>> that blue line is showing you that we are producing a lot of manufactured goods. we are producing more goods and services with fewer workers. you could show the same chart with others too. three times more agricultural output with one third the number of workers. is china a problem? absolutely. this could be trump's big argument. he wants to bring these jobs home. the way you do that, reduce regulation, reduce taxes. $2 trillion of capital. charles: all the investment money going to china. >> coming back. charles: you are the second best, liz claman is the best.

liz: you are so good, you are going to come back to my that in a few minutes. charles is going to make a special appearance. retail investors, stay tuned what he has to say. breaking news, stay with us in this final hour of trade not just because of charles but the dow is 59 minutes from its second all-time record close in a row and the s&p is about to clock another new 52 week high. day 2 of deep green for the blue chips, dow is up one hundred 3 points, 37,194. yesterday the two day chart, cross 37,000 for the first time ever and closed thanks to a 512 point hi. look who is leading the high, the post fed meeting optimism boosting goldman sachs to a 2,023 high.

it is gaining 6. 3%, $385.47 a share. don't count out david solomon just yet. it's not the only financial rally. jpmorgan is also rocketing higher. jpmorgan moving up one. 7% % to $163.85. that is close to a two year hi, shares of the big bank which had quite a year wondering which it scooped up in the wake of the march retail bank prices, that seems so long ago, doing quite well. s&p, back to the broader market, 2% away from an all-time record, the nasdaq opened up with a cheer. it is still at 11, let's call it 12 points, the nasdaq has been dipping in and out of negative territory in part due to adobe which is sitting at the near bottom or bottom of both the s&p and the nasdaq. investors mull a weaker than excited forecast for its february quarter and fiscal first year.

we have for school full year, we've got adobe down 6.8%. the company did say it seems strong. early adoption for firefly gum it's sweet of content creation tools. wall street was helping that to translate to a bigger boost in near-term revenue. energy anything but down a day after jay powell gave the first sign in months that the higher for longer interest rate scenario makeshift to cutting rates earlier and faster next year. look at brent. it is up in the aftermarket 3%, crude, wti up 3% and natural gas which had an ugly year. is up 2.4%. energy rises we are looking at a 2 day drop in 10 year yield, the day before the fed meeting, the 10 year, the yield, 4.20%. look where we are right now. 3. 93%.

below 4% is a pretty significant move but not even the low of the session, as you can see, was lower than where you are now but for you would be homebuyers, remember mortgage rates track the 10 year yield. look at this. housing finance giant freddie mac has a new print on borrowing costs for the 30 year fixed-rate mortgages. they have dropped below 7% for the first time in four months to 6.95%. are we looking at a new investment world now that the fed has signaled a solid probability that rates will come down instead of going up? the nerve and a bond trade of the last year and a half, let's get to the bond guru in his first appearance since the federal reserve's decision. let's tackle the question, it was right here, a year and

change ago, that they were running there. where is it now? >> part of it was nirvana, you could keep money in the front, when your treasury yields, just sit in a clipped coupon clipped yield and not take a lot of risk and yields were at historic levels. now i think we are shifting the. the fed will bring the front of the yield curve and cutting rates may be in the spring. liz: it is still above 5%. %. >> think about generating a real return. or the five year, you can own quality fixed income assets. create a portfolio of 6%, things like investor credit, agency mortgages, i can

purchase these assets when you put together high guild and get 6% and maybe if rates go down you could get high single digits double-digit, you marry that to an equity portfolio if a different framework. liz: let's get to when you see the rate cut of 2024. before you get to that i want to play jeremy siegel, the wharton economist who yesterday in his first reaction to the fed drama, it sent stocks higher because he did flag that we will see rates go lower next year. here's what he said about timing and i want your timing. >> fantastic news and we will go to all-time highs on the s&p and the dow. the nasdaq may take longer, but this is the sort of flexibility are called for powell to have all the time.

it surprised me. i was thrilled they were talking about cutting rates. when they start cutting rates it depends on the economy. i don't think it will be the january 31st meeting but i think it is going to be march meeting, the data will support it at that time and this is great news for the equity market and the us economy. liz: he says march. you say what? >> he was my professor so i can't disagree. i think markets are pricing now. i think if you think of where the fed was a few weeks ago it is lucky, pretty shocking they made a one hundred 80 degree turn in terms of where they were. usually the fed likes to lay out the policy, give it a few months before making a pivot and my best guess i said

friday, could they move it up? it was a question that was critical, when he said they described it as slow at getting rates higher, are you going to make that mistake again? they don't want to make that mistake again. with that bring you into march? may be. i still think my best guess is it is made but you can't rule out. the direction of travel is different and this is what's impacting investors today, we are moving to a different regime whether it is march or may. the regime is shifting and they will get ready, you have to get ready hundred basis points lower in terms of real rates. you've got an election later in the year. they could. liz: yesterday they indicated they would cut rates three times next year. i am with you on may versus march because we still have inflation. if you look at the latest core cpi, the consumer price index, consumer rates and then you

look at pce, personal consumption expenditure number, getting a new one pretty soon, 3.5%. where do you see real rates. we have inflation at 2%. >> there is good inflation which is deflated. it is actually negative. the services are sticky. the thing about service inflation, things like insurance, medical costs, hard for the federal reserve to bring down. my sense is when you get into core pce you get into the 2s. that's a big deal. the trajectory is in the right direction. by the end of the year it is 2. 5% so i think you are bringing down, i agree with you, it is remarkable a week or two ago

from the fed's perspective they wouldn't, the chair would want to wait and see and let this marinate a little bit, including financial conditions, a pretty good run in financial conditions. liz: the yield curve inversion is where shorter-term yields are higher than longer-term. we are still in there but when do you predict we will see the curve normalize? >> when you've got the short end rates i don't need to take a lot of risk on short end rates. that party is ending. it means you can go now. you will start to see year end stuff that goes on with pension funds so what makes sense, it is clear to purchase high quality fixed income assets, treasuries as well in that five year part of the yield curve. curve normalizes.

that is where you have a fulcrum of interest rates. the yield curve stevens, and you can create high quality assets. that is where i think, where you are taking risk in the equity market. liz: as if you didn't have enough etfs, you've got a new one. make your case for this one. >> we launched that in may. it has been the amount that has been very high. part of it is people looking for fixed income. it is hard for people to think about that. the nice thing is 7% yield without a lot of volatility. liz: is that the -- >> this is bank -- it has had a good run. it has gotten a lot of inflow. blackrock total return which we just launched is more, 60-40

that people do, married to equities. this is more in that ilk. the etf model has grown extraordinarily. people like the liquidity and put it in models of tax benefits. we launched something modeled off of the total return mutual fund. can you do it in etf form? we are excited about it because we think money is coming into fixed income and people, equities had a good run this year. could be a bit of ballast in my portfolio through 40%. the total return fund gets -- liz: a good run, nasdaq up 40%. happy holidays. so good to see you. he says mayor, first cut. thank you so much. as investors gamble on the timing of rate costs, tourists are rolling the dice on las vegas and so is the company behind the famed hotels.

we are about to show you the sin city grand opening of the brand-new casino resort. the ceo is here live to give you a tour and tell you how he envisions certain visitors of vegas 2.0. now publicly traded, casino stocks have gained this year. mgm up 34% year to date. las vegas sands and when in the green as well. "the claman countdown" is coming right back, the dow gaining one hundred 20 points at the moment. stay tuned. [ "i'll be seeing you" by the five satins ]

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when you switch to shopify. first time i connected with kim, she told me that her husband had passed. and that he took care of all of the internet connected devices in the home. i told her, “i'm here to take care of you.” connecting with kim... made me reconnect with my mom. it's very important to keep loved ones close. we know that creating memories with loved ones brings so much joy to your life. a family trip to the team usa training facility. i don't know how to thank you. i'm here to thank you.

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: is vegas baby officially back? here's assign the answer might be yes. a resort two decades in the making finally opening its

doors to guests last night. celebrating its las vegas grand opening last night with all the glitz and glamour one would expect of the newest luxury resort on the strip. the opening of the nearly $4 billion property that boasts 150,000 square-foot casino, you saw justin timberlake and tom brady gambling, kim kardashian, sly stallone, lenny kravitz, the man of the hour, developing chairman and ceo jeffrey summer fresh off of the resort's public debut joining me from the high limit tables room. give me the highlight last night. >> the biggest highlight was getting the doors open. they enjoyed themselves. that was the main highlight. liz: you had announced in 2005

when you bought the fontan blue in miami, a little thing called the financial crisis hit. there were so many other dramas. talk about what it took to get this place open and how it morphed over the years to what it is now. >> i wasn't involved for many years. the project stopped. the banking industry collapsed and getting it back in 2020 when the opportunity came around. everything came together and we closed in early february of 2021. these are big buildings, complicated. to get everything right. the physical bones in the

facility designed by merely on in 2005-6, i knew i had to look. liz: we are looking at the women in the white dresses and nice tops. what is the field? every one of those vegas hotels has a theme. >> this is not a theme. really built around the seven year history of the design, back in 54. so really a lot of that design, something making the design intensive is when you look at miami, you brought it back in 2005, i knew i had great bones to it but they make it and revived the resort but had stuff that was designed potentially designed in the 50s that would be able to make it up-to-date.

liz: there is a timberlake and a brady. that had to be a moment they were at the table and gambling. i want to talk about room rates and bookings. i want to check on these room rates. they seem really reasonable. midweek before christmas, you've got rooms, one hundred 50 and they go up around new year's. tell me what the bookings look like. >> they are growing starting from 0 so we do have a database. room rates fluctuate before christmas, that is why we opened the date we picked. it is my birthday. the dates all worked out. for us it was about getting our feet wet.

those are big properties and there's a lot to them. better to go there. liz: are you sold out for the super bowl weekend? >> we will be sold out. liz: i am looking where you are now. you call it the high limit tables. is that the same as highrollers? >> this is obviously the salon here, we have private gaming salons. more privacy or higher bet limits, exclusive service. again. one of these things we do. as far as the look and feel of the property. liz: looks like an enjoyable time. you've got a raucous crowd, some people having fun. good luck and we love to see

you with properties in vegas and we will watch the development. wall street casino, not charles payne, he does not play by the house rules. he has advice on how do we, unbreakable investor, my friend and the host of making money, charles payne, how to unleash the power of the true successful investor in you. talk about making money, the top-performing stocks of 2023, three names from diverse sectors. apps loving, up 267%. nvidia, chpmaker up 229% and draft kangas having a great year up 220%. we are coming right back, stay with us. promise to put your interests first, always. i promise that our relationship will go well beyond just investment decisions.

it's the intersection of your money and your life where we can make the biggest difference. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪

>> footlocker high in the final hour of trade, a nice move of 10%. raising its rating to increase its price target from $24-$33 or 30 one dollars and $0.39 right now. it was mid october when the speaker chain began an extended drop after goldman cut shares and piper says we are encouraged by a part of

sneakers campaign and with the leader inventory in 2024, the retail can add more trending styles. this quarter alone shares of dunking it up 78%. flip it to united and delta airlines, the top airline stocks for 2,024. ual up 4. 7%, delta up 3%. analysts expect growth in the high-margin segment and united's premium travel division. morgan stanley raising its rating from equal to overweight and that is good for a 5.6% move. the investment went from the price target from one hundred to one hundred $10 a share-$110 a share, 92 to 93 on belief that the entertainment company has the ability to capture the live music opportunity. tripadvisor on the high road after raising its rating from neutral to abide.

the financial services firm has confidence in the new management team and is happy with the growth of online travel agencies and the fork businesses, trip advisor gaining 6% this session alone. not every class of stock has enjoyed gains this year but what about the meme stocks? let's take a look at some of them year to date. amc entertainment down 81% this year. hurts losing 33.7% and the cannabis company down 27% would a far cry from 2021 when retail investors made the decision to block wall street and started what became known as meme stock trend. could the power of the retail investor enjoy a revival in 2024. let's bring in the host of making money, the retail investor king, charles payne.

wall street, your new book unbreakable investors for everybody, baha'i end, retail guy too. charles: this is a companion piece to my prior book on per stoppable prosperity and the reason this is so important, could be a meme stock, people who bought ibm and still wonder where they will get money for all those blue chip names. it is easy to stay in the market long-term. it's harder than reality. i got one in warren buffett that i'm calling the original og, calling nvidia to cisco. they are comparing this to the dot.com. i will show you why with two premier names, it was cisco and

now it is nvidia. we are on the cusp of the roaring 20s which could be phenomenal. liz: we had a great 2023. aren't we there? charles: the last piece would be the election. it would be a pro-business present. 20s we had harding and coolidge. wasn't just pro-business. coolidge was pro technology. we encourage these things. the middle class exploded, by 1930, 40 million americans had a car. that decade, life expectancy increased more in that decade than any other decade. think of the miracle medical events around the corner. i'm talking amazing things. there is so many parallels.

liz: what do you sell? are you watching something you believe in go down and down and down? ibm, glad you brought that up, this year ibm has woken up from a deep slumber. obviously leadership change. charles: my subscribers, why are we selling? we have several reasons, made a huge move, xyz at $10 a share is not the same as $20 a share. got to make sure the underlying fundamentals justify you holding it two separate things, great to fall in love with the story but you have to make sure there's something behind the story. fundamental, technical, behavioral analysis, those are the things people have to understand. always understand why you bought a stock and that will tell you why to sell it.

liz: what is your best stock purchase ever? charles: i think apple. i forgot my entry point. i'm not one of these guys who bought it at a nickel. i bought apple and i had apple early on and sold when they kicked steve jobs out. sold all of it because he sold all of his and it would be the same company of he returned to the company i bought. management is so -- management is every thing. that is where you get the smart r&d. management is everything. you can have the sexiest story in the world but if you don't have a right management, microsoft, steve ballmer is an excitable guy but it was dead for a decade. they get a new ceo in and it it is the most amazing company in the world all over again.

charles: liz: you have to be not caught by the cult of personality's. charles: this guy has a great persona but not making any money. liz: thank you for sharing. charles: unbreakable investor.com, a free copy, they have to pay shipping and handling, that your copy. a birthday gift. liz: that and the cupcake, good to go for the next ten minutes. thanks. congress has quite a to do list before it departs for its holiday break. what does this mean for additional funding for the wars and ukraine and gaza? former world bank president david mallpass is here to tell us what lawmakers must do to reduce skyrocketing national debt. everybody needs an inspiring

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before house lawmakers jen out of the nation's capital for holiday recess and just in the nick of time members passed in $886 billion annual military spending package, on its way to president biden's desk to be signed into law. this includes $300 million in additional aid for ukraine from the end of 2026. the emergency aid package for ukraine is stuck in congress as republicans refuse to vote it through without increasing border security funding. joining me now in a fox business exclusive is a man who says there's a way to do this, former undersecretary of the us treasury under donald trump, david miaopass, you may be the only one who thinks it can be accomplished. how could you see this? >> in the next 24 hours i don't know but it is important to see

where the priorities are. the us has to show strength and be strong internationally because there has been a big vacuum. what needs to be done, leadership from the top. president biden is the commander in chief. finding a deal that will get off of border security and ukraine at the same time or separately, either way but cut the deal and get the best deal that can be done and that includes aid to israel. all these are high priorities. they have to find a way to find the end game. you introduced it as republicans won't vote for this but i think it can be phrased the other way too. there hasn't been a deal by the administration in getting it done so both parties have to come together.

liz: under speaker johnson is there a better shot at that? >> the house is hurting cats. they all have different opinions so you have to get to majority vote. i think leadership from the commander in chief is important in these crunch points. whether it can be done now before they go out i don't know but it has got to be done as we move into january because issues are so important not only to people in the countries but people in the us in the long run. got to look to the long run and see the deals have to be cut and then you can argue about how we got into this bad situation. liz: the treasury department says the us federal budget

deficit jumped 26% year-over-year in november to $314 billion, that's a record for a single month. how do we put our arms around something like that? >> it is terrific, you can't. the amount of money is staggering which today i was looking at the federal reserve said yesterday they were going to be prepared to lower interest rates. that set bonds higher, the fed owns the most of anybody in the world so their portfolio went up by $100 billion over this move over the last 24 hours so that shows the magnitude, the us government is so huge. what i think should be done is rewrite the debt limit so that when you're over the debt limit there are some constraints on spending, there's no boundaries for what government can do or what the fed can do in terms of buying asset and it creates this mix where they want to get larger all the time.

charles: i love that you've done the private sector and the public sector, you are also at the world bank running that. let me say yesterday we had the ceo of intel for the perspective of the economy from the ceo, listen to what he said and i will get your response. >> the fed has done a good job like everybody else but it puts a pretty optimistic tone and this is like ours, very capital-intensive and looking for a stronger economy launching key new products, this looks pretty good. >> how does it look to you? >> people on the upper end of the income scale it looks good. how they borrow in the long-term bond market which had a huge day yesterday and today. people with debt, the fed hasn't cut rates into may not, and that makes it hard for

small businesses, people that borrow at the short end of the curve. i would like to see the fed allowing the bond portfolio to go off. there is accelerating the cutie and that has positive affect and you see the euro strengthening on that news. liz: you served in treasury and i'm thinking depending on who is in the oval office next time would you be saying yes to being treasury secretary? >> i don't know. i want to stronger us leadership. we are in a good point, i agree with until that it is good to see the fed moving into a spot where they could cut rates but they could also cut their bond portfolio and we could shoot for more balanced growth into the future and small businesses. liz: tell you and your lovely

family we said happy holidays. thank you so much. and original friend of fox business when we first launched. trains in new jersey were delayed because of that. that is able running around on the new jersey transit train tracks this morning courtesy of jay powell. the dow closing in on a second straight record. art hogan up next to tell us if the bull was on the right side of the tracks as we head into 2,024. the dow up 116, now it is caterpillar the jumped ahead of goldman sachs as a leader on the dow. ♪ are ours too. our retirement tools and advice can help you leave a legacy for the ones you love. that's the value of ownership.

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ufc is not the only endeavor of white's the beer company is sponsoring. let's get to charlie. >> do you feel like slapping me, taking your hand and saying shut up watching my face distort. charles: my chop off-camera, that is how i sometimes feel. >> there is a sport called power slap. this is dana white's creation. charles: people slapping each other? >> look. charles: oh, my god. what the -- why? >> oh. charles: it is an open hand. you know -- >> they do this until they either point out or one guy drops. why am i reporting about this? well apparently anheuser-busch who gave us dylan mulvaney giggling half naked in a bubble bath. charles: once,. >> twice,. charles: twice. >> once was enough. they did it twice.

apparently they're going from that, as part of their ufc deal, they're doing some branding partnership on power slap. now i don't know which beers they are. i can tell you i did get confirmed through white's people there is a side deal. sew we unpack. just so you know, i'm a dana white fan boy. i've been following him for years. what he did with the ufc is amazing. charles: very smart. >> he is a smart guy. you know, just he is a guy's guy, okay? he started, he doesn't really own ufc anymore. i think he own as few shares, owns a piece, but owned by endeavor, ari manuel. charles: right. >> he created this thing, this power slapping. this is his baby again. so he owns it all. he sold ufc to endeavor in 2001 i want to say, a few years ago, 20176, i'm sorry. running it since turn.

he started this power slap thing recently. anheuser-busch apparently has some deal with them on branding. now, my point here because i've been talking to marketing executives is this a good thing for anheuser-busch if you want to eliminate -- charles: more their core customer, that manly, i don't know. >> but here's the problem. there is kind of a reverse psychology, i've been talking to branding people about this it is so over the top. you saw it. can we show it again? charles: what is spraying out there, is that powder or sweat? >> the powder. the reason why, i think with they're doing, they want it to slip, slide off the face a little bit. that is why they do the thing. so it's so off brand and so off the charts that branding people tell me you almost can't help but ask are why are they doing it. then all of sudden your mind goes back to dylan mulvaney, when ever you see a guy slapping

you see dylan mulvaney in the bubble bath drinking a bud, which caused shares to crater. charles: can we move on? >> we can't. this is good story, are you kidding me? when was last time you heard someone creating a support called power slap and having you know, anheuser-busch of all places -- charles: why isn't bud coming up on my thing. we saw the performance of the stock. >> not good. this thing is reeling. i don't think they can slap their way out of this one, get it? charles: knee slapper, charlie, thank you. >> by the way do you see how they stand there? the other guy has his hands behind him. oy. [laughter]. charles: god. >> oh. charles: thank you. [laughter]. charles: wall street can be a sharp elbowed place too, right, but we have progmoss indicators

shooting out price for 2024 of s&p 500. they're already behind. we're at 4714. right now. goldman sachs is behind 4700. deutsche bank is 5hundred. by the way they made the call before the fed meeting -- 5100. we have tomorrow deutsche bank's strategist to discuss what will get the s&p toy in the investing trenches. b. riley wealth chief market strategist art hogan. what is your level, art? >> we put a target out about two weeks ago at five now for 2024. charles: really? okay. >> that was predicated on our estimate forceps of s&p 500 at about $250 putting trailing 12 month multiple on that or a forward multiple of 16 on $300

for 2025. charles: so you too are very far ahead? >> a little conservative but certainly feels as though if that were to come to fruition, if we were to close today, you would have about 8% year and about 9 1/2% total return. it is very conventional, conventional year. i just don't think we get there the way we got there in '23. we were less reliant on the top 10 stocks or "magnificent seven." we see much more broadening out. i think for at least the first couple of quarters see outperformance of small caps versus the s&p 500. charles: the small caps have done brilliantly. they have been gleaming and today alone we're seeing the russell move higher by 2.7%, far outpacing the dow, nasdaq, and the s&p and transports although the transports are up 1.7%. art, who would have guessed 2023 would be such a performer when it came across the board. what are the sectors you like as you look ahead to the

possibility of s&p s&p 5000? >> great question. what we really like what typically works when the fed stops raising rates and starts cutting rates and those are things are cyclicals and industrials and energy, and financials oh by the way some underperforming sectors of this year. that is a healthy catch-up. we're starting to see some of that bid come in now. i think that continues throughout the year. balance that off in a barbell portfolio they do well. don't forget the underperforming small caps. what is interesting small caps have a nice run. they're still 18% of all-time high where s&p 500 is 2% off all-time high. [closing bell ringing] record second day in a row for the dow. bitcoin, who better to talk about it -- ♪. larry: hello, folks, welcome