i think you're nuts to go to the chinese ipo. charles: i've got 20 seconds for my friend shana to get in the last word. just tell us what we need to know about earnings in 10 seconds. sorry. >> financial earnings are going to be good. you should be ahead of that. i think energy is going to be the biggest winner this quarter so watch out for that as well. charles: all right perfect. thank you very much both of you and lauren simonetti in for liz claman, over to you, lauren. lauren: thanks, charles well friday's record close is not enough for the market's big three, the dow, s&p and nasdaq all taking aim at new closing highs, for the second day in a row, ahead of a huge week for earnings, for economic data, for fed chair jay powell, he'll appear in both the house and the senate. the dow and the s&p up a third of 1%. stocks not the only thing in record breaking mode. richard branson taking one giant step for mankind. space tourism dreams the virgin

galactic founder officially takes the lead. he's a billionaire space race, so why are shares falling back to earth this hour, and what does it all mean for your portfolio? ufo etf head andrew shannon is here in a fox business exclusive get this , the island of maui is asking airlines to keep the tourists away as some hotels , restaurants and local businesses just can't keep up with the traffic. we're talking to one of those business owners right here , live, in just a few minutes from now, the ceo of luxury report titan on the big trouble brewing in hawaii's island paradise. >> plus an alarming spike in violent crime across the country taking center stage at the white house, with president biden and key leaders from the nations biggest cities are saying about america's crime crisis. but first, to these record shattering markets and really, they are. the s&p 500 and the dow on pace for new record closes today, ahead of very busy weeks for the

market, and the economy. tomorrow, jpmorgan, goldman sachs, they kickoff second quarter earnings season and then the june consumer price index will solidify how much more you're paying when you go to the store. wednesday, that shapes up to be the busiest day of the week. more bank earnings come in, bank of america, wells fargo, citigroup, blackrock and pnc reporting their results by the june producer price index and the fed base book are released and then fed chair, jerome powell will be delivering his semi-annual monetary policy testimony before the house financial services committee, he'll speak before the senate banking committee the following day. let's get straight to it, to our market experts this hour, kicking off the show, barry jamie spears, james advantage funds ceo and tom haze. barry, let me start with you, what are you watching closely this week is it the fed inflation or is it the banks? >> i think the big thing driving the market is going to be interest rates, to be honest.

we look at the first quarter the play between value and growth it was higher interest rates and value dominated 11-1% comparison and in the second quarter interest rates fell, growth took over 11-5%, so that's what i think the markets focused on. it's not worried about the fed making a change, or anything of that nature. it's just playing that game. it's like the greyhounds racing after the rabbit. they are going after one or the other and i think that's kind of on people's minds right now. lauren: the 10 year yield, tom is kind of parked right now at 1.3%. that, obviously, affects the bank and how much money they can make on loans. i look at the banks and i look at oh, wow, they just passed the stress test with flying colors, but with rates so low, i mean, what do you expect from the banks when they start reporting tomorrow? >> yeah, well lauren, you know, the negatives are that trading revenues going to be down about

28% across-the-board, commercial loan demand is down about 3%, so loan demand has not been as robust as we expect. the good news is that the stimulus is rolling off, so loan demand is going to pick-up. we've seen the big six increase dividends by about 40% on balance. investment banking revenues up 30%, deals and spacs, everyone and their mother now has a spac, and we're going to see more reserve releases as we saw 14 billion last quarter, we'll probably see 8 billion to 10 billion so i think there's a trade there with the kbw bank index down 8% in last month and city bank down 13% on rates lowering and people fears about net interest margin, i think that's a temporary short-term issue. you've got city bank trading at .9 times tangible book value, trading at 8.6 times next year's earnings and turnaround story with the new ceo jane frazier moving forward taking the efficiency ratio down by 10% , she's streamlining operations so we think there

maybe some opportunity there after earnings. lauren: so tom is talking about citi being at a potential breakout point and also this being a buying opportunity for the banks with the kbw down 8% on the month. do you agree, barry? >> yeah, the financials, i think, are going to be still in kind of a pause area. people will be looking at the earnings that are coming out and they are so high the expectation s are, it's kind of like a string on a knit sweater. you start pulling it and things get revealed that you don't want to have revealed, and that can be the costs that are associated , you know, the material costs, the people costs, and disruptions in the supply chain, so banks are in a little bit different category than that. they are dependent on interest rates and low interest rates generally are very very helpful because of the spread to the banks, and we like them, we like goldman and we like jpmorgan, so we have them in our golden

rainbow fund, so we think the banks are pretty good place to be. lauren: we'll see with those two stay tomorrow and their outlooks for the year. barry james, tom hayes, thank you very much. >> thanks lauren. lauren: so space, the stock, not matching the hype of richard branson over the weekend. the billionaire jetting into orbital space in the latest successful test flight of virgin galactic unity space ship. let's take a look at shares up sharply in the pre-market but with about an hour until the close they are down 18% after, surprise, virgin galactic said it's going to sell $500 million in common shares. so, that was such an announcement that really got a lot of people saying well why now? so 50 minutes until the close of trading the downward move clearly weighing on the procure asset management's space etf ufo , the only pure play space in the market, virgin galactic is of course their top fund, so that etf is down over 1

% joining us with his exclusive reaction to today's news and branson's giant step for billionaire kind, the man behind this high flying fund, ceo andrew shannon. andrew, welcome. >> thanks for having me. lauren: just define how big of a deal, what we saw over the weekend, from sir richard branson was. >> this is a phenomenonal milestone for the space industry. we've been hearing the last several years that space is open for business, and the commercialization of space is taking over, and now we're seeing, you know, the commercialization of space tourism and to see a successful test flight putting, you know, one of the most important people of that company, life in the balance, and seeing them come back safely was a huge win for the company. lauren: how big of a market is this , let's say next year, and also how low do prices go, because let's face it we're not all paying a quarter million dollars to go. >> certainly. this is still the early days, and while virgin galactic isn't

taking on new tickets at the ticket window right now, they have teased that they will open it backup after future successful test flights, and they hope to be sending passengers up to space in 2022 so there's a lot of different projections. i saw one earlier today saying that this industry could be about a $3 billion annual revenue industry by the end of this decade, but you know, we don't know how many people are willing to step up and put their lives at risk and hefty sum to go on these flights. certainly earlier on, richard branson was saying he hopes in the future once the technology matures more, to be able to start doing it at $40,000 a ticket which could really open up that market. lauren: one of those billionaires, who secured a spot on virgin galactic, is elon musk. what do you make of that, because he has his own space company and he wants to go to space on one of his own space ships in september, i believe, but look, there he is with richard branson. >> once the space enthusiast,

always a space enthusiast so yeah, certainly for elon musk he likes thrills and this is one way of getting to experience a once-in-a-lifetime-type of opportunity and certainly one where the technology is hopefully proven out, maybe a lower risk one for him, certainly one of the wealthiest individuals of the world can afford one of these tickets and also, you know, it's a way to snoop on what the competition is doing so maybe it's a way for him to do some research on his potential competitors. lauren: and the big competition is jeff bezos next week, with blue origin. what do you expect there? of course bragging rights he's going what, 10 miles higher so it's a bigger deal. what do you expect from that and do you think blue origin eventually ipo's now that bezos isn't ceo of amazon? >> it's a really interesting question, and certainly for every private company, they have to ask themselves when it's right for them, and he certainly has plenty of money he can re invest into his own private venture, blue origin, but what i

think is very dingell for blue origin than virgin galactic is that blue origin is working on so many different verticals for that company so even if they aren't successful there are other potential business lines that can keep them moving forward, but it's certainly something that they want to be able to successfully achieve, but blue origin like you said is offering a slightly different trip so to the extent people are coughing up hefty sums to do this they probably want to go on the best available option because they don't want to be at the country club telling friends i took this one when the other one is such a better option. lauren: oh, gosh. >> a lot of people are looking forward to see what the differentiators are and certainly one of those could be the ticket cost. lauren: let's go back to virgin galactic and they're filing to sell 500 million shares. why now? i mean, i say okay, good pr, they just flew richard branson and the gang up but why didn't they just maybe sell more tickets at a high price for future space travel? >> well so they don't

necessarily know what they are going to charge for ticket once they open the ticket window backup, but it's a common thing that you raise capital when you can, not when you need it, and certainly, seeing most recent stock performance that virgin galactic has experienced, to them, you know, it seems like a time that maybe they should go out and try to raise that capital, so it looks like it should put up their cash position to over $1 billion when all is said and done, and the fact that they are hopefully going to be able to start taking people to space in 2022 hopefully they can slow down that cash burn but they also want to expand their business not just to new mexico and expand it around the world so this would give them capital to help them in that venture. lauren: which surprised me also because richard branson is british and all this was happening in new mexico, right? what are the benefits of space tourism? >> i think there are many, and certainly, giving people a new destination or type of experience is something that people are always looking for so whether you're a thrill seeker or just want to do something

completely different than what other people have done before but space is something that i think tie many people to their childhood when they have huge imaginations of what's possible, and this is one of the few ways for an individual that's not necessarily an astronaut or a pilot to be able to have this opportunity, and so i think something like this and certainly you saw it on the live stream yesterday, is you know, another event that can inspire next generations whether that's for them to create new technologies of their own, to be able to improve on space tourism , but really, this type of thing kind of just has the opportunity to encourage and inspire so many others to see what's possible with space and to the extent that we can bring more people to the sciences for space industry, hopefully, we'll be able to make this an even bigger and better industry in future years to come lauren: it didn't seem as scary as i thought it be. that was my initial take when i was watching the women like floating in that cabin.

andrew chanin, thanks for the perspective. >> thank you, lauren. lauren: coming up team biden staring down two major issues in its agenda this week, what the president has to say about rising crime across the country from times square to chicago and los angeles, plus the major hurdle courtesy of congress that the white house has to overcome to keep its post-pandemic spending plans intact so let's take a look at the big board with about 47 minutes to the closing bell. the dow is up 120 points, just shy of 35,000, "claman countdown", coming right back. 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.

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lauren: as the heat wave scorch es the pacific northwest, again this week, take a look at the bootleg wildfire in oregon. it's continuing to burn for a day number six. so far, its burned more than 150,000-acres. it's threatening the power grid that connects oregon to california. officials call the fires intensity at this early stage unprecedented, it has doubled in size over the weekend and while containment is at 0%, imagine that. no fatalities or injuries so

far. going further south, the beck worth complex fire in california is measuring at nearly 84,000-acres torched. it's 8% contained. this fire is also composed of the sugar fires, and the data fire is 70-acres and 99% contained while the sugar fire is more than 83,000-acres only 8 % contained. now, temperatures in death valley reached more than 130 degrees on friday. 120-plus yesterday, this as the dangerous heat continues across parts of california and nevada, ranging from 100 to 118. while the west deals with that extreme heat and the fires, the northeast from boston to southern maine is bracing for possible flash flooding this evening. now last week, i'm sure you remember, your commutes home we saw new york city subways and streets submerged after severe storms in the wake of tropical storm elsa, both boston and new york city are on pace for a record amount of rainfall for

the month of july. >> well the nation's capitol getting, hitting a grim milestone, washington d.c. reaching its 100th homicide this year at the fastest rate since 2003 as violent crime spikes in cities across the country, president biden was in the white house meeting with leaders as the white house is looking to take steps to bring down these rising crime statistics. to the white house, where edward lawrence has the latest. edward? reporter: that meeting, lauren, still going on and the mayor of d.c. is here at the white house, for that meeting. you know, the white house pushing that gun control is the way to stop this surge of violence around the country, that they are seeing largely democratic-run cities and also the white house deflecting the fact that it's that message of defunding the police that has opened the door for this wave of crime. instead, white house officials today telling us it's because violence interruptors like social workers, could not go to work during covid. >> there are a range of factors that lead to a reduction in crime and different communities

have different challenges even if guns are gun violence is a big driver in many communities across the country, but we'll certainly be working closely with them. reporter: republicans are pushing or saying that drum beat of two years now, the de fund the police as well as the message that police might be abusive or there might be some racism in police departments, republicans are saying that that is open the door for this wave of crime. you know, the white house now trying to walk back some of those positions now that some of the polling is show it's turning against the administration. lauren? lauren: yeah, well of course. with the mid-terms ahead of us, exactly. there's also, edward, a major hurdle facing the biden white house when it comes to its spending plans this week. what is that? reporter: yeah, no exactly. the debt ceiling in fact that debt ceiling is reimposed at the end of this month and it just seems nobody is working really fast down pennsylvania avenue, and in the capitol at working on this , but when that debt ceiling get reimposed on august

1 the treasury secretary janet yellen testified recently it be soon after that u.s. could default on some of its payments and now a white house official is telling me this today. we expect congress to act in a timely manner to raise or suspend the debt ceiling, as they did three times on a broad bipartisan basis during the last administration. now, the u.s. has never defaulted on a loan that goes back to the very first president , but you may remember in 2011 that this debate on the debt ceiling, on raising it, went right up to the deadline, and u.s. financial markets down graded the u.s. sovereign credit rating, which caused some issues in the markets here. now the former jpmorgan chase global head of government relations says that he believes the debt ceiling will be addressed and either suspended, continue the suspension orem pose some number at a higher level, but in another bill. listen. >> i would say the chances are overwhelming, or attached to something else.

maybe the infrastructure bill, maybe the reconciliation bill. it's going to be buried in another bill, so the news that everybody else broadcast that night is we passed a $1 trillion infrastructure bill and oh, by the way, there was a suspension or increase in the debt selling. reporter: now congress has, as i said at the end of this month, to figure it all outback to you. lauren: edward lawrence at the white house, thank you very much power players getting caught up in the global chip shortage and the pain not over yet, the latest model getting stalled by the storm. plus fox business takes you inside the high-tech work being done to chip away at the shortage, and build up america's semiconductor supply. markets on the verge of three new closing highs for the dow and nasdaq and s&p 500, ahead of earnings, ahead of inflation data and ahead of a speech by jay powell, "claman countdown"

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lauren: and now for today's pop stocks, tesla ceo elon musk defended tesla's acquisition of solar city today in a delaware courtroom, after the ev maker's shareholder sued to recover the $2.6 billion the company paid for the solar panel maker. elon musk said the deal was a stock-for-stock transaction, there was no financial gain. tesla is not feeling any pain today, it is hovering around the top spot on the nasdaq, and the s&p 500 at $684. >> well, raymond james raised the ratings on cheesecake factory and chili's grill and bar parent to outperform saying both stocks pulled back during the second quarter has created attractive valuation entry points, and they are winners today, each up almost 4%, but take a look at shares of didi. they are down after the chinese-

based ride hailing firm confirmed that beijing's cyber space administration had asked app stores to remove didi 's 25 apps. this could impact revenue in the region. didi shares are down another 6% today. china is not just cracking down on didi, the country's market regulator also blocking tencent 's plan to merge china's top two video game streaming sites, and tencent is the majority shareholder, owns a third and both are trading down by 3%, 8% and about 2% after that deal got terminated and now remember the wall street journal reporting that the chinese owner of tiktok, bitedance has put off its offshore ipo plans, put them on hold maybe indefinitely after the chinese government asked the company to focus on data security risks. the journal reports that bite dance decided to postpone its ipo back in march so didi went ahead and probably needed

the money more, bitedance decided to listen to chinese authorities. well, the ongoing semiconductor shortage is still taking a toll on the auto industry, with ford now shutting down and reducing production at six u.s. plants throughout the month of july. ford competitors also announcing that the shortage will be cutting production of popular models like the ram 1,500 pickup , the jeep grand cherokee for yeah, another week. right now ford stock, not feeling the effects and it's up 1%, and down fractionally, at $ 19.60. now, while the short supply is speaking prices on consumer goods, government officials are taking action to fund semiconductor research and innovation, grady trimble joins us live from a chip lab at the university of michigan. grady? are you in that lab right now? reporter: i'm not, and the reason why, lauren, is because on this side of the glass, we can wear our normal clothes. on that side where they are actually conducting the research

, you have to wear those suits that you see , that researcher there wearing, so some of the research that they are doing here at the university of michigan, it has to do with creating these semiconductors, these computer chips, more efficiently so they can produce more of them in less time, to hopefully avoid shortages like what we're dealing with right now. another area where they are conducting research is working directly with the companies and the industries that use these chips to meet their needs. listen. university of michigan is working a lot with the automakers and especially also electronics, and one of the ways that we're helping that is by making chips specifically for the usages that they have, and that can help also consolidate chips so that they can have better chips and need fewer of them to execute the kind of problems that they need to solve. reporter: and many of the chipmaker stocks performing quite well, despite the fact that the chip shortage is

ravaging dozens of businesses and industries, because they just don't have enough of them as they put them into consumer electronics products, appliances , cars as you mentioned and maybe the reason for that is because they are in such high demand. companies that use them just can't get enough of them and the federal government is also investing billions of dollars, not only into research and development, but also to try to bring manufacturing of chips to the united states. back in the 90s we accounted for more than a third of all chip production in the world. now that's around 12%, so about a huge percentage, the vast majority of chips are coming from other countries and that is causing some problems on the supply chain as well, so, with the research that they're doing here, paired with production, the goal is to not have to deal with any of these chip shortages again, in the future, of course right now, lauren, we just have to ride this wave because it is still hitting so many industries so hard. lauren: what states are they looking at, grady, to really up that domestic semi manufacturing

reporter: michigan is actually one of the leading states as far as research and development, and testing of the semiconductors goes. one of the professors that i talked to here says it would really be good to create more synergy between the r & d that you see going on here and the companies that actually manufacture the chips so all of that is in the works, but it could be some time because it takes sometime to get online with the factories that actually make the chips and the research takes time as well. lauren: grady trimble at the university of michigan, thank you, very much. well from lack of staff to ris ing prices, there's no shortage of travel headaches to be had this summer. coming up how one luxury travel ceo is handling the worker shortage and just how much he says your next very vacation to hawaii could cost you and let's take a look at the markets, the dow and the s&p 500 right near record highs the dow just shy of 35,000, but crypto is not

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lauren: never thought i'd say this but hawaii's welcome matt might be getting a little bit worn out. according to the state' tourism authority the island of maui this summer getting close to 2019 visitor levels and that sounds great. it's happening without conferences, without international travelers for the most part, but as these visitors overrun the ha lower class ha state there are reports of hotels, restaurants and tourist attractions getting overwhelmed and overpriced but maybe it's a different story for the deep pocketed traveler. luxury travel chain has 25 hotels across three continents, including a property in hawaii called the mauna launi.

i hope i said that right. here is the resort ceo craig ree d. thanks for coming on. >> thank you, lauren. lauren: where are you located right now. >> beg or pardon? lauren: where are you located right now? >> i'm in dallas, texas, which is our home base. lauren: how do i say the name of your hawaii resort? >> mona lani. lauren: are you able to keep up with the unprecedented demand? >> we are. it's extremely busy. we're actually busier across our portfolio than we were in 2019. we're up about 20% in terms of demand levels, but we're mostly a leisure company and so that's where the growth has come from, with the leisure traveler. lauren: do you expect the corporate traveler to come back as well? or is this really just going to be a leisure story, we'll get back to the 2019 levels, maybe build a little bit from there but then that's it? don't you really need the

corporate traveler to come back to make serious money? >> yeah, we as a portfolio don't, we rely primarily on the leisure travelers, as an industry you'd need both corporate and group traveler and they are both laggards. the individual is ready to go out, they are ready to take the risk, and there's a lot of pent-up demand within the corporate and the group world, there's a little bit more caution and we're beginning to see bookings now for groups for later in the year and also for 2022, so i suspect they will come back. will they come back with the same that the leisure traveler and the individual traveler i'm not sure but they will come back. lauren: why do you say willing to take on the risk, and i ask that because the delta variant is surging around the world and especially in the u.s. , and pfizer will meet with u.s. health officials in about an hour and a half from now and they are talking about whether a booster shot, a third jab, be

needed to offer as much protection as possible, against this variant. is that good for your company or does it just create more confusion for travelers that they might say do you know enough is enough i got my two doses this keeps changing i'm just not going anywhere. >> right, well you know, we just encourage all our travelers and our employees to listen to health authorities and follow their guidance. that's the paramount, but there's certainly been a lot of confusion. ironically the biggest issue is the restrictions so different states and different municipalities have sort of added to the degree of complexity with travel, and it's going to require the different municipalities to say okay, you're good to travel, we're supportive of travel and if they do i think the companies will relax but companies are following the guidance of the municipalities so there's caution within the municipalit

ies, companies in turn are being very cautious. lauren: it is confusing, it's confusing for travelers. the other thing that you can't predict, the variant and you can't predict the weather and you do have properties in colorado, california, they are dealing with dangerous heat and wildfires out there. have you been impacted by that? >> the heat has impacted us in california. colorado has seen no impact but we see the heat issue as hopefully being a short-lived issue. lauren: we're looking at prices right now on the screen i'm looking at 750 a night to stay inteluride, colorado, santa fe, new mexico, and i believe those are the residences, right? the apartments, if you will, that have kitchens, do i have that correct? >> yes, in telluride, in santa fe, they're the regular rooms. lauren: is a kitchen more

attractive to people, hence they would pay more money because it's hard to get a reservation at a restaurant, let's say, somewhere like maui and also prices have gone up, so they'd rather just have the safety of cooking in their own room. >> right. lauren, you know what's happened is that the length of our stay has increased dramatically, and there's a lot of family travel, and so the kitchens are welcome for multi-generational families, families with young children, and/or people who know they are going to stay there for a week or two and they want the option to be able to have a meal or two in their hotel space, or in their residence within a hotel so the popularity has grown because of that. lauren: makes sense. i mean, i travel like that as it is, covid or not, because it's expensive and annoying to feed three kids three times a day, you know? it's easier to just sit at the kitchen table right here. that's not a vacation for mom, or dad, but look, we've handled that luxury, the leisure

customer is back. are these different cities and resorts, are they ready for the surge? can they handle it, because its been awfully difficult to get the workers back, and you might have a thing or two to say about that. >> yeah, you know, we don't have too many city hotels, so most of our properties are in resort areas, in the island, the islands have been very cautious, hawaii and fiji, they've been very cautious and wanted to protect their local population. on the mainland, be it california or texas, colorado, the northeast, you know, our hotels opened up last june and we followed the various protocols that were sort of recommended by local authorities and so we've been able to keep our employees employed throughout and for the most part , we don't have the same concern with staffing. we know many of our competitors do, particularly so the

competitors had to either do furloughs or layoffs last year that had a hard time rebuilding their team and the advice, you know, to all is really take care of the people you have and one you you will keep them and two, they will recommend for their friends to come and join you, so that's the recipe we've been following. lauren: craig reid, thank you for the time and congratulations >> thank you. lauren: up next, could viacom cbs be ready to sell himself hot of his trick from sun valley, charlie gasparino is speaking into the latest media drama because there's always media drama and charlie will break it right after the break plus programming note, on july 21 at 2:00 p.m. eastern time, "making money" with charles payne presents a special hour of proud american from the military to the marketplace. charles will be taking questions from veterans that are looking for jobs and overcoming the challenges of reentering the workforce. if you are a veteran with a question, e-mail us at invested

inyou otero fox.com and charles payne just might answer your question, live on the air. let's take a look at your money, stocks zero in on new highs in the final minutes of trade. any up arrow today, any green is a new record for the dow and nasdaq and the s&p 500, dow up 127, "claman countdown" coming right back.

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and the price of the streaming sports network will rise by $1 to $6.99 a month, and the cost for full year, that's going to go up to 69.99 that's the $10 jump for that annual fee, and that is not the only disney news the magic kingdom's box office super heroics also back in action. the solo out for marvel's black widow setting a new post- pandemic opening weekend record holding $80 million in the u.s. , scarlet flick also bringing in 78 million a global box office, and an additional $60 million from disney plus sales where disney charged $30 to see it. let's take a look at the big screen stocks, amc, despite the win from black widow, is down 7.8%, imax down 3 and 1/3% but walt disney up 4% imax netted $12 million from movies opening not just here in

the u.s. but across the globe so it's unfortunate to see it down at 19.19 a share. well from disney to rival viacom cbs the buzz out of the media billionaires playground, sun valley idaho, is viacom cbs sherry redstone at the annual conference means she might be looking for a deal, that's what charlie gasparino says and he joins us to explain. hey, charlie. charlie: hey there, there were a couple or several takeaways from the conference. number one the security is insane. i mean, really insane. if you think that elle my producer is a mean, nasty person , going to harass somebody or lidia moinahan, my old producer, is a mean nasty person well then security is great. if you think that's overboard, well then that's something else so the security was nuts. a lot of these guys are hypocrites they were talking about climate change, bill gates gave a big speech on climate change, presentation as they

flew in on their co 2-emitting private jets which basically crowd the airport and prevent other people from flying in the airport, that's another takeaway. the third takeaway is sherry red stone, who clearly, i guess the best way you could say is that she won the popularity contest at the event and these are, when we say the event, there's two types of stuff that goes on here. there's big seminars and the woke stuff, they talk about all of this nonsense about climate change, which ceo's engage in these days and then there's the after parties where people mingle, and that's where the deal making gets done and that's where sherry redstone really shined. from what i understand she was out there, meeting multiple ceo 's there's been reports in the new york post about her meeting with brian roberts of comcast, she did say hello to brian roberts but that occurred on such a scale, from what i

understand, from people at the conference, who saw her in action, that it's pretty clear that shari redstone is now or at least has it in her mind, she's not doing it yet, we're not saying these are official merger talks, far from it, but there could be a shop going on here for viacom either as a merger with another partner or to sell it to somebody. we should point out that's what this is all about, when we talk about sun valley. rarely do people sit down and have bankers and lawyers in front of them at sun valley. this is a place where ceo's meet one on one and say let's have dinner, let's have breakfast, your guys talk to my guys and let's get the ball rolling, and i think that's not, i think, i know that's what happened at sun valley this time, and she, sahar i, was in the middle and it be pretty amazing if they did sell anytime soon. she just merged cbs and viacom together in 2019. lauren: got it. charlie: very interesting stuff going on here.

lauren: the music is playing charlie thank you very much record highs just minutes away, big week ahead, "claman countdown", coming right back. sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. . .

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♪. >> three minutes away from the bell sounding on wall street. all three major averages closing at new highs for the second session in a row. can this bull market last? how should long-term investors be diversifying their portfolios for the second half of 2021? jimmy lee is here. what sectors do you like for diversification? >> good afternoon, lauren. good talking to you again. we're still bullish on the economy and cyclical stocks, value or remember ended stocks and like materials and industrials. we're overweight in technology still. seeing megacap technology trade come back as 10-year treasury

interest rates come down. we're overweight in all of those sectors. lauren: apple shares at a new high today. this sector has come up so much. it is expensive. you still think get in at these levels? >> you know i think apple and some of these other companies have the potential to continue to set new highs especially again with interest rates backing off and analysts being able to justify these valuations. so i think actually even if rates go up. i think stocks might do okay. i'm bullish on the economy overall and still in the cyclical stocks. i know that a lot of analysts are calling a top in earnings and you know, valuations are too high? i think we're in a bull market f we get corrections i would use the corrections as buying opportunities for people holding cash. lauren: you're optimistic? you don't think this is the good as it gets quarter as a lot of folks are saying? >> you know what? i think quarter will be fantastic but i still think we're in a long-term bull

market. i think what is going on with covid internationally and here too, japan saying no spectators at the olympics. we'll have laddering effect on growth. i think you know, the biggest fear of inflation, interest rates going higher have waned now because of that. i think we're in a situation where interest rates may stay down even longer. the fed may take longer to taper and stop buying bonds and raise interest rates which is all good for the stock market. liz: lauren, is that perversely the delta variant is good fuse for the market? in the sense that it makes the fed, we'll find out later this week, the fed more hesitant to raise rates and taper? >> yes. that's how i view it. i think that inflation was getting really hot. i still actually think we still have inflation right now. think about the prices we're paying at the pump. food prices, health care expenses. other energy prices they're all up. but it could be a lot worse. imagine if the entire world was

open. i think lumber prices would be higher instead of coming back off a little bit and other commodities driven higher would have stayed up. so with this covid and delta variant really raising the count all over the world i think it's a good thing actually for the stock market. [closing bell rings] lauren: jimmy lee, thanks very much. with that the dow jones, s&p, nasdaq at all-time highs. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so critical race theory is all the rage among far left progressive intellectuals at least part of it permeated to mainstream ceos and others who really should know better. systemic racism and crt, along with something called racial equity have become both the diagnosis and the solution. in other words we need more discrimination in order