tv Countdown to the Closing Bell With Liz Claman FOX Business July 11, 2019 3:00pm-4:00pm EDT
about a year ago said you know what, health care is too expensive, it's clunky, maybe we fix it. form a collaboration. i haven't heard much since then. charles: that's why he's a legend. deirdre: that's why the company is worth a trillion dollars. charles: the market moved during my hour. the c.p. effect came back. liz claman, i know you like that. it always moves even more recently in your hour. can't wait to see what you got going. liz: we'll see if liz claman can come through for you. thank you. as we head into the final hour, i know charles noticed this, we are starting to see some sellers sniffing around. that's putting records in jeopardy, not by too much, but perhaps more importantly, we've got twin gulf crises gaining strength at this hour. number one, tropical storm barry bearing down on the gulf of mexico, now forcing major oil and gas platforms to evacuate very quickly. this as more iranian agitation in the persian gulf could spell volatility for oil markets. we've got up to the minute
details. they are changing as we speak. it's all piling on as we see what could be another record day for the markets. now, here's why i say that. any gain for the nasdaq will be another record close, but right now, the nasdaq is down 15 points. the dow this morning crossed the magical 27,000 point level for the first time ever. we are still there. we are at 27,027. and the s&p 500 again today topped 3,000 intraday, but you know, we couldn't close there yesterday. will today be the day? got to stay with me. we expect president trump to make remarks at the white house during this hour. he's scheduled to speak at something he put together, a social media summit. our tech panel reading between the tweet lines, which might be a little difficult to have a social media segment here, because guess who's not invited to the social media summit? two of the top social media people. plus, presidential want-to-bes attacking president
trump and corporate america but is that what business owners who might be voting for democrats really want to hear? billionaire bernard schwartz is a democratic megadonor. he's here in a fox business exclusive to tell us what joe biden, elizabeth warren and the rest need to stop saying in order to get the vote of america's business owners. less than an hour to the closing bell. oh, yeah, and charlie gasparino just saw a sighting of jeff bezos' girlfriend. let's start "the claman countdown." liz: oh, i don't know. this is not great news. we are just getting it now. the u.s. budget gap widened 23% in the first nine months of the fiscal year. this according to the treasury department which is just releasing this information. the government, here's what they did, they collected 2.6 trillion
in tax receipts, that is a 3% increase from a year earlier, but it was not enough to offset higher fiscal costs of spending which ramped up 7% due to higher spending and debt servicing. both figures are setting a record. we are watching it now but it's a mixed session for the dow. we are going for a win there at least for the dow jones industrials which breached the 27,000 level for the first time ever, hitting an all-time high. it's on pace for a record close. we are watching it closely. united health care, though, is really what's holding up the dow 30 here. it's accounting for nearly half of the dow gains. it's adding about 89 points to what we see as 169 point gain here for the dow. shares of the insurer are surging, why? well, president trump dumped a rule that could have killed rebates collected by pharmacy benefit managers, allowing managed care companies to continue to benefit from those discounts. don't forget that these companies are not just insurers.
we know united health group is known as an insurer but united health owns major pharmacy benefit managers so in that vein, they earn optimum rx, cigna is home to express scripts, another pbm and separately, cvs health is the parent of caremark rx. we are watching those names spiking. cvs up 4%. cigna better by nearly 8%. united health care growing by about 5.25%. now that the administration's efforts to tackle pbms have failed or at least the administration's backing down here, the crusade to lower drug prices will probably laser in on drug makers. the big pharmaceutical names. they are on a little bit of life support today. we do have everybody down here. lily, merck pfizer, bristol-myers squibb and mylan down as well. investors anticipating pressure applied directly to those companies might hurt any kind of acquisition of the biotechs
because we see big pharma saying let us buy some of these biotech companies. it's easier to buy than to start generating that stuff themselves. we have a double threat at this hour for oil, but oddly, crude is moving in the opposite direction. on the lfeft side of your scree, the louisiana gulf coast rushing to prepare for tropical storm barry. on the right side of your screen, we've got still photos of the united kingdom tanker, british tanker, and the iranian boats menacing it yesterday, as tensions continue ramping up in that arabian region. let's get back first to tropical storm barry. it's located fewer than 150 miles south-southeast of the mouth of the mississippi river right now. it could be the first hurricane if it turns into that of 2019. already bringing, we are talking feet of rain, folks, to louisiana. it could bring a downpour that will test the upgrades made in new orleans in the aftermath of hurricane katrina 14 years ago. the river could rise 20 feet.
that's what we're hearing from experts. that's the same as the capacity of the new levees that have been built. governor john bel edwards of louisiana issuing a -- sorry, getting choked up here because i actually covered hurricane andrew which smacked right into, yeah, it was called new iberia, where they make tobasco sauce. that's where this is headed. a statewide emergency declaration, drilling rigs being evacuated as well as platforms scattered across the gulf of mexico. three rigs have been moved out of the storm's expected path. the latest numbers from the bureau of safety and environmental enforcement show oil production cut by more than half now, 53% at this hour, due to the storm. this morning, i believe it was more like 23%. yes. that's what we had, 23%. now 53% has been sealed off at the moment in advance of that storm. meanwhile, to the persian gulf. tensions ramping up as the royal navy warding off an attempted attack on a british oil tanker
by vessels of the iranian revolutionary guard. this follows successful attacks on tankers last month, tand the shooting down of a u.s. recon drone. the iranians are denying that. let's look at oil. oil is already in the after-market. it actually closed down, right, $60.20 a barrel, down just a touch. but you know, at least it's above the $60 mark and that's significant. can the market overall weather these storms? let's get to jeff flock at the chicago mercantile exchange. let's talk about oil traders. are they worried? what does this mean for oil names in the sector? reporter: well, they thought earlier in the day that this day would be driven by those two gulf crises you mentioned. the persian and the mexico but actually, it wound up oil closing down, it was up to let's see, what's my number here? up 50 cents during the session but closed down almost at the session lows.
why? the president tweeting about china. that got in there and as soon as they heard that, everything started to pull back and that's where you go. that's why oil didn't know how to go and the stocks didn't know how to go. the oil stocks. shell is the biggest producer in the gulf. take a look at the numbers on shell today. shell stock, the largest gulf producer by volume, five production hubs in the gulf, many of those shut down now and it was pretty flat today. other big producers in the gulf, that would be bp, anadarko, chevron, one up, one down, one flat. i leave you with a map. this is how big a deal it could be in the gulf. with this what could be hurricane barry. there are 175 plus rigs out there. if you look at that map, you see just how proliferating they are. more rigs there than anywhere, other than the north sea. more even than in the persian gulf. if we get a bad hurricane, it probably won't be bad but it will be a lot of rain shutting
down operations, could be for a long time, gas prices also could rise as a result of that. liz? liz: how many hurricanes now have you covered in your career, jeff? reporter: every major hurricane since 1985. i don't have the exact number but every big one that's hit the u.s. liz: so you and i -- reporter: what's more, i'm headed down there. liz: yeah. concurrently we covered hurricane andrew together. reporter: you were down there in new iberia for andrew. came across florida, cat 5, cat 3 into morgan city and new iberia. that shut oil production down there for a very long time. liz: indeed. i will say this about the folks in new iberia back then. grace under pressure. they were lovely even though they were losing their homes. i just love those people down there in louisiana. thanks so much, jeff. from oil's global turmoil to the fed's growing rate concerns. while fed chairman jerome powell testified in front of congress again, this is the second day, this time before the senate, signaled yet again the need for
a rate cut. we saw the following data. first, the consumer price index. this is an indication of consumer prices. inflation at the consumer level, it rose 1.6% in june year over year. compare that, though, to the fed's preferred inflation gauge year over year, change in what they look at. they look at the core personal consumption expenditure, core pce as it's known. slightly different from consumer price index. but it was up 1.6% in may, comfortably below the fed's 2% inflation target, although powell was pretty clear that he's not so comfortable if we fall below 1%. then we got u.s. jobless claims for the week. comes out every week, right. people lining up on the unemployment rolls. well, that dropped to a three-month low of 209,000. that's reflecting the strongest labor market in decades. then there's this. former philadelphia federal reserve president charles plosser sending up a massive
flare about cutting rates, giving this warning on "mornings with maria" today. listen. >> i find the notion that there's this panic that we need to react to troubling, and now they're in a position where i think to some degree, the fed's probably afraid that if they don't now deliver on the rate cuts, they're going to cause another bout of volatility and they don't want to do that. that's the curse of paying too much attention to financial markets. liz: is he right? is the fed watching too closely what you see on your screen? the stock market? let's get to our floor show traders. start with you, sarge. i know how you feel about the fed. let's not get into the bashing that i know you absolutely adore. you know, plosser is saying come on, the data aren't that bad, we have to be really careful about preserving rate cuts for emergency times. >> i think what charles plosser and other high level economists
misunderstand, it's not about trailing economic data, it's not about the markets. it's about repairing the yield curve which has to be job one going forward or else we will lose this economic momentum we have. you will notice today, the short end and the long end have been moving in the right direction. we nearly un-inverted the three-month ten-year today which would have been a huge occurrence. we already know that between the german ten-year bond and the u.s. ten-year note there's about a 240 basis point gap that's almost never violated. the germans have a little bit of a weak auction, we back off a little bit. almost like it's in lockstep. almost as if it's run by algorithms, which it is. this is what they have to understand. you fix the yield curve, then you can move on to things like maintaining confidence surveys, getting new orders back on track, getting capital expenditure back up to speed. you also need the chinese for that. but at least let's start here. i think it's important that academic economists don't opine too much because jay powell seems, i'm going to stick up for him here, seems to have a clue right now.
he seems to understand that we need a minimum of a 25 point basis cut. liz: ira, he spoke to the house yesterday. today he spoke to the senate banking committee. let me play a little bit of sound from today, where he said in direct contrast with what charles plosser says, he's not looking at financial markets, he's looking at the data. here's powell. >> we are always going to do our work objectively based on data with transparency and we are going to do what we think is right for the u.s. economy. that's what we're going to do. that's what we're always going to do. >> so that with data, you're prepared to raise rates if necessary. >> absolutely. we'll do what we think is right. liz: ira, what do you think is going to happen here? >> he's going to cut rates and probably a series of rate cuts, because the fed has europe and japan as examples. he's looking at that, he said it. he doesn't want to get to the point where we can't get out of that zero interest rate trap. what he's going to do, he's
going to raise rates enough to create inflation, keep that going. this is not a one-off deal. this is a minimum of two cuts. i was the opposite. i didn't think he would cut. this has changed an opinion for me. liz: we have about 25 seconds. got to tell me what you think, scott. the fed funds futures are baking in exactly what ira just talked about. a cut at the end of july. >> yep. powell's a lot smarter than me. they should probably cut a quarter but that is it. we are not in dire straits like other economies in the world. i disagree with you, sarge and i love you. we don't need to have this cut right now. this should be forward looking, which they are doing, but if you look at the economic data that we have, we are not in dire circumstances. if they cut 50 basis points in a couple weeks, in a couple weeks, you better duck because this market is going to sell off and sell off hard, because investor confidence is going to be shot out the window. liz: all right. >> i don't want 50 points, scott. not in july. i'll take the other 25 in september.
liz: got to run, guys. our floor show traders, thank you so much. when we come back, a billionaire megadonor for the democratic party, he is going to talk about what the democratic candidates should stop talking about in order to increase their chances of winning the white house. bernard schwartz joins us in a fox business exclusive. you've got to hear what he has to say.
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liz: breaking news. take a look at twitter right now. intraday, it is falling. we are at the lows pretty much of the session. we are getting reports that thousands and thousands of people are having trouble logging into their twitter accounts. we also hear that some are saying that their followers have disappeared. we don't know if that's just a temporary thing but here's mine at the moment. here's my page. @lizclaman. it says something went wrong, try again. twitter says at this hour it is investigating the issues that people are having, which pretty much centers around the inability to access their accounts. a twitter spokesperson says the company is planning an update as soon as they are able to.
the microblogging site, of course, popular vehicle for politicians to launch and trumpet their campaigns. the timing for what appears to be a temporary outage is absolutely unbelievable here, because i want to say in about 20 minutes, the president is set to hold a social media summit at the white house that we will be taking so twitter, which was not invited at the moment is struggling and right now, down about 1% for the stock. all right. let's get to former vice president and 2020 presidential candidate joe biden. just minutes ago, he wrapped up a speech here in new york city where he emphasized that his foreign policy plan of strengthening bonds with america's allies is in direct contradiction to that of president trump. who he says embraces dictators from north korea's kim jong-un to russia's vladimir putin. 48 hours ago, joe biden did something else that directly contradicts what the president has done. he released his tax returns which showed the self-described middle class joe earned $15
million in his first two years after leaving office. now, we here at "the claman countdown" revere hard-earned success. we don't criticize people who fairly and honestly earn millions, but with many of the democratic candidates demonizing wealth and pushing government giveaways, what must hard-working super successful billionaire democratic voters really think about this? we just happen to have one here. here in a fox business exclusive, we welcome former defense electronics firm cel loral, bernie schwartz. thanks for coming in. >> thank you. liz: does it bother you or should it bother anybody that after years of public service, joe biden's making millions? >> not at all. i'm a capitalist. i believe in people making money and keeping their money if they want to keep it or giving it away if they want to do that. i think that's the american way. if joe biden, through years of public service, has been able to build up a little bit of a
background to be able to do that, i welcome it. liz: you support joe biden? >> yes, i do. liz: financially. his campaign. >> his campaign, yes. liz: does that mean he's going to get your vote? >> oh, yes, definitely. liz: okay. so what do you see him doing to improve upon the trump economy, which right now looks solid and strong? especially from a labor situation? >> well, it is not solid and strong, our labor situation. the fact is that middle class is not doing well. and industrial jobs have not done well within the last ten years. black employment, income has not gone up. generally speaking, across the board, middle class income has not progressed. and the big income benefits have been captured by a very small percentage of american people. liz: can i just jump in and say that only two years of that ten years has been president trump. the other eight were president obama. so was he that much better for
middle class earners? >> president obama did several things that were good. i'm sure that if you believe in trump, several things that he's done is good. he's not corrected this problem, which is the single biggest problem in america. liz: we would expect that bernie sanders would push socialism, but you know, it's interesting to see tom steyer, the billionaire who just announced his candidacy this week, as a democrat, jumping in and demonizing corporations. does that hurt the overall field of democrats who are running for president when there are centrist democrats who work hard and want to be successful? >> i'm not supporting him but i'm not sure he demonized corporations. liz: believe me, he did. he's got a commercial out saying corporations are bad. >> then he's wrong. okay? corporations are part of the element that made america great. so too is the working person. so too are a great many numbers of people.
i don't believe he's a socialist. i think that's a miscast. i disagree with him but he doesn't believe in singular government but that's not the point. the point is that there are elements that can be done. we have to be able to start washington working together again. i think bernie sanders cannot do that. i think biden can and will. liz: i have to ask you, because a lot of them are saying that the wealthy should have a higher tax rate. what about corporations at 21%? where would you reset that to as a megadonor who worked in a corporation? >> i don't know how much i would bring it up to. that depends on sitting down, studying the situation hard, and making compromises to get there. but there should be a graduated tax rate. i believe in that. liz: progressive tax rate. >> that doesn't mean i want to take money away from the rich people. i really -- for example, it's not how much debt you have, it's not how much, what your tax rate is. how much of it is invested in
increasing the economy. none of that has been done over the last few years. liz: we are running up against a hard break but i have to ask you, can the democrats win? >> the democrats can win. they have to demonstrate to the american people that we care for their problems, that things like getting quality retirement income, infrastructure, those were investments that should be made. liz: bernard schwartz, pleasure to have you. thank you so much. we'll be right back. ♪ limu emu & doug mmm, exactly! liberty mutual customizes your car insurance, so you only pay for what you need. nice! but uh, what's up with your partner? oh! we just spend all day telling everyone how we customize car insurance because no two people are alike, so... limu gets a little confused when he sees another bird that looks exactly like him. ya... he'll figure it out. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
liz: it's not just the biggest names in media and tech joining fun in the sun valley. athletic apparel visionary and philanthropist phil knight and the man football fans love to hate, nfl commissioner roger goodell also making the list of power players and i'll tell you something, at the allen & company conference in sun
valley, roger goodell, people want to talk to him. in the thick of the action, charlie gasparino joins us live. charlie, you just had a surprise star sighting. reporter: listen, i didn't proof this person like give me your i.d. you can't do that there. but me and my colleagues were sitting around the table at this restaurant, the go-to place for everybody at sun valley. yes, i did see roger goodell passing by. you name it, they're all there. we run into who we believe was lauren sanchez, jeff bezos's girlfriend, now that he's newly divorced, they have been stepping it up, their public appearances together now that he's divorced. they have been seen in new york. and we believe it was her. now, i did approach her and said miss sanchez, how are you, hello. she waved and walked away. that's the best i could do. i cannot proof her. but it appears that jeff bezos is definitely here. it appears that he brought his girlfriend here.
unclear if she's in the conference. i don't believe she's an official attendee. but she was walking around the area in black leggings, a blue shirt and she looked very casual but it appears she is here and they are stepping up their romance. by the way, his divorce i believe he gave his wife, who is now his ex-wife, about $38 billion in amazon stock but don't cry for him, because he's still worth $120 billion. liz: okay. i was reaching for the kleenex around here. reporter: oh, really. don't you feel bad he's only worth $120 billion? i can't believe he's the richest man in the world even after that chunk of change. liz: self-made. we love that. reporter: we are going the try to confirm it because even though this is gossip, you try to go out there and dot your is, cross your ts as a reporter should. while this is going on here, again, the big news is in washington. still the dragging on
negotiations between t-mobile and sprint and getting the justice department's approval of this. i'll tell you this. late last week, everybody was saying tuesday or wednesday, it's now like who knows. again, it's what we have been reporting on your show exclusively for the last two weeks, what is holding it up. the fact that the justice department is looking for a savior in charlie ergen and dish, and john ledger, who is now leading the negotiations for t-mobile, he is very very skeptical of ergen. why is he skeptical of ergen? listen, doesn't have a great track record. remember he bought all this spectrum, he's sitting on it. john ledger believes that ergen will take all the spectrum, i have been reporting this on your show for weeks, other news outlets are catching up now, he believes that he might just sell all the spectrum, not really use it. sell it to whom? well, charter and comcast, who could be major competitors in 5g, even more than dish. i think that's what they're worried about on the t-mobile side. that's why this thing is super slow going.
okay. again, day by day, i hear there's progress but who knows. throwing charlie ergen in the mix as i told you monday, liz, is a wild card, okay? i tell you, john ledger doesn't trust him so going to be a lot of is dotting and ts crossed on this one as well. we'll just have to see where it goes. but what's going on in d.c. over here, i'm going to -- by the way, the woman who is very nice to me, the person who looks like lauren sanchez, and i'm here with my producer lydia, jackie deangelis, jackie is convinced it's her. she's seen her in the past. liz: women know. reporter: i know. what do i know? by the way, lots of plastic surgery. i'm just telling you. liz: what? reporter: i can't help it. that's what got me. that's when i looked up, i said yeah, i think that is her. liz: all right. charlie, thank you very much. it looks lovely there.
reporter: plastic surgery wouldn't work on my face. liz: i think the boxing did you in, the early years. charlie, thank you very much. we'll see charlie tomorrow from sun valley. the dow still holding 27,000. speaking of jeff bezos, jeff bezos's amazon stock on the move. but look at it right now after passing the $1 trillion market cap level earlier today, is just slightly below it in this final hour of trade, but that's not what has the street abuzz. closing bell is ringing in 26 minutes. coming up, the major investment, the everything store is making in helping humans protect their jobs from the artificial intelligence revolution. it is descending upon amazon. don't forget to download and rate and listen to my podcast, everyone talks to liz. it's on google podcast, apple podcast, fox news podcasts.com. the story today, i have already gotten so many compliments on this one and real nice feedback.
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liz: boy, there is a lot of worry that your job may be replaced with a robot or artificial intelligence, because so many companies are rushing to invest in this latest technology. amazon's been doing it for quite some time but it's just announced a major investment in, of all things, humans. it's looking to train one-third of its u.s. work force to give them the tools needed to prepare them for the future workplace. the move has a price tag of $700 million so bezos is putting his money where his mouth is. amazon hitting the trillion dollar mark earlier but it's up,
the stock, eight straight days. right now it's reversed just a bit, down about two-thirds of a percent. just four days away from amazon prime day. big discount moment. deirdre bolton is in our fox business newsroom. you know, we are talking about other companies and what they are doing. you think they will follow suit and begin investing in their own actual human workers? deirdre: at & t and jpmorgan chase both have mini versions, we have be talking about with amazon. it would certainly save them money, at least that's the argument. it has to be part of the big motivation for the heads of those companies, including jeff bezos at amazon, to be doing this, because the center for american progress who put out a study done over 15 years' time and it found that employee turnaround can cost an organization anywhere from 16% to 213% of the lost employee's salary. another study found that companies typically spend about six to nine months of an
employee's salary to hire, then train their replacement. obviously the higher up the skill level of the employee, the more costly it is for the company. now, in the past, you used to cover this as well with tech, tech companies used to do acqui hires, short for acquisition hires, basically just to get the employees, mostly engineers, mostly coders. i reached out to someone at accenture who said that buy, not build talent strategy is too expensive and also just more difficult. there's not enough skilled workers in say cloud computing or cybersecurity to meet that demand. skills require change so quickly as well. even if you are an amazing coder, you learn a language, six to eight months that language is going to be different. so it takes time for people to get on board, to get them used to the corporate culture, get them used to their colleagues and it's just easier to slightly tweak the skill set. i talked about jpmorgan.
that company is working with m.i.t. they have this initiative of the digital economy and that's really talking about developing skill sets, developing training programs. at & t doing a similar thing as well. so more and more companies probably just out of necessity, liz, will be following suit but amazon clearly making the headlines today. interestingly, in amazon's case, some of the programs that you can be trained in don't even apply to amazon's work force nursing is an example of that. liz: but regardless, they are at least taking a step here. they get props for that. deirdre: huge step. liz: the stock is at $2,001. yeah. it's crossed that $2,000 mark. down slightly at this hour with the closing bell ringing in 18 minutes and the dow jones industrials still up 179 points, we are just minutes away from president trump's social media summit. we are going to take you to the white house as soon as we begin to hear him speak, but the
social media summit is missing a couple of big social media participants, namely the biggest, facebook and twitter. speaking of twitter, we got it down at the moment. not just the stock, but the entire system. we are going to get you an update on the breakdown of twitter that is happening right now. stay tuned. our big tech panel is coming up. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪
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was suddenly -- their twitter feed suddenly having extreme outages. so is mine. you see this little creature, says something is technically wrong. thanks for noticing. i'm starting to hear that some of our staff members are actually getting theirs back. i'm going to hit f5 and see if mine comes through. it says confirm, form resubmission. let's see if mine's back up. yes, it is. but we were also hearing that people were losing some of their twitter followers or at least they were disappearing. i don't know. at the moment, we will check on that. dow jones industrials up nearly 200 points. we will see if twitter's stock starts to move back up off this floor at the moment. still down about 1%. what's interesting is the timing of this outage is a little unbelievable here. president trump is hosting a social media summit at the white house any moment from now. yes, with the raindrops and all. he's expected to make some remarks about what he feels is important about social media. now, he uses twitter heavily, obviously, but he's also been
critical of social media companies that he says have muzzled some conservative voices. now, the summit does really stem from complaints that the white house received about quote, bias on the internet, but here's the interesting part. two major social media behemoth ceos noticeably absent from today's festivities. apparently not present, maybe not invited, facebook and twitter. both stocks are down right now but as we wait for the president, we bring in newburger berman senior research analyst daniel flack, who covers the technology sector extensively. we are also joined by technology editor for market watch, jeremy owens, who reports on the biggest names in silicon valley. jeremy, i'm going to start with you. how weird is this outage on twitter, just as the president is talking about twitter or going to talk about it? >> yeah. we had a facebook outage last week, too, that was just -- instagram as well which is just photos. this one was actually pretty
serious, right. the entire thing went down. you could not access the service at all. most of these outages were seen in certain parts of the service. this one is widespread. they got it done pretty quick. i think it is weird that it happened right before the summit. liz: tell me, let's get to the summit, how do you see this summit, especially when you don't have twitter or facebook executives present? >> liz, i didn't think it was possible to come up with something more useless than holding these hearings where poorly informed politicians throw their tech support issues at the leading ceos of our day, but inviting a bunch of trolls to the white house to talk about social media without any social media presence is insane. i don't see how this can move the conversation forward. there are hundreds of issues with social media, but anti-conservative bias is not even among the top hundred of them. by far. so if they want to have these discussions with the ceos, they can. trump can have these discussions with the ceos. this summit is not going to advance this at all. it's going to put the spotlight
on something that most of the country does not have a problem with on social media. liz: well, again, i'm not going to speak for most of the country, but i will say to daniel, as you look at it from an investment perspective on all of this, does the fact that they are not present there, that facebook and twitter, who are the biggest of the big, right, that they're not present there, does that affect your forward thesis about investing in these companies? >> liz, the fact that they're not there doesn't really change how we think about them from an investment standpoint. in terms of the security and improving the transparency on these platforms, both of those companies have a lot of work to do. however, if we think about where we're at today relative to a year and certainly three or four years ago, they're investing aggressively in technology and people to help combat that. when we think about facebook as an example from an investment standpoint, you have a series of assets underneath which are actually very healthy. instagram continues to perform well.
whatsapp and messenger have significant monetization potential. we like facebook at current levels even though they're not at the media summit. liz: the dow is now up 213 points, well above 27,000, but look at the s&p. we have it on the lower ticker here in the bug and the s&p is just two points away from s&p 3,000. we'll see if it can close there. it's right there in that territory of at least a record. doesn't have to be 3,000 to see a record. it has to be a gain of about 2.75 points. we are up five points at the moment. jeremy, back to you. it all swirls around regulation, because sometimes when the heavy hand of regulation becomes almost choking, that's when it starts to hurt some of these companies as an investment. now, to facebook and its new crypto coin that it is expected to come out with, that it's announced, this libra, here's what jerome powell, the head of the federal reserve, said about libra and it might not be that
good news. let's listen. >> i think that there are deep, important serious questions across a range of issues here that will need to be addressed in the process of doing that is going to have to be patient and thorough and not a sprint. liz: now you see that another central banker, that would be mark carney of the bank of england, he said the highest level of scrutiny by regulators must be hovering over facebook's new payment system. what do you think about that, jeremy? does it really squelch sort of a naskre nascent way of paying that's in its growing stages? >> if facebook thought this would be an easy process, they haven't been paying attention to what the government thinks of facebook and the company itself. if facebook actually wants this crypto to go, it's going to face scrutiny that other cryptocurrency really has. right? we are starting to see a little bit more acceptance of crypto. the "wall street journal" reported yesterday that the
first one is going to actually go through the s.e.c.'s process, it's getting close, right, but they have been in that pipeline for awhile. facebook just announced this last month, right. so they're going to have to expect a lot of scrutiny and by the time they get out there, i mean, just in general, i don't think it's going to have that much of an effect at all. people who actually like crypto are not going to go for facebook's crypto and people who don't like crypto are not going to be influenced because facebook is putting one out. so i don't think it's going to have that much of an effect in any way but it will bring eye balls from regulators and from the government that other cryptocurrencies don't have to deal with. liz: just to the twitter outage here, which appears to be coming back, we have breaking news, twitter is saying that it is currently investigating these issues. where's this news, brad? is it on reuters? okay. e-mail. all right. hold on. work with me here. we are looking at a situation where the stock has been on the move about this. twitter is back up and just tell me what it is, i can't find it.
ther atte they're testing something new, more control and transparency and conversations sparked from tweets. they have a lot to learn. unrelated, i believe. but he has just tweeted, jack dorsey, the ceo, saying testing something new, more control and transparency, conversations sparked from your tweets, there's going to be a lot to learn from here. they are opening up their hearts and minds but will that open up the stock, which is at $37.18 right now. >> i think twitter is taking steps clearly as jack dorsey is -- seems to be communicating. we'll see the exact text in a moment. this is just another step in a series of initiatives that the company and of course, facebook needs to take, by levelling with their users and explaining their business models and how the data is used, how they're trying to improve security, how these companies actually make money, all of that is critical to really broadening the dialogue and really getting at the heart
of these issues. and of course, keep in mind, in different countries, these issues around security, data privacy, are thought about a little bit differently. these platforms need to evolve. i think what we're seeing in terms of the communication from them is a step in the right direction. liz: stand by, gentlemen. we got to get to gerri willis on the floor of the new york stock exchange. four minutes, guys, four minutes to go before the closing bell. we are at session highs. what's propelling this? gerri: i got to tell you, let me tell you the words i have not heard today from traders i have been talking to all day. china, trade, those are words we haven't been hearing. they are in love, in love with the federal reserve chairman. their only beef might be how big is our rate cut. that has been the obsession for days now and it's no different today. that is what people are focused on. we rare up 223 points, 27,084 i the level to beat at a record close. it looks like that is happening. let's talk about how we got to
27,000. visa, microsoft, mcdonald's, three stocks that have really led the way here. these are the ones that have really propelled the dow since january of 2018. that's when we first tipped over 26,000. if you look at not the market weight conversation but you look at the stocks that have just done well, microsoft, visa, cisco had the best performance. look at microsoft here, up 48 since that date. let me give you the losers. 3m, walgreens, caterpillar, they are the losers. here i am, ready for the close. liz: you know what, intraday record highs today, record highs, starbucks, mcdonald's, nasdaq, procter & gamble, costco, abbott labs. lockheed martin. jordan kimmel just recommended mastercard. dow 27,000.
you should get the s&p 3,000 hat. nasdaq is kind of lagging here at the moment. what do you attribute that? jeremy is not hooked up at the moment. let me get to phil flynn. nasdaq is lacking a just a bit. treasury yields are moving higher now. no fear. >> really are. fear is yesterday's news. we're right in the s&p futures pit right now. kind of looking at the cash prices. futures prices. we're ahead of cash right now. so we're above 30. but s&p futures, 2998.42. let's start buying. get a record here. a lot of excitement in the stock market. they're loving the fed like gerri said. they're loving the economy. we're in a perfect world where we're seeing a lot of momentum. there is problems in the stock market. when we look what is happening with tropical storm barry, soon to be potential hurricane in the
gulf of mexico, that is impact a lot of stocks as well. movement is up today, home depot and lowe's people batten down the hatches. seeing market move on these storm projections. a lot of activity going on right here. liz: phil flynn, final minute of trade. give me your sense, there is fear about the stock market in the 10th year of the bull market. here we are, record highs. what do you think? >> liz, what is happening we're seeing pretty good economic growth, certainly here in the u.s. if i were to pick up a couple companies, i mention cisco and microsoft. cisco executing key areas like security, continuing to drive and mix software under a very strong leadership team. microsoft continues to execute well in terms of embracing the cloud. when we speak to customers, they help to create a lot of value. so we look for individual companies.
we still see a lot of opportunity. liz: today, what opportunity. [closing bell rings] thanks to daniel flax, phil flynn. dow crossing 27,000. looks to close there. look at s&p. we with have to wait until that settles. that will do it for "the claman countdown". >> so close, 3,000. might if we settle. all-time highs on wall street. the dow crossing through 27,000 for the first time ever, thanks to a rally in health care stocks. so the dow closing up the day up 227 point over that 27-k mark, marking a new record close. i'm susan li in for melissa francis today. connell: good to see you, susan here on a big day. i'm connell mcshane. welcome to "after the bell." we get above 27,000. s&p 3,000, i don't think so. you can't get closer than that. new record for