retail sales on friday or david schweikert not with us anymore. luke do you have any thoughts on the cpi report and maybe retail sales on friday? >> listen i think inflation is here to stay. i think it's not transitory at all. i don't really care necessarily about the numbers coming out week to week or month-to-month but what i can tell you is that it's not going away any time soon and that we need to indefinitely make sure that we counteract inflation soon. charles: and buy the dip. that's the most important thing. liz claman, i hope you're taking notes, buy the dip. remember that. liz: oh, buy low, sell high? i've heard that before. [laughter] charles: yeah, that's right. liz: i'm with him everything looks more expensive to me on inflation. mother nature's full force is dominating the headlines as we kickoff this final hour of trade folks we've got tropical storm nicholas about to play havoc on the nation's energy systems again. ahead of the landfall, take a look at crude oil, the storm driving crude above $70 per barrel. we're in the after market now,

we're watching it very closely. the energy sector powering the dow higher as it looks to snap a five day losing streak the s&p 500 looking at six straight days of losses, that's the longest losing streak since february of 2020, just before the pandemic lockdowns began. the dow is the only one higher up 126, the s&p down slightly by 8 points the nasdaq lower by 61 having already been up 99 points with the tech-heavy index. president joe biden on the ground in boise, idaho right now dealing with a different drama. the epic wildfires tearing across the western united states , but business is big and small nationwide confirmed, relieved or confused about his new covid vaccine mandate. one of the nations four most experts in vaccine law and policy is here exclusively. we will cut to the chase and ask , are his mandates legal? we will get that professor' answer coming up. and after tonight, week one of

the nfl season will be in the books, online betting stocks one of the hottest sectors right now, the fox bet ceo is here on how football bets paid out, and what the massive consolidation in the gaming world really means for the future of the industry. we want to start with the breaking news though about the tropical storm because it is moving major parts of the markets here. it's about to bump up against the coast of south texas, coordinates 70 miles south of port arkansas, texas moving north at 12 miles an hour bringing tropical force wind and rain. we're told it could possibly morph to hurricane strength when it makes landfall tonight and with operations dotting the gulf of mexico, oil did close as we said, above $70 a barrel for the first time since august 3 and in the after market , it remains above that level. let's take a look at some of the top stocks that are moving on that news. schlumberger, occidental, apache, marathon oil everything is up by 4 or 6% and keep in

mind the companies in the gulf have still not reached peak capacity since hurricane ida hit two weeks ago. u.s. regulators say and this is the latest number here, 40% of the gulf's elon musk and gas output is still shuttered, and even before the hurricane season hit, pounding supply, there was already an epic run-up infos ill fuels from last year. take a look, is up 95% from its 52 week low hit on october 30. that gas futures are up a heart thumping 170% from its 52 week low hit over a year ago, and this is goldman sachs global oil market is set to "rally significantly." so let's bring in our floor show traders we have oil extraordinaire phil flynn and brian foster, and an industrial metals expert, because industrial metals have been on an absolute terror but phil i'll start with you first on black gold. talk to me about what you expected to do. i mean it's really kind of rear

ing its head at this point over the past year. >> yeah, it is absolutely amazing, and i think what you're seeing here, liz, is a combination of under investment, over optimism about how quickly we can switch the fossil fuels and just plain bad energy policy that's left us more vulnerable for a energy crisis. this is going to be a manmade energy crisis. i totally understand that mother nature is a part of what's happening today. i mean, you look at every major port in texas is shutdown right now. that's going to impact oil imports and exports, natural gas can't get out or in and that's a problem and hurricane ida of course this is the slowest come back we've ever had from a hurricane in history, and that's just exacerbating the problem but it goes back to bad policy in the beginning. we leave ourself more vulnerable for these types of situations, because of bad energy policy, not producing energy at home, and that's what's happening.

we're not letting our energy producers create that. now look at what's happening in europe. same thing they built a bunch of windmills there's no wind, now they are having energy shortages and they have to of course get prices going through the roof. liz: phil? look, the dow is on track to snap a five day losing streak and if you look at exxon-mobile and chevron, two dow components, they are huge power players right now, propelling the dow 30 , so to me that looks like something that is truly moving stocks, i wouldn't have guessed that going into the session today, but that's really what we have are these stocks too expensive to buy right now? >> they maybe but no, actually, i don't think so because these are, this is a sector that has been under valued for sometime and i think that we're starting to realize it as we transition from fossil fuels, fossil fuels are going to get a lot more expensive but there's others i like, i like de von energy. we have a global shortage right now of natural gas. the reason why we didn't have

one in the past is because the u.s. was the biggest producer in the world. we're not and now the world is dying for more production. i can only hope that the u.s. decides to let our producers do what they need to do because if not, we're going to see spot shortages, power outages this winter, not just in europe but maybe here at home. liz: i do want to point out shan eer, ticker symbol lng is up 3%. brian look at aluminum it hit $3,000 per ton for the first time in 13 years, high grade copper jumping as well what's going on with industrial metals and why the sudden blossoming of these elements? >> well, liz, i think that this sudden blossoming has been a long time in the making. if you look at the equation, take copper, for example. there's been a lack of investment over several years into exploration.

you see dramatically increasing at the same time as those supply constraints becoming more and more evident in the system, and it's leading to a very bullish scenario for copper. one thing that people don't realize. everybody knows that you have depletion of resources when you're mining an asset, but worldwide, just as important as that, is the grade that we're seeing so in these large copper mines we're seeing lower and lower grades every year. that's taking copper out of the system. we're seeing depletion of reserve in copper out of the system, and then in the meantime, we're seeing dramatic demand growth due to electrification, industrial demand, and infrastructure spending that's all over the world. liz: brian, again, i'm looking at freeport mcmoran, so i don't know if we can put up some of

the miners and some of the names really in the sweet spot here up 118% year-over-year. this is a big move. are you looking at any specific subsectors in this area people can profit from? >> well i think that the situation has just started and number one, again i mentioned the supply constraints and many of the places in the world that have been traditional sources of large parts of our supply, places like chile, places like peru, those places are arguably becoming tougher to invest in due to a government perspective on the mining industry in general, both supply constraints due to grades becoming lower, total production becoming lower, and at the same time, without copper, there is nothing without copper, the trillions of dollars of stimulus being talked about in places like the united states and in fact, in every country in

the world, that just doesn't happen. this infrastructure spending and the type of infrastructure spending that's taking place benefit copper to the supply and it's just putting it out of balance. liz: okay, guys we gotta run. phil, brian, thank you very much the dow has now really added on some strength here, although still not at session highs we're up 141 points, s&p and nasdaq still in the red breaking news president joe biden has just landed in boise, idaho at this hour just got a briefing from the federal and state fire officials, at the national inner agency fire center and later, he will head to california to get a tour of the damage of that fire that has burned through more than 216,000-acres of the sierra nevada mountains destroying at last count, 922 buildings. luckily though, no deaths have been reported but as the president focuses on battling blazes, congress is heating up over the tax plans to

pay for trillions of dollars in infrastructure. to edward lawrence live from the white house. edward, you know, some would argue that the markets are in the middle of a relief rally not because of oil but because the democrat's latest capital gains tax compromise that doesn't come near what president biden wanted. reporter: that and or also it could be senator joe manchin saying over the weekend he could not support the plan as is, because of the amount of spending that is in there, now the president you mentioned on his very first west coast swing as president, he went to boise, idaho where he's at the national inter agency hub, you've got the briefing you're looking there at video of that. this is a hub that coordinates the fires, the tackling the fire s, on the west coast. now, over the past five days, the white house making this trip they announced a new covid plan with vaccine mandates also pushing that spending priority that you've been talking about, trying to get headlines away from afghanistan on the spending plan, look at this. the democrats want to push the corporate tax rate.

they want 26.5%. that's higher than the manchin's 25% limit he had announced but lower than what the president wanted at 28% there on your screen. now the plan also pushes the individual tax rate to 39.6% , capital gains would go from 28.8% to 23.8% under or from 23% to 28% under this plan democrats don't have all the votes for this yet and republicans are encouraged by senator joe manchin upons comments in fact that he said he couldn't handle $3.5 trillion in more spending. listen. >> look, i'm encouraged by joe manchin's reasoning in his wall street journal op-ed. i think he laid out a very good case for the fiscal path our country is on and it needs to, we need as a country to take a different approach to spending and that's just a math problem. reporter: so the white house now arguing $3.5 trillion, a live picture of boise, idaho, president biden meeting some of

those federal firefighters, federal state firefighters. they are involved in some of the fires thanking them for their service there, but again the white house arguing that the 3.5 trillion is not the cost of the plan, but an investment that they can reduce prices later with all the spending, well the democratic agenda is being debated the bipartisan infrastructure bill, well that's just sitting. i can also announce, liz, within the last 30 minutes or so, the white house officially announcing a quad summit that will happen here at the white house at the end of next week that is the prime minister of australia, prime minister of india and prime minister of japan will be hosted here at the white house and they will talk about priorities in order to get a closer relationship for the united states and those countries out in the end o pacific. back to you. liz: oh, boy i'm glad the president is saluting those firefighters. they have been putting their lives on the line through multiple states and of course the president had worked on using certain acts to unleash

the supplies that would create, you ready for this? 415 miles of fire hoses that were needed to help fight these fires. edward lawrence thank you very much. president biden, of course his vaccine mandate has unleashed everything from relief to backlash, with questions flying on both sides no matter whether they are for or against, begging for clarity. the biggest question might just be, can the government really require federal workers and corporate employees to get the jab? one of the nation's top legal vaccine policy scholars joins us next, you will want to hear her answer to the question, can that mandate holdup in a court of law , with the closing bell ring ing in 47 minutes and the dow up a healthy 178 points, the "clayman countdown" is coming right back. don't go away.

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museums, gyms, and entertainment venues. that was already in place, but starting today, it's going to be enforced, establishments that do not comply face fines of $1,000 apiece. on the national level president biden, of course, has issued his own vaccine mandates, one for federal employee, one for healthcare workers and another for private businesses with 100 workers or more. none has gone into effect yet but opponents already threatened a tsunami of legal challenges. will they, or the government, prevail? uc hastings college of law professor is the world's most vaccine law and policy expert joining us now in a fox business exclusive. professor rice, there's the federal piece of this and then the private business piece to this mandate. as it stands now, does the government have the power to require all federal employees be vaccinated against covid? >> yes. the government is acting here

primarily as an employer and an employer generally has the right to set workplace rules , including health and safety rules. if you don't like it, your option is to choose to work somewhere else. there are limits, so the government probably has to provide medical exemption and maybe religious exemption but as an employer the government probably has the authority to require its employees get the vaccine. liz: and does the government have the right to fire an employee who doesn't have a religious exemption or a health exemption, for example, being allergic to whatever. can they fire that employee and remain protected by the law? >> probably they can, so generally speaking if you don't want to comply with the work or your employer can fire you if you don't want to wash your hands the employer can fire you, and if you don't want to vaccinate the employer can fire you as well. there is one limit that applies to the government that does not

apply elsewhere and that's that the government is a public actor and has to respect constitutional right but when government is imposing a health and safety work order the courts would tend to be differential and a vaccine requirement during the pandemic is probably going to withstand constitutional scrutiny. liz: we'll get to the private businesses in just a second but let's talk about precedent. what is the precedent for this? i mean, we know that osha, the occupational safety and hazard association, you know, we know about them and that they have authority to enforce regulations affecting worker safety and well being, but is that enough to give the government that sort of ring fencing around any of these lawsuits which we know are coming. >> so the osha involvement is very relevant to the regulation of private business, but for federal employees the government has much more direct authority. the government is an employer, they can hire them and they can fire them, and they don't need

osha for that purpose. your employer sets the rule of the workplace, and in the united states most employment is at- will. that means that if your employer decides that all employees should come to work with a blue nose on top of their nose, they can require that and you can choose to work elsewhere. the federal government will be unionized and one question is do you have to negotiate with the union beforehand, but the lawyers of the federal government know that and have already worked with that. liz: and now, to the business piece of this. for businesses that have more than 100 employees, president biden says, they would like to put forth that mandate. now my question is is that mandate overreach? is it beyond the federal power to regulate or what do you expect to see here when it comes to those lawsuits, because a lot of businesses, some are loving it because it gives them air cover. this way they say hey, it's the

federal government and they absolutely want their employees to be vaccinated. others are saying don't tell me how to run my business. >> as you point out there's different reactions among business and whether this will hold in court really depends. it could go either way. there's two things we don't know yet. one, we don't know if the standard will actually say. the federal government announced a general plan, but here the devil is really in the detail. to issue an emergency standard, osha has to show that there's a grave danger, and that the standard is necessary to meet, this is different from a regular role, so if a broader standard would probably be less likely to meet these very demanding requirements. for example, is it a really great danger to work if you continue to work-from-home so on one hand, the standard can withstand scrutiny if it's narrow and careful, and the other part of this is who

will sue? different businesses may have different strengths of claims here. if it's a high risk business, they have less of a claim. liz: and i do understand it is under the perview of the federal government but military people, if they are against it, you know , we went on the military website. basic training, the first thing you do, pretty much among other things is you stand in line and you get all the vaccines whether it's flu or rhubella, please el, mum p, polio, tetanus, all recruits have been vaccinated against meningitis and then smallpox, so isn't that a precedent, or do military people who don't want to get the vaccine have any rights here? >> so the military is a different case, because entering the military is to some degree agreeing to sacrifice more of your rights than entering the workforce as you point out. military people are already vaccinated against a large

number of the disease and they know that going in, so a vaccine mandate for the military is on stronger ground than this relatively broad role. liz: i see. professor dorit reiss, thank you for your expertise, the white house, everybody says it will give more clarification september 24 as soon as that happens, we will get the details which as the professor rightly says, the devil is in the details thank you so much. coming up, you want to see real government over reach? look no further than china, where its latest business crackdown could have a major impact on elon musk's electric empire. details straight ahead. closing bell ringing in 36 minutes, s&p turning green up 1.7% nasdaq still down 30, russel up 10. we're coming right back.

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alert here, a new delay clipping virgin galactic's wings into the close so richard branson's space tourism company announcing its got to pushback its first commercial research space mission from later this month to mid-october, due to a potential defect in its space ships control system. this would have been virgin galactic's first voyage since july when its billionaire founder took his historic journey into the great unknown, yes. that flight now under investigation by the faa for a deviation in its landing. virgin galactic down 3.25%, then from one billionaire backed start up to another, china slam ming the brakes on elon musk 's groovy dance moves today after one of xi-jinping's top regulators said there may be too many ev makers in china, signaling a potential gear shift to consolidation, so does that mean america's tesla will be left without a steering wheel when the music stops? china is tesla's second biggest market and you know what the

open, the news hit shares hard but look at tesla. its reverted and now up half a percent so elon can keep dancing , tesla is at $739.86 a share tesla's china-based competitors mixed on the latest regulatory threat, neo hitting the gas out of the red up two-thirds of a percent but lee automotive are still moving lower. one of the wildest sessions though today coming from dow titan 3m, and shares in the pre-market everybody thought this stock was going to get crushed but then look at this intraday picture, it just pops, right? it fell a bit in the final hour of trade, so its been all over the map but 3m's financial chief leaving investors with quite a bit to think about including that the delta variant is leading to shutdowns in its tv factories which will pressure output and that its auto business is going to take double the hit originally expected in the second half due to, yes,

that chip shortage. on top of all of that, inflation costs also said to be persisting in the third quarter to a point that even price hikes won't be enough to counter the impact, 3m clinging to a third of a percent gain. an even bigger winner in the market right now, dell. take a look at shares of dell up 3.5% right now after goldman sachs added the pc and laptop maker to its conviction buy list and just in time for football season, bernstein says mgm is worth the gamble right now, as it up grades shares of the casino giant to a buy, specifically on its sports wagering prospects. mgm up 1.6% right now and you know the sports wagering field is getting really crowded, from bet mgm to draft kings to fubo tv, if live sports is the biggest driver, is fox bet perhaps in the cat bird seat with the nfl and mlb on fox? up next to the ceo of fox bet on

what he's doing to break away from the pack and what's becoming one of the most heated races in the entire stock market closing bell we're 29 minutes away, now the dow is up 225 points, the earlier high of the session a gain of 331 so we're not there yet. stay tuned we are coming right back with more countdown. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ i can turn anyone into a beach bum.

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in other words, you can't steer, you can't not allow them to steer customers to another platform, but, apple is still allowed to charge a 15 to 30% commission and apple's app store was given the green light to continue on as the only place to download apps for iphone and ipad devices. in fact apple, according to the judge, was within its rights to boot fortnite and ruled that epic was in breach of its contract, and ordered epic to pay damages. apple is up one-third of a percent, tencent which is the largest owner in epic games which runs fortnite is down 1.5% let's take a look at shares of fannie mae and freddie mac. yes, the government sponsored entities at this hour are mixed. i mean, you got fannie mae that's a buck, right and freddie mac, $0.93, but these stocks are important. charlie gasparino is reporting that a new head of the federal

housing finance agency could be chosen as soon as today, could have big impacts. charlie whose on the short list? charlie: a guy named mike calhoun, you know, liz you might not let me fix my camera. i'm at home here, and i don't have a camera. i don't have all of the fancy equipment that big shot anchors like you have, so let me just, i think we're good now. liz: do you have a razor? charlie: well that's a whole other story this is meant to be. you don't like it? liz: well not really. i don't know, viewers do you guys like it? charlie: well, we'll hear in a minute, anyway the guy's name is mike calhoun, the president of the center for responsible living, this guy has a consumer advocate background, but his potential nomination, to be head of the fhfa, federal housing finance administration, does have a lot of progressives i would say up in arms. they are really concerned.

now why is that? because he does have some links, marginal links, to wall street. he and lou raineri, he's the father of the mortgage backed security, used to work at solemon brothers been in many many books about finance and essentially created the mortgage back securities and they wrote a treaty together earlier in the year that appeared in the brookings institute one of their publications that basically called for fannie and freddie mac the two mortgage giants to be released from government control and be made into utilities and also known as recap and release. that has angered some progressives, they like fannie and freddie where they are now part of the federal government and that's why they are mounting an effort to get him displaced as the nominee and we hear the nomination, i mean this is what we hear. bureaucracies work at their own speed. it's coming down the pike. it could be today, tomorrow, for all i know it's next week

because the progressives are mounting a campaign to at least push calhoun off the short list because of this connection with rainieri. i spoke with people close to calhoun and they say they are making a mountain out of a mole hill. this guy has a consumer background going back decades, he's a consumer advocate lawyer and he thinks making fannie and freddie a utility, not part of government is the best way to funnel to basically provide homeownership for poor people, for minorities. that's how he approaches it. there's connections with lew rainieri is on the same page in terms of how to make fannie and freddie better for the consumer, but again, there is a push to take him off the short list and a name that might be on the short list be sandra thompson, the current acting chair, the progressives are pushing for her from what i understand. now we should point out that my reporting on this has moved the stock, as she pointed out. it was below $1 a share now it's above $1 a share as last time i

looked, and you know that's an interesting game for fannie and freddie which got crushed when mark calabria essentially basically got dismissed and all the trump adminitration private privatization efforts got pushed to the side as biden took over as president so developing story liz just keep an eye on it and see if mr. calhoun withstands the progressive charge. back to you. liz: okay, i'm signing you up. do you want to be dollar save club or harry.com, either one i'll get you a subscription. charlie: [laughter] i can buy razors in connecticut. they sell them at the cvs i hear liz: then do it charlie great to see you. sports wagering fans showing up in a big way for sunday football and all the drama that came with it. what fox bet ceo has to say about all of yesterday's action, and what he's doing to stay one play ahead of all of the

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liz: you guys know i always say, right? it's not how the market opens, what matters is how the market closes and i am shocked, shocked that my cleveland browns opened brilliantly but couldn't close it out in yesterday's nfl season opener. yes, yes, yes, baker schwartz, miles crushed it heading into half time and the whole thing fell apart like a three day old taco. do three day old tacos fall apart? okay they gave up two kansas city touchdowns in the fourth quarter falling to the chiefs 33

-29. a heartbreaker but while my browns may have lost, by the way so did the jets and giants, sports betting saw a major win with a number of americans betting on games doubling from last season's opening weekend. fox bet ceo kip levin is here on the vicious matchups. give us a sense of the action not bet saw over the weekend. >> yeah, hi, liz. thanks for having me back. yeah, as we would expect, it was a huge weekend year on year, really started actually thursday night with the marquise matchup on thursday, also had record ratings and so on and everything, but yeah, just excited to see the growth. this is the third nfl season now for the fox bet business really fourth season or heading into since you seen some broad legalization of sports betting, and it's continuing to grow and yeah, exciting time of year. liz: you came from fan dual. what are you hearing from your

old colleagues back there. do you believe that fox bet got more of a lions share when it came to some of the other competitors out there of which there are allegiance now? >> yeah, it's really growing. there are, you know, something like 20-odd pretty sizable competitors now in the market. that's continuing to grow. they are also seeing new states coming online really fast, so look, we differentiate ourselves with the strength of the fox brand and how much that means especially to nfl fans as you could see on the air now and showing our strategies different in a few ways. one, a lot rotates around our free to play fox bet super 6 game, so we had a million dollars on the line this weekend , we had actually three times the number of entries this weekend than we had on opening weekend last year, and so for us, that's a great way to really grow our customer base, as we're waiting for more

and more states to come on line, so you know you look at numbers like the overall market being up over 100% and then you take it into consideration the fact that california, texas, new york, and florida haven't even opened up betting yet. it's pretty amazing to think about how big the markets going to be. liz: and yet, this field, as you know, obviously very very crowded. how are you guys at fox bet going to be able to jump above the fray and away from the crowd obviously, fox has this incredible relationship with fox sports. we've got the nfl. we've got mlb. how do you harness that and make it uniquely sort of rocket fuel for fox bet? >> yeah, that is really key to our strategy and it's interesting. you're seeing a lot of people sort of consolidating around buying up content, and even fox is expanding its content related to betting when you look at

acquisitions like outkick, so content is key. obviously brand is key. having the best products and the best offers in the market is key, and we think we're really really well-positioned. liz: media companies need betting and betting companies need media. of course last week, the big news was that espn may allow its brand to be farmed out to some of these betting operations. what's the next step for fox bet in harnessing some of that? >> yeah, look. i think that's a testament to the strategy that we're running here, right? as i said, fox has been in the sports business forever. it's synonymous with the sports that people really care about, and so i think that's, i think you'll see more of that frankly and if you look around the world , around the globe, its worked in other places too, so for us, we're going to keep running that play book, leverag ing the unique

integration, you're seeing a lot more betting content integrated into just regular programming, if you watch the talk shows now throughout the day, a lot of the dialogue is now and more of the dialogue is around the lines and the stories that come along with sports betting, so i think as i said we're well positioned, really excited about a fast start with the nfl, and be a fun season ahead for us. liz: yeah, go browns, right? and yes, collin coward is very much a part of the fox bet push, but he doesn't like my browns and my baker mayfield, so i get mad at him. >> i'm sorry about your browns. liz: [laughter] thanks, kip levin, and by the way fox bet and fox business share the same parent company fox corporation, we'll see you next time, dow jones industrial 242 points to the upside the global chip shortage chip ping away at some of the biggest names in business, but our countdown closer says he

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liz: five minutes to go. take a look at this. the dow, s&p are about to snap a five day losing streak. the dow is up 238 points. the s&p is up six. touch-and-go for most of the day for the s&p. dare we say it looks like it will hold on in the next four minutes? we don't want to jinx it. there is no helping the global chip shortage in the short term. it rocked entire auto sector and

need as chip or two or 50 in their products and our "countdown" closer says there is one name in the space and it is ready to rise up to the challenge of its rivals. we have the cio of bmo global asset management. 310 billion in assets in management. let's go, give us that name. i have questions about it. >> texas instruments liz, that is the name. we like the name. list cyclical than its competitors. it is less exposed to the global chip shortage and it is -- a very strong. most importantly it trades at a very important discount to peers as well as to historical multiple. so those reasons make a very solid case for txn. liz: okay. number one, i want to explain

what cyclical means to our viewers. we don't ever assume, we're not that snobby network that just assumes everybody knows what fancy words mean. explain as it pertains to texas instruments why it is more cyclical? we'll get to the valuation, i think that is is the most important part here. more cyclical. more exposed to the cyclicality in the space. texas instruments clients have less -- demand for their products. this company, the ups and downs of the markets in the space affect it less, its clients are less -- sorry about that. liz: those okay. i got one of those myself. it is a dog, not a tiger. we talked about the eye of the tiger. the price to earnings, price-to-earnings ratio is 24 and when you flip it over to say nvidia, nvidia's p-e ratio is always moving here.

this is a very pricey stock, is it not? at 53, you're looking at a real value for texas instruments but you know, when you talk about the technical aspects and brilliance behind each management, what can you say about that? >> well, nvidia has so many premiums associated with it, given its almost mythical position in the market associated with bitcoin. so, that is a stock that is become a concept stock. txn is a basic semiconductor company. no glory surrounding any its stories continue to deliver strong margins and strong returns for investors. so there is really very little of that premium associated with having concepts behind it. that is the basic story. the valuation is really the key here. trade, i don't know what the latest multiple is 80, 90 times

earnings? txn trade as quarter of that. rather buy that company because it doesn't have the concept around it, one day bitcoin mining premium is going to fall as bitcoin will in our view, inevitably come back to earth and then you're going to lose that premium of nvidia and texas instruments with more basic market share will shine and do better than nvidia. liz: earnest, we've got 30 seconds. fed meeting next week. we have drama and drama going on. we're looking at a strong session today. where do you see the market going in the second half? >> market follows earnings. earnings are coming through strong especially more cyclical sectors. there is really no alternative for dollars to go because the bond market is even, the stock market is priced richly, the bond market is even more richly

overpriced. dollars have to go to the stock market. as long as there is not a big surprise from the fed or cpi tomorrow, the market will continue to do well in the short term. [closing bell rings] >> and medium term. liz: good to have you. thank you, my friend that does it for us. big day for apple. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. so democrats in the house are proposing a plan to help pay for their massive $3.5 trillion agenda inconcluding a 26.5% corporate tax rate. and lots more. lots more. it is a distasteful subject, hillary vaughn will give us all the lowdown on gory