up with stagflation, and we'll be back in the jimmy carter era if we don't take care of this now before it gets away from them. typically, the fed is always wrong, and i think won't change this time through either. [laughter] charles: no grand e e by huh? wish d epiphany, huh? wish we had more time. liz claman, we're off the lows of this session, and it feels a little less risky right now but still a lot of rest out there. liz: well, charles, there are 59 minutes left to really cause some mayhem here on fox business. [laughter] we shall see. but he's right, we're watching this selloff very closely as we head into the final hour of trade. friday's fireworks that sent markets to record highs, as you see on the screen, are now sizzling as investors take profits to start this four-day workweek. dow jones industrials down 267, the nasdaq down just 4 points, the s&p lower by 16. but we need to tell you that

we biden. he's about to speak to the nation live after getting a briefing from his covid response team as missouri and mississippi see hospitalizations rocket. the president is expected to push for younger is citizens to get vaccinated, issuing new warnings about the dangerous delta variant and maybe even the new highly transmissable variant. we're going to take you to the white house in moments for the q&a part of what he says. now, he did get some questions about what's being called the biggest ransomware attack ever, a demand can of $70 million in cryptocurrency, of course, to unlock the servers of up to 1500 companies. the sew ceo of crypto financial services firm blockfine is here on whether these hackers could disrupt the future of finance. and post-pandemic travel now in full effect. you'd know this if you were on the roads, right? if you want to go, i don't know, zip lining over the ozarks, how

about horseback riding in the hollywood hills or swumming with the dolphins in florida -- swimming with the dolphins in florida, we are going to bring you the peak ceo who joins us in a fox business exclusive. but first, breaking news, we are a awaiting president biden. he's supposed to make remarks in the roosevelt room after getting an update from the covid response team in washington. the president has been pushing to get americans vaccinated as quickly as possible as the virus now appears to be mutating again from the delta variant to the new lam a da threat. lam a da threat. there are a lot of washington developments including infrastructure and labor and all kinds of other issues, so to discuss this and the more idea issues president biden must now juggle, former ubs america's chairman and ceo, fox contributor and democratic insider robert wolf. robert, not only are we not out of the woods on this virus, but infections are spiking in nearly half of the states in the country.

i have to believe as you look at the stock market right now, and we can see that there is a selloff at the moment, we're off the earlier lows, but still, there's some fear here, is there not? >> yeah. and there should be some fear. i mean, we went from a k-shaped recovery to a v-shaped recovery, and now we're at the point where we're at an inflection point. i kind of disagree with the fed that this is just transtoimplet i'm a little nervous about where wages are going so quickly, gas prices, housing. and so, yeah, there's a little nervousness. and i think the fed should ease off on their easing. [laughter] that's the best way to say it. and then you stated it, liz, with the variants, i mean, delta coming from understood -- india, lambda coming from peru, we're in a e scenario where this is a global pandemic. we're at near 70% adults, but we have to be invest as well. liz: you are somebody who ran a huge international bank, certainly the more than if arm of it. if you were in that boardroom

right now and we see financials, we see energy names, energy earlier had hit seven-year highs for the price of crude oil, yeah, transitory, are you kidding me? we see inflation moving higher. it just makes you wonder where as the president is going to speak about this very serious eshoo, where do you look at this point? because look at the oil names. they are all pulling back. you've got bp, con poe phillips down 3% apiece -- conocophillips. even wti is coming back off at the moment and then the 10-year yield. there are so many issues to grapple with for the president. >> yeah, i think when i was running ubs, we probably did four different quadrants. you have the inflation quadrant that you speak about often, and then you're bringing up some great points. i mean, cybersecurity, i hard you're going to talk to someone on the crypto side. but cyber has to be at the forefront. that's a key for risk management. i would say the thursday part

is, you know -- third part is, you know, housing. i don't think it's a bubble, but it's coming fast and furious. and then the fourth point is china. i mean, part of this market trail-off and what charles were saying and you were intimating is also about what is happening on regulation from the chinese perspective. so there's a lot going on today, and i'm a little nervous going into the next quarter. liz: yeah, i could see that. you know, speak to people on both sides of the aisle on the infrastructure plan. we did get a good sign, certainly, that there is at least one group of democrats who have signed on, they like this bipartisan plan that the senators from both sides of the aisle seem to have come to agreement on. does this happen? >> liz, you've been at the forefront of talking about infrastructure. you and i spoke, i think, the day i testified in front of the senate a decade ago on infrastructure. [laughter] this is the most bipartisan thing this country has.

the chamber of commerce, unions, democrats, republicans, independents, i mean, if we can't pass an infrastructure bull, every president wants -- infrastructure bill, every president wants it. i am supportive of this bipartisan plan. it's about a trillion dollars. it's not perfect. a lot of sides are angling for more if or less, but to me, pass it, we need to support our infrastructure. we need to upgrade and we need to modernize. liz liz yeah. and as president biden begins to speak, we are expecting to take the q and a portion of this. you look at the vaccine makers, they're not doing much today. but if we dovetailing to things like jobs, we had an incredible jobs number for june. we know that this is a red hot economy. look, we want to help the helpless, certainly, but isn't it time now to stop with the stimulus and start getting people out there to full some of these job openings of which there are millions? >> so i would probably frame it a butt different.

i think it was -- a bit different. i think it was very important with the vaccination distribution and the relief package that those were the two priorities in president biden's first hundred days. i think actually right nowings as you just commented, the infrastructure bill is the most important thing. i do think that the rest of the stimulus and the fed response, we have to start tapering that off pretty much completely and see where this economy goes on its own based on all the things we've done over the past year or two in the post-covid world. we just don't know. liz: yeah, yeah. and in the end, you know, you've got to figure as we look at the dow jones industrials down 254, this is a strikingly resilient market here where we had been down more than 400 points -- i'm sorry, yeah, 427 at the session lows. i want to just quickly check the volatility index to see what kind of fear trade that we're seeing at the moment because that becomes an issue too, does it not, where the markets start

to get concerned about the 10-year yield? which, by the way, plummeted over the last, i want to say 11 hours. >> well, you have a few things. one, tough to short anymore, so you have kind of taken out the whole idea of shorting the market. that's been kind of removed for the moment. and we're still in an incredibly low rate environment. we're below 2%, you know, we're at 1.5 -- we're not even close to 2%. the idea that we're seeing inflationary signs in the market, that's not accurate. it's in the economy. we haven't felt any of it in the market. i think we're going to wait to see what happens, but if these numbers continue to percolate, we're averaging 600,000 jobs a month. wages are up 7-8. listen, i think that we're going to have to feel a bit of nervousness playing this market right now. liz: yeah. a little bit of -- maybe see it right now. robert wolf, great to have you. thank you very much. >> thank you, liz. great talk.

liz: -- as the president guns taking questions -- begins taking questions, of course, we will take him. could be talking about infrastructure, the lambda virus, cyber hacking, we've got all of it. in the meantime, take a look at chinese ride-hailing giant didi. this company just went public last week, shares are sinking as chinese regulators suddenly ordered all chinese app stores to kick them out, to remove didi's app. showers are dropping 21.7% right now. the government claims it needs to investigate how the $4.4 become company is handling customer data, but you know what? that's got investors fleeing oh chinese stocksally what pa baa, nio, jd.com on the fears that china's long arm will reach out and smack them down too. but wait, what's wrong with this picture? look at wavo shares, it's jumping 6.6% on this report

which, by the way, waymo's chairman denied in order to dodge his government's spears, he plans to take the company private in a $20 billion deal. is china's crackdown making chinese stocks really kind of through the, and are they now too dangerous for u.s. investors to trade? to our floor show traders, scott bauer and scott redler. scott bauer, this smells like a power play to china's new billion delays. the government is saying, not so fast, we're still in charge. does that headache them too hot to handle, or is it time to pick up some discounted names? >> yeah, i don't think it's too hot to handle, liz. i don't think the issue is hands -off on the chinese stocks. that said, things have to be done strategically. either buy and hold or buy and trade. as you just said, both the chinese government and the u.s. government, they're all over these chinese tech names. but, you know, i think that the

chinese government is going after jack ma, and jack ma's mates. but if you look at a couple stocks out there like an alibaba, like a jd.com, these are ebb companies that throw off billions and billions of collars in revenue -- dollars in the revenue. and i think those are two the stocks in specific don't shy away from. i think those are buy and hold stocks, not buy and trade stocks. i love those for the long run, especially baba right now. if you look technically on the charts here, alibaba's coming down to just major, major support around that 205-210 area. then you look at a waymo like you mentioned, that one's probably not so great right now. that value is gone because of this recent runup the recent news reports. but there's some others out there, mvb that i think are trade and long-term investable. liz: veev, right?

scott redler, let me bring you into this conversation here. should investors keep their hands off chinese stocks for now? what do you think, and if so, where should they be buying instead? >> well, you know me, liz, there's a time and place for every sector and every stock, but when it comes to chinese names, i am the most careful you could be because typically you don't know when you get hit by some kind of overwilling laughs or news headline overnight if -- overregulation. this is a really dirty move actually, didi coming public and anybody who bought in the after market getting shellacked. i hate seeing that kind of stuff happen to traders. but this whole year the chinese names have been untrustable. chinese names have lagged. baba, jd i understand has years of buying opportunity, it could be, but it also bounced off of 205 a few times, so next it gets there, it may not break. if it does break, it could go a

lot lower. they're very hard to there trust. liz: yeah -- >> sorry. liz: i think it's incredible that you've got waymo on a rumor that the chairman denies, hey, we're going the private so we don't have to deal with this, that way mow is jumping 6.6% -- >> but, liz, it was up $20 this morning. liz: yeah. >> this morning -- [inaudible conversations] liz: mod rating a bit. >> yeah. it was the up $20, up to almost $80, now it's at 5 58. liz: scott bauer, oil, we've got to give a nod to that. what do you make of what's going on with crude at the moment? >> it's very hard to decipher. just this morning we thought we were going to be getting close to that $80 number here. what is odd to me, maybe not odd, but what is, you know, something people are really not pointing out is the spread between west texas and brent now is almost down to zero. and i think there's so much uncertainty in the marketplace

due to that. and we just don't know what is coming out of opec. we don't know what is coming out of the mideast here. i personally think, and i've been saying this for a while with, i think $80 and $85 a barrel that people are looking for, i don't think we're going to get there. i think we have potentially seen the worst. i'm not saying that we can't rally a little bit from here. i think we've potentially seen the worst that we're going to see this driving season. i'm, i'm being very optimistic, and i know i am one of the only one this is that camp. >> well, i agree with you. this morning -- [laughter] by the way, this morning i said the same thing. i'm, like, 80-85 is more sellable than buyable. yes, i fullly agree with you there. liz: yeah, i read your reports, mr. redler. i saw you said i'd rather be a seller than a buyer. our great scotts. >> thank you, liz. liz: dow jones industrials down 230 points. yes, we are seeing a spike in

the fear index, up about 9% right now. we are coming right back with much more straight ahead. and by the way, charlie gasparino causing all kinds of trouble in sun valley. and in the meantime, let us go back to president biden. we understand he is now taking questions. let's listen in. >> -- have caused minimal damage to businesses, but we're still gathering information. to the full extent of the attack, i'm going to have more to say about this in the next several days. we're getting more detail and information, but that's what i can tell you now. and i feel good about our ability to -- [inaudible] [inaudible conversations] >> is someone testing you, sir? [inaudible conversations] >> [inaudible] liz: well, that was quick. i believe he was making a quick comment if on the ransomware attack. not -- yeah, it was. okay. yeah, because the top got clipped, a comment, but he says he will be speaking more about

that at a later point. we will be right back. and as i was saying, gasparino live in sun valley. [laughter] oh, boy. he's with the movers and shakers and causing all kinds of moving and shaking himself. stay tuned, we're coming right back. don't go away. ♪ ♪ this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire.

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♪ liz: we've got a fox business alert. richard branson winning the space race in more ways than one here. investors clearly betting on the billionaire virgin galactic founder over wall street analysts this hour. shares jumping 3.8% even after ubs cut them to neutral following bank of america's downgrade to underperform last week. he's been distracted from analyst calls. his inaugural flight on his space tourism aircraft scheduled for this sunday. ask you guys know when you looked at this stock that it's really been a beneficiary of the reddit rebellion which, by the way, is in full swing. a new report shows in just the month of june, retail investors fueled up their portfolios to the tune of $28 billion. the movement clearly showing no signs of petering out. just look at context logic, talk

about a wish come true. shares are up 8% at session highs as the e-commerce payment firm expands into europe. yes, they've moderated a butt, now they're clinging to a 1.6% gain right now, but ticker symbol wish. wishing to see this trend continue. and the original meme dream team also on the move. amc entertainment shares slipping after canceling plans to sell 25 million new shares, down 2% at the moment afcee owe adam aaron said investors were divided on the move and a vote just wouldn't with worth the drama. and gamestop down 2.8%, kicking its online retail transformation into high gear, adding a brand new full filament center in reno, nevada. -- full fullment -- fulfillment center. christmas in july for nintendo. the maker of the switch giving fans a first look at the newest version of the popular console

and its enhanced 7-inch oled display. all right. with 85 million units of the original iterations already sold worldwide, nintendo -- whose shares are up 2.4% -- is timing its october 8th release date for the upgraded switch, retailing at $350, by the way, as a hopeful kick start to the holiday season. october 8th in that's incredibly early. all right, canada now reopening its borders at least in a restricted way, but a start is a start, right? and the world is ready for wanderlust. but post-pandemic travel headaches abound. you guys know that if you were on the roads, right? up next, a peek at the experience that a may make all the waiting and higher prices. the ceo of peek is here on the vacation choices you've got to see to believe. closing bell ringing in 38 minutes. dow jones industrials down 233

points. the russell getting smacked here, down 1.5%. stay tuned, we're coming right back. ♪ finish. ♪ ♪ with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

♪ liz: dust off your suitcases, get ready for a jet-setting summer. this past julyth weekend was the largest travel weekend since the start of the pandemic with the tsa reporting 2.2 million travelers coarsing through airports on friday, july 2nd. that's the highest single-day travel numbers since february of 2020. and, by the way, just as many people flocking back to major cities. they're also ready to try some wild adventures from paddleboardinging in the dark to hydro-flying? we've got to hear about that. and the place where you can find all of these hot tickets, travel experience site peek.com backed by a who's who of business leaders from eric schmidt to

jack dorsey of twitter. in a fox business exclusive, let's bring in the founder and ceo. welcome back to the show. wow, 2.2 million people running through u.s. airports friday is significant. what do you think is the next big travel day peek is preparing for? >> you know, what we're saying is it's not going to stop here. bookings since april have quadrupled, but we're not seeing it slow down. i think the july 4th weekend is the start of what we're going to see many weekends that will be pretty huge. not just for travel, but also for local experiences. i think that's the big thing we've noticed, is that people are doing more outdoor experiences close to home. you know, we've been locked up and locked down for the last year, and people are looking for adventure again. liz: yeah. and there are adventures in people's backyards, certainly. let's talk about some of the backyards of viewers who may be watching right now. what are the hottest destinations you saw over fourth

of july weekend? >> so the biggest destinations, we saw people going to actually getting back to urban destinations, you know? certainly in the last year we haven't seen urban it's nations being as popular, but san diego, miami, chicago, those were cities that are back in a big way and a lot of the things people are book are outdoors. a lot of things like kayaking on the chicago river, dolphin-spotting in tampa. things allow them to get outside and get into nature, and i think that's a big thing we've seen as well as food tours, bike tours, wine tours and wound tasting. so all of -- wine tasting. all of that a stuff is coming back as well. it's a mixture of trying to get outside into nature and getting to make the most of these big cities. liz: let's whip through specifically some of them. you just referenced kayaking on the chicago river. that sounds awfully cool. and for all of our illinois

viewers, that is something you could do. we've got it on the screen -- that's actually paddleboarding in miami, and then you've to the the dolphins that people can watch. but tell me, you know, these things are actually affordable. dolphin spotting in tampa bay, $23. you could kayak on the river for $45. >> yeah. liz: paddleboarding in miami, $50. i like that. >> yeah. what we see is -- you know, i think the bug thing for peek.com is we work with thousands of businesses across the u.s. that provide experiences that might be $20 up to hundreds and even thousands of dollars, and that as really important. i think that we've all learned as a society that, you know, connection with people and having adventure and fun in our lives matter. and it's very important to work with a big selection of experiences what i would also say is make sure -- we have collected over a million reviews that are all verified. and what w seen is, you know, the -- [inaudible]

you can find quality at all of these different price points, and a lot of stuff is very kid-friendly as well. liz: okay. i'm looking at the hydro-flying. >> yes! [laughter] liz: that's in orlando. you put on the boots -- oh, my gosh -- >> i haven't yet, and i clearly haven't been adventurous enough, but i want to. it looks amazing. you could do shark sighting in miami, you can kind of do meditation with horses in san jose. we have this, it's called equine mindfulness. you can play with pigs in san diego, you know, parasailing, you know, rock and blues tour in memphis. there's a lot of stuff that's coming back. and one of the things we also recognize is there's a big digital transition happening, is so start booking in advance. one of the things we've seen over the last year is we work with a lot of buzz withs to --

businesses -- [inaudible] allow them to take online booking and allow them to -- when people are checking in, etc. so we with see a huge adoption of technology by small businesses in this era, and so i think what we're seeing is really booking far more in advance, and we're also seeing more than half of them coming from locals. you can go in your backyard whether that's horseback riding or paddleboarding, as you mentioned, you can see a lot of things fun to do locally as well. liz: okay. i want to go diamond spotting on 47th street. is that one of our -- [laughter] is that one of our -- >> yeah, yeah. liz: it's great to see you. >> it's great to see you too. and i think -- liz: thank you very much. >> hi pleasure. my pleasure. liz: and we'll see you next time. and the company is called peek if.com. don't procrastinate, these things are filling up, you guys. all right. could the world's biggest ransomware attack be a death

negative for the future of -- death knell for the future of finance? is it really decentralized decentralized finance that's in the fight for his life? we'll take it up with the ceo of blockfine, that's next. closing bell 27 minutes away. we're looking -- and watch those small caps. down 33 points for a loss of 1.25%. but the nasdaq has now turned positive, up 18 points. folks, we've got a little bit of a rally right now. ♪ ♪ only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning.

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so you can stop at nothing for your customers. muck liz: it's the new hack attack the heard around the world. still reeling at this hour after being smashed by alleged russian-backed cyber gang are evil which has now demanded $70 million in the bitcoin in exchange for a decrypter tool to

restore all the data that this gang has compromised from kasea. they've hired cyberfirm fireeye, but with the bad actors demanding crypto payment, could that in turn take down the emerging sector of decentralized finance? zack prince is the founder and ceo of block-fi, they have a huge announcement about a rewards credit card right now. we're going to talk about that in a second. joining us in this fox business exclusive, zack is here to talk about what we really need to focus on, and that is each time that they demand ransom in bitcoin, in crypto, that tends to paint defu with -- defi with a very ugly brush, does it not? and what is that going to do to

your sector this. >> thank you so much for having me. i think really that a lot of smart folks will understand that cybersecurity is an area where you have to be incredibly diligent. ransomware attacks were a thing before cryptocurrency existed, and they're going to continue to be a thing regardless of what wt happens with the broader regulation of it. now, i would encourage everyone to be hyper-vigilant around your personal and business cybersecurity. up one of my good friends i was talking to over the weekend about this exact event, he's the ceo of a company called electric, and they provide outsource i.t. solutions, and their clients were actually using this same soft war, but they were on a newer version, a cloud-based solution that wasn't affected. i think it's really important to stay vigilant, to work with great partners, and i would add that the bitcoin blockchain has never been hacked. you mentioned fireeye, companies can potentially learn from the

security that is implemented by the cryptocurrency industry and blockchain technology and applications of that will ultimately become phenomenal tools for preventing events like this in the future. and ultimately, this is a national security issue, and you're going to see a governmental response to this, and the government is going to step this and help to protect great more than companies from i attacks like this in the future -- great american companies from attacks like this in the future. liz: and these hackers aren't particularly bright because we should mention that the colonial pipeline ransom, a bunch of that in millions, was recovered by the fbi. so it's not a sure thing. if you ask for your ransom in bitcoin. so there is, certainly, an lawyer where people can track this down and f it. but tell me what your world is like right now as you're trying to grow it, as you're trying to build your company and these things keep happening. it's not happening to you, but, you know, the reputational damage for the entire

cryptocurrency world does get dinged. >> we work with regulators every day at blockfi, and agencies within the u.s. would much prefer that hackers ask for bitcoin versus cash or even other forms of traditional payment that aren't built on blockchain networks where they can really easily monitor where the funds are going. and you're absolutely right, liz. in the case of the colonial pipeline, recoup some of those funds. so, you know, the cryptocurrency sector's just getting caught up in this cybersecurity trend that's going to continue regardless of whether, you know, they're asking for ransom in bitcoin or some other monetary form, and i think it's important to separate the two issues because what's happening on the ground at blockfi and many other cryptocurrency companies is folks are having a phenomenal experience investing in this asset class, using it to conduct payments that in a lot of cases are cheaper, faster and more

accessible than the traditional financial system, and the investment returns have been quite phenomenal over any long time horizon. so i do think that it's not the best thing from a branding perspective to have folks asking for bitcoin. it does create a little bit of a negative association. but i think folks will see the forest through the trees and understand this isn't something bitcoin is responsible for. this is really a cybersecurity issue. liz: yeah. let's look at when you talk about separating yourself, you have some pretty important investors. everyone from coinbase to fidelity to sofi. obviously, publicly traded. but they've had real experiences that have been quite positive for many people p. give me a -- give me a sense how you guys feel you are different particularly with the launch of this credit card that is a rewards card? >> yeah. so blockfi's been a leader in building financial services around cryptocurrencies and assets. so today we launched the world's

first bitcoin release credit card, allowing folks to earn bitcoin with every purchase they make. and blockmy is known for our -- blockfi is known for other can accounts, a trading platform that enables folk toss buy and sell cryptocurrencies with no fees and our loan are product which was the first of its kind that enables bitcoin investors who didn't want to sell their assets to get a loan secured by the value of those assets just like you're able to do with real estate or stocks or other assets. so we've been a pioneer in that regard and that's what's led fidelity and coinbase and other great investors want to support what we're doing, and we're very thankful for that. it's not just big name investors. we have half a million clients on our platform today who are earning over $50 million in interest every month on blockfi.

liz: zack, really quick, can you quickly show me that card again? hold it up and tell me. so when i use that visa card, mine gives me -- my citibank card gives me american express miles, this will give you back bitcoin? >> that's right. every time you with use this card, you're going to earn 1.5% base rate cash back in bitcoin which will flow directly into your account. we also have have a bunch of other features. you earn a higher interest rate when you're a cardholder. you're not spending crypto, you're spending dollars just like on a traditional credit card, but instead of earning fiat currency cash back which loses airline miles or points constantly devalued, we give folks bitcoin. liz: that is cool. we'll be watching that. will you keep us posted on the success of that, zac? thanks very much. >> absolutely, liz. absolutely. liz: zac prince from blockfi. amazon's jeff bezos making a pit stop on his way to space at

the summer camp for billionaires. yes, if you don't know what that is, it's the media and tech economy's annual meeting of the minds in sun valley, idaho. bill gates is also in attendance. that was not a sure thing. and guess who's there to make sure he makes them all happy with his presence? charlie gasparino. charlie breaks it on the who did and did not make the all-star guest list for this year's gathering and the top secret business talks taking place right now there. closing bell 15 minutes away. we're coming right back. ♪ ♪ this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people.

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out -- shares breaking out to a brand new record and, at the same time, a new ceo entering amazon's jungle. amazon is the top performer on the s&p right now, locked and loaded on what could be a fresh closing high. we stand up 4.6%. that's $164 to the upside to $3,674 a share. now, the man on the screen, andy jassy. he vaults to the c suite as well as a second chance at the jedi cloud computing contract for the pentagon. it's certainly helping the stock. but executive chair jeff bezos who took amazon there a garage-based e-bookseller to nearly $2 trillion online e-commerce force, yes, with streaming and all kinds of excitement continuing to shoot for the stars literally. the world's richest man, he's right behind sur richard branson when it comes to going into space. he's just two weeks away from joining the first official

flight of his space start-up blue origin's new shepherd rocket. before the out of the world trip though, heading to sun valley to join it can moguls for the annual allen and company hoorah. boy, charlie, who have you seen? what's going on? >> but andy jassy's going to be here too the, remember. this is kind of a hero's welcome. he was officially anointed ceo yesterday, correct? today the stock market's back open after july 4th, and look what's happened to the shares, at a record high. and that's despite all the stuff, and there's going to be a lot of talk about that here involving antitrust and a lot of the big tech titans are going to be here. bill gates, as you said earlier, from what i understand, he's confirmed. that doesn't mean he's definitely going to show up, but i've heard from sources he has confirmed, so watch for him. bezos is here, andy jassy's

here. it's a who's who. kind of interesting. so what's profelling amazon -- propelling amazon's stock? i think you have a change in leadership, and this is where the speculation comes in. there is speculation on wall street with. not in sun valet. sun valley. that amazon, he's going to do a stock split. they've lagged the s&p 500 over the past year, they need something to get retail involved at $3600 a share, it's hard for retail the buy it even when you're talking about buying fractional shares. still a lot more difficult. so there's a lot of talk about a stock split, and that is why, i think, the stock is moving today. again, bezos expected to attend, so is andy jassy. we'll ask hum -- him if he attends. warren buffett is expected to attend. you and buffett are quite close. general mattis popped in. we saw him as well. and if i ran into rob manfred,

the mlb commissioner, while getting, while in the café at the place. he ran the other way, of course, but that's usually what happens when i -- [laughter] they run the other way. unless you're a security guard. the security guards here, again, are -- liz: oh, they love you. >> they're, like, they're -- by the way, they're acting like bouncers at a party in the hamptons. i know they think it's their job -- and, by the way, i i appreciate their job. there's more billionaires here, i left a few off the list, you know, than i have hair on my head, and i've got a lot of hair on my head. they have to protect them. but they do it like they're working, they do it like they're working the door at, you know, at studio 54 back in the day. it is really -- [laughter] it is really an insane thing. anyway, i haven't got thrown out yet. i'm still reporting. bob -- is not here, snubbed once again.

his boss is here, so that's kind of interesting. and, you know, we'll be back on the air if we break any news. there's going to be some merger talk, the definitely. by the way, that's what makes it odd, viacom cbs, brian roberts is here. they may talk about buying them. back to you, liz. liz: all right. see you tomorrow. go find david sasse love, get some news from him. charlie, thank you very much. we are coming right back. ♪ ♪ . .

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♪. liz: okay, so it's the nasdaq the only one that looks to close at its second record in a row. any gain works here up 24 points but today's "countdown" closer says, you know what? forget the investor rule book now. time to throw it out. it will not work in the future.

there is a new book. peter mal u.k. is putting it all together. creative planning ceo. 85 billion in management. you say throw out the old, bring in the new for portfolios. let's start with bonds. they have not shown great returns here. >> talking about past performance not equaling the future results, 10, 20 years, high single-digit rates of return. that is just math. interest rates drop, returns go up. yields at all-time lows. over 80% of bonds pay less than 2%. ed idea of owning a bunch of bonds, accomplishing your financial independence goals will not work. the entire ethic for the most part, treasurys, high yield, beyond will not work to get people where they want to to. liz: you know, you're also saying and i recently said this whole balanced portfolio thing of 6% equities, 30% bonds, 10% gold or something, you say that

is another one to throw out. replace it with what then? >> that is just not going to work anymore. also the way most americans invest, john vogel take your age, that is the percent you should have in bonds, that doesn't work anymore. 60-40 doesn't work anymore. target date fund in your 401(k), being overallocated to bonds doesn't work because you have a large part of your portfolio not keeping up with inflation. you're contributing thinking you're getting ahead and falling behind. people will have to reduce the bond allocation substantially. they think bond will be there in a bull market. it is true, 30, of last 32 pullbacks markets gone up while bonds gone down, yields where they are we will not see the new cushion. people will have to expose the portfolio to real estate, equitying international holdings and pull away from bonds very substantively all the way down.

60-40 needs more to be like 80-20. liz: i couldn't agree more. when my mom was 87, she said can we buy some nike stock? she made a lot of money. thank you so much for joining us. [closing bell rings] peter mallo u.k., creative planning president and ceo. two records in a row for the nasdaq. perhaps more importantly the 21st of 2021. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. this evening it may not be exactly breaking news but it turns out people would rather have a job than a tax hike. in fact turns out people would rather have a job than vote for tax hikes on other people. also, turns out, that even limousine liberals prefer growing economy to redistributing income. not all of them mind you, but most of them. does my heart