 All right box on top of two dramatic developments were following the president about to speak to an audience a 40% off every program All right box on top of two dramatic developments were following the president about to speak to an audience in Granite City, Illinois Where he is going to be promoting his tax cuts So the right of your screen Facebook just getting cut and sliced and diced and shredded in one day That guy you see there lost 16 billion dollars in market value. What is more? His company absorbed a better than 100 billion market cap hit No company in the history of any country anywhere has absorbed a hit like that in one day But in the case of Facebook it is merely back to levels. It was that a little more than a couple of months ago So we're gonna follow all of this welcome everybody. I'm so happy to have you will not have to be your Facebook shareholder But you're still doing okay in the scheme of things. Let's get a look at what the president is going to be talking about in Illinois We've also got David or Bolton here with what everyone is talking about at the corner of wall and broad Let we begin with Leland Leland Neil we're just a couple of minutes away from the president coming to this steel factory here Granite City, Illinois Just across the river from St. Louis and these are the folks He is going to be highlighting the sum of the 800 new steel workers They've been brought on to this facility because of the tariffs They've got about 800 new employees say that could go even more Obviously the thing the president's not going to be talking about is the jobs lost because of his tariffs about 150 or so That we found just about two hours south of here because of the very same tariffs The president really trying to sell very hard the success of the tariffs We just had that president of us steel up here talking to his workers that this is a US steel plant And he kept talking about how much he needs his workers to put political pressure not only on state reps But also on their congressmen and on their senators and on the president to deny the Exclusions that so many other companies are trying to ask for from the steel tariffs It's very clear that he views the political pressure of his steel workers getting new jobs is something that they need to keep up On the administration is they're facing so much of a political backlash from those who are losing jobs Whether it be farmers or other manufacturers who are using the steel. It's now more expensive But as we're being told American made Neil All right. Thank you, Leland. Great work is always my friend now Let's go to do to Bolton on what happened to Facebook. What happens to Facebook? So that 100 billion dollar plus a route that you mentioned yield the biggest loss in stock market history So the stocks worst day ever by far by far. So it plunged 19 percent And that's where it closed 18 just over 18 on the downside So Facebook missed a quarterly revenue forecast But what was more concerning to investors was the outlook statement So the social networking company saying that its revenue growth rate will slow from last year now part of the reason Facebook is going to be investing more to focus on privacy, right? It's going to be spending a lot more money to accomplish its goals the CFO making a very specific statement saying it's going to be investing billions of dollars per year improving safety and security there after that bruising period where Facebook's role in enabling fake news and election meddling came up one Contextual point though the company's previous worst single-day performance. You have to go all the way back to July 2012 that is when the stock fell more than 11 and a half percent And that was after the company talked about mobile advertising and selling more mobile advertising And so you saw how that stock got punished at that point But it is worth noting that that is now 90 percent of Facebook's business and by the way today's drop well that makes up Mark Zuckerberg the founder and CEO his personal net worth Down about 16 billion dollars that of course is according to Forbes But you know, there are a lot of people of course saying listen this company still has two billion global users Okay, this is a hiccup and they will figure it out. So you have your optimist and your pessimist Fair and balanced Thank you very much did a bulletin and by the way that Tech selloff I contributed about a 1% hit in the Nasdaq something that might absorb some of the pain for those who are wondering about this Entire sector news after the bell that Amazon earned about $5.07 a share of the estimate was for $2.50 Now why do I mention Amazon in the context of what was going on today? A lot of people were hoping that that would provide some sell some hope for the markets that Facebook is its own unique deal that this selloff was Sort of targeted there and only there and everyone can calm down. Is that the case? Charles Payne is here. We got trader Alma Knuckman and Melissa Armo of the stock switch alright Charles Payne to you and the Amazon news. I know I'm just breaking that on you here But a lot better than expected. Wow If this number is as you know once a you know, sometimes there's a lot of factors and they come up with the real number But no the street was looking for $2.53. This is a double that Last year it was 40 cents just to tell you the exponential growth that they've enjoyed also to your point about the influence on the market In the first half of the year of all the S&P gains 36% came from Amazon now Consequently only a percent came from Facebook Probably why we saw something of a muted response if this is real and the guidance is just this wrong We're gonna have a monster session back in these tech names about tomorrow morning You know Alan when you look at this and you know now they're starting to pick apart Who's who in this whole tech bunch and right and maybe it's way too soon to say give up on Facebook The stock is still up, you know appreciably to put a mile a back level to levels. It was that a couple of months ago I think said that right the haves and have nots in that sector who would have Well, obviously Amazons come a long long ways, but we were just at all-time highs in Facebook You know pullback was natural. It wasn't the numbers that earnings numbers. They were great They had a lot of growth. It was the guidance and just talking about falling profit margins They're gonna make money at less a growth rate than than what they are right now So I like Apple here at these levels We just made new highs in Apple and if you look Apple and and and Facebook for whatever reason have been Trading at roughly the same price for many many months until this recent breakout in Facebook Facebook essentially gave up its gains in 2018 now. We'll see what happens But there's still up multiple hundreds of percent in the last few years So tech is definitely not over the 8050 is the NDX target, which is about 9% above where we are right now If you look at the decline that we had in February and that full V recovery you add them on top So we still have a lot more upside intact. All right. I'm by the way Amazon shares are trading after ours do Another 4% here. So my cushion the blow as people sort of assess the tech Sector Melissa, what do you think? I think definitely the market didn't show the negative reaction to Facebook today Facebook is kind of its own beast right now It dropped significantly over 40 points from last night and the market really rallied from some tariff news That came out right into the close yesterday And we did hold a lot of those gains on the trading today despite the drop-up and face No, I'm glad you pointed out Melissa because the Dow itself up about 112 points. That's be 500 Minus the tech side was doing quite fine. Thank you at Charles paying one of things you had alluded to and Melissa touched on very nicely this trade with the perception that the present is more pragmatic than his rhetoric seems to indicate Willing to move the ball forward with the Europeans assigned Maybe the same will apply to China, but the worries about that eased a little bit. What where do you see all that going? There's no doubt it eased a little bit and it's onto the big fight and the real big fight is US versus China But now perhaps we'll have the EU settled EU on our side also the liquid natural gas part of the deal Absolutely phenomenal big pushback against Russia and and and I think one thing that not it There's not getting enough press is maybe a reto nap the Sometimes in the next several weeks, maybe less than two months that would be absolutely huge Those are our biggest trading partners and would be wonderful if we can get those done So that the trading stuff may fade away and we'll get the focus 100% on the underlying fundamentals of this economy You know Alan, that's one of the areas that the president pounds and I would earlier and now in Illinois And an countless stops that that have this this notion that look This fixation on tapes and everything else and who said what to whom and Whether I was could have been more in your face with Vladimir Putin. Look at the economy. Look at these earnings Look at the backdrop Look at the jobs that are being gained. That's the purpose of these of these trips. That's the purpose again Pretty much everything this president is doing when he's on the stomp. What's your read on that from an investment perspective? I Agree there isn't maybe a method to the madness. I'm about results I don't necessarily need to know how we get there But we've been in a strong bull market for many many years and it's all about earnings This a lot of these things that could have been distractions have now been set aside And what you've seen repeatedly is the market sell off on the fear, but then when the reality hits in the actual You know policy is announced or or or the the issue is dealt with you see the markets the buyers come back in So we've seen that time and time again. This was another example with the you know, EU So we'll look for that to continue to happen That's how the markets are reacting to the president in this in this time of amazing Uncertainty, but you have to focus on the facts the facts are that we've got every economic metric is strong And now that we've got the dollar stop going up here with a key reversal top last week Making new one-year highs and a lower weekly close that could really be the next catalyst for all these markets the dollar Decline would be very very helpful to everybody, you know, Melissa when you look at this We should explain if I get back to Facebook and all this, you know, you know bigger something gets the heart of Will fall I understand that just to explain to a lot of people watching that the the hundred and You know 14 plus billion dollar hit that Facebook Had today was the biggest loss in stock market history for a single company in a single day You have to go back to Intel in September 2000 when it dropped 90 Million dollars in market cap on that particular day That was just as the whole internet bubble or whatever people were calling at the time seemed to be getting pierced But is it your sense? This is a Johnny one note in other words Facebook's unique issues the privacy issues and all of that are That's Facebook. It's not endemic to technology. It's certainly not in the Nasdaq Well, how do you tell your clients to to get get a grip in the middle of something? I wouldn't run back out and buy Facebook tomorrow even if it rallies it with Amazon in the market I'm telling you that the drop that happened isn't good and they've had a lot of negative publicity this year They weather the storm that's for sure They've made new highs last night over to 18 But I'm telling you they've had a lot of issues And so they are kind of in their own separate bucket because they have some problems That if you bought the stock over 180 where a lot of people bought in 200 then you were down this morning So I wouldn't run back out and buy it. Let Facebook prove itself Let it prove itself that it can fix some of these problems before you go out and buy it All right I'm Charles Payne, you know Ivanka Trump has been traveling with her father for this trip first in Iowa now In Illinois much of the theme of these remarks have been and a lot of these have happened during your mind show on FBN that The backdrop is a good economy the backdrop is a strong company and corporate earnings that have more than handily beaten the street again You know Facebook not withstanding. So so just give me a sense of that backdrop Let me let me put it in perspective because one of the things that the investors talk about are the lower taxes and fewer Regulations now the pushback the political pushback on that as well It's only benefiting the stock market or it's only benefiting billionaires I can tell you the first quarter this year buybacks a contentious issue. We're up about 43 percent year over year Expenditures on capital X on CapEx projects. We're talking factories big investments made the last three to thirty years up 200 percent nil 270 percent for manufacturing all those hard hats you see there they're making big money and they're getting big jobs across the Heartland of this country All right, thank you guys are very much the president has now arrived at this venue in Granite City, Illinois to talk things up He has teased More often than not the good economic numbers and including what is due out Friday morning Perhaps one of the more some little events of this economic