participate. i do think we're in for some volatility as bonds trend a little higher. charles: folks, buckle up, but if you have the nerve, you will make a lot of money, according to michael lee, particularly in these tech names and chip names. by the way, i agree. oversold. see you again soon, mike. meanwhile, liz claman, over to you. liz: charles, we need to tell our viewers that right now we're seeing a major escalation of violence in the middle east at this hour that is, i am sure, adding to what's happening with the volatility index. you're looking at a live picture of gaza city. equally as important is the fact that we do have hamas, reports of hamas firing rockets into tel aviv. gaza city, of course, is where israel had fired off new airstrikes, hitting the high-rise home of a hamas field commander and two border tunnels. hamas has fired some 1 is 30 rockets -- 130 rockets at tel

aviv as the tensions there escalate. so lets us look at the vix. this is wall street's fear gauge, spiking to its highest level since march 8th. it has moderated slightly, but we're looking at it at 21.38, jumping 8.75% as multiple headlines hit the tape. we're heading into this final hour. markets are, we should say, well off their lows, but the dow is down 459 points, the nasdaq gapped down at the open, was as low as a loss of 294, but then at 1:27 p.m. eastern time, it popped into positive territory. right now it's gone back down, but just by 18 points. you can see the s&p 500 also struggling at this moment, so we're watching all of this, a broad-based selloff. the energy sector still tumbling as that fallout over the colonial pipeline hack hits home. gas stations in some southern, eastern seaboard states are

running dry at this hour. airlines are adding refueling stops. we are going to have the story on the ground and how it's the impacting the markets with jpmorgan chase's chief global strategist david kelly. and it isn't just the pipelines and pumps. every company, many stocks you own, have a presence in the cloud. we've got the ceo of the landlord of server farms for the looks of zoom -- likes of zoom, verizon, cisco. he's here to tell the us how he's keeping the hackers away from his 1500 server centers. plus, looking like hollywood fluff for jessica alba's honest company. we're going. to show you the key level her newly publicly-traded company has just fallen before of. but first, the energy secretary, jennifer granholm, appeared at the white house press briefing saying shes has spoken to the colonial pipeline ceo, and the company hopes to have a decision -- okay, this was interesting verbiage -- a

decision about restarting the massive fuel pipeline tomorrow. a decision. but it did come with a warning. it is much more difficult than simply flipping a witch with. it could take some time -- a switch. it could take some time to restart because this colonial pipeline has never been thrown offline before. some states impacted by the gasoline shortage are feeling a supply crunch and will, could be worse and worse until it's fully operational. gasbuddy reporting that 7% of virginia gasoline stations are out of gas right now. north carolinas has declared a state of emergency as it prepares for gas shortages, and airlines are now rerouteing planes to make refueling stops. jonathan serrie life in atlanta -- live in atlanta at a gas station. georgia is feeling the effect as well. energy secretary warning people not to hoard. what have you seen there? >> reporter: yes. in fact, we're hearing the same thing not only from our governor in georgia, but also the governor of alabama next door,

urging residents not to hoard gasoline, only to gas up if your tank the actually needs it because there's also a psychological factor that's creating these temporary shortages. here at this quick trip gas station when we arrived this morning, they were already out of premium and mid grade, and within an hour of our alyle, they ran out of regular unleaded. people waiting for a ply truck to come and re-- supply truck to come and refill these tanks. >> i didn't with even know about it until i pulled up, and they said there was no gas here. [laughter] >> the fact that we can be hacked is concerning. >> reporter: elsewhere in the metro atlanta area, this gas station closed temporarily. georgia governor brian kemp has signed an executive order waiving fuel taxes through saturday as increased demand is expected to drive up prices for trickling supply. and aaa says you can expect gas prices to increase an additional 3-7 cent ares this week.

>> this doesn't mean that every station on the east coast is going to be out of fuel. there are procedures being put in place right now so that we can make sure we have deliveries being made as the pipeline is down. >> reporter: social media posts show long lines leading up to several gas stations in north carolina including this one in asheville. the colonial pipeline tends to keep fuel prices lower for the communities it serves when it's running, in addition to transporting multiple grades of gasoline, colonial pipeline carries jet fuel american airlines has added stops to some of its long haul routes. colonial pipeline provides about 45% of the east coast's fuel needs, and so any disruption to the flow of fuel on this pipeline has an impact on consumers. back to you. liz: yeah. it's an impact, it's an earthquake, and then we're feeling the aftershocks at the

moment. jonathan serrie, thank you very much. so just how much of what we're seeing regarding this two-day selloff in the markets has to do with, a, the colonial pipeline hack, b, what's going on in the middle east right now? we've got a hail of rockets coming in at tel aviv right now from the gaza strip. and then, of course, we've got very high multiples for so many of the big tech names that are selling off. right now as we look at the dow, it's losing 477 points. take a look at the nasdaq. it's the nasdaq that yesterday had the 400-point selloff. but you know what? we're looking at a nasdaq that's trying to get back into the green. let's bring in david kelly, jpmorgan chief global strategist. the global part in your title is really important right now. give me your impression on what is really impacting the markets knowing that we do -- and we've got this lye shot focus -- live shot focused on gaza and tel aviv, plus the selloff that we saw yesterday. >> yeah. so what's going on, obviously,

in israel and the gaza strip, it's obviously, very tragic for the people there. but i think it's important when you think about the middle east to recognize those things which are important as a human tragedy and those things which affect global oil markets. and, you know, if this was a problem with iran, if this was a problem with saudi arabia, a problem in the persian gulf, all those things could have significant impacts on global oil supply. but the, you know, never-ending9 battle between israel and the palestinians doesn't really -- unless other nations in the region try to, you know, use their economic power as a result of that as hay did back in the 1970s. but nobody's, there's nobody saying that right now. and if you looked at oil markets themselves, they really haven't moved. in fact, they haven't muched that much in response to the colonial pipelinish -- pipeline issue. they're both interesting and somewhat alarming stories, but i don't think that's what's moving

markets. liz: yeah. you know, obviously, israel has in the last several months established relations with somalia, with baa rape, with the u -- bahrain, with the uae, so it'll be interesting to see. at the moment, it looks like it's between the two reams. nasdaq well off -- two regions. tell me why we're seeing such a significant tech selloff. i had felt that we really don't know the real value of many of these stocks because the fed has been in there pumping up all the spending and all the excitement. but, you know, is this a time to transition to value stocks, and is that too late? >> no, i think it still is time the, i think there's plenty of time. so when you look at, you know, year to date, you know, value is beating growth by about 14 percentage points which is very significant outperformance this

year for value. but it's still, if you go back over the last 25 years, value is still very cheap relative to growth. you know, if you look at valuations. what's happened is it's very easy money that's helped with high pe stocks because they're supposed to be discounting earnings for decades into the future. when interest rates begin to move up, that's when those valuations are called into question. so i think what's going on, rates are beginning to move up. they have not moved up as much as they will, but i think the fear the rates are going to rise some more and the realization that growth stocks are due for a significant correction, i think that's really what's going op here. and, of course, in that context the jobs report which showed an absolute record high number of job openings at the start of -- at the end of march, i think, is porn. says that we've got excess demand for labor that's going to push up wages, inflation, interest rates. so all that, i think, is hurting

growth stocks at this time. liz: okay. we are cycling through some of the growth stocks here. kathy woods' ark innovations saw 20% for the end of the year, yesterday had a rough day k down about 5%. at the moment we're looking at some of her holdings, and right now ark, which had been down earlier, is moving higher. what does this say about the big tech, high growth, super-hot names in and would you advise people to still be picking them up when there are days where they've sold off and gotten a little cheaper? >> i think there's some amazing companies out there. and if you can find an amazing company in which the stock is priced at some reasonable level, then go for it. i think in the long run there will be plenty of technological innovation. i think the decade ahead going to be one of investment, more r&d, it's going to be a technology decade. but the prices on a lot of this

stuff are just insane, and that's the problem. you have to be able to sit down with a spread sheet9 and in some basis figure out how this company's going to earn enough cash over the next 10, 20, 30 years to justify its current price. and i think that's the problem. and, obvious, you can justify almost anything when interest rates are zero, but if you believed that the days of zero interest rates are fast dwindling and interest rates are going to move back to more normal levels, that's going to be a problem for the most expensive stocks. liz: well, we know a lot of those hot names have gotten super expensive. david, good advice. thank you very much, david kelly of jpmorgan. all right, tech, we do have the yolo economy in full effect, but companies are saying, you know what? we're going to fight to get people back to work as job openings now hit a record 8.1 million. the creative lures some are using to bait and hook new

employees and the ones they want back. post-pandemic. closing bell ringing in 49 minutes. dow jones industrials down about 500 points at the moment. it's a rough day for the transports as well, down 221. we're coming right back. ♪ ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned.

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♪ ♪ liz: as if free burritos weren't enticing enough, because that would do it for me -- [laughter] as it scrambles to recruit 20,000 new workers across the country, chipotle mexican grill is offering enhanced benefits, wage increases ands has introduced employee referral bonuses of $200 for crew members and $750 for apprentices or general managers. post-pandemic they're not the only ones dangling carrots to lure back in or retain desperately needed workers. amazon is bumping up hourly wages. taco bell is giving paid family leave to company store managers, and some are offering $250 hiring bonuses. now states are getting in on the carrot action. gerri willis is outside the

metro north train station in stanford, connecticut. what's connecticut doing? >> reporter: well, connecticut is going to offer a lot of goodies. let me tell you, these state government officials, they really have two options -- the air ott, as you say -- carrot, as you say, or the stick. yesterday the governor announced they're offering sticks, pulling back on federal dollars used to enhance state unemployment checks. the north dakota governor is saying programs that were meant to supplement state benefits and provide short-term relief, and these programs have accomplished their goals, but they're now counterproductive. why counterproductive? well, north dakota has some 16,000 job openings, jobs that can't be filled. now, i mentioned alabama before. the same thing is going on there. they're pulling back on those federal dollars. they're not going to bolster those state unemployment checks. but that's not happening

everywhere. in fact, we are in stanford, connecticut, you are correct. i want you to hear about these new programs. listen. >> a lot of people were displaced during covid from their jobs, and this allows them to coback and -- go back and get retrained either in a nine week program or a year long program. but the childcare's available a year at a time. >> reporter: and so connecticut offering three, these are federally-funded programs funded by the pandemic relief act. 120 million to stabilize childcare facilities, 50 million for childcare for parents who are getting retrained for new jobs and 26 million to help middle class families pay for childcare. so a lot of money to childcare. and as i send it back to you, liz, just one thing i would note here, montana and idaho, those two states are actually giving out checks, bonuses, cash to

people who get jobs. is giving out a one-time check of $1500 to folks who are able to land a job working 30 hours or more a week. liz, back to you. [laughter] liz: and new jersey's giving beer? [laughter] new jersey's giving beer. unbelievable. [laughter] some people would actually like that more than money. gerri, great to see you. thank you very much. states are piling in. folks, the jobs are there, they want you working. well, it worked on the day it went public last week, but jessica alba's fame not enough to keep investors piling into the honest company which she cofounded. on this fourth straight day of losses, shares have now fallen below their $16 ipo price. right now the honest company losing 7.8%. it stands at $15.36. star power more than enough for pink whitney. up next, top sports podcaster ryan whitney, hockey man exe

stroard their, is here on the secret ask to his new beverage business success and his boss, barstool sports' ceo, on why she couldn't wait to team up with the former nhl star. what does pink have to do with hockey players? oh, you'll know. closing bell ringing in 40 minutes. we have the dow down 456 points. stay tuned, we're coming right back. ♪♪, or real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.

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...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. liz: we've got a fox business alert. roblox for the win on a rough day for the overall markets. the pandemic rush still in full effect for the create your own video gaming platform. revenue doubled in the first quarter on very strong gaming demand, shares taking things to a whole new level. up 20%. right now the sales blow is bringing the shares to $76.98.

a beat on revenue estimates also sending palantir into overdrive this hour. the big data giant up 8, well, call it 9% right now just as i watched it, it switched to 9%. shares are set to break a 10-day losing streak. right now it's at $20.11. the wall street bets favorite announcing it's the wading into the crypto sphere saying it will now accept bitcoin as payment from clients and is also considering investing in cryptocurrencies. in the meantime, the news of yet another crypto adopter not of enough to overshadow results from miner marathon digital. shares are slipping after missing revenue estimate in the first quarter. the bad nude leading to -- news leading to a mixed bag for the crypto sector overall. silver gate capital is on the move. riot and coin job base as well. marathon -- coinbase as well. we've got copy baste actually moving higher, up 3.25.

silver gate down 2%. not a great day at all for virgin galactic, but it started to turn around in this final hour, this is why you have to watch "the claman countdown," because it's not how stocks open, it's how they close. after a less than tell lahr start, virgin galactic is up 1% at the moment after an update which included more delays for test flights of its space tourism jets cratered investors' spirits this morning. shares gaining momentum right now. okay, speaking of momentum, talk about momentum, the montreal canadiens. i have a very fair question for you guys, how do you win even after you lost? well, ask the people of montreal and in quebec, right? the montreal canadiens lost in overtime last night to the ed moneyton oilers -- edmonton but

managed to grab a playoff berth. players and fans may be celebrating with champagne, beer or a pink whitney maybe? what what is that? the new amsterdam vodka and pink lemonade combo has become the best selling flavored vod a ca in -- vodka in north america. of it's really quite new. and get this, it was inventedded after the host of the number one hockey podcast in the world cracked a joke during an ad read. the podcast, spitting chiclets on barstool sports. former nhl star ryan whitney is here to talk hockey, girlty-man vodka, right, and all things barstool. and, speaking of which, erica far dinny joins us now. great to see you both. ryan, first, i wouldn't necessarily kuwait pink lemonade

and vodka with smash mouth hockey, but that's how you like it, right? i mean, what was the light lighb moment where it went from your drink to an actual let's make this a brand discussion? >> well, first off, liz, thank you for having me on. i got that tell ya -- gotta tell ya, former nhl star, not necessarily the case. but i appreciate you. back to pink whitney, the podcast began, and we had an amazing partner. new amsterdam vodka came in and the first time that they were advertising the as our main sponsor. they asked us to just organically discussed vodka and your favorite ways to by drink it. and one of my hosts, paul, he says vodka soda, and another guy said vodka red bull because he's from the north shore, and another guy said vodka on the rocks because he's, you know, got a pet squirrel. so i know that sounds crazy -- [laughter] i said, i said, you guys, i

gotta tell you, pink lemonade was my favorite drink growing up. now, i love it. that's why you say it was a joke, it really wasn't. that's my drink. and the next thing you know over the next 2-3 weeks, we're getting hundreds of pictures pink whitney. id had given a brand at the time, no -- [inaudible] over time i said this is getting crazy. my podcast partner paul said why don't we we try to make our own drink, new amsterdam. and i said there's no way somebody would buy a drink with my name on it, i'm a pigeon. [laughter] he said, i don't know, man. no joke, crazy. on the way to a halloween party, pink whitney, people love the pink lemonade in vodka. she said, why don't you make a drink? i said, oh, my god, let's give it a go. it was real. it's crazy. and it's because of barstool and new amsterdam.

it's a crazy story. liz: well, let's talk about barstool and your role in this, erica. so suddenly this is becoming a thing. you have actually, under your leadership, turned bar toole not just into -- barstool not just into a media, well, it's really growing with you in charge as ceo, but suddenly into consumer products. how did this really turn into what has almost overtaken tito's handmade which was the top selling vodka? tell me how you did it and why. what is the end game here? >> yeah. you know, ryan has it exactly rights which this is how ryan likes his vodka. we coined it pink whitney, we trademarked the brand. new amsterdam vodka were incredible partners in bringing it to life, and i think what we do different from anyone is we talk about things the way real people talk about them. we have an awesome community of hockey fans and beyond.

we have legions of -- who understand what we're trying to do and want to be a part of that. and what i really believe is that we cannot only are have a great tasting product, we can put it into market, we can make it fun to drink. you can drink it alongside of us. and that's really what barstool sports does. we bring ideas and brands and concepts to life. they may be on the internet and now they may be products. and this is really just the beginning for us. we are so excited about the success of pink whitney. it will become a brand. i think it's growing welch beyond hockey, and this is just the beginning of what we'll doe in this space and beyond. liz: well, beyond hockey and beyond pink whitney, you've got the nonalcoholic mixes already. has there ever been sort of a media property and consumer branding company all in one,

which is really what you've done. do you want to become the -- take over, i don't know, the constellation brands? are names that would love to have pink whitney. and ryan, i'm sure. but, again, you've got the media piece of this. how far does this go? >> everybody wants ryan. [laughter] i think there's no end to where it can go. i think what's broken right now is there's so many products, there's so many places to advertise, and nothing is really differentiated. and what we do is we make things fun. we bring our fans, we make our fans part of the experience. if our fans hadn't sent thousands of pics of pink whitney, we would have never made it. we knew they wanted it, and so we will do this in, you know, bars and restaurants. we will do this in other packagessed goods. we will do this in other beverages. and the reason is we understand what young people like. we can make it for them.

we can make it fun, and we can make it something that they can be a part of. liz: ryan, you've got to tell me, i mean, you have the midas touch? first of all, let's go back to your podcast. you put out one tweet, i think i want to do a podcast, hey, you want to be my butted canty on -- buddy on this? you now have the number one hockey podcast on planet earth. it's amazing x. and now you said, oh, i like pink lemonade and vodka. are you going into perfumes? colognes? >> no, no, no -- [laughter] >> a possibility. >> the first time sidty crosby and -- gave me a contract i didn't deserve. without barstool sports, we would have never become what we are now, and we were able to partner up with them.

boom, you have this built-in audience. every day i really kind of pinch because because we love talking about hockey. we certainly don't know everything, but we enjoy talking about and interviewing our buddies and old teammates. what it's become now i never would have ever imagined. i'm very grateful for barstool and all the guys i do the show with, because they're the best. team game. liz: it's great to see you guys. listen, thank you for coming on, and is we're watching it very closely are. sports, business of sports. ryan, erica, see you in connection time. please come back, thank you. >> thanks, liz. >> thanks a lot, liz. liz: anytime. good to see you guys. the hack attack against colonial pipeline, yet another major and loud wake-up call for businesses to protect their i.t. infrastructure. what we're going to do next is take you into the bowels of one of the largest data server hotel companies to see how its ceo is

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♪♪ liz: as the biden administration feverishly prepares to fire off an executive order strengthening u.s. cyber defense after the colonial pipeline ransomware and, you know, in the past the solarwinds hack, there is one company that's been in a constant state of setting the alarm systems on its data centers. equinex has 500 football fields with more than 10,000 customers spanning the globe including tech giants like amazon, cisco,

zoom, netflix. it goes on and on. tencent cloud. i mean, what is the tech clients -- what is the tech client doing in the wake of this ransomware attack? in a fox business education collusive, let's bring in -- exclusive, let's bring in ceo charles meyers. there were more than two dozen other victims in the ransomware attack. your operations span the globe. were there any attempts that you saw to compromise your digital infrastructure relate9 to that -- related to that ransomware attack? >> we have not seen that. we haven't had feedback from our customers directly, but we're in close coordination all the time about their security posture both physical security in terms of their infrastructure at our facilities as well as their cybersecurity posture. liz: it's been a few days, so now a lot of people can, hopefully, try and figure out what's going on. as we understand it, the hackers

used u.s.-based receiver everybodies -- servers. what is the state of our cyber defense in this country? >> well, i think it's absolutely an area that needs continued focus and investment, you know? i think the pipeline hack highlights, you know, the growing interdependence between our physical world and the digital world and the importance that really every company has to place on thinking about the resilience, the security and the sustainability of their infrastructure. and we've invested billions of dollars delivering piece of mind to our -- peace of mind to our customers, and our platform is a key piece as companies are adapting to the increasingly digital world. liz: can you give us a little granularity about what you guys do? when i think of these server farms or what you guys do which is offer up the actual data

centers, i think of that scene in silicon valley on hbo where one of the kids loses his fancy office, and they put him down in the basement. you guys have the blue lights, it's very cool, but what can you do beyond what you are already doing? >> sure. well, you know what i say is some of the world's most important digital assets live inside a platform, as you said, 200 plus data centers, over 6 million square feet a across 60 planters around the world -- markets around the world, so we've got responsibility for assets that are central to how our world and economy works. and as i said, we've invested a lot in that. cybersecurity's a top priority for all of our customers. we provide five different layers of security to insure that access to those, you know, infrastructure assets is absolutely limited to the people who are authorized to have that. and then our customers augment that with a level of

cybersecurity, you know, investment that they can draw from a really experhapsive ecosystem of -- expansive ecosystem of services within our facilities. liz: can you give me a sense of, you know, what this past year has been like? i understand there was record demand for data servers because everybody was tuck at home. technology was on fast forward when it came to the dingty of work, play and just living. >> yeah, no doubt. as i have told people, the overall demand backdrop for digital infrastructure is as strong as i've seen it in the 25 plus years i've been around the sector. data's being created, moved, anized, stored at an accelerating rate, and it's really fueling unprecedented demand for digital infrastructure. you know, it's interesting, you've heard people say data's the new oil, and particularly relevant given this week's events. i think there's -- liz: charles meyers, ceo of

equinix, thank you very much. i'm sure your background in verisign certainly helped. they definitely need security too just like so many companies now. everybody's got the digital brand and the degeneratival effort. good to see you -- digital effort. good to see you. >> thanks, liz, appreciate it. liz: l brands about to let its victoria's secret e angels fly off. we've got details of its sudden spin-off and the story the behind the sugar rush. on my latest episode of everyone talks to liz, the founder and ceo of baked by melissa talks how she hit the sweet spot with her tiny cupcakes. the day she got fired from her 9 to 5 corporate job was the day she baked a bunch of cupcakes, and then her brother said you ought to make a business out of this. less than 24 hours later, she was in the works of making baked by melissa. today it's a colorful cupcake empire, but it was not without a

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♪♪ liz: l brands may love the look, but its investors see the company's latest move as a wardrobe malfunction. shares of the retail giant are getting dressed down on its decision to spin off victoria's secret versus an outright sale of the company. they didn't like the bids they got. they thought they were too low, so l brands is set to split the lingerie titan away from its bath and bowed works chain make -- body works chain.

the move coming one year after the failed deal to sell the majority stake in vick victorias secret. l brand shares are losing 1.7%, $67.62. all right. attempts to get a bigger state and local tax deduction known as the s.a.l.t. deduction reinestated seemed to be making progress. democratic lawmakers from new york tighten the screws despite resistance from some of its progressive crew. to charlie gasparino. boy, i'd love to see the cap lifted on the state and local deduction. >> if you're going to talk to people right now, today -- when i say people, i mean the big banks, the global, the lobbyists that work with the big banks that were monitoring the situation and others, they think there's a good chance this is going to happen, there's going to be at least a compromise, cap raised to $30,000 as opposed to 10 or maybe get rid of it

altogether. what we are seeing, at least according to business groups that are really pushing for this, business groups in new york who believe that not raising that cap or getting rid of it and not a reinstatement of s.a.l.t. is going to lead to a massive population drain of rich people that are essentially the tax base of new york from new york state and other states as well with the same situation. we're talking about connecticut, to a lesser extends. what they're telling me, and i'm getting this people close to some of these business groups, essentially a lobby group of new york business people, and they are pushing bigtime to reinstate the s.a.l.t. deduction that progress, it seems, is being made based on the lobbying of the new york city partnership and congressional leaders. what they're telling me is that as many as eight congressional leaders, these are democrats, are vowing not to vote for the biden infrastructure and

spending packages without the reinstatement of the s.a.l.t. deduction. if you get eight democrats not voting for this thing and all the republicans not voting for it, the plan fails in the house. from what i understand, they're pressing senate majority leader chuck schumer to support the reinstatement of the is s.a.l.t. deduction. that's put him on the other side of progressives like ark oc, alexandria ocasio-cortez the, the congresswoman from new york. and bernie sanders, the progressive. they believe this is a tax break to the rich, liz, even though the rich or whoever, people that make a significant amount of money, the upper 5% of taxpayers pay almost all the taxes in new york. and if they're forced to lee the state -- leave the state because of of this thing, because the biden tax package also has massive tax increases and new york state is also imposing tax increases, then you're going to have a real problem with new

york state deficits and debt going forward. same with california, same with illinois, same with new jersey. banks are monitoring this. again, as i said, people at jpmorgan and goldman sachs, obviously they have people that fall within that s.a.l.t. tax deduction, people who live here and now are going to get with other taxes raised that, essentially -- remember, what the trump people did when they passed their budget, they cut a lot of taxes including capital gains and corporate taxes while they put a cap on the s.a.l.t. deduction. now you're getting not just tax increases, but there are some people like aoc and bernie sanders who say, hey, let's do the tax increases and have no s.a.l.t. deduction, that's why banks -- because it hits their people. and what i'm hearing is that they can see thiess a compromise. if not getting rid of it all together, to raise it to 30,000. that's what we're talking.

this is a work in progress, obviously, you've got to get the president to sign off on this, but schumer's onboard, pelosi's onboard. eight congressional democrats are saying no. the new york city partnership is pounding the table, and the banks are pushing for it. les, back to you. liz: charlie gasparino. well, you know, they can raise taxes. a lot of of people have already left. we're coming right back with the with the countdown closer who is not writing off tech. ♪♪ . .

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a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq ♪. liz: folks, we're in the final minutes of trade, three minutes left. the nasdaq, now it is barely slipping but it did punch, exactly 1:37 p.m. see the tiny piece of green right there? it is down 11 points at the moment. could it end in the green? we don't know. the dow down 488 points. there has been major volatility in tech recently specifically. why is the countdown closer

embracing technology? john mallory, nfg investment group, 8 billion in assets under management has his reasons. what names do you like here, john? >> hi, liz, thanks for having me on. i would say within tech, within multiple sectors you have to bifurcate so we're being pretty choosy. we think higher quality names look particularly interesting here. one of the things we're looking at right now is the spread between the highest beta stocks and lowest beta stocks is at the widest level since march of 2000. we think this is something investors should be mindful of. within technology, within industrials we've been very bullish on higher quality names. some of the areas we've been particularly bullish on are some of the semiconductor companies like teradyne. semiconductor equipment company. has great cash position, grows dividend.

one of the key players in the testing space. tests almost 50% of the semiconductors worldwide. it is out there but our view for the next leg of the bull market we would expect quality to take the lead over some of the lower quality issues. liz: and part of the quality say, for example, a roper systems this is a technology company but really focuses on the industrial part of technology. give me a sense why this is name that you like at the moment? >> oh, i love you asked me about roper. so roper is a position we have held for some time. it technically maps to industrial conglomerates. industrial conglomerates is a large subindustry, a lot in there, with honeywell, ge, et cetera. roper is a standout, basically a private equity firm in that group an it likes technology companies asset light, cash generative. one of the companies they own in

the portfolio is a company calls transcorps. they are specifically attuned to the railroad technology used around the u.s. and around the globe. because of this rope hears not participated as some of the more cyclical industrials. [closing bell rings] liz: we have to cut it there, john, thank you. there is the closing bell. the s&p 500 is now down for the month. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. a lot of breaking news tonight in the middle east. just hours ago a barrage of rockets fired from the gaza strip into tel aviv. fox news was the only network there as the rockets were blocked by israel's missile defense system known as the iron dome. hamas says it fired 137 rockets towards israel today and still has more to show. this latest attack came after israil