from an earnings perspective was a lot better than the second quarter, so the year-over-year growth is going to be meaningful charles: right. all right, hey, mitch, rob, thank you both very much, we love having those calming hands particularly in these kind of sessions. we're off the lows of the day though, right? beginnings i'll take some of the credit for that, the cp effect but also people have already begun to buy on the dip. cheryl casone, i'm buckled up, i know it's going to be great, just filling in for liz and i can't wait. charles: the last hour of the last quarter,qq 3 in the books the reopening trade stalled we'll talk about that during this hour with our guys. wall street is watching right now, the halls of congress, with a keen eye at this hour as markets are mixed as we wrap up the month and quarter as you can see the dow is down 320 points we're off session lows at least for now, s&p is down 19, nasdaq though tech-heavy nasdaq is up 35, after yesterday's losses. we'll try to figure out what's going on in d.c.

there's a lot of moving parts. congress has yet to pass an extension of funding to avoid a government shutdown that does begin at midnight tonight. we're still waiting on when the house is going to hold a vote on that, the senate has already done there's and then also, we're trying to figure out what's going on with this bipartisan infrastructure bill, what is nancy pelosi going to do or won't she? this also is coming as that massive $3.5 trillion social spending package seems to be teetering on the brink, we'll go straight to capitol hill for up to the minute details in just moments. meanwhile the high cost of products costing consumers and businesses a pretty penny. we're going to talk to billionaire entrepreneur and founder of kind daniel labetsky about why he's launching a new mexican food line in this inflationary period , inflation one of the big stories of the third quarter and then there was this. a pileup that is slamming the nation's pork, causing the supply chain to buckle we're going to go live to the port of

savannah for the firsthand look. >> all right, back to capitol hill, and the breaking news we've been following and we're going to be following through the next hour. congress is racing against the clock as the deadline for government shutdown looms. that is nine hours away from now it is at midnight. now the senate did pass the continuing resolution to fund the government that happened about an hour ago. now, it's up to the house to take up the measure. president joe biden will need to sign before midnight to avoid a government shut done, we expect this all to happen if it all goes according to plan, but that's not the only issue that's facing congress. they still got the debt ceiling to figure out. some say abolish it. infrastructure, that $1 trillion package and then that $3.5 trillion in social spending , that's on the agenda, or is it? chad pergram joins us live in the nation's capitol to sort through the chaos on capitol hill, chad that's the question will she or won't she bring infrastructure to the floor? reporter: you know, we just got

a notice a few minutes ago that it said that they were still planning to put that bill on the floor later today but i noted to my colleagues it did not necessarily say pass. so that's still up in the air right now, but as it pertains to funding the government, the senate now voted to avert a government shutdown, the vote was 65-35, and this is now before the house of representatives. they're debating that right now and we are not expecting a problem with government funding tonight. republicans want to know why this slammed into the deadline of funding expiring at midnight. >> now the democrats and president biden and nancy pelosi , it's no longer one bill. it's reconciliation with infrastructure. that's not something you want. that's not something you can afford. reporter: mccarthy is eluding to a possible vote later today on the bipartisan infrastructure package in the house. it is up in the air.

in fact earlier in the week the senate tried to start debate on a bill to fund the government and suspend the debt limit through next december, but the gop filibustered the bill because democrats tacked on the debt ceiling. the gop is adimate it won't help democrats hike the debt ceiling. that deadline is october 18. so, this funds the government at current levels through december 3, included in the bill is money for hurricane ida relief and to settle afghan refugees. cheryl? >> so we're still waiting to see. nancy pelosi is on the floor, is that correct, chad? reporter: she was on the floor a couple moments ago speaking in favor of the government funding bill. she usually goes to the floor to talk about these big issues. we thought she might make a bit of announcement and i stuck my head into the chamber but we just talked about the government funding bill. >> again the big question which i know as you said today on the air, she's a master at vote counts. she will not go to the floor if she doesn't think she has the vote, but does she have

republican support? that's what you were talking about earlier. >> yeah that's harder to judge. we think there are about 10 republicans, minimum, who would vote for the bipartisan infrastructure package. that's why it's bipartisan, that number could be as high as maybe in the low 20s, but that is harder to gauge when you get on to the other side of the aisle, and this is where the chair of the progressive caucus from washington state indicated that maybe she has as many as 50 members who would vote no so maybe though, nancy pelosi knows something that we all don't know , exactly how many progressives will vote no and then its worked out on the republican side of the aisle and this is why kevin mccarthy, the minority leader, would not give a specific number as to how many republicans he thought would vote yet. remember, steve scalise was whipping his side to vote no. >> okay, well i know you're not going to go far. please come back with any new updates, chad pergram, thank you >> thank you. >> great reporting as always i have your e-mails ready to go. all right, well while government

shutdown vote is coming down to the wire right now, investors are wrapping up the month and the quarter today. let's take a look at how the markets performed because again, that reopening trade i mentioned with charles, it kind of stalled out to be honest, stocks following their september prophecy of being a losing month as you can see the dow losing more than 3.5% for the month, s&p losing 4%, the tech-heavy nasdaq losing 4.68% and that's been a lot of the big darlings that we loved in the second quarter kind of sold off in the third quarter. now as far as this quarter goes the s&p 500 is the only index that stuck the landing, as you can see , those are the numbers right there in the s&p and the nasdaq, as you can see there , both in the green, so we will take it in particular, like we seen so many tech sell-off, these numbers have been kind of really taking it down to the wire in the last hour but the dow, as you can see , negative for the quarter. so some of the top losers there including casino stocks wynn and

las vegas sands under pressure from china regulators and then the winner on the s&p 500, moderna. the vaccine maker, moderna. also that was the top quarterly performer for the facility 100, while zoom and peloton took a beating as people returned to work and to school. now, time to take a look at the quarter ahead let's get to our floor show what do we got next, stephen guilfoyle and scott shellady and stephen, i'll take this to you first. september did kind of again as i mentioned fill out the prophecy it's going to be a rough month, but now we move into the last quarter and we've got earnings coming. what is the rest of the year going to look like? >> all right, i think traders basically expect the third quarter to be less successful than we had hoped for going into it so now the focus is on the steeper yield curve, pressured margins. we'll be watching for fourth quarter guidance, we're watching for 2022 guidance. i'm increasing my holdings in the banks and wells fargo and bank of america, i'm back in energy, i'm in the conoco

phillips, i think healthcare is important, testing for covid as far as covid treatment so that's abbott, merck now, i think china will make waves, lockheed, andre raytheon and some day the pacific is going to get screwed so matx. >> interesting okay, it's interesting too as well because if you look at, scott will take, scott shellady, there's so many things to worry about i'll give you four things and you tell me which one you're most worried about and what you're least worried, you've got the virus, you got the debt ceiling, inflation, and then monetary policy. >> i'm least worried about the delta variant, with the virus. i'm most concerned about inflation. >> okay. >> i've got it wrong, cheryl. i thought this was going to be more of a transitory issue when we shut the economy down in 202e turning off a light. i thought we be able to turn that light back on. might take the bulbs a little

bit to warmup and shake up but it hasn't been like that at all. when we've been trying to reopen this economy, we've had to try to move things around, they need to be in the right place at the right time. it's a puzzle reopening the economy. it's not like turning a light switch on, so putting this puzzle together, and just in time inventory works until it doesn't. we've had a lot of problems that way and because of that we've got inflationary pressures all over the place because people can't get this , they can't get their energy, when think do they will pay whatever because they need it so i think now, inflation, we should maybe have another class on how long it's transitory because transitory now is becoming way too long than i thought it was going to be so i think that this inflation is really going to start to be a problem. so, so, we've got a fed that's talking about hiking rates into the teeth of arguably an economy that's not doing as well as we thought it was going to do and there's some that say it's actually weakening. when is the last time you heard the fed talk about raising interest rates into an economy

going sideways to lower? i don't think i've ever seen that in my 34 years in the business so that's what i'm really worried about and that's the markets slowly waking up to. i do know there's a lot of cash on the sidelines and earnings are going to be great but we'll still have to wrestle with everything i just said and maybe way higher taxes, so we've got a mind field to go through here. >> and sarge, back to you on that because it's true. if i hear the word transitory one more time i'm going to tear my hair out. >> [laughter] i think there's still a shot at what i would call transitory be six months to a year of higher inflation. i think there's a chance that still holds true. for me the biggest threat right now is of course fiscal policy all over the news. i honestly think that the infrastructure package should be twice as big, it should be 2.4 trillion but that the other package should be maybe 1/3 the size they're talking about. the infrastructure package is a productive package. it creates jobs, it creates business-to-business spending. that's worthwhile. the other one, yeah, there are

social issues that have to be handled and the climate is a big deal, but as scott just said the economy is slowing down. i do see the economy slowing down, and i think that the infrastructure package be the shot in the arm, and you might as well if you're going to spend the money it might as well be on the right thing. >> roads and bridges and electric vehicles charging stations and 5g and again, infrastructure had always been bipartisan, now it's a political football and that's what we're watching happening in washington , guys. scott shellady, sarge guilfoyle great to see you guys appreciate it. >> thanks. >> well, the founder of snack titan kind unveiling his latest in the food industry, but could rising inflation be a disruption to his new business? coming up billionaire investor and entrepreneur daniel lubetsky , here to answer that question and more when the "clayman countdown" comes right back, as we go to break, keep you apprized of what's happening with the markets and the dow is down 272, a lot of

the things we're seeing in washington has had an affect as well as comments from janet yellen, "clayman countdown" is coming right back. 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.

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>> all right we want to go back live to d.c. right now you're looking at a live picture of the house floor, the house is now voting among the senate continuing resolution to fund the government. this will avert a government shutdown if it passes on the house floor it is expected to, so from the senate, now it's in the house, and then it goes to the white house, once it passes the house and president biden needs to sign it before midnight tonight. again less than nine hours away from a potential government shutdown, that likely is going to be averted if all of the votes are there. there's three other things to worry about though at this point , will nancy pelosi bring the infrastructure package , the $1 trillion package to the floor. we've got chad pergram standing by watching that, and then of course, $3.5 trillion spending package, which the progressive democrats want to be voted on, along with infrastructure and you've got senator joe manchin, senator krysten sinema of arizona saying they aren't on on board so even if the house were to pass something to the tune of

3.5 trillion in the senate it would not make it because there is no republicans support so one of the four things that the market is watching today and worry about is likely going to be taken off the table before the close and the markets close at 4:00 p.m. eastern time. we'll keep you posted on all of it. well, spices and condiments maker mccormick hitting a new 52 week low despite beating their quarter profit estimates. the company, announcing plans to implement cost increases by the end of the year, as inflation continues to reek after cabbies on the food industry but these jumps not stopping food entrepreneur daniel lebetzky by launching his new product, the mexican brand focuses on bringing this to american households, this will start in january of 2022. joining us now is the billionaire investor and founder, of the kind brand himself, daniel welcome back to the show it's good to see you. >> thank you, cheryl nice to be with you. >> so we were just talking about inflation a few moments

ago with our traders and our floor show, and you are launch ing this new brand in the middle of a pretty inflationary cycle when it comes to the u.s. consumer, and also to the bottleneck that we've seen with the supply chains around the world. so, you're still on track for january? >> we are, we are on track for january but you're completely right. there's no glass bottles, there's a bunch of challenges in companies that we have investors in and we're the little guy so we know how to be resourceful and nimble, but the issues with from china, i do some shark tank investing and there's companies that are like a year behind, provide us a little bit opportunity for u.s. manufacturing to be strengthened, but i think the issue is real. >> i want to get to the products but you're launching this with two former kind executives. you've got your team in place, i'm assuming that that be a good thing as far as strategic vision and how you all work with each

other at the same time, there's other big names out there, there's ortega, el paso, a lot of established mexican brands out there. how are you going to differentiate yourself in all of this? >> well yes, i'm partnering with miguel who are head of marketing and head of new product development and above all so much fun to work with, always laughing around while we're working together with the entire kind team and that's the same culture we're bringing to somos, so take it not so seriously and have fun and we're super excited about bringing authentic mexican food because all of the other brands that exist out there, they are good brands but they aren't really mexican, they are more like del mex. almost everything that people associate with mexican food doesn't exist in mexico. they have the yellow and hard shelled tortillas, i never seen them in mexico city, when i was 16 i was fascinated to see a bunch of things that really

don't exist in mexico and we're committed to elevate the experience and give people real options. the restaurant scene is like 20 years ahead so if you go to some authentic mexican restaurant across america, you'll be able to get a better feel for what's real mexican food but consumers don't currently have those choices at home. >> well there's no meat, no glu ten, and what's interesting is you're taking what you did with the kind bar but for those people that eat whole foods they don't want processed food, the kind bar has become a very popular option for them, and i say myself included when i met you here at fox a couple years ago i thought i was meeting a celebrity because you created the kind bar , but again, its become a crowded market. >> well the kind bar, obviously , revolutionized that space and we continue to try to do everything we can to bring people options across the world to try to give tens of millions of people more options for healthy snacks and you're

right. there is a parallel with simplicity of ingredients, there's a parallel with a commitment to try to give people helpful but delicious foods, but they are obviously very different kind, we try to give you convenience on the go, and other breakfast occasions and what we tried to do with my partners at somos is try to give you authentic mexican food you can get ready but cook it within five or 10 minutes. >> please come back in january. we'd love to be here for the launch, daniel, lubetzky , thank you very much. >> thank you. >> well daniel is living the american dream and so many others are chasing it. we are telling those stories in a brand new fox business prime lineup. >> let's go find a house. come on. >> i love this. oh, my gosh. >> it's amazing. >> oh, wow. >> with home values up 30%, over the last year, finding the forever home is truly an american dream come true. >> look at this , honey.

>> resort living is right here. >> twice the size of any kitchen we've ever been in. >> i love the feel of this house. >> wow. >> would it be a fourth floor? >> this is what i'm talking about, the dream home right here >> we follow families as they hunt and buy their perfect home. i'm hosting "american dream home " each tuesday evening, 8:00 and 8:30 p.m. eastern time, you'll see it only here on fox business. >> well, costco trying to avoid another toilet paper shortage, and this time is not because of covid stockpiling. coming up, what bottlenecks that ports are costing you and the stocks in your portfolio, and why things may get worse before they get better. >> as we go to break i want to look at the big board because again last hour of the last day of the third quarter, is going to be behind us shortly. right now the dow is down 300 points, all eyes are on washington, and we're going to come right back with more news.

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>> fox business alert space stocks launching into orbit in today's pop stocks. virgin galactic cleared for lift off once again by the faa, the safety agency, which had grounded all virgin galactic flights on september 2, saying it is now satisfied with new communication measures implemented by the space startup after a deviation in the landing of billionaire founder sir rich and branson's inaugural space flight and it was not communicated to the agency in line with current requirements. virgin galactic right now, is up about 13%. rocket lab also shooting for the moon today on a buy call from stifel. the bull move coming with a prediction of a potential 50% up side to shares, via the firm's $22 price target, rocket lab shares currently as you can see , up about 6.5%. lordstown rallying on reports is close to selling its ohio plant,

to taiwan's foxconn. this is the same factory it bought from gm two years ago. this sale will give a much needed cash boost to the electric truck maker call it a wild ride for rideshares today as you can see , it's 6.5% gain. now on the flip side investors slamming the brakes on car max, despite beating on revenues, a miss on earnings, leaving the auto retailer stalled at bottom of the s&p, right now car max is down almost 11.5%. and kohl's on no one's shopping list today, at least of all bank of america. analysts of the big bank double downgrading shares from buy to under perform on supply chain crunches, warning the lack of inventory could dent sales specifically in kohl's active and women's private label lines. i bet this is not the last time that we hear this about one of the retailers i've got to say that because the supply issues we're seeing right now and kohl's is down more than 11.5%.

let's stay with this because kohl's is not the only retailer getting killed today. bed, bath and beyond also getting. isunk by supply chain problems taking a look at the stock down 20.5% they said covid fears and historic supply chain bottleneck s were to blame for its disappointing third quarter results and take a look at this map of u.s. ports. it looks like the supply chain challenges are not going to ease anytime soon for america's biggest businesses. the ceo of the port of long beach saying congestion at its ports is at a crisis level and that pain is spreading to the atlantic coast in the port of savannah. ashley webster standing by live in the key hub right now and ashley, this is just getting worse and worse. ashley: yes, exactly. well, the port of sanctuary savannah is one of the busiest container hubs and a huge cargo ship being loaded, its unloaded its cargo and is now being

reloaded as exports go out and the imports have already come in this is being played out across the country and never-ending conveyor belt of these cargo ships bringing in their goods but the problem is they are starting to overwhelm the ports. here in savannah they have been able to keep up with it working around the clock. the shortage is drivers has not helped, certainly on the west coast. not quite as bad here as in sanctuary vana but there is no doubt, if you look at the percentage of delayed shipments from last year, compared to this year, it's up 43% that's the actual time for ocean freight to go from door-to-door, so no doubt, there is an impact. i spoke to griff lynch the executive director of the georgia ports authority. he said yes, we are seeing a lot of freight and yes, it is a challenge. take a listen. >> we're overwhelmed with freight, but i would say we're doing a lot better than most. i think if you're in the southeast you'll be okay. it's going to be a challenge but it tends to be for all of the ports around north america.

there's major hiccups but we'll be fine. ashley: okay so we're going to be fine. maybe not the same case around the country, cheryl, but listen. why are we seeing this? well there's increased consumer demand. there's increase from businesses trying to bulk up their inventories and oh, by the way, this is the beginning of the busy holiday season, so the impacts will likely be seen. we've already seen it, prices going up, store shelves looking just a little more empty and if you think it's going to be over soon, many economists say it could be into the first quarter or beyond next year, before we see this log jam of cargo at ports finally start to free up, so bottom line if you want to buy holiday presents you may want to start about now, cheryl? >> or your natural gas or your propane for your house. the list goes on and on. ashley webster who by the way is now safely on the ground, i just want to note, from earlier this morning when he was flying. >> thank you.

>> thank, ash. well jamie dimon making a big call when it comes to the debt ceiling. what the jpmorgan ceo has to say about ongoing dramas on capitol hill, and what wall street and democratic insider robert wolf thinks of all of the d.c. dysfunction. >> let's take a look at your markets right now you do have, you know, the dow and we were not at session lows but we're pushing it dow is down 309, s&p on 18, tech-heavy nasdaq is up 41, we will be right back. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. 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! help me with scheduling?

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this is the planning effect. if you ask suzie about the future, she'll say she's got goals. and since she's got goals, she might need help reaching them, and so she'll get some help from fidelity, and at fidelity, someone will help her create a plan for all her goals, which means suzie will be feeling so good about that plan, she can just enjoy right now. that's the planning effect, from fidelity. >> breaking news we do have our eyes right now on the floor of the house, and that's what you're looking at that live picture, they are still voting to extend government funding through december, they're getting close to the end on this vote, and again its already passed the senate. essentially this does put a potential government shutdown at midnight to rest. there is still last minute deal

making though going on and when are we going to vote, do we know , on the $1 trillion bipartisan infrastructure bill. it's unclear at this point if nancy pelosi is going to bring the infrastructure bill to the floor. knowing her, she wouldn't do it unless she had the votes. chad pergram has eyes on that side of the story in the house right now. the u.s. chamber of commerce, by the way, lashing out this morning, may call the infrastructure bill a hostage situation, and embarrassment if the package isn't passed in congress today. the bill right now is the key to rebuilding roads and bridges across this country, strengthen ing 5g, building a nationwide ev charging network that is a hallmark of president biden's plan to fight climate change and again, bipartisan, infrastructure is usually bipartisan. let's bring in former ubs america's chairman and ceo, and a fox news contributor and just great guy democratic insider robert wolf. great to see you. nice to see you, cheryl. >> what do you make of what

you're seeing right now out of washington? the shutdown avert but you still got the debt ceiling issue that's kind of hanging over the country and then you've got these two competing bills that manchin is basically stomped on at least the $3.5 trillion bill. >> well i think washington's been a bit of a debacle, and this polarizing environment doesn't help anyone in our nation, so let's just take each. the idea that we have been talking about a government shutdown is ridiculous. especially during covid, and the idea that we've only extended it to early december we're going to have to go through this question is absurd. the debt ceiling, which has been passed 80 times, since 1960. this is not political. this is something that the u.s. congress has approved its liabilities and budget and now he must pay for them via the treasury. that's why secretary yellen has been so adimate that we're

talking about the full-facing credit of the country. i think it's despicable that someone like senator scott makes comments oh, we're having fun with this. when he was a businessman, trust me, he wanted to make sure the full faith and credit of the u.s. treasury was not screw ed around with. >> well hold on real quick though i want to stop you because you brought up treasury secretary yellen. she said today, actually, on capitol hill, that she thinks that the debt ceiling should be abolished. jamie dimon thinks that the debt ceiling should be abolished but you say not so. >> yeah, i don't really agree with that. yes its been approved 80 times in a row and let's be honest. we're not fiscally responsible as a country to begin with, but i do think we should change the structure of a debt ceiling, and it should go through a real formal vote, and there should be a real vote and real debate about how much money this country is spending, and i think if we just abolish the debt ceiling, i don't think

it's the right course of action. i think restructuring and having real debate and not making government be open and the debt ceiling to pair liabilities like social security and military pay should be what we're debating. we should be debating how much fiscal responsibility the country you want to have. with respect, cheryl, to the other two things if you don't mind. >> please. infrastructure, i think we should pass it today. it's bipartisan. the chamber of commerce supports it, unions support it, every state in this country needs fiscal infrastructure improved. i think we should support it today. i'm also for the reconciliation bill but not at 3.5 trillion and i think we should tie it to the vote today either. i think we should work through it and pass it because it's part of the build back better agenda. >> i think as a business person , you know, you said something that i really agree with, and that fiscal responsibility is really not

been happening in this country for decades and both parties are guilty of spending a lot of money over the last several years, we're sitting at what, almost $28.5 trillion in debt so i think to that point, the concerns i would think from the streator from the business community, is that if they do pass, this massive , whether it's 3.5 trillion infrastructure i think i agree, it's good for the country, but with a 3.5 trillion and this is manchin 's issue here, is that it's fiscally irresponsible and you're just, it's just too much money, because you're going to end up having to raise taxes that can affect businesses, that can affect consumers, that can impact consumer spending. it will trickle down. they say it's not going to cost anything but i find that difficult to believe. >> listen i wasn't supportive of the recent tax reform that caused incredible deficits to our country, and never paid for itself. the idea that it paid for itself is ridiculous.

we just know it's not accurate. that being said, we need to change some of the tax reform that was approved under the trump adminitration. there is no question that there should be a global minimum tax of 15%. corporations that make billions of dollars should not be able to pay zero. i think also, we should rethink about the corporate income tax. i think whether if we go to 25%, i mean, no ones expecting it to go from 28 to 20 so back at 25%, i think all the corporations be fine with something that's like that. those type of things will pay for a majority of both the infrastructure plan and a bunch of the reconciliation plan , so i actually think it's being more fiscally responsible than what we've seen the past few years. >> well, i do want to thank you again, robert wolf. i always love talking to you you're such the voice of reason. great to see you we're now down to six votes by the way, to go through on the house floor.

we had that live picture up just a moment ago so it looks like, again government shutdown averted, through the senate, looks like it's going to the house now and then to the president's desk. great to see you robert. >> thank you, cheryl. >> have a great day. well, as we continue to watch what's happening in washington, charlie has got some news he's going to break here on a whole new controversy brewing at meme mania's favorite trading platform. charlie gasparino has got the latest drama a robinhood, coming up next, and taking a look at the big board, we've got an escalation of selling folk, down 389, again this is the last hour of the last day of trading for the third quarter. kind of glad it's over, all right we'll be right back. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship

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>> all right the breaking news out of washington, the house has officially voted to fund the government, and avert a federal shutdown the vote passing 254-175 this will fund the government through december 3. the bill, now on the way, to the desk of president joe biden who is expected to sign it so again, the funding would have expired at midnight tonight, again a government shutdown has been overted debt ceiling another story we'll talk about that in a moment. okay, cryptos are jumping intra day the virtual currency market, lighting up after securities and exchange commission chairman gary gensler again said he would support futures-based bitcoin etf's at a financial industry conference. gensler saying, exchange traded funds based on futures for the original crypto be safer for investors due to protections required by current laws on such products. we always get asked how to invest in crypto. well here you go. he previously made similar comments in august. bitcoin as you can see right

there, is higher it's at 43, 720 a gain of more than 6%, ether is up more than 6.5% and litecoin is up more than 6%. well, shares of amc are speaking right now taking a look at the stock as you can see , there's a gain of more than almost 7.5% thanks to a tweet from charlie gasparino who reports this. sources tell fox business, the robinhood app, employee trading scrutinized by the sec includes those by the firm's president who shares of amc during the meme stock frenzy sources say robinhood's position is the trades are not illegal. here he is. charlie: i don't know why amc stock, there's so much chatter around this stock and so much fluff and height that anything, you have to follow the meme stock craze to really know this. anything that is negative for robinhood, which the meme stock people hate robinhood because they cutoff the trading

on january 29, remember they halted training in all the meme stocks and it crushed shares of amc and gme, and anything that's negative for robinhood and by extension, citadel as well, those citadel and directly involved in this , is good for amc at least that's the theory. so that's what's going on here and this is bad, i think, for robinhood. here's what we do know. the sec is investigating employee trades at robinhood, that occurred during the meme stock frenzy. so there were robinhood executives, apparently, that were trading at that time. sounds kind of crazy. it gets even craze crazier. one of the people trading was the firm's president, jim swartw out. he sold shares of amc so he was actively trading amc right before, two or three days before, they closed trading. they halted the trading.

he said he was going to sell his shares, at least according to a lawsuit that "internal dialogue" they apparently these people suing robinhood, it's a class action suit from shareholders who feel like they got screwed because remember shares of all of the meme stocks, declined dramatically when they halted trading, it's a class action suit to recoup those losses. this came out in discovery. he basically says, in an internal chat e-mail, that i'm selling all my stock and by the way, you know, we're going to start placing restrictions on gme, i think he mentioned, tomorrow, so, this is really complicated stuff. here's what i would say. robinhood has taken the position from what i understand that this is not illegal. it may look bad and -- >> unethical maybe. charlie: doesn't mean that mr. swartwout will face disciplinary, that's from what i understand that is potentially in the cards.

but illegal, does it mean insider trading, does it mean that he was front-running a decision, that occurred later on they don't believe that's the case. what i understand, their position is, they didn't makeup their mind for stopping the trading on everything until much later, after he made his trade. he made his trade, his sale, independent of that decision. now, whether it was independent of other decisions i don't know, but you know, i just like to know what the hell is the president, i'm trying to get an answer from this , the president of the company that is benefiting from the sale of all these meme stocks is actually actively engaging in the buying and selling of meme stocks. it just -- >> it looks bad. it just looks bad, it smells bad charlie: so now why this is material positive to amc is beyond me. as crazy as this environment is whatever is bad for robinhood,

the reddit people hate robinhood so much they think and if it mentions amc, they look at that as a reason to buy amc and that's what you had here. this story is obviously developing. i want robinhood side of the story. i would like, placed the call to mr. swartwout, he did not return it. there's no public comment yet, but if you look from what i understand, robinhood's position is pretty clear on illegality. it's not here, just so you know. it's two different decisions. >> i'm getting yelled at charlie it's good to see you in person. we've actually got an escalation in selling down on 461, everybody. goldman sachs by the way, predicting a dark road ahead in china. our countdown closer says the big bank is dead on and we're on these markets folks. i don't know what to say we've got a fast, fast moving market we'll cover it and we'll be right back.

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♪. cheryl: all right, we just got about three minutes to close before the close of markets. we're hitting session lows. as you see this is the end of the month, the end of the quarter. right now the dow is down 500 points. the s&p, nasdaq lower. we're wrapping up q3. goldman sachs slashing third quarter gdp for china to zero. this is big move. the country has a growth shock. that is hard pill to swallow for those who have exposure to the world's second largest economy and asia at large in their portfolios. our "countdown" closer says there is way to stay in the game without taking losses. good to see you. >> good to see you, cheryl. cheryl: that is a good question

for some folks that like etfs but they want to get away from the china exposure and look at a emerging market. that is what your strategy seems to be, correct? >> you definitely want to tap into the etf world and i-share world. it is a great trade avenue, get exposure to the em market but not tracking china. there is a lot of negative data points out of china which is definitely contributing to today's selloff. cheryl: if you look over, if you have got your emerging market positions you want to take that out obviously there is a way to do that with iemg. >> yes. cheryl: what about the focus on the u.s.? you want to make plays in the u.s., also avoid exposure to asia? >> the dividend fund. dvy i-shares is a great avenue to outperform the s&p. companies are flush with cash, they're raising their dividends and that is a great opportunity like slow and steady. people are looking for yield.

that comes through with a nice little offset in the u.s. cheryl: quickly we've seen the 10-year ticking higher, the yield on the 10-year and that obviously had serious effects on technology stocks. but that also will have generic effect if will on any etf you recommend. what do you think about the 10-year and are you worried? >> cheryl, that is a great point. that is significant. the velocity of the 10-year is key. what happened people are looking at their portfolios, they're looking at stocks especially large cap tech. large cap tech gets hurt when yields on the 10-year go higher. i don't think it is an accident china stimulating their economy the way they are. every day coming out with a headline, that forces you to sell tech, get money off the table. people are concerned with a lot of negative activity right now. not a lot of upside from here. that is what we're feeling. cheryl: we'll see if in q4 they decide to buy the dip.

that worked over the course of the year. you have to wonder if that changes. doran, thank you very much. we're sitting at session lows with the month and quarter at lows of the session. [closing bell rings] we're still moving lower. that is it for "the claman countdown." the end of the quarter on q4. i will see you tomorrow. ♪. larry: hello, everyone, welcome back to "kudlow." i'm larry kudlow. so capitol hill is literally exploding today over budget policy and we have hillary vaughn to tell us all about it. good evening, hillary. reporter: good evening, larry. well the white house and top democratic leaders here in congress are trying to put on a brave face today. vice president harris just left the hill. she was asked if she is confident that the bipartisan infrastructure bill will pass. she says she is confide