p lower by 83. the nasdaq down 396. our floor show traders, including jpmorgan's david kelly, are getting in front of the cameras. they will have instant reaction. from northwestern to northeastern to west virginia, colleges are grappling with coronavirus closures and suspensions. the ceo of the nation's leading direct-to-student digital learning platform thinks higher ed, ready for this, is in a bubble and maybe the pandemic is about to pop it. he's here in a fox business exclusive. plus jillian michaels, one of the biggest names in fitness, is rolling out a new workout from home app as gyms struggle

to reopen after the pandemic. she's here to whip us into shape. we will get you the latest numbers from peloton. gm's stock electrified as peloton is spinning higher. less than an hour to the closing bell. let's start "the claman countdown." liz: this is a fox business alert. general motors stock is electrified after the automaker said it's taking an 11% stake in nikola. that is, of course, the electric truck company. in exchange, gm will help the electric truck startup develop and manufacture brand new models. look at the bump that gm is getting. this started this morning but i said you guys, we have to lead with this because it's not often you see an 8.25% jump in gm stock. it now stands at $32.47. nikola has gone absolutely crazy, up 40.25% at the moment.

that's a $14.24 gain to $49.79 a share. now, while nikola surges, tesla is tanking at this hour. i know charles payne was just talking about this a few minutes ago but look at tesla. now down another 19.25%, down $80 to $337.57 a share. everybody expected that the s&p would welcome with open arms tesla. well, in a shocking move, the s&p committee said no, we're not going to induct you into our s&p 500 hall of fame. theories are swirling all over the place as to why the ev trailblazer was not added to the index. some speculate tesla needs to deliver a few more quarters of profitability because you know, perhaps the people at the s&p on the board are saying wait a minute, you know, this is too sketchy at the moment, we're not sure if they can show sustainability on profits. others simply say the stock is a bit too frothy. disney's gambit to release

its live action film "mulan" straight to disney plus at $30 a pop seems to be paying off on the surface. a research firm saying disney plus app downloads surged 68% this past weekend from the weekend prior and consumer spending in the app jumped nearly 200%. the stock is up 1.7%. deutsche bank upgrading the stock to a buy from a hold, betting on its streaming future. a fox business alert. with today's significant point drop, moment by moment, it is changing but if you compile the nasdaq, since 9-2, this would be september 2nd, the nasdaq is looking pretty significantly down, about 9.7%. flip it over to the dow. the dow has now lost close to 1,600 points over just the last three trading sessions. we know the markets are separate from the economy. not the same thing. president trump of course,

during his labor day press conference yesterday, said this is the fastest economic recovery in u.s. history. just days earlier, federal reserve chair jerome powell said while the jobless rate which dropped in august to 8.4% from july's 10.2% is better than expected, the economic recovery will be slow going. just look at second quarter gdp which is in the rear view mirror, obviously. q2 gdp shrank 31.7% but the u.s. is far from alone with those ugly numbers. so where does that put us today as we face a traditionally volatile month of stock trading? to our floor show. we are joined by jon corpina and david kelly. jonathan, to you first. nasdaq down 438 points, that's sort of the froth that really triggered what happened last week. do you expect worsening or improving numbers in this final hour of trade? >> i think we will continue to remain soft here. the market tried to get some sort of rally, some sort of

stability halfway through the day after europe closed and now we are seeing more pressure that's coming on to the market. i do want to point out a few things here. this isn't panic selling. i'm not talking to -- my clients are not saying i need to get out, i need to make some sales. we have had a nice run in this market from those lows. i think people kind of slowly participate on the way down and participated on the way up. keep in mind where we are and where we are coming to. now if you look at our trading sessions we have had, last week, going into labor day weekend, this week, short session, participation is very light. the market is justified to do what it's doing. we should see this pressure on the market. we should see some of these tech names that have launched so high, come back down and have some percentage points taken out of it. i just don't think it should be as much as we are seeing. the volume isn't helping this rally or this pressure that's been on the market so we are seeing a lot more volatility here. those magnified moves are going to get people a little bit uneasy but once again, look where we came, look where we have come to, and what's going

to happen now moving forward. historically, september, october, november, could be a rough time in our markets. eight weeks away from an election, anything can happen at this point. we also know from 2016 not to trust the polls. this isn't such a blueprint where we know the market's going to go up or down based upon a winner or loser. i think at this point investors need to make sure that they just pay attention to what's happening, but this market is going to remain volatile. liz: okay. volatile, it is, david. i'm looking, the dow has just tested the lows of the session and gone through that floor. the low when we came in, call it seven minutes ago, the dow had lost 632. we are now down 648. investors, though, with the longer term horizon are wondering if there are more sessions like this to come because maybe they missed the march low, but with this u.s. gdp as an ugly backdrop and by the way, japan's gdp just out this morning, i don't know if you guys saw this, plunging 28.1% for the second quarter,

makes people wonder, is the shakeout going to be longer term. what do you think, david? >> well, i think it's going to be a slow recovery from here. the third quarter gdp numbers around the world are going to be very strong but it's kind of like falling off a cliff on to a trampoline. the bounce is really impressive but the important thing is you fell off a cliff. from here on out, when we look at it on a monthly basis or quarterly basis, really good to get as much as 30% growth but that's still going to leave us well down from where we were at the fourth quarter of last year. then i think growth will decelerate to about 3%. it's really slamming on the brakes and much slow progress until we get this pandemic dealt with. the first half of the recovery, getting back half the jobs we lost, was pretty fast. getting back the rest of the jobs we lost is going to take a long time. i think the market will at some stage reflect that. i'm not surprised to see a correction. i think it was overdue here. i think investors need to be a little bit cautious going

forward. liz: well, okay, but then if you are predicting that the third quarter or at least the second half of the year is going to be slower than the first, which is in contradiction to what president trump has promised multiple times saying you won't even believe how good it starts to look, you have to tell us what that means for corporate profits, which are rear view mirror looking. we have had a pretty significant move to the upside when it comes to consumer spending. obviously some of that was driven by the stimulus but give me a sense of what you see for q2 numbers here. >> what we saw in q2 operating earnings per share were down about 35% year over year which is really lousy. in q3, we think they will be down about 20%. that's still down a lot. i think it's going to recover from there and by 2021 -- sorry, by the end of 2021 we are probably going to be back to where we were in 2019.

but it's still a recovery from there. when you see the market move ahead of last year, you know, at the start of this week, we are still up 6% year to date on the s&p 500. that's too much froth given the amount of uncertainty and the real difficulty the economy's having. it's not that dthe economy's no recovering. it is, but it's recovering slowly and still has the pandemic keeping the recovery slow. liz: the nasdaq down 427, jon, september is traditionally a very volatile month. like i said before, when charles was tossing to me at the top of the hour, the vix was up 9%. then it was up 5%. there's a real moving target here. what do you expect for the month, considering we started off with almost a melt-up last week early? >> yeah. look where the vix has been, right. we tried to break down below that 2221 level, 20 was a wish

and it bounced straight up from there. you see where we're coming in now. lot of volatility in the vix. i think it's kind of, you know, back and forth. is it really giving us an indicator of the fear that's in this market? i don't think so. once again, i'm going to go back to using the word magnify. i think the swings in the vix are overly magnified and not really giving us that real fear gauge but in september, just think about what we need to get through in the next eight weeks. this presidential election, which is one that they are going to write about this one in history books for years to come. the potential debates, what's going to come from that. we saw the china headlines that come into play. we have president trump and biden going back at each other and now they are finally on the road making appearances in person and trying to get more votes. i think we are going to continue to see this volatile market. long run, long term, our economy is going to get back to where it should be. certainly going to take time. the pressing of the gas and

pressing on the brakes very fast has not been healthy for us. liz: yeah. well, you know, history books aside, we are watching this very rough road at the moment. jon, david, thank you very much for joining us. the closing bell is ringing in about i want to say 51 minutes here. high drama in high education, speaking of history books, as the coronavirus's tentacles spread to campuses across the country. enter the man behind the digital education stock up more than 76% this year. in a "countdown" exclusive, dan rosenswag on the bubble he says we are seeing about to burst right in front of our eyes. that and more coming up on "the claman countdown." nasdaq down 414. off its lows. ( ♪ ) ♪ i need it so bad don't call it a hobby. it's way more than just a job.

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liz: breaking news. moments ago, president trump announced he will extend the ban on drilling to florida's atlantic coast and the coasts of georgia and south carolina. he will also be signing an executive order to extend the ban on drilling to florida's western coast. he is speaking live in jupiter, florida right now. but while the president focuses on the environment, back in washington, d.c., the senate

republicans have just released their coronavirus stimulus package. to blake burman at the white house. blake, i've got it, i got a copy of it and i was looking through it and it's hard for me to distill it and say what's the most important part but people want to know what the top line number is of the value of this stimulus package. reporter: legislative language is often hundreds, if not longer than that, with pages. i think this one was as well, like 250 pages or something. we have been going through it. we have been trying, i can tell you myself and edward lawrence, chad pergram as well trying to get the top line number for you. chad had been reporting $500 billion. you remember a couple weeks ago i had told you we had been hearing that figure, about $500 billion skinny bill, if you want to call it that. there is also a $454 billion figure in there. we are still trying to figure it out is my short answer but we believe it's in the $450 billion to $500 billion range. in any event, it is still going

to very much likely face resistance among republicans, this bill put forth by mitch mcconnell because as you know, there are some republicans who argue that we don't need any more spending going forward. they cite several reasons why. first off, the national debt. $26.7 trillion. you can see the figures as they pick up by the seconds there. also, when you dig deeper than that, the congressional budget office has predicted the deficit in 2020 will reach an historic $3.3 trillion. individual tax bills expected to shrink 11%. corporate profits expected to take a plunge by 34%, when you talk about the tax bill the federal government collects. that is why some republicans will be hesitant no matter what the price tag on this will be. right now, president trump, as you see, in florida, one of two campaign stops there today. separately, as you talk about just that he's going to be extending the oil drilling moratorium from the west coast

of florida all the way on to the east coast of florida as well, up to georgia and south carolina. i can tell you as someone who worked in that state, covered politics there for awhile, that is a big deal and comes up every election. the president now getting into that issue 55 days ahead of the election. but back over here at the white house, one of the questions is what exactly would the white house support when it comes to this phase four relief package. remember, about ten days ago we had told you that the white house chief of staff mark meadows had said the white house would support $1.3 trillion. now senate republicans are putting forth a number that's about a third of that, 40% of that. i asked larry kudlow, the president's top economic adviser, where the white house stands and he wouldn't necessarily take a stance. watch. does the white house prefer the $1.3 trillion number mark meadows mentioned last week? >> we will work through that. i'm not going to negotiate here. reporter: so he says they will work through it, not going to negotiate on it.

either way, chuck schumer, nancy pelosi have come out and flatly rejected this already, saying in a statement earlier today quote, even leader mcconnell has repeatedly stressed 20 republican senators intend to do nothing in the face of this historic crisis. they write quote, democrats want to work on bipartisan legislation that will meet the urgent needs of the american people, but republicans continue to move in the wrong direction. so the stalemate it seems continues even though republicans are putting forth some ideas that the president is out on the campaign trail right now in florida and will head to north carolina later today. liz? liz: you could drive a truck through the difference between what the democrats want and what the republicans want but i see $10 billion for the post office. so there is a nod to that. we will be watching all of it and much more. blake, thank you so much. blake burman. all right. we've got the closing bell ringing in about 40 minutes. i do need to tell you that we are off the lows, if that's any consolation, considering the dow

is still down 540. make that 36 points. nasdaq down 409. the s&p down 2.5% or 84 points to the downside. peloton, ready to open the wait list gates. coming up, the game-changing product announcements that have shares spinning into high gear. plus, what famed fitness guru jillian michaels makes of the workout from home movement and if it's really here to stay. has she been a brilliant businesswoman in this space. "the claman countdown" coming right back. introducing stocks by the slice from fidelity. 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: breaking news. bring in the lawyers. apple is firing back. the tech giant countersuing epic games, the creator of fortnite, that super-hot video game. the two have been squaring off in a battle over app store fees since last month. apple not only now seeking to stop epic from implementing its

own in-app payment system but also seeking lost app store fees and other damages from the game maker. apple has also blocked epic from launching updates and new apps in its store until this battle plays out. epic's big stake holder is tencent. tencent is down 3% but apple is really taking a hit here, down 5.9%. apple is now below $114 a share. it's at $113.82. we have more on apple and its coming 5g phones later in the show but in the meantime, to other, yes, to other all kinds of gadgets. fitness fanatics are just 15 hours from peloton opening the flood gates. the new bike plus as it's called and a lower priced bike go on sale 7:00 a.m. tomorrow, as the brand continues to expand its line of products with a new treadmill as well. the ceo john foley will be joining us on "the claman countdown" this friday to talk about earnings and how his

fitness powerhouse has become the hot name in working out from home. but long before people were spinning at home, jillian michaels was pioneering how to help keep america fit and active from the comfort of their living room. she's got a new app that offers free seven-minute daily workouts and more, and she's joining us live now to talk about the business of health in the covid age and who is going to survive, who's not. jillian, great to have you. gyms and health clubs went dark months ago. i really want to hear from you first how the pandemic initially impacted you and your business. >> well, you know, there are many different facets to my business, so i do have an app which allows people to work out at home and that business has gone up 30%. now, other businesses that i have invested in, whether it was a supplement business or organic coffee company that you can only get through foot traffic in the supermarket, have taken hits.

it's kind of fascinating on one hand, i deal with half of my businesses struggling and trying to keep the employees on board, and then with at-home fitness t jillian michaels brand, we indirectly benefited from this because people are afraid to go to the gym even if they are open in your area now. liz: that's fascinating because on wall street we call that hedging, right. you anticipate something bad's going to happen on one end so you've got the other half there. in the end, of course, you want both sides to do well. what changes are you now seeing, any improvement in the areas where you saw weakness? >> well, you were speaking about, talking about at-home fitness in general, changes across that, that spectrum, or just overall? liz: well, i know that you have got the body shred classes taught in a lot of gyms and a lot of gyms have been closed. >> yes. well, we actually look at that

business ironically, a year ago, and decided that it just wasn't financially viable anymore, because fitness classes like zumba for example were giving away their content. so when people give away content, you can't turn around and say well, i want to sell body shred and take licensing fees. so we decided that the best way forward in looking at the business was at-home fitness. we were looking at things like tonal or peloton, as you were talking about, and watching those industries grow. now, on the other hand, we did invest in some fitness facilities. my business partner happens to be an investor in boot camp and they have been having a tough time getting up and running. that's what it is, hedging, but we have always done well in at-home fitness and that's where we decided to really focus the jillian michaels brand and my brand of fitness through the app

and we happened to get very lucky, kind of closing down the other components of business without knowing obviously what was on the horizon for 2020. liz: well, you look at things like peloton, there has been a wait list for anything, not just pelotons. i just went online to try, this is months ago, but the pandemic had certainly hit, to get 20-pound dumbbells, not that i'm that strong, but i was hoping to be, and -- >> sure you are. liz: i couldn't get them. charlie gasparino, one of our reporters, wanted to buy a pullup bar. those are sold out for months now. when you talk about getting back in the gym, would you feel comfortable going back into the gym now, if they say oh, we will be at 25% capacity and wipe down the machines? >> okay. look, all transparency, you don't need these pieces of equipment to work out at home. so i know they are hard to get and i know they have gone up in cost exponentially. you have your own body weight, and you can use it in a million

different ways literally to get a superior workout. if you are afraid of covid, you should not go to the gym. i actually am a person who let my guard down, i haven't spoken about this publicly, really, and a very close friend of mine gave me covid several weeks ago. i'm fortunate to have gone into it being healthy and i was able to get on the other side of it pretty quick. but not everybody is that lucky, as we know. all i can tell you is if you are afraid of getting covid, a public gym is probably a place where you will get it. i would love to tell you that's not the case but the reality is i literally let my guard down for an hour with one of my best friends, who does my hair and makeup, and got it. it's just that simple. so if you are not in a mask and that person is not in a mask, and they have covid and have no idea because by the way, i had no idea i had it for six days, my friend had no idea she had it

when she gave it to me. anticipate that you will likely get it. in an environment like that. if you are afraid of it, by all means, it's not a move that i would recommend making. [ speaking simultaneously ] liz: i appreciate you sharing that, considering you haven't spoken about it publicly before. i am so glad that you recovered and it's a horrible situation, especially when you get the heavy viral load. we will be watching that and good luck with your brand new app. seven minutes of free content every day, then a pay wall if you want more. everybody will get addicted, trust us. best of luck to you, jillian. glad you're well and recovering from covid. >> thank you very much. we're good. just be safe. keep your guard up. liz: indeed. good advice. jillian michaels. closing bell, we are 28 minutes away. we do have the nasdaq, we are not down 400 points.

we are down 372 to 10,941. ten-year yield, well, it's .68. considering several hours ago it was at .7, we are seeing fear in the market. but morgan stanley isn't seeing fear. it's seeing love. the bank's naming southwest airlines its top air carrier pick in new coverage. jetblue and delta also getting a bullish nod as morgan bets on a speedy return to pre-covid travel levels. love, jetblue, delta, look at this, green on the screen. southwest better by 3%. jetblue up 3.25%. delta up 3%. back here on the ground, back-to-school becoming a full-on back-and-forth covid battle. coming up, chegg's ceo is here exclusively on filling the gap for students and investors. you've got to see this year to date chart, next on "the claman countdown." ♪ (vo) while you may not be running an architectural firm,

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liz: gang, we want to let you know that we are now going to go commercial-free because this market is very fluid at the moment. the dow intraday picture actually looks slightly better than it did just a few minutes ago. we did touch a new low, that new low for the dow was a loss of 668 points. right now we are down 485. that gives you a better sense that we are coming up off this floor. the s&p 500 also set a new low for the session, down about 97 points. we do have the s&p down 75. so we are a good 20, 30 points depending on the index off some of these lows. nasdaq's new low 447. we do have the nasdaq at the moment down 382. prf we do just want to let you know as we go commercial free, we need to tell you that new york governor andrew cuomo has just announced that colleges with more than 100 covid-19 cases may have to transition to remote learning. this as northwestern, where

tuition runs more than $50,000 a year, crossed the financial rubicon. the private college has said it will offer freshmen and sophomores a 10% tuition discount for the quarter after announcing they were closing up freshmen residence halls and in-person classes. kids showed up, checked in. they are now being sent home. education tech company chegg rents and sells textbooks online, provides online homework help and is now offering online courses for tech skills. the ceo dan rosensweig has been warning that higher education is in a bubble. dan, great to have you here. are you of the belief that this bubble is about to pop and is covid the pin, pandemic pin, that might do it? >> yeah, hi, liz. yes. i think it has been popping. i think we have been denying it. i think it's been propped up by colleges being able to raise their rates and the government being able to or willing to give

higher loans or higher amounts in the loans, and that we just haven't caught up with it yet. 40% of students aren't paying the loan back, 43% of students go to college, don't get a degree at all, then have the loan and have no chance at paying it back. i think with covid, it's really highlighted for all of us that these are businesses, whether they call themselves not-for-profit or they are for profit, either way, the only reason to open up a campus now is to generate more income. and it's unfortunately not working. liz: i have to tell you, i'm of the belief, and you don't want to pull loans from kids who are just desperate to go to college, but these universities, whether they are private or non-profit, they know that people are desperate to get that higher education and that they will borrow and therefore, we see college tuition jumping and inflating far higher than the average rate of inflation, and i think that's really depressing. what do you think is the straw that breaks the camel's back and

in what form will higher learning and higher education take? >> yeah. there's a lot that needs to be unpacked there. i think you're right about all of it. prices have been allowed to go up, the curriculum has not expanded. the criurriculum has not improv to become more relevant to the modern day work force so most students that graduate, students are much older today than they have ever been. the average salary is $25,000, they have taken on 30, 40, 50, $80,000 in loans, more if they go to graduate school. i think everybody is missing the point which is what is it we want for education to be able to provide, to be that ticket to the middle class. we at chegg believe we need to accelerate the process. there's no reason for it to take as long as it takes. first, the average person right now graduates, if they graduate at all, takes them six years. it's not even a four-year degree. why does it take that long? if we can binge-watch our favorite shows, why can't we

binge-earn our education? why does it cost that much? technology normally allows things to be more accessible and cheaper, and now it costs more. so i think we've got to expand the curriculum, go more online, accelerate the path from learning to earning and recognize many of these colleges are not going to be relevant going into the future and i think the bubble has burst, and you are going to see up to 25% of schools going out of business just in the next few months. liz: i remember, dan, well before chegg was public and you were running it and i remember thinking that the advantage back then, this is how naive we all were of online textbooks is our kids weren't lugging them and hurting their backs in the backpacks, plus they were less expensive. we can whip through what people are saving when they buy an online textbook but now you see how valuable this has become in the covid era. my question to you is, what happens next? your stock is up 76% year to date. up 105% year over year. a, when a vaccine comes, you

know, do you think you will still have this momentum and b, what's next for you guys? is there a chegg college in the works, if you do really believe that there are more opportunities online? >> look, these are all good questions. we do believe we have crossed the chasm in the united states where 87% of students know who we are, they value us. even when students get to go back to campus, overwhelmingly, the administration is going to be cut, professors are going to be cut, all the support services are going to be cut. the need for chegg only expands actually as people go back to campuses. people won't be going to labs, they won't have math labs, reading labs, all the thing chegg is able to provide more efficiently, higher quality on demand and very affordably. we are only $14.95 a month. i think once people get hooked on chegg they stay on chegg. we also saw this become a global phenomenon, when schools closed outside the u.s., we saw our growth rates outside the u.s. expand dramatically. so we recognize that this is a

global phenomenon that's going to continue. but the real question of the strategy of what is chegg going to do next, we believe in providing ubiquitous academic support no matter which institution you go to, whether you go to a traditional institution. i think those are the less traditional institutions now. you would probably be shocked to know, liz, the two largest schools not-for-profit in the united states are online schools. they have over 130,000 students. chegg will not be a school that way. but we are going to be able to accelerate learning to earning to get people to learn job skills, get them jobs. we have lowered the cost, doubled the curriculum, improved the amount of service and support that we provide underneath it so people can get help on demand any time, day or night. we are re-inventing the plan from learning to earning. we think that we are not going to be the only ones. we think we will be the most successful. liz: well, definitely a

disruptor. always have been, will be. dan, great to see you. thank you so much. dan rosensweig of chegg. check the dow, down -- that's the nasdaq, actually. they are almost neck and neck. dow is down 497. well, 503. nasdaq down 408. from college drama to the real-life deal that's turned into an international firestorm. the trump administration's deadline for tiktok to find a buyer or else be banned is now just a week away, but so far, radio silence on a deal by the chinese-owned social media player. what is the holdup? let's bring in new inside information on where tiktok stands. charlie gasparino, what's happening with the talks? charlie: well, you know, we don't exactly know what's happening with the talks because i do not have sources inside the chinese politburo. that's an aspect of this involving the chinese government not easy to crack that code, as you know. it used to be china watchers who

used to watch from way afar, what's going on in china. that's kind of like how we have to do this. so there is an aspect here that's controlled by the chinese government because tiktok is owned by bytedance, a chinese company, and they just imposed new rules on transfer of assets and data assets, and this falls into that realm. the chinese government has to sign off on it. also, it's really interesting, i didn't know this, the treasury department believes it has to sign off on it. here's what we know. the treasury department is going to make a recommendation to the president at some point, maybe it's tonight, maybe it's tomorrow, maybe it's next week, but from what i understand, as of noon today, they haven't yet, on which of the bidders, which one of the bidders is more appropriate to buy tiktok's assets, including mainly the u.s. assets and basically secure the user data from chinese influence. from what we understand, the treasury department has not made

that decision. we should point out treasury secretary mnuchin sits on the board of an entity, an agency inside the treasury department which is very powerful, called cfius, the council of foreign investment in the u.s. so that's where the u.s. could technically hold up this deal. mnuchin, from what i understand, has not made or cfius, that he chairs, has not made that recommendation yet, whether it should be microsoft, oracle or some unknown bidder. i will say this. how this matters in the whole scheme of things, it's very difficult to figure out. obviously the u.s. doesn't like the buyer, president trump could i guess, you know, do an executive order that says no deal. you would think a private company has the ability to pick who it should sell to and i think that's the position from what i understand of tiktok. but we should point out there are two bidders, as you know, that are known, real bidders.

one is microsoft, giant tech company, $1.3 trillion balance sheet or market cap. the other is oracle. not a small company but nowhere near the size of microsoft. from what i understand, the bureaucrats, people on the ground that have been going through this deal since the beginning, since tiktok got under the microscope of the trump administration for possible ban because they believed the chinese are using user data to -- for surveillance purposes, the guys on the ground, the technocrats think microsoft is the best company to buy tiktok. they can secure the data. we should point out that oracle has a lot of politics on its side. larry ellison, its chairman, is very close to donald trump. bill ford, who runs general atlantic, doug leone, a top guy in sequoia partners, two investors that are invested in bytedance, are both top silicon valley republicans.

don't discount that political dynamic going forward here, even if microsoft on paper is the best to do this deal, because of its size, it can pay up for it, it's got a lot more cash on its balance sheet, it does have a social media platform already. this would be a whole new business for oracle. just remember, the politics are here. i can tell you that the feeling inside the treasury department by the bureaucrats who studied this say far and away, microsoft is much more capable of pulling off what they need to pull off which is secure data than oracle. but that's where we are right now. this deal is essentially in limbo as of now. for all i know, it changes after the bell. and the treasury department has not made its final recommendation to the president on which company they believe is best to do this deal. as we get more, we will come on the air and give it to you. back to you. lo liz: charlie, thank you very

much. as charlie was speaking, the nasdaq hit session lows, down what was it, 450? we see at the moment that microsoft and we were showing this to you because microsoft of course is really neck and neck with the lead on tiktok, down 5% to $203.51. we are seeing some real drag on the nasdaq right now. dow is down 535 and we should quickly check oil. you've got to understand that oil settled at the lowest level since june. we do have crude tanking in the aftermarket. let's bring in some of our traders. we have phil flynn, scott o'hare from pacer etf. phil, give me a sense of what you are feeling on the floor. what are you seeing when you look at flows on your trading screen and why as this is the third day might we see a bounce tomorrow? is that a possibility? >> it is a possibility. we see this a lot of times in september, i call it the

september swoon. a lot of times it's led by oil. we see that a lot in the month of september. we start going into maintenance season, the snummer driving season is over, putting downward pressure on the prices. you also have to look at the girl that brought you to the dance, the nasdaq. the fang stocks are absolutely getting killed today. you mentioned microsoft and the tiktok issues but you also have tesla. tesla has been getting obliterated mainly because they didn't get invited to the s&p 500 party. a lot of people thought they would. you have this negative sentiment really sinking into the market right now. and probably an overreaction. we are still coming off the holiday weekend, volume has been lighter than normal. normal traders or heavy traders have been on vacation so you don't want to read too much into this. at the same time, we are giving pretty important technical levels for commodities and stocks and if we don't see a

rebound tomorrow, which we should, it might get more ugly before it gets better. liz: yeah. apple is a huge drag here, too, not just oil. i'm looking at apple down about 6.4% at the moment. scott, would you be buying here? people have waited until we saw some air let out of a very pumped-up tire at the moment. >> it's sean. nice to be with you. liz: i'm so sorry. i was thinking who is scott o'hare. sorry. they gave me the wrong name. i thought does sean have a brother? >> i have been called a lot worse. it's okay. listen, we have a series of etfs that track the moving average, 200 day moving average, which is a pretty well followed signal. coming into today, the nasdaq was 24% above its 200 day moving average and the s&p 500 was like 11 or 12% above. in order for the market to get that far above its moving average, it has to have a pretty

severe move in a short period of time. so it's not really a big surprise to me to see a correction here. the moving average itself sort of acts like gravity. it pulls the market toward it whether it's way above or way below. so we still could see a little bit more downward pressure here to -- in a more reasonable range relative to the moving averages. the nasdaq is up 30% plus year to date. some of these names are up 100% year to date. sooner or later, when that happens, you are going to have a little bit of a breather so i don't think this is the time to be doing anything really crazy or rash. let it settle out, see where we wind up, then start to look for your opportunities to buy at lower prices perhaps on stocks that you wanted to own prior to this correction we are going through. liz: phil, we are looking at the nasdaq losers. tesla is at the very top, down 20%. kla, applied materials, apple, as i mentioned earlier.

we are .8% at last check away from that correction. can we put that back up? i don't know if that's possible. we just had that showing tick by tick how close we are to a 10% correction off the recent highs. tell us what you are thinking of as a trader, what you would like to do, what would be your first move. >> i think as a trader, you want to look at that 10% level. even goldman sachs i think came out with a report over the weekend, basically saying hey, there are stocks even with the correction, still looking good. they expected a 10% correction. that's where they are going to get it and savvy buyers will be looking for opportunities. there may be some positive signs in this sell-off as well. one of the reasons why tech did so phenomenal was concerns about a shutdown in the economy. a lot of these companies did very very well because we ended up staying at home, right. they gave a lot of boost to a lot of these tech stocks. maybe what we are seeing here is a little bit of reversal of

that. the dow is holding up a little bit better on the possibility we are start toiing to see some li at the end of the tunnel, maybe an end to this as well. the other thing of course -- liz: yeah, and -- >> the other big thing, of course, is donald trump, you know, basically coming out today with the drilling moratorium, extending that off the coast of florida, which basically increases the odds that donald trump is going to win florida, right? the recent polls have been tightening up quite a bit and now of course, he's taken a page out of the biden playbook, going on his own playbook, own ground, increasing the odds he could win florida, win the election and of course, that may turn the stocks around as well. i think there's a lot of interesting sidelines going on today. . liz: stand by both of you. i want to get to cheryl casone. cheryl, you've got some news. reporter: we're looking at apple. a lot of interesting things going on with pell.

sources telling nikkei review, they will begin producing 5g iphones the middle of this month. mass production would begin by end of september, end of next month. the number not what they hoped, 73, 74 million 5g iphones. the rest of the 80 million order would go into next year. iphone is a tough act to follow. services are large enough, not large enough to return them to growth. here is the big thing, wedbush securities analysts dan ives we know him well, not so fast. outperform, 150 price target on the stock. he said 5g will be a super cycle t will happen fast. one thing quick as i send it back to you, september event apple is out. invitations are out. will not be iphone related like normal. it is watch related. called time flies.

deduct out of that one what you would, liz. liz: the time is flying. nasdaq is down 463 points, within spitting distance of that 10% correction. a lot of factors are at play right this minute, check it, four minutes left to trade. how will the rest of the year turn out for the markets. looming over the day by day moves, november presidential elections. our next guest is the chief investment officer of northern trust, 303 billion in assets under management. that gives you a lot of muscle power. stock index fund up 7% year-to-date. there we go the 10% correction right now. the nasdaq is now 10% off its recent highs. let's talk about the top holdings on your screen. katy mixon makes the decisions. she joins us now. with the backdrop of the elections on all of this, what do you advise your client? >> thanks for having me first of all.

we advice our clients to stay pat, not make any dramatic moves relative to an election outcome. we all learned the polls can be wrong and misleading. it is not great idea to make dramatic moves ahead of what you think is going to happen. what you discovered also, what you think after what you think is going to happen doesn't always happen. you need to be right on the outcome as well as the outcome of the outcome. that is just very, very difficult. the last thing i would say on this that history would suggest it is less important who sits in the white house than it is what is it going on in the macro pack drop, the interest rate and inflation backdrop. it comes down to fundamentals as always. that is really what investors should be focused on. liz: the dow is down 602. nasdaq down 465, in correction territory right now as viewers see on the screen. what do you think is at work with this selloff? you look at the past, i guess the last two sessions of last week where the dow lost 967 cum.

nasdaq down 742 over those two days. you add on what is happening today, why, i understand why you say don't make dramatic moves but why not pick up something now on sale? >> i think there are a lot of things at play right now. as we came into september, the market was a little fragile. you covered so well the fact that valuations have been extended from the bottom here. we had very suppressed earnings in the face of rising stocks prices. valuations have been a head wind. the stocks have been very narrow in terms of its advance. that suggests from gillty. we're entering into a period that is historically rough for the markets. september and october are often the coolest months. you have the back and forth in washington related to the cares act. i think investors are starting to worry while the worst is behind us in terms economy, the best might also behind us in terms of economy.

we need the stimulus to get through the fourth quarter. [closing bell rings] liz: katy nixon of northern trust. thanks to phil flynn and sean o'hara. all right, nasdaq right there at correction territory down 470. pretty ugly day. third day in a row of selloffs here. that will do it for "the claman countdown." melissa: big tech slammed on wall street. the major averages plunging, closing near the lows of the day. the dow, s&p down more than 2%. nasdaq down about 4%, seeing the biggest three-day decline since march. it looks like right here at the close we're entering into correction territory on that one. it has been down more than 462 points. to be down 10% from its record close. that it hit just last week. already that number would put it in correction territory. what a monday. i'm melissa francis. connell. connell: what a monday indeed. i'm connell mcshane