getting decimated, and that might be spreading further. we heard two major wall street ceos give us a warning, no rate cuts. in fact, maybe brace for stagflation, for a hard landing. yesterday when those fed minutes came out, this market kind of collapsed. it kind of collapsed ahead of the biggest earnings report that everyone felt great about, and everyone was right when it came to nvidia. same thing today. something is not right. maybe there needs to be some adjustment, so make sure you contain your glee, stay nimble and always watch liz layman for the last hour of trade the -- claman. liz: and watch you. bubble! [laughter] now you're hearing everybody talk about a bubble. charles, listen, investors are diving for cover especially in dow stocks as we kick off the final hour of trade. not only has dow 40,000 evaporate whatted, we are getting close to losing grip on dow 39,000. let's check the point loss for the blue chips at the moment. the dow is struggling mightily for the second day in a row, adding another 622 points right

now to yesterday's to 1-point loss -- 201-point loss. every single dow component right now in the red are, but if you go with all the way to the bottom -- and this has been for much of the session -- you can see boeing is by far the biggest laggard, down 7.25, followed by intel down 4.66%, johnson and johnson, mcdonald's, walt disney, sales, force are the big losers here. quickly on boeing, the c finishing o said second quarter jet deliveries will not show any increase and admitted that cash burn will worsen plus free cash flow won't be flowing this year, it will be negative. let's bring it out to the nasdaq and the s&p. the nasdaq had been up more than 194 points, lost it all and another 103 points. so this is a pretty significant swing here from peak to trough. the s&p down 45 points. this makeses sense to check investor or fear. let's look at the vix at the moment. it is flaring just a bit after

having been down earlier today. i'm checking the vix right now, up 7.5%. still just around 13.211, that's historically pretty low. treasury yields, this may be in part why stocks are falling, or treasury yields are spiking right now. here's the 2-year, 4.if 942%. yesterday the 2-year closed at 4.887, flip it over to the 100-year yield, yesterday -- 10-year yield with, 4.8% at this moment as we anticipated just 24 hours ago on this show, inebb vid ya's earnings are grabbing much of the oxygen on wall street, at least they were until people decided to focus on pmi number which came out, that is purchasing managers' index, and it indicated that manufacturing is stronger than expected. look, look at nvidia still holding on to the 9 plus percent of gains here. the rush into shares of the a.i. chip king looked like a stampede

at a taylor swift concert even as the rest of the market sells off or peter frampton concert, depending on your vintage. the stock blasted through the $1,000 mark right at the open and with 58 minutes heft to trade, still stands at an all-time high of $1,037 and change. the lead manufacturer of a.i. gpus, graphic processing units, that that power large language models shot past both profit and revenue expectationses, scorched the whisper if numbers, raised guidance and announced a 10 for 1 stock split for shareholders of record as of june 6th. that's the first stock split since july of 2020. since then look at shares, they have soared rather dramatically, by more than -- well, that's an understatement, 2,600 percent%. the blast radius was far and wide this morning. a lot is reversing as the market sells off, but let's look at the socks index. earlier it reached a record

before reversing course slightly, but you can see the socks index at the moment. micron, of course, among the names reaching new all-time highs earlier before giving the gains back. same with innovate.. -- microsoft. microsoft has a huge invest vestment in openai. it has been dragged down by the rest of the market, now at $425 and change. i just said far and wide at least when it comes to nvidia and the expectations and where that sort of blast zone reached. look at vertiv, the success leon cooperman recommended during his last two appearances on the show. it's a data center reit. earlier it clawed dramatically to a brand new record, right now it's still holding on to just about a percent of gains to $101.41. shares of fox's sister company news corporation, that was earlier moving higher. it, too, has reversed. but news corporation and sam

altman, ceo of openai, by the way, sam was the first in line for the envied ya h-2000 processers, altman appear exclusively yesterday to unveil a licensing deal with news corporation the train its chat bot, chatgpt. last night on the earnings call, nvidia's ceo jepsen wang said there's not just -- general seven wang said it's in the just a.i. companies benefiting. here's what he said. >> there's also a long line of generative a.i. start-ups, some 15,000, 20,000 start-ups, that in all different fields from multimedia to digital characters, of course, all kinds of design application and productivity applications, digital biology. the movement, the moving of the

ark v industry to video so that they can train end to end models to expand the operating domain of self-driving cars, the list is just quite extraordinary. we're racing. liz: one of those start-ups in a.i. is already well positioned for an nvidia customer. coming up, the ceo of jensen wang's favorite chat bot -- no, not chatgpt, it's called perplexity. it's stunningly good. the ceo is here in a fox business exclusive coming up, don't miss it. with so many cross-currents right now, let's get right to the floor show joined by trader keith fitz-gerald and steven sutt meyer,back of america chief ec with i think strategist. steven, the worst day for the dow since march of last year, also some pretty significant drops in the russell 2000. to what do you aa contribute this selloff that's happening right now?

>> well, pretty much the fed minutes yesterday, i think, started this, and i think investors this morning with the opening on the upside expected nvidia and a.i. to save the market. and then if pmi threw war on. that i think it's very important to note though that coming into this technicals were quite solid, and today technicals are not. i mean, even with the market up, breadth was negative and it just kept getting worse and worse -- liz: let me just define breadth, the advanced decline line where the leaders sometimes, or or at least lately, have not been outpacing the laggards, the decliners of all of these stocks. so what do you mean by that? >> sure. liz: we're looking at a chart here. so this decline line, oh, i don't know which one that is. that is a u.s. most ab active advance decline line so it takes breadth and volume. so when that's going up, more stocks are going up on high volume. and there's a bit of a divergence on that. so that that is one sign that

the market might struggle. but i will say this is one negative in a slew of positives. if you look at the traditional advanced decline line, the s&p, you have more stocks going up than done. that moved to a new high prior to the s&p last week. same with the nyse. if you look at cumulative net up volume, it's basically the advanced decline of volume. that goes up, that means more accumulation are or buying soling yule in stocks versus selling volume in stocks, and we got thosals last week too. -- those signals. liz: today we are looking at a selloff, how much do you think this has to do with the memorial day weekend, people gone til tuesday? >> i mean, with a little bit to have news drama we've gotten, i think that might have something to do with it, yes. liz: keith, you've been right, right and right on nvidia, but i have to say i was looking specifically at some of the laggards on the nasdaq 100. a lot of them are chip-related or focused on chips. everybody from on semiconductor,

kla, global foundries down, intel not looking healthy, now down about 4%. tell me if this is just that moment in time where people realize that it has been a bit bubble bubblicious. >> i wouldn't use the term bubblicious, but i would say this is the moment in time where it's become abundantly clear to anybody not paying attention to nvidia dominates the scene. it is clearly leading the race, and you want to get on that horse if the race continues. liz: so is this a buying opportunity? people who thought that amd was too expensive, they have an opportunity now. i mean, slight. it's down a couple of percent. >> well, not only do they have an opportunity with a a md, which i also own, nvidia, which i also own, they have an opportunity to correct something which is their omission or their lack of being onboard. the train is leaving the station. a.i. is going to power the markets for generations. you heard jensen's comment about it. they are racing to keep up. liz: yes. >> that is like an all you can

eat buffet, and any investor that's serious about building a future needs to listen to that a kind of commentary. liz: let's talk about the s&p 500, stephen. yesterday liz ann sonders of. >> schwab with was here. she pointed out that x some of these real momentum names -- moth, google, meta, nvidia -- microsoft -- smci even, that about, you know, they're not looking so healthy. >> right. i mean, this is a mega-cap market, and big, long-term bull markets -- which we believe we're in -- are mega-cap markets. in fact, we actually think that, believe with it or not, a melt-up is coming for the s&p 100 relative to the s&p 500. the ingredients are there. we're not concerned so much about small caps lagging or equal weight lagging because if that tends to happen in more bear everybody periods. i mean, think about 2000-2007; you had leadership from small caps and the equal weight, and

the market was in a bear market so we, overall, we like the market. we're just seeing this as noise. we think seasonality supports a summer route, especially in a presidential -- summer rally. especially in a presidential election year. liz do you agree, keith? >> absolutely. stephen makes a really, really sharp point here. the technicals are quite different from the economic backdrop or even many of the broader stocks. not all tech is the same. look at boeing, for example. that stock is on tough times. so you've really got a distinguishing, you know, need in the marketplace. you want to go where the money's going to be treated best, you want to be in line with the major themes of the marketplace, and there are still a lot of companies in those mega-cap world. we agree with that sentiment, i think there's getting ready to be a melt-up. liz: melt-up. okay, well, right now, i couldn't wouldn't call this a meltdown, a 610-point loss is a 1.5% drop. under 11% for the s&p which

earlier -- 11% put s&p. give me your final thoughts, steven, on where investors should be going. you as a technical analyst. >> we believe in growth stocks or or value stocks. we believe in large caps over value, large over small. so we like tech, semiconductors, selected communication services. but even prior to this decline, i mean, if you're a stock pick orer, you can find financials that are coming out of big base patterns and participate. you can find some industrials that are breaking out and can participate. so i think this is where portfolio managers actually can make, beat the bench mark if they can find the right stock, because they're there. every sec for has them. liz: stephen, keith, or thanks, always. stocks are in the red after hotter than expected manufacturing data feud higher for longer interest rate worries. nvidia a hit a record high, blasting through $11,000 after a it -- $1,000 after it raised its

outlook, and boeing dropped after it said it is unlikely to generate far full year 20 -- cash full year 2024. some say there's a chat bot that even better works than chat. >> gpt which kicked off the artificial intelligence arms race. next, we've got the ceo of perplexity a.i., he's going to tell us what makes his search product which nvidia's ceo jensen wang, by the way, says is his favorite, different from and better than all the others. it's a fox business ebb collusive. you know, we talk a rot about the bots etf, but aiq, this is the a.i. and big data everybody tf, is actually outpacing bots over the last year with a 36% gain there? 34% gain? spike, compared to bots' 19% gain. "the claman countdown" is coming right back. stay with us. ♪ ♪

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liz: yes, we've got a sell off. i'm just checking the dow, down 597 points, so we're off the lows. two major names forging a pact between journalism and artificial intelligence. if openai announcing it is teaming up with "wall street journal" parent news corporation, the sister company of fox business and fox, in what the journal, "wall street journal" says is a deal that could if be worth $250 million over 5 years. openai will have access to news corporation's unpublications and journalism archives to train its technology and answer users' queries. in return, openai will share its technology with news corporation. yesterday on fox business larry kudlow asked openai's cem about

it, and sam altman talked about the true value he sees. >> obviously, news corp. has phenomenally great content, and so we saidinginging let's figure out something that makes sense. i think very high quality information from trusted brands does really matter to users in lots of ways, and being able to display that will add a great deal of value to the service and, i think, is good can to do for the world. liz: chat. >> gpt currently leads the chat bot wars, but perplexity is fast emerging at a silicon valley favorite whose fans include nvidia's ceo, jensen wang. perplexity's ceo is near a fox business exclusive just a day after blowout nvidia earnings. i'm calling you guys sort of the adult in the cat bot room because your answers feel way more legit than anything else aye try. where is perplexity sourcing its

answers for users' prompts? >> is thank you for having me. per if plexty sources the from basically throughout the web. it's best described as wikipedia and chat. >> gpt having a baby. but the data part comes from the whole internet. so you always get an answer to whatever you ask as if somebody did their research on the web, read everything that's relevant, facilitied autonoise, the spam, the ads,, only took the good content and gave you wikipedia-page-looking answer. liz: and you also give the sources which, unlike chat gpt which answers questions, does not give the sources. and i've often a found some of it incorrect. so what has been the actual focus for you? is it make sure everything is factual? and how have you built the platte form to insure that? -- platform to insure that? >> look, we decided that this is

a long-term journey, right? it's not a problem that we solve in a day or in a year. there are two ways to reduce the stakes. one is to insure resource content from higher targeted web sites and publishers, and the second thing is to also insure that, like, our capture of those sites, all the index is as fresh and up-to-date and detailed as possible. and then making sure that the model that ingests the content from these sites is smart enough that it doesn't make up stuff. for instance, there's -- running around now that google's a.i. overview asks you to put glue on your pizza if your cheese not sticking to it. [laughter] these are the kind of things because it sourced something from a random reddit joke, it doesn't understand that it's a joke. right? there was another example where someone, was, like, the blinders on my car are not working, and it's suggesting some reddit joke

as an answer. so the model also has to be smart enough and the content has to be fresh and up-to-date, and it's a connen instant challenge to do this and also unsure the target source. -- insure the target source. liz: can i assume you don't source mig from reddit? because you do have chatgpt and some of the others striking deals with reddit which is a little disconcerting thiess for somebody who's in the fact business because you want actual facts versus opinions or jokes. >> it's a mix mixture. some people like looking at reddit for i movie reviews or to when you're trying to buy a product, people do use reddit on their google searches the see what people are saying about the product because they would rather believe that over what the advertiser wants them to believe. so there are some places where with the reddit are useful, places where reddit jokes are not for factual accuracy, so you have to strike a good balance

there. liz: how do you avoid stepping into the hot hole that google stepped into -- potholing that a google stepped into which was the hoo -- hallucinations or maybe it was coded that way, built that way when people did searches of george washington, a picture of at least certainly the outfit george washington wore came up, but george washington was not white as a he was in true history, he was black. or the pope was a female. how grow make sure that that doesn't -- do you make sure that doesn't get salted in to perplexity's serbs? >> this is where -- searches? >> this is where it's very important to remember that your -- is to serve accurate answers, accurate information, right? and there's this whole problem in a.i. called the alignment problem which is what are the fundamental values you're going through, and there's two dimensions, helplessness and harmlessness, and which dimension do you want to err more towards. and we believe, like, in general

the reason people would use perplexity is because they just want answers. s hay don't want opinions on what we with think the world should be or something like that, and and this is where i feel like, you know, the first rule out of -- google gemini have gotten wrong. even if you with ask controversial topics, gemini either refuses to answer or morally, like, tells you what to and what not to ask. we have taken a position that it's not many our interest to -- [inaudible] ing. liz: when are you going public? i know that tech crunch said you guys had raised about $that 250 million in a recent capital raise. you've got a valuation according to that of between $2.5-3 billion. do you see anish po mean now and maybe 2025? >> no. [laughter] we are not ready yet to be ipo- ing. first of all, you need to generate a ton of money to be profitable, and we are still far away from that. we are still a very early

company. we're generating revenue but nothing that -- [inaudible] if like how google does. neither if does openai. so a.i. companies still -- [inaudible] if businesses, and we need some time for all these things to mature and become -- liz: okay. >> -- sustainable, profitable business. liz: jensen wang of nvidia says it's the his favorite, so i think that's great for you guys. we'll be watching. please come back. thanks very much. >> thanks for having me here. liz: revenge travel now exacting revenge on those who said covid killed cruises. cruise lines now say bookings -- bookings are topping prepandemic levels. we're headed right to the port of miami as fox business' kickoff to summer travel checks in on the cruise lines fighting on the high seas. ticker away, let's check it out, it is up about 16% over the past year with. we're coming right back.

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we've got cruise stocks down at the moment, but according to the cruise lines international association latest forecast, cruise capacity is set to increase 10% from now through 2028, and in the last two years, 27% of cruise passengers were brand new to cruising with more people getting their sea legs. cruise lines have had to find new ways to distinguish themselves from the competition. fox business' ashley webster has spent the day aboard a norwegian cruise ship docked in the port of miami, he's got the business side 06 sea travel. i can't wait the hear what they're going to attract -- doing to attract more travelers, ash. >> it's interesting, isn't it? after losing tens of billions during covid, they can't keep up with demand including the nor norwegian sky, the boat behind me. i shouldn't say boat, they would have shot me for that. it can handle about 2200. it's not one of the mega-resorts

you see out on the ocean, but each is tailored to each passenger's desire. in fact, bookings expected to be around $35 million, that is up -- 35 million, that is the up 17% from 209, the last year before covid. i was on the boat when the newest batch of passengers got onboard three hours ago, and it was something to behold. they were professional. they went straight to the buffet, then to the back, then a cannonball into the pool. it was quite something to watch. clearly, i'm not a professional. but all of them said the me you know why we love it? it's great value for money. i spoke to the president of norwegian cruise line who said, you know what? compared to land, out in the ocean you get a heck of a deal. take a listen. >> to try and duplicate the experience you're having on our ship on a land-based vacation, it's going to cost you at least 30-40% more, and you wouldn't have that same ability to customize it that you to on a

cruise ship. so when we talk about it's affordable, it's not just price. it's the value that you get out of it. >> reporter: so you can be on huge ships if that's what you like roller coasters and skydiving and everything else or been on a much smaller ship that perhaps goes on an expedition to antarctica or something like that. millennials and gen-z are the fast e growing session. they don't save any money these days, apparently, they spend it on experiences and themed cruises, liz. this could be one for you. they have all sorts of different themes. they have the kiss cruise, they have the wwe cruise. the hallmark if christmas cruise. i know my wife would sign up for that immediately. and, oh, by the way, next february there's the clothing optional cruise, ten the days in the caribbean and don't even get me started on that. just bring a lot of sunscreen, that's my best advice. liz: clothing optional. that's an interesting one.

check your cell phones at the door. okay. [laughter] ashley, thank you very much. [laughter] >> reporter: thanks, liz. his liz i think we have to do an in depth investigative report and, you know, see for yourselves. king of the cosmetics dupes lording over the the sector at this hour, e.l.f. beauty rocketing higher. it was even up by 20 plus percent, rye now up 17. can right now, up 17% and on pace for its largest percentage increase in a year. the jump comes after the skin care products maker and beauty company beaten on quarterly earnings with net sales rising 711% year-over-year -- 71%. e.l.f. says growth is due to strength across both retail and e-commerce, although it did issue a conservative outlook. analysts think the guidance is beatable. apparel maker or vf corp. unraveling at the seams after disappointing fiscal fourth quarter results. the stock down 3.5% but well off the lows of the session here.

earlier it hit the lowest level since 2009 after the company behind the north a face and vans reported a wider than expected loss of 32 cents versus expectations for a loss of just 2 pennys. revenue fell short as well. an let'ses say the apparel maker will need to start selling as assets in order to pay off upcoming debt maturities. and a big story that hit this morning and continues to drag down the stock of live nation, shares declining by 8% after the justice department -- along with more than two dozen states -- sued to break up the company. the suit, filed in new york federal court today, alleges the entertainment company is a monopoly in ticketing and concert promotion. government officials say if live nation were to be broken up, consumers could pay lower prices for tickets in the future. ralph lauren red hot. after posting sizzling demand, they're not the only retailers rocking it. so why has big rig shipping hit

major potholes this year if there's so much demand for things that goes in them? where's the disconnect between retail strength and truckload shipping weakness? ceo of logistics company rxo gives us his traffic report next in a fox business exclusive. and, of course, the roads get clogged memorial day weekend, but let us not forget what memorial day is really about, veterans when made the ultimate sacrifice. decorated veteran bob par if sons -- parsons, he survived, won a purple heart. founder of the world's largest domain if registrar godaddy is my if latest everyone talks to liz podcast star. after serving in vietnam and wounded in action, he set out for a career in business with. who knew that after growing up poor as a church mowrks as he described it, and working many, many different types of jobs to earn cash he'd end up founding godaddy and becoming a self-made billionaire. you've got to hear how he dead

it. listen -- did it. listen to my new e code, apple, google, spotify, iheart radio, wherever you get your podcasts. "the claman countdown" coming right back. the dow off session lows but still down 593 points. ♪ ♪ if if

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liz: a flurry of retail earnings coming in hot. luxury and discount buck the broad or market selloff, bj's hitting all-time intraa day high, up 3.5, really lauren up 2.8%. both boasted top and bottom line beats and tj maxx raised its 2025 fiscal year earnings per share outlook. but while retarials are churning out strong reports, it's been a bumpier road for the companies that transport if those goods. old dominion down some 15% so far this year. rxo down 4%.

j.b. hunt transport, the biggest laggard of the three, down 21%. even briefly hitting a 1-year low earlier in the session. so why are retailers thriving but shipping companies are hitting the hazards? joining us now in a fox business exclusive, rxo ceo drew wilkerson. where is that disconnect? >> yeah. so what we've seen so far is shippers' inventory levels are actually in a decent position. the destocking has occurred, but there stills has to be a restocking that needs to take place. for us, retail is and e-commerce is a strong piece of our business, and in the first quarter we were able to destroy -- grow that double ding digits on a year-over-year basis. liz: why do you think that's not evident in the stock? >> it's been a down market for two and a half years. if you look right now, there's far too much trucking whats i for the amount of demand that is out there. right now the cash trucking index is sitting down mid single digit, again, on year-over-year basis. is so we're focus on having

great service for our customers, positioning ourselves well for when the market turns. we know there will be spot loads are, there's going to be projects, there'll be mini bids, and we've been in a position to receive those. we're ready for that time whenever it comes. liz: in a snap shot is, give our viewers exactly what it is you do. you are a shipping logistics sort of less than truck job load company, correct? -- truckload. >> the majority of our business is full truckload. less than is 17% of our business. if you think of 18-wheelers that are moving up and town the road, we pair them with some of the largest companies in the world. the majority of our business is made up of enterprise customers, so think fortune 100, fortune 500, fortune 1,000 companies. but the trucking capacity is fragmented and is differentment over 90% of the carriers have less than 6 trucks, so what we do is we aggregate capacity with smaller carriers for some of the largest companies in the world. liz: what happened to the there aren't enough truckerser, there

aren't enough trucks? that's what we saw during the supply chain crisis and during covid. drivers felt they weren't getting paid enough, it wasn't worth it to them. has that all changed? >> actually, during covid rates were at an all-time high. liz:, that i remember. >> so what you've seen is truckers made really good money in 2020, 2021 and the early parts of 202. they also had some ppe funds that were coming in from the government so their balance sheets are stronger, is the capacity exits have been slower than what i think anybody in the industry expected. liz: let's talk about truck tonnage, basically, the amount of freight hauled by trucks. fell 1.2% in april, that's the second straight decline, but it's smaller than the 2.2% drop we saw in march. are you willing to go out on a ledge and say we've hit the bottom? >> i think we've been at a bottom for where with carrier rates are at, and we've been bouncing along the bottom. the question is what's the timing and the shape of the recovery.

is it a hard and fast recovery or a slow stair step. liz: who do you see as the biggest sort of recipient of these great numbers from companies like tj maxx and ralph lauren and bj's, for example? i mean, i would think that that is going to as the consumer continues to hold up be a real opportunity to grab that business. >> absolutely. and that's exactly how we've looked at immaterial. we've looked at it how can we take market share. if you look at our contractual business, on a 3-year spac in the first quarter, that was up 40%. we said we expected to be up 4040% -- 40% again in the second quarter. for us it's about taking share, positioning well so when market returns and at that point you'll really see volume numbers take off because you'll have the strong contractual base. you start to see areaiers -- carriers rejecting tenders, and

we're one of the ones that play clean-up, we go out there and do spot bids for customers. and for us, that's a little bit more profitable, ands you could see volume growth go through the roof at that point. liz: it sure feels like you've ott got a phone in your ear 24/7. drew, we'll keep an eye on what happens with rxo and the entire industry. >> thank you. liz: folks, the dow just hit a session low of 637 points. it looked for a minute like we were coming up off the floor. we're not. we're going to delve into ating bit deeper into why this is happening. every single dow component is in the red at the moment. could be some of that data we got on purchasing managers' index for the month of may, flash p mixer came in stronger than expected which may mean that the fed if holds off on cutting rates perhaps even longer. and up next, the hollywood drama playing out at paramount rivaling some of the prime time shows airing on cbs. charlie gasparino has details on what shari redstone may do next

in her bid to offload the media giant. that's next. ♪ ♪ a morning person. or a... people person. but he is an “i can solve this in 4 different ways” person. you need clem. clem needs benefits. work with principal so we can help you with a plan that's right for him. you know what i'm saying? let our expertise round out yours. hi, i'm stacey, and i've lost 60 pounds on golo. (guitar music) this belt i used to wear, way down at the first and second notch, it's the only thing

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people couldn't see my potential. so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking this? i am more... i'm more than who i am on paper. >> closing bell eight minutes away. this is why we shouldn't take a commercial break because in the

commercial break we just hit a fresh low for the dow, 645 point loss. right now 634 but in these last few minutes you're seeing acceleration of selling here, worst day for the dow since march of 2023. nasdaq losing 68 point. this is surprised me, nasdaq was up 194 point. obviously nvidia came in with very strong earnings. forget about all of that. the markets have turned tail. some of it has to do with inflationary data we got this morning. we got the flash pmi for the month of may and it came in at, fastest pace it expanded at the fastest pace in two years. so you would expect them to see what happens to fed funds futures? the markets betting process of what's going to happen when it comes to rate cuts? well yesterday september chance of a rate cut, 60%. that has now fallen to 51%.

why would the fed cut-rates if inflation is still here? atlanta federal reserve president rafael bostic just saying moments ago, he was speaking before a business class of students at stanford, the fed needs to be a little more patient and a little bit more certain that inflation is moving down towards its 2% target before it even considers a rate cut. okay, goldman sachs ceo, david solomon, says forget it he is forecasting zero cuts. during an event hosted by boston college yesterday, the top banker said the economy is proving more resilient thanks to government spending. what does a wall street legend think? now joining me served as historic head of bank jenerette. we got inflationary number of

pmi. fed funds futures scaling back their wet h bets for a rate cut. what is going on? why is inflation really sticky? >> liz, great being with you but let me explain. there are two factors that generate inflation. one is fiscal policy. those are the things that the congress does and the president does, how big the deficit is, right now in the case of joe biden giving up of, forgiving of certain amount of student debt and so forth, those those things are very stimulative. liz: and inflationary. >> and inflationary. and on the other side you have the federal reserve which controls monetary policy, establishes interest rates and so forth and we have a situation right now where the president and the folks that are close to him are doing everything they can to stimulate the economy, to generate inflation at the same time the fed is trying to apply

brakes to slow us down. unfortunately i think in this particular equation where one guy has got his pedal to the floor accelerating and the other is pushing on the brakes at the moment, the president's winning and he is stimulating the economy, generating -- liz: congress is voting on some of these things too. >> absolutely, i don't want to dismiss congress but there are other things like the possibility of relief in terms of student loans and so forth. all of these things, you have two factors that affect inflation and the one is being accelerated and the other is trying to stop things but, they oop peer to be losing. liz: so what do we do? >> i think there has to be some relief in the terms of the stimulus side of things from, from the fed and the other thing that's terrible here is that you

know we hear about the headline inflation, we hear about the core inflation rate and the thing that separated out is food and fuel. liz: yeah. >> but most of the people i talk to it's food and fuel. they want to eat first and then they, and then they got to get to work and they got to get the kids to school and so forth. liz: sounds like you're saying the government needs to stop spending, that the fed at least is trying to keep their foot on the brake. john, wonderful to have you. come back. >> wonderful to be with you. liz: john castle, legendary wall street guy. breaking deals about pair mount regarding suitor skydance. charlie gasparino has got it. charlie? >> liz, look at paramount stock is kind ever crashing right now, one of the reasons why, i not i think, i know, the market is coming to the conclusion this skydance deal will be the favored deal of shari redstone in the bidding war for paramount, not the apollo deal,

the market seems to love the apollo deal. it seems straight. 26 billion, pays down debt to common shareholders. skydance red bidder is a private is involved in many more complicated reverse merger. we don't have time to explain it but the market hates it. that is why shares are way off. sources telling fox fox business network, including bondholders, speaking to people that hold some of the bank debt of paramount, shari redstone is clearly indicating she wants to do the skydance deal. the whole notion she was doing a dance with paramount, was not quite a cover, due diligence, she was listening to the other side before she makes her move. when she makes the move is anybody's guess, obviously until you see the press release you don't know whether she will do it or not because she will get lawsuits on this thing from common shareholders, but the latest word, i tell you i heard

this word as of today, she is telling people, again it could change, it is the skydance deal. unless something else happens, unless some major lawsuits she gets cold feet. you also know this thing is likely to happen is that rich greenfield is now in the skydance camp. it is very interesting. rich as of a week ago, because i had a conversation with him, because he disagreed with my thesis that skydance was the lead pole position, is telling me now, paramount will go it alone. not going to do skydance. he spoke with me yesterday. what he hears inside the firm they will do skydance. liz: we have only 20 seconds here. it is below $8. really ugly picture here, waiting on the nba type of deal. >> it is the nba thing. he needs money. david zaslav who runs it. he is saving money on this you but know, linear tv, liz, it is

a rough business and it is going to get rougher. i mean we're in it too. you and i. liz: exempt for fox business, smooth sailing [laughter]. >> we're killing it, yes, yes. liz: we are killing it, the markets at least, the bulls not so much. the bears totally in control, in the back half of the session. [closing bell rings] the dow looks to close down 624 points. tomorrow bitcoin foundation chairman brock pierce and brunswick corp. ceo david folks will join us. we'll see you tomorrow. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so donald trump campaigning tonight with a shot across joe biden's bronx bow. how's that? in just a moment we're all going to the south bronx, and that includes rich lowery, tammy bruce, who knows who else. senator marco rubio will pay us a visit an