is we'll go right down to 2019 levels and level off. i think is nuts, right? i wonder if any of these folks heard of newton or newton's law i'm not sure, we're just going to start to go lower as an economy and just put on the brakes and stop right there. one of the reasons why it never happens, right? i think we had a soft landing in 1994 but the circumstances are so different and so much, so complicated right now and so listen. here is the thing. i think the federal reserve needs to move a lot faster than it's signaling right now and we'll find out but i'm worried that we're going to find out the hard way, liz. liz: no worries, it's a happy monday. charles: [laughter] you know what? you remember i don't know what the show was about but it made me calm as a kid. you're my modern day kukula friend. liz: you're my modern day johnny quest. we're both dating ourselves.

[laughter] thanks, charles. it is a happy monday, everybody. brace yourselves, it's kind of a hit or miss final hour of trade we go straight to the markets to show you. the s&p and the nasdaq have already hit record day intro highs and then reverted to a few miss misses and right now, after charging to the 34th record on friday the s&p bolted higher at the open and promptly reversed even as oppenheimer hoisted its price target on the index to 5,900 is now back in the green. we do have it higher by just a fraction. just a tiny fraction. all right, nasdaq is twinning the s&p's pattern hitting a record on friday, charged out of the gate at the opening bell today. stumbled into a red puddle, right now, back in the green, up 33 points but you can see it has been touch and go. exact same price action with apple, amazon, and meta. all three of these names hit new heights this session and then two of them went negative. we had apple in the red as well

but right now, apple has popped back up just by half a point. amazon and of course meta platforms are both down fractionally but again, both of those are dow components. you know that. while not at a record close, the dow soared at a peak gain today of more than 279 points this morning. then at 11:30 a.m. eastern time you can see it right here on the intraday. right around the time that nike hit session lows, the blue chips got pulled under water. now look at nike at the moment. we do have that stock down 2.6%. that's a four-year low $73.43 and if you just look from two years ago, two years ago today, the sports apparel giant stock traded at $161. so, more trouble for nike at the moment. now, as we kickoff the final hour of trade the vix looks like it's not even awake. no fear here. we've got the volatility index snoozing again below 13 but we

need to prepare you for a july jolt. oh, it is coming. thanks to a weak chalk full of potential lightning bolts that could energize or fry the markets. tomorrow federal reserve chair jay powell gives his semi-annual monetary policy report before the senate banking committee and wednesday he does it again the house financial services committee will be his audience and that's all before thursday when we get the latest read on consumer inflation. june cpi followed by the june pp i, the producer price index is the sister of the consumer price index, and it gives you a sense of manufacturing and inflation at that level. all those potential catalysts plus the fact folks this really is sort of the first full week of trade of the second half of the year and it means it's time to buckle up for possibly heavier volume and kind of a rockier ride so let's get to the floor show. joining me now we've got private wealth management senior portfolio strategist david deets

and new york stock exchange trader peter tuckman. nothing like a couple of head fakes to keep the bulls on their toes pod but if you stretch it back to the beginning of the year you correctly noted on this show that the momentum trade, us tech would lift us through the first half. what do you see for the second half now? >> you're talking to me? liz: yes, peter. >> okay, you know what first of all, you really laid out what the groundwork is going to be for either the next week or the next couple of weeks. i think we're looking for clarity by this week is going to be very telling. i thought i kind of thought we would get this information the last couple of weeks but what we've gotten is a mixed bag of economic data that's not really giving us directionality or transparency about what the fed's going to do. i would say two back to back days by jay powell, he's got to tell us something that's going to break this thing down. if you think back to january, we were looking at seven hikes. now we're kind of begging for one hike, so i don't know

how to interpret that. i think, i don't know but i would call this a snooze mode. i would call this more consolidation. i would call it rotation. people are positioning themselves coming into the beginning of the second half of the year and try and position themselves to see. is tech going to carry us higher what is going to happen? mid cap, small-cap is the russel going to take us further and everybody is on hold until we see what happens this week. liz: yeah, and you know what? i'll tell you what isn't on hold is that okay, nvidia. i'm glad you popped this up here , gaining about 2%, but don't you think it's interesting , david, that we today at least are seeing new chip leaders that are coming to the forefront. i'm talking about intel. intel killing it. it's the top position for the nasdaq 100 and the dow jones industrials today. had a pretty significant gain of more than 5% at the high points today and then smci, avago, which is broadcom and all the other names there kind of pushing nvidia down just a bit. what does that tell you?

>> i think it tells you people are saying look at the valuations we've seen on the magnificent seven, they may be down to the magnificent five but what else is going to benefit from this a.i. trade? what have been the laggards. what should we be picking up for the second half which is not trading at nose bleed valuations we've got the global mega cap tech trading at a 10 time multiple, that's 10 times sales. we've never seen a valuation like that going back to the dot com so people are saying what else is in the market? boeing is up today, intel is up today so looking for the second tier tier tier and plowing the money in there. liz: the second tier, right but are you seeing flows on the floor that gives you a sense there's some movement elsewhere? we've talked a lot about utilit ies and energy, because running data centers takes a ton of this energy. are you getting to more calls and hearing that chatter on the floor about other sectors? >> you know what? i'm happy with what the gentlemen said because we are seeing this as sort of the

second and third derivative trade of the a.i. phenomenon and my man dan ives always talks about that. intel is, microsoft, google, amazon you'll start seeing people looking for values. everybody is having trouble and i'm frustrated baying $128 for nvidia although everybody up into this point, even the laggards are still making money on that trade. it's a great one. i'm not clear where the next money is going to be spent but i definitely think on this secondary and tertiary derivative of the a.i. trade is going to get a lot of interest now as people are trying to step away but it's momentarily. you talked about the magnificent seven are still up and roaring. one-day does not make a market. in this market the market is telling us what it thinks of everything. it is, there is a broader base to this rally. it's not only tech. it's not only a.i. there is a bigger interest in it i can't really pinpoint any particular sector that i'm see

ing that much money going into it but i think it's broad based as you'd want. liz: the good news is david can point to where he sees those opportunities. david you're looking at small caps, looking at other areas. talk about those where you see fertile ground. >> so the russel 2,000 is flat this year, even though you have the s&p and nasdaq up almost 20% today one thing we haven't discussed it's up almost 1% today so some money is moving in that direction. let me give you a little factoid here. the s&p 500 if 1% would move and go into the russel 2000 value it would equal 27% of the whole index so if there is movement i'm not sure what the catalyst is. maybe lower interest rates there could be explosive upside there. liz: i don't see small caps in your three favorite picks. say chevron, bristol myers and ups? >> we're always diversified but let's go with chevron. love those dividends 4.3% but

they have grown that dividend nearly 7% each year for last five or six years so that's going to beat the 10 year treasury. what i'd like is some certainty right now. will they close the deal with he ss? willow peck plus ultimately restore the cuts they are talking about in terms of the oil output so all those things could ultimately make chevron real good play and the correlation is exactly opposite between the energy sector and global big cap tech so if you need to diversify that's where you want to go. liz: good to see you both. nice energy, did i say a july jolt? we're getting it from peter and david much appreciated guys. fox business we should let you know is hitting home today and in our week-long series. what we're doing is taking a close look at housing in america today, we're looking for greenshoots and are we finding them? is the frozen over home listing market thawing? the remax chairman and co- founder dave lenager is about to show you some signs of

flowering beneath the ice. it's a fox business exclusive. if you look at some of the homebuilders, kb homes, nvr toll brothers, those are the top performers in the homebuilding sector in this country this year they are all up, more than six or even 7% in the case of toll brothers year-to-date. the "clayman countdown" is coming right back. don't go away. (vo) a law partner rediscovers her grandmother's artistry and establishes a charitable trust to keep the craft alive for generations to come. from preserving a cultural tradition to leaving a legacy, a raymond james financial advisor gets to know you, your passions, and the way you enrich your community. that's life well planned. it's pods biggest sale of the summer. save up to 25% on moving and storage for a limited time.

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liz: after months of negative housing data, are we finally starting to see inventory thaw, drip-by-drip? according to remax's new national housing report the number of homes for sale across 53 major metro areas in

may jumped 8.7%, month-over-month, but look at what it did annually. it jumped 39.6% year-over-year. fresh inventory coming into the market finally but before you get too excited, the increased supply hasn't yet translated to lower prices just yet. the average price in those 53 metro areas actually rose 2.4% month-over-month and 4.8% over the past year. the median sales price now, $435,000 for a home in the us. so when can home buyers expect housing prices to thaw? joining us now on a fox business exclusive, remax co-founder and chairman of the board, dave lini ger. you've been in this industry for a heck of a long time and here we go after years of an inventory drought, new listings hitting a 22-month high that looks encouraging to me. do me a favor. read between the lines of your data our viewers.

>> in a typical real estate market, a balance between buyers and sellers, there's usually about six months of inventory. right now there's about 52-53 days of inventory, which is increasing but it comes a balanced market when you get six months of it so all of a sudden, we're getting more inventory on and it makes for a quick sale, there's lots of buyers. i estimate there's between 9 and 11 million people who want to be homeowners that can't afford to be homeowners right now because of the cost of the interest rate or because they already got a house with a very low interest rate that wouldn't transfer to the new purchase, so as the inventory increases, you'll start seeing price pressure and you probably will see price relaxation throughout the country. liz: well that's what people are waiting for. now the 30-year fixed at least the latest print, we get a fresh print on wednesdays but we've

got bank rate.com giving us about 7.08% it's up eight basis points from last week. so it's still up there but what happens? could you predict, if that rate starts to come down after the federal reserve begins to maybe cut rates in september, are you going to see some type of massive stampede toward the market? how do you envision that will play out? >> i think that right now, our home buyers have been used to a 15-year period of the lowest interest rates in the country's history. we had 2.5% mortgages up to 5%, 60% of the mortgages in the united states are for 5% or less and so they are reluctant to move out of that into something that's seven or 8% but liz it's important to understand, the average interest rate since we started remax in 1973 is 7.78% but this 15-year

period has thrown everything out of kelter, so if you start seeing interest rate dipping down towards 6%, 5.9%, i think it would open the floodgates. liz: that's what i was wondering opening the floodgates. now, right now, if we look at pricing, in the survey we saw three different cities that saw pretty significant price increases and then three that saw price drops. let's start with the price increases. cleveland. cleveland is seeing a pretty big move here of 18.9% in prices going higher, l.a. up 12%, new york up about 12%, and yet, we are starting to see in some of the luxury areas, are we not, there are price cuts in some of the areas that you would think were very expensive like new york, upstate new york where a lot of wealthy people have second homes. what do you think is going on there? >> well, the wealthy are still wealthy.

the stock market is doing extremely well, which they have a lot of money in, and so the attitude is i can afford to pay, but luxury buyers are very unique. they aren't looking for a home. they're looking for something unique. if you look at the recent sale of jeter's place, that was a very unique property. it was a castle basically, 50 miles outside of new york city and so as unique as it was, it really requires a very unique buyer who isn't buying for a bargain price. they're buying because they want it but they want the unique features. liz: but except though, jeter's house sold last week for what? $6.3 million but the original listing price was something like 14.75. >> yes, but it was so unique that there's just not that number of buyers that are looking for a property like that liz: yeah, well the good news is we were talking about the three

cities where the prices are falling. you're looking at birmingham, alabama, honolulu, hawaii which is surprising, san antonio, texas. texas has been such a hot market but these are three cities where you start to see the prices decline a bit. what's going on there aren't and are we going to see more cities like that? >> i think you'll see more cities like that. if you look not far from san antonio is austin and all of a sudden, the makeup of the people in austin has gone from a booming, booming economy to one where many of the locals are saying, i don't like this place anymore. the traffic is awful. the people moving in are different, and they're willing to sell and get out and go some place that they would like better, so i think you're going to see it'll take a year but over the next year, you're going to see a tremendous rebound in the real estate industry. liz: i know you're waiting for it and i just want to bring

this up. the stock of remax has been cut in half. i mean the market cap has been chopped from more than 300 million to about 150 million what do you do, as a guy who is now the chairman but founded this back in the 70s and has led it to be in 110 different countries, new franchise business. how do you reinstate that sort of support from shareholders when the stock looks like a slope down? >> the entire industry is down between 80 and 90%. that's because of the uncertainty over litigation from the feds. it's also uncertainty of when is the real estate interest rate going to come down. the truth of the matter is, and this is important as a founder, is if you don't have to sell, you are just looking at paper profits. if you have to sell at the bottom of the market then you lose. the truth of the matter is,

there's no reason i would sell remax stock. i've been with it for 51 years. i'm still a young man and there's things i've got to conquer yet, so for me, this is my eighth recession and every time we made it through the recessions, and that followed another boom-bust cycle so there's another boom coming. liz: well, that's what buffett says. i've been through so many recessions i hope the next one comes so i can buy stocks at less expensive prices. dave it's great to have you thank you very much. >> thank you, liz. liz: a us biopharma that went public all the way back in 1952 announcing something today that has the stock at an all-time high. eli lilly has made a $3.2 billion bid to beef up its colitis and crohn's disease portfolio. we will tell you why investors are boosting the stocks of both lilly and the company its buying and we all want to boost our

careers. entrepreneur kevin o here o'leary made a career of boosting his so he can afford six figure watches but how? how did the kid from canada whose first job was marketing cat food rise to become the mogul and shark he is today? he outlines how he did it and how you can do it on one of our best episodes of everyone talks to liz download it now on apple, google, spotify, iheartradio, and connect with me on x about the podcast @talk to liz claman. we're coming right back. dow jones industrials down 37 but the nasdaq and the s&p folks if you stick with us, just another 34 minutes or so, you will see two records if this number stays where it is.

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♪liberty, liberty, liberty, liberty.♪ liz: fox business alert. morphic, that is the company that eli lilly has made a bid for. it is hitting an all-time high right now. look at this gain, 75% higher to $55 and change after eli lilly agreed to buy the bio pharmaceutical company in a $3.2 billion deal. lilly said it will pay $57 a share to boost its immunotherapy product offerings. morphic develops oral integrin treatments which are easier to take than injectables for chronic diseases including

cancer, inflammatory bowel diseases like krones and colitis and the deal is expected to close in the third quarter. eli lilly is also moving higher to $915.88 which is an all-time record here. we have morphic at the moment at $55.76 so just a buck or so below the asking price that lilly has offered there. different story with service now shares are coming off a pretty ugly session but still down 5% heading back down to the lows after guggenheim downgraded the cloud software company to sell from neutral over potential risks on the horizon, so what does guggenheim see? well in the second half of the year analyst john difucci says service now may be forced to lower full year guidance when it reports second quarter earnings which is july 24. the cloud service company that promotes its a.i. offerings is expected to report full year sub -revenue of 10.56 billion to

10.575 billion. servicenow still stands at about $765. investors charging up shares of lucid. lucid moving higher by 4.6% the stock getting a july jolt after the ev maker posted second quarter deliveries that beat the street expectations and set a new company record. lucid delivered 2,394 cars during the quarter, above the 1,940 estimate. now, price cuts did play a part here. the luxury ev maker slashed prices on air sedan in february by 10% to 69, 900 in an effort to reignite demand. look at bumble. bumble has been having a see saw session up and down and all around at the moment it's backup above the flat line by 1% but it had been plummeting earlier after wells fargo downgraded the online dating platform to equal weight from overweight when its brand re-launch in

april failed to produce an exciting buzz to the site. wells fargo said bumble will likely have a challenging second half and cut its price target to $10 down from the original 15. the stock at $9.45. president joe biden fighting for his political life and he's got his dukes up. the democratic presumptive nominee insisting today he is adimate about staying in the race. in fact he called into a morning show, you're going to hear what he said but as a new cluster of party officials increase pressure on the president to consider an exit, the likely replacement list is starting to grow. coming up, our presidential panel is here to game it. two men who have both run for president in the past and both served as governors. former democratic governor and senator from nebraska bob cary and former republican governor from virginia jim gil more are here in a fair and balanced debate. we'll talk about the upcoming rn c convention. the "clayman countdown" is coming right back.

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>> the bottom line here is that we're not going anywhere. i am not going anywhere. i wouldn't be running if i didn't absolutely believe that i am the best candidate to beat donald trump in 2024. liz: president joe biden defiant ly stating in a phone interview on msnbc morning joe today that he is staying put in the 2024 presidential race. the presumptive democratic nominee making the comments as a growing number of members of his own party are questioning his viability and fitness to lead. the president taking the unprecedented step of writing a letter, dated today. it's on your screen here, to his fellow democrats, making his argument to come together as a unified party to defeat former president donald trump. hillary vaughn joins us live. hillary? reporter: hi, liz. well, president biden is ready

to move on from the debate. he's done his best to squash doubts about his mental fitness and is trying to silence democrats piping up with concerns about his mental fitness and ability to win in november calling the chatter "a distraction on a call with donor s today" but the white house today faced questions about the president's mental fitness. white house press secretary karine jean-pierre declined to explain why a parkinson's expert visited the white house eight times in eight months but says the president does not have parkinson's. >> his neurologist had a meeting with the president's physician, with his doctor. >> i understand that. he was consulting on the president's health so what then was that meeting about? >> i will say that dr. o'connor leads the medical unit. >> clear this up just by saying what he's doing here and whether he's connected to the president. >> i am not going to confirm a particular neurologist, anybody.

it doesn't matter if they are a determine to o gist. >> reporter: so while the president spent his morning trying to get democrats and congress in line the white house has been doing clean-up. biden did fire off a letter to all congressional democrats warning that an attack on his as the nominee is an attack on democracy writing the voters of the democratic party voted they have chosen me to be the nominee of the party. do we now just say this process didn't matter that the voters don't have a say. i declined to do that. the question of how to move forward has been well-aired for over a week now and it's time for it to end but despite biden turning up the pressure and laying out the stakes some democrats are deflecting from his team. a handful of top democrats in the house reportedly said on a private phone call over the weekend they think biden needs to step aside and the number of democratic descent ers could get bigger by the end of the week. >> it's going to be an amazing , unfortunately horrible week but i do think that the numbers will grow. i don't know how the president will react to that.

i think we have to be honest with ourself. the situation is not getting better. frankly it's getting worse. reporter: but other democrats are down playing some of their colleagues saying it's a waste of time. >> we don't have time to be hand ringing and gut churning over whether or not joe biden had one bad day or if he has five bad days. we have 213 members of our caucus. you can get five members to say just about anything. reporter: it's not just house democrats growing uneasy. senator john tester is saying in a statement president biden has got to prove to the american people, including me, he's up for the job for another four years, and biden may get a chance to do just that. he has a big press conference later in the week. the white house today calling that press conference a big boy press conference. their words, not line. liz? liz: that's a little cringy, but people want to see a press

conference where questions are thrown at him, tough ones, and we'll see how he responds. hillary thank you very much. as lawmakers make their return to capitol hill this all gets even more pressurized. the white house is gearing up to host the nato summit in washington for its 75th anniversary. tomorrow president joe biden will welcome world leaders from 32 different nations, including nato's new members sweden and finland. it's a home field advantage for the biden administration but with all eyes on the world stage and how he handles it, it could be a make or make week for the president. meanwhile former president donald trump more than happy to follow the classic political principle, never interrupt your enemy when he is making a mistake. trump remarkably quiet over the july 4 local day with the republican national convention set to begin exactly one week from today. let's talk about it now, fair and balance joining me is 1992 democratic presidential candidate former governor and senator of nebraska and the

bipartisan concord coalition co-chairman bob kerrey as well as 2008 and 2016 republican presidential candidate former governor of virginia, jim gilmore. welcome to the both. governor kerrey, ranking house dems held a conference call idea as hillary just pointed out on how and whether to move joe biden gracefully off the stage and usher in younger stars. meantime president biden digging in hard. how harmful is this scenario for the democrats? >> oh, well i'll tell you in november. i don't know how harmful it is. it's is a long ways away from the november election. it has been for quite a while, so the intensity is quite high. i read that letter, if i was a democratic member of the congress i'd call the white house and say you've made a mistake. you don't send this letter out to us. if i question that you can defeat donald trump, i'm bad for

democracy? it's just blatantly untrue, self -serving and not helpful, so i think it's likely. he's the guy that gets inside by the way. it sounds to me like he's decided to stay in no matter what happens and we'll find out. you could challenge me in chicago. well there's no challenging in chicago. he's got the delegates all lined up to become the nominated democratic party and again, it kind of puts him in a position that i don't think he wants to be in. he's told people he's going to run. go campaign. tell people what you're going to do instead of getting angry that people are telling you that you shouldn't run, questioning their patriotism when they do. liz: just get out there. governor gilmore, how does this letter play in for the republicans? what kind of advantage does it give them that you see as they head in the republican national convention? >> well, i think that it just underscores the fact that

president biden is going to be their candidate. why wouldn't he be? he won the primaries. now my personal opinion is we have too many primaries. i think we ought to be giving the nomination back to the two parties as a matter of fact, but we are where we are and president biden has won the nomination and it's the only way that the democrats can get out of this fix is for him to quit and he's not going to and you know, i think it just gives a dramatic advantage to the republicans. frankly, i think that trump was going to win before any of this revelation of what's within going on, before the debate, before the stephanopoulos interview. i think that trump was going to win but i think he's really going to win now, but you know, we just have to wait and see how it plays out, to senator kerrey 's position the country is divided and there are people that don't want president trump that will vote against him. there are people that emphatically do support him that want him to win. it's going to be a divided country and a divided electorate so we just have to see how the

rest of the campaign goes but as of today i think this fracture in the democratic party gives a decisive advantage to the republicans. liz: well one of the advantages that the republicans would love to have is to hear who the runningmate is going to be for president trump. there is chatter now that another name has emerged here and that be virginia governor glenn youngkin. he's been talked about, because that would give president trump a solid move in virginia because youngkin is very popular. what do you think about that? >> well i think the governor youngkin is an attractive, successful governor in the state of virginia. the state of virginia is in play , so it would certainly be a good opportunity for president trump to pick governor youngkin. there are other names that have been floated there as well of course. rubio, vance and burgum, but each of those has problems

especially rubio from florida the same state that trump is from but if the new name of youngkin is coming into play i certainly would think that's a good idea. liz: governor kerrey, i know you said president biden will be the nominee but there has been a lot of talk specifically about what could be, this is sort of the call word people are using, a blitz primary where if biden were to exit the white house, the dnc, democratic national convention, is just about a month away, they would have a bunch of people, a bunch of candidates get out there and view for the american public's attention here. do you see that scenario at all unfolding? >> no. it could if the president made a decision not to run, not to accept the nomination that certainly would have happened but with the decision that he announced in the letter and when asked about it today, i mean, i think that game is over, so no. i don't think there's no contested primary that's going to occur and no contested

convention that's going to occur now that could change if let's say one of the governors said the governor of pennsylvania makes a decision to go and challenge the president of the convention, he's got 120 or so delegates that could have an impact but i don't think it's going to happen. liz: speaking of delegates and electoral votes, governor kerrey , there is a situation that is potentially brewing, not a lot of people are talking about it, but nebraska is one of only two states. maine is the other one, that selects its electors by congressional district and nebraska's second congressional district, which is pretty solid ly blue. it went for obama, it went for biden, leaning biden right now. the question is whether the republican leadership in that state is going to try and do kind of a move and move the whole way that they do this to a more winner takes all form, like the other states in the union. are you hearing anything about

that? apparently, there was a bill that was supposed to pass to change the electoral college votes to winner takes all by august 4. is that dead? >> i don't know. i certainly heard about it. i've been following it closely. i think it's a terrible mistake. nebraska selects its electoral college that way as a consequence of george norris and that's not the only thing he got done. we had a completely bipartisan, non-partyson legislation, and still, they hung on to that and we do not have a house of representatives. we have one body, that's the senate and it's much easier, much more transparent. i think nebraska voters would not come close in supporting a house of representatives and go back to the way things were before george norris and norris is a republican. he was frustrated with lots of things that were going on and one was he did not feel like a

direct allegation of winner-take-all was a good idea. liz: well it may come down to that one electoral college vote, right there, in omaha, nebraska. >> it might. liz: we've got to run but we'll have you both back many times before the election, bob kerrey and jim gilmore. we are coming right back. charlie gasparino, the paramount deal. he was the first to name who would run the new company. he's coming back with more details on that. (woman 1 vo) i have inherited the best traditions. (woman 2 vo) i have a great boss... it's me. (man 1 vo) i have people, people i can count on. (man 2 vo) i have time to give (grandma vo) and a million stories to share. (grandpa vo) if that's not rich, i don't know what is. (vo) the key to being rich is knowing what counts.

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the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity

you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

liz: well this could be a case of sell on the news. paramount global shares are falling by 4.7%. investors react to the merger deal that was just sealed supposedly officially this time with skydance following months and months of on and off negotiations. it's one of the redstone families reign over the media giant. to charlie gasparino has been reporting this from the very beginning. charlie, you did nail something. it was month and monthses ago. >> i didn't just nail one thing, jeff shell coming back. liz: yeah. >> we were the one on the show, and in my coal lump on "new york post," that this skydance deal is going to

happen. liz: yes. >> that it is coming back. that it is not dead, that she has no choice but to do it. and you know we did that because, just have, listen, two things. cac a balance sheet, ladies and gentlemen, if my reporting colleagues out there. you got to read balance sheets. when you cover a company it is good to read them because you see where their weaknesses are and paramount which is what is being sold to skydance and, in a fairly complicated deal, may be the most complicated media mergers of all time, right? you're buying her stake. liz: national amusements. >> national amusements which is the holding company that controls paramount. then you're merging the paramount entity into skydance. there is a lot of moving parts here. this was a crazy deal. hats off to the deal-makers involved including who represented shari, and jerry cardinal of redbird he is behind

the scenes. i think you know when people get to know david ellison, who is the head of skydance who is larry ellison's oracle fame son, he is not just lucky sperm kid. this kid really did bring this deal home at the end and you know, i'm getting this from multiple, multiple sources. we not only broke that story but we did break that it's jeff shell that will be running the shell. liz: former nbc-universal head. >> he is back. he was working for redbird. now he is back. another guy that deserves another shot. everybody i spoke to he made a mistake with something we don't have to get into. liz: he is very capable as an executive. >> he is nice guy basically. liz: i know him. >> he is a nice guy. he deserves another shot. he will get it. here are two headlines for your viewers that we want to throw out there, number one, jeff zucker works for redbird.

he runs a private partnership. it is kind of a joint venture with the abu dhabi sovereign wealth fund. as of now he does not have a operating role. but he might. liz: cbs? you. >> never know. cbs, will it ever be for sale? what i'm told right now, no plans to sell it but they will scale it down, those are two things. and number three, i'm taking a victory lap. liz: i didn't notice. thank you, charlie. >> okay. liz: deserved. >> what the hell. i'm like a broken clock, right. once in a while -- liz: you'll be right. i'm glad you said that. good job. got to look at gold prices, folks. they are down 1% at this hour, 1 1/4% of a rising to the highest level since may on friday when it hit 2388 a troy ounce. despite today's bit of weakness here, our "countdown closer" not just gold, metals, go to them because we have a fed situation developing as we know.

sound planning group ceo, david what do you expect to see this opportunity considering we may see a rate cut starting september? >> if we look how central banks are purchasing treasurys, not just over the a decade but a short time, they have literally sold 400 billion in u.s. treasurys and purchased 600 billion in gold. there is no question, we're recognizing there is a trend toward dedollarizing at least u.s. treasurys and allocating more into gold. as we look at things right now, even the 60/40 portfolio today, does not allocate 1%, i think people are missing it, have not allocated 1% into gold. especially are 15 to 20% allocation you continued to do a little better historically speaking but gdx, which is a mining index, so if you don't want to pick individual names this is a good way to get exposure to some intelligent

people that have allocated. gdp is sitting 3% below it is all-time high. only up 5.8% for the year. but these mining stocks have been depreciated in price for at least two decades. this is the opportunity right now, we're looking at gold prices are relatively high. we're $1200 in the black per ounce of gold. i expect profits to come out and gdx to drive really up. my last thought on that specifically silver. if we look at silver, just even understanding one ounce, silver eagle is one dollar in u.s. dollars, or, it is currently priced at $31 based upon its actual value which is the silver. so here's the point, everything has been inflated 31% since they actually minted these dollars and we were on that standard. so i believe we're recognizing right now that the economy is slowing down, the fed as you just alluded to has been a little bit slow to the game. i think they have been missing it a bit and we're headed toward

some stagflation. if that is the case, metals, commodities are definitely the place you want to be. liz: david, good to see you, thank you very much it is a fascinating play considering at the moment the miners, you're right, they're trading at lower valuations which is kind of hard to find in some cases. thank you, good to see you. folks, look at this, forget the dow down 51 points, no record or anything exciting there. the nasdaq and the s&p are hitting fresh new records for the nasdaq. it is the 25th record of this year. [closing bell rings] the 35th for the s&p 500. tomorrow blackrock cio global fixed income guru rick reider joins us live along with "wall street journal's" nick timiraos. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. president biden making it clear he will not drop out of the race. there will be no visit from the lord almighty i'll say. charlie hurt, ta