to 430, at the same time we have constructs with the transportation in particular i would want to see spy although we could have trouble here. that's where were at right now. charles: i'm handing over ashley webster the show now. >> the s&p 500 flowing to the all-time record as a nasdaq aims at four straight winning sessions, the s&p needs five points for the 27th record of the year right now as you can see it's up slightly same as a nasdaq. it comes as president joe biden touching down moments ago at

airports, mendenhall, there he is the biggest surprise blue skies and the kingdom, his first trip overseas as being president. a screeching halt at home, full preview lie from the white house as a president coming down the stairs in the uk and bitcoin making history in another foreign nation as el salvador boats to make a legal tender, a bearish sign as crypto traders are a little nervous the ceo crypto exchange will be here in a fox business exclusive. plus rising prices and a worker shortage causing problems in america's grand reopening we will talk exclusively to the parent company phat burger johnny rockets in her can grow about the challenges he is facing in a return to normal. welcome to "the claman countdown". breaking news history in the

making as president biden touching down moments ago at a military base in the united kingdom it's the first stop on his first official overseas trip the president expected to address american air force personnel and their families as you can see royal air force mendenhall within the hour, the president's itinerary has him set to meet with a number of world leaders from boris johnson to russia vladimir putin as a g-7 summit down in the southwest of the country begins on friday. joining us now live from the white house is blake burman with all the news to come from president biden. >> it's always cool to see air force one touchdown on foreign soil which we sell moments ago as president biden is overseas for his very first foreign trip we expect him to be making comments in the uk just shortly it'll be a rather long trip, and a week the president will be overseas lots of political things for the president to get

into in his first foreign trip immediately g-7 leaders there is a nato meeting in brussels and then of course there is a big sitdown one week today face-to-face between president biden and russians vladimir putin and switzerland, upon leaving this morning, the president made clear there is likely to be no matter where he goes and what they talk about a focus on two countries and particular. >> make it clear to putin in china that europe and the united states are tight, the g-7 is going to move. >> foreign relations but there is a pretty big change of direction, back at home as it relates to infrastructure talks, the president has cut off negotiations with the group of seven republicans that he was speaking with for many weeks, now there are three ways this could potentially go forward, a

group of bipartisan senators who are trying to hammer out an agreement. there was movement in the house, lawmakers 29 democrats, 29 republicans are proposing one point to 5 trillion-dollar plan over eight years of $760 billion in new spending or three if the bipartisan talks continue to break down, then potentially democrats can try to go out it alone for the use of what is known as reconciliation, at this point it does not appear that the numbers in the senate to do that, two things we will watch over the next week or so, the president overseas firstborn trip we expect to hear from them shortly, back in d.c. the state of infrastructure whether or not there could be a bipartisan agreement on some point later this summer. charles: at some point we will leave it at that, great stuff, thank you very much. we are one week away from the feds forth f1c meeting of 2021, ahead of that inflation seems may be beginning to ease a little bit, the ten year yield falling below right around 1.48% today doubt another 5.6 basis

points, is on pace for the lowest close since march 3. what do investors need to be listening for next week when the fed chair jay powell stakes let's bring in j.p. morgan chief global strategist david kelly, great to see you. what should investors listen for when they hear jay powell speak next week, what are the key indicators. look at the fed forecast the lesson they put together a forecast they thought at the end of this year, the fourth quarter economic growth would be six and half% year-over-year in the cause of inflation 2.2% year-over-year looking at the consumption, unemployment by 4.5%. although i think that appointment could be about 4.5% we will see stronger growth and much higher inflation just like we may be over 3% year-over-year, i want to see those numbers change, i think that will be indicative of a

change in policy. the fed won't want to see the change in policy but if they show the stronger numbers they have put forward a race hike between 2024 to 2023. there will see signs of tightening because the economy is just getting hotter. ashley: if the fed signals out, what does it do to the markets, we've been living with liquidity sloshing around for so long, very economy did policy if they start to even go down the road will the market react? >> you have a ten year treasury real below 1.5%, it really ought to be higher in this fast recovering economy with inflation rising. as as interest rates go up, it will hurt large-cap growth stocks looking at the highest evaluation and all these ideas, you can find almost any idea, and speculation, but when intert

rates go up it becomes more difficult most changing valued assets, much more vulnerable to rise interest rates than the stuff that is not too expensive. >> every year we have a correction and that word is being used a lot more at what point do you expect oriented debate a correction for the market? >> , that is a problem you cannot time this exactly but when it's going to start or end but the right thing to think about it is trying to predict the weather over the summer, you can figure what the weather is going to be on the 15th of july but you prepare for the climate and you know there will be a correction and you know the disparity evaluation are huge and the expensive stuff is really expensive compared to the cheap stuff, watch evaluations because in some stage this market is gotta come to its senses in terms of relative valuation i think higher interest rates will correct that, make sure you're not

owning stuff that is ridiculously priced even if there's been a lot of funding to this point. ashley: what do you think about the big tech carrying the weight for the markets for years and years, do you still like the tech sector or is the threat of regulation taken the shine off of it a little bit, that sector. >> there is of course the regulation but there's tremendous potential in terms of innovation we see huge productivity growth over the pandemic and robotics artificial intelligence, wonderful innovation in terms of biotech, there is plenty of growth opportunity in the long run you just have to pay attention for what you're paying for there is very big companies that cannot grow fast enough to justify their evaluation right now. ashley: it seems the whole team there is no alternative, where are you going to put your money is seems like everything is still the only game in town, would you agree. >> ss president biden is traveling abroad i think they ought to think about traveling abroad up it also the european

stocks should be pretty cyclical or cheap and i think this plenty of opportunities in emerging markets on the long run, outside of the united states stocks don't seem expensive that is one area people should make sure. ashley: very good point, the forecast for july 15 in ireland rain, and england, rain, you can put your money on it, thank you very much, i appreciate it. coinbase popping on big coins legal el salvador despite getting the first bearish rating on the street with raymond james initiating to outperform, the stock is up nearly 2% today, meanwhile bitcoin eerily close to hitting the technical level called the death cross, will explain the ceo of crypto exchange voyager will be here in a fox business exclusive to tell us of the crypto currency is about to be the grim reaper or

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a wild week for bitcoin the crypto currency soaring today out to el salvador's president announced it had its congress had indeed improved bitcoin as legal tended the first country to do so, the news comes as a coin is approaching a bearish patent known as a death cross, that means the recent drops pushed bitcoin 50 day moving average close to the 200 day moving average, a so-called death cross, here to discuss all of this is voyager digital ceo steve birdlike, great to see you and by the way voyager handles trades for 600,000 crypto traders on 58 different coins, steve you are indeed qualified to talk about this, let's just begin with el salvador is not really significant, i know it's

a first country to make this move but is that the big story for bitcoin? >> thank you for having me today, i really appreciate being here, i think it's a tip of the iceberg it is starting to show retail and institutional investors around the globe that there is a use case for bitcoin and people can use it for payment, one of the reasons why el salvador has instituted a policy and included this as legal tender, they have a lot of residents to live abroad that try to move money back to the country and trying to do it through u.s. dollars in the banking system is very difficult it can move the money through bitcoin and now they can actually pay their taxes. i think it really shows there is a huge case for bitcoin which is a bullish sign for bitcoin in the future. ashley: you say bitcoin fixes problems found in the traditional banking system, give me an example. >> i don't know about you but if you ever tried to move money or

wire money on a weekend or your traditional banks to a friend anywhere, it is impossible, the wire departments are not open you could not make you happy but you can move bitcoin to a friend of mine in europe on a weekend at any point in time and they will get that money and be able to use it, you cannot do that with the banking system, it is instantaneous movement of money which we are all looking for, this is our money, this is people's money and you should be able to have access 24/7 365, not when others can tell you you can have it. ashley: elizabeth warren delivered an opening statement at hearing on capitol hill, she said, she slams crypto currency saying is speculative open to fraud in a poor way for consumers to transact, how would you react. >> i think we have to do a better job of educating our legislators about where crypto is in the problems that it

solves. human nature is very easy to say no when it's not good and it's not right for the future, it is ten years old, there is a lot of opportunities, this isn't just about bitcoin, there is so many other coins that are out there that solve all their problems, mortgages take months to happen when you use the block chain with smart contracts they should happen much faster than they do, i think education is so key for us to teacher legislators why this actually matters. ashley: speaking of education, you say there was a lot of coins out there how can i as an investor do the proper due diligence and to make sure that these are verifiable and potentially a good investment. >> the first place is to start like a place like voyager where we deliver information and news on an weekly basis about the different coins and we give you information on the app so you

can see what a coin is about and you can see the purpose of the coin and the utility of the coin and education that is available on the internet and with platforms like voyager to help educate you to make a better investing decision, when we bring it all together it is about teaching people why it matters, what these coins do, why there is value in the future. not all of them are going to be worthwhile down the line but they all have opportunities to change the way that we live. ashley: are you concerned about the drop in price on bitcoin, i asked this question yesterday has the bloom, for bitcoin grows a little bit? >> our customers see this as an opportunity, i see it as an opportunity, it was 65000 a month or so ago now within 36000 range and increasing so this is an opportunity, i've never seen an asset that everyone from bottom left to top right, even amazon had a drop off at 9790% liquid is today, this is an

opportunity to enter the space if you're not there now or increase your holdings in the space and therefore look for long-term wealth. ashley: it is interesting but the real estate sector has seen bitcoin we just had this very luxurious condo for 22 and a half million dollars and it was paid for but they would not say which crypto currency but they said the deal was done in ten days, that speaks to how quickly these transactions can be done. >> definitely, that is the value of crypto currency. by the way on platforms, you can actually earn interest on your crypto, dollar stable, you can earn interest which you can't get anywhere else. go to the bank again you talk about the banking system 0% interest rates on your money, you can get up to 10% in crypto currency. >> very good i think you made a very good case, steve with

voyager digital, thank you so much for joining us, we appreciate it. >> thank you for having me. >> as the saying goes the show must go one tickets selling out to some of the biggest names in live entertainment, fox business is giving you a front row seat to all the reaction las vegas has to offer, let's check the big board, the dow is down 83 points as we head to 40 minutes or so from the closing bell, "the claman countdown" coming right back. ♪

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debit and prepaid card are valued at $15 billion in a-list roster of companies including doordash, square, instacart and uber that up 9.5%. uber it's self is an investor in the payment processor, uber right now down about 1%, down under $50 a share, square also done 1.5% after reports of glitches in the cash app meanwhile doordash up a third of 8% as it expands its services into japan, let's flip the campbell soup shares going a little cold this hour after the soup and snack maker raise the warning flags on inflation and supply chain crunches, campbell what are the biggest bloggers on the s&p, you can see shares on campbell soup down six and half% at 4519 to, shares charging back

into the green it is in access talks with multiple parties to raising capital for its production activities, shares sliding 21% as session lows after getting 16% yesterday on revelations that the electric truck maker was having substantial doubt over its ability to survive due to funding problems of the latest news pushing it back in the positive up 1%, let's take a look at the broader sector, tesla is down slightly but all of them galloping into the workforce, up more than 7%, 7.7%, not bad, diva las vegas the entertainment capital of the world is stepping back into the spotlight after more citywide covid restrictions were lifted earlier this month live shows not only returning to the city's arenas and theaters but also

selling out months in advance, edward lawrence joins us live from cirque du soleil theater in vegas, edward look so much fun. >> it is so much fun, it's a lot of work there getting the theater ready inside the bellagio it starts live performances of o on july 1 for 15 months no one has taught shoulder to shoulder inside this theater because of cobre, the eager to get back into the theater one of the shows that does have unrestricted shows this week started with carrot top that started on las vegas boulevard, the moment he walked out on stage he said it was amazing. >> i did not peek out because i wanted to be surprised, they give you a weird look and i came out not knowing and i walked out and i was like oh my god, i've never seen people's faces in a year, literally.

no masks and seen them react, it was the most bizarre thing in the world. >> is not just las vegas, the company that books live shows is seeing the demand across the country, as a live shows are coming back online performers are coming back out of the woodwork and want to get in front of the audience and see the energy again, chris hamman who books live shows says that they were concerned a little bit that the crowds would not come back but he says that they have been pleasantly surprised. >> from a business standpoint you cannot make any money i cannot pay the artist with usually get paid, nobody is not really that happy from artist standpoint half to a full venue, we kinda stayed away from that and more patient and waiting until we can get back and getting prepared so when they did say that we can flip the switch and turn on.

>> they did not do limited capacity shows there going full force, the booking shows through 2023 at a rate, historic rate for the company. back to you. ashley: good news indeed, thank you so much i appreciated in las vegas, talking of the economic recovery the worker shortage crisis taking center stage on capitol hill labor secretary has to say about the shift from work to welfare, plus we talk to fabry and ceo what he's doing to beef up staff at his chain restaurants from fat burger and hurricane, check the market stocks hitting session lows, the dow is now up 116 points with the market about the close in 31 minutes. we'll be right back.

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ashley: shares of tele-dock slipping this hour as the wall street journal reported amazon multiple companies to its telehealth services which is called amazon care according to the vp working on amazon care they had quite a bit of interest from other companies to use the service, planes plans to announce which companies later this summer, not that much down one another% at $150 we also have fox business alert the u.s. treasury just announcing 2.3 million additional economic impact payments happening under the american rescue plan that brings the total number of payments to 169 million, the says businesses face get interfacing worker shortages are facing answers from capitol hill, labor secretary marty

walsh is fielding questions of the house labor committee right now is businesses across the country blame extra unappointed benefits to keeping potential workers at home, take a look at the latest statistics that show american employers have 9.3 million jobs available at the end of april and 4 million decided to quit their jobs the very same month hillary vaughn has been listening to the hearing and what is the labor secretary saying. >> he saying he does not believe the boosted unappointed benefits are to blame for worker shortage in america right now, he says he is not ending the enhanced benefits early and let them expire like planned in september but lawmakers told him they are worried that workers will not have a job to return to in the fall if businesses cannot get their employees to show to work so they can stay open.

>> there's a reason people are going back is a lack of child care, school still be in hybrid, people have been vaccinated, i don't believe $300 keeping the entire 8 million people out of the workforce. >> i'm not saying the entire 8 million mib 4 million but we acknowledge of your pain 32 men $35000 a year not to work a given segment of people will say fine i am not going to go to work. >> i don't believe that we are paying people not to work, i think were paying people and trying to support people's livelihood during a pandemic. >> he was asked why the department of labor still has guidance and recommendation that workers should mask up even if the vaccinated. >> i think the answer should be let's let people go back to work and do it in normal fashion that the department's position that grave danger still exist to american workers. >> i think the answer to that is impossible for me too answer

them fully i am not a scientist unfortunately. >> he was also asked about prices popping for groceries to gas and why consumers have to pay more and he really sidestepped the issue saying that he believes the president's plan is working and people making under $400,000 a year aren't paying more in taxes. ashley: very interesting, hillary vaughn thank you. i think he is wrong we spoke to a number of business owners who said i plan to hire people and they told me directly they are earning enough they could stay home i don't think is accurate on that point. higher wages for workers means higher prices the next time you had to aaa the original casual mexican food chain is saying many prices will be going up about 4% after announcing it would increase the pay of the restaurant workers to an average of $15 per hour of pay hike and

get keeping current employees and trying to attract new ones. the worker shortage and rising food prices hitting restaurants particular hard fat brands has about 700 locations across the country to the various restaurant chains and a fox business exclusive ceo andy joint is now, great to have you on board today i took issue with the labor secretary who said i don't think the extra benefits are keeping workers out of the workplace but i disagree, what say you. >> marty walsh is completely wrong is a total nightmare in the labor market for restaurants to hire additional employees we have 50 restaurants to open, new restaurants on top of the 700 and it's impossible to find new managers and employees into these homes. ashley: what are you doing to try to solve the problem what you tell your restaurants, your

franchisees, do they have to raise the wages, do they have to provide other incentives, referral bonuses and all of this stuff you have to resort to that. >> the problem there is a limit to how much you can raise the wage and raise your prices and out of the market that way it isn't immediately affecting people to come in if you pay them a dollar more were paying over $15 an hour that is not the issue the unappointed benefits have to in and as soon as they run now or in you will see the labor force and the supply chain because the distributors and producers have the same labor problems. ashley: it makes you wonder if they ever spoke to a business owner, andy and addition to the workplace going well, inflation is biden hard are you having those increases on to consumers?

>> we definitely coach our franchisees into taking price when they need to everyone must know with higher wages to request higher prices. ashley: how would you describe the economy, we know it's coming back but is it coming back in leaps and bounds from what you can tell. >> sales are soaring at a restaurant, they are well over 2019 and all most all the restaurants so sales are very strong in the new franchise we are selling more franchise and we've oversold before, business is booming but the labor market is pulling it back. ashley: that is interesting that your selling more franchises in the ever have after we've just gone through a hellish. where the economy was shut down for more than a year end restaurants took it on the chain as much as anyone else. >> we sold more franchises in the first six month of this year

than all of 2018 and 2019 together. that is how active the business has been both domestically and internationally especially fat burger just exploding. we are very happy to purchase. a recovery into the restaurant operators get back on their feet and things normalized but if they haven't been kicked once again kicked the second time. ashley: your stock is up 100% since the beginning of the year, what do you think investors are seen. >> they recognize the recovery in the company and the dividends all those things covid is in the rearview mirror if we can get all of these dining rooms fully open and the restrictions and everyone vaccinated they recognize this is a very clear path for this company to grow. ashley: we wish you the very best and good luck in finding work the ceo of fat burgers, thank you very much. we appreciate it.

up next should amc fans be prepared for potential legal twist for the memes stock saga, probably charlie gasparino will be here next on what the theater chain is saying behind the big screen, charlie breaks it next. as we head to the break take a look at the big board we've been thinking a little bit, certainly on the dow now up 130 points at session lows we will see whether that stays away into the close "the claman countdown" is coming right back. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer.

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expected to address u.s. and their families home of the 100th fueling wing as the first official stop on his visit to the uk for this week's g7 meeting in england, for course will keep our eyes on this and let you know that the president breaks any news, there he is in the uk, meanwhile gamestop moving higher after shareholders elected ryan cohen to the chairman seat, he is saying the company is going to have to work hard to turn itself around and has previously urged to focus on e-commerce versus the brick-and-mortar stores, the videogame retailer minutes away from releasing the latest quarterly result, as you can see shares right now up nearly 3% more than 1500% since the start of the year after becoming the poster child for the stock media.

some members cooling off a little bit today up as much is 27% earlier in the session is now down 22, amc up nearly 8% and blackberry also done more than 4%. just another day in the stocks, joining is now the man who has gone toe to toe with the reddit crowd, charlie gasparino, the amc starting to feel regulatory jitters. >> we don't want to get into too much of what they say about twitter. [laughter] but let's point out or what they portray some of the stuff is so bad, it is disgusting, i know where a business network, i have a lot of reported on amc but did widen call women breeders are breeding people, something crazy like that. ashley: i have not seen that but i would not be surprised.

>> i got ten e-mails from viewers, we will have to leave that to investigate because we will come back to that later on today. here is the thing, games topical be interesting to see the new ceo does what emc did very smartly, that is raise capital, take advantage of the rational is uber into the stock to raise capital to develop a business plan and put that capital to use, one thing you can say about the ceo of amc the stocks going through the roof, he knows is probably temporary, he knows the stock is overvalued, he has actually said it public announcement, he's taken advantage of it and doing it

basically to get amc some capital payout that so amc can survive, you should point out in 2019 reprint them if amc was not doing so great, people removing and streaming, now it's very tight, he is one of the most high god in corporate america and on top of it all is dealing with investor base that is mainly retail and that's where you can get into some trouble and that's for gamestop guys can get into trouble. what is the trouble, if you promise too much and you don't deliver in the hundred sec will be for the neck, one of the smart thing to do despite the fact that the stock is running up he came out with announcement and said gamestop they basically say we have a tough road ahead, all of these companies know that there investor base which is largely retail in the sec is going to pay much more attention to them if they overplayed their

hand into exuberant, they will have a problem and they will have a legal problem with the sec and with the plaintiff lawyers with class action when the stock come down at least amc is already admitted that, that is a very fine line for both companies to walk, most companies as you know have an investor base that is largely institutional thing like 70% institutional, here is the flip it's largely retail in the sec really bears down and looks at you on what you're telling the public, it'll be interesting to see how gamestop place and adam has done a really smart job recently raising money and basically telling investors the apes is annoying and overvalued stock, a stock is worth what people pay but based on traditional majors amc is losing

money this stock prepare endemic levels were should be above. ashley: at least they are honest. >> i give him credit adam is playing his hand really well, he probably should tell some of these to stop harassing people on twitter though. ashley: i do. >> you can come after me. it's others that you probably should not. ashley: i understand. >> i have one feeling if you want to kill me you better put a stake through my heart and a better be metal, just so you know. ashley: i understand thank you for making that very clear, charlie gasparino breaking as always, thank you so much, president biden making his first speech overseas and today's countdown closer you should be on international bargain hunt to give you a portfolio, the

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♪ ♪ principal. for all it's worth. ♪. ashley: closing bell ringing. just under five minutes. you can see the dow continue toking to slip down. 143 points. s&p down slightly as is the nasdaq. wall street is issuing a warning, time bomb is due because of rising inflation. the fed says this inflation problem will go away, eventually transer to is the word they used. should investors heed deutsche bank's warning and how can they protect their portfolios? good time to bring in rusty vaneman, ryan advisors chief strategist. rusty, i don't know what

deutsche bank is seeing, but do you agree with them, is there a time bomb ticking right now? >> ashley, great to be here. first we get that question all the time from advisers and investors do we need to worry about inflation. first of all what is the impact on the other markets. interest rates broke 1.50. we look at high yield credit spreads, that would suggest some caution. they're holding in there tight as well. probably the big question to be worried about be the dollar. the dollar is knocking on the door of five-year lows, given deficits, inflationary pressures. could we break to new five-year lows and how far could we break? ashley: interesting, another question, rusty, how do we protect our portfolios against inflation, what i can tell from your notes you like etfs with international exposure? >> yeah. first of all, still bullish on

the market. the odds suggest more gains. the economy is still getting better. the technical condition of the market is strong. there is so much liquidity in the marketplace. the momentum for the economy and markets still suggest more gains ahead. so the way to play it, probably to hedge inflation or if we do have inflationary pressure we'll perform better, first of all we can look at smaller companies. smaller companies are more levered to the cycle. they should do better. not only is that the catalyst, the economic catalyst but they have relative performance and relative valuation supporting them. over the last 20 years, for instance, small cap stocks in the u.s. traded at 20% discount to the market. they're still at a 40% discount as well as 50% discount. they have evaluations and momentum on their side. ashley: of the emerging markets is there any you particularly like? >> good question. on emerging markets yes there is. another thing to think about, if

we're anticipating inflation, some sectors that should do better or style of investing protected versus inflation is value investing. value stocks are also on sale right now. on a global basis value tend toes trade as a discount as they should. value stocks 25, 30%, still basically double that. so you got relative valuations on their side and value has been outperforming over the last year. so it has relative strength as well. when it comes to emerging markets you look at an etf such as a pxh. that is emerging market value. it has price earnings ratio still in the single digits, less than nine. something you don't hear of. you could get some inflation hedge with that and actually some pretty attractive return potential as well. ashley: very interesting. good stuff. of course the fed meets next week. you know inflation will be front and center i'm sure when they meet. rusty, thank you so much for

joining us today. >> thank you, ashley. ashley: thank you. let's take a look here as we head towards the bell, the closing bell. the stocks closing at session lows now, red across the board. [closing bell rings] ashley: the dow off as you can see 140 points. the s&p also up slightly as is the nasdaq. okay. that will do it for "the claman countdown." thanks for joining us, everyone. we'll be back tomorrow. "kudlow" is next. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. now, who was lois lerner? tough question. well remember lois lerner was at the center of the last big irs scandal which occurred during the obama years. ms. learner, who was head of the exempt organizations division of the internal revenue service, she learned that groups, that is, some groups, like the