circumstances. this is not 1224, it's 2024 and people are buying stuff they don't need and cannot afford. i know, you're going to the store, particularly around the holosomedays and have someone dressed as santa and get caught up in the moment and want to buy everyone a gift. get the bait and switch and find the fees are 35%. the articles is no one responsible for making smart economic decisions. it's a real shame and we continue to pass the buck and continues to get really tough and the notion of responsibility falls on deaf ears. that's it for me, passing to ashley webster in for liz claman.

ashley: thank you very much, charles payne. great stuff as always. hi, everyone, i'm ashley webster in for liz claman. the dow is off 179 points and back blow that, i guess, psychological mark of 40,000. it breeched it in the final moments of trading friday but pulling back today. the s&p 500 and back below 500 and so far so good and s&p 500 will be a squeaker and needs five points for the 24th record finish of the year and tups 5.87. could be interesting.

reports from lowe's target, tjx and big key events on wednesday, nvidia earning ands, yes, the fed minutes. vice chair phillip jefferson saying cautiously optimistic about inflation fight but it's still too early to tell if the slow down of inflation is long lasting. very noncommittal. it'll take awhile to be confident on inflation. take a look, 2-year yield hit ago one-week high in the session today. two year at 4 hadn't 48% and 10

year up slightly at 4.44%. by the way, the 10 year holding above that 4.4 ever so slightly for the second day in a row. meanwhile chip related stocks leading gains on s&p 500 and nasdaq ahead of nvidia report on wednesday. nvidia for its part take a look at what it's doing right now. i mean, the question is can the stock live up to its hype? up 2.75% at $950 so let's ask some people with answers on this. straight to the floor show and the great scotts are here. thomas hh partner co-ceo scott spurling and scott bower. scotts, great to have you here. scott spurling, you say inflation will be stickier than expected and you below that the fed not fully in control.

do we have higher for longer? >> i think we will have higher for longer, but and as a prior guest said, they're not that high over relative periods of time. the markets have to adjust to the levels and key drivers of inflation, particularly wage inflation and cost of transtransitions and transportan around the world and energy side in the amount of compute power that we need looking at ways from a social economic perspective to make sure people have living wages and all

suggests that base level inflation is stickier than the level where the numbers are coming out than dropping back down towards that 2% number. that's not a horrible one. but one we need to reflect on for evaluation perspective. ashley: very good point. sorry to interrupt. scott bower, you were amazed that the markets were so accepting, i guess, of the higher for longer rates, but given what scott specialing just said, how long does that mean is not going to last without a rate cut? >> i don't think it's going to last forever and the time line is getting shorter seconds to play h st if we start approachig

that 5% and again, seems like just yesterday we were up there, i think that could be a really big problem. to me, with all the fed heads speaking this week and all giving the same, higher for longer and we're not there yet, i wonder if powell boxed himself into a corner and hear a bit about that on wednesday with fomc minutes not seeing rates going higher this year. they've not been so accurate. i'll be sensitive, they've not been so accurate with the predictions over the last 6, 9, 12 months or so and every turn when powell has come out and really made a stand, the market is kind of gone against him or the move in rates has gone against him. ashley: fascinating stuff. we're already out of time. you guys covered a lot of ground with your answers. scott sperling and scott bow

bower -- bauer, appreciate your time. we're following developments around the deadly helicopter crash that killed iranian president ibram ragaini ham raisi and the foreign minister and bodies of six other passengers and crew were found early this morning after an overnight search in thick fog and rainy conditions. iran state media have shown images of the helicopter that slammed into the mountainside in iran's northwest. raisi returning from a official visit to the country's border with azerbaijan and they've released a statement offering condolences but said its approach to diplomacy in iran and the middle east remained unchanged. the crash, of course, happening just a month after iran launched its own attack on israel and fanning the flames of the israel hamas war. fox news' jillian turner at

state department now with all the very latest. jillian, good afternoon. reporter: hi, ashley. president raisi was the no. 2 governing official inside iran but according to u.s. officials, it looks like his death is not going to change much, if anything, when it comes to iran's relationship with the united states. take a listen. >> regarding the death of iran's president in the very unfortunate helicopter crash, we continue to monitor the situation, but we don't have any insights into the cause of the accident at this point. i don't necessarily see any broader regional security impacts at this point in time. reporter: the state department said raisi will be remembered primarily for cruelty. >> he was a brutal participant in the repression of the iranian people for nearly four decades, some of the worst human rights

abuses occurred during his tenure as president, especially the human rights abuses against the women and girls of iran. reporter: yet the state department offered emergency assistance. >> we told them we'd offer assistance like we'd do for any request by a foreign government in this sort of situation. reporter: the u.s. representative at un today stood to honor raisi honoring criticism online and pointed questions here in washington from reporters. the biden administration communicate withs iran through switzerland and also at the un where there's no change to iran's representation or role. iran's regime is also now, ashley, in the myrrhed of a his torr -- midst of historic up surge in executions and 853 last

year including many women and teens and officials say they don't expect any difference no matter who is elected to replace raisi. ashley: jillian turner at state department. thank you very much. appreciate that. commencement ceremonies held across the country this past weekend and students wrap up school and head home, a company called storage scholars is taking care of belongings for a fee of course. coming up, founders and college buddies behind the startup that got shark tank's mark c cuban to pitch $250,000 for the business think started in the dorm room. liz claman, another fox business stars bringing biweekly podcast to get you caught up on all the latest developments in the financial world and what it all means for your wallet that drops every monday and fry and go to foxbusinesspodcast.com, apple,

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anxiety can come in ingenuity ad two students decided to make cash and charging classmates to pack up their belonging ands store in between school years. their side hustle generated about $18,000 in revenue that year. seven years later and thanks in part to shark tank appearance and banging by mark cuban it's ballooned to 150 campuses and generating $7 million in revenue so far in 2024. great story. joining me now in a fox business exclusive are storage scholars cofounders, coo matt and ceo sam. matt and sam, i love stories like this. congratulations. matt, explain the business model and why you think it's so successful compared to

traditional moving and storage companies. >> yeah, what we offer is a bundle that's very, very nearby and catered towards -- niche and catered towards college students and have them lock items in the room and partner with the schools and leave at their convenience and we'll move everything and store for them and we'll have it ready and waiting in their new room when they come back and catered to their needs specifically and having all those bundled together works well for students. ashley: in f i'm correct, sam, you got a lot of offers on shark tank but picked mark. why him? >> he has incoming daughter that's a freshman at vanderbilt and knew it was a very relevant thing for him as a parent and customer and huge advocate for student debt. it was kind of the reason why this business was started by matt and i because we figured he'd be the most equip to be on the same page running in with us and for the years to come.

ashley: sam, on more than 150 campuses now, which ask remarkable. what are your plans for expansion and growth in the next five to ten year s? where do you go from here? >> yeah, we've been very core product focused with the summer storage offering and launching in the ship to school and targeting income freshman and ship us packages over the summer and store them and have them ready and waiting for freshman dorm room bed on campus for the first time and making incredible first impression when they come to campus. we'll continue the summer storage and add on ship to school and other offerings to different colleges in the maybe beyond. ashley: matt, what advice would you give to other budding entrepreneurs in college and what have you learned along the way that stands out? >> yeah, i think that for most students that are attending an american university, especially a four year one, the bias is towards not enough action.

a lot of people are scared to make that first move and they're scared to look silly, especially after all the years you've put into school and we would just encourage to get going and don't be afraid to fail .x find a peer group willing to get started and do it with you. you'll all look stupid in the beginning and time will tell and it'll work out. ashley: were you both business major s? >> i switched my nay jordy a couple times and ended up being a business enterprise and pretty relevant. matt was a different story. >> i was a retrocochlear med through most of school and joined sam -- premed through most of school and joined sam and switched my level along the way and decided business was for me. >> he ped to move boxes full-time. ashley: you're making a very good living out of it. congratulations to you both. it is very inspirational and wish you continued success. check back in with you down the road and how much bigger and greater you become.

sam and matt, gentlemen, thank you both. >> thank you. ashley: in austin, texas, thank you. by the way, investors are rejoicing over dow 40k even though thou though it's pulled back and it could be more bright for 12,000 baby boomers hitting retirement age every day and one market prognosticator is right and heading for 60,000 sooner than we thought. how should you adjust your retirement funds? find out coming up next. ticker glv up over 22% for gold in the last six months. that's golden. the claman countdown is coming right back. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it.

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ashley: the dow is on track for 50% rise to 60,000 by 20340 and s&p rising to 8,000 and would represent a 7% compound annual growth rate. what does that mean for your 401(k)? i'd say it's pretty good news. empower is the nation's second largest retirement provider with 1.5 trillion in assets for 18.5 million individuals. joining me is the president and ceo of empower ed murphy.

ed, 60,000 on the dow for all those people >> the most important thing is we get people to save and in total as about 35 trillion in asset ifs you include public pensions, private pensions and iras. we're off to a good start but there's more to do for sure. ashley: there's many that don't have the options and work for

small businesses that don't offer 401(k)s and what's the best advice to give them? >> well, there's two components and one is you've got about 20 million americans working for businesses today that don't -- that aren't enrolled in the plan but they have access. we need to get those individuals enrolled through automatic enrollment. additionally 33 million small businesses in the country and roughly 40 million americans that work for small businesses and don't have access to workplace savings. so what's important is will go a lot of good work being done through the legislative and private sector to make that happen. ashley: so many thousands of people turning 65 right now and calling it the silver tsunami and alarming number of folks to

be honest have no savings at all. is it too late for them? what can they do? >> well, one thing we encourage is people need to start saving at early ages and too often general x and millennials are not saving even with access to plplans and for someone making 40,000 a year and access to workplace savings about 95% of them are savings through payroll deduction. if you take that same cohort and the key is start very early. we're very focused on that at empower. ashley: ed, so many people certainly maybe not the upper echelons and workers work paycheck to paycheck and sewing

them how to put money aside. what advice do you give those people? >> everyone should have a plan and organizations like us and others have advice and guidance and help people from a budgets standpoint and it's really important particularly in the workplace environment and many small businesses are matching the contributions that you find a way to pay yourself first. take advantage of that match and acknowledge that the challenge you've raised with inflation running the way it has been and ex-pensions there's no question about that. ashley: yeah, just a lit and will forget the expensive starbucks coffee in the morning and meals. all adds up for sure. ed, thank you for joining us today and sharing your expertise on retirement.

really appreciate it. >> my pleasure, thank you. ashley: fox business alert for you, electronic parts maker announcing their ceo ken wilson will be leaving the company immediately and replaced by cfo michael dastor and comes following completion of internal investigation related to corporate policies and the company withdrew fiscal 2025 forecast due to slowing demand in markets like renewables, 5g and electronic vehicles and jabil circuit on the news climbing up 6% at $122 per share. more news out of the c suite as gray scale investment ceo has resigned bringing decade-long run as leader of largest crypto asset manager to a close. goldman sachs executive peter minceburg will take over as ceo in august. it comes after grayscale's bitcoin fund has seen more than $17 billion in outflow since it

was converted to etf in january over its high management and gpt powering higher up 3.33% at $61. investors are sailing into shares of norwegian cruise line after the company hiked four-year guidance thanks to strong demand and record bookings and cruise line made the announcement before the investor day being held at new york stock exchange today and cruise liners, royal caribbean and carnival rising with the tide and moving higher and norwee began up 7.5% and others up anywhere from 4-7.5%. meanwhile, travel demand in the skies seem to be just as strong after ryan air reported four-year profit up 34% year over year to a record 1.92 billion euros, just over $2 billion u.s. and ryan air

announcing the board approved a $760 million share bye back plan but shares moving lower after ceo michael o'leary warned that europe has a "recession natural rights approach feel" and could impact air fares and enough to drop the stock 7%. ryan air isn't the only one dropping ticket prices and frontier airlines rolling out a bundle of changes for the busy memorial day holiday and frontier ceo is here to explain and fox business zeros in on the summer travel season all week long. the u.s. global jets etf and ticker jets up more than 25% over the last six months, taking off you could say. we're coming right back. so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning.

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longer changer passengers to change or cancel flights so the budget airline said dropping the fees to change flights before departure will offer customers more flexibility. it is the latest airline to make that change after fellow carrier frontier made the move last week to drop the $99 fee to change or cancel a flight. it also comes after the white house imposed tricker rules for so-called junk fees to show customers transparent pricing. new frontier for the airline revamping brand to attract more customers. ceo barry biffle joining me first from box business. great to have you here. let me ask you first, what made you decide to make these changes?

>> we've come up with four options, because ick, economy, business and premium and believe you'll find the lowest total price and not just fair. customers will like -- fare and customers will like this and making changes to this to win you with great prices and services as well. ashley: how do you think consumers are doing right now? we've done so much on inflation and still biting. from your perspective, how are the customers doing? we haven't seen the inflation in air travel in other parts of the economy and there's no hindrance on demand and expect the summer to continue that acceleration of demand through the summer.

ashley: what kind of spending trends are you seeing? jot consumer is resilient and it's widespread. we're seeing domestic and international and everyone is really kind of traveling over the last kind of hurdle of getting everybody back traveling. ashley: memorial day is just around the corner here and busy times for you guys. how are the bookings looking? >> we're going to be pretty full. i think we'll have record numbers with tsa. so everybody makes sure they show up a bit early, hopefully the weather and air traffic control can cooperate and look forward to a big bemill day, probably the biggest in history. ashley: spirit airlines back in

202t looking to put those two companies together, yours and spirit. that didn't work out and jetblue came in and left officially walked away at the beginning of this year. but is that still something on the table you think could happen and in this administration, is this a more friendly environment and something you might revisit? >> i'll never say never to anything. i can tell you right now, we're focused on being the best frontier and new frontier, and quite honestly we want to see how this summer shapes up, and we're really excited about the new frontier and what that means for consumers and how they can win with the lowest total price. ashley: also, berry, we hear a lot about the enstructure in this country with regard to airline and creeking and a shortage of air traffic controllers and do you think

it's ripe or ready for an upgrade? >> there's opportunities to improve backbone of air traffic control and europe it's burning less fuel and get willing faster and so forth. but that is a big opportunity, and at the same time it doesn't negate the issue that we're about 3,000 controllers short right now. that causes when you have a weather event, causes there to be more delays and ultimately like we've seen the last few days and those delays turn into cancellations because crews time out and so forth. really like to see the staffing get fixed. the technology is probably a longer solution.

>> customers are loving the new pricing. it is -- that's why we called it the new frontier. i think we had gone too far in what we charged for bags and seats and i think this opens us up to a whole new amount of cline clientele and we're exceeding expectation. ashley: there's a lot of competition with airlines and you try and save everywhere you can but it's not always possible. but you continue to smile, berry, which is a good sign; right? >> >> after awhile, you have to deal with the tough things but i'm really fortunate and have one of the best teams in the business and have a lot of great folks that work at frontier and so t -- so it's nice to be at an airline that cares so much.

ashley: how's your pilot situation? we heard so much about pilot shortages. are you okay in that record? >> yeah, we -- regard? >> yeah, we are, the pilot sportage appears to have stall -- shortage has stalled and now we're becoming an airline pilot very quickly and getting backed up and going down the general aviation path for awhile. there was a shortage building up for decades and then covid and early retirement and all this stuff happened and created a massive shortage and would appear now we have largely gotten past that and i think the best thing to point to is the regional airlines are now getting staff back and tells you all you need to know, which is shortage is not there and that's great for consumers too. ashley: keep smiling, berry, and continued success with frontier

and your new pricing packages and bundles. they look very intensing. barry biffle, thank you so much. >> thanks for having us. ashley: our pleasure. by the way, keep it here all week long for our special series setting sail, summer travel kickoff. who will be the next person to lead jp morgan chase? how about that for a question. charlie gasparino is here for what's ahead for the big bank and jamie dimon holds succession plans close to his best and that's next.

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call today or go to gentlecure.com. ♪. ashley: t-minus 16 hours till an important read on housing and 9 consumer. home improvement giant lowe's reporting tomorrow before the opening bell, down 1% in today's session. analysts are expecting earnings per share of $2.94. that would be by the way, a drop of 20% year-over-year and 21.12 billion in revenue, down 5 1/2% from a year ago. so, what else could lowe's reveal about the broader housing space and the health of the

consumer for that matter? joining me now with his prediction, is macro institute chief investment strategist brian nick. let's begin there, what do you expect to hear from lowe's, brian, and perhaps taking a step back what does that say about the consumer? >> we got a little bit of a preview from home depot last week that was reporting somewhat disappointing revenues and part of the problem for these companies is a lot of people didn't really buy houses last year. you're looking what is downstream from home purchases a lot of these home improvement jobs that people do or hire somebody to do for them, they buy paint, equipment, tools, if nobody was buying homes last year because interest rates were so high and the mortgage market was frozen, the housing market was frozen there will not be a lot of downstream economic benefit for people trying to sell to people planning to do home improvement. we'll see downstream effect much high interest rates, the impact on existing home sales market we'll get data for but also the

end consumer. ashley: yeah. i've been amazing how resilient the economy has been given these higher rates. and from a market perspective higher for longer hasn't really slowed anything down. if anything, money on the sidelines is coming in for, old fomo effect, isn't it, fear of missing out? >> you are continuing to see inflows to risk-on asset funds but at the same time what we've seen the last month or so has been the market continuing to like lower interest rates, softer inflation reads even softer retail sales number, industrial production number those were both pretty poor with respect to april compared to expectations. the question can the rally continue to rally on on negative expectations? we're seeing risk off defensive sectors like utilities, reits, like low interest rates they don't mind a soft economy. those are among the leaders. this is not particularly bullish

rally as we see it, even though we see the market continue to make all-time highs. ashley: let's talk about the fed. you know, we went from, if you remember way back when, the predictions, i'm sure i heard someone say seven cut this is year, do we get a cut this year and if we do when? in september or perhaps later or perhaps not at all? >> so we think the fed ought to be cutting already but we have to predict what the fed is going to do, not what we think the fed should be doing. on inflation alone we could see enough evidence in the next few months to make the fed satisfy, that they are going to see inflation getting down close enough to 2% they can start cutting rates whether it is in september or november is going to depend own data. we think the fed and market is sitting on what could be deteriorating employment market into the fourth quarter. from beyond 4%. we're talking meaningful difference from the bottom last

year that could get the fed's attention. they have a dual mandate. not just getting inflation down. that an employment doesn't rise. you could see rate cuts, larger rate cuts by the end of the year if we see the jobs market get away from the fed. ashley: brian, based on your outlook, what sectors would you recommend? you mentioned utilities which i find fascinating because utilities has almost led the way, it has been right up there with technology? >> so we're putting out a report tomorrow on utilities. it is not the sector you get asked about the most of course. tends to be interest rate sensitive, risk off. two things utilities have going for them. one the economy is slowing down as we see it that will benefit utilities like interest rate cuts for sure. they're seen as bond substitutes. we're skeptical about the story, we're getting asked about it more, we're doing the digging on it, utilities are acting more like a growth stock because there is perception they're tied to higher electricity demand because of data centers built to support a.i. tools. in this market once you are

affiliated with anything related to a.i. you get bit of a boost for your valuation. we're seeing higher expectations for utility firms but higher expectations as investors treat them a little bit differently than they have in the past. ashley: i want to ask you about commodities, gold silver, platinum, even copper. copper went over $11 a ton for the first time ever, when you see those numbers, well the economy must be doing great because of demand for these things used in sew many different aspects of manufacturing things must be really good so what's going on here? >> well for copper specifically which is the one that had the biggest moves it is definitely tied into more economic developments than things like gold and silver which has more uses and more applications. you're seeing in some pockets of u.s. industrial production very strong activity. for example, electronic equipment, equipment to build factories those things are getting ramped up. you could see copper for that.

you also see more demand coming from china. look at china data last week. chinese consumers not doing so well but industrials sour growth is picking up that is commodity intenstive. china again a very large economy when they do a lot of broad-based investment this will lot of commodity usage and copper will be the one most concentrated. ashley: very good. brian nick, we covered a lot of ground there in record time. thank you so much for joining us. it was very informative. appreciate that. we mentioned before the break last time we were going to talk about jamie dimon and his succession plan. before i do that let's talk about the market action. dow just slightly down. it is half a percent but these days half a percent is nearly 200 points. the s&p up very slightly, not record territory but the nasdaq still on pace to finish another record high, the 9th of the year i believe, up half a percent. all right, let's get to this story now.

jpmorgan ceo jamie dimon speaking to shareholders at today's incest tore day saying he is no longer on a five-year timeline for retirement, signaling wall street's top banker could be getting close to retirement. i say could. of course the person who will probably know more than anyone else is our very own charlie gasparino. what are you hearing, charlie? >> we reported this earlier on my twitter speed and i think this is pretty good information from senior executives inside of jpmorgan. we reported this right before he went on to speak at the jpmorgan's investor day. as you know every big bank does investor day. dimon since he runs the most prestigious bank in the world, jpmorgan. everyone is watching for clues. the big clue today obviously was going to be succession. jamie dimon is 68 years old. other banks have not had smooth succession dramas. it's always bad for the company going forward. morgan stanley did have a very smooth succession planning.

james gorman, the former ceo now, put two guys, said these are my two guys. don't fight but let me judge you on performance t was an did i sapper steen and ted pick, and ted pick became the choice. andy sapper steen remains at the bank. that is how seamless it was. jamie dimon is aiming for the same thing among three people that are definitely, you know, ceo worthy types. marianne lake, jen pep -- sack and joy robach. they are not household names. timing, two years is what we hear. we will give it two years when he is 70 and then he will bow out. one of those three, if i was going to like roll the dice here, i would say marianne lake. then there is the question what does jamie dimon do? he is not exactly unhealthy

70-year-old. he is not unhealthy 68-year-old. i'm sure he will not be unhealthy 70-year-old. he has a lot of energy. two things if you talk to his friend, academia or politics. don't be surprised at either. i think he is better at academia than politics. i think he speaks his mind too much. that is where we are, actually two years. remember the famous question, famous comment about trump, he is smarter, tougher, made it almost like he could punch him in the face and win. it was funny. he has since apologized for that but it's two years from what i understand. but you know, i will say this, one thing about dimon, we're running out of time here. ashley: okay. >> he is the type of guy that could change his mind although when you're 70 -- ashley: yes he could do a bob iger. >> i guess he could come back theoretically. bob iger wishes he didn't come back, trust me. that is whole other segment. we can do that tomorrow. ashley: right. >> i can tell you if you talk to people that are close to him,

they think now it is two years. he, and when he is 70 and it would be a really good run if, what's, with jpmorgan is right now, fast forward in two years, one of the best runs i've seen out of a ceo because a lot of these guys leave with their shirt hanging out their pants. back to you. ashley: we'll have to leave it right there, charlie on that particular point. nicely finished. let's take a look at these markets as we head into the closing bell. s&p doesn't look like it will squeak out another record close. but the, and the dow is off 209 points. what about the nasdaq? [closing bell rings] it is up 209 points. they're cheering that would be the ninth record chose of the year. whew, what a day. that will do it now for "the claman countdown." larry kudlow coming up next. ♪. larry: hello, folks, welcome to "kudlow," i'm