one stock i really like besides all the s&p 500 is a quality control for semiconductor processing. charles: okay. symbol? >> onto. charles: onto. erin gibbs, thank you so much, my friend. you know, ashley, we got from 2 to 207 and right back down, my friend. ashley: i'll take it from here, charles. and thank you for that. [laughter] charles payne, always a great tough. thank you. okay. let's begin here, wall street bulls pent-up at this hour as investors wait to hear what the fed, of course, has to say tomorrow about tapering at the end of the two-day fomc meeting. all the major markets in the negative. you know, moderately so, although the nasdaq being hit by a weakness in growth stocks, down three-quarters of a percent. but boeing on the rise as its

air force one delivers president joe biden to geneva. the president delivering for boeing, by the way, by putting an end to the 17-year-long trade battle over aircraft subsidies. we'll be going live to switzerland for more details on that. meanwhile, bitcoin has been range-bound since its may massacre, but one crypto believer says it's going to $250,000 by the end of next year. wow. we're going to ask the ceo of blockchain investment firm brock bauer if he agrees with that. and one company is helping businesses big and maul figure out the spaces to bring -- and fall -- big and small to bring employees back. it is a fox business exelusive. we begin the show today with breaking news. the world trade organization's

longest running dispute finally comes to an end. the battle over boeing and airbus coming in for what is now a soft landing after the u.s. and the european union reached a deal today to end their fight over subsidies which means the phaseout of billions of dollars in punitive tariffs. the announcement coming today after president biden met in brussels with e.u. leaders on the second to last leg of his first overseas visit. u.s. trade represent9 tuf katherine tai says the deal will allow the two sides to focus on a common economic threat which is china. take a listen. >> while we have been engaged in the fight, others are taking the opportunity to launch their own industries, and we have been too busy fighting each other to pay attention. ashley: well, now biden heads into a potentially volatile

summit with russian president vladimir putin tomorrow. connell mcshane is following the president, and he joins us now live from geneva, switzerland. it looks beautiful behind you, connell, where tomorrow's summit, by the way, promises to be a very interesting one, right? >> reporter: i don't think they'll disappoint on that front. on some other fronts, maybe, ashley. it's interesting, i think it's fair to say certainly the most anticipated component of the president's overseas trip even if earlier portions of his travel may have had more substance to them including that announcement out of the e.u. that you mentioned on trade from earlier in the day. now, the president, speaking of earlier in the day, arrived this afternoon here in geneva and had a meeting with the swiss president and pretty much retreated to his hotel, presumably for summit prep ahead of this get-together with vladimir putin which will get going in the early afternoon tomorrow. it'll be a series of meetings.

no sit-down meeting, no breaking of bread, also no alone time, there will not be a time where it's just biden, putin and the translator. sometimes that happens at an event like this. there'll always be somebody else in the room. in the early meetings, that someone will be the secretary of state, antony blinken, as well as the russian foreign minister, and then they'll expand from there. both sides have made manager of an effort to lower the bar. officials have warned us not to expect huge deliverables as they call them on cybersecurity, arms control, human rights or any of these other issues that we expect to come up. they're raising the flags in the city, we saw it earlier in the afternoon. they were decorating the bridge behind me in beautiful fashion with american and russian flags to get things set for this summit. and we'll see you tomorrow, ashley, with complete coverage in the amp for us which will be -- afternoon for us which

will be early morning back home in new york. about 7:00 on the east coast is when we expect things to warm up and get going. see you then. ashley: no huge deliverables, we got that message. connell mcshane in geneva, thank you very much. let's get to the markets, slipping in the final hour after one inflation gauge came in a lot hotter than expected in may. the labor department reported that the producer price index jumped 6.6% last month. that, by the way, the largest gain since 2010. another worrying report out today the, retail sales dropping 1.3% in may after rising .if 9% in april. -- .9% in april. could this be a signal that the economy no longer getting a boost from all that fiscal stimulus? we'll have to wait and see. i want to bring in our traders, break swenson and tom hayes. gentlemen, the fed kicked off its two-day fomc meeting today

as two major economic reports were released. we did see the s&p close at a new record yesterday, by the way. just has to make any sort of gain today to also post another record, but my question to you two is what can we expect from the fed tomorrow, and how will whatever they say impact the overall markets? greg, let me begin with you. >> yeah, good question, ashley. i think the fed will probably say nothing, at least that's the consensus. they might make a mistake. powell might make a mistake and let something slip. my guess is he will maintain the his extremely dovish stance, and it will just be business usual from this fed. and that will be good for the markets in the near term but, i think, destructive in the long term. ashley: tom, is this the last fed meeting that can deliver that dovish message? is the writing on the wall, and what do you expect from mr. tomorrow?

>> well, it may with -- from mr. powell tomorrow? >> it may be one of the last few. if you look at february of 2020 pre-pandemic, the unemployment rate was 3.5%. it's 5.8%. so they have cover to do a lot more and particularly you seen two things happen. you've seen -- except energy, you've seen commodities, lumber, copper, the grains come down. they also have cover to do nothing and be dovish tomorrow because you've had two jobs report misses in the last two months, and those misses are likely to for cyst through september when the -- to persist through september. so as result, we like those groups that have been underperforming this year due to fears of inflation and tightening which will probably be later than expected tapering in early 2022, rate rises in probably early 2023. so the groups that have been affected are tech, utilities, staples and health care.

for this market to push higher, we're going to need big tech to participate as they're well over 20% of the weight of the s&p 500, and our top couple of picks, arleigh, are amazon -- ashley, are amazon, we like amazon. cloud service is growing 32% year on year. what's lesser known is their other segment, mostly online advertising, grew 77 last year. that makes that business bigger than twitter, pinterest, roku and snapchat combined. so we like that. we've got prime day coming next week, and we also like the amazon of china, alibaba. you can buy it for uni2018 prices -- june 2018 prices. revenue, earnings and cash flow per share have all doubled, those are our two deals for a dovish fed moving forward. ashley: very good. all right. greg, what do you say? do you like some of these big

tech names? what do you like in this environment in particular in. >> tom made some good points, and i think you want to be long equities that are able to raise prices in an inflationary environment. there's so much focus on the fed right now, and i think that's good, but they're actually enabling a lot of this fiscal stimulus from, you know, so it it -- we have to focus on the reckless fiscal stimulus and spending from the government. so i have to anticipate inflation. i know some of these inflationary numbers are based, are due to short-term issues, i get that, you know, like the supply chain issues and the bottlenecks as well as the basis is of a year ago being very low. but m2's up 26%, you've got reckless spending from the government, and you have naturally inflationary policies like stimulating even though the economy is in a v-shaped recovery, continuing with this stimulus on the demand side. but while taxing and regulating

which is constricting the supply side. that, by nature, is inflation their. so is paying people to stay home and not go to work and produce if anything. so that's also inflationary. i'm more concerned with long-term inflation than near term. ashley: all right. gentlemen, we're going to have to leave it there. greg weapon swenson, tom hayes,k you both. we do appreciate it. all right, workers heading back to the office at many companies as the u.s. and the world, frankly, reopens for business. but will big city office buildings and even mom and pop shops ever be back to 100% occupancy again? if well, coming up, the ceo of iwg will talk about the outlook for the office and why the word flexible could be the key to the future for business owners. as we head to the break, another quick look at that big board. we've been down across the board, but as for the dow, just up 81 is points at this hour,

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♪ ashley: no more masks, no more social instancing, no more contact tracing. new york state today lifting all mandated coronavirus restrictions after it hit its goal of vaccinating 70% of its adult population with at least one covid-19 shot. now, businesses are able to throw open their doors to customers and employees, but some companies are taking very different approaches to the return not office. to the office. over half of fortune 500 ceos say they are aiming for employees to work in their offices two or three days per week in the coming months. and 74% of ceos say they expect to need less office space in the future. all right, enter iwg, the world's largest flexible work space company with over a thousand locations in the united states. and in a fox business exclusive, iwg ceo joins us now. mark, great to see you.

what kind of -- good evening. what impact will these proposed flexible work schedules have on the demand for flexible work spaces? >> well, the demand for flexible work spaces has gone up exponentially over the past months. we've signed more business, we've signed already a million new customers, and we've got another million in the pipeline. and these are large companies that are moving wholesale to new way of working, hybrid working with people working sometimes at home, sometimes locally and sometimes coming into a central office. but the marketplace has changed completely x that's moved in our direction. ashley: what about demand for commercial real estate? how are you adapting to that? >> demand will still be there, but it's just not going to be the same.

so overall in the united states, the more rural locations, suburban locations over time will benefit. the cbds will have to reinvent themselves and become much more attractive, much more attractively priced. they've already got great amenities, but it's very expensive in the cbds. it's also they're very inaccessible for most workers. they have to commute a long way. and so, you know, during the pandemic everyone found that they could work effectively from home or remotely using technology. they're just not going to go back to a long commute. so things will change, cities will need to reinvent. but overall, there'll be less fixed space. so our estimate is the fixed space will reduce by about 20% over the next five years as more and more companies start to consider the environment, start to look at the savings you can

get through flexible working and change the way they work accordingly. ashley: you know, mark, morgan stanley here in the u.s. has been joining other banks in telling their employees that they have to come back to the office full time. ooh -- if i'm not mistaken, didn't your company do a deal with standard charter in the u.k.? what kind of deal was that? >> that's a flexible work support program. ing maybe not morgan stanley, but many other banks, we have already signed up not just charter. and these banks are moving to a new flexible way of supporting their teams. they are, they're asking their workers and their workers are telling them, please, don't ask me to come back to the office every day. provide me with an office locally, and that's what we're doing. is so we provide offices near where people live some of the time. they can just drop in and use

them. and that's what they went for. it reduces their cost, reduces their carbon footprint, and it's that their people want. and they believe they will get more talent in the future when they're hiring, and that's very important to them, by having this flexible offer where they can employ people anywhere. ashley: very interesting. very quickly, mark, i'm not sure how to word this, but has the pandemic presented an opportunity for your company that you could never envision? >> well, look, the change to flexible work was happening pre the pandemic, and we had our best quarter in our 30-year history in the first quarter of 2020. the panic's been very -- the pandemic's been very, very difficult, but the best times have come out of it. so from the worst of times, we

are moving to the best of times. ashley: that's a good place to leave it right there. mark dixon, ceo of iwg, thanks for joining us and continued success is into the future. thanks for joining us. >> thank you. thank you very much. ashley: all right. thank you. gas prices, new and used cars meet, and now the splash of milk in your coffee. all getting more expensive. fox business going straight to the heart of the issue to find out how much more you might be milked on your next grocery run. i apologize for that. let's take a look at the big board. the dow this hour still struggling, down in the same range, down a quarter of a percent at 34,319 on the dow. we are coming right back. ♪ ♪ that building you're trying to buy, - you should ten-x it. - ten-x it?

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ashley: fox business alert, draft kinks getting the short end of the stick this today's pop stops. short seller hindenburg who also famously targeted nikola and lordstowning is taking aim at the sports betting titan, specifically accusing draftkings of covering up its exposure to black market gambling through its three-way spac merger that included sb tech. now, credit suisse defending the fantasy sports firm saying sb tech has little impact on draftkings' business. draftkings saying hindenburg's note was that of a short feeler with, quote, incentive to drive down shares. as you can see, down 4.75% after all of that. sports wagering rivals, meanwhile, penn gaming, fanduel and golden nugget also all in

the red, penn national, by the way, down 3%. vroom also skidding into the close, plans for a $500 million debt sale taking a toll on shares of the online used car seller, down more than 10% at just about $40 a share. fedex going to the box, the delivery giant say it has agreed to a multiyear deal with autonomous delivery vehicle maker near row and will begin testing its pods within its fleet in houston. fedex's top up 2.3%. not the only big name working with a start-up, domino's and kroger have both deployed nuro, and chipotle invested in the start-up earlier this year. shares of all those three though down in today's market, as you can see. okay, let's move on to this story. consumers can expect to pay top

dollar for milk products as global food inflation is hitting the dairy industry now with post-pandemic recovery unpredictable to say the least. the problem is, could this get worse in the coming months? are we going to pay prices as that graphic says moooving higher? again, i apologize, lydia hu. [laughter] she's getting the scoop from dairy farmers in eastern pennsylvania. lydia, take it away. [laughter] >> reporter: hey, ashley. you know, the experts say that the inflation probably is going to get worse before it gets better, but here in pennsylvania, you know, i'm learning about these cows, and i'm told that they produce about 600 gallons of milk day here at klein farms. that has not changed over the past year. what has changed is the cost of getting the milk from the farm to the grocery tore and then to your refrigerator. the price of gasoline has gone up, plastic for the cartons has

gone up. all of that is driving prices. right now the national average for a gallon of gas is $3.50 -- a gallon of milk, i should say. that's more than a gallon of gasoline. and, yeah, experts say this is probably just the start. listen. >> very disturbing. and not only for consumers, but for the industry as well. frankly, we're not even in the middle of this yet. prices are going to go up. the food industry very, very concerned about this. >> reporter: and it's not just the price of milk that's going up. we also know bacon, that's up 13% over last year, ashley, citrus fruits up more than 9%. but i can tell you here at klein farms, the dairy farmers tell us they've been in the business for over 90 years, and they say -- [audio difficulty] ashley: we look like we've lost lydia. there you go, that's a good

freeze frame right there. we get the message, lydia hu. prices are going up from here as well. that was the conclusion, so get prepared to pay more for their milk. meanwhile, the highs and lows of bitcoin shaking some of the biggest believers this year. but one bitcoin bull, well, not backing down. the mega-target being put on bitcoin and if you should be buying it. let's check the markets. the dow off now 99 points, down nearly 100. the s&p, any gain today would be another record it. may get there, we'll see. the nasdaq up eight-tenths of a percent. we're going to come right back. ♪ ♪ i got a crack in my windshield... ♪ uh - uh, lisa, maybe less heartbroken? geico lets you file a claim online, over the phone or with their app.

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$250,000 by the end of 2022, by the end of next year. saying that the currency will be, quote, much more in use then. well, the price is well below that forecast right now. it is up, but right around -- holding steady at 40,000, just about $40,000 per coin. but as acceptance seems to be on the rise across the business world, one cryptocurrency fund is beefing up and buying out the competition in some respects. here to talk about a recent deal we welcome in matthew guest. before i get to the deal you just recently made, i want to talk about this prediction, tim draper saying, hey, why not? 250,000 for bitcoin by the end of next year. what do you say? >> yeah, it sounds pretty bold, but i actually think he's kind of walking a moderate path. if you think about the previous bull market for cryptocurrency and bitcoin in 2017, that saw

bitcoin go from 1,000 to 20,000. so that was a 20x. so if we go from 20,000 in this bull market -- if we go up 20x from there, that'll be 400,000. i think there's a reasonable chance we hit tim's bogey. ashley: wow. that's impressive. you paid $35 million to buy out your rival, gam a ma point capital -- gamma point capital. what was the thinking behind that? >> yeah, it was really important for us because, you touched on this, which is there are different market cycles in crypto. sometimes it goes up like mr. draper likes to think it is going to go, sometimes it doesn't, right? and ultimately, even if in the big picture we head up and the to the -- up and to the right, there may be moments where it's zigging, zagging. so the question becomes are there ways as investors you could potentially earn positive

returns even in those market environments that aren't going straight up. and that's really important when you think about -- i love talking to people like you because the nature of compounding is so powerful and yet very simple. and so if you can generate positive returns in market environments that are flat or down, that's really powerful. so we thought about this as is there a way to bring in-house more of that kind of capability which we call market neutral investing? meaning it's agnostic as to to the underlying direction of bitcoin, ethereum, cryptocurrency, all of that. this is a strategy that seems to make money regardless of what's happening sort of underneath the hood. ashley: what about elon musk? every time he puts out a tweet, it does have a big impact on the price. is that a healthy scenario? >> yeah, i think you're seeing it pretty widespread in financial markets, not just cryptocurrency. you look at some of the things

that have been happening in the stock market. with elon, at the end of the day, i think he's an incredibly intelligent human being, he has been able to foresee and identify trends for what's going to be important to the future of our world and humanity. one of those being a digital store of value, a digital currency became clear to him. so while i think there's a lot of gyrations around things that he says and things -- how the market reacts, what i look at is what are or the actions. not what are people saying, but what are the actions they're taking. and the actions elon has taken is he's bought over a billion dollars of bitcoin on tesla's balance sheet, and it's still there today. so i think the main thing to focus on there the isn't necessarily the noise and the talk, it's more so what are people actually doing, how are they voting with their feet and their money. and with that, that bitcoin's there, it hasn't sold, and he came out the other day, and something along the lines i plan

to add to it as and when we continue to prove more power sources for bitcoin mining. ashley: fascinating really. i mean, kind of stepping back a bit, if we can, matthew, you know, we have el salvador just recently, you know, allowing bitcoin to be, you know, legal tender. that seemed to be a big advancement. is acceptance, is credibility rising exponentially right now? >> it is, 100 %%. i spent 11 years at goldman sachs, most of the people i worked with were big institutions, sovereigns, pensions, universities, things like that. and now fast forward the clock four years, that adoption, that kind of grasp of what this is and why it's important is really taking hold. and i didn't necessarily know when we would see it at the nation-state level, but now we have with el salvador.

and and immediately, as you see, there's six other countries in central america and south america who have lined up to follow suit and adopt this as legal tender or put through some form of law or billed to do so. and the same is true on the institutional side with investors, large pools of capital who are sayings this is an attractive asset of to have as part of an investment portfolio. there are all sorts of risks in the world. there's risks to the u.s. dollar, and the way that the monetary supply has been getting inflated over the last year is pretty frightening. and if you just leave your money in the dollar, heck, maybe you're going to lose half of it over the next five years. and that's in america. if you think about, like, 70 president of the world -- 70% of the world where human beings are facing rampant inflation, corrupt governments and regimes, something like bitcoin and cryptocurrency becomes an incredibly powerful force that billions of people around the

planet need. ashley: you make your case very well. we'll have to leave it right there, but every development is fascinating in this space, there's no doubt. matthew goest with blocktower capital, the ceo, thank you so much for joining us. >> thanks, ash. take ca care. ashley: all right, thank you. really interesting. the global chip shortage, meantime, is impacting workers at dimer and voces wag withen. the -- daimler and volkswagen, announcing they are cutting hours in germany because of the semiconductor shortage. it's hurting awe to makers, frankly, across the world including, oh, yes, right here in the united states. jeff flock on the story. he's outside a ford plant in wayne, michigan, with more on the story. jeff. >> reporter: indeed, ashley. but it has not stopped, that chip shortage, that is, has not stopped ford from today beginning to ship out the new bronco. you remember that one from

1966-1996. ford stopped making it in '96, but it is back riding again. take a look inside the plant. we spent much of our day inside in with exclusive first look at the first broncos being shipped out to dealers. and they've got 200,000 reservations for this vehicle, and that, of that 200,000, 125,000 have been converted to actual orders which in some ways is kind of unheard of. outside the plant they've got one that is called cyber orange. beautiful looking vehicle. as you point out though, comes in the face of this chip shortage. and if you look at who's been hurt, you mentioned a couple of overseas awe automakers. the big three in the u.s. hammered on this one. one estimation is that ford has lost over 300,000 the unit with of production. that's a lot of profit and a lot of vehicles lost to the chip

shortage. gm, 270,000 plus. and the former fiat chrysler, 250,000 vehicles they haven't made because they haven't had enough chips. and who's been hardest hit on this? well, the best selling vehicles. ford has been hard hit because the f-150 is the best sell vehicle in america -- selling vehicle in america, 109,000 of those, apparently, not made because they don't have enough chips. the jeep cherokee also hard hit and some chevy products as well. it's been a rough ride, but they've got enough chips, ashley, apparently to launch these vehicles out there, get them into the hands of consumers. as i said, all of the 125,000 that are coming now out of this plant are already spoken for. you cannot buy a new bronco right now. they say not until 2023 if you want to actually order one. they'll give you an extra -- ashley: oh, my goodness. >> -- $1,000 to custom order. nothing like something that you

can't have. [laughter] ashley: exactly. no kidding. all right. well, thank you very much, jeff. the latest on the chip shortage, hurting everyone, all of the automakers across the world. thanks so much, jeff, appreciate it. wall street heading south, that's the headline. and, no, i'm not talking about the markets. coming up next, charlie breaks it on the financial industry's exodus from new york to, where else? florida. and why it is far from over. take a look at the big board as we head to the break, as we head to the to closing bell in about 16 minutes, and the dow still off 82 points. we're coming right back. ♪ ♪ i am robert strickler. i've been involved in communications in the media for 45 years. i've been taking prevagen on a regular basis for at least eight years. for me, the greatest benefit over the years has been that prevagen seems to help me recall things and also think more clearly.

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this full effect today as the short sellers losing $512 million after yesterday's 18% rally in shares of the theater chain. and guess what in it's an encore showing again today for the redd admit rebel, amc up at 59.45. other meme medium faves finding themselves on a different end of the market. that's what happens, roller coaster ride. petco, as you can see, dropping nearly 10% after a wall street bets-fueled rally yesterday, clover health and wendy's, both stocks down. clover health, by the way, down 6% right now. okay. now to this story. while major banks are summoning their employees back to in-person work, their employees are asking to relocate to, where else? florida. palm trees, sun, beaches. they want to make it the new financial hot spot. taxes are good too. joining us now with more on all of this, charlie gasparino.

hey, charlie. >> lots of interesting workplace trends going on in this story that we exclusively have on fox business. and i wrote it up for the web too so you get a more detailed account. i was just having a conversation with a friend of mine, and he said, you know, new york is coming back. the reopening is here, everybody's happy, everything's coming back. i think people are going to move back from florida. and then i said -- i'm not going to say his name, because you might know who he is, and i said what was the last time your cost of living in the city went down, and there was dead silence. this is why we have this trend going on right now at the banks where the banks are being inundated with requests from employees to move down to florida. so many they can't even fill them. and, remember, it's first come, first served, and it's often internal people get the job first. the banks are making a pretty -- banks and hedge funds are making

a pretty big move to florida. we spoke with some of the business people down in palm beach which is kind of a mecca. a new wall street mecca between palm beach and miami, it's a hub of wall street activity. we poke to some of the business groups -- spoke to some of the business groups. they're telling us financial firms are flock being there. one business group estimated that 90 wall street firms have opened up offices since last year, and more are coming. those firms include household names, ashley. point 72, you know, the hedge fund run by steve cohen, elliott management if run by paul singer and, of course, the great goldman sachs is move some people down there just this week announced internally. again, the move comes as wall street execs are asking the companies to help relocate to florida for that tax rate and, yes, it's rough for, like, two months a year. but the weather ain't bad for most of the year. two months when it's really hot.

we spoke with the ceo of the palm beach business development board. this is the her quote: i've never seen this level of activity from the financial services firms in my 30 years of working here. okay, why is this happening? obviously, the harsh lockdowns in new york, that started it. i think the incompetence of new york and new jersey governors and government with in dealing with covid, dealing with crime and taxes is causing this thing to keep going. i mean, one of the things if you live in new york and new jersey, which a lot of wall street guys and gals, you face very high state income tax. those taxes and other taxes are going up even more now. combine that with potential work from home abilities with zoom, and you get it. people are trying to make it work. now, we should point out there's some blowback from the banks. james gorman today -- yesterday, the ceo of morgan stanley, said, you know, we may have to lower

your salary. if you want to work in colorado, you're not going to make new york salaries. there's the pushback all over the place. but if hedge funds keep moving there, talent is going to go there whether big banks like it or not, ashley, back to you. ashley: you are absolutely right, charlie. maybe new york and new jersey can get a clue when it comes to taxing these people where they have to flee the state. you know, i'm not holding my breath on that, but it's a fascinating story. charlie, thanks so much, appreciate it. bank of america putting it chips on a dividend hike by exxonmobil as cost-cutting measures are paying off. and, as we know, oil prices are rising to pre-pandemic highs, exxon mobile up 3.5% today. but big oil not the only way to play the climb, today's countdown closer's top picks to hit pay dirt on black gold. the closing bell ringing in just

about seven and a half minutes, and we are coming right back. ♪ ♪ . .

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the number on your screen. coventry direct, redefining insurance. ♪. ashley: the closing bell ringing in just a little over four minutes from now. as you can see the s&p 500 and nasdaq about to snap a three-day winning streak. the dow up 100 points. down about .3 of a percent. any gain for the s&p 500 today would be another record close. looks like we're not going to quite get there. who knows. it could be a bought of buying in the last few minutes. s&p down a quarter of a percent. nasdaq, we've seen weakness in growth stocks that has hurt nasdaq down more than 104 points. let's talk about oil topping $72 per barrel today. it is the highest close in more than 2 1/2 years and according to one prominent oil analyst, oil could hit 100 bucks per

barrel because of lack of supply. what do investors need to watch in the oil market? how can they take advantage of all these rising prices? we have courtney dominguez, payne capital management wealth advisor. courtney, thanks for joining us today. oil closing today, 72 bucks a barrel. oil itself up 46, 47% since the beginning of the year. let me start with a big picture question, where does oil go from here, certainly the second half of this year? does it go up? >> oil really, simply a supply and demand issue right now, where supply is continuing to be low. actually opecs expect it will be below the five-year averages. we're seeing the economy getting started. people getting out and about. we want to be driving and flying. increased demand, less supply, further price increases in oil very likely. this is coming where there is a push towards clean energy. we're not there yet for infrastructure.

we're getting out and about, there is reliance on traditional energy like oil and natural gas. i think you very well continue to see that rise this year. it's a good play against inflation. it is interesting to look at oil here, make sure you have hedge in the portfolio, it can be a freight idea. ashley: exactly how do you play that. what in particular do you like in the segment? what do you advise your investors? >> there is a fund we like to use the global mxt energy fund. it's a broad index that will have exposure to many different categories and also the infrastructure getting this one from place to another t payings really good dividends. it pays 5/8 of a dividend. it will give you good diversification and a good inflation hedge. ashley: why is there a problem with supply? i thought the u.s. was energy independent? we could pump out as much as we

wanted to. we weren't reliant on opec. opec is still pumping oil. why is there a supply issue? >> believe it or not rigs are 60% below the amount getting pumped in 2018. there is less getting pumped. whether u.s. or supply issue, that is happening right now. lack of supply, with increased demand. that is leading to price pressure. you can't turn it on right away. the fact with lower supply with will take a while to increase once they decide to do so. ashley: got 30 seconds, courtney? do you like anything overseas, any international names you like? >> ashley, i like the developed markets. vanguard developed markets exchange traded fund. keep in mind they're a 19% discount to the s&p 500 pay a better dividend and dividends will increase next year.

it is good to look at that. ashley: i feel smarter about the energy sector. courtney dough ming gets, thanks for joining us. thanks for the information. [closing bell rings] as we wait for the fed decision tomorrow. all-important comments from fed chair powell. that will do it for "the claman countdown." larry kudlow's show coming up next ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. we're going to try something different tonight. we're going to start the show with a heavy discussion of business and the economy please don't run away. the reason for this, there are some very strange things going on. i've been around a while but numbers are popping up the likes of which i really don't think i have ever seen before. for example, consumers are buying just