in the united states? the answer, it is really a trick question. the answer is alaska. the state is technically the eastern most and western most in the u.s. that is because alaska aleutian islands pass the 180-degree meridian which separates the western and eastern hemispheres. now you know. alaska is the answer. jackie is in for neil. jackie: thank you, stuart, i will watch you at 9:00 p.m. along with everybody else. i'm jackie deangelis in for neil cavuto. this is cavuto "coast to coast." the nasdaq seeing the biggest decline since may. why are we taking such a beating and are we seeing a bigger correction coming? our experts are here with everything you need to know. plus pfizer pushing its message

that its vaccine is safe for kids over five but will that message resonate with worried parents? we'll give all the details with our top doc. gas prices stubbornly high. is this era of gas prices or will we ever see prices dip below $3 a gallon? we'll see. we start with a look at u.s. markets this hour. the three major indices starting the week off in the red with investors eyeing everything from inflation to china. lauren simonetti here to break it down for us? lauren: hey, jackie. impetus from sell came from china, fear of contagion with the lehman collapse in the u.s. chinese property developer evergrande might not be able to repay its debts. chinese market is closed but look at the hang seng down 3%. u.s. stocks down between one and 2 1/2%. to give you the perspective, the dow is 3% from its record high.

still pretty lofty when looking at it like that. the solvency fears are spooking a market already shaken. the dow right now is riding a three-week losing streak. we haven't seen that since september of 2020. so morgan stanley sees a 20% correction which is a bear market if we start to see downside risk to earnings revisions, consumer confidence and manufacturing numbers. watch for earnings this week. you have fedex, nike, costco, and a few others. those earnings will show how corporates are holding up amongst the latest pressures. also how consumers are holding up. look at this. a "fox news poll" shows 82% of consumers are concerned about inflation that the is more than covid, more than afghanistan. investors are waiting to wednesday to see how the fed will react to all of this. it may have cover, when you look at price for aluminum, copper, oil, other commodities are moving sharply lower today. china and global demand may

moderate as, as we look at the evergrande story sapping demand. look at yields down five basis points, 1.32% that is hurting the banks. if you pull up the dow 30 you can see goldman sachs, jpmorgan, they're among the worst performers today because we have a lower yield, lower rates, that hurts their ability to charge more interest. so today is a very red day. haven't seen one like this in a while. we'll see if people come in and investors buy the dip, or if they're expecting more bad things to come, jackie. jackie: lauren simonetti thank you so much. that is the big question right now of course. could we be on the verge of a deeper correction here? capitalist pig hedge fund manager and fox news contributor jonathan hoenig here to break it down. i'm looking at these markets, jonathan, i'm seeing the selloff on the dow, 641 points. investors are buying treasurys, buying gold. the vix is seeing a 19% spike last time i checked. what's going on?

>> this isn't even a correction. this is really nothing a correction, jackie alluded to, excuse me as jackie as you said would be at least 10, 15%, 20% from the high. even 600 points on the dow doesn't get us there. first time the trend of the market is done, first time in better part of six months to a year. all stocks below 50 day and 200-day moving averages so the trend has moved down but we haven't gotten to a crash yet. back in '87, jackie we talked about 20% move in one day. 600 points, 700 points on the dow talking 2, 3%. we're not seeing any type of fear yet. jackie: no, i understand that. i'm looking at market rising, rising, i kept saying it feels like it is get be toppy here. what will investors do. you never know when the music is pulled in musical chairs. you have the news out of china the second largest property developer is in danger of

default. we don't know if the chinese government will step in to bail them out. we don't know if we see contagion that is the word that scares everybody here in the united states with our banks as well. you wonder if we see a selloff like this today is it the start of something? >> yeah, beginning of a trend. you said the lehman crisis started as a so-called high yield problem. it metastasized into the entire global financial crisis. you can't underestimate something happening in china, jackie, inability of a major company to repay its debt in china can reverberate back and hurt us. back in 1997, there was the asian contagion called it back then, asian crisis. caused in a bunch of southeastern asian banks. that hurt our market sharply. warren buffett had a wonderful quote, you only see who is not wearing pants who is naked. when you see the tide goes out you see who is swimming naked. as liquidity dries up, you will

see more people naked unable to pay the debts. jackie: what we saw in the residential, subprime mortgage lending, that is the bubble that burst the market. if this trend is starting in china this is a trend, on the commercial side, could have been triggered by the pandemic. here in new york you see some changes when it comes to commercial real estate you have to sift back, wonder are they head of us to a certain degree, is this foreshadowing what could come in the united states? >> yeah. also perhaps sectors beyond real estate. the chinese market writ large, jackie, powers so much of the american technology market. fortunes of apple, tesla and particular, so aligned, closely aligned to the health of the chinese economy. you have to look at the market as global interconnected hole. i tell you at the bottom everyone hates stocks. you literally can't give stocks away. yet in the last couple months we've seen record inflows into

stocks. jackie: yeah. >> perhaps from a contrarian perspective, the best indication we're not at the bottom yet. jackie: someone we had on the air this morning they think the picture is generally strong, the fundamentals are there, the earnings growth is there albeit a little slower than expected. you should use the dips as buying opportunity. hopefully that is the case, we won't see this slide south more. jonathan, thank you so much. meantime the biden administration dealing with another setback of its own finding out they won't be allowed to include immigration reform in the spending plan. aishah hasnie is on capitol hill with the details for us. reporter: hey, jackie. this is huge blow for democrats. they were trying to throw this hail mary and it just fell short. the left was trying to squeeze in, shove in a pathway to citizenship for millions of undocumented immigrants into that go at it alone $3.5 trillion tax-and-spending bill. but look, jackie, only fiscal legislation can be considered in

reconciliation. so democrats are trying to argue that immigration reform would somehow affect the federal budget. the parliamentarian who is a referee of sorts just didn't buy it. elizabeth mcdonough ruled that the policy changes of this proposal far outweigh the budgetary impact. senate majority leader chuck schumer reacting to this saying he is deeply disappointed but that senate democrats have prepared alternate proposals around will be holding additional meetings with the senate parliamentarian in the coming days. that also echoes what the white house is saying this morning. they want senators to try again. >> we understand that. we respect that. and we're confident at the end of the day there still can be ad justment to legal status for foreign individuals in this country with reconciliation. reporter: jackie, this is the second time this year of the parliamentarian ruled against democrats. back in february she dashed their plans to add a minimum wage hike in the covid relief

package. looking ahead, pay attention to this. this could be really a big problem for democrats who were hoping that this immigration win might placate, might quiet or calm liberals in case they were going to have to trim down this very hefty $3.5 trillion package, just not going to turn out that way at least for now. jackie? jackie: aishah hasnie, thank you so much. immigration problem is the latest hit for president biden. his approval rating also taking a hit with just 50% saying that they approve of how he is doing the job. it is his worst polling to date. "washington examiner" chief political correspondent, fox news contributor as well, byron york is here with us. byron, good afternoon to you. let's start with ashiah left off, talk about the challenges the administration is facing. they looked like they would slip this through reconciliation. they still want to try to do it despite the fact it is really

not allowed. >> it was a really brazen move on the part of democrats to basically create a big, comprehensive immigration reform bill and slip it through in a budget bill and not have it be subject to a filibuster t was a real long schott on the part of democrats. the question now, as you heard some of them say, maybe whittle it down a little bit, sneak it through. not sure about that. this was really audacious attempt on the part of democrats. jackie: you're seeing polling numbers are dropping. his numbers are even worse when it comes to the economy. people are suffering because they're dealing with high inflation pretty much across the board. the fed, the white house, they keep saying this is transitory. byron, this is hurting people. >> yeah. i think what we're seeing, the first of all the president is now you know water by about four points in his approval rating in the "realclearpolitics" average of all the polls we've been

seeing recently. i think there are several factors that are just coming together. one of the biggest is a decline in confidence in the president's ability to handle the covid situation. that is one of the big reasons he got elected. he made a real mess of the whole booster shot situation and you're seeing, approval of his handling of covid which was his, his high mark early in this presidency, you're seeing that go down. on top of that people are very worried about inflation. they're back to listing the economy as their top concern and they're very worried about that. you have this terrible mess on the border, then you have what he did in afghanistan. so all of that is creating this idea that the president is either not up to it or he is not doing a good job or people disagree with what he is doing, it is a more negative feel than existed six months ago. jackie: what is striking me at

the moment, particularly interesting, deals with the inflation problem that we're dealing with the debt issue. we have a october deadline. they need to come to some conclusion. i reminder viewers if we were to default, what that essentially means the u.s. treasury can't pay its bills. yet you have all the massive spending plans on the table t doesn't make sense. >> well, traditionally in debt ceiling stand-offs in washington, we've had had a whole bunch of them. both sides posture a lot. in the end it is up to the party in power to raise the debt ceiling. the minority party say, protest they have won't agree unless the other side agrees to this or that in reform. it is up to the party in power to raise the debtor ceiling. that is what will happen. jackie: you look what the fear over what is happening in china.

that is what sparked the selloff in china. president trump tried to put china in its place before things got out of control. things are out of control, right? our economies are intertwined. you see this headline that essentially says a big property developer could default there and investors get spooked here. do you think there is more to this than that one developer going down overseas or do you think we have a larger issue to think about? >> well people do get scared about that because the reaction among most people hear that news say, i didn't know this? how does that work any had no idea. how does this company in china going under affect our economy here? so it is much more interconnected than most people would understand and they are indeed worried about that the part about trump versus biden on china, trump made standing up to china a real center piece of his foreign policy and, the biden

administration again has a much more muddled picture in it and people aren't sure what the president is doing and why he is doing it. and i think that is another contributing factor to that decline in approval rating we're seeing here. jackie: if i may in the last minute we're having together, what the president is doing the rationale going with cove vied booster shots, the white house getting ahead of this, signing contracts before the booster shot, you need to get them essentially before the fda got on board. that will create a situation where people don't know what is going on. they're confused and they don't have confidence in him. >> absolutely the president came out on august 1th at the white house and said -- 18th, everybody would get a booster shot starting week of september 20th. that would be right now. he gave a specific date in the white house. this is news to the fda. they were stunned by it. they immediately began asking the president to dial back on this because they did not have

the research, they didn't have the data. they hadn't gone to the decision-making process. there were nowhere near ready to approve a booster shot for the general population. and the president sent mixed signals on that. you had a couple of top scientists at the if. da who left their job, who later contributed to a research project that disagreed with what the president had said. so you had joe biden who again, the major component of his approval rating early in this is presidency was his handling of covid and now you have this mess in recent weeks. jackie: he was supposed to be at calm unifier and we're getting a little bit of mixed messaging here. it is hard to parse through it. we appreciate you helping us byron. great to see you. coming up pfizer announcing that the vaccine is safe and effective for kids over five. the details just ahead. ♪.

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children ages five to 11. fox news correspondent alex hogan is live with the latest. reporter: jackie, monumental update for parents as many kids head back to school especially since july the number of covid-19 cases among children increased 240%. pfizer said now the results show that kids ages five to 11 developed the same antibody levels as teenagers and adults to fight against covid-19. kids will still get shots three weeks apart like adults and teenagers. the big difference the size of the amount. the file is 1/3 of what the adults received. this news does not mean it is cleared yet. the pfizer plans to hand over all the research to the european medicine and fda, hoping for emergency muse authorization. medical experts suggest since it is the same vaccine, a different quantity, that approval could come quite quickly.

dr. anthony fauci this weekend zeroing in on a more specific timeline. >> as we get into october we'll be able to see the vaccines for children get an update to be presented for safety and immunization. when you get to moderna it will be a few weeks beyond that, beginning of october, november. reporter: doctors say kids could experience the same side-effects like sore arms, temporary fever or aches. the u.s. would north be the first place to approve the shot for children. cuba kicked off a vaccine campaign for kids ages 2 through 10 on thursday. on friday, cambodia began vaccinating children between the ages of six and 11 so they can head back to school. jackie? jackie: alex hogan, thank you so much. joining me rutgers university professor of medicine, dr. bob lahida. doctor, thank you for joining me today. there is some confusion with respect to the shots we're talking about for kids with the

parents having final approval even if the emergency use authorization goes through. the question is, you've got a lot of people out there who don't want to take the shots themselves let alone give it to youngsters. your thoughts on this? >> i think the youngsters, the youngsters should be vaccinated because you know what we're doing, we're seeing huge numbers of kids that are infected now and that is a little bit unusual. over 250,000 children have been getting covid-19. the happiness part of it is, they're not as sick as adults are. when they get vaccination, they will have side effects similar to adults but the number of micrograms in the messenger rna in the pfizer vaccine is a little lower than the adult rose. jackie: interesting on an anecdotal basis talking to somebody in new york, child in private school, they started last week. a teacher got a break-through case of covid, they sent everybody in the grade home to do remote learning f the children were vaccinated would

that all of sudden change the game. i think it probably would, right? >> it would change the game. it would make teachers and people who in contact with the children a lot more comfortable because right now children can transmit the disease even though they have no symptoms. in rare cases of course, jackie they do get symptoms and some of them do terribly with the disease. jackie: we're talking about a dosage that would be smaller than what adults received. is there, you know, confidence with respect to their research and if the fda does go through it with, say, this percentage, this is the correct dose to give these tiny humans? >> i like that, tiny humans. they tested on volunteers, five through 12, 12,000 parents, who found a robust immune response in children. it is extremely effective. the side-effects are minimal.

the main thing to get parents to consent to have their children vaccinated. that is crucial. jackie: why i started with that i think that is probably the biggest challenge. meantime biden's plan to make booster shots more available to people is in flux at the moment. i want to get your thoughts. immunocompromised should get it. if you're over a certain age, that sounds reasonable but for the general population? >> they probably don't need a booster shot. although now the cat is out of the bag from the president of the united states people are coming to me asking me to authorize boos store shots for them and they are quite healthy. most of my patients immunosuppressed are already getting boosters and people over the age of 60 should probably get boosters. everybody else still has the robust response from the previous three vaccines that are available. jackie: here in new york city i talked to a lot of folks who have been healthy folks, who got the vaccine, are fully

vaccinated, they want to get the booster as soon as possible. there is element of fear that the administration has perpetuated here and i worry, i worry everybody is sort of feeding into that if you will. >> yeah. you know what i think, jackie? what we need is one spokesperson for the country and it can't be tony fauci from the nih or the cdc director or the fda director. it has to be one person that the administration selects where the message comes and is constant because everyone is in confusion right now. everyone is confused. all my patients, all the people i talk to. jackie: dr. fauci confidence has dropped there with his messaging. thank you so much. >> thank you, jackie. jackie: i will point out that the dow is down 708 points as we're having this conversation. meantime coming up on this show, bitcoin taking a bit of a nosedive along with this market as well, taking the rest of the crypto market on the same downward path. we'll tell you why with one of our top crypto experts next.

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jackie: welcome back. bitcoin it dropping 10% to 40,000. traders sell off risky assets like the chinese real estate company evergrande. we have investing for dummies. selling stocks selling cryptos, schedule buying bonds -- selling bonds and buying gold. >> crypto markets is obviously one of the more volatile markets. we can see people investing in bitcoin as a hedge are taking a hit and all of the concern and

i'm here to tell you to not panic sell because we were kind of actually expecting bitcoin prices to drop a little more based on history because bitcoin is a -- [inaudible] in the medium term we were expecting it to follow its previous history and the rhythm it has been taking on reaching all-time highs, then dropping and forming these higher lows before kind of shooting for that next higher all-time high. so this is normal, absolutely normal. i want to really insure people who know about bitcoin who are in bitcoin for the right reasons to not panic. jackie: we're looking at the chart of bitcoin down a little bit more than 6%, almost 7% at the moment compared to the dow at its low today was down roughly 2% but i say to myself, if you're an investor, and you haven't gotten into crypto because you thought you missed

the move, would you recommend, say this is a buying opportunity? >> so i'm not recommending anybody to buy bitcoin if they don't understand it. the first point to answer your question, go learn about bitcoin and in general before actually getting into it because it's a volatile market and if you just getting into it because we just talked about it right here, you are likely to make a very big mistake later on as volatility continues f you don't know about bitcoin, go to crypto mistakes.com to learn about it. those of you who understand why bitcoin has long-term value and actually trust in it, yes i would buy orders, at this point i had one this morning and more buy orders at 42 and $38,000. i'm hoping it will reach for the next market, bullish market. stuart: -- jackie: look at cryptos across

across the board, i'm wondering if this china connection is having some connection? >> the trigger for today's selloff definitely appears to be the chinese connection but the day-to-day we saw action at $45,000 be tested last week and the week before that as well and the price tested this morning, $42,000, very important key psychological level that i would be very curious to see if it breaks the tomorrow and if it does we know the bearish market sentiment is going to have compounding thing and we'll see a further drop before we see markets kind of leveling down and leveling and continue going back up. jackie: that makes a lot of sense. keykiana, thank you for being h. >> thanks for having me. jackie: a quick look at treasurys before we go. treasurys retweeting from a two week high. more cavuto "coast to coast"

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are we still exclusive? absolutely. and that's exactly why you should join. jackie: welcome back, everybody. stocks tumbling on rising growth concerns. the dow, s&p 500 on pace for the biggest drop since july 19th. the nasdaq on pace for the largest decline since may 12th. the dow is down 691 points as we speak. more than 12,000 migrants remain packed under the international bridge in del rio, texas, while homeland security secretary mayorkas says the situation is challenging while he travels to the border. fox news's bill melugin is at border. reporter: good afternoon to you. dhs secretary mayorkas arrived after the bridge. he is over my shoulder. we'll show i am when we get a chance. look at conditions at this camp. under the international bridge

in del rio where 12,000 migrants are camped out here after they crowed illegally into the united states, many of them building structures, temporary structures out of sticks and plants whatever they can find. they don't know how long they will be here. secretary mayorkas just arrived. flew in on a helicopter. he has a delegation. he is receiving a tour here, getting operational update from the boots on the ground. he will have a press conference in 30, 35 minutes, this is first chance to see first-hand what is going on down here. take a look at this video from saturday. this is why the situation got so bad. we were out on a boat on the rio grande. we were watching for hours after hour as migrants were crossing from mexico into the united states via the rio grande. we're talking hundreds at a time. it was a never ending stream going from sun up-to sundown until texas dps finally surged troopers to get it plugged up. what happened after that,

migrants found another part of the river where they started crossing. look at this. border patrol on horse bark and texas dps going to the water's edge push the migrants back, send them back into mexico while trying to cross. take a listen to what the border patrol chief said yesterday to any migrants considering making the journey. >> any migrants attempting or considering making the journey to our border should know we are still enforcing cdc title 42 order and that they will not be allowed to enter the united states, they will be removed and they will be sent back to their country of origin as mandated under our current law. reporter: you hear the border patrol chief there saying anybody crossing illegal will be sent back. there should be an asterisk on that. that is not always the case. if it is a single adult male, for most part they get sent back. sometimes when family units come across, women or children they will not be sent back via title

42, processed and released with what is a called a nta, notice to appear, show up in court possibly years down the road because of how backed up our immigration system is. we're standing by waiting for that secretary mayorkas press conference. we'll have it live for fox. keep you posted. jackie: bell medical medical, thank you so much for the -- bill melugin, thank you for that report. we have former i.c.e. acting director tom homan. you see the pictures. mayorkas just landed down. if you were on the ground what would you say to him? >> i would tell him to resign. he is the secretary of homeland security, from the moment he took that job quickly this country became less secure. the homeland is less secure under his leadership. the surge is happening right now is because the policies that he put in place from the white house. let me be clear what bill melugin just said. i want to foot stomp that for a bit. the chief patrol agent misled the american people and misled the media.

i had boots on the ground. i know a lot of people in command positions. 3/4 of haitians being processed are being released into the united states. 3/4 of them, all the family groups and children. a couple family groups got removed. vast majority are being released. 3/4 are being released. a question, if i was reporter i ask secretary mayorkas two questions, how many haitians have been released since this started? the number is going to surprise a lot of people. the second question i would ask, is it true that there is 224 miles of unprotected border as we speak? also my sources on border patrol command tell me there are some resources sent to del rio and rgv from other places in texas, there are 224 miles with no border patrol agent, no line watch, no security at all. jackie: you don't have a lot of resources. you have a crisis in this one spot. everything is being directed at this point. you went right where i was going next to what the border patrol

chief said. if you come you won't be allowed to stay. that is unequivocally not true in every case as bill pointed out. that is part of the problem that we've had all along you know. ceremonially you have had officials on television making statements saying don't come. they come anyway because they know that nothing is going to happen when they do. >> absolutely. their actions speak louder than words. the chief before this rodney scott, who is a patriot, he was removed because he because he didn't want to be a prop for the administration lying to the american people. said no, i'm not going to interm illegal aliens. we're a law enforcement agency. he decided to be a law enforcement commander rather than a politician they removed him. they got the new chief in. this administration has been lying from the beginning. first trump's fault. then it was because of hurricanes and climate change. it was seasonal thing, the numbers go down in summer. they're running out of excuses. this is intentional. they knew this would happen when

they got rid of all these policies and they're not apologizing for it. to this day the secretary was still challenging when you and i rest of the american people see the video it's a crisis, not only a humanitarian crisis, a public safety crisis because the criminals coming across cross, public health crisis covid coming across, fentanyl coming across, 90,000 deaths, with 224 miles of border no longer patrolled. that is vulnerability to national security. if terrorists come in to do us harm it is wide open. jackie: the photos we're showing, it's a humanitarian crisis. it's a huge problem to call it challenging is a understatement. it is difficult to have sympathy for mayorkas at this point, he mismanaged the whole situation, the whole administration did. tom, i'm out of time. great to see you. >> thanks for having me. jackie: looking to build your dream home, what you need to

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jackie: homebuilders in the red today, despite improvement in overall sentiment. all of this as we're seeing the drop in lumber prices from those highs that we saw earlier in the year. fox business correspondent madison alworth has the details. hi, madison. reporter: hey, jackie, yeah those prices are down and we've seen so much activity at this lumberyard here today. contractors in the area told us they have a lot of requests for new builds and projects, making the ininventory here just fly off the shelves. part of the reason why things have been so hectic because the historically high prices have finally started to come back to earth. the contractors we spoke to today say it has been a a long time combing. >> all the problems started in california with the fires in the northwest and went up there. with covid hitting. transportation, delivery, everything like that. it has been terrible but it is definitely getting better. reporter: as you can see the

prices are definitely better. look at the price in may when lumber hit a high compared to where it is now at $634 but i do also want to show you the recent movement we've been seeing. you can see a huge drop from where we were back in may but now it is starting to climb back up. we're actually saw an increase of 39% this past month. even with that, everyone we have spoken to, the owner of this lumberyard, as well as the contractors, they all say jackie, now is the time to build because prices they're only going up. jackie: madison madison alworth welcome to fox business. we have fox business new series "how america workses" 8:00 p.m. where mike rowe breaks down the industry and commodity that impacts americans every day. if you're looking for inspiration of a new home. look no further. >> come on.

>> i love this. >> this is amazing. >> oh, wow. >> with home values up 30% over the last year, finding a forever home would truly be an american dream. jackie: "american dream home" premiers tomorrow on fox business at 8:00 p.m. eastern time hosted by cheryl casone. cheryl is here with me now. talk to me a little bit about the places you went to, the families you interacted with, it seems so exciting. >> it was so exciting to be with people and see different parts of the country obviously but also see people that really built themselves sometimes for nothing. sometimes they faced loss, a family lost their home in a hurricane that had to rebuild their first beach home. the couple in california that lost a dear friend to covid and decided we're changing our lives. we're going to move to montana where with private blue skies and mountain views and vistas. i think it is stories and homes. i'm going to beautiful homes as you can see on your screen right now but we also again got to

meet these people, see how you can achieve that dream, because it is not just the american dream, it is the dream home. they're one in the same if you really think about it. jackie: absolutely. it is very asperational in this country. you are sort of taught from the ground you, work hard and save you can own a home. homeownership is a so important for a lot of immigrants that come here t makes them feel a part of valued society. when you see folks achieving that dream or rebuilding it, it is amazing. >> rebuilding their lives that is the exciting part. i have to say it was wonderful to see that there is so many people are coming out of covid and the pandemic. jackie: yeah. >> and they're hopeful. they're ready for a new start. covid changed a lot of lives in this country. definitely changed our lives here in new york city. i call you my covid sister for a good reason, jackie. we made it, right? these people said you know what? i want to do something different for my life. i want to find my dream home

now. i will not wait. one of our stories is a e.r. nurse in los angeles and treated covid patients. she said, you know what? life is short. ii want to find my dream home ad she found it on the big island in hawaii. we are looking at beautiful places. there are 10 episodes with beach life. there are 10 episodes that will be mountain views. each tuesday night we give you one beach home and one mountain home between 8:00 and 9:00 p.m. eastern time every tuesday. to show viewers there are possibilities out there. these are not big multimillion-dollar mansions. some are a couple million, i will not lie but these are attainable homes for our viewers. jackie: let me ask you this, the touched on the covid point. the country shifted. they shifted around. they didn't need to be at work. in the family you interacted with, did you talk about the nurse who brought her dream home in hawaii because things are different now? people were probably priced out

of hotter markets? >> we saw bidding wars for sure. we talked about that. it is still going on across the country. the real estate market is really hot especially 3% interest rates on 30 year fixed that will not change no matter what the fed does in next couple meetings. that is me talking. on the personal side, if i want to work from home i don't want to be in southern california. i don't want to be in atlanta, georgia. i want to be somewhere beautiful and pristine because a lot of people are not going back to the office as we discussed. they found a dream home that suited their new life-style. i also love the couple, they will be on the premier episode tomorrow night. they lived in los angeles. they had a modest home a beautiful home. they sold everything, they bought an rv, because he can work out of the rv, now rvs have wi-fi. he decided they both did, drove across the country. ended up in key west, decided

okay, this is it. let's buy our dream home and they did. jackie: interesting you're talking about key west. talking about florida, a state without income tax. we have seen a lot of shift this year as a result of the pandemic flocking to the red states more friendly. so that seems to be a pattern you saw maybe? >> because we're such good friends, jackie, give you a little tease. i haven't told anybody this on air yet. seven of our beach homes are in florida. because, you know, it's florida. jackie: it is not surprising at all. the quality of life is better. throughout covid you and i talked about crime here, congestion in the city, high taxes. if we weren't tethered to the desk maybe we would think about something else too? >> i think that will be in season 2. jackie and cheryl go after their dream home. jackie: i love. that we'll be certainly watching, very excited, very proud of you. this is a great initiative. that we get to watch it. >> thank you, my friend, see you tomorrow night. coming up why today's steep market selloff could intensify

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♪♪ ♪ jackie: welcome back to cavuto coast to coast, i'm jackie deang his in for neil cavuto today. stocks are looking red across the board. the dow and the s&p 500 now on pace for their biggest drop since july 19th. now, we are live on capitol hill with a look at another issue that could send stocks even lower. then france in a fury. afghanistan in chaos, president biden is set to give his first speech at the united nations tomorrow amid fears our allies are losing confidence. margaret thatcher's former aide, nile gardiner, is coming up. and vaccine mandate mess, how small business advocates are planning to fight back against the white house effort to force shots on workers. all right. first, today's massive market downturn, all three major

averages falling more than 1% as china's growth fears are slamming stocks. let's bring in eddie ghabour for more on this. dow's down 765 points, this is a pretty steep selloff spurred by that news coming out of china that one of its big property developers could possibly default, a concern that maybe some u.s. banks could be holding that debt too. your thoughts on what we're seeing and if this selloff is the start of something more severe. >> so we're not looking at today as the start of a more severe selloff. we do think we will ultimately see a pretty big selloff, but looking more towards the end of this year and the first half of next year as we start to see gdp decelerating. look, a lot of things are going to have to change, in my opinion, to change my if opinion on this at the moment because the bond market actually is acting fine considering this news. so it tells us right now that the market doesn't really think it's a systemic risk to the u.s.

china's been having its issues for quite a few months, so it'll be interesting to see what they do, if they do step in. jackie: okay. and later this week two-day fed meeting, you know, people worried about inflation if, worried about the economy, where we're going to go from here, maybe that this add or managers doesn't, you know, necessarily, isn't in touch with reality or have a grape on things. do you think -- a grip on things. do you think we'll hear reassurance? >> wednesday's a big deal, okay in we think by then the market should hopefully start to turn around or we could see a bigger breakdown because i think the fed is going to continue to kick the can down the road. inflation, without a doubt, in my opinion, is the biggest headwind for our economy that's going to hurt the consumer in discretionary spending, and we really won't feel that pain in until the first half of next year. i think wednesday will be the ultimate time for this market to start recovering because the fed is going to to stay very, very

dovish, and this just gives them more ammunition to do that. jackie: you look at this market and we were just showing the boards for last month, all across the board green, the dow was up 10% in the last month and yearly as well. you can see the chart there. seems like we just kept marching higher and higher. a lot of experts that i speak to say, listen, a 10% correction is healthy, it's not the worst thing in the world if it does happen. >> look, i agree with that. i think reset in markets is very good for the overall health of the long-term bull run. i think coming into today the market was already so bearish, and we look at how big money was positioned, and in our opinion markets usually don't have major corrections when everyone is positioned for it. so that's why we think this buying the dip for the right investor in this environment is healthy. but ultimately, we're going to sell this rally if we get what we expect here at the end of september and going into october because we do have some big headwinds as a country, as an

economy coming over the next 6-12 months. jackie: what would you buy? i mean, everything's down across the board today, especially tech, is technology an area you would focus? somewhere else, perhaps? >> so, look, areas right now i think you can add, everybody's risk tolerance is different, but certainly a great day for technology. energy has gotten hammered today. i think when you're buying these dips as an investors, you need to do it incrementally because this selloff could last another day or two. you don't need to jump in with both feet. incrementally add risk if you have that tolerance, and many times it's proven that buying fear can be very, very profitable, and that's what you're seeing right now. jackie: yeah. and, of course, we're watching the dow right now, the selling is becoming more steep, down 793 points. big spike in the vix, that's the fear gauge on wall street today as well. sometimes when fear creeps into this market or there's a lack of confidence which there certainly

is in many areas right now, you know, investors tend to get spooked, and maybe they overdo it. >> you know, i think it's proven that they do, right? they sell on the big headline news, and we've seen the vix have these big one or two-day spikes and come right back down. i would need to see the vix staying over 30 for a few days before i would really call an end to this bull market. so we will see over the next two days if the vix gets back down to under 20, in my opinion, i think that it will, but time will tell here in the next few trading days. if by this time next week, we will be kicking ourselves if we didn't aggressively buy. jackie: okay. i just want to point out the vix has spiked 30% today. the number i saw before was 19 earlier in the morning when the selling wasn't as steep, so it keeps moving up as the dow continues to move down, now down 812 pointings. eddie, always great to see you. thanks for your time. >> thank you.

jackie: today's market selloff likely to intensify the discussion over the debt ceiling as well as treasury secretary janet yellen is urging congress to act fast. fox news congressional or correspondent chad pergram is with us on capitol hill with those details. hi, chad. >> reporter: hi, jackie. there is lots of heart burn about the sheer size of the democrats' big spending bill, especially higher taxes on many americans, something which could completely side track the bill is a confrontation over the debt ceiling. that could echo in the markets too. >> at this point, you know, if s the democrats' responsibility. they're doing the spending, they're running everything in a partisan way. it's their job to get this done. >> reporter: senate minority leader mitch mcconnell says democrats should stuff a debt ceiling into the spending with bill. democrats say they won't. >> the position of republicans

primarily senator mitch mcconnell have taken is totally irresponsible, and i hope that they come to their senses. >> reporter: democrats note that the gop raised the debt ceiling three times during the trump administration, and democrats helped pass those bills. the deadline is october. both sides are playing chicken right now. the secretary of the treasury, janet yellen, says a default could trigger a spike in interest rates and deep drops in stock prices. jackie? jackie: byron york was on with us earlier, and he said essentially we've seen this posturing in washington before, but at the end of the day, the democrats needs to do it. really appreciate the breakdown. always good to see you. now to those higher energy costs, something that's hurting americans. our next guest says the gasoline prices remain stubbornly high, over $3 a gallon since may and could spend the rest of september over that level. they are higher in other parts of the country as well like

california. gasbuddy's patrick dehaan is with us. always good to see you. listen, i know it's a different market than we've ever seen before, but you get that spike around july 4th, and then you start to see to some relief now. doesn't seem like there's any relief in sight at the pump. >> yeah. you look at the incredible strength, oil prices remaining above $70, natural gas still very high. really the only portion of fossil fuels that are remaining not in the deep redd today. but as you mentioned, gas prices really have failed to go down so far. that's unusual. but, of course, we have a lot of unusual factors keeping prices high including, of course, hurricane ida which did much more damage than anticipated, keeping gulf of mexico oil production and, of course, gas production offline for an extended time. all of what we're seeing really covid-relates, weather9-related. the question is when will we go back under $3. and, of course, with her storms on the radar right now, it may

take a few weeks at least. jackie: because of pandemic, because of the delta variant, people are moving around more in their cars, so they feel it when they go to the pump and gas prices are up more than 40% year-over-year. that's pretty substantial. >> yeah. without a question, not only are they filling more to pay -- paying more to fill up their tank, but spending more in terms of natural gas this winter. almost a double whammy. natural gas prices are double where they were a year ago in light of the fact that, again, ida-related and covid-related shutdowns have really impacted the energy markets. jackie: i know you and i have disagreed on this topic before, but i have to ask you once again, we're updating each other at different times. you mentioned ida and whether disturbances -- i know what happened, you know, down in the gulf when we have these kinds of problems, of course. you mentioned the covid demand and the supply chain issues as

well, but i also have to point to the administration and its policies when it comes to energy, green energy specifically. it may not happen tomorrow, it may not be having an impact now, but it will send prices higher eventually. >> oh, i think that's absolutely -- can't even argue that. we will eventually see prices higher. and like you mentioned, it's a guarantee. maybe not today, maybe not tomorrow, but certainly the psyche that the administration is having on the market is, certainly, not helping things at all. jackie: remember the days of oil over $100 a barrel, patrick? is that where we're headed? >> well, you know, you look at this winter and, again, with the stars aligning with natural gas remaining relatively high, it's not impossible that some sources globally could switch back to oil in terms of substituting natural gas this winter, places like china and europe where natural gas prices are up 20% may be looking at that. of course, keeping in mind the emissions downside there, but we

certainly are probably going to see oil prices continue to see pressure until a lot of these covid imbalances level out and, of course, it's going to take opec until 2022 to get back to we-covid levels. so in the -- pre-covid levels. jackie: yep. and as we know, the prices will go up. patrick, great to see you. thanks. >> thanks, jackie. jackie: all right. coming up, president biden wants to focus on climate issues, but growing tensions with france and china could take center stage at the united nations' general assembly. new details on the kabul drone strike that killed ten civilians last month. we're live at the pentagon with the latest coming up. ♪ ♪

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it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. jackie: welcome back. president bidens' leadership set to face a global test at the united nations tomorrow as he's expected to focus on combating coronavirus and concerns over climate change. fox business chief nationalling correspondent connell mcshane is live at the u.n. with the latest for us. hi, connell. >> reporter: hey there, jackie. with everything going on, you'd expect afghanistan to be at the center of the foreign policy world which is pretty much what new york is this week in september. but to your point, all the indications we're getting from the administration is that climate change, climate issues

in general will be what they try to shift the focus to. and leaders from other nations have been talking talking a lott that as well. -- a lot about that as well. the john kerry is the highest ranking official in new york so far, this is video from a short time ago when he was right behind our location. the president will talk tomorrow. we'll see how much climate is in that speech. covid is the other thing. the u.s. ambassador to the u.n. earlier today, linda thomas greenfield, she made a stop at this mobile testing site right across the street to show everybody she got her covid test on the way in. and this is a different general assembly, smaller than usual. each nation is permitted to have a total of four people in the general assembly hall. that includes the speakers, is so it'll be a different environment for all the world leaders who are here this week. now, in the news this week the biden administration easing a series of covid-related travel bans. that's likely to come up. now all foreign nationals can

fly into the united states provided they're fully vaccinated. we just got reaction from the british prime minister, boris johnson. here he is. >> we also, as you know, got some good news about u.k. travelers to the, to the united states and double-vaccinated u.k. travelers will be able to go by the end of october. >> reporter: by the end of october. seen as a positive by prime minister johnson. as we move forward on this monday here in new york, the secretary of state, antony blinken, will be arriving later in the day today. he actually has a meeting with the british foreign minister a little bit later on here in new york. then the president arrives in town this evening and will speak here tomorrow morning. jackie. jackie: connell, thank you for that and, of course, all eyes on this. we will be watching very closely. this happening as tensions with france and china are ramping up as well. president biden is now seeking a call with france's emmanuel

macron over the security pacts. if reaction now from a former foreign policy adviser under margaret thatcher, nile gardiner. just a little background for folks who don't understand, basically last week australia canceled this submarine deal with france that it had traditionally done, roughly $40 billion, now doing it with the united states. the french foreign minister said that we acted, you know, with duplicity, with a lie. it was a major breach. it is not okay. so there's a lot of tension here as a result of this. >> well, thanks very much for having me on the showed today. and as you mentioned, major tensions between paris and is washington at this stage. the french have withdrawn their ambassador from the united states. i think that's the first time they have done so, actually, certainly in modern times. and an extraordinary diplomatic, you know, debate going on across the atlantic here. i have to say though that for many years the australians have

been increasingly unhappy with the french deal with regard or to the submarine deal between paris and canberra. and so this is not necessarily a huge surprise9 that the australians eventually opted for u.s. and british-backed nuclear-powered submarines as the way with forward in the future here. jackie: right. >> but certainly, the french feel hue mill quainted, and this is certainly the biggest break in diplomatic relations between the united states and france in many, many decades. jackie: you wring up a good point -- bring up a good point, the issue is technology. it's almost an upgrade, and the technology is here, and that's why they came here to the united states. but there, look, no one ever likes losing a big contract, no one ever likes to lose a deal, but possibly diplomatically there was another way to handle this. >> well, that's a good question, and i think certainly the french feel, you know, mightily aggrieved by the way this has

happened. at the same time, i think it's a reflection of the fact that france is a declining power on the world stage. the australians recognize that. they want to do a deal with the united states and brexit britain. they see their future tied to washington and london and not to paris. and so without a doubt, it offers a big strategic blow to the french, it's a blow to france's ego as well. it's also a blow to the european union. after all, france is the dominant power of the e.u. together with germany, and australia sees its future more closely aligned with the and the u.k., especially with great britain now outside of the european union. and so that's the way ahead as far as the australians are weren't -- are concerned. they want to have a global naval presence. they want to have nuclear-powered submarines, and the u.s. and the u.k. can help the australians with that. jackie: what i found marley striking as well is -- particularly striking is china

criticizing this deal for obvious reasons, because it strengthens the united states' position in the region. >> yes. in fact, the australian/u.s./u.k. deal is a very good deal, i think, for not just the australians, but also for the united states and for the united kingdom. and it sends a very clear message to china that australia is going to stand shoulder to shoulder with the u.s. and the u.k. against the chinese threat. and this deal certainly makes australia far more a powerful naval force in the indo-pacific, and that's a very good thing. and so naturally, of course, the chinese are mightily upset over this, and they're taking the side of france against australia. jackie: and i just want to point out reuters is saying a $40 billion price tag, presumably this is an even bigger deal now. we'll be watching to see how biden handles this. appreciate your insight. >> my pleasure, thank you very much.

jackie: all right. a quick market check here. big tech the biggest drag on the major averages today. the nasdaq seeing its first 2% decline since july 27th. we've got more cavuto coast to coast when we return. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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jackie: welcome back. u.s. stocks on track for their worst day in weeks. susan li is here on what's getting hit the hardest. >> at session lows we saw the biggest drop in almost two months for the dow and the s&p 500, biggest drop for the nasdaq since the middle of may. the idea that money moves without borders when it comes to global finance, a 4% drop and selloff in hong kong means you have to raise cash and sell elsewhere and, yes, this does include the u.s. markets. the china story is not new, we've been talking about it for

months, but the fact that maybe china has not signaled it will step in to save it, that has given investors a concern. you also have domestic issues here on the debt ceiling fight in d.c., a fed meeting this week which might signal an earlier hike in interest rates, and then there are seasonality effects, september is traditionally the weakest month of the year for the stock market. caterpillar seeing its worst day since november of last year. also banks, the u.s. growth falling nominally, jpmorgan and goldman sachs, and also the alibabas of the world. cryptocurrencys are also down in this risk-off market, and you had a 10% drop in bitcoin, ethereum also making news, the largest crypto exchange in america, coinbase, says they are now scrapping their yield product and this is afcee owe brian armstrong -- after ceo brian armstrong claims sketchiness coming from the sec.

so coinbase just an hour ago says it will not launch coinbase lend which would have allowed users to earn around 4% interest on their coins peggedded to the u.s. dollar or other currency. finally, we saw a big night for streamers. i want to show grow "the crown" winning best dramatic series, first time netflix has nabbed this award. only took them eight years, and apple's "ted lasso" sweeping the comedy series at the emmys, and it shows you streaming is dominating and, yes, they're spending a ton of money on their content in order to grab those awards. jackie: they sure are. the tide is turning. the pandemic might have sped it up, but it is remarkable. susan, thank you so much. all right. turning to another looming net over the markets, our next guest says it's not just the fed and china, it's the threat of ransomware attacks. black heights ceo paul padgett joins me now. great to see you.

according to your research, roughly 15% of the nasdaq 100 would be susceptible to a ransomware attack. that's pretty scary when you think about it. >> it is. in fact, 40% are susceptible. what's particularly important about the 15% is they are in the critical red zone, and that means they're likely to be attacked in the next 6-7 months. so it's -- we're trying to help with people understand where the problem's coming from and who are the companies that are in the crosshairs of the adversaries. jackie: look, companies have to take this very seriously. we've seen some cyber attacks this year of that have caused trouble, for example, with the colonial pipeline, and you could see the damage done there. traditionally, you know, countries, other powers, they're not going to fight with us in the same way that they once did. using these cyber tactics will be the way that do it. what can these -- that they do it. what can these companies do to shore up their security? >> right. so so one of the things that cybersecurity was built from the

if inside-out, almost like the castle and the moat, if you think of that analogy. but now the game is from the outside-in, and the adversaries can see a lot from the outside. they can see if you are weak user names and passwords on the dark weapon. in fact, 82% of the nasdaq 100 has exactly that in the last 90 days. they can see unpatched servers and, you know, for example, companies will have windows 8 servers that have been out there for years. they're still out there. they're not being monitored, and and they're not being updated by microsoft, so you want to get those things off your network because they're visible from the outside. jackie: and the 15% that you talk about in the red zone, you know, that are in the most danger, is there anything else that they could do? are they -- why are they particularly more vulnerable than the others? >> well, it depends on your target. the bad guys are looking for easy targets, right? so they're going to look for unpatched servers, user names and passwords on the narc web,

they're going -- dark web, they're going to look for application froms that haven't been updated whether it's on your web site, but they're all exposed to the internet. they can see that, so those are the companies they're going to go after and particularly the companies that have to produce realtime services whether it's retail, hospitals, supply chain, the medicine that a we take. all those are the targets of the adversaries. jackie: i always think about in on a -- this on a larger scale, i used to cover energy and how susceptible our power grid. what would happen in this country. when you look at these companies individually, if there's a small attack here or there, not necessarily the biggest deal. but is this way for people to target these companies as a group? >> not really. i mean, the ransomware and the targets of right now over half of companies have been attacked by ransomware, and half of them have paid -- jackie: okay. >> so it's a pandemic-like

problem, to use a phrase from another problem we have. but, no, it's a massive problem. it's not just nation-states going after the power grid. that's almost a special category. these are criminals that are trying to get ransom money whether it's 10,000, 100,000 or 50 million in the case of one of the suppliers to apple. jackie: i was going to ask you what some of these ransoms look like that they're paying. does the problem just go away? >> a third of the companies never get the keys back to the lock, so not always, no. jackie: so they shake them down, essentially. >> exactly. this is a shakedown. this is more criminal enterprise than it is nation-states. that's a different ball game. nation-states, obviously, are using this as well, but they have a different motivation. this is good old-fashioned crime. jackie: yeah. and when you look at the places that may be targeted, some of them are in the countries that

are our biggest adversaries. >> right. but the attacks are coming from everywhere. i mean, if you can shake down a hospital and turn off the operating rooms, guess what? they're going to pay the ransomware pretty quickly. and it gets paid in bitcoin, which i notice you've been talking a lot about today. so it's a bigger big enterprise. it's a very hidden enterprise because not all the companies have to report these attacks. most of it's not reported. jackie: and the ransom was paid in the case of the colonial pipeline, as we saw is. paul, great to see you, thank you. >> thank you, jackie. jackie: new details emerging between ripple and the securities and exchange commission. charlie gasparino has the latest on this one, what can you tell us? >> i can tell you that unlike coinbase, it looks like ripple is going to fight this one. i mean, let's be real cheer here what's at stake -- clear what's at a stake. the sec is saying ripple's xrp currency is actually a security

which has its own platform, sort of its own -- what is the platform for it? it basically helps transact cross-border transactions. basically saying this is a security, it needed to be disclosed to the sec and needed to file disclosures, it didn't. ripple is fighting back. and i'll tell you, jackie, you know, coinbase caved on its thing with the sec, it didn't want to go there. at least what i'm getting out of ripple is that they're going to fight it. and based on some of the securities lawyers i've spoken to, this could basically create the groundwork or the framework on how much authority the sec has in this area. if it can't force ripple to basically disclose if its cryptocurrency is going to be declared as a currency and not a security, something like ethereum and bitcoin, well, guess what? the sec's wings have been clipped. it looks like this thing's going to court. we're going to have to follow this. by the way, i've seen so many wall street firms saying they're

going to fight to the end, and then they settle. is so this is -- [laughter] always a thing you have to watch real closely, minute by minute. but from what i understand, they're going to fight, they're going to fight harold x. if they do -- hard. and if they do establish court precedent, and this is always a risk, i've seen it in trading cases, if you lose a case, if a judge says you push too far, it clips your wings in the future. you never want to lose something like this if you're a regulator because it basically true tails your ability to -- curtails your ability -- jackie: this decision is very important. to your point there essentially if they want to regulate crypto and so many investors are saying that we're skeptical of getting in because regulation is one of the problems, maybe it won't be as severe. this is really important to watch. >> this is really important to watch, and, you know, obviously bitcoin has taken a huge hit today, i think on a lot of factors including coinbase, but we have to -- the word i was

trying to remember before was blockchain. the blockchain technology, you should be divorced from some of this stuff. i know a lot of times it's not, but it should be. ripple has an amazing technology which basically allows for cross-border transfers of money. i mean, using its xrp cryptocurrency. you don't want to stop that type of technology. coinbase came up with something pretty inknow visitative in terms of lending -- innovative in terms of lending out to third parties whatever you kept on their platform if, whatever cryptocurrency is. that's the start of something that could become like banking. when the sec starts putting the clamps down, there's a good case to be made they are stomping that sort of innovative stuff that basically created the internet. the internet started out as something like a government project. the feds did not crack down on it despite a lot of bad stuff happening on the internet, and you got stuff like amazon and google and all the great stuff we enjoy today, zoom. you know, we couldn't are have gotten through the pandemic

without zoom. so that's where we are right now with crypto. this is a very dangerous time. i think if you listen to some of the experts on this, people might want to listen to hester peirce. she's the sec commissioner who's calling for, essentially, a time out, a moratorium on this stuff until we get our act together and try to figure out how tow regulate this stuff because, again, cryptocurrency's going to go up and down. i get it. we didn't throw out the whole internet. jackie: right, no. and you're right, maybe a pause is the best way to go, because you don't want the criminal activity, but you don't want to stifle innovation. charlie, nice to see you. coming up, energy stocks seeing some of the heaviest selling today. we're going to get a reaction on that from phil flynn when we return. ♪ ♪ ♪♪

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hitting its highest level in more than four months as growth concerns in china are slamming markets here at home. let's bring in fox business contributor phil flynn with more on this. we're at 26% increase in the vix right now, the market is down 742 points. phil, what do you think today? >> you know, i think fear is more than reality at this point, but let's make no mistake about it, i mean, there are some big risks here in the market. this evergreen situation that we have in china, this big real estate company, you know, reminds us of lehman brothers. the big question is it more of a long-term capital management situation that can be controlled. because the market isn't quite certain about that, that's why we're seeing that fear gauge go up and more fear begets more fear. we really don't know how china's going to be able to respond to this situation. we know in the past they've been able to step in, you know, buy their stocks back and sweep the problems under the rug, you

know? the question is, are they going to be able to continue to keep the problems you should the rug, or is -- under the rug, or is this going to have more systemic risk. if you look around the commodity complex, things like copper and oil right now, you're seeing that concern in the market because, you know, on the face of it you have very bullish fundamentals for these commodities, but the fear of a potential meltdown in china is really weighing on that. jackie: yeah. and it's interesting because when you look back at past problems here in the united states, we have had situations where governments have stepped in and is helped with the bailouts, but the chinese government not giving any indication that it's willing to do that and, of course, that's the major concern, right? all of a sudden it might not just be chinese exposure to that company, per se, but there could be u.s. bank exposure there too. >> there is. we're already seeing, for example, some of the stocks in japan that have exposure to this company getting hit. they have, you know, individual investors, you know? and then the question becomes

are the chinese regulators making the same mistake that our regulators made when they didn't come in and bail out lehman? you know, are they able to control the systemic risk? that's the question right now. my guess right now is that this is going to be more of a long-term capital management if situation. that was the situation with the big shock when it happened that they were able to contain the risk, you know? but i don't think this this is a lehman moment, but with the u.s. stock market at extended levels, it's a perfect example to put us in correction mode, and we're a little bit overdue for one of those -- jackie: oh, yeah. and i was having a conversation with a colleague, and i said, listen, we were overdue for a correction. it's not surprising to see, the stocks can't just go up and up and up, but you never know exactly what the trigger's going to be. this isn't necessarily a new story with this ever grand, but it's coming to light just now, and it just a takes that one spark to get the market to say

it's time. >> it is. and, you know, when you see that fear gauge, people start throwing out the good stocks with the bad. sometimes when you see that fear gauge go up, that's the time to wait and pounce because you're going to get some good opportunity. jackie: that's been the conversation today, do you buy the dip here, maybe wait a couple of days? the fed meeting on wednesday might add some sort of backstop to this market. it'll be interesting to see. >> i would be buying tomorrow. i think today's too early, but i think ahead of the fed, i think you're right, i think the fed's going to bring calm back to the market, they're going to acknowledge that there are increasing risks in china, but they're going to continue to be accommodative, and the fed's going to have our back. know that, right? jackie: that will do it pretty much every single time. phil flynn, great to see you. thank you. >> thank you. jackie: all right. after the break small business advocates taking a stand over vaccine mandates.

why one major group is now calling the president's push unconstitutional. and if you're looking at who is to blame for the dow's major downturn, goldman sachs, microsoft, caterpillar and some of the financials accounting for half of these major losses today. we'll be right back. ♪ ♪ it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats.

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♪ jackie: well, your favorite bottle of wine may be getting little harder to come by. an alcohol short isage hitting consumers coast to coast. jeff flock is live in philadelphia with what's behind this problem and, jeff, we really need to know about this. [laughter] >> reporter: on a day like this, this is a day that'll drive you to drink, jackie. i am behind the bar, actually, at village whiskey, one of the nation's premier bourbon bars. and right now, i tell ya, bourbon's one, two, three, four, five, six, seven, eight, nine bourbons are among the numerous alcohol bottles that are now being rationed. >> that's right. >> reporter: coo of what's called the garzas group?

rationing in alcohol, not only bourbon, but tequila, champagne -- >> that's right. there's about 42 different products that have been listed currently. >> reporter: what's the deal? >> well, it's complicated, but -- [laughter] the good news is that the stuff that's in the bottles, we still have lots of -- >> reporter: there's plenty of alcohol, it's the bottles that are in short supply? >> it's the bottles, sometimes it's the caps or even the smaller distilleries the label itself. >> reporter: wow. the other problem in pennsylvania and, jackie, we're drinking in pennsylvania, you might if know buying alcohol, everything is government-controlled in pennsylvania. unlike some states, this is -- you've got to buy from the government. and that's who is imposing this rationing. >> that's right. whether you're a consumer or a restaurant, you're all buying from the state system. >> reporter: and i'm limited now -- you're limited as a bar owner to two bottles per day? >> of those 42 the items, yes.

but we should note that the restaurant industry probably has a much deeper stock than what the consumer at home might have. so the chances of us running out of these bottles in the short term may be unlikely. >> reporter: gotcha. perhaps you can also see, jackie, there's plenty of alcohol out there. [laughter] if you get desperate, maybe you're elijah craig is not available, but you can certainly get something. jackie: i stocked up, jeff, on alcohol when i bought extra paper towels and toilet paper and disinfectant wipes because you just never know. we have been talking about the supply chain, but it's gone too far. [laughter] jeff flock, great to see you. all right. small business groups taking the white house to task over its vaccine mandate. the job creators' network now preparing to sue the biden administration over what it calls dramatic overreach by the federal government. let's bring in job creators'

network chief communications officer elaine parker. elaineing, good afternoon to you. i'm sure part of the frustration here is that there has to be a lawsuit about at all. >> absolutely. and you know, jackie, i have to take issue with how the biden administration has been framing this from the beginning in that it's about big businesses. the fact is when you think of big businesses, you think of deltas and the coca-colas. this mandate is going to impact businesses that are 100 -- that have 100 employees or more, and the fda defines a small business as under 500. so if you're a restaurant owner and you've got two or three locations, it doesn't take you long to hit that threshold. and if you're a small business or a private business in general and you want your employees vaccinated and you make that decision, that's one thing. it's a whole different ball game when the federal government comes in and forces businesses to police their employees, to provide paid time off for weekly testing or vaccines or will slap

them with a $14,000 fine for noncompliance. you know, it's just ridiculous. so this lawsuit is going to be filedded when the rule comes out to block this mandate. jackie: and you make a great point. you talk about delta, they've got thousands and thousands of employees. you talk about a small business that might have 101, and now all of a sudden they have to deal with this mandate. but then you think of the procedural issues and the cost that goes along with litigation too, and that's where, i'm sure, a lot of the frustration is. these businesses have had a hard enough time over the last 18 months. >> absolutely. this wasn't our -- this isn't our first step. this isn't what we wanted to do. we don't want to file litigation, but it is a tool in our toolbox to defend small businesses. i've been traveling the country for weeks, and i spoke with a trucker in the midwest, a trucking company in the midwest, and he's over the threshold, and he said i just can't afford to lose any employees over this mandate. he said is, you know, if i lose one trucker who goes down the

street to my competitor who is under that threshold, he said, i'm done, i can't meet my orderses, and i can't meet the american needs. so we're going to use this litigation, we're going to block this litigation. we think it's disingenuous that they keep framing it about big business, because it's really going to impact small business. and we're going to defend them just like we have in the past. jackie: it's really sad to hear these stories of people struggling for so long, and in the face of this now was supposed to be the time it's going to get better, and there's just more redd tape to cross through -- red tape to cross through. elaine, we appreciate you updating us, and we will check in with you. >> thanks, jackie. jackie: a could have day on wall street. -- rough day on wall street. two straight weeks of losses for the s&p, and the nasdaq. you're looking at the dow, down 755 right now. more "cavuto coast to coast" when we come back.

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♪. jackie: the u.s. making a big change to its quarantine policy for foreign travelers. international visitors who are vaccinated and show a negative covid test can now travel to the u.s. starting in november just in time for the holidays.

under current policy, only american citizens, immediate families, green cardholders can travel from the eu or the uk to the u.s. that will be change effective in november first time in 18 months. a rough day for the markets. the dow down 750 points. 10 year treasury yield retreating from a two week high. charles payne, take it away. charles: i accept the challenge. thank you very much. good afternoon, everyone, this is charles payne. this is "making money." you heard it, breaking right now, face it, we knew the day was coming a big drawdown challenging investors enjoying one of the calmest rides in history. it includes a implosion after chinese property developer, evergreen and remaking of chinese business in general, runaway inflation here in the united states, wall street collectively now calling for a correction. face it, general malaise in this nation after an avalanche of bad news and ugly developments so