tv Countdown to the Closing Bell With Liz Claman FOX Business November 2, 2018 3:00pm-4:00pm EDT
one-sided agreement that i would never have proved. you've got to get rid of catch and release. you've got to get rid of chain migration. you've got to get rid of the visa lottery. they never agreed to any of that. ask them if they agreed. they never agreed to any of that. reporter: promise the military is not going to fire on foreign civilians. >> i hope they won't. we're going to see. i hope they won't. reporter: can you promise? >> we're not going to stand for people doing what they did to the mexican military and to the mexican police. what they did to those people, they were very badly hurt, very badly injured. the military and the police. what they did with rocks thrown in their faces, not going to happen to our soldiers. reporter: lots of americans think you are encourage anti-immigration violence the way you speak. >> no, you know what, you're creating violence by your question. you are creating and also, a lot of the reporters are creating violence by not writing the
truth. the fake news is creating violence. you know what? the people that support trump and the people that support us which is a lot of people, most people, many people, those people know when a story is true and they know when a story is false. and i'll tell you what, if the media would write correctly and write accurately and write fairly, you would have a lot less violence in the country. reporter: how so? [ inaudible question ] >> we're going to see. i think we're doing very well. certainly we're doing very well on the senate which is obviously very important, and i think we're going to do also well in the house. we're going to see. i can only say this. the house is a lot of stuff. [ inaudible question ] >> what's your next question? how many questions do you have?
[ inaudible question ] >> we're doing a perfect executive order and the border is closed to these people. they're not coming in. they will go through the system and then they will be shipped back depending on what happens with asylum. reporter: are you worried about the lawsuits the hondurans filed yesterday? >> understand, honduras, el salvador, all these countries are getting millions and millions of dollars, they're doing nothing for us. they're doing nothing. they're letting people come up and they form their caravans in the country, they are doing nothing. we're paying them hundreds of millions of dollars. guess what? that money's going to stop very soon. thank you all very much. liz: okay. a lot just went on there but i need to tell you, for our business network, we were
watching the stock market, stocks climbing out of the deepest part of the session's hole just as president trump told the press the chinese quote, very much want to make a deal on trade. the president confirmed he will be having dinner with chinese leader xi jinping at the g-20 meeting at the end of the month, but he did then reiterate that threat that if there was not a good deal for the u.s. that had been struck or that he didn't hear the right tone, he would put in close to another $300 billion in tariffs on chinese goods. he held court with the media at the white house before leaving for his two campaign rallies in west virginia and indiana. as we look at the intraday picture, we did, as you see, jump and spike there just to the right. that's the nasdaq which is still down 101 points, low of the session for the dow jones industrials, a loss of 302 points. we are down 210. up off the floor. time to bring in the president's man for trade and manufacturing policy, peter navarro. you were just listening to that. there were a whole bunch of issues. i want to first begin with jobs.
about a quarter of a million jobs created in industries across the gamut, reflecting the strongest jobs market in years but it was the wage growth that a lot of our viewers found particularly impressive here. how are you and of course, the administration, going to keep this momentum going? >> well, let me hit some of the highlights which i found interesting. for example, we hit an average now of 218,000 jobs a month in 2018 and we never crossed that threshold in 2016 or 2017. so clearly, we are hitting on all cylinders there. not a single, not a single industry had job losses which rarely ever happens. construction and manufacturing, which is a sweet spot for the trump economic plan, make manufacturing strong again, they were robust and to date since the election, we have had close to half a million new manufacturing jobs created which
is really great news. on the wage front, nominal wages, 3.1%, rarely breached 3% in the last few years. that's hitting on all cylinders. inflation was very moderate, so real wages are going up. here's the thing, liz. when i was back on the campaign trail and speaking to you frequently on the campaign trail, the president talked a lot about discouraged workers, people at home sitting on their couch, shades drawn, discouraged, out of the work force, not being counted by bureau of labor and statistics. basically throwaways. guess what? we put over 1.3 million of those people back into the work force and another thing we talked about, i don't know if you remember this, it was an extraordinary statistic from the federal reserve that said one out of four prime age workers between the ages of 25 and -- liz: are now getting hired.
>> yeah. the labor force participation rate up half a point. i'm extremely encouraged by growth that is non-inflationary which means this can continue, and it's basically the result not just of one policy but of a wide range of policies. tax cuts, deregulation, unleashing the energy sector, buy american, steel and aluminum tariffs, getting these trade deals like south korea and the usmca right for a change, and increasing our defense spending. it's a theme that the president talked about back in 2017, economic security is national security. so when we strengthen our manufacturing and defense industrial base, we're not only strengthening our national defense but we're actually moving toward prosperity. liz: after years of incremental moves because we were pulling ourselves out of the financial crisis, many are marvelling as they watch this go from a
six-cylinder to eight-cylinder economy but we are starting to see business investment flashing a warning signal going from i believe it was about 11.5% in the first quarter to just a tenth of a percent in the third. why is that? why do you think that is? because we are hearing sort of anecdotal comments from business people that they are concerned about the ongoing trade war. >> well, first of all, let's not do anything, particularly investing by anecdote. you always want to look at the data. there will be some inventory adjustments and things like that, but the tax cuts, particularly on the corporate side, is going to be the gift that keeps on giving for the next several years, because what we see here is a reinvestment in america's future. also, one of the strong positive effects of the tariffs, things like steel and aluminum, is we are seeing tremendous investment pouring into those industries. so i'm not concerned at all about people investing here in america. by the way, there's all sorts of
companies outside our borders who now understand that they better be investing inside our borders if they want to do business with america. liz: a lot of them are definitely getting the message because it is out there making headlines. the president just said we're going to make a quote, very good deal with the chinese. but there have been conflicting comments. in the last 24 hours, there was a bloomberg report that the president had asked his team to draft a trade deal with china. now your compatriot larry kudlow refuted that. you get to be the tie-breaker. did the president tell you and the top trade negotiators to draw up a trade deal with china? >> so put another black mark on journalism for fake news. bloomberg once again didn't do its fact checking. it tends to be i think probably the worst perpetrator of false
leaks on the business side of journalis journalism. what that kind of stuff has done is not even poke the bear, it's probing to see how the administration will react. liz: it's not entirely out of the question for there to at least be some type of framework that's discussed? are you saying there's no framework that's been put out there? >> so i stay in my lane. we have one u.s. trade representative, robert lighthizer, the best trade representative in u.s. history although so bob doesn't get too big a head, i remind him it's only been around since the '60s but that's his thing and the president. that's between those two gentlemen. i think the bigger issue with china is that we have laid out on the table, i did a report from my office about the 50 different unfair trade practices they impose on us. liz: you were prescient. you wrote that book, "the coming wars" plural on china. you look like a soothsayer
because you were right on it. with the g-20 at the end of the moshgs month, is the president telling you and robert lighthizer to get this done by the g-20? >> what happens in the roosevelt room stays there. not going to talk about any private conversations with the president. you tried. you will never get anything out of me, okay? what i can tell you is that the two presidents are going to be meeting at the g-20, as would happen regardless of whether or not trade would be discussed because that's what's normally done at these meetings. let's see what happens from the business point of view and stock market point of view. what i can tell you is this. this is a bull market that's driven by a bull economy that's driven by a president who 24/7 thinks about how to make this economy work -- liz: he's talking right now again, peter. i know you won't mind. we have to listen to the rest of it. he's talking about jobs one more time. let's go to that. stand by. >> larry kudlow, all of these
people, they were so impressed. we're really doing this. the economy, the economy is on fire. i think it may be the greatest economy our country has ever had. i hope people realize that when they go out on tuesday and they vote or they do early voting. but i hope people realize that. liz: again, peter, as you stand on the lawn of the white house and the president is saying -- i'm sorry. he's still speaking. >> we want to have strong borders, but if you look at what's happening with our country, we have the greatest economy we probably have ever had. we've just had among the best job numbers we've ever had. 250,000 jobs created in october despite tremendous hurricanes. everybody thought, even you thought the number could never be anywhere near that because of the hurricanes. so really, we have the greatest
economy we've ever had. people are working. we are down to 3.7% unemployment. we are doing some very special things. plus everybody has gotten a tremendous tax reduction. people are bringing home more money. you know what else about the jobs? they now can go out and get the job they want. they can go out and get a job they want. and speaking of choice, what we've done for the military and the vets, we have gotten them choice where they can now go to a doctor and the united states pays for it instead of waiting in line for two months, for three months, and not being able to see a doctor and literally dying, dying while they're waiting on line to see a doctor. after 44 years, i got it approved and that's good for veterans. it's a great thing. our country is doing really well and i will see you in west virginia. see you in west virginia.
liz: you never really know when he's done. people throw another question and they will come back. you have seen him, you know, be very accessible. >> you had the encore because he does such a great job, you don't want him to leave. liz: he's like a performance of "hamilton," about 50 encores. as we finish this, because we know the g-20 is coming up. fox business and i will be there. i hope you will be there. you can give us the latest scoop. but what must be in that deal that the president and the administration make with china, where you would say that we really needed and there you can put a pen to paper and sign it? >> well, i think you can distinguish between two things. one is china buying more stuff, whether it's coal or soybeans or whatever. we have gone way past that in terms of what's needed in a deal in the sense that there's always
structural issues. we want to make sure that china stops stealing our intellectual property, forcing its transfer. we want access to their markets and we want to make sure that we can protect the technological crown jewels of this country that will allow us to prosper going forward. and the report i did with my office for the white house listed over 50 different practices that the chinese engage in that are outside the norms of international behavior and robert lighthizer, ustr, when he did his 301 report, listed a whole thing. so i guess what has to be on the table would be, for example, ambassador lighthizer's ustr report would be a good starting point. structural change has to happen. we are all aligned on that at the white house. liz: they are still cheating. it was just this week that the u.s. charged two alleged chinese spies with stealing the blueprints for a u.s.-made jet.
if the administration discovers anything additional with that kind of important intellectual proper property, how do you deal with the chinese in the end? >> the other problem here so far in the negotiation is that the chinese won't even acknowledge what they're doing. it's hard to get them to agree to stop forcing the technology transfer if they say they're not doing it. it's hard to get them to stop stealing our stuff if they say they're not doing it. then by the way, it looks like that that test has simply accelerated from the days of when president obama signed a deal with president xi a couple years ago. so there are serious issues. the good news here is that our economy is not dependent on china. liz: indeed. >> we are doing quite well. so it's all good. liz: good to see you, peter.
come back again. thank you very much. >> take care. liz: peter navarro. 45 minutes before the closing bell rings. the dow now down 119 points. we have shaved more losses. jpmorgan's jamie dimon just issued a warning. you got to hear what it is. stay tuned. ♪ can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you.
liz: first it was just oil traders who would have to cut their weekend short because on sunday, president trump is set to reimpose those sanctions against iran oil. so no more buying of iran oil except, of course, if you're one of the eight countries that have now been given a pass, i guess. we'll tell you about that in just a minute. but he has now said that he will reimpose all sanctions, not just the ones on oil, as part of exiting the 2015 nuclear agreement with the country of iran. while the sanctions will cause further tightening in the global oil markets, the u.s. is granting temporary waivers that will allow some nations to continue buying oil from iran. reuters is reporting iraq confirmed they will be one of the countries that has been granted a waiver. oil closing below $63 a barrel. right now it's at $62.95.
chris robinson, what does it mean for oil, gasoline, what will you watch i guess sunday night, forget monday? >> well, i think the market's already gotten ahead of this. in the last 14 days, we have dropped 18%. we dropped 14 bucks in the last 20 days. i think the market's gotten ahead of it. the worry is actually that we are going to have oversupply. a couple days ago, i think it was the first time the u.s. produced more barrels of oil than russia. we have gone from three weeks ago worried about $100 barrel oil to now worried about some 60. it's just so quick how it changes. long story short, i think the market's already discounted it. next week, we'll see. there may be some more price discovery, some more downside to go. gasoline, we see this time and time again, oil drops to 18% and the pump's down maybe 5%. so there's a delay in gasoline catching up with the price of oil. liz: yes. the guy at the gas station with the stick changing the price. always changes it quickly when it's going up, but not when it's going down.
tim anderson, we started to see the losses get paired off the dow which had been down about 302 points earlier. when the president confirmed and spoke and said we will have a very good deal with china, he kind of used that verbiage before but the markets obviously are really kind of being led around on a leash by this ongoing trade situation, right? >> well, of course. it's all a question of timing in terms of when that deal might happen. frankly, the markets have had a pretty constructive week, where last week was really rough, we were down 3% to 4% on a lot of the averages. this week, we're going to get back maybe a percent and a half, 2%. it's all a process of kind of redefining new support and resistance levels at a slightly lower level for the market but well above the lows that we had much earlier in the year. liz: yeah. it's been quite, quite a month and quite a year.
tim, chris, thank you very much. i'm sure they will both have to get up a bit earlier on monday, if not sunday night. good to see you. by the way, did you guys get your double double fudge bar frapaccino this afternoon? i don't want to repeat that. closing bell rings in 38 minutes. it looks like many of you did last quarter. starbucks soaring to a record high after blowout fourth quarter earnings. look at this. the stock is jumping 10.25% to $64.66. the world's largest coffee chain seeing a 12% spike in sales in the u.s. and china. at least nine, count them, nine brokerages raising price targets as high as $71. starbucks among the biggest gainers on the s&p. up next, jpmorgan chase's jamie dimon never one to shy away from making a dramatic statement. warning that one country could spark a global debt crisis. our next guest is one of the only bankers in the world
liz: if one of the world's biggest bankers comments on bitcoin a couple days ago didn't get you to look up at jpmorgan morgan cha mori chase ceo jamie dime on, you ne to hear what he just said. dimon now saying that europe could be a source of sovereign debt crisis, singling out italy, adding that there will be quote, catastrophic events if italy decides to leave the euro zone. why would he even say that? it boils down to a government that right now is very
nationalistic and proposing italy's massive budget, it's already in two trillion euros of debt. couple that with multi billion euro campaign promises like lowering taxes and guaranteeing wages for the poor, plus lowering, not raising the retirement age, now italy's pop ushu populace. a banker who might see this situation clearly is jean-yve z fill onfrom bnp paribas. they have a presence all over the euro zone, including italy. we welcome him in a fox business exclusive. i talk on our viewers, you have a separate and different
understanding of the euro zone because of bnp. tell us what you see there. >> thank you for having me. pleasure to be here. there is no question that the concerning aspect is the budget deficit and high level of debt and the fact that the revised budget proposal denied by the commission is somethingo really watch carefully. liz: the italian government is saying we don't care. >> being in the euro zone, i think it's important to highlight all the factors. the first that italy has actually a very strong corporate ecosystem, particularly in the northern part of italy and with a strong ability to export. if you look at the current account, trade of italy, it's actually in surplus which highlights the capacity of the corporate fabric to be exporting
quite actively. interesting, why the net debt is quite high, no doubt about it, italy benefits from one of the lowest indebtedness per household. measures are being taken, italy is an important rival for the euro zone going forward, and that's a situation that has to be taken carefully. liz: let's bring it back here. we just got a blowout jobs report, a gain of 250,000 jobs. you have been working and living here for 30 years. tell us how you see the u.s. economy through today's prism. >> exactly as you just described it. it's never been that strong. whether you look at gdp, employme employment, going forward, wages -- liz: never been this strong. >> never been this strong. your next point is probably volatility. what creates volatility is many
factors but one of them is forward-looking prediction of the corporate space which is more reserved because some might feel we have gone through a full cycle and what has been positive a year ago is gradually fading away. liz: what are you telling your clients about interest rates rising? i'm sure they want to invest. how do they square it with what we know will probably be another rate hike by the fed in december? >> definitely, we see the fed hiking at least two times, december and in the first or second quarter which by the way, makes sense when you look at the inflation trend and when you look at the wages we just discussed. being one of the largest houses in the world, we are well equipped when clients want to speak about hedging, risk management, protections, to support them across currencies, equities and commodities. liz: bnp paribas is quite the
bank and you get the business in the u.s., 14,000 employees. jeanne-yves fillion, thank you so much. two of the most well-known names on the nasdaq seeing red and not just red. sort of crimson. gerri willis on the floor of the new york stock exchange with today's business brief. reporter: that's right. shares of weight watchers plummeting after subscriber growth in the third quarter missed estimates. jpmorgan, morgan stanley all slashing their price targets. shares are currently down 29%, set to snap a three-day winning streak. and kraft heinz bottle half empty today, shares hitting a new record low rounding out the bottom of the s&p after the consumer staple giant failed to deliver on projections. those shares down nearly 10%.
one consumer name shining at this hour, elmer glue, one of the big winners after raising its outlook. third quarter earnings soaring past expectations and increased sales across all business segments. shares on track for their best day since february. they are up 16% at this hour. could the era of the iphone be on its last leg? liz is cutting to the core of apple's decision to keep its iphone sales under wrap, next. a business owner always goes beyond what people expect. that's why we built the nation's largest gig-speed network along with complete reliability. then went beyond. beyond clumsy dials-in's and pins. to one-touch conference calls. beyond traditional tv. to tv on any device.
i just got my ancestrydna results: 74% italian. and i found out that i'm from the big toe of that sexy italian boot! calabria. it even shows the migration path from south italia all the way to exotico new jersey! so this holiday season it's ancestrydna per tutti! order your kit now at ancestry.com liz: we're just getting this breaking news in. turkey's president erdogan says the order for saudi journalist jamal khashoggi's killing quote, came from the highest level of
saudi arabia's government. you may remember the first week in october, he went into the saudi embassy in turkey and never got out. word is he was tortured and murdered and then his body parts disposed of somehow. they have yet to be found. but turkey has said they have evidence that it came from the highest levels. we will keep you posted on any more details regarding that story. apple and amazon are now in correction territory. that means they are down 10% from an all-time high. look at them right now. apple right now down 7.5%. as you see, 79 billion shares, it's no longer a -- sorry, 79 billion shares moving. it has fallen below a trillion dollar market cap. what is the reason here? well, after its earnings call yesterday, guidance for the holiday quarter now at the low end of what analysts had expected but let's get to the real core here. analysts in an uproar over apple's decision to no longer
break out unit sales. meaning they won't tell us how many sales of iphones or ipads they were able to pull off. well, that raised all kinds of suspicions so we said let's bring in apple fan girl lori gill. twitter handle appleholic. i love it. why the big freakout when it comes to not breaking out the actual unit sales numbers anymore? >> so basically, the big deal is that apple has been doing this all along and now it's not. other tech companies that have lots of things selling, they never were breaking out unit sales so it was never an issue for them. but because apple has been doing this from the beginning, it's a concern for people that are kind of keeping an eye on their sales, that they're removing it. the idea being that is apple hiding something. liz: are they? what are the suspicions here. it's sort of an if then.
if they no longer are breaking out the numbers, then what does that mean? does it mean that maybe they are worried that the pool of potential let's just say iphone buyers at $1,000 an iphone might be shrinking a little bit? >> so, yeah, what it comes down to is there's only so many human beings on this planet and there's only so many iphones that you can sell to those human beings. so unless apple is going to, you know, find a way to travel through space and find another planet that they can sell their iphones to, there is eventually a cap. liz: don't put that past them, okay? they have been able to -- >> i know. i know. liz: go ahead. >> with the amount of money they have, they might be able to do that. so basically, there's a cap, a limit. at some point, there's no more people to sell the iphone to. so what i see happening, i believe this is why apple has pivoted. they don't want to show how many phones they're selling anymore because what they're trying to
show you is that the revenue growth is large, even though their iphone sales are flat. so they're increasing their services and their revenue is growing with their services, and they want you to start paying attention to that and less attention to how many phones specifically they're selling. liz: i see. they are trying to show they are broadening or perhaps they are like the saudis. we're no longer just an oil nation. we are going into all sorts of different businesses. let me then just ask about this holiday forecast. what will be the must-have since your twitter handle is appleholic which is hilarious. i just love people who live and breathe this stuff because you are the experts. what will be that hot thing? is it the new apple watch 4 series? >> so the apple watch series 4, when it first launched, it had way more interest than i had expected. usually we get very high interest with the iphone and sort of half watery interest in the apple watch.
this year, the apple watch actually had huge interest. so my guess is that we're going to see a very large amount of apple watch series 4 sold but i also believe that the iphone xr, the entry level iphone apple has available, the one that comes in a bunch of different colors, that one is going to be a big sale because it is a premium phone at an entry level price. so i believe that the iphone x-r is the phone for most people and that word is going around. there's tech bloggers that are saying the same thing. so the average consumer when they're thinking about buying that new phone for their significant other, i think we will be looking at the x-r. liz: that one is less than $800, correct? >> $750. that's correct. yeah. which is still high, but we are talking about a high quality entry level phone here. so you might scoff at $750 but what apple did, they took the
10s and 10s max and made it more affordable. you are getting the same features, the same hardware. the only difference is the display is made with different technology so it's slightly less important. this is a great phone for most people. liz: can you guys tell she's an appleholic? that's why her twitter handle is that. good to see you. thank you very much. >> thank you. thanks for having me. liz: the stock is not in a good way here. it is, as i said, down about 7.33% for apple at this moment. down $16 to $206.08. an american icon crumbling before investors' eyes. with the closing bell ringing in 15 minutes, up next, charlie gasparino with exclusive details on ge and the next move it has to make as the one-time brightest of the blue chips, it hit an all-time low earlier today. we will tell you what that was and what sparked it and what's next for the company. introducing add on advantage,
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liz: they're always high hopes when a new ceo comes into a troubled company, but the high hopes surrounding larry culp's appointment as chief of one-time american industrial icon general electric, now a distant memory, just one month after he was named, shares about to rack up their eighth straight session of losses after fitch joined moody's and s&p, the ratings agencies, in downgrading ge's credit rating, tracking every phase of what can only be described as the slow demise as one of the most famous conglomerates of all time. charlie gasparino, hold on. $9.06 is what the stock hit today. >> yeah, i know. it's now trading at the lowest level since the financial crisis. remember, you might not have
been working at ge at the time. i was working at a subsidiary. liz: i was gone in 2007. >> i was at cnbc, a subsidiary of ge at the time of nbc which was owned by ge. ge was almost bankrupt. i mean, insolvent. it couldn't roll over its commercial paper, its stock fell to about $6 a share. this is the lowest level it's been since then. i think one of the problems is that people don't know what larry culp, the new ceo, is going to do. here's some things we have been able to cull, just talking to former ge executives. he has been mum about his turn-around plans with outside executives. immelt spoke with outside executives. flannery spoke to outside executives trying to bounce ideas off them. he hasn't really gone there. i asked people if he has actually spoken with jack welsh about what's going on. what my sources are telling me is no, he has not spoken with welsh. they had one call when he got the job, i think jack called him up to congratulate him for being named ceo but he has not spoken
with welsh. the ge diaspora, they are scared. they don't know what he's going to do. plus you have the rating agencies weighing in saying this is a company that faces funding issues. they have a lot of debt. they can't tap the triple a commercial paper market. they have to go to bank revolvers which are more costly to short-term funding. this is a company that has lots of funding problems and an unclear plan going forward. what a lot of former ge people are telling me is they think he's just going to break it up. the question is this. this is something that i think, you know, you really need a banker to understand this, to unpack it. liz: we just had bnp's jean-yves fillion. >> the stock has some debt on its books, lot of debt as a pension fund liability but it has decent businesses. aerospace business, health care business, even the engine business. it's not so bad. let me ask you this.
there are really smart people, good technology. if you broke this up and sold them as separate companies, right, would they be, maybe spin off two publicly, that's always been talked about. ge has considered that. is the company worth more than $9 a share. that is something that i think investors should look at right now. not saying buy this stock. but if you look at the bearest guy on ge, the guy from jpmorgan, he's saying it's a $9 stock. at $9, is this company's assets worth more than $9. i think that's, if you are an investor, you got to look at it in that sense. liz: people said that when it hit $11. when it dropped to $11. oh, now it's a buy. >> we're at the level now where it looks like this is -- liz: i'm with you. i get it. >> what would this thing be worth if you broke it up. even with the liabilities, what is it worth. that's how you have to look at it. my guys are telling me it's
worth much more than $9 a share. it's worth in the teens. that is the bet. if you think it's worth in the teens, you buy the stock. if you don't, you put your money in an s&p 500 fund and not worry about it. liz: when ceos did something, they called the ex-people or called the formers and they let them know -- >> flannery did it. immelt did it. he and welsh didn't get along well. liz: when bob wright bought nbc or sorry, yeah, bought universal, he called sidney shineberg. he called lou wassermann's widow. just to be respectful. >> maybe this guy doesn't want to tip his hand because he's doing something dramatic. that's the other thing. one other thing that's kind of hanging over this stock, there's an s.e.c. and doj investigation similar to the one that's going on with tesla over accounting. difficult cases to prove, but you know, that weighs on the stock and who knows what that might do if you have a sale. so just all the things out
there, this is -- you are getting to the level now where people start sniffing around. they're saying warren buffett starts saying hey, is there something there. liz: something there, there. >> i'm telling you, this is like buffett territory. >> okay. liz: charlie gasparino, thank you very much. when we come back, we'll have just a few minutes on this friday to see how this crazy day ends. dow is down 121. n independent fl advisor. it's our name on the door. we are accountable to our clients everyday. we have the freedom to build a plan. a porfolio based specifically on their needs. we're fiduciaries, stewards of our clients' money. entrusted to do what's right. it's a mission. a guiding principle our firm lives by. charles schwab is proud to support more independent financial advisors and their clients than anyone else. visit findyourindependentadvisor.com
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actually voting. twitter is right now about 1%. let's bring in pacer etf president sean o'hara and societe generale chief economist stephen gallagher. what a week it has been. clearly we got a great jobs numbers. 110 points of the dow's losses are apple. if you x'd out apple would have a pretty darn week. what is driving this, stephen. >> even with apple it's a good week. it's a bounce from extremely low levels, from a month ago we couldn't be happy with friday's close on the market. i would describe it as just a bounce from extremely low levels. the market is watching trade, we're watching oil prices and we're watching next week's election. i think the market after this nice big run it is just a little nervous. it is waiting on the election and trade and the federal reserve. liz: those are headwinds. they are tug-of-war, sean. you have to tune out the noise
and invest in what at this point, sean? >> if you -- if you're a long term investor you want to invest things done the worst, for example than other things. international is very difficult to invest in. so it is relatively inexpensive compared to the u.s. markets. global is as well but the big wrestling match, tug-of-war going on the markets, with growth versus value. large cap u.s. growth, outperformed large cap u.s. value for nearly a decade. that is almost unprecedented. at some point we'll see a rotation back, if you're one of those people believing regressing to the mean we'll see rotation to big value names, that trade at higher dividend and trade lower pes at the global market. this will be rotation to value. liz: stephen, we have 20 seconds. are you worried about the fed. >> not in the short term. looks like they will raise rates in september. short term we're okay with it.
we priced that in. liz: great to see both of you, sean o'hara, stephen gallagher. the dow could not scratch out a double-digit loss. we're still down triple digits. nasdaq down 88. backdrop of a sparkly jobs report, that will do it for the claman "countdown". a good weekend. melissa: president trump easing fierce on wall street. the president is about to land in west virginia for a campaign rally. four days to go to the midterm elections. stocks bouncing off lows, when president trump touted trade progress in china. i'm melissa francis. connell: i'm connell mcshane. anything on trade seems to move the markets. welcome to "after the bell." also the numbers we brought you yesterday on apple dragged down the dow today, it closes down 114 points. s&p 500 in the red as well. tech-heavy nasdaq, percentage