take a look at this screen. this is going to blow your mind. this is how much air is in the packages of stuff that you buy. [laughter] i mean, this is absolutely nuts. cheetos, 59% air! i mean, are you kidding me? stacy's, 50% air. you buy the bag, and half of it's just air. i'll give props to bring ifings at 28%, but that's not really chip, right? i'm not mad about a greed-fliation, but air-flation, now you're just yanking my chain, right? don't do this to us. it's really, really crazy. but, again, those cheetohs, golly, you get the bag and you look in it, and this is two or three at the bottom of it. liz claman, you know what i'm talking about. liz: you didn't even mention if terra chips. charles: 49% air. liz: tell me how i'm going to eat with no air -- or too much air. thank you. a little chris blown with action

there. okay, thank you, charles. fox market alert, rarely, folks, since the beginning of stock trading time has one single company held more sway over the entire stock market than now. and that company is nvidia. and with its fourth quarter earnings out after the bell, the chip maker's results have the power to live or to dunk the markets depending on the outcome. as we head into the final hour of trade, the pre-earnings jitters continue to pressure the stock. in fact, we are at session lows at the moment. nvidia adding another 4% to yesterday's 4.4% drop. and, yes, those losses, i mean, let's just be fair here, they get blanked by the stunning 236% moonshot the leader in a.i. semiconductors has made just over the past year. but because so many sectors have piled into the a.i. gold rush, the red you see across the board on the major indices means that that much of the market is treading water while waiting for the if numbers. dow jones industrials down 13 if 5 points.

you know what? want to see what i mean about ingrid v.a -- invid rah -- nvidia's pull? intel, you can see right there, ibm, salesforce, they've all gone big on a a.i. and then microsoft is just above intel, so microsoft's probably the seventh biggest laggard. intel's the second. ibm's the third. salesforce, the fourth if. the worst of the blue chips though, and charles was just referencing this, walgreen boots alliance. the pharmacy chain getting the boot from the dow index and will be replaced by amazon. since walgreen boots alliance joined the industrials, i think it was 2018, shares have lost 65% of their value. amazon joins the club at the start of trade monday. shares right now up about a third of a percent, bucking the overall market trend for the moment we should tell you one car on the nasdaq train derailing its own sector and the index. cybersecurity solutions company palo alto networks is skidding 28.7% after giving disappointing

current quarter billings guidance. it is the worst performer on the nasdaq which, by the way, is dropping about 153 point. and it's -- 152 points. it's just crushing every name in the sector as witnessed by the drop of 7.5 for the global-x cybersecurity etf, ticker symbol bug. clearly, the story of the hour is nvidia's power over the markets and and how to invest up to it and through it. let's get right to the floor show, two of the best guys to help you tackle it from both the micro and mack if crow picture. jpmorgan's jack manly and carnivore trading's dutch masters. i don't know, dutch, for a while with apple held the market's reaps, but can you remember anything similar to -- rein, but can you remember anything similar to nvidia's spell that it holds over the market now if if. >> i'm sure there have been some but, boy, i'll tell you, this i, really. liz: yeah. and so what do you do in that

case? is it -- i have a lot of people on by tiktok, because i talked about a it on tiktok, and you say -- they say, oh, you've got to buy puts. if nvidia meets estimates, that's not good news for the markets. even if it doesn't beat by that whisper if number which is always pumped up with names like this that are momentum plays, you still have a problem, don't you? >> yeah, you do. i think the expectations are really, really high now. the way we look at it is that the big market cap, big cap tech stocks have had a hell of a run are, and it's really time for them to pause a bit. and is we've seen companies come in with good earnings, you know, your palo alto met if estimates, beat estimates, but, you know, their e guidance was a little light and not good. we're seeing a lot of that happening out there -- liz: yeah. >> and it really doesn't matter what nvidia says right now. they're going to be fine. they're going to say they're fighter on all cylinders, that

business is, you know, shooting up, and they're just -- they've got plenty of demand and lots of backlog. but we don't see that being a driver in the market going forward. we're going to need to see some broadening in the market. we've had to move if out of that big tech. we had a good run with biotech stocks and now we're moving into some kind of weird stuff like marine transport stocks and some aerospace defense stocks. liz: because they're beaten down? if. >> no, they're actually making money. i mean, you know, this is where they are. i mean, we've had a hell of a run with these cybersecurity stocks, liz. and now they are just getting crushed. and, you know, it's been three years that these stocks have been leading and pumping and pumping and pumping, and now we've got a little bit of a pullback there. we're seeing half of the home builders lose, miss their earnings and half of them make their earnings. so we like the oil and gas tankers like txk, we like aba a

v and hwm for -- in the aerospace area. and, frankly, the solar space is a disaster, and we're shorting it. liz: okay. you're shorting that. let me get to the guy who's the global market strategist at jpmorgan. jack, when you get to the whole team at jpmorgan and they're hanging on your every word about what's our strategy, is it all u.s.? especially considering that you have the names like nvidia as best in class, microsoft, etc. >> liz, i will tell you, cards on the table, i have forever been a u.s. bull. that's just the way i think about things. when you look at how the equity market has just shifted over the last couple of decades, the u.s. has become increasingly technology-dominated, tech and tech-adjacent names. and if that is clearly the way of the future, right? no one is going to look at you and tell you seriously that technology is going to be less important in ten years. artificial intelligence is this new thing that a we're all excited about, it was the internet before of course, the computing age before that. and nobody if does it better than the u.s. does.

and so i think if you are a long-term investor, there is a lot to be said for overweighting the u.s. relative to the rest of the world. but where we stand right now with valuations so elevated, with the recovery having been so concentrated up until this point, we are thinking about some opportunities outside the states. it's just about how you reframe that conversation. luxury goods in europe, biotech in europe. i don't want to talk about valuations. i don't want to talk about the next 6-12 months. i want to talk about the next 5, 10, 15 years, the secular trends that are emerging in those regions. they're going to help to shape their economies, shape their equity marks. that's how i -- markets. that's how i stay excited. liz: as you talk about how dominating the u.s. technology space has become, they've done it where rates were much higher than they have been over the past couple of years because the fed raised rates to try is quell inflation. we got the fed minutes at 2 portfolio eastern, and in essence what you saw with those minutes is that there is a very big sort of jittery aspect to

many of the voters who say we don't want to cut rates too early if inflation hasn't been slayed. is that the appropriate way to take things? >> i think that is the right way to think about this, this conversation about interest rates. i mean, you look at some of the data that we've gotten out over the last then three -- even three weeks, cpi and ppi that came in hotter than expected, kind of a double whammy last week. we had an extraordinarily strong employment report,en employment rate at -- unemployment rate at 3.7, continued strength in wage growth. all of these things, i think, are concerning for the federal reserve, and they're particularly concerning given what you said, liz, which is that everybody seems to just be able to shrug off the impact of these higher interest rates. but the important thing to remember here is that back in december when the fed released its most recent summary of economic projections, that dot plot that we pay a lot of attention to, they told us 75 basis points of cuts this year. it was the market that was

looking for 125, 150 -- liz: i agree. >> -- 175. so we're kind of getting back to what the fed had been initially telling us that the we should have listened to all along. liz: i don't even think it's going to be three cuts, it may be two, possibly one. we're going to talk about that coming up with jared bernstein of the white house, the chief economic if head there. and so we've got to ask him about that. in the meantime, dutch, when you look at inflation and the better opportunities for stock that do well in sticky inflation environment or disinflationary environment where flakes at least is slowing, what are they? what are the sectors that you say, you know what? that one will hold up. >> well, like i said, i think you've got to go where the money's flowing, and we're flowing into the tankers, and we're flowing into some of the aerospace and defense stocks. but that's where the money's really going. you know, they're going to drop rates, and i totally agree with your guest there because, honest to god, this is -- we all were

looking for maybe 75 blips. the market got way out ahead of itself, and it's not going to happen probably til june and maybe even after that. but they will drop rates, and that'll probably be good for the market overall. but we we really want to see the russell 2000 start to percolate, and it's not going to probably happen until then. so we're kind of in no man's land until june. liz: jack, dutch, thank you very much. we're looking at the dow down about 163 points right now. so it's just sort of treading water, wait and see moment before nvidia earnings which are imminent right after the bell. thanks, gentlemen. we appreciate it. the good news about a nvidia expect rest of the u.s. semiconductor manufacturer space is that they are finally starting to feel the largess of president biden's chips act. the administration's effort to bring the entire industry back stateside. global foundries just got pledged $1.5 billion in grants, but who's next? we're about to ask jared bernstein, chairman of the white house economic council. plus, we'll get his reaction

torque yes, what jack just talked about, the hotter than expected inflation data and how to get prices to finally simmer down. feeling the heat at least today, energy prices which over the past year had come down, checking west texas intermediate, crude up about 1 percent in the aftermarket. nat gas is up 12% but still below $1.80. and a a rbob gasoline, let's call it flat to slightly lore. "the claman countdown" is coming right back. don't go away. ♪ ♪ (♪) our therapists give their all each day. and while we're in the business of taking care of others, it's important to make sure our therapists know that with benefits from principal, they're taken care of too. (♪)

♪ me and my friends ♪ ♪ life is better with the credit gods are on your side. rewards once available to the few are now accessible to the many. credit one bank. get cash back rewards, and live large. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description.

visit indeed.com/hire

liz: the chips act spigot is finally open and starting to flow. the first splash came monday when the white house awarded global found foundries $1.5

million to it can triple its capacity to turn out auto and defense microchips. while reports say swell is on deck -- intel is on deck to get a reported $10 billion, the largest payout from the $39 billion government fund which, by the way, was passed with bipartisan support, chipmakers tie won semiconductor, samsung and micron are among those who have applied for money as well, money aimed at boosting domestic production. joining me live from the if white house lawn to discuss the ramifications for the economy is the down till of sick -- council of economic add virussers chair, jared bernstein. before the show, i jumped on global foundry's web site, salaries ranging from $35,000 up through about 40,000 -- 140,000. what kind of job creation from the overall chips act do you anticipate? >> tens of thousands of jobs both in constructing the foundries and is a lot more jobs especially if you think about over the many years these

foundries will be in place in terms of producing the product. and if then if you think about the downstream industry, even more job creation. remember, liz, part of the motivation for this was a little anecdote i want to tell you that i don't know how widely it's been told. during the pandemic, this was a point where a chip foundry if in malaysia closed and pretty quickly six producers in knot if america, producers of -- north america, producers of vehicles shut down for two weeks. that is a kind of supply chain non-resilience that members of both sides of the aisle led by this president's vision have solved for with this chips plan. it's great to see those dollars getting out the door. liz: well, yeah. reshoreing that what once was a vibrant chip manufacturing business here in the u.s. and recently was down to just 12% is absolutely, i think, an important move. and president biden talked a lot about it being a national securityisher shoe as well. security issue as well. when you look at the job

opportunities, we made a map so you can see where there are now lots of fabrication plants that are being built, a lot of money going into these industries. the global chip sales, jared, overall fell about 8.2% last year to $526.8 billion. you know, some on wall street are saying that sales could bounce back this year, but why is it take taking so long for the administration to administer if this money when it was passed back in august of 2022? if. >> great question and a lot to the unpack there. let's start with your first point about where these fabrication plants are showing up. and the answer is in a lot of different places. if not just on the coast, not just in the big city, not just in the tech centers, but in rural area, in georgia and ohio, in blue states and red states. and that's so important particularly when it's areas that have been hollowed out previously by the loss of manufacturing jobs. really important to this president to see this geographical dispersion.

now, remember, i worked for vice president bide when he was the implementer in chief of the recovery act, and he pulled me in his office a one day and said i don't want to hear about a one dead tree getting planted as a result of this act. this is the answer to your question, why is it taking the time that it's taking. because with we want to be the best stewards of taxpayer dollars, we don't want to hear about a grants and loans that are going out to company companies that aren't going to get done. standing up domestic production of semiconductors, creating good jobs, lasting jobs, in many cases union jobs takes some scrutiny to make sure that taxpayer, those taxpayer dollars are being well shepherded. if. liz: people want those six-figure jobs that i sawen on global found arely's site and automatic of the other company companies' sites. the pop, jared, is food inflation is still high. yes it's come slightly down, but today "the wall street journal" has an article, and we can show

it to you. the headline is, it's been 30 years since food prices ate up this much of america's income. and in 1991, this was under bush, 11.4% of people's disposable personal income was spent on food. 2022, usda -- this is the most recent data -- it's up to 11.3%, just .1% lower than the most recent historic high being spent on food. was going on? why can the government not figure this piece of the pie out? >> well, first of all, let me just give you one fact on food inflation. and then we'll get into the very important things you raise. so a year ago the inflation for groceries was 11%, so just off the charts. that was, i think that was january '23. in the most recent month, grocery inflation was 1.2%. .1% of what it was. so a very big deceleration in

grocery inflation. but it's still inflation if. and one of the things you're talking about is the fact that some of these prices need to come down further. and when we say our work isn't done, that's precisely what we mean. now, it's helpful that the price of milk and eggs and, by the way, appliances, tvs, toys, sporting goods are down, airfares, used cars. that's good to see. but when the president talks about how important it is for manufacturers of food, processed and nonprocessed, to pass along the kind of savings that they're seeing as inflation comes down to their customers, he really means it. this is very important. their profit margins are still highly elevated. and, you know, they're using a level of pricing power that, you know, may have made sense to them at one point, but at this point since they themselves are realizing savings as costs come down, they need to start passing those savings forward to consumers, and the president will continue to call them out if we don't see it. liz: they would argue that wages

are rising, and wages rising are not in and of themselves a bad thing. but when wages are rising, they need to keep their prices high. i don't agree, i don't think they should keep their prices high -- >> let me say something about that, liz. when i say elevated profit margin, i'm taking the wage effects into account. so we've looked at the profit margins across the sectors, and profit margins net out the expense of paying your workers: and even after that netting out we're seeing in some places in the goes arely sector highly elevated profit margins. so, look, i understand. this is, you know, it's a capitalist economy. but those savings, they need to be passed forward to consumers. we've also, the president's come out and talked about shrinkflation, which is another problem here. when we have a kind of non-transparent pricing where they shrink the amount of goods and charge the same price -- liz: charles payne was just talking about that in the last hour. >> yeah. so that's another way in which we see consumers getting hit.

so, again, this is a sector with uniquely elevated profit margins, and they need to really start passing some of those savings forward to consumers in the form of lower price. liz: i just want to quickly can ask you because going back to the chips act, intel. we are waiting to see when intel gets that big chunk of money, expected to be the most, around $10 billion. is that number right? the columbus dispatch has a piece they broke, and they said sources are telling them that the president will award that money probably right before the state of the union address, in early march. can you -- >> i don't have a readout of either the number or the timing there. one thing i can tell you with is that the way these things typically work is it takes a good bit of time, and it's already, you know, this is time that has passed. this is the sum cost to get this function up and running where we can so carefully evaluate the requests that we're getting for these grants and these loans. the commerce if department has done an absolutely fantastic job, and think we're going to

see these dollars begin to flow out with a lot more speed once, now that those sum costs are behind us and that this process is in place. liz: yeah. we need it faster, faster, faster. >> we're with you. faster while not giving up on accuracy e and stewardship of taxpayer dollarss. with you all the way on that, liz. liz: that does, though, take the up so much time. and some of the regulations that you've put into place before these companies can get it granted seem to be a bit onerous if you talk to the ceos. >> well, i'm not sure specifically what you're talking about. the ceos who i talk to are very happy to see these grants flowing their way, and they've come to us with some really great plans. now, in some cases we're asking them to create good jobs for the workers that american taxpayers are subsidizing. we think that's completely fair. in some cases we've talked about providing childcare for the workers. we think that's completely fair. we don't just want to see jobs

created, we want to see high quality jobs created. that's, again, to us, president biden, that's stewardship of american taxpayer dollars. liz: jared, thanks for getting on the white house lawn for us and letting us ask these yet questions. we want to see inflation come down even more, so we'll wait to hear the president take on those companies if that's the way kneels is the appropriate way. thank you. >> thank you. liz: the gloves are off in a battle for sports streaming dominance with fubo tv shoeing the new fox, espn and warner brothers-discovery sports streaming venture. yesterday end kendrick -- kendrick per if kins told us everyone's trying to find their niche. guess who's joins the -- joined the fray? details next. checking how disney, warner brothers and fox, fubo tv are doing today, because fubo sued the ores. we're -- others. we're coming right back. everybody's down. ♪ n.

do you charge forward? freeze in your tracks? or, let curiosity light the way. at t. rowe price, we ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals.

anything can change the world of work. from hr to payroll, adp designs forward-thinking solutions to take on the next anything. (♪) (♪) (♪) (♪) (♪) (♪)

why choose a sleep number smart bed? can it keep me warm when i'm cold? wait, no, i'm always hot. sleep number does that. can i make my side softer? i like my side firmer. sleep number does that. can it help us sleep better and better? please? sleep number does that. 94 percent of smart sleepers report better sleep. now, save 50% on the sleep number limited edition smart bed. plus 10% off all bases. ends monday ♪ (upbeat music) ♪ ( ♪ ) with the push of a button,

constant contact's ai tools help you know what to say, even when you don't. hi! constant contact. helping the small stand tall. liz: fox business alert, apple taking on sports score site bleacher report with free new app called apple sports track thing scores and stats in realtime. users will be able to access live day a from from the nba, nhl and major leak soccer with nfl and major league baseball to roll out later this year. this is apple's latest push to become a leading provider of sports content following various deals it has struck with the leagues to stream games onal apple tv +.

fractionally eloper by about.1%, just dipping slightly now. chinese stocks are rallying at this hour buoyed by fresh moves by beijing to boost china's economy and prop up the stock market there. the central bank announced a larger than expected benchmark if mortgage rate cut in response to weak housing demand. so, you see, some of the names that trade here as american goes if story receipts, alibaba's up about 7 3%, jd.com up 2. while we're at it, we should look at educator v names out of china. li auto, some of those names are also a on the move and if climbing. social media form reddit has announced it's planning to sell a portion of its ipo shares to its platform's users when the company goes public on the new york stock exchange next month. reddit, which was valued at $10 billion in a fund raising round in 2021 despite being unprofitable, says it will

reserve an undetermined number of shares for 75,000 the users who will get the opportunity to buy them before the stock starts trading. an advantage usually reserved for high net worth investor s and clients of the underwriting banks. natural gas etfs like the united states natural gas fund and the pro shares ultra bloomberg natural gas are skyrocketing right now, up 11.6% and 22.8 respectively after chesapeake energy said it will cut its natural gas output this year, citing oversupply. demand if for natural gas has fallen across the country dow to high production and milder temperature, but workers say there's a bigger problem lurking that is crippling the natural gas industry. grady trimble spoke to pipeline workers in houston at troy construction about what's really at stake. it's almost like we have cross-currents here, grady. >> reporter: yeah, we do, liz. you know, all of this equipment that you see behind me here9 at troy construction, it should be

at a job site for oil and gas pipelines. several of them, though, are on hold. the workers here are frustrated, and the ceo says it's president biden's fault. [background sounds] >> reporter: this pipe should be in louisiana right now along with all this equipment. but when the biden administration paused luck bifid natural gas export permits, some pipeline projects for troy construction came to an immediate stop. >> about half of our business is gone. right out of the chute. >> reporter: ceo taylor dakus says 3,000 jobs are on the line. these are the people impacted by the policy. and you're personally furloughed right now. you just told me you have a 1-year-old daughter -- >> i just recently bought a house, so is i got a mortgage, and then i got truck payment, i've got to take care of a little one, diapers. >> reporter: as it sets out to

tackle climate change, the biden administration made a goal of creating 10 million green energy jobs. environmental group climate power estimates the so-called inflation reduction act has created 211,000 so far. so what do you think when you hear politicians say get a job in renewable energy? >> i'm good at my job. i want to stay doing it, and i'd like to see them get a job doing something else because they're not very good at theirs. >> in my eyes, it's too late to switch. we live to do what we do, and we like i. we're proud of it. >> reporter: so the biden administration is rushing to push through as many renewable energy initiatives as a possible before the election. republicans, of course, are promising to reverse those policies if they win back the white house. but, you know, liz e, when we talk to these workers, you really get a sense they feel there's a lot at a stake in november including their jobs

and their livelihoods directly impacted by this policy. liz? liz: grady, thank you very much. grady trimble. home builders moving higher after toll brothers reported an earnings beat. so you see most of them in the green right now. sort of fractionally. but is new home construction enough to plug the housing shortage? what's really standing in the way of the american dream of home ownership? is it high mortgage price, or is it some big wigs on wall street? two of the nation's top realtors join us next with that. oh, and my new podcast episode just dropped. you know, there's a new movie out, the biopic bob marley. one love are, the film about the reggae star, aston the barrett starring, filled -- brought in $52 million over the long weekend, double what was anticipated. perhaps the biggest surprise, the movie's breakout costar it's

on barrett jr., how dud he get cast to play his father when he never acted in his entire life? you have got to hear aston barrett jr.'s story. he's my guest on my brand new everyone talks to liz podcast episode. you can download it on apple, amazon, spotify, iheart radio, wherever you get your podcasts. it is an incredible story. [laughter] never acted in husband life are -- in his life and now he's the costar of a huge arely successful movie. the dow down 91 points after having lost about 182. were coming right back. we're talking about the real problem behind the housing shortage. ♪ buffalo soldier ♪ jen x. jen y. and jen z. each planning their future through the chase mobile app. jen x is planning a summer in portugal with some help from j.p. morgan wealth plan.

let's go whiskers. jen y is working with a banker to budget for her birthday. you only turn 30 once. and jen z? her credit's golden. hello new apartment. three jens getting ahead with chase. solutions that grow with you. one bank for now. for later. for life. chase. make more of what's yours. ♪ i have type 2 diabetes, but i manage it well ♪ ♪ jardiance! ♪ ♪ it's a little pill with a big story to tell ♪ ♪ i take once-daily jardiance ♪ ♪ at each day's start! ♪ ♪ as time went on it was easy to see ♪ ♪ i'm lowering my a1c! ♪ jardiance works twenty-four seven in your body to flush out some sugar. and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. serious side effects may include ketoacidosis that may be fatal, dehydration that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a rare, life-threatening bacterial infection in the skin of the perineum could occur. stop jardiance and call your doctor right away if you have symptoms of this infection ketoacidosis,

or an allergic reaction. you may have an increased risk for lower limb loss. call your doctor right away if you have symptoms of infection in your legs or feet. taking jardiance with a sulfonylurea or insulin may cause low blood sugar. ♪ jardiance is really swell ♪ ♪ the little pill ♪ ♪ with a big story to tell! ♪ ♪(song in french)♪ (♪) (♪) (♪) (♪) book in the hotels.com app to find your perfect somewhere. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close.

and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts.

that first time you take a step back. i made that. with your very own online store. i sold that. and you can manage it all in one place. i built this. and it was easy, with a partner that puts you first. godaddy. every day, more dog people are deciding it's time for a fresh approach to pet food. developed with vets. made from real meat and veggies. portioned for your dog. and delivered right to your door. it's smarter, healthier pet food. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to

supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. our excellence is shining yet so many of us are dying colon screenings are a must they're recommended for those 45 and up it's on us to stand up to cancer once and for all liz: rebuilding the american dream of owning a home, right?

is you want to see action causes reaction? let's tart with the action. last week the 30-year fixed mortgage rate hit its highest level since early december, vaulting back above 7% to 7.06% according to the mortgage bankers' association is. that is a pop of 19 basis e points simply from the week before. that higher rate sent home buyers pack. total mortgage application if volume plunged 10.6% compared to the previous week. i want to bring in two star real estate experts to the conversation to break down the numbers and what's ahead for future home buyers. joining me now in a fox business exclusive, compass agent jason haber or and the agency founder and ceo mauricio yumanski, mauricio, the massive slide in mortgage applications clearly was a psychological and actionable move in the wake of such high interest rates once again going back up above 7%. but what do you think caused it?

weren't mortgage rates going down? >> well, mortgage rates began to go down, and what's happening is that we just have such a lack of supply and prices are still high. you know, the government, by raising interest rates, what they're trying to do is really trying to make housing affordable again, and right now we have the perfect storm of total the unaffordability. we've got super high interest rates, above 7, mortgage applications are as low as they've been since 1995, and then we've got no supply. and so is as a long as there's no supply, we're not going to see the prices drop. until we start seeing some pain and some supply, it's a simple supply and demand curve where you're just not going to see the pain. until we start seeing the pain and prices drop, i don't see the government dropping interest rates. we really need to allow the markets to be markets and for affordability to start happening so that the government starts dropping interest rates again. liz: well, when rates come down, at what point, jason, will people dive in? you just took a survey at

compass, did you not? if what did it show? >> well, people are comfortable psychological isly with the 5 number. they want to see a 5 handle on loans. and we feel that when people see that, that that's a signal to the market that they'll reenter in. and people are, you know, it is it's just math, liz. if you bought a home for $600,000, let's say, 2, 3 years ago, today to make that same monthly payment at interest rates where they are today, you're looking at a home that's going to be turned $450,000. it's a very is big difference. and it limits the amount of buyers that are going to be out there in the marketplace and need financing. liz: we have heard about high rates really tamping down the markets because people, quote, can't afford them or they can't afford to move out of their low rates, which is what jason just talked about. but, mauricio, what else is behind the lack of inventory here? you know, there is a bug

discussion about a -- big discussion about hedge funds and wall street inserting themselves into the entire market and soak ising up single family homes -- soaking up single family homes. is that an issue? >> well, there's multiple issues. number one is there's not enough new home building. that's keeping supply down. number two is that buyers and sellers are not moving out of their house because of the interest rates. they're sitting on 2, 3% interest rates on their mortgage on their existing home, and they have to trade up to a 7% mortgage, so they're not bringing their homes to the supply of the market. the third is this issue with the hedge funds where they're just buying so much product. and i've always been one that believes in free cat limb -- capitalism, allow the marks to happen. but right now what's happening, we're really trying to control housing and affordability. the government does have to get involved a little bit and perhaps, you know, figure out some way of limiting the way that the hedge funds are able to do this because right now in middle america they are just eating up so much product that

there's just no supply hitting the market. liz: yeah. i was reading in charlotte, north carolina, something like an entire block of home sales was sucked up by private wall street investors. and, listen, it's the free market. we're all for that here, but it's interesting to see ea that congressman ro khanna of california introduced the end hedge fund control of american homes act of 2023. we'll wait to see what happens with that. jason, another problem is in the housing market these high home sales fees that realtors have almost gotten together as a cabal and organized. and that, that's certainly gotten the attention of the law. >> well, to be clear, commission rates are set by sellers, not b- liz: right. >> -- brokers or agents in the real estate community. that's how it is. now, there are changes coming in the industry as you see as a result of the lawsuits and with department of justice. if look, it's one of the reasons why mauricio and i started the

american real estate association as a new trade association for the industry, because we need a new voice and new leadership for this new era. so agents know how to have these conversations with their sellers and with their buyers and understand how the landscape going to change. liz: jason, mauricio, i'm deciding, do i want to be in the palm beach where jason are is or aspen where mauricio -- i'm kind of going with aspen right now. it's great to see you both. thank you very much is. [laughter] >> thank you, liz. liz: good to have you. >> can't go wrong with either. liz yeah. come on a little bit east here -- west, rather,. president biden right now is about to speak in california as he he cancels $1.2 billion in student loan debt for certain borrow ors. boar ors. we are going to take you there and get you a live report. let's call it 13 minutes away from the closing bell and the most anticipated earnings report of the entire season. it is nvidia with, ahead of it off the lows but still down

about 3%. the chipmaker is the focus of wall street right now. we'll take you back in just a few minutes, so don't go away. mug. ♪er s ♪ you're replacing me? customize and save with liberty bibberty. he doesn't even have a mustache. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ . .

your record label is taking off. but so is your sound engineer. you need to hire.

i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire hi, my name is joann, and i lost 75 pounds on golo. the other times i've lost weight, i was tired, run down. with golo, you feel great as you lose weight. i have enough energy to exercise every day. (energetic music fades)

when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party...

and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone is online. maybe we'll even get married one day. i wonder what i will be doing? probably still living here with mom and dad. fast reliable speeds right where you need them. that's wall-to-wall wifi on the xfinity 10g network. ♪. liz: "fox business alert," we need to take you live to culver

city, california, where president biden is expected to deliver remarks at any moment on the administration latest round of student loan forgiveness for one specific group of borrowers. edward lawrence has a deep die who exactly gets freed to pay off college loans, ed? >> reporter: president is ten minutes late. he will announce 153,000 people get to have their debt forgiven. this is part of rule changes to a repayment program under the student loan forgiveness. now this rule change would specifically talk about people who made at least 10 years of payments and owe less than $12,000. they would have the debt wiped out at the expense of taxpayers. this particular batch costs $1.2 billion gives total forgiveness under president biden to 138 billion. the supreme court said the president could not wipe out

without the congressional approval. the president is going piece by piece. because of the rule changes there could be 125 billion more in student loan forgiveness yet to come which taxpayers will pay for. >> some of those rules have substantial budgetary costs. the baseline has changes in student loans. as another example, a proposed rule from the epa on tailpipe emissions that has a very large fiscal impact. >> reporter: the new york federal reserve estimated that some debt forgiveness the president wanted to do with the stroke of a pen was $441 billion. with today's announcement, he is now at 2/3 or will be at 2/3 of that foal according goal accorde congressional budget office. the president will go to a fund-raising event in the los angeles area. up to san francisco for a few more fund-raising events and campaigning events. liz: thank you very much, edward lawrence.

the closing bell six minutes away, the markets, s&p, dow reversed course how about that, after spending most of the day in the red the s&p popped slightly into the green but barely. we'll take it. the dow up 10 points, not bad. a decent move we'll see if they hold on for the next five minutes. nvidia fiscal fourth quarter earnings are imminent. everything could change once they report. wall street analysts are expecting the a.i. chip leader to come in with profits of 4.64 -- $4, 64 cents. that would be a a be 426% increase over. it would be a 240% increase from this time last year. the stock down today, by last check, 2.8%. so off the 4% lows from earlier but can the a.i. chip behemoth continue churning out these

massive earnings numbers? , should you buy, sell or hold? join us fox business exclusive, futures group, daniel newman. he has been an nvidia bull since 2022. daniel, you predicted back in 2020 that nvidia would eventually join the one trillion dollar club. what are you expecting from earnings today? >> hey, liz, good to see you. who would think we get four national holidays of nvidia earnings. i think they will continue the course. this will be a banger, having good results. having said that i'm hitting that point i'm starting to wonder if this can continue because i see some headwinds. this company has been basically flying in clear air with little competition and supply is the only constraint. i think this quarter is going to be good but i think the future will get a bit choppier. liz: even in if it is good, it will not be good enough, right? even if they meet estimates it

will not be good enough for wall street and main street stockholders. maybe you're almost doomed you hold on for the ride even if there is a big dip? >> over the long term the market will grow tremendously but you have to look and say the market has gotten a little frothy here. run up, 1.8 trillion, passing amazon, google, on a single set of products in the gpu. new competition coming out of microsoft. new competition out of google. google had a big foundry day. sam altman was there. this has been played, the company has tremendous future, people will not see the 100% growth quarters and people will get tired of not seeing those. liz: some of this focuses on nvidia, there are a lot of brilliant chip companies here in the u.s. and overseas that are churning them out pretty dramatically and intelligently.

>> in june '22 i said nvidia was a great pick, i absolutely loved it at that point. right now i put the bull case together for intel. today's microsoft ceo nadella made a big commitment to the foundries. their fortunes have changed a little bit. with amd, outward what they're doing with the mi-300 the competitive product. some companies i like, synopsys, qualcomm, edge a.i. you hear about the a.i. pc changing the industry. of course you've seen some of the enterprise software stocks, sales force, service now, i talked about those companies a few times in the past. there are a number of different plays. i think nvidia is a great company. it has run too far, too fast and i think it is a little frothy at this point. liz: intel earlier today announced a partnership with microsoft to provide chips. i think that is interesting. yesterday microsoft put out the headline it was a report by the information basically said that microsoft is trying to reduce its independence on nvidia chips by coming out with a different

kind of card and to me that looks like there is so much demand we know meta put in an order for thousand of nvidia's a.i. chips. so clearly this will be supply demand and there will be some other winners. >> i mean meta is building its own chips too. microsoft doesn't want to depend entirely on network and infrastructure. aws did same thing when it partnered with nvidia for dgx cloud. we're seeing it all angles. we mead nor competition. nobody is not saying nvidia is not a good company, you have 98% of the market. they don't want to see one company control too much. i think we're seeing that inflection, liz. liz: anything else in the tech world that you're looking at that is sort of a side window trade? >> i'm keeping my eye on how the market responds to the intel foundry day. sam altman is coming on in a few hours. he made 5 to 7 trillion-dollar

claim. intel seems to be stepping up to do it. this is a hard company to get excited about but this is a interesting moment. a lot of good things, and tailwinds for the company. liz: pat was on the show. the stock iser year-over-year up 70%, seven, zero, not bad for intel. we talked to jared bernstein from the administration, we're waiting for the announcement of the chips act money going to intel. good to see you. we're seconds away from the closing bell. you know what comes after that, nvidia earning. hey look, the dow, the s&p, look to close in positive territory. so they scratched back in. the nasdaq clocking its third day in the red. [closing bell rings] tomorrow's medtronic ceo will be here to discuss his outlook on the health care technology industry. that is it for the claman countydown. "kudlow" is next. he will talk nvidia too. larry: