interest rates are low by historical standards already. >> dan niles, thanks for checking in with usys great to get your thoughts, especially as all of the major averages here in the u.s. sell off each down more than 2% right now. every sector in the s&p 500 save one is lower right now industrial stocks are among those names that are trading in the red and seema mody has a look at that sector and what the action there is. seema. >> morgan, you're exactly right. the major industrial stocks are lower, caterpillar, 3 m, boeing, general electric in total accounting for roughly one-third of the losses on the dow right now. analysts say it's the data from china and germany that highlight not just the slowdown in economy but the sharp decline in instruction production which is comprised of manufacturing and construction activity, especially in a market like china where a number of the industrial giants are seeing rising competition from local players. the other concern is that a weaker yuan and the ongoing trade uncertainty will incentivize more chinese firms to select local suppliers which

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trying, they need to get out of china dan niles saying guess what? it would take five years for the company to get 50% of the production out of the country. tech taking it very, very hard indeed. now all three major indexes, guess what? negative for the week. that's right. the dow, the s&p and the nasdaq suffering mightily this week. even after beginning of the week we had great retail news. so it has been up, it has been down. but today a very tough days as we close out on a dow down 2.37%. very difficult indeed. look at that nasdaq composite for the week, down 1.83. back to you. melissa: tough day, gerri thank you. connell: let's bring in our panel. deirdre bolton with us, dan shaffer, carol roth, future file legacy planning system creator. everybody, deirdre, who run companies are trying to figure out i think how to interpret what the president tweeted about today. melissa said many companies started to move their supply chains but for the big ones like apple, if you're tim cook at apple do you take it literally? or do you take it well, this means

value investor dan niles joins us now on the phone. dan, thanks for joining us it wasn't that long ago, it was back in june that you were on "squawk alley," talking about the fact that you had renewed interest, renewed love for the semiconductor stocks where do you stand on those now? >> yeah, i mean, i think -- if you look at what we talked about on or most recent interview with you, you know, back in early august, you know, our view was that this round of tariffs, et cetera, that we were looking and the slowdown in demand would be pretty negative for semiconductor stocks they've obviously had a great run for that period of time, but, you know, the epicenter of these tariffs affects hardware-related names and in particular with this last round of tariffs that go through on september 1st, that affects cell phones, pcs, laptops. those did not have tariffs before and that, obviously, has a lot of semi-conductor components going into that. so, i think, you know, for the semi-conductor space from here, it's great, everybody has optimism, th

focus, the costcos of the world, sniffing around technology >> after the break we'll speak with dan niles about the new round of tariffs and how it will impact the tech sector >> and donald kohn and how the trade war could play into the fed next decision. as we head to break a check on our data tracker the ism missed estimates by half a point and the worst in years the july ihs market manufacturing pmi fell to its lowest level since september 2009 dow is down 260 points it was up more than 300 before the tweet announcing new tariffs. oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement. you thinking what create some pain.? brace yourself. i got him. no i got him. no i got him. i got him.