>> more fabulous vacation you went on this year or fabulous place you saw. >> i was in portugal. it was beautiful. >> dana: you are beautiful as well. thanks. peek.com. check it out. i'm dana perino. here's shep. >> shepard: it's noon on the west coast, 3:00 on wall street. whenever the nation has entered a recession in the past half century, one indicator sounded an early warning. today that siren is blaring again and it has stocks plummeting. anything can happen during the last hour of trading. a new law opening the glad of lawsuits. hundreds of people suing for sex abuse claims from decades past. the targeting include the catholic church and the boy scouts and jeffery epstein. reporting begins now. fears of recession top the news. this is the final hour of

trading on wall street. the dow tumbled 750 points earlier today and has since broken through those lows. now we're testing them again. investors fear the economy is headed toward a recession. why? if you read anything about the markets today or watch the tv news at all, you probably heard about the yield curve inversion. which is historically a sign that we could be headed toward a recession. boils down to this. some short term bond investments have started to pay more interests than long-term investments. that can happen for different reasons. whether we're headed for a recession may depend in part on why this is happening. how long it lasts. think of it this way. in normal times, if you lend money to somebody for a long time, you get more interest than if you got your money back quickly. so a ten-year bond would bring your more yield than a two-year bond. that's normal times. today is not normal. normal is reversed now.

short term bonds pay you more than long-term bonds. from the government's perspective, short-term borrowing is cheaper than long-term borrowing. every recession is preceded by one. it's often a sign that recession is coming. and it is obviously. the question is when. has the trade war hurt the farmers and consumers and importers so much that the economy is beginning to turn? and are some bad signs in the housing market pointing to a mini housing bubble? the truth is we don't know with certainty. big companies were doing well in part because they got regulations slashed and taxes lowered. suppose the theory was that that would trickle down. history begs to differ. now there's uncertainty with the trade war. companies are tightening up. in every sector across the board, the markets are selling off big.

the fox business networks kristina partsinevelos tracking this. kristina, explain this warning sign. >> you did a great job explaining it. visuals help. i have a graph. what is happening right now, investors are worried. they're moving their money to the bond markets. they're safe havens. inversions happen when you have a long-term bond. you want to get paid more. you never what can happen in ten years. the economy can crash. but today there was an inversion like you mentioned. you actually made more money holding a two-year bond versus a ten year. that's being shown by the red line going down on the screen. it's inverting, going downward. you don't want to see that. usually in the past historically if you look at just over the last several decades or so, that's a precursor for a recession. according to credit sweets, they say when a yield curve inverts, we could see a recession in 22

months. we know history changes. future changes. you can't always rely on what has happened in the past. so investors are concerned. they're selling their stocks. they're moving into safe havens and also like gold. gold is climbing higher. silver is climbing higher. what has investors on edge? is it only the inverted yield? no. you have weakness out of china. we've had numbers for july. they're starting to slow down. that's a massive economy. so when they slow down, that has a trickle effect. we have the germany economy, too. that's contracting. that's a huge deal. that's the fourth largest economy in the world. and then talking about the federal reserve and timing on whether they should be cutting interest rates. maybe cutting rates faster and often. we had janet yellen of the reserve. she was on fox business earlier. listen to what she had to say about the bond market. >> there's head winds facing the economy. are we going to a recession?

>> i think the answer is most likely no. i think that the u.s. economy has enough strength to avoid that. but the odds have clearly risen and higher than what i'm comfortable with. >> regardless of what she thinks, investors are selling off. a lot has to do with the inverted deal. >> shepard: thanks. 100 points off the low. context. aaron is here, columnist for the "wall street journal." the white house wants to put this all on the fed and the fed's moves. it's not true. >> i don't think it is true. the fed has moved to accommodate the market some. it didn't do much. we have really negative global picture. we have the german economy data overnight showing the german economy is contracting. the chinese economy is slowing. we have a global slow down happening right now. >> shepard: not many so many

words but actions with this white house. in actions, the president is admitting what everybody else already knew and that is that consumers and importers pay tariffs. china wasn't putting that money into the coffers. american people were. >> he delayed the tariffs. they said christmas would be ruins. american consumes do pay a price or they wouldn't have to delay christmas. >> so 50 basis points, interest rates will go down, which is good for some. if you're an older person, on a fixed income or you have money in the bank and trying to get money off of a cd, it's bad news for you. >> i'm not so sure the fed has that much room to loosen. one thing is lost, there was inflation data. consumer price index is up 2.2%. that's a strong reading. the fed's target is supposedly 2% inflation. so there is a reason why the fed is not aggressively loosening right now.

the data doesn't call for that. >> shepard: what is the big danger here? >> the danger is the trade war continues deteriorate global sentiment. the odds of a recession are high. >> do you look at the big picture and see a plan? was there a plan with this trade war that you can pick out somewhere? >> there are elements of a plan. there's legitimate complaints about chinese industrial practices. >> sure. but that sort of thing normally happens together with allies around the world. big pressure -- >> there would be more effective pressure on the chinese if this was in concert with allies. there's confused objectives. we're not just talking about the trade -- intellectual probability. we're saying buy our agricultural goods. there's too many things and it's confusing things and makes it harder to get a deal on things

that matter for the long-term, which is like intellectual property protection. >> shepard: chinese don't have an election in two years. they don't have to worry about that. >> no. >> shepard: gives them an edge. thank you. >> my pleasure. >> shepard: ahead, sleeping on the job what we're hearing about the jail guards that were supposed to be watching jeffrey epstein when he deed. one of his accusers is going after his inner circle and more on the british royal caught up in the epstein sex trafficking scheme. reporting continues on a wednesday afternoon. lood clot i was thinking... could there be another around the corner? or could it turn out differently? i wanted to help protect myself. my doctor recommended eliquis. eliquis is proven to treat and help prevent another dvt or pe blood clot... almost 98 percent of patients on eliquis didn't experience another. ...and eliquis has significantly less major bleeding than the standard treatment.

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>> shepard: epstein aftermath now. the two jail guards that are supposed to be watching jeffrey epstein the day he died reportedly fell asleep on the job and tried to cover it up but falsifying the log books. that's according to "the new york times." the paper reports the guards cooked the books to make it appeared that they were checking

on epstein every half hour as required but they had not checked on him for three hours before he turned up dead. the two guards are now suspended and the justice department has temporarily reassigned the jail warden. bryan llenas reporting live from new york city. bryan? >> shep, a federal sort tells fox news investigators are looking into both of those claims that they fell asleep and wrote up false logs to cover it up. cameras show the guards on duty, not making the rounds as supposed to. the union representing the guards has said the guards were overworked. one had worked 80 hours that week. the other volunteered to help because of understaffing. we also know the bureau of prisons, which operates the metropolitan correctional center where epstein killed himself has two teams on site today. an after action review team sent to prisons after incidents like this and a suicide reconstruction team which will

investigate how and why he killed himself. this as we still await the autopsy report. shep? >> shepard: lawyers for his accusers are trying to make it easier to go after co-conspirators. is that right? >> yes. investigators are looking at the 2008 sweetheart deal. there's language inside that could preclude the federal government for going after any of epstein's co-conspirators because of the vague wording. it says -- >> now, sarah kellen kept a rolodex of young women to recruit for epstein.

and leslie groff arranged travel. now, the criminal investigation, shep, is ongoing. epstein's underage sex trafficking network. attorney general bill barr says co-conspirators should not rest easy. >> shepard: one of epstein's accusers is suing four women that were in the convicted sex offenders inner circle, including ghislaine maxwell. a british socialite and long-term confidant of epstein who is accused of recruiting underage girls. the accuser said she was abused when she was a teen. she said maxwell and three of her staff conspired to make it happen. it's one of the first lawsuits filled under the child's victim's act, a new law in new york state that went into effect at midnight.

the law allows for sex abuse survivors to sue their abusers in a window of time. after a year, survivors until they're 55 years old to file a civil suit. a big increase from the limit of 23. epstein's long-time friendship with prince andrew back in the spotlight now. after the court unsealed hundreds of documents on friday just hours before epstein turned up dead in his cell. according to the documents, one of epstein's accusers, virginia guifrey had what she called sexual relations with the prince on three occasions when she was underage, this particular picture shows prince andrew with arm around the waist of the 17-year-old in london. buckingham palace is calling the accusations untrue. jonathan hunt with more. jonathan, prince andrew and epstein had been friends for a

while. >> yeah. many years, shep. we know from the legal documents made public that andrew was a frequent guest of epstein at his various homes. the relationship went both ways. britain's daily telegraph reported around the case against up steen that the two men were close enough friends for epstein to have been a guest at windsor castle for the queen's birthday party and two other royal estates. in terms of his behavior when with epstein, in 2011, the journalist edward kline cited documents in the original case against epstein saying -- >> kline reported some of the girls were questioned under oath against whether andrew had

sexual contact with any of them. one remained silent. another replied that i refuse to answer. shep? >> shepard: you mentioned buckingham palace saying there's nothing to this. what are they saying about the renewed spotlight on prince andrew? >> the queen showed support this weekend leaving with prince andrew, smiling as she waved to crowds. buckingham palace said -- >> now, that is a reference to the photograph that you showed of prince andrew with the then 17-year-old virginia roberts, who has claimed she was forced

to have sex with prince andrew. interesting in the background of that photo is epstein's former girlfriend, ghislaine maxwell, who you mentioned earlier. she, by the way, is the daughter of the former british media mogul, robert maxwell. he died in mysterious circumstances in 1991 after falling from his yacht named lady ghislaine in the middle of the night. shep? >> jonathan hunt live for us. thank you. u.s. officials are sending new warnings to americans about traveling to hong kong. this after police shot tear gas at protester there's again today. details ahead. and plus, rapper jay z teaming up with an unlikely partner. the nfl. why jay z decided to work with the league after saying in one of his songs that he didn't need the league? ♪

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>> shepard: a warning now. americans warned traveling to hong kong to be extra careful after violence erupted at the airport and beyond. the state department updating their travel advisory. protests move back to the streets today. police fired tear gas at protesters breaking up a crowd outside a place station. the demonstrators are calling for more dramatic policies in hong kong and an independent investigation into the police response to the protests. all of this after two straight days of demonstrations at the city's airport, which forced airlines to cancel hundreds of flights. left many travelers stranded. police used pepper stray and batons on folks around and protesters detained two men that they said were undercover agents

from beijing. this as new satellite images appear to show the chinese military indeed assembling in a nearby sports stadium. rich edson reporting. he will have more in just a moment. first to susan li live in hong kong. she worked there many years. what is the status tonight, susan? >> shep, the protests are back on the street tonight. this is after the hong kong airport authority received a court injunction barring the protesters from entering the terminal. so hundreds amassing in a rural part of hong kong's city. here we are in the ventral business district in the sky scrapers in place. where they're protesting is the far end of the subway line. >> we have tear gas being launched by the police. and protesters were shining laser beams at them. after the airport opened, they

accepted arrivals and departures. the eighth busiest airport in the word, by the way. so receiving 1,100 cargo and passenger flights every day. now a rising symbol, a symbol of protest. it's interesting it's the american flag being flown by protesters being seen as a symbol of freedom and democracy and a slight irritant to beijing as well. we did get a statement from the hong kong liaison office. they said what they're seeing right now taking place in hong kong is no different from violence being conducted by terrorists. now, speaking of violence, here's the most viral video being shown across the city. it's still the buzz after yesterday. we saw a policeman drawing his gun in the middle of the chaos. shep? >> shepard: what are you hearing from protesters there? i know you were in the airport

earlier. >> they said they want the international community to know they're not thugs or terrorists. they're not riots. they're looking for freedom and democracy that a lot of people enjoy, including in america. they have five asks, including amnesty and they want the extradition bill, which would -- all hong kong citizens to not be sent to china for trial. >> shepard: thanks, susan. from a domestic perspective, where are the shouts from the administration. rich edson with more. >> the administration is looking at the military build-up. satellite images released by the associated press appeared to show chinese secure vehicles in the sports center, a southern chinese city bordering hong kong. chinese state media says the people's armed police have been assembling there in advance of

what the government is calling large scale exercises. it's unclear if these forces are there to confront the protesters, to intimidate them or if this is in fact only conducting drills. a state department spokesperson said the u.s. deeply concerned. the on going demonstrations in hong kong reflect a sentiment of hong kongers and their broad and legitimate concerns about the erosion of hong kong's autonomy. china needs to respect the agreement that they signed with the british government in turning hong kong over to china. there's supposed to be a 50-year period from 1997 to 2047 when hong kong lives under a separate system, giving those in hong kong more autonomy than they otherwise would if they were living in mainland china. state department officials say this is part of a troubling pattern from china in the agreement that it keeps, shep. >> shepard: rich, over history, the united states has from time to time stirred up protests in

countries where there's not a lot of freedom. the state department says don't blame us. >> they say china is using the crutch to blame the protests. the language that they kate -- categorically reject the protests. they say they have a problem with the chinese government and the united states is not the one behind all of this. the state department has just updated their travel advisory really to reflect that now security forces in china are using tear gas, there were issues at the airport. the state department has been advising americans traveling through hong kong and raising the caution threat there because of civil unrest. shep? >> shepard: thanks, rep. the nfl is partnering with jay z and his entertainment company rock nation. they're teaming up to help

smooth out tensions with players over social justice issues and to expand the entertainment offering. jay z has been an outspoken supporter of colin kaepernick. the rapper has said in the past that he turned down performing at the super bowl. he even wrote the lyrics "i said no to the super bowl, you need me, i don't need you." he told the "wall street journal" he got on board with the deal because the nfl reaches so many people even if he doesn't agree with some of the league's politics. the journal's parent company, fox news share common ownership. the man the feds say bought ammo and body armor for the shooter in dayton due in court today. in fact, due in court 30 minutes ago. what we're learning about the long-time friend of the killer and the federal charges he's facing. bottom of the hour, top of the news ahead. cash, call newday u. i called and got 51,300 dollars.

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seen here accused of buying some of the killer's gear. he was in court this afternoon facing federal gun charges. here's what happened in court today. they had a hearing. it's continued till tomorrow. there's more to come. police say he bought the body armor and add-ons for his gun, including this extra large magazine that holds 100 rounds. investigators say there is no evidence that he knew what his friend was planning to do. mike tobin reporting live with more. mike? >> the latest update is the fact that the pretrial hearing was continued till tomorrow. this is a guy that says that he knew the dayton gunman since 2014. they did heart drugs together. all of that according to a criminal complaints. federal investigators say ethan kollie purchased the body armor and the high capacity drum

magazines. the catch is he's not charged with that. he's charged with lying on a federal form to purchase a weapon. he checked a box saying he doesn't use drugs and then he told investigators that he regularly using drugs. he told investigators that the reason the gunman went through him is to hide the gear from the gunman's parents. there's no evidence that kollie had any advanced knowledge about the attack, shep. >> shepard: thanks, mike. the city of el paso set to hold a community memorial service to remember the victims of that shooting. it will take place in a minor league baseball stadium. the city of el paso will broadcast it live to other locations around the city, including a park near the shooting scene. the mayor says the gathering will allow our entire region to unite in support of those injured and to mourn most that lost their lives. russia cancelling the evacuation of a village near a research

facility. the truth is, russia is not telling us everything or maybe the right things about this nuclear explosion. more on that in a moment. analysts say the weapon was likely a nuclear powered cruise missile. the russian president announced the weapon last year claiming it could hit anywhere on the planet. apparently there's a problem and fallout in many ways. moscow has kept a tight lid on the explosion. yesterday's weather service radiation levels rose to 16 times higher than normal after that blast. local officials say they didn't face any trace of radioactive contamination. they sent a train in to evacuate the city. instead, the train is carrying -- also, did this thing go into this water? this nuclear thing? if so, how did they get it out of the water? no answers from the russians.

jennifer griffin reporting live from the pentagon. jen? >> shep, the russian government had ordered special train to evacuate up to 500 residents that may have been exposed to the harmful radiation. but hours before the train was set to arrive, moscow cancelled the evacuation order adding to the confusion. one missile expert i spoke to cast doubt about the missile's future. >> russia is developing a nuclear powered cruise missile. this is a high priority program for the russians. i'm not sure that i believe vladimir putin's boast that the system is invincible. they're having a lot of trouble getting it to work and i'm not sure it will work. >> at first, the russian defense ministry down played reports of a radiation leak saying there was no harmful atmospheric discharges. medics that treated the victims including five dead russian nuclear scientists have been

summoned back to moscow for medical exams after being exposed to the high levels of radiation. the medics were forced to sign nondisclosure agreements about what they saw. satellite photos said ships known to carry nuclear fuel near the test site. >> from the shape of the cruise missile, this look like it flies below the speed of sound. more like an airplane. >> not a hypersonic missile like the one that president putin bragged about last year. u.s. intelligence believes the explosion was an engine test for the missile designed to fly anywhere in the world. the u.s. tried to develop a similar missile in the 50s and 60s but abandoned the project because it didn't make sense to put a nuclear reactor inside a missile, shope. >> shepard: what are you hearing from watch dog groups? they guest us the best info. >> the international atomic

agency just issued a statement saying they have contacted its russian counter parts about the missile engine explosion. they said -- >> the iaea does not say if the organization believes the russian claims, shepard. >> shepard: thanks, jennifer griffin live at the pentagon. thank you. the rapper asap rocky is guilty but we don't have to do anymore time. he won't. a court in sweden has convicted him of assault for his role in a fight. it happened in late june. here's some video before the rapper was set to perform at a music festival. asap rocky pleaded not guilty saying he acted in self-defense when a man would not leave him and his two body guards alone. the wort wouldn't let him leave the country for weeks. the judge said the three were not in the situation where they were entitled to self-defense

and he said somebody hit the man with a bottle, though it's not clear who that was. either way, no prison for any of them. just a total fine of about $1,300. you may remember, president trump and kim kardshian were among those that supported asap rocky and pushed for his relief. a rough day on the markets with just minutes to go until the closing bell. the dow off 750. about .2 off the lows. it was down more than 3% for about that long today. we'll see if it tests the limits again in the final 18 minutes of trading. we'll have a live report from the new york stock exchange and plus, hundreds of people getting their day in court. those allowed to file sex abuse lawsuits no matter how long ago they say it happened. but allstate helps you. with drivewise. feedback that helps you drive safer.

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>> a fox urgent. a live look at the dow. off 750 at the moment. investors say they're worried about global economic growth and in addition, the trade war with china and some housing worries. all of this one day after the dow gained 300 after the trump administration said they would delay tariffs on chinese

imports. deidra has more. >> we're looking at the last 15 minutes of trade. as you pointed out, that dow pretty much add its session lows. optimistically off the lows. pretty much there. you're just is seeing selling across the board. there's 11 main groups that comprise the s&p 500. they're all lower. it's just due to concerns about global growth. so even investors who aren't as worried about what is happening here in the u.s., there was an indication from china overnight, one from europe that called into questions those regions. china affecting acian as the whole euro zone's ability grow. the fed expected to cut rates.

the tech sector has supported the market the past two years. so to ceciling of this magnitude underlies the fears. >> shepard: deidra bolton with 13 minutes to go today. some victims of child sex abuse in new york states have waited decades to go to court. now they have their chance. the state child abuse victim's act went into effect this morning. it loosens the statute of limitations on child sex abuse cases. starting today, there's a one-year window to start a lawsuit against alleged abusers. after that period, they have until they're 55 years old to file civil suits. minutes after midnight, more than 100 lawsuits were filed against the catholic church, the

boy scouts, schools and school systems and hospitals and other organizations. state officials say they expect that number to go higher. let's bring in deborah blum. she's had people sue over sexual misconduct. this began about the catholic church, didn't it? >> yes. this has been put into action for over 12 years. people pressing the legislation to relax the statute of limitations. it was passed into law in february of 2019. now as we just talked about or as we just said, the courts will be flooded with suits about the catholic church, universities and we're going to see probably large pay-outs by institutions that otherwise do good. >> shepard: why did this happen? it's a big change in the law. >> if you speak to crime victim advocates or mental health professionals, they'll tell you it talks until age 52 for a victim to be ready to speak out

about their accuser. what we need to focus on is in terms of criminal actions, you only have until age 28 under this law. so if you allege that you were the victim of a sex crime, the prosecution can only bring the case until that victim turns age 28. >> i would guess that there's some institutions that are concerned about their viability in the face of this. >> that brings up the issue, these are so distant in time. how you going to prove them? rockefeller institute has a lawsuit against a doctor that worked for their organization. that doctor is now deceased. so how can they defend against it? that highlights criminal and civil law. in civil law, you don't necessarily have the right to defend against the accusations meaning your state or organization could be substituted. how will they get the answers? how they will allege that he didn't do it?

so it does create some issues. >> shepard: all of those will play out through the system. we've been talking about big institutions. this can be a person and a neighbor. >> yeah. so in new york city, three judges were appointed to handle these cases. those will be with the organizations and well as against individuals. we'll see harvey weinstein, the state of jeffrey epstein, a lawsuit has been filed there. he's not going to have the ability to defend against it. it will be his estate. since the age of the cases are so old, you won't see the same evidence that you would otherwise have. nowadays we have surveillance, texts about it. so it's going to be interesting to see how this plays out. >> yeah. it's going to be complicated over time. people say the victims deserve a chance and now they'll get it. >> they do. as somebody that would defend against it, you should have the right the person accused of it

be present to defend themselves and give insight. >> shepard: you'd think. thanks, deborah. nice to see you. it's raining plastic in parts of the u.s. according to one researcher. scientists say they have a way to save our water from some of that pollution. we'll show it to you. plus, texting the wrong person. we've all done it, right? like you meant to send it to one person instead you're send to it the person you're talking about? what about accidently texting a confession to a cop. that is next. ♪ if you're a veteran homeowner, taking care of your family and home takes a lot of money. the mortgage, the bills, credit cards, home improvements. it all takes cash. getting that cash is just a phone call away. call newday usa. the newday usa 100 va loan lets you take out an average of 54,000 dollars to pay debts or put in the bank and it lowers your payments over 600 dollars a month.

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in his word, plastic is part of our environment now. now they're looking how to cut back on plastic pollution. alicia acuna has more. >> this is a significant break through that scientists in the colorado and the u.k. say happened by accident. they were actually working on a bacteria enzyme and that work takes way too long to explain. in the process of doing that, they created a mutant enzyme that eats plastic in months, maybe days. it takes mother nature hundreds of years to break it down. the green in the photo is a piece of plastic. the gray dots are the enzyme doing its work. the national renewable laboratory in colorado is where this done. they say the potential should not be ignored. >> if we take it to the

laboratory, we can accelerate it from the order of centuries from weeks to months. we're working to gets it down to days, which would be exciting. >> and they have also developed a composite made from certain plastics and fiberglass to make a lightweight products. this helps clean up the oceans. the plastic waste that is discarded in the water would be five times more valuable to all kinds of manufacturers that make things like surf boards, wind turbines and car parts. >> look at aluminum cans as a good example. you don't find them in the ocean because it's a good way to recycle aluminum. it's a very well-developed method. we need the same type of method for plastic. >> according to the ocean conservancy, eight million metric tons of plastic ends up in the ocean every year. >> to put that in perspective,

that's roughly a new york city dump truck full of plastic every minute of every day for an entire year. >> he says that they hope to have a pilot program running in the next couple years. >> shepard: thanks, alicia acuna. ever see a penguin the size of a person? you could have if you were born 60 million years earlier. scientists in new zealand said they found bones from a species of penguins that live in the dinosaur era. the scientists it stood just over 5 feet tall about weighed 175 pounds. twice the size and a foot taller than a penguin today. and texting the wrong person is embarrassing enough. but check this out. the person writes no, we went to

the game together. we got hide together, girl. turns out the person on the receiving end of the text was a cop and he texted this revealing picture of himself holding his badge saying i'm sure we didn't. when he asked if he could still go to the game, the person writes, wrong number. oops. the dow now. sometimes in the final minute, there's a bye back. seeing value. sometimes, well, the misery holds. the dow off at this moment 2.9%. it's just off the session lows. we were 3% in the negative. maybe the first quarter of this news cast. so 3:15 this afternoon. but 2.91% is a striking amount. a lot of this has to do with the trade war, some of this has to do with the fed. but all of this can best be explained by the best man in all

of business, neil cavuto and his team of "your world" are on deck, this is fox news channel. america's choice for news and information on cable is. >> neil: thank you, shepard. read it and weep. if you're in this market, you were whipped and chilled by this market. down 800 points. because folks are suddenly concerned about a slow down. not only here but in china, germany and much of europe where they're dealing with negative interest rates and stubborn numbers that seemed to see part of the economy we had been counting on might not be as positive. and then the inverted yield curve that came out of nowhere. the gap between two and ten year notes have flipped in the favor of the shorter instrument over the ten year. we've seen five of t