administration, american energy, there's no reason for him to be doing what he's doing. charles: yeah, i mean, it's back fired miserably and ironically, they've got plans on the drawing board to make it harder. that was one heck of a miracle for our country in more ways than one. david always appreciate it wish we had more time my friend, we'll talk again real soon and speaking of good friends, liz claman is back. liz, it's so good to see you. liz: [laughter] so good to see you. listen i was watching you yesterday, nice jacket. charles: oh, thank you very much , i don't know if you saw what i had on on martin luther king day. it was an unusual suit. i broke the internet with that one, kevin corke said. liz: i just wanted to know if it had a volume button. charles: [laughter] liz: that's amazing, thank you, charles. i'm with you, thank you so much. all right, folks, we've got bulls & bears a fierce battle at this hour, its been such a

choppy session on wall street as markets flip between gains and losses so yes, we have red on the screen for the moment the dow cannot seem to scratch or bite its way into the green, to snap its three-day losing streak and the nasdaq, no guarantees, okay? it's down about 23 points, its been up, as has the s&p, so we are watching. it's not just the bulls & bears though that are battling it out. there is a 5g dog fight between the airlines and the nation's biggest telecom as the rollout of the next generation of high speed wireless systems finally arrives we're talking after years of negotiating and discussion, but they didn't arrive in full force why are the fcc and the faa still debating these aviation safety issues over 5g that have been years in the making? former fcc chair ajit pai is about to break it down. what he says maybe controversial , but you've gotta hear it. it's a fox business exclusive. and the great outdoors became the pandemic go-to vacation spot

as global travel shutdown and got locked down. that led to boom times for the rv industry. now the parent company of some of the most recognizable recreational vehicle brands, yes , air stream, aiming to pull the plug on its combustion engines. the ceo of thor industries is here on his companies moving to an ev future, how's that going to work, the fox business exclusive as well. we want to start folks with this fox business alert and i ask you a question. where is marv albert when you need him. we are, even though the dow is down 144, we're looking at a jump all between the bulls and the bears as we kickoff this final hurricane florence of trade because all you need to do is look at the intraday picture of the dow. equity investors showing spasms of buying and then selling and then buying again throughout the session, but it's almost as if they've been pressuring and pressing the panic button since the start of the year. exactly one week from today, the federal reserve opens its latest playbook for interest rates but investors action show they are already preparing for a hawkish fed to take flight.

early this morning, it was really sort of demonstrated in the 10 year treasury yield which topped 1.9% that is the highest in two years. yields have moderated a bit we're at 1.83% right now, but as the bond yields bubble up and then simmer slightly down and then continue to head higher, momentum stocks, whether it's big cap names, big tech names, they are losing air. shortly before 11:30 a.m. eastern their home on the nasdaq dipped into correction territory more than 10% off its record close in november, punched back in, we're back down now, but the key number to watch here is 55. if the nasdaq loses more than 55 points and right now it's down 146 it is officially in correction but the bear market is already here for some big name tech stocks. tech and otherwise as well, which have dropped 20% or more, from recent highs. what we decided to do on the "clayman countdown" was screen for stocks now in bear territory. that means suffering huge drops

since their 52 week high, more than 20%. pen national gaming down 68.25%. if you flip it over to twitter, that one is also suffering from pain here, twitter down about 49 %, and remember, these were much higher during the momentum times and you could call them bear market. you could also call them on fail look at cathie wood's ark innovation etf which is chalk full a lot of those momentum names down 50% since its recent highs even beloved biofebruaries have not been spared. moderna making the vaccine, right? down nearly 62%, and if you flip it over to biogen that one is also suffering and it's down and clipped way more than 20% down about 41.5% so here is my question to you. does that make them a screaming buy or investors should they wait a bit more or even sell? to our floor show traders we bring in teddy weisberg and phil flynn. so phil, i want to throw this to you first. are you waiting for lower lows

and do you see good values worth buying right now? >> i actually think the market action today, the way that we bounced off the lows we went ban tested bear market territory, kind of like boom, and we bounced off it. that gives me hope that there's some kind of near term bottom here and i think if you want to be a stock picker in some of the spaces where you probably missed out this is the time that you want to start buying. listen, we know we have a lot of challenges ahead, liz. rising interest rates, inflation , the joe biden press conference, president biden, that's scary in and of itself so there's a lot of headwinds that we have ahead of us but there are good values. now the one that i really like is one that was red hot and then it cooled off like crazy was mar catio libra, i hope i'm saying that right, i like the stock because of the e-commerce and i like it because i like to say the word, it's a really cool word to say. i also like the fact that they have their own like paypal for

places in chile and argentina and south america they don't have credit cards it's mer cato very good value, so this stock red hot, a lot of people i think are going to be jumping so one more before i let you go, i want to get to teddy, i love teddy, we gotta get teddy but cltd is another one that we want to jump on because that one has been beaten up as well. both of these stocks have a lot of upside from this area, a lot of the analysts agree and we'll have to see how it goes. liz: yeah, you know, just so people know, mercato libre is right in the sweet spot or sour spot if it were when it cops to the bear market territory down 20% year-to-date, down even more , obviously, year-over-year. teddy, you have a lot of experience in see seeing moment s like this. you don't want to be that person who says could have, would have, should have, i missed that window. so many of these names are down 20, 40, 60%. isn't now the time to strike while the iron is hot, or cold?

>> well, i'm not sure, and i'm glad phil loves me but i'm not sure he's going to love me after my brief comments today because i'm not sure that i agree with him. i think the game has changed here. i know a lot of folks are either hoping or predicting that any interest rate hikes at least short-term have been priced into the market but the one thing people are forgetting and if you go back in recent history, the fed when they raised rates in the past usually the markets have not been creating that at their all-time highs but have been at some discount to their all-time highs, and so yes, you could say that the markets are pricing in some near term bump in interest rates but now we have markets that are trading at all times highs, a lot of what we've experienced the last couple years could be the covid recovery. a lot of things going on. we've come a long way since march of 2020 in terms of the popular averages but what's

different now, liz, and phil, is that we have a fed that in my opinion that is dramatically behind the curve. the politics are over. powell's probably going to get renominated, the gloves are going to come off and the fed is going to have to do something vis-a-vis inflation and the only thing they really can do is with interest rates and i think interest rates are certainly going up, nobody is going to argue that, but i think they are going higher and going up faster than anybody thinks and the real question is, can the markets tolerate that at current levels, and i, quite frankly, think it's time to be cautious. there's always things to do. i think i mentioned we like this phillips phg trading at prices that it hasn't seen since 2017. yes, they have some issues, great company, nice dividend but basically we're being defensive where we can take money off the table for folks we're doing

that. we're not running to the hills but we're certainly going to keep an eye on the exits and look for opportunities, but i just don't think we're there yet liz: well, maybe it is smart to simply wait until we see exactly what the fed says next week. i would argue though, that when i'm looking at names like nvidia and some of these very hot name, one thing doesn't change. we're all going to continue to use technology, so if you look at sort of the nuts and bolts and the drivers of it, might be a smart time to buy some of this stuff but teddy, phil, you guys with fight with each other after the show. >> [laughter] liz: thank you, gentlemen. all right, fox business alert with about 51 minutes left to trade, morgan stanley getting kind of hand omly rewarded for a strong earnings report take a look at the stock, morgans quarterly profits topped estimates propelled by a 13% jump in equities trading revenue so the stock is up about 2.5% and by the way, unlike goldman

sachs, morgan was able to keep a lid on expenses. okay? now, bank of america reporting a jump in earnings, pumped up in part by the release of pandemic- related loan loss reserves, so it's getting a slightly more moderate jump here of 1%. now, from old school banks to a newly-minted one, sofi is surging after the mobile financial services company won regulatory approval to become a national bank. it's jumping 16.8% right now. here is how this is going to work. sofi will acquire california community lender golden pacific bancorp, and then operate its subsidiary as sofi bank. flip it over to sony shares, punished by something it basically had nothing to do with shares got crushed overnight down about 11% and you can see right now, here in the u.s. down about 3.8%, after xbox maker microsoft announced yesterday the deal to buy video game maker activision blizzard for

68.7 billion. analysts say the acquisition increases competitive pressure on sony's playstation operation and on sony to strike a similar deal. now microsoft is up 1 point p 7% , activision blizzard is slightly higher and game creators are already getting analyst attention, french maker ubisoft is up 3.7%, jpmorgan and ubs mentioned ubisoft as a valuable player while atlantic equities hiked ea to overweight, and madden and apex legends game is attractive as a standalone company ea moving higher by 2.7% and by the way, i know it's huge but could take two soon be a target? in the wake of its announcement, one week ago, that it's buying zinga for $12.7 billion, take two is suddenly moving higher by 6.7%, when last week, people did not like the idea of this deal of it buying zinga. okay, here we go.

airlines and telecoms taking a 5g fight right down to the wireless wire. folks, is this an airline issue, an aircraft issue, or just plain old d.c. politics holding up today's rollout? why wasn't this resolved years ago, or was it? former fcc chair ajit pai is about to answer that straight ahead on the "clayman countdown" , with the closing bell ringing in 48 minutes the dow is down 113, we are coming right back. don't go away. (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement.

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from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 liz: the 5g switch officially flipped on today, by at&t and verizon, but the much-anticipated curtain raising on this technology that's super charges cell phones and slashes latency still has some fabric dangling from that curtain obstructing the view for now, because 5g will not go live within two miles of a lot of airports due to claims by the federal aviation administration that 5g signals interfere with airplane alti meters which pilots use to judge the distance to the ground in low visibility.

players are fast taking sides in this discussion fight, whatever you want to call it. international airlines, emirates, nipon airway s, air india, germany based luft hansa rerouted flights inbound to the u.s. due to safety concerns over today's rollout, while telecoms and third party experts say the technology is safe and the fears are overblown. the battle for 5g has come down to the fire today, the launch, that we knew was coming for years, so how does the government put an end to this saga and make everybody happy? in a fox business exclusive, we're joined by the former federal communications commission chair and american enterprise institute non- resident fellow, ajit pai. thank you for being here, let me just start bluntly here. can 5g signals bring planes down >> absolutely not, liz. thanks so much for having me on. the concept comes from the 40 countries around the world that have deployed 5g in this very band and aviation safety is still maintained in those

countries. moreover, for two years when i was the chairman of the fcc and we studied this issue very carefully, and we found no credible evidence that there be harmful interferes to alti meters even if there could be we decided to create a major buffer zone of 200 megahertz separating from 5g so all of these concerns we find that are being litigated well after the option even happens are just misplaced there's no science behind any of it. liz: well, so you were in the office of the fcc from 2017 to 2021. what kind of conversations, discussions, meetings, if any, did you have with the faa? i mean, they are in many cases, at least appearing to the layman out there that this is brand new and they're furious and the airlines are on their side. >> they were behind the curve. we started this conversation in 2018 and we said the department of transportation, the faa, any other interested stakeholders including the aviation industry,

come to us if you have any credible evidence, any studies that there could be harmful interference to altimeters or to any verse for that matter. they came to us with a study that was pretty easily debunked. boeing came to us and said we're concerned there could be a little bit of a bleeding over from the altimeters into the c- band which is the 5g spectrum. we like 100 megahertz buffer and we said we'll double it and make it 200 megahertz to make sure there's no possibility at all of harmful interference. the ortandoer went up in march of 2020 we held the option in late 2020 all of a sudden in late 2021 the faa says planes are going to fall out of the sky this is not based on the science and engineering, i don't know what it's based on but our fcc's decision was based on very sound technical analysis and it's important for that to continue in order for america to lead the world in 5g and wireless consumers to benefit from these better faster services. liz: but let's be clear here, nobody wants to interrupt signals for an airplane and a

pilot as they're landing, obviously; however, you just made this point that you have these conversations. there wasn't credible evidence even though the fcc says it brought you some, you ignored it but you're telling me that you guys made this buffer area within the c-band and the signals so it wouldn't be as powerful. we keep hearing this number 40. 40 other countries rolled this out and their airlines seem to have absolutely no problem flying around but then we hear from pilots. well, the u.s. 5g is different, is it? >> yeah. it is not. physics don't depend on what borders the services are operating within and so i would urge people again to look at the science. congress charged the fcc with looking at this issue, and we have very carefully, and that's one of the reasons why we think that the buffer zone is sufficient. the 5g spectrum that you just mentioned that at&t and verizon are activating today that's 200 megahertz further away from the buffer zone we're talking about a massive 400 megahertz

buffer zone which is somebody in new york complaining they can't hear themselves because somebody in washington is talking. there's just no sign tick basis for that type of objection. liz: well one of the things that has me questioning things is we said is it an airline issue? is it an aircraft issue? some of these foreign airlines, japan airlines are saying well, if we switch out the 777 with a 787, then it should be fine. wait a minute. does that mean that it's simply the technical aspects of one boeing airplane and its design versus another and can they then be retrofitted and i do understand you're not a pilot here but is this something that was ever discussed? >> this is a fantastic question when the fcc issued its order in march of 2020 we said to the faa , the aviation industry this is a decision we're making, now we urge you to take a look at your altimeters and make whatever adjustments are necessary. did the faa do an inventory of which altimeters are in which

aircraft? did the airlines do an inventory and try to study this issue? all we know is in november of 2021 almost two years later all of a sudden this objection comes up so i would urge people to think about what has the faa been doing over the last couple of years in terms of aviation safety, but there is genuine concern about altimeters and why didn't it come to the fcc or congress or somebody else and raise those objections in a credible way. that's something that i think merits further investigation. liz: as we finish up here is this going to court? how does this get resolved? >> ultimately this is going to be a political decision. the fcc has been charged by congress with making this decision. the faa and the d. o. t. have a different view traditionally that gets resolved in the white house or among the different agencies but i would urge people to think about the one presidential candidate who actually explicitly campaigned what he said was "being committed to leading the world the next generation wireless innovation." that candidate was mayor pete. he was right then, the fcc was

right then and i think that decision should carry the day now. liz: okay. let's see what happens here. for now, they say we won't activate it within two miles of a lot of airports. keep us posted on your situation and how you view this , and thank you for clarifying some of the questions that some of our viewers have. >> thanks again for having me on, liz. liz: ajit pai former fcc chairman. you know, we were all over this knock down drag out 5g battle between the airlines and telecoms on my morning market minute on ticket which i know aj it follows@redfoxliz, we have your overnight headlines every morning, join the 226,000 person strong army that is on redfoxliz on ticket. while airlines and telecoms battle it out executives in the rv industry are very happy campers. americans stuck inside their homes rushing all through the

pandemic to buy basically hotel rooms on wheels. ceo of thor industries parent of the famed air stream, rolling up next in a fox business exclusive to tell us how he sees 2022 fails, backlog and why he's making a push into an ev future , closing bell ring ing in 36 minutes we're talking rv's and their stocks, next. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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there he is. only pay for what you need. ♪liberty, liberty, liberty, liberty♪ liz: it is absolutely no secret that the pandemic supercharged certain sectors and one of them was absolutely the rv sector, travel in the u.s. went absolutely nuts, starting in march of 2020 after the lockdowns, with flexible work from anywhere hours and coronavirus casting a dark shadow over the travel and leisure industry recreational vehicles, made a major splash in fact as of march 2021 the rv industry association reports a 26%

increase in rv ownership in the u.s. and it's expected to remain strong with the reported 600,000 rv units looking to sell in 2022. joining us now on a fox business exclusive, thor industries president and ceo bob martin, which of course, thor, for those who don't know, is also parent of the famed air stream, which is, bob, it's more of a lifestyle than an rv in my opinion, right? >> yes, you know, especially the air stream is almost a cult. it's a company we bought 40 years ago so one of our most popular iconic riveted brands that people just they flock to and it is camping groups and the lifestyle in general really feeds in well to travel today, because you can do it so safely with all your own bedding, your own bathroom, your own kitchen and you're traveling with your family and friends and it's a way to explore. liz: as people moved away from

the traditional office setting during the lockdown and the pandemic and now, we see company after company apple putting it off, cnn saying don't come back to work just yet. a lot of us at fox are working from home at the moment. what is the best indication that you're getting that this trend has more than just a short shelf life and that once the pandemic is over, people will say now i really want to go to rome or paris or tel aviv. >> yeah it's a great question. for us, we see what happened during march of 2020, our websites, our dealers websites blew up. people were home, they were trying to find ways to travel and we've watched our average age and our demographic totally change. the age dropped drastically. we've done studies, campgrounds of america has done studies where the age has gone from it used to be over 60, to where it's now well under 30 and

we're getting into the millennials with some of our smaller coaches, our smaller travel trailers, our mercedes d- class vans that you can buy less than $400,000 and still travel but once people experience the outdoors and see what they may have missed and as you say, people are, offices are closing in some of the big cities people are moving to the rural areas to where they can have an rv and it's just simply a great way to travel and once people start they start the lifestyle, they typically trade up through the rv cycle every three to five years and typically get a bigger rv, so we feel this has definite lasting power. liz: i know your history. you started off with a small one and then you traded up and traded up and now, i mean, you have something like six? okay, you're a real fan, obviously, which is great because you as the ceo need to know what customers want, and what they feel and how they experience these things, but you know, borrowing money for a big

ticket item like an rv has been extraordinarily cheap as rates have been near zero. when i look at the potential risks which any good ceo would look at the clouds on the horizon here, the fed, if you believe every expert is about to raise interest rates more than once, twice maybe, three times, four times this year, how do you factor in that risk when it comes to your sales numbers, money will become more expensive to borrow, how are you going to deal with that? >> yeah, we watched over the last two years more and more people have paid predominantly with a lot of cash, more than history over the years, but we are looking at the industry. we lived through times that were double-digit interest rates and as long as rates pick-up slow and steadily, our consumers aren't really phased, and people , many don't know, many in the industry don't realize that you can write-off the interest of that unit as a second home, so there are ways that we

mitigate this , and we do look at it and look at inflation overall but for the typical buying of an rv, we think that's still very manageable. liz: well, as we look at the stock, i know it must be frustrating for you and the shareholders because the underlying narrative and demand are very strong, stocks about down about 30% for this 2021 highs but we were just talking about all of these great momentum stocks that are down even more than that, so i get it, but we'll be watching, and it's an interesting big beast behind you there. that model right there, what's that called? >> over my left shoulder i've got an air stream travel trailer but then over my right shoulder is a new unit that's a thor electric vehicle, and so what we're doing here today is we're launching an electric travel trailer and electric motorhome, and the motorhome has a range up to 300 miles, and that's something not yet launch ed in the rv space so

that was big news to all of our dealers and our investors that we told yesterday and today, and very european features on the inside but the bigger story has really been the trailer. the trailer has an e axle that will actually help it drive so if you have an electric vehicle, you hitch up to this e-stream, and it will extend the range of your tesla, your ford truck. liz: do me this favor, bob, roll that out on the "clayman countdown" when it's entirely ready to hit the road. we're really interested in see ing that. robert martin of thor industries. folks the nasdaq in correction territory, we are coming right back, it's falling about 92 points dow is down 211. 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.

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two and one-third percent at the moment that's the nasdaq composite so let me quickly pull up the nasdaq. nasdaq since its recent high, down 10.25%, that means it's in correction. 10% lower than its most recent high, and if you break it apart you can see that names like applied materials, and a lot of these chip stocks and chip equipment makers are the biggest laggards. lam research, kla tencor, al qaeda come, you know, are they on sale or are they in deep trouble, who knows, you get to decide. even at $8.2 billion gain in the fourth quarter, not enough to bump four chairs into the green, ford is pulling back by about 7%, the windfall comes from ford's early and quite frankly genius 12% investment in ev company rivian automotive, which went public to much fanfare last year, but now, is trading below its $78 ipo price at $6.45. ford shares falling today perhaps on news that it's recall

ing about 200,000 cars for a brake light issue. okay, i am pulling up xrp right now because that cryptocurrency at the moment is moving most of the cryptos are moving lower, bitcoin is higher but xrp is down just under 1% trading at about $0.73. the lead judge in the ripple vs. sec lawsuit just handed down a decision to allow certain documents that are crucial to the case to be allowed into evidence. charlie gasparino has been speaking with the experts involved. i would think, charlie, this favors xrp big time, right? charlie: i would say net-net yes and we should point out that xrp is the cryptocurrency. i know ripple is going to hate me for saying this because part of their argument is that they aren't really related but they really are. xrp is the cryptocurrency of ripple. xrp was used, was created and then used to finance, buildout

ripple's blockchain platform for cross border payments. the sec came in right at the end , the jay clayton's tenure in 2020 and said xrp was used illegally, improperly. it should have been registered as a security. ripple, which issued the xrp again, is fighting back. this is a case, it sounds like g obbly gook here i know but this is a huge case if you're into crypto because if the sec wins this case it's carte blanch e on regulating crypto. it could say etherium is there and it owes us money and they have to go through the process and it's illegal. they could theoretically go after bitcoin and try to track down sitoshi makamora, why didn't you register with us, i mean, i'm being a little facetious but that is a possibility. it could go back and the sec can gain great powers. ripple is fighting back, and one

other key arguments, liz, is that the sec is playing double standard. it has a double standard here. it allowed, during the clayton years, and so far right now, during the gensler years, these other crypts to be currency and not securities didn't have to register with the sec. liz: they are held to different standards obviously. charlie: to now how are they going to prove that case? well they got access to privileged documents by the sec. the sec hates giving up document s and wants all its stuff done in secret and you know why. because there's a debate going on, but anyway, the key part that i think that they got here is they are going to get some e-mails, communication, and drafts of a speech made in 2018 by a former sec official named bill hinman, we've talked about him in the past. bill gave a speech at a yahoo finance conference which laid out the sec's regulatory agenda. what is a security, why isn't

ethererum the security, why isn't bitcoin the security and why these others, xrp, might be. we're going to get at least xrp is going to get and ripple, they are going to get the notes, the drafts, to try to figure out and in their view they want to know what was the thought process and did the sec cut ethererum, for example, a break and we should point out that a lot of the former sec officials, like hinman, like jay clayton, now work for entities that do business with the ethererum blockchain or have investments in it. it's very interesting what ripple is arguing here. i'm not saying that confluence is, there's a huge scandal here. i'm just saying what ripple is arguing so this is a big case. we should point out that mr. clayton, mr. hi nflman had no comment, they denied in the past any conflicts of interest that swayed their viewpoints on these, as a matter of fact they weren't involved in

any of this ethererum stuff they are doing now in private practice when they were at the sec, but this is getting, this is heating up, and you know , once you get the sec or the judge allowing these documents, it means we get it. that means everybody gets it. these are going to be interesting stories about how the sec came up with its current regulatory framework and very controversial. this is a huge case, if you own crypto, trust me on this one. back to you, liz. liz: nobody is more upfront than you and your producer ellie tarrot. charlie: she's doing a great job breaking stories left and right on this. liz: absolutely. he just doesn't stop, [laughter] thank you. get him off the screen. president joe biden about to play meet the press for his first solo news conference since last march. we will take you straight to the white house for a preview. we need to know, is he going to talk about inflation and what are the problems that we need to

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liz: breaking news, president joe biden about to hold his first solo press conference at the white house since march of last year. it's going to be just his second news conference on u.s. soil.

he's given others on foreign trips. second since taking office nearly one yes, sir ago. let's get to edward lawrence who joins us live from the white house with a preview. edward any early indications of what he will tackel beyond the obvious which is the pandemic? reporter: exactly he's going to talk about the economy, the pandemic, vaccinations they've done within the last five minutes we learned the president will have about a 10 minute speech at the top before taking questions on this. he will be likely defiant when he's talking about the economy, the president will make the case that he has the most robust economic recovery in history. the president will point to the fact the unemployment rate is 3.9%. he will also say that his economy added back 6.9 million jobs to this economy, just like his press secretary says. listen. >> we saw the most dramatic change in our economy of anywhere in the world. it was the biggest year of job growth in american history, and it was the direct result of actions taken by president biden and democrats in congress, including the american rescue plan. reporter: president biden will

probably brush over the fact that inflation is at a 40 year high, so high, in fact, that it wiped out all the wage gains that workers have seen over the past year. now we also have a supply chain crisis, the federal reserve chairman says that supply chain crisis will not be fixed until at least maybe the end of this year. the president will make the case that his spending for the bipartisan rescue package money is fixing the problem at ports. still, people see empty shelves in-stores, and anyone trying to buy a major appliance will have to deal with long waits. president not likely to talk about gas prices unless he gets a direct question on it. gas is now a dollar more than it was a year ago at this time. the administration still continues to put into place policies that discourage investment in oil and natural gas and constrict the supply long term. liz? liz: edward thank you very much and larry kudlow is going to have special coverage of the president's press conference coming up at the top of the hour complete with post-game analysis

so do not miss larry today. kudlow 4:00 p.m. to 6:00 p.m. eastern, the special two hour show, two hours of larry, yes, fox business only on fox business. instacart teaming up with two very powerful publicly traded allies for its first credit card and today's countdown closer thinks one of them will deliver big bucks to your portfolio. he's going to name it, next. folks the closing bell ringing in eight minutes the dow is now pretty much near session lows down 263, the nasdaq we're really keeping our eye on down 120 far and away closing in correction territory if we stay down there. throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape,

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our veterans fought for us, let's fight for them. call or donate online at pvahero.org today. our veterans need you. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. ♪. liz: folks, we have four 1/2 minutes before the closing bell rings. the last time the nasdaq hit

correction territory, that means down 10% or more since its most recent high was back in march of last year t quickly rebounded. will it happen this time? we don't know. looks like we'll have a official close for the nasdaq, november 19th, that we had seen that recent high. and for the year right now, the nasdaq is down about 8.2% as i understand it, that is the biggest drop, not just for the start of the year but the entire year of the nasdaq since 2008. you're looking on the right part of your screen at the east room. the camera just popped up. we awaiting president biden's news conference. only the second on state soil ounce since the beginning of his presidency. larry kudlow will have a two-hour special afterward and during the entire event. jpmorgan expanding the

partnership with instacart to create the first ever credit card with mastercard for the on demand grocery delivery service and our "countdown" closer says you have to pick one of the names related to this he says will deliver big gains. icon advisors, founder, ceo, greg callahan. greg, great to have you here. what is the name, we mentioned instacart and mastercard, which name do you say invest in now to capitalize on this? >> we love mastercard. it looks great in our system. they have been growing at earnings at about 18% per year over the last five years and next year forecasts for like 26% growth followedly a year of 23% growth. they're rapidly growing and yet they're on sale. we find the stock to be priced 40% below our estimate of fair

value. liz: okay. how do you foresee mastercard capitalizing and benefiting beyond sort of the toll road of its genetics as credit card company from this instacart deal? what is it about this partnership that will enable investors to see a positive movement in the stock? >> they're very well-managed. quite simply they're very good at making money. whatever the opportunity is, they seize it, they manage it efficiently. they're really is toed to grow in the next few years. liz: you like some other names here. etam systems. lpl financial holdings. what is the thinking behind this? epam systems down 24% year-to-date and the year is pretty young. what is going on there? why do you still like it? >> again they're growing rapidly, very well-managed. we like cyclical economically sensitive companies if you look

at epam's earnings they were not affected at all the pandemic recession. they're growing continuously. very impressive. liz: we're one week away from the federal reserve opening its pressure -- pressures playbook, we're egger to see how many rate hikes we can extrapolate from jay powell and fed an company. what areas are you telling your clients to avoid as we head into actually, i'm so sorry. we've got to cut this off, craig. because we do have breaking news about the nasdaq going into correction territory. craig callan, we'll have you back again. thank you so much. as you see it right here, folks, nasdaq down 172 points, pretty much at the lows of the session. as the closing bell begins to ring you see the nasdaq is not alone hitting the lows of the session. the dow jones falling 341 points at the moment. if you flip it over to the s&p 500 you can see that too

hitting the lows of the session. what spooked the horses this time around? is it simply that investors are waiting for the sword of damocles from the federal reserve to drop? [closing bell rings] how many interest rate hikes we'll see this year. we'll find out in seven days, to get more grand you granularity. "kudlow" is next ♪ larry: welcome to "kudlow," i'm larry kudlow. "kudlow" is live two hours, bringing you coverage of president biden's news conference of the year and only his second solo press conference of his entire presidency. i begin with this question will president biden change his policies which have been utterly rejected by voters? he has had a disasterous