now, make no mistake, right. wall street loves the fact that money cascading into this economy. they don't care where it's coming from but the federal government or the federal reserve. the bottom line is when these are open, when they open the spigots, champaign starts to pop on wall street and that's one of the reasons this market has been up. it has nothing to do with the economy. in fact, this economy starts to really really breakdown and the fed has to come to the rescue, all i can say is like the duke brothers, wall street will say turn those machines back on and well, we'll learn officially on friday, that's what they do. right, liz? liz: it was the dukes. it was the dukes. best scene. eddie murphy. love it. so good. charles: turn those machines back on. liz: [laughter] exactly. actually, if you really want a sense of what it felt like to be on the floor of the options exchange, go see that movie. you can't blame the bulls if

they stop for a brief water break here it's kind of precisely what they are doing as you look on the screen after a scorching eight-day run-up. the s&p is barely lower down just about five points. nasdaq is down 26. dow jones industrials lower by 69 and the russel pulling back by 20. now if the s&p does manage to get out a gain and by the way it was in the green slightly earlier for a brief shining moment, the index will notch its longest win streak in close to 20 years. we'll follow it every tick of the way until the closing bell. in the meantime, the winners on a day liked to mean at least for the moment investors are back to rewarding fundamentals things like good earnings, good news. case in point, palo alto networks, the cybersecurity company shares are popping 8.5% leading both the s&p and the nasdaq after the company hiked fiscal 2025 forecasts and announced it's committing an additional half a billion dollars for share repurchases. yeah, that'll push it to the top

there. eli lilly screaming to an all-time high. in fact we'll show you the intraday here because right at the open it popped right there. it's off the highs of the session but the company said trial data show it's obesity drug zepbound, cut developing diabeteses in overweight adults so the stock is off the highs of like $966 and change but still up 3% to 948. it is speaking of diabetes, medtronics day here crushing earnings thanks to breakout sales and its diabetes business which has not been derailed at all by drugs like zepbound and ozempic. coming up ceo jeffrey martha is here on the massive jump in its diabetes segment, but it's kind of tiny. it had a huge move here. how he plans to grow this critical part of the business with new advances that so many people, many of our

viewers, are dealing with right now. those winners look really good but there just aren't enough to overcome this , let's call it mild stock sell-off but is that really something to worry about as investors await federal reserve chairman jay powell's big speech this friday. let's get right to the floor show two big money guys joining me right now, gene goldman, and lead portfolio strategist jack janowit dit dis: nothing n the sell-off raises flags, these are tiny, fractional moves but most of the financials the big ones are down. anything you see that worries you? >> no, and i think coming off of that big run that we've seen over the last couple of days here, it certainly makes plenty of acc sense to take a pause he. perfectly normal as expected. liz: okay as expected so you're calm as ever. what are you, jack, expecting from this friday and i know it's a couple of days away but it's sort of that next point on the calendar that investors are

watching. >> sure, and i think powell probably sticks to the script he's been talking to over the last couple of press conferences coming off the fomc meetings, probably retain that flexibility and really start to talk about maybe more of the dual side of the mandate so to speak, right? we're talking about the labor side of that dual mandate, full employment. i think the inflation side, price stability, is coming into clearer view and we're potentially seeing risks shift back to the labor side with potential for easing labor market and unemployment shifting higher and powell will make note and give an implication we're going to start to see the september rate cut cycle begin in earnest. liz: gene, about two months ago you said you know what? we'll see three interest rate cuts this year and even as many people, including me. i still don't believe it'll be three. i'm saying two, maybe one, because the stock market, not that jay powell says he watches the stock market but the stock market is so close to all-time

highs, and the economy appears to be holding up. inflation is coming down slowly, and yet, we're looking at a tiny sell-off after eight days of run-ups. what do you see as a connection between that and the stock market? >> first of all, liz, thank you for acknowledging the fact that i said three rate cuts and i still believe three rate cuts. the market is excited about potentially four rate cuts, there's a 65% chance we'll have four rate cuts based on market future expectations. we think that's a little too optimistic and this is part of a theme of a big surg in volatility. over-optimistic markets, about fed rate cuts. also you look at the fact that we've had an elevated rise in the stock market. stocks fell dramatically and they surged dramatically. this has created a high-value equation, high expectations, high concentration and then you hadsweave uncertainty and we think the economy is fairly resilient, great news gdp about

2.5% but at the end of the day you can see there is some pressure on lower income households which is going to cause the fed to say we need to cut rates, albeit a little bit each month. 25, 25, 25, and then you add on top of the fact that the economy, the labor market was weak. we saw weak monthly report but we think that was all weather-related. we are going to in our opinion have a gang buster august payroll report that says to the fed, 25 is enough each month. liz: it doesn't look right now that the market is betting on a jumbo-sized rate cut but we shall see and we'll get maybe more clarity on friday. so jack, let's get to those fertile areas of the market, as we have just laid out what the fed may or may not do. this is widely telegraphed and expected, so will there be a sort of sell on the news? do you buy stocks on the run-up ahead of september's rate cut, if that does indeed come to pass, and do you kind of pair some of the profits right before

it? >> you know, i certainly could see one of the buy the rumor sell the fact scenarios unfolding in here, but you know, when you take a step back and look, the economy is still running at a fairly decent clip. you're talking about the fed moving into an easing mode which basically should remain supportive going forward, and i think the bottom line here is this is still a pretty good backdrop for corporate earnings so we might get a little bit of a buy the rumor sell the fact issue here, but i would use that as a chance to put some positions back on here because we think we continue to grind higher into the end of the year, and use it as a buying opportunity if anything. liz: gene, what's interesting right now about say for example, the fifth sell-off which was a couple weeks ago and it was pretty violent, you could say that. we saw volatility spike. meantime volatility is back down below 16. not a bad move up or down. this is pretty amazing that we're right back down to close to where we had been when things were very calm over the past several months but it's almost

as if the market, even if it wanted to correct, cannot, because there's what? 20 plus trillion dollars of money on the sidelines, that investors are just waiting to put to work so when they see a drop-off, like we saw august 5, they pile right in, which is actually the smart thing to do. buy on a dip like that, so do we ever really get around to anything more than a 3% or a 4% move to the downside? >> yeah, and that's a great point and i like jack's comment about buy the rumor sell th the news. we do think a potential correction is in the cards. liz: so what do you buy? >> well what you buy is small and mid cap because when the fed cuts rates you see market breadth widen and we would buy defensive growth, healthcare is great, liquid alternatives as a way to mitigate portfolio volatility. all that together plus treasuries. i mean, treasuries a boring investment. they are a great diversifier. you take all of this together also some value sectors like

financials, industrials look pretty attractive, and again going back to healthcare. think about this. healthcare in the last quarter, this quarter earnings are up 19% year-over-year. if you look at utilities, utilities a beneficiary of lower rates. utility earnings are up 20% year-over-year, and they are indirectly benefiting from the a.i. surg. utilities are beautiful right now. liz: all right and they do pay a nice dividend. great to see you both, gene, jack, next time thank you very much. cleared for takeoff, a major merger in the airline industry finally gets the thumbs up from the department of justice, which has been pretty disinclined to approve any mergers. that's got investors saying aloha to one of the stocks. we'll get you the story and show you the move straight ahead and later, grammy award winning rapper singer songwriter and producer will i am joins us first on fox business here in studio, to tell us how he is using artificial intelligence not just to create his own next

big project but maybe yours too. no matter what business you're in, you will want to see this. "clayman countdown" is coming right back. dow down 64 but as we said it's really not a bad picture at all for the s&p. it's down just about six points. 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 ask smart questions about opportunities like advances in healthcare and how these innovations will create a healthier world tomorrow. better questions. better outcomes. beth wants to get back to eating the food she loves. so she's been thinking about getting dental implants, but the cost seems like it's out of her budget.

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liz: fox business alert investors of hawaiian holdings are saying surf's up, shares are up as well up 11.5% after alaska air group proposed $1.9 billion merger with hawaiian cleared a key review by the us department of justice and this marks a significant milestone in the process to combine the airlines have now filed a transfer application to operate

jointly, which is under review by the us transportation department, but again, this is a key hurdle that alaska has just scaled over. alaska is actually up about a quarter of a percent as well. investors cooling their jets on boeing. shares are dropping 4.6%. right now after the airline manufacturer announced it has to ground its 777x test fleet, following an inspection that found cracks in a key engine mounting structure. the 777x fleet was planned for delivery in 2025 and it's unclear right now how the grounding could impact the delivery timeline. yesterday the federal aviation agency also said it will require inspections of boeing 787 dreamliners following latim airlines mid-air dive that injured 50 passengers. the stock of workhorse, kind of looking like a dog. shares of the commercial ev maker are skidding out of

control down 24.6%. it's below a buck right now. this after the company reported a widening net loss and a drop in revenue for the second quarter. just to give you some perspective, as we like to do here on the "clayman countdown." workhorse reported revenue of 842000 in the second quarter compared with $3.97 million a year earlier. paypal investors getting paid at this hour. that's for sure shares are up 3.7% after jpmorgan hiked at 72 even right now, paypal also expanded its partnership with global fintech platform to offer its guest checkout experience called fast lane in the us. paypal says its fast lane experience reduces checkout time by 32%. turning to a.i., which i'm sure paypal is using a lot of. critics of artificial intelligence fear that it may one-day take over humanity but

one company is using its powers to help humans live a healthier life. the medtronic ceo is here next to tell us how he's using a.i. to detect and treat diseases in the digital age. and we're headed live to the windy city for a preview of day two of the democratic national convention, ahead of the big speech tonight by former president barack obama. more countdown straight ahead.

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liz: breaking news. former president donald trump is holding a campaign event in how el, michigan at this hour these are live pictures. he is discussing crime and safety at the livingston county sheriff's office. trump pledging to return to stop and frisk policies while asking for the death penalty for child rapists and child traffickers. he's making his sixth visit to michigan this year as part of his campaign strategy to counterprogram this weeks democratic national convention in chicago where it is day two of the dnc and it will kickoff in just over three hours. just as polls between trump and vice president kamala harris remain nationally in a dead heat. it comes amid reports the vice president is considering raising the corporate tax rate from 21% to 28%. it had been 35% when donald

trump and the republicans took it down to 21%. madison alworth live in chicago at the dnc with more on what we expect in this evenings session as we get details on harris' economic agenda. madison? reporter: hey, liz. so, welcome to day two of the dnc. they are doing rehearsals behind me now, so you might hear a little of that through this report as they get ready for the big night. one of the big things that will be happening tonight is the ceremonial role call. it's ceremonial because harris and walz have already been virtually voted into their spot as the nominees of the party. but they are still going to do the roll call and delegates get their moment on the mic to have their already cast vote for harris. other things are the obamas showing their support for the vice president with michelle obama and former president barack obama giving

speeches. we expect them to talk about their personal relationship with kamala harris and also, i think we're going to see a lot of obama trying to use his magic, the power he holds within the party to propel her forward as well. harris is actually not going to be physically on stage. she will be in wisconsin at a campaign rally. she's going to be at the exact same location where donald trump accepted his nomi nomination. it is her 7th visit to the state this year and in that campaign something as reporters we want is policy positions and we've gotten very little. we got our first on friday with some economic policy and then again yesterday. what you mentioned we're hearing from her campaign she will likely increase the corporate tax rate to 28% from 21% where it currently sits, if there is disagreement it might need to be approved congress but something to look out for there. another thing happening outside of the center here are more

anti-israel protests so yesterday fox cameras captured chicago police arresting several protesters after they breached an anti-scaling fencing near the united center. this morning crews added additional security to those exact fences in order to avoid a breach today. nlg chicago which is a legal group representing the protesters said that 12 people were arrested yesterday and two on sunday. now, organizers of that protest, they say that 20,000 people marched yesterday and they are expecting the same, if not more today. there's going to be a protest outside the israeli consolate in chicago. so a lot of activity in and outed of the united center. liz? liz: thank you very much, madison alworth and be sure to watch fox business special coverage of all of the speeches at the democratic national convention. it kicks off tonight at 7:00 p.m. eastern time. let's look at eli lilly stock surging to an all-time high after a new trial result shows

its weight loss drug zepbound cut diabetes risk in overweight adults by 94%, and as you see eli lilly jump up about 2.8%. that news is causing some investors to dump their shares in insulin makers and when we say dump, both dexcom and insulat are diving to the bottom of the s&p this hour. they make the omnipod automated insulin delivery system falling 6.9%, dexcom makes glucose monitoring devices down 6.1% but medtronic which you just saw its diabetes device business skyrocket in the most recent quarterly earnings is dodging the record. it has gained 7% since august 1 and medtronic chairman and ceo jeffrey martha is here. so we can dig into, jeff, how you're bucking the trend. what's interesting here is that your diabetes segment is quite small compared to the rest of your business and yet it had

an outsized gain during quarter of 12%. what's selling so well and why? >> well, liz, first of all it's great to be here with you today. especially on a good earnings day. liz: helps. >> it does help, right? we beat on the top and bottom line and raised guidance for the year and the beat was broad based across our different businesses including the diabetes business, which you highlighted which over 12% growth, and the reason we're not getting caught up in the glp-1 drama here is we're treating type 1 insulin type 1 patients who really have a pancreas that just isn't quite working quite right and needs our technology and it is not impacted by a glp-1 so this is more of a genetic issue and our technology, what it does is basically mimic a pancreas and with the advancement of technology whether it be

continuous glucose monitoring and these algorithms that are advanced through deep learning models are really improving the efficacy of the therapy and helping patients and that's driving the growth of our business. liz: does that mean, jeff, as you see such a jump of 12% in that segment that you would allocate some of your capital expenditures for the future, move it from where it was going to go to the diabetes business? >> well i'm sure the diabetes team would love to do more of that. right now in the med tech industry it's a good time to be in med tech. there's a lot of innovation happening across a number of high-growth segments and for us some of the top high-growth segments one is diabetes to your point and we are definitely allocating more capital to diabetes, but also, areas like atrial fibrillation and hypertension, transcatheter heart valves being replaced

without a surgical procedure. these are other high-growth areas that we're allocating capital to, in addition to surgical robots so we've got, you know, it's a good problem to have where we have several high-growth areas that we need to allocate capital to. diabetes just being one of them. liz: you just brought up a-fib. johnson & johnson saying it plans to buy v-wave for about $1.7 billion. they make a device that helps reduce heart failure. the inter atrial shunt system. does that make you a little bit nervous or do you look at this and say we're going to get , i guess what you call tuck-in deals. maybe you will be looking to purchase some that you can tuck into your existing businesses? >> absolutely. look, tuck-in m&a as we call it. these are deals that are really make our existing businesses stronger, whether it's a product you drop into our sales teams bag, or it's an adjacency and there's a lot of that in cardiovascular. just a tremendous amount of innovation going on

cardiovascular. for example, we just talked about a-fib. that right now is our earnings call this morning probably got the most questions around our -- liz: a lot of people suffer from it. >> and the drugs, i was blown away getting ready for the earnings call. i knew the stats but it's even, every time i read them it blows my mind. only one in four americans have their blood pressure under control. that's crazy. despite all these pharmacological solutions people just don't generally take the medicine for side effect reasons, what have you. we have a new procedure coming out. it's fda approved and we're working on reimbursement so we can get broad access to patients around the world, and we made several steps towards that this quarter, but this procedure brings down the blood pressure, doesn't have the side effects of the medicine and we're really excited about it. liz: before we go, jeff, obviously, we led into you with the democratic national convention which is in play at the moment.

there's a talk about corporate taxes, perhaps moving back up to around 28%. that's what kamala harris would like to do. i know you guys domicile in ireland, because when you bought covidien in 2015 you moved that there and ireland's corporate tax rate is something like 12.5% but do you get a sense that that gives you an advantage when it comes to your balance sheet? >> you know, i think there was other reasons for the domicile to ireland but with global minimum tax, taxes are going up to a certain minimum around the world and it's less of an advantage at this point. so where we are on this is i do think whether it's talking about ireland or the us, the innovation is really an economic driver in addition to producing all these great outcomes so i think anything governments can do to work with the corporate world to spaun

this innovation, like i said it's good for patients but it's also great for jobs. the med tech industry, the lions share of the r&d for the world is here in this country in the united states and it produces tremendous amount of jobs, high-paying jobs as well in the tech space, which is something that i think is a policy consideration that whoever wins the white house i hope keeps in mind. liz: well tell the team at medtronic to keep innovating. you're saving lives, making lives better thank you so much, good to see you. thank you, liz, good to see you too. liz: big tech dropping big bucks to get a leg up in the a.i. arms race, now world famous artist will.i.am is using a.i. to amp up his play list. the black eyed peas performer is dropping an a.i. platform today called radio fyi that he says could totally change the way you listen to music, but he's also

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liz: all right we told you yesterday about how advanced micro devices was trying to compete with nvidia. it's such a battle, right? the a.i. chipmaker purchased cloud platform zt systems for $4.9 billion and the stock continues to gain today up about 1.7%. 1.45%. all right, so, when you talk about a.i., it really is everywhere, but radio and a.i., that is a huge story.

it's getting a makeover thanks to grammy award winning artist will.i.am. the black eyed fees member launched a new creative tech company called fyi, and today, unveiled radio fyi. this is an artificial intelligence-infused platform, an app that allows customers to chat with fyi's radio to curate and personalize content. joining me live, first on fox business is the man himself, fyi founder and ceo will.i.am. well, this is like a multi-headed thing. you've got the radio part of it but you also have a business that you are marketing to just about everybody to unleash creativity but let's talk about the radio app first. how does it work? >> so we've simulated the format of a radio station. we have a.i. co-host and you're able to have deep conversations around any subject that you're interested in, realtime information, historical information, and it simulates a radio experience, talks over like a musical bed and then

throws to a curated play list that humans curate and then we build these stations off of projects so you come into fyi, we have our curated partners like earn your leisure for invest in atlanta, they are one of our creative partners, and their radio station is focused on urban finance, getting the community in and around financing so everyday they will keep that station and that project up-to-date and so when you go to invest fest you'll have your station festival/summit and still engage the information they are curating daily. liz: when you say people can communicate with the a.i. radio hosts these are not real people? >> no, no. liz: these are a.i. voices? >> it's all a.i. and our curation as far as the sources that it's getting information for is super thought out, so it keeps it from -- liz: you're not just scraping reddit and some of the crazy websites that don't have quality

information? >> no. we have our partners and our rss feeds, internal journalists to insure that what we're reporting is all factual and every once in a while, it will get it wrong, but that's why we urge everyone to push the a.i., to question it, you know? push it to go out and fetch more. treat it like something that you can trust, but with some type of, you know, precaution. you have to push it. you can't just receive everything as facts in a digital world. liz: can you show it to us? can you test it? >> you or a conversation? liz: the radio. let's try that. >> okay, so pulling up a station now. liz: okay. does it have a name? >> this one is a radio station.

♪ >> hey folks welcome back to fyi radio. you put the i in radio. folks on this beautiful day it's august 20, 2024 and we're just hours away here in atlanta. now, will.i.am i hope you're amped up because this conference is pack a punch from august 23-25 at the georgia world congress center it's nothing short of spectacular, real estate, insurance and estate planning. it's a financial buffet. the industry will be there to drop gems on how to grow your business. liz: can you talk to them? >> so question, what are some of the things, some of the superstar talent as far as banter and fireside chats what are they talking about? >> hey, will.i.am thanks for the great question about banter and fireside chats. the superstar talent is set to

talk about a range of engaging topics during the fireside chats covering everything from investing in entrepreneurship to pop culture and entertainment in a festival-like atmosphere. some discussions dive into government money and taxes. the intriguing world of cryptocurrency as well as stock, real estate, insurance and estate planning, this is all aimed at giving -- >> i'm going to pause it. liz: that is fascinating. that is an a.i.-driven voice. >> uh-huh. howie: .liz: who are your partn? is this self-funded? >> i found the company myself and then on our a round marc benioff came in, mercedes came in. liz: formerly of sprint and t-mobile. >> he did it personally so we have an awesome strategic investing team. we haven't bent to our b round yet and now that we've started from a messenger but messaging

can be anything from music to radio, so we took our architecture and aimed it at curating stations via our project building. liz: the actual fyi app overall is something that anybody can use whether they are in c-suite wanna-bees or people in business putting together projects or artists or songwriters. >> wow. thank you so much, liz. liz: we do our research. >> you did your research. liz: come on this is fox business. this is the "clayman countdown." so give me a sense of how it unleashes creativity and how the average person can do it. is it free? do they just hop on to it? >> right now the app is free. the barrier of entry is super low, as free, and the reason why it helps with creativity. say for example, you're hyper creative like myself. a lot of times you could wear out your friends and family when you always have an idea. calling somebody at 4:00 in the morning, now i have an persona

that's never tired and it could help me fine tune my ideas that i have. i don't need it to come up with an idea. if you are worried about or having not secure with your idea, banter with one of our a.i. personas and help fine tune your marketing plan, your strategy, or your song, your book that you're publishing and have real conversations with them. you could talk for , you could rant and it'll make sense of that and to help you bring your ideas to materialize and strategize around. liz: what i find fascinating is that you are so much more than just a musical artist. you are in business. this is exactly the story we love to tell here, so thank you so much. good luck with it. >> thank you so much liz for having me on here and check out fyi.a.i. check out our radio.fyi, and turn your ideas and materialize them. liz: he went to beverly high and

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liz: solar panel installer sun run is moving down just about 4.6% at this hour. bag on august 7th, let's give you a picture. the stock shot up 10% after the company signed a deal ask tesla's retail electricity business in texas. as part of this deal with tesla electric, texas residents will get paid for sharing energy with power wall batteries. sun run said they will be compensated in the form of annual payments. ceo mary powell rang the the opg bell at the nasdaq, becoming the first clean energy company to

pass one million residential solar companies. she joins us now. mary, this is a business, all we ever hear, it is so tough, commoditized. chinese are dumping cheap solar panels in the u.s., what is the core of this recent success? >> sun run is one of the companies been around for a while. we're a company that uses any kind of adversity to just dig deeper, come out stronger on the other side. we have been over the last couple years dialing up every aspect of our business. we're so excited to hit a million customers. that is a big deal. liz: look at the three month chart, everybody, up over 62% in the past three months. we could argue a million customers, great but when you have a dale with tesla electric like this one, that means some cash flow, would i imagine. can you give us a sense how this deal came together?

>> well tesla has been a really important partner of ours for years. liz: for a long time. >> for a very long time and we are not really a solar company anymore in the sense we pivoted hard to storage. 54% of our customers that we go, that go with sunrun today are getting solar plus storage and we're becoming one of the most powerful distributed power plants in the u.s. that there is full stop. so tesla has been very important. this partnership came as an outgrowth of our partnership. saying how can we bring more value to our texas customers. liz: there is a bump here you get from the solar tax credit. it is known as the investment tax credit. it was increased to 30% in 2022, thanks to the inflation reduction act. if that were suddenly pulled out from under you, you never know who will win the election, republicans are not fans of the deal deal and its form, et cetera, can you continue on

this trajectory? >> let's remember president trump signed the extension of the i itc when he was president. liz: he did. >> one thing important to realize americans love residential solar energy, in fact it polls remarkably well over across party lines. at the end of the day i bringing customers for the opportunity for energy independence, stability. store their own energy. liz: turning peoples homes into their own mini utility company. >> 100%. what is more american than independence. we're selling energy independence. that is what we're bringing, so yes, all of the parts and components are important in lowering the price to consumers but let's also remember, utility rates are going up and nobody sees any end in sight to that i certain live don't. i was a utility ceo for 12 years. it is part of why i fell in love with i believe doctored --

distributed energy. i saw no see solution in sight to a resolution and to bring down the price of the grid. liz: i never had a guest that loved -- data center picture, i have to ask you about this. data center usage of energy is voluminous, it is sucking so much off the grid. >> yep. liz: you do have companies like smci, super micro wanting to do it in a very greenway, et cetera, are you grabbing any portion of that business? >> there are definitely folks reaching out to us. many of them want to do it in a way that is greener and cleaner what we did with tesla in texas, what sunrun is doing all over the country delivering energy back to the grid, utilities need it. a.i. is i have drive up demand. home induction stoves, heat

pumps for heating and cooling your home. all those things are driving up load. we have a solution to help the utilities, and help the grid. liz: mary this is a great stock story. this is a great american corporate story. a great leadership store. thank you very much. >> thank you, always awesome to chat with you. liz: we'll watch it. this is a tough business, we know. you have to come back and we'll follow it. >> absolutely. liz: thanks so much. closing bell five minutes away, dow on pace to 123457 a five session win streak. s&p, nasdaq are cooling off after eight straight days of gains. if the nasdaq were down 11 points were able to eke into positive territory even by a fraction that would be the ninth day of the streak and the longest streak in 20 years, not bad. 470 companies in the s&p 500, i know, they need to change the name, s&p 470 doesn't sound as chic, 470 reported second quarter results out which have 79% beaten eps estimates.

59% have beaten revenue estimates. so what does this mean for the third quarter, the quarter we're in right now? joining us now with 3.9 billion in assets under management, verdict done capital advisor cio. meghan, we had some real earnings stories today that drove stocks in the market like palo alto networks and medtronics. what do you see for this third quarter in the aggregate? >> what we've seen we're finally getting some downgrades in earnings estimates. that's what we've been waiting to see because i think earnings for this full calendar year but for 2025 are a bit too elevated given the fact the economy is really slowing. we're seeing that. you think you will have to see some of these earnings estimates come down. we're finally seeing a little bit of it in the third quarter. i think you'll see fourth quarter and full calendar year of next year those earnings estimates come down.

liz: what is driving that move southward? we had great quarters over and over again and it is pretty impressive that the s&p five earnings will still look pretty darn healthy for this quarter where they have been reporting but are you concerned with anything that you've seen that means that the slowdown maybe becomes a bit more pronounced? >> i think you heard it from some of the retailers. we're seeing that the consumer is getting fatigued. that is problem for the gdp the consumer makes up a majority of the gdp. i think 2025 will be a very challenging year. first half of this year we weren't seeing economic growth slow down. we had resiliency in the economic backdrop. we're starting to see some numbers that are pretty weak. taking retail sales number into account last week, a lot had to do with autos. when you look at some of the discretionary spending, we're seeing the consumer just running out of steam here. credit card debt at a record high. rates are high. i think consumer will lead this

slow down as we go into the rest of this year and 2025. liz: walmart notwithstanding, we did have the see i don't john rainy this week they have a pretty good outlook for the rest of the year, retailers what do you avoid and what do you find is the best place to park the money. >> absolutely you want to look at places like walmart. look at wholesaler, discount retailers. you want to stay away from broad, luxury consumer discretionary. look at consumer staples. we prefer that over discretionary. we avoid tech. we think the run-up is way too fast. we're back where we were a few weeks ago with the pullback in the market. instead of looking at companies with technology developing produce, a.i. perhaps look at companies that will benefit from it or those sectors whether it is industrials, health care, even utilities because it uses so much electricity. there is always financial

services. these are the ones that will benefit from a.i. in the long run. that is where we focus right now, not the actual ones developing the a.i. liz: so that's a big statement. to say maybe not the direct technology that has the claws right into the heart of this development but go to the companies that will be the beneficiaries. meghan, thanks very much for joining us, giving us your perspective. what a show, you guys. yes, revved on the screen. a bit of a pullback here. dow looks to close down 60 points. [closing bell rings] s&p won't make it nine in a row of wins. nasdaq down 60 points. that will do it for us. we can't wait to see you guys tomorrow once again. that's it for us. "kudlow"'s next. ♪. david: hello, folks, welcome to a special edition of "kudlow," i'm as man for