know fundamentals or, b, they no longer have faith in the fundamentals. they know them, but they don't have the faith. that's right. this is the least efficient stock market, i think the stock market's ever been. i mean, think about this. information is flow being out there like it's never flowed before. it's easy to obtain. professional as, i understand in a way they've got to play the game, outperform quarter to quarter because every quarter people say what have you done for me lately, and i've got to be honest, i've had a news letter business for over 30 years. independent research, we're i often judged day-to-day. the tail does try to wag the dog and sometimes it does. but, folks, try to use common knowledge over emotion. if you can do that over the long term, you'll make a whole lot more money. i think liz greece. liz: yeah. my -- agrees. my dad says panic is contagious, don't panic. when you're in the elevator, don't panic, because everyone around you will start freak

thing out. charles: even though i'm claustrophobic, i'll take your word for it. [laughter] liz: you know what in the good news is that after this morning's cooler consumer inflation number, the marks are now pricing in -- and this is the very latest number, we just got it fresh off the cm if e web site -- a nearly 93% chance we will finally see a september interest rate cut from the federal reserve. the bad news is, it is not helping the markets at all as we kick off the final hour of trade. the dow and the russell are in the green, but the s&p and the nasdaq are under duress after six straight record closes and just a day after the s&p closed above 5600 for the first time ever, its winning streak is in peril. the broader index is getting dumped right now, down 4 42 points or three-quarters of a percent. and as far as messy stocks, look straight at the airlines for the culprit. the major carriers getting trashed after delta missed second quarter earnings expectations by a penny, that's

it, and the stock is down 5.5%. and gave third the quarter guy dance well below analyst predictions -- guidance. this dive in the if it can stock is bringing american airlines right down with it, down 4.25% to $10.69. earlier it plumed the depths, the lowest price since the height of the pandemic lockdowns in 2020when airlines were not really operating. remember that? where's the nasdaq rescue party in all of this? m.i.a. as this you are hour. it was on track for its seventh record close in a row, but this point loss of 316 will be hard to erase by the closing bell mostly because semiconductors, they've been the market heroes for the past year, are shivering in the corner like a little, tiny mouse. nvidia shares are shrinking at this moment. they are about one of the fifth worst performer on the s&p. the a.i. chip king is coming off a three-day, 7% spike. but when nvidia drops, and it's down 4% right now, look out

below for pretty much the entire chip sector. now, a lot of these were overbought. they've had incredible runs. but on semi is getting hit by a downgrade at morgan stanley to underweight. right now it's down by about 1.8%. analysts there flagging headwinds coming from the auto chip market from the call, but is there something more sinister tripping up the bulls? if arm is down, lamb research down. ali mcif cartny, managing director of ubz private management and and don steven are here to tabling it all. allie, i'm starting with you, what is icing up the markets beyond, okay, overbought stocks that are selling off today? >> i think you hit the nail on the head. it's a bit of overbought, it'sal a bit of buy on the rumor, sell on the news. so in the last 24 hours of trading or in the last week of trading, we've hit our 37 ifth high of the year -- 37th high of the year. we've topped 56000 we've done it

if in a very narrow way, can and today we had sort of the icing on the cake that cements that virtual, as close as one gets to 100 of certainty of a rate cut which is basically that not only did we see in the headlines a slowing of inflation, but dare i say we're starting to see disinflation, and we're starting to see that in exactly the area that powell and the fed want which is in the services and owners' equivalent rent sector. so today basically in combination with the jobs numbers last week, we got confirmation of both sides of the mandate that the fed is looking at to lead into a different policy regime in interest rates, tightening of the labor market and disinflation are happening. so the question is, what's next and will tomorrow's earnings season be enough now that we have confirmation of directionality and timing on interest rate movement the drive the market any higher?

liz: okay. so let's talk about that deflation word. up until now we've heard disinflation, but what i don't think -- there you saw it on the banner, but it wasn't on the full screen, june cpi, consumer inflation month over month contracted one-tenth of a percent, okay? so that is, that's outright deflation, isn't it, alli? and we know what follows often, it's major price cuts and demand goes down because the job market is cooling. are we not seeing that as well? what does that do for what we have seen, basically, which is a stunning appreciation for just seven stocks in the s&p? >> it has been, it has been an absolutely stunning appreciation. we're talking about a market from an s&p perspective that's up as of the close of yesterday 18 after a banner year -- 18 after a banner year last year. we have been seesawing for months, maybe years at this point between inflation,

interest rate conversation ask version. so now -- and recession. so now we have in a sense what we need on the inflation if conversation to drive interest rates. so now the question is how much is that growth going to slow, how much is the average consumer going to the be able to spend, how much is an airline going to be able to charge for a seat. and that's why i think when you start looking into earnings tomorrow, it's going to be very punishing because there is a relatively high bar, and we need not multiples now, but earnings to drive any upside. liz: well, to that point, so so tomorrow we get a couple of the big banks here. we're getting wells fargo, citi, jpmorgan. they're doing pretty decently today if you look at the financials, and that, to me, is certainly indicative that there are areas of this market that are holding up at the moment. so when we see those numbers, we shall see how the banks did during that month. how about the home builders though, alli in when the market

perceives that we are going to see rates drop, that translates to mortgage rates dropping. and and as i understand it, the 30-year fixed rate is suddenly below 7% today, and that's really helping the home builders. hovnanian's up 8 percent, kb home up 9%. they're all looking really good. what does that tell you? is there some type of rotation to, finally, a broadening of the market darlings, i guess? >> look, one-half a day does not a rotation make, but that's exactly what you're seeing today. you're seeing it in financials as people look to lower interest rates and a better ability to protect net if interest margins, you're seeing it in home builders you're seeing it in small caps. so this is a risk-on rotation day, and the question is given how narrow the market has been, will we continue to see that driven by both momentum and earnings, and will the

conception -- concept of the a slowly slowing or sort of a avows voidance of -- avoidance of recession be enough to consistently throw off that breadth and support the market from, you know, an equal-weighted not just a capitalization-weighted perspective. liz: before we go, look at the rudds el 2000. it is a -- russell 2000. it is a rock star today, up more than 3. that, to me, looks like a rotation that is pretty significant. we've seen that before, and it only lasted a couple of days can the russ. hang on be and -- russell hang on in. >> our view right now is we expect binning -- beginning in the third the quarter driven by september to see about 25 basis points of cuts a quarter. based on growth in the labor market, weakness, etc., some of the things we touched on, that can speed up or slow down. that is a huge tailwind for small caps which are largely

dependent on fixed rate financing. liz: yeah, true. >> so basically that a seesaw and that dovetailing relationship are going to determine whether or not we have a day of excitement or whether we have a path and a cycle of excitement. liz: alli mccartney, great to have you. when we're talking about inflation, disinflation and and deflation, you've got to look at oil if gasoline prices. hurricane beryl last week, right, was just a warning shot when it comes to how hurricanes can hit the nation's oil refineries and then cause increases in prices as extreme temperatures radiate across the southeast in the midst of hurricane season. persons are pricking -- experts are predicting it will be an above normal season. noaa forecasts 4-7 major hurricanes category 3 or higher with winds of more than 1000 miles per hour. folks, this is a major threat to our offshore refiners in the gulf of mexico who produce half the country's 18 million barrels

per day refining capacity on the gulf coast. it coincides with the u.s. oil rig count which is now at its lowest since december of 2021. baker hughes says the u.s. operating rigs stand at about 5585 -- 5585 right now -- 585, but production is still down 95 a rigs from this time last year. okay, it's up 4 week over we're, but all of this as goldman sachs put out a research report saying hurricane season could be an upside risk to refining margins. the southeast battling high temperatures on land and hurricanes in the gulf. if capacity were to go offline and rigs aren't pumping, could we see kind of a perfect if storm leading to a spike in energy prices right before the presidential election? joining me now live in studio, don striven. do we see somewhat of a perfect storm where if we don't have that much capacity for refining at the moment, prices may go higher if a storm hits a key area? >> great to be on.

so that's definitely an upside risk to refined product and consumer gasoline prices that we're very focused on. in our base case, you don't get major disruption to refining capacity, and u.s. gasoline prices stay roughly at current levels, call it $3.50 a gallon. but if we were to see, indeed, an extreme hurricane season and if you also get a normalization in speculating positioning which is currently very low, if that normalizes, you could indeed see a rise in gasoline retile price. liz: i would say that is bizarre timing because we as always talk about the is so-called october surprise. and often there are all these accusations that, oh, somebody's manipulating the price of gasoline to make sure voters aren't unhappy with the incumbent and prices stay low, but are we starting to see that the move higher in i know for the past three months arbob

gasoline has fall ifen, down about 9.333 percent. but if you look year to days, up 19%. >> yeah. so i think the year to date increase in part reflects seasonality. but i do agree that the risk premium currently priced in gasoline prices is quite modest relative to the actual magnitude. as you highlighted, according to sign tests, this is likely going to be -- scientists, this is likely going to be a record high season for major hurricanes. and about half of refining capacity in the u.s., the biggest refiner in the world, sits in the u.s. liz: so do you like refiners here, refiner stocks? >> if we as a team are structurally constructed on refined product margins over the years to come buzz we think that structurally -- because we think structurally it's tighter than in the crude market. in the crude market we have about 6.5 million a day of spare

capacity mostly in the middle east, the refinery sector is quite -- so we see more upside risk than to the actual crude. we think that brent will stay in a 75-90 range for ti, that is 700-85 in most -- 70-85. liz: yeah. we're looking at brent right now, that is the international benchmark if for those of you who don't know all these technologies. we never if assume everybody know knows this. brent right now, $85.69 a barrel, and west texas here in the united states, $82.98. good to the see you, daan, thank you very much. >> thank you for having me. liz all right, with much of the nation strapped in that sweltering heat bubble, july 11th, 7/11 could not come soon enough, right? because that means free slurpee day at 7/eleven. the retail maven who came up with the idea to give away free doses of brain freeze is here next. the former ceo of 7/eleven is

going to talk about what he expects to see at the store as food prices remain elevated. 7/eleven is joined by -- owned by a japanese company that's sliding today by about 4.5% after posting a drop in first quarter profit due to increased costs of products and labor in the united states. so are prices rising or falling? i mean, they still look like they're rising in some cases. we will work through all of this when "the claman countdown" returns. nasdaq plummeting 324 points right now. ♪ ♪ (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,

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liz: let's look at shares of pepsi. i'm pulling it up. how about this? the flat earlier today to fizzy in this final -- sort of fizzy.

they went flat this morning when the soda giant posted hixed quarterly -- mixed quarterly results. revenue, that's sales, $22.5 billion compared to analyst projections of $22.57. man, investors are unforgiving these days. the real red flags are waving over the company's frito lay north american if division. sales volume dipped 4% during the quarter, and pepsi's beverage business didn't taste much better, sales fell 3. with today's cpi report showing deflation at least month if over month, is this an early sign consumers are in more trouble than we thought? joining us now, a man who sold plenty of pepsi and frito lay products during his years as ceo of 7/eleven, jim frieze. does it feel like not only are

consumers inflation-weary, they're worried about a slowing job market so they're going really, really cheap? >> i don't -- i wouldn't worry as much about that. i think that's a short-term trend. candidly, with the summer heat right now if you look at a pepsico's numbers, they should be doing pretty well. we've got some record temperatures in a heat wave across the country, so they just reported the last quarter. i would think the next if quarter would be better for them. liz: well, you mean the current quarter. this is an interesting point, folks. listen to what jim is saying. i mean, it could possibly be a buying opportunity although the stock is flat to slightly higher at the moment. but that's interesting. you believe it's the current weather conditions that may really give a tailwind to pepsi. >> it should. now, at 7-eleven we had whenever the weather was hot like this, and as an a early summer heat for us across the country, we saw a huge spike in the beverage bids especially and a spike in

the beverage business kind of goes hand in hand with the salty snacks. so i'm not sure what happened. i'm not, clearly, in tune with what pepsico's doing these days, but i would think that the forward look would be more positive for them given the heat. liz: here's another interesting thing. your parent company, you effectuated and shepherded the sale of 7-eleven to a japanese parent called 7 and i. back in 2005 the company reported a 49% drop in net profit this morning partially due to seam store -- same store sales falling in north america. i know what you're saying, you're saying this is probably just a short-term trend, but this doesn't look so good, does it? >> i think they'll be fine. you know, 77-eleven, yes, we did, we sold the company in 2005 to the largest licensee, and they have a fabulous system over

there. if you've ever been to a 7-eleven in japan, amazing. and what they're doing now, they're repositioning 7-eleven in the united states, bringing in new technology. there was a recent article in the "wall street journal" talking about this new technology that they're bringing. i think the future for 7-eleven is very bright. liz: let's just say it's bright today considering legions of people are rushing in on today, july11th, for a free -- oh, look, you've got one. what flavor is that, jim? >> coca-cola. [laughter] liz: it was you and your team's idea to come up with free slurpee day on july 11 is 19th. is it sort of a doorbuster, people come in for a free slurpee, and they end up buying other things? >> it is, exactly. really the stimulation was the 75th anniversary of 7-eleven that happened in the year 2000. -- 2002. we had a big celebration. we rang the opening bell at the

new york stock exchange, had a big party at ellis island, and we offered free slurpees that a day. it wail went too well -- it actually went too well -- [laughter] we didn't manage it very well. we walked in, taking a 16-ounce slurpee. the irony is these smaller cups actually came from david letterman. very little known story that david letterman went on tv, we had actually hired away danica path rick from his racing team -- patrick. liz: right. >> and david let letterman went on one day and said free slurpees at 7-eleven on 7/11 day and we weren't prepared for it. from that point forward, we put out sample-sized cups and institutionalized free slurpee day on 7/11. liz: so letterman.

make him pay for everyone who didn't get one. >> yeah, i know. liz okay. i was worried about mentioning free slurpee day because i didn't want people to leave before our show is over to go rushing out, so everybody wait til the end. they're not going to run out. jim, thank you very much. [laughter] >> thank you, liz. great to be with you. happy 7-eleven day. [laughter] liz: you too. free slurpees are one thing, but the high price of packaged foods is driving one stock down after its quarterly earnings report what's hurting conagra, the parent of orville redenbacher's popcorn and slim jim's? it's one of the holdings in the vanguard consumer staples etf, ticker vdc? the it's not done horribly, it's up about 7%. but is that about to change? we're coming right back. ♪ daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side.

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liz: fox business alert, first it was starbucks and mcdonald's hit by the price hike blues, and now con con ago -- con ago a rah missed estimates. the packaged food company also forecast full-year profit and sales below analyst expectations. conagra is struggling along with the rest of the at-home food industry as price-conscious consumers look for even a cheaper alternatives. the stock getting cheaper right now, down 1.5%. pfizer shares packing on a couple of pounds after the drugmaker said it will advance its development of its

once-daily version of its weight loss pill following encouraging early stage trial data. pfizer says it will test the once a day bill in modified release form but also a twice a day version, and this'll all come to pass during the second half of this year. shares are up about 1 percent. costco fall being after announcing -- falling after announcing its first price increase in membership fees since 2017. the membership-based warehouse club is hiking fees in the u.s. and canada by $5 and raising the cost of its higher-tier membership by $10. ever core raised its price target on the stock to $920 from $890 per share thinking more money will come in, but we shall see if customers still pony up the extra money. shares, down to $8449.007. -- 849.007. lucid is powering higher by 9.5% after the company said saudi

arabia's public investment fund is the perfect if investment partner for the ev maker. ceo peter rollins told bloomberg that the luxury ev maker is seeking to raise more money at opportunistic times in the market and the saudis are very much onboard to be part of that plan. president biden's so-calling big boy press conference has been delayed. what is behind the change? we're going to get you the new time and the details in a live report from the nato summit in washington d.c. plus, former state department official bob hormats is here to decipher the loudest message messages and also the the hidden ones coming out of the nato summit. "the claman countdown" is coming right back. ♪ ♪ can i have another pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare

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(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 liz breaking news, president biden right now in a working session with world leaders at

the nato summit in washington, d.c., and that includes ukrainian president volodymyr zelenskyy. the president if promising zelenskyy earlier today that the u.s., quote, will stay with you, period, despite rising criticism and skepticism that the 81-year-old biden is not mentally fit to serve a second term as u.s. president. fox business' edward lawrence is right there at the site of the summit at the washington convention center and, edward, the big test of his mental acuity, this press conference this afternoon, has been delayed. what can you tell us about the timing and the reason behind that? >> reporter: right. yeah, the press conference is delayed until if 6:30 p.m. eastern time, and that's mainly, we're hearing, because the the schedule to have u.n. summit has been delayed. and because of that u.n. summit delay, that pushed back the news conference, not because of anything else. that's what we're hearing. now, the president is in working suggest two the right i and -- session two right now, but outside of the session, you know, it's really divided, what

people are talking about. because of the talk around the issues president biden has with his mental fitness. now for on the substance here at the summit, the u.s. announced new patriot missile batteries, president biden also met with the canadian prime minister, justin true dow, and the president of -- justin trudeau and the president of finland. he announced a new pice pac that increases the relationship with canada and fin ifland to build and buy more if ice breaker ships in coordinate nights with polar security. the big focus for president biden, his meeting with ukrainian president zelenskyy today, also his news conference, both of which the former special representative there from ukraine said will be closely watched. >> there's several issues that are on their minds, and they all conflate to together. the first one is whether president biden is capable if right now -- capable right now of being in charge, of leading the alliance, of deterring threats from russia, from china, from north korea. so there's concern about that.

if then there's concern that, okay, is he going to be replaced. >> reporter: so nsc spokese person john kirby tells me the questions swirling around president biden are not overshadowing this nato vent. >> i can't speak for other leaders and what they're saying. all i can tell you it's not part of the conversations that we're having with our counterparts. it's not a predominant concern that we're hearing. the focus is on the right things. >> reporter: and maybe not part of that direct conversation that they're hearing, but it is if the buzz throughout the entire convention that's centered here for the nato summit. back to you, liz. liz: well, just under two hours before that news conference that the white house calls the big boy press conference. i think a lot of people are going to be watching, and if zelenskyy is concerned, that speaks volumes. edward, thank you very much. edward lawrence. nato's joint declaration calling china a decisive enabler

of russia's war and attacks on ukraine has sparked a sharp response from china. a focus if person -- spokesperson for the government saying it's filled with, and these are their words, cold war mentality and belligerent rhetoric and that china's core position on the ukraine issue is to promote peace talks and political settlement. and if you believe that -- i don't know. i personally done, but let's bring in bob hormats who served as white house adviser during the opening of u.s.-china relations back in the '70 tos, also undersecretary of state during the obama presidency, joining me first on fox business. how do you see that enabler comment that nato came out with? that's the first time they've outright accused china of, basically, helping russia attack ukraine. >> well, this is very strong large, indeed, and i don't thini don't think it was totally a surprise because countries have been hinting that for a period

of weeks and months -- liz: is it overkill? >> i don't know if it's overkill, but certainly the chinese are are playing some role, whether it's this or something a bit different. this is actually -- what's interesting about it is, this is the first time in 500 years when asian countries have actually in one way or another played a geostrategic role in developments in europe. liz: well, let's just say developments may mean trying to morph or form what's going on, and when they are siding with the russians, that is extremely worrisome. first time in 500 years -- >> yes. liz: how concerned are you? >> japan fought its wars in asi- liz: correct. against us. >> against us. now we're seeing to some cree -- degree, and one can measure, characterize it, clearly the russians are playing a more proactive role in support -- chinese plague a more proactive role in support of russia than they have before.

and, of course, north korea as well. so you're getting a lot more if asian involvement in europe one way or another. and you can determine the degree, but it is to a substantial degree different from what happened in world war for -- world war ii or any other war. certainly, world war i -- liz: that's very disconcerting. >> probably since the mongols 5000 years ago, has europe -- 500 years ago has europe felt asian pressure and asian involvement. liz: well, or it's not lost on anybody either that we are three and a half monthses away from the u.s. presidential election, and there have been multiple reports that a china is acting as mock u.s. local newspapers and web sites trying to affect and come between us, wedging between americans and, you know, trying to stir up all kinds of problems in this country. >> welsh china and russia both -- well, china and russia both, the cyber involvement, the

cyber engagement is certainly a substantial part of what's going on domestically here, and there are various ways of doing it. but we know they have the capability of influencing public policy in the u.s. and certainly public opinion in the u.s. liz: yeah. there have been credible reports in the if u.s. about those threats -- >> and from very high levels too. liz: yeah, from very high levels. that brings us to president biden. you just heard edward's report that there are records that zelenskyy of ukraine is concerns about whether biden will have to step down before the election. today is this press conference, 6:30 p.m. eastern. some people are ascribing the change in the time to make it after the nightly news reports so that if he were to stumble -- listen, all kinds of different theories. but if he were to stumble, it wouldn't make the evening news. who knows, because there is a nato summit going on right now. do you have concerns when you look at 811-year-old biden if --

81-year-old biden and that performance at the debate? >> i do. and i think as a nancy pelosi's pointed out, she has concerns and others do as a well. i think one of key elements of the summit was to embed in the nato declaration this notion that ukraine is on an irrevocable path toward membership -- liz: whether biden gets in or not -- >> that's the point they're trying to make. this is a policy issue by the united states not simply by one individual. and once the u.s. does that, i think the notion would be that it would give confidence, and there'd be momentum, whoever's elected president in the next round. liz: are you going to be watching that news conference tonight? >> of course i am. because i think it's critically important. i won't be the only one. putin will be watching it, xi jinping will be watching it, and they'll want to know -- and one of the key elements is biden has done a great job of building alliances both in the atlantic and the pacific. the real question that these

countries have now is, is it sustainable under another leader, under another administration. because if countries can't rely on the united states, it makes them feel very vulnerable, and it makes them feel -- liz: eau or or in the case of russia and china, emboldened. >> sure. and it makes them feel that they can do whatever they want to do without the americans being involved. or if america says it's involved under one administration, will it be so under another one. liz: bob hormats, great to have you. thank you very much. >> thank you. liz: i want to hear one of your lectures at yale. >> thank you. [laughter] liz: thanks so much. keep it right here on fox business for complete coverage of president biden's -- and this is the white house calling it this -- big boy news conference. 6:30 p.m. eastern. we will take this live, so you've got to watch it. the political winds are swirling on capitol hill when it comes to the on top of the ticket in both the democratic and gop if parties. charlie gasparino if's talking

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liz: the world is closely watching president joe biden as he prepares for the big nato

press conference live at 6:30 6:30 p.m. eastern dubbed the big boy press conference by the white house. joining us with the scoop what executives on wall street are say something charlie gasparino. >> if you know most ceos they have to know what is going on in d.c. they either have government affairs officials that go down there or go down themselves. i spoke with several, couple, two, let's say, who have been down there, who have been meeting with top democrats on the hill. they have, both of them remarkably said the same thing, they haven't met a single one, we're talking about, they didn't tell me who but knowing who these guys are, you would know them if i told you, i was sworn to secrecy, they are the types of people that meet with schumer, meet with pelosi, meet with all the leadership, not a single person they met of that caliber that wants biden in and believes biden will remain in?

does that mean he is out? what people i this the rubber meets the road this weekend. that is he out by the weekend. does that meet he is definitely out? it is interesting, each one of them couch it as this. biden has always been a stubborn guy. he is even more stubborn now. so this is what we're making with. every democrat knows his debate performance, his, just focused everybody on his decline over the last four years. it has not been good and they don't believe that he could, they don't believe he can win, number one, and they don't believe he could finish out his term. and you know, i think, what people are saying is, if you can't finish out your term, you can't win, don't the american people, shouldn't they have a say in this, who becomes president? kamala harris if he does win -- liz: hence the blitz primary. >> that's why i think that's what is going to happen.

it's, listen, i will say this, a lot of people speculating on his health, what exactly is ailing him. my dad, now, people are settling on parkinson's disease. that is interesting poll. liz: this is abc, just came out today. biden is tied with trump. >> this is what biden is going to argue. by the way he is not wrong. trump is not trouncing him, not by even in the worst polls on him. liz: here is kamal last, she is two points ahead. >> this is not a trounce yet. listen, a lot can happen. we haven't seen him. liz: that is one poll. >> giving a press conference today. interesting to note, jimmy carter and ronald reagan were pretty tight up until the end, reagan broke free, it was so obvious carter was leading the country in ways people didn't like, iran con florida, not iran,. liz: the hostages. >> his support is so soft, i think what people are worried about it could break the other

way fast and take the whole house and senate down. trying to get back at, my old man had parkinson's disease. this is why i think joe biden looks the way he does. and maybe this is some rationale for him being so angry. when you have parkinson's disease, liz, you don't have dementia. you, your cognitive skills in terms of can you think straight? you're not hallucinating. they're all there but the brain, the neurons don't go to the right place so you can't speak well. you can't speak. liz: right. >> it is incredibly frustrating. you can't move, brain says arm move this way, it doesn't manufacturer. liz: again we don't know if he has parkinson's. >> just so you know that is a, that's, i mean i feel really badly for the guy. we all should have. this is a tragedy. even if he doesn't have it, this guy needs rest obviously.

let's go to trump's running mate. again, listen, one thing i will tell you, i never predict what's in trump's mind in any one minute because he doesn't know what is in it. he is all over the place, right? i know people that have had dinner with him recently, who think, yeah, one guy said, yeah i think he will pick doug burgum, the governor of south dakota, not south dakota, what is he burgum? burgum is the governor of -- liz: i'm leaving you to figure this out because i'm enjoying this. >> whatever he is, north dakota. what is the difference, north dakota, south dakota, idaho. liz: i'm sure our viewers in north dakota -- >> i'm from new york. we think we're in the center of the world but in any event, why do you think he likes doug burgum, he has great hair. trump loves his hair. so, i spoke with someone else who said, nah, not going to happen with burgum. it is probably jd. if he turned around and picked

tulsi gabbard would be that surprised. liz: nikki haley, tim scott? >> i don't think tim scott has a shot at this point. if he turned around did something radical like tulsi gabbard or nikki haley. liz: i don't think anything will surprise people because they don't know. >> that is trump. a lot goes down this weekend. i think this is pivotal. i hate to say it george clooney had more stroke than barack obama getting biden out of the race. i think that might have been the push. liz: george clooney did "the new york times" op-ed, he was very clear about it. he has done a lot of fund-raisers for joe biden. but he is very clear he feels the time has come to make room for new democratic stars. it is all in flux. biden has to decide. >> yeah. liz: he says he is in it. >> i know. liz: we'll watch. >> in it to win it. liz: charlie, thank you very much. closing bell four minutes away,

second straight day of gains, no, not for the s&p and the nasdaq. they are going to snap their winning streaks as we said at the top of the show. listen, a lot of the names that have driven this market higher have before overbought as we like to say, and there is a little bit of selling pressure here. we have the nasdaq down 341 points. the s&p down 45. the dow gaining 46 points. it is the russell the real star here up 3.6%. and, we can't ignore biotechs because we already told you about pfizer. pfizer a biotech when it comes in with this new weight loss medication they're trying, they're going to extend the trials here. during the first half of the year the nasdaq biotech index rose a mere 1% as high interest rates weighed on the sector, but today's tamer inflation report is sending the ibb, that is the i-shares nasdaq biotech fund, past two years it's up 13%. today 2 1/2%. our "countdown" closer says bet

on the biotechs. he has six billion in wrasse sets under management. howard capital management, senior portfolio manager, vance howard. aside from the weight-loss drugs a juggernaut for many of these companies what else is there in the pipeline that makes you say so strongly because not all of them have weight-loss drugs in the pipeline? >> no they don't, what i like about the price action today, liz, you mentioned earlier the s&p is down, nasdaq is down. this is very good news for the market, healthy and bullish. we didn't see people leave the market. we see them moving to other areas of the market, broadening out, whether biotech and small cap. with small cap breaking out, biotech breaking out i think this is bullish for the market. i think it is healthy. if he is going to drop rates in september, look at high dividend stocks they're very healthy and undervalued in some ways even

though the "magnificent seven" is overvalued. liz: it is. nvidia isfulling back. it is one of the laggards on the s&p and nasdaq dragging all the semis down. what names -- you like regeneron. you have obviously the ibb, moderna, sales force is your side window play when it comes to technology, but what is it about moderna now? >> i like what they're doing. i like their profitability. i like they're well-managed. i like they have new drugs coming on the market that are very interesting. i like the technicals with moderna. it has been breaking higher and looking stronger and stronger. as some people move away from the "magnificent seven" and other areas of the market. biotech is a plate play, small caps are a great play. you asked about salesforce, they had one give in the earnings, it wasn't even that bad. they have recurring revenue which is incredible strong. i see salesforce a nice buy for intermediate player or long-term

investor. liz: down about 4% this week alone. i've been watching salesforce, they have been pounding the table, look we're offering all this a.i. i think investors are waiting to see more steak not just the sizzle with a.i. monetizaton. vance, good to see you. >> thank you so much, liz. liz: vance howard. the s&p and nasdaq record winning streaks are over. a bit of a selloff here for those two indices but you will read headlines for the russell, a big gain here up 74 points for the russell, 3 1/2%? [closing bell ringing] that is the closing bell. tomorrow billionaire entrepreneur frank mccourt, jr., wants to make a play for tiktok. he is here tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. more and more democrats are saying joe's got to go but it is going to be th