they respond to emails with phone calls... and they don't 'circle back', they're already there. they wear business sneakers and pad their keyboards with something that makes their clickety-clacking... clickety-clackier. but no one loves logistics as much as they do. you need tamra, izzy, and emma. they need a retirement plan. work with principal so we can help you with a retirement and benefits plan that's right for your team. let our expertise round out yours. kelly: welcome, everyone. i'm kelly o'grady in for liz claman today. wall street with has been all over the map today with the major averages starting the session hire, then tumbling

lore, then paring back some of those losses. let's check the a markets, right now the down is down 84 points. the s&p 500 down 10, the nasdaq has been fickle as a well today, flitting back and forth over the unchanged line. right now though down 33 points. those are off session lows. we're going to be focus on that all day. the tech-heavy composite, the nasdaq, has been buoyed by tesla. top of the index right now with an 11% gain. tesla are reported earnings, miss on eps and revenue expectations. they're trying to navigate slumping sales, falling demand for evs and, of course, competition from china, but promised investors it would speed up the development of new, more affordable vehicles. of course, looks like very happy to hear that. investors and analysts also flagging one quote from elon musk that claims tesla, it's not really an ev maker after all. >> i think cathie wood said it best, really we should be taught

of as an a.i. robotics company. if you value tesla as an automobile company, you just have to fundamentally -- it's just the wrong framework. kelly: that could be something. well, susan li joins me to break down some of the other big strategic points musk unveil ised haas night. hi there, susan. >> so wall street already is going to be a pretty ugly quarter, and tesla did even worse than expected and yet take a look at the stock reaction, surging in response. at a its peak today, the it was on track for its best day in 3 years, and really this all comes down to investor belief in elon musk. profits fell by more than half. that was worse than anticipated. sales dropped by 13%. and that is despite some pretty keep price cuts, as much as $20,000 off of a he's tesla car last year. and musk even said ev adoption is currently under extreme pressure and tough going with customers not buying. so citizen as a result, you have

elon musk saying he was going to cut around 14,000 jobs around the world, and that includes right here in the u.s. tesla said they were laying off more than 3,000 in california, 2,600 in texas. so you're probably wondering with all this bad news why exactly is the stock up? if well, because elon musk said e that he might start making a cheaper tesla earlier than preponderate expected. earlier than expected. >> we've updated our vehicle lineup to accelerate the launch of new models in the second half of 2025. so we expect it to be more like the early 2025 if not late e this year. >> so you have to take mix's teemlines really -- musk's timelines really with a grain of salt, because he's been three years behind on the cyber truck and many years behind when it comes to full self-driving. tesla's stock is still down by more than a third so far this year. however, musk still wants to reinstate his $56 billion pay

package, and that is the richest in corporate history. but because of tesla's stock troubles, musk is no longer the richest person on the planet, only number four now behind bezos, zuckerberg and each bernard arkansas know. on wall street you had seven price target cuts, down to as low as $120 over at hspbc. -- hsbc. i did see two price hikes and one full grown up grade -- upgrade from bank of america to buy. you heard elon musk talk about the on the misrobot which could be available for commercial sale by next year. and i have to warp you, the grain of salt you have to take with the timelines. kelly: excellent point, super. he often misses deadline ares, but clearly investors buying that vision today. thank you, susan, for that report. okay, let's get to this fox market alert. the dow is down, wow, close to 100 points right now. it is on pace to snap a 4-day

winning vehicle. the s&p 500 and nasdaq are both in jeopardy as well of posting a seventh day of losses in the last nine session. z rising bond yields pressuring stocks today as the 2-year treasury yield approaches 5%. and the 10-year treasury yield rises back above, let's see, yeah, 4.6% right now. the move comes after durable good orders rose more than expected in march. you've got the fed decision a week from today. investors will be eyeing closely tomorrow's gdp report or as well as pce. remember, that is the fed's key inflation if gauge. that's out on friday. so let's get right to the floor show. joining me now is fm investments' president and ceo alex are morris and carnivore trading ceo dutch masters. gentlemen, thank you both for joining me today. alex, we've got all this key economic data out this week. inflation is like the nagging ex that keeps coming back trying to rekindle that relationship. you had powell's victory lap in

december can. it's not aging well. so what are you expecting from friday's pce, and how do you think that's going to impact the fed's rate cut picture? >> well, i like the analogy. inflation is just that thing that we can't seem to kick. i do think that pce measure is going to come in a little above what the fed is expecting, but i think the fed's response, assuming it isn't tremendously above expectation, is going to be the same. they're going to reiterate their data-dependency, what chair powell had said last week which is it might be premature to cut now, but we're staying on our course, and all of it really comes down to how does the fed reestablish the credibility that it had. to your point, that comment aged poorly, how do they prevent themselves from making that same mistake twice in six months. kelly: yeah. the credibility point, i think, is a really good one. and, of course, we are expecting them to remain unchanged for now come next week. i want to bring you in, dutch, because i know you've got maybe

a little more bullish take on rate cuts to come this year. i want to talk to you about ups, because i saw their earnings yesterday. i was listening to the call. and immediately was struck by this soft demand for delivery. and normally they're a bellwether. so what do you think this tells you about where the fed may go this year? >> kelly, that's the canary in the coal mine. you found it. that's a ups. when they come out and say that their business is soft, and it was soft, let me tell you. we're about to the see some economic numbers that are going to allow the fed, we think, to lower rates. now, a week ago i wouldn't have said that. i a week ago a when we were on the show last time we said that there's no way they're going to even cut rates this year. i don't think that happens at this meeting, i agree with alex on that. i think they stay the course

here. but i do think pretty soon they're going to have plenty of data to go ahead and cut the rates. so we are with getting long. we're not going crazy. we've been in a a lot of cash, but now we're putting in all the work, and we want to be long, long, long when the fed kind of surprises people and does their first rate cut. kelly: so just to push you on that point a little bit, you know, are you thinking summer? are you thinking september? because i know that they don't want to be seen as too political, but certainly fed chair powell wants to keep his job for whoever is in the white house come january. >> yeah. i think they're going to do it before the election, for sure, and i think the sooner the better so that they don't look bad that way, you're right. kelly: yeah. well, alex, regardless of when you think the rate cut is going to happen, we can't deny that there has been tons of volatility in the market. you can't rule out, of course, a massive geopolitical curveball, god forbid. so where are you putting your money right now to manage owl og

dynamics? >> we stayed mostly on the short end of the curve, still have some cash. we do like growth stocks, and i think dutch and i agree. if things were to go other than planned, it's a great place to be. i've also added some gold to the portfolio and to our view. if we're wrong on everything else, gold seems to be the beneficiary historically. if we were more hip, we might think about bitcoin, but we're just not that hip around here -- [laughter] we also like a little bit of duration. i know that rates moving the way they are starts to worry e people, but historically being 3-6 months early on a duration call is the right place to be. showing up on time you get penalized pretty hard, pretty quick. so we're taking some of our proceeds and starting to extend out in that base case. could be surprised by the fed, though, in the section six months and react accordingly. kelly: don't sell yourself short, alex, you're hip. come on, you're on "the claman

countdown." telephone, i know you are loading up i on one stock in particular that is all about drones and guns. what is it and why? >> symbol is abab. it's a -- it's our largest position, and we've been leveraging into it. it jumped from 125 to 182 on their last earnings. they're all about drones and robots with guns and, you know, anything having to do with the ukrainian and israeli issues. i mean, we sent -- they're a few months away if having. earnings, but i've got to tell you we can't imagine a world in which they don't absolutely 1345rb the numbers once again. kelly: yeah. with everything going on in the world right now, it's hard to see how they couldn't. that does seem like the one maybe recession-proof area of things right now p. alex morris, dutch masters, thank you both so much for your time today. okay -- >> thank you. kelly: the biden administration trying to make recent travel flight majority a thing of the past. we'll ask the travel and leisure

ceo what he thinks about new rules for refunds and eliminating all those junk fee ifs ahead of the summer travel season. the etf travel ticker, appropriately away, is up 9% right now over the last six e months. "the claman countdown" coming right back. ♪ ♪ (grandpa vo) i'm the richest guy in the world. hi baby! (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is.

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hi, i'm kevin, and i've lost 152 pounds on golo. (uplifting music) my biggest concern when i started golo was food. i'm a big guy and, shockingly, i like to eat. i was worried it was gonna be like other diets that were bland and restrictive. but with golo, my meals are great, and i'm no longer hungry like i was before. i'm so pleased i gave golo a shot. don't wait, go to golo.com. kelly: airline stocks, you can see they're hitting some turbulence. you've got southwest down a half a point, american down 2.5% as well as united airlines. this comes after transportation secretary pete buttigieg today announced a new mandate that requires airlines to immediately refund passengers for trarl travel delays and cancellations.

enter with the first rule that we're announcing today, the biden-harris add administration is now requiring that if an airline cancels or significantly delays your flight, within seven days they will be required to provide e an automatic. refund to the credit card that you used the book it without you having to call or waiten on hold or sort through the digital paperwork or haggle with that airline. importantly, we are also changing the refund to clarify that it must be by cash, it must be in cash by default unless a passenger actively chooses another form of compensation rather than the other way around. no more defaulting to vouchers or credits. kelly: boy, who wouldn't love the avoid waiting on hold? [laughter] this is a move that will help passengers save money, maybe put it towards wherever they're trying to go through, and maybe that will be at one of travel and leisure's 270 timeshares worldwide helping to deliver more than 6 million vacations

each year and just reported a top and bottom line beat. the travel giant's strong start to the year was led by a 15% year-over-year increase in tours and a 28% year on year jump in new owner tours. joining me live in a fox business exclusive is the travel and leisure ceo and president, mike brown. mike, so good to have you with me today. congratulations on a very nice report card. i'm sure you're very happy with that. i want to dig into that in a second, but first just get your take on what i mentioned with the department of transportation, that announcement. what's your read on that? is that going to the help you guys at all maybe? >> well, i think given that we're right to head into the peak travel season is of the year, which is summer travel, given the recent history in what was a lot of delays over the last few years which sometimes were related to the airlines but many times were not, i think this is just an effort to get ahead of that.

there weren't -- i haven't got through all the details of when your compensation will take effect, but the reality is consumers ultimately want to get to where they're going. and this announcement, you know, i think the air liens will obviously have to react to it g airlines will obviously have to react to it and make sure that they're the on top of the routes and travel. you can't change weather though, and you've got to make sure that the air traffic controllers are there to make sure the planes are available to fly. but ultimately, consumers want to get to where they ea want to get to. is and when things are the fault of an airline, this is a way for a consumer to know that they have recourse. we'll look into more detail it is as to the fine print of all this, but in general anything that favors the consumer e getting on travel, as a you can imagine if, is usually a good thing. kelly: oh, absolutely. though you do make a good point about weather. i'm traveling for my honeymoon next month, and i'm going to be

obsessively checking the entire week leading up to it. listen, you had earnings definitely reflecting a resilient consumer or at least one that is living the yolo lifestyle, you only live once. so what trends are you seeing in bookings this quarter in what does that tell you about what we might see this summer? >> yeah, well, we definitely have seen a resurgence. there was a little softness toward tend of last year, but the resurgence in the first quarter and what we're already seeing in april is very real, and it came through in our results, and we're very proud of our q1. as it relates to trends going forward, there is a lot of confidence in the consumer right now. we're seeing the sun belt destinations, south carolina beach, florida theme park and beach, tennessee drive-to destinations, believe it or not, wisconsin drive-to, the wisconsin dells is very popular. what we're seeing is people already preparing to get away this summer with the confidence in knowing with the economy in a

pretty solid state for travel that they have the confidence to not only book in their normal booking windows, we're actually seeing those booking windows extend to late her and into early fall. so -- late summer and early fall. so again, a lot of confidence in the consumer and no real signs of weakness at the end of april. kelly: just want to double click on the earnings report. i saw that your membership segment, it saw a 4% decline year-over-year. you had a 1% end crease in transaction revenues but a 6% decrease in the volume of transactions. so kind of what happened there, and what does that indicate to you? >> yeah, it's a trend that we've been seeing over the last few years is as the industry has changed, and this is a huge positive and often a misperception of the industry, nearly 85 percent of all timeshare these days are run by hospitality companies. that's a massive shift from what used to be about 30%. and with those hospitality

companies, they're creating their bigger resort or systems within their own brands and, therefore, more people are, quote, staying at home within their brand. and that, that's the result of, that results in a slightly lower exchange outside of a brand. it's great for the industry, great brand reputation, more flexibility, but it does mean that a more people are staying, quote, at home in their brand. kelly: okay. appreciate the explanation there. real quick before we go, we are in a very uncertain interest rate environment. >> yes. kelly: of course, people are putting a lot of dollars on their credit cards. i know that the timeshare business is somewhat insulated from that because folks is already purchased, they've already committed to maybe taking a vacation once a year, multiple times a year, but are you worried with about those head wints with new -- headwinds with new customers coming in? >> look, you always look at how the macro economy is starting to move. with lower interest rates what we saw coming into this year

when with there was talk of interest rates being lowered, the exciting part was i think people felt, okay, there the might be a little more room in my home purchase if or in other areas of my life and, therefore, i might have more vacation dollars. kelly: right. >> i think, ultimately, inflation is the part that is on everyone's mind as a gas and groceries is what etch's concerned about. -- everyone's concerned about. and as a result of that, to the extent that timeshare, which seven out of eight of our purchasers or owners have already fully paid, it is, as you mentioned, a natural hedge against an inflationary environment. better to have paid for your vacation in 2018 with a timeshare than to pay retail at a hotel room that's going at today's prices. kelly: good point, mike. in your mind, you can sort of explain it away, that's already been cost. mike brown, thank you so much for your time today. >> thank you. kelly: okay. well, tiktok's biggest stars like charlie d'amelio may have

to start for other work now that congress has given the chinese-owned social media company an ultimatum, sell or be banned. we're going to take a deep dive on who can been fit from it being banned. tiktok's owner bytedance is not traded in the u.s., but the globalx social media ticker is up 16% over the last six months. we're coming right back. ♪ ♪ >> liz claman, inducted into the cable hall of fame. from her critical market coverage to her ground breaking interviews, the fox business anchor has been honored as a pioneer in the news industry. liz: it was fox business that believed in me -- >> we congratulate liz on her trailblazing work. that's a different story. muck muck i coul left and right.

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and live large. kelly: well, if you are laser focused on the markets like i am, we have been flitting back and forth. the dow just turning negative, it was green in the commercial break. oh, there it is, we're up. so we're going to be focused on that. but we are trying to get in the green by the end of the day, folks. but first, let's get to tiktok because that is on the clock as president biden officially signed the $95 billion foreign aid package into law which included legislation that portions tiktok parent bytedance to divest within a year or face a ban in the united states. now that the countdown has started, potential rivals, they could be the biggest

beneficiaries from a possible tiktok ban, those are meta and alphabet. according to analysts at bernstein, meta's instagram reels could draw 60% of tiktok's american ad revenue while google could potentially draw about 25% mark meredith live in d.c. with more on what tiktok has to say about this. likely not good, mark, right? [laughter] >> reporter: they are talking. good afternoon to you. tiktok says it's not going down without a fight. the social media a app owned by bytedance says it will chang the law today signed by president biden which essentially is forcing the company the find new ownership. tick e doc says it is a vital platform for millions of users and businesses nationwide. the company's ceo posted a video statement just as president biden was taking to the podium this morning. >> rest assured, we aren't going anywhere. we are confident and we will keep fighting for your rights in the courses. the facts and the constitution are on our side, and we expect to prevail again.

>> reporter: it's possible this upcoming lawsuit can has yet to be filed could end up before the supreme court. tiktok has won multiple legal challenges before like back in 2020 the when a federal judge blocked an attempt by the then-trump administration to ban the app. president biden and the white house says he's supported the efforts to force bytedance to sell tiktok, still the. campaign is going to repain on -- remain on the platform. as for former president trump, he says voters should blame biden if the app doesn't officially shut down, but no major changes are expected to happen until after the election so, kelly, this is an issue that may not have a bigger punch this fall because a lot of people will still access tiktok as of right now. kelly: convenient that the campaign will remain on the platform. mark meredith, thanks. let's get to this fox business alert. hasbro is channeling its transformers brand and making a transformation of its e own, shares of the oimaker up 13% right now many -- toy-maker.

they count monopoly, nerf and my little pony amongst etc. brands. a profit beat for the first quarter. the company setting progress in its turn-around plan that involves reducing costs and envep stories. hasbro also reported a smaller than expected drop in its first quarter sales. and let's look at a fellow toymaker and competitor that tell, also chopping the -- topping the charts today. shares up 3.6% if right now after reporting smaller than expected first quarter losses. the beauty of low expect anticipations, am i right? mattel's brands include hot wheels, fisher price, uno and american girl. like hasbro, mattel also said it's benefiting from stringent cost controls. old dominion freight if line's stock, though, that is off the rails today after posting a revenue miss on fewer shipments. the company citing continued softnd in the domestic economy. -- softness. remember, we talked about that with ups earlier. the freight carrier did, however, post a higher than

expects profit amid lower costs. shares on track for their largest percentage decrease in nearly a year. they're down close to 11% right now. on the flipside, biogen shares are on track for theirest percentage increase since october of 2022 after posting a first quarter beat. the drug maker reported global sales of its alzheimer's drug nearly tripled from the priest quarter. the company's ceo continues to believed in the potential long-term commercial opportunity in alzheimer's disease. the stock is up above 4% right now. and the greatest fears of those approaching retirement, running out of money in the golden years. now blackrock has a revolutionary new apoach they say could one day be the default retirement investment strategy. what the life path paycheck is all about. and whiskey also gets better with age, just like me, proked sliding an alternative investment option that's beating the s&p. is whiskey recession-proof? the spirits capital founder and ceo is here to explain it.

and let's take a look at the dow 30 heat massachusetts boeing, man, they've been taking it on the chin all year, down almost 2.7% right now. "the claman countdown," we're coming right back. ♪ things can transform. slipping out of balance into freefall. (the stock market is now down 23%). this is happening people. where there are so few certainties... (laughing) look around you. you deserve to know. as we navigate a future unknown. i'm glad i found stability amidst it all. gold. standing the test of time.

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sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold at sandstormgold.com. kelly: well, blackrock are releasing leasing its nine ninth annual read on retirement survey revealing nearly 60% of those surveyed worry they'll outlive their retirement savings. employers want to help their employees manage spending in retirement. so joining me now is blackrock's global head of retirement solutions, nick def if uzi who oversees nearly half a trillion dollars for life path retirement funds. good to see you. let's start with those numbers in the survey. i mean, it was startling, 60%. i was digging in more, 80% are saying it e negatively impacts their mental health. it's understandable.

what does that tell you about kind of the health of the average american right now. >> what it tells me is we need to make income the new retirement outcome. we have to build different products that help people understand convenience as well as access to different type it is of vehicles. kelly: so you are announce inning one of those products today. it's great that a we have you here, conveniently. >> thank you. kelly: your boss, larry fink, he thinks life path going to become the default retirement savings strategy. just walk me through what this is. >> sure. we utilize a target date fun. ed about 90% of american 401(k) plans use that as their primary -- kelly: okay, just pause for a second. for our viewers, a target date fund, explain that. >> it's a diversified portfolio of stocks and bonds with professionally managed that gets more conservative as you get closer to retirement. kelly: all right, makes sense. go on. >> we took that and wanted to add insurance contracts around the age of 55. so when you're preparing for retirement and we want to prepare you to start being able

to access guaranteed income if you choose to when you get to retirement. kelly: okay. >> what happens is you have an asset allocation, it build withs stocks, bonds as well as these insurance policies, and as a you get to the point of retirement, you can choose to turn on the income stream with these insurance contracts. 70% of your assets are still invested in markets, 30% become guaranteed income for the rest of your life. our goal is making a 401(k) plan look more like a traditional pension plan where you did see that type of income over time. kelly: a lot of companies have put more of the onus if on the employee to think about. that it also helps me sort of figure out how to manage myrrh risk, right? if i'm i don't thinker, if i or were to concern younger, it would look riskier than in my 50s. >> correct. what we've asked individuals to do is to be actuaries, accountants, tax planners as well as financial advisers. and what a target date fund, it takes all of that and simplifies it. we wanted to take that concept but apply it to retirement now.

so in retirement we're going to help you, what we describe as auto-retire. get to and through retirement. kelly: when you say actuaries, taxes, accountants, i'm, like, lions and tigers and and bears, oh, my. essentially, this is going to help me invest my money if wayment9 to retire let's say at 60, and then i can purchase an annuity contract and have more of a stable cash flow, right? so what's different though about a blackrock's target fund? if we've sort of seen some of the buzz of late that this is getting more excitement. what's unique about this v. us the ones on the market? >> blackrock's an asset manager, we're not an insurance company. so we had to approach this differently. we had to think about insurance as an asset class, not as part of our business that we wanted to fund. so we had to go out and find different insurance providers that wanted to come along with a different product. the insurance is liquid up until the point that you choose to make it an illiquid guarantee for the rest of your life, and

we provide a lot of choice around that. so you can are retire anytime between 5 and a half and the year in which you -- 59 inform and the year you turn 7 the or decide -- 72 or decide not to use it at all. kelly: what do you say to folks who they i can't even think about are retirement because i have to pay my grocery bill? inflation is a tax on the american people. >> it has been. retirement needs to be a long-term agreement with yourself and your future sell of, futcher kelly. what we want people to do is understand even if you can invest in the market, the s&p 500 equities have outpaced inflation over the past couple of years, so being able to make that budget tear decision of moving into retirement is going to prepare you for the future. kelly: okay. i do need to think about future kelly a little bit. thank you so much for your time, great stuff. okay, something else that's aging along with retirees, whiskey. distillers are boosting annual revenue not just through selling bottles, but also a working with

investors. now, american whiskey is seeing the fastest growth in the entire spirits category with the market expected to grow 11.5% annually from 2023-2030, and that could present an opportunity for you to pad your fund, retirement or not, with stocks, bonds and barrels. here to discuss how you can get involved in whiskey investing is the ceo of spirits capital, todd sanders, joins me in a fox business exclusive. todd, so good to have you here. thanks for joining me. >> thanks for having me. kelly: you say whiskey investing, color me intrigued. but just explain to me, if you're not informing in whiskey per se -- investing in whiskey like if i'm going to have an expensive wine collection, right? explain to me about the platform. >> okay. so we offer an asset-backed alternative investment that is collateralized, it's secured with newly-filled barrels of american whiskey. and the investment itself is a

fixed term, fixed rate, a fixed return investment. so you're in for three years, and you get 12. 5 president per annum -- 12.5% per an numb return. kelly: okay, so -- yeah. >> without taking the risk of owning the barrel. we provide the collateral. kelly: right. 12.5%, that is a pretty good guaranteed return. what a kind of opportunity do you think that this would present for someone to the pad their portfolio over traditional things like stocks or bonds? >> yeah. well, i mean, if you look at, you know, jp morgan came out and said that investors should be 30% of their portfolio to get a better return in alternative investment. so that's the market that a we're looking for. kelly: okay. i want to ask you though because i see the value in a tangible asset-backed investment, but what is kind of the safeguard in place for those disasters that

happen, you know, if there's accidents, right? how do you think about that part of protecting the asset? if. >> oh, welsh sure. well, first of all -- well, sure. every barrel that secures a cask investment is ensured. insured. so for anything that can happen to it, it is insureed at its full value. kelly: okay, that makes sense. that is good to hear, that that those barrels are insured. and just for our view viewers who are watching this, kind of interested, what's the infrastructure around this like? is this something that you have to know someone, i have to know you to get involved or can someone more easily get involved tonight or after our segment, per if say? >> yeah, absolutely. as long as you're an accredited investor, you can go to spirits needs.com x that will provide you with all the information that you need for investinging. it will bring you to a portal where you can fill out all the appropriate document, view all

of the offering documents and choose to proceed with the investment. kelly: okay. todd sanders, really interesting stuff. thank you so much for your time today. whiskey does well when times are good and maybe betwh are better -- are bad. [laughter] >> that's right. kelly: okay. well, up next, major donors to ivy league institutions are rethinking their hiring practices. they may no longer default to giving jobs to graduates of america's most elite colleges because of the anti-israel protests seen on those campuses. charlie gasparino is going to be here to break it next. ♪ ♪ hello, ghostbusters. it's doug... ... of doug and limu. we help people customize and save hundreds on car insurance with liberty mutual. anyway, we got a bit of a situation here. uh-huh. uh-huh. ♪ [ metal groans] sure, i can hold. only pay for what you need.

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♪. kelly: we need to get to this breaking news. house speaker mike johnson expected to hold a press conference along with several other republican colleagues on the steps much columbia university library any moment. members of congress met with jewish students on campus about the anti-semetic and anti-israel protests in recent days at columbia and other major institutions across the nation. charlie gasparino has been talking to some taupe managers and headhunters about the hiring process, specifically if the ivy league should be hiring students. >> whether they should be hiring

the ivy league students. this is the worst time for ivy league candidates that you can have. i spoke with wall street executives, dan loeb at third point hedge funds, gary goldstein a major recruiter of wall street firms for banks and they're saying, they're looking for other places to recruit from aside from these hotbeds of protests. now the problem is not that they're just protesting. what is worrying the recruit is and big firms, if they inculcate kids with this type of study, you are doing that and knee flecting other things. the core curriculum is heavily skewed to political stuff. a lot of schools are getting funding from the middle east. they have core curriculum that involves middle-eastern studies, less about classics, less stuff about math, stuff that can get you a job.

kelly: math is important. >> all this stuff is coalescing at once. people are saying what type of student do we get get out of harvard, out of columbia, and out of yale? these schools have become in their curriculum political and de-emphasizing inelect wall pursuit of knowledge for this sort of stuff. this is having an impact. will they stop recruiting from these places? of course not. a lot of alumni from wall street come from these places. kelly: yeah. >> but there is no doubt they're looking elsewhere. where are they looking? there was a protest at the university of texas austin. that is one place they're looking. the ones at university of texas austin is pretty lame compared to this. cops are there. school is going on. they have not canceled classes. they are looking at schools less politicized. dan loeb looking at yeshiva university for obvious reasons. other places getting looked at is emory, duke, where you don't see this type of politicization.

this thing is, when people are worried about stuff like this on the campus of columbia, yale, there is something in the classroom that is provoking this, that, that the school itself, its core curriculum, sort oes this sort of behavior and that is diminishing, from what people are saying now, they're taking it another step, diminishing the quality of the candidate. again, university of michigan people, kids come out of there and they come out less politicized. they want to work. kelly: yeah. >> corporations right now are dealing with politicization. after george, i'm writing a whole book about this, go woke, go broke, about the politicization of corporate america. there is beginning of a backlash. here is how you see it. 2020, critical race theory was taught and sensitivity training at major companies. now, if you are at google and

you protest, do a sit-in 2020 would have been applauded. kelly: we saw that it is different now. >> there is a change going on here. i will tell you, the worst thing that columbia, yale, harvard, penn, mit, can go down the list could do is allow this sort of stuff to sort of besmirch the educational experience and lead recruiters to think you're getting some leftist, you know, brainwashed student who doesn't want to work and wants to protest while at work. kelly: yeah. >> another school i keep hearing is the university of florida. by the way, run by ben sasse, the former republican congressman, senator, from nebraska. could be wrong about that. but you know is starting to dewokefy the curriculum there too. that's a school i keep hearing recruiters talk about, because they get good quality education. kids come out of there and want to work hard. >> is interesting, because i am curious what this is going to do

if there will be impact to the curriculum. full disclosure i went to harvard. one of the reasons i went to harvard because i wanted to get one of these prestigious jobs. i do worry it punishes who work hard to get in maybe don't have that perspective. do you think you will see impact in the curriculum from this? >> i don't know. i just know is a thing people from harvard are getting twice looked at and be questioned more than the person with straight as out of university of michigan. full disclosure, i went to the university of missouri. i'm kind of happy about this sort of stuff, journalism school. my brother, my brother went to columbia. got his phd in biochemistry. we split the baby here. kelly: all right, well, charlie, so good to chat with you. so interesting. >> i won't hold it against you went to harvard, [laughter] kelly: undergrad. we ended up at the same place,

right? we're doing good stuff. >> we went backwards. kelly: never. fox family amazing. >> i'm about to be fired. kelly: [laughter]. folks the closing bell rings in about 3 1/2 minutes. markets, they are flat right now ahead of gdp tomorrow. you have got the dow down seven, s&p 500 and nasdaq they are up. we are also about 3 1/2 minutes away from getting meta's report. they will have their earnings call at four 30 but those numbers will be out in a few minutes. analysts are expecting eps coming in at 4.2, a little over 36 in revenue. massive jumps from last year the tech defiant posted 2.20 he eps and.75 billion in revenue. meta up 35% year-to-date. many are foxing to a.i. stock, our "countdown" closer says rate cuts should benefit sectors outside of tick. joining with us $26 billion of

assets under management, huntington private bank chief economist. we have meta, ibm combing out after the bell. what is your take on big tech, what is the pulse? >> i think we saw big tech outperform markets last year, mainly due to would letters, a.i., but we are expecting the federal reserve to start reducing interest rates around the middle of this year. that would be great for consumers. that is also going to be great for the manufacturing sector and the housing sector. kelly: so let's dig in on that because i do think, like you said, a.i. you hear that. investors bought, anything that used nvidia investors bought. a lot of the interest in the real estate manufacturing segment, is that essentially a bet on the fact that we might see rate cuts at the end of the year? >> right. so the manufacturing sector has been in a slump for a couple of years now. both manufacturing sector is

very interest rate sensitive but, businesses are expecting the federal reserve to start reducing interest rates this year. now we expect two to three fed cuts this year with the first one starting around the middle of this year and that will be great for the manufacturing sector. there also have been many bills passed by congress in recent years, such as the inflation reduction act, the infrastructure investments act, those bills will be very supportive for the manufacturing sector this year. kelly: like you said, we had started to see a little bit of an expansion. i'm thinking about the manufacturing pmi index which ticked just below 50 in april. so if we were to see some rate cuts, that would be certainly good for that sector. really quickly, i have about 30 seconds, you mentioned housing, real estate, are you worried at all though about commercial real estate, how that could impact if we do see higher for longer? >> i think it's a big risk to the outlook. i think that's if interest rates

stay higher for longer or if the fed restarts its hiking cycle which is not our base case scenario. i think it's going to be a big risk for the commercial real estate sector. we continue to expect twothree rate cuts this year, which should be good for the u.s. economy and commercial real estate sector. kelly: we appreciate it. thanks for those insights. the dow finishing down, s&p 500, nasdaq, trying to finish out. microsoft, backed cybersecurity firm rubric debuting on public markets tomorrow. we'll have the ceo on the show. [closing bell rings] you are not going to want to miss that ipo. we'll have the ceo of triller. folks, better tune in tomorrow. that is it for "the claman countdown." ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow.