the british had everything when it came to the battlefield. they had all the advantages. financially they were better positioned, american colleges had trouble raising money. if there were oddsmakers back then, odds would be 100 to 1. today's hedge managers as powerful as the british were back then. many think he can win. i salute them. liz claman, over to you. liz: sons of liberty, the best underdogs in history. and we begin with breaking news, after the s&p and the nasdaq posted records, and dove to session lows, look at the

dow which last 313 points, s&p down 26, nasdaq clipped by 85 points. stocks were lower this afternoon. and stumbled further on the release of the minutes of the april 30th meeting. did not help to see participants mentioned recent data did not increase confidence and progress towards the 2% inflation goal and some noted, this dumped the markets here, to tighten policy, should risks to the economic outlook to materialize and make such action appropriate. a rearview look, markets headlights are about to beam brightly.

the quarterly report after the bell, and the chip behemoth, they are down 15 points or 1.5%. at $5.59 a share, 412% jump on revenues of $24.6 billion, that would be 240% increase, talk about pressure, jensen wong in the picture, and north of $26 billion in sales. the options market expects substantial stock move after the release and who knows how or whether it would spillover to the chip sector and the entire tech sector.

the s&p and 500, and staggering after reporting earnings miss and sales decline, 3.7%, stock performance has been pretty abysmal. it would be 18%, target inflation weary consumers and home goods and discretionary products but look at this. tjx shares hitting a new all-time high after hiking out for your outlook, consumers are done with high prices, finding deals at t.j. maxx's marshals and home goods. they exploded in popularity, with one hundred 19% but news breaking today, the us consumer financial protection bureau says to buy now pay later, companies must adhere to

consumer protection rules. coming up, fox business exclusive, the ceo of a firm on what standards will mean to his company and fast-growing buy now pay later sector. cutting prices on 5000 items to jolt sales, what does it mean for the economy and the stock market? joining me live, charles schwab, liz and saunders. and no matter what the news, solid earnings this season, good economic data, what do you perceive? >> it is mostly economic data, worse than expected, not a bad backdrop for equities, at this stage, and earnings for the most part were pretty healthy. that is in a positive backdrop. today, i am surprised at the

knee-jerk reaction to rearview mirror data, you have to remember the fomc meeting that ended on may 1st predated the weaker than expected jobs report for april as well as the cpi and ppi data. what was referenced in terms of the pickup of inflation that eased in data that came in since then. when you are at all-time highs, it's on the upside. not a surprise to see some profit-taking. liz: a spark plug but jolted people's entrance, something that again already happened weeks ago. there have been pieces of data that changed things. one thing they mentioned in the minutes was deteriorating household financial positions especially for lower income households might prove to be a bigger drag on activity than anticipated. with target and the power of the consumer to say i am done paying the price as we see

disinflation. what do you expect happened here and how will that affect the markets? >> not just the lower end but lower income consumers when looking at their wages in real terms, not just seeing it in some other retail reports but in delinquencies in the subprime area for credit cards and auto loans but seeing a change in buying patterns and habits up the income spectrum. you are starting to see more than a few cracks in the façade of the consumer. consumption in aggregate terms when a dollar figure has given consumer spending last year, which is $19 trillion, that's not population adjusted. per capita consumption has been fairly flat for a couple of years. the strong consumer needs to be

put in context of the population adjustment. not as robust as you would think if you were looking at the non-population number. >> let's move the downward move, the dow is now well off the lows of the session and what's the one piece of data you need to see, this very long stock rally might be coming to a end. >> no such thing as one piece of data. that's a silver bullet that existed, one piece of data, and and the major indexes. the leadership that happens,

the underlying rotation, for all the hype and talk about the index like the nasdaq, all time highs. people don't realize the average member of the nasdaq using is that as an example had a maximum drawdown 35%. %. there's a lot of rotation going on under the surface you wouldn't pickup of looking at index level changes. appealing the onion back at least one layer, important to get a sense of what's going on. liz: one metric, the market, at least much of the market is hinging so much on the nvidia numbers after the bell, when you hear about momentum stocks like that, is that almost ridiculous to say you are looking at one single stock? >> nvidia is the third-largest contributor to s&p earnings, in

terms of the contribution to earnings, apple and microsoft are larger in terms of earnings contribution but the level of year-over-year gains for nvidia is higher than anything with stocks in the magnificent seven, looking at a 24% growth rate from the tech sector from q1 and nvidia drops to 11%. the math suggests this is important not just for psychological reasons but as an underlying support for earnings so it is important for psychological and math reasons. liz: for investors listening now. you don't have tech as one of your favorite sectors or stay away from sectors but what should people be pouring their money into? where is the smart money going? what do you recommend? >> we had the same three ratings at the sector level since the start of this year and it is materials, financials and energy.

cyclical bias in terms of where our work suggests outperforming the two sectors we have underperformed for real estate, also consumer discretionary and touched on the pressures coming down on the consumer as relates to discretionary purchases. liz: anything you see that worries you at the moment? >> sentiment is interesting. measures of sentiment come up quickly. you see a day like today, significant increase in various measures of bearishness, if you look at behavioral measures whether it is fund flows or overall out location to equities, that is stickier in the complacent end of the spectrum. that's an interesting spread in

the cycle where you get knee-jerk changes and measures of sentiment but hasn't translated into what investors like. liz: the bullishness level is the highest since november 2021. liz and saunders of schwab. infectious disease experts in the us and australia keeping and i on a new strain of the avian flu making a triple jump from birds to dairy cows and now to humans. how dangerous is the latest mutation of the virus to the nation's chickens, eggs, milk, and humans. we ask one of the world's for most epidemiologists in a fox business exclusive next, you need to hear that one. etf, basically encompasses live cattle futures, lean hog futures and other commodities

including corn, cocoa, and coffee, 16% year to date. "the claman countdown" is coming right back. check the dow losing 242 points.

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reached one of the most isolated parts of the world. the bird flew was detected in a child in australia who suffered severe infection after recently returning from india. the child has fully recovered, stocks are already reacting to the news. the contract largest poultry producer, that stock overnight initially cratered 17% closing down 6.5% on fears the virus would become more widespread but michigan, reporting these outbreaks, talking about the state's dairy herds, three more tested positive bringing the total to 18 in addition to another texas dairy worker who tested positive for the virus after coming down with a raging case of conjunctiveitis. what is the risk to humans? public health professor of epidemiology just returned from the midwest where she

investigated the situation, she joins us first on fox business, she is my sister in law which is why she came to us first. i've got to bring this up right away. this just hit the tape about the second case of a michigan dairy farmer. what does this tell you? avian flu has been around for years but it jumped to dairy cows. >> it tells us surveillance will be important. to understand what is happening, you need to have situational awareness. understanding we've seen more than one case in a dairy worker and dairy workers are in contact with cows means we have to double down on surveillance. liz: we saw ghastly pictures of the farmworker who had losing eyes after he contracted the bird flew, what are the symptoms beyond conjunctiveitis if people are exposed? >> most of the time, symptoms

of influenza, fatigue, having all of these symptoms could be confused with any respiratory infection, and so, i think, what you are showing as second case of conjunctiveitis, there was no problem. so i think the important thing is there could be a range of symptoms associated that is why it is very important to have good diagnostics, to understand how this is circulating and transmitting. liz: security measures we hope are kicking in now but this brings up a very big concern about the milk supply. 1/5, usda and fda checking and the cdc and fda found one in five samples of retail milk in the us tested positive for bits of the virus. the bits were dead. i'm not using probably. fragments of the virus were

dead because of pasteurization, but people were very nervous about this and what would you say about the milk supply here? >> the data was very encouraging that we should understand we are seeing fragments of virus, dead virus, that's not infectious to humans. the milk supply appears to be safe because of pasteurization. it is going to continue this until science drives the response. where it is transmitted and what animals are susceptible and how they can pass it to humans through a variety of different mechanisms, is it the materials, is it the air?

close proximity, before we get too far ahead. liz: to be clear, this is the first time dairy cows have been tested positive for bird flew, that makes this different. we know one thing for sure, viruses mutate and they are always looking for the next host. when you are talking about bio security and testing, is the government ready for something like this? >> we all need to remember, i keep going back to this word, surveillance is key, and we don't understand those mechanisms, we weren't looking for it before. it came as a surprise to know

that cows were susceptible. we need to understand avian influenza can in fact multiple species, we need to look at what species might be susceptible and where we might see opportunities for the virus to jump into a human and from then, potentially transmit to other humans. we've not seen that to date. what we know about viruses and avian influenza, the situation is concerning but it's important to do that. liz: plant-based milks, and cover business news, plant-based milk businesses, campbell soup, specific foods which make a lot of soy milk and almond milk, and one last question. is there an antidote?

what's the medication people take? >> tamiflu has been known to reduce replication of the virus. tamiflu can be indicated in the situation for humans. there's a lot of this going on, we are not starting at 0 here. we need to ramp up the machinery to move forward what needs to be done. tamiflu that can actually be used in humans, there are candidate vaccines that can be moved quickly to better testing and production in the future. we are not starting at 0. a pathogen we know about, don't need to kick up the gear to go further and as your father used to say it is easier to stay out

of trouble. this is where we are now. a good time to learn a lot about it. liz: doctor morris claman, at the top, i said this happens, what i mean is the segment was planned well in advance. we are trying to keep you informed. coming to new york city, a happier note, american sailors throughout manhattan, here for fleet week, the latest sign the summer season is just about here. fox business operating the kickoff to summer travel. madison alworth is floating down lacey river amid a boom on the indoor waterpark industry. that's next. as we head to a quick break, check in checking on the dow jones industrials, we have loss of 240 points, the laggards

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liz: the summer season doesn't start for another month but this weekend, americans are jumping the gun on the summer travel season ahead of memorial

day lose aaa forecasting 38.4 million people will be driving this weekend. 43.8 million will trevi 50 or more miles. the biden administration is making a move in hopes of easing gasoline prices. between memorial day and fourth of july the government will release one million barrels, 42 million gallons from the strategic petroleum reserve mostly from storage facilities in new jersey and maine, the goal to bring prices down at the pump. good news for those planning to visit indoor water parks including in pennsylvania. madison alworth joining us from the park in the poconos. >> reporter: it is so important for the visitors, 20 locations across the country, most of the folks that visit do drive to get their. there. it is incredibly important to the company and those people, they can get to the resort so they don't have to purchase airfare tickets for a family of

four or five people. they are doubling down. there's 20 locations but by early 2025 they will open three new ones meaning 90% of americans will be within a 4 hour drive of ungrateful large location. the chief people officer, you guys are investing, opening new locations and doubling down on existing real estate like this one. how are you leveraging capital to do that? >> we've had tremendous partnership and significant investment from our blackstone shareholders, to grow the number of resorts, two coming this year and another early next year to the tune of $300 million. expand and renovate existing portfolio as well. recent renovation expansion project, not only expanding this waterpark by 40,000 ft. but 30 beautiful 3 bedroom villas. >> reporter: it is working.

they have 90% occupancy rate throughout the year. when it comes to hospitality a good review that you are doing is a repeat customer, we met a family that has been here a shocking number of times. take a listen. >> we've been to this location, 67 times, north carolina, virginia, georgia, maryland, and massachusetts and niagara falls. we keep coming back because this is so cozy, so accommodating, everything under one roof, doesn't matter what the weather outside, so much to do inside between the children's activities, arcade, magic, waterpark, something all day long going on. liz: you can tell she loves it and her family does. i had to check out the action. important investigative journalism.

will sailors their yellow drop slide. the initial drop is the equivalent of two stories. the target demographic, families with kids 2 to 12, i'm not in that age group and i can tell you know bias, it was awesome and this resort is a ton of fun. makes sense why they are expanding. liz: all water parks at least when the kids were younger. thank you very much. madison alworth. fox business alert. shares of bos feed, right now they are up 19% but earlier soared as much as 50% in session after former gop presidential candidate vivek ramaswamy disclosed a stake in the online media and entertainment company. opening to a securities filing, he has amassed 7.7% stake in bos feed for $4 million expected to engage with the board about strategic opportunities to maximize

shareholder value. pretty interesting. we should learn more about this story when vivek ramaswamy joins larry kudlow in the next hour on fox business. analog devices on pace for a record high close, let's emphasize that. second-quarter sales did decline 34%, the fourth consecutive quarter of declines but that number did beat analyst estimates. the chipmaker outlook signals could be coming out of its prolonged slum. analog devices issued third-quarter revenue, gotten above the midpoint of wall street estimates. they say it is driven by the rise in demand for automotive and industrial chips. shares of the moment up 9% to $236 and change. opposite situation for shares of lululemon sinking to the bottom of the nasdaq after the retailer announced its chief

product officer has resigned. lululemon not expected to feel the raw land will form a new team of leaders with its merchandising and brand departments to scale go to market strategies. if that's not a mackenzie line, i don't know what is. investors are not buying it at the moment, stock is down 8% and on track for the lowest close in a year. looking at a firm shares, investors regarding the purchase now pay later stock are selling now after a federal consumer watchdog said shoppers who use purchase now pay later companies need to have the same protections as credit card users and in 60 days they will. a firm's ceo is joining us next in a fox business exclusive to talk about his point of view about these new regulations. does he love them? does he hate them? he's coming up live. ahead of the memorial day holiday everyone talks to liz podcast.

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liz: the regulatory hammer, our firm, pay pal and the rest of the firms that allow you to pay in installments will need to operate more like credit cards when it comes to returns and refunds. the consumer financial protection bureau today issuing new rules stating will be on the industry's shoulders to ensure refunds for return product or canceled services to investigate disputes and to pause payments until the issues are resolve that if they don't already companies must also provide bills for fee disclosures. the new rules go into effect in 60 days. what does this mean for the fast growing industry on a fox business exclusive. what your gut reaction to this? new regulations coming and in 60 days? >> may sound strange from an entrepreneur but generally speaking it is a good thing. we already do all the

disclosures credit cards do. we've already helped consumers investigate disputes and help them navigate weird shipping situations and whatever else happens in e-commerce. the fact they said these are the right practices everyone should do them, we have plenty of work to do but the fact the playing field has been leveled, the industry needs to do as well as credit cards, and our competitor said we emerged from this idea that credit cards, the purchase now pay forever, we can do better and that is what we are building a and we should provide the same protections as cards are required, i feel the rules are good for consumers and whatever. liz: somebody else feels completely differently.

there was a statement that i can read to you of they are not publicly traded yet. they are supposed to have an initial public offering in the next couple months or early next year, trying to regulate the purchase now pay later like a credit card is like comparing apples to oranges. today's announcement is confusing, didn't like it, they said they longer supported the regulation but doesn't seem like you have any concern because you from the start have put these guardrails into place. why do you think most of the stocks in the sector are selling off? yours is down 10%, these movements can be dramatic on any given day. to what do you attribute that? >> i have long given up trying to figure out what the market will do to us in the industry. we launched on this premise

that we can do better, consumers deserve a better product. we've never charge late fees which for a while made us unique, never charged interest, never hidden any fees, we don't hide our business model in fine print, aligned with the fundamentals of what it stands for, i serve on their board for three years. they are aligned with folks with good financial health and products that deliver that. others complain about it, it would be remarkable. liz: purchase now pay later does not fall under traditional debt categories but a few weeks ago a wells fargo analyst called four different installments phantom data because you don't report it to federal credit agencies, do you expect to change that? >> i do. and i will give a lengthy

answer. first of all, the math is so wrong it is worth debunking on christmas. the claim is there's hundreds of billions of dollars of unrecorded debt creating this phantom debt for consumers, the only thing phantom in that story is the mathematics used. hard numbers, issuing $50 billion last year. the average life of a loan is three weeks. that means there's $3 million outstanding, and trillions an outstanding credit card debt, on the order of 30 basis points, such a round off air were.

it is not systemic and no one should be concerned from that point of view. next point. we affirm, already report on the order of majority of monthly installments because that's the right thing to do. helps consumers build credits and to be responsible when behind and alert other lenders. across the industry, has never been reported except apple led the way and they will start reporting. the reason it was not reported is the bureaus are not equipped to accept that kind of data and correctly use it to adjust credit scores. they are very actively working on adjusting the way they view this course. they feel ready. we are making sure they feel they are ready. as soon as they agree on that, that is very much real time and

we will deliver a report to the bureau. it's good for consumers their borrowing is a matter for other lenders. liz: we are glad to have you saying you welcome this kind of regulation. you are already ahead of it. great to see you. the stock over the past year is up 124%. we are coming right back, stay with us. (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? (fisher investments) yes. we make them a top priority, by getting to know their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different.

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you are with splenda zero-calorie liquid sweeteners. try all three. available in the baking aisle. ♪. liz: crypto watchers and investors initially skeptical that the securities & exchange commission would approve applications for nine, nine new spot ethereum etfs before tomorrow's deadline but suddenly the sec is acting as if it may give its blessing to the new crypto products. ethereum at the moment down $43 to 3737 but charlie gasparino is here with more on the sec's apparent 180? >> it looks like a 180. i don't think you could underplay how big if this all gets approved tomorrow. we'll say if. i don't know what is in gary gensler's mind. he went from ethereum is probably a security, therefore you can't put it in an a etf therefore it is legally.

liz: can i stop you there? you said that yesterday. there are many securities in etfs. >> no reason to buy a crypto in an etf it is a different structure. liz: i want to clarify that. >> also they would have to, if it is really a security illegally issued, etherium foundation or whoever issued it, the ethereum people would have to go to the sec fill out the paperwork, pay all the money, pay out a fine. it become as huge thing if it is declared a security. it is not a bad question. it is worth talking about, but remember, this thing in order for it to really work, you have to say it is a currency or commodity, excuse me. >> i see. >> so he has gone from that, suggesting it was a security to a 180, maybe i will let it go into one of these etfs because it might not be or some of might not be. this is a huge win for the crip cocommunity. it shows my view, mr. gensler would have a different view of this, shows their raw political

power. they probably lobby ad ton of congressman, both republicans and democrats on gary gensler's continued assault. larry fink as you know from blackrock, they have an ether etf being propose as well. he is not exactly a weakling when it comes to democratic party politics. put that together you have a pretty big 180 by the commission if they approve it. now here is what a lot of people will think will happen tomorrow. ellie tarat my produce, is the axe on a lot of this stuff reporting this out. they may do a split the baby thing tomorrow, okay, in terms of you approve the application but you don't approve the issuance and the issuance needs to be, go through the sec, how can i say it, bureaucracy, like, maybe you know, markets, trading of markets doesn't give it the full approval to sell tomorrow but the other part, they do

approve. that's one, that's one way to, that this might turn out tomorrow. even if they do that, that is sort of split the baby, sort of scenario, it really is a huge win for the crypto industry and, again, you know, people are like, they're really that many crip people that vote? well apparently yes and they're out there and they're politically active. they're throwing a ton of money at john deaton to beat elizabeth warren in the senate seat for massachusetts, who is an anti-crypto senator, the democratic senator from massachusetts, you know, deaton has money. so this is, this is a pretty big thing. let's see what gensler does tomorrow. this could have bells and whistles. it could be before you get your hopes up too high they could split the baby, but man, it is kind of a wild ride. liz: it is that and it's a soap apa. i'm glad you're on it. >> we'll be here tomorrow to break it down at 3:45 i think.

>> we'll be watching it. last of the "magnificent seven" reporting earnings after the bell. we're four minutes away from that. nvidia expected to say earnings per share more than quintupled to $5.29. revenue tripled, that is what is expected. guess what, that whisper number is supposed to be north of 26 billion, not 24 billion. joining me with 35 billion of asset under management, carson group ryan detrick. ryan you find tech and technology pretty pricey at the moment. does nvidia fit into that? ahead of this report it is down two-thirds of a percent, but it has a forward p-e i say of 37. too expensive for you? >> yeah, liz thanks for having me back. nice green for a good bull market here. if you think about it, yes. one amazing thing about nvidia it is actually cheaper than it was at the start of 2023.

the stock is up 550%. that is because earnings are so explosive. we're nor neutral tech. we don't not like it. everybody is excited about it. that bar is pretty high. but we'll see. it is amazing company and the earnings justified it. so that is pretty impressive. liz: we're coming up a few days away from memorial day, the end of may, the old saying go away sell in may. that is so dated at the moment because the market is pretty vibe brandt no matter how you slice it but what are you recommending at the moment and what stocks are in the bucket that you like? >> it hasn't worked so far. we're up 5% for may. that is pretty liz. liz, this is the best start to a year as of this point in may in an election year ever. usually election years aren't that great. here is what matters to listeners, though, election years have a summer rally, june, august. election years are, be aware of

that. i came on a month or so ago we like small caps and mid-caps. i know those are kind of dirty words sometimes. we think a dovish fed is coming, inflation will improve. those are really cheap. valuations are really cheap on small caps and mid-caps. we like industrials an financials on cyclical side of thing. i'm calling it for a while because we didn't see recession. we think those areas will be pretty darn good the second half of this year. liz: as we finish up we have a bit of a selloff that sort of worsened after 2:00 p.m. eastern when we got the fed minutes from the most recent meeting. i think what may have jarred the markets, many participants said you know what? we're taking too long to get to that 2% inflation level. cpi i think the last print was up 3.6%. that's core year-over-year. so, our distance from 2%. what do you expect from the fed real quick? >> yeah. i mean we are seeing a little weakness since 2:00. i'm not overly concerned. it is kind of old data. from the fed in general we think the door is open for a september

cut, november cut very quickly. look where the inflation is coming from this year. it is shelter and auto insurance. we don't think the next six months out health every and auto insurance will not be reasons for sticky inflation. we'll not crash. the economy is strong. get down to 2 1/2%, maybe they start cutting. it would make sense. liz: great to have you, ryan detrick. here is the closing bell. [closing bell rings] nvidia after the bell, it is a.i. chipmaker. we have the company perplexity. and ceo and drew wilkerson will also join us. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right, biden's inflation inferno continues. we have another 7.7 billion in student loan forgiveness, think of that. house members byron donalds and anna paulina luna on that and just more in couple minutes. vivek ramaswamy on former