tv Countdown to the Closing Bell With Liz Claman FOX Business August 21, 2017 3:00pm-4:00pm EDT
outnumbered on fnc with sandra, please join us. what did you think of this eclipse. don't forget to like my personal facebook page at facebook.com/trish regan. lauren: we looked about ten minutes ago out the window to see the solar eclipse here. i was a little bit disappointed. i didn't have the glasses. trish: don't look at it. lauren: solar eclipse made its way across continental united states. the treasury secretary head today fort knox to confront our nation's gold reserves, first visit since 1974, lots of conspiracy theories but assuming the gold is still there. the markets can still turn sour if dc has problems raising debt
remarks come after the president huddle with national security team in the final days of working vacation, speaking of vacation, the countdown is on, folks, we have weeks before congress is expected back in washington following their august recess, senate majority leader mitch mcconnell and steven mnuchin answering questions earlier today as louisville chamber of commerce but the focus of the discussion, it was supposed to be on tax reform, the big headline, mcconnell's outlook on the debt ceiling. blake berman outside with the very latest. mcconnell somewhat optimistic,
blake. >> zero percent chance that they will default on the credit, the united states debt, mcconnell saying, look, this is going to happen, don't worry about it. he was sitting along steven mnuchin and mnuchin said he wants a clean debt ceiling. we will see if that happens politically but sort giving off the image today that this is going to happen. whether or not and the timing, of course, remain two of the big questions going forward. they also made pretty interesting comments, lauren as it relates to tax reform and came from mitch mcconnell who want to look at deductions, loopholes. for example, they were asked about carried-interest loopholes and mcconnell said the preference will be looked at. mnuchin pointed out that it only affects a small percentage of people in the united states and once again that it might be something that goes away when they get to tax reform.
the other question dealing with tax reform is whether or not this will be revenue neutral, meaning whether or not it's able to stay past ten years and this was the response from mcconnell and mnuchin. >> there's some internal debate about that, that we will have to sort out among ourselves but that's likely to end up where we end up. >> permanent is a lot better than temporary and temporary is a lot better than nothing. blake: here is the top democrat chuck schumer responded a while ago, he put out a statement, to democrats, tax reform is clear, we believe strongly that not one penny go to 1% and that any tax reform must be deficit neutral. by the way, lauren, you also mentioned the other big decision here at the white house today, that'll be from president trump later tonight, 9:00 o'clock as he will head to virginia to outline the decision he makes on the way going forward with the afghanistan strategy, currently
8400 troops, u.s. troops in afghanistan, one to have possibilities on the table is increasing that by about 4,000 or so. he will outline that decision tonight 9:00 o'clock this afternoon he had a little bit of fun with the eclipse as so many others are across the country. lauren: of course, we will be talking about what the potential options are later in this show, blake berman, thank you very much. here is the president right now moments ago he was looking up at the solar eclipse. maybe we can get that for you again. he had buggies glasses on and so did melania, the first lady of the united states. i missed it. i was so excited. am i wrong, someone tweet me, was it great right here in new york at 2:44 eastern time. that was moments ago. looked a lot better there. we have the future of tax reform hanging in the ballots. wall street also struggling for direction. major issues at play, investors closely watching any response from north korea as the u.s. and south korea kick off ten-day military drills and president
trump gearing up for that highly anticipated address this evening on the u.s. strategy going forward in afghanistan. and, of course, you can't ignore the fed here. central bank policy as major fed heads prepare to go to jackson wyoming later on this week, so which one of all of these market moving events will be the biggest driver of your portfolio this week? let's get right to the floor show, we've got traders at the cme group and the new york stock exchange at the cme, alan and we have luke and scott as well. scott, let me start with you, i want to ask about momentum of the stock market has stalled and i say that with respect to the russell 2000. now negative. the dow transports are looking weaker as well. today tech and banks selling off a bit. has the momentum changed if not stalled? >> i think we saw our moment
shift last week. the russell has been weaker probably for about two or three weeks and the question was will the s&p cash and tech stocks lose momentum. 21-day moving average, i think traders, you know, dialed back some risks and then we lost 50-day at 24.48. at this point we are almost 3% off the highs. i think we are looking at 5% move off those highs, so i think at this point if you're not, you know, fully involved i wouldn't put more money involved until closer to 2400 or 2380 in the s&p. lauren: speaking of s&p, we have to point out that it is up 8.3% in 2017, so many investors putting money to work. alan, let me bring you in here. copper having a terrific day today. we are seeing the highest levels since november of 2014. alan. >> yeah, copper is not necessarily the doctor copper
anymore, it doesn't really diagnosis the economy like it used to. it's like gold. it needed to get to 3-dollar level. the downside of gold action is it wasn't sustainable. i'm seeing a couple positive threads even though the market may do relatively low. we are not seeing new highs in treasuries and new roles of highs and viks was actually down and the downward movement has slowed. lauren: we are looking at gold prices, 3 bucks shy of 1300 which we finally hit back on friday. luke, let me bring you in here, you have oil prices struggling. i mean, come on, this has been a down market for the price of oil, but we saw in the past two weeks rig count, oil rig count has gone down, there seems consensus among opec members to
take supply, why isn't this moving price to the upside? >> there might be consensus to take supply off but you know who is going to have the will to do it, i'm not sure that any of them do and besides, the price of oil right now is really related to rig could wants and supply in the u.s. and the 50-dollar mark is where the shell providers are saying that they can break even or make money. i thought it was lower, i thought it was 45. but i think they want to see a 50-dollar price before they increase production and there's been rumors that there's been a lot of hedging going on as we saw a few months ago when oil gets about 50, there's a lot of producers and even sovereign nations that are hedging above the 50-dollar level. they don't think it's going to break that and we are going to be stuck in the range for a while. that doesn't mean to me that gasoline prices are going to go down as well. look for gasoline to stay steady as oil goes down.
lauren: i actually seen it go up where i live, good to see all three of you today, thanks for your perspective. all right, coming up, we are looking at this market, the dow trying to squeeze out a gain. it's up 1 point right now after two weeks of selling. the solar eclipse has come and gone but one tinny town directly in the path of moon shadow pulled out stops moments ago and guess what, jeff flock is live right there, carbondale, illinois, president trump back at the white house following working vacation with controversy and major hole in oval office staff. our political panel takes a look at trump agenda and get it back on track. more with
lauren: well, president trump gears up for a big speech tonight regarding u.s. strategy, the strategy back on capitol hill as it concerns growth agenda still stalled and it was supposed to be a week focused on infrastructure, the framework all but collapsing after president trump gave the boot to chief strategists steve bannon,
is this revolving door the new normal and what does this mean for the future of health care? and tax reform here to weigh in, political panel, say hello to great american alliance co-chairman derrick and democratic strategists craig, good to see both of you, eric and craig. craig, let me begin with you, steve bannon credited with helping president trump win the election right, the america first policy and then yesterday that was one punch, the second punch was the response that the president was criticized for to the charlottesville violence that we saw over the weekend past. how does this affect the agenda going forward? >> sure. i think that -- there are actually two eclipses, one is the solar eclipse when the sun came back and the other is political eclipse in which donald trump might not come back. what we have seen in the last week is that the president has attacked republicans, senators, ceo's, he has attacked anybody
who stands in his path but he did seem to speak about american nazis who were protesting or gathering in charlottesville saying, indicating that they were very fine people. i think that all of those things together, the attacks on the republicans, the attacks on the senators, the attacks frankly on intelligence agencies for months, all of that is going to interfere with his ability and tonight's speech and two, with any legislative agenda that he has. lauren: john weaver, republicans are going to have a tough time passing tax reform if republican leaders don't do more to reject what the president said about charlottesville. would you agree with that? do you think we have moved on? >> i think we have moved on. i think there's been a disconnect between the leadership and the president during the campaign and he also ran on building a wall, he also ran on tax reform and reform and health care and the microscope is going to be on our leadership but also going to be on the
democrats, what are the democrats doing to advance the country and advance the agenda not just from the president's agenda, of course, but really for the american people? what are they doing to roll back health care, are they going to maintain the status quo or they want to see a new system? what are they going to do in terms of maintaining immigration system, maintaining our borders, the onus on the republican leadership but democrats. lauren: 12 working days left when congress comes back from recess. we heard from mitch mcconnell and mnuchin that they're confident that they will have increase debt limit, do you agree? >> economy and businesses are put in jeopardy. i certainly hope that that happens. i have to disagree 100% with what eric just said, the president -- the president and congress are all controlled by
one party. the president has attacked his own party. he's planning primary challenges against people like jeff flake. there's going to be a civil war in the republican party and that's not going to help donald trump achieve anything. the democrats, some of the things he's going to fail at, it's good that he's going to fail, tonight with the afghanistan speech, we have a president who systemically attacked our intelligence agencies and now he's going to address the country on matters of life and death and war and he's attacked the same agencies on whom he's gone to rely for speech tonight. all of this is bad. lauren: well, eric, he did get -- in my opinion, mitch mcconnell defended the president in a way earlier. he said this, judge this congress at the conclusion of it, meaning, critics are pointing out that there have been zero legislative wins by this administration seven months in but if you look at dodd-frank, if you look at the affordable care act, these took one, three years to get
accomplished. do you agree with what mcconnell said? >> i also think that the legislative agenda means increasing the budget and increasing spending. there have been a lot of success by the administration, judge gorsuch, rolling back numerous regulations and craig is absolutely right. the president is also our commander in chief. tonight he has an opportunity to lead our country but my hope is that not just republican leadership but the democrats can also come together and start to talk about a path forward. that's what's he is going to start doing tonight. we are not hearing any leaks, we have no idea what he's going to say tonight. no leaks from the administration and that's a tribute to -- lauren: that's a good point. >> might be because he doesn't know what he's going to say. lauren: well, we have an opinion of what he is going to say. look, three presidents have dealt with this ongoing 16-year war in afghanistan, we will find out six hours from now what the
strategy is going forward. good to see both of you. >> thank you so much. lauren: nike bigger lagered on the dow, after cutting price target to $60 to 75. foot locker and under armour striking out after a slew of downgrades there and foot locker hitting a nearly 4-year low after cut prices to 24.10. 32 and change now. under armour also among the hardest hit today. it is down 3 and a half percent. 16.53. up next we are heading to carbondale, illinois small college town was the eclipse center. they had the longest opportunity to view the solar eclipse and jeff flock was there for the event. >> thank god, lauren, it took a while because the clouds blocked it for a while. i was prepared to be
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lauren: once in a lifetime solar eclipse has come and gone in the last hour as businesses big and small cash in on eclipse mania, the small college town of carbondale, illinois 8 million-dollar boast to the global economy. jeff flock in the middle of all of it. was it cool, jeff? i saw you looking at it in realtime? jeff: i was prepared to be disappointed. i really was. you know, a lot of people made fun, what's the big deal. i tell you, when you were here specially to totality, there's
still a portion of the sun that's being blocked even overhead right now but that totality moment and it was amplified by the fact that we had cloud cover before it and the program by the way is still going on and the clouds blocked the sun and we thought, oh, no, we are not going to see totality well, at the last minute because of the length of the duration, the length of the clips, full eclipse here we got to see it just as a clouds parted and everybody in the stadium, 15,000 strong went crazy. i don't think words can describe as it begins to get dark and complete darkness, a dot darker than i thought it would get, it was a great experience. lauren: yeah, looks like it. jeff: the other thing, everybody in the stands, you know, we had republicans and democrats, we had trump supporters and we had people -- everybody was together going, wow, i'm here because i think this is really cool.
lauren: i agree. coming together. jeff: and so let's have another eclipse maybe tomorrow. lauren: 2024. 2024. jeff, two questions for you. jeff: we have to wait till then. i don't know. lauren: two questions for you, how long, we are hearing carbondale had the longest duration and the second, how was the traffic, we are hearing hotels selling out, it's a nightmare for travel? jeff: the only place i could get to stay was in the dorms at southern illinois university. that was a long time ago and i'm glad, you know, that was not a accommodation. lasted two minutes and 35 seconds. at least we think. i wasn't timing it but it lasted a while and thank god because if it hadn't lasted that long those
clouds would have cob secured it and would have been a huge disappointment. lauren: how much were the tickets? >> 25 bucks for the like thats. up in the boxes at the stadium, you could have rented one of those boxes for 20 people, $10,000. they sold a number of them out. i think i would. lauren: awesome job, you must be exhausted. i spoke to you at our 5:00 o'clock show. lauren: you do it every day. i don't know how you do it. i do not know, it's your youth. lauren: coffee, coffee, baby. jeff: and that, and coffee.
lauren: traders got in on the eclipse excitement. hey, nicole. nicole: it was a very exciting day. i did go outside to federal hall, sat on the steps next to our george washington statute. i will say some of the traders outside, some people went outside, it was hardly a mass exodus or fire drill, a small people, small percentage did go outside to check it out, seeing on the stairs was really exciting, some of the traders were out there but there were people who had the glasses passing them around. everybody was great at sharing all devices and certify intel boxes and one cart on top of the other cart and seeing the eclipse with the glasses as it happened overtime i thought was really, really neat. i goes back to 1979. today we made history and some of the traders got a sneak peek. it was hardly a mass exodus.
there were nypd employees and quite a few people. lauren: we are about 29 minutes until the closing bell and look at this comeback, session highs right now for the dow jones industrial average, 21,702, high of the session. you know, we were down 74 points at the low, this is a comeback. what do you make of it, nicole? nicole: you know what's interesting, you names like cisco and other names on the downside like nike and just general loser foot locker, without energy, without energy this is happening because oil is still been to the town side but moving higher. i think the big picture is not looking at the noise and the headlines from washington or pensions, they are really focused on fundamentals and idea here is that growth is in place, we had a good earning season and they are looking forward to that. there's more optimism from wall street? long term and there are some of your winners, cisco, verizon and visa and dupont.
lauren: anything can happen in the final moments, nicole petallides, good to see you, thank you very much. when we come back, we will hear the closing bell ring in 28 minutes from now. the commander in chief set to reveal his plans for the fight in afghanistan in a prime time address tonight to the nation. james and former navy seal tell what you say they hope to hear from the president on the long wars next phase 16 years later. countdown is coming right back. i was wondering if an electric toothbrush really cleans...
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tanker three times its size, this collision has left ten u.s. sailors missing, fourth major accident this year in the pacific. why have we seen so many naval accidents this year? we are going to bring in our panel, we have lot to discuss, former navy seal sears with us, good to see both of you. >> hi. >> dave, let me begin with you, the u.s. navy announcing this operational pause so they can begin an investigation. do you think there's something institutionally wrong which is causing the deadly collisions? >> i think that there has to be, absolutely. to me there's an initial short-term leadership problem, the leadership problems are generally systematic, as the chief of naval operations richardson said is they need to get to root causes and that looks like a cultural piece. what is going on, what are the
root causes behind this. lauren: look, the time at sea for sailors are increasing and the ships are aging and the funding is getting shorter, is getting cut. james, do we need more resources? >> yeah, look, i've been in this business for 40 years, 25 in the army. i've never seen a safety record like this and it's not just at sea, 14 noncombat aviation helicopter crashes this year. it does look like something systematic here. we have put it away and underfunded and maybe that's part. lauren: james, i want to move onto afghanistan today. tonight the president will address the longest war we have ever been, 16 years now. we have about 8,000 u.s. troops in afghanistan, plus 5,000 nato officers. the president is expected, we don't know that he's expected to
send 4,000 additional troops but any increase being paid by the requirement that the afghans themselves do more? is that what the president will say or should say? >> right, this is not going in and defeat somebody and leave, this is about sustaining afghanistan's ability to not be a destabilizing force in the region, not be a platform for terrorism and it's about keeping the afghan military in the field. we built the military and because of the artificial troop number that obama put under it, we undercapped the resources and hold ground in the field. hopefully this strategy will fix that. lauren: dave, what do you expect the strategy to be? we have seen $114 billion spent and soldiers losing their lives in afghanistan, how do you make it worth it? >> what expect it to be and
should be are two different things. to me it's a kick the can down the road piece. it's a nondecision. you need to look at the afghans, they can't conduct military, we have to hold their feet to the fire, one way to do that is i would be heavily looking and there should be a big debate of full withdrawal out of there. >> i think dave is wrong, he's flat wrong. this is about sustaining capability and some costs mean nothing, how we got here irrelevant. the afghans are fighting for the future. it's 100% wrong. lauren: the question is how do you fill the void, dave, respond? >> right, i don't think the terror is worst than the void. we showed the capability to go in and strike countering aa safe haven or eliminating a safe haven is different than nation
building, until afghanistan adders some systematic problems that they have with corruption, i mean, you have a vice president that's in exile in jail that's -- not in jail but in turkey that's a previous war lord. afghanistan is not as glossary on their side as we make it look. the taliban is doing a great job of recruiting, afghanistan is not. >> we walked away in iraq and it's been a huge problem. lauren: what can pakistan do, what can india do, what can they do, david? >> india could get involved more, put pressure on pakistan. we come out of this and we get away from it, we start to give the problems to everybody else. russia has to come in. right now they're able to fund the taliban. they don't want them back. they are able to help. iran likes this. we are taking all the hits here for what? that's what i want to see come out of the strategy and as james
said, what's it for, james, why are we doing this? what's the end goal here? lauren: well, it's definitely -- >> the goal is afghanistan is not a regional problem and not a platform for terrorism and i think the strategy that's announced will do that. if we walk away, all of our interests are at risk, it makes no sense. lauren: i have to get in north a in the final minute. north korea sees provocation, what should the strategy be? what are the option that is we have, dave, in north korea? >> i think we keep going down the path you're going. you hold the exercise, you can't bow down to north korea and back out of there. i think what we have to improve is strategic communications, make sure that we continue communicating on the same line as secretary tillerson and general mattis and the commander have done. they have largely sent the same
message, this is defensive. we will not initiate. lauren: james, in a way isn't that learning to live with the north korea nuclear threat and accepting it? >> dave is exactly right. just like afghanistan. you have to go back to what is our goal. our goal here is there's not a regional conflict that's bad for everybody and they can't directly attack the united states through nuclear deterrence, strategic deterrence, missile defense, sanctioning the north koreans we can achieve those goals, that's what we have to focus on. lauren: all right, good to see both of you, gentlemen. >> thanks, lauren. >> thanks. lauren: keep it right here for president trump's prime time address in the future of the war in afghanistan, obviously a heated topic, fox business coverage begins 8:00 p.m. eastern with the very special edition of neil cavuto and cavuto coast to coast. all right, final what, 17 minutes of trading right now. we are looking at a market that's up 23 points on the dow, looking to come back a little bit. s&p up 2 points and the nasdaq
higher as well. a scary prognosis from the gop coming from three former bush and obama officials who fought on the front lines for health care reform, what the bipartisan group said senate republicans cannot afford to do when it comes to the future of obamacare. countdown is coming right back. ♪ it's time for the biggest sale of the year with the new sleep number 360 smart bed. it senses your every move and automatically adjusts
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as president obama's administration are waveing red big flags if senators allow it to collapse. >> that's right, lauren. former health and human services secretary catherine and mike and tommy thompson warning that the exchange should be stabilized, rare agreement from remittives of both democratic and republican administrations. let's break it down. implemented the aca under obama said this, quote, stabilizing the current situation can only be to their benefit in an environment which insurance companies are enrolling customers, they have time to go back to the drawing board. and figure this out, the worst of all worlds for them would be to have the current situation unravel because of decisions by the administration. levitt who received under george bush said that the republicans won the right to make changes to
the law but should do it skillfully, quote, they can make changes that signal a new ideological direction without generating a logistical and political mess he said. and thompson similarly encouraged gop to stabilize insurance markets saying it would be mistake to destabilize them. he also served as hhs secretary under bush. insurers say those payments are essential to their participation in the exchange because without them, they say, they couldn't afford the costs of low-income participants, president trump described the payments as bailout but changing the aca has proven very, very difficult and time on the legislative calendar he said it's running out fast specially come september. lauren. lauren: which is just a few days away and consumers are stuck
with few if any options, gerri willis. the dow gaining strength. high in the session, 21,712, nasdaq needs some help. it's fractionally lower at the moment. thousands of americans protecting their eyes from today's solar eclipse outside but up next lee says everybody would have been better protecting the portfolios, september is two weeks away, his eclipse proof take, if you will, coming up next on count my a1c wasn't were it needed to be. down. that i may reach my blood sugar and a1c goals by activating what's within me with once-weekly trulicity. trulicity is not insulin. it helps activate my body to do what it's suppose to do,
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nasdaq down just a point. it has been down four weeks in a row for tech-heavy nasdaq. we're trying to reverse things in last couple seconds. johnson and johnson taking a multimillion-dollar hit with the baby products. let's go to the new york stock exchange. nicole tell us about that. >> they are facing over had 800, what they said in 4800 claims to the talc that is allegedly causes ovarian cancer, that they failed to award customers. a jury awarded a woman with ovarian cancer $417 million because of the harm of the baby powder. the company says they will appeal. when they have this kind of litigation is usually widespread, usually on the appeal the payout becomes less. we're seeing it up about 99
cents. lauren: nicole petallides, thank you very much. the total eclipse is a bad omen. 10 days historically the worst year of the month for the stock market, september, is the eclipse a warning sign for the investors? we have chief investment officer lee munson, scary time or no? >> will cause a shock. a lot of hedge funds trying to buy puts, hedge themselves. i think a pullback, five or 6% off the top is reasonable. there is too much liquidity in this market. there is too much profit gains. we're expecting the republicans will get their act together to give us corporate tax relief. lauren: is that priced for the year? >> look at russell 2000 smaller companies, down four or 5% this
year. clearly wall street sending a signal that you told us last year we would get a 15% corporate tax relief which helps smaller companies. we haven't seen it. so we're seeing declines. lauren: what about larger companies and larger tech stocks, if they bring dollars overseas and bring them back home wouldn't that be good? >> general electric hit the skids down 18% this year. a lot of traders have a theory, i think it is my theory, these larger companies like ge and apple, they don't even pay 15% tax rate. so the idea of them getting anything out of this congress will be very slim. that is why you're seeing weakness in the big momentum fang stocks and nasdaq. lauren: they have propelled the market especially "fang" stocks, come on. >> what i'm saying is, i think they move forward but they're not getting tax relief. just on profits.
i say, i don't expect a 10 or 15% correction because the fang, they are making money, small caps are languishing in tax reform hell. lauren: when people get nervous they like to buy utilities. this is strong sector. do you like certain utilities over others? >> not tick particularly. i think it is a trap. people should look at other things. look at general electric it lost 40 or 50 billion of market cap. you can buy it what it was selling back in 2015, pays a great dividend. look at something like telecoms. would i avoid those. look at companies that can make stuff for them, pick axes. lauren: i am -- immelt could be next ceo uber. >> i think he needs to move on. lauren: later this week the annual economic symposium, jackson hole kicks off in
wyoming. janet yellen is expecting to speak. mario draghi. what do you expect them to say? do you expect fireworks? >> no this is all the way back five or six years ago when we saw jackson hole telling us exactly when they will do for years. we'll find more talk about slow and measured. we already know we'll have 50 billion a month that buddies on treasury bond desks will pick up. i say no bombshells. market goes higher after the meeting. lauren: interesting. what about mario draghi, any bombshells? europe is the place to put your money and could announce an end or pullback from stimulus measures? >> put it this way. draghi and ecb guys tend have issue cutting things too soon. i wouldn't put it past them to cause a correction in the markets. i want to buy a correction. if draghi says something to
cause a dip you buy the liquidity. lauren: lee munsons thank you so much. exciting day as the dow ends the session near the highs. "countdown to the closing bell" with melissa francis and cheryl casone. begins after the bell. >> dow climbing into the close to start off on a positive note. look at major averages, closing bell sound on wall street. i'm cheryl casone in for david asman today. melissa: you are not david asman that is for sure. i'm melissa francis. this is "after the bell." here is what else we cover for you in this very busy hour. preparing to address the nation in prime time, president trump is back at the white house today set to chart a new course in afghanistan. new details about the commander-in-chief's decision on america's longest war. focusing on policy over