conclusion that it's not as big a deal is the proper conclusion until we see otherwise. charles: jim, eddie, guys i'm going to apologize i wish we had more time we're out of time i love tapping your brain and brilliance but we got good actionable advice from you and talk to you again both real soon well all three major independent independent esees are higher as we head into the final hour of trading ashley webster i know it's going to be a barn burner. ashley: it certainly is, i'll take it from here, charles i'll bring us home thank you so much, my good friend. a morning rally, hello, everyone , for the markets quickly turning into a headache, for cyclical stocks, the s&p hitting a new all-time high, straight out of the gate, right now, up a quarter of a percent, but here in the final hour, a spiral in energy stocks is now threatening to derail a record close for the markets, exclusive club of business titans, we'll have to wait and see big action also playing out by the way in the halls of congress, fed chair jay powell squaring up with the

house financial services committee as inflation rises to historic heights. president biden returning to capitol hill, as democrats reach a frame work to unleash billions of new spending on the economy. so, what does a doveish fed and a biden spending binge mean for your portfolio? we'll get into it, and yeah, it's plane, trains, and automobiles on the "claman countdown." wheels up ceo kenny dictor is here as his private jet service takes flight in the public market, the american association of railroads responds to president biden's order targeting the freight industry for what he calls anti- competitive practices, and ev's, well, they're taking charge. we're going to go live to the chicago auto show in just a few minutes. planes, trains, and automobiles. what a great movie that was. anyway, to the markets we go. we are on the upside.

the dow up marginally up 54 points the s&p up a quarter of a percent, the nasdaq just slightly higher, but essentially flat. now, all of this , of course as investors consider another sign of accelerating inflation. the producer price index, which measures the prices businesses receive for their goods and services, well it surged in june , seeing its largest annual gain in more than 10 and a half years, ppi jumping 7.3% in june from the previous year, but fed chair jermaine tinafeys the accelerating rate of inflation, just transitory. it's a term he uses a lot these days, powell began two days of testimony on capitol hill in front of that house financial services committee, and said the fed would act only when it's appropriate. >> if we were to see that inflation were remaining high and remaining materially higher above our target for a period of time, and that it was threatening to uproot inflation

expectations and create a risk of a longer period of inflation, then we would absolutely change our policy as appropriate. ashley: but not as it stands, apparently. to our market experts, we have david joy, ameriprise financial chief market strategist who has more than $760 billion in assets under management and our very good friend, the always entertaining teddy weisberg and also very wise, i should add. welcome, to you both. david let me begin with you. you say the key right? >> yes. well, the feds got the dual mandates, clearly, they've hit the target at least temporarily on the inflation front but they haven't on the unemployment rate , and in fact, as you know, it went up to 5.9% so the fed has a bigger problem here. how much longer can they allow these inflation numbers to run well-ahead of where i think they

would like them to be while they wait for the labor market to repair itself. they said there are three things they want to see improve, and that's the rate of vaccinations, the expiration of extended unemployment benefits, and the reopening of schools, so we should know right around the time that we get into the september period whether or not those are falling in line and then resulting in accelerated job growth and that's the balance the fed is trying to strike there. ashley: very good, so, clarity maybe by september. teddy, come on in. look, the fed chair says well, we're still a ways off from tapering the bond purchasing. would you agree, is the fed see ing something that others are not? >> well, i think first of all, ashley, we all, all of us tend to try to micro manage the fed and try to get ahead of the curve and outthink them. in fact, the fact is that the u.s. economy is like a giant

oil tanker at sea, and in order to change that tanker, change its direction, just like the fed shifting gears, it's a process that plays out not over days or weeks but months and sometimes years, so i'm willing to defer to the fed and actually, refocus on second quarter earnings which have just begun and how the markets react to that. ashley: very good. david, of course we have second quarter earnings churning out now. what's your take so far? we can't really do the comparison to a year ago because a year ago, we're in the basement, but as for the earnings and the guidance, what are you picking up on so far? >> well, you know, of course most of it is still banks, and what strikes me is that certain things, there are certain parts of their businesses are working quite well. others not so much. in particular, loan growth seems to be rather sluggish, offset of

course by, you know, underwriting and advice mergers, acquisitions, that kind of thing , but i'd like to see loan growth and, you know, to convince me that the economy is really getting back on track to the point where it's sustainably health it. haven't seen that yet. i don't think it's too worrisome but that be nice to see. ashley: teddy what's your take so far? i know we're just in the very early stages, but pretty good so far, right? >> well, i think, yes, i think better than pretty good. i think the bank earnings that we've only had a couple of days from big money center banks but clearly, they're the life line to the overall economy and they were excellent, but what's disturbing, ash, is that like the first quarter earnings, that the market really hasn't reacted in a positive way to the earnings, which tends to send a message to me that perhaps a lot

of the stocks and a lot of the sectors have pretty much priced are priced to perfection and so it comes back down to the earnings trifecta. it's the bottom line, the top line and it's the guidance and if the companies can't get all three right, it looks like we're going to have a little pain, but this is just the beginning. we have at least two or three weeks to go, so we'll see where we are, but i would say at the outset, great earnings from the banks, but not a big positive reaction from the markets. ashley: yeah, very good. david, last note to you. you like as far as sectors you like the financials, the industrials, the materials i can only have time to focus on one. let's take a look at the financials. you like blackrock, right? >> yes. it's an extraordinarily well-run company. it's kind of a juggernaut in terms of the dominance in the business. it sold out today on its earnings. we think that represents a pretty attractive entry point for those who may not own it but

yeah, it's a very strong company we think it's attractive in the long run as well. ashley: all right, we'll have to leave it right there. great stuff, gentlemen. david, teddy, thank you as always, thanks for joining us today. a busy day for the markets, lots of data and news to digest thank you both gentlemen. well from the stock market rollercoaster to the crypto craze, bitcoin, ethererum and litecoin, well, there you go litecoin slightly lower but bitcoin and ethererum moving up nicely, with about what? almost 50 minutes left in trading. bitcoin, by the way, dipping below the $28,000 level earlier, well off of its all-time high, if you remember, $64,000 back in april. everyone went oh, my gosh, but as jay powell works to epidemic koala inflation fears in check, is the appeal of the crypto hedge play on its last legs or is it still in play? over 20 million traders trust e- toro for trading digital currencies and in a fox business

exclusive we welcome in the u.s. managing director guy, guy hersch. i was going to call you director guy, it's director, guy hersch. guy, thank you for joining us. let me get your take on the price action on crypto. i'm told by everybody that 30,000 is a key level, if it breaks through there, 28,000 is the next level down and on the outside, 35,000 if you can get back above that, then there's plenty more room to move upward. i mean, i know it's hard to gauge second-by-second on this thing but what do you make of the performance of bitcoin? >> so i think technical analysis on crypto assets in general is one way to look at it , but crypto assets don't really subscribe to technical analysis so do fundamentals. you have to look at them maybe slightly different and then we like to look at sentiment analysis, and see what is the chatter around the various crypto assets and then try to

gauge where the price would go. macro, you still have a lot of news coming about inflation, which you just covered, and i feel like the more negative news we'll hear about inflation being up from transitory but more kind of sustained and here to stay, you'd see more interest, particularly in bitcoin, for people to jump back in. ashley: how do you, you know, apparently you offer more than what 25 different cryptos there abouts to trade on your website. how do you pick those that are genuinely legitimate and those others out there that some would say are just essentially pump and dump schemes. how do you fare out the bad actors? >> we primarily look at market cap, so once a particular county gets into a significant market cap and there's enough liquidity and enough market players, we would feel more confident about

listing them because once we're going to list an asset there's going to be a demand, and so we just want to make sure that we have enough liquidity for those assets and at the levels that we're playing with, some of them with billions of dollars in market cap, i mean, at times or hundreds of million s, if markets are down, you do have enough liquidity to supply and demand and this is how we look at it. obviously the other part of our examination is just to make sure that we play by the rules, and we have a review process and making sure that we don't leave anything that what might be deemed a security and so these are the two key lenses that we're looking at the crypto assets before listing them. ashley: very good. we should mention, you're in the process of going public through a spac, which has become so popular these days. how far are you away from a deal closing and when do we expect you to be able to list your stock? >> so we've been public that we

are expecting the deal to close this quarter, and we're working very hard to make that happen and i hope that once that deal closes and generally in terms of what we're doing in the u.s. market and globally, that more people would join the e-toro social network. we've built a social network on our key brokerage functionality, and i think in large terms, investing in trading is becoming a lifestyle in the u.s. , and globally, it's becoming part of pop culture, and we're very excited to be part of that movement. ashley: so do you feel like the acceptance of bitcoin and cryptocurrency is accelerating at an ever-faster pace right now >> 100%. you see pop culture starting to address bitcoin and crypto assets. you see all sorts of interesting

things happening in the nft space meaning with tokenization and all sorts of digital assets, that's a growing market so you see a lot of penetration in various verticals into crypto and using crypto or blockchain to advance the cause of innovation, advance the cause of finance, open up the markets for more people to participate in parts of the world where you have corrupt governments or things of that nature and interesting tid bit from today is parents that are looking into using their largest to actually mine bitcoin and therefore having that national operation yielding a lot more in terms of revenue, so there's a lot of exciting things happening and that would accelerate. ashley: very good. fascinating guy hirsch, thanks for joining us to bring us up to

speed on your operation. appreciate it thank you very much. let's go to the break and as we do we should tell you president biden meeting with governors and mayors to talk about infrastructure as democrats move one step closer to a whopping $4.1 trillion in new federal spending, but is this really a done deal? we're headed to the white house, next. meanwhile, as we head to the break, the dow up 62 points, the "claman countdown" is coming right back. 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, knowing you understand your glucose levels. ♪♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq

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interest in the democratic package which is now $3.5 trillion, which is all the other stuff there. now, for lunch earlier, the president was down pennsylvania avenue on capitol hill, he was meeting with democrats down there, he's trying to do a dance is what he's doing and getting his bipartisan deal done, he wants that bipartisan infrastructure package through congress while trying to keep the progressive in his party in line. >> i've no comment, it's great to be home, great to be back with all my colleagues and i think we're getting a lot done. reporter: press secretary jen psaki saying the president doing what he needs in order to get the spending that he would like to see through congress. listen. >> i would say as you all know, if there were enough votes for each of these priorities, there be a vote, and it would have happened, so i will say that he's headed up to the hill because it's the next natural step. the president expects to sign both pieces of legislation into

law. they are on a dual track, as he long-said they be on, and we're going to leave it to leaders in the senate and house to determine the sequencing. reporter: senator joe manchin a possible deciding vote says that passing the bipartisan infrastructure bill should come first. the problems in the house though , the house speaker wants the reconciliation passed before the bipartisan deal gets passed through, otherwise she's not going to put that up for a vote. the president, so far, has not been able to get her on the same page, so we'll have to see what happens a lot of moving parts here, ashley? ashley: as always, there always is, edward thank you very much edward lawrence at the white house. okay, how about this? getting railroaded by team biden well the freight sectors top names getting blamed for sky high shipping prices, coming up next, the railroad industry's top gun is here to tell us why the president, he says, is just plain wrong, the dow up 55 points, stocks getting scared

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ashley: all right fox business alert for you, peloton is skid ding in today's pop stocks, the high-tech bike maker sinking as wedbush downgrades shares to neutral to stock off more than 5 % and the firm predicting an end to the hyper growth in on -demand fitness classes as you can see the shares right now down 5.25%. now on the flip side, lululemon flexing its muscles into the close, goldman sachs naming the athleisure wear clothing maker as its top idea in the sector as reopenings propel new demand for exercise apparel, that stock, as you can see , up 3% at 382 for lululemon. and ell brands, the victoria's

secret and bath & body works parent raising its second quarter guidance on the improved sales for longer a and personal products and those shares up and not bad, 2% at 75.61 up nearly $ 1.50. so, if you dig deeper into the june producer price index released today, you will see that rail transportation costs hit a record high last month, after rising steadily for the past year. costs rose 6% in june, year-over-year in june that's the biggest gain since november of 2018. it could add more fuel to the fire for president biden who last week targeted a slew of industries including the railroads, for what he believes is anti-competitive practices. biden specifically blaming a small number of players in the freight industry for steep shipping prices on american goods. that, as you can imagine, not sitting too well with the association of american railroads whose members include the freight railroads as well as

am tack, and guess what? the association ceo in jefferies joins us now, ian, okay let's get to this executive order. the biden administration basically saying that look, there's two few players in the field, and they are charging unreasonable fees. how would you respond? >> well i would respond the fed is missing the mark by a major major shift. rail rates are 43% lower than they were in 1980, when adjusted for inflation. they are extremely competitive railroads compete vigorously in the markets not only with themselves but also with the trucking industry for our largest business segment which is intermodal traffic. ashley: well it's interesting, because the biden administration would say look the number of class i freight railroads in the u.s. dropped from 33 to just 7 and that is what the concern is. how would you respond? >> well certainly the number of

class i is at 7 and yes it used to be larger but what's important to remember is that no shipper on the rail network actually lost any sort of competitive access due to any mergers over the history of the past several decades. in fact, they were able to preserve all multiple options when they existed at the time, to ship goods by multiple railroads and so there's been a negligible effect on shipper opportunities to move by competing railroads based on consolidation that's occurred over the course of history. ashley: also contained in this , ian, is something i'm not quite sure what it means and hopefully you can kind of shed some light on it but they say they want to, the administration, wants to mandate again the so-called reciprocal or competitive switching. what does that mean and why don't you like it? >> so at a high level, reciprocal shipping is when one railroad opens up its tracks to

carry another competing railroad s traffic and what the problem is is we call it forced access, quite honestly. that be the government dictating my railroad open up my infrastructure that i pay with my own private capital to maintain to your railroad to meet customer needs, and it's a complete and total disincentive to investment. it undermines service. it undermines capacity, and at a time when we're trying to move as much freight as we can in this country and freight demands will only continue to grow, the last thing we need to do is knowingly put situations into the network that impede the free flow of traffic. ashley: you know, it's interesting, ian. all the talk these days on capitol hill is about infrastructure. how badly do the nations rail lines need to be done over or remade and upgraded? >> ashley that's the great irony in all of this. railroads are the one industry that's not on capitol hill

asking for funds. we didn't seek a bail out during the pandemic. we invest about $25 billion a year of our own capital back into our network, which has resulted in the freight rail network that is the world's envy the american society of civil engineers rated rail as the highest rate of type of infrastructure in this country so it's ironic that the administration be looking at ways to impede our ability to serve customers and communities, and not to mention, we're the most environmentally-friendly way to move goods over land, leaps and bounds above our friends in the trucking industry and that's an overarching goal of this administration is to reduce emissions and we're a key part of that solution, so the executive order just doesn't make sense to us. ashley: well i think that's a good place to leave it right there. ian jefferies, ceo of the association of american railroads thanks so much, ian, for coming in today. we appreciate it. >> thanks for having me. take care. ashley: take care. despite a mixed reaction in

stocks, delta and american airlines both flying high in the second quarter delta posting its first quarterly profit since the start of the pandemic, and american airlines saying it also expects to report its first positive cash flow since covid's emergence. that's good news, delta as you can see lower, united airlines lower but american up nearly 3%. all of this as one of the biggest names in private jet s is taking its first trading flight. coming up next, we're going wheels up with the market's newest high flier, the closing bell rings in about 29 minutes, new records not looking like they are in the cards today, the dow and the s&p up very slightly, the nasdaq down slightly. we'll be right back. ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for.

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ashley: the airline industry still struggling to take off as

surging flight demand means increased flight delays and the first week of july, jet blue delayed over half of its flights and american airlines delayed over a third, but while major airlines have been struggling, private charter jets are those companies, well they've been taking flight, so to speak. wheels up is now publicly trading under the ticker dollar up following a merger with spac, aspirational consumer lifestyle corp. and posting record year-over-year growth. its been good for the private jet industry. to wheels up ceo and founder, kenny dictor, joining us live from the new york stock exchange floor, just minutes away from ringing the closing bell on his company's first day of trade. kenny, congrats to you. how does it feel to go from a concept, an idea, to being publicly traded? >> its been a great eight years , ashley and thank you for having me here. to be on the stock exchange, new

york stock exchange the first private aviation company ever to be publicly traded, incredible honor for wheels up and for our industry. we're looking to democratize private aviation and through technology we're going to be one of the great marketplace companies ever built. ashley: what was business like for you, kenny, during the pandemic and how is it now? >> well during the pandemic, the first 30, 45 days in the united states, things were shutdown. business fell off but then quickly picked backup into the summer of 2020. we partnered up with delta airlines, we did a deal with ed bastian pre-crisis where we took in delta private jet and that gave us access to all of the delta folks that are first class and business class and their business clients and really what we saw was the experience economy really kicking in, that people didn't want to stay home, they wanted to fly safely, and in many cases

, older folk and immuno compromised and people that just needed and had essential travel, we were able to deliver that all the way through the crisis culminating with the first quarter where we had 68% revenue growth and 56% new member growth, 261 million really proud of the quarter and our team and our pilots delivered. ashley: well you mentioned the delta partnership. where else do you consider an area to expand in? >> well, you look at delta, and we can do some great last mile stuff for delta, so you can travel in from all over the world, or on a long-haul flight, let's say lax to jfk, and if you need to get to new york, you need to get to nantuck et, we're there wing to wing. we just cut a deal with porch to be able to take people in select airports that delta has setup where you can go from the delta airlines flight to the wheels up flight. another big partnership that really helps us from an address able market

perspective but really creates a great member benefit is our partnership with american express platinum and what a wonderful company and amazingly validating deal, centurian also has great benefits here but we're really excited to partner with american express and surely , for our existing members , some great new member benefits come along with that partnership. ashley: well it's a great success story. you're obviously doing very well and congratulations again, kenny dichter, ceo and founder of wheels up. it's up, up and away, kenny. >> up, up and away. thanks a lot ashley look forward and we're getting ready to ring that closing bell. ashley: all right, we'll see you doing that in just a few minutes thanks so much, kenny appreciate it. the chicago auto show is making its long-awaited return after being delayed this year, of course because of the covid-19 pandemic, and guess what? electric vehicles are taking center stage, with brands like ford and nissan debuting their

very newest ev models, so with the push to electrify, can we expect some of off road rivalry? yes, electric vehicles off road. grady trimble with the very latest. reporter: ash, yeah, this is the ford f-150 lightning, all electric. you moo it have seen president biden driving one of these things a few weeks ago, and this is their latest and greatest but you're right. a lot of the automakers here in the u.s. and abroad are going all electric, or hybrid. this is the latest from ford, along with back there, you see the mustang mach e gt. i'm with darren palmer head of electric for ford so you got gm going into the electric space with the ev hummer, jeep is saying they are going electric, you've got a lot of competition. >> yeah, we're going our way. this vehicle is for our customer s, and we wanted it to be available for them with new features they never had before at a price they can afford as

well so this vehicle starts from $39, 974. reporter: which is a lot better than other ev suv's and trucks on the market and coming in the future. >> we believe it's one of the best priced on the market vehicles, yes. reporter: and you say that electric is the future, ford is investing big money, billions of dollars to go electric. some people are still hesitant. how do you win them over if they have range anxiety or just not ready to drive electric? >> we need to be their partner and show them what it means to go electric and features they never had before that tempt them in until the point where they test drive the vehicles. the minute you try one of these vehicles, people are hooked. reporter: ashley i have not driven the lightning yet, i did drive a mustang macr e, ford wants 40% of its fleet to be electric by 2030 so they are going in that direction and they hope people will adopt it. ashley: you know what's so weird , grady? to see the truck with the hood up, and i didn't realize you could put leg age luggage in

there, it's fascinating, grady trimble, by the way, darren has a very funny accent, i'm not sure about that. grady trimble, thank you very much. from top meme mania to a 39% slide since the start of the month, amc's star clearly dimming, let's put it that way, coming up, next, charlie will break it on the future of the reddit room top celeb. he loves to go head-to-head with the ape, the home base of the russel 2000 small cap hitting session lows moments ago down 40% as you can see the "claman countdown" is coming right back. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

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ashley: apple shining its way to new records, a new partnership with goldman sachs on a buy now pay later option, plus, a reported 20% ramp up in iphone production versus last year boosting shares all the way around, as you can see , apple up more than 2.5%, by the way, citigroup also raising its full year estimates on strong demand for apple computers, phones, and watches, but not to be out done jpmorgan getting in on the bull ishness adding apple to its focus list, with a boosted price target now sitting at $175 , which be a nice gain from the 149 right now, apple by the way, inching closer to the $2.5 trillion market cap level, shares as you can see , up $3.79 today. all right, here is a question. has meme stock mania reached the end of the road? popular names tumbling today including oh, yes, amc, which by

the way, is down around 50% from its june highs. joining us now is charlie gasparino, all right, charlie what does a downward trend mean for investors? what's going on? charlie: we should point out that amc is probably hitting its session lows right now trades as low as 33.78 earlier in the day last print was 34, maybe its backup oh, there we go heading right there. okay, just under, but i will say a couple things here listen i'm not convinced this meme stock thing is over. i'm just going to throw some stuff out there. why all these stocks are trading off and we should point out that amc has lost almost half its value since its june high of over $60 a share, i mean its done that since june, since early june, so that's pretty scary. i think there's a couple things in play. number one, i think the biggest catalyst was you know when they say sometimes good news actually turns out to be bad news, or bad news actually turns out to be good news, the bad news/good news is the economy is weak, fed keeps interest rates low, stocks kind of like that, right?

we used these lower interest rates even though weak economy is supposed to be bad for stocks but you get what i'm saying here here is where good news turns out just the opposite bad. the ceo adam aron came out weeks ago and said he was not going to raise more capital, not dilute shareholders even more, because he listened to his shareholders who were largely comprised of retail investors, not institutions. most companies have 70/30 institutional retail investors. this has flipped and mostly retail guys the amc apes as they're known and listen guys i listen to you you don't want anymore dilution i'm not going to issue new shares and then people start to digest looking at the books saying well this is a company that yes, you know, better box offices, as we come out of the pandemic, and we have people going back to the movies, but still has a lot of debt on its books and there's still this thing known as streaming which was hurting amc even before the pandemic had a

shutdown all of the theaters, and on top of that, you need some capital for operating expenses, the salaries and to pay that back, you know, billion s of dollars indebt. they have a lot of debt outstanding and that's started so the worm started to turn on that and you could see it in the stock price and you can also see in some of the bond prices. we spend a lot of time looking at stock prices there are certain bonds of amc at least one class of bond that's trading at $0.70 on the dollar. that is, that's called depressed levels. that's junk bond status, and usually, companies that trade in that level, 70, 60, that's the market betting that there's going to be some sort of it could be a chapter 11. clearly, that's what the markets saying when you have certain bonds that trade like that, and so you put all that together, and that's what you have. again i'm not saying this is over. listen, jerome powell, if you're an amc ape, jerome powell is your daddy. he's going to keep printing money.

ashley: [laughter] charlie: he is pushing this stuff and when you have 0% interest rates, and some of the other stuff you have, you're going to have market bubbles and people are going to, what happens is people reach out into the risk spectrum, they reach for yield, and for return, and that's what you get is stuff like this , so i'm not saying it's over, but damn, let me tell you something these stocks are not trading, again, amc is now heading back towards that session low, as the last few minutes of trading here, and all of the other ones are down, so this was always a buyer beware. listen i have traders that say it could keep going go backup to 40 particularly if you have short covering i have other traders saying this is going to 20 so i don't venture a guess here. back to you on that happy note. ashley: you have been warned as they say. yes, thanks charlie. charlie: jerome powell is your daddy. jerome powell is your todd beamer daddy. ashley: you don't hear that very often, thank you very much, charlie gasparino.

i appreciate that always colorful. all right coming up next our closers tough ideas to hit a bullseye in your portfolio, and why target, yup, should be in your portfolio and one of your top stocks for shopping. we'll get into it the closing bell rings in just about eight minutes from now. it's a wishlist on wheels. a choice that requires no explanation. it's where safe and daring seamlessly intersect. it's understated, yet over-delivers. it is truly the mercedes-benz of sports sedans. visit your local mercedes-benz dealer today for exceptional lease and financing offers.

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simplify life. - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. ♪. ashley: it has been a truthly up and down day for the markets. the dow up 180 points at session highs. now as you can see, sitting up 47 points or thereabouts, up about .1 of a percent. s&p hitting intraday high. not heading a record close. would have to finish up 15.2 or more.

doesn't look like we'll do that. the nasdaq up as much as 118 points today. that is out the window. fully in the red, down 37 points on the nasdaq a roller coaster is what we call it. to david harden, summit global investment cio. thank you for joining us today, david. what are you shopping for right now in this market? >> glad to be here. i think you just mentioned it. there is a lot to need to be diversified. you need a lot of quality in your portfolio. i think this is the time to be investing prudently and properly. we've had a big run-up. the key here to manage your risk you're exposed to in the markets. yes, we're watching inflation, big numbers. extraordinary returns. coronavirus, all these things but, you want to boil it down look at something really easy like target, right? target has been a great theme hitting at a 52-week high today. a great stock to have to deal

with -- ashley: very good. you like adobe i see, strong earnings for the second quarter, a bullish outlook, you like doab as well? >> we do. their digital media segment is hitting on all cylinders. they're ex-duding executing very well. i can head down the street and look at silicon slopes. kick the tires. we really like adobe. ashley: couple others you like, sim places plus. what is that about? >> this one we actually sold recently. they cut their forward guidance. they had negative earnings came out. it has high short interest. something we're very concerned about. that shortage rise a little last while. this is something i don't want you to be in is simulations plus. ashley: the other one mentioned was vertex pharmaceuticals,

vrtx. >> same thing here with vertex. they halted their therapy for generic disorders in the lungs and liver. they struggled here. i think biotech is looking for deals, partnerships to boost their pipeline moving forward. we'll come back to them when they kind of, if you will have their pipeline together. something right now i would probably avoid. ashley: you know, david, everyone loves big tech as well. the nasdaq down today. what is your view on big tech? are they priced correctly? are they a little expensive? are they a good investment? >> i think tech is something that has had tremendous growth. it has had tremendous earnings, anytime inflation is not rearing its head, even though powell is in the news today, i don't think anything happens there until jackson hole at the end of august. so between now and then i think growth probably wins and tech has a little bit after lead but let's face it. that is some extended earnings,

some high market valuations. so i with be very picky in tech. ashley: right. finally, david, you know, looking at the markets overall you say this goldilocks scenario, tons and tons, billions and billions of cheap money sloshing around. you say this can't go on infinitum. how long can it go on in your mind? >> you know, i wish i had that crystal ball because we would all make a lot of money. ashley: yes. >> having said that, the earnings are really easy, q2 earnings to outperform but q3, q4 is going to be harder and with the increels of the delta variant is may be even harder. i think the goldilocks is coming to an end of big earnings and improvements year-over-year. i think the fed has a tremendous tough job ahead of them. at jackson hole i would like to be a fly on the wall to participate.

the point being at the end of the day we know where the easy money led us to in the late '70s. ashley: right. david, thank you david hardin. thank you very much. as we head to the bell here, the dow and s&p, yes, they are closing in positive territory, just nasdaq down. what an interesting day it has been. that will do it for "the claman countdown." "kudlow" is next. ♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. senate democrats appeared to have agreed on a $4.5 trillion budget resolution, that includes 3 1/2 trillion dollars ultimately targeted for 51-vote reconciliation. i wouldn't exactly call this a blessing in disguise. let's first hear from hillary vaughn live on capitol hill with the facts, the facts and the details. good evening, hillary. reporter: president bide was he o