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tv   Countdown to the Closing Bell With Liz Claman  FOX Business  September 9, 2016 3:00pm-4:01pm EDT

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from north dakota to illinois. trish will be back on monday we are looking at a lot of red on the screen they had wall street running for cover. they're making their biggest move since the end of june. north korea sets up another bomb. rate hike is coming whether you're ready or not for it. they're all looking to close out the week. we are very close to that. look at the tao. nearly 300 points. this is a video of justin.
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hillary clinton is zeroing in on national security at this very moment. among others. this is a nation that just days away from commemorating the 15th anniversary of the attack on september 11. the new york stock exchange congress holding moments of silence. it is ahead of the summer anniversary. >> ralph peters and that massive overnight saber rattling. whether it's clinton or trump. in the first class action lawsuit. the attorney from the woman with the child with deadly allergies tell us in a foxbusiness exclusive what they want. and with a traffic stop announcement they take it for a spin with us.
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we are dealing with the selloff in stocks. the errors of easy money might soon be over. take a look at now we're almost there. us than an hour to the closing bell. let's start the countdown.
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the verbal bomb. he comes out and fax interest rates. the so-called volatility index that is a two-month hike. it is up 30%. then 22 and 24% claim at this hour. investors are actually dumping it pushing yields to the highest level. that 1.67 percent in the flight going straight to the
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dollar index. rallying more than 0.4 percent. it is a decent move there. it's higher against all major currencies right now the euro and we have the dow jones industrial the odds of the federal reserve at the next september meeting a jump to 24% right now from 18% just yesterday. and yesterday the star crude oil giving back three of the 4% in just gained. it has to do with the fact that it shows the number of active u.s. rate counts climbed by seven. it has a risen ten out of the last 11 weeks. all of this moving it to create quite the vortex. let's get to the floor show. i want to start with that. looking at all of these things that we just laid out.
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what is it. it could've been any three that caused this move. this is the first time we have really seen them come out and say this before a meeting. it's gonna come into play very quickly. with a small increase in probability. if they're gonna there can give us the rhetoric before it the market has shown down at 300 points. there is nowhere to hide right now. one thing that springs to mind here is gold. you would think it might be a considerable lower especially the way that oil is acting. nothing seems to be doing that terrific at that moment. chris robinson you have to also feel that out of north korea that has to concern people because the sky is now saying he can actually place one of those nuclear bomb
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warheads onto a missile. as we look at all of this. we have europe moving lower. talk to me about this in my habits on monday. monday i think first of all there to close here in another few minutes at 2:00. so that is done. if you did not hedge your bonds the only place it will go to to get protection is to buy that in case we do open up another three or 4% lower on monday. two weeks ago at all-time highs. every time we moved 1% it was a couple of hundred points. that's 5%. we may be heading into some volatility. yet to get your downside protection now. the one thing that she did like was emerging markets.
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and they've been up 15% year-to-date. we sat great saw great moves to the upside. for the entire energy complex yesterday. much of that wiped out today. and we are in on oversupplied market. forty-three dollars. on the last show. and it rallied out. it was a range of 42 and a half. in case you are listening. we are we're kind of straddling that from here it is no man's land. we get more rhetoric at of opec we are doing that.
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24% odds. we will see you next week. they are speaking. what is behind his fears for the market and the economy. we are being told it's a bit of a had fake. it is higher than being an ounce. if someone would say to me i hit it right now. considering that they are tanking. 310 right now. 8:00 p.m. eastern. john is defending free speech which he says is more under
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attack than ever before. breaking news. two high-powered meetings are underway at this hour. both involving the safety of our nation. hillary clinton with top foreign-policy. what she is apparently doing strategizing the best way to defeat the growing threat of isis. informer george w bush. now concurrently a few blocks this way. it carried out the fifth and largest nuclear test to date. it was so big that the survey that it was a five .3 earthquake.
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we don't know for sure but it has exclusive the exclusive power of 10 kilotons. there is multiple problems in this one. the cliché turned loose cannon. and we are not sure how much he understands about the rest of the world. the only player that has any influence over north korea is china. they need china support. it would do it two things. china doesn't want a close
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work with the u.s. ally. it doesn't want south korea to become a total korea. they are in a bind because they rebuilt their capital city. it doesn't take to destroy that. you can use conventional artillery. in the one was most likely to break the chain by doing something stupid now and must be stressed. stress. he cannot deliver those to the united states. and hence our allies they call themselves somatic. you have the presidential candidates talking a lot about isis but you can bet now that it was tested. he would help they can't
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negotiate directly with this guy. he's actually an antagonist. who has the best chance at least making some kind of headway on to china. it would have a great entertainment value edges can be productive. there are no easy answers. there may be no answers at all. sometimes in real life there are not answers. unless china will act for its own reasons the travesty continues and grows more dangerous by the day week and month. i think they are very much in part and we can't quantify it but i think they are tanking in part because people are concerned about this issue. with the closing bell ringing in 48 minutes. and you thought the red sea
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was near israel. it was right speemac on your screen. it's led by j.p. morgan chase. those are the three leaders when it comes to lagging at the moment. we had two major controversies to tell you about. we all hate paying bank fees but imagine pain fees on a bank account you did not even senate for in the first place. the epipen scandal that has rattled the nation. now my scale up the lawsuit. it started with one woman two days ago and now hundreds are calling to join her. the attorney taking on the giant in the class action lawsuit. it's all coming up next. when it comes to healthcare,
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seconds can mean the difference between life and death. for partners in health, time is life. we have 18,000 people around theld wor. the microsoft cloud helps our entire staff stay connected and work together in real time to help those that need it. the ability to collaborate changes how we work. what we do together changes how we live.
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liz: the lower the session is a loss of 331 points. we are down 300 right now. scandal on wall street involving the dow component.
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but working swiftly to douse the flames. wells fargo handing out pink slips to a stunning 5,300 employees for secretly using customer's information to open more than 2 million fake accounts over five years. they are slapped with the largest penalty since the bureau was founded. $185million along with 5 million of that they must use to refund customers. shareholders not so much. it has gotten worse as the day goes by. could this eventually hurt wells. will he downgraded the stock. coming up in just a few minutes. the three -week-old scandal
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that makes the all important all-important life saving epipen that in just seconds saves people from deadly attacks we do had breaking news on this. chuck grassley is saying this afternoon that the response to his query over massive price increases is incomplete. now on august 22 they demanded that they fully explain the 550% price hike. they probe mileage. who has presided over multiple price hikes a costs $57. the price of the pack packet of two can run more than $600. our next guest is not parading around for the government to file a class action lawsuit against trina to -- mylan. walk him sir. talk about this. why had you decided to pursue this class action lawsuit.
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first of all thank you very much. my client would love to join you but she's doing what she should do she couldn't join us today. i am filing the lawsuit because in the grade and their gouging the unbelievable arrogance to not reduce that has probably surprised that a young man from cincinnati ohio would be the first to do that. and reduce their prices. but drop those prices. they've been forced to pay the difference. have you heard from other people you started filing this on behalf of them. tell me the reaction so far. you head about 72 hours. it has been unbelievable.
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i just said local media coverage in my hometown my phone starts ringing. we are now beginning a 1800 number. that will be up and running within the next 24 hours. we had have probably close to a thousand people that had reached out to us on social media. even to the point that following an interview the person that was interviewing me asked to step inside. they were in tears and they said i'm embarrassed. we are both gainfully employed. and we might be engaging and neglected to our child because we cannot afford this. she doesn't have an epipen for her child. she doesn't have an epipen for her child. let me ask class action suits had to prove iury or some kind of physical or monetary injury.
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what do you specifically want. this autoinjector is something that you might want to have. it is is life saving. the injury is this is what they're gonna run up against. that's what we are saying. if you are not afford that. they eat a peanut butter sandwich. then they go into shock what you do to. >> money play devil advocate. we are the only company right now and it's not our fault that they have not approved another company.
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legally we can do whatever we want here. i just don't know how you can enforce price controls who would deem what that price should be i suspect that that's with the lawyers will say to me let me counter with this. if in fact you don't have laws. to challenge them. and champion them. if it's not as impornt. let's suppose you want a gallon of milk. it cost you $2.39 today and you go back next week and now it's a hundred $75 you will tell me that that's okay.
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and what i say is we are now challenging mylan we are creating the roles of the head to be played by. you have to be fair. you can give yourself a salary bonus. directly tied to the pay increase. >> please come back. went to see if a court will certify it. keep us posted. the stock is down another one and a quarter percent. it's up to $15 from its annual high. we have the dow it down. let's look at the nasdaq. it's down two of the last three weeks. we do have it lower. it goes right off the nasdaq at the moment. the ford president and ceo coming up next.
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♪ liz: dow still down 301 points. we're keeping eye on the major sell youoff going on right now. we also got big news out of ford. it has acquired act chariot, which is sort of like uber for share rot buses. this is called chariot. what it does, it has a whole bunch of different stops. you can use an app and you can find out wherever one of these nice, cozy 15 person transit buses is. they bought it. they're like minivans but for crowd sharing world. ford wants to help major urban areas cut down on traffic congestion. coming to a city near you?
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ceo and mark fields is on how the smart chariot service works. mo is it for. >> dwellers using mass transit or ride sharing service. the beauty, it allows customers to have the shuttle come directly to them, as opposed to mass transit where you have to go to their route. we're targeting those kind of folks. actually we're working with cities because our view cities will continue to grow. there is congestion. they're looking for cities around mobility. we want to partner with cities and be there for them. liz: the bowl seems to cut down on congestion. how bad is congestion and why does ford take this on their shoulders? >> we're taking this on, we view it as couple things. when you look around the world cities are growing. today the world's population, 50% of the population of the world lives in city. that will probably grow to 60% for the next 10 or 15 years that causes a lot of problems if
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cities in terms of people being able to get around or goods to be able to be delivered. we're saying number one, that could have an impact on our busine. number two, part of our why as a company has always been about making people's lives better and help changing the way the world moves some we're looking at this, and we're saying, here's a business opportunity. if the world is moving more towards not only owning vehicles and sharing them. you how do we participate in that? that is really the way we're looking at this. this is why we want to be part of the solution and at same time could provide as you great business opportunity, actually touch the ford brand to folks who may have not have thought of buying a car in the future. it exposes them to the ford brands. liz: ford revealed pretty expansion of door recall. that adds 1.5 million to the recall. that makes total of 2.4 million. that is pretty big number.
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you say it reduce this is year's operating guidance by 6%. when do you anticipate calmers waters here? this looks like a serious recall. >> we originally announced a regional recall about a month ago and, national highway, nhtsa has asked us to take that nationally which we have. we're in the process of taking care of customers, and we're going to do that very expeditiously. we did say it will reduce our earnings for this year but, keep in mind, net of the latch recall, we're still working towards our guidance of being equal to or better than last year. and last year was a all-time record year for us. so we flagged that yesterday and we're going to continue to work delivering the business. liz: well, yeah. i mean, look, car companies have this happen all the time. what they don't have happen all the time is something like "brexit." i know in july you cited "brexit" headwinds and slow down
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in core u.s. market as reasons for concerns in the second half. i need to ask, a lot has changed since the initial "brexit" shock. it is not as bad as people thought. people out there saying world would end and earth would stop rotates on its axis. what about ford, is it still as bad as you thought back in july? >> what we said back in our earnings call after the "brexit" vote, that the impact could hit us to degree of $200 million this year, and next year, incrementally around half a billion or some what we're seeing in the last two months in the car industry for example, the car industry actually has been flat to about up, but when you peel that back, retail industry is actually down six or 7%. you're seeing fleets actually balance that out. what we're seeing as we go forward we're looking at business investment from the surveys. that's down. so might be a lag effect. we're cautious on the i the
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impacts for "brexit." we think there is more to come. liz: there is more to come with the selloff right now. we're down 314 points for the dow jones industrials. the closing bell is 26 minutes left. how much worse is this going to get, folks? s&p lower by 42 points. we're looking at a major selloff at the moment. if we look at some intraday pictures it is an ugly moment. we're going to be right back. stay tuned.
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>> pressure to sell as we head into the last minutes. apple taking preorders for
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iphone 7 and 7 plus. the lag version is sold out on back order. the iphone officially goes on sale as they roll it out friday the 16. you see how apple is doing. faa warning galaxy samsung 7 is potential airborne fire hazard. urging passengers to avoid using the device on the plane. they gave a recall because of exploding batteries. we're going to cover this market for you as we go into the closing bell. s on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming.
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liz: breaking news. let's take a look at oil because we do have some news if you just, forgive me for a moment to look down. we have the latest on legal challenge and protest of the four-state dakota access oil pipeline. we do have this. the u.s. government is now
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requesting that the dakota access pipeline owners, quote, voluntarily pause work on just a section in north dakota, despite a judge's earlier ruling where the federal judge denied the native-american tribe, standing rock sioux tribes requested temporarily stop construction on the four-state dakota pipeline. earlier a federal judge saying too bad, we don't hair what you have to say about this. continue on with the building of this pipeline but now you have got this other judge, saying could you voluntarily stop it at least for a portion, this group, the standing rock sioux tribe is requesting so? they're saying it could impact drinking water but construction has begun. we are looking at a major stock selloff on wall street at this hour. here we have the dow jones industrials down 319. low of the session, 332. appears we're climbing down to that at the moment this is weekly biggest drop since february. we have sam stovall, u.s. equity
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and strategy and pits of cme of price futures group because oil erased most of the gains yesterday. to you first, sam. we really look at this, traders at top of the show saying you know what? this is all one federal reserve head, that would be eric rosengren of boston say, guys, grow up, it is time we may see another rate hike possibly september. that is september 21st. do you think it is that or something else? >> i question whether it is really just one statement from a fed official. we've had many statements from fed officials saying that they want to raise rates. and the fed continues to hold off. i like to say that a boxer is rarely felled by the punch he expects and the fed has been telling us for two years to expect rate increases. besides when they do raise rates, they will do so by one quarter of one point. i don't really see what the big deal is. i think we've gone too long without any kind of digestion of gains.
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as i wrote on tuesday, historically, by going for more than 50 days without a decline of 1% or more, that traditionally leads us into a bit of a selloff. liz: very narrow trading range for more than 40 days. we're posting a brand new session low for the dow. it had been 332, now down 333 and going lower, folks. train our eye on the nasdaq which is down 112, the s&p lower by 45. energy was the big leader yesterday, phil flynn. it is looking like it couldn't hold on to the gains. one day later all of that kind of erased? what is going on? >> i think there are two things. obviously the fed statement is a big part of oil. the doyle getting stronger if the fed raises interest rates and i really haven't seen oil react this much to a fed statement since the last time they said they would raise interest rates. they didn't do it. oil bounced back. that is a story for different day. the story is that oil traders
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trying to put in perspective, that historic crude oil drawdown caused by the hurricane. they're hopeful, maybe, just maybe, those gulf oil inventories rebound as the ships get into port. beware, liz, there could be another storm going next week, another storm near the gulf of mexico. the national hurricane center updated odds of that storm being tropical depression, so we could be talking storm next week. liz: we have a storm over wall street. we posted another new low, down 340 points, so we're plummeting here. again is this buying opportunity with lack of anything, beyond we need ad little air to be let out of what had been record highs? maybe people should be buying right now or is it a little too dangerous? >> liz, i think you're asking the right questions. i think there will come a time next week which it represents a good buying opportunity. sometimes you have to look at the technicals. one of my favorite tech shuns is
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mark arbiter. what he writes recently probably we'll go down 3 1/2, 4%, testing anywhere from the 2120 to the 2100 level before we turn around. that's our feeling as well, that we're looking at a v-shaped recovery in earnings and i think that is going to give investors reasons to buy on the dip. liz: another new low, down 343. we're watching this closely. nasdaq down 114. gentlemen, thank you very much. let me just, people tune in at half, tune in at 3:30 p.m. we have only 16 minutes to go before the closing bell rings. couple of things. a fed head who is a voting member says, too bad, we have to do this because we risk real problems if we don't start hiking rates again, if we don't start normalizing rates. testing of a major nuclear bomb in north korea. that certainly frayed nerves. as we look right now, stocks are
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battered and bruised at this hour. markets currently at session lows. nine out of 10 sectors in the s&p 500 are now down for the week. leaving the losses, consumer staples, materials, consumer discretionary. s&p lower by 46. nasdaq as i said down by 114. that is a loss more than 2%. we are coming right back. please don't move. when it comes to healthcare,
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liz: the dow is a moving target. we hit a new, new low. live pictures donald trump speaking at value voters summit. this is the omni hotel in washington, d.c. it is the first time a republican nominee has ever attended the meeting of the conservative grassroots activists. so we're watching that.
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keeping our eye, charlie gasparino, right now on what appears to be a pretty significant selloff. >> i think when donald trump's on the firmest ground since we're talking about him, talking about a bubble economy, a bubble stock market, mainly premeditated on super low interest rates. remember last time they raised interest rates a quarter. liz: december. >> in december, the market responded by going down something like 1000 point before calmer heads prevailed and janet yellen said there wouldn't be a rate increase a long time. they put off the next rate increase. now we got this. people, one fed governor today coming out. liz: eric rosengren of boston who is voting member. >> once a dove, i guess a hawk in this environment. it is all relative. he comes out and says we may have to raise rates. liz: he said this. now increasing risk, if we wait too hike much longer. >> just think about that. just the whiff of a rate increase sends the market, this
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market, with allegedly at least according to the president, and janet yellen and improving economy. liz: time to move on and up is what i think he is saying. >> okay. think about what that did to the market t sold off. it will sell off very dramatically. here is the question -- liz: new low, down 352. >> i have my doubt these don't go through wit. i don't think they will raise rates in a general election to prove trump right. liz: he says, you got to expect this because the fed is out to prove that the market is not its master? >> i wonder. we're talking about, that in the middle of a presidential election. i don't imagine this fed wants to decide the election. if they raise rates market could down 1000 points. 1000 points could be made up,
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you know obviously later on when the market sablizes, but it will still go down 1,000 points. liz: can i call an audible here to see an intraday of the nasdaq now at its session low here. you have got to figure, yes, tech-heavy nasdaq but there are energy names in the nasdaq. there are banks in the nasdaq. everything is just getting slammed today. it is down 118 points, session lows, folks. >> usually markets like this hurt deal flow, but i will say this, get ready with the banners on monsanto-bayer. i have a little insight what was going on. we were first to report it was going to be done next week. cnbc, bloomberg following us today. liz: you said it is going to be next week. they like to announce things on monday or tuesday. >> i think it is going to be, here is what i do know, bankers on the deal, we you should get banners up, working overtime over the weekend to finish the deal the deal is still on schedule next week.
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liz: still at same price, 127.50? >> it could inch up a little bit. we should get banners up. they're working on notion of regulation. just what type of regulations are going to be out there. by the way, with do which have against banners here about -- liz: what do we have against monsanto chart. >> where are the banners? there we go. boom. liz: tahda. >> they're trying to get it done. i hate bitting on these things. you know why? something could screw up the thing in the middle the night. if i would bet -- liz: does the market selloff screw up the deal? >> i don't think so. if i bet the deal gets done tuesday or wednesday. liz: last price was $127.50. >> what is it now? liz: monsanto down, it is at $107 even. >> the complicating matter, just as trader and if you're average guy want to buy monsanto thinking this thing might could
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up, one problem even if they announce the deal, it might not to through the eu and u.s. regulators. e.u. is very tough. liz: lately the u.s. regulators have been intransigent. charlie gasparino, our thanks to you. the closing bell we're six minutes away. it feels a little agonizing but you have got to stay with me. anything could happen. it is friday, final few minutes. september at this hour living up to its volatile reputation as fed rate hike fears pummel stocks. countdown coming right back. please don't move. to keep hearing all the things that make you love taking the long way home. ♪ so call 855-874-7746 or visit
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to turn us back on. and up.
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liz: folks, we're now taking a further leg down. we're just watching this with a major selloff happening at moment. the dow is off 364 points. just to tell you tu was about 55 minutes ago when we started the show, the low of the session was a loss of 332. you can see this is accelerating at the moment.
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we're heavy volume, experiencing much heavier volume than the three-month average. 3.7 billion shares moving on the big board. s&p down 50 points. that is a loss of two and a third. let us bring in a top banking analyst. we're looking right now, marty mosby, what is going on with the markets? give me a macropicture. that the fed started flapping its lips. this is fear of another rate hike. i don't know how people couldn't be ready for something like that? >> well what you have to realize is, just a month ago the percentage of, expectation for rate hike in this entire year was, you know, less than a third, that even thought it could happen this year. you now when you're looking at it, that percentage has gone up to 60 to 70%. we're seeing expectation shift. when you look at overall economy and overall market, you have
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some shifting of investments into stocks because rates were so low and would be low so long. so valuations got inflated. that is not the case for banks. we want to circle back and talk about banks in relation to the market, what this means. liz: i thought a rate tightening would be good for banks? banks are not doing well, goldman sachs, jpmorgan, are also lower. wells fargo is down for another reason. i need to talk to you, because you have covered wells fargo for a decade. they had to lay off 5300 people, they were putting together without asking clients they were charging them money to start up different kinds of banking products and cross-selling as it's known. listen you don't want to get to aggressive here but does this hurt the stock long term? >> put this into context. one, it is inappropriate behavior and the bank is reacting to that. we don't want to make light of this. liz: okay. >> when you look at the amount
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of accounts, talk about them opening up additional accounts, we're talking about less than 1% of the overall accounts. [closing bell rings] we're looking at revenues given back. talking average $25 to households that received a payment. very minimal impact here. liz: we have got to run. great to see you. thank you, marty. the market closes on very red-den muched day. dow down 391 points. stocks getting hammered on this friday. david, melissa, hand this one to you gladly. melissa: stocks getting crushed on wall street, selling off into the close. the major averages all ending the day down 2%. this is the biggest market selloff since investors panicked over the uk exit vote in june. i'm melissa francis. david: very busy day. i'm david asman. glad you could join us. this is "after the bell." the dow ending at session lows, very close to 400 points down with ve


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