told milton freedman to pound sand and they we're going to take into account the environment and everything else and if they were still around maybe they would get something, the stock went public, 49 or $50 a share look at the chart it's been straight down a dollar and 80 cents. listen, i believe companies should treat customers amazing service and it's smart when they do that people come back the prophets make the world go around. and shareholders take risk, by the way any therapist would be charged a whole lot of money because you know what they are not crazy, money makes the world go around. i think liz claman would agree with that. >> just like that song money makes the world go around. thank you charles. after locking their sixth straight weekly when stocks are kicking off the final hour of trade for the new week in the

green the blue chips up 100 points, the s&p up 13 and we have the nasdaq gaining 15 points earlier the nasdaq was down 79 points, a decent comeback in the last 59 minutes of trade, it's risk on for one of the nasdaq's most popular sectors of the year, chipmakers are grabbing at the strings right now the socks were semi conductor is chocked full of semi's hitting a two week year high, look abroad, one of them. this stock closed friday at $944, right now it is smashing for the clouds, the sky and the orbit is at 1036. that is an all-time high. before the open city had resumed coverage with a buy rating and a price target of $1100. here we are at $1035 and change. let's see how this ends today, we will keep checking on it nearly the entire sector is catching a ride abroad calms vendor. intel is the dow leader gaining

about 4% we have ka lc and lam research joining the record high club and micron moving higher by 4% along with applied materials up 4.9%. conspicuously missing from the rally nvidia, it can be forgiven after 216% jump this year alone. nvidia is allowed to lose under 2% u.s. commerce secretary gina raimondo breaking news telling reuters that the bi did a administration is in discussion with the chipmaker about a.i. chip sales to china saying nvidia can will and should sell a.i. chips to china except for the most advanced. not exactly helping nvidia but were continuing to watch that to see if it can punch into the green by the end of the show. check out macy shares, the department store chain looking at the largest percentage increase since may of 2022 on a

wall street journal report indicating investors and bridge capital have made a $5.000000000 buyout offer that works out to $21 a share, the stock is 9 cents below that right now with a gain of 20%, legacy retail nordstrom, dealers and calls for the macy's news, everywhere up from 4.6% to dillards to nordstrom and calls up seven plus percent, that is not the only merger monday, occidental petroleum confirming it agreed to by crown rock for close to $12 billion, ox is moving higher by under 1% drop 10% year to date and competitors in a buying spree, there is a push for oxo to mimic them and do the same. we will be watching less than 48 hours away from the last federal reserve rate decision announcement of the year fed chair jay powell and company widely expected to leave rates unchanged this time around but

this one is hugely important because we have the dot plot. stop rolling your eyes the interest-rate prediction of the aeach voting member on the tidid timing of the rate cut this is important get treasury yields moving higher at the moment if you look at the intraday's of these i don't know if we can get those up but they started to dip a couple of hours ago but what did we get we got a ten year bond yield and suddenly everything turned around, right now the tenure is up 1.6 basis points to 4.24% the two-year is up four tenths of a basis point, as we look at all of this the yield on the two years 4.72% ahead of all of this plus the important consumer inflation for november let's get some guidance amidst the action on this monday from roncker scratchy, what of the nations leading melt what

banking firms, six weeks in a row of gains, at the end of each of these weeks investors have wondered it is a selloff around the corner what are you anticipating for equities? >> looking forward, here's what i would say if you take a big picture and look into 2241st of all you have to evaluate what is the market thank and what do you think versus the market. in my view the market discounting the fed cutting rates four times a hundred basis points next year. i don't think that is going to happen. i think you will see messaging coming up wednesday where the fed if anything will tamp down those expectations for rate cuts. i might be in the minority. but i do not for one feel that the fed is going to let off on the inflation speed when the market is positive the possibility of maybe a rate cut as early as march so i am

wondering where you and your team see it, i think it's too optimistic i think the market overall has kept wishing and waiting and wondering in the fed is not keen to make a mistake again the likes of what they did by leaving rates too low for too long. >> for sure, let's look at the numbers, wages are growing for a ten year nominal yield where should it be if inflation is at two and a half which we are not but if we can get to two and a half with the 2% growth that the ford have% ten year and what the fed is not what you do in my opinion is make a mistake not of 2021 where they kept rates too low the mistake that they will remember in the 60s and 70s

when they basically thought and patient was under control and they cut rates and inflation went crazy that happened in the 40s and 50s that's not going to happen again in my opinion they would much rather risk every session and risk the inflation genie out of the bottle. liz: let's say the broader market the s&p for the first half of 24. would now be the time as we see six weeks of gains who knows what's going to happen this week what he advising clients when they see dips? >> you talk about the broad market we for one believe 4650 as being fairly valued in this kind of environment. liz: for the s&p. that's about where we are the real question you don't have to look in s&p 500, what is cheap relative to the market and this is where opinions matter we believe cyclical value, small-cap, international is where you can outperform the s&p 500 generally in this market environment. liz: what i find interesting about the small-cap and the

russell month to date up 4% compared to the nasdaq 1.3% in the s&p up 1.1%, the dow up 1.1% it feels like this looks like a trend for the small and mid caps. >> that's what were saying we believe overall the small caps even with the moves, the small caps are relatively inexpensive compared to the market as a whole and cyclical value. were on every inflationary growth cycle and historically those are the stocks that you want to own. liz: those are the stocks you want to own but what about the bond market were to talk with jeff sherman mr. gundlach's big operation but what about any part of the treasury yield curve that you like? >> eventually the short-term rates will come down and i think

the tenure is fairly valued the nominal yield of four and a half is where you would expect it by the way a 2% real yield that's what's growing over inflation. i've been in the business over 40 years and 30 that's how the markets were in the last ten where we remember you negative real yields and what the market has to understand were not going back anytime soon, the short end will rally in the tenure is really value. liz: speaking of many decades you're entering the 27th year as ceo of steeple that is the longest-serving ceo in the industry, congratulations you have some stick to it. >> i got the job but i was 18 in case reviewers are wondering how could you possibly be in the seat 27 years that's what i

wonder sometimes. liz: nice chart since you been in charge. this is a 25 year, nice move. thank you so much. >> thank you, liz. great to see you, happy holidays. a lot of xoxo from investors from just about anything, brad jacobs the thought leader behind logistics company are xo, x po engine she xo he is launching the eighth company q xo with specific plans to harness the power of a.i. when it comes to a sector that he says desperately needs it. rod jacobs will unveil what he plans to be his next billion-dollar business here is a hint the homebuilders could be a beneficiary, dr horton, lennar, the toll brothers on your screen we have most in the green "the claman countdown" is coming right back on this monday, don't go away.

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with unlimited cellular data and up to 4 hours of battery back-up. plus, now through december 31st, eligible xfinity rewards members can get 25% off a storm ready wifi device. i suffer with psoriatic arthritis and psoriasis. i was on a journey for a really long time to find some relief. cosentyx works for me. cosentyx helps real people get real relief from the symptoms of psoriatic arthritis or psoriasis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. i suffer with psoriatic arthritis and psoriasis. i was on a journey for a really long time to find some relief. cosentyx works for me. cosentyx helps real people get real relief from the symptoms of psoriatic arthritis or psoriasis. serious allergic reactions, severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms,

had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. liz: dow jones industrial gating 104 points another day another billion-dollar business x po founder brad jacobs takes serial entrepreneurship to the next level seven billion-dollar businesses over the span of his career including several multibillion-dollar publicly traded companies now he's in pursuit of another because he can't help himself the man that counts x po, g xo in united rentals announcing a market leader in building products distribution with a specific focus on tech and a.i. the company will be called q xo a revenue run rate of $1 billion

by the end of year one the seven-time billion-dollar business founder is here on how and why he's picking this particular sector to disrupt, why this one? >> it is big it's a hundred billion dollars it if i want to create a company that's tens of billions of dollars i want to industry the size it is been growing at a 7% revenue over the last five years and it's rich with acquisition candidates and 7000 distributors here 13000 distributors in europe and an opportunity to apply technology to this business to make it better. liz: let's make this clear you talk about building materials and the logistics and sending them around as i understand it 7000 different building material makers everything from hvac companies to submit to aggregate to nails, hardware, et cetera

and you say they're inefficient and you're willing to bring a.i. to it, how. >> aim technology in general including robotics will be applied by pricing using dynamic pricing in terms of automating the warehouses which are now semi-automated but they should be fully automated and by using route optimization for the truck deliveries of the products to the jobsite. liz: you throughout terms and i need you to clarify exactly what they are in regular folks terms people want a vision individualize this give me an example of a problem that you feel you can solve and the logistics area. >> this is a business with the transportation and logistics aspects because we are buying products materials like the ones you mentioned wholesale and mass and storing and warehouses and then worshiping it via truck to the end customer. each one of those parts of the

supply chain we can automate we can use technology we can use a.i. we can use machine learning in order to do a better, we can use inventory management we can use demand forecasting we can do pricing about optimization. liz: if a company in akron ohio i bring that up because we have the ceo of smucker coming up in ohio, he lives in akron. let's say there's a construction company in akron that needs access control, supply may be doors and windows, you will get it and it's almost like the amazon warehouse where the robots take over and a.i. takes over how quickly can you ship this do you envision. >> my goal is to have a much deeper penetration of e-commerce. right now roughly 4% of orders in the business are done on a device. liz: that's it? >> it really should be 96% in

percent and 4% online it should be worse. >> anybody who's had a house renovated knows that your contractor will say i cannot rough the plumbing until xyz and happens but that's not ready but the plumbing is so the whole thing gets held up but doesn't the warehousing and storage cost a lot of startup capital, how are you going to do that. >> were putting a billion dollars of her own money to start and we will use upper acquisitions and then we will build the company with further capital and further acquisitions and part of the cashel because it's a high cashel generating business will use for investments. liz: you have some competitors, crh industries. >> crh will be more of an oem. liz: builders first is in the distribution business.

when you talk about acquisitions you have your eye on them and others. >> we have 20000 acquisition candidates that we have our eye on. 7000 here, 13000 in europe. liz: what process did you go through to pick this one i talked to you nine months ago and you said i can't say but i'm doing a lot of research and i'm in silicon valley talking to a lot of smart people what did that process entail when you look for something to start, you're not a contractor you can't just pick the smart business that you feel has an opportunity to scale up. >> i spent last year looking at 500 opportunities and dozens of different industries. i picked this one because it checks all the boxes it checks the size, fragmentation, growth acquisition opportunities opportunities and technology the ability to use the same playbook over and over again of my companies that is worked so w well. this is the one i picked in the end. liz: he launched seven

billion-dollar businesses the book how to make a few billion dollars he has the touch you never got an mba? >> no i've never taken a finance or an accounting class. liz: tell me what you look through when you're hiring people. >> i look for really smart people and people who want to work really hard. i look for people who have collegiality and collaborative nissen get along well and play well in the sandbox with each other i want people who are spectacular something superstar about them. liz: i have to ask about timing of building construction company, there is a problem with commercial real estate a lot of office buildings are empty or or near empty there isn't that much residential housing or not that i know but the only difference between salad and garbage my dad used to say is tiny. how is your timing going to work out as you launch this business. >> that's a good one i'll

remember that. >> we have three general in markets, residential, nonresidential and infrastructure. each one of those have great growth factors and i think a long-term trend in all of those are really positive but the beauty of a large and diversified company we can topple and allocate resources to what we think is the best entity one point time. liz: last question what is your deal with x and a. ewald had an accident no. >> accident no means love, it's a good thing i write about that in the book how it's important in the cul culprit quarter to he the love vibe. secondly xpo, gx 0, three companies that i chair i'm going to use the same playbook that's been successful there so i keep the heritage there. liz: what is q? >> q is for quality and meets opportunity. liz: we will be watching this one let's see if you can do it, could eight be enough now or

never. >> brad jacobs, the founder of q expo. on a day of mergers and expositions we have a runaway bride a major healthcare megadeal is flatlining abandoned, details next and as we had to acquit commercial break the s&p 500 some of the leaders beside broad, at the very top include at sea, mgm resorts, teradyne. we're coming right back. ♪ rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund

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liz: we have a fox business alert after short engagement the whole wedding is hanging by a thread a week and a half ago the market learned that managed-care company cigna was making a play for humana but now reports that cigna is abandoning because both companies could not come to an agreement on financial terms cigna stock had plummeted 8% back on november 28 and the wall street journal reported the merger last night the journal broke the news that cigna has decided to walk away and focus on smaller acquisitions the company will plan an additional $10 billion work worth of stock buyback investors are happier with that cigna is up 17% in humana down 1%, the annual

reshuffling has been announced for the nasdaq, 100 doordash, mongo and cdw are going to be added to the index they're all moving higher, the three year replacing aligned technology, ebay and in phase energy the changes are effective to market open on december 18 jd.com, lucid group and zoom video communication are also getting booted out of the index. we have it down with jd.com, lucid, zoom in ebay moving higher let's look at eli lilly dropping closer to the s&p after a study found patients on mounjaro substantially regained weight a year after stopping the drug the study was published by the journal of the american medical association the stock is getting a hit of 2.5% there is no doubt that taking obesity drugs can curb the patient's appetite but can cutting across

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he hits his mark —center stage—and is crushed by a baby grand piano. you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. willbe >> do we set the timers on the lights. >> kevin. a famous scene so much has changed in the 23 years since the mcallister family left little kevin home alone for christmas get the classic holiday movie had premiered november 10 of 2023 not novembes

family would've had no problem getting a hold of him thanks to cell phones and home security systems like ring doorbells but little kevin also would've had a very difficult time keeping himself sustained for the 20-dollar bill that he took to the grocery store to buy things. we challenge fox business kelly to head over to kevin's house outside of chicago to see how far she should get with just his grocery list and one goal use the 20-dollar bill just like kevin did, she's live in illinois. welcome to fox business. we are so happy to have you. >> thank you. >> i really appreciate it. >> this is the home the movie is based off of there is a ton of tourist, excited to see it we didn't get to go to the exact grocery store but take a look at his grocery list we tried to mimic the shopping trip down to the brand that they were still made so we have tropicana orange juice, quilted northern toilet paper, craft mac & cheese, clean

grab in the stouffers frozen dinner and you're about to see i did not get very far with a 20-dollar bill ♪ ♪ >> kevin chose tight its 1899, how much he set entirely on all of his groceries, fortunately for us it's $2 off today.

>> 1983. >> merry christmas you filthy animals. >> kevin is a savvy shopper, he remembered to bring his coupon with him before he went to the grocery store he actually had a dollar off and we accounted for that said the $60 total was the dollar off but it's missing one thing the grocery store no longer sells the green army figurines, figure that's another 5 - $10 depending on how but you bought and where you bought them from. liz: i'm stunned for the $19 by tide detergent. >> i was stunned as well. this is obviously a tourist stuff the house where the movie was shot from the outside. >> exactly people live in this neighborhood it is beautiful but

it might be busier during the holidays because of the movie, there have been people coming and going for quite some time. liz: great to have you on board, thank you for joining us. while groceries have gotten a lot more expensive over the last two decades. tomorrow we get to see if prices have cooled off even more last month because were getting the november consumer price index cpi expected to stay flat headlight month over month advice 3.1% from a year ago, core cpi, this is one that the federal reserve watches the federal reserve like food and energy is expected to jump not even pretense of 8% month over month. 4% annually 4% that would be flat but the three tenths of 8% we are watching this in the two tenths of 8% for november you never know what this going to come in at but one of the largest tax brands in the country says it is already seeing some of the e-zine which

could mean less of a financial jam with a hit the grocery stores, geordie on the fox business exclusive jm smucker ceo mark smucker. we went back 30 some odd years for the kevin and that story, take me back a year end a half ago, june of 2022 when inflation was at 9%. since then what kind of moderating prices for all the things you make whether that is just or smokers, on constable's, dunkers, folders. >> thank you for having me we have seen some inflation were putin and careful as we take her prices out but we've not seen more increases. in fact her coffee prices came down in august we saw the green coffee moderate. in that particular category we lowered our coffee cost to the consumers and pass decreases along. liz: i've heard lots of

complaints from people who say we know food inflation is coming down and in fact heavy materials in some cases but they say that companies are addicted to the higher prices that they were getting and they are very disinclined to lower prices. you were saying your passing on the cost savings that you're seeing to your customer. >> actually, food is based on commodities. we want to be very putin and careful and will be take price up we do it in a very judicious way and we work with our retail partners and we make sure we are justifying that. similarly when we see cost e-zine we definitely try to pass some of the cost down. liz: what commodities have you seen come down the most that go into your products. >> this far is primarily coffee and were watching very closely we see another commodity cost stabilize and although we can't say that they're going to come

down were watching very carefully will they have an opportunity to pass those along we will. liz: eggs have come down from the highest correct? and you need a lot of flour for what is become one of your biggest success stories the unquestionable gaining 122% in the most recent earnings report. >> we see double-digit growth on the brand of a time and were building our third factory and we just started advertising for the first time in over 15 years because we are keeping up with demand and we just launched advertising on monday night football a few weeks ago and it's helping to get the product top of mind. liz: the monday night football commercial for uncrustable got so much attention let's show our viewers and you could talk about why you decided to spend that money on marketing in this case. >> two brothers from the same

loaf what is everybody's favorite part of the sandwich, the other freezer burnt again, on constable's are the best part of the sandwich, sorry crust. liz: how many times has that been viewed yeah the character, the bread brothers. >> i'm not sure have any times that has been viewed but that product is so special because it solves three things for parents and kids alike, it is convenient, it's on the go and no mess and no prep it is thought and eat and a great product with the jelly is encapsulated in the pita butter so no mess. liz: this is a business that you bought many years ago and you spent a billion on it and you had a trouble figured out how to do the bread you need to cut off the crust but that would be labor-intensive, you stuck with that you did not give up. >> it's going to be in a hundred million dollar brand this year we think it will get to a billion in two years that's why were building the third plant

and there is tons of runway to make sure we can double household penetration people are not still aware of the brand and the advertising is exactly why we're trying to make it known to consumers. liz: for people who don't know about uncrustable has pita butter on both sides in the gm in the middle so the bread does not soak up the gm and get all wet, genius. i want to say that about your hostess acquisition where you see the best synergies in the best opportunities. >> we spent three years essentially reshaping our portfolio, we invested some businesses, focusing on the businesses that we know can grow across the coffee portfolio, the pet snacks and quite frankly hostess is a perfect fit, we want to be in categories where we can lead and grow in categories hostess is perfect for that we reshaped our entire marketing capabilities are sales capabilities really looking

forward to applying that to hostess, what hostess does really well is fast cycle innovation, they have an outstanding store presence and we think there's opportunity to combine those capabilities and grow both businesses. liz: you 7000 in place, 19 facilities in your building a new one, where is that. >> outside of birmingham, alabama. >> all-american you pay dividend 3.5%. >> yes. >> that is interesting a lot of people might not know that there is an opportunity. >> over 20 years we've been increasing our dividend. we have had great success. that growth helps to support our shareholders we want them to benefit from our success and that's why we are in business. liz: mark smucker fifth generation business your great, great grandfather founded it. he would be so proud of the uncrustable moment thank you for joining us on fox business and "the claman countdown". please come back. in this story the topic of

discussion all over the country over the weekend the iv league world is waiting and watching after the university of pennsylvania president liz magill lost her job issued the first of the elite college leaders to resign in disgrace after allowing anti-semitism to force on the campuses, charlie gasparino joins us next on the short list of replacements and whether wall street will push harvard's president next. the closing bell 14 and a half minutes away the dow continuing to gain points up 119. were coming back with charlieth gasparino.e to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before.

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severe skin reactions that look like eczema, and an increased risk of infections, some fatal, have occurred. tell your doctor if you have an infection or symptoms, had a vaccine or plan to or if ibd symptoms develop or worsen. i move so much better because of cosentyx. ask your rheumatologist about cosentyx. ♪. liz: following the resignation of university of pennsylvania president liz mcgill over the weekend the ivy league board of trustees is weighing potential new candidates for her replacement amid firestorm of anti-semitism. let's get to charlie gasparino. this is something everybody was talking about, will she resign, forced to resign, she was. >> wait a second. we reported on your show she was toast. liz: yes. in fact that was your tweet. she is toast. >> is everything all right?

liz: not really. >> is my zip zipper down? liz: forget it. schneur never know with liz. she is out as we reported. scott bok the chair of the board of trustees resigned as well. the way it unfolded they would have a meeting on sunday, a board meeting, that would have killed them right there. instead they just resigned ahead of it because they knew they were toast. the question is what happens next. and again, names are being bandied about. there is no, i guess you can't really say any of this is written in stone because you know, just at the beginning of this but here are the names. i guess you could say this is could be, these names are for her position. i think about. ok's position would have to be something like mark rowan a finance guy. liz: mark rowan started this before october 7. >> he is the chairman of apollo.

he wanted him out essentially. wanted bok and her out and he kept the pressure on. listen it was building over time and she cooked her own goose during that congressional hearing, let's be clear she couldn't say the simple words that you know, genocide of jews is bad. you know just so absurd but here are the names for her job. jon huntsman. he is as you know is an alum. liz: a former, former ambassador. >> right. liz: former -- >> donated $50 million to wharton, their business school. the vijay couple kumar, his name pops up then. zeke emanuel. liz: >> the doctor, pretty famous. these are the names we hear. when this will happen who knows? one of the things ackman, bill ackman who is now turning hills

attention to unseat the president of harvard for the same reasons, claudine gay, in order to pick a university president it is not just based on you know, what did they publish? were they great academic -- liz: equity and inclusion. >> you have to check a lot of boxes here. it, of itself, if you -- you limit the amount of people that you can get for this job. now, the question is, will penn, will hear sadder, if claudine gay gets bounced and a lot of people think she's next, although a lot, there was a petition with 500 faculty members supporting her, from harvard although, you know, let's face it, did you expect anything less? they're about as woke as she is. so right now we're at the point where do they use dei to fill these slots? i mean i don't know? it is an interesting time right now. liz: well the role of wall street in all of this, as

you mentioned, mark rowan. >> right. bill ackman. liz: bill ackman tweeting just a few hours ago, earlier today, is claudine gay a horrible. i looked at some of stuff. i'm trying to be fair. listen, she probably would be fair with me if i made a mistake. seems like it was a mistake. what she did, she cited the people she took the text from but didn't put quotes around the whole thing but she did cite them. let's be clear here on the pile-up. be really clear what her sinwars are. liz: isn't it amazing though that it took a lot of people,

because -- >> right. liz: who, i'm sorry, forgetting his name was it stevens, the big hedge fund guy? >> yes. liz: he was almost the tipping point where he said he was pulling $100 million -- >> mark stevens. liz: mark stevens in penn, for penn. i'm done. >> claw back. liz: you can't let your jewish students be verbally attacked and allow swastikas to remain on the walls at schools. >> here is the thing i said to cheryl friday when i said liz mcgill was gone, the day before she was gone is this. these big donors. liz: ross stevens. >> big donors are give money to the woke colleges for years, the ignoring fact they have downgraded western civ, they essentially installed speech codes and become very politically leftist. what did they expect would happen? now they have gone so left, they have basically become, they

basically -- liz: the harvard professor who was fired for misidentifying by gender. please. >> they become so woke that jew hatred is acceptable on campus. that is where we're going for this. it is a mind virus. it needs to change. i don't think getting rid of liz ma gill is one thing. you have to get rid of the whole woke does trial -- industrial come on plex at universities. >> this the final federal reserve meeting of 2023. lower yields led to higher stock gains but what if the snare tiff is eventually flipped? can lower yields yield to lower stocks prices? we have doubleline chief investment officer jeffrey sherman. everyone believes once the fed starts cutting rates equities will take off, we're coming off six weeks of gains for stocks. are people not anticipating correctly what might happen to

their portfolios? >> i think what it comes down to is that all of a sudden that the stock market has become correlated with interest rates once again and some of the pain we saw over the summer where we saw repricing of yields higher led to stock losses although not as much in the nasdaq. we saw it across the board. this repricing of yields lower has kind of catalyzed a rally of pretty much everything. it is interest rates, it is credit spreads. it is risk assets in general which include equities. i think right now the narrative shift is a big one but now you have a problem with this meeting coming up this week jay powell himself six weeks ago said that, bond market done some of its job, right? the fed's job i'm referring to and that is by repriceing yields higher it made financial conditions tighter. we'll have to see how jay powell takes the podium tomorrow when he has to fly in the face of all of sudden having lower yields

means you have looser financial conditions and that may not be exactly what the fed wants. liz: what are you recommending as you anticipate what will happen when it comes to investing whether it's treasurys or corporate bonds? >> yeah. i mean look, we still like both sides of the equation there. they're both interest rate-sensitive. maybe we get a backup on the knee-jerk reaction of powell potentially being hawkish tomorrow but in general bonds still offer a good value and i think that's what investors have seen the over the last month or so, once we got to the 5% 10-year all of sudden the phone started ringing again. we've seen lots of institutional demand. you're see retail where bonds is underowned all year because it has been attractive part of the curve investing in t-bills where you don't have to take the interest rate risk but as we go into 2024, thinking fed potentially cutting rates that means t-bills will not be as

attractive. some of that repositioning into bonds makes sense for clients today. liz: we literally have 15 seconds which part of the yield curve? >> i like the belly of the curve. five years out to 10 years is the most attractive part of the curve because the five-year will respond to fed policy if they cut and 10-year will be less risk to the portfolio for your investors, liz. liz: good to see you, jeffrey sherman, thank you very, very much of doubleline. [closing bell rings] stock closing session highs. we have david reubenstein and kyle bass as well. i will see you tomorrow. ♪. larry: mellow, folks, welcome to "kudlow," i'm larry kudlow. in a few moments ace reporter grave jenkins at the southern border in eagle pass, texas. he will report on a new daily record biden illegalnt