nvidia they beat they raised guidance and will probably do it again charles. charles: do you know what i've had at least five people ask me should they be buying nvidia right now, and all of them said i don't care if you say yes or no i'm buying it anyway. thank you very much. all right, it's a rough market but we knew it was going to come and we've got the best to take you through this last hour, liz claman, you know, this is what you live for you've got it. liz: i know, that's true. hey listen they didn't mention apple down 3% that's 3% cheaper than it was friday, right? there's a lot of that folks we need evidence to fasten their seat belts because we have a sell-off spillover cranking up the wall street fear gauge at this hour check it right now, up 35% for the volatility index, after the world's most indebted property developer faces hundreds of billions of dollars in debt, it apparently cannot repay by thursday. ever grand group sending shockwaves through the global market some even going so far as to call it a "lehman-type

event" the dow, s&p, russel, transports are all buckling to pretty much their lowest levels of the session just about 3.5 minutes ago, jpmorgan phil campa relli, and bob doll is getting into this for the entire hour how they trade on the fear and whether there's real risk in the u.s. commercial real estate markets. could fresh news from pfizer shove the coronavirus pandemic on its heels? covid cases still rising among the unvaccinated, but pfizer, of course is reported its covid shot helps protect kids so what we're going to do is get you a live report on what the pharma giant says its discovered and the reaction in the stocks that matter to the story, plus the biden administration rolling out its new rules for international travelers, ahead of the u.n. general assembly here in new york city. the ceo of the nation's largest italian tour

company, perillo tours, steve perillo is here live to tell us if this is the answer to the beaten down travel sector, this is a fox business exclusive you have to hear what he says about the numbers he's seeing but we begin with breaking news folks you know it's bad when even utilities can't muster a gain as we kickoff the final hour of trade take a look at the x. hadu, that's the utility's etf down about 1% usually utilities are up on a day like this because they pay out dividends are considered safer, not so at this hour, we need to show you intradays of some crucial market metrics. first off the dow, take a look down 886 at this moment, i believe the low of the session is a loss of 943, which was just hit about four and a half minutes just a few minutes ago. the average has not finished a session down more than 1,000 points in 15 months, the bulls are certainly hoping we don't get there today, or at least within the next 58 minutes the s&p 500 take a look on pace for the first 1% drop since august of 2020, you can see

right now it's down 115 points or a loss of about 2.5% the nasdaq right now, this is ugly down 467% make that 68 and dropping, that is a loss of about 2.6% that's the worst day in six months for the tech-heavy index but it is the small caps and we don't want to ignore this here. this was the barometer for small and mid caps the russel 2000 is the biggest percentage drop here at the moment, down 3.1%, or actually, no, 3.3% there, down about 74 points now due to a confluence of events that began overnight in hong kong, the benchmark index closed at the lowest level in 11 months down about 3%, as a plunge in one of china's biggest real estate developers called china ever grand group, people call it ever grand sent markets into an absolute tizzy. the company is facing down $305 billion in debt with two interest payments due on

thursday. we're going to be speaking with jason haber, one of the top real estate guys in new york city, on the phone all night and all day, with his chinese counterparts there, he's got some inside information, at least when it comes to what is possible, when it comes to a, beijing getting involved and b, whether there could be contagion to the rest of asia and perhaps here in the u.s. but anywhere you look there is weakness and commercial real estate etf's do reflect the pressure if any sector is getting hit by so-called contagion, look at the industrial metals miners, many of who have significant exposure to china's growth. copper seen as a proxy for industrial and construction spending, is losing at the moment copper is down about 3.25 % to $4.11 and we do have copper producer freeport mcmoran for example, really experiencing a major sell-off here

for freeport, fcx is down about 7% you have anglo american down 6%, because they have exposure to the chinese industrial and of course the builder's market there, so as you flip it over to another commodities, west texas intermediate, crude oil tumbling on concerns about the global economy. these one day here, and one chinese company that is causing all of this so we'll take this tenor at the moment and simply say, look at this on the other side. could this be a buying opportunity who knows but we do have crude down 2%, but what a year has been for energy stocks which are all getting hit today and a lot of people thought last week, did did i miss it? well you can see some of these names chesapeake, b:b, chevron all moving lower at the moment but i did want to also point out that year-to-date, crude is up 48% and year-to-date, natural gas is up 100%, so any kind of sell-off is just skimming off a little bit of the froth here.

growth names in the tech sector as we look at it right now i already mentioned apple here, apple losing about 3% we do have microsoft, facebook, amazon and alphabet, kind of cratering at this moment here but not the worst picture we've ever seen anywhere from 2% to 4% to the downside, wall street fear gauge as we already showed you but i need to show you this again because it does reflect the volatility that is going on at the highest level in more than four months, jumping 34%, as investors flee to safe haven such as a 10 year treasury yield which is rallying as the yield drops now to 1.31% that's not even the low. i believe in the last half hour it was at 1.30%, ticking slightly up at the moment but big banks are taking a hit as the falling rates may crimp profits. you can see that but gold, which is all about sort of the fear trade, at least depending on which day, you know, bitcoin and some of the cryptocurrencies are on the move, but we do see fears about in solvency of ever grand and right now, gold is up but

just by two-thirds of a percent of $11.50 to $1,763, gains cap ped by the strength in the u.s. dollar, so we do have most of the major currencies lower against the back and cryptocurrencies as i mentioned definitely not the safe haven that many believers have felt it be on a day like this. losses are pretty significant here, you've got bitcoin down by more than $4,000, ethererum los ing $393, litecoin down $22 but there you see , bitcoin went up 43, 220. now investors were already jittery coming into the first session of the week, the fed beginning its two-day meeting tomorrow where it was widely expected jay powell & company would announce the starting date for the scaling back of emergency bond purchases. is that now a question mark because of exactly what is unfolding at this hour? let's get right to phil camparel li, portfolio manager jpmorgan global allocation fund with 5 billion under management, along with

trader scott redler. phil i'll begin with you. do you see this as a contagion moment or is this just a day where a lot of things came together, worries about too much government spending in the u.s. we've got the fed ready to go tomorrow, and of course wednesday will be the announcement and this china story. >> liz it's good to see you again, and i love that question, because everything people want to know and people woke up today , they heard about some company called ever grand and started selling their fang stock s. i mean, it's just in discriminate selling what you were describing as you led into this. it's still too early to tell, but from our opinion, and whether it be the u.s. , whether it be europe, whether it be china, the number one goal of any authority is financial stability and i don't think chinese authorities really want to see a systemic risk occur under their watch and i think they are going to be very very heavily involved in some sort of restructuring greasing the wheel s of a company like this so no, we don't see it as a

contagion or lehman-like event. liz: hold on, you're saying, phil, you are saying that xi-jinping & company, of course beijing, the government, is going to swoop in here, and make sure that this doesn't get ugl ier than it already is, which is right up their allie. they don't like to see their country be the leader to the downside. i mean, you've got that gravity pull at the moment. everything on the screen, we're now down 930 points on the dow jones industrials folks check that, s&p down 121, so, you feel that beijing will step in. when? i mean, its been about 24 hours here. >> yeah, so like i said, i just think there's really incentive to avoid that systemic risk and i think that could come from government just like it happened last year, liz, with the u.s. right? the real goal for authorities is financial stability, but i do think, liz, importantly, this is the reason why you have safe haven assets in your portfolio.

you should not think about stock s as being in stocks being in cash and i think when you highlighted the rallying u.s. treasuries that's a big reason why we added the u.s. treasuries because we saw couple of months ago the real risk shifting from oh, my goodness everybody is worried about inflation and higher risk to a global growth story that may not be as strong as what people thought, so we have almost, liz, 20% of our portfolio in government bonds right now. that was closer to 10% earlier this year. liz: scott red already i know you as a trader at heart. you have been looking for opportunity in what we see right now, which is major uncertainty as we watch and continue to see the russel down 76 points. tell me what you were doing crack of dawn here when you turned on your screens and saw what was going on? >> first i was like finally! traders were scratching their head about a week ago because all of these narratives were around a week and a half ago. ever grand was not new, that was in the headlines the market ignored it. the fiscal cliff and potential for tax rate hikes were all around about a week ago and the

market wasn't breaking and finally on friday, the fang names turned lower not because they read about what happened over the weekend they were already starting to rollover, and you finally had a market break and after the s&p has gone up 18% for the year, and historically, the average years only 7% or 8% we finally had a bit of a correction, we hit down 5% from highs today, we hit the 100 day and the s&p, i think at this point, now traders are becoming a little bit more opportunistic but you never know where corrections could go. all you know is when the market changes and the market changed last week, so now here's what's important you have the fed coming in on wednesday, they say they don't watch the market they do. if they come out a bit doveish because now the market took some of the froth out, i think that could mute some of the selling and i think that around here, maybe dip your toe in a little bit and your prior guest said he doesn't think this is systemic which a lot of the macro notes i read say this is more like an a ig, where they can't let it fail. it's not like a lehman, but aig,

where they have to step in and make it orderly so it shouldn't have such crazy systemic risk throughout the system. liz: okay so where are you dip ping that toe, is it like a little bit or a lot? >> i've got pretty big toes. liz: so do i. >> i'm still waiting i was looking at the hundred day today and the hundred day didn't hold so to me i'd rather see some kind of down open maybe a few more percentage points before i start dipping my toe, right now the fang names are the lows of the day not showing strength small caps have been broken i'm not going to the nag group but waiting for the leaders to give me a signal to start buying. we talked two weeks ago remember when insurance was cheap we were buying a vix call spread to help if you couldn't sell your portfolio? well do you know what that's paying off pretty big today. one other thing, liz if you're learn, put together a plan. every 5% off the highs start buying s&p funds if you're long term. i've actually called up for my wife with a bunch of cash to put in 5% into here and i'll have a

plan, so write it down so you're accountable to it if you're a long term investor. liz: scott, phil, great to have you both in the chair and we appreciate you taking time out on what is an extraordinarily busy day that is changing as we speak. we're looking at the dow jones industrials down about 950 points at the moment, s&p down 123, nasdaq down 492. i'll keep checking all of this for you some of you are listening o on xm channel 113 we'll give you a shoutout, so in the meantime we've got to look at pfizer, pfizer revealing its vaccine does provide a safe and strong immune response for children ages 5-11. its german partner biontech not seeing love, but it's down about 6 and 1/3 of a percent, and the two also announcing they are preparing to submit for authorization from the fda. this just days after the fda advisory panel initially reject

ed pfizer boosters for all ages except the elderly and those with serious medical issues. we go to fox news alex hogan because she's been digging into all of the breaking developments on the vaccine front. alex? reporter: hi, liz this is a monumental update for parents as many kids are either heading back-to-school or already back in school, especially because since july, the number of covid-19 cases among children increased 240%. pfizer says that its results now show that kids age 5-11 developed the same antibody levels as teenagers and adults to fight against covid-19. kids will get their shots three weeks apart, like adults and teenagers, the key difference here is the size of the dose. the actual amount in the vial is only one-third of what adults receive. this news does not mean that it's clear for use just yet. pfizer plans to hand overall of its research to the european medicines agency and the fda

hoping for emergency use authorization and medical experts suggest that since it's the same vaccine, just a different quantity, that approval could come quickly. dr. anthony fauci this weekend zeroed in on a more specific timeline. >> we get into october, we'll be able to see the vaccines for children get an update to be presented for safety and immuno again else it but when you get to moderna it'll probably be a few weeks beyond that maybe until the end of october, the beginning of november. >> doctors say that kids could also experience the same side effects like a sore arm, temporary fever or aches, and the u.s. would not be the first place to approve a shot for children. cuba kicked off a vaccine campaign for kids age 2-10 on thursday, and on friday, in cambodia they actually began vaccinating children between the ages of 6-11 so they could all head back-to-school. liz? liz: thank you very much, alex hogan, folks we are in a

defensive couch at the moment for the markets we do have the dow jones industrials losing 923 points we are coming right back with news on the biden travel rules, what does it mean for both business travel and regular folks out there. we're coming right back don't go away.

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liz: breaking news, we do have to thank that the dow looks like it's in a bit of a free fall. just in the commercial break hit session lows up 971 points to the dowside, we're now down 948, but it feels like at the moment we do have the bears in full control, s&p on pace for its worst day since october of 2020, the nasdaq on pace for its worst days since february 25, so at the moment the nasdaq now down 510 points, make that 511 points , russel 2000 down 81 the transports down 308. the flood gates opening just a bit wider at this hour, for foreign travelers heading to the u.s. , this morning the green light coming from the biden administration all fully vaccinated travelers, from

china, india, the united kingdom and the european union countries are allowed to reenter the u.s. , starting in early november, international airlines flying high on the news. it's hard to find green today, but you're looking at it at the moment, we're talking about international consolidated airlines group. it's moving higher by 9%, luftha nsa up 5.8% and air france up 7.7%, comfortably in the green. no doubt, on this news, that they can start bringing a lot of tourism, leisure and business travelers back to the u.s. , but while international travel to the u.s. has gotten the green light starting in november, americans itching to travel overseas for both business and leisure are still watching the constantly shape shifting rules with the holiday travel season just two and a half months away we bring in third generation travel agent steve pe rillo whose company perillo is the nation's largest travel to italy company. clearly this news out of the

biden administration is for travelers coming to the u.s. , but is there a ripple effect that has the potential to reach perhaps other nations and push them to loosen restrictions for americans who want to travel >> of course, of course, liz and nice to see you again. listen, italy, our main country, just imposed a 72 hour negative test rule, a couple of weeks ago , and i think it was as a tit-for-tat against what we were doing to europeans, and this will definitely loosen things up and help the situation tremendously. liz: tell me about your situation, your tour started backup august 29. what are the numbers looking like and what does it look like on the ground in italy at the moment? >> the numbers are good. it's not an explosion like we thought it might be. it's coming slowly, there's a lot of people who postponed their trips who are filling up the coach this fall now, and on the ground, it reminds me of my family, my dad and mom taking me to italy in the 60s.

it's quiet. you could walk in and out of cathedrals, throw a coin in the trevi fountain and it's really a beautiful time to go if you can make it and if you're vaccinated it makes it very easy liz: now, you i believe are accommodating both vaccinated and unvaccinated travelers. you need to be vaccinated though for group tours. tell me how you're specifically working with italy's covid-19 guidelines. >> it's not hard at all. you need a 72 hour test before you arrive. if you have your vaccination card, you flash it around every little church or restaurant, they don't even ask for id, they are very easy. i'm not sure they know exactly what they're looking at but americans have a pretty easy if you have the vaccination card. if you don't, now its gotten a little harder you have to quarantine for five days. this is left over from a couple weeks ago and they might relax that now with what biden did today. liz: you know we've got major breaking news out of china that is really affecting our markets.

i no one of your destinations for your tours is hawaii which is very big for chinese national s. can you give us any sort of real feel of the numbers coming from china to hawaii? >> no, i don't know that kind of information. i'm an american company, and we, we're used to japanese all over hawaii. i didn't recognize all of the chinese, but our tours have been going all summer to hawaii. they've restricted and loosened, restricted and loosened depending on the situation now you have to wear a mask in restaurants. i think you need a covid card, a vaccination card to get into indoor places too in hawaii. the situation is always changing , but we'll get over this. liz: steven thank you and we're glad you guys are getting backup and running and by the way we're going to have much more on the reopening of international travel tomorrow, when airbnb ceo brian chesky joins us right here on the "clayman countdown", in studio boy am i glad to say that

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so you can live your life. that's life well planned. liz: all right we do have the sell-off but it's important to note we are now down for the dow 837 points, whereas we had been lower by 971, we've got this alert for you, ever grande is not the only chinese stock sending shockwaves across the global this hour, a warning from lee otto on third quarter deliveries, sending shares into reverse down 8% right now, the chinese ev maker blaming the ongoing chip shortage for the shortfall. so lee stands at $26.74 and the news is putting hazards in

the road for its competitors, tesla is down more than 4% you've got xpang lower by 7% same with neo. match investors had been en honeymoon mode for two weeks the online dating giant's s&p inclusion was going to have a lot of people buying that stock but today's debut by the tinder owner most exclusive club of stocks looking more like a date gone bad, shares about to close out the session down 4.6% from match group also getting swiped left some of the biggest names in meme stock mania, we just got to check these, amc is losing about 10%, 10% and we've got gamestop down 7 1/3%. uber and lyft has been one of the momentum names down 9% at the moment and fubo tv of course down 8%, yeah, tough and fubo rival let's look at draft kings also taking a loss this hour despite a bullish note

from loop capital reiterating the original fantasy sports player as a top pick in the sports betting arena draft kings down about 6 2/3% and they maybe down today but the biggest names in streaming making touchdown after touchdown last night at the emmy awards, netflix's the crown and the queen's gammut grabbing top prizes for drama series, and the cast of apple's ted laso certainly making believers out of the academy winning multiple acting awards, streaming on apple tv plus, but it is produced by at&t-owned warner brothers television studios again everything is getting swamped today in the red. so, the question, is it hyperbolic to ask, are we witnessing a lehman moment across the pacific when it comes to china evergrande and how dangerous a threat is the commercial real estate firm and its problems, to your portfolio and real estate here?

we have jay on jason haber dealing with the chinese talking to his sources and he will reveal what he has learned up until this second next and don't miss the debut of primetime tonight starting at 8:00 p.m. eastern watch how america works narrated by mike rowe followed by america built with stuary varney at 9:00 p.m., it's our all new primetime lineup, fresh, new, we make it, we own it, only on fox business, no reason to ever change the channel. closing bell, we're ringing in about 28 minutes, now, we're down 793, looks like we're coming a little bit up off that fluorine more, s&p down 104 the nasdaq still lower by 437 points we are coming right back don't go away. that spin class was brutal. well, you can try using the buick's massaging seat. oh. yeah, that's nice. can i use apple carplay to put some music on? sure, it's wireless. what's your buick's wi-fi password?

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the world's most indebted real estate developer and what you're seeing on the screen are the u.s. traded shares called american deposit receipts for evergrande group and as you can see , they are falling about 19% at the moment it's not even the lows of the session, but what is happening there has the financial world transfixed and rushing to duck and cover. the shares of the chinese property developer evergrande began plunging overnight, tearing down the han g sang, the hong kong index down about 3% the real estate firm had grown to become one of china's largest companies but did so by borrowing heavily more than $300 billion, but beijing has recently begun cracking down on big developers and as the stock fill evergrande has been forced to launch a fire sale of its properties to keep that business afloat, but what was a fire sale in china turned into an all-out brush fire because this thursday an $84 million interest payment on its debt comes due. could a default reach across the

pacific and cause mayhem here in the u.s.? to jason haber a huge roster of international developers and clients based in china, you've been on the phone all day and all last night to get a direct read on the implications of the evergrande crisis what are your sources on the ground telling you about whether your firm will default on the interest payment? >> that's right liz so there is a lot of concern from within china about that very point, but that concern is also tempered with their belief that china will do the right thing to stem a systemic breakout to halt contagion and that this will be limited in scope to what's happening at evergrande, which by the way, is very scary to us watching here. when i look at those images on tv of people coming into the office looking at the pictures of the empty ghost buildings i'm reminded of the financial crisis, which were on the anniversary of today, and

so when we see that it's understandable that we're concerned about another lehman- like event but what i'm hearing on the ground in china is that the steps will be taken to hold to account evergrande, but at the same time to protect the depositors for the middle of the purchase process, to limit losses, to suppliers, and to find a way through it so we don't see further contagion. liz: listen, beijing and xi-jinping are not in a generous mood lately. in fact they have been targeting specific sectors and recently began targeting real estate so i think you're right and they want to contain it but they don't want to somehow reward evergrand e for getting itself into this situation which is snowballing but specifically what are your counterparts on the ground saying to you about the tenor and the temperature of what's going on and how china 's market might open tonight. >> well that's right the government did set this in motion, and one of my sources pointed out that about a year ago, china set in motion the three red lines policy,

which were principles that were going to limit the amount of debt that they could have on the books, and that ended up having a direct effect on ever grande of course because they were piling up so much debt and while we awoke this morning here, and we were sort of in shock and awe about the news and the scope and the scale of ever grande debt if you've been following it since january, you seen the trajectory of the stock , you've seen the down ward movement and there were alarm bells going off in the background now for about a year and so some folks in china were very much aware of this in fact one person said to me, this is exactly why we want to be investing in the united states. of course right now, it's very difficult to get money out of china to invest in say real estate in america, but this is one of the reasons that they do feel that we're a safe haven, and they've been unable to put assets here now, for the last few years, so that's actually compounded the problem for them. liz: i'm surprised we were looking just a couple of hours ago at the etf's that are

focused on commercial real estate, and they were down slightly, but it was more the miners which i thought were interesting because they have, i suppose, much bigger exposure there, but is it fair to say that the u.s. commercial real estate industry is in a much better position than it was around the time of the financial crisis and the lehman disaster and they don't have so many sub prime mortgages out there but does it also, in turn, jason, make the creditors for u.s. companies that have nothing to do with evergrande more suspicious and more conservative about lending? >> right well that's the weary that there will be some sort of freeze on the credit markets here or maybe a slowdown in the credit markets here cooling off and of course, the balance sheets are much healthier here in commercial real estate across this country like you mentioned there's far less subprime lending on the books but also, debt to equity levels are much better in line, they are much healthier balance sheets

across-the-board, but of course, in this global world that we live in these global markets, when something like this happens in china, it can have direct impacts on the united states, obviously, we're seeing that today when the movement of the stock market, and we'll see what happens over the next 24-48 hours which i think is really critical. liz: well stranger things happened in 1998 you had the russian rouble disaster which it became a major thing here in the u.s.. jason, thank you. jason haber of warburg. so this risk off environment taking a toll on the crypto sphere. take a look at bitcoin, ethererum, litecoin just about every coin in the space is deep in the red here you've got bitcoin down about is that 7.7% yup, i'm back on the set for first time folks, this is different. thank you. >> [applause] liz: yeah, that's charlie gasparino he's coming up. charlie: [laughter] maria: we've got ethererum lower by 10%, litecoin down 11% it's

not just the coins, but it is of course the crypto-related stocks getting swamped as well, taking big hits crypto miner marathon digital losing about $2.22 or 6 % and you've got blockchain 6% down, 7% for highs blockchain which is now a $2.59 stock crypto trading stocks getting slammed. coinbase had a big had announcement today. it announced it would at least put off plans for its lending product due to pressure from the securities and exchange commission, so coinbase is getting hit to the tune of more than 3%, robinhood, square, pay pal, anything that deals with crypto, in the red. now, no surprise that after seeing moves, the bit-wise crypto industry innovators etf which owns everything from coinbase to square, pay palace well as marathon and blockchain has been seeing its own downward spiral lumping 7.25% to $22.55.

cathie wood's crypto exposed etf 's also under pressure the ark innovation etf sliding more than 4% at the moment, and we do have it down $5.88 that's ark with the two k's there and then you've got fintech innovation down 3.7%, so, as we stay with crypto, ripple, xrp, staring down the sec as it fights with the commission over xrp, the question is, will sec chief gary gensler blink? joining us the aforementioned charlie gasparino, the first time i've seen you in 18 months. how you doing buddy? charlie: very good, by the way, what is the pac token? liz: can you believe that? there are a whole bunch of them. charlie: i'm a dog chain. liz: dogecoin. charlie: listen they love me

because i've been reporting out the uneven haphazard and bizarre way crypto is getting regulated we should look just think about the markets. it's hard to believe the markets are just reacting to chinese real estate right now. liz: agreed. charlie: i mean, there's a lot out there. the fed has been pumping up these markets forever. you have to worry about inflation, if the fed raises rates because of inflation at some point that's going to hurt the markets and inflation is not going away. even the last inflation i said was so great, it showed inflation is more than just transitory. you've got biden raising taxes, the democrats want to put capital gains tax, there's a lot to worry about where this headline may become the focus now, but it could with other stuff and liz i've covered bubbles for many years and the bursting of them. there's always some unrelated thing kind of seemingly unrelated that sparks the biggest concern. bear stearns crappy hedge funds go under. liz: wouldn't that be evergrande

, maybe? charlie: i think that it could be the thing that gets people to look at the glass half empty instead of half full. that's what i think. that's usually what goes on. during the dot com bubble that shows you how old i am i covered that actually, you know, there was some weird analyst reports like oh, maybe stocks are over valued. it was just a lot of unrelated stuff and then all of a sudden, the dow or the nasdaq -- liz: isn't it interesting that crypto isn't the safe haven that crypto fans would like it? at least today. charlie: i think the problem with that is what's going on at the sec. what we have right now is regulation by enforcement. listen, liz, i remember the beginning of the internet, obviously the internet was fits and starts and it was a bubble that burst. people lost a lot of money but it kregman created because government let it happen without just cracking down on every in novation and this coinbase innovation is pretty interesting if you saw their product. what the ripple does is pretty

innovative cross border transactions using xrp as the currency that you can do that with it's all pretty seamless and it's advancing this technology, known as the blockchain, which is in my view, bigger than the notion of a cryptocurrency. that's just the sort of juice to the flows through the blockchain but back in the internet days the sec back then, the clinton administration, congress, it was kind of they let that internet thing even though it was used for nefarious reasons, it let it grow, prosper, become something that it is today. liz:xrp though specifically was the first to get targeted by the sec. charlie: here is the problem, liz i'm the point is, it's a contrast in what's going on now. the sec is now literally enforcing in a sense, it looks like it's making stuff up as it goes along. now obviously i'd love to have gary gensler provide his side of the story but ethererum, the sec is saying that xrp is a security

and they dinged ripple, because they say, xrp is used as a way for ripple to build-out its technology platform, that cross border transaction platform. okay, ethererum which is the blockchain of the ether, was able to build-out the ethererum blockchain with et her back in the day. liz: nobody said anything. charlie: no one said anything. why are they saying it now? now,ether is okay, not an sec mandated security or regulated security because ethererum is no longer using e ether to build-out its platform but xrp is and it's hard to get , i did a lot of reporting on this and i spoke with the enforcement people who brought the case against ripple. it's hard to square what happened with ethererum with what's happened to ripple and

why ripple is held to this level and ethererum is not so i come down to this and i think this is the most common sense thing here , crypto needs to be regulated. you know it, i know it. the internet was somewhat regulated. it needs to be regulated in a smart way, as the crypto moms known because she's an advocate of the industry says let's have a safe harbor time out and put our heads together and figure out a way to do this so you don't stifle innovation. liz: you don't want to suffocate something but by the same token it's all fun and games until somebody loses an eye. charlie: people know what's going on with these things. if you buy xrp you don't know what ripple is trying to do with xrp? nothing in the sec lawsuit against ripple said they were ripping people off. i mean, i looked. their big thing was not going before the sec to get their getting anointed by gary gensler or jay clayton when he was running it. liz: we'll see. we'll be watching. charlie: i know people like you

want to regulate everything. liz: hey, i'm all about free love, naked, free everything, let's go for it just kidding. listen, i agree. you don't want to stifle but you can't have something crazy going on. charlie: what did you just say? liz: i'll tell you what i'm about to say folks charlie thank you and i've waited until after charlie was done to say this , we're completely commercial-free because he would have kept going , but we into ed to get to a bunch of other issues he started the show by saying the dow has not finished a session down more than 1,000 points in 15 months when it fell more than 1,800 points back then , right now, it looks like we could be in the clear, still 10 minutes to go, before we hear the closing bell but the clear as we run towards the close but still on pace for the worst day since october of last year, s&p as you can see is struggling here, we do have the dow jones industrial look at the transport s down 205 points. to back doll market guru at

crossmark global investments. bob, people jaw bone all the time. i missed the low and missed a sell-off. they had it when the dow is down 971 points, just an hour and six minutes ago, right? >> here here. everybody bought then, didn't they? liz: well i don't want to hear any complaining because granted we're still down about 679 points but you have to talk to me about how you are viewing what is happening at this hour. is it contagion from the ever grande situation in china and what happens overnight , we have not as far as i can see heard from beijing yet. >> yeah, so my view, liz, is this was coming. the surprise is not that it happened but it's that it took this long. i don't mean 1,000 points on one day. i just mean a pullback of note. now, we haven't had one from a long time, and evergrande is the excuse but think about the stuff going on. the economy is slowing.

therefore earnings growth is slowing. i think we have enough evidence to say inflation is not completely transitory. we've got a problem there. the fed is thinking about when they're going to no longer be the best friend of the financial markets. we have washington d.c. which has a lot of circuses going on at the same time. you put all of that together, and then the technical deterioration that was happening before today exacerbated by today, it's no wonder we're pulling back. i don't think the bull market is over, but we could be in a period of sloppiness that lasts more than a couple of days. liz: looking at some of the past outperformers. for example, peloton down 2.8%, zoom is down just a couple percent, it's not a horrific picture here, 2.9% most are off their lows of the session but just barely, so, is there anything in particular that you say should be on a shopping list on a day like this , people still have about eight minutes

left to be buying stocks from their accounts, right? >> yeah, so i would not be in a hurry and be a hero. i don't think we go straight backup. i think we've done enough damage that we're going to have to rebuild for a while, before we have a shot at going back higher so do your homework during that period. if you, like me, believe that the economy is okay, albeit slowing, earnings are okay, albeit slowing, i want to make sure i have enough cyclicality in my portfolio. you know interest rates are down today but i think they go backup because we have this inflation issue, so do i want a few financials in my portfolio? i think so. they're down a bunch today. liz: they are. >> that's something i'll do my homework on and start nibbling there and utilities, i'll let a little go so within the portfolio you can make some trades to reposition slowly, but surely, as these days and weeks go by. liz: let me just tell folks that when i woke up this morning at

about 6:00 a.m. i looked at the 10 year yield it was at 1.33%, right now, the 10 year is at 1.31%, but it had been down to about 1.30 in the last hour and a half so you're right about interest rates, but do you get the sense that there maybe particular sectors that are poised to really get dindged in next couple weeks as september has been a very tough month historically. >> so if the contagion continues and the market goes lower, some of those high pe stocks are likely to sell-off some more, some of the cyclical stocks in the consumer area, look at the auto today, i know they had something special going on, some of the materials names, they will be even harder things most exposed to the economy will probably struggle to the extent we continue to go lower, and the safe havens, will do a little bit better, pretty classic, but i would use the opportunity slowly but

surely to go the other direction i want more cyclicality in my portfolio, because the economy is not finished nor is the bull market finished. we've got some stuff to get through, we need washington to dot a couple i's and cross a couple of t's but the cycles not over. liz: about five and a half minutes to go before the closing bell rings, i do want to make this point about the russel 200e session had been a loss of about 81 the russel down 57, so we are seeing a little bit of a bit here, bob, stay in the chair we can't ignore the energy sector. it is pressuring the markets at this hour and it has been such a winner over the past couple of months. let's look at the gush etf. while it is down at this hour, by significant amount about 7% for gush, its hit pay dirt over the past 52 weeks. gush has had an incredible 52 week run here, up 160%, clearly,

investors who got in a year ago have done very well our countdown closer whose joining bob at the moment says there's more energy to be had, george sea, founder, chairman of annandale capital. give us some names. i was stunned to see, year-to-date nat-gas is up with hundred% but you're telling me the equities piece of this is an opportunity as well? >> liz. larry: i think it is about the fourth inning, third, fourth, fifth inning, it has further to go. the market is not capturing yet the amazing free cash flow yields these businesses will generate. we heard during the obama years how natural gas is the bridge fuel. that is understating it. it is the we're seeing that with the price spikes in europe, power outages in the u.s., we'll need more, not less. as long as they are disciplined how much new supply they put on the market this bull run in

natural gas has a ways to go. liz: give me names. you're right about europe, there is situation developing, nat-gas shortages, translating to heating fuel shortages heading into winter. >> i would mention xterra resources which has a heavy liquid gas resources higher than natural gas. ept, highest player in the appalachian basin. if they look to sand ridge ant and chesapeake which have high upside to natural gas prices. it is early trade. i think it is northern correlated way to hedge against inflation and "fang" stocks. this is not overprize -- overpriced. bob doll, is the u.s. best position for investors right now

and if not, which is the second best, tell us what else looks good on the globe? >> u.s. is in a transition period, maybe this crack is part of that, where we're recognizing economic growth will pick up other places, europe for example. those stokes are a lot cheaper than the u.s. there are good reasons structurally why that is the case but if european growth picks up even as our growth is slowing, we witness some selloff in the dollar versus the euro, that's a time for investors after spending the last decade ignoring everything outside of the u.s. successfully, they're going to need names outside of the u.s. i think this is a transition period. liz: 2 1/2 minutes to go and, george, we, bob just mentioned autos. ford is having a very difficult day, general motors too, but ones in china, li and nio are struggling as well.

how do you figure this if the world is transitioning to electric vehicles in the next decade? >> you have to have natural gas-powered battery plants to power the ev vehicles. i don't think there is any way to lose from that. you have to have it around the world next 10, 20 years as a minimum. i would echo what bob said. i would look to emerging markets. they will be the last to cover, the most explosive to cover f you're looking for exposure outside of the u.s., that is great place to get out the fishing pole to go fishing. >> looks like if we're going fishing we landed a marlin, bob doll, 500 points heavy, because we're off 500 points from the low of the session. what are you doing tomorrow? what ask your advice to the investor that wakes up before the bell? >> i want to look at the relative performance. what held up the best, what got hit the worst. i'm told there has been a lot of orderliness in the market down roughly 1000 points.

you hope there is panic. there hasn't been any. i'm not convinced we'll come back to test some of the lows earlier today. liz: bob doll, george seay great stuff on a manic monday. [closing bell rings] here comes the closing bell. markets wrapping up a steep selloff to start the week. what will happen tomorrow? you have got to tune in. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. okay, there is so much breaking news just today it is going to be hard to keep up with it, so i have enlisted my great pal pete hegseth, "fox & friends weekend" co-host. he will join me in a few moments to review some breathtaking events frankly only a little while ago seemed impossible but that is the way it is nowadays. to begin with, the young woman, gabby petito tragically found dead in wyoming's grand teton national park. it's a terrible story b