checks we know it is like a sink that we fill up with water and what water spills over that is inflation but welfare a solution. if you let us -- if you put us in power and keep us in power -- we'll keep the checks coming but give us the power to go after those greedy sob and then we get some of the water out the sink. doesn't spill over. we don't get inflation, you get your checks and it sounds good on paper folks but in real life it means no business investments and it means that we go down the path that germany is on. germany is on a path to self-destruction i hate to see it. but it is happening in real life and we should pay attention because it is again, between the socialism movement between the climate movement, there's smart ways to go anything that you want to do but what they've done is not smart and hurt them badly let's avoid that in the meantime last hour of trading always exciting. especially today liz i'm buckled up. >> good because the expression chips are down charles so we have to flep that to the chips are up.

because as we kick off the final hour of trade on this mongsd the markets which had been done earlier are starting to go into the plus side here. dow still down 25 points, s&p, though, now up 8 and we've got the nasdaq punching higher by 3 points. so what may be causing this we've got to tack you straight to actually the top of the dow heat map to zero in on intel right there at the very top here. the semiconductor company is the leader here gaining 5 and a half% on little to no news news simply is the extension of the a.i. driven rally which looks like a gigantic pulling magnet from that's a record. to taiwan semi, that hitting a record. to and micron and broad dlption and klac, arm is not holding record here but other two are

but this is a very big movement here -- on very little news speaking of records after clocking its 15th record gain of the year so far. any gain for the s&p will add another -- record high right? but at the moment we are up just a fraction or 8 points, earlier it touched an interday record when i say earlier that was what -- in the last 12 minutes. so the top leaders at the moment of the nasdaq are really powering the nasdaq and same thing any gain for the nasdaq will mean a fresh record. so at the moment, barely there but there -- up 2 points. so we showed you what is working. what's not working? far and away tesla we have breaking news here ev maker worst performer on both the s&p and the nasdaq shares tanking 6.6%. so this hit began this morning sort of a holdover from friday investors fearing new price cuts for its chinese made cars. have sparked a war with china byd now leading seller of ev

that would be byd cutting prices so there's your war. but this headline hitting the tape 6 minutes ago. according to "the wall street journal," former twitter executives have filed a lawsuit against x formerly twitter and elon musk for over 128 million dollars in severance and cfo, the legal chief, and general council and they all dispute elon musk's claim that he had cause to fire them. year to date, and again tesla different company than twitter but remember elon musk had to sell a lot of tesla stock to buy twitter. tesla investors have watched the stock dive 24% like the scarcity tesla once enjoyed formerly robust year gains have nearly disappeared and -- , in fact, they have down 4%. all right got to get to apple folks it is worst performer on

the dow down 2.5% that's what a $2 billion fine by the european union will do. eu find apple saying that the iphone maker set unfair rules for a developer of its music streaming platform this time including restricting developers from informing users about alternative ways to subscribe to music streaming services apple plans to appeal. all right s&p quarterly rebalancing time again and supermicrocomputer decker outdoors are in. they will join the s&p 500, whirlpool and zion is out and u.s. maker will join the broader index monday march 18th to make room for them whirlpool everybody sup at moment but disiegon bank leads us to new york community bank enduring a show of session and shares pretty much at the low of the session down 18%.

that's a multideck keyed low of $2.91 we're only two trading days into martha stock has plummeted 37%. after the bell friday ratings cut the lead bank flag star three junk and moodies did the same saying would increase provisions for credit losses over the next two years so let's get right to the floor show we're going tackle both the bad and good we're seeing in the markets on this monday. trader kennedy is here along with columbia business professor of real estate, tom he has coauthored a paper warning that the u.s. banking system is sitting on 2.2 trillion dollars of unrealize losses due to very problems that took down silicon valley bank last year and our vexing community bank and broader markets not spooked by this right now. but that 2.2 trillion dollar number has much to do with

commercial real estate loan portfolios set to mature soon? right? how soon could this problem get considering loans will have to be rewritten at much higher rates? >> thanks for having me on. let me clarify this, so the 2, 3 trillion loss is just the decline in values, due to higher interest rates. and the top of that you have about 60 to about 80 -- to commercial real estate, that calculation about 14% of all commercial real estate loans are underwater many of the current volume less than the balance and 44% of all office loans what it means there are actually several hundred in the u.s. mainly smaller mid-side banks that are similarly within the community bank and s&p in other words -- their at risk of solvency and

assets is less than the face value of the debt which is mainly deposits. just to state one thing it doesn't mean it will fail but a confidence game as long as believing the system and keeping the money below market interest rates this bank could survive. but there is still real and significant problems going forward. liz: you're saying new york community bank is not an isolated case kenny you've said that in the past why is the market brushing all of this off? >> it is not paying attention because it's been happening we've been talking about it the market seems to be somewhat prepared the news on friday about that underlying loan stuff -- like the, you know, the bookkeeping. that's new. but i think that's, obviously -- specific only to new york community bank. liz: you know what will be new if depositors as professor said if they -- >> run for the door.

liz: run for the door that's when you will see the problem. >> i agree with you that's where we are right next but you can't tell me i understand his paper and thinking and the lodge logic are you saying that the fed has no clue that it is about to happen? liz: to that end professor, the bank term legending program which was that emergency window that they opened during the silicon valley bank crisis a year ago march -- nearly exactly one year ago i believe it was march 9th that is set to close next monday. they are going to shut that off. how much of a problem will that be, professor? >> in the near term it is not as big of a problem because the loans -- under two on the program will -- for another year. so in other words it is -- it's really shuts down the ability to borrow but outstanding are still dead but i agree with what he said just to reiterate one point it is a confidence game and, obviously,

traders and investors do understand what the regulators are aware of that having said that i think in terms of smaller and mid-size buyings -- you could see even general talking about that. i think might be fine with certain number of regional banks getting in trouble as soon as it doesn't have a systemic implication for the entire physical system and all we are saying is that, you know, the risk has not been eliminated but it is a confidence game as long as traders believe that fed has regulators have it, fed has it depositors stay with the banks and banks could survive the current situation. however, the system is unstable but when the depositors can get spooked they start withdrawing money and don't have the value of assets to pay them back. just to be very clear it is nots a liquidity but a solvency problem and big financials mostly in the green. >> big ones because regional ones i think to his point are

ones that people are concerned about but again i go back to the fed a do they allow it to happen but b if you've been paying attention to what's going on here. a lot of these big asset managers start with all of these guys that i been raising funds to take advantage of what they perceive is going to be a problem. they'll buy all of this stuff for pennies on the dollar and that will help i think -- mute the -- mute the, you know, contagion. liz: contagion professor -- to spreading to what, if it were to because i think it is our job not to look at where the hockey pack is but where it very well could go. is it commercial real estate names? stocks leak that? bigger financials -- >> so anybody who is -- has exposed to smaller and regional banking business would be affected. obviously, all of the commercial real estate investors and not only office problem we're talking about, you know, 12% of

loans underwater, other sectors but also experience significant declines. so, obviously, the banks have to liquidate a good chunk of this properties -- and some of the regional banks will go down with that. you will see fire sales and say it is -- liz: kenny wants to jump in here but eve to ask both of you if it comes to that is new york community bank too big to fail? kenny you first? >> i don't think it is too big to fail but like to his point he wouldn't be surprised to see some of the regional banks to fail i don't think it is too big to fail but i don't think the fed will let it fail. >> professor. >> yeah i agree with this. i think that i'm the not sure about not letting it to fail. it might be resolve for some acquisition if i was on the management of the bank raise extra. but i also don't think it is too big to fail. >> right. liz: professor it is great to have you thank you kenny as always. great perspective, dow is down

11 -- you know it is not a horrible day at all. the market as we stress do not appear to have much fear at all as usual. we do have a warning of fear from one of the nation's top venture capitalists mark saying intelligence labs option a.i. are the security equivalent of swiss cheese full of holes chinese spies can crawl right through and already are. the ceo of z scaler here live tole it us if he agrees with mark's threat assessment and what can be done to plug those holes. z scaler which is soared 83% or so over the past year -- is the second biggest holding of the global x cybersecurity ticker symbol bug up about 30% over the last 52 weeks claman count down getting started. we're coming right back in main.

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liz: we've got some morning flairs heading to the skies over silicon valley about lack of security surrounding the fast growing world of artificial intelligence. venture capitalist mark silicon

valley giew rei classic, one of the first ones in posting on x, that american a.i. labs are, quote, the security equivalent of swiss cheese fully penetrated and china is getting nightly downloads of all american a.i. research and code right now. with an estimated 70,000 labs one of those based in the united states how it one of the top cybersecurity firms in the country working to block and tackle data thieves joining me now on fox business zscaler and chairman jay, the a.i. boom has a blast zone that's widening every minute. just growing and growing. do you agree with mark about the as a vulnerabilities? >> it is a lot more to be done to really secure a.i.. what a.i. has done but -- like open a.i. take the entire

information of the world and package it so that you can ask a simple question chapter chatgpt saying days and weeks for some bad guys to do it. no other answers available in sub seconds so a.i. is making it much, much easier to find a companies and we need better protection for those. liz: maybe if i ask you in this way kind of -- just alter it by a degree or two how many startups and a.i. labs are calling you now have you seen a market in connection with in those type of companies who say you know what we can see bad actors tapping on the digital walls for these vulnerabilities we need your help? >> yeah beginning from -- a number of young companies but more importantly getting calls along intrpgzs they're all

worried about what can be done and how do they protect themselvessings we have to worry about sipe chats before no the hask is much bigger so with a.i. they find application and get inside and move on the network, and high value targets, and encrypted that's a problem to solve. the good thing is the same code technology that we have can help in many ways. has higher applications so bad guys can't find you, and minimize movement so there's technology that is available. i think it is large enterprises that move them back to move at a faster pace than intrpgzs enterprises. >> he chat bot millions are

using it to do all kinds of searches that i would imagine people's personal searches have become very vulnerable but he was referencing how the so-called chinese that's who he said were the bad actors. would come in and try to steal the intellectual property of these companies. we said at the top 70,000 at least at last check a.i. companies specific a.i. companies but -- 114 million companies overall are using a.i. are they also vulnerable? >> the short answer is yes. some of them have better protection than others. but the biggest thing chatgpt is able to do you ask a question it gives an answer show me the best way to attack a company using its vpn you have a recommendation. so -- companies like open a.i. building protection against it. but the protection has to move

at a faster pace. so what i'm seeing at this stage a lot of a.i. companies are making it much easier for bad guys to abuse this technology and we in the cyberspace -- are actually helping our customers. but these -- these a.i. companies have responsibility to make sure that tools become safer and can't be abused by bad guys. >> you know, i want to bring up earnings you beat on the top and bottom line you reported last week. the stock did not do well on the multiquarter slowing in pace you're billings were still up about 27% but when you compare them to previous quarters -- it's -- it's kind of a slow i don't to say slow bleed because you've still got billings up but tell me what you plan to do to get your arms around that. >> so first of all is we beat all -- all of the measurements market

that was expecting but i guess they must be expecting highser number 35% of revenue growth 27.billings growth. 19% net free cash flow margins numbers are good and we're dipping number of things to make sure we help our command there's no spending fatigue out there. mirrors are buying our platform. we added lots of large customers. we have now over 500 customers that are spending million dollar with us we have a number of customers with 10 million range and scaling. we're scaling our business and the sales side on the cloud site and on the application platform site. so resee a massive opportunity in front of us. and we have the best technologies 40% of fortune companies depend upon us so we

focus on execution rather than worry about the stock being able to move up or down. >> worry about holes in the swiss cheese of a.i. lab as mark puts it. thank you so much great to see you jay. >> liz thank you, appreciate it. liz: well it looks like that initial offer to buy macy's was just to trial balloon and now an investor group is looking to take the department store chain private, it has inflated its offer yes just like the macy's day balloons we're going tell how you the price is reacting right now and what they're offering. and wall street throws the terms millionings and billions around all of the time but when nba champ kendrick perkins got a chance to play before national coaches in vegas at age 1 all he had was a $20 bill and a roll of pennies raised by his grandparents in tiny beaumont, texas, after his mother was murdered he was so incredibly poor to rolling in the dough because at 18 years old kendrick

was the 2th pick in the nba draft he spent eight seasons playing for the boston celtics winning an nba championship but what was the first thing he did with that big paychecksome in my newest everyone talks to liz podcast episode it will absolutely blow you away and amaze you todayed espn analyst is helping high school kids with backgrounds just like his, cash in on their hoops talent but also to protect those finances for the future. how, how is he doing it and where does this well of generosity come from? find out just tune in everyone talks to aye heart radio wherever you get the podcast the claman count down is coming right back with charlie gasparino. or, let curiosity light the way.

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liz: fox business alert investors are going on a shopping spree at macy's stock is surging more than 13% after investment terms our management and brigade capitol sweeten their take private bid from $21 to $24 a share. right now the stock is at $20.41 new offer values the struggling department store chain at 6.6 billion dollars. we immediate to flip it over to warner bros. discovery shares, shares not doing too well they're falling 6% despite the fact that warner bros. sci-fi block blockbuster dune taking try yum

fact squall with 81.5 million in the u.s. and 1178 million at the international post box office ad those massive sand worms that are the big stars in the movie -- not helping power the stock which is perilously close to falling below $8 a share. it came within ten cents of doing that at the moment it stands at $8.16. this news just breaking -- seconds ago, the american airlines ceo speaking at an investor conference saying that if there is an opportunity down the road, with respect to jetblue, it will attack it. now you've got to understand something. and jett jetblue and spirit supposed to get married all called off spirit shares experiencing some real turbulence tumbling at this hour by 10.9% while jetblue is kind of cruising across clear skies up 4% because maybe with the

american airlines a new suiter so jetblue and spirit called off their plans to merge in which would have been a deal worth 3.8 billion after a judge ruled to block the merger saying impact discount flyer and reduce competition and came to conclusion you know what legal and regulatory hurdles too big to concur forget about it. and american airlines down 4.5%. investors revving up ford sharing after the company said u.s. vehicle sales jumped 10.5% year over year in february. the stock is up 3% now listen one stunner of a highlight, the automaker saw an 81% jump in ev sales and a 32% rise for its hybrid models compared to a year ago. ford saying it is going to ride the hybrid vehicle demanding wave double its output of the f150 pickup truck for 2024.

remember this -- this video -- former nicholas ceo trevor milton convicted of fraud and sentenced to four years in prison for the big rig ev that looked like it was driving and cruising along -- but in truth had never worked. they rolled it down the hill to impress the press. but nickel today on the precipice steve wants to see that happen he's here next live to share his plan in just moments it is a fox business exclusive. ev makers struggling today as you know, tesla is in real trouble here down about 6 and a third% with 20 minutes left to trade and there in china is down 3.7% and lee and rivian also down in the red we're coming right back with nikola, ceo.

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>> folks we're getting new data from consumer credit reporting company found that average autoloan blangs for americans rose last year by 5.2%. and what did it rise to? 23,7929 so in total drivers owed one and a half trillion dollars on cars motorcycles and other personal vehicles in the third quarter of last year that's the latest news that we're getting. and that's just for americans who could even getting seases to those loans. with delinquencies now rising, banks are tightening their belts and standards using high interest rates or outright rejections. jett flock is breaking down the numbers live at a toyota dealership in philly. jeff i'm interested to know if the dealer there is getting a lot tougher and seeing that happen. [sirens] >> well you know dealers they love to make the deals generally -- as we -- lovely downtown philadelphia here.

[sirens] they do well on that but increasingly people are being turned down because -- of the high interest rates put the numbers up. you know if you've got good credit not so bad you can still get a loan for maybe 5, 6% but if you don't have good credit that's a lot of peel these days that is 14 or 15%, and used cars you even pay more in terms of interest rates, and you know i just checked. my autoloan.com just one provider, they are offering interest rates between 5.2 for good guys -- and then up to almost 30% i know mobsters in chicago happy with that return we talked about bank rate and sarah foster and analyst there say problem with high interest rates it really hits the peel that can least afford it. here's what she said. >> something that kind of gets underestimated when the fed raises interest rates is that interest rates are a blunt tool what it ultimately relies on is impacting americans who are kind

of be innocent to the entire situation really they're trying to get their lives started -- they're trying to buy home website they're trying to buy cars, and that kind of interrupts their lifestyle, and their goals. reporter: liz i leave you with these numbers cars inventory has jumped over the course of the past year. by a million vehicles on the lots like the place where i'm at right now that's brought prices down right now so prices are good but i tell you unless you're paying cash, you're not getting any kind of deal. right now -- liz. liz: i just leased a new ev -- bmw no more tesla. moving on from that. and jeff i have to tell you first of all the price was less expensive than most of them. and it is fabulous but i want to say that they said don't even bother unless your credit score is above 700. ing so -- >> i hope you're on the right

side of that. liz: i squeezed right under jeff that is a good setup as americans struggle to get loans to buy cars of any kind ev makers from fisker to we're talking ev marks hitting road bumps just getting their cars in america's driveways. due to part shortages yes supply powers and commercial trucks it is one ev maker at a crucial intersection that could be on edge of a shining turnaround or to ensure it is former they work to electrify the business joining me on fox business exclusive steve. i know you want to be the former you want to be a brand new shining day. what are the most important moves you have made beyond new executives coming in that get you to a sunnier side here?

>> good afternoon, liz thanks for having me. so i would say the fourth quarter results really were about getting on the field getting out of the locker room and on to the field and delivered 35 trucks to customers we are only ones selling class a hydrogen trucks in the country and 30 went to california and another five up toen canada which is -- another market for us. we continue to see customer interests by way of these vouchers these discount vouchers that state of california is offering we have 99% of all of the vouchers for those in california and, in fact, if you look at vouchers which around 350, 360 they add to -- everybody else that you can add up everybody else voucher and battery trucks and we have more than they do. we started our -- liz: i just want to hear about -- how the phone -- is ringing the phone ringing with more customers if so what

kind of customers are willing to take a chance on a company that, of course, going in the rear-view mirror had huge problems not the least of which was the founder ceo former trevor milton who had, you know, been busted for fraud for faking that the truck actually worked when it never did. he faces four-year prison sentence -- right now he's out on -- out on appeal and we'll see what happens there. but you came from general motors. you know how to work those phones. who is calling? >> so -- the good news is of the 35 that we sold in the fourth quarter, two fleets took ten. one fleet took five. one of the fleets that took ten want 40 more so these aren't ones one and two but big fleets making commitments that believe in it imc a big company and hunt these are not small players but large players that are really

making commitments to zero emission and we're elite of semitrucks. >> you have to tell me if you're confirmed to be on track with the battery powered trks because i know big setback with the recall less summer due to fire risk how quickly were you able to fix that situation and what should potential customers know? >> sure, i think customers should know that we are on track to deliver the battery truck back -- we'll start seeing it in customer hands late march. and then as we get into the second and third quarter we'll continue to deliver more and more of those we can update trucks like the tesla used on tesla -- you can update that remotely. we will continue to add features to these trucks after we put them back on the road either the battery or fuel cell truck. >> what do you think every time you see a negative headline that says -- these batteries freeze in the cold weather or the charging stations don't work --

nobody wants these things anymore. they're now asking we just did the ford story how they're hybrid sales are up 32%. tell me exactly what your response to that is, having worked for years at general motors opal you know with internal combustion cars with the transition psychological and then, of course, it is monetary these things are not cheap. >> these transitions are never easy one of the reasons why we're focused in california 30,000 trucks serving ports in california. there's a big effort by the state to use carrots and sticks tock disaster mission we are one of the leading proferreds providers and those are consumer c companies light duty ev pass car market is seeing inventories rise as you said before and prices are falling. we ended last year with zero finish goods inventory you're right i work in the car industry

and our prices are actually going up. so it is a very different scenario than what is going on in the light duty market. >> when do you expect shareholders who to took a chane on this company will see a move to the upside as it right now is just at 74 cents? >> sure. welling listen -- being a former stock analyst and in companies stocks are connected to companies like rubber bangsd sometimes they get way ahead sometimes they get way behind. we could just focus on what we focus on what we can deliver. and that's satisfying the customers, building more customers, getting more truck out there getting fuel to our -- customers. that's all we can focus on and let the stock take care of itself. liz: we want you back and follow this. >> i would love to be back. >> steve of nikola you'll note the dow is now down 27 points low at the session was 174 and a little bit of a a little bit of a problem here as we go just a bit lower. no problem with bitcoin.

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liz: bitcoin on another tear today, right now inching closer to the all-time high of 68,990. it is at 67470. the surge comes, it is a gain of 8%. >> not at this. liz: the surge comes ahead of tomorrow soup tuesdayer election where the wallets of crypto bearers could have pull in democratic primary races in alabama, california and texas. charlie, what do you you saying, what do you mean. >> my producer ellie is doing a fascinating issue, rise of crypto, bitcoin is hitting a record, ethereum, they're all up, with that you see the crypto

industry flexing its muscles in a lot of political ways. coinbase, from what i understand, go to ellie's story, it is a story, a rally that coinbase helped finance. it will be pushing certain issues rand candidates, and we do know coinbase has a super-pac, apparently. liz: if the pharma industry has it, the oil industry, why not these guys? >> look at this, fair shake, the coinbase funded super-pac, it is not just coin bails, horowitz, a vc fund in it, a few other major players i think ripple is in it, they're funding candidates, pro-crypto candidates in california, alabama, texas, for the super tuesday elections. they're big into adam schiff. i never knew this. i always thought adam schiff was a you know -- liz: congressman. >> i know that but a complete lefty. he apparently differs from the left-wing of the party led by

elizabeth warren who is supporting his opponent. they're backing up schiff because he is a pro-crypto candidate. liz: okay. >> they're backing up actually republicans as well. the one candidate not on the list so far is john deaton. as you know john deaton, a guy on our show running against elizabeth warren for senate seat in massachusetts. whether coinbase throws money at him or not remains to be seen, but one major crypto billionaire has. charles hoskinson. he is now backing upjohn deaton against elizabeth warren. while these people don't vote in the state of massachusetts, i think who knows where hoskins is, maybe texas, charles i see him at the milken institute. a great guy, one of the founders of ethereum, chars has big bucks this is what could propel deaton forward is the fact that he has enough crypto billionaires like hoskinson, he has got coinbase feeling its oats despite all the

regulatory pressure. you know there has been significant wins on the regulatory front. liz: sure. >> plus crypto is up big time because of propelled by those etfs. liz: momentum. >> you do see the crypto industry ready to launch political fights and it's very interesting. by the way one thing you did mention to me on the break, you just snuck it in, but say warner brothers/discovery broke eight dollars. liz: it is 10 cents away from going below $8 a share. >> what is the -- liz: we don't know. dune 2 had phenomenal opening. >> phenomenal these days is different than i should say five years ago. box office has not returned. streaming is difficult. this is a very difficult business as we all know. we're in it. liz: charlie, thank you. >> okay. liz: all right. take another look at new york community bank, okay. it's near the lows of the

session, now down 22%. so again friday, just to back up, fitch ratings and moody's cut the bank's rating to junk over concerns it may have to increase its provisions for credit losses over the next two years. things are just getting worse by the minute. if you stretch it out, you can see that it is, had a really difficult time. i just want to tell you what it has done over, just you know, one year. let's take a look here. over the past year, it is down 58%. but year-to-date, down 72%. bank of america, bullish target for the s&p 500, it has been hiked to 5400. maybe way too tame for our "countdown" closer, infrastructure scrap capital advisor jay hatfield has a even bigger target for the broader market index. spit it out, jay. >> we went from 5500 which we started at the beginning of the year.

we were one of the more bullish. we're now at 5750 that is probably the risk to the upside. we're seeing it today, a.i. is supporting the market before we get the rate cuts. we think we will get summer rate cuts and a power rally during the summer. liz: we were pointing out the chips, the chip-makers were going nuts. there were seven of them we showed at the top of the show, all of them hitting records of different levels of different time periods, all of them at least at a 52-week high from very little news so i think you're right on that level, we do have other as we call them exogenous events, it appears the market is very cavalier about, the war in the middle east, the real problems between russia and ukraine. russia's invasion. you know, north korea can always be a problem. do you take that into account? >> well there is always random risk factors but it is critical really to focus on monetary policy because monetary policy, a lot of people don't appreciate when central banks cut rates

they inject liquidity. so you get the kind of rallies you had in '21. you mentioned bitcoin in previous segment. you get these massive liquidity type rallies. they tend to overwhelm all the little can noise and bad events coming from overseas. liz: you are a dividend player. let's get people, because they live in this particular "countdown" closer segment ideas. these companies you feel are incredible strong. morgan stanley, goldman sachs, loom men brands, kilroy. bloom men brands 3.7%. kilrot 6%. how do you judge whether a dividend stock is a good stoke? >> we look at companies that trade reasonable multiples with good coverage of dividends. you want companies that retain earnings, invest them. we like kilroy, they play into the a.i. theme.

most of their offices are in tech hubs. bloom inbrands, that is held by the s cap fund. if we think we're right about rate cuts. liz: speaking of rate cuts really quickly, rafael bostic of the atlanta fed says two rate cuts, not sequential in the second half of the year. one could be in may, one could be at a different point. does that upend your 5hundred target? >> it doesn't. because we think the ecb will cut in june. he might have read our notes. that is consistent with july, two cuts not three cuts. >> we'll see if it happens. great to have you, jay. [closing bell rings] all the major indices slightly lower after friday's record run. dow, s&p, nasdaq snapping a two-day win streak. tomorrow, cummins ceo joins us. ♪