i don't care what the economists say, but here is the real deal. in america we have too many young people, particularly boys and men, who are not working. we have to find a why to get them in the labor force. the employment-to-population ratio for 16 gash 19-year-olds is only 32.9% and it peaked back in 1978. i was a teen. i loved working. it gave me, listen, if i didn't have a summer job i had a neighborhood job. if i didn't have neighborhood job i had a hustle. my block we called the scrambl ing. we have to find a way to get young men and young boys working and i think that will solve a lot of our issues. over to liz claman. liz: thank you very much. charles you know this old add age, don't short a dull market? charles: yeah. liz: you know that right? it's actually precisely what our floor show trader steve sawsnick of interactive brokers told you exactly one week ago on the show and since then anybody who bet against the broader markets has been

burned. the s&p has enjoyed five record closes and with this point gain that we see and it's not huge. it's a five point gain, the s&p is still on track for a sixth record close. what about the roaring tech giants? well all the cassandras predicting they are over-valued and primed for a pullback may technically be right but the nasdaq denied gravity too and if it can pull out a gain by the closing bell it too will claim a sixth straight record. right now the nasdaq been in and out of negative territory today. its been bouncing all over the place but right now it's up about 21 points. for once though, it is not tech dragging the cart this time. it's financials. solidly in the lead, you check out the dow heat map at the moment right there at the top. you've got goldman sachs in the pull position there followed by intel but then jpmorgan and american express. goldman sachs is hitting a record high right now and again, you've got a lot of these big financial names roaring higher. how about citi? it's at a three-year high and so

is bank of america and you can thank federal reserve chair jay powell for filling up the financials gas tanks for this run. powell testified before the senate banking committee just a few hours ago. oddly, his comments have both stocks and bond yields moving higher. you can see the 10 year yield at 4.30% at the moment. that's possibly due to this answer powell gave about interest rate timing, and warning, you will need a fork to dig through a little bit of word salad here. >> we know that if we move too quickly, we risk unnecessarily hampering economic activity and possibly interfering with the ongoing expansion. we know that if we move too slowly, that we may undo the good we've done. well actually it's the other way if we loosen policy too late or too little we could hurt economic activity. if we loosen policy too much or too soon, then we could undermine the progress on inflation so we're very much

balancing those two risks. liz: i'll have some fries with that word salad. no disrespect. i understand what he said basically what he did was he outlined those risks that are right around 10:28 a.m. eastern time when he said it and you can see how the dow which had been down at its low point down about 198 points blasted off the floor right now, after having been higher by let's see , 147 points , it's now back in the negative by 68 but what did investors hear that sparked this gyration? let's get to the floor show. "wall street journal" chief economic correspondent nick tima ros, just in the last i don't know, 11 minutes dropped a brand new article on wsj.com with the answer. nick joins us live from washington d.c. and blackrock's global fixed income guru rick reader whose predicting a september rate cut. he's going to join us in a second but we'll begin with nick nick, the headline in your article, which just hit the wire

s here, says, "powell inches the fed closer to cutting rates." what did you hear? its got to have been subtle right? what did you hear in his testimony that indicates he's inching closer to cutting interest rates after holding them at 5.25-5.5% for an entire year? >> well, a couple of things, liz. first, you know, jay powell today said that the labor market is basically back to where it was in 2019. he said that it's not a source of broad inflationary pressures for the economy now. that's a subtle change but it's a very important one, because the fed's big concern over the last two years was that an overheated labor market was going to sustain higher inflation and so he's now basically taking that off the table as a worry and the fed chair today repeatedly referred to a considerable cooling in the labor market, so the balance of risks have been shifting for the fed really since the beginning of the year when they took the hiking bias out of

the statement but today, it seemed more consequential in terms of the pivot because they are now focused on a real chance of more weakness in the labor market than they would want to see , and that is not something we've heard from the fed up until now. liz: yeah, that's the point. you have not heard him talking about what is now kind of a worrisome potentially worrisome situation with the labor market, although he didn't look stressed this is exactly what i think that they have planned right, nick? give me a sense at the moment why you believe that the markets are really interpreting this as a positive and when do you now predict we will see that first rate cut? >> well, i think when you think the rate cut happens, it simply flows from your view about the economy. if you think the unemployment rate is going to drop back down here and inflations going to be sticky, that gets you a completely different outlook for the first cut than if you think the unemployment rate is going to keep creeping higher

and inflations going to drop back down. i thought it was interesting that the fed chair, you know, he was asked about giving some kind of calendar-based guidance and he said i'm not going to do that today. i'm not going to provide any clues about when that first cut could come but if you looked at what he was saying about the balance of risks, and the way that those are changing, and his concerns in particular about the labor market you're right. he said it was a strong labor market, a solid labor market back to where we were fire years ago before the pandemic so if you look at where the level of things are not a concern. if you look at the recent trend where there is a margin of slack opening up in the labor market and that has been something the fed maybe wanted to see a year or two ago when inflation was much higher but when you're much closer to your target they are at 2.6% on pce inflation, down from 4% a year ago you maybe don't want to open up as much of a margin of slack in the labor market if you think it's going to create some sort

of non-linearity. liz: nick, do you believe that we will see a rate cut before we drop to the feds target rate of inflation, which is 2%? we are not far from it as you just pointed out. core pce 2.6%. >> yeah, i don't think that's, there's a lot of suspense there. the fed chair and other fed officials have said for a while they want to cut interest rates before you get to 2.0%, because otherwise that's just a recipe for staying too high for too long but i think the question now really is where is the bar for that rate cut and the bar can change depending on what you're seeing in the labor market. when the economy is doing really well above-trend growth, you know, above 250,000 jobs being added every month, and the unemployment rate going down , there's a different bar for the grades you need to get on inflation. you need a plus inflation reports. if the labor market is softening or cooling or showing more

slack, maybe you only need to get a couple of b's to get the first interest rate cut and so i think that's where the deliberations are going to be at the july meeting is where exactly are they setting that bar to cut for the data that they are going to have before the september meeting. liz: well i'll tell you this. thursday, we'll know a lot more, right? we get the june cpi, consumer price index, which is sort of the younger cousin to the pce, when it comes to the feds indicator of what consumer inflation is doing, and inflation over time you mentioned a year ago it was 4%. well march of 2022 it was or june it was 9% so the feds brought inflation way down, still not where they said they want it to be but we'll be watching nick thank you very much for that clarification. now to the markets and the reaction we bring in blackrock rick reader. rick, why do you think the financials are roaring so high right now? >> so, i don't know the financials i would say the regulatory dynamic that you'll get some easing and

particularly if you think about there's a lot of people talking about a trump transition potentially and then what that means in terms of greater deregulation so i think that's more a regulatory dynamic. liz: wait. they started jumping and hitting records when powell began to speak and say what he said. >> so listen. i want you to think about how most of the banks trade today and i'd argue their asset liability matched to a large extent. i'm not sure, the markets are pricing in today two rate cuts this year and another four next year. you see that in the two year note that i don't think has moved a tick and you aren't really seeing a big movement in rates. i think there's a lot to do with where the regulatory framework is and anticipated to be. liz: here is the intraday to the two year, 4.637. it closed yesterday at 4.616. >> yeah. liz: and it mostly tracks the fed policy and what it expects the fed policy to do. >> so you're not talking about and by the way, it rallied the day before so you're hanging in right at the same level.

it's not really moving. i think everything nick said is exactly right. i think they are cutting in september and he's laying the groundwork when he talks about balance, talks more about we're back to not an overheating labor market but back to pre- covid. i think he's setting up the framework and it's something that's really critical. the fed funds rate at five and three-eighths is not a normal funds rate. it has to be 150 basis points lower than where we are today. he can take his time because the economy as he said is still in a pretty good labor market. it's slowing, across virtually every metric so i think he's got to start bringing the rate down and he's setting the market up for that. liz: well the market doesn't need setting up for the market overall when looking at the s&p and the nasdaq and folks again, we are on track for records for both of those major indexes. the stock market, if you just look purely at the valuations at the moment, it's overdue for a correction, is it not? >> so, i know we've said on the

show a couple of times there's a couple things around the equity market that are pretty powerful. i've never seen in my career if you take the average of the s&p 500 it throws off 18.5% return on equity so companies just build book value and then buying back a trillion of stock so you have this unbelievable technical and fundamental at play that do i think you could pullback, could multiple come down a turn or two? i think so. when people blame it on interest rates, if we get to this interest rate it's going to be a problem, i actually don't think it's that interest rate sensitive. i think you have a dynamic today these companies particularly big tech think about what's driving the market. i looked the other day. s&p was up 17.5%. one company is 4.5% of it, another two companies are at 3% so more than half the return coming from three companies and i think when you go to five companies -- liz: that's what worries people and if they aren't in those three companies they are thinking how do i have a high-yielding portfolio that i can put together now? having missed the nvidia and

google and, well obviously alphabet, apple hitting another record high today. so, how do you put together a 7% yielding portfolio? okay everybody get the pencils ready. >> so, i'd say couple things. first of all actually think it's a good portfolio if you think about how if you buy equities and think they continue to do their job, which i think is the case, now let's create income and the portfolio creates balance in the portfolio. the traditional way i think people had to buy interest rates to help your equity portfolio. it's crazy today. by at 7% portfolio so what do you do? take some high yield is not high yield anymore because it's high yield is what it's yielding. liz: corporate bonds. >> yeah, because what's happening is companies term their debt out. so it's pretty hard to default. i like the high yield market running about just under 40%. liz: us and european. >> quite frankly i like europe better. you're getting paid as a dollar investor. use some investment grade credit which is still attractive. european investor grade credit

still 6% and blend that with a little bit of securitized assets so like triple a, clo's we're not stretching. liz: collateralized lobe obligations? >> yes, you get to a little piece of emerging markets which creates volatility but at the end of the day you're running a high triple b portfolio yields 7 %. i've been doing this a long time with not a lot of volatility. our volatility that we run in our etf bank, our volatility ends up being two-thirds of what it is for high yield and less than that for a traditional fixed income portfolio. diversify, get a lot of high-quality investment grade credit but then also high yield, double b high yield in the us. i'm doing credit for i don't want to say many years, but for a really long time. double b high yield today feels almost like mid-triple b, because these companies don't have a lot of debt coming due so it's a attractive time to buy that, clip that coupon and marry it to your equity portfolio. liz: just under 7%, like 6.9% and finally you and i have been

sitting here for more than a year talking about the bond market being nirvana, and it still looks like it in many cases but are you inching over to the longer duration bonds? >> no. inching a little bit more than i'm willing to take interest rate exposure. liz: but you're okay with the four month, the six-month? >> yes, but also out to five years because i think the fed has been pretty clear, powell's been pretty clear the bar to raise rates is super-hyatt this point. the levels too restrictive. liz: six-month is 5.28%. that's not inflationary? >> no. it should have a seat at the table in your portfolio no doubt about it but now, if you can lock in these yields with the fed that's clearly erring on the side of bringing rates down, out to the three and five year note, don't go out to the 30 year, you just get more volatility but boy i would feel really comfortable. i do real really comfortable sitting in a portfolio with a lot of yield. i'm okay taking that interest rate exposure with the two year note it's not moving. i don't think it moves very far. let's clip the yield and look

again, like in the last year we're up almost 10% in a market where fixed income if you bought a traditional income you didn't getting a lot of return. liz: it's great to see you thank you very much. >> always fun. liz: it's nice to see that you're still so excited about this market. i don't want to see when you're not. that's upsetting. >> hopefully not for a while. liz: rick rieder. america's housing shortage is hitting home and it may all come down to conversions. converting office buildings into rentals and condos is no easy task, but today, our special fox business series we've got the man whose expert at it. he's the one who retrofitted the iconic plaza hotel in new york city into conned osteen as part of a mixed use property. real estate developer mickey nof tali pulled it off so let's ask him how he would solve the country's housing shortage, and where is he finding real

opportunity in the real estate market. it's a fox business exclusive. by the way, real estate stocks, they have taken it on the chin over the last year. down 61%, anywhere real estate that's the parent of century 21 and coldwell banker down 60%. redfin down 37%. "clayman countdown" is coming right back. the dow dipping into a little bit more red territory, down 89 points but the nasdaq and the s&p still in the green on track for records. ya know, if you were cashbacking you could earn on everything with just one card. chase freedom unlimited. so, if you're off the racking... ...or crab cracking, you're cashbacking. cashback on flapjacks, baby backs, or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat. cashback on everything you buy with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.

maya knows how quality care can bring out a smile. but it's been a few dog years since she was able to enjoy a smile of her own. good thing aspen dental offers affordable, complete care all in one place. with flexible hours and weekend appointments. plus 20% off treatment plans for everyone. loving our patients unconditionally. it's one more way aspen dental is in your corner. liberty mutual customized my car insurance and i saved hundreds. with all the money i saved i thought i'd buy stilts. being so tall definitely has its advantages. oh whoa. here you go, kiddo. thanks.

hi honey ready to go? yup. there it is, there it is... ahhh...here we go. i guess it also has some disadvantages. yes it does. only pay for what you need. ♪liberty. liberty. liberty, liberty.♪ if your business needs a new application then developers will have to write code. a lot of code. if an application needs to be modernized then you'll need time, resources... and caffeine. if this sounds daunting then use watsonx code assistant ai designed to multiply developer productivity so you can generate code quickly. let's create a more modern foundation for business, with watsonx code assistant.

ibm. let's create.

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: it's kind of upbeat music for a very downbeat story. the nations housing crisis is worsening and heading toward crisis levels. according to realtor.com the gap

between single family housing starts and household formations, meaning population growth transformed into housing demand, stood at 6.5 million at the end of 2022. the most recent number calculat ed at the end end of 2023 so a year later has showed gap stretched to a yawning 7.2 million, in order to close that gap for just single families, analysts say housing starts meaning new construction would need to triple and even then, it would take four to five years to close the gap. what could be faster? well, retrofitting older office buildings into apartments and condos and an idea that's now getting serious traction, but how do you fast-track that? joining me now in a fox business exclusive, chairman and ceo miki noftali who 20 years ago bought the famed plaza hotel and you convinced city leaders and regulators surrounding neighbors to let you convert it into a mixed use that had a lot of

condos. what kind of barriers did you face then and are they the same barriers that developers are facing now? >> so the plaza hotel was a unique story, because it's a beloved building, beloved hotel, and many people were very in touch to the hotel and didn't want to convert it. the story was 852 rooms was just too big for new york city. just too big, and people wanted to move into a more boutique- type of hotels to get the real five star service, so it took a lot of convincing to get to a point that i managed to convert a big portion of the building to residential and downsize the hotel to a relatively boutique size and at the time, i spent $450 million to restore 100-year-old building it required a lot of time, effort, and substantial amount

of money to do something like that. liz: and convincing people. you faced very serious barriers obviously. >> very. liz: today, if you were doing a lot of conversions, what is the answer to this housing crisis that we are seeing right now? >> so, i converted many other buildings, not only the plaza. i converted many office buildings in new york to residential and the problem is the cost of construction and how big are those floor plates? remember when we build office buildings, office buildings required big floor plates and when -- liz: what's a floor plate, i'm sorry. >> so a floor of a building, the entire floor -- liz: square footage. >> so every office building has a very big floor plate. liz: got it. >> now, when you you convert to residential, you have a certain depth, so you need windows, it

cannot be too deep, no one wants to have a 50-foot deep living room that is too deep and very narrow and a small window, so there are a lot of challenges in converting office buildings to residential. having said that, it goes back to the cost of construction, the size of the building that you are about to convert and how much you can either rent those apartments for , or how much you can sell them for. liz: according to cushman and wakefield, let's take it out of new york and go to san francisco , office vacancies hit all-time high of 34.5%. do you think some of those offices even with the large floor plate could be retrofitted and is that happening fast enough? >> some of them could be retrofit. the problem is that developers need some type of incentive to do it. no private developer will step

into a project without being able to make some money, so at least on a piece of paper, when you under write a deal, you want to see that there is a profit at the end of the project. the problem is if cities and states are not providing incentive programs, most of those buildings -- liz: bingo. >> exactly. so it's all about incentive and many people think oh, developers are making too much money. no, there's no private developer that will do it without incentive. liz: let me tell you what you're doing right now and let our viewers know. williamsburg wharf, which is five residential towers you're building a $600 million project, it be two story residential housing towers, 850 condos, is this going to help loosen things , and be at least some what affordable? >> this is actually a very interesting story because when i designed the project, i designed phase i with three buildings and

phase ii with two buildings. the last two buildings in the original plan were supposed to be rental buildings but once the new york affordable program expired, i couldn't financially make it happen, so what did i do i said okay, i don't have a choice. i will build condominium and hopefully make money. it doesn't help the city. it doesn't help the state, because we need to provide more rental apartments. for me, it just doesn't help. liz: miki noftali, telling it like it is. we appreciate it very much. thank you for coming on. >> thank you very much. liz: we will be right back. stay tuned.

(qb) this is it. one play. this is when we find out... (luke) hey, quick question. student body math proficiency, would we say it's good? fair? satisfactory? (player 1) what? (luke) like a percentage, if you had to guess. (players) hey, get out of here man. get off the field. (luke) understood. (players) security! grab him! (marci) great student-teacher ratio... (luke) marci! we've got to go! marci! we have got to go! we bring you the real, in-depth school info. (marci) what were you thinking? (luke) i don't know. i. don't know. (vo) ding dong! homes.com do you want to close out? should i? normally i'd hold. but... taking the gains is smart here, right? feel more confident with stock ratings from j.p. morgan analysts in the chase app. when you've got a decision to make... the answer is j.p. morgan wealth management.

(man 1) can you hear me now? can you hear me now? can you hear me now? (dj) can you hear me now? (runner) stay with me now!

(teens) oooo! (woman 1) mírame ahora! (woman 2) get em now! (roger goodell) we're ready now! (woman 3) have fun! (fan) ooo, pinch me now! (woman 4) save me now! (toddler) let's go now! (woman 5) check me now! (toddler) catch me now! (gamer 1) cmon! (gamer 2) play me now! (toddler) okay, bye now!

liz: fox business alert. we should look at shares of novo nordisk falling 2% and you'll see below it eli lilly is up 1.6 %. this after the medical journal a published data that shows the weight loss drug is not as powerful arrive all eli lilly s. the analysis revealed that obese patients taking lilly's monjaro saw faster and greater weight loss than those on ozempic. the study is already controversial because it examined the patient's health records and pharmacy dispensing records versus a head to head trial with closely-followed participants. regardless the study did show

patients on monjaro were three times as likely to lose 15% body fat compared to those on ozempic remember when diesel fuel was skyrocketing? well now it's weak diesel prices hitting the stock of bp. shares are falling 4.6% after the british oil giant said second quarter refining margins will be significantly weaker due to flagging prices in oil trading performance. earnings are due out on july 30. we shall see what the numbers come in at but at the moment investors are fleeing the stock. fleeing the stock well look at helen of troy those shares are losing their curl down 28%. the owner of hair care tools including bed head are hitting a nine-year low after reporting a big earnings miss. quarterly revenue guidance was below estimates and the company which owns outdoor brands like o xo blames continued weakness in consumer spending but also shipping disruptions. disney, different kind of shipping here, is launching a new cruise that will set sail

from tokyo starting april 2028. disney's partnering with oriental company the operator of tokyo disneyland and travel packages for the tokyo-based cruise ranges from $620 to $ 1,860 per person. and i'm pretty sure our director is probably going to be the first one on board. she loves those disney cruises. let us know how it is anissa. president joe biden adimate he's staying in the 2024 race but that has not stopped a pair of democratic insiders from coming up with the biden backup plan everyone is talking about. we have the authors of the blitz primary memo about how the dems should or could even pick a new nominee if president biden decided not to continue. and we all need a backup plan right? entrepreneur kevin o'leary was marketing cat food before his rise to become the mogul and shark he is today. find out how the kid from canada

did it and how you can do it on our best of episode of everyone talks to liz on apple, google, spotify, iheartradio wherever you get your podcast. quick market check dow is losing 42 points but the nasdaq is up five. the s&p up three let's see if they can hold. (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. everywhere but the seat. the seat is leather. alan, we get it. you love your bike. we do, too. that's why we're america's number-one motorcycle insurer. but do you have to wedge it into everything? what? i don't do that. this reminds me of my bike.

the wolf was about the size of my new motorcycle. have you seen it, by the way? happy birthday, grandma! really? look how the brushstrokes follow the line of the gas tank. -hey! -hey! brought my plus-one. jamie? it's odd how in an instant things can transform. slipping out of balance into freefall. i'm glad i found stability amidst it all. gold. standing the test of time. when the sawdust settles and the engine roars the thing you care about is a job well done. but when you get your tools from harbor freight something about the job feels different - your wallet. whatever you do, do it for less, at harbor freight. ♪ (♪) with wet amd, i worry i'm not only losing my sight, but my time to enjoy it. but now, i can open up my world with vabysmo. (♪)

vabysmo is the first fda-approved treatment for people with wet amd that improves vision and delivers a chance for up to 4 months between treatments, so i can do more of what i love. (♪) (♪) vabysmo works differently, it's the only treatment designed to block 2 causes of wet amd. vabysmo is an eye injection. don't take it if you have an infection, active eye swelling, or are allergic to it. treatments like vabysmo can cause an eye infection or retinal detachment. vabysmo may cause a temporary increase in eye pressure after receiving the injection. there is an uncommon risk of heart attack or stroke associated with blood clots. severe swelling of blood vessels in the eye can occur. most common eye side effects were cataract and broken blood vessels. open up your world with vabysmo. a chance for up to 4 months between treatments with vabysmo. ask your doctor. if you're a grandparent, you know what i'm talking about when your little grandchild starts talking to you. something i couldn't hear for a long time. it's funny how something like just a hearing loss can have an effect

on a relationship. somebody would ask her something and she would just walk right past them ( laughs. i just could not hear. these are real people who are now living life to the fullest, thanks to miracle-ear. call our toll-free number to schedule a free hearing evaluation and start your risk-free trial at your neighborhood miracle-ear. when someone new comes in, i take the time to listen to what's important to them. then i run a comprehensive hearing test to find out if they even have hearing loss. if they do? i'll custom fit a hearing aid that fits their lifestyle and their budget. with miracle-ear it's all about service. they're personable, they're friendly. i'm very happy with them. when i finally had miracle-ear and i could hear for the first time, i started crying. i could hear everything. i went to miracle-ear. i went to miracle-ear. but i told you to go to miracle-ear. call our toll-free number today to start your risk-free trial at your neighborhood miracle-ear. i was hesitant to get the hearing aids because of my short hair,

but nobody even sees them. featuring our latest technology, our hearing aids are nearly invisible so no one will notice. and they're so comfortable, you might forget you're wearing them. now i can hear my grandson again. call our toll-free number today to start your risk-free trial at your neighborhood miracle-ear store. your risk-free trial is only the beginning. we also provide you with a lifetime of checkups, cleanings,and adjustments,free. it's why we've been trusted for over 75 years. and we have over 1500 locations nationwide. i see someone new. someone happy. it's really made a difference. (laughing) call 1-800-977-3322 to schedule a free hearing evaluation and start your risk-free trial at miracle-ear today.

>> was there more people saying biden should step down or more people saying he should stay? >> riding with biden. we're riding with biden. liz: that was national democratic campaign co-chair and south carolina representative james clyburn emerging from a closed door meeting with democratic lawmakers to make one thing crystal clear. his party is planning to stand behind biden as the nominee. this as the president prepares to kickoff the nato summit in washington tonight with 32 world leaders. the thing is that summit coincides with growing calls

across the country for president biden to rethink his re-election bid. it is a high stakes week for the president. he is not backing down from the race but in the last 48 hours, two democrat voices have emerged with a plan for a blitz primary, which in the event joe biden were to step down, would produce a new nominee at the democratic national convention, which is just six weeks away. joining me now are the two authors of this proposal, georgetown law professor and former obama administration official rosa brooks and charles ventures partner emeritus ted di ntersmith. i'm sure its been a whirl wind 48 hours. you just heard jim clyburn saying no way, no how are they going to let joe biden fall by the wayside. you're shaking your head. what do you make of that? >> oh, my goodness. i heard riding with biden right over a cliff. that's what the democratic party is in danger of doing right now. i don't think if it's joe biden

the race becomes unwinnable but it's the difference between doing a sprint with an 80-pound backpack of rocks on your back versus doing a sprint without that backpack. it's just making it awfully hard it is not too late. yes the democratic convention is only about six weeks away but it is absolutely not too late to change course and find a candidate who frankly is both better suited to campaigning and better suited to being president and i think that would really excite and invigorate the american people saying very very very clearly in polls, that they are not happy having joe biden at the head of the democratic ticket. liz: let's outline for those of you who don't know or haven't heard yet about the blitz primary because you've been under a rock but that is a buzzword right now. the president would have to decide to step down, first of all, as the nominee by mid-july. that's six days away. number two, then it's a sprint, right? you've got candidates that got a few days to toss their hats into the ring. number three, primary sprint six candidates get the most votes from delegates plan to run positive only campaigns all the

way up to the dnc and between then and now, you would have these forums that were moderated by culture celebrities everyone, well you floated some names. oprah to michelle obama, et cetera. ted, you are the donor side of all of this. you've been a big donor. what are you hearing from the big democratic donors who saw the debate a couple of weeks ago and began freaking out. >> well first i'd like to reset that framing because it's being stated back that it's just the big donors that are concerned. everybody's concerned. you know, we all saw it with our own eyes. it was advanced as this is the chance you're going to see that he's up to doing the job. honestly, to be fair and balanced, both candidates shouldn't be running, and we're seeing each party rally around candidates that just shouldn't be on the ticket, so i think there's just generally deep concern and a real sense that i think that's where we stepped

into say not only are we in a situation that's really not very helpful. we actually could advance a plan that would get everybody excited , and we've worked that out, offered it as an illustration of what can be done and blown away by the reception to it. liz: rosa, in your memo you say that biden is the plan a. kamala harris is the plan b, but that you look at what your plan lays out and that kind of takes out the idea that kamala harris be somebody who would have to also vye for the attention and that, to me, is pretty interesting. you've got a stumbling block there. >> you know, i think kamala harris is very smart. i actually think she is really underestimated and i think she is smart enough to know that she needs to push the reset button. i think if she's just anointed, if biden withdraws and everybody goes okay it's kamala, that sets her up to fail because she's at the moment not very popular

either and then the narrative just switches to oh, boy nobody was happy with biden and now we're unhappy with the next choice but if she stands up there next to half a dozen other amazing people, the really energetic younger folks in the democratic party who are poised to take leadership roles, i could go on, and if she makes the most compelling case as she very well might, it totally sets , pushes the reset button for her too. then she's not like the slightly -less choice. then she's the choice people are actually excited about and i think she can recognize that too i just want to emphasize something that ted said. the spin that this is somehow about elites turning against biden is just wacky, right? liz: interesting. >> the polls suggest that this is a very substantial majority of american people and a majority of democratic votera as well. liz: if you want to win you have to take the hard discussions

right to the forefront. ted you have been hit with a lot of people saying i agree with you but whose most angry? who have you heard from? if you don't want to give names give me a sense of what they said and rosa, you too. >> i think when you look at what we've proposed to be honest the republican supporters are the most worried about what we suggested because we are saying let's showcase the most incredible younger generation of talent in an election i think that most americans were dreading, and i do want to come back to the notion of like six weeks could you possibly do it? other countries do entire elections in six weeks and it's a sign of a broken obsolete political system that somehow we accept 18 exhausting months to nominate someone. you look at what we've got one of the powers is it's bold, it's ambitious, and it's just barely achievable if we had the courage and vision to take it on. liz: just barely. rosa, really quickly, you've been yelled at by people in the administration or are they

ignoring you? >> oh, they are mostly ignore ignoring us but that's okay as ted said. when the people who most want joe biden to stay in the race are donald trump and his closest allies that's when you know that i think we're on to something here and overwhelmingly the private messages we are getting including from people who are high up in the actual democratic party apparatus unlike us, we are not insiders, is keep at it. we can't say this publicly. we need the rest of you. liz: i'm getting a rap but you've worked for presidents obama and clinton. did you run this by either of them? have you heard from them? >> nope. this is, nope, to say that we're democratic insiders, i'm 100% sure if you called up the dnc and said what do you think of ted and rosa, they would say who that kind of relationship. we are worried citizens, just like everybody else. liz: worried citizens. we'll welcome you back between now and then. we'll see what happens with the blitz primary. thank you, rosa brooks, ted dint

ersmith. with less than a week to go before the republican national convention the self-proclaimed crypto president donald trump is building a platform that includes a place for the digital currency. charlie breaks it, next. [city noise] investment opportunities are everywhere you turn. do you charge forward? freeze in your tracks? (♪) or, let curiosity light the way. at t. rowe price, we're asking smart questions about opportunities like clean water. and how clean water advances can help transform our tomorrows. better questions. better outcomes. t. rowe price new centrum menopause supplements help unpause life when symptoms pause it. with a multivitamin plus hot flash support. (♪) daily zz for quality sleep. (♪) and enxtra for focus and clarity.

centrum, powered by clinically studied ingredients. shame. it's been here as long as i can remember. living in glances of people i loved. and ones i didn't even know. (♪) but what good is shame when it comes to health? health is not about what weight we lose. it's about all of the things a body can gain. (♪)

♪ i'm gonna hold you forever... ♪ ♪ i'll be there... ♪ ♪ you don't... ♪ ♪ you don't have to worry... ♪ . .

or tacos at the taco shack. nah, i'm working on my six pack. switch to a king suite- or book a silent retreat. silent retreat? hold up - yeeerp? i can't talk right now, i'm at a silent retreat. cashback on everything you buy with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours.

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: "fox business alert." the republican national committee officially including crypto in its 2024 policy platform that it released yesterday afternoon. the initiative which of lays out pretty much the priorities of gop front-runner donald trump seeks to support crypto innovation and opposes the creation of a central bank digital currency. two different things, charlie. >> definitely vivek talking in his ear. got to get vivek back on here. he is clearly having a role in the trump policy making as it looks to crypto. what's interesting about where trump is going, still, i'm not saying i buy into this, he sees potential of getting crypto voters, there is 50 million crypto holders out there, and, you know, the, i guess the research shows that they're one

issue voters. they just love crypto. they're not necessarily political but if you say you're for the opposite of what is going on now with the biden administration, which is pretty much of a clamp down on crypto, by the way there are scandals in crypto. gary gensler called it the wild west of investing. sam bankman-fried shows us, there is a lot of stuff here. anyway, this looking to tap into that. the republican convention should be interesting. i will look at it for a lot of reasons but crypto, probably will be a crypto speaker, or at least vivek will speak and he will mention it. that is kind of what i'm hearing. the democrats are trying to play catchup on this and it is really interesting, my producer, ellie tarit, did a fascinating story about ro khanna democratic congressman. liz: ro khanna. >> sorry.

the democratic congressman from silicon valley, from the silicon valley. middle of technology. he is a big crypto guy. he is trying to hold a roundtable with white house officials. we don't know. they have been invited. jeff zeints has been invited that is biden's chief of staff, to get some groundswell for the democrats to play in this crypto arena. a lot of people are going. there is a lot of crypto industry types going, trade groups going. we don't know who the biden administration is going to send if anybody. there is a lot of stuff going on there right now. liz: it is late. why are they trying? they should be doing this. >> i'm just saying the biden administration has a lot going on right now which we probably don't have time to get into. liz: nato summit tonight is a big deal. >> whether he is the nominee. we're in a real existential period of time for president biden. who knows if jeff zeints has enough time or bandwidth to talk with ro khanna.

liz: khanna. >> ro is his first name, ro khanna. liz: yes. >> maybe it was roseanne khanna. liz: what is miss first. >> what is his first name? liz: ro. >> what are you -- liz: i know what you are, but what am i. >> republicans are there first. we'll see if it works. the last numbers ellie showed did not show meaningful contributions except for the winkelvoss. liz: winkelvoss twins. crypto is moving. >> from my story? liz: it is all you. this is 57,768. 57,000. more importantly for the broader market investors here we're looking with the closing bell just five minutes away that the fed chair jerome powell's comment on capitol hill have not scared the market from record

closes. the s&p and the nasdaq are both on their way to record closes once again. the s&p is clinging to about four points. it is not a gigantic jump here. remember yesterday the s&p crossed the unchanged line 98 times. so this is an indecisive market. we have the nasdaq up 19 points. it is on track for the 26th record of 2024. the dow is the only laggard here. down 51 points along with the russell 2000 down eight points. nvidia shares, we should look at those at the moment. they have been that stalwart for the marketing up 2.25% at the moment right before the closing bell after keybanc raised its price target on the stock to $180. we have nvidia at 130 and change. our down down closer -- count down closer started presplit, it is past the mark. is he bullish on it and looking

for other market opportunities. we have scott -- scott redler. we have been following your trades along with eli lilly which is in the news. give me a broader spectrum on the s&p. oppenheimer came out yesterday we're upping our target to 5900. do we get there? do we see some type of black swan that spooks the horses? tell me. >> at this point keybanc went to 180. that means they're going for 1800. people thought i was nuts at beginning of year when i said 12, 1400. here we are post-split about 130. i don't think for the next month nvidia is the place to be. i think it will be a consolidation period. remember on june 20th, we talked about the overcrowded semiconductor top and pulled in almost 15 to 20% from there? i do think there is a healthy

rotation. i think the megacap tech did a great job while semis were consolidating. amazon got to 200. apple get to 225. new highs on google and microsoft. this market has been moving up very strategically. now the whole conversation is, can we finally get a get a bit f rebalance trade of small caps and bios. i think there is a chance of that. i think tech is overheated. i think the gains for the rest of the summer will be muted. what i'm telling my guys to do is buy options in the iwm. buy the iwm. it is trading around, what is the iwm trading now, 201. liz: 201.31. >> you can get cheap options. i bought the 250s for friday. that gives me the tpi on thursday, ppi on friday. if we get soft numbers, which

means the fed will probably cut into september, maybe money rotates there, i think it is a cheap way to play it. i've been sticking with the megacap trade and put your toes in the water to get rotation. if you buy wm calls and xpi calls for the biotechs for the next few weeks you can get some alpha there. because i don't think we'll be getting that much alpha in the qs. this trade is very much overbought. i think next two to four weeks being bumpy for the s&p and tech. liz: i would think, i would think so. volatility barely up today is still below 13 and that just makes people a little nervous. we wonder where is the lightning bolt going to come from? do you see any kind of correction, scott, coming? >> at this point, you know, it is like everyone thought we would cut four to five times. now it is one or two. that didn't cause a correction. you have geopolitical situations all across the globe and that

didn't cause a correction. once there is no more situations that can cause a correction, then maybe one happens. some people thought they would sell the news today with powell but at this point we're holding up but the market is a little bit overbought. i don't think you make money playing for a black swan. stick with trends that are working. when it gets too noisy you have to trim and tail. i think it is prudent for active individuals to trim into this area versus getting aggressive. liz: trim, i like that. [closing bell rings] liz: it is not too dramatic a move. scott redler, thanks to you. here we go it is a record for the nasdaq and the s&p. the 36th this year for the s&p. tomorrow mark mahaney ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. donald trump's big florida rally tonight on top of his dynamic pro-growth platform released. meanwhile loengy