tv Countdown to the Closing Bell With Liz Claman FOX Business June 10, 2016 3:00pm-4:01pm EDT
facebook show page at trish intel. let me know what you thought of today's show. and liz claman's going to take you. liz: the final hour, and it almost seems like it's really bad news. we don't know yet but we're sure of one thing. we're looks at a selloff, trish, the losses increasing dramatically as the minutes tick by. the dow jones industrial down 151 points after europe fell oil over trading. but it's global bond yielding that are sending the distress signal loud and clear. u.s. ten-year yields dive to low in some cases not seen in decades as takes. let's go live to louisville, kentucky, where we have jessie jackson who has just finished speaking. the greatest being laid to rest, the memorial service for heavy weight boxing champ muhammad ali. still hasn't officially begun. it was scheduled to start about abhour ago. we do have speakers there. but as we watch this, we know
that this morning's slow moving funeral precession through the streets of louisville pushed back the start. again, it's one hour late already, but we have champions like mike tyson, luis on hand while ali's family, president bill clinton, comedian billie crystal, all eulogize the man known as the louisville lip. we'll take you live to kfc in kentucky when that happens. look at those crowds. we should also tell you it's a major news hour on the campaign trail. both hillary clinton and donald trump playing to the base. hillary today addressing planned parenthood and holding a meet with beth warren. one day after getting support, could this meeting be any indication of the first to a clinton warren ticket? the high-tech billionaire who says if that happens hillary will neither get his money nor his vote. that to donald trump pitching to evangelicals at the freedom coalition conference just minutes ago.
we've got our reporters in the field and the political panel on the case ready to role. plus a news conference just now wrapping up we're told in that dramatic shooting at the airport in dallas, texas. the u.s. is about to change your internet. and the markets spasming, charlie about to break on which billionaire hedge funders have made the worst wrong way. we're less than an hour away to the closing bell let's start the countdown. ♪ ♪ . liz: breaking news, folks, we need to tell you that if there's one thing to watch right now, it's the markets and perhaps your money, it's the ten-year treasury yield. this is what you're looking at is a plunge to the 16-month lows that we haven't seen in four months. here we go. we've got the yield at 1.63%, we should tell you that yesterday was at 1.67. when yields died, that means there's fear in the market, this is a pure play fear flight as the final hour trade particulars down.
we've got the do you think industrials close to session lows here down 159 points to 17,825. so much for dow 18,000, which we hit just a couple of days ago. i promise you this hour is expected to be fast and furious as the bulls get shoved out of the way by the bears. let's look at oil, though, we're looking at settlement of $49.07 the biggest drop in ten weeks. energy is the worst performing sector of the s&p 500, taking down with it petroleum, tk offshore partners, bay text energy, look at this. losses anywhere from about nine and a quarter percent to about ten and a third percent. and it is a friday financial freak out specifically foreign banks. take a look at banks named warren bank of scotland, all are moving down 6%. so here's what we've got. the markets woke up this morning. look, decided it was time to panic about three things that have actually been out there, folks, so i just want to be clear about that. the three things.
the fed meeting next week, the vote two weeks from now in the uk on whether britain should extricate itself from the european union trade block and global gdp fairs meaning, oh, are we worried that gdp, output, gross domestic product will start plummeting in a lot of countries? but it's bond yields around the world that are cracking. this statement. if this isn't drama rolled into massive superlative, i don't know what it is. janice capital tweeting out global yields lowest in 500 years of recorded history. ten trillion dollars of negative rate bonds, this is a supernova that will explode one day. in fact, look, we wanted to put this together for you. you may not own german boons or uk guilts, which is a bond in the united kingdom, but they are dropping precipitatesly. dropping 42%, about to go negative, the two-year bond going back to the early '90s
and of course the ten-year japanese yields are already negative. folks, that means people are paying the government to hold their money just for the promise of getting some of it back. let's bring in somebody who knows all about this. jennifer, bank wealth management ahead of fixed income on the strategies and dangerous. low yields we've got traders at the ny se as well. why today? why did the markets wake up and decide that they were suddenly worried about things that here on countdown to the closing bell we have warned people about, john? >> we have not seen this risk off trade in a while. especially on a friday. you point out those three points. fomc, and global gdp. those fears have been in our market. they'll continue to be here. but it seems like today as we head into this weekend here and as we get into the end of the month, as we get into the end of the quarter, it's really starting to pickets head up now. what we have on the calendar next week is really coming to the forefront and investors now, now feel that the
marketments of moved up for no strong reason and there is a catalyst that's going to move us to the upside rather than the down sued. liz: so down 157, again, anything could happen in this hour but jennifer, this is your realm of expertise. to see the german -- remember germany am has been a very solid nation when you're looking at the aggregate of some of the drama that we've seen out of greece and portugal and italy. what should we say to a u.s. investor who holds none of these bonds? >> well, essentially for u.s. investors that they're not holding the debt, there isn't a direct risk to u.s. investors if they're not holding the debt. the debt is more to -- or the risk is more to the u.s. side of the equation and what it's doing to our bond market. you mentioned earlier how low the ten-year has gone already. it also puts some pressure on the fed too. the fed was on this path of policy normalization. so when you have these escalated fears of potential
risk, that puts some tightening of financial conditions into our marketplace and actually makes the for policy normalization a bit more difficult for the fed. so i think it's the accelerated -- as we move closer to the vote, for the vote, you're seeing higher and higher numbers of those in favor of it. and i think that's a lot of the national for a lot of the larger moves we've seen in the domestic bond market. liz: yeah, i look at this, and i thought -- i woke up today and i thought now, this is strange. to see the bond in germany, the ten-year start to look like it's about to go negative. jeff grossman to you, oil today has suddenly pulled back. and when we look at what's happened to oil, down about 2.6% earlier, but we get the rig count, last week it climbed by nine rigs meaning they started them back up thinking things are okay and then we added another three today. did we not, jeff?
so as we look at oil in the aftermarket session, i'm seeing it fall 3%. >> again, this is a bad day. there's no question about it. we're got an argue that. and then, again, it's in line with the stock market centering trouble here too. but now let's look at it from a bigger picture here. if you look at it from a technical standpoint, we just retraced. anything under 48.5 it starts to get dicey on the downside. now, with this rig count, i don't look at it as a very big negative yet. what this is showing me is some of the players want to get back in because they're confident that the market will work its way a little bit higher here. i think this market still has loom on the upside as they said in the past. i don't see huge numbers to the upside. but, again, the mid-50s or something that i think we're going to see possibly by the end of this month. so don't, you know, get panicky yet. this is a normal technical move that we saw. the rig count, again, i think is a minimal thing and show staff confidence in the market
on the upside. liz: okay. so, jennifer, if i'm looking at these pathetic bond yields, why put money in treasuries? financials happened to just flipped. it's one of the better performing sectors right now. but some of these actually pay out better-year-olds than the ten-year yield. shouldn't that be going with stocks federal yield and just wait for the market to find better footing? >> well, that's one time of concerns that many central banks have about negative about is rate policies. is it a dry consumer behavior into riskier estates seven-eighths that may or mate may not be appropriate for them. so that's one of the primary concerns. that and bank earnings. you know, if banks are struggling to charge no deposits, that's going to hurt bank earnings. and if you do that while you're seeing -- you mentioned earlier some of the european banks having pretty significant drops in price today. that would be one of the rationals behind that is that that pressure on earnings for financial institutions in the euro zone. liz: jennifer, john, jeff, thank you on this friday.
and it is a busy friday, folks, just a second ago down 160 points, the session down 172. wall street week tonight 8:00 p.m. eastern. no doubt they are going to be tackling a lot of the issues that have suddenly brought us to this kind of freaky friday. and then stick around for stossel 9:00 p.m. eastern. immediately following wall street week. we need to go back to kentucky right now at this moment. memorial service is beginning for boxing legend muhammad ali at the kfc center in his hometown of louisville that he passed away a week ago at the age of 74 in scottsdale, arizona. now, this memorial service, we want to prepare you for this. it follows a precession in louisville that was attended by thousands and thousands of fans. widely known quote as the greatest in the people's champion muhammad ali -- listen, a total and utter original. you've got to really look at him -- if you didn't like him, if you loved him, one thing for sure, a total original.
he retired at the age of 39 with 56 wins, five losses, 37 knockouts. ali was a three time heavy weight champ. a gold medal winner at the 1960 summer olympics and was inducted into the international boxing hall of fame. sports illustrated declared muhammad ali sportsman -- not of the year, not of the decade, of the century. he was awarded the presidential medal of freedom as well as the presidential citizens medal. at this moment, what we're doing is we're waiting to hear from actor and friend of ali billie crystal as well as former president bill clinton who will both be speaking about ali's life. we will bring you their speeches live as soon as we begin. and just for a little color here, billie crystal became friends with muhammad ali because he was widely known as being able to do the best impression of muhammad ali. so they became friends in that regard. that's absolutely going to be a great speech. we'll get it to you the second
billie crystal takes the stage. about 49 minutes away, the dow industrials down 161 points. 17,823. a loss of just under 1%. my goodness, the tax business has been a good business for h&r block this year. the tax preparer posting better than if we could quarterly earnings and guess what? speaking of dividends, boosting it to 22 cents a share. hrb jumping nearly 13% right now. up next, the presidential race down to two. we know that. but donald trump and hillary clinton are both in dc right now making appeals to true believers on opposite ends of the political spectrum. team fox business covering beyond that. blake burman, peter barns standing by to have live reports on the candidates focused on a issue fundamental beyond. that's next on countdown
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while the former secretary of state spoke to crowds at the planned action fund. we have blake burman in washington d.c. and peter barns keeping a close eye on hillary clinton's movements. but first to you, blake. arguably evangelicals are a group that definitely mattered during the early primaries. what did donald trump gain by speaking to them again? >> well, liz, this was a group the faith and freedom coalition led by ralph reed that donald trump has spoken to three different times. today number three. he was there last year as many of the republican candidates when it was a much larger field and as the presumptive nominee on the republican side, he was back there again today. this is a base as you mentioned that has been very, very good to him. think the latest fox news poll shows as it relates to white evangelical voters, he's got it locked up at a three to one count, 63 to 21 over hillary clinton. it was very interesting, liz, in this speech donald trump used the teleprompter.
he we'v weaved in and out. but those speech was one time of first public appearances from trump, at least speeches after the whole judge situation for him. and in that speech, trump talked about protecting religious liberty. but went so a step further by also trying to make the case. that he and not hillary clinton would be the candidate best suited to take care of the needs of both african-americans and hispanics. here was trump from your a little while ago this afternoon on that front. here we go. >> freedom of any kind means no one should be judged by their race or their color and the color of their skin. her education policies, her economic policies, her immigration policies, and her trade policies will plunge our poor african-american hispanic
communities into turmoil and even worse, despair. >> trump also tried to make the argument, liz, that democrats for the most part as he says run school boards and city council and mayors and up and down the like and as he thinks relates to inner cities that it's time for a change for republican leadership. i should mention before i go while trump was very much in the political arena at that faith and freedom conference, right now he is kind of in the private sector as he's here in the trump hotel, the post office doing a little bit of personal business before he heads out on a week long jaunt really all across the country with several campaign stops. liz: okay. school boards, i think there are many democratic governors. we'll see. again, it's an interesting tactic he's taking, blake, thank you. and just as he appeals to that vote, hillary clinton since becoming the first democratic nom in any way.
peter barns. >> well, liz, hillary clinton giving as good as she's got today from donald trump. she's celebrating three different endorsements now that she's the presidential nominee from president obama, vice president biden and elizabeth warren, in fact, she met with warren at the clinton home in washington d.c. today following this endorsement. warren is one of the most popular politicians in the progressive movement and could be especially helpful to clinton and attracting more of the younger liberal voters who have flocked to senator bernie sanders campaign. clinton later took a victory lap at planned parenthood where you mentioned where she was in full trump attack mode. >> this election isn't about the same ol' fight between democrats and republicans. they'll be there. don't worry. but this election is profoundlily different.
it is about who we are as a nation. >> and just as donald trump was meeting yesterday with key fundraisers and contributors to his campaign, hillary clinton will meet in her washington home with her fundraisers and donors tonight. liz. liz: yeah, again, both sides, i don't know what she gains. but, again, one could argue she's not as strong with women as people might have expected her to be at this point. peter, thank you very much. and wait until you hear what billionaire mark cuban said on "varney & company" with ashley today. this morning regarding both hillary clinton and donald trump. our political panel on that and the two big bombshell reports about hillary's e-mails and lawsuits against donald trump, which only further underscore the unlikability of both of these candidates. so what will separate them? simon rosenberg, ron christie coming up next. the dow is down 151 points right now i am so sorry, ms. maroney.
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. liz: breaking news. we are coming up off the lows but still it's pretty ugly. look at the s&p 500 down 22 points at 2,092. so much for that all-time high everybody's waiting for. and we're looking at pretty much a very ugly market today that started overnight. let's look at gold for a moment. if you're looking for a place where there might be an opportunity, gold's pretty much a three-way. you would expect it would be a lot higher right now but only jumping half a percent. possibly because it's had a couple of weeks of a rally but we're watching it ri gold standing at 1,278. overnight it was 1,271. certainly climbing in these final hours. on a day like this, your portfolio may take some dings. frankly on any given day. but the billionaires making megabets from everything from oil to stocks to gold are getting what could. charlie on the names getting slashed by the bears right now. >> well, i mean if you look at
the news we hear a lot about bill ackman of persian square capital taking it on the chin just about every day, and it may be worse because he was long valiant, he is the biggest shareholder for valiant. was big behind the company. a former supporter of the ceo. and the business model, which is shedding assets as we've been reporting. and he's short herbal life, which is the stock is up like 110% since he went into that short position, and it could even go higher if they have a favorable ruling from the f tc on their pyramid scheme investigation because it's a multilevel marketing firm. if it's positive, shares of herbal life are going to go up. that's going to crush him more. but if you look at other guys, they're down almost as much as him. and we should point out a couple. i think we have a chart here of what's going on. liz: yeah, he had two specific stock stories but some of these guys are heavy into sectors. >> we should point out dan not doing very well right now.
david einhorn also not doing very well right now. and if you look at some -- those are hedge fund guys. if you look at what's going on in private equity, there's third point capital. dan lobe i should say i know both of these gentlemen, both very good guys. what's good about dan, he supports a charter school movement in new york city. so just throw that out there. that's a good thing. but, you know, they do very heavy sector bets. and if you look at private equity, getting crushed as well. steve schwartzman, blackstone also down. these -- all the -- and here's where it gets really interesting for you to the average investor. do you need to put your money with a professional investor? is it worth it? now, for rich people, you pay 20, you pay two and 20. liz: yeah, two and 20. >> 2% up front as a management fee and 20 poster profits. if you're not that rich and you still go to a broker, you still have to -- most of them
charge. liz: 1%, 1.5%. >> is it easier just in this market to buy indexes? and i'm telling you that i have a lot of friends who are brokers who are throwing stuff at their tv set at merrill lynch right now as they're listening to me saying this. but the value proposition for any sort of professional advice given how much it costs and what the markets going and very limited. liz: which is what buffett would say. but george, for example, suddenly worded that he's jumping back in and buying billing. >> remember he runs a family office. and you can't get into his fund. his his personal wealth and the good thing about hedge funds, they can do something like this. but it's a little bit different. these other hedge funds are distributed through retail channels, through stuff like anthony scaramucci which is a fund of fund, which gives you access to this stuff. an interesting dynamic. i mean it's actually a good debate between, you know, we should -- maybe me, you, and anthony should hash it out one day.
active versus -- liz: passive. >> or do your own. do your own. and i think that's a worthy debate. i'm telling you that the money just as you the average investor when you look at some of these numbers, it underscores the fact might not be worth it at this point. but make your own decision, and we will talk. we should pivot real fast to bear. all the trump news we cover around here, this might get lost. but every now and then, i break the story about markets. and the other day. liz: always right here on countdown, ladies and gentlemen. >> countdown on the closing bell. we broke an interesting story about the private meeting that the ceo of bear, warner or whatever his name is. he's german. liz: great. >> warner. but anyway mr. warner, let's ask the producers to get the name. because i forgot. liz: bowman. much easier than gasparino. >> okay. let's just -- let me finish
this. okay? anyway mr. bowman gave a private meeting to investors and analysts in berlin at a conference where he essentially said that he's still talking with santo about their bids, $62 a share bid, $122, 60 billion-dollar bid. and they still haven't basically agreed on it. there's the sticking point, which is price, we should point out two days ago. low and behold the journal me out with a story day which says he sent a lter basically confirming that. we reported it a couple of days ago to mon santos so here's the thing. i'm getting this from my sources, people close to him. bayer needs to send a higher bid if they want to stay in this thing. look, it went off its lows since that story broke just now. so it's going up but that is the bottom line. they have to, have to -- they're not going to accept
122. that's what we're saying. we'll see in the end, i don't -- 109. but still. i think that -- and we all should point out that mr. bowman said in these meetings that he's limited on how much he can pay extra. but he may up it. we'll see. but the journal did follow us, you know, our reporting. i know it's hard to find because, you know, donald trump is saying something somewhere any minute of the day or tweeting something. liz: hey, listen, we also make time for you, charlie. thank you. charlie gasparino. we're looking at a closing bell about 28 minutes away. i just want to mention the volatility index. that means the fear index is jumping 17.5% right now. folks just b three days ago i was telling you this thing was at 14 now it's at 17. up next, donald trump. the aforementioned, donald trump and hillary clinton out of the gate slowly as new bombshells hit their campaigns at this hour. a criminal probe for hillary's
e-mails and a laundry list of lawsuits that say donald trump doesn't pay up. our political panel next on that. and we are going to take you back out to the muhammad ali funeral. we are waiting for comedian billie crystal and former president to the best of my memory eulogize the greatest. countdown coming right back when a moment turns romantic why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas for pulmonary hypertension, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision,
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. >> i'm lori rothman on the floor of the new york stock exchange with this fox business brief. global growth concerns right now the dow is down 132 points, the s&p 500 off 21. gawker media has filed for bankruptcy after 140 million-dollar legal battle with hulk hogan. bankruptcy allows gawker to avoid paying hogan the money while it continues. company now up for auction. with the matter the opening bid will be $100 million.
well, a couple of weeks ago it came out that silicon valley billionaire investor peter teal had been financing hogan's bills to teach gawker a lesson. shares of urban outfitters down about 6% here after seeing quarterly, retail segment sales so far are coming in the mid-single digit negative level. at least six brokerages cut price targets on this stock. more countdown to the closing bell straight ahead thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business.
confirmed that a man was shot, had a t happened around 1:00 p.m. eastern by an officer following a domestic disturbance between a woman and her children's father. the father was apparently holding a rock as a weapon. as you heard in the video, nine shots were fired after the officer yelled at the man to drop the rock. the man's condition is currently unknown. police say he was conscious when he was taken to the hospital. dallas love field has now reopened, folks. it has now reopened. tsa security checkpoints telling passengers to expect three hour delays and lines. back to the campaign trail, it is quite a fiery friday right now on the trail with both the presumptive candidates. finding themselves under attack, starting with the democrats as part of a criminal probe and to hillary clinton's e-mails. we now have learned that at the center of the investigation is a series of e-mails between american dip manhattans about a potential drone strike or strikes in pakistan. donald trump is feeling the fire as well on a separate
issue. court filings show that the billionaire businessman has been involved in more than 3,500 lawsuits over the past three decades. regarding claims that mr. trump or his companies have refused to pay up for work completed. which candidate has the best rebound strategy? let's bring in democratic strategist simon and republican strategist. i want to start with hillary clinton. >> sure. liz: the e-mail development coming at a time when both the vice president and the president have just endorsed her, and she told fox news brett bear that she looks forward to the e-mail scandal being put behind her. but now this. there are a series of e-mails involving what many would consider top secret issues about drone strikes in pakistan. these are not secure going through her server. what does she need to do? or is there more to fall? >> well, i think that what she said is correct. which is that there is a legal process going on here that's looking into all of this.
and i think everybody wants it to be concluded as soon as possible. including her, by the way. i think everybody wants this done. and i think the difference, though, between the day today for her and for donald trump is that this e-mail stuff and the fact that she kind of blew it on the e-mails, whatever word you want to use is baked into her stock price so to speak. people all know this. it has been heavily covered for a year now where some of the bad stuff trump has done as a businessman is not well-known. and one of the things the democrats are doing, their television ads are making sure the american public is very educated about some of these revelations about his business career, that i think are going to do significant damage to him in the months to come. liz: i would argue, ron, simon, we've heard a lot about lawsuits in the past, vendors who haven't been paid, donald trump coming back and saying, yeah, you know what? that guy did shotty work. but some of them look like strong arm tactics. now you have articles in the wall street journal, usa today about that.
both of these candidates are facing very, very ugly -- they're not really revelations. we've heard about them. but it's that water torture, more and more. piled on. >> and we're going to get water torture between now and november. i mean you're looking at two candidates who are so deeply unpopular. ever since 1984 we have seen a field this divided. i go back to what you're saying about hillary clinton's e-mail, if that were me, i worked in the white house for four years. i had a secured clearance. if i had done what she had done, i would in jail. hands down for violating the espionage act. you are not allowed to take secure information and put it on a insecure server, let alone to give it to her aide who didn't have the security clearance. that would land you or me in jail. and people look at this it's just part of the conspiracy when she knew her legal obligations, and she did not follow them. liz: we show the unlikability numbers, and they consistently bad for both of these candidates, simon. so. >> yeah. liz: how does a candidate get ahead here?
you know, hillary clinton's at 56% unfavorable, donald trump at 58% unfavorable. >> yeah. two quick points. one is that i think what you've seen in the last few weeks if you look at the rasmuson poll that you just came out and the fox news poll that just came out, each of them showed fairly dramatic movement toward hillary clinton just in the last few weeks putting them up now up three or four points. liz: isn't that still within the margin of error? >> it is but it's before our party is consolidated. and in the next two weeks, i suspect she's going to get a bump. another two, three, four points on top of where she already is; right? putting her up five or six points and i think definitively ahead in the race; right? this is my prediction. i think hillary given her policy knowledge, the years she's been in the business, the fact she's given two substantive speeches, it's going to be far easier for hadtory develop a positive, uplifting narrative about her campaign than it's going to be for trump. and that's why i think it's going to be easier for her to break out of this current brass that we're in over the next few months.
liz: as a business network, we listen la to business people, smart billionaires, smart people who have done well in business. mark cuban is one of them. mark cuban was on "varney & company" with ashley webster, we encourage you to go on foxbusiness.com and look at it. but specifically he was asked about vice presidential candidates, elizabeth warren, hillary clinton has not said anything like that. but whoever either of these people pick, cuban said they've got to not be at the fringes. listen to what he said. >> need to be more center i mean, you know, this country needs solutions; right? we don't need headline porn. we don't need people talking about, you know, playing to progressives; right? playing to conservatives. the more we deal with labels than solutions, the bigger our. liz: ron christie, what does donald trump do for a vp? >> i think he has to pick a governor or someone with substantial government experience. someone who knows how washington works and someone
who people trust and respect. liz: and somebody who will take the job. is that john kasich? >> and i have to tell you having worked for kasich for seven and a half years, i don't see governor kasich working well with a guy like donald trump. i don't see it. liz: i don't see it either. and a choice for hillary like what mark cuban talked about. >> listen, i think she's got a lot of good options, tim cane, warren booker, castro, there's a longer list. i think these choices are very personal. i was very close to joe lieberman in 2000 when he got picked by al gore and the only person who voted was gore himself because they had a good relationship. i think hillary it's going to be the most important decision she makes before the convention, and i think it's going to be somebody she feels very comfortable with. liz: simon, ron, great to have you on this friday. >> thank you. liz: lots to talk about in the future, and we'll have you both back. closing bell 15 minutes away, the u.s. delivering on its promise of a free internet for all.
for many years. but will the obama administration's latest goodwill move lead the world wide web even more vulnerable to terrorists than the globe's worst rogue government? we put jeff flock on the case. and the greatest laid to rest. we're watching the memorial service right now in louisville, kentucky for muhammad ali. we will take you there live when billie crystal, the famed actor and comedian along with former president bill clinton takes the stage. countdown to the closing bell coming right back. the dow down 125 points ♪
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still we're down triple digits. down 112. but an attempted come back at this hour. let me take it to the new york stock exchange because lori rothman has been talking to the traders and has the latest on why this is happening. >> first thing first, liz, the overwhelming theme here is this concern about global growth, the gdp came in disappointing, global bond are way down. in fact, here in the u.s. the benchmark ten-year yield down four consecutive days. i believe that's the lowest level on the ten-year yield this year. i would have to double-check that. but we have this survey or so about an hour done by an independent newspaper showing about 55% in the uk are in favor. as you know that referendum comes out. so in reaction to that survey, we saw the pound drop sharply. it flows right into the u.s. dollar, so you have a risk off the u.s. stronger dollar, stronger treasuries mean sell on of for u.s. stocks. . liz: okay. thank you.
so, again, these polls keep coming out at the end of the market day and the one that lori just referenced indicates that the group is now growing, calling for the exit of the uk from the european union. what do we see here now? the dow is down 112, had been down 172. let's get to this. it's a move that has republican lawmakers fighting tooth and nail. the obama administration getting behind a plan that would have the u.s. government pretty much relinquish its last control over the internet. now, supporters say it reflects the fulfillment of a long-standing promise by the u.s. to keep the web so called open place where no single government or corporation can influence how the internet evolves. so what does this new effort mean? let me get to jeff flock, fox business, and the potential dangers here, jeff. >> most people that use the internet don't do it in the u.s. and the u.s. government as you point out, liz, has for a long time promised that it will transition to a more nongovernmental control of the internet.
the last vestige of u.s. control, because u.s. gave up control of the internet in 'the 97, control over domain names, dot-com, do the whatever it is. ted cruz announcing legislation that would block the government from transitioning away from its control. john culverson, though, has put in a provision that would defund the government from doing this. but the obama administration is ignoring it. listen to what he said. >> the internet has to remain under the control. the domain names, the ip addresses, the root domains, that needs to stay under the auspices of the federal government. that's why i made sure to put this prohibition in the appropriations bill last year, none of our hard earned tax dollars can be spent to surrender control of the internet. and as chairman of the sub committee, charles, i have the ability to enforce that law aggressively. and i am doing so. i have already notified the department of commerce that i as chairman will not permit
them to surrender control of internet, it's against the law, and i will enforce it as chairman. >> but at this point they're going through with it, liz, and some people say it's a problem, much in the internet community. say we've already given up most control already, it's no big deal. reasonable minds disagreeing. liz: thank you very much, jeff flock. we're going to be right back. we'll check in on the ali funeral services and the markets. the dow is down 115 we were born 100 years ago into a new american century. born with a hunger to fly
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ly three minutes -- liz, three minutes, three minutes before the closing bell rings. bulls dodging friday fears bears are firm in control. what does it mean for monday and your money? does a day like derail the s&p chances of breaking a record close of 2131 touched in may of last year? i want to bring in sam us approd
probably eclipsing that by end of next week. i know that is couple month in. >> volatile month ahead and volatile summertime. we have the conventions. we have the more traditional sell in may period. additional reasons for investors to be worried about "brexit," et cetera. volatility usually pick up as bull markets age. we're now in the 8th year. only one bull market lasted this long since world war ii. liz: oh, you always have the history, don't you, sam? give us this future. what sectors should people put money?decision and fed meeting next week might be happening? >> one area i like is health care. traditionally health care does very well along with consumer
staples and more challenging may through october period. right now the market is trading close to 18 times 2016 estimates where health care is trading more like 16 times, a sharp discount. area like biotech which has been beaten up most recently, trading much better growth rates expected this year and traditionally known as defensive area. liz: sam, we have 30 seconds. are you nervous? we saw the german bond fall to record lows. do have negative interest rates, wondering where our long term bonds likely going. traditionally stocks do well when bonds trading below the yield on s&p 500. so that is one of the few encouraging things. liz: great to see you.
sam stovall, s and p capital iq. we have this u.k. newspaper, the independent, there is major swing toward the u.k. exit from the your even european. [closing bell rings. david and medical list pick it up here for "after the bell." david: stocks paring some of their losses in last minutes of trading for the week. the dow is still down triple digits. hi, everybody, i'm david asman. melissa: i'm melissa francis this is "after the bell." we have you covered of this market selloff. here is what else we for you coming up this hour. donald trump making his pitch to evangelicals in washington as he tries to put a positive cap on a very rocky week. hillary clinton sitting down with elizabeth warren. will we see a clinton-warren ticket? one billionaire says if that is the case clinton won't get his money or his vote. bringing the world together one last time. thousands gathering in