charles: we're out of time, but we've got it on the screen, you like boyd gaming, chevron, and you like exxonmobil. and, you know, another thing is that with all these restrictions on supply, government restrictions -- probably something pricey. things have gotten a little butt better. you know this is going to be one heck of a last hour of trading. liz claman, over to you. liz: it's already been a roller coaster ride, and it ain't over yet as we head into the most important let's call it 59 minutes of the session, the market stands well off session elopes, but you can still see the dow down 341, nasdaq down triple digits here and, of course, the s&p is flagging. but the fear factors, whether it's the delta variant to the fed's timing on tapering are still very much in play. a sharp contraction in the

10-year treasury yield started it all early in the morning. we've got the best of the best market heavy hitters with us throughout the hour. bob doll, andy brenner, former barclays' ceo bob diamond and uber-traderrer sarge gill here to make -- sarge guilfoyle here to make sense of what's happening and what's going to happen. we've got our crystal balls out with the best of if best. crypto's dinged as well, but that's not stopping the spac action swirling around them. in fact, bob diamond just had his spac target with the principal operate orer of stable coin usd. a lot on that coming up. nothing stable about meme stocks lately though. wild moves over the past nine days. the ceo is here the display the new a.i. advertising technology

strapping into uber and lyft cars to target you as a consumer, but will they target you as an investor as well to buy the stock? it's a fox business exclusive. but first, we've got to begin with this fox business alert. yes, from this intraday chart of the s&p, the bulls are fighting to stay in the race. right now we do have the s&p down 39 points. low of the session was a loss of 68. and while the dow expect nasdaq also try to avoid sinking back to session lows, the 10-year yield which cratered this morning to 1 is.25% -- 1.25%, that was a shocker to at hot of people, it's slightly recovering right now, standing at 1.294%9. but the big question is the drop. is the drop we saw this morning the start of a steeper, slippery slope for stocks? there is still a raging argument on wall street this hour as to what triggered the selloff. was it delayed reaction to the federal reserve minutes out yesterday which anticipated the

fed will taper its $120 billion a month in bond purchases, or is it the news that japan has declared a state of emergency just 15 days before the olympic games which includes the ruling that no spectators will be allowed to attend the tokyo olympic games? either way, what should the investors do? the let's bring in the first of our market experts. app drink brenner -- andy brenner, kevin -- who's got $6 billion under management, and floor show trader sarge guilfoyle who has been very busy well before the sun came up on the stock market. kevin, the pundits are still arguing over why the dow fell 500 points at the opening. is it the start of a bigger slide, kevin? >> i don't think it's new one thing. i think it's concerns over the covid-19 variant and if, in

fact, there'll be more new restrictions as a result, what the federal reserve will or won't do and when will they do it or not do it and, of course, potential tax increases. this all led the 10-year now to drop back about 40 basis points since the end of march. but it's still over 34 basis points higher than where it started the year. the bond market is starting to agree with the federal' serve that it may take -- reserve that it may take longer to get back to the consistent growth level that we saw prior to the pandemic and that 3.5% unemployment level where we were back in the march of 2020. liz: andy, the fed minutes included what we already knew. yes, some think we start tapering, but nobody better hold their breath, it'll be a while. you look at these sort of one-year charts of what's going on with the 10-year yield, do we test the february lows? also you've got to tell me, the fed has its finger on the scale. it's really tipping that scale

at the moment. so what do you think is really going on here? >> liz, i don't think anything that you mentioned is what's driving the markets. i don't think fed, i don't think it's the taping question. i think -- tapering question. i think it's the people are very much concerned. first of all, there are shorts in 10-years that got smoked again, convexity buying out of mortgages, and you continue to have pension money go to work. but more importantly, you have a lot of calls that were written on 10-year futures at the 1.33 and 1.34 levels. as the 10-year continues to go down in yield, those have to be dumped to hedge. as far as equities go, we saw 4 billion exit the -- etf yesterday with. so i'm not so surprised that equities are back off and, no, i don't think this is the beginning of a correction. a correction will come, this is not it, i do not believe. liz: okay. we're looking at the vix right now, guys, and i just want to

point out it has now gone back up above 19 barely. hue of the session, i believe, was around 21. there is some fear in the markets here. sarge, buyers mussed the bottom this morning. -- missed the bottom this morning. what moves are you making, and do investors get another chance in the next 55 minutes here? >> investors may get another chance. what i did this morning was i got out of my names that were winning this morning. i sold out of my united natural foods which was up huge. i got out of some fedex because that was up nice, and i moved into areas that i wanted to reload a little bit but were down huge. i added to micron and taiwan semiconductor. i'm actually down on those two names. i added to wells fargo, and i added to freeport-mcmoran and southern copper because i don't think the copper trade is over. and i think the slower economic data we're having right now is probably going to hold congress to push up on the fiscal policy

a little bit. maybe the republicans and the democrats both go higher on their negotiations for the infrastructure package. liz: kevin, what are you doing? what did you do with your money? were you in there at the moment buying some of these names on discount? if so, what what? and if not, why not? >> we've been talking to investors a lot about a potential bar bell strategy the where you look at grossing one end of the bar -- growth being one end, value the orr end, and it's a dividend-paying equity strategy in the middle. we saw value outperform growth by 10 percent in the second quarter, then growth over value in the second quarter by 5%. we think there are growth opportunities still in biotex particularly from an m&a perspective. and on the value side -- [inaudible] strategies from strong quality companies. and then the, of course, there are short-term -- some defensive

oriented cyclical names that pay good, attractoff levels of income -- attractive levels makes a lot of sense to us, liz. liz: andy, exactly what kevin is saying, there are ways to make sense. and, by the way, the barbell approach, sarge would call that diversification. [laughter] andy, when we see what happened overnight, we're talking about the your mean equity -- europeans ec equities down 2% in france. this one's definitely global. does this have follow-through overnight, and if so, what do you make of what happens with their treasuries? >> well, there's no question that we haven't seen the end of it yet. but you know what? i'm not that negative. a lot of people think the economy has peaked, a lot of people think inflation has peaked. i don't think either one. try to go out and buy a new car

right now. there are no new cars to be bought. you're going to see a slightly slower economy. as far as inflation goes, yeah, sure the manheim index can is up 50%, but you know what? housing is up dramatically. we're looking at 5% next week's cpi year-over-year. inflation's not dead, and it's going to come and bite the fed in the behind. so don't give up just with yet. liz: yeah. manheim index is the used vehicle index, for those of us who have bought used cars before. sarge, quickly, as we finish up here, what do you make of people who say you can play both ends here? you can play the lockdown end in case something happens, god forbid, with the delta and lambda variants, and you can also play the reopening play? >> diversify across asset classes, across your equity portfolio. remember, for everything you do you need a target price, you

need a pivot point and you need a panic point. you need to know where you want to go and where you admit you're wrong. those are the two most important things. liz: fabulous stuff, guys. thank you for taking time out on a very buzzy day. i -- busy day. all right, check the dow, we're down 341. fox business alert, it's a sports-wagering battle royale, a lawsuit bomb dropped on draftkings over allegations of patent unfringement. engine media specifically accusing them of violating two patents including one in connection to games connected to live tv events. engine, ticker the symbol game, spiked as much as 25%. right now it has reversed, down about 3%. draftkings was down, and it remains down on the news, down about 1.25%. tomorrow engine media executive chairman tom rogers will be live

on "the claman countdown" to explain the strategy of the company, the lawsuits, everything else. we're still on didi watch, by the way. the ride hailer and the second largest ipo for a china-based company ever unable to climb out of the ditch. the chinese government shoved shares off the road in a surprise crackdown on u.s.-listed chinese companies. again, third day in a row we've got didi falling, this time by 5.5%. the crackdown believed to be a message to china's capitalists, don't get any big ideas. the people's republic still controls the steering wheel. kathy -- can cathie wood's most recently buy is in sell mode, down 3% despite ark's next generation fund adding 430,000 shares of the high-end fashion e-commerce site. but it's railroad stocks that are really going off the rails.

i haven't seen this mentioned in a lot of other business journalists' shows, but you will see it on our network, that's for sure. president biden is expected to issue i an executive order as early as tomorrow targeting alleged anti-competitive behavior in both the freight rail and sea shipping industries. team biden blaming a small number of players in the industry and the, quote, unreasonable fees they charge for skyrocketing shipping costs for american products. kansas city southern down 8%. norfolk southern down 6.9%. and if you'll forgive me p we've got to check berkshire hathaway. they own, as you know, a big railroad there. that stock is down 1.7%. burlington northern. outright owner, boesch shire hathaway -- berkshire hathaway. both stocks, by the way, are the worst performers on the s&p. and we should bring in union pacific, down 6%fcsx and uniupon

the barrel by -- pacific by 4.33%. defense stocks, they do well in times of battle, so how are they responding right now to the end of america's longest war? and the exact date on the calendar president biden has just announced means the end. even as the taliban ratchets up its attacks in afghanistan. with the closing bell ringing in 47 minutes and the dow down 337, russell lower by 23, the nasdaq down 10 of, we're going to -- 106, we're going to take you live to d.c. "the claman countdown" coming right back. ♪ ♪ you packed a record 1.1 trillion transistors into this chip 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

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♪ liz: breaking news, president joe biden says the u.s. military mission in afghanistan will officially be over on august 31st. america's longest war finally coming to an end. he just revealed the date in the last hour at the white house. the president pledging not to send another generation of american troops to the middle eastern nation. the biden's original plan was to have all troops out of afghanistan by the 20th

anniversary of the september 11th attack. let's take you to the white house and connell mcshane. >> reporter: as you say, liz, he's sticking to that plan and just getting them home by the end of august. we knew the troops were coming home, but now what, what do we do in afghanistan, especially with the resurgence of the taliban which has been such a big and real story there as american troops start to get out. the taliban has become more resurgent, and the president said today, well, you know what in they're still outnumbered, and a taliban takeover in afghanistan is by no means inevitable at this point. the pentagon says that 90% of the troops are already home, and again, the president remains committed to bringing them all home. here he is. >> i will not send another generation of americans to war in afghanistan with no reasonable expectation of awe e chiefing a different outcome -- achieving a different outcome. the united states cannot afford to remain tethered to policies

created in response to a world as it was 20 years ago. we need to meet the threats where they are today. >> reporter: these remarks coming a week to the day when u.s. forces suddenly left bagram airfield, and the afghans said that move came as a surprise to them. and the taliban keeps making gains in the country with the u.s. getting out. republicans have been critical. for example, senator roger wicker tweeting: i fear for the country of afghanistan and its people. allowing the taliban to take over once again will only lead to greater destruction and civil unrest. what the president tried to do today, i think, was put his goals in perspective. he said there's no nation that's ever been able to come in and unify afghanistan, and that wasn't the goal, again, from his perspective, the objective was to get osama bin laden, and he says those goals have been accomplished. all the troops will be home by the 9/11 anniversary on the 31st

of august. that was the deal at the white house mere today. interestingly enough, a number of defense stocks -- lockheed, raytheon -- today did take a hit, along with the rest of the market in today's trading, we should point out. liz: connell, the end of an era. thank you very much. connell mcshane live from the white house. all right, it's one of the reddit room's newest favorites, but alfie is targeting you when you hop in your next uber or lyft. the ceo explains, he's got a real business. it's not just a reddit rebel pick. he's next on "the claman countdown." closing bell ringing in 40 minutes. the dow down 362 points. ♪♪ this may look like a regular movie night. but if you're a kid with diabetes, it's more. it's the simple act of enjoying time with friends,

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morning computer hardware and electronics retailer and reddit rebel flavor of the moment new egg halted justst 15 minutes after the opening -- just 15 minutes after the opening bell for the volatility. it was plummeting, and when it reopened a few minutes later, we did see shares continue to fall. right now they're down 28. but yesterday shares -- 28%. but yesterday they saw a wild and hectic 148% jump which meant that at yesterday's close the stock was up 1800% year to date. all right. year the date now we do have new egg stock the still higher, but turn to the stock that has now been crowned the reddit room favorite last week. alfie, the technology company behind digital out of home targeted ads in ubers, lists and airports has fopped dramatically -- topped dramatically since its debut back on may 4th. a lot of this, not all of it, but a lot of it driven by meme

stock mania. let's bring in alfie ceo and founder here in a fox business exclusive, and paul, let's get right to that aspect of it before we get to the business. you know, it's almost a double-edged sword to be one of these meme stock favorites because the volatility is nuts. but what dud you make of the fact -- what dud you make of fact that suddenly you got on the wall street betts/reddit room radar about a month if ago? >> i was, i was very happy, you know? pleasantly surprised. i felt that we had something really genuine and that i'm very grateful to the -- support alfi and what our technology capable of delivering. and so i think they are all going to be extremely e happy with the opportunity going forward.

there's a lot of things coming down the pike, and we just need to build enterprise value and build shareholder value. liz: you know, amc ceo adam aron looks at it this way. he, of course, has been one of the top sort of crown jewels of the reddit rebel crown, i guess you could call it. but he's embraced these retail investors. he said these are my shareholders, and he started rewards programs and all sorts of things. you say you're really happy, and i think that that's great because, obviously, the more people who are invested in your company, the better. but tell me how you view it. do you view it how adam aron of amc looks at this? >> so alfi -- publicly traded forum, less than two months. and we're very, very focused on our execution and exactly what we need to do to build that enterprise value and shareholder value. we have very few if

institutional investors invested, we have over 12,000 retail investors and counting every day. liz: wow. >> and as we continue to build the value of alfi, the fundamentals of the company are going to speak for themselves. so the followers and the believers that we have now investing as a meme stock are actually going to be investors in alfi as a credibly-valued company with solid fundamentals that support it. liz: well, yeah. let's move past the meme stock label at least for the moment and get to the business. you install the tablets in which your software as a service is enabled within these, a.i. what do they do with -- if i get in the back of an uber or a lyft car, what can they see of he in tell me what it does and why drivers have a direct connection to you and if how they are actually profit sharing in this.

>> yeah. well, let me start with the drivers first. you know, the drivers, again, the ride showers are are all hard working people. they spend long hours driving to increase revenues. and so we thought that we -- on the question, we want to have a strong partnership with them, and we share a percentage of the revenues generated off of these tablets with each and every ride-share driver. the way that works when we built this platform, the foundation of building the platform was to have an intelligent, interactive platform that used no cookies and that respected users' privacy. and as a result, we built it to the high standard that's out there today, the gdpr standard of the e.u. and u.k., a very rigid standard, and we built it line by line to be compliant.

and the reason i say that is because, you know, technology is great if used correctly. but technology can also be very intimidating and unfriendly if abused and not used the proper way. and alfi's existence is to enhance the user's journey and to make it a concierge for a much more enjoyable interaction on any of our digital screens. and -- liz: got it. you know, let me just quickly finish by saying that one of the few stocks that is moving higher is lenovo. how many more orders do you expect to put in for these lenovo tablets? >> we have, we just purchasedded a couple of years ago 10,000 more tablets. we have a commitment right now to lenovo for 50,000 tablets and growing.

we expect the third 10,000 they'vely e to come as fast as they can deliver to us. because, as you know, there's an intel shortage worldwide, so we made a strategic decision because of the overwhelming demand for additional tablets that we were going to get first in line. and we have a great relationship with lenovo, and i must tell you it's worked very well for us. as we continue to grow, and we're committed to the next 50,000 tablets to be delivered to alfi. liz: yeah. okay. i mean, i'm very interested in this story because technology the meeting two names like uber and lyft and so much more, a.i., you have got a lot of boxes you check. please come back. thank you very much. >> thank you very much for having me on your show. i really enjoyed it, thank you. liz: oh, good. [laughter] at least somebody doesn't hate us. because, you know, charlie gasparino comes on, and i'm getting hate mail. [laughter] it's hate to love, love to hate.

thanks, paul. a cryptocurrency selling off along with the broader markets, but it's game on for a major spac deal in the crypto sphere. former barclays ceo bonn diamond, now -- bob diamond on joining forces with circle and entering the ring of stable coins. we're also going to ask hum why he thinks financials are really getting dinged today especially. bob diamond next. closing bell ringing in 28 minutes, we're coming right back. ♪ ♪ i'm so glad you're ok, sgt. houston. this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen.

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♪ liz: we've got to look at the financial sector right now.

it is drenched in red. we've got about 24 minutes to go before the closing bell, and they've taken somewhat of an outsized hit in today's market selloff. big bite out of the bug bankings. bank of america -- big banks, all of them getting tajed in the money ty taper tan -- mini taper tan true. let's show you some green on the screen, concord acquisition corp. announcing a spac merger to take fin-tech crypto company circle public. the shares up 5.5% which is a very neat trick considering we're seeing such a, you know, significant selloff although well off the lows of the session here. dow's down 276. had been down more than 500. let's bring in concord acquisition chairman and at latimer chant capital ceo founding partner if bob diamond who also helmed barclays' shut up for seven years in the united kingdom. bob, welcome back to the show. i just want to get your thoughts

on the financial selloff here today. make sense for us as to why that's happening. if the fed were to start tapering, if rates start normalizing, wouldn't that be good for financials? >> absolutely. but i think you hit right at the heart of one of the reasons the financials are facing so many challenges. zero interest rates, as you said, you know, loan growthing being impacted by so many direct lenders, higher capital levels since the financial crisis. so now with institutions like circle and stable coins looking at the whole treasury and transaction and payment space, a lot of pressure on the big banks. liz: and you can see it here, intraday they're heading babb down to the session lows. give me a sense if you were still running a bank like

barclays, what would you be doing when we know tapering is coming? >> so i think there's two pieces to that. i think we do think taper is coming, and we do believe that if you look at the 10-year with, 1.5-3% has kind of been the range forever, and our multiview is that with the economy recovering as well as it is, we should be at the higher end. so i think my advice would be to be patient. i think higher short-term rates, more volatility, steeper curves are good for financial services across the -- and i think the direction is clear, and it's been challenging to weight. my own view is that i'd like to see the fed begin taping sooner rather than later. liz: yeah, i think a lot of people are getting nervous.

let me turn to circle. tell me how you pegged it as the i verse merger target that you had for your spac. what is special about this? and wheashed just explain to people that it is the principal sort of mover of a stable coin pegged to the u.s. dollar. >> the stable coin is very, very different than what we've seen with bitcoin and dogecoin, and the easiest way for me to explain that is it's less than 1% of bitcoin has been actually used for transaction. most of it has been speculation and a store of the speculation. in the' d.c., from january it's gown from 6 billion outstanding to -- that's over a 3,000% increase, and nothing has changed. it's a payments business. it's a treasury and and transaction services business. and that's where the rub is.

something like bitcoin is not being used for transactions at all. there's been just short of a trillion dollars worth of transactions. so very, very different. our attraction, liz, started in january. we issued our spac in december. i was introduced to an incredible visionary and confident so owe chairman of circle, or. and we have been working together in partnership with jeremy and his team since january to try and get to where we got in to our announcement today. i couldn't be happier. it's just what we were with envisioning, something around degeneratival currency and blockchain, something about payments, something about treasury and transaction services. but when it comes together with a domain expert who's been terrific at executing the game

plan, we're very, very excited. we think it's early in the game for stable coins. liz les really in the game for stable cone cans. give me a sense of circle and its involvement in this visa clip. cocard -- crypto card. tuesday we had zac prince of blockfi, we had -- they've seen a billion dollars otter of use from their a customers. you know, is that just a tip of a spear? enter how much more will we see? >> well, if you think about it, if you just think very, very simply about a financial transaction between two people, it usually requires a middleman. that's often a bank, it can be a credit card company, there's usually fees. when you think about treasury transaction services or payments, the middleman is there

because of blockchain and because of the internet. the speed is down to instand talk about yous. the security is are, very are high because the benefits of blockchain. finish so we think it's changing quite dramatically the environment we're working in. one of our earliest partners at circle was visa, and i think it was typical of the partnership. liz: bob, before we go, i've got such a softball for you. what do you enjoy more, running this pac or running up an international bank like barclays? let me guess. [laughter] >> i think we're having a lot more fun with circle right now. thank you for having -- >> i wouldage. it's bread the great to see you. former head of bar clays -- barclays' this, of course, is

the concord acquisition that will mench with circle. please come back. we want to see this develop. thank you so much. >> you know i will, liz. thank you. liz: the woke agenda, as it's called, taking center stage at the summer camp for billionaires. charlie gasparino is mixing it up with the stars of media and tech as they deal in van law school i. and another place to find billionaire businesses, entrepreneurs behind them who started them from nothing? look at her. that is ann status ya storch. she's the brow queen of the world. we've got all kinds of stars, entrepreneurs, more than dream success stories for a special july 4th recap episode. it's on fox news, fox podcasts,

apple podcasts, anywhere you get your podcasts. check it out. everyone talks to liz. closing bell running in 16 and a half minutes, dow still down 318. we're roming right back. just to let me down ♪ ♪ and mess me around and then ♪ ♪ worst of all ♪ ♪ you never call ♪ baby daydreaming again? but i love you still you know i'm driving, right? i do. ♪ buttercup baby just to let me down ♪ if you ride, you get it. geico motorcycle. 15 minutes could save you 15% or more.

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♪ liz: breaking news, we have a zuckerberg sighting in sun valley. zuckerberg, yes, as in mark zuckerberg, facebook ceo, caught by our fox business cameras in idaho just a couple of hours ago as the annual allen and co. summer camp for billionaires -- i mean, conference -- enters day three. charlie gasparino has been on the ground all week as it shifts

from wheeling and dealing to something very different. last week he was on a surf body, this week he's in sun -- surfboard, now he's in sun valley. >> yeah, and he was walking with sheryl sand brg. we do have jeff bezos walking hand in hand with his gal pal, lauren sanchez. my producer, ellie -- liz: oh, we do not have it. >> -- mowed down people to get the video of the love birds -- [laughter] liz: o.k., wait. wait, charlie, were it. hold on, we have it. >> emmitt smith. okay. ♪ love is in the air ♪♪ [laughter] ♪ love is in the air ♪♪ now remember last year i did the story about -- showing up, last year was the first year, this is the second year. as you know, it was nice that he

at least said hello because most of the people here are complete, let's say jerks. they don't talk to you, security guards throw you out of the way. they're like bouncers at studio 54 back in the day. there are some issues that i want to get to because this is an important story. bill gates, as we were the first to report, is showing up to the conference. at least he's scheduled. who knows, maybe his carbon-emitting jet doesn't, you know, doesn't make it here. but if it does, he's scheduled to be here on friday, tomorrow, to talk about climate change. and that sort of lack of, how could i put it, you know, woke -- okay. this is a conference -- liz: hypocrisy? >> -- incredibly woke. yes. they are talking about, you know, social justice issues. they are talking about climate change. and just about every ceo is here including mr. bezos and lauren, who is not a ceo, but she was on the plane with him flying into

this place on carbon-guzzling, carbon-emitting, gas-guzzling jet gulfstreams. and i can't imagine that bull gates is arriving here on horseback. we did put in a call to hum, how's he getting here. you remember al gore got a lot of flak one year for doing to davos on his corporate jet. these guys seem to be embarrassed by nothing. i guess they're too rich for that. but that as it may, there's a lot of consternation. i'm getting e-mails from other ceos on wall street saying, what -- a little bit of hypocrisy here, right? and don't these guys get the optics of doing this? they apparently don't care. that climate speech on how to protect the environment is going the to be going on tomorrow. again, the conference has taken a very woke tone. what's kind of interesting is that the the only journalists that have any sort of access to people here are those at cnn and

cnbc. friends of mine, becky quick, anderson cooper, they're in there. i know anderson is moderating panels on criminal justice. but hoarse the thing that makes no -- here's the thing that a makes no seasons, they're in there monitoring those panels, but they can't say anything. they are prohibited from telling reporters that a big deal -- it sounds like a huge conflict of interest. one other thing, the local ares hate this conference. one reason, when all those jet planes are flying into their airport, they delay flights to get here for people who want to take vacations. anyway, back to you. i hear the music. liz: charlie, thank you very much. yeah. and, by the way, private gents do emit more pollution -- jets do emit more pollution than commercial. all right, bob doll, the guru of the markets, is next. ♪ ♪

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♪. liz: closings bell ringing in four minutes. markets on pace for the worst day since june 18. let's bring in bob doll. $5.7 billion in assets under management. bob, you have seen days like this, mornings, what we had today, many, many times what do you make of this? i woke up around 5:00 a.m., looked at futures. they were falling 500 points. now we see we're still down about 292 for the dow but what do we make of what happens going forward? >> for starters in context, liz, this is normal. we just haven't had this kind of a thing for a while so people kind of get exorcised about it. bull markets don't go straight up and bear markets don't go straight down. that is obvious. more particular to this period with well we have a lot of stuff

swirling. we have the delta variants concerns. is the economy slowing? it is from a rate that is totally unsustainable but that key growth in the economy and peak growth in earnings has some people concerned because markets prefer acceleration to deceleration. i think you have got, issues related to washington, d.c. are we going to get a infrastructure package? is the deadlock there too, too strong? and then for the technicians out there, there has been some deterioration over the last, i will say weeks. the advance-decline line not looked as good. there were more stocks down in june than those that were up even though it with a up month for the averages. put all that together, it is no surprise, liz. liz: what tape of sectors what types of names does this environment favor then. >> at one point i looked up and i saw, this was this morning, the dow, the s&p, and the nasdaq

were down 1.40, 1.41, and 1.42%, meaning they hit all of them t was virtually identical. that pattern reverse ad bit in the afternoon but the banks with the bond market down in yield up in price is taking it on the chin. cyclical areas are concerned about slowdown haven't been so good. my view we've been in a pause period, meaning stocks have meandered. bonds have gone up. yields have gone down. growth has reasserted itself. defensive stocks have done a bit better. i think that is just a pause that refreshes. the main trend i still think, liz, although it may take some time to play out, is the economy is is quite good. we'll spread more to overseas. i need to own some cyclicals, some value, have a little more

internationally but that will take some time to play out. the cycle is not over. liz: bob doll of cross mark, great to see you, my friend on a rock and roll, rough-and-tumble day. [closing bell rings] liz: we'll point this out, the june jobs report tomorrow. that means we have another wild 3:00 p.m. eastern "claman countdown." we'll see you then. don't miss it. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so the stock market has been booming. it has been backed by a strong v-shaped recover any profits and profit margins and corporate revenue. profits are the mother's milk of stocks and the lifeblood of the economy. the trouble is profits tend to be a dirty word in washington, d.c. biden world wants to tax profits to death. they want to hike the corporate tax to 21% domestic minimum.