but i have no clue what's going to happen after the toss of a coin. charles: yeah, yeah, i have nvidia from a long time ago but it is so extraordinarily volatile. my brother from another mother great seeing you both always great information and the market which is sideways even after we digest the fomc minutes so what's going on i have a feeling liz claman will help us out? liz? liz: i don't know, charles you've got to look at the skies above the federal reserve in d.c. we got fed hawks dive bombing the fed doves as we kickoff this final hour of trade sending markets tumbling at one point to their lows of the session, they're off those now but the release of the fed minutes from the july meeting showing increasing discussion over reducing its $120 billion per month in asset purchases later this year. our floor show power panel reads between the lines for stock, bonds, and the housing market,

which stumbled, if you just look at the headline number, as the pandemic supply crunch lingers. what does that mean for a company built on disrupting insurance for homeowners and renters. the lemonade ceo, yeah, the big momentum stock of last year, is here, and the streamer of sports making a big bet on sports gambling. what the fubo tv ceo has up his sleep that could mean big bucks in the quarters ahead, plus we are about to get an update from the pentagon on the scary situation in afghanistan developing right now as , of course it is nighttime at the moment there. we're going to tell you what the secretary of defense has to say in his first briefing, since the taliban takeover, but we've got to begin with this breaking news as we kickoff the final hour of trade. the markets are, let us say, expressing their displeasure after the minutes from the federal reserve's july 28 policy meeting revealed the talk about tapering could possibly make it a reality by the end of the year. so look at the intraday picture

of the dow 30, right before the minutes released you can see the dow, which right before, had dropped about 46 points and then, went much further down about 141-plus we're down 131 at the moment. the s&p actually the low of the session was 188. okay, 188, so we are now down about 130-plus. the s&p also gapped down as well , the nasdaq which had been up 20 points right before the fed minutes released reversed went lower and is now backup just about three points. can we see that funds futures because the contract tied to the federal reserve's benchmark interest rate had indicated traders saw a 50% chance of a rate hike by november of 2022. oddly, even though there's so many hawks out right now saying we've got to do this , you see a fed rate change coming, 43%, so that's moderated a bit but put all that three-week old minutes news aside. this afternoon, st. louis fed president james bullard just

went from hawk to straight up falcon with the talons out. in a virtual event, bullard said he thinks the fed is behind the 8 ball when it comes to tapering or scaling back the easy money policy that have been in place but should be done reducing that 120 billion per month in bond purchases by the first quarter of next year. so no wonder the markets got really jittery let's get to the floor show to analyze what the fed is going to do versus what members think and say. we're bringing in andy brenner and for stock market reaction we've got trade it john corpida and for the inflation picture particularly through the housing lend, super star realtor jason h ayberg. andy, james bullard on the complete opposite side on the typing of interest rate lift off, bluntly putting a point on it, i guess, today saying that rats which languished at 0 to a

quarter of a percent should begin rising by the fourth quarter of next year. andy, powell said rates shouldn't move until the end of 2023. whose going to win this hawk versus dove battle and did we get any clarity from the minutes today? >> we got no clarity from the minutes today, liz. the hawks remain hawks, the dove s remain doves, the decision, the decisions going to come on september 3 when we see the next unemployment number. that's a very good unemployment number, the hawks are going to win and tapering is going to start. as far as raising rates, you know, you're giving me between late 22 and early 23, you know, that's a tougher one. we tend to go with bullard and i just want to quote something that rosengren said last night. massive bond purchases are ill- suited for the u.s. economy as we stand today, so i mean that tells you, liz, that a lot of governors see it the way it is and taping should start sooner rather than later, and

end around the time that bullard said either first quarter or second quarter of 2022. we need to taper. go ahead. liz: exactly, so i don't know why, you know, the hawks are hawks. as i said it looks like you've got basically bullard jumping in saying specifically, miss reading inflation signals could require very disruptive rate hikes, which brings me to jason hayber. we got this housing starts number which dropped to 13-month lows for the month of july, but you've got to clarify to our viewers. that is not necessarily the housing market suddenly freezing, is it? >> no, not at all. when you use the decline of 7% it's a surprise like that you want to look at both sides of the coin so first on the supply side, you're seeing that builder s had trouble delivering. why? because you know, if lumber was a stock it would have been a meme stock with the way the

price escalated out of control and that hurt housing construction. shortage of labor was a problem too but then there was also on the demand side, there was a lot of buying during the height of the pandemic. people bought two things during the pandemic. they bought toilet paper and they bought a house and no judging, right? like this is people did what they had to do during the pandemic but just like the price of clorox has come down, so many people bought them , there's a question of how many buyers are left or how much was carry forward business so you have both of those things happening at the same time. we have to keep an eye on tax liz: yeah, they also bought yeast and bananas for banana bread because everybody was trading banana bread recipes enough with that john corpina, are you reading anything into the markets reaction? we now have the dow down 142, the nasdaq dipped back into negative territory since the top of the hour, and we've only gotten six minutes here at the moment, but you look at the materials names, they're moving

higher. where are the flows that you see at the moment? >> less kind of interesting at this point right now, coming into this week, we were clearly talking about covid numbers and the increasing there and clearly , the fed data on our calendar today. afghanistan threw a wrench in that, monday a little bit of a delayed reaction in trading. we saw that yesterday but the fed headline today was very transparent in my opinion. we've got deception, feds not going to make a decision and give us a real blueprint as to how this is going to play out but i do think as andy said before we need to start tapering sooner than later let's rip the band aid off. last two weeks of the summer coming up here, volumes light, we're going to continue to see volatility. we've seen it in the vix, the russel and the s&p so i would not get too spooked from this market right now, as we continue to see a lot of ups and downs heading into labor day. once we get into september, and things start to settle out we'll have more information on afghanistan, i think delta variant numbers will come back into a place where we have a better understanding of which

way that's going to move that so how does that impact the market and where do you want to go? i'm currently looking at what's really lagging behind the most? basic materials, energy, and let's talk about one stock in particular, amazon over the last month. down close to 8%, over the last three months essentially flat, when in a period of time have you seen a stock like that have the pressure that we've seen recently on that, while other stocks in that area are certainly outperforming it so i think that might be an area to look into. liz: andy, john just said he didn't think the fed is going to make any sort of definitive action. we've got jackson hole for those of you who don't know that's the big hoo-ha they all get together at august 26, so 26 -28, you tell me what you are gaming, what are you betting the fed will say at that meeting this is the one from two years ago. >> liz there's no question this is going to be an important meeting, and an important speech with powell but based on the fo

mc minutes, unless he sees something in the inflation data of which there's no more new data but he has the unemployment numbers now that were pretty solid for the month of july, i would tend to think that powell is going to start to move towards the idea that he has to taper sooner rather than later, and i think it's going to happen in september. look, powell's running a real risk that he doesn't get re appointed. every fed chair should start a process like tapering or a needed process before he leaves, and whether he gets reappointed or whether it's brainard, he should start this which means he has two chances either the september meeting or the november 3rd meeting. he's got to implement it in one of those two meetings. liz: jason, before we go, i'm looking at some exchange traded funds and the ones that are really gaining, today one of the most actively-traded ones is nail. that's the home builders, it's

also the suppliers to the home builders. some pretty significant volume on that one right now, it is moving higher by 2%. what's your best guess on the home builders themselves and i know you're not a stock analyst but they're still huge demand, is there not? >> well there is huge demand. it's pent-up, and they've got to deliver. we have a housing shortage in this country, right now, and one thing i'll know is if you look deeper in the data while housing starts are down 7%, what was up? building permits. permits were up 2.6%, so there's a paradox in the numbers there we should be mindful of. there's going to be a lot of activity for the suppliers and for the builders coming up for the next two quarters. liz: jason, john, andy, good discussion. dow jones industrials down 159 so yes, the jitters continue in this final hour, anytime guys love your perspective. okay, so just a day after retail sales posted that big miss that had economists fretting that the consumer is worried, home improvement giant lowe's

reporting no, we're good. lowe's did it after home depot's downer report yesterday. lowe's racked up beats on eps and revenue and for the ultimate triple play it also raised its full year forecast. so it is jumping 11%. the good news also giving home depot a little bit of a halo effect now it's up just under 1% after yesterday's big day, where it lagged. after a gruesome couple of weeks , tencent basking in a little sunshine after posting a 29% jump in quarterly profits and a beat on revenue. shares of the china-based tech t itan slumped 23% since july 1 on beijing's anti-capital crackdowns and warning from top cop gary gensler to stay away from chinese stocks but tencent scratching back about 4% of that now standing at 57.45. grubhub's new parent company delivering a delicious 52% rise in sales year-over-year. justeats which is of course the parent, also pushing toward profitability in the u.s. and

canada, saying it's not for $100 million impact from delivery cap fees, the food delivery service would have already turned a profit in north america. grub shares right now, which of course, just eat, up 5%, rival doordash which got a price target hike yesterday from susquehanna is adding to its gains up 3.7% and then we've got uber, of course the parent of uber eats up two-thirds of a percent. not great news here, t-mobile confirming that the private information of nearly 8 million of its customers was, in fact, compromised by a recent data breach. the telecom titan says while no financial information was obtained, social security number s, drivers license numbers and birth dates were all exposed in the cyber attack. t-mobile shares let's just call it flat to slightly lower, but they're down about 3% on the week. best-served cold lemonade was

the hottest ipo of 2020, surging as much as 140% back on its first day of trade but the picture as you see on your screen, a little less sweet this year, so what is the tech titan doing to rejuice its online insurance engine for investors? lemonade co-founder and ceo dan shriber is joining us live next, we're going to ask him that and so many more questions about homeowner, renters insurance and where they're going next, closing bell ringing in 47 minutes, the dow is down 152, remember low of the session is a loss of 188. we have so much more to come including the fubo ceo, we're coming right back.

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market is cloudy due to hard-to- read fed tea leaves and the delta variant, what does that mean for the once sizzling momentum stocks out there last year, that have cooled off in recent months? enter lemonade, this is the online insurance disruptor that killed it, gangbuster traditional ipo last summer soaring more than 100% on its first day of trade the stock hit a record high in january, of $188 per share but since been trimming its gains down 42% year-to-date, so how is lemonade striking back against the wall street bears? the reddit crowd, rival insurance giants, everybody trying to take you down? lemonade ceo daniel shriber joins us live from tel aviv. your most recent earnings report was typical of a hot growth company, we see this a beat on revenue but a miss on bottom line because you're taking your profits and reinvesting them in the company but investors who got in after the january high i'm venturing to guess they are pretty annoyed. talk to them about the near

future for your business. >> so wonderful to be with you. you know, we wrote you mentioned the ip ipo. we wrote about what kind of investors should really be drawn to lemonade and what kind of performance and focus we're going to have for them and what we wrote there was that short-term fluctuations are really noise and we're not going to credit them as signal. we're going to focus intensely on the long term opportunity that there is before us, and insurance really is, perhaps the most disruptable industry on the planet and the prize is worth fighting for. these are businesses that can survive for 100 or 200 years and go often $100 billion a year , that is something that really means it's worst the investment, it's worth doing the hard work now of building amazing products at absolutely delight consumers on a digital substrate that incumbents just can't compete with and that does mean plowing in those profits to the next product and the next

product and the next product since the ipo we moved from being a homeowner's company to pet insurance company to a term life insurance company, and on the cusp of launching car insurance and that gives you a sense of the pace and the aspirations of the business. liz: okay you just laid out a whole bunch of things that spark a bunch of questions for me. i could not agree with you more that the insurance company has to be disrupted. we've had horrible experiences with homeowners insurance state farm. you know, and these old school ones and whether it's any of the big names, you know, buffett has a million companies , car insurance, homeowners, et cetera there's got to be a better way and that's why you were such a momentum stock in the beginning. tell me when you think you launch your car insurance and what that may do to kind of get that back to the stock. >> so we spoke about launching it in the coming months, we said a few months ago it be within the year so i'll leave that bracket of time out there still.

so it is fairly imminent, and as you see the pace of innovation and of launching products as pretty unprecedented , we went from we launched our product less than five years ago, four and something years ago and we went from zero to a million customers in a four-year period it took us aa 47 years to get to that pace, so we're doing a lot in order to accelerate the value that we're creating for our shareholders and for our customers. i do think car is a game changer though, because what we find is selling homeowners insurance without car insurance is really operating with one hand tied behind our back. state farm and do bundle deals which haven't been available to us i think this is a huge value for us and our shareholders. liz: yeah, i agree with you. you don't want to leave money on the table with car insurance so when you launch it please come back on the show but before we go we've got the delta variant coursing across the world you don't do health insurance yet, would you ever, you're in israel

which is so ahead of other nations in vaccinating what are you as a company doing at lemonade? are you going to require workers be vaccinated and tell me just the overall picture that you have of where we go next in this situation with health insurance. >> sure, so we don't do health insurance and have no plans in that regard. as a company, we have been doing some leading things on covid so both we have a social give back program at lemonade, underwriting profits go to non-profits and we've been directing a lot of those moneys towards covid relief and that's been something that's been very meaningful to us, our employees and our customers and in terms of vaccination lemonade has lean ed into that as far back as december, we let it be known that we are going to require vaccination from all of our employees, so we've taken a fairly strident position and we think that it is incumbent on business leaders to show the way and the only way to really tame this pandemic is for there to be

massive vaccinations to a vail ourselves of these amazing technologies that have come to rescue us from this terrible pandemic, and not to use them is a dereliction of duty so we are trying to lead the way and really have massive vaccination. we have 100% vaccination rates. liz: oh, wow and we have to go, but you know, president biden has made the announcement today about approving a third booster shot. that's happening in israel? >> i've received my booster shot, so it is, yes. liz: interesting. okay, well, there you go. daniel schreiber, be well, be healthy and thank you so much for all you're doing when it comes to insurance and now your stock is up about 4.1% at the moment, lemonade shares at $ 71.20 we'll be watching the company and come back when you launch car insurance. >> thank you, liz. liz: well, the booster shot he just got his, boosters for all

in the united states. team biden today, unveiled the plan for a third covid shot. wait until you hear just how much it could mean to moderna and pfizer's bottom lines, and why regeneron, the name behind the top covid therapy is now trending, we're heading to the white house for a live report in just a second, plus, quick look at cryptos here. you've got bitcoin, ethererum, and litecoin on the move, to the upside, bitcoin is up about 1%, ethererum better by two-thirds of a percent, litecoin bringing up the rear of a quarter of a percent and that has one crypto miner digging for digital gold. high blockchain is a winner popping right now as bitcoin holds above 45,000. we've got highs up 4.5% closing bell ringing in 36 minutes, please stay with us. (vo) singing, or speaking.

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liz: breaking news, secretary of

defense, lloyd austin, and the chairman of the joint chiefs of staff general mark millie right now making their very first public appearance since the fall of afghanistan to the taliban. the two are saying right now, and we've been monitoring this , that about 4,500 military personnel are now in place in kabul, but so far, have had "no hostile interactions with the taliban." secretary austin is saying moments ago that the u.s. does not have the capability to go out and get large numbers of americans located outside of the kabul airport, general milli e adding he did not expect to see the taliban take over the nation in just 11 days. this as the rescue efforts do continue, the administration says that some 2,000 people have now been evacuated in just the past 24 hours, but you can hear all kinds of gun shots, so it's a very very disturbing situation right now. we do hear that 325 americans have been airlifted out so that

is certainly good news. in the meantime on the financial front, treasury secretary janet yellen is making a move to prevent the taliban from accessing any funds for its regime. yellen has frozen nearly $9.5 billion in assets, sitting in the afghan central bank and has ordered all shipments of cash to afghanistan to immediately be stopped, and exile president ashraf ghani who left afghanistan over the weekend is now denying reports he stole millions of dollars on his way out of the country. the former leader resurfacing today in the united arab emirate saying he left to avoid blood shed. let me look at regeneron shares not only are they climbing at least they were climbing higher they are now reversing at the moment, down 1.6%, they are also at the center of a trending tornado. republican leadership in states hit hard by the delta variant have been promoting the company

's monoclonal antibody treatment. the drug, and here is where the a little bit of controversy comes in, is being touted by florida governor ron desantis who ramped up calls across the state for floridians infect ed with covid-19 to seek out the antibody treatment but a recent sec filing also discovered a top desantis donor invested millions in regeneron stock last april. all this news, of course comes as texas governor greg abbott announced he's being treated with regeneron after testing positive for covid-19 yesterday, but with the white house earlier today recommending covid booster shots for americans, and they should be getting them eight months after their second vaccination shot, big pharma stocks could see a huge spike in revenue, as the coronavirus vaccine quickly becomes an annual shot just like the flu, maybe. connell mcshane joins us live from the white house with more on how the pharma industry could benefit and i'm sure the lobbyists are swirling around the front lawn there. connell: we always are, it's

interesting, liz because you're right there's no doubt there's billions of dollars on the line here, and it could be for years to come. even though the recommendation that we received earlier today only covers the 155 million or so americans who have received the pfizer or moderna vaccine and been fully vaccinated by those shots. eventually those who got the johnson & johnson shot probably need a boost eras well they don't have the data to officially make that recommendation and analysts are throwing out figures in terms of revenue for the next couple years i know that $6.6 billion for pfizer's been the number mentioned analysts speaking of reuters $7.6 billion for moderna , by the year 2023, most of that from booster sales and the thing is this market could get even bigger because more companies, if this becomes an annual thing, could get in down the line and a briefing held at the white house today we were listening in the white house covid response team officials emphasized not the potential revenue for these companies although stock prices are down today, but they emphasize the latest data and the cdc director shows that data shows a concerning trend.

>> the vaccine effectiveness against sars covid 2 infection is waning, and even though our vaccines are currently working well to prevent hospitalizations , we are seeing concerning evidence of vaccine effectiveness overtime and again , the delta variant. addition a reports from our international colleagues including israel suggest increased risk of severe disease amongst those vaccination early. connell: keyl: keynt p k p hadu h gue onrom f il aae a e hdaerhatert the tgo weaven sh ctefefgasesgainesgaineseser heen wai but but but but i i i was showns sh ae said thehe irei ho som oer ev ts wt' w htpensd a t conherne o rthllyea tot p fwa frd wiheoosterho youou know rowem, rhiems tls al depdsen ilnlilldadaho authotirionhotion it'letheee ofee of o r 20ber nd20bee fovem fe s plans plans f covid c andidid

the r oster shots intsn ne ne liv liv white w houte. liz? onllnell y'rht r st hadst hststst daniel schreibe from tel aviv who just got his booster shot. israel has been in the lead but he told me on the commercial break its been a very difficult time and so many cases spreading across the nation. connell thank you very much. viacom, cbs and comcast joining forces in the streaming battlefield in europe. we've got that story coming up, you've got to hear it but could the ultimate streaming winner be another name making a big bet on sports wagering? we'll find out with the ceo of f ubo tv, that is next. closing bell 26 minutes away, the dow is now down 246 points. folks, why did we add another 100 points to the lows where we are right now for the session? because we do have that news coming out of d.c. from the chairman of the joint chiefs of staff. very tough situation in

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liz: let's take a look at entertainment giants, and bitter rivals, comcast and viacom cbs teaming up, actually, to launch a new digital powerhouse overseas called sky showtime. the streaming service will launch in multiple countries in eastern, northern and central europe and will bring together content from viacom cbs, paramount plus, as well as comcast nbc television and universal pictures libraries in a push to combat entertainment giants netflix and disney plus, on the other side of the atlantic. comcast is flat to down about half a percent, viacom getting a nice move up here 4%. but right here in the u.s. , fub u tv continues to climb up the streaming ladder

the company reporting a 138% year-over-year growth gain in paid subscribers as more americans continue to cut the cable cord. let's bring in fubo tv ceo and co-founder david gandler. that is nice growth there that probably has an analyst or two eating crow, david but talk to me about what's really driving this growth? i know it's rear view mirror looking and what do you see ahead? >> yeah, so i think we have really delivered on our promise of great product. we've added a significant number of new feature sets, personalization, we continue to optimize our bundle and as as we can see the results were quite strong across all of our k pi's whether it's sub growth, revenue growth, ad arpu so we feel really good about this past quarter. going forward we're getting into the high sports season obviously with the start of the nfl season so we're feeling good going into

q 3 and q 4. liz: well, this sunday, obviously your fubo sports network is going to premier your first season of the get your popcorn ready, but the podcast, of course is going to be hosted by nfl hall of famer, terrell owners and the former nfl receiver matthew hashette, are you looking to do more original programming and do you find that is a real possible revenue stream? you've got to look at something like barstool sports and all of the podcasts, you know, all of that stuff has brought in a ton of money for them. >> yeah, look. it's important for us, because we want to be able to launch as many touch points as we can get around sports, so gambling, you know, these new shows that also our second season with gilbert arena, so we feel like there's opportunities for us to expand the funnel and also drive down our cost of acquisition, and this is part of that multi-

touch point strategy. liz: i know, i'm a geek, it's call her daddy but you can tell that's one i don't listen to but where do you see the biggest opportunities with the sports books you're going to do and please tell our viewers how that is going to work. >> yeah, so we showcased it during our earnings call. i think you have it on screen right now. the idea really is to connect the data from the video to the sports book, so think about every time you change a channel, your bet flips right on your app change in realtime, and the more data that we collect probably long term we'll be able to provide you more markets, markets meaning the way that people place bets, the types of bets that people can place, and so over the long term, if we know that you like to watch a lot of college football and you're big on betting on field goals we'll either show you games getting close to field goals or we can surface bets that are in the field goal range

, so i think there's going to be a lot of interactivity coming from fubo, a lot of personalization and this really given she ates our business and at the same time allows us to create a moat around something to build. liz: it does sound like it. it's kind of unusual to have a streamer launching something like that. as i look at the landscape of that type of business, is this in-gaming betting that's what it sounds like right? there are patent battles between engine media, draft kings, fan dual, about all of this. are you worried at all that you're infringing on anything like that or do you look forward and say this is a real opportunity for us. >> yeah, this is definitely a real opportunity for us, as you know, in the second quarter, we delivered about $71 of total arpu and, you know, we're track ing towards $1,000 of annual arpu, so we think that sports betting can introduce another 15 to 20% of annual arpu

to the overall business and given the fact that the cost of sports and entertainment in general are rising, having an additional revenue stream to be able to help us maintain our contribution margin growth, is really important. liz: well, people owned the stock a year ago have quite a contribution to their portfolio up 154% year-over-year david we'll see you next time. thank you very much. >> thank you, liz. liz: we're coming right back. ♪ why do you build me up ♪ ♪ build me up ♪ ♪ buttercup baby 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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profits to $1.01 on revenue of $6.3 billion. one area of concern to watch for according to citi, volatility in nvidia's gaming business which could be pressured by ongoing supply chain problems yes the chip crunch so nvidia is down, shares underwent a split so now they stand for $198.92 also revealing quarterly results after the bell , victoria's secret and sister company bath & body works , today those two reports will be the first outings for the retail titans since becoming standalone companies. we've got bbwi up about 1%, but victoria's secret which has been on a very nice run lately down two-thirds of a percent at the moment. however, perhaps the most anticipated quarterly report is just about let's call it 11 minutes away the reddit favorite trading platform and the stock some of them love to hate about to announce its first earnings report as a publicly traded company just look at robinhood

shares. they are popping right now, up about 6.6% as we head into the final few minutes of trade. charlie gasparino has been closely following robinhood's moves. charlie, what are investors looking for and what should they be scrutinizing in this report? charlie: the amc apes despise robinhood, and they say robinhood basically screwedded them over earlier in the year during the meme stock craze when they started trading and since then if you go to the message boards and go on twitter, they think robinhood is the epitome of evil, the only people worse than robinhood is kenny g, ken griffin, not the singer, and me, so -- liz: the musician, that's insane charlie: i know, i know. he's a sax player, right? liz: correct. he does a lot of them. charlie: we should get him on air to talk about this but it's a whole other story but here are the things we know right now.

robinhood shares are on a decent roll right now, and why is that? i think what they are going to hear out of the company is this. that their business model, which at least for now, and it could change in the future because they just did an ipo, which so relies on payment for order flow that's the system where they samantha powersly take their buy and sell orders and sell them to third parties and make a decent amount of money those third parties include citadel securities, somewhat controversial, gensler, the sec chief, thinks there could be funny business going on in there a lot of people say he's making a mountain out of a mole hill, robinhood would tell you that but that business model looks to be safe and that's what you're seeing here and i think they are going to give you some guidance on that and why is that? great reporting by my producer and myself, if i do say so myself, we went back and looked at the legislation from the house financial services committee, initially, the legislation was that they were going to try to ban payment

for order flow through legislation. they then backed off in july, and in may they wanted to ban it and they backed off in late july as we reported last week, which spiked shares of robinhood and they backed off, studying the matter following a lot of pushback from moderates, democrats and even a lot of republicans who said listen payment for order flow is allow ing the little guy to trade for free, so robinhood has done a pretty interesting job, essentially, turning payment for order flow into a decent political weapon, and to preserve it. so i think we're going to see some of that today in the earnings reports. i think we're going to hear this from the ceo, is vlad speaking, i don't even know whose on the call but it's probably the cfo and maybe vlad, the ceo, but we're going to hear some of that because at least for now, liz, payment for order

flow is here to stay. now if gary gensler wants to go, the sec chair, unilaterally and try to ban it, he's going to get a lot of pushback from republicans. big time pushback. liz: okay, we are at, okay, charlie thank you. we are now down 313 points you can see the nasdaq is gapping down, names like microsoft have suddenly completely flipped over and gone negative, dow is down 323. we are coming right back with today's countdown closer, and what is going on in these last minutes of trade. ♪ ♪ 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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more businesses choose verizon than any other network. we are open and ready for you. that building you're trying to sell, - 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. ♪. liz: gang, we're calling an audible here. we would like to show you intraday as of the major indices. look at the nasdaq. you can see at its highs it was up 41 points. it has now completely rolled

over, down 115. session lows. the dow you're starting to see the same behavior although the dow begun its move lower i want to say seven minutes after the top of the hour. with three minutes left to trade we put into perspective the s&p has been up 1% year-to-date. our "countdown" closer our markets crash up to new records will continue after today. it meeting following with a crash down. let's bring in phil hayes. phil, you have to explain to me at hayes asset management why you will see what you call a crash up? right now we have a little mini drop of 350 points, a little over 1% for the dow. >> everything is favorable for the stock market to advance over the short term. the rates are still low. earnings are very impressive there is not many places to put money. one thing we say about the markets now that is clear, valuations at near 28 times

trailing on the s&p 500 it is in our opinion inevitable that ultimately this thing is going to turn down. moves down today will be concerning. a percent on the dow isn't much, average volatility this year is still relatively low. each time feels like volume at this time is picking up. it is still pretty moderate so far. liz: yeah. we're looking at the worst two-day performance since mid-july i believe it is. as we see this action what would you be buying on days like this considering things are a percent cheap are overall? >> we think you should position your portfolios that allows to you stay invested but addresses the contingency of falling markets. bringing in things like hedged equity funds or strategies that have ability to uncorrelate from market act if you're trying to be in the markets to stay there.

look for things like low volatile stocks with favorable debt to equity ratios. price earnings ratios below 20 hopefully. things with high dividends, if markets move down we think they will recover more quickly. liz: are you worried at all about the fed? we got the fed minutes today. suddenly you get the sense there are more hawks than doves, that we should begin tapering by september or say when tapering will begin by september? >> liz, if you're looking for tipping point, we think tipping point inflation and interest rates are it. if inflation continues to move higher and is not transient. i think that could be what causes stocks to pull back and sets off some larger decline. liz: phil toews, asset management. he has 2.3 billion. he finally wants a couple seconds to make a few trades here as markets finish at session lows, we do have the dow

down 397 points, 98. will it go down to 400? we're below 39,953. jitters from federal reserve. a little confusion. a question when tapering will start but appears sooner rather than later for those bond purchases that have been highly accommodative. [closebell rings] red on the screen. "kudlow" is next. ♪. >> welcome back to "kudlow," i'm larry kudlow. we have john ratcliffe, mr. ratcliff will tell us as former insider, somebody still in touch with the intelligence community when he is learning and what his thoughts