tv Countdown to the Closing Bell With Liz Claman FOX Business July 8, 2019 3:00pm-4:00pm EDT
where we were when we started the show. i'm going to hand it to liz claman but it's a little different this time because it's "the claman countdown." you have been rocking, kid. liz: thank you so much. we unveiled the brand new show name. thank you, charles. breaking news. we are watching energy stocks, from big oil to big solar. in this hour, president trump is set to outline his accomplishments he says on the environment. the president eager to make his case as the 2020 field takes shape, a field that's talking a lot about climate change. we will take you to the white house for his remarks. as we head into this final hour on this monday, it could be a case of good news is bad news. friday, boffo june jobs numbers dampening the clamor for an outsized rate cut by fed chair jerome powell at the end of the month. as investors bite their nails ahead of that, tech is the most tattered of sectors, specifically one single stock that's drawing a bit of blood
from all three major indices, with the dow down 138, s&p down 16, the nasdaq down 68. do not count out iran, guys. mounting tensions also sending ripples of worry through the markets as the rogue nation further breaches the limits set on its enrichment of uranium and continues to boast about breaking the terms of the nuclear deal. our two-way starter, bob hormats, former goldman sachs vice chair, analyzes both of these situations, iran and what is jerome powell going to do, but more importantly, how do you make sure your money is safe? plus a boeing customer decides to return the goods it just ordered. retail, no longer playing the victim. it's ready to take on amazon and big tech, and the next move in the trump trade truce with china. less than an hour on this monday morning. hour to the closing bell. let's start the very first edition of "the claman countdown."
liz: we are just getting this breaking news. we just got the sketches from wealthy financier jeffrey epstein's court appearance today. he's going to stay in jail, as we understand it, until a bail hearing next monday. he's pleaded not guilty to federal sex trafficking charges. the 66-year-old big businessman is accused of creating a network that allowed him to sexually exploit dozens of underaged girls. this is from the years of 2002 to 2005. if you don't know his background, epstein is a hedge fund manager who began his career as an options trader at bear stearns. he has big friends in high places so there is the expectation that some names might be attached to some of these allegations. we don't know yet. as soon as we get any more information, we will get it to you. all right. we rarely look forward by looking back but wasn't it just last wednesday that the bulls
sprouted wings and pushed the dow, s&p and nasdaq to all-time highs? today with, what, 58 minutes before the closing bell clangs, the bulls are heading back down to earth just a bit, weighed down by one stock that lists on all three indices. that is apple. apple got hit with a rare sell rating this morning. rosenblatt securities at the helm of this, saying concerns not only center around the recent rally that's pushed shares to pretty rich levels, because you certainly want to take some money off the table when you've had good gains. but what rosenblatt sees as deterioration swirling around the prospect of the iphone, taking kind of a painful swipe at the company, rosenblatt says the iphone 10s was quote, one of the worst-selling models in the history of the company. the brokerage's retail data suggests overall iphone sales were flat last month and they are forecasting iphone sales will continue to disappoint, not just in the next quarter, but the next six to 12 months.
all right. let's check a couple high flyers bucking the market trend at this hour. beyond meat and crowdstrike. look at this. beyond meat up 2%, crowdstrike holdings up 2%. the latter as multiple brokerages pile into the cloud-based cybersecurity firm after waiting for the post-ipo cooling-off period to elapse. of course, they have both launched ipos recently. most analysts chose to pick a bullish stance on the stock because concerns about its rich valuation are kind of in the back seat. crowdstrike up 18% since its ipo. not bad. and you know, you hear a lot of people asking, should we be shorting beyond meat. right now, the shorts have gotten crushed because this stock continues to move higher. if anybody asks you what is the number one driver going to be for the markets and your money this month, you are going to have to say this. the federal reserve. unless something else changes, fed chairman jerome powell's july calendar is about as full as it can get and market
watchers are focused on this. wednesday, he kicks off his semi-annual two-day testimony to congress complete with question and answer sessions that usually, if you don't know, is where the real news is made. then at the end of the month in what could be the most widely watched central bank meeting this decade, powell and his committee will decide whether to cut interest rates or leave them the way they are. and that could be a prospect that's dimming by the day. why? well, just look at the fed funds futures which game the odds of a rate move. two weeks ago on the left side of your screen, the probability for a half point cut was 42.6%. but in this final hour of trade, the odds have weakened to a measly 7%. following a surprisingly strong jobs report for the month of june, you have to figure a lot of investors and traders are saying you know, why would we need a rate cut? usually rate cuts are used to stimulate a faltering economy but if the fed stands pat with no move, should you be fearing
that? who better to ask than somebody who, when he was vice chair of goldman sachs, invested through many a rate cut and a rate hike, bob hormats is here in a fox business exclusive. first to your prediction. we have three weeks before july 30-31st, two-day meeting. what do you think powell and company are going to do? >> i think they are really now struggling, as you correctly pointed out. they are seeing an economy which actually is doing reasonably well. it's not anything to write home about, but it's certainly reasonably good. and the jobs figures are looking very good. moreover, the china issue has cooled down considerably. there is weaker growth abroad. but there is really nothing that would require a fed cut. liz: your prediction? >> my guess is they will probably do one cut between now and the end of the year, when they decide to time it, they could do it in the next few weeks or they could wait. liz: by how much?
>> 25 basis points. liz: that would not be 50 basis points, obviously. >> there's nothing at this point that really compels them to lower by 25 -- by 50 basis points. 25 would seem to me to be the right level. liz: you're not worried about a slowdown in manufacturing? we got that institute for supply management number which gives you a sense of the health of manufacturing, and that was at a ten-year low or certainly not strong. >> i'm worried about that and what i think the fed is worried about in addition to manufacturing is they want to make sure that they come closer to their inflation target. they look at that and they say to themselves they're really considerably lower than that. those would be the two arguments. china, stable. jobs looking good. the world economy's slowing down. but then you get stimulative monetary policy in europe in particular, and china's weakening but not that much. liz: let me bring you to europe. european debt, i'm talking about state debt, national, like our government treasuries, in fact,
you have a whole host of countries, i think it adds up to about $13 trillion in government debt that is yielding less than zero. meaning, folks, that people are actually paying the government just to park their money. this is crazy. if we look at some of the names, germany, switzerland, sweden, the netherlands, they are yielding negative rates. i think switzerland's the worst. i don't even know what's going on there. but down about .6%. negative yields, japanese government bonds, is that a huge bubble that people are so worried about the future that they are simply paying the government to hold their money? >> it's partly that, but it's partly the fact that central banks there are trying to give those economies a boost. they are worried about sliding into a deflationary environment, and they are trying to keep rates low or lower them to avoid that, and to get money out of fixed income assets into risk assets, into real investment as opposed to investing in
government paper. liz: i want to put your other hat on. take off the vice chair of goldman sachs hat and put on where you ran the state department's energy and that is very important. right now we are getting breaking news. i'm just looking at the ticker here. president trump has spoken to french president macron and that is to discuss ongoing efforts to ensure that iran does not obtain nuclear weapons. now, i believe if he hasn't landed already, the top diplomat from france is going to tehran right now to try and defuse this crisis between the u.s. and iran. what do you think happens here? >> i think the iranians have done something that they consider to be going right up to the line in terms of enrichment. now they are threatening or teasing with the notion that they will go above the line to raise -- liz: they have. according to the nuclear deal, they breached it. >> they breached it probably by a relatively small amount. what they are doing, if they really wanted to go whole hog
they would go to 20% which would cause -- liz: they are at 4.5%. >> they are a little above the margin. that's not really consequential in terms of generating a lot of enriched capabilities. but what they are saying to the europeans is look, we have been waiting for a long time for you to figure out a way of getting around the american sanctions with this so-called special purpose vehicle which would allow financing between europe and iran without using the dollar or violating the american sanctions law. what they're saying is if you don't come around and do this relatively quickly, we are going to go not only above the sanction level, but we are going to continue to do that. you now have, if you want us to cool down and reverse what we've done, you've got to find some way of helping us to breach the sanctions because we are under political pressure, we are under economic pressure. if something isn't done to alleviate it by you, then we will continue to enrich at a higher level. the u.s. is putting a lot of pressure on europe not to find a
way, not to devise the vehicle. we are pressing the french and the europeans and the iranians are saying unless you help us, we are going to go further. liz: looking at crude, it's not affected by this. in fact, the oversupply case is what keeps crude down at the moment. in fact, we are flat, still below $58 a barrel. iran doesn't have the power to spike oil prices at this point. >> they're not going to want to disrupt the straits of hormuz because a lot of their allies and friends get oil through that, and china, india and other countries that actually are supportive of iran. then the international community would take action. they are going to be very reluctant to block the straits of hormuz. liz: bob hormats, thank you so much. >> great to be with you. liz: let's go back to the hat he was wearing when it comes to the federal reserve. the probability of an aggressive fed rate cut at the end of the month becoming more unlikely, one financial institution is
taking on a more bearish stance and it's morgan stanley. morgan has cut its global equities allocation recommendations to the lowest level that it's been in five years. why? well, they say the answer is quite simple. they expect quote, very poor returns from equities, this is global, not just u.s., over the next several months. while morgan stanley does expect a rate cut to happen, it believes the cut will be offset by weaker global growth. so taking equities, stocks off the table and putting the focus into emerging markets fixed income, is morgan stanley's call the right one? because that's what they're recommending. should investors be fearing weaker returns and little to no help from a rate cut even if it happens and if stocks are now off the table, where should investors be putting their money? to the floor show and our wonderful traders. i want to start with tim anderson. as you look at this morgan call, do you agree with it and what are you doing? where do you feel the real opportunity is for people who
are watching right now and their money? >> i really do believe we have to put this in perspective. this is not really a new coall for morgan stanley. they have been negative, somewhat bearish, at least cautious, on the market going back at least to the second quarter of 2018. then in the early september, they said well, maybe their call was a little premature. even in late january, after the market rallied very sharply off the december lows, they said it's time to get out of stocks, we really don't see much potential from these levels. liz: okay. >> then in april, they tried to, you know, they said look, maybe we were a little off on our timing, but they still had a very bearish call. all this is coming from their chief equity strategist. i'm not sure exactly who penned the report they have out today but it's obviously the same undertones they've had for close to a year and a half now. liz: okay. but phil, we know that we are now in a decade-long bull market
and yes, today is the running of the bulls. that's already begun, that insanity. as we look at the running of the bulls here on wall street, how much longer does it really run? this is a question that everybody has asked for the past two years. >> i think it runs for years. you have to keep in mind that this u.s. economy went through one of the biggest slowdowns in history. if you go back to when you damage an economy like the great depression and look at stocks after that, the performance was incredible. the way i look at this, the u.s. economy was held back probably for eight years because of bad, you know, reactions to the financial crisis, and now we're making up for lost time. look at the chart. listen, every bull market i have ever been in, i had people predicting the end is near. they walk around with the little sign, the end is near. then when we have a correction, they are saying we called it.
liz: i get it. scott shellady, good to see you. you have to tell me where you stand on all of this. is morgan just being a little too cautious? or are they covering themselves because at some point, we do see a bigger than expected correction? >> well, i would like to introduce a little common sense. i understand their call and i kind of like it too a little bit but here's where i stand. look, we have been talking about rate cuts for i don't know how many months now. with equity prices at all-time record highs. you know what? if they go back in that room and start to think about hey, we've got equities at all time record highs, we are still talking about rate cuts, i get it, we are slowing but we are growing at a slower rate. if your top five starters on the basketball team were improving at a slower rate, would you sack them all, put five new ones in? no. i would be very careful what you wish for here because if you don't get what you want out of a rate cut and we don't do a deal with china, what else is going to save the market here? i think morgan stanley said something stinks and that's what i say, and they're not quite
sure what's going to happen here because of these competing different dichotomies. liz: good to see all of you. tim, phil, scott, i know, you can't have everything. your cake and eating it too. oh, boy. we'll be watching it. when we come back, nike may be winning but what about all retail? they have been down for the count. no thanks to amazon. now they are ready to fight back. i switched to liberty mutual, because they let me customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
liz: we are exactly one week away from the day that brick and mortar stores and their investors fear the most. amazon prime day. because it does huge business, taking away from brick and mortar stores. this as the biggest name in u.s. retail prepares for a beat-down battle against big tech competitors in the marketplace. the main complaint of retail names is the outsized power that digital competitors, online competitors like amazon and google, have over consumers. names like target, walmart, best buy, apple, t-mobile. they all banded together and have submitted a lengthy letter to the federal trade commission urging an update -- update, i love that word, an update of antitrust policy for equal access to um kwooers. basically what they want is for the government to get a lot tougher on amazon and google.
or next guest is the c.o.o. of the retail industry leaders association, representing all of these names. he's leading the charge against these tech behemoths. brian dodge joins us in a fox business exclusive. brian, why are you beating up on amazon? >> thanks, liz, for having me. competition is a hallmark of the retail industry. we want more competition. we think competition is ultimately what helps customers make the best decisions that are right for them. we are talking to the ftc as part of a process they have initiated over the last year, and identifying some practices we think they should take a closer look at. yes, amazon is one, as is google. these are companies who are strangling consumers' access to information and ultimately leading them to potentially make decisions that are not the best for them. liz: let me play devil's advocate. arguably, both of these companies are competing and in fact, i know for a fact both of them either started in apartments or garages, and here
they are, they had the fastest runners and you are saying they shouldn't be allowed to win. >> we are saying, we are answering the question the ftc has asked, which is has technology changed the marketplace such as the rules need to change. the answer is yes. those are gigantic companies today. they represent, the two of them, amazon and google represent 60% of products searched. amazon alone represents 50% of all e-commerce. liz: people are choosing them. tell me your biggest beef. where do you feel, because you just said these names sometimes restrict access or are not allowing the consumer to have access to certain things. give me an example. >> that's right. so when a consumer shops generally they are looking for some combination of the best price, best quality or best convenience for them. those aren't necessarily the criteria of amazon or google when they present results. so if the ideal product for individual consumers is placed on page 22 of the search results, that customer is not likely to find it.
what shows up on page one, are more likely to be the results that are advantageous to google or amazon. we think that's a problem. liz: walmart has developed a dominant position online. they bought jet to compete with amazon and be careful what you wish for, right. at some point, might they be considered a behemoth that needs to be tamped down? >> i think if you look at amazon in particular, it's an incredibly vertically integrated company that has the ability to use its marketplace sellers as well as its own first party sales, as well as advertising and a whole host of other business units in order to drive customers to a select set of results that are not necessarily in line with the consumers' interests. very different from any other retailer. liz: brian, you know, you are maybe going to the government for a little bit of help. be careful about that. sometimes the government has too long an arm here that extends to where you don't want them to be. >> competition is good. more competition is always better than less.
we are going to always be on the side of the customer and the side of competition. liz: we will be watching. thank you very much. brian dodge. boeing's big loss. we will talk about that in just a moment. and we are coming right back with much more as the dow is down 125 points. remember, wednesday, we had record highs for all three major indices. truecar is great for finding new cars. you're smart, you already knew that. but it's also great for finding the perfect used car. you'll see what a fair price is and you can connect with a truecar certified dealer. now you're even smarter. this is truecar.
liz: another stumbling block tripping up boeing stock. the embattled aerospace giant has officially lost its first 737 max jet customer. the stock is down at 1.33% after saudi arabian airliner flyadeal said it's out, it's pulling out of its december agreement with boeing to spend some $5.9 billion on 737 max jets. in a second punch to the boeing gut, flyadeal pivoted to a new deal with one of boeing's biggest -- well, boeing's
biggest rival, airbus. boeing's continuing to work to prove its planes are safe after nearly 350 people were killed in two separate crashes just five months apart. since the second crash in march, its planes have been grounded around the world. other companies have pushed back deliveries with boeing, but we should really stress this, flyadeal is the first company to call off the agreement. there's still no word when 737 max jets will be approved to get back up and running, but the company has only announced just one new order since the second crash, as we said, which was back in march. let's bring in jeff flock. this is a widely held stock. jeff, how is boeing going to get out of this mess? >> yeah. dow stock and as you point out, that has been weighing on the dow. yeah. this you hope is not the first or at least boeing hopes, this is not the first of what could be a cascade of orders.
they got a lot of them still out there. let's take a look at the numbers just to reiterate some of what you reported. they had a deal to buy 30 max boeing 737 max jets. instead they have now opted for the airbus a-320. that despite the fact that the airbus does not have as long a range as the 737 max and also carries fewer passengers. still, they said no. this makes flyadeal and by the way, can you think of a better name for a budget airline than flyadeal? it makes it an all a-320 airplane or airline, i should say. that's the only jet now that they will fly even though they were planning to diversify to the 737. kind of the opposite of the southwest airlines in the u.s. which only flies 737s. talk about the planes they are still making and the orders they still have. 4500 orders are still out there, liz. this is the only cancellation so that would represent an order of 30 jets and an option for 20
more. of course, canceled or i should say grounded, 387 of the 737 max jets. you pointed out that some other airlines have pushed back a little bit. in fact, it is virgin australia which has delayed the delivery of 737 maxes by almost two years. another said to be considering. but you know, when you get one cancellation, you wonder if that's going to be the straw that broke the airline's back, to mix my metaphors there. liz: although one would argue, you buy good companies going through hard times, that would be boeing. >> you can buy this stock at this point, are people going to buy the plane. we'll see. liz: excellent point. jeff flock, thank you very much. dow jones industrials down 100 points. remember, earlier we were down 177. we are off the lows of the session. with the closing bell ringing in 29 minutes, president trump scheduled to make remarks on the environment at the white house
liz: we need to take a look at overstock stock. the retailer which trades goods at a discount here, is jumping 11% at this hour. this is heavy volume, heavy afternoon trading. you can see it's up $1.60 to $16.32. can we stretch it out to a one-month? this kind of encompasses what happened, i want to say the first, yeah, july 1st, you can see right there, it fell 6%. now it has nearly doubled the
gains at the moment. what's going on? the most we can figure out is that the shorts who tend to pile on dwroeto overstock are now fl the stock because it has been doing rather well. remember, this is a company that's had a bitcoin type of strategy and at the moment, we do have bitcoin up $960 to $12,000. it just breached $12,000, that ceiling, $12,174. not a bad move at all. we've got bitcoin better by $1,145. we will be watching overstock which right now climbing 11.5%. all right. let us get to the white house live right now. happening in just a few moments, you can see there, the president is now being introduced. we expect him to be walking down that center aisle right now. he's expected to give a major speech touting his record on the environment. let's run through it as he walks
in. he's on his second environmental agency administrator. scott pruitt resigned in a big scandal over excessive spending, his own personal security team, cost a lot, replaced by his deputy andrew wheeler. president trump had announced u.s. withdrawal from the paris climate accords. he canceled president obama's climate action plan. his epa, trump's epa, canceled the children's environmental health and disease prevention research program and he rolled back fuel economy standards, a move, believe it or not, that even u.s. auto companies pushed back on, saying we should try and reach higher and get better fuel economy standards. his budgets have proposed pretty significant cuts in u.s. financial support for u.n. climate initiatives and his america first energy plan has panned renewable energy, focusing instead on fossil fuels, including coal. blake burman is live at the white house and as the president gives his thank yous, blake, why
do you feel the president right now, why he's focusing this moment on his environmental record and what else is going on? reporter: it's a good question, because we are not expecting any sort of news or any sort of announcements to be revealed here. at least that's what senior administration officials said in the leadup to this. we are expecting to hear from the president, him sort of touting environmental achievements from the u.s. over the last years, even into decades and also really how his administration views this, and being able to balance it with the economy and with jobs. we have often heard the president talk about that, saying that in his estimation, in his opinion, his administration has been a steward of the economy, but he also views things as it relates to the economy and making sure that the environment and jobs are all sort of balanced out and go hand in hand. you laid out some of what the president and his administration has done, which is what leads many critics to say how can you be a steward of the environment
if you, for example, got out of the paris climate agreement. just one thing the president has rolled back but he has also talked about other ways to go about moving forward with the environment. for example, clean coal, something he talks about. so we will hear from the president i guess momentarily here as he's going to roll out his vision for the future with the environment and how that can go hand in hand with keeping an economy running hot. liz: again, he's not expected to make news and i think that it is important to say that his argument would be he pulled out of the paris climate accord because he felt it wasn't a good deal, and that it did not hold the biggest polluter nations like india and china accountable for the contribution, not a good one, of all of this particulate matter that's spewed out into the air accountable. we'll be watching this very closely. but as he speaks, remember he is really focused on fossil fuels, whether it was gas or oil or of
course, coal. if we take a look at some of those areas, we can put those stocks up because as a business network, we look at energy here, solar stocks, wind power, it's important to note how some of these names have done and you can see sun power which got a waiver, got a waiver when it came to the ban of the tariffs on chinese solar panels, that one's down about -- decently, i guess, up about 3%. solar edge, terraform, sunpower, jinkosolar. exxonmobil is down about 10%. chevron has gained about 7.25% since 2017 when he took over. chesapeake energy, down 72%. all right. let us talk about the trade situation with china and people are actually calling it the trade truce. with the closing bell ringing in 19 minutes and the dow jones industrials hovering lower by
about 100 points, as the president makes his pitch on the environment, the markets are awaiting any positive news on trade deals with china. whatever they may be. edward lawrence has details on a crucial week ahead as we wait for the next face-to-face meeting between the two sides. that's straight ahead on "the claman countdown." don't forget to download my new podcast, everyone talks to liz. this week, we are heading to hollywood for the most unbelievable story out of tinsel town. from, well, rags is a little bit of an overstatement but poverty to real riches. we are talking to the ceo of imax. find us at apple and google podcasts and fox news podcasts. "countdown" is coming right back.
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liz: call me maybe? with apologies to carli ray jepsen, u.s./china trade conversations are continuing this week but by phone. this week's phone calls will be happening back and forth with the chinese trade delegation to set up when the next round of talks will happen. the last move was from the chinese to eliminate the concessions they had originally agreed upon. to edward lawrence on where the talks stand at this very moment, because one could argue the ball is now in china's court. reporter: exactly, liz. the chinese confirmed today that the u.s. and china trade delegations have been communicating by phone. now, i confirmed from u.s. trade sources there have been at least one phone call with u.s. trade representative robert lighthizer, treasury secretary steven mnuchin and vice premier liu he, the administration trying to determine when the chinese will sit down face-to-face to continue those talks. this would be the twelfth round
of face-to-face talks that has dragged on for more than a year. experts say we will know fairly quickly if the chinese are willing to put back any of the concessions the u.s. says that they cut out of the trade deal. >> that's been the chinese position, that there's nothing to negotiate. by the way, if the tariffs are put on, they will show up for the talks. ultimately, we are making progress but it's certainly slower than most of the optimists thought. reporter: a spokesman for the chinese foreign ministry says today the u.s. must resolve trade frictions in a mutually beneficial way that helps both sides. the chinese are not officially saying that any of the concessions that they had made will be put back into a trade deal, but the u.s. trade representative robert lighthizer testified last month that the chinese must come back to the table and put in what was removed before going forward. now, he told me that he's not willing to go back and renegotiate last year's worth of work. one quick note on trade deal
with japan. a senior administration official says they expect the talks to last all summer but feel like the u.s. can come to an agreement with japan. lighthizer met face-to-face with his counterpart during the g20 in japan at the end of last month. the japanese are playing hardball with the u.s., because they are very close the a trade deal with china, close than we are, meaning japan does not have to give much because their trade foundation is strong right now. liz: i agree. i think this is a really interesting time and we will see what happens, but at the moment, we've got that truce to hold on to. edward, thank you so much. closing bell ringing in about ten and a half minutes. time for the annual running of the bulls in pamplona, spain. our "countdown" closer is here to tell us this is from now, okay, this is this year, what's happening this week right now, what's going to happen to that guy? will the bulls keep charging? are traders likely to get gored?
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and rates to fit your needs. oh, and happy birthday... or retirement... in advance. liz, seven minutes before the closing wins of. they are leading dow 30 at this hour. thanks to a run on the team usa jerseys, following that incredible u.s. women's soccer team world cup victory yesterday. i was screaming, screaming, it was so exciting. nike sold out the 2019 stadium home uniform on the website after team usa clinched fourth world cup title in the win over the netherlands. that stock is up 2%. what a commercial, i don't know
if you guys saw after they won they ran an incredible commercial that was so inspiring where they talked about winning and inspiring young girls and young kids to play soccer. so congratulations to nike from controversy to champion. depend on the news flow day-to-day. not the same positive case for drugmakers at this hour. they are under pressure right now following president trump's recent remarks about really pushing for fairer drug prices here in the u.s. deirdre, as you watch the health care names which are not doing that well, what i find fascinating, he says the u.s. has to pay only what the country out there paying the lowest as well. he is pushing for price fairness, right? reporter: indeed liz. president trump campaigned on this. this is important issue for some americans of the we saw it in-house with our own proprietary research around the time of the midterm elections. the number one issue for people
regardless of pare, health care, health care costs, what people pay for drugs and services obviously fall into that very large category. so we're showing you the way some stocks are trading right now. the biotechs and drugmakers are down. i will go down the list. merck, pfizer, little by, amgen, biogen, vertex pharmaceuticals all lower. this is a huge week for this entire sector. there are some court decisions coming our way. we know this is going to last, these conversations beyond 2020. but you can bet that politicians on both sides of the aisle will be talking a lot about this issue. quick snapshot here. health care is among the top three falling groups right now. want to highlight materials and also communications services as part of that group. these groups are really weighing on the markets. if you look to ones limiting some overall losses, a very defensive play.
energy, consumer staples and utilities. liz, back to you. liz: thank you, deirdre. i was having a conversation over the weekend about drug prices. i don't know, deirdre, if, is she there? >> listening. liz: i was talking to a doctor who said if the president pushes to lower prices that will hurt innovation. that is the complaint but i'm not so sure anymore. >> their biggest argument their first pill cost them a billion dollars to make. generics come in after. but as a country we spent something like 17% of our gdp on health care with very poor results compared to our industrialized peers if you like, liz. liz: we need fairness. how about that? thanks, deirdre. >> thanks. liz: before the break we showed you video of running with the bulls. check this with the man in the
green shirt. did you see that, whoa. he falls down just in time to avoid getting gored. others are not so lucky, including three people that had, i guess as part of them two americans were hospitalized for gore injuries. what do you people expect? okay. here in the u.s., the markets are in the midst of the longest expansion in history, you know that already. we also want to know how long the market players believe it will last. today's "countdown" closer says that bull run will continue. but for how long? we have jalisnky advisory group president, author of, the reality time check. cut to that. how long? anyone can say is it could last. we're in the 10th year? >> could go two more. liz: two more what?
>> two more years. we could have a little breather next month or two. kind of the summer doldrums. six month we'll be looking the bull will be continuing. the talks of this bull market ending are way overblown. part of media pouncing on trump a little too much. unemployment numbers are still strong. i mean this is the strongest market since -- i liken this to the end of '90s. that went longer than most people thought, that bull market. there are a lot of parallels. when it ends, it will end badly but not for couple years. liz: you think the fed does one rate cut within six months? we had bob hormats on, former vice-chair of goldman sachs, he lived through many rate cut, many rate hikes, he said there will be only one this year, quarter basis point, the economy is good we don't need that. the rate cuts are supposed to be
dry powder to bail out of a bad situation in case we endure that. >> i think 25 basis point is not too far off. i think it's a ceremonial rate cut the market needs. the fed will do it. with very strong finance funds. liz: you say with the strong fundamentals buy the following name. facebook is one. cvs is another. facebook had an credible run, up 60%. >> look at amazon. if facebook gets voice right, if they get libra right, if they get one of those things right it, could transform us and really make, i want to look at search because google could be supplanted if you can talk into your facebook app, find whatever you want. liz: josh, we welcome you on the first day as we roll out the "claman countdown." >> i love being on the first episode of the "claman countdown." you earn i had earned it.
liz: thank you. by the way, same exact winning show. josh, good luck with the book, retirement reality check. [closing bell rings] there go the closing bells ringing. that will do it for the "claman countdown". connell: we have rate cut concerns. we'll talk about rate cut concerns and maybe few other things. the dow is lower by 114 points. that is two days in a row to the downside. subpoena 500 and nasdaq in the red today after the record highs of wednesday which seems like a long time ago. good to be here on monday, i'm connell mcshane. melissa: we had a fantastic jobs report. i'm melissa francis. this is "after the bell." we'll have more on the big market movers but here is what is new at this hour. president trump delivering remarks at the white house. the president touting his administration's record on the environment, defying
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