of breaking news but you are two of the best i hope people were taking notes in the meantime the market mostly sideways we didn't get a cp effect but there's amazing amazing things going on in this country, in this market in this economy. that's where we'll go to lauren simonetti now in for liz claman, to take you through this next hour. lauren i think is going to be eventful. lauren: there could be an ls effect and i agree with you, and we'll take it from here , charles thank you, good to see you. here we go, the tech train certainly losing steam right now , as the nasdaq, yup, it is on pace to snap a three-day winning streak, let's check the s&p and the dow all three are moving lower but the dow just barely, we're going to preview earnings season with our floor show traders in just a bit fly me to the moon literally youtube star and crypto investor carl roomfeldt predicting, get this , a 600% rise for bitcoin this year, he's going to talk about that and

explain it to us and also about his new coin that just started trading. the robots are coming i know you've heard that before, but we're going to go to the city of angels live to check out how the food delivery business is going autonomous with robots set to hit the ground rolling, plus, you've heard of millennials, names, casper, now we're going to talk to the top guy as a venture capital invested in those companies, we're going to find out what the big deal is for 2022, i'm lauren simonetti, liz claman, has the day off let's get to it. breaking news, a short while ago the supreme court has blocked president biden's vaccine mandate for private businesses of 100 or more workers. now that mandate was set to go into effect february 9. this as president biden is stepping up his administration's response to a covid-19 surge driven by omicron. the president will send a total

of 120 military medical personnel to six states with hospitals that are overwhelmed. edward lawrence standing by at the white house with the very latest for us. we're talking about the supreme court, and their decisions, it was a mixed decision, edward. reporter: it was a split decision and we'll get to that in a second. let's talk about what the supreme court did when it blocked it. it blocked the vaccine mandate for large employees. any company that has 100 or more employees, the vaccine mandate and that testing mandate has now been blocked and that was a 6-3 decision. in the dissent from that. it says the justices all said this , in the face of a still- raging pandemic this court tells the agency charged with protecting worker safety that it may not do so in all workplaces needed. now, on the other side of this decision, the supreme court did allow the mandate to be in effect for healthcare workers with facilities that get federal funds. so these be hospitals or

healthcare elderly facilities that take care of retired folks or elderly folks that have some sort of issue so that vaccine mandate is in place that was a 5 -4 decision with chief justice roberts and justice kavanaugh also going on to the majority on that decision. now, to the testing. president joe biden announced he will have $1 billion, 1 billion tests, covid tests for americans and be able to get them out free to americans. now, white house press secretary jen psaki says over this rest of this week they will sign the last of the contracts to get the initial 500 million tests out that they had announce and the president is saying 375 million of those will be available in january at some point. the website to get those tests up and running, he says, will start next week. in addition the president is saying starting january 15, insurance reimbursement for eight tests a month will go into effect, listen. >> we'll continue to work with

the retailers and online retailers to increase availability. reporter: so in addition the president says that the u.s. government is going to buy millions dollars worth of masks, millions of masks for the american people to provide those free quality masks to american people. now he did not detail how those masks be distributed or when they will get those masks, but he does say the federal government will offer free masks to americans who want it, again, the big decision or the big deal here, lauren, is the supreme court blocking the vaccine mandate from the biden administration. no word yet from the administration but i'm being told the labor department will have a statement shortly. back to you. lauren: okay, yeah, a lot going on, and this ever-changing and developing and by the way edward those n-95 are very uncomfortable. imagine kids in them all day at school? i can't. i can't at all. edward thank you fort latest and we move on here, delta airlines take a look at the shares should be higher after reporting stronger quarterly earnings

thanks to holiday travel but warning of a loss in this current quarter. why? omicron. it's going to dent demand but we do have good news and that is demand is going to rebound. when? after president's day weekend in february. so it's getting a little bit better let's check the other travel stocks you. we did see reopening trade, airlines and cruises all have up arrows, norwegian up almost 5% today and major banks start reporting tomorrow as we kickoff fourth quarter earnings season. let's get you the estimates so you know where we stand. if you look at the fourth quarter, a gain of 22.4% is expected, and 49% for all of last year. this year, might be a different story as corporate america deals with higher prices, and higher rates, and yes, that could crimp demand like we saw with delta. let's bring in stephen guilfoyle and chrisskn your opinion for companies this year? if you look at i gave you the

fourth quarter estimates. these are the ones for the first quarter. 7.6% earnings growth, so obviously, a slowdown, and by the end of the year it's just about 14%. >> yeah, well that'll be the risk, right? we're facing 7% cpi inflation. that's not going to go away any time soon, everybody realizes that so is that going to impact earnings, we'll see the other risk is too you've got the contracts at or near contract all-time highs, and even if a company could get good earnings and still get wiped out a little bit, if there is an overall correction, we almost had a 10% correction last week in the nasdaq, we had about a 5% correction in the s&p, so if we ever had something larger than that, that could even override earnings. that's probably the concern when you're starting the year out at all times highs that's your risk lauren: yeah, let me get you to respond to that, steve, because we're looking at the numbers, and we are seeing sell-off

intensify in this final hour of trading the nasdaq is down almost 2% and two-thirds of the names in the nasdaq 100 are in correction territory, no one is coming in buying the dip here >> no, and as monetary policy is uncertain, these kind of stocks are going to be seen as overvalued. what i think you have to do is focus on where you think the value is going to be, so you mentioned bank stocks. i think traditional banking is going to be important going forward into the next quarter. not so much for the last quarter but guidance is going to look good so i'm on wells fargo, and bank of america because these banks are more reliant on traditional banking on net interest, maybe less reliant on investment banking and trading. i also think you want to be aerospace and defense right now because of everything going on with russia, with china, with north korea, with our deficit in hypersonic weapon technology we just passed a defense bill, right? so lockheed martin is a name, raytheon, all these names are outperforming lately. we aren't expecting much in terms of performance from the staples and discretionaries

right now. i like e-commerce stocks that deliver what you need to your home because you're afraid of omicron so i like target, i like walmart, i like amazon. target especially becaused on valuation. i also like pepsi because well- rounded staple, and i like cvs health because it's across the staple and healthcare stock, and i believe that the new ceo is turning that balance sheet around. lauren: all right, so sarge has some names to watch in an environment that, i mean, chris? look at it right now. it's essentially baked in four- plus federal reserve voting members are saying we're going to see lift off start in march. how many rate hikes do you see this year, and i say that because, you know, march is baked in but if the economy continues to weaken and we don't like what we see from corporate america they're getting pinched by higher prices are we really going to go forward with four rate hikes this year?

>> yeah, right. three for sure and then goldman said they thought they would see four so at the end of the day they are making that bet just based on what the fed funds futures are telling you and i've spent my years on floor trading and that can change month-to-month, if there was a sort of slow down i think that was the one bit of kind of hold- back from the fed that if something bad happened maybe they could reallocate but at the end of the day i think it would have to be pretty severe and the rate hikes are coming and the market baked it in already, and we'll have to see if it really negatively impacts things the things i be concerned about is if you start seeing mortgage rates go up, really that's something i would watch to see. that might, people might make people stop spending so freely because so far, people have not backed off yet on the consumer goods and we just got through a very good christmas shopping season, so we'll see. that's the risk though, the risk

people will stop spending the cash. lauren: sarge, if you could tie a bow on this for us, chris said a couple of things. first of all the 30 year mortgage rate has gone up a quarter point in the past week 3.45% fixed rate for the 30 year so rates are going up. so are prices, and chase came out with a report and they said yeah, you know, we are seeing consumers still spend money that's good, but the number from november to december came down pretty dramatically, so if you have a consumer that's facing higher prices, and higher rates, what does that say for the economy this year? >> well i think in this environment, you will see a slow down in consumer demand because we know that wages are growing 4.7% while inflation has grown 7%. does the fed have a handle on inflation? i believe it does. yes we have wood to cut. earnings are going to slow, the market is going to slow, the economy is probably going to slow. going towards the second half of the year, i think the real

problem, from a markets perspective, is going to be the draining of the balance sheet. this is going to remove liquidity from the economy, it's actually probably more impact full in the long run than the actual fluctuation in the fed funds rate, and i think this is where you'll see the actual tightening of monetary policy where maybe they can slow down on the interest rate hikes but keep that going because i think it's important to get that down to a manageable number before our next crisis. lauren: stephen guilfoyle, chris robinson, thank you and i do want to point out to our viewers we're hitting session lows as i speak the dow is down nearly 100 points, nasdaq and the broader market both at session lows right now, so this is a sell-off that is intensifying, in the final 45 minutes or so of the trading day this thursday. let's take a look at bitcoin it's trading around 40,000 right now, to be exact, 42, 347 it is lower, but, big but here, the famous host of the youtube channel, the moon, sees bitcoin

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lauren: help is on the way for crypto developers facing legal headaches, twitter founder jack dorsey announcing the development of his next venture which is the bitcoin legal defense fund a non-profit that will provide free legal advice for original bitcoin developers fighting ongoing legal cases, and with the crypto climbing back after falling below 48,000 for the first time in three months this week, it's at 42, 488 now, what's the future in a fox business exclusive, we have the co- founder and youtube star carl "the moon" roomfelt. carl, you see bitcoin rising 600 % and hitting 300,000 this year? how? >> well first of all, i think that bitcoin is the best hedge

against inflation that we have in the world right now, and it's also the best form of money that we have and have maybe ever seen in the history of humans. with that said, fiat is the worst form of money that we have seen in the history of humans and i see huge transition now where we're going to go more and more towards a crypto economy and i'm super excited about that. that's why i am, like you said, a co-founder where we're going to make crypto easier to spend, but yeah, so i see bitcoin being a hedge against inflation and if you think inflation will continue, then you should be buying bitcoin. that's what i'm doing, i see the inflation just going up every single year, and there's no country that will escape inflation i think. lauren: let me just pushback on that a little bit though, carl, because bitcoin and cryptocurrencies have been moving down with stocks as

inflation moves up. >> so yeah, i always look at the broader picture or the longer timeframe because obviously, on the daily basis, you will see that bitcoin can go down even 20% in one day, so i'm not saying that bitcoin will perfectly correlate with the inflation in that sense; however, on the very long timeframe you will see that over the 13 years that bitcoin has been alive, on average bitcoin has been going up dramatically in price while inflation, of course is going, and bitcoin is the only asset actually in the whole universe which is completely limited. there's nothing else that can compare with the scarcity of bitcoin so when people look for a place to store wealth where they cannot get diluted then bitcoin will be the best hedge. i'm not saying that you necessarily have to put all the money in bitcoin, i did, but having just a little bit of

bitcoin, could save you from your portfolio of blowing up through inflation. lauren: so let's talk about use cases, i suppose. transactional value of cryptocurrencies, bitcoin and others. visa came out with a study that said one in five u.s. small businesses will accept cryptocurrency bitcoin specifically this year. more widespread adoption, the irs now form 1040 you have to list, do you hold cryptocurrencies yes or no, you have to say it right there. its become very mainstream, so in addition to bitcoin, how do investors really get into this space as it becomes more mainstream and accepted? >> that's a great question. i mean, right now, i would say crypto in general is quite hard to use, even for me, who has been in this space for multiple years now. when i send a transaction i still have to pull out my little usb hard drive ledger device and use this alpha

numeric public-private keys to send and even if you now can do that, you're still having to pay big transaction fees when you send crypto, so it's not very user friendly for the average joe or for example, my grandma and that's what i want to fix and that's what we do with kosta we want to make crypto super super simple to send but of course, when you want to send big payments like thousands or millions or billions, bitcoin will always, always, always be the most decentralized, most secure, and the best way to send money online. we're never going to compete against that. bitcoin is king, but if you want to buy, you can not pay $2 in transaction fees. lauren: so joe rogan is a supporter of bitcoin, we found that out recently. he says look i don't really understand it which i think you just said that's how most people

feel, right? but he sees it as a two way highway, bitcoin and ethererum yet what, 100 tokens are created every single day? you have a coin you can tell us about, but you know, what do investors do? how do we know what new coin is legit? kim kardashian was just sued in a class action lawsuit for a pump and dump involving ethererum max so how do we know which coins are good? >> well that's a very very good question, and i wouldn't even, you know, there are thousands and thousands of tokens and coins out there and it's a huge jungle, and for someone who comes into crypto as a newcomer, it's near-impossible to find the good projects and stay away from the bad ones so usually when people come to me, i tell them to just stick to bitcoin. buy bitcoin, hold it for the long term, set it and forget it kind of thing, you know, because when you hold bitcoin over at least a four-

year period of time, historically, you are almost guaranteed to be in profit over the long term, but obviously, looking at the short-term, crypto is more volatile than most rollercoasters out there, and you have to kind of, you have to understand what you're buying. most people that go into crypto, they just randomly go and buy different tokens that are going up and down. please do your own research. sit down and understand what you're buying. that doesn't, like there's no difference between crypto and stock investments. a very successful stock investor would not buy something without even checking the website first, and sadly, many people in crypto , they are very very fast on taking decisions and that does sometimes lead to unfortunate losses and stuff, so i'd just say do your research and stick to the big coins and i would say bitcoin is my number one coin for sure.

bitcoin is king. lauren: carl runefelt and that's why you think it's going to 300,000 this year we'll see we'll have you back on to see what happens. from rosie the robot in the 196t sons, to robots performing sidewalk deliveries. we're going to go live to the streets of los angeles as those self-driving robots prepare to make their first-ever uber eats delivery, joey and enz o are their names let's take a look at the market markets, the action is intense to the downside today, you have the dow down 85 points a quarter of 1%, the s&p is down 1% and the nasdaq falling by 2% but just near session lows of down 318 today. be right back on the "clayman countdown." ♪ ♪ wow, we're crunching tons of polygons here!

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leaving the dow on report from bloomberg that the company's 737 max could return to service in china as soon as later this month. the planes have been grounded for nearly three years there, following two deadly crashes in indonesia and boeing stock up just about 3% at 223. and the world's largest chipmaker, taiwan semiconductor is up 6% as i speak, after post ing record 16% increase in quarterly profits thanks to strong demand for chips. tsmc, which supplies chips for apple products among other companies says it expects to see continued growth this year. sir richard branson's newly public virgin orbit is set to launch seven satellites into space this afternoon from a boeing 747 over the pacific ocean. that launch set for 2:00 p.m. pacific time, but its shares are tanking, so are its sister company, virgin galactic down

18.8% after announcing plans to raise up to $500 million in new debt that's not a good thing for shareholders, and looking for love online, before heading out to the bar? that trend continues this year, that according to goldman sachs, they upgraded online dating companies match and bumble to buy citing ample growth for the industry this year. a mixed decision here match shares down half of 1% but bumble up about 1.5%. well as covid cases spike businesses are seeing worker shortages one p can in california is combating that by employing robots. the first to complete the first- ever uber eats delivery without human supervision. kelly o'grady is going to tell us how it's all done and she's live in a fox business exclusive hey, kelly. reporter: hey, lauren. yup, i'm at the headquarters. this is where the robots come back to sleep every night after they have been hard at work on

those sidewalks delivering food and like you said the big news is that they just completed the first commercial l-4 delivery that means no humans in the loop except when the robots cross the streets or encounter something confusing in the field and they call back to hq for help. for reference tesla is at l 2. i'm really excited to show you these robots in action. i heard you say before the break you notice they all have names. my favorite is enzo, okay look at this little guy and i'm here with ceo of serve robot ins. how does this work? >> it's actually quite easy. you place an order and the robot shows up, you enter your code and you unlock. reporter: what do we got for lunch? oh, m cafe i've been pretty hungry so that works. what has been the interest from partners in using these robots? >> there has been significant interest actually, a lot of inbound interest. we have partners like uber eats, we have had investments from

7-eleven, and there's more to come, but there's probably already more than hundreds of thousands of robots that the we would need to just satisfy the demand we have, which is more than we can build anytime soon. reporter: real quick how are you thinking about ramping up production vent to meet that demand? >> supply chain is definitely tricky these days but we've been hiring more folks who just focus on securing access to hundreds of components in each robot. they've also been really invest ing in our partners and partnerships making more strategic alignment to make sure that in the long run we have access to everything we need. reporter: thank you so much. well, lauren hundreds of thousands of robots dealing with a labor shortage so that would help companies deal with that and enzo, is more reliable, cost efficient, contactless delivery and he doesn't call in sick with omicron. [laughter] lauren: that is true and i'm just surprised as he goes down that street, nobody on the street, no human, is like looking at him, why this is happening.

i mean, i'd be like what? what is that? no reaction from the passers by. kelly o'grady, thank you very much. >> i know, it's pretty great. lauren: coming up, yesterday's start up is today's ipo as venture capitalist poured a record amount of money into start ups last year, we take a look ahead at what's new this year for silicon allie and let's take a look at the markets unfortunately, we want to take a peak, the dow is down by 88 points, the s&p is down 49, the nasdaq is down 294 as two-thirds of the nasdaq 100 now in correction territory, "clayman countdown" coming right back. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement. my daughter has vtype 2 diabetesnt and lately i've seen this change in her.

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globally, 328.8 billion pumped into start ups right here in the u.s.. and the firm behind ipo's like blade, casper, is here, in a fox business exclusive. eric kippo, managing partner, joins us now, eric thanks for coming on. >> hi, lauren, nice to be here. lauren: you know, what's your outlook for this year? because we know the parties been hot last year, the year before. is it time to just lower the music, dim the lights, or are we going to keep partying? >> well, we'll see. clearly last year was an amazing year. we've never seen a year like this inconvenience churr but it wasn't so much focused on the early stage which is our focus. it was mostly focused on late stage. we've seen a huge rounds and very very high valuations of a place by late stage funds, cross over funds, in some cases

strategics, in some cases hedge funds, so there were new players that don't typically in the market coming in, and we'll see if those players will remain in 2022. lauren: what new players are you looking at now? so not the late stage start ups but the fresher ones. >> mostly the new players tend to be the crossover players maybe started as hedge fund and continue to have a hedge fund but are also now playing in the very late stage private rounds, and those are the ones who have very deep pockets and are driving these rounds. lauren: what's a hot new space right now? is it the metaverse? >> well, yes, the metaverse is a hot space in the sense that it's an extension of virtual reality, it's an extension of

sites like fortnite and roblox, which are very attractive to kids, and that's going to continue to develop but i think that the hot space really is the blockchain beings the crypto world, which saw an explosion of new companies starting up last year and an explosion in financing in that world as well. lauren: yeah, well, are there names in the metaverse that we might not have heard of that you're looking at investing in right now? i mean, when i think of the metaverse i was laughing earlier when you started talking because you hesitated because a lot of people are still trying to wrap their minds around what the metaverse is really, the next phase of the internet when we interact through our ava tar, and i get it, the chip stocks and gaming companies like roblox even though it's down 9% today, the networks who can provide the lightning fast 5g, at&t and t-mobile are all involved here but are there names we might not

have heard of? >> i think it's a little early. i think at this stage what you see in the names you just mentioned and of course you have to add meta, facebook into that as well, are kind of the ones who are establishing the platforms and what is going to be built on top of these platforms is yet to be kind of really determined. obviously on the roblox it's games, but you're starting to see live music concerts, you're starting to see , you know, all kinds of non-core activities happen on these platforms. it's a little early. lauren: yeah, talk to me about some of the companies that you helped to take public, all birds for instance, casper, how are they doing? are they able to keep up the momentum because it doesn't look like it when you look at their share prices compared to their ipo price. >> yes, they have been caught up in the same downturn that we have seen towards the end of last year that we're seeing as

an extension now. i believe that that has to do with the fact that we have inflation and people are anticipating maybe a sharp rise, at least a rise in interest rates and that's i think what you've seen is some sort of a rotation away from some of these tech companies and including casper and all birds and all that towards value. the good news is that they went public. they raised money, if they aren't profitable they're getting to profitability, they are beloved by their customers. it's a marathon, it's not a sprint. lauren: are investors going to start demanding that in a rising rate environment that a company has to be profitable or show a pretty darn close path to profitability? >> so, you know, if some of these companies stopped growing as aggressively as they are growing at the moment, most of them be quite profitable, but they aren't profitable because

they are opening new stores or expanding their marketing activities to capture new customers, so they are kind of all in this super high growth phase. once that slows down, they're very, most of them certainly the ones that we are invested in , tend to be very possible in the unit economic basis. lauren: all right, eric hippeau, thank you very much for the time , some of the advice and i want to point our viewers to what's going on in the market right now because the market is hitting session lows, you have the dow down sharply by 121 points, you have the s&p down 56 that's 1.2% and the nasdaq is now down 325% or about 2.2%. the fed doesn't seem to be our friend right now, at least that's the interpretation by investors and they are selling a rally. the dow would have been up three days in a row, it does not look lake that's going to happen and the nasdaq is down for the first time in four days.

coming up, private equity behemoth'stpg makes its public debut today we'll have a check on how it's trading, plus a big deal on wall street maybe going down, charlie gasparino is going to break it for us next, the "clayman countdown" is coming right back. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. your record label is taking off. but so is your sound engineer. 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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see if you can save by switching today. comcast business. powering possibilities. lauren: in the first big ipo of the year the private equity firm tpg debuted on the nasdaq today not the best day for a debut but there you have it, and it's up, 15%, 3,391 a pop after pricing is ipo at 29.50 a share, giving it a valuation of

$9 billion the firm was founded back in 1992 it's known for its investment in bankrupt continental airlines back in 1993. tpg is the latest private equity giant to list its shares on the public markets, which are not doing well today at all. big tech really breaking down, microsoft, tesla, nvidia, netflix, each down sharply, and that is one of the big reasons why the market as a whole, the s&p and the nasdaq are really firmly lower dow down 176 in these final 12 minutes of trading. wall street mogul founder and co rockefeller capital management could be pleaing up his firm for a major sale, first what's going on with amc and my first time to say happy new year to you, charlie. charlie: put a chart up of amc it is off its lows, it's down about 9% oh, now it's even lower down 9%. i wanted to mention this just because i think this segways

with what your last guest and your last segment was about how people are selling the market now based on interest rates going up, and, you know, the fluff comes out of nasdaq stocks, that did so well but it also comes out of riskier assets , amc is the poster child for those risky assets as a meme stock, lots of wall street chatter, or message board chatter among retail about a mother of all short squeezes coming that has not materialized , when you have higher interest rates, these sort of very risky assets are the first to get hit, amc is getting hit. it's down 70% from its highs we should point out. it's up about 1,000 percent from last year, we should point out when it was a penny stock, a legitimate penny stock but these are the type of stocks that get hit. this is a money losing company you have to be very careful. adam aron the ceo is a very capable ceo but he as he would tell you, he's got a big challenge ahead of him so just be careful if you put your money in these, these are the stocks to get hit first, let's go to

greg flemming. greg is one of the most investment bankers on wall street. he's done a ton of deals at merril lynch, head of investment banking, he saved merril lynch in 2008 he sold it to bank of america, he went to work for morgan stanley, ran its brokerage business, he was even derek jeter's banker in between all of that. he tapped flemming to help him buy the miami marlins a couple years ago. when he went to rockefeller capital, he had to build it up from a family office , people were like this guy is ceo material. why would he go there? he wanted to run something and be a coal. no ceo jobs were open at the time, but he has quietly built rockefeller into a pretty significant player in wealth management, something the merril lynch and the morgan stanley brokers do. from zero, i would say, around zero, to about $100 billion, sources are telling the fox business network now, he is

readying for a sale and that sale would accomplish two things it would sell rockefeller at the wealth management business at some, you know, fairly significant premium. there's hedge funds involved in this , in the creation of rockefeller capital so they obviously want to cash out at some point but also, from when i understand from people who are close to flemming that he is, this sets him up to be a ceo of some company, and who would buy this? well there's lots of talk about pnc bank, something that flemming could run, blackrock, he's very close to larry fink, he's done deals for him, the chairman of blackrock for many years and larry fink has not appointed a successor yet, i believe he's 65 years old, there's talk about morgan stanley always wanting to expand into wealth management, maybe there's a role there, david solemon is a couple years older than flemming but he's not looking to retire and then there's jamie dimon. jamie dimon says he's got five years left. he's, i think, 69.

it wouldn't surprise me if he bought flemming's firm, they merged it in there, jamie becomes chairman, flemming becomes ceo or something along that line. by the way that's how jamie became ceo of jpmorgan. he was running bank one, jpmorgan chase bought bank one and the whole thing was predicated on jamie taking bill harrisons place at some point which he did and the company has been better for it so again, flemming does not get a lot of press. he's a low key dude. just does his job, does it pretty well but the chatter among the wall street investment banking services circles is he's readying this thing for a sale at some point. can't say it's going to be tomorrow, a year from now, and he wants to do it because he's 57 and wants to doubt in a way that sets himself up to be that big bank's ceo so he gets that job he's longed cherished. back to you, lauren. lauren: well the banks are getting a lot of press and they will tomorrow morning when we

hear from jpmorgan, wells fargo, and citigroup as they report their latest earnings, and you know, rising rates are good for the banks, although with the exception of citi, they're down today. it's a good point. charlie: i can make a case on both ends why they are good and bad. they are good generally but you can also say, when there's less liquidity in the system, you know, who knows. banks have an obligation to lend when there's more liquidity so they can churn more business. lauren: well well here from them tomorrow you mentioned something at the top with amc and as you were talking charlie i pulled up those other popular meme names. they are only down really sharply, gamestop, virgin galactic is down almost 19%, so yeah investors are just taking money off the table or at least pulling them out of the risk assets. charlie: and if you pull the crypto, you'd see the same thing. risk assets get recalibrated in this environment first, right? it's risk assets, it's the

assets that have done very well, and then we'll see if the fed can arrange a soft landing. lauren: there is the music charlie, we gotta go, thank you very much. "clayman countdown" coming right back. voiceover: riders. wanderers on the road of life. the journey is why they ride. when the road is all you need, there is no destination. uh, i-i'm actually just going to get an iced coffee. well, she may have a destination this one time, but usually -- no, i-i usually have a destination. yeah, but most of the time, her destination is freedom. nope, just the coffee shop. announcer: no matter why you ride, progressive has you covered with protection starting at $79 a year. voiceover: 'cause she's a biker... please don't follow me in. . .

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♪. lauren: closing bell rings in four minutes. i go the to say the bad news started this morning with wholesale inflation numbers with a print of 9.7% on the year. you know, you could say investors were expecting that, come ebbed of the day ahead of retail sales tomorrow how higher prices impacted consumers ahead of bank earnings. nasdaq was down 400 points. with that we bring in comerica management cio john lynch. john, what do you think is going on now? >> good afternoon. lauren: hi. >> we're seeing cyclicals down

less tan growth. charles gasparino talked about it talking about recalibration of risk assets, i don't know if it was so much the ppi report, as you mentioned 9.7%. we had four or five members of the open market committee give speeches today, being aggressive with interest rates hikes last year. would be nice if we had the speeches six months ago. lauren: at last check i have four voting fed members liftoff is happening in march,. >> that's right. lauren: when we saw stocks higher earlier i thought okay maybe that was considered baked in, at least for the first quarter. what about you? >> i don't think, i think it may be baked in on the cyclical aspects of it. you see cyclicals are down less than sensitive or growth today. i do think that the long duration, low margin growth, speculative trade is still going to be under pressure. i believe that will be driving

sent meant, those are sexier stocks are drawing investor attention. we ultimately believe the cyclical recovery will continue in 2022. we still believe that it favors value. some of the cyclical sectors including industrials, materials, energy, even financials. lauren: industrials. you like copper, right? >> yes. copper has been dr. copper has been a good indicator of growth. company like freeport-mcmoran, obviously a big leader in that industry. we think that continued strength in copper bodes well for the global cyclical recovery. lauren: was it goldman sachs said copper is expected to rise 20% this year? >> i'm not sure about that but we had a really good increase last year. to the degree we see something in that 10% range, i still think that bodes well for the group. lauren: goldman says 20. there you have it. >> all right. lauren: john lynch, thank you for the time.

it was a tough end of the day here. the dow is down 219 points with just seconds left to this session. session lows. [closing bell rings] lauren: we'll close at lows of the session. it is not down 400. it had been. that will do it for "the claman countdown." "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. joe biden's sinking presidency suffered two more major defeats today. the supreme court ruled 6-3 against the administration mandate that private businesses must mandate vaccines. second, senator krysten sinema repeated on the floor of the senate roughly one hour before president biden's meeting with the senate democratic conference, she repeated her longstanding opposition to any