breaking news, folks. the trump tweets really took the wind out of the sails of the market. again, it could be a negotiating tactic. whatever it is, we have come down a whole lot. this as we also learned that job creation, those job openings, also slowed down. liz claman, a lot of pressure right now on congress. it got even worse, got a lot hotter in the last ten minutes. liz: i know, i'm sitting there looking at my scripts, the markets were up and now we have wrapped that around a tree. thanks. thanks for giving me the tough job. thank you so much. breaking news, yes indeed, markets have done an immediate about-face in the last ten minutes after president trump said no more stimulus negotiations, he has rejected what the democrats are offering now in a single tweet. yes, he tanked the markets after accusing house speaker nancy pelosi of negotiating in bad faith, instructing senate majority leader mitch mcconnell to now focus solely on passing

his supreme court nominee. no more stimulus talks, according to the president. the dow had been up more than 200 points and now you can see, it has swung to the downside, now lower by 267. we've got the s&p down 33. nasdaq has lost all of its gains and more, down 128 points. but what are we to make on top of all of that? of a trade deficit that expanded to its widest margin in 14 years, despite president trump's buy american drum beating, the country's taste for foreign goods, yes, that's you, remains firmly in place but a slight shrinkage in demand for chinese products. is team trump's china trade war working or are we seeing squishy numbers in the middle of a global pandemic? trump's biggest china hawk, adviser peter navarro, joins us live. and could it be the most intensely watched vice presidential debate in history, as the vp candidates get set to

battle it out on a utah debate stage tonight. democratic nominee joe biden is just hours away, about one hour away, actually, of his own version of the gettysburg address. biden's economic adviser robert wolf is here on the candidates' messaging on jobs, taxes, the economy and maybe even stimulus. we begin, though, with one online issue here. you know how much online purchasing you all did during the pandemic? the startling trade deficit numbers came out of the commerce department today and they show what you are buying is not mostly made in america. the u.s. trade deficit for august, meaning the gap between imported foreign goods and then american exports, came in at $67.1 billion. that is the third highest deficit on record. now, when you break out the specific deficit with different countries, let's look at china here, it shrank 18% year over year to $26.4 billion. so how to differentiate between

policy and pandemic when it comes to the state of u.s. trade? we take you to washington, d.c. live, where senior trade adviser to the president peter navarro joins us now. peter, great to have you. first let's tackle the headline number. thank you for coming on the show. while we sold close to $172 billion in u.s.-made goods, americans bought $239 billion in foreign-made products. what does this tell you about the state of trade here in the u.s. right now? >> the big picture here, liz, is even though our trade deficit's up in real dollars, as a percentage of gdp, it actually had been falling under the trump administration but more importantly, our deficit with china has been falling for several years now as a result of one thing. you know what that is? tariffs. tariffs work. tariffs work to defend the american blue collar worker from chinese predatory practices and the unfair trade practices of the rest of the world, and

president trump, i mean, if you look at all different countries we interact with, india, for example, they have the highest tariffs in the world. europe has tariffs that are four times higher on autos than theirs. all that's telling me is tariffs work and that in the second term, we've got a lot of work to do. liz: you're right, to look at the trade deficit with china, it shrank 18% this most recent time for august. that is going in the right direction. >> i've got a graph of this from 2001 when joe biden voted to get china into the world trade organization. that thing looks like a ski slope in colorado, right, just straight up. then boom, you put the tariffs on, down it comes. tariffs work. tariffs work to protect american factories and jobs and as they do that, they work to drive wages up. if you look at january 2020, that was the time when president

trump, after three and a half years engineered the greatest economy in american history and everything was hitting on all cylinders. then the chinese communist party, make no mistake about this, infected america and the world. it's been difficult since then. we are bouncing back but tariffs work and that was demonstrated by the president's tariff policy. liz: help me work through this number, though. foreign imports are higher now than they were in february, which was before the covid lockdowns. this is a number that is moving in the wrong direction. >> well, part of the problem is it's a good problem to have. the united states economy is actually relatively stronger than a lot of other major economies as we are moving through the pandemic and what that does is suck in some of these imports. but as i said, if you looked at the trade deficit numbers as a percentage of our gdp, that has

been declining under president trump and i wouldn't get too fixated on month-to-month now in the middle of a pandemic. what we need to focus on really is made in america and part of the disappointment of nancy pelosi failing to come to the table in an honorable way on this whole phase four thing, there was a lot in the phase four bill designed to spend money to bring our essential medicines onshore, our medical supplies and medical equipment. that's the mission of president trump. he is the blue collar president. he is the party of the working class. and i -- if i -- the buy american report that we released on friday, it's up on white house.gov is really extraordinary across five dimensions. you have buy american, hire american, the increase in defense budgets coupled with increased foreign military sales. you got all the trump tariffs and then all the support

including the jones act. it's really in that report, we show an amazing amount of statistics as to at the microlevel, as to why this president has succeeded at building up a strong economy, rebuilding our defense. so that's my focus. the other thing here is try to defeat the china virus through the four vectors of attack, which is the ppe, testing, therapeutics and vaccine development. by the way, that creates jobs as well. liz: indeed. but peter, i've got to attack the market issue here at the moment. we are now down 385 points. we are at session lows after president trump tweeted right before our show started, he said quote, nancy pelosi's asking for $2.4 trillion to bail out quote, poorly run high crime democrat states, money that is in no way related to covid-19. we made a generous offer of $1.6 trillion and as usual, she's not negotiating in good faith.

i am rejecting their request and looking to the future of our country. i have instructed my representatives to stop negotiating until after the election when immediately after -- i'm reading this to you so in case you missed it, after i win, we will pass a major stimulus bill that focuses on hard-working americans and small business. then it goes on, he says he's asked mitch mcconnell not to delay but instead to focus full-time on approving his outstanding nominee to the u.s. supreme court. now, peter, we are talking about the trade deficit, who's buying what, who's exporting what. right now we have close to 30 million americans who are taking some form of government aid or another. we have thousands and thousands of businesses going out of business. they have had to shutter, mostly the small businesses who you know are the backbone of the economy. they don't really care right now at the moment about details of what you and i are talking about.

they want to see stimulus. i know that's not your bailiwick as the trade adviser but this is a problem, is it not? >> well, let me say a couple things. you are absolutely right, not my bailiwick. i don't want to get in the middle of that. for those who are investors moving those numbers around right now, i'm sure there's a lot of day traders kind of having some fun on the fear that whatever might happen. we don't want to contribute to that. the underlying economy is bouncing back from a terrible blow from the chinese communist party virus. we put in place a lot of things. let's not forget this. the only person who has acted since the phase three vote has been donald trump. he's signed four executive orders on things like getting more money to the unemployed, on protecting people from evictions and foreclosures. liz: why not just go for more and more money? i mean, i understand our deficit is absolutely huge, but people are suffering, peter.

>> let me do the aaron rodgers thing here. let's stay calm and let those negotiations go. i'm not part of that. not part of that. nothing i can say today should move markets because i have no knowledge of those negotiations. the only thing that we know is that president trump has taken action in the face of inaction by nancy pelosi and we have seen, look, we have seen evidence that the democrat party clearly does not want to do anything to help this economy in the short run for fear that it would help the trump campaign. i hate to think -- liz: they made two offers. they made two offers. [ speaking simultaneously ] >> i'm here to talk about a lot of things but i'm not getting into the middle of that. it's not my -- liz: that's fair. let me just end with this, then. let me get to what is your thing and that is china. you are a china hawk. you wrote that book. >> we are all china hawks. aren't you a china hawk?

aren't you a china hawk? liz: peter, i'm not getting into that discussion. but i will simply say, i will simply say that if you are such a china hawk, i've got to ask you about tiktok. i know you don't want to talk about the situation because it is still in a state of flux. but if the president -- it is, though, peter. you were talking a lot about it right here on this show until you went radio-silent which i understand, that's fine. but -- >> i hate to do that -- liz: -- been given a stay of execution, hold on, hold on, hold on, been given a stay of execution by a judge. president trump actually appointed and who had clerked for judge clarence thomas of the supreme court. it's not like he's some left wing judge. he felt there wasn't enough evidence presented by the trump administration that there is some type of move by tiktok to start stealing all kinds of data from the u.s. my question is this. as we finish up, hold on, hold on, here's the question, if china gets to keep bytedance,

which is china, and the parent of tiktok, gets to keep the actual algorithm of tiktok, and yet the big compromise is that orac oracle, who may buy it, gets 20% and just some people on the board, how is that good enough for somebody like you or the president if you are that anti-china communist party? >> that reminded me of chris wallace during the presidential debate. i want to ask a question, then there's likethat aren't in evid or may not be right. here's what i can tell you. liz: what do you mean? they're keeping the algorithm. >> here's what i can't talk about. i can't talk about this because this is part of the cfius process. by law it's a felony to discuss that stuff literally. what i can tell you is this. what president trump wants to do with his policy of banning mobile apps in general is to prevent the surveilling monitoring tracking of american citizens, that's number one, the

transfer of data, number two, and then there's the issue of these apps either singly or in networking basically putting trojans and viruses into our systems and all three of these things are threats depending on what type of app there is. one of them's more threat than the other but those are the three things these chinese apps do. they are very very dangerous, liz. the president again, he's the only president who has ever stood up to china and we know joe biden has just laid down for china. here's donald trump standing up to china, 47 years of joe biden laying down for china. this election is about a lot of things. it's about jobs, it's about china, it's about law and order. i think those are kind of my top three. but we know where the president stands and a lot of things, joe biden simply won't tell us where he stands except for trying to

steal buy american which anoise t annoys the hell out of me. this is me annoyed. when joe biden says he's the buy american president, i think he bought it for nafta. he's the made in mexico president. he let china into the world trade organization. don't get me started. liz: some would argue that president trump co-opted the buy american -- >> from who? liz: -- message from democrats back in the -- the democrats in the '70s and '80s -- >> never did anything. we got laws on the books. liz: peter -- >> hey, my report. white house.gov. it shows the ten executive orders president trump did to strengthen and expand buy american for blue collar workers in america who are going to carry the day for the president. the blue wall will crumble again. liz: let the record show i did not interrupt you during your answer. let the record also show i agree with you that china has been stealing our intellectual property. that's got to stop.

peter, great to see you. thank you so much. peter navarro. when we come back, peter and i are good buddies. thank you so much. closing bell, we are 46 minutes away. we are still in sell-off mode down 310 points. look, this isn't my first rodeo and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior,

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-- prolonged slowing and the pace of improvement over time could trigger typical recessionary dynamics as weakness feeds on weakness. that would be tragic, especially in light of our country's progress on these issues in the years leading up to the pandemic. liz: listen, when the federal reserve chair uses the word tragic, that's a little bit disconcerting. jerome powell did say, yes, it would be disastrous if enough is not done to protect the u.s. economy from severe economic consequences caused by the coronavirus pandemic. but his underlying theme was pass some stimulus. as you see with the markets right now, red on the screen, it was not that way before president trump tweeted saying he was stopping stimulus talk until after the election. now, while house speaker nancy pelosi reiterated powell's call, a need for robust action immediately, this tweetstorm

from the president, he got very frustrated and said that he was done with the stimulus negotiations and that set the markets spiraling. we are down 362 for the dow but the session low hit just a few minutes ago was a loss of 416 points. there were still reports that pelosi and treasury secretary steven mnuchin were set to speak later this afternoon so we are getting our washington, d.c. bureau on that to find out if those talks are still happening. but is this a flashing warning signal that we will not see any stimulus deal no matter how big or small until after the presidential election? to the floor show and what it means for stocks. john hayes and phil flynn. >> well, liz, the good news is the president is obviously feeling better with the tweeting. the bad news is we may not get a stimulus package. but i think what we are likely to get is an executive order for $380 billion that was unspent from the first package. you know, if you look at this

package we will have negative 3.5% gdp for 2020. the size of this package they want to do was between 8% to 11% of gdp. it's like filling in a $750 billion pothole with a couple trillion dollars worth of asphalt. it might be more than we need, albeit we do need to get support to those who need it the most. you can do that with an executive order and with the second stimulus check which would be about $300 billion. the biggest beneficiary would be banks. banks are over reserve by about $23 billion. the study from the national bureau of economic research said 60% of the last stimulus check went to savings and paying down debt. only 40% went to spending. if you gave that assistance to people, they would get out there, they would pay off their debt and banks could release those reserves and those companies would skyrocket. that's really how we're looking about things right now. i'm sure they will get something done probably after the election but in the meantime, the surprise could potentially be

another executive order. congress approved that money. the president, there's 200 years of precedent, may have discretion over how to spend it here. liz: okay, but look for example, at boeing. boeing is a dow loser, down 6%. they have got other issues. apple down 2.6%. we know that october 13th, apple is going to announce its new phone, its new suite of phones. in fact, you know, i think it's going to be an exciting day as these unveils always are. phil flynn, what would you be buying on a day like today, where people have been waiting for an entry point to pick up some stocks on sale? >> you know, i think with the breaking news, i was going to say consumer staples would still be the place to be. your clorox has done really well because it looks like people are catching covid-19, will continue wanting to be -- have clean hands and things. and home depot. i think the bigger issue with this, i think tom is right. the good thing is the election

isn't that far away until we can get the stimulus and the president can do things, but the market was really prepared for some type of stimulus deal over the last 24 hours. they have been teased with the talks and so this is a big disappointment. i think right now, the way that i would play this, i would bet big on apple on the pullback. i think a lot of good things are going to come out of that. if you notice, one of the stocks that are bringing it down today is the things they are not going to sell in the store -- liz: logitech. >> at the end of the day, this is a big shock to the system with the stimulus. the market was hoping they would get something done. i think the market will be disappointed for awhile. liz: well, at the end of the trading day, 11 minutes away, great to have you both. thank you very much. yeah, stocks are on sale. there's always an upside.

closing bell ringing in about 36 and a half minutes right now. right now, dow is down 336. go pro breaking past the 500,000 paid subscriber mark on strong demand for its hero 9 black camera. online sales jumping 230% in just two weeks, following its flagship camera's release versus the two-week period after its 2019 camera releases. go pro on track to exceed its year end target of 600,000 to 700,000 paid subscribers. good enough for a 5.25% jump on the stock. but bringing it back to apple, the new front in the tech wars. the top market names taking blows as apple goes in for a beat-down. "the claman countdown" is coming right back. you never know what you will get in the final hour. we are right there with you. what do you look for when you trade? i want free access to research.

yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪ ..."you have cancer." how their world stopped and when they found a way to face it. for some, this is where their keytruda story begins. keytruda- a breakthrough immunotherapy that may treat certain cancers. one of those cancers is advanced

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liz: investors turning the volume down on tech accessory makerlogitech. it's down 6.25%. sonos down 6.5%. apple announced it's eliminating the competing products as it plans to launch its own audio products. but the news is raising the eyebrows of critics who have already been accusing tim cook and company [ inaudible ] calling on the breakup of big tech. susan li with the details. a lot of apple news at this hour. susan: we are expecting that 15-month house judiciary antitrust committee investigation looking into big technology names like apple expected to produce those findings this week and that's pretty much what's dragging on the stocks today, accelerating the losses as we head into the close thanks to president trump

tweeting that there will be no more stimulus. four tech names here, four tech companies, apple, amazon, facebook and google. the question for the antitrust committee is that are they too big and too powerful and killing off competition. well, according to reports, it's going to be close to 350 pages when this report is released. democrat led which will recommend more oversight and even calling for a breakup of some of these names, arguing that maybe amazon shouldn't sell its own private label goods while operating the marketplace and apple shouldn't make their own apps while controlling the app store, also proposing tech companies be regulated like utilities and more funding for the federal antitrust enforcers but there's disagreement along partisan lines in that judiciary committee, with the highest ranking gop member, jim jordan, encouraging other republican members not to join the democrat-led report according to several sources out there. jordan might join, though, there was a serious look at these companies when it comes to conservative bias. the gop is also concerned about some of the harsh

recommendations that would in their eyes at least hurt startups, competition and ultimately consumers but liz, despite the fact we have apple down 2.25%, we actually lifted from the bottom when we heard that the apple event is slated for next tuesday, october 13th and this is where we are going, and we are expected to get the new 5g iphone, three types you will get, four different sizes or so, and yes, also some of the new devices might include those over the ear airpods we were just talking about, since they have cleared up some of the shelf space to make room for new speakers as well. this is something we have been waiting for. delayed a few weeks as they mentioned on their earnings call at the end of july but it's finally here and this could be the start of a new 5g super cycle. liz: methinks october 13th is also amazon prime day. apple does that. i can remember they held a big apple day the same day as intel's big day because we were out there in silicon valley

covering it. listen, i thought high school girls were vicious. tough with these people. all right. thank you, susan. mean tech girls. markets are still near session lows, everybody. okay, yes, but we are way -- you know what, they are not near session lows. let me kind of amend that. session low was down more than 416 points for the dow. we are down 258. doesn't look great on the headline number but when you compare. here are other stops popping and dropping at this hour. beyond meat is smoking after piper sandler raised its price target on the stock from $130 to $178. beyond meat's already well beyond $178. $182.80 at the moment, gain of 4%. the brokerage says demand for faux meat has only grown, particularly with gen-zers who i believe had to be born after 1989? okay.

kind of like me. no. separately, there are reports swirling that mcdonald's may launch a vegan cheeseburger in the u.s. using beyond's patties. mcdonald's getting no bump from any of that. it's down .66%. got to get you an update on two companies whose ceos appeared right here on "the claman countdown" yesterday. doug satzman gave us an exclusive tour of his rapid covid-19 testing operation at jfk yesterday which opens tomorrow for all arriving passengers. you can just walk in there, terminal 4, and you can get a test. now, 24 hours later, the stock is up ahead of tomorrow's official open. it's better by 4.5%. they will use the abbott id rapid test called the now test. it gives negative results in 13 minutes, positive results in five minutes. on the flipside, electric power train leader hyliion cannot get traction at this houhou

hour's been down every day since merger friday. that merger was with spac or special purpose acquisition company tortoise acquisition. torto tortoise saw gains of 250% year to date prior to hyliion's debut. they told us yesterday the company which retrofits trucks with its technology has among other orders one commercial customer requesting 1,000 of its trucks to be outfitted with hyliion technology. closing bell, we are about 26 minutes away and we still have some losses on the screen. but off the lows. up next, a heavy lift for the 2020 vice presidential candidates after last week's presidential debate debacle. the two are getting ready one day ahead of their face-off, all as joe biden gets set to urge people to come together in a historic setting. will the democratic nominee's economic plans be as conciliatory for wall street and america's top names in business?

biden campaign insider robert wolf and former wall streeter, too, joins us next live on "the claman countdown."

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liz: in just 22 minutes, democratic presidential nominee joe biden will be speaking at historic gettysburg, pennsylvania. this of course the site of one of the bloodiest battles of the civil war and where president abraham lincoln gave his famous gettysburg address. while joe biden makes a call for national unity, president trump continues to recover from the coronavirus, but we've got 28 days left to go until the election. fox news contributor robert wolf joins us now from martha's vineyard where he recently hosted an event for vice president biden. robert, welcome. how are you? >> good. by the way, i told this friend of mine that i'm going to be on with you, and he loves you so he

decided to come by. i think he really wants to promote his apple tv show. this guy was one of my caddies yesterday playing golf. he's a pretty good caddy. bill wanted to say hello. liz: you'll get nothing and like it. hi, bill. good to see you. welcome to fox business. i like the sweater. is he wearing shorts? >> he was on the golf course. we want to make sure we talk about biden. liz: well, i think you should debate -- you should moderate the next presidential debate. i think that way, we could actually get some answers on some serious stuff from both candidates, right? thumbs up? >> with several cups of coffee i think i could do it. liz: all right. well, welcome, bill. please feel free to chime in at any point. all right. let's get right to what's going on at the moment.

president trump has just made the announcement via a tweetstorm, robert, i don't know if you heard this, that no stimulus, he doesn't want stimulus talks until after the election. do you think that joe biden is going to now drill down on what he feels is necessary and how will that square with undecided voters? >> yeah. i think it makes a lot of sense that right now, joe biden leans in. his build back better plan, if you look at what moody's analytics said and the wharton research center, they both said they would add more jobs, less debt, higher wages. actually, the moody's center said it would add 18 million jobs, seven more million than trump. the truth is, this recovery, i know that the administration keeps calling it a super v-shaped one, but you and i have chatted. it's more of a k shape. you have the haves who are doing incredibly well, the top 10% of the country, and you have the have-nots with small businesses closing continually and the gap

between white males and black and brown communities gapping. and we are just in a situation where we need more stimulus. so the idea that he can't make a deal, he's supposedly the art of the deal, is just mind-boggling to me. liz: how is joe biden's plan going to raise wages? i have looked at everything that's been happening and you know, president barack obama had improved certainly the economy after the disastrous 2008 financial crisis, and it took awhile. then he handed that baton to president trump, who continued to run with it. we had a very strong labor market and an economy that appeared to be humming along, but wages overall, i'm talking over the past couple of decades, have not kept pace with the cost of housing, the cost of health care or the cost of education. we need to get wages up. what's the plan? >> liz, unfortunately, in this country, the most bipartisan thing everyone agrees on, right,

left, unions, chamber of commerce, the center, is the need for infrastructure. infrastructure actually, the fastest multiplier of gdp and it's actually the best for wages. they are high-paying jobs. they are not minimum jobs. they are high-paying. so if you look at joe biden's plan, like 2 trillion of his plan focuses on infrastructure and clean energy. these are private sector jobs. so it looks at not just roads and bridges and water systems but new type of infrastructure, battery charging stations, new electricity grid, next generation gps. then the second part of his plan is the manufacturing sector and that's where literally you will be taxed if you offshore and you will get tax credits if you onshore. those are the way we build real jobs that are sustainable. liz: well, tax credits get big businesses very excited. one last question. capital gains. of course, when you sell a stock

at a profit, havyou've got to p capital gains tax. traditionally that's lower. i know bill murray probably owns a few stocks here and there. he would like to cash in without being taxed too much. or maybe he would. >> we know he owns apple stock because he's got his new movie on it coming out. liz: yeah. okay. i hope he got some shares -- >> stop the spread of this. people just give me gifts. [ speaking simultaneously ] >> i just want to clear some facts. it's capital gains going up for those who make an income over a million. number two, capital gains, it's not like people turn around and make different investments. that's not where we're building small businesses. let's recall, 87% of the stock market is owned by 10% of the highest earners. we have seen in consumer spending that they haven't changed their habits. they are making more money. we need to make sure that we

get -- that this trickle-down that's not working changes and we start trickling up. we have to make sure the face of our country is small businesses. under this administration, one in six are closing on a daily basis. liz: robert, good to see you. bill, thanks for joining "the claman countdown." as an observer, darling. good to see you. bill murray and of course, yeah, that is bill murray, and robert wolf. be sure to tune in to our special coverage of the vice presidential debate in utah tomorrow evening. neil cavuto gets it all started 8:00 p.m. eastern only on fox business.

liz: breaking news.

we told you at the top of the hour that stimulus talks have gotten ko'ed by the president. he has said no more stimulus talks, he took a swipe at house speaker nancy pelosi, who has now just responded. she is saying quote, the white house is in complete disarray. we are heading back down, we are not quite at session lows which were hit after president trump said no go, no more discussion, he has instructed mitch mcconnell, senate leader, to end all discussion or effort when it comes to stimulus for americans at the moment who are suffering through the covid economic crisis. let me get to charlie gasparino, who has got reaction and a br k breakdown from inside the beltway to wall street. charlie: as you recall yesterday, we were reporting on your show first, i believe it moved stocks a little bit off their highs yesterday, that there wasn't enough votes in the gop senate in mcconnell's conference, mitch mcconnell, senate majority leader, to pass a stimulus bill.

let's be real clear here. we said that yesterday. what we do know is this. this is less a decision on the part of president trump than it is a decision on the part of the gop senate. from what we understand, is that again, there was not enough votes for the gop senate to approve a plan. the theory went something like this among top republicans. the deficit right now stands at about $4 trillion. are we really going to add another trillion dollars to the deficit when the unemployment rate is meaningfully below 10% at this point, the economy looks like it's recovering and you're not going to get another unemployment [ inaudible ] until after the election. why go now and start spending money and blowing out the deficit and even further, when the bang for the buck could be pretty negligible and again, liz, this all came down to not what donald trump is saying right now. this came down from the fact that the gop senate was not going to approve another massive

spending plan with unemployment now falling, with the economy still in tough shape, even with what jerome powell said, it needs more stimulus. it's still in tough shape but they were not going to approve widening out the deficits and another blowout plan that essentially pleases nancy pelosi, particularly when the political and economic benefits of this were pretty marginal at this point. political meaning you're not going to get another unemployment print until after the election and economic, who knows how much more stimulus is needed. now, we do know this, liz, and it's pretty interesting, that the congress is -- what we are being told, the congress is going to find some way maybe to keep ppp loans more targeted to small businesses, maybe to airlines, something that's already baked into current legislation that they can find money there where they can earmark it to certain aspects of the economy. airlines, small businesses. but again, let's be real clear

here. this isn't donald trump saying we're not going. this is mitch mcconnell saying we don't have the votes no matter how hard mnuchin is trying, steve mnuchin, treasury secretary, is trying to craft a deal with nancy pelosi and you know, we just need to cut our losses and the president, i guess some of this is showmanship, right, leave it to the president to say it's his decision but really, this is mitch mcconnell's decision. back to you. liz: okay. charlie, thank you very much. either way, we are looking at stocks moving to session lows at the moment. we do have the dow jones industrials dropping 404 points. session low is 416. don't know if we will get there. we've got much more straight ahead as we watch, seven minutes to go before the closing bell rings. volatility index is up now 6.8%. that's the fear index. don't go away. s decision tech. find a stock based on your interests or what's trending.

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♪. liz. folks we now have about, i want to see this, four minutes to go before the closing bell rings. the dow is down 342 points. the s&p down 44. nasdaq tanking by 173. as stocks spiral into the close, the fear index is rising. take a look. i want to show you intraday. you can see where the spike began. the tweet storm right before 3:00 p.m. eastern time where president trump called off all stimulus talks. he said no more until after the election. he is against that. then suddenly nancy pelosi has just responded by saying the house, the white house is in disarray at the moment. let's flip it over to the 10-year yield because treasury yields were going up. they were just slightly below .8 of a percent. look, they have gone south. we're at .737% at the moment. all right. let's get right to sam stovall. he is cfra chief investment

strategist. sam, you've been watching markets for decades. talk to me about the thinking behind this and what it really means? stocks began to shudder during the news. >> sure, what it implied to me, liz, the stimulus package was not built into the market. we had a positive move yesterday, much of today because expectation we would endp with one but i would be surprised in democrats had given on a silver platter a reason for the republicans to crow coming into the election. in many ways i'm not surprised that the president took it off the negotiating table because now in a tense both sides have the opportunity to point fingers liz: well, yelp, online viewer, has data to show that 80,000 businesses, they review small businesses, 80,000 permanently

shuttered since march 5th. 50,000 were local businesses. these are small ones. when you see stocks are moving lower without a stimulus plan, we know americans are hurting. what does this mean and where would you invest for those right now who are still believers in the market and their money in the portfolio? >> well i believe that we will be seeing a stimulus package. it will just happen after the election. but at this time also i think, you know, depends on the kind of investor you are. if you are one who wanted to follow the momentum of the market, in a sense, like whitewater rafting, let the market take you where it wants to go, you might look at spmo, which is the s&p 500 momentum etf. if however you're like i am, you want to be a little cautious and wear both a belt and suspenders look at msci u.s. quality factor etf, qual.

these are higher quality larger companies that have lower volatility overall. [closing bell rings] lastly if you want small caps, fyt, first trust value cap alpha. liz: gotcha. there is the bell. sam stovall a volatile session. time for "after the bell." connell: calling off negotiations, stocks tumbling after president trump ends the stimulus talks he says until after the election. we're down across the board. good to be with you, welcome to the show. i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." major averages erasing earlier gains, closing near the lows of the day and retreating from one month highs. fox business team coverage for you now. edward lawrence is in washington.