you got a lot of options with a lot of things getting hammered right now, but it is a little dicey down there. liz claman, i've got a feeling once again, this last hour of trading is going to be one where we better buckle up but pay attention. liz: well sure you heard what the president just said about moving troops to its own yeah, lithuania and what via, charles that's serious action there. charles: i think the street wants to see serious action and blunt this before it gets out of control. liz: yeah, well let's let our viewers just tuning in know that the breaking news is that the united states says it is officially an invasion. president joe biden slams russia with new sanctions effectively cutting off at least two major russian financial institutions from all western money, after vladimir putin pushes into disputed territories in ukraine. calling putin's actions a violation of international law, biden also announced he is moving those u.s. troops already

in europe to three baltic nations closer to the hotspot where all the action and the fighting are taking place. markets did come off the lows of the session after the president spoke, but the s&p 500, dangerously close to joining the nasdaq in correction territory. down of course nearly 10% from its record high. crypto is cratering consumer discretionary, tech materials, all losing altitude while oil and natural gas prices zoom higher. the question now, what does russia want next? russian president putin has all but occupied two breakaway territories of ukraine. we're live at the white house with late breaking developments, and we've also got our power panel of the nations top voices waiting in the wings to discuss every aspect of the crisis from the military to oil and energy, the economy, stocks, and the gyrating bond market but here at home it's a sellers market as home prices hit new all-time highs, the ceo of realg y, parent company of top

real estate brands like coldwell banker and century 21 with us live, but first we've got to start with this fox market alert let's take a look at the volatility index which at this hour, pretty much reflects the anxiety swirling around the globe, believe it or not, we were up more than 10% earlier still up about 5.8% but since president biden spoke, this has started to simmer down at least when it comes to the anxiety or fear in the markets. nato troops though are on high alert and fighter jets are on standby, as reports flow in from ukraine, that russian military soldiers, trucks, and equipment are pouring across the border. moments ago the president not only added new sanctions on russia, but warned vladimir putin that american troops will help defend every inch of nato to douse russia greg. let's get live to hillary vaughn from the white house. reporter: liz, president biden just moments ago dealing an economic blow to putin and some of russia's biggest financial institutions saying this is a defensive move by the

u.s. , and that russia alone is responsible for provoking this , blasting putin's "twisted rewrite of history" yesterday where he claimed russia is entitled to claim parts of ukraine as their own. >> who in the lord's name does putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? this is a flagrant violation of international law, and demands a firm response of the international community. reporter: biden is sanctioning two of russia's largest financial institutions, veb and their military bank, and also sanctioning russia's debt cutting them off from western financing, and preventing them from trading on their debt on u.s. or european markets and also, getting personal, sanction ing russian elites and their family members, biden saying they should share in the pain that russia is putting on the world, and biden says some of the pain might still be felt here, higher energy prices, but insists they are working to

dull the impact of any price spikes on u.s. consumers. >> i'm going to take robust action to make sure the pain of our sanctions is targeted at russian economy, not ours. we're closely monitoring energy supplies for any disruption. we're executing a plan in coordination with major oil producing consumers. reporter: biden also had a gloomy forecast for what could be to come saying russia is poised to escalate further, not ing that they have moved blood and medical supplies to their troops on the ukrainian border saying you do not need blood unless you're planning on starting a war and biden also said as russia is contemplating their next move, the u.s. is already prepared with there's as you noted, they are moving u.s. military to the baltic region, and also suring up support for the nato forces and our allies in those regions as well. liz? liz: yup, its its own yeah, latv

ia, it becomes very crucial now that u.s. troops are heading that way hillary mu thank you very much. what we are seeing with the dow jones industrials is investor sentiment coming up from the depths of the sell-off after the dow dropped 714 points at session lows look at it now. we have cut those losses more than in half, down 291, and even though the s&p is off its worst point loss of 81 earlier in the session, down just 14, it is still looking at the lowest close in 10 months, the nasdaq still down about 38 well off the lows nasdaq had been down 298 so these are pretty extraordinary moves folks we're seeing again rising up off the low parts of what we had seen earlier in the session. ten year treasury yield 1.953, now look at this. at the lows of the sessions was overnight around 2:30 a.m., 1.84

, so again, less of a flight to quality at the moment, oil and natural gas prices which surged earlier in the session are still higher but oil did close up 1.4%, we have it up just about 1.5% although earlier it had breached more than $95 a barrel and you can see nat gas up 1.5% because we have a very serious situation going on in germany, which has suspended the nord stream 2 pipeline that it has in play with russia right now. let us bring in all store floor show retired army general anthony tata says putin's end game is to seize kiev, what nato and the u.s. need to do now to stop him, oil associates press andy lippow, on how high nat gas and oil prices could go, raymond james policy analyst ed mills and that alliance andy brenner on the message the bond market is screaming out

to investors, let me bring in general tata, it's 10 p.m. in ukraine and for all intense and purposes putin has seized two regions in the east, denesk. what do you believe is his next move, general? >> he brought in elite troops, paratroopers from the north two divisions to divisions from the east to seize those regions he's going to move all the way to the western border, those regions, pull in his logistics, tuck it up tight underneath those units so he can continue to push forward west all the way across the country, and what the president talked about is reinforcing the bat ic states to the north and you have romania and bulgaria to the south all nato nations and poland, slovakia and czech republic to the west and so this is a real issue here as putin cavs out the rest of ukraine to use as a staging base

to put pressure on nato. liz: well, yes, exactly, and here you go you look at the map and you see and what we don't see are belarus is not put in here but belarus is an issue because that leadership is pro- putin and you mentioned of course romania and who knows what he wants next. you do believe he does, but general, when we look at say for example, the tenor in the field this nation has for getting involved in something like this , the new york post has an op-ed today calling vladimir putin and it's pretty stark, it says madman, putin must be stopped now. how do we do that, general? >> well i think the first order , liz, is to tighten up nato, it's fractured after afghanistan that was not a good showing for us or for nato. we left nato nations out there to hang, and so now we've got to regroup nato and have some leadership there, and we've got

to get air defense, and missile defense into all of our allied nations along that border if you will between nato and what is soon become the russian republics to the east belarus and ukraine, and that's the key as we get into a firm defensive posture it's almost a cold war feel to it where we position tanks and airplanes to be able to handle the russian horde we talked about for decades and decades. liz: okay well let me bring in andy lippow, because the oil & gas picture is extraordinarily important and this is a worldwide issue, not just in eastern europe because you started to see the reaction here and i'm not sure that's really warranted, but hey the market is going to be a voting machine at the moment and it's voting that there will be a shortage. is the market correct, andy? >> well i'm not so sure they are correct but the prices have been rising in anticipation of a supply disruption given that russia supplies europe with

about 3 million-barrels a day of crude oil and refined products. i think if there was a supply disruption there be an immense amount of pressure on saudi arabia, the united arab emirate and kuwait to fill the supply shortfall because they do have the spare production capacity to do it. liz: okay and when we look at exactly what's going on with germany, germany has suspended the certification process of the nord stream 2 pipeline, but we kind of knew that was coming. it's pretty impressive to see that germany is being very forceful when it comes to that, but what struck me too is that we now have in another russian pipeline, natural gas reversing its direction and flowing east. this is russia's yamal europe pipeline so now the natural gas is flowing away from that, and you've got to figure here in the u.s. , we pay around $4.50 per million british thermal unit s. how high are we going to see these prices rise for us

even though we're unrelated to that pipeline? >> well our prices are a little bit constrained due to the lack of export capacity for lng, but by the way our export capacity for lng continues to grow with a commissioning of seventh facility in louisiana over the last couple of weeks. i think that here in the united states, natural gas prices could easily get to $6 a million btu, but if you compare that to today's price in europe, which is closer to 25 to $30 million b tu, it's still pretty cheap. liz: all right, i want to get to ed mills of raymond james, you advise certainly big clients about where to invest during pod goth times and bad times, some are surprised, ed, we're not see response, and when you see that, i mean, we've seen the uk, we've seen the eu, and now the u.s. slapping pretty serious sanctions on the russians. what's your worse case scenario for the markets or does it just

get better from here? >> actually, ed mills we just lost his signal, so let me go to andy brenner. from the fixed income perspective here, does this take that 50 basis point hike that everybody anticipated the federal reserve would make, does that now come off the table because there's too much uncertainty in the world right now? >> absolutely, liz. i think it was coming off the table before this but last week there was a 56% chance of a 50 basis point rise, and it was earlier today it was down to 19, so that is definitely off the table. everything i've seen except for fed governor bullard has told me that fed governors want to plot along 25 basis points to start in march, maybe again in may, maybe again in june, but i really think the fed is going to move much more slowly and liz, ask yourself this question. if this was really going to be as aggressive a fed as people

are saying, jpmorgan saying nine rate hikes over the next nine meetings, why are they still buying bonds? why does quantitative easing still exist? that shouldn't be there, so i think this is going to be a slow moving fed, move a couple of times, wait to see what happens, i think inflation is going to subside, but the next two inflation numbers are not going to be good, pce on friday, cpi a week from tuesday they are going to be bad so you have to get used to it, but powell speaks next week and we'll have to wait to see what he has to say. liz: as always, it hinges very much on powell versus putin at the moment, ed mills we've got you back as we look at the markets at the moment, there is this belief things could have been a lot worse and that we've seen maybe the worst of the sanctions, do you agree? how much more downside momentum do you anticipate and i'm not talking about the russian markets. the rtf, the russian stock exchange has cratered 19% over just five sessions but here in

the united states, what do you anticipate? >> yeah, liz when i talk to clients today there is a sense that we could see an escalation before a potential deescalation, there is certainly a lot of risk that is still here, but in terms of what biden announced today, it's probably about a three or four on a scale of one to 10 in terms of how aggressive could he go, that there's a sense that we're giving putin an off ramp, should he want to take it, and so i think people are looking at what putin did over the last 24 hours as saying is this the opportunity for him to declare something before he walks back on nord stream 2? they've turned off something that's not yet turned on so that could be a big give back to russia, before any natural gas actually was even flowing through the pipeline. liz: goodness gracious, we do have the dow down 329, but at the moment, the russian-based

eft that we just showed are getting absolutely crushed, great to have you, ed mills, andy lippow, andy brenner and general anthony tata. great to have all of you, we appreciate it on a very tough day, and watching russia home prices in the united states are rising, at the fastest race since case schiller even started keeping records, who better to talk about it than with the ceo of realgy, the parent company of household names like century 21, coldwell banker, sotheby's and more, 45 minutes before the closing bell rings, gold holding steady at $1,900 an ounce, there's your flight to quality, there's your safe haven at the moment, folks that's gold it ain't encrypt o right now, bitcoin is down.

stuff. we love stuff. and there's some really great stuff out there. but i doubt that any of us will look back on our lives and think, "i wish i'd bought an even thinner tv, found a lighter light beer, or had an even smarter smartphone." do you think any of us will look back on our lives and regret the things we didn't buy? or the places we didn't go? ♪ i'd go the whole wide world ♪ ♪ i'd go the whole wide world ♪

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record. real estate giant realogy, which owns household realty brands like century 21, better homes and gardens real estate, et cetera look at all these names here, here in a fox business exclusive to pullback the curtain on the booming real estate business, and where it is headed in 2022, we welcome realogy ceo ryan schneider. we're two months in where with regoing? we continue to go up here? >> well thanks for having us, liz. we're seeing this year start out with pretty strong housing demand. we've not seen it slow down from what we saw at the end of last year, there's a real supply and demand imbalance out there, millennial generation going into their prime home buying years, remote work moving people to different places, and we continue to see a lot of strength and we really do need to build more homes as a country if there were more homes out there we could sell them, so we're excited for the trends we're seeing and optimistic about the year and those december numbers are connell: with what we have been

seeing. we printed a record year with 900 million-plus ebitda, 500 million free cash flow, so we like the market momentum and we like our momentum. liz: but at what point does this lack of supply start to hurt you guys? i find this absolutely fascinating whether it's the high end, the middle, or the lower end in housing, you do have this super-heated pace of sales and yet, when there is so little when it comes to inventory, how do you start to deal with that at a certain point? >> well you know it's interesting, liz. we've had about 6 million homes being sold in the last year and that's up pretty substantially from the five to 5.5 million sold pretty much every year for the last decade so the homes are out there and selling but they are selling faster so at any moment you've got less inventory, but we actually have more homes being sold which is pretty interesting. the other thing i'd point you to is the variation by segment. you know, sotheby's

international realty, million dollar price piss point when we sell a house there's more inventory there, the houses are moving pretty briskly but there's a lot more there whereas in that entry level that's a tougher sledding for people, competing with single family rental buyers, a little bit higher mortgage rates hurting affordability and the supply is by far the least right at that entry level, so the turnover has been strong, there are more houses being sold, but at any moment, it sure, you know, is a smaller inventory situation that does vary by price point pretty dramatically. liz: well affordability is a huge issue right now, and as you see , people can't afford to buy , so they are renting, and now they can't afford to rent, ryan, and we don't believe here at the "clayman countdown" that cpi rent increase of what, they are saying four or 5%. we truly believe this is more like a 15% number and that's what we seen rents jump, as far as that's concerned, its become very very difficult. isn't there a breaking point and

where do you see that? >> well we agree with you. look, when we talk about house prices going up like that case schiller index or our own data, we don't think it's just on the owned side, we see the exact same trends from the rental data that we look at and to me it gets back to the point of the supply and demand for housing in the country is a little bit out of whack. we're absolutely rooting for our home builder friends to build more. thankfully even with a few increases recently mortgage rates are still pretty low relative to historical thing, that is helped on the affordability a lot and if you're an existing homeowner you've got the benefit of your house price rising so the real place we see the crunch is in the first time home buyer, and we're willing to do anything we can from a policy standpoint to help make it easier for them, and that's how we've seen what's happening with affordability in the current market. liz: okay. ryan schneider of realogy amazing earnings numbers here, huge number beat there, thank you very much for joining us.

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liz: 32 minutes before the closing bell rings fox business alert shares of digital world acquisition corp., this is the blank check company, that's going reverse-merge with trump media and technology group, are surging 11% after former president trump's social media platform truth social, went live

over the weekend. this is the president's answer to twitter, which kicked him off about a year ago. according to research firm appto pia, the app was downloaded 170,000 times on apple's app store since its launch sunday night. some be reusers did report receiving multiple error message , glitch, and the in ability to create an account. others were prompted to join a wait list when they encountered such difficulties, for now no difficulties with dwac, again it's up about $9.23 or 9.16 as it changes to 93.48. home depot getting absolutely hammered pretty much the entire session after the company said it expects gross profit margins to remain under pressure for all of 2022, as it ramps up spending to deal with supply chain bottlenecks. still a problem. the home supply retailer expects operating margins to be flat this year, assuming inflation stays the same. home depot topped sales and earnings estimates for its fourth quarter but this hit of

8.6% to the downside is contributing more than 200 points to the dow's loss of 339 right now. and shares of advanced micro devices on the move to the upside after bernstein research upgraded the chipmaker to outperform from market perform, and it took them a decade to do this. they have just been kind of, you know, flat on this stock, but now, they say outperform. the stock is outperforming the market today up 3%. recent comments from intel suggest a slower recovery path creating a window for amd to take market share, the market cap now higher than intels. sofi has agreed to buy digital banking platform technisys for $1.1 bill ion an all-stock deal shares of sofi are down 9.5% on investor concern that the purchase will dilute current shareholders. the fintech says the deal will strengthen the companies goal to be a one-stop shop for its customers. all right, it's putin and powell

driving the markets at the moment but what's the real story of the u.s. economy and where should you look for games in these very volatile times? charles schwab's chief investment strata gist liz ann s aunders is joining us live, closing bell about 29 minutes left before we hear it we do have the nasdaq struggling down 100 points or three-quarters of a percent see where the s&p is down 31 points its got to close more than 31 points lower to hit correction. we'll coming right back. (vo) for me, one of the best things about life is that we keep moving forward. we discover exciting new technologies.

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liz: geopolitics dominating the headlines but there's also significant economic news on the domestic front. the u.s. ihs market flash composite pmi report that's a mouthful basically gives us an indication of the health of manufacturing. for february shows that economic

activity rebounded in february following omicron's surge over the holidays. so here is the number, 56 it's a big jump now both the manufacturing and service sectors reported strong output with employees returning from sick leave, and substantial gains in new business, and then february growth comes as consumer confidence hit a five-month low, with inflation at its highest point since the 1980s that's to be expected but what does it all mean for investing and then you superimpose that over what's going on in ukraine and russia, and and we said we gotta get charles schwab strategist liz ann saunders in here joining us in a fox business exclusive. first, liz ann, can you give me a sense of how you view what's going on in ukraine right now with russia invading and we see the dow has cut its losses in half on one speech by the president. how do you speak to investors about what is happening right now? >> well, you know, i don't have any particular expertise in terms of what is actually

happening over there and what the next headline is going to be but we clearly see that whether it's pre-market or an intraday basis, pre-open, you can see that it is more than just moving the needle. headlines in both directions and i think that is the dominant very short-term driver of the market and the context of volatility more broadly i think being a function of where we are in the monetary policy cycle and fed tightening and i think ultimately, what matters for the market in terms of in general geopolitical tensions, invasions, possible protracted military events, is first of all , the length and severity whether it turns into a global economic event, or whether it's more short-lived, and the more short diabetes lived ones have had a more short-lived impact on the market but i think in this unique period of time, it's the channel through energy markets that are most important in terms of how it affects the

global economy, the u.s. economy, and if there's a reaction function as a result of that by the fed. not yet, but that's, i think, how it's going to be felt. liz: well inflationary pressures across the private sector are absolutely outrageous, we keep hearing this during earnings reports, but you bring up energy we saw what's been going on with commodities, we've got, you know , heating oil up a percent, we do have natural gas up 1.25% that's sort of in the eye of the storm when it comes to ukraine and russia but overall is this an area that has done very very well over the past six to 10 months, does this continue >> so i think energy has done well for a lot of reasons. not least being the surge in oil prices up to 95 recently back down to 92, and change and generally the energy complex pricing being strong as we came out of the lockdown phase global ly and you saw that surge in demand and then you add

geopolitical tensions into the mix as well, and it is by far the best-performing sector over the past 12 months, as of their recent high in the sector, it had twice as much performance in the past 12 months as the second-best performing sector which is financials, but there's been a ton of volatility along the way, and in fact, in those 12 months of energy being the dominant performer, there were more months where energy was the worst-performing sector in a month than it was the best- performing sector so you did have to go through huge waves of rotation and volatility and now, we're in a situation where statistics actually couldn't have gotten any better for weeks we had 100% of energy stocks trading above 50 day an 200 day moving averages that started to tick down at some point breadth gets so strong that when it hits that 100% threshold there's only one direction it can go. that doesn't suggest a collapse, but i think from a technical perspective, we probably got a bit overbought.

liz: okay. do you look at something like tech which has been some would say a bit oversold, and say well now we start to see some value here, are there favorite sectors you have beyond what we've discussed? >> so tech i think, you can't look at really any sector in the market or even subsector or cohort like the faang stocks or the big five or the super seven, whatever you category you want to use, you can't look at them monolithically, we are see ing what's happening in the faang-plus-type stocks a couple have been taken out wood shed, and the same applies to tech what's interesting about tech is we think of it as a growth sector and for the most part it lives in the growth indexes, but the stocks that scream best on value factors within tech so strong free cash flow yield, you know, ebitda yield, earnings yield, those have been the stocks that are performing best, so i think you have to take a high-quality

reasonable value approach but don't just apply that screening if you want to call it that, to just a value areas. you can be a value investor and find tech stocks and consumer discretionary stocks, communication services stocks i think that's often missing in this growth vs. value debate. i talk abet in the context of characteristics of growth and value not the pre-determined sectors that live in the growth and value indexes. liz: you've got to look at the jockey and the horse, the leadership but the actual company and what they do on a quarterly basis, they got to hit it out of the park when it comes to at least cash flow ex everything else we've been dealing with whether it's russia-ukraine, the pandemic, inflation, and we're just waiting for another lightning bolt to strike around here, liz ann, great to have you thank you very much for joining us. >> nice to see you, liz, thank you. liz: private equity firm apollo global making a bid for tv station operator, are other

media deals brewing in the pe sector? charlie is about to break it next dow jones industrials down 356, the russel is down two-thirds of a percent all of these numbers are off the lows of the session, so that's the good news, and this guy on your screen, david meltzer, you know he went bankrupt, lost millions of dollars he made on his own, most of his sates he lost including his mom's house, he managed to fight back and get back on his feet and is now a hugely-successful entrepreneur , best selling author and store pad caster, you've got to hear his success story and how he failed and more importantly, how he got backup again. his story, is my latest everyone talks to liz podcast available on apple, google, spotify everywhere you get your podcast, closing bell 18 minutes away we are coming right back with charlie gasparino.

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supersonic wifi only from us... xfinity. liz: breaking news, president joe biden at any moment is expected to hold a virtual event at the white house to reveal the progress his administration has made in securing critical mineral supply chains, powering clean energy manufacturing and creating good paying jobs, meanwhile, we are getting this information from the pentagon at this very moment about some of the troop movement s the president announced in just the last hour. the defense secretary lloyd austin, has ordered an infantry battalion task force of about 800 personnel to held to the baltic region from italy where they are stationed right now. 20 a-h 64 helicopters will be sent to the three baltic nations from germany, and 12 helicopters will go to poland from greece.

the pentagon will move up to eight f-35 jets from germany to several locations on nato's eastern flank. we are going to keep an eye on the president's event and bring you any news as it becomes available. check the dow down 478, the s&p down 43, it is in correction territory has 13 minutes to get out before the close. tv station operator tegna moving higher by 6.7% after agreeing to a $24 per share buyout deal with private equity firm standard general and apollo global management. the stock at 22.37 slightly below it apollos move comes as several other private equity firms are mulling dipping their toes in, you could call it the big media pool. charlie gasparino, we're cool, we're big media, right? charlie: yeah, i mean, i guess we are. listen, this is not like to buy the whole company. these are like looking at specific properties inside discovery, inside comcast, maybe inside us i haven't heard our names but mainly inside

discovery and we'll get to that and comcast and buying separate, buying these companies, these outfits on the cheap. for example, pulling out cnn at some point that's been rumored, that that is something that private equity would like to do. now why are they doing this? liz the business is in disarray, ratings are down, private equity likes to buy stuff on the cheap, and you know, they look at something like cnn and say listen, 5,500 employees something like that, we can cut a lot of jobs out of that if they want to spin it out, and if they want to make a few bucks and it's not just cnn. we are looking at all of the properties inside discovery. looking at all of the properties inside comcast. i will say one place they aren't looking is sherry redstone's company viacom. the recent moves dare dare liz: paramount. charlie: took them essentially off the block, i mean, they renamed themselves, they are going to spend a ton of money in digital, and i think they are just going to go at it alone and i don't think they sell any

properties, so that's where we are right now. this is a fascinating story because it's counterintuitive. you'd think that with big media becoming an issue with ratings and cord cutting and all the rest of the stuff, streaming still is not really a viable hugely profitable business. you would think that there be no interest, but there's interest on buying stuff on the cheap and that's what private equity is good at. buying stuff on the cheap, fixing it, and then selling it later, maybe selling it as a public company or selling it to somebody else, that's generally what they do. so keep an eye on this space. this is definitely going around, and don't be surprised if cnn, i know they are going to come out after this report and say oh, no , no, we're good, discovery wants cnn, it's a vital part of our network. remember that's what at&t said when i said there's a possibility of a sale last year, do you remember that? and they obviously sold it, along with the rest of warner

media in one big chunk so that's where we are, liz. interesting, everybody has been focused on the ukraine huge story i get it but this is behind the scenes this is percolating. it's very interesting, and cnn has had its controversies as you know, maybe now is the time that they just john malone, whose a big shareholder in discovery, says why do we want this? i mean, john malone is not exactly progressive, so keep an eye on this. it's going to be interesting, back to you. liz: okay well yeah, apollo they bought yahoo finance we're waiting to see if they do something dramatic with that. charlie: they are essentially co bbling stuff together. liz: bolting on. charlie: creating their own little media company to spin-out at some point. that's what private equity does. liz: charlie, thank you. charlie gasparino. folks, as the s&p 500 lands in correction territory, it's a

fair question, is a bear market next? the bear is having a birthday cake of watermelon. closing bell ringing in eight and a half minutes, as the bears traverse your screen, the dow is now down 554, remember, low of the session a loss of 714, we are coming right back.

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pvahero.org today. our veterans need you. we gotta tell people that liberty mutual customizes car insurance so you only pay for what you need, and we gotta do it fast. [limu emu squawks] woo! new personal record, limu! only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪ ♪. liz: closing bell, five minutes away. i'm keeping my eye on the s&p 500 more firmly in correction territory down 51 points. if we were down anything fewer than 31 points we wouldn't be there, but the number to watch, 31.96 points. at the moment, there you go, the s&p down for the year 9.68% when it comes to being off the most recent highs. bring in the "countdown" closers to help you navigate final hour

of trade. commonwealth financial investment strategist, joins us and mainstay capital management founder, ceo, chief investment strategist david kudlow. what are you advising what to do when we have international exogenous event happening before our eyes in ukraine with russia invading, not to mention inflation here, the federal reserve holding a sword of damocles over our heads with regard to hiking rates? >> liz, thank you for having me. one thing i would say geopolitical risk as much as they sound pretty bad, he have this much smaller impact on the markets longer term. inflation is a real risk, as far as the russian ukraine crisis is concerned. not as much of a major impact on the u.s. markets or the u.s. economy. liz: what would you advice clients right now knowing that these are, as you believe

short-term painful blips but blips nonetheless? >> yeah. so i would advise investors to really look at what's happening in the undergoing, in the underlying market and what i think we are seeing is more of a mid-cycle rotation. you know, interest rates are lower but they are probably going to rise. earnings are pretty strong but they probably slow down. inflation is very high, it looks like it is going to stay higher for a little bit. so those are more of the factors that i would be focused on right now? liz: david, what about you? i'm not sure going into 2022 people knew or the best in the market and the prognosticators understood this would be a very rough two months but where do you see diamonds in the so-called rough? >> well, when we look at what the markets have been doing over the past couple months, and what's impacting the markets today, and over the last several

weeks and months with the ukraine situation, it points and inflation points to commodities as important part of a portfolio. especially when ponds bonds are negative this year, very negative this year, commodities help diversify portfolio of stocks and give us protection like days like today. two etfs we hold in the client portfolios, they are up 1 1/2% today when the market averages are deep in the red. whether it is geopolitical event, i agree, they don't have per put all impact on the market or day-to-day volatilities commodities because of inflation are good place to be for intermediate term and help with days like today. liz: david, i'm looking at aluminum and nickel hitting multiyear highs today, in great part because russia exports

this. this could be a shortage. which commodities in the very broad sectors, is it not? >> right. so, so for ukraine and russia both, take russia, their major exports are oil, natural gas, coal briquettes and wheat. we like, energy has been a place we wanted to be overweighted in and base metals. comb that etf, it is over 50% in commodities alone. liz: anu, repercussions when it comes to investors who make too many knee-jerk movements, they get scared. your best advice right now? >> well the best advice is keep calm and carry on because what's really important is the horizons. if you have a long time horizon, all of these smaller blips in the markets, over a long period of time they just wash off. liz: it is wonderful to have you

both, anu, david, thank you on a rough-and-tumble day where the dow from trough to peak, 768 point swing for the s&p 500. [closing bell ring] appears we'll see it close in correction territory for a loss of 44 points. that is going to do it for us here at "the claman countdown." thanks so much for joining us. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so acknowledging that russia carved out a big chunk of ukraine president biden this afternoon announced a very weak, low level set of sanctions on russia. these were not really the swift and severe consequences that he had been bragging about for so many weeks. the russian stock market by the way rose 6 1/2% after biden's announcement. what does that tell you? in the prior several days it had been collapsing.