building and growing and unless you're already wealthy, this current environment just doesn't work for that. people cannot make ends meet and they are having a lot of difficulty. i mean listen. it's one step forward, two inflation steps backwards. limiting growth and even punishing people for a success, you know, counter productive and really it's truly unamerican. i want you to remember folks. our republic, when it was born, did not have income taxes. you say well how did we fund the government? well one of the big ways you funded it was with tariffs and not only did we not have taxes but when we got them admittedly they took them from 2% to 30%. counter productive. a lot of strange fellows out there over to liz claman. liz: and we're looking at actually strange movements in the markets here, not so strange because we've been following this russel rotation as we call it charles but we are charging into a crucial final hour of trade because while we're witnessing the dow bulls

stampede right over the 41,000 level for the first time ever, so 41, 166, the nasdaq bears are kicking down the doors and tearing at the flesh of mega cap tech particularly the semiconductors. if you look at the stocks right now, it's a basket of chip and chip equipment makers falling 16 points or 6.25%. now investors needed a reason, if they did to rotate out of high flying semi stocks, they got it from a bloomberg report which indicates the biden administration is considering tightening the news on tech exports to china and that would include foreign companies like dutch chipmaker asml, which is just cratering down 12 and one-third percent that use technology that might have originated in the us. none of that, the biden administration says, should be going to china. flip over to the s&p 500 down about 72 points at the moment chalk full of the biggest of the goliath tech names including

nvidia and apple both as you see getting slammed right now. we've got nvidia down 6.5%. that should be apple but asml holdings is of course the name down 12 and one-third percent but apple i'm just going to quickly check this , weave got it down two and one-third percent, the laggard on the dow jones industrials. not all on the biden report when it comes to tech. taiwan semi which fabricates chips for us companies including nvidia cratering 8% right now after gop presidential candidate donald trump indicated in an interview that he's at-best luke warm about defending taiwan against chinese aggression. as we look at taiwan semi at 171, we should just keep in mind that it has had quite a year. right now for the year, it's still up about 64%. so what about that rotation out of big tech which we are seeing and into the russel? which added 3.5% to the small caps just yesterday, 78 points,

and 10% the previous four days. it's a bit of a retreat here but the russel is the least-worst of the indices that are falling. right now it's down 19 points or just under 1%, so as previously very expensive and over-bought names pullback, maybe ones you wish you had bought, is this sort of an amazon prime day opportunity to get those names on sale or should you wait to the floor show, fs investments says holdup there, killer. better chances are ahead, and phil blancato says so much of market direction still depends on interest rate direction. troy, you're not ready yet. you've got the hand on the button but don't press it? >> yeah, i would relax because what we're going through now is a massive rotation from as you articulated overvalued tech that has tremendous fundamentals, however, to the laggards. most notably the russel which has underperformed dramatically. you think of the numbers since october lows of 22. over 90% versus 20 and half of

that 20% came since july 4, right? so if you're looking to reload or put cash to work, wait until the next earnings because we have more concerns this earnings that the bar has been set so high and there has to be more of a proof of concept on these massive spends that are taking place in a.i., leading to a return on investment, so because its been more of a rotation and not a broader market correction yet and we have concerns about the upcoming earnings, we be patient on using this as an opportunity to reload or for the first time, load up on nvidia. liz: so you're waiting on what we saw back in april where we had that stumble and sell-off but people get nervous, phil. they get nerves and they say well wait a minute. i don't know. it's a scary day, but these opportunities don't come very often. >> they don't. a name like amazon, their prime day is 11% greater than it was last year, already we're not even done with the final sales. liz: yet it's pulling back here.

>> because this is headlines and baby being thrown out with the bath water, they are talking about high double-digit earnings growth, triple digits to double-digit sales growth depending on the area whether it's their cloud computing, their entrepreneurship into a.i. or more importantly what's happening with the consumer business, this company resubmitted an all-time high, looking at a stock to me that's finally priced at a point to get into this thing and sustain it. liz: when you say baby with the bath water it's not just the tech sell-off, it's also amazon on prime day had a little bit of a connectivity issue. i don't know how many of you had to deal with that. as phil sees it, troy, when you're urging caution for the moment about all equities, but not so much very specific regional banks and the regionals have been behaving pretty interestingly here because many are small and mid cap, right? but it's not all of them. it's just some of them because you're shorting the banking index, the kre and yet you are going long, some of the names that you think are going to what

in regional world? >> yeah, so make a long story short just to be clear. we're focused on generating returns that are independent of market movement so typically most of the things we do have some type of hedge component and here, the bigger theme is playing another round of bank consolidation. that's been a mega trend in capital markets for 40 years. there are periods where there's more consolidation than less. we're entering another period like that not only because of the urgent need for smaller banks to constrain costs, and grow their revenue but also there's more regulatory pressure after the recent round of failures, so by pursuing a hedge approach you don't have as much upside if everything goes right but we're targeting somewhere between 8-10% returns over the next year with very little risk of loss, which is what makes this a differentiated strategy. liz: check the dow folks up 209 folks, but phil, you don't look at all names and say forget it. i'm just going with the big ones. you've got a couple small ones

and the one i'd point out is kirby corporation. the market caps about 7 billion, so small to mid cap. it's hitting an all-time high earlier today. it maybe slightly down because the rest of the market is pulling it but what is it about this company? teach people how to pick a mid or small cap name if these are going to rear their heads. >> earnings and cash flow. you look at that company, talking 40% earnings growth this year, 25 next year. their cash flow is incredibly increased year-over-year and best part about they have very little debt so here is how you do this folks, the playbook. when the fed cuts rates where is the majority of support? in mid cap and small cap and less degree large-cap value. the reason why, lower cost of borrowing allow you to make more money. it's very accretive to the economy and the people in it. this company will make a lot of money based on shipping and what happens when the economy starts to expand based on consumer demand? it's easy. a shipping company like this has more demand, make more money and already a balance sheet quite strong so here is why small caps

have done well. lower borrowing costs, higher earnings growth, consumer focus, we know the consumer is still strong. that's why a company like this is good. liz: there is going to be great demand for borrowing i think once the rates go down. phil, troy, great to see you both. folks i'm just checking, almost all of the mag 7 stocks are down. we've got google lower by 1.5% sort of as we say the least worst. tesla is falling, amazon, microsoft, apple as well, so and nvidia of course as we showed you. as the front line soldiers of the a.i. revolution because a lot have gotten a big bump due to the a.i. involvement that they have, well they are nursing their wounds at this hour. one a.i.-related reit has seen its $8 gain earlier this session nearly evaporate. going to tell you who it is in a moment and later billionaire real estate developer jeff green on the potential unintended consequences of the new rent cap proposal president biden just announced right in the middle of a housing shortage. the "clayman countdown" is

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liz: fox business alert. take a look at prologis, and more importantly look at the intraday. its kind of been on a rollercoaster ride after the warehouse-focused real estate investment trust raised its annual earnings outlook for a very specific a.i.-related reason. now, earlier in the session, you see it popped to $129 and change. then it fell all the way back down to about 121. it's right now at 123 at the moment so where is the a.i. part of this? prologis is the world's largest industrial property company serving clients from amazon,

home depot, dhl, walmart, but it's seeing a big boost from data centers and is banking on better demand and strength across the space. there's a huge demand for data centers and this real estate investment trust has a lot of them. spirit airlines ticker symbol save needs saving right now. it is in very poor spirits down 11.25%. shares right now are descending after the budget airline cut second quarter revenue forecasts and projected a wider than expected loss. spirit cited lower-than-expected non-ticket revenue. what does that include, things like bag fees and the fees to pick your own seat. i mean, maybe that's yet another indication that the lower end consumer or the cost conscience consumer is struggling to make ends meet. google-backed software developer gitlab gaining ground on rumors of a potential sale. reuters reports it's working with investment bankers on a sale process. rival data dog reported to be among the parties interested in acquiring the tech firm.

gillab down nearly 20% is gaining 7% at the moment and right now, its market cap stands over 7 billion. data dog, for its part is down 7%. and a four year low for five below. the discount retailer falling 24.5% after cutting its second quarter sales forecast and as analysts fret about a stress lower end consumer and shrinkage meaning stealing, ceo joel anderson will not be the one to fix it. he has stepped down. while five below deals with the c-suite transition the new ceo of a top sneaker brand is off and running and threatening nike. dan sheridan, the ceo of brooks running, is clocking records for the subsidiary of warren buffett hathaway, in a fox business exclusive and you've got to see which us runners at the olympics are wearing brooks and a must-see interview tomorrow, tune in or if you

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liz: fox business alert, and this indicates that there are jitters that are soaking the market at the moment with this fall in the nasdaq of 487 points.

the volatility index, the vix, this is wall street's volatility or fear gauge, is popping now above 14. its been a while since we've seen that, up 9.25% at the moment. it is on track to finish at its highest level since may 30. all right, we've got 40 minutes left before the closing bell finish line, and addidas shares losing speed, the german sportswear maker stock is down 1.6% even though it hiked its full year guidance today for the second time in three months. its preliminary second quarter revenue exceeded expectations, rising 11% year-over-year, thanks to sales of its trendy gazelle sneakers. the company expects full year operating profits of 1.09 billion up from the previous forecast of about 764 million. but it's kind of a sketchy time for big athletic shoe companies who missed the biggest trend that emerged in the past couple of years. running clubs.

for years, nike was the go-to shoe for running but after focusing on limited edition kicks versus advancing their running shoe technology the stock has fallen 32% year-to-date and most recently nike reported a fiscal fourth quarter revenue miss. meanwhile, pure play running shoe company brooks running has been sprinting circles around nike with a keen sense of its core customer. brooks has firmly stayed with its running roots and it is working. the sneaker maker's new ceo just reported first quarter revenues jumped 9% and full year 2,023 sales touched a record 1.2 billion. nice numbers. let's bring them in joining me now in a fox business exclusive, ceo dan sheridan. dan, pretty good for a little company in seattle that i don't know, 2001 you were on the verge of bankruptcy but let's talk about what is actually driving your sales. not so much the product at the moment, but the buyer, the customer. >> liz, thanks for having me. yeah, really exciting times for us here at brooks.

as you said we finished our first quarter record revenue of 9%. this is coming off a year in 2,023 where we had record revenue as well, and it's happening around the world for us. our north america region is seeing high double-digit growth right now and i think it's an indication of this category. the categories incredibly strong, as innovations driving interest but participation as well. we saw it during covid and its been sticky for us, so we're winning. brooks is winning the race right now, in performance run. liz: you've got a 21% market share in a specific category. the adult performance running footwear category. your number one in that category so how do you expand that? what is the next step to either a, getting more people to pick-up running or b, you know, i guess it's the technology where you're able to make a running shoe that makes people feel like they are flying. >> yeah, liz.

you're on it. innovation is the key to growth for us but the beauty of our business is about 80% of our revenue comes out of the us market, so we've got incredible room to grow globally here and we're putting strategies in place to grow throughout asia pacific, and latin america and throughout our european business so to size it up we're number one here in the us. we're two or three around the world and so our opportunity is to expand this brand in the markets where running is popular and the business is there, so we've got a lot of room to grow in the future here. liz: dan, you kind of look at say for example, nike, because your predecessor jim weber and i used to talk about this all the time and he's like we're going to get nike and catch up. well, nike is pretty much trying to be all things to all people. you have stayed very close to a core concept of who your customer is, and therefore, i'd like to know, who that core customer is. is this the casual runner? is this the sprinter whose

competing in high school and how many pairs of shoes do those runners need to go through per year, because this is one of those things where you like things to break down so people buy more. >> yeah, look. this is the beauty of what we do. fundamentally, we believe that anyone that puts one foot in front of the other deserves performance product, and so our product doesn't just speak to the everyday runner. it speaks to the most dedicated runner. it speaks to anyone that wants to move, a walker, the gym and what we saw during covid was participation rates absolutely exploded, so our brands sat right in the middle of that participation explosion and when you have great gear like we do, consistently over time, you're able to win the runner and we've been able to do that. we believe sharp focus on a performance category creates mass appeal and that's what we've been able to do, liz, over a 20 year period. this sharp focus we have is inviting a lot of people into our brand.

liz: and the nitrogen-infused foam does not hurt i would imagine, because you actually have that. you've got a big footprint at the upcoming paris olympics. in fact team usa, a bunch of these people are wearing brooks running shoes and among them you have nin axeakens, and then brandon miller, and josh kerr. these runners are elite, obviously. what does a win, when one of them wins a race, what does that do for sales of these shoes? >> yeah, look. we're bias. we think track and field and the marathon are the best sports to watch at the olympics this year. and these athletes are a great indication of just the work and dedication that they have on their craft, and so we've been investing in this sport for 20-plus years. this is a year where we're getting rewarded with our athletes achievements, and i'll tell you what it does is it doesn't just feed our business. it feeds the sport globally.

we think this is generational. participation booms after an olympic year so it feeds our business but it also really feeds the next 10 years for us. liz: we've got two pairs here on the set. these are new ones the launch 10 and the adrenaline gts-23. the launch is i want to say two grams, this thing is finger light. i'll grab this and show you can literally put it on your finger. it's so light. unbelievable. one quick question though. because you are a wholly-owned subsidiary, is warren buffett in charge at all of interviewing you before you got the job or are you dealing specifically with greg gabel, his replacement, eventual replacement? >> yeah, you know, i've been fortunate over the years to have conversations with warren and obviously greg, and so this transition that went on is one that we've been working on for a couple years so it wasn't

a surprise to anyone, and i have the support of greg. greg and i had great conversations and how fortunate am i to work for a subsidiary of berkshire hathaway and the wisdom of warren. liz: he had enough wisdom to break out brooks from its parent company that berkshire acquired because he saw you as a cash machine. great to see you. thank you very much, dan. >> thanks, liz. liz: we're rooting for your runners in the olympics. dan sheridan of brooks running. there is a glimmer of hope in the housing sector. new data show builders scaled up new projects last month. billionaire real estate entrepreneur jeff green is here in a fox business exclusive to tell us where he sees more hammers swinging on development projects across the nation, and what does he think of president biden's new proposed cap on rent hikes? yeah, rent control across the nation? we'll ask him. the average american now spends nearly 50% on their rent. up until now very little to show

for it until billionaire created built. he became a billionaire after he created it let's make that clear. a first-ever rewards card when you pay rent, you get rewards. it's a great idea but how did he totally upend and disrupt the rent payment business? hear how he did it an entire industry. he just put it all on its head this weeks edition of my everyone talks to liz podcast episode get it on google, apple, spotify, iheartradio wherever you get your podcasts we're coming right back. nasdaq still flagging down 457 points.

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the delivering promises on time, every time, way. liz: folks we've got breaking news from the fiserv forum in milwaukee, wisconsin all a buzz of day three in the republican national convention. in the last hour, ohio senator j.d. vance spoke to a milwaukee crowd ahead off his big keynote speech which is tonight where he's expected to recount his

challenging ohio upbringing as a poor kid and son of a drug addict. netflix is already benefiting from viewers eager to hear this rags to riches story. the film version of his best selling memoire, hillbilly eligy, get this , now racking up, you can't even believe how many streams on netflix, since donald trump announced vance's vp pick monday, netflix viewership has skyrocketed more than 1,100%. so what can voters expect from vance's actual live appearance on the big stage tonight? grady trimble live at the rnc in milwaukee with the latest. grady? reporter: hey, liz. well yeah, senator j.d. vance is a relative political newcomer. he's only been in the senate for about 18 months, so tonight is really an opportunity for him to introduce himself to the american people, and when he does that, we can expect him to share his story. as you mentioned growing up in poverty but then going to yale law school, joining the marine

corps, becoming a best selling author and now, rising to become a us senator and on the gop presidential ticket. we also expect him to kind of tie all of that and discuss how it informs his views today on important issues like inflation, trade, and immigration. >> j.d. vance really is the embodiment of the american dream. growing up in and a l appalachid moving on to the united states senate where his entire campaign was a conversation with ohio voters. he has never forgotten where he came from. he never will. reporter: vance's wife will introduce him and here is a lack at some of the other speakers tonight. governor greg abbott from texas, governor doug burgum from north dakota and donald trump jr.. last night here at the rnc, it was a display of unity from the gop. several of the former president's primary opponents

spoke. florida governor ron desantis went after president biden questioning his age and cognitive ability and we also heard from trump's ex-political rival who stayed in the race the longest former south carolina governor nikki haley. she urged voters who are on the fence about trump to come into the fold. >> you don't have to agree with trump 100% of the time to vote for him. we agree on keeping america strong. >> [applause] >> we agree on keeping america safe. i'm here tonight because we have a country to save. >> [applause] >> and a unified republican party is essential for saving her. reporter: and on the democratic side, the latest politician to call for president biden to bow out of the race is congressman adam schiff and that's noticeable, liz, notable, liz,

because he is running for the senate in california, so he's one of those people who might be worried about president biden candidacy affecting the down ballot races like his. liz? liz: the pressure is increasing. not decreasing on joe biden. grady thank you very much. keep it right here for special coverage of the republican national convention. you can watch j.d. vance accept the gop nomination for vice president along with all the other guest speakers grady just told you about beginning at 7:00 p.m. eastern right here on fox business. as republicans focus on the national convention, president biden is urging con researcher to pass a form of national rent control for some 20 mill apartment units nationwide. at the naacp national convention in las vegas last night he unveiled a plan which gives corporate landlords two options. either agree to cap rent hikes at no more than 5% a year, or forfeit rental property federal tax breaks. housing costs have been an extra

ordinary strain, we know this on american wallets with watchdog accountable.us finding since 2019 rent has increased by 31.4% while wages have only increased 23%. well, this amid a shortage of affordable rental properties could price controls stymie new inventory buildout? real estate mogul jeff greene joins me in a fox business exclusive. jeff owns apartment buildings everywhere, southern california, new york city, new hampshire, massachusetts, and you're building some now, jeff. what's your first reaction to what be the national version of rent control? >> a completely ridiculous idea that makes no sense whatsoever, especially in the general election. it makes no sense at all. in a primary if you're trying to really go after the far left, people who don't know anything about housing, but in a general election when he's trying to appeal to independents and moderates i have no idea why we have such a crazy idea. liz: i actually agree with you.

however i've got to play devils advocate for the moment when he announced it in front of the naacp audience people clapped. many americans are stressed from rising rents and you saw their wages are not rising at the same pace, so what are the negative effects? explain your position here, so the people understand the unintended consequences of rent caps. >> well it's interesting, liz. i have a lot of experience with rent control, because, you know, i basically started in real estate when i was at harvard business school and i bought a home which had rent control and i saw what it was doing. it was causing people to not fix up their properties. there was nothing whatsoever and while i was at harvard business school i was forced behind getting eliminated from summerville and what happened after that was an enormous amount of new development. all these homes got fixed up. rents did not go up, because there was a more supply and then i was in l.a. for many years which has a rent control law

which makes no sense. it froze rents for any apartments built before 1978. so you would have two identical buildings next door to each other. one would have frozen rents that would just only could go up two or 3% a year and the other were market rents and the biggest craziest thing was that from all this is that it was a disproportionally benefited people who were wealthy. we did studies of who were the people in these apartments. it wasn't low income people. low income people were not playing this game. they were not benefiting, and now, i'm in florida. florida we have no rent control whatsoever. apartments are getting over-built. rents are dropping, and you can just see. if you give real estate investors and developers an incentive to go out and create more housing, you will have a tremendous amount of supply and rents will drop. if you do the opposite you could see what's happened with rent control, study after study has shown how ineffective it is. liz: the old expression, if you want less of something, tax it or regulate it, and

this be a version of regulating it. right now, a real estate similar to you, but different in many ways, donald trump is actually walking the floor as we understand it of the rnc convention right now just getting the scope of the area. he will be speaking tomorrow night. you two have been at odds in the past. you ran for governor of florida as a democrat. that said, do you think that he will make things better for builders out there like yourself if he were to become president? >> well look. there's no question that donald trump is pro-business. i'm not saying i don't agree with most of the things he does otherwise, but there's no question that he will get a business. i don't know that's going to be good. look he's cutting the corporate income tax rate to 15%. we have a problem in this country right now of a debt to gdp ratio of 1.2 that's heading towards 1.5. that is unsustainable. so of course he'll make things

great for a year or two but then what happens when the catastrophe. then we have a catastrophe and then what happens is no one will want to buy our bonds anymore. rates will go through the roof. the stocks will drop. real estate prices will drop. so that's got a solution just cutting taxes and having a free for all for people in business. a solution for housing, sorry. liz: if the telemedicines want to win this race, and they have the whole issue of deciding or trying to get joe biden to decide to get out of the race, i mean, you heard about congressman adam schiff running for senate in california. he has come out publicly. the highest-ranking democrat to come out publicly to say joe biden has got to leave the race. in fact when he was unveiling this rent cap thing about 5% caps on rent control, he stumbled and he said $55. it just, it's getting worse and worse and now every time he's in front of a microphone people are waiting to see is he going to make some sort of gaf or show

that he's not quite there as the leader of the greatest free country in the world, so why would the democrats put something like this out there which is so not free market and so unhelpful, especially at a time where we have a housing shortage. >> you know, i just have no answer for that whatsoever. i was shocked, because if anything, let's face it. donald trump when it comes to abortion, you know he's got the nomination he's running for , he's pivoting to the center on abortion and now that joe biden is the nominee, you would think he be pivoting to the center. instead he's moving sharply to the left, with what's really nothing more than a very socialist policy, with price and rent controls. we know it doesn't work. study after study the national multiyear family housing council, you can look up study after study to see that the policy does not work. it will hurt renters long-term

and again i just want to emphasize again. the beneficiaries of these, anyone whose in new york knows. plenty of people are watching the show have friends with these rent stabilized apartments. and look we do have a housing problem. i don't want to minimize the importance of the housing problem but that's solved by vouchers and let's get together as a country, people who legitimately can't afford their rent let's together give them vouchers to help pay their rent and do the things we're doing in florida, which is to promote workforce housing construction. in the state of florida, i'm to the a huge fan of desantis, but however, you just signed a bill that up-zoned every single property in florida if you build 40% of more workforce housing. that's going to create, that's what's going to create housing and get rents to drop. liz: let's hope we see better ideas across the nation. jeff greene, thank you very much we appreciate it and on your screen right now, you do see donald trump so he's standing at the podium.

this is the traditional walk-through that both sides of the aisle have at their respective conventions, and you can see donald trump there. he does still have that bandage on his ear from the stunning and horrific attempt on his life on saturday. it's amazing he's walking around charging around. he probably has been doing a lot of meetings and strategizing no doubt. looks perfectly healthy at the moment from what we can see in the pink here and is he speaking, brad? can we hear what he's saying? do we want to listen? oh, okay so what they do is cut the mic. it's a practice session and they are very clear about when and how the media are allowed to show this. got to be out there and when people can hear it so at the moment we see donald trump there and he will of course take the stage officially tomorrow night with the current market action, okay you see it on your screen. the nasdaq bug down 491 points, but the dow still about to hit a record.

maybe we can put up the big board here because it's gaining 194 points and is still a borise 41, 148. wall street is pricing in, it just is, at the moment, a second donald trump presidency. careful traders and big investors are now worrying about and preparing for the possibility of a democratic win and subsequent market dislocation. this is what charlie gasparino is about to report. that's next on the "clayman countdown." don't go away. (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all...

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traders starting to get a little jittery over what could still be a very close election between donald trump and joe biden. wall street does not do well with surprises. as the market currently prices in a trump when an republican sweep in congress, investors fear possible outcome could massive market dislocations then making precedent for both possibilities? lexus is a really interesting. i've heard from three traders today investor traders and financials of all types they are saying the marketing way ahead of themselves. the convention is not over yet. generally after the convention you get a bump. >> both conventions.

but trump could get a sizable bump and may be put this away, who knows for could not today with the nasdaq. >> if you look at the polls they are alarmingly close if you think trump is going to win and the republicans are going to sweep. let's be clear there is a trade going on sectors doing well of energy, sectors that are not doing well. >> homebuilders are doing well. there are various sectors doing very well. that are theoretically going to benefit from a republican congress spread financials are going to do well because of deep regulation progress a bit coy as i-4 thousand. what's old is doing well, bitcoin as inflation. the long bond there is a trailing off a yield spike on the loan bond. so you put all of that together, at this thing reverses that the really big black swan.

to get the bond market will essentially rally. by the way that could hurt people they're expecting it not to rally and it does rally trade gets put on based on a steepening yield curve. when it gets reversed that is a problem. andso all the sectors. i think right now what i am saying is people are piling into stocks and piling into dj t. the stock of the present social media stock on the notion this thing is over. i am telling you there are some smart traders out there that are crunching numbers and saying not so fast, the polls are tight does not mean joe biden's going to pull it out for joe biden might not be the nominee. he came out today and said the doctor tells me i shouldn't run i might not run. >> of the polls was a poll that shows 66% of people polled believe it was an associated press poll said he should not run. >> is with the black swans are saying 66% size too old to run. yet, if you look at national

polls it's two points or three points. that means a battleground states are within margins that can be overcome. if he switches to kamala harris people might say a younger person, i like her. donald trump has high high negatives. let's be real clear here. he has had an amazing couple of weeks for a lot of reasons which we do not have to go into including joe biden employing himself up in a debate performance. his negatives are still really high. >> that is why it is so close it. >> they both have height negatives. so let's back this up for our viewers who are trying to play this in the market. there is a meme out there from really smart investors saying this market, if you bet it whole hog on a trump victory and a republican sweep could be a black swan event if that does not happen. and it's a good possibility that could happen.

put on your hedges, think about this. this is not over yet. if you're going to throw all your money into dj t stock the next bull comes out shows close, that the volatile stock and that could reverse it. do you know i have seen or treasure bonds have rallied and essentially put wall street firms out of business. i mean this has happened to. >> in >> had a wrong way bet. quick said a wrong way back too. >> and fonts are taking but yields are ticking down slightly. >> if you look at it there's a spike in yields the following. again, we give you the worst case scenario sometimes a plan for the future. this is something that's clearly being spoken about with very sophisticated investors. watch for this black swan. >> good thought, thank you very much. remember folks we talked about the back of the show, and good companies, cash flow, earnings potential come on.

closing bell four minutes away that doubt is a surging higher it is on pace for its third straight record and a route that will be the 22nd record close of the year. nasdaq is a big loser here right now it is down about 492 points. russell low lower by 22 points. transports have also gotten hit at the moment down 218. all right, we are looking by the way when it comes to the nasdaq of it ends down or than to adapt% that will be the worst day for the index since 2 2022. got nasdaq down just 2.6%. in the end we can talk politics all we want for the federal reserve still has a firm's grip on the markets in the direction in which they moved. tomorrow, maybe we will get some direction the there may be a cos or two out there derived from the remarks from a w whole buncf presidents laurie logan mary daly as well as governor michelle bellman variable will end the week comments from fed president john williams of new york and rafael bostic of

atlanta that markets are pricing in nearly one 100% chance of a rate cut in september, countdown closers is not so fast. he shares his pics to bolster your portfolio from what he ise looking at tough times that is when the fed cuts rates. why do you think there will not be a rate cut in september? >> hi it's great to be with you. if you believe the numbers that we get from the government, those are too hot and too strong to be able to cut. we have a big problem in this country of such a divide in income that middle class and below are in a recession for the upper middle class and above are doing just country we have inflation continued to rise and people living paycheck to paycheck and credit card debt well into the gazillions you've got more people in history lending on their credit card and paying the minimum. a rate cut is not going to help

them. the reason they are talking about is there feeling this market trying to get it to continue to go into this election cycle but yet were going to get a cut in march but will get one in june, july, now in september i say no september either. >> are getting very close to 2% target rate on inflation we are around 2.6 that adds favorite inflation gauge. i had always said weren't there so we will get separate rate. but prepare people one of the put in the portfolio? >> alike which are openers that which was to be in good companies that make money. the whole or in buffet. i do like a couple i like energy transfer because i do like the energy trade. i think either way we are going to see a spike in energy prices per. >> right now can i say crude oil this is a big story up 2.6% at the moment. the aftermarket session because inventory has dropped dramatically per thousand surprise drop out weekly inventories, go ahead. >> at the continued to rise the

energy transfer pays and my 7.7% dividend and limited partnership is a great little move for these are inexpensive stocks people can get involved in without trying to overleveraged themselves. i really like the gold fund which is gigi n. for dollar stock pace 8.8%o bean here. i do not want it too risky here because you can still get five and half or 6% on cds because that yield curve has averted. >> is true, great to see a bubba. thank you, here we go a record for the dow a big selloff for the s&p and the nasdaq. we'll see you tomorrow. ♪. larry: hello folks, welcome to kudlow i am larry kudlow. gop unity unfold despite last night here in milwaukee. leading democrats continue to blast away at president biden. arkansas governor sarah sanders will be here in just a couple of moments. first upgrade each rumble has got some o