tv After the Bell FOX Business August 5, 2019 4:00pm-5:01pm EDT
[closing bell rings] >> i don't think people handicap what is going the world. liz: depending on which prism you look, stocks are cheaper or your investments are worth less. melissa: global trade fight intensifying amid fears of a global economic slowdown. china allowed currency to go more than a 10-year low versus the dollar. major averages down near 3%. the dow down 766 points. we were down more than 950 point earlier in the session. i'm melissa francis. ashley: i'm ashley webster in for connell mcshane. this is the "after the bell." what an ugly day.
we have fox team coverage. jackie deangelis at new york stock exchange and phil flynn at the cme. we begin with edward at the white house? reporter: ashley, bad news upon bad news when it comes to a trade deal with china. chinese commerce spokesperson confirming that china will no longer buy u.s. agriculture going forward until further notice. the chinese spokesperson saying that china is looking at rolling back the roll back of tariffs they were planning on suspending tariffs of u.s. agriculture coming into china there. they're now looking at suspending the suspension of that. now private firms are also following suit. they're also not buying u.s. agriculture in china. a spokesperson going on to say that the market, this affected the market later in the session. earlier in the session, here is what affected the market. the day started off with reports of chinese currency falling
below seven to one mark against the dollar. the currency fall would set off additional 10% tariffs or offset the tariffs on what the rest of china imports into the united states starting september 1st if there is that tariff increase. president trump calling out china as a currency manipulator. in four separate tweets today, the devaluation another signal that china intends to possibly ride out this escalating dispute. retail associations in the u.s. say that they are stuck in the middle. they're saying that they are becoming collateral damage for these economic heavyweights. >> the chinese have struck back with a vengance overnight and today. we find ourselves caught in the middle. the american consumer will continue to pay for this policy decision that ultimately now is the pain is being spread out throughout the entire economy with the stock market crash, going down, adjustment and including consumers prices.
this is every single consumer good. reporter: white house advisors say time to stan up the fundamentals are strong. good jobs report on friday. wages going up as we've seen. no one said a trade deal with china would be easy. china sources are telling us in the last face-to-face meetings with shanghai, the chinese told the u.s. trade delegation they would not put back concession they had made that the u.s. said there was initially cut out. they also said they would not change laws for a trade deal. back to you, ashley. ashley: so it goes. so it goes. edward, thank you very much. let's get to jackie deangelis at the stock exchange. one of those days a broad-based selloff. reporter: it was really broad-based. luckily at the close 767 point down, we came off the session lows. as edward said nobody said it would be easy. last week traders on the floor were worried exactly about this kind of situation, retaliation from china. they thought it would be more in the form of tariffs.
nobody was necessarily expecting this. but the currency devaluation is really, really important because it basically makes them more competitive in the marketplace. their exports are cheaper. our exports are more expensive. they recoup some losses from the trade war that way. so the question now is, what is going to happen? is the u.s. going to punch back? are we going to make some sort of a deal when the talks resume in september. that is what traders really want to know. they're positioning themselves differently for the rest of august. just to be prepared for the worst, because there could be more volatility. this selloff today was broad-based. tech certainly was a leader, because there is so much exposure to china. it was also in retail t was in the industrials. difficult to find any kind of stock out there that doesn't have some tentacle or touch point to china. and it shows how important that they are as a trade partner on both sides. so this was something that traders said, you know, they were expecting to happen as a
result of the additional tariffs. where we go from here, it is really anybody's guess, guys. you know, i will add this one point. that most of the market now, pricing in 100% chance that the fed will cut rates again in september because they expect the fed to be the backstop for trade. melissa: very interesting, jackie. thank you for that. oil sliding nearly 2% today on growth concerns. let's go to phil flynn. i was struck earlier when you were saying, what was notable what happened, how orderly it was. what does that tell you? >> it tells thaw we're getting used to tweets, trade wars, currency wars, that the market is prepared for worth case scenarios. these guys saw it coming, melissa, really what it is. if you look the way the market reacted today on oil we saw a much bigger hit in europe actually. the brent crude was down twice as much as west texas interimmediate. a sense that europe will feel
most of the pain from the u.s.-china trade war. look at gold today. it is amazing, the incredible run. that market will benefit if you get into a currency war, right? if you have money in china, money in countries devaluing currencies. you have to find a way to hold value. one way is buying gold. bitcoin is the new gold, right? the new safe haven play. that put in an incredible day. across the board, if you see a lot of these market based on the trade war, a currency war is really the next level. if that happens, you will see a lot of money moving into things like gold, silver, platinum and palladium, even though demand might be weak, they will do it just to preserve the integrity of their capital. so this can be interesting to see who it plays out. if the fed does not indeed cut rates or some people betting they might do 50 basis point cut at the next meeting, that could
really set the stage for a big rally in precious metals. but in the overnight we are backing off a little bit on gold. so maybe we'll calm down if the stock market finds stability. melissa: interesting with the selloff in oil as well, the president is noting it is helpful in the fight against iran and any battle against russia. that hurts our strategic enemies on the oil front as well, phil. good stuff, thank you. >> absolutely. >> let's bring the market panel to react. jackie deangelis is still here. we want scott martin, kingsview asset management. fox news contributor. danielle dimartino, former federal reserve advisor. deion bowen, "axios" market reporter. danielle, let me start with you. that is so interesting, the market is pricing in another fed cut. you're starting to see a pattern here. the fed cuts, market rallies. it gives the president room to go back and hit china because we see a move up in the market and then he gives it back.
meantime, interest rates are lower. that cushions the economy. i don't know, what do you think of that theory? we could see that play again and again? >> well, but we've only got so much runway between the 10-year yield being at 1.74 and the floor. so we can't do this indefinitely but it has been so intriguing today. you know once we heard the 10% tariff announcement. all of sudden september began to get priced in, the time we woke up this morning, it was 100% priced in. now there is 33% or so chance of a 50 basis point rate cut at september 18th meeting. melissa: wow. >> lower interest rates do indeed give the economy, financial market as cushion but if markets begin to perceive that interest rates are falling for wrong reasons we could see upset in the market as we've seen today.
perspective is key, given stocks still close to their all-time highs. melissa: deion, my fearry -- theory the president doesn't want to make a deal with china. my theory is that he wants to separate our economy with theirs. they play the long-term game, roll out huawei and infrastructure, everyone's electronic infrastructure, that they become a military power, economic power, we're dependent on them for trade and pharmaceuticals. he sees this as a massive threat, what he is trying to do get companies to move their moving out there have, basically wean the western world off china. do you think that is possibly true and market is waking up to that? >> oh, i got to fan myself a little bit here, melissa. that was a hot take you put out there. the thing is the president may want to do all the things you just said. you have a whole lot of folks in markets and wall street that will lose a whole lot of money
if that is what he actually does. so much u.s. economy is tied into the chinese economy. supply chains have been built through china. melissa: that's the problem. >> they can't be undone within one year, two years. people don't know if he will institute all the sort of threats he has put forward. melissa: yeah. >> a lot of talk, this is negotiating tactic. he is businessman. melissa: right. as you said the market is realizing tariffs as they have been put on. we're a year-and-a-half into the trade war. melissa: right. >> this may not come into a resolution soon. that is very real. the idea there won't be a solution or we can't come to a solution i think will cause a real massive selloff if that is what wall street prices in. melissa: will it, or scott, let me ask you. money is not stupid, money is not slow. they will not wait for the government to find a solution. everyone with a brain put together a plan b. we temporary offshore this, we go over to vietnam through china. everybody has gotten together and made some sort of plan for
their company. now as it takes longer and longer they're implementing that. so maybe the idea that this temporary plan becomes permanent, they don't go back to china, whether a deal is done or not, in the long run, maybe it matters less. what do you think about that? >> it may matter less, melissa. you're right. money isn't stupid. it certainly runs away from stocks as it did today, into bonds where it is being treated better. talk to companies, melissa that put invests in china, and factories, like tesla, that have to back that out. one concern i have, it is a good notion to think about even india in a case where we could put some production, industrial type of expansion there you have to think about capacity that some of these countries like thailand have, vietnam, so forth, as far as not just their own countries but other countries they're trading with besides us might think the same thing. china has had this expansive view for our sake, the fact they have all the people there, they
have the cheap labor. it's a great longer term solution. something definitely in place. something that trump certainly wants to push. but saying this will happen in matter of month is a tough call versus years. that is why i think the market is having such a tough time adjusting to it on the onset here. melissa: right. every time you make a major sea change, nobody likes its, nobody wants to do it. the reason it is easy to dependent on china. it would take something painful to move everybody away. but jackie, down on the floor of the exchange there, what is the talk like? especially idea that you devalue the yuan. chinese, their money will get out of the country. all of sudden i have to get my money out of china because it is being devalued. reporter: that is a big issue. they're looking at u.s. corporates are they nimble enough to move operations around
as they contended, to put contingency plans in place, avoid any pain from tariffs and currency devaluation. if they can do that, report earnings, have good numbers, nobody will really have a problem with this the temporary solution as you suggested is to find a permanent solution. the problem will be, the anticipation today, corporations will struggle, for at least a quarter or two. melissa: absolutely. no, absolutely. >> guys, real quick. melissa: let me give it to ashley. go ahead, ashley. ashley: scott, follow up on that. i have another question for you. >> the only danger we have to remember, this is very controlled, tight economy in china. things we do here in the western world are not really done in china. so when you think about companies moving money around, think about citizens, poor citizens in china seen their currency get smashed, it will get smashed some more, if they're moving money around, moving amongst banks, it is not as easy to do there.
that is another concern i have, as this plays out. it gets more involved with the trade war, tariff on this, tariff on that. what exactly happens to stuck holding the renminbi or yuan as it keeps dropping. ashley: that is a good point . i want to bring in danielle. do we have to cut our interest rates in order to compete to answer that? >> that is the real dilemma here. because we don't have a lot of interest rates to cut. we don't want to be pondering in the united states of america negative interest rates. we've seen appreciation in the
euro and yen. their manufacturing is in recession. last thing they need is stronger currencies. european central bank, they are having emergency meetings, i can guaranty you whether or not they can hold off to formally meet to lower interest rates or whether they will have to answer action taken overnight by china, to prevent a larger hit than they have already taken in their manufacturing exporting sectors. this is a big deal. ashley: it is a big deal. to your point earlier and others the economy is very good. deion, how will this play out? there is theory we'll not get all encompassing. it will be incremental, maybe here and there. not satisfying market, but maybe get something. how do you see this playing out? >> all the market wants for
tariffs to stop. china and u.s. can bicker all they want. folks on wall street want tariffs which is causing increased tit-for-tat, which china has to retaliate, u.s. has to retaliates. the worry here we're actually going in the opposite direction. we'll get more, another reaction from the u.s. which will trigger another reaction from china. this thing could get really ugly. all that will do is cost people money. in the big picture of things, tariffs don't actually matter. what matters we're on trajectory where things continue to get worse for business. >> guys i think it is ugly now. haven't we looked what happened with the dealings with china. they backed out of 150 page agreement they've fried on. they walked out of the tray talks, forget it, trump says we'll turn up the heat. it is bad, deion. this is the whole tipoff how things will start going now given i think cease-fire is
done. the fact we poured all the water we can on the campfire sitting around with them. that is the problem why the markets reacting so poorly, jackie, very quick. >> if i jump in for a second, look how trump handled the situation with mexico. did he really ever mean it to begin with? no he backed off very quickly. the question that i have, popped into my mind all morning what if he didn't mean the 10% increase in tariffs would take place on september the 1st? after this devaluation there, is no way for him to back off of that. that is why we saw bloodletting in the retail sector today. jcpenney, trading down near its all-time low. macy's, trading down really know as well. many companies are on their knees, they don't have enough time to prepare. ashley: yeah. >> their margins are already squeezed as they are. i'm saying this thing could backfire. could you push the united states closer towards a recession by
way of the fact that trump now cannot back away from the fact that he has ratcheted up the trade war last week. melissa: okay. patriotic boost in china. huawei sales jumping 23% in the first half of the year despite u.s. restrictions on its business. is president trump's hard-line approach backfiring in that sense? scott, let me start with you. what do you think about this one? >> this one we bring in national security, melissa, obviously if we can say, takes it to even another level. so i don't believe that, let me put it this way. i don't believe that three or 4%, which it is not going to be. it could be 10% in the pullback in the s&p 500 is worth our national security. i frankly like what he has done with huawei but i get concerned when we use huawei as negotiating piece or chip in the bargaining with china when it comes, hey, we'll let you guys steal all this stuff, be controversial, if we come to agreement on a trade war.
i believe they are two separate things we have to take very seriously. melissa: danielle, i'm not sure, i don't think they would give that piece back. in terms of recognizing huawei as as much as they want to say it has nothing to do with the government. any information that huawei collects it doesn't share back with the chinese military, i don't know anyone who believes that. the idea of isolating huawei so they are they take apple's business inside of china, if you keep them contained, out of western countries, you know is that worth it, what do you think? >> look, i think certain things supersede all of the discussions we're having. the idea of china listening to everything we do and being spies, scares the daylights out of me as an american. it should scare every single economy in the western world. this subject is much, much bigger than any trade war negotiation tactic.
that we should keep your eye on this for that very reason. we should keep the huawei situation separate from the economy and trade war. i feel very strongly about that. melissa: deion, how can you possibly keep it separate? i love what danielle is saying but there is no way to keep it separate. >> what is happening with huawei right now illustrates what could happen to u.s. companies as more are directed to buy huawei or various other huawei homemade cell phone brands, instead of buying apple. instead of google. maybe they move away. as we talk on the show, the chinese government doesn't function the way the u.s. government does. if chinese communist party directing people away from apple and other u.s. brands they could
see very significant loss in the markets. yum! brands, affect as number of different sectors. if they lose significant market share it will make a big, big impact on u.s. markets because these companies, as much as money they're making overseas, they're still u.s.-based companies. that is another thing. why i think this huawei story is much bigger deal than people give it credit for. ashley: deion, thank you. let's bring in robert daley, wilson center institute of china and united states director. thank you for joining us. >> sure expire question the response from china to the threat of tariffs has been al the yuan to go into free fall on scale of one to 10 is that a 11 and does it signify a long-term trade war? >> i don't think it's a 11, nor a freefall. the bank of china set as daily reference rate, allows the renminbi to trade up or down
2%age points. they would not let it go into free fall, because that would be harmful to the chinese economy. that said, i think today's market performance a lot of traders are coming slowly to the situation that this is the new normal in u.s.-chinese relations. put the trade war aside. it's a subset of a broader relationship. -- ashley: chinese come back after we thought they were going to sign it. they tear out 50 pages say uh-uh. that tells you could we get small incremental agreements on some issue, take that as a little victory, do it in steps as opposed to a big all encompassing agreement? >> we will get small incremental deals when boeing sides think it is in their short term political interests. what you won't get is the kind of structural change that we've
been asking for, where, for example, the chinese government stops supporting its state-owned enterprises. that is core to the governance of china. it is conceivable you could in the short term get china to agree to buy more american agricultural products, for example. but this comes back to the old playbook. this would be america accepting chinese purchases and promises in exchange for probably some form of relief of tariffs i don't know we're willing to offer relief. ashley: how much damage is being done to the chinese economy. we talked about it earlier. melissa brought this up .
>> china is concerned that we have their attention. the president has created real leverage where his predecessors weren't able to do so. but china continues to grow. china is on the move. because it's a one party authoritarian state they can make moves. they have levers, that we don't have. ashley: very quickly, robert. no one wins? it's a standoff with minor agreements here and there? >> a long-term contentious relationship. this isn't about deals. it is about relations with china. those are likely to be poor, perhaps for several decades. this is a historical structural adjustment. ashley: very good, we'll leave it right there. robert daley. thanks for joining juice joining joining -- joining us liz ann donalders. give us reaction to the new territory with chinese devaluing
currency. talk to us about the realities that happen as a result of that? what do the dominoes look like? >> it's a important. a lot of people are comparing to china did with the currency in 2015 and 2018. a little more purposeful for china 2015. i think this is more market driven, they have incentive even if they want the devaluation to have it happen in more of calm way. they probably want to try to prevent a lot of significant speck a tiff one way bets but the ripple effect is through myriad channels. negative juan with .9 correlation between the u.s. dollar. weaker juan. stronger u.s. dollar, which has ripple effects through corporate profitability. it has ripple effects through oil prices. one of the reasons energy stocks gotten hit. it tends to mean they export
deflation. that worsens debt problems. means easier monetary policy as result. whether easier monetary policy, through central banks is what ails us. problem with the fed meeting was that weak global growth story, exacerbated by the trade war. now exacerbated again by the next round in this. not sure another quarter point by the fed or other central banks is going to fix that problem. melissa: is going to fix that problem. what would it do for other issues. does it help with short term or consumer or housing market. it may not help the global growth problem but does it help other places? >> on the margin it helps for people on borrowing end of the
spectrum. not sure if it is enough to keep the economy growing at trend pace. i think -- melissa: yeah. i'm sorry, there was someone in my ear. so i didn't hear that you hadn't stopped. forgive me interrupting you. >> no problem. melissa: people out there in the market, when you talk to folks do they believe there will be a deal or starting to as we're hearing more today, come to the realization maybe the president doesn't want to make a deal? >> you know it is interesting, i hear pundits and read pundits all the time, it has really been amazing to me how often i heard people say i'm confident that a deal will be done, fill in the blank as to the reason. trump wanting to get reelected. i don't know how you say with confidence that a deal is going to get done. i'm not saying i'm confident that a deal won't get done. i don't see how you get inside of either side in this war. to make a judgment. as ultimately what will happen,
a deal will get done or frankly won't get done. just the objective about the impact that this is having currently in perspective will have. if you add the proposed 10% tariffs on remaining 300 billion, you add them to the existing tariffs, you do a just a simple direct impact on gdp it is upwards of about half a percentage point of gdp. that is just the direct impact. that is not the ripple effects through the confidence channels. ultimately if that means additional faltering in cap-ex, what that means for employment. the fact that the next round has a much greater hit on consumers through mobile phones and laptops and apparel and footwear and tvs. so those ripple effects, indirect impact is pretty significant on top of a pretty significant net impact. so, we just tried to be
objective. not tried to guess what is going to happen. stay out of political realm of this, say objective, what is the hit to the actual economy. what is -- melissa: you're talking about what is the hit on the economy if people continue to buy what they're going to buy. on top of that they're paying a the tariff. are you modeling as companies make adjustments and move things elsewhere, as a consumer, i don't have to buy products from china. i can decide looking on amazon for what we've reason i want to buy things not coming from china. do you model out how the behavior changes, what is impact over time? >> only so much individuals can consumers can do to make adjustment in their purchases, if they walk into the walmarts of the world. if they come next september and price of most goods have come up. as companies do start to instead
of eating in profit margins passing on to consumer, only so much savviness the individual consumer is going to have with regard to kind of cherry-picking where they purchase goods from. i think it's a broad confidence hit even if channels consumers attempt to bypass this stuff. melissa: liz sonders, thanks for coming on, appreciate it. >> thank you. ashley: chaos spreading across hong kong today. protesters cash clashing with police causing strikes and hundreds of flights canceled from the city's airport. these ongoing protests started in june with apparently no end in sight. fox news's benjamin hall is in london with no details. reporter: today was the third straight day with running battles on the streets of hong kong between protesters and hong kong riot police. one of the fears, china might take firmer stance, shutting down dissent.
investors show no sign of stopping, vowing to continue protests, islandwide strikes until leader carrie lam resigns and the controversial extradition law to china is revoked. police responded with tear gas after protesters took over a major road outside of the government office. through eggs and bricks around the building and pug toured water filled barrels put up by police to keep them away. protesters held a general strike, leading much of the island shut down, leading to 200 flight cancellations from the city air board. they disrupted subway service during this morning egg dispute. carrie lam has no plans to resign in what has become a turbulent pro-democracy movement. speculation of direct chinese intervention grew when chinese peoples liberation army released a slick publicity video showing troops firing tear gas, dealing
with a mock street demonstration just like those in hong kong t was considered to be a warning. china continues to blame foreign countries for the disruption, pointing the finger to western nations. back to you. ashley: thank you very much. freedom for prosperity chairman. dan, thanks for joining us. this thing continues to go on. we began with the extradition protests. now it goes into defense of what protesters call democracy. how does this play out? does it ultimately start to fade away because it shows no signs? >> ultimately depends what china decides to do. they have a choice in beijing. do they want more prosperity for china. or do they want more political control over hong kong? if they go in. the chinese military goes into hong kong to protest these protests it will have terrible effect on hong kong. hong kong in many ways a conduit for investment in and out of
china. it will have a ripple effect on the chinese economy which is already suffering because of the trade war. it is already suffering under president xi there has been no additional economic liberation that china so desperately needs their economy, real growth, not the statistical nonsense under the chinese government but real prosperity. ashley: hong kong executive, carrie lam is really under a lot of pressure. she said in one of her comment i believe earlier today, look these protesterser, if they carry on, they will be in quote, dangerous situation. it was not even a veiled threat. to your point how likely is direct intervention from beijing? will they take that step with the world watching? >> i'm sure there are big debates going on in the corners of power right now because the elite in china which are very much connected with the government, the elegal know their net worth, their own prosperity will suffer if
hong kong is substantially crippled as a magnet for free enterprise and economic growth. the good news, let's back up for a second. the good news that many of us didn't think that china was going to leave hong kong alone when you had turnover from british rule but they did. hong kong continued to prosper. it was a great success story. now that's in danger. in theory china agreed with the british, 50 years of complete self-rule or basically complete self-rule for hong kong. if that bows away, it will hurt china, it will be very bad for hong kong. it will be sad news for the world. ashley: it is a last-ditch attempt by protesters trying to prevent what seems inevitable and that's sad. >> it is. one thing i should say, in hong kong, it is actually very funny the business community is not in favor of democracy. they just want stability. they just want the rule of law. they want free enterprise system, low taxes, just keep that system that was in place
between 1997 and 2018. they're not agitating for direct democracy, a la the united states. they just want the status, go back to the old status quo. ashley: just leave us alone. dan mitchell, thanks as always for coming in. appreciate it. >> going tit-for-tat, china is retaliating after president trump's latest tariff threat but are the president's moves just another instance of "art of the deal"? here is dan henninger of "the wall street journal" he is also a fox news contributor. i actually think it is the art of the no deal. i'm not convinced the president wants to make a deal with china. i think it's a long-term play to decouple us from them. what are your thoughts on that? >> that would be a monumental thing for the president to do. i guess my thought on that, runs off some of the commentary we've been listening here for the last 20 or 25 minutes. scott martin, danielle, robert daley of the kissinger center
all raising the possibility, i think this implied by your remarks, we are jumping from basically a trade negotiation into an issue that involves strategic policy, national strategic policy. if that's the case, it seems to me that rather us sitting here guessing what president trump might be doing or what is in his mind, there ought to be more clarity from the white house and indeed president trump if in fact he has given up on the trade deal and decided to take a national security offensive against the chinese. because you're talking about unwinding a relationship with a billion chinese that goes back to the the 1970s. to just do that abruptly, it seems to me, is going to cause a lot of unanticipated damage. melissa: so that's a great point. let me ask you two questions about that then. number one, if that was his goal, and he wanted, they have had conversations about this, the idea that they want to become the number one economic and military power around the
world. that it's a very long game china has been playing and involves things like rolling out technology into other people's infrastructure, would it be too scary and too open to make that statement from the president? i mean would that be giving away too much of your hand in terms of what you want to do from a security perspective? and would it cause too much panic? do you always have those at the top telling you what's really going on hype closed doors from a military and security sense? >> well, no, i don't think so. i think if the president, if that were the president's goal, which is to act as a break against chinese expansion it would not cause panic if that was expressed as something that would be a long-term strategic goal of the united states. then you would allow people deeply invested in china, factories, companies, other asian nations to start making ad justments as they already are
during this trade war. but to do it abruptly, as we are now people don't have the time or space to react, make those decisions to react to the extraordinary volatility we're seeing in financial markets. the possibility here of a currency war as well. there should be more clarity about the white house's goals rather than forcing the world to guess. it is too dangerous to have markets invested this deeply trying to figure out what will happen from one day -- melissa: they're telling me we have to go. do you think that is what is going on or not? >> i do not think that is what is going on, melissa. i think the president really wants a trade deal. he is angry that he has not gotten one so far. melissa: dan, thank you for coming on. good stuff. ashley: if all of this wasn't enough, guess what? tensions rising in the gulf. iran seizing an iraqi tanker in the gulf, smuggling fuel.
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us. teddy? >> yes. ashley: you have seen everything in your illustrious career. what do you think happens tomorrow? >> you know, the market says, ashley, can deal with just about anything, good news, bad news, but clearly uncertainty and uncertainty that continues to be created around these tariff negotiations an all the difficult fallout from it, clearly, it is not a positive for the market. and it is quite possible that we are certainly short-term oversold here. i mean we closed down 700 at one point. they were down, i think 950 today. i don't think we're out of the woods yet. it would be nice to try to rationalize, say what is going on, a lot of bad news or uncertainty is priced in. we have two major countries playing hardball with each other, over a lot of issues, particularly trade. and you know, i just, i think
we're going to be on the dark side of the moon here for a while. i don't think it is the end of the world. it just creates some interesting buying opportunities. when you take a stock market a week ago trading at all-time highs, you throw a lot of this renewed uncertainty or tariffs at it, clearly it's a problem, at least short term. ashley: in other words, stay on the sidelines for now, but if you see a good deal, maybe jump in? >> i think, you know, it is hard, all about the timing clearly these selloffs create opportunities for folks on the sidelines, looking for an excuse to put money to work. no question about that. ashley: need a strong stomach, that is for sure. teddy weisberg. happy sailing, teddy. >> thank you. melissa: iranian revolutionary guard seizing a third oil tanker in the persian gulf over alleged fuel smuggling. we have retired lieutenant
colonel, dakota wood, heritage foundation research fellow. what do you make of this? >> it is a one of those things, crying wolf in weird way. there is smuggling going on in that region. heavily subsidized oil prices by iranian government. people take that, sell it for a huge profit in other markets. it could be a legitimate seizure after smuggling ship involved in operation. iran's action, its seizure of commercial shipping in international waters really damages any credibility by the regime tehran. who can believe what iran says. so they're working to their own bad ends, right, their own pain when something like this occurs. melissa: what do you think is going on behind the scenes? there are these reports that you know, we went ahead sanctioned their minister sharif, there was a report that the president had reached out through other channels to try to set up a
meeting. he rejected it. the next day there were sanctions put on. do you believe that? what do you think is going on behind the scenes? >> i do believe the administration's interpretation of complicity and supporting acts of violence to promoting irgc, this guard, to do exacts like seizing these tankers in international waters, fomenting additional instability in yemen and attacks against israel via hezbollah. all that is legitimate. the iranians tried to conflate the two. what could be a legitimate action in one area with actions in another area. so when you have these senior government officials who are deeply involved in this aggression and violence, it really, is kind of a joke for them to protests their innocence and that the united states is being heavy-handed in imposing these sanctions. apparently the only thing the iranians really respond to is not diplomatic overtures, economic integration but threat
or use of violence. so they're getting a dose of their own medicine in this kind of full-court press approach by the trump administration. melissa: how much pressure do you think is on them right now? how serious is it? >> we've seen a lot of reports of a lot of pain in their economy. i believe their currency has been devalued by 40% or more. you're seeing unrest in the population. that job opportunities are evaporating. less economic trade engagement with european countries so there is pain being exerted. that is why iran is lashing out the way it is. they have to do something to change iran's behavior. melissa: if the pain continues, what do you think happens from there? is there a change in behavior? is that even possible? >> well you're trying to forecast the future which is really unpredictable. we know what the current or past approach has generated. that is a near nuclear iran, support to terrorist groups, fomenting instability across the
middle east. the old approach does not seem to have borne any benefits. this is generating a reaction. we'll see how well that is managed. europeans need to get on board with americans on this. melissa: we'll see if that happens. colonel wood, thank you, come back soon. >> my pleasure. ashley: we have breaking news on a day when the market sells off. shares of shake shack are bucking that trend, rising after-hours following a earnings beat. let's get back to jack did -- je deangelis with breaking details. >> a diamond in the rough. second-quarter earnings for shake shack beat on the top and bottom line. it was a sick cent beat. revenues were higher than expected -- six cent beat. we talked about all different sectors. exposure to china, exposure to tariffs and currencies but shake shack is bullish on growth opportunity in main land china. specifically announcing its
expansion in beijing with newly executed development agreements. when it comes to certain aspects, mainly people's stomachs, maybe tariffs don't mean as much? ashley: very good point. jackie deangelis at the stock exchange with shake shack earnings. melissa: i think my family is responsible for that. good for us. all right. i don't know whose read this is. devastation from texas to ohio leaving an entire nation in mourning. we'll have the latest details of the two mass shootings that took place over the weekend less than 24 hours apart. we're on the ground from both scenes. we'll bring you the latest there right after this break. ♪ ♪ ♪ ♪
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melissa: back-to-back tragedies in less than 24 hours. two mass shootings just 13 hours apart in el paso, texas, and dayton, ohio, have left at least 31 people dead and 52 injured. fox team coverage now. garrett tenney is in el paso, texas, mike tobin in daytona ohio. we'll start with garrett -- dayton, ohio. reporter: tragically the death toll rises in el paso tonight and this morning, two more victims hospitalized succumbed to their injuries, bringing the
death toll to 22, making it the 8th deadliest mass shooting in u.s. history. 20 people at least remain hospitalized. they are continuing to be treated. just a couple hours the doctors at del-sol medical center got emotional talking about treatment of those patients. >> the challenges our care team had taking care of a lot of paints has been beyond treating their gunshot wounds. it is treating other issues that these patients have had. >> the del sol nurses have been amazing. reporter: melissa, i want to step out of frame, just to show you the crowd of people, this has been constant since this morning up through 90-degree weather this community continues to process the tragedy.
still as of last night, there are several families waiting for official confirmmation if their loved ones are dead. survivors at walmart are continuing to deal with the trauma as well. including some of those heroes, everyday people who rushed into danger who help children lost from their parents who were injured. >> what i was supposed to do, i understand it was heroic, i'm looked at as a hero that wasn't the reason for me. i'm focused on the kids. i -- family time, because it hurts me, like i lost, they were part of me. >> i'm, when i got home i broke down a bit. just in shock what happened here in el paso. people you actually know. got injured. reporter: prosecutors at the state and federal level are moving ahead very aggressively
to prosecute this case against the 21-year-old gunman. they say they are considering the death penalty at both federal level. state officials already said they plan to go after that, melissa. melissa: garrett 10 any, thank you. ashley: let's go to mike tobin in dayton, ohio, with the latest from that situation there. mike? reporter: ashley, cars are starting to move down fifth street. downtown dayton is trying to understand this unbelievable bloodshed. we have some video. some of it on sound, people freeze when the first gunshots rang out. they tried to determine what is happening, realize what is happening, panic and run. the gunman appears in the video, clad in body armour, mask, ear protection. he squeezed off 41 shots in the rampage. people exchanged with him, and shot him dead as he tried to go into a bar called red peppers.
he had drum magazines that held 100 rounds each. speaking with president trump, dayton's mayor addressed the >> i talked to the president yesterday he called to offer his condolences to the people of dayton and i appreciate that and we did have a discussion around why this kind of gun even exists in our communities. this person the shooter bought this gun legally and did so much damage in the course of 30 seconds. >> and now sadly we've got another scene with a makeshift memorial piling up with flowers and candles in dayton people are even putting flowers in the bullet holes. the people here say dayton strong. they remark that this is a good place filled with good people something bad just happened here but police still don't have an answer to the question why, they don't know what set this gunman off or what set this massacre into motion, ashley? ashley: mike and also i believe
it appears the shooter's sister was one of the victims in the shooter and i don't know whether this is confirmed dropped his sister off at a male companion on that very street prior to the shooting? >> the sister was one of the first pep killed in the massacre , not the first person according to police and the sister, the gunman and male companion whose not been identified all drove to dayton in their parents toyota. for whatever reason they separated at some point, and the gunman came back, loaded with the body armor on in the middle of his rampage and again the sister is one of the first people shot. now that unidentified male companion was shot in the lower torso but he survived. police have questioned him to some extent but the chief said they're not entirely satisfied with the questioning they want to know the extent of the relationship and what happened in the final moments. ashley? ashley: thank you, mike. >> let's go back to the markets right now, because it was a huge
day, major averages tumbling the most since december on escalat ing trade tensions, with china, technology, financial, energy stocks led the sell-off. let's see what happens tomorrow. ashley: a lot of the traders are saying keep an eye on the 200 day moving average on the dow it's 25, 550 i think we got close to that and bounced back a little bit. we didn't exactly have a rally but we went down 961 points on the dow, came back and finished off 767 and it'll be really interesting to see which way the action goes tomorrow. we haven't heard from the president. we heard he accused the chinese of currency manipulation. we will have anything more from china it's very headline-driven. >> it's true and we also give some back at this point. if it ends here that's one thing , as you said, so time will tell, keep a close eye on the markets which means you have to come back and watch here tomorrow and see what happens. ashley: the threat of tariffs
and the president and 10% on $300 billion worth would take effect september 1 if that happens who knows where we go from there, but certainly, trade tensions are a major problem for the markets right now. melissa: down 767 that is not the low of the session. bulls & bears starts right now. david: market mayhem is the trade rift when china reaches a boiling point take a look the dow plunging more than 960 points at session lows before closing down more than 767 points all three major indices down about 3%, their worst daily loss for the year, the major sell-off coming after he just ended the worst week for stocks this year, all of this as china is now accused of weaponizing its currency, devaluing its juan and sending it to an 11 year low against the dollar. the president blasting the move more on where things go from here, welcome everybody this is bulls & bears, thanks for