nine of those 10 best days came within two weeks of the 10 worst days so time in the market is actually more important than trying to time the market. charles: all right another lesson in diamond hands. it's great having you both and i promise a lot more time next time because there's much more to discuss but we're lucky we had you. thank you both very much meanwhile i hand it over to my friend, ashley webster in for liz claman, and i know the last hour is pretty wild. ashley: well let's see what happens charles payne, thank you very much great show as always. yes indeed markets falling along with consumer confidence as the bulls, well, let's be honest are getting malled by the bears today the dow about to have four day winning streak broken, as consumer confidence falls to a seven-month low, the nasdaq taking the biggest hit, as investors punch the button on big tech no big surprise there as those yields rise and the chaos on capitol hill certainly not helping the sentiment as congress

struggles to device a plan to avoid a government shutdown, extend the debt ceiling and by the way, pass infrastructure and social spending measures. we'll go straight to the capitol hill for the very latest on those issues. one sector poised to benefit from the infrastructure legislation are the utilities. the chairman and ceo ralph izzo will be here on a fox business exclusive to tell us how important those funds are for the future of power and how the nat gas shortage could impact your electric bills, plus , ford rolling out an $11.4 billion plan to keep up with the ev future, electric vehicles ford ceo jim farley jr. will be here to tell us why it passed up detroit for tennessee and kentucky to make ev trucks and batteries what a day it has been, lots of red on the screen let's get straight to the breaking news. investors certainly hitting as bond yields as we talked about all day ticking up higher

the 10 year treasury topping 1.56% of 1 point that's the highest in three months let's take a look at what it is right now, and those higher yields as we said earlier, certainly not doing well for the tech field, and certainly, the nasdaq hurting. the s&p 500 and the nasdaq headed for their worst day in four months. the dow has now turned negative for the third quarter. cryptos also getting slammed checking bitcoin, ether litecoin all as you can see taking it on the chin. today's market nose dive by the way comes as fed chair jerome powell testified before the senate banking committee warning inflation pressures may not be so transitory. take a listen. >> the supplied side restrictions that are so much at the heart of the inflation we're seeing have not only not gotten better, they've actually, in some cases, gotten worse, look at the shifts with the anchors down outside of los angeles and this is really a mismatch

between demand and supply and we need those supply blockages to alleviate, to abate before inflation can come down. ashley: well, this as treasury secretary janet yellen said congress must raise or suspend the debt limit by october 18. so much to talk about let's get right to the floor show. that's interesting, is it not, the floor show, timothy anderson , chris robinson, gentlemen, thank you, both. let me get to tim first. tim? okay, we've been talking about a day like this , we're down just over 1% on the dow. is this a sign of more perhaps caution going forward? what say you? >> well i certainly think it's a little bit of a wakeup call maybe for a lot of people. we went below 4,400 on the s&p last monday, and and recovered from that quite nicely. this time, i think it might take a little bit more to regain the upside momentum up around

the 44.50 level or so but really, for a market that's down 1-1.5% on the day, down volume is only a little more than two times up volume? you'd expect it be heavier than that on the downside, if you look at total volume, but i do think that the s&p being below 4 oh, 00 could be a little bit of a wake up sign for some people and the market just might struggle to recoup that marker, as easily as it did early last week. ashley: okay, chris, to you. is this perhaps, it feels to me and we've talked about this the market needs a reason to sell-off. we're seeing a rising bond yield kill the growth stocks, kill the tech sector, which is dragging down the broader index. do we expect something even bigger, perhaps moving forward? maybe the fourth quarter when we

finally get this 10% correction, is that on the horizon? >> well so many people have been calling for the 10% correction. it's one of those things where everybody is calling for it, lots of times you'll get it. last week, on the china day, you know, we had a pretty good correction, people thought that was the start. there's really only a little bit over a 5% correction, and today, you know, as i'm sitting here talking to you now we're off of our lows we've got an hour left in the day, but i do think that you've got kind of confluence. we've got a tremendous rally from the lows in 2020 the s&p was up over 108%, right? that's number one. number two, we're heading into the end of the quarter, thursday is the last day of the month, the last day of the quarter, so you've got some pressure there, and then people were really starting to wrap their head around is taper is coming, taper is coming, and we'll see how the 10 year does at that 2% level. we just jumped to 1.5 the market

tends to do that it'll jump to the next big resistance which is going to be 2%, but i am impressed with the way this hasn't been like a debacle. its been a slow motion pullback here, so it's giving everybody a chance to at least get prepared in case you're worried for that type of correction. ashley: that's an interesting point. tim, we have this taper tantrum that we've talked about so long, or is it just one of many separate issues including what the heck is not going on on capitol hill as they struggl to deal with spending and debt limits and all those things, is that casting a shadow over the markets as well? >> i think there's a little bit of a shadow over that and as much as a lot of people focused on powell's comments today, i think he said what a lot of people have been feeling, that inflation is not totally temporary. then i thought yellen's comments were really quite an egregious fear mongering of the debt

ceiling. i mean, ashley, we've seen this for decades where the debt ceiling get gets right up to the 11th hour, maybe it goes, it either gets passed at the 11th hour or the 99th minute, even on the 10 or 15 occasions where the government had a short-term shutdown, it never has caused a recession, so i thought her comments were disturbing, not in terms of fear mongering the market, but just someone in that position. i didn't think it was appropriate for her to go there. ashley: yeah, and as you say, this has been going on for years , decades, the same arguments. all right, chris, quickly. in an environment like this , do you buy on the dip or do you just let it play out? what do you do? >> well, i think most people, you know, right before your show they were talking about the exact same thing, where if you're in and out of the market, you can miss the good moves, number one, i'd say keep a

longer term outlook. we're well overdue for a correction. it's giving you a chance to have the plan for that correction, so there's a lot of different ways to prepare for that, so you know , if you're looking to buy on a 20% correction, have your plan, ready to go. i would say this. the two biggest things to watch as headwinds moving forward, the u.s. dollar in a 10-month high today, and you had crude oil back to within about $0.30 of the seven-year high. those are two things that might slow us down moving ahead so yeah, i think you're right you can get ahead of this if you're concerned about the risk, there are ways to mitigate that risk, without completely getting out of the market. ashley: right. very good. great stuff, gentlemen. tim anderson, chris robinson thank you very much talking to us today, certainly as the market sells off. listen, breaking news, the ceo one of the nation's largest banks warning at this hour that a u.s. default be potentially

catastrophic. jpmorgan chase jamie dimon is telling reuters his company is preparing for a potential credit default if debt limit talks go down to the wire and he also says he would support a bipartisan bill to get rid of it entirely. well, raising the debt ceiling, not the only problem congress facing. government is also, government funding set to expire on thursday, and if lawmakers cannot strike a deal in three days, it could mean a government shutdown, plus, still no way forward on a massive $3.5 trillion spending bill with a bipartisan infrastructure bill, still awaiting a vote. seems like there are a lot of clocks ticking let's go to chad pergram who joins us now on capitol hill, he's always a busy guy, and he certainly is doing a lot of overtime these days, chad reporter: the clocks are ticking house speaker nancy pelosi is suggesting that democrats must pair back their big social spending bill, in a letter to democrats pelosi said, "the change in circumstance regarding the reconciliation bill has necessitated a change

in our build back better legislation, but not in our values. " this also means democrats don't vote on the social spending bill this week. >> i thought we were on a path, then there was an intervention, as you know, in the past week or 10 days of saying well we can't go there, hopefully it will reach the level that we need in order to pass both bills. reporter: democratic arizona senator krysten sinema was called to the white house this afternoon and she talked to president biden this morning. there's another meeting now with senator joe manchin. this comes as a government shutdown looms friday morning and a collision with the debt ceiling october 18. treasury runs out of money then. >> unemployment would surely rise and as we saw in 2011, even coming very close to the deadline without raising the debt ceiling can undermine

the confidence of financial markets. reporter: the gop says democrats could pass a debt limit hike on their own if they include it in their special budget reconciliation bill, it is exempt from filibusters. the democrats nixed that. >> it's clear that my caucus will not stand for the irresponsible and dishonest republican default plan. going through reconciliation is risky to the country and is a non-starter. reporter: the gop filibuster to hike in the debt ceiling last night that was in protest to the democrat's big social spending bill, pelosi hopes to pass the bipartisan infrastructure bill thursday, but liberals may baulk, including alexandria ocasio-cortez, about 10 house republicans will vote yes. ashley? ashley: all right, lots to consider, chad pergram, on top of it all, thank you, chad. this is interesting. ford making a major move as pre- orders for its all-

electric f-150 are piling up ceo jim farley is here next on what the auto maker is doing to charge up ev production and the job market, a big announcements today from ford. let's check the big board as we head to the break. the dow, as you can see , down 370 points, been one of those days. the "clayman countdown" is coming right back. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

baaam. internet that doesn't miss a beat. whose resumes on indeed that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?

ashley: all right, fox business alert the market finding a new hero in today's top stocks, four industries bucking today's red arrows, check that out. shares up nearly 8%, on better-than-expected profit and revenue figures the rv giant confirming demand not stalling anytime soon with backlogs remaining at record highs look at the stock go up $9. ultimate fighting championship parent in denver jumping deeper into the sports betting arena, the empire announcing it is buying open bet from scientific games in a $1.2 billion cash and stock deal , and couple as you can see up 5% scientific down just

ever so slightly. also taking a quick look at some of the high profile customers already on open bets roster by the way draft kings, fan dual, parent flutter and wynn, all of those stocks down in a down day on the market for sure. sanofi dropping plans to develop its own mrna covid vaccine due to the dominance of pfizer and moderna shares right now as you can see down ever so slightly, about a tenth of a percent, as those still playing catchup in the vaccine race free fall on the news, by a medical down 4.5, novavax also down more than 10% meanwhile, pfizer and bioncaltech a covid vaccine safe for children, the two this morning submitting trial data children age 5-11 they've submitted that to regulators and also confirming that they be applying for emergency use authorization for their vaccine for kids in the next few weeks that move as

you can see not doing a whole lot to boost shares, pfizer down three-quarters of a percent bion tech down 8.5% now to the auto industry and in particular ford motor company getting a charge after mounting plans to build an electric f-150 assembly plant along with three battery factories, ford along with korean battery partner sk innovation will invest $11.4 billion to build its first new assembly plant in decades which would create 11,000 new jobs and provide batteries for 1 million ev's a year. now, this as the wall street journal reports the great car chip shortage will have lasting consequences. that's been going on for some time, the journal is saying the biggest automakers may be making their own chips one day. that be interesting, ford motor company chief executive officer james farley joins us now, great to see you, james. let's begin with the big

announcement. you have the 11 billion-plus investment, you have three battery factories and you have the big f-150 assembly plant, two of those in tennessee, two in kentucky, but none in michigan. why is that? >> well, thank you for the opportunity. we've already made the investment in michigan. we announced half a billion dollar investment just recently added 500 jobs for our f-150 lightning to expand the capacity we're spending $7.7 billion in michigan already. this is beyond that, and certainly a huge announcement, but we've invested and will continue to invest in michigan and this is incremental above and beyond that. ashley: you know, you've said many times or the company has that ford committing $30 billion on electric vehicles through 2025 but it comes at a time, you know, while big gas powered

trucks and suv's continue to drive your profits, i know that everyone says electric vehicles are the future, but i see an awful lot of those big gas guzzlers on the interstate and it doesn't feel like they're going away any time soon. how would you respond? >> well, first of all, i wouldn't characterize our vehicles as gas guzzlers. we have hybrid pickup trucks, we have a maverick below $20,000 with 40 miles per gallon that we're launching right now, so but certainly, we're out in the market today with electric vehicles. our mustang mach e is completely sold out in north america, we're completely sold out 150,000 order and we haven't even made one f-150 lightning, so, i'm voting with our customers. our customers are saying please build more electric vehicles from ford. ashley: but i hate to sound like the skeptic but i'm just going

off the numbers, electric vehicles still only represent about 3% of overall sales. there has to be a tipping point when people make that conversion , jim, but it seems like it's a long ways down the road. what am i getting wrong? >> well first of all, i'd like you to look at europe. the december year and hail ago, december 2%, just like the u.s. today, 2% of the european market was all electric vehicles. a year later, 12% of the market. so these technology shifts, they don't happen linearly. they happen quickly, and if you're not ready, you're going to miss. we're seeing electric customers make their brand preferences and it maybe only 2% of the industry but they are making their brand preferences. we do not want to be out of the market when people are making new choices about brands and product preferences as this market is starting, and whether it's in china or europe , we see this market, it

can move very very quickly in 12 months. all it takes is the government to put their foot on the scale of the customer economics and things change quickly. netherlands, germany, these are all over 30% electric now, all electric in terms of new car sales. ashley: but is the infrastructure in a country like the u.s. which is so vast, especially in the western united states, is there, you know, how is it going to take to get a network of charging stations in place where people feel comfortable to wherever they go they can always top off their battery. >> well you know, we're in the first inning of this , sorry to use a baseball analogy, but we're in the first inning. when we get to 40 or 50% peter strzok, yes, the infrastructure will be absolutely key, you can see that in places like norway there have been 50% electric for almost 10 years now, infrastructure they've built it out, but we're in the fir inning here, when it's 10% of the new

car industry and typically, the new car sales are about 10% of the overall population, most people charge at home. most americans have two to three cars in their household, in this first inning, most people are perfectly happy charging at home for retail customers. the things we have to work out even now is depot charging for commercial customers. we see a lot of interest where 50% of the commercial market in the u.s. , we see that moving to electric really quickly, and those customers are going to need, they're starting from scratch. there's no charge for commercial depot charging, so i think we do have a lot of work to do. i'm very comfortable that as people want this technology we'll build-out the infrastructure. it's not ideal right now, but we don't see it as an issue for adoption. that's why we're sold out of these vehicles. ashley: very good. all right, you're persuading me, jim farley, ford ceo, jim thank

you so much for joining us and again, congratulations on your expansion into kentucky and tennessee. we appreciate your time. thank you very much. by the way talking of tennessee, nashville, not just the home of country music anymore. coming up why music city is hitting all the right notes with home buyers, even as prices are rising at record rates. we'll get into that story, they look happy don't they? the "clayman countdown" will be right back with the dow down more than 400 points, but in reality down 1.25% we'll be right back. ♪♪ ♪♪ ♪♪

ashley: the red hot housing market is still posting new records. the case schiller home price index just hit fresh all-time highs in the month of july marking the fourth consecutive month of record price growth, getting expensive to buy a home. year-over-year the index jumped to 19.7 overall in july, up from

june's 18.7 rate, and as new buyers flocked to u.s. cities, guess what? nashville is currently tied for the fastest-moving market with houses flying on and off the market and selling in only 10 days on average, wow. madison alworth is in music city joining us now live from the very upscale neighborhood of green hills. madison, good afternoon. reporter: good afternoon, ashley , yes we are in a very nice neighborhood in a very nice house. this house is a mansion, essentially just outside of nashville, really only 13 minutes drive away from the city center, and you're getting all this space, and like you said, ashley, homes in nashville are just flying off the market. average of 10 days that is much shorter than the national average of 24 days. part of the problem that you're seeing in this market is inventory. it's down 37% from this time last year, so we spoke to a real

estate agent who said they just cannot keep up with the demand. >> well its been a crazy ride, to be honest with you. it's really completely changed how we do real estate. we see multiple offers, we see people waiting waving appraisals, the demand is so overwhelming we have so many folks wanting to move to the area. reporter: yeah, and if you can find a place like this people are snatching it up. if you like the living room take a look at this huge porch. it's pretty much the same size as the tv setup inside you have this incredible media center, overlooking this gorgeous pristine pool, and you said it, ashley, think is a swanky nice neighborhood and this mansion is going for a pretty penny. you spent a lot of years here. it's still for sale this one hasn't been snatched up yet so ashley if you want me to put an offer down let me know and i'll make it happen for you. okay? ashley: if only, madison, if

only, in green hills just around from the green hills mall. beautiful area. madison thank you very much and by the wake make sure to keep it on fox business for all of our new tuesday night real estate primetime lineup, at 8:00 p.m. eastern, cheryl casone hosts american dream home followed by mansion global coming up at 9:00 p.m. all only on fox business. gotta love real estate. by the way, opec crowning oil king through 2035, what happens after that? and what are major power plays doing to keep the lights on even when fossil fuels go dark? if they go dark, we'll be asking pseg ceo ralph izzo that very question next, meantime as we head to the break take a look at the dow, the s&p and the nasdaq, all sorts of red, the nasdaq getting hit hardest, down 2.5% we'll be right back.

that building you're trying to buy, you should ten-x it. ten-x is the world's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it.

ashley: breaking news for you, oil prices falling lower, after popping above a three-year high of $80 a barrel, as you can see , down now it's 74.83 down about close to 1% on the day, currently natural gas, by the way, we should get into that crude, as you can see , there's the big board 74.82. natural gas also hitting fresh seven-year highs as a worldwide shortage is helping to keep prices up, it's up nearly 2% at 5.83 and utility companies across the u.s. are feeling the brunt of these big moves. of course they are. let's bring in pseg ceo and chairman, ralph izzo. joining us in a fox business exclusive. ralph, great to see you this afternoon. as awe utility, how are you handling these price increases and how do you try and stop passing them on to consumers? >> it's good to be here, ashley , thank you for having me. ashley: yes.

>> so the regulatory that we have" is up in most jurisdiction s of course that includes an ample supply of natural gas in storage, so the immediate price impact that you actually reported on just a second ago isn't felt by consumers. we blended it with some of the lower cost gas that we've been able to accumulate over recent years. ashley: want to talk about oil. you know, today, opec predicted and of course they are talking up their own books but opec says despite the growth of renewables , oil will still remain king through 2035. what do you think about that, and how does that, you know, you've made moves in other directions. what do you say? >> well that certainly is not going to be the case for the power sector and it's less and less the case for the home, heating and business process economy. now, there maybe some parts of the world where that's accurate, but as you know, we're electrifying transportation, we

moved away from oil as an electricity fuel decades ago so i do think there will be constant pressure on the use of oil. that demand will go down as a primary energy source. it has tremendous value, as a feedstock for product, whether that's paints, plastics or a variety of other products that we use on a daily basis but as a feedstock or primary fuel source in the power production business or as a replacement for natural gas i would respectfully disagree. ashley: it's interesting, because the administration, as we know, is all about green energy. what steps have you taken in that direction and how cost effective is it? i know initially, it's expensive to change, but do you see in the future, these green forms of energy being more mainstream? >> yeah, so we do, but we see it as a hierarchy. first of all the number one

green thing that most people can do, that's good for their wallet , is to be more efficient with their energy use. that's making the capital investments and variable speed drive mode more efficient re fridge rating and air conditioning systems, more efficient lighting, because over time, that's an economically -wise thing to do beyond that, we think that the most important thing to do is to preserve the existing green assets we have in operation that have largely already been paid for. things like our existing nuclear fleet, and then once you start getting into the next wave of renewable energy, what we'd like to see is an economic signal that provides a price on carbon, so that we make intelligent decisions about where to locate those renewable assets, and then build the transmission infrastructure to take that supply-rich region and deliver it to where the demand is the greatest, and i think if we do all of the above, then we can achieve the environmental goals that we have, and actually grow a very vibrant economy at the

same time. ashley: very quickly, ralph, i wanted to get this in, all this talk about spending on infrastructure. i think everybody agrees that is very important, but what about from the power grid standpoint, how much would you like to see invested and how badly is, you know, the restructuring of this country's power grid overall? >> well there's no doubt in my mind that climate change is real and we're already starting to feel the impacts of it so there is a degree of resiliency that does not exist in the grid that anticipates the kind of changes that we're experiencing, tornado es in new jersey, super hot temperature in portland, super cold temperatures in texas , so we've been working with our state regulator quite candidly to invest in the infrastructure in a way to make it more resilient. what's needed at the national level is a coherent policy on carbon, either in the form of standards, incentives, production tax credits, or price on carbon that creates a broader market for us to be able

to make the kind of decisions that i eluded to before where we rationally develop renewables and import it to the right location. ashley: coherent policy out of washington d.c. well, we can still dream. ralph, thank you so much, fascinating conversation. thanks so much for joining us we appreciate it. >> my pleasure, thank you. ashley: meme mania putting billionaire ken griffin at the center of a new controversy. charlie breaks it on what republicans are now saying about sec chair gary gensler's attacks on payment for order flow and whose really pulling his strings charlie is on it as we head to the break we'll take a look at the big board, the dow as we know has been down is off 476 points, with the final bell ring ing in about 18 minutes we'll be right back. my retirement plan with voya keeps me moving forward...

even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. come on, grandpa! later. got grandpa things to do. aw, grandpas are the best! well planned. well invested. well protected. voya. be confident to and through retirement. i'll shoot you an estimate as soon as i get back to the office. hey, i can help you do that right now. high thryv! thryv? yep. i'm the all-in-one management software built for small business. high thryv! ow. get a free demo at thryv.com.

it's moving day. and while her friends are doing the heavy lifting, ow. jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.

ashley: today's sell-off, not stopping one of meme stock mania 's newest styles, shares of alfie, what's it all about, jumping today on a deal to expand the miami-based tech firms advertising landscape, with the media, the maker of interactive tablets for uber and lyft riders right now, as you can see , up a healthy 14%, up $ 1 or thereabouts just over $8 a share in a very down day for the overall market. now, this. kenny g, he's playing a different tune. citadel's ken griffin, that is, the reddit crowd ahead of a report due from the sec anyday now on january's meme trading frenzy. there's only one person that's been all over this story like a cheap suit, charlie gasparino.

charlie? charlie: just so people don't know we've been trying to get kenny g on the real kenny g, the musician, to get him to talk about this because his name and meme is all over the reddit boards because of another guy named kenny k, named ken griffin who runs the citadel investment and securities empire, who is this sort of reddit crowd, they think, here's the conspiracy theory that trended, just so you know, trended in the last 24 hours. somehow, because remember how they robinhood stopped trading stocks or stopped processing trades during the meme stock frenzy, back in january? that it was all done because it was a collusion between kenny g, that kenny g, and the head of robinhood, who somehow spoke to each other, said let's screw over the small investor reddit crowd and protect big wall street. this whole meme, and on top of

that that kenny g lied before congress when hism plained this situation. this was trending, i'll tell you i saw it last night and today, was trending so much that citadel had to put out multiple statements denying it calling it a massive conspiracy theory and he likened the reddit crowd to people who don't believe that we've ever put anybody on the moon. you got to see these, i called them a bunch of conspiracy theorists one of the fascinating parts is these reddit guys keep saying they spoke, listen, kenny g is on the record saying he's never spoken to him, he's never texted him, never e-mailed him, now of course, robinhood and citadel have a big working relationship. robinhood you can buy a stock on robinhood without paying a commission because it sells its buy and sell orders to third party brokers like citadel who matched a process known as payment for order flow. of course they have a

relationship and citadel is robinhood's biggest client, but you know, the notion that they conspired to screw people has never been proven, even though the sec is looking at this. i mean, this is such a bizarre thing, you know, you would think gary gensler has better things on his mind to deal with than payment for order flow, but he's apparently channeling the reddit crowd, channel channeling them more than he's channeling anything else these days, apparently, and except for maybe elizabeth warren who he gets his orders from but that's a whole other point. one thing i want to point out that if you talk to republicans in congress and this is where it gets really nasty, they say this is totally, that the attacks on ken griffin not just necessarily from the reddit crowd but as being taken up by gary gensler whose looking at this whole meme stock frenzy and whether griffin and citadel did anything wrong in payment for order flow, that is being investigated, that it's purely political motivated because ken griffin is one of the top

republican donations out there and that somehow this is their conspiracy theory so it makes a little more rational sense that the attacks on griffin is coming from elizabeth warren who wants basically to neuter a major republican donor, you know, as the mid-terms come up, so this has got so many legs and tentacles, ashley, it's not just crazy stuff on reddit. there's a political element, there's gary gensler versus republicans in congress talking about this political element, there's a notion of whether payment for order flow is good most people say trading has never been cheaper and more efficient for the average investor gary gensler think there's something wrong with payment for order flow. we shall see the evidence, the evidence has been scanned so far, i'm still waiting to see , so this is one hell of a story, and it's not going away. i just think it's funny that citadel had to put out these statements because of all of

this trending. ashley: gary gensler looks like the classic government accountability so if you have to put a face on it, that be the one. charlie: right and i think we need the real kenny g to sort this out don't you think? maybe what we could do is get kenny g, in between gensler and ken griffin and play a song. right? what do you think of that? ashley: pull out his saxophone. at least kenny g, coming to an elevator near you. charlie: i can't believe this thing is that big. stop yelling in my ear! ashley: me too, they are yelling in my ear. charlie: i can't believe we're talking about this. it's hysterical. ashley: i know. we'll see kenny g, next week. charlie great stuff we'll head to the break. by the way china's cracking down on its companies, is it actually providing investors here with an overseas opportunity? today's countdown closers surprising answer to that

question is next, we head to the break. the dow up well look at the nasdaq is down almost two and three quarters a percent the dow is up 553 points the "clayman countdown" is coming right back. you have the best pizza in town and the worst wait times. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

. .

ashley: the closing bell ringing in just five minutes from now. look at all the red. the nasdaq at session lows. down, two and three quarters, nearly 3%. down more than had hundred points. the dow and s&p not doing better -- 400. s&p down about 2%. biggest drags on the dow, microsoft, boeing, goldman sachs, firmly in the red. that is a big hit of stocks to add to losses of the dow to their percentages. microsoft down about three 1/2%. on the other side of the

spectrum let's look at energy if we can. chevron, one of the few, very modest, chevron up a quarter of a percent but one of the few bright spots on the dow up 27 cents. the energy parade continues over on the s&p 500, schlumberger, conoco phillips some of the stocks leading the index. there you go. energy one of the few bright spots, sliding on the s&p 500 and nasdaq which is applied materials which got downgraded from new street research to 140-dollar price target. chip sector is south, applied materials following the treasury yields spiking. we've seen it hit all sorts of tech sector, growth stocks. applied material down as you can see now nearly 7%. been that kind of day, bond yields up. tech getting hammered. nag dak in line getting hammered

china's pinduao taking a hit, down 7% at this hour, that stock. from big tech to gaming, evs, cryptos, china has been dropping the regulatory hammer left, right and center, sending shockwaves throughout the world. our "countdown" closer who has 3.5 billion in management still thinks china has good returns for the global investor. he joins me now to explain. ahmed, great to see you, i think one country investors were a little weary about right now is china, so why not you? >> you have to to invest smartly in china. we had gone underweight china and emerging markets last quarter. we think we have a window where we have a tactical opportunity to buy a market that is pretty

cheap and a market we believe the chinese government will be stimulating providing attractive opportunities. you have to act smartly, stay away from big tech, internet, gaming, property, those sectors, internet of things, chips, where the china government sickle is likely not to hurt. ashley: chip sector? >> bwm, ewo are etfs we initiated overweight position for a tactical basis. for investors who want tactical opportunities in china we would look higher up in the capital structure. a name likeh cbon the chinese sovereign bond market and high grade corporates there. we've seen even during a china centered risk off event like we've been having since july those bonds have performed very,

very well. i give you an example, when we purchased those back in july, that position is up 1.3%. our investment grade corporate positions are up only 1%. treasurys flat for that time. the chinese sovereign bond market in one of my mind one of the most attractive developed bond markets out there. you have basically uncorrelated assets, pretty diversified and carry rich. ashley: on a day like today, what do you tell your clients? i'm sure you're getting calls. you see all the red. is there something that we've talked about much-needed for this market shaken out a little bit? we've gone so far for so long what are you telling your clients? >> actually the chinese markets were one of the pockets of strength overnight. if you look at the price behavior in asia and europe, china was one of the only centers that was actually in the green this morning. and a lot of this because we think a lot of the bad news has been already priced in. what we're doing is looking

forward what will happen over the next three months. ashley: very good. you got a lot in a short amount of time. thank you so much for joining us this afternoon on a down day for sure on the markets. [closing bell rings] when i say down. >> 568 points, still 1.6%. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. i want to begin this evening with some thoughts on today's senate hearing with treasury secretary janet yellen and fed chair jay powell and the hearing had the perfectly awful title, cares act oversight of the treasury and federal reserve, colon, supporting an equitable pandemic recovery. end quote. our first guest by the way, senator pat toomey and he