that was very helpful and that's with the audience needs and wants. we were up a lot more than this earlier in the day. we started drifting and we got the bombshell news. there's a good chance that we probably could slide lower into the last hour of trading. it could be more critical than ever. liz market has been volatile when you need the help most. liz: absolutely. that's why were here. we kick off the final hour of trade with the breaking news. investors have turned pale on the omicron variant case is now on u.s. shores. doctor anthony fauci making the announcement at the white house moments ago. on the first trading day of december the dow has been up 520 points at the high right now. it's up 18 toggling back and forth in the red. even the detection here of the highly contagious covid mutation

it could be a few weeks before we know more about the variant and whether current vaccines can find it. the chairman of moderna is getting in the chair right now in front of our cameras. we are going to ask him what he knows and when he expects to have a new vaccine to saddle omicron. jay powell doubles down on his admission that inflation is worse than thought. runaway inflation is causing problems on the farm. high prices for feedstock hurting the food producers. what is the trade, are they raising their prices. are they forced to? the ceo of agate america is here in a fox business exclusive. the crypto conference featuring the current and former sec chair says the crypto verse shattering and on edge. charlie gasparino telling us what they revealed about coming regulation. forget the apple polishing clock. elon musk wants you to blow the whistle on the tesla cyber

track. yes that thing on the left is a whistle. let's get to this. breaking news it is here doctor anthony fauci announcing before 2:00 p.m. eastern time that the first case of the omicron variant has been detected in california. the individual in question had returned to san francisco from south africa and tested positive on monday. the markets which have been in the green you can see from the intraday charts spasmed and fighting to stay in the green for the dow and the nasdaq is down 45 points. the dow just up a few points as the nation's infectious disease expert revealed new untrained u.s. case number one was fully vaccinated and at this hour self quarantining. the symptoms are reportedly mild and all close contacts of the individual have tested negative. airlines are down 1% earlier. the gap down, american airlines has the most frequent flights to

south africa from the u.s. in conjunction with british air. shares are down 7% at the moment. you can flip it over to delta, united is following to the south. doctor angelique the chairman of the south african medical association who spotted the omicron variant said what we are seeing clinically in south africa and remember i'm at the epicenter of this. it is extremely mild for u.s. these are mild cases. the ceo of moderna, the first pharmaceutical company to produce a covid vaccine said he predicts material drop in the effectiveness of the vaccine against omicron variant. that was before today's news. what is changing as we speak. we welcome the moderna chairman and cofounder. great to have you this is an important interview i want our

investors an audience to hear. tell us what you know about the efficacy of your vaccine at moderna against the variant. >> thank you for having me. since we learned of this challenge last week of a moderna we've been working very intensely on getting as much data as we can using the serum from vaccinated subjects to see whether the antibody binding has beginning anyway. this will take a couple of weeks to get enough data that we can say anything definitive, right now were in the early phases gathering the data and unfortunately i will not be able to add more facts to the discussion. i say as others, we have expressed some concern about the nature of the changes that we see in the virus and it makes us want to be increasingly vigilant. it may be in the fullness of time that we get more proactive

but we could've kinda stood back. the opposite that we did not get more vigilant and somehow it was a worse case than expected. that is something that we do not want to see you again in this pandemic. liz: dr. fauci said an hour ago that the case number one and the united states was fully vaccinated. it had not yet gotten a booster shot. when we listen to the doctor, the ceo of moderna at your company. he said the third shot is crucial. you get a sense that your company needs to tweak the current booster in the vaccine which is one in the same and are you in the labs at the moment tweaking at the moment for the new and highly contagious variant? >> the role of vaccine developer

and manufacturer is to provide any and all options so whatever we need we have ready to go. that's our approach. we are testing higher doses of her booster to see if that gives us more protection should we need it. that is ready to go. we have tested two of the prior variant of vaccines that we could manufacture. even while we started working in more specific omicron specific vaccines. we are doing it all. the expectation over the next couple of weeks as the data pans out we can work with the authorities to make whatever decision is felt to be the most protected. interestingly you don't have to conclude that you will need this to work on it. you will want to work on it before you need it so that when you do, you are ready to go. liz: there is a new vaccine poll by the consul that says 30% of

unvaccinated americans say the emergence of the omicron variant have made them reconsider inoculation. just 30%. would you say getting vaccinated is really the only way to stop the virus in its tracks. >> we need to effectively limit where this virus can go to continue to mutate and evolve and evade immunity. we really do need to up the level of immunity against the virus. that can be done through vaccine and getting boosters. the new threat as well as delta is wreaking havoc as we speak in the u.s. and in europe. we need to get the maximum protection possible. i long viewed the vaccine as a form of an internal mask. we talk about masks that you can

wear this is an effective lawyer and we're going to need the protection against the threat. it is trying to counteract everything that we do and we need to be extra vigilant. liz: and internal mask. i think that's an interesting way of putting it. i tend to agree. one case so far detected in san francisco from your experiencing of developing vaccine and all kinds of viruses. do you believe there are more that of not been detected here in the state. >> i think that's a very high likelihood. not only here in the state but most other countries where people have reported a handful of cases that the small number of testing that we do. it'll take a few days for these cases if they present with symptoms for us to know that they exist. as you know a lot of people are getting the infection and they don't have too many symptoms and they don't get tested we don't know that they had until much

later. i think it's fair to assume that the second, the third, the fifth we should not react as it's a major surprise. it would've been a surprise if there were no cases in the u.s. it is certainly jarring not just the stock market but the people's collective psyche that this is here now. it is wonderful to have you on this important news day specifically about omicron. thank you so much. noubar afeyan, the cofounder of a moderna. fox business alert. star tech investor kathy would jump into three names just as investors jumped out. the investment manager bought more than a million shares of twitter after the stock touched a year-to-date low of $43 yesterday. it still around 43.47 but she jumped in when it was definitely lower than it's been in a year. robinhood ended at the 2021 low

at $21. and what took the opportunity to purchase more than $21 million which works out to 837,000 shares. her shopping spree included 150,000 shares of zoom video communications which is falling 6.8% today. by the way i gave all the details of her moves early this morning on my tiktok channel. we have all the overnight headlines that matter in a one minute sound bite. follow me on tiktok at red fox liz. salesforce at the bottom of the doubt. the s&p 500. despite in earnings in the third quarter the cloud-based software company shares are down 11% at the moment after disappointment after the quarter. but the race the full year revenue forecast. salesforce promoted brett taylor to co-chief executive officer. he will share that position with mark who will remain board

chair. investors giving bearhug to build a bear workshop stocks which is right. look at the jump on a down day for the market. up 28% at the moment that is near a seven-year high after the third consecutive quarter of record-setting profits. the toy retailer where you can customize raised the revenue guidance. build a bear a cash dividend of $1.25 per share. china's covid is 0 strategy seems to be working as the rest of the world struggles with omicron strain. chinese tech names are trading higher. dd global up for in a third%. jd.com 2.5%. net ease, up 5%. it has been a slippery slope in the crew pits. the crew plunging. lower on the case of the omicron variant. what does this mean for the entire energy stock in the energy complex.

our floor show experts are breaking it all down next. closing bell 49 minutes away. the dow is down 44 points per this is the 600-point swing. were watching it very closely when "the claman countdown" comes right back. ♪ as someone who resembles someone else, i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪

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liz: crude oil was trending higher at 1:43 p.m. this is why we have the intraday so you can see the moment futures turned negative and a minute later the cdc announced it identified the first case of the omicron variant in the united states. specifically san francisco. oil is now an bear market territory stated at $65.45. we want to mention that the markets in stocks are at session lows. the dow had been a gain of 520 we are now down 120. west texas which trades here in the u.s. settle the $84.65 on october 26. finished at a three month low

$5618. were now $65.43. separately opec plus tomorrow is going to announce whether it will unleash more crude in the market or whether it will hold back and do nothing as the u.s. just released oil from its strategic petroleum reserve along with other nations like japan, the uk and china in the omicron coronavirus take the wind out of the man and return crisis. markets were shrugging off a omicron until we got the news that the first u.s. case. oil associates president and all trading hans teddy weisberg. i will begin with you first. it was before 2:00 p.m. eastern with the announcement came out and you got to tell me what it was like watching your screen and watching the reverse from a gain of 500 points to where we stand on the dow.

>> it was pretty dramatic to say the least. these intraday reversals technically are very disturbing and they set ourselves up for a not too good day to follow which would be tomorrow, thursday. clearly it has to be a knee-jerk reaction to the announcement to this one case in california i think it yes in my heart of hearts. the markets looking for an excuse to take money off the table. for the moment this is an excuse in this reversals down and dirty and is been painful. liz: i find it really interesting that we are looking at crude falling tree that make cents. if there's going to be less demand to the people being nervous about going out and about if they are or maybe they don't care. and certainly crude reflected that. but the gasoline is moving higher. it is an interesting superimpose

picture, what's going on with the energy complex at the moment where you see something like that. >> crude oil prices are reflecting the fear of additional demand whether it's from jet fuel to the airline cutting back to lockdowns that ultimately impact on gasoline and diesel demand today. it's a little sadder than crude oil. it's a tad above unchanged. that is to a pretty good demand here in the u.s. over the thanksgiving holiday into the thanksgiving holiday. inventories are very low compared to previous years. there down six or 7% compared to this time last year. gasoline is the best. the market is clearly concerned about what's gonna play out with the covid variant and are we

going to see a return of significant demand destruction like we saw in 2020. liz: i want you to listen to what we aired at the top of the show with noubar afeyan. he is the chairman of moderna. i asked him what is a think we have one case so far, here's what he said. >> is a very high likelihood. not only here in the states but in most other countries where people have reported a handful of cases. liz: what he is saying is a high likelihood that there's many more cases as of yet undetected in the states. how will that affect the psyche if we start to see a rash of these detections? >> i think you see a rash of these detections of the u.s. and elsewhere around the world is clearly bearish for oil because the market will think more lockdowns and a slowing of demand. you can see it easily gets below $16 a barrel. how effective are today's

vaccines and will we develop a new one in the next couple of months. this will become another variant in a series of variance that we will probably experience. liz: exxon mobil is higher right now. we need to get people to news the exxon mobil said it is going to better as far as revenues are concerned specifically even as they cut back on admissions. is that an interesting trade? >> i think it's an interesting trade i'm not sure i would want to buy today with what's going on at the price of oil right now. but i think next on is a wonderful company in the energy sector. and a lot of people own it and have made over the years and done quite well. i think as your other guests point out. i think the bigger question are we really overreacting here to

the latest variant of covid-19. the markets are trading at all-time highs, not at all time lows. it's not march 2020. it's december 2021. clearly there is a lot of fluff in the market at the moment so a technical selloff is probably not unwarranted but i wonder if her not overreacting. i think it's early to throw the baby out with the bathwater. liz: as you are speaking were hitting session lows. both the bathwater and the baby on the street at the moment. it's great to have you and andy as always. the dow jones industrials just touched a low of 186. we've been up 520 earlier. watching it very closely. skiing and aspen, winter tradition for the mobile, ski

moguls. but the skyhigh prices may put a damper on ski season. ashley webster is joining us live on the cliffs of aspen to take a look at what aspen resorts are doing to combat worker shortages. closing bell ringing at 38 minutes. we're coming right back. the dow is down 210 points and falling. ♪ i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. 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: we are watching the markets closely. the dow dropping at the moment. lower for the doubt down 222 points at the moment. high altitude is not the only thing you will find in america's ski resort of aspen, colorado. very high prices are way in the stratosphere as the cost of homes have jumped 82% over the past two years. the adp jobs report which showed the economy added 534,000 jobs

during the month of november in your wallet may be heading for a wipeout this ski season. ashley webster at the aspen, colorado. our visitors finding themselves over their skis when it comes to cost. the whole region is expensive. >> you know what i'm on top of the amount and 11200 feet. it was already very ritzy here in aspen. now the prices are off the charts. in finding people to actually come here and work. why is that. there is no housing in fact. i know you like to get the newspaper on the front of the aspen time today. there is a whole article on how they're trying to use u.s. forest service land to build more housing. there is not enough housing. it is 25% short of workers, those that are working or doing

double shifts. it is not easy at all. i spoke to the managers of the ski resort. this is a communitywide problem that has to get fixed now. >> is getting to the point where it's untenable to run our business the way we ran it for decades. 75 years is how long we've been here. we've got to come together to the community to solve this problem. >> it is a problem. if you walk around any sign saint help-wanted. some of the restaurants and retailers are having to shut several days because they cannot afford to keep going. i caught up with the manager of a t-shirt company and aspen and says it's impossible to hire anyone when they're not coming through the door. take a listen. >> when you have no housing, less people walking to the door to apply for jobs whether be local or international to want to apply. when nobody is walking to the

door to apply then you cannot hire them. >> what can you do. there are two huge problems. of course cost or be passed on to the consumer because people are having to pay more for wages of those who are working starting at $70 an hour and out. they did affordable housing against what they need snow. it is warm up here now. they had a drought when it comes to snow all of this is man-made. as you look far into the distance you can see brown mountain. all the bumper stickers i see in town say one thing. pray for snow. so far it is not working. liz: go to the hotel and get me hot chocolate and they need to pay their workers more. clearly that is happening. we should mention i don't know if you heard jay powell but earlier today said wage inflation is a thing, it is currently very much in play.

he doesn't think it would be too dramatic but clearly you're telling us a story that is pretty serious no matter where you go. >> it is definitely. it is off the charts in aspen. we said yesterday the average cost of a house in aspen that sold this year is $11.9 million. if that gives you a sense of how expensive property is here. the billionaires have replaced the millionaires. they got down the mountain and replace those people and it's gone all the way down to the bottom of the valley. in affordable housing is absolutely at a critical point. liz: you gotta pay the workers and forget to get people to serve the billionaires. thank you. ashley webster lives from the mountain in aspen. inflation no longer transitory. so says the fed chair. how much higher can you food prices go and lingering inflation help or hurt the american farmers.

will ask the ceo of aggie america. what are the biggest lenders to farmers on the heartland food front line. closing bell 29 minutes away. when looking at the s&p down 19 points. i want to but you know the lower the session for the s&p, down about 28. were almost there and the nasdaq low of the session.221. were down 185. we're coming right back. don't go away. ♪

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rise in the supply chain stutters. you would think american farmers would be sitting high on the hog because they can command higher prices. but the heartland is suffering and inflationary market because they are struggling to afford higher seed in feedstock prices. the agriculture etf which tracks food commodity futures shows prices have been spiking at a rapid pace the far right side of the screen. since it was listed on january 5, 2007. you see the slow decline in prices until 2020 when the light began to spike upwards again. in the past year alone food commodity futures are certainly higher as you see from dba. joining us on the fox business exclusive demand of the heartland ceo of aggie america one of the largest non-bank lenders in america. welcome, tell us what you're hearing from your former

clients. >> it's been a tough year but it's been hit especially hard over the last year. farmers grew to the global market but they depended on global weather. weather is a factor and they had extreme weather that's made an already difficult session harder while droughts and hurricanes it freezes. with covid coming on it causes significant issues with market access and access to labor. those have been proved by inflation those prices are going up. it's also cause significant issues with the supply chain and those issues have not improved. as you referenced. they're expected to increase over 7% in production cost since 2017. when we need farmers more than ever, with population while

things have improved in the continue to be headwinds for farmers. liz: a year end a half ago right here on your show. we were talking to farmers that had to sit there and watch their stocks of food brought in the field. the supply chain was gummed up and nobody could transfer the food plus the demand had gone all the way south. they didn't have arenas open or concerts or anywhere where people were buying food. now it's a completely different story. the supply chain piece of this is equally as difficult. what kind of loan demand have you seen over the past six months compared to what you are seeing two years ago before covid. >> loan demand is extremely strong when it hit it was up it

had more of a distressed tenor to it. after $42 billion with government payouts last year. things normalized for the farmer. right now farmers are seeking capital to invest in a lot that they differed and also to invest in production of the cost going up. demand is there but it's a different type of loan demand than this time last year. liz: one thing may be left. i find this interesting. i would like to hear your thoughts on what it means for american farmers. there is a greater interest in plant-based foods. i would imagine those farmers in this way farmers. anybody going into green i'm talking about soy, et cetera and

the green because it's greater demand. are you seen any of that follow-through. >> it remains to be seen is to how sustainable plant-based food demand is going to be you still have so much demand in the protein-based areas and it tends to be an edge in those areas that by 2050 the un says the world will need a 60 - 70% food meanwhile cropland is only gonna go by 4% worldwide over that period. in the u.s. were losing cropland to urbanization and solar panels and all those types of things that's putting pressure on the entire industry and prices are up. you have to remember people doing protein and prices are

good for the growers of corn and soybean. that's the input for the protein-based food. that's 50% of the input cost when someone is trying to grow a cow or a chicken or hauled. liz: tough times no matter how you slice it. thank you for opening this window into what's happening to farmers at the moment. we appreciate it. i want to let our viewers know the fear index has hit an eight-month high. it spiking 7.5% to 29.23. we have some anxiety. the dow is down 218 points. the current and former chairman of the security and exchange commission go head-to-head over crypto regulation today. conference in the big apple. charlie gasparino has the details on whether crypto like or hate what they heard.

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liz: elon musk proving once again jamming up interest in all things tesla just two days after musk tweeted come january hug of a product update on the anticipated cyber truck which comes with all the bells and whistles. he put a whistle up for sale. last night he put a link with the words blow the whistle on tesla. the link led to the shopping page and the brand-new accessory on the screen showed up. a 50-dollar tesla cyber whistle made of steel which sold out within an hour. i'm so annoyed i wanted one. the blow the whistle on tesla, maybe a nod or a dare who attempted to do that as for the actual cyber truck he tweeted it will reach into apocalyptic teacher and bring the technology to now. by the way the whistles are now trading on ebay for more than

$2000. inc. capitalism. regulation dominating the conversation at the compliance and lift summit in new york. it speaks for a crypto made up in a conversation with security and exchange commission jake clinton current sec chair gary gensler is holding onto the agency tied regulatory stands. >> as soon as they do for most people that people have the best intentions. >> if i ask you you say best intention you say people would have incentives to avoid the anti-money laundering. bitcoin has spent years for men somewhere around the globe. liz: i like that. getting a little testy. how does the crypto world look at this. >> by producer. liz: can you do that again.

>> is a catfight between the sec chair. i don't like you. listen another thing i want to point out you like the kiss of death sometimes. liz: he's trying to put it on me. they both basically spoke at this concert and spoke about the level of illegality in the crypto business and was interested, you would expect a republican to take your innocent until proven guilty approach. kinsler is the current sec chief. this is where you have to be scared if you're in the industry. when clinton was framing the industry, bad players but there's also a wait-and-see attitude. he said no this stuff is bitcoin

and crypto being used as for reading somewhere. the block chain for certain nefarious things. any signal to the industry. we got this from john deaton the extra peel lawyer who is been on our show representing shareholders who got screwed for the extra pay i don't think that's good for the industry. a lot of people thought both of these guys would talk about ripple. it is the biggest regulatory case and crypto that claim brought and that chancellor has now. they did not mention it once. liz: excellent. why wouldn't jake clinton bring that up.

>> one of the things with this they didn't take audience questions. the audience would've mentioned this. it's a regulatory market. it's a big thing. because the sec's way. they could really ramp up regulation and much more if it goes ripples way, ex-rp is going to bounce off a dollar share. it's trading at a dollar. liz: is it true there's a chat alongside this discussion. it was all about ex-rp. liz: they were mocking both of them. they both agreed on a lot of the stuff involving what is the security under the sec regulatory umbrella and bitcoin not, a theory i'm not according to both of them. not a security according to clinton and we don't know about chancellor. he's all over the place of that. he's waiting for the ripple to determine. that's how crazy this is

getting. but they both agreed on ripple. why that wasn't brought up. why they didn't mention. it's a very controversial subject. we brought it up. we did a huge investigation on this. it is consuming the regulatory world. i can't understand why they didn't do it. john eaton says expect more regulation as a topline number. amc is down another 15%. liz: we're coming right back. the dow down 300 points ♪ ♪ ♪♪ care. it has the power to change the way we see things. . .

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biggest intraday swing from fake to trough since back on march 4th. 830 point swing. we had been high, up more than 500. and now we are down about 372 points at the moment. of course this on the news that the first case of the omicron variant of the coronavirus has been detected in california, san francisco. first in the u.s. flip it to the 10-year. edging lower after touching 1.5 1/2% this morning. 1 1/2% this morning. we have now retreated in this flight to quality for bonds, prices going up. yield falling to 1.43%. that is holding steady at a three-week low. let's bring in varnes howard. >> we knew there would be volatility in this market.

the trend of the market is still up very strong, liz. i would be buying on the dip. take emotion out of the equation. we've seen it happen time and time again since april of to 20. anytime we have any type of news event with covid basically every single day you're going to see a little bit of a pullback. all these pullbacks, liz, have been shorter, shallower. they have been buying opportunities. we're buying into each and everyone. take emotion out of equation. trade what is happening. market is in uptrend. i think we'll have a pretty good month. liz: what are you buying today? >> you scan buy the qs. i love fangs. apple is looking good. microsoft is looking good. so many great stocks. we've beening a lot of semiconductor index that has been a big winner for us especially the last 90 days. there are so many opportunities out there. the selloffs create more opportunity. liz: you like the sox, i-share, semiconductor exchange traded

fund. has a lot of top names in the basket. as we watch price action in the stocks. if we can put that up at the moment. we have down $2, 1 1/2%. maybe people like your idea as well. what about things like the airlines? we know people will fly on delta at some point. we have delta, american, united airlines moving lower yet you're looking into semis. is there something in particular that you like, and others you avoid? >> we're mathematically driven, liz. you know that we're a quantitative shop. so the math putting us in the semiconductor index. the math is not putting us in airlines right now. not to say a a month from now or two months it won't. we're banging away on semiconductors. we're having a heck of a good year. liz: lance, i love it. we hope you join us soon. quite a day we're wrapping up with 30 seconds before the close of the markets

we're here at the close. [closing bell rings] mode moderna telling us there are more likely cases in the united states. kudlow is next. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. the first u.s. omicron case was reported in san francisco. so far the white house is sensible and circumspect. the fully vaccinated person returned from south africa a little over a week ago, test the positive two days ago. even tony fauci says the person is experiencing only mild symptoms. that's a quote. got