tv Countdown to the Closing Bell With Liz Claman FOX Business June 14, 2019 3:00pm-4:00pm EDT
been in narrow trading range, whenever we go down buyers emerge and when we go up they start to sell. liz: we say it's not how the market opens, sorry, stuart. [laughter] liz: it's how the market closes. you have to watch charles and then me because breaking news by the way we are watching the health insurers because president trump is about to reveal new plans to slice health insurance costs for millions of workers and small business owners. rose garden announcement at the bottom of the hour, our cameras are there and take you to the white house live when it happens. is it now the hawei customer semiconductor broadcomm blaming blacklist for 2 billion-dollar punch to the gut? now rules say you can't do
business with huawei, if you want to do business in america. far-reaching ramifications of trump trade war shaking the markets just a bit, yes, you do see a little bit of a comeback but specifically apple, chip makers, energy names to drag down oil-related shares, we do have insecurity here but as we head into the last 60 minutes of trade wall street holding onto small weekly gain, let's see if we can hold onto them at the close. the finger pointing on tankers, president trump not only blaming iran but taking one step further saying that iran will never have a nuclear weapon on his watch. national security and implications of heightened rhetoric, less than an hour on closing bell this friday, a lot can happen here so let's start the countdown.
♪ liz: it is red right now but look at tesla, briefly turned positive, it is down just -- 15 cents, barely. let's call it flat for the moment. the electrical industry news services saying that electric says the company owned by elon musk, well, owned by shareholders but, of course, he's the ceo then wrote to record quarter. a lot of movement today, now, currently elon musk says they're delivering cars at rate of approximately a thousand a day in north america, musk predicted tesla shareholder meeting that the company had a quote decent shot at a record quarter, so for the moment tesla is fight to go get back in the green, we will see what happens in the last minutes of trade. we have the screen around the world broadcomm yelling out warning of broad slowdown in its chip demand, so it announced today it had to cut full year
forecast by $2 billion due to china trade tensions, bam, look at this previous day compared to what's happening now, broadcomm down 6 and a quarter since, it was a tough session, still is for european markets there in after market but european shares are flaring red aztec stocks lead the way. kind of like dominoes, u.s. markets did tumble but right now we are actually at session highs even though we are down about 3 points, we could see a comeback here. can we hold that? all the components of the philadelphia semiconductor index, this is everyone from intel to advance micro devices, broadcomm the biggest loser on the stock so kind of keeping -- you could keep it a cap on markets here. tech is having trouble today, online pet product seller chewy not having any problems unleashing gains in market debut, so this is a name that
was priced at $22 a share, the stock spiked at the open to 36 bucks 63 and right now at 34.20. still pretty decent price above the actual pricing that it was given yesterday, but giving the country $14.35 billion valuation, it's happening at the moment. this is a company that sells fete food, pet supplies, pharmacy items for your dog and your cat, chewy's majority owner is pet smart which bought the firm back in 2017. nice move there, up 55% at the moment. we need to get back to broadcomm because while it may latest casualty in the trump trade war it is not the first to get caught in the vortex of huawei blacklist, a month ago today that countdown to report breaking news that the world's largest semiconductor designer that licenses its chip architecture to nearly every tech company on the planet was
cutting off the chinese wireless giant on president trump's orders, that's the ceo simon, he and i go way back from multiple consumer electronic shows, i gave him a call and not only were we able to confirm that had ceased doing business with huawei, huge operations in silicon valley was, quote, immediately complying with the government order to cease business. high silicon is significant size customer for arm but, quote, we have to comply with new restrictions, we have no choice, they like to have huawei as a customer for revenue. arm's compliance could very well gut pretty much everything it
does. susan li live in news room, it really underscores the importance for our viewers, even if they don't own broadcomm shares, they may have other chip stocks that could be the next to warn? >> that's right, liz, basically how 401(k)'s work they buy aggregate, i'm sure that's how they hold broadcomm in portfolio. they buy the philadelphia semiconductor index, all the big chip makers, intel, texas instruments and the like, today we are looking at the worst day for philadelphia semi in close to 3 weeks losing a combined market value of $35 billion, that's being led, of course, by broadcomm lowering their sales guidance for this year by $2 billion, most of that because of the huawei blacklist but i will get to other reasoning as well, take a look at declines, we are looking at texas instruments, ti, apple today
which is a big chip buyer, intel following as well, but you did see the warning coming from broad cam, huawei itself counts for $900 million, not a lot, just 4.3% but if you combine the huawei blacklist with geopolitical environmental we are looking at slowing growth in china, europe and the rest of the world and also trade concerns as well. that's the reason why we are looking at broadcomm, this combined 2 billion aggregates and smart phones sales aren't doing as well as they used to do as well. it's not just broadcomm, just last month they also lowered sales guidance by combined $50 million, so there is knock-on effect. in fact, we heard from dan niles
who says we are expecting in back-end demand, in fact, front-loading in first quarter forecast, so we are expecting this and broadcomm might be the first. so seeing growing headwinds across key markets, networking space, storage, smart phones finally caught up with them triggered by the negative developments over trade in the past month. liz, let's keep things in perspective but at least philadelphia index hit record, so we are not that far off. liz: yeah, i mean, let's really make sure that people understand our economic data here is looking decent, susan, thank you very much. so much talk about the chinese telecom giant known as the big 5g threat of huawei, what's it like on the inside? monday you and the rest of the world will go as fox business becomes the first network to get inside huawei, connell mcshane
on chinese mainland only on fox business. we will look at dow jones industrials up 10 points, that's not enough for investors to stop for safer investments for this hour as data continue at least globally to point to slowing economic growth worldwide due at least according to chief the trade war between the u.s. and china which he says is costing trillions of dollars to businesses. so where are they going, well, take a look at gold, gold giving up some of its luster of the earlier gains but still this level here, pretty much a decent move, i want to call it, let's see what gold -- the multiyear high, settled at 1,344, that's where we are right now. highest level in 14 months. we do see jumping here, let's move to treasury yield, look at the 10-year right now, if we can flip over to that, it was earlier 2.09%, we now have it exactly there, hoovering around
21-month old low, yet, the atlanta fed revised gdp forecast for the second quarter. i'm exaggerating, it shows that the u.s. economy will now expand at 2.1% annualized rate upper mate bid the atlanta fed, some of that really has to do with the fact that the economic data have not looked that bad, we saw retail sales and industrial production looking healthy here, so what are the traders saying? where do they see the hurried really moving, still looking for safe havens or listening to atlanta fed? to jackie deangeles taking the pulse of the traders, jackie. >> hey, liz, most are saying the market is in in wait-and-see approach, all of the data that's coming out, what's happening with china, but you can see as market turned around in positive territory on friday before the
weekend, showing some positive sentiment after selling off earlier on the broadcomm news as you mentioned. in terms of safe haven, the big moves have -- we talked about gold, 1344, jump over 1300 to this level but today is pretty much flat, the yield on the 10-year note, lower than we have seen it in some time, the move has happened already. today everyone is sort of taking a breath and saying let's see what happens, the data is strong as you said, retail sales numbers encouraging, let's see if we can make progress on a deal with china, that's what this market really wants and the huawei-broadcomm story has been the first tangible example that we have of what can happen to a u.s. company that can't have huwaei as a customer anymore. let's look at what happened this week? home depot showing strengths, wal-mart, disney as well. that's speaking to retail number, consumers alive and well, morgan stanley raising
price target on the stock to 160, citing strong digital subscriber growth. weekly losers on the dow, boeing, being hit with merger and crisco trading lower as well. liz: let viewers take a quick look there, cisco systems down 2%, dow jones industrials, what's pulling it down? dow is pulling the dow down with the closing bell ringing in 48 minutes, this is the bottom of the dow 30 chart, chemical giant has trounced the broader market since the beginning of june, why is it the big drag, smart investors maybe taking profits off the table after shares ran up 10% month to date. up next president trump blaming iran for yesterday's attacks in gulf of oman now taking step further now declaring iran will
never process nuclear weapons on his watch, but is he too late? our countdown panel has threat analysis and we are awaiting president trump who is about to unveil the latest alterations to health care in america and how much you pay, particularly aimed for small businesses and their employees, what will the coverage look like, we will take you straight to rose garden as soon as it begins, countdown is coming right back. it all started under this buttonwood tree. twenty-four people came together to sign an agreement that created the stock exchange. just the right elements coming together. it started when scores more people came together, just down the street and traded bonds that helped pay for the revolution,
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liz: we have breaking news that tensions in the gulf of oman moving from two tankers attacked thursday to tug boats in the last few hours that are being stopped from doing their work, fox news now reporting iranian gun boats stopped, hired tug boats from pulling norwegian tanker that had been hit by some type of -- we don't know mine or bomb, fox report that is the u.s. warship, prevented iranian tug boats from pulling the crippled japanese tanker from the scene. while the damaged tankers are in strait of hormuz president trump blamed iran for affair.
proof releasing video, iranian navy boat removing unexploded mine from the one of tankers, tanker that is japanese owned. rising oil prices may just be the beginning of our worries at this hour, now china figures into this scene, jamil, foreign senate committee adviser and from cm e*trader by ira epstein, china is getting involved, president xi of china is having conversations with iran and not the likes of what we saw with shinzo abe of japan who is trying to play peace maker, do we have a new access of evil that involves iran, china and i will throw in north korea? >> look, liz, we saw last week vladimir putin defending china in trade conflict that we had, the u.s. with china, china supporting iran, north korea has
always been bad actor supported by china, there's definitely a theme going on here where the people who are not supportive of u.s. policies are coming together in various combinations, whether we have real acts of evil or not, certainly a collaborative interest that they have against us and to push back on u.s. influence and frankly they've been pretty successful and that's a real problem for us as nation and national security. liz: iara, access of evil by president george herbert walker bush back in the day, iraq was in there but no longer an issue for the moment, what does this do to oil markets, we saw move to the upside yesterday, today we are seeing a drop because it almost seems like the supply glut is outweighing any fear or headlines? >> yeah, the iea came out today and caught -- cut
100,000-barrels, what's really, i think, going on with china getting together with iran is china needs that oil, it needs oil that goes through the strait and the logical thing for the u.s. to get japanese and chinese ships in there to protect those tankers as they go because i think the last thing that iran wants is a problem with china over that, so opposite view that i think the president wills get together and try to work something out not for the u.s. but to protect oil going to china. on the other hand, as for oil, if it weren't for this fear that's coming to the market because of what's going on there u i think it'll be lower because normally you see reductions in demands and you get worried about it, so no, this is the false read that the market is giving on the rally, there's still a lot of supply, remember, the u.s. has more pipelines
coming out at the end of the year and we will throw on more oil once the pipelines come on. liz: jamile, to the naked eye we see rattling, i wouldn't say drums, iran will never get nuclear weapons, this only underscores resolve that you keep a cap on iran and ability to develop these things, is he too late because the israelis relatively recently within the last couple of months, remember you had benjamin netanyahu, the prime minister holding up all kinds of boards and screens, this is what we know the iranians are developing. >> right, so liz, the prime minister showed a lot of evidence about iran's historical nuclear program, we know they had a program, we know that they got a very good deal out of the previous president on the nuclear deal, this president has gotten rid of the deal as he was right to do, he has put pressure on the iranians, got to the point of extreme pressure and that's causing the iranians to react so what you see here is iran's reaction and trying to
push back on the economic pressure we are putting on them which is having real teeth and so the real question is how far does this go, i think, predicted that we would see terrorist attacks, the way we have to respond we have to be aggressive and push back if we will deter iranian activity and the president has his credibility on the line and if iran continues to do this and the president doesn't respond we will have a real challenge. liz: he doesn't want to have to eat his words and we don't want the iranians to get the weaponry. jamil, ira, great perspective, great to see you, thank you so much and we are just moments away from president trump who is delivering remarks in the rose garden about expanding health coverage options for small
business workers, by the way he just tweeted this announcement. announcing great expanded hra's, that's -- hra's, health -- what
is that once again? health reimbursement -- health reimbursement accounts here, expanding them, big win for small employers and workers, this is a fantastic plan, my administration has worked very hard on creating more
affordable health coverage, again, he's expected to speak there, if he takes questions somebody most likely will toss him a question about the situation in the gulf, stay tune, right now the dow reversed and is up 36 points. meltdown with closing bell in 37 minutes, tips for summer grilling but investors feeling burn by blue apron today, i will tell you why in today's fox business brief, you don't have to wait till monday to spend time with me, everyone talks to liz, hear amazing story of that woman, she turned pretzels to
announcer: more details incoming involving volkswagen and the growing scandal. dissatisfied customers filing complaints against the german auto maker. ♪ because a vision softly creeping ♪ ♪ left its seeds while i was sleeping ♪ ♪ and the vision ♪ that was planted in my brain ♪ ♪ still remains ♪ within the sound of silence ♪ in restless dreams i walked alone ♪ ♪ narrow streets of cobblestone ♪ ♪ when my eyes were stabbed ♪ by the flash of a neon light ♪ ♪ that split the night ♪ and touched the sound of silence ♪
liz: breaking news, president trump expected any moment in the white house rose garden will he will roll out rule that will provide businesses with what he says better affordable way to subsidize workers insurance coverage, the white house says that this could help millions of workers and their families obtain coverage if they don't have it, we will take you straight to the white house as soon as that happens. all right, stocks right now, dow jones industrials has been down but now it is up about 37 points to the upside here, low of the session with loss of 118, the nasdaq now down 21, but it's perhaps the most famous or maybe
infamous name in the meal-kit business that, of course, is struggling at the moment, we do have blue apron right now if we can get to that stock chart and this has been almost a penny stock, right now it is 55, leaving bad taste with investors, shares falling to new lows, set to take effect at close, blue apron widely viewed as one of the worst ipo's of the past two years, plummeting 94% since debut at $10 a share in june of 2017 as you see right now, down 55 cents. on the flip side, up one and a third, tine retailer buying back
outstanding shares, ceo saying that this is an opportunity for the company on trading volume, we see that the new repurchase program she says reflects the confidence in long-term strategy, up next president trump to announce to bolster health care for small businesses and their employees, backbone of this economy, we will bring you the comments live when they happen at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary.
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now he's about to announce something that will help small businesses. mike pence, of course, the vice president in the audience and it is a big audience here. [applause] >> thank you, thank you. [applause] [cheers and applause] >> thank you. wow. >> happy birthday to you, happy birthday, mr. president, happy birthday to you. [applause] >> thank you. very nice, wow. that is very nice, please, you
must like what i'm about to say, i think. [laughter] >> we all like what we are about to say, we worked very hard, thank you all for joining us on this magnificent day in the rose garden, special place, we are here to announce the latest historic action that we are taking to help millions of americans receive high-quality and very affordable healthcare, something so important and we have been working on it long and hard, certain group right on first few rows, they have been working very long and very hard. i want to thank you. we are delighted to be joined today by vice president mike pence, mike, thank you very much. [cheers and applause] >> thank you. in addition i want to express my gratitude to secretary steven mnuchin, steve, thank you very much. [applause] >> alex acosta. secretary.
thank you. [applause] >> a man who has been working very hard for this day secretary alex azar, thank you, alex. [applause] >> and also with us our acting administrator of the small business administration chris pelkinton, chris, hi, congratulations, by the way. congratulations. you are liking it, i hope you're liking it, i hear you are and treasurer of the united states jovita carranza, thank you. i want to extend a special welcome to the many small business owners who are here, we have a lot of them, this is a big event, it's for you and something where you can take care of a lot of great people are going to be taken care of so thank you all for being here, thank you very much.
small business optimism is soaring in our very blooming and big economy and today we give you even more reason for success in the future, two years ago in october 2017 i signed an executive order to increase healthcare choice and competition all across. since that time my administration has worked tirelessly to expand options and drive down the cost of health care for the american people. we took swift action to open short-term health plans and association health plans to millions and millions of americans. these options are already reducing the cost of health insurance premiums by up to 60% and really more than that. we also have launched new initiative to bring down the price of prescription drugs, we are holding big pharma accountable and i must say big pharma has also been working with us to try and get prices
down and if we had support with the democrats, i must say we could get it down even more, reduced prices now by quite a bit and this year this is the first year alex acosta in 54 years, 50 years, that drug prices have come down and i want to congratulate you and all the people that have worked so hard with you, that's really an incredible thing. first year. [applause] >> and we could get them down a lot more if we had a little support in congress and i think we will get that support. i think that has to be -- that has to be a joint, that's not going to be bilateral, we will get that done and i think we will get it done quickly, we are going to get a lot of support. i've spoken to democrats, they in support of it, let's see if we can get them to raise their hand, if we do see that we will see tremendous cuts in drug
prices, thanks, alex, new initiative to find breakthrough cure for childhood cancers and we public health campaign to eradicate aids in america once and for all and that's really taking place like nobody would believe. we are looking at 10-year plan and at the end of 10 years we will be in good shape, who would have thought that was possible short time ago, we are making dramatic strides in combating the opioid epidemic, we have it down by a period of almost a number of almost 17% this year and when i heard it i thought they made a mistake, i said you are not real, that's not a real number and it is much a real number, so kellyanne and all of the people who have worked on that, that's a tremendous achievement and we've worked with the medical profession and with doctors and with everybody and to think it's 17% in one year, that's tremendous achievement, thank you very much.
[applause] >> and we are now working with congress to pass legislation and surprise medical building and we will have another big announcement unrelated but something that's going to have a profound effect on the things that we are talking about and have been talking about over the last 2 and a half years, it's going to be something really incredible that will take place over the next 2 weeks, that'll be a very big announcement. nobody knows what it is, big surprise but it's going to be a very pleasant one, no american should be blindsided by bills for medical services they never agreed to in advance, we are promoting price transparency to force competition and drive down and that's what's happening and that's one of the reasons we are getting the drug prices stopping from those tremendous increase that is have taken effect for so many years, for so many decades they have been going only one
direction, up, and now we have them breaking even and going down, defending medicare and social security to great seniors, we have eliminated obamacare's deeply unpopular individual mandate penalty. you know how bad that was. [applause] >> think of it, you pay tremendous amount of money for the privilege of paying so that you don't have to pay for bad insurance, okay. how bad does that get? that's got to be a first, nobody has ever heard of that one but we eliminated it, it's gone, so you're saving a lot of money and it's a terrific thing. we will always protect patients with preexisting conditions, always, we will always protect the patients with preexisting conditions. [applause] >> and i'm pleased to announce another ground-breaking action, we are dramatically increasing
the ability of americans to access more affordable health insurance through options, through their employers, we are doing so by expanding health reimbursement arrangements, hra's as they are commonly known, hra's will allow american workers to shop for the plan that's right for them and their family and have their employer cover cost and it's a reasonable cost and people are going to be be getting tremendous benefits, this will be possible because hra's will now receive treatment that other employer provided health plans have always enjoyed. there was a lot of restrictions and it was possible until now, this is something that time has come, it's popular, it's really, really been a success, i think this is going to be for many people, this would be the way of the future, the previous
administration imposed fines and other penalties on hra's, prevent employees from selecting the plan of their choice, it was impossible, with today's action we are eliminating all of those restrictions and thanks to changes we are making, estimated 11 million americans will now choose their own plans with the help of the hra's. this will increase the size -- thank you. [applause] >> very big deal. this will increase the size of individual market by at least 50%, improving, promoting competition and lowering costs for the american people. hra's provide another important option to help even more employers offer great health insurance to the benefits to the american workers will be incredible, they will be especially useful for small employers estimated 90% of the
businesses that will take advantage of hra's have fewer than 20 employees, this is a monumental victory for small businesses for their workers and previously uninsured american who is will now have access to high-quality health plans of their choice. with us today is one of our nation's wonderful small business owners, tony from maryland. you come up -- where is tom? i have not met tom? you're a handsome guy, come on up here. [laughter] >> tom, let him know what's just happened to you, please. thank you. [applause] >> first of all, i would like to say happy birthday to the president, thank a lot of peoplm my office we wanted to say happy birthday.
3 years ago i spoke to the u.s. senate small business and entrepreneurship committee about reinstating the health reimbursement program that had existed previously. this was after the obama administration had made illegal to help with health insurance cost, some had very serious medical conditions including cancer and after the obama ruling we had to stop all reimbursements which was hardship for employers and several i ended up losing because they had to -- had to leave us and go to other companies that offered better benefits. so i want to thank the president and the administration for supporting this new measure and all of his prosmall business policies, we very much appreciate it in the small business community. so this new rule really allows small businesses to offer benefit to our employees that will help our employees with
healthcare costs, provide more and better options for them and also for employers, so, again, thank you very much, mr. president. [applause] >> thank you very much. also we are joined right now, small business owner from pennsylvania, please come up andrea, please. [applause] >> how are you doing? nice to see you. >> happy birthday, good to see you. >> hello, my name is andrea burns and i'm director at richard s. burns and company, a family owned and operated construction material recovery and processing facility in philadelphia. we employ approximately 100 people and right now my brother and i alan choose the healthcare plan for all of those employees. they don't have the opportunity
to choose the provider, the coverage or the premium. this plan hra's would allow us to give them the opportunity to choose a plan that's best for them, thank you. >> thank you. >> you did well. >> you did well, andrea. thank you very much. it's going to be great difference. i repeatedly called on donning work with us to bring down the cost of health care and prescription drugs, it's all happening, instead more than 120 democrats in congress have signed up for the bernie sanders massive government takeover of health care. i heard -- it'll hurt a lot of people, crush american workers with higher taxes, long wait times and far worse care.
their plan would eliminate medicare as we know it and terminate the private health insurance of 180 million americans and more than that now, on my watch, we will never let that happen, we will never be a socialist country. [applause] >> socialist model, restricts access, slashes quality, forces patients onto waitless lines, we believe in freedom, highest standard of care in the world, anywhere in the world and we believe that america must always have the right and power to choose the very best treatments, plans, doctors for themselves and for their loved ones, they need that, they have to have that freedom and that's exactly
what today's action is all about. we are putting the people back in charge with more choice, better care at a far lower cost and other people will not be paying for their health care, we won't be raising taxes, we won't be taxing you, we won't be raising the tax rates to 90%, i've heard 90%, the only problem with that one is it doesn't even come close to taking care of the situation, so that means you have to go a lot higher than 90%, i don't think that's going to work too well in this country. was lower taxes, we want to keep them down, that's very important. [applause] >> we will not rest until americans have the healthcare system they need and deserve system that finally puts america's patients first, we thank everybody for being here, it's a very important day, a
very special day, god bless you and god bless america, thank you all very much. thank you. [cheers and applause] >> thank you, everybody. thank you. thank you, everybody. liz: president trump unveiling his administration's plan to help american workers access more affordable health care through their employers, health reimbursement accounts or hra's will apparently allow people to shop for plans that fit their needs and that the employers will cover costs, employers to receive tax treatment that in turn will enable small businesses to shoulder, we started to see the health insurance names start to come off their highs and in essence, there's going to be -- there's
going to be to pay for these and pharma companies. >> here we are, you know, the employers are going to be allowed to put into a pot for their employees what they can choose, the company that they can use and not designated company offering insurance, so that could be boom for some insurance companies, maybe not the biggest insurance companies but the health reimbursement arrangement rule and allows just as i said a company or employer to put into a pot for an employee, say $50 per month so that employee can take that money, this is pretax money going into this pot, take the money then and go find premium that they like, pay for it out of that pot and whatever rolls over can be used in possible deductible if there is anything left over for that, but t white house believes that this is going to expand choice for employees, for employers and they believe it's going to help small businesses and they are
trying to reverse a trend, employers that have less than 25 employees in 2010 had 44% of their folks covered by health insurance, that is now slid to 30% as of 2018. so they are trying to reverse the trend. you heard the president say some 800,000 companies they believe will use this covering some 11 million people who are currently uninsured, liz. liz: edward, as he was speaking he was hitting hard that they'll always be coverage for preexisting conditions, but, you know, the latest fox news poll and the president is smart to get out here and make this announcement, the latest fox news poll shows that while he's getting higher marks for the economy and certainly the highest he's had in quite some time, he is getting low about 36% approval on health care. people just aren't buying it at the moment because republican-state attorneys general are the ones who filed
against, filed suit against providing preexisting healthcare problems in the coverage of them >> remember the announcement that they're going to put prices on the pharmaceutical drugs that was pretty much the last time this administration had sort of big deal about health care, they've been working on it behind the scenes obviously with what's going on here but we haven't heard about it. that may also play into the poll because trade as you know has been dominating the headlines out of this white house but now the president turning the focus again today back to health >> all right we're looking at insurers have come off their highs, unitedhealth care group under 1%, cigna a third. all of the hospitals were looking lower. all right. thank you very much. edward. fox business alert facebook said it is ramping up global advertiser spending as it aims to rebuild user trust, decision comes after social media giant
was removed from the s&p 500 index, of ethical companies. and that index tracks socially responsible investing, the slough of privacy concerns that facebook has faced has gotten it boot the off that index, facebook among leaders of s&p 500, it facebook's big move to crypto currency next week that is probably propelling today's move, with a lot of investors and big companies intrigues, christina is in the newsroom, facebook scored big backers. >> not shabby with zees -- visa, mastercard, uber and paypal, facebook said they are not commenting at this time, but "wall street journal" said they had sources that crypt cocurrency project would be called libra. i remember reporting on this in
march with rumors, there were 22 job postings back then, it is something in the works, backers can add credibility to it, there word they could potentially be pegging cryptocurrency to a basket of government-backed currency to avoid fluctuations, we think of bitcoins. over past year, you see talk about it many times how volatile the cryptocurrency is, it has a modest base of users 32 million people in globe with a bitcoin wallet. and when you think about the market as a whole, 264 billion dollars in a total market cap for cryptocurrency. facebook wants to tap into this, they have over 2.5 billion users
around the globe. i could pay you with venmo cash or cryptocurrency, facebook wants to capitalize on, we could potentially hear something next week it would launch a year later. if i could go full circle, s&p 500 index, facebook has been taken off but they rebalances every year, it is possible they could get back on, there is a huge trend forward ethical investing. >> i remember back in the day, those stocks did not do much, now i think you are right, people want to feel better about where they put their money, christina thank you. >> thank you. >> uber joining forces with facebook crypto venture, investors pumping the brakes after they were denied waivers for e-scooters they import from china, that stock down 2 and
2/3. so, had you bought it at low you would look better now. broaden it out, road not so bad, shares off recent lows, chief initial business officer putting uber post ipo skid in the rearview mirror. it say long road but short with markets this week, we see green on the screen, two minutes left, let's get to chris robinson, as we close out the week in the green for all 3 major indices, we have concerns and worries. with no talks schedule for china trade with the chinese. sizzling te tensions with iran n persian gulf, you could throw a million things. is there a way to put teflon around your portfolio? >> there are two ways, if
individual stock you could have a self stop that protects you from stock going lower than a certain level, other thing to use an s&p or dow or nasdaq future or an option, that pro protects the entire basket. this building behind me was built because of contracts like that, you can lock in a specific price for a specific time, so you can go to bed at night and sleep, if you are worried about stock market dropping 3,000 points you can buy protect shin, that is -- protecttion that is what built this building. >> and stop losses too. who knows, watching markets when a stock portfolio name drops. >> yeah, that is why you need a sell stop. >> all right. thank you so much, it looks like it will be a squeaker. chris robinson, thank you.
and what do we see major averages off, positive for the week, gold suddenly the trade of the day, up at 15 month high, have a great weekend. melissa: a big week for workers, president trump wrapping up remarks about health care and expanding coverage options for small businesses, we have breaking dee tate on -- detail on that, and dow fighting for gains into the close, s&p 500 struggling to end in the green, that looks like it not average, all 3 averages finished out week in positive territory. i am melissa francis live at p e beach, california for us