are purchasing and investing in and so i think it really applies across all broad equities. charles: we've got to leave it there. uma, it's fantastic having you on the show, i like precise answers people want to learn. eddie same with you, my man and i'm glad you both bullish because i'm bullish as well. i'm even more bullish because my friend is back, liz claman. great to see you. liz: great to see you too, charles thank you, my friend. hey charles, the bears are taking the fun out of oktober fest, as we kickoff the final hour of trade. parade goers in uptown new york city having new problems celebrating the holiday but wall street has gotten bumpy late in the session after rallying most of the day. is it oil prices gushing higher, china eating its own again? either way investors gearing up ahead of this week's earnings parade to come our floor show traders ready to play the earnings guessing game they will tell you which companies are most likely to meet, on

their quarterly report. >> the application is in, merck pushing its case for emergency use authorization of its covid treatment pill. the former president of the american medical association , she's now the ceo dr. patrice harris, she's here, on when we could see its approval, and whether the tiny pill will be a major turning point against the deadly virus. >> and forget about the internet of everything. one company's aiming to put lida r in everything, the eyes of radar, right? the ceo is here on his ambitious plan to outfit not just autonomous cars with this company, but anything that moves. it's a fox business exclusive, you've gotta see what his big ideas are but breaking news as of about three minutes ago, flight aware is reporting that the total number of southwest airlines flights canceled today, alone, has now reached 363. love shares moving lower by about 3%, you can see they're heading back down to session lows after a disastrous weekend

that clocked close to 2,000 cancellations, southwest blaming a so-called perfect storm that included severe weather over florida hub, air traffic control issues and pilot staffing for the mess; however, southwest pilot's association messaging members last night agreeing with their complaints about the carriers "disorganized scheduling and brutal operations " which led to massive failures under the slightest pressure and the company expects to resume normal service by later this week. let's just lack at rivals regional carriers jet blue, mesa and sky west. this afternoon we just have sky west down slightly, but earlier, it was in the green with the rest of them and they both were much higher we've got jet blue, just slightly higher, mesa up about one-tenth of a percent so they aren't experiencing a 3% loss like love is. in the meantime fox business alert, do not look to the bond market for guidance right now it's closed for the holiday. you need to look at the broader market, which even on thinner holiday volume, is speaking

volumes. check the dow jones industrial down 99 points high of the session had been a gain of about 205 points, nasdaq up 5, it had dipped into negative territory, within the past half an hour i want to say, s&p is lower by 8, earlier the dow was up as i said triple digits and just 180 points away from 35,000 , but at 12:02 p.m. eastern the blue chips turned south you can see from the intra day chart. one likely culprit? markedly higher energy prices which went from being a boost this morning to equities to a br uise on the broader market because of inflation fears so look at the xle experiencing a very similar reversal, we got the xle slightly flat but you can see where it dipped into negative territory. let me look at the russel kind of the lone holdout, if you figure the nasdaq is touch and go at the moment. small caps up a quarter of a percent right now, but stretch it out to a year and the russel is far and away the winner, up

36%, followed by the next closest major index, that be s&p up 26% but how will any or all of this shift and could it happen this week? yeah, because it marks the start of earnings season. jpmorgan, blackrock, delta airlines kick it off wednesday followed by more big financials, bank of america, citi, morgan stanley, friday, goldman sachs but folks if there there were a season where the earnings guessing game might be the most challenging, it is this one. thanks to inflation which last we checked, has not left the building yet. wednesday we're going to get the latest read on consumer prices and how high, or not, we don't know, they have risen in the past month but that's what makes earnings this time around such a tough game. which companies will report nasty surprises in other words whose going to meet, beat? to our floor show traders and the guessing game today, we've got kenny palcari and scott redler and before we get your opinions here, may i remind you

both the ghost of earnings recent past and that's fedex, on september 21, fedex reported worse than expected earnings as you know, and said its labor costs have doubled from a year ago. next day the stock dropped 9% so i'll start with you scott redler , whose going to meet, and beat this earnings season give us your names. >> i like the fact that you just said that about fedex because for the past week or two, even more, the narrative has been that there's bottleneck s and supply constraints so a lot of people know that this quarters not going to be so strong, and there might be even some guidance lower, so the question is going to be, the actual reaction to them, will they get a path, will they go down like fedex or is it priced in? so we don't have to look at that yet because we have the banks coming up this week so let's go week by week. right now the banks are getting hit which is a good thing because for some reason every time jpmorgan comes out and is coming out on wednesday, they are always trying to hit it whether they have a good report, bad report, awesome report so my plan is let them hit jpmorgan on

the report, and then the next day it's usually viable and if we stay in this rising rates environment, which i think we will, i think that the 10 year gets back to march, i think jpmorgan on any dip after earnings is the one you want to buy. liz: but you got to give me a wi ff, are you worried about sectors in particular, scott? >> well you know what? the semiconductors, right? they are the ones with all the supply constraints. the question is a lot are 10% off highs, 15% off highs so the question is if they do miss what you want to see is you want to see the miss and then the next day it goes up. that means it's priced and the street already knows it's going to wiff, so it doesn't matter it could already come in so the street plays it like oh, that was horrible news why is it up? well the stock just dropped 20% in the last month or so, so usually that means the bad news is behind it, so traders like myself look to see the reaction to the wiff, but you know, how is it priced in if someone wiff and is down another 10% it's not

priced in you better be careful and better not have as much exposure through the ones you think are going to miss which could be a lot of the names that can't get supply. literally, i did my kitchen this summer and i'm still waiting for a dishwasher, okay? i've had no dishwasher for four months my wife's hands you should see them. liz: i know all about that, but kenny, look. let's look at all of the issues here, and there are too many to even mention, right? we've sort of got a brief reprieve from the debt limit situation last week. we also have events that we have global problems, china, taiwan, can we not ignore that one you guys? there's so much tension there, not to mention all kinds of other issues rising as we said prices here, supply bottlenecks, whose going to meet, beat, wiff here, as we play the earnings guessing game? >> listen, scott who i love, stole my jpmorgan trade because that's the one i love but in addition i think you really have to look at blackrock, larry fink

never disappoints and block rock took it right down to the 200-day moving average, with plenty of support and starting to lift its head and larry fink, like jamie dimon and jpmorgan is never going to disappoint but they will probably take it down like they usually do because they seem to run it up ahead of earnings, block rock got hit ahead of earnings so my sense is block rock will not only beat, but will offer great forward guidance and i suspect they may go over $10 trillion of asset assets under management, they are at 9.5 the last quarter, and so i think that's going to help blackrock, so, if it's not jpmorgan for me then it be blackrock as the name to watch on wednesday, when it cops out, right? when the wiff, you talk about fedex, well ups is going to have that same issue in my opinion, because they are in that same sector in that same business and you heard what fedex said in terms of rising cost and labor and ethiops is going to end up

with that same story, but i think they are going to be certainly other names and that's important this earnings season, to listen to what these companies say about whether it's supply chain shortages and logistics issues which are going to hamper them. liz: you guys are so boring. you have a crush on the banks, you have a crush on ups and fedex. dominoes is coming out friday. world wheat prices are up 41% year-over-year. now kenny is like right, yeah, i know. no! >> but wait, dominoes pricing, i mean i'll tell you, dominoes has pricing power, they saw what pepsi did, they beat, they didn't beat a whole lot but they beat by $0.06. prices are going up. they actually said after the announcement they were going to start to raise prices, so i think they already started doing that. dominoes is another one that has pricing power, very popular, people love dominoes they do a

great job and i think they got pricing power so i don't think that's going to be a wiff. liz: oh, my gosh, kenny complimenting dominoes that's a high compliment, right? scott your final thought as we know, wednesday is very big day, but we saw quite a jittery market already, up triple digits dow is down 134 points. >> well if you remember last week, we put up what i call a reaction airy low in the s&p, and we bounced off that. we went probably about 3% off the lows so being right here and digesting where we are, i don't think it's that bad. i'm watching s&p 4350 that's the level right now. liz: or 4379 right now. >> we hit like 4420 on what's it called, on thursday, so if we could hold above this what is it 4350 that would show some commitment to last week's bounce but if all of a sudden rates go up and tech fades, then everyone is like hey we need to retest

those lows that we saw and trade it to get out of the way but for now what's that october low, and i think at this time, it's too hard to tell, so that's why i said let's go week by week and see the reaction to earnings, all of a sudden they go up on bad earnings or bad guidance, you'll know that hey, maybe you could put some risk because we're heading into a better time of year which is end of october beginning of november. liz: yup, well october is always tough. we know that. kenny, scott, great to see you thank you for being our contestants on earnsings guessing game. fox business alert we've got to get this ahead of wednesday's flurry of established bank earnings, you can get that their ceo's of the big banks and investors are watching what's on your screen right now. shares of sofi, the digital personal finance firm that's very much a favorite with gen y and z'ers, jumping 13 % in a down market not bad after morgan stanley initiated coverage with an overweight rating slapping a

$25 price target on it right now it's at 18.33 they are very bull ish not just on student loan refinancing business, but also, on the potential approval of sof i's application for a bank charter which be the next big catalyst. yeah, a bank charter. worrying about that, i'm sure, over at the big bank names. starbucks right now let's take a look, it is on the move at the moment, flat. so it's not on the move, after gaining earlier in the session, deutsche bank and bank of america raised the coffee chain to a buy, giving it a price target of $127 per share at 111 right now, bank of america reinstating coverage with a 135 price target, b of a saying growth in specialty coffee segment continues to out pace growth of overall foodservice globally, but let's stay on the food line here. blue apron, one of the top gainers on the new york stock exchange, up 18.5% for blue apron look it just punched

through the $8 share ceiling the meal kit de deriver are company up 42% year-to-date despite quite a few issues swirling around the stock including potential securities violations accusations, but right now, blue apron is a big winner. and from food-to-fit, that's a better try fitting into your old jeans, the price of cotton hitting a 10 year high friday, impacting apparel makers today. cotton right now is flat at the moment but apparel makers, gap, levi and ralph lauren are all swooning here, ralph is down 1%, levi down 2.8%, gap down 4%. fall into the gap. merck's new covid pill, how about that, ready for review. will this new treatment signal an end to the coronavirus pandemic, once and for all? we are going to ask dr. patrice harris, she's the former president of the american medical association. we'll show you merck stock and

all of the other names in competition, that's next. >> with the closing bell ringing 47 minutes from now, dow is down 123, these last couple of hours, in this final hour of the session, have been a little bit rocky here, "clayman countdown" is coming right back, we're following every move. bogeys on your six, limu. they need customized car insurance from liberty mutual so they only pay for what they need. woooooooooooooo... we are not getting you a helicopter. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ you founded your kayak company because you love the ocean- not spreadsheets. 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

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liz: start the clock the application to fast-track approval of the very first covid pill is now in the hands of the food and drug administration its been in their hands for several hours, because this morning, merck and partner today filed with the fda for emergency use authorization of what be the first anti-viral pill to treat covid-19. during merck's trial the pharma giant found its pill reduced risk of covid-related hospitalizations and deaths by half. this , as the booster race continues with both moderna and johnson & johnson seeking authorization for their booster jab later this week. let's bring in the former president of the american medical association, dr. patrice

harris. she's also the emed co-founder and ceo. doctor, thank you for being here first, so much of this new territory but could you venture to guess how long this process to scruitinize merck's emergency use authorization application for the pill might take? >> you know, it is difficult to say how long the fda will take to review, but as you note, it is fast-tracked, because this be a wonderful tool in the tool box, as we navigate our way through this phase of the pandemic, so as you know, it would receive emergency use authorization and so i believe that this is on the fast-track, but certainly, we'll have to take a look at the data and all the studies submitted, but again , we saw that the trial was ended early, because the results were so good, and so we have to let that process play out. liz: yeah, it hasn't exactly been peer reviewed yet and for

people who don't know, this is very much, and we should be clear, this is not a prevention pill. this is a treatment pill, and as i understand it, obviously, you're the expert but this is a analog-type of therapy where it will get inside the rna of what is the covid rna, and it'll cause havoc and shake it up and confuse it. is that correct, and then, how quickly do you believe that type of process takes and again, i know you haven't peer reviewed it, but tell us how it works from where you stand. >> well by the way, that is a great description of what we know thus far, but as you know, we haven't seen the data and been able to take an independent look, but certainly, it is a treatment, not on the prevention side, but does get in there and as you said, shake up the rna, so again if the data and the results hold true, again, this could be a critical tool in

the tool box, but again, it is not just one metric that we should be looking at, as we navigate our way through the pandemic, certainly it's treatment but it's also prevention. it's vaccines, it's testing, all of the above approach is what's been required from the beginning of this pandemic, and still, we need to look at it that way. liz: i agree and i think that it's a bit hyperbolic to say that this is going to completely end the pandemic, because there are people out there saying this is a game changer. this is it. it is just a piece, and we're looking on our screen at pfizer, bioncaltech its partner, we have moderna waiting on its jab for that booster shot as well as j & j but talk a little bit about where we stand at the moment if we look at some of the numbers, we do know that they have just been absolutely horrific. we do have something like

711,000 deaths total deaths since the pandemic began, 44.2 million cases. we also have dr. fauci now saying that halloween is coming up and that if kids are outside trick or treating that that's safe. are you in agreement with that? >> i am in agreement with that and i'm also in agreement with your note about hyperbole. i have to say that if this virus has taught us one thing, it should have taught us humility. we are seeing a decrease in hospitalizations, but liz, as you know, we are entering the cold and flu season, in certain parts of the country more folks will be indoors. we will see travel, i think, around the holiday, so all opportunities forecloser contact , which means increased transmission, and so yes, we do want our kids to go out, they will be outside, and so we do want our kids to be able to go out and do that but we still need to make sure that we are

looking at all of the mitigation measures, from the very beginning, i talked and others have talked about a layered mitigation approach which is why being too hyperbolic about one thing excites us all and this is an exciting opportunity, but it's just not one thing that will get us through this pandemic. liz: well testing is key, and em ed, the company that you helped co-found and run, has just gotten, as i understand it, $1 billion injection for its at- home testing kits, by the federal government. when do you expect shipping and what does that mean for emed? >> well liz, emed did not but we know the biden administration did decide to make a $1 billion investment into testing, particularly rapid testing, and liz, as you know, from the very beginning of this pandemic, we've lagged in our ability to test, and when we were testing, there were so many barriers, long lines, waiting for days on

test, so the announcement by the biden administration of $1 billion was great, but here's what we need to think about. it's not just the test, right? it's the infrastructure and as you note, i'm co-founder and ceo of the emed, we have a digital platform, where we can bring tests to the home and provide the infrastructure around verification, validation, and most importantly, reporting. we need our health department or businesses or schools to have the data, so that was welcome news necessary but not sufficient. we need to make sure we have a total infrastructure around these tests. liz: no silver bullets dr. harris we appreciate you coming on thank you so much. >> thank you for having me. liz: the skyrocketing price of natural gas could mean big problems as it falls turns into the biting chill of winter, jeff flock live in pennsylvania. he's going to show you the potential for a winter energy crisis, and the stocks

already moving, ahead of that potential. closing bell ringing in 36 minutes, the dow is heading down to session lows, it's lower by 162 points red on the screen here, we are coming right back. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned.

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as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. liz: yeah, we're going to talk about major price jumps in oil in just a moment but in the meantime, changing of the guard at one of wall street 's famed firms, kkr founder and co-ceo henry kravis, along with his co- founder george roberts stepping down immediately after starting the private equity firm in 1976, the torch will be passed on to joe bay and scott n uttle, who will serve as co-ceos now both served as k kr's co-president since 2017. kkr publicly traded stock, it's flat right now, but it's $65.50 at the moment. i do very quickly want to just

point out something. can we put its session lows at the moment dow jones industrial down 181 points at the moment, the s&p down 17, nasdaq down 33. we had talked a lot about the rising price of all energy, the entire complex, but we also have a situation developing in china, where it appears that once again, china will be attacking its own publicly- traded companies, attacking is my word, they wouldn't see it that way but they're being very very heavy handed when it comes to regulat ing their own companies. that news broke, i want to say, shortly after noon and you can see on these intraday charts exactly where we started to see the downward turn, because we had been higher for all three major indices including the russel 2000, most of the session as far as the first half of the day you can see now the transports which were really higher, they were up 4% for i believe quarter to date, we now have the transports in the red. russel 2000 is the one here, as

i said, we have seen this index, of small and mid caps is a powerhouse year-over-year, its been really enjoying the 30%-plus gain, until then, in the meantime, as we watch these markets, check the dow, down 176, new low of the session i believe is down 181. all right, i kept mentioning crude, right? look at the after-hours price of oil, can we punch that up because during the regular session, we saw crude jumping to seven-year highs i believe the high of the session was around $82.18 a barrel. i mean, think of where we were, a couple months ago, the seven- year high, west texas intermediate is really on the move, overseas brent crude which went as high as $85 a barrel, still up about i want to say 1.5% to 83.59 you can see west texas has moderated just a bit at $80.48 but if you stretch it out west texas

intermediate sprinted higher for seven straight week, brent which trades overseas gained each of the past five weeks but natural gas, take a look right now. yes it is retreating today but if you look at kolk, kold is that exchange traded fund that is bearish, and today, we do have natural gas pulling back, because its been on such a run. it has surged recently to levels not seen since 2014 but this very bearish etf today and it's just a trade, folks, is moving higher by 6% i believe it's ultra short meaning each moment that natural gas goes down, you start to see this index pop, this etf, so it's a very big move but probably short diabetes lived at the moment because we no one thing. high heating bills come winter are very much likely because we have a shortage, we've got a supply chain issue, and we've got jeff flock. he's on the case and joins us live now from a shop in pennsylvania. jeff, take it away.

nat, gas, who would have thought it be this high this quickly. reporter: its always been the cheapest way to heat your home, liz that's why most of america heats its home with natural gas. where does it come from? right behind me here. that is a natural gas drilling rig, owned by chesapeake energy, just one of oh, a whole host of them out here. they are drilling one more well, and then they are going to move it again there's multiple wells out there. the problem isn't supply. take a look at these numbers on how much supply appalachia has been giving the u.s. and the world, really. ten years ago, 2011, 5 billion cubic feet a day of natural gas came out. now, 10 years later, almost 35 billion cubic feet of natural gas, and that's six to seven times what it was, but the prices, look at this. if you paid last year to heat

your home $572 and if you had the average home heated by natural gas, that's what you paid. this year, we expect it's going to be 30% higher, $743. what's the reason? you mentioned it. it's supply chain in a way, it is the pipelines to get it from here, where it is mined and where it's harvested, to the places where people need it like new york city, upstate new york, new jersey. three specific pipelines that would have done just that, the constitution, the penn east and northern access pipeline all canceled because they couldn't get the permits they were fighting environmental concerns, they were fighting people that were opposed to it, and the industry says hey, if you're concerned about high prices, we got plenty of gas here, just give us the means to get it to market. here's what they told us. >> what we really see is a lack of infrastructure, lack of infrastructure impacts prices, impacts the availability of natural gas, and the ability to

get the natural gas to where it's needed. reporter: and here's the deal, liz. if you're an environmental it's and you could care about the environment, or heating oil , both worse for the environment than natural gas. now it is a fossil fuel i'll give you that and some people are opposed to any fossil fuels but it's pretty clean when it comes down to it, its always been pretty cheap. not so much this winter. liz: well the saturation of frac kers two years ago put some of them out of business, quite a few and now of course, we have the boom part of the bust coming back. we need them. jeff, thank you. jeff flock. fox business prime, focusing specifically on this , america's energy crisis, okay i wouldn't say we have a crisis yet, but mike rowe is all over this. that's what fox business does, we try and go where the soccer ball will be. how america works, mike rowe is looking at how workers at the

hoover dam bring electricity to the masses, 8:00 p.m. eastern followed by "american built" with stuary varney at 9:00 all on the fbn prime lineup, dow is down nearly 200 points. ily firs. 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

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liz: a quick note here, we just made a new session low down 195 for the dow, all right, it's full speed ahead for tesla's new berlin gigafactory. ceo elon musk announcing this weekend that the brand new german model y and battery factory is aiming to begin production of autos by the end of this year. eventually, he says, he hopes they will be turning out 10,000 a year there. tesla, which is already gained 80% year-over-year, still cling ing to the green right now, up 1% on a down market day. now, while elon made it clear he's not a believer in the light detection technology that many auto companies are using to develop self-driving cars take a look at a new company that

absolutely believes it's going to shake up not just the ev world but anything that moves. ouster is moving up a third of a percent to $6.80 after announcing plans to launch a new division aimed at automotive applications, most envision autonomous tech only in cars, but ouster aims to automate everything from drones to mining machines, to even your lawn mower? here on a fox business exclusive , we welcome the co- founder and ceo angus pic ala. first let's talk about this acquisition. tell us how you envision it fitting in to the overall picture? >> yeah, the acquisition is a big deal and i'm excited for two reasons. one is ouster is a digital lidar company from an analog technology to an affordable digital one but putting it on a silicon chip and sense is the only other company that really exists today, and so we're cementing our lead by

acquiring it, and making us the leader in digital lidar, and the second thing we're doing is sense photonics is focused on consumer auto applications, since its founding in about six years ago and we're forming oust er automotive, a very focused division through this acquisition to go out and get a digital sensor on to every vehicle on earth. that's really the ultimate goal here. liz: that is a very ambitious statement. there are a lot of competitors, luminar being one of them, they've been on the show several time, they are awe publicly traded company, but what makes you different? >> yeah, the big difference here is that ouster is digitiz ing lidar. we're taking an analog technology set that our competitors have been building for the last 10-15 years and we're putting it on to a silicon digital chip to make it more affordable, more performant so

that you and i can afford the tech knowledge in our car, and lawn mower and vehicle that delivers packages to our doorstep and this is a transition from analog to digital that has happened time and again, across industries, whether it's your mobile phone, whether it's a camera going analog to digital or now final ly, lidar going analog to digital becoming affordable performant and ubiquitous. liz: i'm thinking lidar in a lawn mower. won't that make a lawn mower more expensive and why do i need light detection and ranging in a lawn mower or , what is your moon shot here? is it helicopters, for example? is it something along the lines of drones? i know you guys are developing that as well. >> the moon shot is to remove, to make the world safer, to make the world more efficient and to make quality of life better. in the lawn mower example, there are hundreds of people if not thousands that get hurt by lawn

mowers just a narrow example and we can put safety critical lidar sensors, affordably on to a lawn mower and make it so it cannot hurt a human. that's what we can do to a lawn mower, to a crane, to a big piece of construction equipment, and yes, we can do it to your car so that your car is uncrash able, because of the safety critical lidar sensors that are on it, so that kind of uncrashable world is the world that is our moon shot. liz: angus, the lawyers are going to be very upset and have no more business if you make everything safe. [laughter] good luck to you and please come back when you have the next big development. we want to see a demo here on fox business, okay? can you do that? >> love to do that, that be fantastic. liz: great thank you so much good luck to you guys. bitcoin look at this , bumping up against a $58,000 resistance level, we're at $57, 714, ethererum down slightly, but litecoin having a decent day "$

178.63. up next, charlie gasparino has details on how the man who could one day regulate digital currency may have once lobbied against bitcoin, becoming a security. charlie is going to untangle and break this one, stay tuned.

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liz: securities and exchange commission commission gary gensler has made no secret of the fact he wants to protect investors and he wants to do so by attacking certain things, when isiah tack, i mean, pouncing on certain things to regulate, cryptocurrency for example, and for another example the way online brokers partner

with market makers to have customer trades but word is, gensler's high ambitions maybe setting him on a collision course, not just with the robinhood crowd and the bitcoin gang, but his own staffers at the commission. to charlie gasparino, whose the one who has his ear to the ground at the sec. charlie? charlie: there's some interesting stuff going on at the sec liz. usually, you don't see it progressive like gary gensler in the cross-hairs of the union but the sec does have a union. it covers staff attorneys. everybody but his sort of direct staff is part of the union, and from what we understand, they are starting to pushback significantly on his vast agenda , and what the staff is telling people, and they're communicating this to everybody on wall street, as they also start looking for jobs that's another thing at work here. large numbers of sec staff attorneys are out looking for jobs because they don't like

at least that's what they are telling people at the big firms, the jpmorgan, goldman sachs, hedge funds they don't like the non-stop working environment at the sec under gensler. gensler has a very ambitious agenda, he's not prioritizing any of this stuff, and they are working around the clock to create rules on esg, spacs, market structure, of course crypto, what we've been talking about, and that payment for order flow stuff that robinhood does, selling its order flow to places like citadel securities, so we can charge zero commissions. gensler thinks there's a problem with that so all these things going on at once is causing an overworked sec to basically pushback, i understand the unions involved, we should point out that mr. gensler has no comment on this. we should also pushback that there's a reason for this , which at least this is what the staffers are telling people on wall street, that they really believe he wants to be treasury secretary.

that janet yellen is not going to do a secretary, remember, mnuchin did four years under trump. i think geitner did four years under obama. these are burnout jobs so people generally leave them after a few years, and he has his eyes on that job, and that's why you see so much activity out of the sec, particularly on the sort of progressive things like esg investing which appeals to elizabeth warren who has kind of many appointments so that's what's going on at the sec. a fascinating moving story change subjects a bit, i know you talked about bitcoin. we laid out on friday on your show the reasons why bitcoin could go a lot higher, how it's 85% of it does not trade, it's being horded right now, and the last time that happened is when it went on one of its monumental terrors a couple years ago, so there's a technical thing at work with bitcoin we laid out it looks like that's the case, at least it's emerging to be the case, liz.

back to you. liz: by the way, everybody coinbase, up 3.7%, i believe they are reporting this week for earnings, we'll be watching that dow jones industrials now down 239 points, we are coming right back, these are session lows, the nasdaq which started the top of the hour down 59 as the session low now down 77. this may look like a regular movie night. but if you're a kid with diabetes, it's more. it's the simple act of enjoying time with friends, knowing you understand your glucose levels. ♪♪

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♪. liz: all right, folks, three minutes to go and we are at social lows. the dow down 241 points. so we've got a 400 plus point swing here from peak to trough here. we also have the s&p down 2. the nasdaq lower by 81. so we've seen degradation, particularly over 40 minutes or so. we have breaking news on facebook. reporting instagram is having problems. instagram owned by facebook which has been under pressure

since last week's whistle-blower hearing and outage that affected all platforms. looking at disney, disney is down about 1.7%. "wall street journal" and reporting that alan horn, long-time disney studio head is leaving. mr. horn is 78 years old. it is latest in a chain of top executives who left in the wake of bob iger, former ceo's departure. we have director of investment management ant huntington private bank. you worry about a selloff midday only accelerating to the downside? >> well, for us it is indicative of all the various headline risks we have in front of us right now, continue to think about the long term, use days where we have these types of market movements, opportunistically. so trim some positions that maybe have appreciated over the last couple months and look at

adding to some that declined here recently. liz: chad, you like names like cisco, j&j, parker hannifan, these are disparate companies. why do you think companies making big-ticket items are an opportunity? >> we continue to see growth on the horizon. that is our expectation. we think things will supply themselves. even supply chain bottleneck will end and consumer all the way out to business spending. liz: i see that. inflation is certainly a worrisome picture here. you're picking sysco which is food and possible cost increases but are you still very much a believer equities are the place to be for the end of the year at least? >> we are. we're emphasizing three bs to our clients. broad diversification, balance

between growth names and disparate names and bond light in your portfolios. liz: thank you very much, chad. the bond market reopened for the official day tomorrow once again. [closing bell rings] the markets close down rather dramatically, lower by 248. that does it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. now look it, i love america, love america but sometimes i think the country has gone completely nuts. there are things going on here that should not go on here. now i'm all for freedom of speech, it is just nobody else around here seems to agree about freedom of speech, that is a big problem, beginning with attorney general merrick garland. this story will not go