family as well. it's been a real up and down week for the market. i am sincere when i say i hope you held on, in fact, i hope you bought some of these stocks on weakness, and i hope you don't get shaken out by unrealistic expectations and terrible coverage of the market. it is not about today, this week, it doesn't start on january 1st. take control of your own destiny. here's liz. liz: yeah. flash cups. they're dips, but they go so quickly. you better be fleet of foot, right in and fingers as well. charles, thank you. the oversold comets as we head into thefinal hour of trade. stocks enjoying day two of healthy games on what's been a turbulent week. look at the dow, up 402 points. that is a session high. we're at session highs pretty much for the nasdaq too. as the markets zoom ahead, luminar is taking flight. the youngest self-made billionaire in the world, ceo austin russell, is here in a fox

business exclusive. as he develops the technologies that enables driverless cars to see everything around them, he's now got his sights not just on the road, but on the skies as well. rocketing from autonomous cars to awe. on the mouse planes. you need to hear how austin's doing it. and while the semiconductor shortage is really looting everyone, one company has dodged it all. the sonos ceo has avoided the supply-line problems created by the lack of microchips. how'd he do that? plus, the retail ice age froze so many businesses under the pandemic permafrost, but one specific landlord has very little trouble collecting rent checks from some of the biggest brands in retail as his outdoor malls get ready for maskless shoppers. wait until you see what he's doing with the dividend too. but first, a fox market

alert. we're witnessing a fitting enending to what has been quite a wild week. if you just piece out the nasdaq, the tech-heavy index on both monday and wednesday slipping 350 points before scratching back about 93 points yesterday and another 322 right this second. but we have got a kind of separate narrative that's developing at the moment, forming after a record-breaking march. april retail sales came in unchanged month over month. with consumers having blown through their stimulus checks, are we starting to see early signs investors should note before they pick their next stocks? to the floor show, we have trader scott redler and with $244 billion in assets under management, cio eric freed math. gentlemen, investors have been on a 48-hour buying streak but, eric, we're calling it the sugar high, right? from the stimulus checks. inevitably wearing off. how are you proceeding when you

go to look at which stocks you should buy and sell? >> well, liz, great to see you. there's really two investment horizons we're focused on. the first would be that broad reopening trade, if you will, where we'll likely see more activity the, we think probably more in the summertime, liz. so that first horizon is one where you can own financials, you can own energy, consumer discretionary. eventually, we'll get to that second horizon which is more the steady statement when reopening has occurred. so we think those two horizons are important, and we do think that consumer spending will start to pick up in the summertime. liz: yeah. you know, this is quite the rally here. scott, the markets blew through a bunch of support and resistance levels, you know, from multiple momentum stocks that we can cycle through here to the volatility index. which ones matter the most as we look ahead to next week in.

>> earlier in the week the nasdaq held the early up and held. the s&p held the 50-day. so as bad as things felt, we were pretty constructive, and it wasn't easy. so i think tech or traders were looking at the short-term, i would say, action of some of the leaders. in tech, if you remember earlier in the week google and facebook were both downgraded, and they led tech lower monday, tuesday. today we were talking to our community and said, hey, let's see what kind of rally we have, is there any kind of power. and you know what? facebook had a little power. they couldn't sell the rally. google had a little power. amazon had a little power. so i think from a tactical standpoint, we're in a pretty instructive state. i don't think that that tech all of a sudden is going to blast off, but you could pick and choose your names. some names act better than others, and right now facebook is acting much better than some of the other tech names. it's kind of opening the door. everyone hates cathy wood the

past week or so, maybe there's some money to be made by buying the arw and the arkk. liz: yeah. we often hear about the arkk. it's really struggled. everything, what do you like here -- eric, what do you like here? is there any area that hasn't been roiled so much or that looks extraordinarily cheap? >> i'd say there's a few things that look extraordinarily cheap, but we do think there's momentum really in the mid cap spacious liz. it's a very invest if bl mace for most of your viewers, very liquid. it tends to be underfollowed and underloved. these are companies that are showing multiple revenue streams. they tend to have solid financing as well. so we think u.s. mid cap is an area that is interesting. europe, we've actually been avoiding europe for the better part of the last couple years. we think probably for a short-term bounce because their reopening will happen in a more

gradual basis, that's a decent place to be involved for a little while, but as we get closer to that investment horizon, we still favor. those are a couple areas we looked at in particular here. liz: okay. and favoring the u.s., we're looking at the russell. the russell has had -- i mean, i think it was tuesday or something, absolutely insane drop. [laughter] and i'm thinking, well, what really changed? and that's what i ask scott redler who's very much a technical guy. you look at the charts, you don't get caught up in the emotions of it. what does that tell you? >> sometimes the small caps, if they're under pressure, tell us that we're up for more volatility to come. but with the way the rotation has been over the course of the past 2-4 months, each longer, it doesn't mean as much. you had the pro-cyclicals very strong, the banks have been strong, energy's been strong. they've been out of fave for the past few years. so when the russell's a little

weaker, you can't just all of a sudden think you can short market because of the way of the rotation is. the russell's still hanging around, so it's not really a headwind, but what eric said about the u.s. and the reopening trade, if you remember, liz, we spoke about the reopening trade in january when nobody was talking about it. the cruise lines and the airlines had a fantastic move. i think today started another move in both those sectors. so individuals want to be in norwegian cruise lines or an etf for the airlines, i think both of those situations could provide an out for investors if traders through the summer. liz: yeah. i'm looking at the vix pulling back 16. remember, the high of the week looked to be about 27. we're at 19.3 at the moment. by the way, the gents, up 3 -- jets, up 3.6%. eric, wonderful to have you. scott, always welcome. on a really rocking day here. we've got this fox business

alert, it is a doordash to the close here. the popular food delivery giant squashing any fears that reopening would dent it. a surge in first quarter revenues, a 198% increase year-over-year. that's leading to some satisfying guidance that as analysts upgrading to a buy. doordash is reflecting that, shares are jumping 21%. travel disrupter that made its market debut last december, airbnb. shares up 2.8% as revenue rebounded from last year's pandemic gut punch. the home-sharinging tie. tan reports 52% jump in gross bookings to the tune of more than $10 billion. you knowing after hearing those figures, maybe it's no surprise that even marvel superheros could not win the day. they decided, you know what? type to fly the coop from

pandemic lockdowns. shares of the mouse house down 2.5% after disney's streaming program missed on subscribers. let's get back to the green arrows. snowflake shares up 10.5%. the heat is brought by goldman sachs upgrading the warren buffett-backed cloud computing giant from neutral to a buy, pointing to a sky-high figure on this ongoing generational shift to the cloud. so as snow stands at $207.62, i do want you to keep in mind it was trading at $379 back in december. just perspective. it's what we we do here. don't get all geeked up or upset. april retail sales surging year-over-year and one very specific mall landlord ceo is loving it. so much so that his company's

just hiked the dividend 9%. is this a stock the you should own just as new cdc guidelines could unleash a maskless shopping spree this summer? with the closing bell ringing in 51 minutes and the dow is climbing at the moment by 401 points, the ceo of one outdoor mall giant is joining "the claman countdown" right after this short break. ♪ ♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq like you ♪♪ (vo) the rule in business used to be, "location, location, location." now it's, "network, network, network." so you need a network that's built right. verizon business unlimited

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♪ liz: as americans fled to the suburbs and dodged enclosed spaces during the pandemic, indoor mall operators and the store chains within them struggled mightily. yesterday the much-awaited news arrived courtesy of the cdc and president joe biden. >> if you've been fully vaccinated, you no longer need to wear a mask. let me repeat. if you are fully vaccinated, you no longer need to wear a mask. liz: kroger, marshall's, tj maxx, open air mall company site centers has benefited over the

last year, soaring nearly 200% as desperate shoppers fled to its less confined strip malls. here in a fox business exclusive, let's bring in the ceo, david luke. david, you know, can a lockdown winner like yourself also be a reopening winner as well? >> yeah, i think that's probably one of the most prescient questions. you know, when we got through the vaccine months of november, i think there was a lot of curiosity whether the sector would start to rebound and, quite honestly, it kind of pivoted to the most unbelievable leasing demand environment i've ever seen. i mean, the demand for spaces for the shopping centers is really, really high. so it looks like it's a durable, long-moving cycle, and so i'm very much enjoying it, i have to tell you that. liz: okay. you've got to tell me exactly what you mean by that with the demand, because one of the first things that happened right before the lockdown was modell's

filing for bankruptcy -- >> yeah. liz: -- nothing to do with what was happening regarding the lockdown. there was a modell's down the street from me in new jersey, and it just was empty, and suddenly it was filled with one of these sort of micro businesses where spas can rent little square rooms. you know, it's sort of an individual sharing type of situation. where's the demand coming from? that will let our viewers know which areas are healthy. >> yeah. well, if you go back, go back a year ago, we were struggling to collect 50% of our rent. and that is an anomaly. i mean, even in previous downturns, you would collect 99%. so 50% was a huge surprise. i think what really happened, liz, was in the course of 60 days, the customers figured out how to get goods and services in the haas mile, and it happens -- in the last mule, and it happens to be that stores were the most convenient way. the retailers realized the customers are have adapted, they start delivering from the store,

curbside, the store became kind of a bridge to the last mile consumer. so by the time we got to november, a lot of retail categories saw what was going on in the overall economy meaning more people are moving to the suburbs. those people have more money for a variety of reasons, and it sure looks like work from home is going to stick in this country in some way, shape or form. even if you're working from home one day a week, you're near the shopping center 50% more of the time. retailers are figured this out. and, to me, when you look at these sales reports from the government for every month, just monthly sales. but if you're a land lord, you're signing 10-year leases. a lot of retail categories do believe the next decade they have to be near the customer. of. liz: but did you renegotiate rents? you can say, you know what, we were able to collect about 96% of the represents. were these lowered rented? were they modified?

>> no, they were contract rents. liz: so no wiggle room. >> well, there's some tenants that we did the deferral program which is basically a free loan. you're having a hard time, we'll push that for a new months, you can pay us back. one of the surprises is the tenants are paying those back. we had to do a reversal on some of our reserves for bad debt because the bad debt turned into good debt. so there was quite a bit of assistance from landlords last summer because no one knew when the stores were going to get open again. theaters were probably, you know, the number one participant of those types of conversations because they've just had a tough go. [inaudible conversations] liz: right. the stock is up nearly 200% year-over-yearment i'm very interested in the dividend here. you had suspended your third and fourth quarter dividends, but now you instituted -- was it

third and fourth or second and third, now you've raised it 9%. so give me a sense of whether that climb is going to continue. >> yeah. well, if you think of the restructure, you know, required to pay 90% of their taxable income, so the taxable requirement was less, so many companies suspended just to be prudent if make sure the balance sheet were in order. now not only are we collecting base represent, we're also collecting some of the past rent due last summer, last fall. so i think that you're going to see dividends and boards of directors that have of to consider those dividends, they're going to have to respond to increased cash flows. so we put a dividend in place in the first quarter, and, you know, we had a raise for that. but i think the pace of dividend acceleration is simply going to have to do with occupancy gains. and as of right now, it looks like occupancy is going up, not down. and i think that's a surprise for a lot of people. liz: boy, isn't that nice to

hear? david, come back again because we like to follow this story to see what kind of strengthening we do get throughout the rest of the year. thank you. >> sounds great. thank you very much. liz: you know, my dad used to say the only difference between salad and garbage is timing. [laughter] if that's the case, sonos is looking at a lot of fresh salad after having made a key move that helped the audio empire escape the clutches of the microchip shortage. but can ceo patrick spence now dodge inflation? patrick joins us live next. closing bell ringing in 40 minutes. the nasdaq spiking 318 points, but looked at that russell 2000, up 2.5%, 54 points. ♪ ♪

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♪ liz: we're getting new numbers on just how hard the

semiconductor shortage will hit the global automotive try this year. revenue losses now estimated at $110 billion, that's up 81% from january's initial forecast. tech companies are also struggling to keep up with demand, foreshadowing potential price hikes in popular products from laptops to smartphones, you name it. if it has a microchip in it, price may go higher. while both the auto e and tech world got blindsided, a decision sonos made helped them ducking the disaster, and that's resulted in a surprise beat on second quarter earnings. right now shares up three-quarters of a percent and adding on to the 14% bump the stock enjoyed after the upbeat report. to patrick spence, sonos ceo. patrick, sometimes we're smart, sometimes we're just lucky, but you guys made some key chip orders that helped you sail over these troubled waters that many technology companies are seeing now. can you tell us the genesis of how that came to pass? >> well, i think it's really

about 16 years that we've been shipping products and learning the importance of understanding your supply chain end to end and investing in it, quite frankly. you know, we have an amazing, world-leading team in terms of manging this, and we saw demand signals three quarters ago. we've really been on a tear, can we saw those. we've been working very closely with all of of our partners through the supply chain. they've stepped up to be able to deliver the kind of results that you saw this week. up 90 president year-over-year -- 90% year-over-year, ahead of expectations. we are facing those challenges, but i think we're managing them very, very well. we increased our guidance for the year, so we feel very confident despite all of the industry shortages. liz: with which products are your biggest drivers right now? >> this is the thing about the quarter, we saw strength across cross the board. , so, you know, the demand right now is absolutely incredible. and, liz, the amazing thing is that even in those areas that

have reopened, you know, there was a lot of speculation of what would happen when things reopened. even in those areas that have reopened we're seeing the same kind of demand that we're seeing in areas that are still a little more closed or lock down. so we're just seeing a ton of demand across the portfolio. obviously, we just launched a new product called roam which is our first product outside the home, so that's kind of perfectly timed for people to take their sono experience with them as they leave the home, and that has come in 150% of our expectations. that wasn't even a factor in q2. that will only contribute in the second half of the year, so this is right across the portfolio right now. liz: just as you are really cooking, you're sailing along and were able to jump through that first hoop of the chip situation, you're now faced with a flaming fire, and that is inflation. we have been talking to a lot of of companies and a lot of ceos who are seeing materials costs jump. i did e a little nerdy

sleuthing, you know, and kind of looked up some teardowns of some of your products. granted, some of them were older. but with you have plastic, you have flat sheet steel, you've got copper, tin, gold, not to mention chips, everything made from, you know, whether t a cypress trip or micron memory, you've got to tell me exactly what you're seeing as far as materials costs are developing in front of your eyes. >> largely, so kudos to you on that teardown. there are so many elements to one of our smart speakers when we go and build it. largely on the semi front, largely it's the semiconductors, right? there's a number in our products, right, as we look at what we do. there is a little bit on resins, plastics and some of those lawyers that we're seeing. but, you know, the thing we've been able to do is, actually, our gross margins were up 8ing 00 basis points -- 800 basis points year-over-year, so we've been able to manage the kind of costs that we're seeing.

we did outline that we're going to see more shipping costs, trying to get these products as fast as we can to customers as we go through this. it's largely the semiconductors that we're seeing. we'll watch it very carefully. you know, i think we're very fortunate that our brand is a strong one. our customers want to keep adding to the sonos system, so we'll see what we need to do on the pricing front over time. liz: wow. i just saw tin. i mean, we don't normally put up a tin chart, but tin has jumped exepoexponentially. just be glad you don't have lumber in your products. [laughter] i've got to note though, there are a lot of these speaker companies out there, i know you have a partnership with amazon in some cases, but coming out on top, you're a high-end product, but you'ral aiming at that millennial audience as well with some of your individual speakers that the, you know, are portable. how do you really kind of take the leadership position and hold

on to the it here? >> you know, it's really about the experience. we've been, you know, since day one we came in and we're competing with bose and sony, and we became the largest player in the home audio market despite that. we've seen amazon and google in the market, and it's really focused on creating this great experience and this system, liz. the system is the thing that a lot of people have missed which means you can start with one product, and then you can add more over time, and the whole experience gets better the more you add. they all work together. so with the roam product, you can take it, walk up to one of our speakers, and music will magically transfer to the roam, and then you leave your house. we've just made it brilliantly simple to move music wirelessly, and those kinds of things consumers really resonate with. the sound quality, the beauty and craftsmanship of our products, those are standing apart versus all others in the industry. liz: patrick, good to see you.

we'd love to see you next time. >> you bet. liz: see how it unfolds, continues to unfold. thanks so much. >> thanks, liz. liz: all right. from the roads to the skies. we are about to speak with america's youngest self-made billionaire exclusively on his laser focus not just building the technology for self-driving cars, but now for autonomous jets and helicopters. the luminar ceo, who's also a college dropout, by the way, is here next. closing bell 29 minutes away. we do have the s&p jumping 65 points right now, dow jones industrials up 396. we're coming right back. luminar. ♪ ♪ in business, it's never just another day. it's the big sale, or the big presentation.

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♪ liz: luminar's stock taking flight right now. it is up more than 8.7%. the merrick of lidar, that's the technology that enables self-driving cars to see everything around them and judge where it is and how fast it's coming at them not only beat on revenue fore catst -- forecasts, but it's announcing new deals left and right. luminar now has relationships with 8ing of the top 10 global automakers including volvo and toyota along with, like, nvidia, corning glass. but the company now also expanding and reaching for an even higher level. airbus, they've got a partnership with airbus, the largest aircraft maker in the world. they've announced a deal with luminar of upcoming helicopter projects looking to create autonomous flight n. a fox business exclusive, we welcome back luminar ceo and whiz kid austin russell and my hero for

dropping out of stanford because i went to berkeley, and that was my rival. so, yeah. [laughter] wow, okay, so i want to, right off the bat, just get to the future here. you guys had a very wonderful report here on earnings, but more importantly, this relationship with airbus. how's it going to develop, and what are you doing with that? >> yeah. no, that's a great question. we did have a great update yesterday, you know, after market close, kind of giving an overview of all the key milestones that we've been able to knock out of the park from what we with said at the beginning of the year. it's an important part of all of this. and execution is everything for us at this stage. as it is for the broader industry. so when it comes to extending the market leadership position, we've, of course, built a business around enabling autonomous capabilities for cars, for production vehicles as well as trucks. but we've now, for the first time, expanded and have a foray into other industries as well including aviation.

and, you know, part of the whole strategy was let's work with the biggest and best companies on the planet when it comes to these respected areas and sectors, and that's where airbus came into play. their division basically can be able to accelerate new and innovative technologies, you know, into demonstration and to actually be able to show off the kind of safety and automation capability you can have. liz: so with the 360 mobile air ability to see everything around you, and i would imagine this is particularly crucial for urban areas where we have a lot of aircraft zipping around, certainly new york city, just absolutely nuts. give me a sense of right now if this is an exclusive deal, or can you move toward a sikorsky or partnerships with competitors, and if you go to jets, would with it also be available for boeing? >> yeah, it's a great question. it is not an exclusive deal, so

we're able to work with the broader industry, aviation. the broader industry is nearly a trillion dollar industry on its own, so this is certainly something that there's a direct opportunity to substantially increase the safety of, you know, airborne vehicles just as we're doing for ground zekes. you take a look at things like helicopter, a double-digit percentage of these accidents happen from really a basic stuff like landing on wires or other types of owns that could easily be prevented when you have our lidar on those aircraft. this is where -- it extends beyond it, too, with potential to vertical takeoff and landing vehicles, for urban mobility. but just to clarify, it's the same product that we have that's shipped for our core autonomous vehicle business -- liz: okay. >> so that's the beauty of it, is that it's all unified urn the

same product. liz: well, how many sensor configurations? i don't mean to get too technical here, but this matters to a lot of shareholders who are really interested in this technology. >> yeah. so generally when we're talking for vehicles and trucks, you'll see anywhere from one to four-sensor configurations, some for the more constrained all the way to 360 for urban use cases. and similarly for other applications, it's generally 1-4 sensors depending on the program, the seem and what it's being used for. liz: you've got a lot of manufacturing partners. hay do different things, obviously, the receiver assembly. but as you look at your order book, are you going aggressively head first, or you don't want it to get ahead of you so you to can't deliver for your customers, right? >> yeah, yeah, absolutely. and this is where we have to

completely focus all in on execution. really you could say the biggest milestone from a product industrialization, maturity perspective was getting up and on line these manufacturing partners to be able to enable serious production capabilities. and that's exactly what we've done. we've executed on that exactly according to plan, and we now have those up and running live. in mexico working with a top ten manufacturer fur advanced electronics. so they partners with us on this and are working closely with us relentlessly to a make this happen. and we've delivered that, and equivalently from a customer perspective as you mentioned, you know, major customer -- look, we actually started and what we mentioned on this last call is we're increasing our guidance for the next quarter for major customer winds and major commercial winds as well as the forward-looking, we're

going to be increasing that guidance as the number of ones is already expected. liz: apple's rumored to possibly coming out in 2024 with an apple car of some sort, awe on autono. you want that deal, right? i mean, who wouldn't? [laughter] >> yeah. i mean, it's very difficult to comment on any kind of specific confidential program or otherwise, you know, but i think independent of what's happening or not happening. but, yeah, no, obviously, these things are reported on. our focus is really around the passenger vehicle market of accelerating the economies of scale and volumes that are driven by this thing. these are people that produce cars, you know, and -- you know, millions of them every year. and that's where the most important aspect is of getting

design into those early because those drive the rest of the market. including with all these other things. and that's where the only ways you can get the economy to work is by having huge volume and by getting design into those platforms. those are some of the most rig yous standards by part when it comes to quality, when it comes to all of these things. so that's why we started with the hardest problem, and streaming all the way up there. liz: austin, great to see you. please come back with your next great win, your big announcement. we'd love to have you. >> thank you. thanks for having me. liz: a fox business exclusive. we're coming right back with charlie. he's breaking it on wall street's move to florida. ♪♪ muck

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♪♪ liz: quick check of bitcoin. it is back above 50,000 after quite the volatile week here. we do have ethereum moving higher as well, 9%. remember the movie 10 things i hate about you? i know, neither do i. i don't remember that. but now a major brokerage is releasing a memo entitled 10 things you should do when moving to florida in anticipation of a client exodus to the state. charlie gasparino here with who this brokerage is. let's hear it. >> it's the biggest brokerage. it's merrill lynch. and, you know, i don't want to make this story just about merrill lynch because we've been doing reporting on this, my producer ellie and i, and it's not just merrill lynch laying out for their clients what to do to change residencies,

residences. it's ubs, it's morgan stanley, the other two big brokerage firms. let's just unpack this a little bit. these wall street firms are expanding their operations to deal with clients who want to flee from high-tax states, namely new york and california to lower tax states, namely florida from new york, but in california it's going to nevada and texas. i didn't realize nevada, but apparently it's a place where people are going in addition to texas if you're on the west coast. again, it's these big firms. they are not just giving these client lists, the 10 things you have to do if you move to florida and how to exactly change your residence, and it's a little complicated. of you have to really domicile yourself in that new state and make sure that you are completely domiciled where any paycheck you get comes from that state. that's part of the merrill lynch ten steps. i didn't know that, so now i'm going to have to do that when i move to florida.

[laughter] but also what's interesting about these firms, they're also setting up infrastructure internally to deal with massive client requests about changing step -- changing states and increasing their presence in those other states, namely nevada, texas and florida. it's pretty fascinating stuff. what is the impetus? okay. as you know, last year the impetus was obviously covid. the harsh lockdowns were not meant with harsh lockdowns in florida and texas, and people flocked there. we know that. what's going doing it now -- what's doing it now? it is clearly the biden tax plan, at least that's what what my sources are telling me. client ares, as they put it, one guy put it, are freaking out about what biden wants to do with capita gains taxes. you know, because these are brokerage firms that pay capital gains taxes and other income taxes aimed at high income people they are really freaking

out. anything to do with the s.a.l.t. tax deduction, if it gets reinstated, they are following that. right now we're in a little bit of a gray period. the brokerage firms believe it will be reinstatedded with where you move up the cap to something like 30,000 or completely done away with. this is something you have to worry about if you're thinking of moving south because if you get that reinstatement, it may not be worth moving there, liz. that's one thing the big brokerage firms are looking at and how, if they do reinstate s.a.l.t -- by the way, i've been told if they do reinstate the it, liz, other parts of the biden plan are kind of in disarray because it's a huge chunk of money. it's billions of dollars that goes to federal coffers as we're spending a lot of money. this is ground level at the brokerage firms. people are fleeing or want to flee.

they're setting up, essentially, infrastructure to deal with that both here in new york and out of state where they're fleeing to. and they're also, again, watching that s.a.l.t. deduction. so if you're thinking of going, maybe just give this a little time to see how it all plays out. if you get the reinstaysment of the deduction, you may want to stay in new york city as opposed to sunny florida where it's 9,000 degrees in the summer. liz, back to you. liz: exactly. thank you. and, by the way, i just town your house for you. it's 144 coconut palm road in boca, $24.9 million -- >> i'm there! i put all my money in bitcoin at a thousand, and now it's -- [laughter] liz: not doge? great to see you, charlie. thank you. the fed chair says, don't worry, be happy. inflation's going to be temporary. others, i'm one of them, aren't so sure. today's countdown closer says

don't fight the fed. with nearly 500 billion under management, you've got to hear frank rubin sky's top plays. closing bell, seven and a half minutes away. i don't know, just a minute ago it looked like the dow was at session highs here, we're bombing right back. -- coming right back. up 418. 420. we're climbing, 432. 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. ... you can close with more certainty. and twice as fast.

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producer price index, one for the consumer, one for manufacturing, rose at record paces last month. the cpi hit its highest level in nearly 13 years while the pp i rose at its fastest pace since 2009 but fed chair says relax, chill, this is transitory, and the review and recovery is far from complete. our countdown closer completely agrees with the fed chair and says here is what you need to be buying now, agon asset management, 475 billion in assets under management, and you're okay with this , no worried? >> well thank you for having me on the show. we do believe in, we think the transitory story is plausible, and because you have, it's short-term supply imbalance , supply/demand imbalance not an overheating and what i mean is you have one side the stimulus fuel demand and by september, 1.1 trillion of the 1.9 stimulus is going to be gone, so you'll have to start

running that off and at the same hand, supply is coming back on, we've got to pass a utility station numbers this morning and both 74.9% that's recessionary levels meaning there's a lot of capacity that's not being used. so as that, those bottlenecks in the supply chain become unclog ged and that capacity gets utilized you'll have a supply response as demand is starting to normalize and when those two happen, it should, we think inflation in the summer months is going to be big for exactly this imbalance, but the question is is it going to be lasting next year and the year after in kind of this secular high inflation number and that's where we have a hard time coming to that conclusion. liz: okay, so, in terms of asset allocation, you've got to tell me what you see here and what your advising clients. >> certainly. so, we do think nominal growth is going to be very strong. we see above trend growth for multiple quarters, well through next year, and in that environment, we want to be

exposed to assets that are leveraged to that nominal growth and equities are the primary way to do that. earnings are denominated in nominal dollars, so we like that story. operating leverage is also kicking in very strong, at this early mid part of the cycle, so we think earnings are going to continue to do well when we look out the next two to three year, we think earnings will be materially higher than they are now, so we want to have, we want to have our exposure there and when we look around the world, we like the uk market, we think it's one that's cheap, it has a high dividend yield, but we're also very positive on the u.s. , and we think this value trait continues, its been going on for a while and it should because that's where the operating leverage is early part of the cycle, but we wouldn't overlook the growth side, because it's really under performed this year. you're down, underperformed by 10 percentage points to value, and we think as this cycle matures growth is going to come back into focus so we would actually use the under

performance on the growth side to start to build our exposure there. liz: well, you can always buy certainly a basket of stocks that have uk names in them. if you go with frank's advice, frank rybinski, lovely to have you, okay we scratched back 378 points for the dow, nice move for the s&p and nasdac, have a great weekend. >> hello, everyone. welcome back to "kudlow" i'm larry kudlow so it's friday folks end of a very interesting week. on the one hand, the biden administration has had basically nothing but problems this past week, gas lines, higher prices, some pretty lousy economic numbers, russia and iran taking them to the cleaners by throwing every conceivable bomb at israel , the southern border still open, no fix insight for