during the lockdown, he really wanted to work at costco. so she took to twitter, an exec saw it and set up an interview, so he is now a proud employee of costco. it's proof that the internet and twitter can be used for good purposes, and i don't think every gift has to be wrapped. charles: maybe that's why costco's stock is up today. happy father's day, everyone. beverly, thank you so much. liz claman, over to you. >> thank you. liz: yes. and happy father's day to you too, charles. thank you so much. folks, you have to go back to january 27th to see a five-streak loss here. that's what we're seeing right now. dow on track for its fifth straight day of losses. the last time the blue chips endured that long a losing streak, yeah, back to january. but this time around you do have, let's show it on the screen, the s&p, the nasdaq and the russell 2000 all joining the pity party after what appears to be, at least to some, a delayed

reaction to that upgrade the fed made wednesday to inflation outlook or all this red on the screen, is it simply the option desperation streaking down wall street? coming up, our all-stars are here on what to do when it look like there's nowhere to run and nowhere to hide. believe me, they know some places. now, with this kind of volatility -- and you can check the vix, right? -- it is down -- up, rather, showing a lot of fear, up 14%. how would a brand new stock, change handle a session like the one heading into this final hour of trade? the nasdaq and the knew see about to get some -- nyse about to get some competition. dream exchange founder is here, we're going to ask him what he thinks of all the movement we're seeing in this final hour. plus, a new covid variant putting the global reopening at risk. coming up, moderna's chairman is

here on the dangers of this delta variant and the threat it could pose to a full victory against the coronavirus pandemic. plus, jeff bezos may be heading into space, but could his e-commerce behe be facing a full grounding by team biden? charlie is working on that story right now, he's getting in the chair, he's going to break it for you in just a few minutes. let's get to this breaking news, folks. we are looking at a significant selloff. the russell at session lows right now, we're not far for the dow, the s&p, the nasdaq. it is an ugly picture right now if you're a bull. but as we kick off "the claman countdown," we need to tell you within the next 58 minutes, a near-record dollar amount of equity options according to goldman sachs is set to expire at the close of trading this afternoon. so before you assign blame for this selloff on the screen of 427 points down on the dow to a non-voting member of the fed who

this morning simply reiterated what the federal reserve said two days ago about inflation running hotter than expected, could it be the meme stock crowd's penchant for trading options for this sharp downdraft? look at the price action in the meme stocks. these are the meme or so-called reddit trader crowd's favorite. amc spiking to $64 at the open, but you can see it's pulling down about 3% at the moment to 58.81. it is having a killer week though, up nearly 25% as voting began to approve another $25 million in share sales here. virgin galactic right now on the move as well, it's up 5% for the week but right now we are seeing virgin galactic pulling back by about 2.6%. flip it over to gamestop the, the original retail investor group favorite, blackberry, bed bath and beyond all look to close out the week in the red at this moment. now, last week's additions to the meme stock craze -- wendy's and clover health -- are down 5%

and about 19% respectively for the week. now, all of these stocks have heavy options trading swirling around them, and as those options expire every third friday of each quarter, we are looking at an outsized market spasm right now. let's bring in our floor show all-stars, ned davis and bill lee, milken institute senior economist, also senior economist at the new york fed. bill, let me begin with you and the st. louis fed chief, of course, james bullard, he is not a voting member. this morning, of course, he was on our competitor, cnbc, and he basically, to me, i said, yeah, where's the news here? he just said exactly what we heard on wednesday which was inflation's running way more sizzling than we expected and, yes, we'll probably see, at least on behalf of some of these fed members who do vote, a sooner rather than later rate hike in 2022. what do you make of it? >> it carries a lot of weight. he's a well respected member,

he's a researcher, everyone knows he's a really smart guy, but he's also been a maverick. he's been ahead of the group for quite a while, sometimes way ahead of the facts. the facts are that the inflation we're seeing now, everyone agrees it's because of supply-side bottlenecks, and it's not going to become the kind of corrosive inflation we saw in the '70s. the need to raise rates because of what we've seen in price increases is nonexistent. everyone says that. chair powell says that, so we should be reassured by the fomc statement at the press conference yesterday that the fomc is not going to act until they actually see the whites of their eyes. the real inflation coming in, and that's not going to come in because their forecast is showing a return to 2%. in fact, i think you'll agree that the disinflationary forces will be coming back in play, and this activity of the companies that are becoming leaner and meaner as they come back online again, they actually try productivity to the point where

wage increases will be absorbed, profit margins will be sustained, and people's real wages, real earnings will be going up. and that will be a good environment to come into down in 2022. so the need the raise rates right now, as chair powell said, is not even beginning to be talked about. liz: yeah. you know, and i would say i'm not sure it is as transitory as maybe you and the federal reserve believe or as we call it sort of very short-term inflation. but let me get to ed. ed, what is the trade in this atmosphere when a fed member who doesn't even vote comes out and basically restates what was said two days ago, and the markets look to spasm, or am i right to point out that today's quadruple butching, and we now have this huge, very powerful voting bloc, if you will -- they say the market is a gigantic voting machine. these reddit crowd members or the wall street bets team are

really getting into it. >> i think you make a great point, liz. the market really is a vast voting mechanism, and millions are voting every day. and the vote was very one-sided a few days ago that we didn't have to worry at all about the fed, and it was all about reopening. and now some people are changing their vote, and they're saying that maybe we do need to think about the fed. so you've seen long-term interest rates come down which is negative for financial stocks, and maybe that economic growth won't be quite as fast as what some had expected. so you've seen some cyclical sector it's like industrials, materials start to weaken a little bit. and these are things that we thought were going to probably happen in the second half of the year anyway. so maybe it's more of the fed bringing some of this forward a little bit of things that were probably going to happen anyway. liz: yeah. and, bill, can we just quickly talk about inflation? we're starting in an odd kind of way to see a little bit of the

hotter price areas such as the hard and soft commodities like copper coming back down, erasing much of the year to date gains, same with soybeans and things like corn, etc. we can look at these here, even as the inflation forecast was hiked on wednesday to 3.4% from 2.4%, you're still looking at the sort of super-cycle that lately is not so super. >> well, liz, again, remember most of that inflation is coming from used car prices, new car prices, airline tickets and hotel rooms that are, where there's a shortage of supply. there are no pilots, no airplane seats, and there aren't enough chips to make cars, and there aren't enough used cars out there. take that away, and the cpi inflation is well below the range that the fed's trying to push it up to. and the thing to remember is the bond market is also a key voting machine as to whether it's inflation or not. the break-even inflation rates, the 5-year inflation rate have

all tumbled; that is, the expected inflation that's being priced into the bond market is actually coming down in the outer years, and that is a sign that the voting there is the fed right. these are price pops. ing shortage pops, supply-side bottleneck pops, and they will alleviate once the situation of supply shortages goes away. and that really depends upon how well companies come back online again. liz: all right. the dow down 463, but, folks, for a loss of 1.3%, it's the russell small and mid caps that are getting hammered here, down certainly as you see on the screen, 2.5%. bill, ed, a pleasure to have you both on a very busy day. we have this breaking news. president biden, moments ago, just said he does not think the delta variant of the covid-19 virus will force the u.s. back into lockdown. adding that the variant is more easily transmissable and potentially deadly. but, again, not bad enough here

that we will have to see another lockdown. no. let's check the vaccine makers. we need to right now with about let's call it 51 minutes left to trade. you've got red on the screen here because health experts around the globe are raising alarms over that new covid-19 delta variant. doctors say, you guys, this is the strand that originated in india and is the most dangerous in infectious mutation of the covid virus yet, perhaps even to those already vaccinated. now, earlier this week the cd the c labeled it, quote, a -- cdc labels it, quote, a variant of concern. kind of seems a little bit more than a concern. let's bring in one of the men at the forefront of the vaccine rate, moderna's chairman and co-founder. thank you for being here. what is moderna's very latest missive about whether the moderna vaccine can blunt this, or will those who got fully vaccinated now perhaps need a booster shot? >> well, thanks for having me.

we are continuing, as are others, to study our vaccine as it relates to the delta variant, and anytime we have information we've been putting it out. so far we have not seen indication of it breaking through, but we'll continue monitoring as cdc does all the time. we are, as we've said for many months now, developing a strategy for a booster shot that involves the original vaccine as well as in combination with new sequences that are put into our mrna vaccine, and we want to be in a position where by this fall we have ample data to suggest what might be an effective booster strategy should we need one. liz: you know, i have to tell you our viewers are probably calmed by that knowing that you guys were already on the case of a booster shot, because we now have, at least this past week, 10% of the new cases here in the u.s. attributed to this so-called delta variant compared to just 6% last week. you know, i'm beginning to look at this and say we've got to be

really watching this. moderna has been, obviously, at the very forefront among the top one or two names here when it comes to vaccines. your stock has certainly reflected that, up 211% year-over-year, so you've really benefited from this. you've got to talk now as we look forward to post-pandemic life, what moderna wants to do now. what are the therapies? what are the plans that you're working on at the moment that we should be really listening and hearing for? >> well, you know, i think it's important to understand that when the name moderna entered people's consciousness about a year ago as we, as we really led in the kind of entry into this process together with the nih, more than a year ago now, people had never heard of it, so they assumed that the first thing that we're doing is working on this covid vaccine. whereas, in fact, over the last ten years and about $2 billion of investment has gone into

building a platform, a platform that for the first time allowed us to make messenger rna-based therapeutics and vaccines. we had already tested in nine different human trials the effectiveness of our vaccines against infectious diseases and many therapeutics. so what the last year has done is to break into people's awareness just how powerful this platform can be. but it hasn't changed our determination to really spread the applicability. we're working in cancer, we're working on cardiovascular disease, we're working in infectious disease vaccines, and we will continue to expand. we think mrna as an important new medical class is going to really, really expand based on what we've seen. liz: i've heard a lot of people asking, so i'm just going to ask it here. how close is moderna to a pill form of the covid vaccine? >> well, the pill form is not --

mrna will be delivered through injection under the skin because of the nature of how vaccines work. we have herald today, yesterday -- heard today, yesterday news about additional funding going into drug or pills that can treat the actual infection, and we very much think that the science there is advancing rapidly. there'll be plenty of applications there should such an antiviral drug come about. but our approach is really all going to be about mrna which will be largely delivered either in the injections that you see or some therapeutics actually infused into the circulation. liz: got it. you know, you've got another company called flagship pioneering, and you just completed quite a capital raise. usually if somebody can say we got $200 million, that's a lot. you just closed $3.4 billion in funding. what do you plan to do with that money? what innovations can we look for? >> flagship pioneering is actually the entity that

initially found moderna as well as numerous other companies all in the field of bioplatforms. this is technologies that combine biology and comp talkingsal or -- computational or other technologies. so flagship pioneering is all about the next generation of platforms and creating companies that can bring them to market. and so there's plenty going on in terms of this type of innovation. certainly in neurodegenerative disease we're seeing major breakthroughs happening, in all sorts of immune medicines. so what this rate allows us to do is to really support the next 2025 such platform company that will be born in the next three years out of our own labs, and then we'll advance them so that they can enter the same ranks as companies like moderna and others who are leading today the charge against disease.

liz: noubar, we're watching it, and please come back. thank you very much, chairman of moderna. great to have you. we want to hear about that delta variant. different kind of delta the, maybe it's what delta ceo ed bastion said here on "countdown" yesterday right after his shareholder meeting that got the analysts at wolf research to double up airline shares. hiking the stock from underperform to outperform after bastion told us revenues are trending higher as each week passes. delta began the day in the red, it is moving at this moment up 1.25%. not bad. travel demand heating up as the world reawakens with a huge appetite for live, in-person entertainment. they're snapping up tickets from vegas to new york city. up next, we are about to give you a front row seat to madison square garden's hottest ticket in town as the iconic venue

prepares for its first full capacity concert featuring the foo fighters. closing bell ringing in 44 minutes. yeah, it's a red day, but it's going to get more rocking and rolling as these options start to expire and finish out quadrupling witching friday. ♪♪

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♪♪ >> it's amazing, they are selling out faster than we've ever seen before. we're a supply-driven business. the demand is there. there's zero question about that. fans want to get out, and the artists more and more are coming and saying i want to go, let's get something set this fall into next year. we're putting them all up on sale, and they're really doing well. liz: joe bergdahl, president of livenation. he had quite a bit of enthusiasm back on june 7th on "the claman countdown." this really underscores the thirst for live entertainment post-pandemic. this weekend from madison square garden to be yankees stadium, new york city's at full capacity for the first time since march of 2020. tonight the bronx bombers return to yankee stadium against the

oakland as, and across the east river let's take you live to lydia hu at the iconic madison square gardening where they're prepping to final by welcome back vaccinated fans this sunday. so exciting, lydia. >> reporter: it is the exciting, liz. and the foo fighters are headlining this big show that will happen on sunday at madison square garden. first full capacity show since the pandemic started. no social distancing, no masks required, no restrictions on capacity. but, like you said, fans have to be fully vaccinated to attend, and the garden will require proof in order for them to enter. now, while the kickoff to the concert season is a big cause for celebration, industry advocates remind us that small privately-owned event yous across the country -- venues are struggling and trying to survive after a year's worth of lost revenue. congress set aside $16 billion for small businesses in december, but the small business administration has only awarded about $530 million of that money

so far. we spoke with one venue operator who said that money is needed to get back up and running once again. >> it's a trickle at this point. we need a deluge of the grants to be, to be honored. if we are given the funding that we have been promised for emergency relief, we'll all be up and operating. and i know i can't wait to get into a crowded room and hear my favorite band. >> reporter: now, the small business administration said in a statement to us that the pace of distributing the money right now is, quote, not reflective of the high standards that we try to meet. they're trying to expedite the distribution of those funds. meanwhile, liz, i can tell you that tickets on ticketmaster for the foo fighters sunday, sold out here from madison square garden. back to you. liz: oh, wow. okay. i want to see the eagles come back. [laughter] that's my level. okay, lydia, great stuff. thank you so much.

madison square garden opening once again. yeah, oakland as versus the yankees tonight. look at the dow, down 403 points. as bad as that looks, it had been down 532. we're watching all the indexes. everything's in the red at the moment. and, again, in about i want to say 17-27 minutes, that's when the real action and the options expiration start to kick into high gear. we are on it for you on this quadruple witching friday. "claman countdown" is coming right back. ♪ ♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪

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from that stock to the red, the market's top players in toyland facing a potential nightmare before christmas. let's get to lauren simonetti for today's fox business brief. what's going on? >> oh, boy, liz. the toymakers are facing a possible shortage this holiday season because of shipping delays out of china that continue because shipping containers are scarce, and factories are bulging with inventory. all that leading to delays. hasbro and mattel shares both under pressure on the news. let's take a look at roku trading higher after the launch of roku originals in late may drove a record two weeks of streaming for its namesake channel. the show added 30 my channels. adobe beat quarterly profit estimates and the software company's revenue estimates also beat forecast, stronger than expected current quarter guidance, and citigroup extending losses after tumbling

14% in the last 11 consecutive trading sessions. on tuesday the bank's cfo warned that a strong recovery this year may not translate into stronger profits at the bank. up next, corporate america celebrates the new federal holiday, june tooth, and one company -- juneteenth, and dream exchange's ceo is next on "the claman countdown." in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day.

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♪♪ liz: okay. so in this hour, minutes after president biden yesterday signed the juneteenth national independence day ab act into law marking the day enslaved people in galveston, texas, finally learned of their emancipation, hundreds of publicly-traded companies including, you know, t-mobile, yelp, starbucks, we're showing a whole bunch of telephone screen, they all -- on the screen, they announced they will observe it with a paid day off or holiday pay, and with that milestone comes the prospect of another milestone the, the first black-owned stock exchange in the history is in the works with the stated goal of lifting minority-owned businesses. in a fox business exclusive, dream exchange ceo and founder joe she kale la joining us now -- joe cecala joins us now.

he worked on the team of the first fully electronic stock exchange in the u.s. great to have you here. a start-up stock the exchange, that's a rarity these days. how's this going to work? >> so we're going to be a fully-licensed, national market system exchange and participate fully in the liquidity fully of the markets. our brand and what we're doing is slightly different. we are majority owned by, we'll be a minority business enterprise, by black investors. and our goal is really to create an ipo market for the entrepreneur, the ingenious small business person, but we're specifically targeting the underserved communities. the black community really hasn't participated in public capital markets in our country, not ever, and we're specifically targeting black-owned companies for an ipo market in the years to come. liz: you're not even live yet, and you have had more than a million visitors on the web

site. i'm one of them. i've been watching this very closely, because i find it absolutely gutty and fascinating to just be launching any stock exchange, right? in this day and age, you've got to explain to us when it's going to go live, which i'm assuming that there are -- and i'm assuming there are going to be non-publicly traded companies on this? how is this going to work, i guess, specifically with ip orbss, etc. >> right. so we're building the standard national market system exchange that will participate, you know, on both sides of every order just like every other exchange. but we're doing two different things that are very different for the rest of the exchange market. one is we're going to be designing -- and have been for more than five years -- rules that will bring down i guess what we call the threshold, our target market is $20-50 million capital raises with a $100 million capitalization

companies. and that's for the main exchange. we're also working on legislation called the main street growth act that would allow for a brand new type of existence, and in that market we can actually target even more entrepreneurial, more early stage companies without any reduction in investor protection s which is vital to us. and you ask how are we doing it, we're assembling that is just, it is the dream team. we recently hired bruce trask from the nasdaq who was their senior architect, we have a team of others. we're working with defend edge sigh con which is a cybersecurity company. we don't want to be just the first black-owned exchange, we want to be the best exchange in the marketplace. our goal is to be the state of the art, go-to stock exchange in the years to come. liz with your background in electronic trading, joe, how do you plan for the dream exchange to be able to deal with a day like today?

we can pop up the vix right now. before the show, i want to say around 2:30 p.m. eastern, it was up 9%, then suddenly it was up 15%. so with that, and a quadruple witching type of day, you're looking at a lot of heavy volume and sometimes real serious guy rations. how -- gyrations. how do you insure any exchange is going to be able to handle that once you go live? >> that's a great question. right now i would say that there's a big push to make sure that there's trading parity and that the latency of electronic trading is on an equal footing amongst all market participants. so adding another national market exchange, i think, will only help handle a certain amount of the volume, and we'll be able to handle more customer flow and participate in the market. i think what's going to happen and what we're seeing happening in the market right now is with the news that is occurring, a lot of the electronic

algorithmic mechanisms are bumping against their future limitations. so there will be more volatility, there's just going to be more liquidity needed. another exchange participant will only help that. but i think that the market, like today where you see that the electronic traders for the future when they start changing the direction of liquidity, those are all algorithmic-driven down the road. some of it may be kicking in early, but we certainly have the expertise to build in an order book and a trade-matching is system. we're already far down the road in building it that would handle that kind of volume and be a tough competitor in the market of stock exchanges handling that volume on behalf of our customers. liz: i want to be there on the day it goes live. good luck to you, joe, keep us posted. it's called the dream exchange. thanks very much. >> thanks for having me. liz: anytime.

china may not love bitcoin -- in fact, they hate it -- but it's certainly a man, imagine this, of its own clip to currency. the big news out of china. banks in beijing will be launching more than 3,000 atm locations equipped for digital yuan withdrawal. cryptos are now all in the red, bitcoin stands at 35,435. ether, 2,160. litecoin, 153, obviously getting caught in the down downdraft today. but could amazon be in for the biggest loop-de-loop of all courtesy of the president's regulatory top guns? the charlie's breaking it next. you've got to hear this. closing bell ringing in 19 minutes. dow down 416, we're coming right back. ♪ ♪

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♪ liz: we've got a fox market alert right now. before we get to charlie gasparino, look at the 10-year yield. we're at 1.437. this morning we were at 1.50%. now you can see that we have -- i don't want to say collapsed, that's a very dramatic word. it's really fallen. look, 7 basis points of a drop here. because i think the federal reserve is so much in control of the psychology of the market at the moment, you can't really try and guess exactly what's at the heart of the, yes, voting mechanism that is even the bond market. which, by the way, is much bigger than the stock market. we are looking at the lowest settle since march 2nd for the 10-year treasury yield. all right, as amazon gets ready for its big banner shopping

event next week -- yes, amazon prime day -- there's an antitrust trouble brewing in the nation's capital with big tech firmly in the crosshairs. charlie a gasparino. >> we'll get to that, i think i might have an explanation -- liz: go, please. >> yeah. if you have more inflation, the 10-year yield should be rising, right? bonds -- liz: yes. but it's not. >> so what's going on here? my guess, and i've been hearing this from a lot of bond traders is since the deficits are going to be gapping out because of all the spending the biden administration's pushing, it may just throttle through congress through reconciliation, people think the fed is going to start ramping up its bond buying to deal with the deficit, to suppress rates. liz: okay. >> it was known as operation -- back in the day. and i think that's kind e of what's going on here. now, let's get to amazon because this is a fascinating story. liz, there's a triumvirate in

washington brewing of regulators that poses the biggest threat to the business community in a long time. you have gary gensler at the sec, you have lina khan now at the cftc, the chairwoman. very anti-business, particularly amazon. she wrote a whole paper on the evils of amazon. now you've got a guy who's the attorney general for the ticket of columbia who, sources are telling the fox business network that he seems to be the front-runner to take the job as the doj's antitrust chief. if he does get in and, again, he's the flavor of the moment right now. sometimes these things go through vetting processes, going to be some interesting stuff going on on wall street. wall street was planning on a huge year this year, ipos, robinhood is one of the big ones we keep talking about, deals, you name it, m&a, mergers. if these three get in there, if rah -- racine gets in there on top of gary gensler and lina

khan, man, that's going to put a cap on a lot of this m&a activity for the wall street firms. we should point out, mr. racine, d.c. attorney general, he filed a suit against amazon to break them up, demanding structural changes cans which is code word finish breaking them up. lina khan wrote a fascinating piece in the yale law review a couple years ago -- by the way, she's only 32 years old, and she's leading the ftc, the wrote something called the amazon's antitrust paradox. i've read it. i suggest you read it, you'll get in her head. she doesn't care if prices go down at amazon, she just thinks it's too big, and they should break it up. that's a thumbnail version, but that's essentially what it is. we'll see what happens with mr. racine, if he gets the job. but it looks like the biden administration is starting to fill these positions not with the type of business people you had during the trump years. it's the type of people more in academia, stuff like that.

and, yes, gary gensler worked at goldman before he went to academia and became a very close associate of elizabeth warren who, obviously, has very strong opinions about regulating business, the senator from massachusetts. so, again, i think if you're an investor and you're looking at stocks, you look at particularly the tech stocks and wall street, if these three are your main regulators of the business community, you've got to factor that into stock prices. i mean -- by the way, amazon has not traded off dramatically with any of this. liz: not at all. >> but, you know, at some point you're going to have to factor it in. listen, lina khan and mr. racine have been very clear in what they think about tech and how they're too big. and mr. racine took, brought a case against amazon on antitrust grounds to break 'em up. lina khan wrote that paper i mentioned. and, you know, if you're running a business, you've got to take

into account these are your new regulators. and if throw gary gensler in there too. liz, back to you. [laughter] liz: hold on, i'll tell you my 23-year-old niece just told me that none of her friends are ordering from amazon anymore because they think jeff bezos is -- you know, it's like your classic you're a marxist at 23, and then you're a capitalist at 31. >> so how do they -- where do they order from? they don't have families though. that's e the difference. liz: they're finding anything possible other than amazon. that's what she told me. >> you know, you need amazon. it's great. it's easy. liz: exactly. >> listen, i don't care for politics, but he's got a great business there, and it's cheap too. that's the problem. liz: he started from zero. >> i know. i know. liz: fastest runner, he should be allowed to win. but, you know, again, these things do get out of control. charlie, thank you for that. we are looking at amazon up about a third of a percent. bet you can't have just one.

if you had, though, to choose, pick one of the chip stocks to buy amid the ongoing shortage in the semiconductor industry, which one should it be? and is it really even a pure play chip stock? our countdown closer has the one he says is the answer. closing bell ringing in eight and a half minutes. we're coming right back, don't go away. ♪ ♪ 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 ...

some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) liz: closing bell, we are now exactly five minutes away there are a couple things i need you to watch here in these next four minutes call it 50 seconds. the dow right now, down 437 off the lows, s&p swinging about 44 points the nasdaq, which had seemingly bucked the trend a couple days this week is down 99 points look at the intradiabetes day of the nasdaq. everybody was talking about oh, yeah, the big tech rotation is back people are going back into big tech. today, not so much.

we are seeing it down just under 100 points right now, what does that mean for the week? for the week that means the nasdaq will snap a four-week win streak. we're looking at the dow, the s&p, and the nasdaq looking to close out the week, we could see that the dow is set for its second straight week of losses, the s&p snapping a three-week winning streak and yes as i mentioned the nasdaq snapping a four-week winning streak. now, after the fed drama, no surprise that jpmorgan is one of the dow's worst performers of the week, financials, some of the hardest hit by the feds more hawkish statements on wednesday, and what were those hawkish statements? let's review. inflation is higher-than-expected, and more than what, let's call it about seven of the fomc members now say that we will see two rate hikes next year. whereas before it was four of them in the spring, and yeah, well before that, it was none of them. they all said 2023, probably not a big surprise after big tech

big start to the week apple, salesforce, microsoft, the top performers on the blue chip and it's stock straddeling the line of stay-at-home and the return to the real-world success leading the nasdaq this week, docusign, match group, and chipmaker nvidia, which hit another all-time high today, after bank of america analysts basically said, you know what? this isn't price target of $800 like what we had. it's now $900 so you can see , we do have nvidia just turning negative a second ago, but if you look at intel that certainly is way down much more as is micron. so, nvidia barely let's call it flat at the moment not the worst thing in the world. nvidia was part of yesterday's huge rotation into big tech stocks and three minutes left to trade, we do have the final moments here, where we want to bring in our countdown closer, who says if you had to pick just one, of the semiconductors, which are in huge demand now, as you look at the stocks index

which compiles of them, pick the one that isn't exactly a pure play chipmaker, brian vendi g of mjp wealth advisors is joining us with his tasty chip play, what is it? you've got to tell us, brian. >> sure, actually, i like applied materials moving forward they help to support the software and services, the manufacturing tools to make the chips, so i would say invest in the supply chain of the chipmakers. liz: yeah, and again, let's be really clear here, folks this is not a chipmaker. it is the chip equipment maker, been around for a long time, and the performance has been absolutely gorgeous here, to date and year-over-year, has it not? >> absolutely, i think that it plays into still, the environment of the effects of the pandemic and inefficient supply chain we know governments want to focus on improving availability of chips around the

world, and how much that comes back to impact the auto industry and other consumer centric industries, domestically , so again, having the right focus on this longer term, i think is the right move, liz. liz: okay, you have another tech name, not necessarily at the top of everybody's list here, xpo logistics why should this be in a portfolio? >> yeah, xpo is again, the view of looking at the global supply chain going from just in time inventory to just in case, companies realizing a little bit more inventory on hand, supply chains coming back to the u.s. , having a global logistics provider that could help to support warehouses and transportation. i just think makes a lot of sense and it is aligned to improving aggregate demand moving forward for the economy. liz: brian, we're closing out a session here that is very volatile. what do you expect for next week >> well i do expect a little

bit of this negative view from the fed continuing, but i do expect maybe about 14 on the fed talking next week, but probably walk back these comments a little bit. >> [closing bell ringing] >> but the market is the definition of some of these rate moves. liz: brian vendig, there we go, the dow looking to close at session lows down 544 points, have a great day. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. i could think of a couple of themes this evening to characterize president biden's comes and going and doing and not doing it was not his greatest week. back in 1977 remember this? there was a grateful dead put out an album called "what a long strange trip its been." i kind of like that a lot. i'm not really a dead head but i like that a lot, or then there's kim strassel's column