figures in the next few months. i'm very, very bullish on it toward the end of the year, and eventually i do believe we're going to see a $1 million coin. bitcoin can have a run -- charles: okay. we've got you on record, natalie. thanks so much. [laughter] appreciate it. that's a fantastic story, you and your family and your journey here. now to liz liz claman to contine our journey in this last trading day of the week. liz: absolutely. major bitcoin news. the new york federal reserve web site about to break what could be major news. exactly when and how tapering will begin. we've got our eyes on the new york fed web site waiting for that flash. in the meantime, the the bulls appear to be prepared. major indices in the green right now, but as we kick off the final hour of trade for the week, a tsunami of news hitting the tape. the sec rejects a bitcoin etf.

we'll tell you why. and breaking news, after announcing today your crypto is welcome here for all amc online movie ticket and concession payments, "the claman countdown" has just herald from ceo adam aron not just on when dogecoin might be accepted, but where he stands on sheba. first, we begin with johnson & johnson, splitting up the business. millions of investors own both j&j and ge. why corporate america is now choosing to pull apart what history put together. and whether shareholders should hold on or let go. and ev truckmaker rivian explodes into the public market to join tesla, fisker, nio and the rest, did luminar just get a major push in its angle to become the leader in lidar? the ceo joins us live. we begin with this breaking news. after officially announcing

overnight that it will officially embrace four digital coins for all online transactions at its movie theaters, ceo adam aron telling me this afternoon that in addition to bitcoin, ether, bitcoin cash and litecoin, the theater chain now has a ballpark timeline to allow payments in dogecoin. adam aron telling "the claman countdown", quote, we're, give or take, 90 days away from also accepting dogecoin. and e also told me, quote, we're also trying to figure out how to accept sheba enu. he definitively tells me amc is now working on a way to actually accept it. this is a significant development because amc would become the highest market cap company in the u.s. to accept not only dogecoin, but sheba enu. aron had tweeted overnight, we proudly accept, drum roll,

please, ethereum, litecoin, but he hadn't given that 90-day timeline for doge. give or take 90 days is what he is telling us at "the claman countdown." after hitting a record high on wednesday, bitcoin and the rest of the majors are all in the red, 63,886. we are watching doge very closely which at 2 p.m. was down about 2% to 25 cents, and right now we're looking at sheba at the moment. 2 p.m. eastern it was down 4%, it is down 5% at the moment. but as this news works its way through the markets and through the tape, we will be watching both of those coins very closely. now, breaking this afternoon, the sec outright rejecting the etf that would have tracked bitcoin prices n. a 51-page missive, regulators denied to launch the bitcoin trust exchange-traded fund, flat out

saying that van ec did not, quote, meet requirement that the rules hat national securities exchange -- and, quote, to protect investors and the public interest. while the sec has approved those two etfs that track bitcoin futures, both which are down right now, are up about 3% on the week, it remains intransigent on funds that directly track the original cryptocurrency. we have this breaking news, a lot hitting the tape here. president trump -- president biden, rather, just wrapped up a meeting with members of his cabinet at the white house to hammer out the timing and implementation of his bipartisan $1 trillion infrastructure bill that passed exactly a week ago. the meeting comes as oil still hovers above $80 a barrel and the president works to brick rising energy costs and inflation under control. let's get to edward lawrence who's live at the white house with all the chatter that is now hitting the tape. >> reporter: yeah, actually, that meeting is still going on

with his cabinet members. the cameras were kicked out. during that meeting the president didn't really address inflation. he talked about it within the bipartisan infrastructure bill saying that that would ease inflation in the long term, not create it. but we are dealing with, as you know, 31-year high in inflation numbers that we're seeing right now. press secretary jen psaki is telling americans to be patient and throwing it back on republicans. listen. >> inflation will come down next year. that is what outside experts are predicting. so we're really talking about how we cut costs in the short term. i've outlined a number of ways we would cut costs. i would note that we don't have partnership from most republicans on that. we hear a lot of screaming about inflation, we don't hear a lot of solution agreements or willingness to participate in the solution. >> reporter: so in that meeting right now, janet yellen, treasury secretary, she worked very closely with fed chairman jay powell and supported his work. he is seen as front-runner to

keep his own job. moderate democrats backing him as well as republicans. plus, powell has a track record of guiding the economy out of a crisis, but he has been hit with two district presidents resigning after being scrutinized for market trades during the pandemic. powell and lael brainard both met with the prime minister recently. brainard is being backed by progressives with senator elizabeth warren leading the charge, also the lone registered democrat sitting on the board of governors for the federal reserve. the white house is saying that officially no decision has been made yet, but the federal reserve chairman's job, or term's up february 28th of this year. there does need to be time for a hearing, a nomination -- confirmation hearing in the senate. so that announcement, liz, could come at any time. back to you. liz: edward, there is some palace intrigue floating around wall street. citi put out a note that says there's sort of bank chatter that treasury secretary janet

yellen may want out of treasury eventually so that she can go back home, and that could give bide an opportunity to potentially -- bide an opportunity to slip lael brainard into that seat. any thoughts on that? >> the treasury secretary saying, no, that's not the case, she likes the job. but lael brainard was in the treasury, and as you know, janet yellen was the head of the federal reserve. there could be a shuffling of chairs here, and jay powell was underneath, worked closely with janet yell when he was at the fed. -- yell when she was at the fed. as of right now treasury saying, no, that's not the case. liz: thank you very much. here is the breaking news. it just hit the new york federal reserve web site. they just put out their operation schedule showing reduced asset purchases from the fed's decision to taper its $120 billion in monthly bond purchases. as we're watching the 10-year yield, earlier this morning it

was at about 1.57, now it's at 1.584 right before the show it was just 1.58. so we're starting to see that move there. let's flip it over to the market action. dow jones industrials up 145 points. the high of the session was a gain of 190. s&p up 28, the nasdaq jumping 13 if 0 points. russell -- 1340 points. russ -- 130 points. russell punching into the red. j&j is pulling a ge. by the way, so is toshiba. all three announcing this week they will be breaking up their businesses. johnson & johnson is on the move higher by 1.3% after it announced plans this morning that it will spin off its consumer products division which includes brands like tylenol, avino, neutrogena and more in order to focus on the pharmaceutical and medical devices arm of the business. toshiba following suit by spinning off into infrastructure, semiing conductors and devices. toshiba up 2.7%.

that comes after increasing pressure from activist investors in the wake of toshiba's accounting scandal back in 2015. and leading the break-ups was general electric earlier this week which said it will split into three publicly-traded companies that will focus on aviation, health care and energy sector. ge up a third of a percent right now. let's get to our floor show traders. kennykenny polcari, j&j and ge e widely-held names. a lot of our viewers have them in their portfolios. are these spin-offs positive from where you sit? >> i think they are because, you know, in johnson & johnson's case, they're going to take that consumer brand away from the drug side. and i think that, you know, the consumer side is under that, under that threat of those continued court cases with the talcum powder, all that stuff. so i think the investor in johnson & johnson is going to do very well. i don't think they should bail yet, i think they should wait, and then when it splits, they're going to decide do they want to

hold the our half or get rid of it -- the other half or get rid of it? currently they own it, they bought it knowing that whole situation exists, so there's no reason to panic at the moment, but i do think it's a net benefit for the long-term nester, for sure. -- investor, for sure. liz: george, you're a long-term investor and a smart investor. knowing, a, we're having these major company split up but also, b, yes, the fed tapering has begun. we just saw it on the new york fed web site releasing monthly bond-buying schedule. it does show the reduction of asset purchases. this, of course, was widely telegraphed, but we're watching very closely any kind of reaction. how do you like equities knowing that maybe, possibly this might be on a faster track? >> the fed did a better job of telegraphing what it announced today than -- everybody knew what was going to happen, and

they did a great job of keeping the market from panicking from this being a surprise element that was harmful. the corporate break-ups, i guess remember the old song, liz, breaking up is hard to do? investors like pure plays. johnson & johnson's consumer products division is a stable but fairly boring business. the pharma and pharma development business has much more upside and will sell at a higher multiple. is so breaking into two parts for it, toshiba and ge let investors get the pure play that they want, and that probably is going to be advantageous in the aggregate for the combined element stock prices. liz: yeah. george, when you're looking at some of your favorite names as they have run up, have you been taking some money off the table? >> i've been redeploying money, liz. the bias in the market is still to the upside. people can say it's too speculative, prices are too high, but day-to-day there's still more of a opportunity in the market than there is risk.

risk will come but probably not yet. so i've been redeploying how the big fang stocks, they're tired, they're bulls, but they're tired bulls and more into somewhat smaller, still tech-centric companies. a company that manufactures high quality, comfortable fashion-centric scrubs for professionals in the medical business. that's a business with a lot of huge upside whereas some of the old tech names, i think, are sort of reaching the sky's the limit. liz: yeah. kenny, tesla's at the bottom of the s&p right now, so as we look at names such as that, it's not the worst thing in the world considering it has had an incredible runup there. what are the other names you're looking at that tell you flashing red signal, stay away, flashing green signals, come on aboard? >> so very much what he just

said. the big old fang names are the ones that are getting tired so, therefore, you're not going to get out of them, but you are going to rebalance them, right? if you want to stay in tech, and i do, the electric vehicle sector separate from tesla, look at rivian, even with ford and general motors, they are becoming the electric vehicle companies, right? in addition, cybersecurity names in the tech space are always the place to be especially going forward. i think that's going to become even more important. so there's plenty of opportunity in tech. you don't have to necessarily because you feel the market's a little toppy, blow out of it all. liz: george says there's some tired bulls, but some still have some energy left in the tank. great to have you on this friday. guys, even as a major bank issues a warning about wheels up, it's not hitting any air pockets. the private aviation company reporting kind of a stunner when it comes to membership numbers.

the founder and ceo joins us live on how he's attracting customers while taking on big carriers amid pilot shortages and rising jet fuel prices. and don't you just wish you could, you know, just use your crypto for just about everything? we already told you about the amc story, but again doge is the place. 90 days from now, according to amc ceo adam aron who told me late this afternoon 90 days, give or take, is when they'll roll out accepting doge. much more straight ahead, we're coming 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 will be one of trust and transparency.

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active members jumped 45% year-over-year. but is wheels up prepared for what could be some serious wind gusts ahead? let's ask founder and ceo kenny dichter. membership blossoming, what is propelling that? >> yeah. i think we're seeing historic demand levels and really a new group of people coming into our space. our demand are expanding right before our very eyes. i think a couple of the challenges are we need to service that demand and take a bezos-like, maniacal focus on the member. and in the last quarter, again, there's been some transitory costs and, again, we're working on getting 150-200 more pilots onboarded, on to company platforms and, you know, challenges along with incredible opportunity. liz: yeah. total available market, for those of you who don't know what tam is. we always want to include people

and bring them into the fold. kenny, you're not yet profitable, and while your stock is up right now, it dropped 20% after you reported earnings wednesday. why should investors own this stock? >> if you're a medium to long-term to super long-term investor in this business like i am, we're just scratching the surface of what's doable and achievable here. when we went public on july 14th, you know, one of the things that i wanted to do was add to the talent pool here. greg greeley, who helped bezos develop amazon prime and take amazon into europe and -- who recently became our president, it's all about unlocking supply. travis kalanick let us know that the american car was parked 23 hours and 30 minutes per day. the american plane, the business jet is parked 23 hours and 40 minutes a day. incredibly fragmented space. we're the largest on-demand

player, and we're just 3% of an existing $30 billion opportunity that exists today. with technology, you know, we can be the amazon, the airbnb, the uber of our space. liz: listen, i love your vision. you have been one of these opportunity-first guys who really is an optimist. morgan's point is you're catering to high-income households. yes, you're a private jet company, they shouldn't be surprised by that, but analysts worry your penetration of that group, they say, is only 2%. i mean, this ain't your first rodeo. you founded marquee jet, so you know how to make these things a success. but we've got headwinds; possible rate hikes next year, the fed will begin tapering next week, and on top of all of that, jet fuel prices. how do you -- >> i like to quote the great henry ford who once said in 1910, if you ask people what

they wanted, they would have have said faster horses. we're opening up the tam. technology, you know, liz, when i think about traveling from new york to nantucket, if you fly commercially, could be 5, 6, $700 per person, per seat. you know, we can take a family of 4, 6, 8 plus a pet over $5,000 which is the same $6-700 per seat. when i think about the tam, i think about people making hundreds of thousands of dollars. i believe we're in the experienced economy. i can thank instagram and snapchat and facebook and all the other platforms, thank you, meta, for people wanting to do things versus own things and experience. and what you do is who you are, not what you have. so, again, my bet is -- and i know our shareholders are behind us here -- we're clearly in the experienced economy. we're going to connect millions of people to tens of thousands of aircrafts at scale. then we're going to go and do

yachts, and then we're going to go and do experiences, and then we're going to go and do villas. that's really where we're going here and, again, liz, i've been at it 20 years. liz: i know. >> we sold the first business to berkshire. liz: i know. kenny, we're running out of time. really quickly, pilot shortage, jet fuel. i need to pin you on that. you ready for thatsome. >> yeah. i think, first off, we have the pilots. we just came for the first time in our industry with a package that included equity. so our pilots are now our owners. i work for our pilots like for the rest of the shareholders out there on wheels up. so i think we have a unique, differentiated package there. we're going to make our pilots and make our place the best place for a pilot to work. but as far as fuel goes, fuel comes and goes. there's tremendous pricing power in our space. we're not exercising everything we can exercise at this moment in time. but i think that the fuel is going to come off a little bit, stabilize here and all systems go. liz: well, your stock is jumping

as you speak, kenny. it's now up more than 2%. our viewers matter, kenny. thank you for speaking to them. actually, it's up 2.6%. all right, good to see you. kenny dichter of wheels up. >> liz, i'll see you in the metaatmosphere and on tiktok. -- metasphere. liz: metaverse, we want to get these things right. [laughter] what disney stock is trading at right now when we come back, don't go away. ♪♪ ♪ >> my name is pete hegseth, and i have been with fox news for 7 years. one of my first assignments on the "fox & friends" team was to do breakfast with friends. and when they first asked me to do it, i'll be honest, i didn't really get it.

this is jean and ray, they have breakfast here every morning together. pretty soon i'm in back flipping pancakes, and every time i'm flipping a pancake or trying a pancake -- >> pancake pete hegseth. >> -- and it only took once or twice, and i had sincere or interest in hearing about which way they were going to vote. a lot of voters and a lot of urgency. sir, i want to ask you a quick question. i quickly realized it was a lot more than that, and it was an amazing window into the minds and hearts of so many americans whose voices had not been represented for a very long time. and it's a life-changer for me. y managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest.

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its flagship streaming service. today marks the 2-year anniversary of the launch of disney plus, and the company is celebrating what it's dubbing disney plus day with a slew of new programming and promotions in the hopes that the new offerings will help turn the tide on that subscriber slowdown. let's get to gerri willis for today's fox business brief. >> reporter: hi there, liz, happy friday. warby parker seeing green as the eye wear maker tops third quarter sales and estimates and raised its full-year guidance in its first earnings report as a public company. and new shoe styles for men and women called the snow mantra boot and the journey boot in keeping with the brand's luxury pricing, the shoes will retail for $750 and $1295. talking about canada goose there. joining the likes of on holding. and the world's biggest online shopping event, china's singles day is getting squeezed by the

global supply crunch. alibaba said its sales during the 11-day holiday grew just 8.5%. that's the slowest rate ever as shoppers and merchants were hit with inventory shortages and shipping delays. alibaba and jd.com moving in opposite directions. and coming up next, liz talks to luminar's ceo, austin russell, on becoming the eyes of autonomous vehicles. stay with us. ♪ ♪

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take a stand and start a new day with trelegy. ask your doctor about once-daily trelegy, and save at trelegy.com. muck liz: okay, in kind of a case of mixed messaging, westernbush down -- webbush downgrading nvidia but still remains bullish. shares skyrocketed 135% year to date, so web bush downgraded from outperform to neutral on

valuation concerns. however, that's kind of interesting. web bush also raised the price target from $220 to $300 a share, but they're already behind that because nvidia made big news when it announced a partnership with luminar. the driving lidar technology crucial to autonomous driving. the it's come back a bit, but let's bring in ceo and founder austin russell. it really seems as moment -- and, by the way, your tock just -- stock just hit session highs x this is like the fairy dust of "the claman countdown." [laughter] this just happened with kenny dichter of wheels up too. tell us about this partnership and what you specifically are going to do, and explain to people who might not understand lidar needing chips. >> yep, yep, absolutely.

so the context of the partnership that we have with nvidia is that they've been really leading the modern compute revolution historically and in a number of issues, and now this is really starting to transform automotive industry. so they've had a huge play into this. and what's really exciting here is they have gone through an extensive process, they decided to select our technology to be part of that full stack solution that they're working with automakers on. and, you know, they've been really dominating when it comes to the automotive space and industry. now we have some great aligned interest such that when they win, we win. it's great to see that happen, and it's certainly the biggest platform play we've had all year or maybe in our history. liz: what it would enable car companies to do, and to that end, how are you going to, i guess, market this? is it, you know, i'm dumb. i don't understand this, so you have to explain. is it going to be on a subscription basis? will people buy the technology?

is it a deal with car companies? >> the key is that this is technology that isn't going into some, like, test platform that's owned by the company. this tech is going into cars that you can buy, that you can own. it's autonomous vehicle tech. and what it will allow you to do is take your hands off the wheel, eyes off the road and be actually to have an autonomous driving experience starting on highway scenarios and ultimately expanding out. also, of course, increasing substantially the safety of the vehicle that you're in and improving that. so that's the opportunity here. this is why we're really excited to be the first company that's helping power and enable this kind of application into the real world and making a huge impact by working with automakers. that's the case, we're working with the big automakers, actually now the majority of them, to see this technology the through. of course, at varying stages. but when you have the key accelerators like nvidia, you know, which i heard you just

mentioning, they've done incredibly well for themselves. they're on their way to building a trillion dollar company out of it. it's pretty incredible. to be working with them, we couldn't ask for i think it becomes more interesting over time. when it comes down to it, so wee have the partnership with volvo

automakers, pollstar is doing their ipo. they're an ev maker that actually also has a partnership with volvo, interestingly enough. but they actually disclosed we're their lidar partner for their cars. things have been moving and only accelerating. we've had kind of six additional wins just this quarter alone, and it's no signs of stopping. liz: well, the whole industry when it comes to evs, they all want this lidar technology except tesla because elon musk likes to use cameras. rivian certainly is a huge story this week, and as we look at a

stock that has jumped each and every day, you aren't in rivian, at least not this moment. but it's up another 5.5% to to $129.79. rivian priced at $78. but elon musk recently tweeted, i hope they're able to achieve high production and break-even cash flow, that's the true test. there have been hundreds of automotive start-ups, but tesla is the only carmerrick to reach high volume production and positive cash flow in the past 100 years. austin, we're looking at a gold rush. we're looking at a boom. and the auto industry back in the 1900s saw the same thing, and many of those went by the wayside. how do you make sure that you capture the ones that are really going to be the long-term winners? >> yep, yep, no, it's a great question as it relates to all of that, and i think a lot of that does ring true. there's no question.

the only caveat to that though, too, is when it comes to us working with automakers, we get maid the same -- paid the same amount regardless of the badge on the car. you know, but that said, i think there's no question that it points to a revolution that's happening in the industry. even companies that are earlier stage are just being shown, and there's so much opportunity for disruption across the board. but the question is how are we insuring the future, how do we insure that one day we have the opportunity to be able to fully capitalize on this trillion dollar market? that's, you know, we're cornering the market ourselves. like, for example, just with the recent story, the two top players that are out there from a systems perspective, you have mobileye and nvidia. we're partner partnered now witf those. but the great thing is regardless of who they work with as we're part of the system,

it's a scenario where heads we win, tails we win. and, you know, that's the way we like it. liz: austin, what kind of car do you drive? i'm really interested. [laughter] >> i drive a couple different cars including some of our customer cars. but i think, i think if i said that, it may start -- [laughter] but, yeah, exactly. so, but i like to, i like -- i have to say, actually, you know, this -- we just had a race event that was a lot of fun. i do like fast things, and this one was where we had, actually, cars going up to 155 miles an hour around the indy 500 track with no drivers that were powered by luminar. we hope to continue to see that again. liz: i think we're going to see some of that. in fact, fox business is going to try and show some of that in january.

austin, great to see you. austin russell of luminar. >> thank you. liz: the iconic new york city buck a slice pizza is getting scorched by staggering inflation by the price of flour, cheese, tomatoes, gloves and labor all go up. we're going to take you to gotham pizzeria to tell you how the cost of dough is rising. and the business of cancer cures. after losing both her mother and sister to cancer, christi shaw joined a biotech company focused on delivering innovative cancer treatments to patients. pretty amazing climb from growing up on a cow farm to high-tech problem solving. you've got to heard the -- to hear the story. it's available on spotify, apple, google, wherever you get your everyone talks to liz podcast. closing bell, 15 minutes away. folks, we're at the highs of the session. the dow up 202 points right now.

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liz: we do have more on that breaking news we brought you at the top of the show about the federal reserve bank of new york releasing the schedule that now shows which asset purchases will look like starting next week when the centralling bank begins to taper -- central bank begins to taper, to slow the pace of its bond buying. the fed saying it will buy $70 billion worth of treasuries and $35 billion of mortgage-backed securities per month starting on monday. a pace that will drop to $60 billion of treasuries and $30 billion of mortgage-backed securities per month in mid december. so if we can just check the 5-year, it is up 13 -- 1.3 basis

points, and the 10-year, 1.57% or so. as we continue to watch this news that was widely telegraphed, but now we're getting the meat and the details. and from meat to dough. is this about to takedown inflation as pizza lovers get ready to shell out more dough? the price of wheat climbing above $8 a bushel for the first time in nearly nine years as demand soars and supplies are set to end the year at their lowest levels in more than a decade. but pizza maker stocks are on fire nonetheless. papa john's with gains of 53% for the year, domino's rising close to that, up 33%, and yum brands, parent company of pizza hut, up a 15.5% year to date. and it's not just the yeast that's rising. madison alworth joining us from two brothers pizza in new york city, famous for the $1 slice.

am i going to hear some bad news about the slice? >> reporter: yes, liz, i do have bad news. i'm really sorry. since 2008, two bros pizza have been selling this slice for a dollar. you cannot find that anywhere and, unfortunately, you're not going to find it anymore here in chelsea, they're now selling for $1.50. quite literally a sign of the times when it comes to inflation. we are seeing record high inflation, rates that we haven't seen in other 30 years, liz. part of the problem is the cost of ingredients as well as the cost of overall wholesale prices that we're looking at. when it comes to restaurants, they're paying 13% more year-over-year for those wholesale items. that is the highest rate that we have seen in 40 years. the owners of the shop saying, quote: inflation is affecting every single ingredient, item we use, flour, cheese, tomatoes, gloves, paper goods, paper

plates, napkins, everything. labor is definitely up as well. and the customers we spoke to yesterday say they are noticing the cost of everything go up. and a 50% increase in new york's best deal is just the latest in a string of sticker shock. take a listen. >> price increase to $1.50. it's crazy. >> everything is going up, unfortunately. and i'm not making any more. >> everything going up, we don't know what the cost of living's going to be like in a year or two. >> people are leaving the city and trying to survive are. >> you have to worry. unfortunately. the way things are today. >> reporter: yeah, liz, so this pizza has gone up 50% in price but, of course, $150, i mean -- 1.50, if you go to new york, you know that is by far still the best meal you can get, you can't get anything cheaper than that. it's cheap and it also tastes good. liz? liz: oh, my gosh. we've crossed the $1 rubicon.

oh, i hate you, madison. oh, my god, save some for me, girl. [laughter] she says no. my kind of girl. all right. thanks, madison. the greenback is red hot with the euro trading at 16-month lows. our countdown closer up next on how to hedge your portfolio against foreign exchange fluctuation. closing bell ringing, 7 minutes from now. dow is up 186, the nasdaq jumping 152. s&p up 33. nice green on this friday. ♪ ♪ 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. ♪

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markets wrapping up. none of the indices will see gains for the week. even as today we do see this mark yet melt-up continuing. the u.s. dollar heading for its biggest weekly rise hitting 816-month highs and hike interest rates in mid 2022. and inflation is driving this climb. the dollar index saw its largest gain in 6 years. joining us now, fx strategy global head, steve, are interest rights moving higher moving the dollar up? >> i think it's inflation and the fear of central bank

reaction. the fed said they will stop inflation from going well above this target. and it's been running well above its target more and more every month. the markets have a warning call when we have the cpi. liz: which parts of the market do the best with a rising dollar atmosphere. >> you a want something that sells domestically. they are selling domestically so they are not putting downward pressure foreigners. possibly low beta industries. often the dollar's strength is some risk sentiment that may hurt higher sectors. liz: a low beta value typically means the stocks are considered less risky. if you look at it from the bring

-- from theprism of the russel. it's looking to see a gain of nearly 5%. to what do you attribute that? >> i think there is a broad tendency for the russell to outperform when the dollar is strengthening. it tends to be smaller industries and less dependent on exports. you want to be careful you don't go too far off the beta curve. if it's risky and the markets begin to fear tightening. some of those industries may do more poorly. but the smaller industries, domestic ones, should do well.

liz: steven, thank you so have much. the dollar is the big story. that is going to do it. here is the closing bell ring. the dow there close up 183 points, nasdaq up 158. david: welcome to "kudlow," i'm david asman in for larry kudlow. the president convening his first cabinet meeting since early july. almost every member of that cabinet is facing a crisis. secretary blinken on afghanistan. secretary