tv Countdown to the Closing Bell With Liz Claman FOX Business June 7, 2018 3:00pm-3:58pm EDT
all right everyone we will be watching all ofw ext when the president is indeed in singapo with came -- kim jong un. whoever thought we'd be saying back, right? anyway we are continuing to watch the market right now. n there we covered that newprinted tri y vr screen a rose garden news conference blooming with headlines wrapping up of course moments ago with the white house president from holding a joint press conference with jap prim shinzo abe. covering a wide range of topics with the summit of north korea next week of course. that was a big one. president toensing the two are working hard to improve trade relations between the two nations. abe promising new japanese investments in the united states ahead of tomorrow's g7 meeting
in canada. also a hot topeader kim jong and the commander-in-chief he might be able to get a deal to formally end the korean war. that would be historic. also the possibility of inviting kim jong un to the white house. we have instant reaction from the white house. of the world's foremostlk to one authoritietional trade professor joelman. other breaking news coming from the white house, just like everyday. meanwhile team trump says chinese telecom gte back inbubia that's the right move by the congress secretary and jg -- jpmorgan chase jamie dimon thinking they are doing it all
wrong. charlie gasparino telling us let their sing to him during this era. in a mixed picture o the market the dallas they just said about 25,000 thanks oil. it's twitter's first day the s&p 500. we are less than an hour to closing bell. let's start countwn with liz claman. liz: first to wall street, markets are losing steam heading into the final hour of trading. a lot can change in the next 58 minutes from now to the dow is up as you can see in your screen 80 points. were above the 25,000 level. high as 179 points earlier during the session with a few things going on. closes with the nasdaq isecord looking to snap a four-day
winning streak. currently the nasdaq is down 15 points -- 50/50 points and you had gains in the energy sector. again shall see how this all shapes out in the next hour. we did by the way settle on aowr crude oil jng almost 2% boost in energy stocks along the way so that they dow was getting that list right now. oil is up more than 1 dollar. take a look at some of the biggest oil producers on your screen right now. apache, chevron and you conocophpache the big winners on a percentage basis. at the end of the day the top cop gainers in the s&p 500 again. let's flip over to some of the biggest slackers for the s&p that we have for research on tracor the worst day since november 29 after one of the t romcore isi raising concerns
about the shipment out. this is the leading ship equipment maker. what are the concerns? it will talk about that and the maker of smuckers jam j.m. smucker is tumbling at this hour. this company issuing a full-year profit forecast that was wayw ag costs down 5% right now. i'll write back to the white house for president donald trump and japanese president abe just held a joint press conference in the rose garden. that was just a few moments ago. we saw that wrap up here. trade tenre ramng up and have been between the united states and japan followi threatening to impose additional tariffs on japanese cars. lauren's at the white house with a recap of what we have seen
over the last hour and a lot to cover but trade still the big story between these two countries. >> exactly trade as you that in t lasteeutes or so the prime moing to his hotel and on his g7 s t. there were a number of takeaways in the big one is president donald trumpms to be listening to the shinzo abe the prime minister of japan. he specifically wanted to talk about abductees. this is something close to the prime minister of japan's hard here and politically back in japan. their number of abductees from the 70s and 80s in north korea and the president has agreed he said to bring up that issue with the north korean leader kim jong own at a summit later on next week. he did say it's very important for the japanese and something he wants to look at. he mentioned also in trade the
president address trade in the tariffs. that was a big thing for the japanese prime minister t remove the steel anum tariffs would also possible tariffs on importing cars from united states with the indication there might be a larger deal in the works. just listen. >> prime minister abe and i are working to improve the trade relationship between united states and japan, something we have to do. united states bilateral deal with japan that is based on the principle of fairness and reciprocity. weorking hard to reduce our trade imbalance which is substantial, remove barriers to the u.s. export hand to achieve a fair and mutually beneficial economic partnership. >> that's very different language than the president uses when he talks about canada or mexico for example. those negotiations a bilateral deal have been going on since april sort of behind
the scenes because of everything else that's been happening the over that period of time to the president talked about north korea. that's a big issue specifically with the missilesth korea has would like to see all of the missiles go away. japan saying it's very important that we are under the president n to be listening. the japanese prime minister says he's in line with president. cheryl: edward lawrence a great job with all that's going on at the white house. thank you. investors are cautiously bracing for two massive events that could really change the landscape of globalde and diom global leaders gathering at the g7 summit taking place in canada this weekend and of course the historic singapore summit with north korea happening next week. which one of these two events has a bigger impact on the let's get to the stock stock exchange and the citigroup scott
rattler standing by at the stock exchange. that you are watching? >> next week is very busy and all three of the events i what traders are watching. we just had a big move in the market. like you said it was up for three days a row. i think a toht ts above 2800 in and the s&p. the most important ones getting no more tariffs on china get a trade deal and get that out of the way and let it come back from north korea also with a handshake and somewhat of a deal versus putting the rhetoric out there that could shake things up a little bit. cheryl: chris brings up the fact that it's expected we will see the fed raise interest rates and at theameou do have of course the summit between president trump in kim jong-un and the trade dispute whether the trade dispute with nafta a the parameters of nafta and
canada or the european union. take your pick of what to worry about today. >> it's a wall of worry. the dow was rallying 1000 points that's the one saving grace so can we get some follow through? we have seen this stutter two or past three months. any one of those things can move us. some errant tweeter some politician says something wrong and we have a correction. i would just say take advantage of the fact that we have a rally and if you are worried about a big correction give yourself some protection cheryl: scott i want to ask you what we are seeing with to technology. by the way twitter i trading on the s&p 500 a part of that anyway but the pressure and technology stocks. is that something to worry about because that's one of the top
performing sectors of the year. >> will you remember last week we have all that news about the elections and we had a breakout year, all-time highs at amazon and netflix and great moves wit today is something welcome. traders want a backs of it and fee like che news and in the meantime you have the financial and energy rally so that helped. overall the pullback in technology is very healthy. some traders will be getting the names like amazon closer to 1670. cheryl: chris into the weekend he think we will be comfortable in a position in what could be a busy news weekend? one never knows anymore. >> absolutely. you just never know. i would watch a oil. oil had an interesting move a
60-dollar rally. we gave back half of it in about eight days so i would watch and see what happens wit o ulnsen the new york dollar cheryl: chris robinson and scott radler thank you so much. appreciate it. as i mentioned there's a lot to watch. we have the summit and the g7. taking look at the big board the dow up for a one points but we are pulling back. it's hard to say, you could see the dow loseomentum in next fyou never know when thinge going to change frankly. the s&p and the nasdaq as you can see firmly in the red right now. the nasdaq breaking a three-day winning streak. also the oracle of omaha, warren buffett and jp diamond uniting in a call to end -- and if that weren't enough sources are are telling fbn to make a move could be the first step in an even bigger plan for the jpmorgan
. there's always a plan b. charlie gasparino has exclusive details coming up and don't forget start your morning with me 5:00 a.m. eastern time. we have all the news you need to know to get your day started monday through friday right here in "fox business." countdown, coming right back. metastatic breast cancer is relentless, but i'm relentless too. and i treat my mbc with neerzenio- the only one of its kind that can be taken every day. in fact, verzenio is a cdk4 & 6 inhibitor for postmenopausal women with hr+, her2- mbc, approved, therapy, day trtment for postmenopausal women for a reless disease. verzenio + an ai is proven to help women have significantly more time without disease progression,
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dimon teaming up the practice of two financial legends that save not only hurts business and t economy at large by focus on the short-term versus the long gains for companies but controversial recommendation sending tongues wagging across wall street is some of the jpmorgan chief's clostcolleaguee lly be the f potential turn to the oval office for mr. dimon. joining us with exc details on two big stories charlie gasparino. what are you hearing about this? >> sherra let's put the letter in context. e critique and the criticism of using quarterly guidance and wall street and investors a word about the next quarter and the notion of short-termism is not a new concept.
in the game so you have to asksg about this three years ago in a big way. you have to ask yourself what motivated warren buffett articu? he is not at the end of his career. warren buffett is at the end of his career. what would motivate him to bring up this old subject and what i'm aring from friends close to jamie what they are telling me is this is the first step, the first fairly public step in putting it out there in a way th him for post jpmorgan career in politics. i asked these friends, how do you know back? they say because it comes up time to time in conversations with mr. dimon. he is not tonight is looking for politics is thet step to the post jpmorgan -- jpmorgan career. by the way is not going to be a jpmorgan forever. in the next three years is like you to be out of there but a lot of people talk about that so what office might he be go for?
well he lives in new york city but i'm sure he has friends all over the place. he's a rich guy but the big office is the one his friends say he may consider and that's president. would he run as an democrat or a republican or an independent? i can't tell you. it's easy to see that transition and this guy. he sees donald trump doing it. ld trump's never run a bank. this guy knows how to deal with it and politic thld says a consvative, social moderate, kind of fits within the mainstream of american politics plus he's really smart. plus he can raise money. this is a guy that is pretty well-positioned. what does he say about this publicly? i have no intention. no intention they are weaseling around this. that means right now they might not want to do it but the n because it's the
obvious next step for him. if he doesn't run for office i caee j.p.on being the professor. it's going to be one of the other but a lot of his friends say higher office and don't be surprised if heders dent. that's where he is right now. cheryl: you are where all the money is right now charlie petit want to ask you why your in times square at the sheraton because you are at the epicenter of where football and money meet, the best place to be. >> oh yeah and by the way we were being spied on by the nfl worried about some of my reporting on theonsternation. this is their sponsor summit. roger goodell is incited many of the owners with their sponsors. pepsico should be here. there's a lot of worry inside wi the nfl has to deal with over this kneeling controversy. would you agree with the players and wer you likehe nfl's
new position which if you want to take one need do it in the locker room. you cannot do it outside during the anthem. no matter which way you put it the fans by and large don't like it and what some of the sponsors are worried about is that ike from fans. if they get a backl that impacts the brands. i can tell you last year when the stuff was boiling up president trump tweeting a lot about in the still tweeting about it. pepsico was inundated with calls from consumers about their sponsorship of the while the nfl was allowing pla to take one knee during the anthem. that is essentially what they are talking about in there. again they don't let us in. we are not a sponsorr i've talked to people who are in there and there's a lot of worried people about the business of the nfl and how the controversy is affecting it. cheryl:pened ata johns is the perct example charlie. watch your back out there.
thanks charlie. >> by the way times square still crazy. i don't care what anybody says. beenere all day and is still another place. cheryl: you should see it at >> it's not like the 1970s do. when i grow up. cheryl: it still disneyland. she charlie thank you very much. let's take a look what's happening with the markets. we are back up now on the dow. th is a positive move here. we are up 71 points. we have been at 40 on the upside but that was a session low. we will see what the dow does. energy is helping out the dow and also watching microsoft. they are making waves with their latest move the behemoth of technology putting a massive data center under the sea. you heard me right on that one. the 40-foot long submarine like structure that can hold 864 servers that's being installed on the seabed near scotland's
orkney island. microsoft is more cost efficient and easier to cool down. i guess that makes sense. shares of microsoft right now on the downside. a lot of technology names are right now about 1.5% down. attention all you java fanatics or triple grande cinnamon dulcee expensive. what's new with starbucks? >> it's a beautiful day for a price increase, the third time in three years. how much and what averages? he you'll have to stay tuned to find out. hi.
it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it. chubb was there within hours. they helped make sure it was safe. we had everyone we needed to get our museum back up and running, and we opened the next day. news right now on facebook pate bous said recently they found a bug that posted some of the users post publicly when the users that they were sharing privately with their friends.
facebook has fixed the bug issue. they say they are reaching out to the 14 million people who posted publicly during that time to let them know what happened to take a look at the stock right now. it's down 1.5%, part of a broader technology selloff that we are seeing today and that is one of the things affecting the nasdaq in particular but a lot of tech stocks are under pressureay. get ready to dig a little deeper y the decision toor your carame. increase prices across most of its u.s. stores by the coffee chain will be raising the cost from 10 to 20 cents on every size. taking a look at shares of starbucks right now, stocks are actually. flat basically at 0.7%. starbucks in chicago.of the do you think this will scare off customers, jeff? >> every time this happens we think it's going to happen to come out ready to talk to people
and some people are angry. they go out of the store with the starbucks in her hand. what can i tell you? take a look at the numbers in terms of percentage increase him than the cost of coffee at the store. the supermarket where most people use to b their cof tually the tall starbucks now brewed hot coffee between five and 11% increase depending on the mar the cost of coffee at the store down between six a 7%. this perso the arbucks in his hand right there. hey, how are you? a few extra pennies with him. starbucks for its part says its costs are going up. not necessarily coffee that costs in general between nine and 13% for expenses and the cost of rent and all of that. we obviously talked to some folks, real folks not just on twitter to see what theyave to
>> i love coffee but if it's too high, no. i will go for tea or go >> if it starts reaching five or six bucks. i needed so i will keep paying it while i can. >> nickel and diming you. two nickels and one dime isty me in price but take a look at starbucks stock today. flat. over the course of the last year kind of flat as well. they have had their issues this year and in fact you could even sit down starbucks and take a little nap even if you don't tiny thing. maybe you should just get a dunkin' donuts coffee. that's fine. cheryl: it's a nice day for a nap, nice and sunny. cheryl: and chicago, jeff thank you very much. coming up met donald's.
right now 169.81. mickey d's is considering a frfs. that's one of the things people don't like usually. coming up next it's a done deal. the u.s. agrees with chinese smartphone maker. the commerce secretary wilbur ross has announced a fine but does the trump administratio cave? it will ask robert wolf who has his own deal with the chinese. he is perspective. you'll want to hear more countdown, on the way.
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services to chinese firms bt -- cte commerce secretary wilbur ross announced a settlement between the u.s. and the chinese tphone maker. the commerce secretary zte will pay 1 billion-dollar fine and will have a chinese speaking u.s. compliance team reporting to the company's new management team and the commerce department forhe next 10 years. is this a win for presidentp orr should have been made? let's bring a contributor ceo robert wolf. good to see you. was this a good or a bad deal? >> if i said to you forget that you knew about the deal but hectic on band the company on its military races and an entire country was scared about privacy and intellectual privacy being taken by china and that i told you what amount of money would you say okay to that most of you
would say there's no amount of money. during a million-dollar deal with someone like zte that had sanctions in the u.s. because of their work with north korea and iran i would say that doesn't feel good. forget what robert wolf said that if i equally said totor ke, senator rubio republicans, senator warner, senator coons, senator schumer for all all of a sudden talking in a bipartisan fashion you would say that must be something special. and in then the last thing as you were going to have a bill by 7:00 with delaware going against it and then the second thing is to have congressman tim ryan of ohio teaming up with congressman mike hardaway of texas and marco rubio of florida all going against this says to me i would say thiss one time it's feels like bipartisanship may be working. doesn't feel to me like this is
a deal that should have been done. cheryl: to your point remember when all of those generals were in front of congress two or three weeks ago now they all had a zte -- that's a good point about that buttery surprise china agree to this because financially the company -- . >> not at all. a million dollars is trivial with respect to china. nu two, n disrespect to secr ross but i think when he made a mes a statement this isn't about trade that's ridiculous. s a the china ge the second thing is the timing. president trump's going to north korea. chinauts in a little giving them something they want so there is a reason to the timing. this president is very transactional so i think although from my perspective its
that are post-history. cheryl: where does this fit on the broader scheme of things? wilbur ross just came back from china. maybe this is the only thing that someone agreed upon otherwise t don seeo be able to get anywhere with the potential trade were with china and the things wee accused him of and they don't seem to be willing to negotiate. that we have gone in anyo me positive for specs with regard to china trade. they want to buy her agriculture anyway so to me the idea that our tariffs versus their tariffs is not a way for us to proceed. what i really don't like is we have been attacking mexico and canada are allies than we have been tough on china. to me i'm trying to follow it. there seems to be a lot of
pivots and different paths taken. if i was advising this presi no. cheryl: you have experience in you know what it's like to do business with chinese firms. what would your advice be? >> two different questions. one i've been a three-time presppoiee've had the ability to advise. i'm a supporter of fair trade iw have been for this president to stay with the transpacific partnersp because the best way to combat c is to do trade with triessurround char n zealand philippines vietnam. that's best way to combat them is to trade around them. int trump going after certain tariffs but that's not going to chan intellectual property and privacrns which is the biggest concern we have rigw. all the zte deal does is king about china i since we
sk you about china's role in the summit with north korea coming up on tuesday obviously china seems to have a very pivotal role.with their neh korea. they looked to north korea for labor. they canhe north k st friend or their worst enemy. >> i want to be clear i support president trump and the diplomatic approach to north korea. diplomacy is a good thing and lad he is sitting down with them. i wish there were some preconditions to it. that being said it's better to have one step forward than no steps forward. with respect to china they are the most important player in the room at the end of the day. there's certain things that president trump is not going to give up. not going to give up on denuclearization. he's not going to give up on the demilitarization zones. at that being said it's up to china to start with them,
g the pressure on. we need china to be a good citizen. before we go i have to pivot. would he make of the warren buffett jamie dimon letter talking about pressure on companies putting out quarterly results. it's not about the short term games but the long-term gains. what do you make of that? >> he i w part of a public company for many years. listen what is interesting is i agree with them. pressure is brutal. you have the big shareholder conversations. you have the analysts micromanaging what happens. it's not that forward-looking so i agree with the way jamie dimon and warren buffett view that. we need to think more about where these companies are going over period of time versus a day and time. i don't think that's going to change because at the end of the
day shareholders want more information, not less. cheryl: the street lives for it. robert thank you so much. >> say hi to liz two. cheryl: jalisco will be back tomorrow by the way. it looks like we may have a positive close here. the nasdaq a different story. nasdaq techny story there. coming up next a head of the gc seven summit president trump facing a rough reception in canada. professor joel trackman is one he foremost authorities on international trade law. countdown is coming right back.
>> we welcome and encouraged japanese investors to open new plants and factories in the united states and that will happen. the prime minister has told me that will happen. cheryl: president trump discussing trade with japanese prison shinzo abe ahead of the g7 summit in canada which starts tomorrow. tensions over terror of certain to boil over. mr. trump remained steadfast on his trade policies. we are bringing in one of the world's most foremost authorities on global. from the fletcher school of law. professor thank you for being here. >> thank you, cheryl. cheryl: repressor what was your main take away from the news conference in the rose garden last our?
>> i think it's uncertain whether we will see more japanese investment in the united states. the japanese investment into the united states to build toyota or nissan to take advantage of the north american market and the ability to source intermediate products from mexico and canada and the ability to source steel and aluminum from around the world. if there increased tariffs on those things that doesn't make for good investment to united states. i recently read investment of united states's jobs -- drops to 23% in the past year so i don't know what his cause that but it may be a reluctance to invest in a country where the ability to have supply chains for factories -- cheryl: that's an interesting take. let me ask you about the g7 québec canada it starts tomorrow. it's being called the g6 plus
one. normally the united states is a leader when it comes to g7. we are the ones that set the agenda bringing deal to the table. it's being characterized as the opposite and art trade potential trade war against the country is going to cause tension. what are you expecting? >> i think you are right. the united states is the leader of the west and this is a group of western countries including japan canada and all of europe as well as specific european countries and the united states has been the leader but now it's looking like a rogue state. last week with whistler and the finance ministers summit the other six countries expressed unanimous concern and disappointment. that's the diplomatic equivalent of screaming bloody murder. i think president trump will hear similar kinds of expressions of concern and i'm
pretty confident that we won't have much to respond to. you continue to say i'm imposing fees 25% tariffs on steel and 10% tariffs on aluminum products from these countries that are our allies against other countries that truly challenge us in those countries are understandably dismayed and angry and ready to retaliate against the united states. cheryl: i want to let our viewers know we are looking at secretary mike pompeo giving us an update on the summit and preparations for next week with north korea. if we hear anything out of this we will bring it to our viewers but i want to keep talking with you about the larger picture here and what we will be expecting tomorrow and saturday. with the eu we have had our partners with these tariffs in your reference that but what about the retaliatory efforts?
that coordinate invoice if you will amongst the g6, pun intended on that one. is that a danger to the u.s. economy even if president trump doesn't listen to what they had to say at the meeting? >> i think those countries have already said that they are going to respond with tariffs on united states agricultural products, on bourbon from kentucky, motorcycles from wisconsin and cheese from wisconsin and they are targeting the places where the most important representatives have their constituencies and they are trying to impose political pressure on the united states. that will happen unless there is a sudden change in policy. they are not taking a weak position and they are uniting against the united states energy
six in that sense. cheryl: like i said pun intended on that one. joel trackman thank you for lending your voice to this important topic. thank you sir. >> thank you. cheryl: of course we will have the coverage tomorrow and the g7 would look at the closing bell, 98 up on the dow. eight minutes ago. it looks like we are going to hang in there. technology dragging down the s&p coming up next we have our countdown closer. why a potential strike by a ups is nothing to fear about. you are going to want to stick around. insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance.
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the dow gaining a little steam. the s&p on verge of turning positive. kind of a nail-biter which is always fun. tesla, by the way, trading lower right now after ntsb report, says a driver did not have his hand on the wheel right before the model x car crashed on autopilot. go to the new york stock exchange, and susanly, who has the story. hey, susan. reporter: goes back to the autopilot crash in california march of this year. ntsb investigating the crash. the driver did not have his hand on the wheel six seconds before impact of the final minute before crash took place, he only had his hands on the wheel 34 seconds. media coverage of autopilot crashes in test sachs model x, we have three, one in florida, one in utah, one in california, media coverage irked elon musk. that is hurt the stock, one of the most shorted on the s&p.
back to you. cheryl: susan li on new york stock exchange. u.n. workers are ready to strike for a better contract. i love this guy, gary b. smith is not worried. i love you're here in person and you're bullish on ups. why? >> i love stocks that i can touch with my hands every day. we talked about amazon with liz many, many times. the other part of amazon is getting deliveries there. is a strike pending. ups will be around. workers will do great. they have good relations. one of the best unionized companies that i know. cheryl: unand company have a pretty good relationship? >> they have a pretty good relationship. cheryl: maybe bargaining table will get them somewhere.
talk about verizon. i don't have a landline anymore. >> who does? cheryl: you like verizon. because when i pick up my ipad is is verizon wireless. when i pick up my cell phone it is at&t or verizon. wireless will not go away. i like all the big players. i like at&t, verizon. it will be around to matter what the technology is. it might not be hardwired as you point out. landlines, maybe even tv. a lot of people use the satellite tv. wireless is here to stay. cheryl: right. wireless. all things they're getting into with data services. >> exactly. cheryl: real quick, ask but the general sense. we have fed meeting next week. north korean summit. g7 starts tomorrow. calling it g6 plus one. >> right. cheryl: yet dow is positive right now. what are you watching right now? you're worried about the geopolitical risk? >> tell you what? only thing i'm worried about is
the whole trade thing. that is the one area that trump could really must have for the economy. everything else is good. eliminating red tape. lower tax rates. a better pro-business environment. except for this trade thing. that's goofy. i hope he has some elaborate plan he is thinking long term, on negotiating. that is the only thing that worries me. i think the economy. the foundation is there. we're in great shape. cheryl: really quick looking at s&p 500. a lot of weakness is technology. technology had been one of the stronger areas. last word on technology? >> people say, ironically i heard someone say "fang" stocks are the safe stocks. think about it. amazon is not going away. i'm not a facebook fan. i hardly ever use it. but others, netflix i use every day. google. i like the "fang" stocks. cheryl: i heard one of the things about technology it actually is immune to what happens with trade. if you have a energy company
under pressure -- >> no matter what happens with trade, i'm still logging on to amazon, getting packages delivered. cheryl: good. gary b., thank you very much. that is it for the day. markets end the day mixed. second day in a row. over to melissa and dave. melissa: green for a second day in a row on the dow at least, ending the day up about 90 points, a little more than that off session highs. the s&p 500 dipping into the red. nasdaq, not having a great day. i'm melissa francis. david: i'm david asman. still 7600. not bad on the nasdaq. not doing what it has been doing. this is "after the bell." more on big market movers. we have a busy hour. here is what is coming up. president trump says he is well-prepared for the upcoming. holding joint news conference with the japanese prime minister