although i'm more worried about two other things, the system itself that allows able-bodied young men not to work, to chill out and make more money, get more cash and not breaking a sweat, that is huge and it has to stop. my biggest worry, we need a population boom with the constant noise that really goes back to the late 50s early 70s. a lot of books like the population by paul ehrlich, the golden era of doom books of themes from the 1960s the current narratives about the planet, let me tell you something we need to have more kids and that will cure a lot of things. over the taylor riggs she isn't religious claimant. >> have been listening to that and i love the content but you look great and i love your haircut. >> thank you very much. taylor: fox business alert, the last trading week of august will start off with the new dow record. i am taylor riggs and fred liz claman. the dow hit an all-time high,

needs 23 points for a new record close. it would be the 23rd close this year if the bulls can hold off the bears. markets are bracing for key earnings and economic data this week. we have the big chipmaker giant nvidia happening wednesday. the semi conductor etf has investors living up to the ticker. one of my favorites smh, shaking my head, installing out at the 50 day moving average. on the economic front we have the pce inflation report coming friday and ahead of the durable goods orders search today much more than expected in july. coming in 9.9% last month. this is the largest increase since july 2020. let's get right to the floor show, joining me i'm pleased to say semi global investment ceo and cio david hardin and company and founder dan geltrude, great to have both of you. let me start with you david on the markets. are we in the fed waiting mode

to see what's going to happen. >> i think we know what were going to happen i think you're going to cut in september but yeah i think it is waiting. one thing we have is a labor numbers coming out in september. in october they are the worst revisions of the whole year. trusting these numbers is hard to do. taylor: what do you think, we were talking in the commercial break, too much fed speak and were getting over it and tired of it. >> absolutely we have said fatigue at this point because we hang on to every word that jay powell is saying. why should be, the guy has been wrong or late to the party over and over again. if you look at where the numbers are, we should have already lowered rates but he has not. i personally think he still going to be conservative and go at 25 basis points. i think that's a guarantee, could he go 50 at all think he will is a possibility we will have to wait and see. taylor: it because 50 a lot of people say it depends on the

labor market not on inflation and there's a shift in the said and that is the focus. >> i think he's right but the numbers are going to be really hard to trust in september. i really think, like dan, 25 is a guarantee and lockton but the fed is always been behind and conservative. i do not see them when the emergency breakup was discussed i don't see that happening at all. now 50 basis points we do not see either. taylor: when we were talking about the emergency rate cut two or three weeks ago the dow loses a thousand points and you have all these people coming out saying we need to cut we need to cut now and were right back up to new records, the s&p isn't too far off from the record high. where do you find optimism and enthusiasm in the markets. if i been sitting out and now i'm at record highs have i missed my chance to get back in the market? >> i don't think so i think the market will continue to go up. there's a lot of variables, we

have an election coming up, that will bring potentially a lot of changes with tax proposals, economic proposals so we will have to see how that plays out. keep in mind, over $6 trillion sitting in money market funds right now. at some point as the rates come down which they're going to overtime, that money is going to come into the market which will create a lot of opportunities. taylor: does the money for money market going to equity markets or is it a good time to look at the bond market if the fed is cutting the yields fall and bond price goes up or is it an equity market that you're looking out for the future. >> if you look at people's money as a whole the bond market is bigger than the stock market that is for sure but the reality most people probably put that money into equities or look for equities. i don't think it's over i think there's areas that have shined. if you look back from july 14 when things go south for the tech sector, healthcare has taken a fairly well and if you think about utilities nowadays i

would not think of utilities as the utility of today. the utility of today will tell some of who has taken a weight loss drug that they're going to take that away and they will keep taking. healthcare is a new utility. i think there's a lot of room to be made in healthcare and stocks like eli lilly and others. taylor: i would talk about individual stock picks i've been looking at your notes and you like arista not court, explain why. >> i like that, they are disruptive in networking technology. and much to the grand of cisco because they're encroaching on that. this is a great company. they are behind-the-scenes in many ways with the magnificent seven, whether it is meta or amazon. taylor: microsoft. >> alphabet, they are behind-the-scenes, those are customers of arista. i like what they're doing, the market cap being 2018,

8 billion, over 100 billion now. this company has a lot of growth ahead of it read i like it a lot. taylor: you mentioned microsoft as a customer. i know you like microsoft as well, explain why. >> it has high-quality earnings and that's really important when you have the r word on the table with recession out there looming. walk high-quality earnings, high cash flow and if the a.i. does not work out, you have a big great business at microsoft account on. taylor: amazing a good free cash flow. i love having you both, david hardin and dan geltrude we appreciate you being here today. we have breaking news, fighting between israel and the iranian backed military group hezbollah is intensifying today after a massive exchange of airstrikes over the weekend. israeli military called a preemptive attack on hezbollah targets in lebanon on sunday. hezbollah retaliated with hundreds of drones and rockets fired into israel. the increasing tensions have oil

prices trending higher. wti settling up 3.5%, trading right there at $77 a barrel. this is after the market is having traders worry about the conflict. could have bigger impacts on energy market. meanwhile the greek flag oil tanker by the houthis rebels is still on fire in the red sea. the union carrying 42 million gallons of crude oil and opposes an environmental disaster. so far we are hearing there are no leaks that have been detected. for reference remember in 1989 the exxon valdez disaster in alaska dumped 10 million gallons of oil into the prince william sound, the second biggest oil catastrophe in history only behind the 2010 deepwater horizon spill. i'm pleased to say we can do this with fox news jeff hall who joins us now from tel aviv with more on the conflict and what were hearing in the middle east.

>> tensions in the middle east remain extremely high as the region braces itself and watches very closely to see what happens next between israeli forces and hezbollah. at the moment it appears both size held back on this parking into a wider regional conflict. all of this happening as the cease-fire made into negotiation between israel and hamas continue. the latest and massive escalation between israeli forces and hezbollah started early sunday morning local time using 100 fighter jets, israel launched airstrikes into lebanon targeting hezbollah positions, is a preemptive strike after intelligence revealed an attack from his blood was eminent. hezbollah launched hundreds of rockets and drones aimed at israeli military sites. most of those were intercepted by the iron dome as is really military reported milk until little damage but three militants were killed and one israeli soldier. during a televised address

hassan nasrallah as it was completed but caution there could be more strikes. officials in israel issuing a similar warning. [speaking in native tongue] >> we are very determined to degrade has bliss capabilities. eliminating more commanders and denying them assets and capabilities. we are not stopping. hezbollah has other capabilities and the mission is not yet complete. >> high-level talks in cairo, egypt with out a cease-fire this past weekend. u.s. officials have indicated that the latest round was constructive and lower level talks are continuing in the coming days and an effort to bridge the remaining gaps and it appears the main sticking point at the moment is the presence of israeli soldiers in gaza. israel maintains it wants to keep troops along the egypt gaza border because they say that is where hamas is smuggling and weapons and hamas against that

say that israel has gone back on a prior agreement. back to you. taylor: just paul, thank you. it may have been billed as a challenger to amazon the parent company of online marketplace team is up the river without a paddle today. were telling you why the stock seen a record plunge. later republican governor of oklahoma is here to discuss vice president kamala harris economic plans and build rewards founder and ceo to his new deal to help renters cash in on rewards. "the claman countdown" coming right back. ♪

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taylor: we have a fox business alert, take a look at the

holdings thinking off 30% the worst day on record after missing a quarterly revenue. pdd is the parent company of the chinese online retailer temu, shares are at the bottom of the nasdaq, the chinese e-commerce company says reduced consumer spending her business specifically on the domestic platform. sticking with china, chinese electric vehicle maker xpeng hitting the accelerator after the ceo increased his stake in the company, xpeng ceo the equivalent of 3.8 million shares from the 21st of august to the 23rd, right now shares are up almost 8%. meanwhile on the other hand investors of solar edge look to be on edge at this hour, see what we did shares of the solar equipment maker reversing earlier gains are down almost 8%, here at session lows this is after the ceo stepped down

today, the company has begun a search for a new ceo in the interim the former cfo will now act as ceo. the sellers are chipping away at micron technology, shares of the chipmaker are down almost 4% there near the bottom of the s&p 500 after they slashed the price target on the stock all the way from 150 issued to 140, micron stock currently at 98 a little bit of upside. coming up, stuck in space a pair of nasa astronauts will watch as their aircraft returns to earth without them details on the starliner mission and how much longer they must remain on the international space station. i want to remind you to tune into "the big money show", join me brian brenberg, jackie deangelis happens every weekday at 1:00 p.m. eastern only on fox business. we'll be right back.

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clem's not a morning person. or a...people person. but he is an "i can solve this in 4 different ways" person. you need clem. clem needs benefits. work with principal so we can help you with a plan that's right for him. let our expertise round out yours. taylor: listen to this. boeing starliner eight-day mission has turned into eight months. nasa announced it over the weekend that astronauts butch wilmore in sonny williams will remain until february 2025. all due to complications with the spacecraft propulsion

system, but we plans to send the starliner back home to earth sometime next month without the crew, the mission originally launched back in june for a planned eight-day trip but now the astronauts will hitch a ride home with elon musk space exit dragon capsule that will happen next year. please to say we can go live today to marie mcnichol with more on the astronauts that are stranded in space, what are you hearing. >> we know the eight-day mission turned into eight months after weeks of debate nasa decided in the name of safety it was too risky to send the two astronauts back down in the boeing troubled starliner admitted the lingering concerns of helium leaks and problems with the thrusters. butch wilmore and sonni williams have been stuck at the international space station since the beginning of june, now they will come back in spacex capsules in february. >> and think the best news we

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taylor: fox business alert, former president donald trump in the campaign trail in detroit, michigan earlier he spoke with the national guard association to mark the third anniversary of the suicide bombing that killed 13 service members in the chaotic afghanistan withdraw. meanwhile kamala harris campaign announced it raised $82 million to the democratic national convention last week which brings the total amount raised for the harris campaign to $540 million in the last month. this comes after the current vice president announced a housing plan to assist first-time homebuyers. these include tax incentives for developers to build starter homes, $40 billion fund for housing construction, cut red tape, stop wall street from buying homes in bulk and up to $25000 in down payment support for first-time buyers, this is where were going next. the republican governor of oklahoma, who founded in the

gateway the nationwide mortgage company licensed in 42 states and services more than $20 billion in residential mortgages which means you have an acute awareness of the impact of housing policy on homes and on lives and families. you say the policy from kamala harris will remind you of what 2008 financial crisis looks like, why? >> like you said i come from the mortgage business before i was governor, i was a businessman and if you are trying to lower housing prices, the absolute last thing that you do is give every single person $25000 to go by houses. if you increase demand but don't fix the supply-side, prices go up and what you have walz and harris on the democratic ticket who have never been to the private sector. the economic policies are showing that. contrast that with president trump it is very simple what you

need to do to solve the problems you need to get rid of bureaucracy you need to allow more lot development, you need permit reform. right now we take six years longer to permit anything the most the other countries in the world, our european friends at all the different things that takes us too long to do because of the red tape but that's how you bring prices down and you will unleash american economy and innovation. taylor: i want to talk about the demand side of the aspect. were looking at mortgage rates, we know above 7% and they recently dipped one of the last readings we got down to is 6.5% a lot of people say nowhere near the two or 3% mortgage i really have but in increment from seven down to six and a half, does that move the needle on unleashing a wave of demand that we haven't seen in the last few years. >> here is the deal people always graduating from college or moving out and starting families and buying the first

house or buying their dream house in their 40s or downsizing when the kids get out of school. regardless you will have demand for housing, really when prices go up yet to look at the inflation, the spending, what things are costing, the employment issues, the employment law issues and other regulation on companies. those are the things in the supply-side for example all the different supply that were trying to reach shore back into the u.s. that you have to come from other countries. all of those things add to increasing the cost of housing. you really have to look at inflation in the biden here's administration inflation is 20% when trump was in office it was 1.4% when he handed it over to the biden administration. taylor: to fix some of the inflation kamala harris talked about what she is saying price gouging and wanting to instill price controls. i was looking at kroger's latest

earnings report and i think the profit margin were one or 2% last year, they are barely making money which means a higher cost that they are getting passing on to the consumer but not price gouging. how are you thinking about them and what sounds good in an election year versus the impact on companies who have to be faced with what could be serious price controls. >> i think the american people understand how ridiculous that is. i know governor walls were the national governors association together he is a nice guy and i met vice president harris a few times she is a nice lady but when you never worked in the private sector in your whole career is in government, you think that will solve problems. that is the worst thing to do go in until the grocery store chains, you can only charge a 1.99 for milk. what is going to happen at the cost to supply the milk and the farmers and are you going to create another government

program that subsidizes our farms and our delivery and you want government intervention and pricing. this is the absurdity of this side of the aisle that thinks that they can somehow come in and control pricing instead of free-market system that we all know it is called the american dream and free enterprise. taylor: talking about free enterprise. a lot of critics on the trump administration have argued that 10% harrison 50% tariffs don't work except if their use as a negotiating tool with china, reciprocity we call it. is that a good idea? >> nobody was better than bringing people to the table to talk to president trump. if you look back in his administration he was able to bring all of our foes and our friendly allies and people that we worked with around the country around the world to bring them to the negotiating table. he used tariffs in the leverage that he had any major we were

going to protect the workers in america the manufacturing in america you see that coming back to the u.s. and nobody did that better than president trump. taylor: just quickly you talk to voters every day, what are they telling you top of my did this election season? >> i missed the first part of your question. >> you talk to voters every day as current governor. what is top of mind for them in this election season? >> i think it's the economy and when you think about these two resumes for president trump's policies versus president harris and i think american people are tired of the name-calling and i'm not going to defend what kamala harris set at the dnc were trump says that when you get done the policy debate. it is a no-brainer who's going to win this election and he is right on the economy. everything is costing the american consumer more, 20% increase across the board, gas

prices, energy prices, all of this stuff because of the policy of the here's my did administration that are trying to control how you live your life instead of removing regulation and allowing the free market to work. that's what president trump and his economy will do. taylor: we really appreciate you taking time to join us. thank you. >> thank you so much. taylor: as we were hearing not just a homeownership crisis. half of renters spent the third of their income on rent. more than 12 million households in the u.s. than half of their income on rent. this is more than any time in history, renters looking for a break could see that in the form of a wells fargo backed bill reward, as you know the largest loyalty program that allows renters to earn points on the biggest monthly expense, you guessed it, rent. i'm pleased to say the founder and ceo encore jane.

talk to me about this, were talking about how housing is unaffordable for people at this time, how much of a boom has this been to your business. >> housing is the single biggest under biggest expense for most people in the country, built was the first loyalty program that allowed people to get something back to earn rewards on the rental payments every single month. for the first time paying your rent reward you by building your credit history for free with the largest recredit under credit reporting for rental payments. it gives you points and by also paying your rent helps you generate flights to travel the world and hotel stays. it's really exciting over the last year as we've gone from 0 to over $30 billion a year of rent that we are rewarding we set cost of living goes beyond housing and you see the cost of groceries, gas, healthcare, spending in the neighborhood increasing to. we really said how can we expand to become the neighborhood loyalty program as well helping

local merchants reach residents but for residents to get something back on the other cost-of-living items i have. taylor: you mention healthcare, yet i know you have a big announcement a partnership in the healthcare space, walgreens, the neighborhood pharmacy, why. >> healthcare costs continue to soar. when looking at how can we use new technology to rethink that, just to look at the fsa programs that exist today. flex spend hsa fsa can spend up to 40% on everyday healthcare spend on prescription and cough drops but even everyday items like sunscreen or toothpaste. the problem it is so difficult to use so we created the first program where when you shop at your neighborhood pharmacy with walgreens as a built member we will automatically find any items in your purchase that are eligible for fsa and allow you to apply the benefits with one click so you don't have to carry

multiple cards or worry about what item is eligible or not as long as your american express, visa, mastercard, any debit or credit card is linked to your built loyalty account going to neighborhood walgreens you'll save up to 40% automatically. taylor: talk to me about competition, there was an article in the wall street journal that some landlords are offering credit card style incentives. one was a 2% cashback. how do you think and navigate competition. >> we are the loyalty platform we are not a credit card com company. we run all of the payments for over 70 of the hundred largest residential owners and operators across the united states we created the idea of a rewards market and housing. as more banks and players come to participate we are here to support all of it. we work with bank of america to help people earn rewards and wells fargo in american express and i think the idea if you're paying the largest expense on

time you should get rewarded if you paid your rent on time and should build your credit history and a path to homeownership and after the neighborhood loyalty program we should reward you for where you choose to live. if you spend locally and support local restaurants and go to your local pharmacy and grocery stores we can reward you even more. i think that the innovation that were focused on. starting off with the first company to bring points on rent. i think the automatic healthcare savings, $4 billion a year of unused fsa dollars that consumers lose and go back to their employer. we can remove the friction and make automatic. i think that is the key. taylor: have a bone to pick with you. an economic school they taught me that profitability was net income bottom line. i know you top that even a profitability in 2023 which is great but it's not quite income. taylor: amazing talk to me about

the pastor profitability so much in the tech space is growth at any cost what is profitable growth. >> this is mine and my third company you learn this the hard way. i went to the start of journey and made the mistake in my early days of raising the money to her for any entrepreneur do not raise venture capital money until you already got your product market fit. this time around we were able and lucky to sell finance we work for this for almost two and half years before we took any outside capital. that allowed us to get the product right, bring the right partners on board i tell you bringing real estate partners on board, banks on board, rewards partners, it was not easy. by the time that we launched we had a model that allowed us to launch profitably. if you look today we have over 400 million of cash in the bank, we run the business cash profitably net income profitability. taylor: when i say you have

bones to pick you come back and pick my bones, very well done. >> is important and this is a challenge venture capital will throw money. we were very careful not to bring n-uppercase-letter until we have that product market fit. even then strategic partners, whether it was opportunity with the former ceo of american express to bring him on board as not only as an investor but my partner in the chairman of the company has been one of the greatest opportunities i've had. taylor: what is next for built? >> in 2017 i laid out the framework of silicon valley not only a problem with spending a lot of money but i think they forgot what matters to the everyday american. a lot of the election you're seeing this. people don't care about crypto kitties and nft's and all the stuff. you're worried about housing cost, healthcare cost so i lay this out in 2017 and i feel like built has been a chance to tackle those that wanted to time we started with housing we will

do more in healthcare were looking at groceries and gas and transportation. we already have a rideshare program we launched the dining program and were looking at what can we do with student loans, one by one, or question how can we reward the country for their biggest expenses and do that through a neighborhood loyalty program that fosters local spend from residents and local merchants. taylor: we help when you're ready to announce those areas of growth you will choose to do so. we appreciate it. french authorities nabbing the encrypted messaging app telegram, charlie gasparino with more on what the rest could signal to other executives. charlie is breaking it down on "the claman countdown". ♪

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ryan t. writes, "moving is stressful. can you help me take one thing off of my to do list?”

ugh, moving's the worst. with xfinity, you can transfer your internet in just a few taps. just a few easy moves. did somebody say “easy moves”? ♪ ♪ oh no. no, i was talking about moving your internet. this will move the internet. ♪ ♪ ooh, ooh. -let's keep it professional. professional dancers! -ok! stay connected during your move with the best in home wifi. easily transfer your services in the xfinity app. bring on the good stuff. taylor: breaking news today. french media outlet afp, that the detention will be extended to wednesday in france after being detained over the weekend. the leader of the popular encrypted messaging app is being held as investigators look too 12 criminal violations relating to complicity in selling child important if pornography, fraud,

abetting organized crimes. after wednesday they must charge him with a crime. this is sparking worries about free speech and could this be a warning to other ceos. charlie gasparino is here. what is your take? >> speaking to lawyers it is pretty cut and dry. in the u.s. they could not charge this guy because of section 230 of the communications act which essentially is a safe harbor for the platforms themselves, twitter, facebook, instagram. they cannot be liable for the illegal activity on the platform unless they're involved in it. these are platforms under those rules, and thus, musk muck, if there is a drug dealer goes out on twitter is not responsible. other countries there is a whole other story.

the one thing i'm looking at people that look at this kind of stuff, communication lawyers, there is always criticism of mark zuckerberg about stuff that goes on on facebook and instagram. elon musk has attacked zuckerberg for not protecting certain, for not preventing child sex trafficking on instagram. this was a recent tweet that he put out. what stops zuckerberg when he fries to paris from getting arrested in fronds for that if some overzealous prosecutor, you know, comes in, says, no, we don't think you're doing your job? i'm not saying it is going to happen but i'm saying this thing could be applied overseas. they do not have the first amendment protections they have here, nor do they have this thing called section 230 of the communications act which is a pretty strong protection. i will say this though, there has been a debate at least for the as six years in congress

about section 230, whether it should be revoked f that is ever revoked, now twitter is a private company, so you won't see its stock go down but the stock of facebook, and of other portals, google, will certainly get hammered because that opens up the legal liability here in the u.s. in ways that you know, that they don't, these companies don't want to face. it will be a tremendous hit to their stocks. so i mean i think we're going to have a debate about this you know, whether these platforms have any liability for what goes on on them. remember the internet is not, is not governed really. taylor: right. >> there is no governance of the internet, right? you cannot use the internet to do nefarious illegal activities, you, the person using the internet will get hammered, will get charged. it is the same thing here but when you overseas it's a whole other ballgame and you know that

means every ceo of social media company from, what i'm hearing is now, they're, it could be open season. not saying it is going to happen. taylor: right. >> this will be an interesting test case. now the other thing is, we don't know the level of child pornography or drug smuggling that is going on this, no one really there are no charges yet. we don't know exactly what is happening. did he really just thumb his nose at the authorities? usually when twitter gets approached or any social media platform here gets approached by the feds they cooperate. yes, here's, someone is doing something on our platform, we're going to cooperate. sometimes they go out of their way to cooperate. as you recall in the 2020 election, twitter under different management was working hand-in-glove with the fbi, with various elements of the justice department to basically, to throttle stories they thought was russian disinformation,

including the hunter biden laptop story. you don't want that sort of scenario, but usually when they're faced with a subpoena about you know, give us information about drug dealing or kiddie porn on your site they comply. we don't know if, how he thumbed his nose or whether he didn't thumb his nose, we're going to find out but this is going to be a really interesting test case on the legal liability of these platforms. there will be a debate about this. there will be a debate here as well. at least i'm getting from my sources who follow this stuff. back to you. taylor: a great debate and one we'll keep you around to hear from. thank you, great reporting, charlie gasparino. meanwhile closing bell rings in just about six minutes away. markets are mixed to kick off a busy week of economic data. you do have the dow hitting all-time highs. it needs to close just about 23 points higher and we're about 57 points higher to erase and set a

new record but you have the s&p and the nasdaq both a little bit lower today. meanwhile drop storm hone is moving away from hawaii's main islands strengthening to category 1 hurricane yesterday. the national hurricane center issued snags flood warnings, according to power outage.us, 24,000 utility customers were out of power sunday night. that is where the stock pick closer, comes in. $1.6 billion undermanagement. hudson advisor, gus skako. tell me about the pick, generac, right? >> yes it is. we like it. it had done really well during covid as people upgraded their homes. now you're in a period where they worked off a lot of inventory come in, we ended up seeing stagnation. inventory came, doubled levels they needed. they worked that inventory off. we're in another growth space.

taylor: these stocks dowell whether there is rate cut or recession or not? is this a tried and true classic? >> if you building a home there is real imbalance with weather. the storms take out power. you need these types of generating machines. taylor: yeah. >> we think it has a long life. taylor: it was interesting. i was looking through another one of your picks, american express is another one. what's so funny to me we talked about the health of the consumer maybe the lower income consumer not doing very well, but own the amex platform you are holding up well. is that what you like with amex? >> older consumer has more income. they have a lower little of defaults. you're seeing less bad debt. the company actually has a big a.i. presence already. if i'm looking at anything on the a.i. side, people say we don't see it yet. we see it in amex. the even we can talk to it, if you're looking at stuff that is fraudulent, things not normal in terms of tracking they're able to pick it up with a.i.

it actually saved them close to 4 to $500 million. taylor: it is funny you mentioned a.i. i was reading a note from dan ives at wedbush, nvidia for him is the new golden oil in this market because it is a.i. is that what you hear as an invest tore in the company? do your clients say just give me a company with ties to a.i.? you. >> hear that. they don't understand what a.i. will do it. we hear it on the servicing side where you get more efficiency or where information is garnered put together, more concise manner. we heard walmart the other day. they talked about they have 800 million data points where they're able to put it together, put a catalog together in a shorter period of time. less man-hours for them to do that. we're seeing it. not just something a client or customer will see right away. taylor: a few years ago i was talking with a banking analyst. you like goldman sachs for example. i don't care if you're a banking analyst, or care what banks are doing, if banks become a tech company. how banks are testing technology

to be more efficient. do you see that with goldman sachs? >> yes, but we're looking probably at a period where we will have a lot of mergers and acquisitions or funding in terms of the fixed income side. these guys are pretty much one of the keys in terms of that industry. so we're looking at consolidation. we think we're going to have very large companies with scale or have boutiques. little by middle the will get edged away in a whole host of industries. these guys fund it and consolidate. taylor: cream of the crop in terms of financing a lot of m&a activity you see on the horizon. i want to ask you, the most frequently asked question you get from clients and i'm curious if it is there a recession? >> that's correct. we don't see it coming. taylor: really? >> we came out of a earnings season. first couple things, operating margins are at 13% for the industry. that is almost at a record level. the second thing only 6% of all companies that reported earnings, we had 95% of the

industry, i'm sorry, companies in the s&p report, only 6% said there was recession. they noted that, there might be recession. that is one of the lowest levels we've seen in years. in addition we're sieving a pretty decent pickup in revenues. companies are more efficient. that is the 13% margin. that will continue as we move through the next few quarters. taylor: if you don't see a recession, you don't need to get defensive in terms of stocks i like or stocks picking at home, right? >> we're looking at companies with long-term viability, we're looking at interest rates getting cuts. we had a period where services have been really driving thing. we think that is going to pick up again. we're in a pretty good place. just we're in a mid-cycle slowdown. it is still positive. we're not growing at four and 5%. we're growing at three. taylor: that is called deceleration of growth going from five to three. we appreciate it. >> thanks for having me on. taylor: gus, great to have you here in person. cue the fireworks. it is a new record for the dow.

look at that. then the control room puts fireworks up on the screen. s&p, nasdaq lower today. it is marking six sessions. those indices alternated between gains and losses. make sure to tune in tomorrow though. we'll be dissecting new tech in schools. we have samsung. that will be great. as we get to the closing bell. we'll push it forward to larry kudlow. [closing bell rings] who is coming up next. i'm taylor riggs, good to be here for "the claman countdown." good record for the dow, 23rd for this year. ♪. >> hello, folks, welcome to special edition of "kudlow," i'm david asman in for larry kudlow. president biden spoke at the dnc a week ago and has stayed it of the public eye ever since after vacationing in california last week, potus is taking another vacation in delaware as tensions are rising i