i just think it's a pure play on fossil fuels they aren't diversifying, peak energy demand still years off, and right now the multiples are cheap. you've got half the multiple of the s&p 500, and you're getting a 6% yield, heads you win, tails you win. charles: malcolm it was great having you on the show. >> thanks for having me. charles: ryan, you were okay too >> [laughter] charles: all right, folks we've got the cp effect for now, cheryl casone, you let me down the last couple days i hope you can hold on to it today. >> i'm going to try my best charles thanks a lot, buddy but it's nice when you got the dow trading on merck and medical news and wall street news and they're both good news, and this is no fright fest on wall street as markets hit session highs with no sign of the october effect in sight as of yet. fourth quarter beginning, with the bulls winning at this hour on the first trade day of the month, known for scary sell-off, and some crashes. right now you've got the dow up and again, they were just talking about this session highs , dow is up 554, s&p up 56

and almost 57, nasdaq up 126. this is coming as president joe biden is headed right now for capitol hill to help his fellow democrats find a path forward on trillions of dollars in spending, will the dems come to a consensus as the day starts to wind-down in washington, will there be a vote on infrastructure tonight? we're going to go straight to capitol hill for up to the minute latest details for all of you. >> plus, breakfast dining darling, first watch, serving up investors with a hot ipo, as ceo 's going to join us as his chain restaurant makes its nasdaq debut today. and we're going to talk to the ceo with the ultimate solution to the nation's driver shortage. cut drivers out of the picture, entirely. the ceo is here to tell us all about his self-driving trucks. >> getting back to these markets because as i mentioned this to

charles a moment ago you've gotta love good news makes good market news. merck is sitting at the top of the dow and the s&p right now, after the drugmaker and ridge- bake biotherapeutics its partner said their oral anti- viral treatment for covid-19, which be the first oral treatment ever for covid-19 , reduced the risk of hospitalization or death by 50% with patients that had mild or moderate cases. the company plans to seek emergency authorization for the treatment. all of the patients in their trial, by the way, were un vaccinated patients. 50%, folks, big story today, and that is really helping the markets, merck adding at least 44 points to the dow right now and as you can see we're sitting at session highs for the dow and nasdaq and the s&p. again, this is how we're going to start october. we'll see if the month turns out this way. now, the month is also notable for market crashes. we saw one in 1929, we saw one

in 1987, but according to be spoke investment group the dow averaged an increase of a half a percent, and stock traders almanac says that the s&p 500 usually averages a gain of eight -tenths of a percent, so not albidus, since 1950 it ranks as the seventh best month while in the past 10 and 20 years it ranks as the fourth best. will this year be any different with fed tapering on the horizon let's get right to our floor show, got thomas haze and larry shober with me and larry i like to look at history because there have been some huge market events that some we were alive for and some we were not, larry but as we move into the fourth quarter is there reason to be optimistic? >> yeah, i think it's always reason to be optimistic and i think trying to predict the next market crash is kind of a bulls guam instead of preparing for it but that said, i think we know what's going on right now. we know the unemployment scene is struggling a little bit.

eurozone right now with inflation, but i think the story people aren't talking about is the severe slow down in china, so with their economic data so that could rain on our parade in october but right now i just don't see it happening. >> thomas i've got to say here the s&p, you know, for the week at least, was having its worst week in about a month, nasdaq not doing much better, kind of in line, and in the tech story its been unfortunate. well we have seen today, at least, some of this buying on the dip, but overall, it seems the reopening trade had kind of stalled for the month of september. having said that, you've got this great news on merck today, and their covid treatment, which is basically like tamiflu for covid and then you've also got the fact that cases are going down and the average daily death rate is going down. doesn't this give you a sense of the broader economy is going to pick-up steam? >> yeah, cheryl, i think with the merck pill, with global cases going down, and with the

fed signaling taper, which means we're going to be in a rising rate environment through the end of the year, i think we're going to see the leadership mantel change from tech and growth over the summer, back to cyclicals reopening in value like we saw inq 1 andq 2 of this year, and in that context, we want to get exposure to those sectors that have fallen out of favor over summer. we like wynn resorts if we saw the macau gaming numbers over the weekend, they were up 32.4% month on month, september versus august, which is pretty exciting the stock has been down on fears that their license and concessions won't be renewed next year, but if you look under the hood, local partners own 28% of wynn so i think those fears are overblown, because the government won't hurt the local partners and then the booking trends are picking up plus the digital platform for gaming and sports betting has a long runway ahead and then look at lockheed martin

industrials and aerospace , it's off 15% off of its highs earning 27% more next year than it did pre-pandemic, and yet, it's 18% off of its pre -pandemic highs, it's trading at about 12.5 times next year's earnings, and you get a 3.25% dividend yield while you wait. >> a lot to unpack there. larry, go ahead. >> you know, one of my all-time favorites continues to be jpmorgan. i know it's up 30 something percent on the year, but there's a whole sector recently, just because of the thought that maybe capital market revenue won't be as strong as they first thought. i think it's trading at a discount, given the fact that jpmorgan has the strongest or one of the strongest investment bank branches on the planet. it tends to lead in loan growth and let's keep in mind loan growth has not been that good this year so not surprised jpmorgan is up as much as it is. people who are relying on savings but i think loan growth

will start to expand, as we get into the end of the year, and best-in-class technology being able to market to the average investor, the average bank person, and the most complex deals on the planet, so when you think of pe of 11, yield of about 2.4%, i still think it's a good buy. >> no, no, i hear you and by the way we gotta run but to your point here, if you do have a higher interest rate environment over the next several months it's going to happen. we can't really avoid that now. that's good for the banks and i'm sure they are going to talk about what then earnings start to trickle in in a couple weeks, tom haze, larry shover, great pi cs. all right, we've got breaking news, right now. a lot is happening in washington , again today. president joe biden is expected to head to capitol hill at any moment. he's going to try and hammer home an agreement of trillions

of dollars of social spending and forge a path forward, at least, the bigger story right now, is that $1.2 trillion infrastructure bill and some components of that, hillary vaughn, i understand are expir ing tonight according to the d. o. t. you've been following this what do you know? reporter: well they are trying to work out, cheryl, to try to come up with some temporary funding to prevent thousands of department of transportation workers from being furloughed. that funding was part of the bipartisan infrastructure bill that really sits in limbo, because house democrats cannot get on the same page or come to an agreement over whether or not they should put up this bipartisan infrastructure bill for a vote, before the reconciliation social spending part gets a vote and ultimately passed in the senate . that's what progressives want. they met for two hours this morning and weren't able to come up with a compromise out of that meeting so now, they're

preparing to meet with president biden today, just really moments from now, to get clarity on what the path forward he thinks should be. from his perspective, because his agenda is on the line, but we did hear some new information from the chair of the house congressional progressive caucus congresswoman primila jayapaul, she said there's not an official counter offer put on the table from moderates, senators krysten sinema and joe manchin. >> we have been waiting for an offer to counter the 3.5 trillion that is on the table, so until we get that, we don't have anything to say about numbers so if you ask me about whether i'm willing to accept a number or not there's no number on the table and i'm not negotiating against myself. reporter: so that is a problem because if there is no counter offer on the table, there's nothing for progressives to agree to, or compromise with, so that pretty much puts everyone in a stalemate, on top

of that senator krysten sinema, we're told, is back in phoenix, arizona right now. she's not even here in d.c., so if progressives were going to try to get a vote on reconciliation done, as a last ditch effort before the bipartisan infrastructure bill went up for a vote that's not happening until at least senator sinema gets back here because she's a key vote but there have been moderates in the house that are getting increasingly frustrated with progress irss, cheryl, because they want to move on this hard infrastructure bill that's been sitting in limbo. >> and you know what, hillary, that's why we've got so many cameras trained on president biden in this hour, because it's going to see who he goes to talk to. is he going straight to nancy pelosi? i mean, it's obviously going to be on the house side where all of the back and forth is happening, right? so just figure out who he's actually putting pressure on. i wonder if it's the progressive s. reporter: they are all in the same room together. it's happening in the caucus room that they routinely meet in every week, and they're actually

putting wooden boxes outside the door of that so that members have to basically surrender their cell phones before going into the meeting so we're not expecting to get anything leak ing out from this meeting with the president intermittently, but you're right everyone is in this room. it's going to be speaker pelosi. there are the progressives there and there are also the moderates and the problem solvers caucus that have been trying to push this hard infrastructure bill up for a vote since its already been passed by the senate. >> we're following all of it hillary please come back if you have any new information for all of us obviously, hillary vaughn, live on capitol hill. you know, there's another thing happening with the economy that we've got to talk about here. big wheels not moving these days coming up, how one economist driving startup is looking to disrupt the truck driver shortage, and cut through the bottleneck in the delivery industry. >> let's take a look at the big board right now, we're definitely at session highs, in fact what's interesting is what you were seeing is we are bringing back all of the losses

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>> driverless car services are speeding through the next checkpoint, alphabet waymo and general motors autonomous car companies officially received california dmv approval to run awe for ton o must rob o box services in the san francisco bay area this is big and don't forget that liz was the very first broadcaster to ride in a waymo driverless car two years ago there she is, on this news, waymo parent alphabet is moving to the upside, up more than 2.25 % general motors again which backs cruz is also higher by more than 1%, but waymo and cruz aren't the only driverless vehicle services joining the race. autonomous trucking company is looking to transform trucking by eliminating dependency on workers and shipping bottlenecks , and ceo ghatam

joins us right now and it's great to have you here, i'm sorry i knew i was going to mess up your name but i love the company. so i hope you forgive me. so, let's talk about this , because this is big news in san francisco. is this going to help you in the bay area, with what you're trying to do with these b2b vehicles? >> it does, yes, so one key difference between what seems like waymo and cruz are trying to do is our exclusive focus on autonomous trucking so it's a company that focuses on this minimized segment from the supply chain, and, you know, what we do as a use case is move goods from let's say a distribution center to a micro d c, and then from there to retail locations, on a regular basis, we do this more than 20 hours daily, and the kind of things we use for these deliveries, is light and medium duty trucks, so it's a bit different from transportation, from the very big name at gatik,

the focus was how can we move these goods between fixed locations and efficient and safe manner. but to your point, the regulations as well, and one of the things that we do in gati k is the use case is very much intrastate, so we work with the state regulators and policy makers to basically give them up to speed with the kind of technology that we're doing, the kind of use cases that we're targeting and work hand in hand to inform some of these policies >> okay, okay, really quick, this seems to be a great solution for the driver shortage so i want to get your take on that but also the fact that you've got this , you had this partnership with walmart now for quite a while. i know that it was kind of a shorter to mid-range distance, if you will, for your vehicles. i want to get an update because that was a big score for you to get that deal with walmart. >> yes, that partnership has been very productive, so just as a recap, gatik started working

with walmart in the summer of 2019, was our first commercial delivery service at their headquarters in arkansas so since the last two and a half years now, we have been doing daily deliveries, seven days a week, 12 months daily moving orders from one of their stores to a neighborhood market so our trucks are operating back and forth on these routes, and a key highlight in the partnership was that in december of last year, gatik and walmart together, won the approval from the arkansas state highway commission, to do unmanned and we also shared the fact that this year, we will be doing that without anyone behind the steering wheel. >> i was going to ask you that, is the safety driver gone from the vehicle? >> so what i can share today is we take this very seriously so we are doing runs without anyone behind the steering wheel. these are on an operational run

and at this stage this is what we are sharing but over the next few months we will be sharing more detail, highlighting like how we have been able to do this and how we're going about scaling the solution. >> please come back and give us updates. it's a very exciting space and obviously considering that we can't get people to drive trucks right now, or to deliver things because we've got this worker shortage, something like this is really taking off and be quite amazing and fun to follow. thank you, sir great to see you thank you for being here. >> thank you so much. >> all right well, let's stick with this , because the holidays come up, and it's kind of happening everywhere you've got supply chain problems, now hitting the heartland. why your next gallon of milk could cost you more at checkout, and let's take a look at the markets right now. wow i'll tell you what a difference 24 hours makes, right we're up 6 right now near the session highs for the dow, s&p is up by 64, nasdaq is up by 146. we will be right back.

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>> farmers are warning offer upcoming cost increases for dairy products, as farms face supply shortages. from cardboard boxes to plastic cartons, the ongoing supply chain issues is having farmers to stockpile material to avoid products from spoiling. lydia hu is at ronnie brook farms in upstate new york with more on this story which affects all of us. lidia? reporter: hi, there, cheryl. you were just in time, because the cows right now are lined up for their second milking of the day, but the challenge here is not getting the milk from the cows. it's putting it in the bottles because these glass and plastic bottles are hard to come by these days we're getting insight on that very issue from owner here, rick ososky, rick thanks so much for your time.

i understand that you have purchase orders from february for packaging materials that are still unfulfilledded. you're still waiting on those deliveries,, what do your suppliers tell you? >> we hear all sorts of stories that it's the pandemic, they can't get labor, raw material doesn't exist, but there's always some story and we're promised a product and a supply next week and then they tell us it's two more weeks so we really scramble. we have no idea what the problem is. i know there's an international pandemic out there but i don't believe that that's the problem. i don't know what it is. reporter: you went from one supplier to four, because you're trying to cover all of the bases , you're paying whatever they're asking, i understand. that's a very expensive way to fix this problem for you. cardboard and plastic are making some news all-time highs for those products. what is this doing to your bottom line? >> obviously it's challenging our bottom line. we have no choice at this point but to start raising our prices too. something that we didn't really want to do, but we really have no choice at this point.

reporter: compounded by labor issues, you can't get your bottles with labels right now so you have to use your limited labor to apply stickers to some of the bottles too, taking away from other things they could be doing. thank you so much, rick. >> you're welcome. reporter: cheryl this gives you a little bit of an idea why the price for milk now, national average stands at $3.56. it's up about 4.5% from over a year ago just a small look into what's driving these prices nationwide. cheryl back to you. >> but an important look, lydia hu thank you very much for that report. >> thank you. >> well, let's call the whole thing off. it is a tech mega deal going bust. that's today's fox business brief. zoom calling off their planned $14.7 billion mega merger, the video conferencing giant and the virtual call center operator making the move after investors shot down the deal due to fears over zoom's growth prospectings. a partnership will remain in place between the two, both

companies moving higher right now, but again, big deals news that did not turn out the way that zoom wanted it to. >> cody making a deal of its own , the beauty product giant selling a 9% steak in its hair care product lines, for half of the private equity firms remaining convert convertible preferred stake, right now cody is higher by almost 4.5%. >> disney and black widow stars striking a settlement, in the lawsuit brought by the actress over alleged lost wages due to the movie simultaneous streaming and theatrical release. the terms of the suit have not been disclosed, disney shares are moving higher right now, and the stock is higher as you can see about 4.25%. >> coming up we'll talk to the ceo of restaurant chain that not only expanded during the pandemic, but guess what? they are seeing their stock up 25% right now in its public debut. first watch group ceo coming up, next on the "clayman countdown."

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have the votes, they may have some kind of deal here, and there maybe the votes whether that's a vote votes for infrastructure, and to get infrastructure through, or if they worked out something to get both through, but i've gotta pushback and say, this is what hillary vaughn told us, remember , senator krysten sinema has gone back to arizona so anything that happens in the house the senate can't be included here and the sticking blocks that massive $3.5 trillion deal is over in the senate. that's joe manchin, that is krysten sinema, on the house side, you've got the progressive s and the moderates, aoc and her crowd against a lot of moderates that are willing to talk, so we're going to see but again we're waiting on president biden, he's arriving at the capitol and we've got cameras everywhere as you can see and it's nitty gritty, flyby the seat of our pants but we'll have it all for you. we're going to move on as we wait for president biden's arrival. daytime dining hotspot first watch ringing today's opening

bell on the day of its initial public offering. the company trading, as you can see right here, higher by more than 22.5% priced at $18 a share , it's a 22.06 now while the restaurant industry continues to recover from the devastating effects of the coronavirus pandemic, first watch is showing us signs of holding back with nearly 60 new locations, since the start of 2020 with more to come. joining me now from nasdaq live is first watch restaurant group ceo and president chris tomaso. chris, congratulations. >> thank you so much. >> big day for you, and this is only the third restaurant ipo we've had all year. so, what's going on with first watch that made you confident enough to hit the public market? >> you know what? we've been around for almost four decades now and we've had independent-leading results and returns over the last six years including 24 quarters of positive same restaurant sail, seven straight years of positive

same restaurant traffic leading up to 2020 and we know what happened in 2020 to our industry , our recovery from that has been extraordinary and it really en bold en us this was the right time for us. >> what are the things you did during the pandemic is you added alcohol, and the other thing here is that most of your stores , are company-owned. you just got a handful of franchises. are you going to change that in the future? do you think you'd do more franchises, or do you prefer to own the stores that you're running? >> our growth going forward is really going to be focused on company-owned growth. we love the returns. our restaurants have a 50%-plus cash on cash return, so we want to own that. we love our franchise partners they've been a big part of our growth story going forward many still have restaurants left to build in their development agreement but from a go forward bases we're focused on company owned growth. >> what are you going to do with the money you're making, you do have debt on the books. is that the first-line of business?

>> yeah, to pay down that debt and hopefully restructure and get something that's more favorable for us on a go forward basis to help fuel that growth. we expect 10-12% unit growth going forward and this is a big first step for us being able to execute against that. >> and i got to ask you about food prices because we're looking at from the bureau of labor statistics about food prices right now seeing inflation. we just had a reporter talking about milk prices that's going to affect you, a jump of 3.7% year-over-year. do you think you're going to have to raise prices to deal with it? >> we have that built into our model, anywhere from 2-3% of commodities inflation and our philosophy in the past and what we think we'll be doing going forward is to really just price to cover inflation. that's what we've done. we're focused on increasing the transactions in our rest, getting more people in our restaurant, so we try to take as little price as possible, honestly and our supply chain team does an amazing job of managing those costs for us, and our market basket is diverse enough, where we're never hit

too badly by any one particular commodities spike, so that's been a great approach for us. >> i don't want to cross any ethics boundaries here but i love first watch. i've been going since the 90s and i love your multi-grain pancakes and juices. fabulous so i'm a big fan. >> thank you. good, thank you. >> congratulations on the ipo, chris tomasso, first watch. those pancakes are awesome, so while an ipo may be a dream come true for chris, fox business is helping others realize the american dream, of homeownership. >> in the beginning of our relationship we were both very busy people, she's working at a physical therapist at a clinic in town here, and then i'm in the u.s. navy, spent a lot of time away from home. >> being a military spouse, your significant other is often out at sea for extended periods of times but our challenge is probably didn't come until later

on. >> we opened a business. i'm a sports rehab therapist, and early in my career i started to bring different disciplines together under one roof, and that's pretty much how my business was born. that business grew extremely fast. >> under construction. >> those three years were, money was tight, you put all the hard work in and make the sacrifice, and then now we're seeing some of the turn around. >> i can not wait for you to meet chris and julie, they are cashing in on their success, they bought a waterfront property in virginia beach, that's on the next episode of american dream home that is next tuesday, 8:00 p.m. eastern time, and there's another 8:30 p.m. eastern time episode as well only on fox business prime. >> all right, it is the case that could decide the fate of regulation, and the entire crypto sector coming up, charlie gasparino talks to the man leading the charge against the sec's case versus ripple and

xrp charlie will break all of that, coming up next and take a look at the big board as we move into the close. what losses yesterday, we recovered a lot of it, we're off session highs but not by much, dow up 535. we'll be 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. - hello, michael youssef here. with our troubled economy and the violence in our streets,

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>> chatter by key regulators boosting cryptocurrencies fed chair jerome powell telling a congressional panel yesterday he would not ban cryptos when press ed on the matter. comments follow sec chair gary gensler's show of support for bitcoin futures etf's and bitcoin bulls fueled by today's rally already calling for an

october predicting a major balance for the price of the original crypto this month, bitcoin as you can see on your screen is gaining 4,000, it's almost at 48,000 right now, ethe r is gaining almost 10% and as you can see , litecoin is higher as well. the green arrows also go to crypto stocks, marathon and riot all moving substantially higher into the close. trading platform coinbase also is rising as you can see , a gain of more than 2% there, silvergate capital up 9.5% and micro strategy up pushing 6% by the way micro strategy owns $3.1 billion worth of bitcoin right now. >> well, stay with crypto. we've been talking a lot about ripple on this show, the company that's currently in a fierce battle with the sec over the status of its xrp coin but it's not the only lawsuit in the works. there's also a class action suit filed on behalf of the thousands of xrp customers who lost a lot

of money when the sec sued ripple and the value of xrp tank ed. charlie gasparino is here we welcome john deaton, the lawyer representing those xrp customers , and i know that you two have had a lot of discussion s about this already, charlie. charlie: we should also get a price of xrp if we can, because it's pertinent to this story. john thanks for joining us. we've been conversing a little bit on twitter. i'd like to ask you this. what is the ultimate goal of the case, and when did you get into this and why? why did you, because you're a lawyer. i never, i haven't read about you in the past, going after major corporations, this is a class action suit, i believe against the securities and exchange commission am i right about that? >> yeah, right now, it's a motion to intervene to the sec versus ripple case. charlie: what made you get into it? >> first off i want to thank you, cheryl, for having me and

when i say thank you, i'm not just saying thank you on behalf of myself. i'm saying thank you on behalf of 22000 xrp holders who have joined this site against regulatory, not just uncertainty , but overreach and also, to bring into light the massive conflicts of interest in the gross appearance of impropriety. when i read this complaint on christmas eve of last christmas, i was outraged that the sec be alleging exactly what they're alleging in this case. they basically sued, not just ripple, but these hundreds of thousands of xrp holders, many of who went had never heard of the company, never heard of chris larson, and as you know, that started just by me, and has turned into, now, 22000 and charlie it's growing everyday. charlie: let's backup a minute. remember the sec sued ripple

saying the xrp cryptocurrency that's used on the ripple platform is a security, and they should have registered it, which they didn't, and they're saying because of that, you owe us a ton of money, $1.5 billion, and when that happened, xrp was de platformed from major exchanges, the price went down. people like you, you were a holder, i assume in the past, of this , i think that's you've mentioned that to me but people like you who held it saw the value of the holdings go down dramatically, and here's the rub. the rub the way i read your complaint, and the comments by the xrp community is simply this ripple used xrp to finance the buildout of its ripple platform, which is actually a decent platform. it's cross border payments with crypto, obviously the xrp. it's no different than what ethererum did with ether back in

the day, but you guys didn't get a pass, is that essentially it? >> well there's a lot to it. i would tell you this. i wouldn't be involved in this case if the sec was only going after ripple for selling xrp in the early years, when they were building their platform. you know, i wouldn't be involved none of that be selective enforcement or not is none of my concern, but in this case, the sec's making the absurd claim that all sales of xrp from the last eight years that every single one of them constitutes a transfer of unregistered security, including in the secondary market. that means my clients, who purchased on coinbase, in 2020, they're claiming even though they never heard of ripple, that we're a common enterprise with ripple, it's absurd, charles. charlie: what is your resolution what would you like to see? >> right now we asked the court permission to come into the case

and intervene as de facto defendants or in the alternative, to grant us standing with participatory rights, basically what that means is to allow us to prove that the xrp that we purchased is not only not a security, we also didn't enter into a common enterprise with ripple, because ripple went on record to say that they owe nothing to xrp holders. they have shareholders and the sec is clearly not acting on our behalf. charlie: you mentioned conflicts of interest. now this is where it gets interesting. jay clayton was the head of the sec, that brought the case. a guy named bill henman, was the head of corporate finance for the sec, who played a role i guess in the case. you believe that those two gentlemen, who by the way, we've reached out for comment. they say no, they don't want to come on so just so you know, i've tried to get them to give their side of the story. you think that they filed these cases and they have huge conflicts of interest.

can you explain some of that? >> sure. here's what you have. you have jay clayton, whose the chairman of the sec, his law firm represents ethererum co- founders and competitors to ripple. bill henman works with semitism ton thatcher and it was a board member of the enterprise ethererum alliance while he was working at the sec he was having private meetings with these ethererum investors and collecting $15 million while working at the sec from the firm that's on the board of the ethererum alliance, after all these private meetings, charlie, he gives a speech that declares ethererum not a security, and we found out that these ethererum investors have the right to speech. charlie: are you going to depose them in your suit? >> well the goal is to depose them. right now we're just seeking to go into court in the southern district in new york and

represent ourselves and what we own because ripple isn't going to do it and the sec is not going to do it. charlie: want to ask a question, cheryl? >> i want to say that the two of you are going to continue this conversation because this story between the two of you and this interview is all over twitter and there was a lot of interest in this whole case, and it is fascinating i'm going to let both of you continue with this. it's going to be online, follow charlie in particular, on his twitter blog but that's all the news is breaking and john de aton, thank you so much this was great. thank you, sir. >> thank you for having me. we appreciate it. charlie's been on top of this from the beginning. >> it's fascinating and he has been guys thank you very much. well, we've been showing you these live pictures real quick the president has arrived on capitol hill. we're being told by fox news jacqui heinrich he is here to, and she's been told from her sources to "seal the deal" and what this means is there maybe an agreement now on that infrastructure bill, and then you've also got the side by side $3.5 trillion package that does

not seem to have a deal. we'll follow all this and take a quick break and be right back.

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before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. >> well, news of merck's covid oral treatment giving a big boost to travel stocks, take a look at these names right now, royal caribbean, norwegian cruise line, carnival are all in the green, and you've got ca ven/os moving all higher as well, strongly, and then take a look at the airlines, they're flying high, after jpmorgan sees a continuation of the airline stock comeback, and the firm upgraded in particular, southwest airlines. our countdown closer has an airline pick-up his sleep as well, cornerstone wealth cio cliff hod ges is here. i've gotta ask you the the airlines, big jump on these guys and they have been really battered. >> they have. they have. it's great to be with you, and happy friday. one of the names that we like in

the airline space is jet blue. ticker jblu. it's off 25% from its high, so, as you mentioned, its been beaten up along with the broader group. it's tied to leisure, much like southwest, and we think that's where you really want to be involved in this space, we think leisure travel is going to come back before business, trading at seven time, next year's cash flow number is about a 10% discount to peers and almost 20% discount to southwest, great management team in the right markets, we're flying high with jet blue. >> nice so these are all reopening trades obviously, do you think there are other reopening trades that you would pick right now, that be good for our viewers to take a look at? >> yes, so, in this type of market environment, we think that investors really want to own names that are cyclically geared, so a lot of the classic reopening names, but more importantly, we think you want to have positive correlation to

higher interest rates. so bank stocks, really fit that bill. a name we like in the mega cap space, bank of america, bac hits has the highest correlation to rising rates, trading at about 13 times next year's earnings estimates, a discount of 30-35% to the broader market. we think that we're going to be seeing an inflection in loan growth and the rate cycle moving higher is going to be a nice catalyst that for both bac and the broader group in general. >> well we know, obviously, interest rates are going to start to tick higher the fed has been very clear about that, so if you had that expectation in the market does, then yeah, having a higher interest rate environment is very good for the banks that's a very good thing to look at right now and cliff it's always great to have you on the show. we're wrapping up obviously, a strong market day, and by the way you like boston scientific i want to throw that out because i do love your pick. >> [applause] >> we have the dow up 466 we're off session highs the s&p and the nasdaq closing out their

worst week since february, unfortunately, but, as far as today and this is the first day of the quarter, this is the first day of the month, we will take these strong numbers. >> [closing bell ringing] >> that'll do it for the "clayman countdown", i'm cheryl casone in for liz claman ment i'll be back with you on monday and kudlow, coming up, next. larry: hello, everyone. welcome back to kudlow i'm larry kudlow. so, the plot thickens in the we e hours of this morning, speaker nancy pelosi left the capitol just after midnight, and when asked about the infrastructure bill, she said, and i quote, "we're not trillions apart" she said that at 12:01 a.m. this morning. then she said "there will be a vote today." well, okay. let's talk about that. first up, i'm not sure what she's talking about.