tv The Claman Countdown FOX Business July 9, 2020 3:00pm-4:01pm EDT
the other one we like is darden restaurants. charles: let's leave it right there. darden which by the way, has been acting really great over the last year or so. they got a new ceo and disney. we got you on record. hey, thank you very much. now, i hand it over to the great liz claman. liz, i think you had a little momentum in this last hour to the upside. liz: i think so, too. people who are just tuning in might say what planet is charles on, we are down 300 points but we had been down 500, so perhaps. we are looking for it. we are heading into a critical final hour of trade, everybody, because imminently, we've got dueling 2020 presidential economic events that are about to unfold that could move the markets. democratic presidential candidate joe biden is in dunmore, pennsylvania about to unveil his economic recovery plan. we do know it begins with $700 billion in buy american and buy american innovation, with a modern take on infrastructure
and clean energy investment. then almost simultaneously, president trump is about to sign an executive order to promote hispanic prosperity. we are monitoring both events. we will take you to the rose garden for president trump's event and we will see whether he addresses today's dramatic supreme court ruling that could allow state district attorneys to access his tax records. that ruling does have a distinct connection to business news and stocks. take a look at the dow intraday. it tumbled to session lows just after 10:00 a.m. eastern, immediately after the supreme court justices rejected the president's claim of immunity in a new york state criminal investigation. congress cannot look at the tax filings, but it does appear that there can be now subpoenas on state efforts. the dow, though, now is down 285 points. the s&p lower by 10. the nasdaq, any gain today, folks, means a second straight
close. we are well above any gain. we are up 67 points. now, paired with first-time jobless claims, which came out this morning and showed an additional 1.3 million people joining the ranks of the unemployed, investors rushing out of stocks and into safe haven treasuries. quick check here. we will check it throughout the hour because the yield on the ten-year dropped rather precipitously to a resistance level. it is now at .60, below the earlier .62% resistance floor. to edward lawrence in washington, d.c. where reaction to the supreme court's what was it, 7-2 decision, is coming fast and furiously. this time around, the president's two appointees, justice gorsuch and kavanaugh basically voted against the president in this matter, correct? reporter: in one of the matters. in one of the matters, they voted for the president. so it was sort of a split decision. i can tell you that the president is hosting a roundtable right now with the
hispanic initiative, hispanic community members, hispanic elected officials, ceos, in this roundtable and in the roundtable he is answering questions. i can tell you about this supreme court ruling. he did say the rulings are starting all over again, sending everything back to the lower court. he said he was partly satisfied with the ruling from the supreme court but he said these cases were purely political. we will hear from the president shortly on that. you can see it played out on twitter. he had eight rants in a row the moment this decision or these decisions came down. i want to read one of these tweets for you. it says quote, we have a totally corrupt previous administration including a president and vice president who spied on my campaign and got caught and nothing happens to them. this crime is taking place even before my election, everyone knows it and yet they are frozen stiff with fear. the bottom line from these two cases is that the supreme court ruled that the president would have to turn over his tax returns to the manhattan district attorney, but not to
congress. that's the win for him. house speaker nancy pelosi wanting this to hang over the president's head through the election. listen to this. >> he is not above the law. the path that the supreme court has laid out is one that is clearly achievable by us in the lower court and we will continue to go down that path. reporter: continue to go down that path. here's the rub. in the case against the president for the manhattan district attorney, cyrus vance, the chief justice wrote that the president's attorneys if they wanted to could make additional arguments in the lower courts. so no records will change hands this week, no records will change hands next week, probably not through the election. the president's attorney says they will do just that, make arguments, make new arguments in front of a lower court to try and get the ruling they want, then it will have to go back to the supreme court inevitably, it will.
any minute, the president is going to sign an executive order in the rose garden as liz mentioned talking about the -- look, we have the president right now. >> -- basically starting all over again, sending everything back down to the lower courts and you start all over again. so from a certain point, i'm satisfied. by another point, i'm not satisfied. this is a political witch hunt the likes of which nobody's ever seen before. it's a pure witch hunt. it's a hoax just like the mueller investigation's a hoax that i won and this is another hoax. this is purely political. i win at the federal level and we won very decisively and so they sent it into new york and you know what's going on in new york. everyone's leaving, it's turned out to be a hell hole and they better do something about it, because people are leaving new york. it is a political witch hunt that just continues, it's been from before i got here when obama and biden and everybody else was spying on my campaign illegally. they were illegally spying on my campaign.
and it's a very grave crime. it's the biggest political crime in the history of our country. and i want to thank the hispanic americans for being with me. great people. thank you very much. reporter: what about justice kavanaugh? >> let's go! let's go! liz: so that split decision that edward was just talking about regarding the supreme court saying that now a state and its district attorneys can subpoena the president for his tax documents and versus the other part of this which congress cannot. the president called that simply a witch hunt. he repeated that several times. then he did not take any more questions. let me just explain to you the landscape right now for the next 16 minutes. number one, he will go to the rose garden. we will take that. but we do have this breaking
news right now. 2020 democratic presidential candidate joe biden is now outlining his build back better economic plan. he is in dunmore, pennsylvania doing this at a metal works facility. of course, we all know that pennsylvania is a key battleground state. president trump is very interested in holding on to the success he had four years ago in pennsylvania, obviously joe biden's very interested in holding on to that. as we look at all that this is discussing, and we do want to make it clear that president trump is going to speak in a few minutes, but as joe biden, the former vice president, begins to talk, he is expected to talk about spending $700 billion on made in america products and injecting lots of money into made in america innovation, putting a more modern twist from the past into all kinds of infrastructure and spending. look at the dow jones industrials, still down about
307 points which is exactly where it was right before president trump took those questions. for a minute it dropped down to about down 291 but we are not seeing any kind of movement at the moment on that. let's bring in our floor show traders, the great scott redler and scott bauer. mr. redler, give me a sense as we are waiting to hear the details of joe biden's economic plan, we know president trump has said buy american. we should explain to people that in a foxhole, we are talking about the crisis we have now with covid and the financial crisis in 2008 that president obama and joe biden inherited, everybody becomes a keysnesian economist meaning everybody decides let's spend a lot of money to drag ourselves out from the depths of depression or recession. give us a sense of what sectors might do well if president trump were to win a second term and what would do well if biden wins. >> well, you know, a lot of
people have been talking about how come the market's not pricing in whether or not biden actually has a chance because people do feel like he won't be overall as market-friendly. i do think if biden does win, the overall pe of the s&p must go down somewhat, just because he's not going to be as big business friendly, i feel he's going to not, you know, increase deregulation, he's going to regulate more which are all things the market somewhat doesn't like. i also think that if biden wins, health care could get hit. but if biden does win, i think clean energy, okay, will be a sector that could outperform and i also think maybe the solar sector is worth taking a look to outperform. if trump wins, i think we get a lot of the same. we have to deal with crazy tweets here and there but overall, he likes to get judged by the strength in the stock market so even now, every time it seems like the market will dip, there's going to be another stimulus plan, i think that big cap tech will continue to outperform. you still want to stay with companies that have massive balance sheets like tech and big
cap tech and i do think the overall market can do better with trump. i don't think the market crashes with biden. but we will have to figure out where the flows go. liz: scott bauer, before i get your sense of what might do well, which sectors and i agree with red dog because he specifically talked about the clean energy plays, but technology as well, lots of green the screen there. if you compare deficit and the spending that's gone on with both and i guess the best comparison we ended up being able to take, got some numbers i hope we can put up on the screen, would be the first four years of the obama/biden administration with the first four years of the trump and pence administration. during the first year of president barack obama and joe biden's administration, the deficit stood at $1.4 trillion. by the end of their fourth year in office, it had begun to shrink to about $1.08 trillion. by the end of their final year, their eighth year in office,
2016, the deficit had dropped to $585 billion. now looking at president trump's and vice president pence's first term so far, during their first year in office, the deficit was at $665 billion. currently, we are now around $2.7 trillion with, of course, $3 trillion in stimulus spending to keep the economy going during the pandemic. is there really a difference between the two philosophies? of these two potential administrations? >> first off, let me express that i am so happy that you are well and you are here. is there a big difference, when you really break it down, i don't think that there is. it's more market psychology than anything else. yes, we know with president trump, if he wins again, there's going to be still a massive amount of infrastructure spending, there will probably be a lot of defense spending. with biden, that maybe shifts a little bit to like what skcott redler said, over to the
renewable, to the clean energy space, into health care. i think health care will be a bright spot if biden wins. at the end of the day, what is going to separate the two? it probably comes down to what the tax structure may be like. so what may wind up being a scenario that maybe balances all of that out, is if biden happens to win and the republicans hold on to their part of congress. i'm not saying i'm advocating for that. but that could be somewhat of a balance there. but i really don't think there is much of a difference when you break it down in terms of the spending. it is really where the spending is at. liz: i think you're right on that, exactly where it's targeted. but both sides have been spending as they say like drunken sailors. the great scotts, wonderful to have you. dow jones industrials still losing about 312 points. we do have the closing bell ringing in 48 minutes. up next, no slackers here.
just workers and work-at-home wars heating up between slack and microsoft teams. slack cofounder and ceo stuart butterfield up next live in his first interview since microsoft announced it's got a fancy new a.i. plan for a zoom type of chat room. we will get that plus the latest volley that slack is throwing as the offensive continues. we are still waiting for president trump's rose garden event to begin. we will take you there as soon as it starts. "the claman countdown" is coming right back. s&p losing 11. nasdaq looks like it's on track for a second straight record. now is the time for a new bath from bath fitter.
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liz: still stuck at home working? we told you about this yesterday, the big announcement, microsoft spicing up its teams collaboration tool with virtual coffee shop meetings and more. using artificial intelligence tech to place participants in virtual spaces such as a balmy island backdrop. okay? so you are sitting there, then look at this. you can be at a desk together or you could be in a sleek birchwood library or coffee bar or conference room. microsoft also together mode
launched on the same day that rival slack announced its acquisition of meadow, price undisclosed. it builds a contextual directory of employees, allowing them to find each other, know about each other, make connections, sort of a linkedin for slack users. joining me, slack ceo and cofounder stuart butterfield in his first interview since the microsoft announcement yesterday. look, you guys are locked in and it's not just microsoft, zoom's in there, you also have web ex and all these other companies trying to get into this pitched battle as far as competition is concerned. what do you counter microsoft's new announcement with when it comes to virtual let's pick a location and we are all sitting at home meetings? >> yeah. it's a good question because for the average large american enterprise there's 1,000 different cloud servers. this is one of the stories of the pandemic and its impact on
business and special use of software, the continued proliferation. we don't view them as competitive. we just don't offer that. while i think it's a really interesting feature, the announcement we made yesterday is an entirely different direction. part of it is having much more comprehensive profiles available for your colleagues. it might be their professional background or areas of expertise which are obviously useful. also, a lot of information about the teams they belong to and the groups they work with which is something that's really missing. you know, we are already at the point where 12% of our employees started in a post-pandemic world. obviously we are a rapidly growing company so the percentage won't be the same for everyone but over time, the proportion of employees who don't fly up to headquarters for their first meeting, who don't casually meet people at the elevators or in all hands meetings, who don't have face-to-face time for bonding, that will be increasingly important for them to form an
understanding of one another and also the organizational structure because that's -- the lack of feeling connected leads to a lack of trust. the ceos i talked to, peers, customers, partners, incredibly concerned about that feeling of connection, culture, the social ties and what this work from home and remote work environment is doing to their companies. liz: well, i think when we are talking about what this offers, i'm trying to give a good example for our listeners. say we have hired somebody at fox business that i haven't met yet because i'm sitting here in new jersey working at home. i can, as i'm slacking with this new employee, instead of having to go on google and scrape and search and hunt and find out, we have actual -- oh, this person worked there before here and oh, they're from here, oh, this is their big fan girl or fan boy story, et cetera, and we can kind of connect. is that correct? >> yeah. there's all kinds of reasons
people might want this. we have 2300 employees. people join slack from all kinds of companies. some of those companies are our customers. knowing that this employee used to work at the custom company is invaluable for finding good contacts, for understanding the customers' needs more and that could be you are a software developer and have a new project and it's in an area of technology that you don't know about, you can find experts inside the company. you are charged with opening up the new brazilian business and you need someone who has a lot of experience working with brazilian contract law and you can find that person. so that's part of it. yeah. go ahead. liz: well, you just gave a perfect example. because that's invaluable. who around here speaks mandarin? that can be great. you can figure it out by looking at what you have inherited now. i do have to push you on this. what is your countermoves against microsoft? you said that's an interesting offering that they have, we don't do that. will you eventually be in a
position where you really need to do something that is more intense with video because you've got 12 million. at least the last number we got, i know you have more than 12 million daily active users, but you guys haven't put out a new number since march. i would love to know how many and what you are going to do when they start saying we love slack but we need to see people. >> well, if you do what we do at slack the company, we are customers of zoom and i understand the question, but ultimately people use different software for different use cases. if you look at our largest customers and they are very large, veterans affairs, among a dozen other agencies in the u.s. federal government. our last quarter, we announced amazon getting a site license for slack and verizon, but yeah, there's financial services, health care, retail, as you probably know, pretty much every media company, almost all of those large customers are also
customers of office 365. many of them use teams alongside slack. when they do need to do voice and video calling which is a lot of the day, there are teams but slack is a channel based messaging platform. you take messages which would have been largely in e-mail and move them to channels. channels correspond to really anything that's going on across the company. it could be one of your customers, could be a project, could be a team, an office location, a business unit. once you have a channel for everything, everyone knows where to go to ask their question, everyone knows where to give their update, everyone knows where to go to get caught up in something. it's just fundamentally different than video calling. it's not better or worse. like i said, we use video calling all the time. we don't feel the need to build that into slack because people make their choices in all different categories and to the extent that you create this interoperability between different software products, i think that's really important. liz: you've got a lot of check all of the above. we all like choices in america. that's for sure.
i'm just going to push you one more time. you were in march at about 12 million active users. where are you now? >> we are -- i think it is confusi confusing. there's an incentive for microsoft to create confusion because i don't think they want people using slack and they want to create the impression they are the same product. again, people use them alongside each other. they serve fundamentally different purposes. so that comparison might not be useful. we did add 12,000 net new paid customers. those are different companies around the world. just in the last quarter. more than twice as many as prior quarters. a huge step forward for us. what we are continuing to see growth again around the world, our japanese business is on fire, large enterprise, small business, everything. liz: well, you got the best shot there behind you of most ceos. stewart, good to see you. thank you very much.
by the way, slack's stock is up 50% year to date. doing lot of things right. stewart butterfield, thank you so much. we are looking at the dow jones industrials, seeing a slight increase in losses here, down 340 points. we'll be right back. geico's been helping people save money for over 75 years. they've really stood the test of time. much like these majestic rocky mountains. which must be named after the... that would be rocky the flying squirrel, mr. gecko sir. obviously! ahh come on bullwinkle, they're named after... our first president george rockington! that doesn't even make any sense... mr... uhh... winkle. geico. over 75 years of savings and service.
liz: the egos in hedge fund land are huge. they hate losing and they really hate losing twice. after abandoning his first attempt, hedge fund billionaire steve cohen has been waiting in the wings to make another bet on the new york mets. charlie gasparino joins us now. will the second time be a charm, charlie? charlie: well, if you listen to steve cohen's people, it will be. at least that's what they're saying. we should point out on these things, situation is fluid, deals can blow up at the end as they did the first time steve cohen, the hedge fund billionaire, made a bid for the mets, i think it was more his price at that point, it was back
in february, before talks fell through, was $2.6 billion. but he's back negotiating with the mets right now. here's what we know. today at the close of business, first round bids for the mets are due. there's a handful of people interested, a-rod, j-lo, a group that involves vinny viola, the ruben brothers, real estate firm from england, is allegedly interested. ira harris, who is formerly of the apollo group is interested with his partner. they run a sports marketing business. they also own a piece of various teams including i believe the philadelphia 76ers. they are interested. maybe a few others. but the real horse here is steve cohen. what we know is this. as the bids come -- by the way, steve cohen does not have the bid on the team right now. he's an 8% owner of the mets. he will see every one of the
bids. because of that, he's been privately what i understand negotiating with the wilpons on a deal. it is not a done deal until it's a done deal. but they have been talking. what people close to cohen are telling people, the deal is his if the talks progress, that he's likely, if things go as they are going and again, it could blow up in the last minute, he's likely to be the owner of the new york mets. it's kind of interesting that cohen's people are also trashing the mets. they are also putting out there how much the mets lose a year, how indebted the team is. on the mets sports network has a lot of leverage, sny, cohen has expressed interest in buying that as well. if you put both of them together it would be $4 billion potential valuation of the mets plus sny. but it is interesting that he's trash-talking the mets, probably telling the other bidders, you know, look what you're going to get into. i have the money to run this thing, i have the cash, i have the access to capital and you
are going to be buying an asset that's going to be hard to turn around. so that's what's going on right now. we should point out it's never a done deal until you see the paperwork. steve cohen and the wilpons, the controlling family of the mets, have been down this road before. but people close to cohen are talking and acting like it's his, if the talks progress, and he will be the next owner of the mets. again, i believe it when i see it. by the way, one other thing to throw out there. suppose the ruben brothers say no, we want the mets. i don't know how big baseball fans they are. steve cohen, from what i understand, is a life-long fan. he grew up in long island. but the ruben brothers have capital, have a lot of money, probably have almost as much money as steve cohen does which is estimated at $15 billion. that could happen. a last minute bidder could happen. as we reported, the indications of the bids were particularly weak. j-lo and a-rod just don't have the cash and the capital to compete against steve cohen.
i understand their bid is below $2 billion. ira harris, again, you know, he buys mostly stuff in distress. remember, he's a private equity guy. i hear his bid, at least the indication of his bid is below $2 billion. steve cohen is basically looking at these bids and saying i'll give you a little more and it's mine. so again, it's never a done deal until it's a done deal but people close to cohen are pounding their chest right now that second time is a charm. wilpons had to come back to him, team is losing money and he's the guy that can turn it around. again, we will know more i think in the next 24, 48 hours as to how this thing turns out. that's the state of play right now. back to you. liz: they are all on the wrong track. go, indians. go tribe. that's the team i want to buy. all right. thanks, charlie. closing bell, we are 27 minutes away. we are seeing a little more
erosion. we are down 405 points. low of the session for the dow, a loss of 543. walgreens is actually getting the boot by investors today. not a dow component but they are hitting a seven-year low after reporting a $2 billion impairment charge for the uk boots division. the drugstore chain blaming the covid-19 disruption for its quarterly losses. walgreens down more than 28% this year. it's losing another 8% right now. it is the biggest drag on the dow. health care surprisingly, not the main topic today as former vice president joe biden is at this moment unveiling his economic recovery plan called build back better. that's a live picture of him talking in pennsylvania. we are going to take you straight there. we've got our reporter hillary vaughn on the ground. she is about to roll out his ideas and let you know what he said on his plan to revive the american economy after the
liz: breaking news. we want to take you to the rose garden right now. president trump has just finished his roundtable and is now about to sign an executive order on his hispanic prosperity initiative. let's listen in. >> the hispanic american community is a treasure. thank you. we're thrilled to be joined today by secretary of education betsy devos. thank you, betsy. thank you. secretary of commerce, wilbur ross. thank you, wilbur. secretary of housing and urban development, ben carson. thank you, ben. small business administrator jovita carranza. thank you. very popular.
and representative mike garcia. thank you. congratulations, mike. that was a big win, huh? biggest in 22 years, they say. first time in 22 years. that's a good one. well, you got something special going, right? thank you, mike. great job. yesterday i was delighted to host my friend, president lopez obrador, mexico, here at the white house and affirmed the close and continued friendship between the united states and mexico. it's never been better. the executive order i will sign in a few moments will expand our efforts across all of federal government to deliver educational and economic opportunity for hispanic americans. at the heart of our strategy to create a prosperous future for every hispanic american as well as all americans, is a great family of education. we are going to have a
tremendous program and we have and you know we're a believer in choice, choice. the other folks don't believe in choice and choice is a great civil rights issue and maybe the great one of our times. i'm going to fight to ensure that every hispanic american parent has the freedom and the right to send your child to the public, private, charter, faith-based or independent school of your choice. and school choice is a incredible issue in many ways. it's a political issue, i agree. most people agree with us. the smart ones definitely agree with us. but it's also a moral issue and it really is a fundamental issue of civil rights. no american student should ever be trapped in a failing government school which has happened so often for so many years. it's one of the problems you see when you see these cities going
up in flame. one of the most successful educational models is the charter school which has been under unceasing attack from the radical left. charter schools. charter schools have been incredible. but they're under attack and you know why they're under attack. more than one million hispanic american children currently attend charter schools and nearly 1 in 3 charter school students is hispanic american. i'm proud that under my administration, we have delivered $1.5 billion for public charter schools. that's a record. as long as i'm president, i will never let your charter schools be taken away from you, be taken down. i will never let you down. i will never let hispanic american or any american down. that i can tell you. under our leadership the hispanic american high school
graduation rate has reached an all time high in the history of our country and the dropout rate has reached an all time low in the history of our country. we have also delivered a $1 billion grant for minority serving institutions including hispanic serving institutions of higher learning. our new hispanic prosperity initiative will also expand access to trade schools, something that's been really badly missing, trade schools. so important. work-based learning and vocational education, so important. vocational. when i was young growing up, i used to see vocational school, edison vocational school. that meant people with a great talent but a talent different than history and math and other things, but they had the same talent or far greater than many of the "a" students that studied other things. vocational school.
great people, great talent and they do very well. they do very well. through our pledge to the american worker, we have already made available 16 million apprenticeships and training opportunities for the jobs of tomorrow. to bring jobs and prosperity to our most distressed communities, we created nearly 9,000 opportunity zones. that's been a great success. a tremendous -- tim scott of south carolina has helped me so much. which have already brought nearly $100 billion in investment to neighborhoods where millions of hispanic americans live, and you see it, so many of you already today and speaking with you, you said what a difference that made. before the plague from china came in, you know what that is, that's the china virus, before it came in and hit us, we achieved the lowest hispanic american unemployment rate and the lowest poverty rate ever recorded. history of our country. ever recorded.
and we are getting back to it very quickly. we achieved the highest ever incomes for hispanic americans and many other american groups and communities. we built the greatest economy in history, not only for our country but for the world. we were number one by far. china had the worst year in 67 years. they weren't happy with what was going -- they were going in the wrong direction and then the plague came in. but together, we will do it again and we will do it very quickly and we are already doing it. we will achieve a swift, full and complete recovery for hispanic americans and the hispanic american community and we are doing it very very rapidly. our strategy focuses on sheltering the most vulnerable, including older americans and nursing home residents, while allowing those at lower risk such as young and healthy children in many cases, the
system is so powerful, so strong, but the young and healthy to safely return to work and to school. we have to open our schools. open our schools. stop this nonsense. we open our schools. germany, norway, so many countries right now, they are open, the schools are open and they are doing just fine. they are opening in the fall. so we have to get our schools open. denmark, sweden. we have to get our schools open and stop this political nonsense. it's only political nonsense. it's politics. they don't want to open because they think it will help them on november 3rd. i think it's going to hurt them on november 3rd. open your schools. at the same time, we are reaching the scientific brilliance of our people. we have multiple effective therapies in use already with more being developed and you have to see some of them.
the results are looking incredible. we are on track to produce a vaccine in record time and very very soon. it's going to be announced i believe very very soon. so we have therapies and we have vaccines. utilizing these advances and the skill of our doctors and nurses, we have dramatically reduced mortality rates. we have among the lowest mortality rate anywhere in the world. we've done a great job, whether it's ventilators or anything you want to look at, testing. we test so many people, then we have more cases. everybody says we have so many cases. that's because we test so many people. we are up to approximately 40 million tests, going up to 45 very quickly so we have tests, other countries don't do tests like we do, so we show cases other countries don't show cases. but what we do have is perhaps the lowest but among the lowest but perhaps the lowest mortality rate, death rate, anywhere in the world. and that's a tremendous sign as
to what we're doing and what our doctors have learned and the kind of things that we are using. it's an incredible number, statistically an incredible number. a policy of never-ending lockdowns, month after month, would ultimately do more harm than good to public health and so bad for our children. as a result it really is more loss of life. we can't do that. we have to get back now. we did it right. we saved millions of lives by what we did. we shut it down. we saved millions of lives. i put a ban on china, heavily infected, i put a ban on europe very early, both of them very early. we saved millions of lives. now it's time to get back to work. lot of people were against those bans and now they admit most of those same people admit that ban was the greatest thing. it saved so many lives. crucially, we realize that the health of a nation's economy is fundamental to the health of its
people. in the last two months, we have begun the fastest economic comeback in history, including an increase in hispanic american employment of more than 2.1 million jobs. it's a record. the hispanic prosperity initiative will help build on this program. i will be naming a leader of incredible vision. former lieutenant governor of new mexico, john sanchez. i know he's here. john, i would love to have you come up and say a few words, please. >> thank you, mr. president. what an honor it is to be here with you and everybody else here. liz: all right, everybody. calling the hispanic american community a quote, treasure, president trump is about to sign his initiative he says will foster, encourage and develop pathways for hispanics with nods to things from wischool choice d
work-based learning initiatives for hispanic americans, the question now may well be will it be perceived from the powerful voting bloc as true action or perhaps an attempt months before the presidential election to shift their impression of him away from his 2016 campaign linchpin, the border wall effort, and subsequent images of family separation and holding pens for undocumented immigrants rushing the border, that some still have in their minds. the markets have just tried to come back a bit and we are now down 357. we had been down 400 before his speech. now we will send it to hillary vaughn in dunmore, pennsylvania. she has been listening to joe biden's buy back better economic plan which it appears he began with fighting fire with fire and took a rather aggressive stance toward president trump. hillary? reporter: liz, you know what's interesting is we heard former vice president joe biden unveil his pitch to reboot the u.s. economy and it sounds a lot like the rhetoric that we heard from president trump on the campaign
trail in 2015. biden's pitch today is build american, buy american and hire american but biden saying today the difference between him and trump is trump promises really have just resulted in talk. he's the one that will actually deliver. >> it's an infrastructure plan to deliver, deliver on jobs and opportunities. we are ranked 23rd in the world in terms of our transportation infrastructure. what happened to all that? reporter: biden's plan would invest $400 billion his first term to federal purchases of u.s. products including things like clean vehicles, american steel, medical supplies and artificial intelligence. the plan also includes a made in america tax credit for small and midsized manufacturers. biden also wants to put $300 billion of investment into research and development for things like a.i., 5g and
biotechnology. biden says he also wants to punish companies that close up shop here and ship jobs overseas but biden's push towards american-made products is not the only similar part of this plan that echoes things we have heard from trump. biden today says he wants to rework trade policy and target china as part of the recovery post-covid-19 plan by cracking down on them with aggressive trade action for currency manipulation, he wants to pressure allies to essentially gang up on china and try to convince them to abide by trade rules. he also threatened new sanctions against chinese firms that steal u.s. technology, all things we have heard from president trump, but biden's pitch today is he will actually do it. liz? liz: hillary, i find it really interesting because we at the top of the show had our traders pointing out that there aren't too many similarities. regulation, yes, donald trump by far much more aggressive in cutting regulation which is very
pro-business. we're not really hearing too much of that from joe biden, but joe biden is arguing that the trump administration was pursuing economic policies that really favored the wealthy and the wealthy businesses. anything else that he said about that as far as donald trump is concerned? reporter: yeah, he did. he said that president trump has made his economic policy all about the stock market, how the nasdaq has been doing during this downturn, during this pandemic, how the dow has been doing. he said he's going to focus and be a president that focuses on american working families but liz, what is interesting about all of this is there was a concern among wall street that biden would be pushed far progressive to the very far left, but we have learned now that that's not the case. his pitch today is a very moderate take but what's also interesting is they did roll out their policy proposals for the dems party platform and two things not on it, medicare for all and the green new deal. those are two things that
investors were very concerned that would be part of biden's platform but it's clear that those are not going to be part of it. liz? liz: that is crucial and very interesting. hillary, thank you very much. hillary vaughn in pennsylvania. closing bell ringing in seven minutes. up next, kansas city quarterback patrick mahomes could have up to $503 million to invest if he would like to, minus taxes. today's "countdown" closer, oh, he lives in the city of fountains and has the perfect playbook he says will help your portfolio. that's straight ahead from kansas city on "the claman countdown." ♪
2020. wow. good for the nasdaq. kansas city chiefs star quarterback patrick mahomes just this week signed the largest sports contract in professional history. the deal could be worth, $503 million. we say take it to casey. one of kansas city's own, he has gameplan to create a super bowl winning portfolio. 48 billion under management. we welcome peter mal u.k. "barron's" top independent financial advisor. if you have him as a client, maybe you do, i don't know, where do you say he should put money right now? >> i've been watching with the show. you look what is going on with nasdaq and big cap stocks that is the big tech story for the most part. we should say big tech is having a epic run. if you look for the next 10 years. what do we think this will
happen? are trillion dollars companies going to become 2 or $3 trillion, just to earn 7% a year rather than 30 or 40 they are doing? that his thorally is not how they play out. 2010, the big companies in the last decade overseas has been a disaster. if you're looking for value, you have got patience, if you're young like patrick or older have a part of your portfolio you have a 10-year time horizon, you look for things out of favor where there is value, where you're getting paid to wait and that's emerging markets, emerging market value, smaller stocks in general. you can see those do a lot better if the dollar weakens. you can see that do a lot better whenever things start to stablize with the coronavirus. what is happening now benefiting big companies disproportionally many ways and benefiting tech companies and then the story resolves itself. liz: peter we put up your three
picks spdr mid-cap. dgs. wisdom tree emerging markets. spdr small cap. peter. [closing bell rings] it is not a pretty picture for the dow of the nasdaq once again calls it a winner. takes the trophy. connell: new record indeed for the nasdaq. the dow, is lower but ends off the lows of the session. this morning the supreme court ruled that manhattan's chief prosecutor indeed could access president trump's tax returns. market went down after that. came back a bit. at the white house the president signing an executive order on the hispanic prosperity initiative. we'll keep an eye on that event. we'll bring you any breaking headlines that come out of it thanks for joining us. i'm connell mcshane. jackie: i'm jackie deangelis in for melissa francis. this is "after the bell." the nasdaq once again the major
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