we need somebody to fix those robot air taxis. we control our destiny when we stop being manipulated by tales of woe, bringing down statues because that never changes history. we control our own destiny when we stop accepting crumbs in the name of so-called social justice. this has been a very special "making money." i appreciate you watching. god bless and we'll see you soon. ♪ liz: breaking news, you're looking at a live shot of kyiv, ukraine is now just two hours away from implementing a state of emergency as russian forces reportedly move 100 military vehicles to southern belarus right at the you drain -- ukraine border. a senior u.s. defense official telling fox news at this hour that a large scale invasion by vladimir putin's forces appears to be imminent. the warning coming just a few hours after a major or sign cyber -- cyber attack hit the

ukrainian government and major banks. u.s. markets cannot seem to keep their fight as we head into the final hour of trade. the dow jones industrials down 368, dow and nasdaq on track to drop for five straight sessions as the s&p 500 sinks deeper into correction territory. former undersecretary of state for economic growth bob hormats who also served as goldman sachs' vice chair is here with the threat analysis, and we're going to ask him why the sanctions are not stopping putin's land grab. are we doing something wrong? do we need to be tougher? we'll talk to bob hormats in just a second. the ceo of one of the the biggest gas station and convenience store operators is watching this situation very closely as prices at the pump push even higher. the arco ceo is here in a fox business exclusive on where he sees prices going. plus, the world's largest pc maker, it's lenovo, racking up record profits amid the

semiconductor shortage. president of international markets matt zelensky is here to talk about that, but also he's about to exclusively unveil the latest laptop. let us begin with breaking news. you are looking at a live picture of the pentagon where press secretary john kirby is expected to hold a briefing at any moment now after the first tranche of u.s. sanctions imposed on two state-owned russian banks as well as restrictions on russia's ability to issue sovereign debt is pretty much -- did pretty much nothing to thwart its military from shelling eastern ukraine today. vladimir putin's inner circle woke up to fresh sanctions on their ability to travel to e.u. nations. with the geopolitical crisis grabbing the headlines, u.s. markets are unable to hold on to gains. they've managed to squeeze out during the session, yes, we had been up at least at one point the dow was higher by 235, we're down 377 right mow. the s&p is lower by 61 points,

deeper into correction kerr -- territory. the nasdaq dropping a full two percentage points for a lot of 263 points. what move can push the russians back and calm the markets at this point? let's bring in former undersecretary of state and former vice chair of goldman sachs, bob hormats. right now ukraine is about to go under a state of emergency. russia is evacuating its embassy in kyiv. these look like moves that nations make before hot wars begin. why isn't the u.s. imposing crippling sanctions versus soft sanctions right now? >> well, first of all, i think the u.s. is planning a lot more. i have no doubt that the people in washington are anticipating that the risk of this war widening is growing by the moment, as you correctly pointed out. i also would say that putin is probably anticipating -- has

probably anticipated a lot of this already. it's not that he is unaware that the west can take sanctions. i think the german action on nord stream 2 is something that he may or may not have anticipated, but the general notion that the u.s. would do a lot to put pressure on him and his cronies is something that he's expected and he is prepared, apparently, to ride this out if, in fact, he does increase the pressure if on ukraine and move more troops out of belarus into ukraine. the other things that he's doing that's not talked about much is that he is fortifying his naval base and his naval forces in the black sea and his air force capabilities which he's going to, most likely if there is a full scale war -- we don't know that will be or not -- liz: but, bob, let me interrupt here. forgive me. why wait for further escalation? you've just articulated some serious ramping up of a very,

very aggressive move by vladimir putin. so, you know, we talk about what would really hurt russia. there's so much discussion about, okay, no more u.s. banks can do business with russia. but why not then eliminate the opportunity for u.s. and global and western banks to do business with the intermediary banks that do business with russia? that's where all really hurt -- >> i don't -- it's a very legitimate question. i don't know the answer to that. the only thing i can possibly think of is that they still feel there is some measure of deterrent in not pulling the trigger on all these things right away. that's the only thing i can imagine that would hold this back. he also wants to get the allies to act with the u.s. and do things that reinforce what the americans are planning to do. but the only thing i can think of is that he's hoping still that he can deter putin from going further and, therefore, wants to hold those back until

there is action, further action on the part of putin. it's a calculated risk, and so far putin is not sum -- has not succumbed to or bent to any of the sanctions that have been imposed or doesn't seem to care about them because he thinks he's got enough support at home amongst his allies that he can take more sanctions. so they may, in fact, think that, well, they can do this and it still won't have any effect. liz: may i ask you about the russia-china alliance? it appears that that may really be what's allowing putin to continue, we saw these guys at the olympics, and a handshake speaks volumes when it comes to xi jinping and vladimir putin. can he, putin, actually eliminate any pain of the sanctions by just working with china? >> he probably can't rehim nate them, but he can -- eliminate

them, but he can mitigate them. he can probably, as he's indicated he would, sell more gas and oil to china, and china's been looking to buy more gas and oil from russia for some time, and that would help to reduce the impact of his inability to sell gas and oil to much of western and central europe. so that would help. the other part is that on other things china doesn't buy much from russia. russia's not a big supplier of a lot of the things that china buys. so that is not going to help russia very much. russia's in for a situation where its economy is going to get worse. it's bad enough already. the banking issue is going to be a critical one. can the chinese figure out a way of working with the russians to avoid the adverse or impact on their banking system of the kind of things that the u.s. seems to be playing into to try to cut the russians off from financial

markets. liz: well, it just feels like we need to cut off the banks that are the counterparties to russia's commercial transaction- >> i think that is -- [inaudible] liz: well, they better get on it because -- yeah. all right. bob, thank you very much. bob hormats. we've got this fox market alert. as ukraine warns all its citizens currently in russia to flee that nation, take a look at gold. the classic inflation hedge closing at its highest level in more than a year and right now in the after-market the yellow metal is trading around $1,908. it closed at $1,99 12 at the session high there and, as we see, it is a significant move as people go to safe havens. now, as the conflict raises fears about higher oil prices and you can look at crude at the moment, crude is not making such an outsized jump as it was just a couple of days ago, the u.s. already looking at inflation at its highest level in more than four decades, and there are concerns it could surge, we're

at 7.5% now, above 10% on an annualized basis if energy prices climb even higher. and as russia's vladimir putin continues to cause mayhem in eastern europe, investors are keenly watching the federal reserve which come march is expected to hike interest rates to cool down the inflation that the united states and all of you are dealing with right now. bank of america was the first to predict that the fed would hike interest rates as many as seven times this year. today ceo brian moynihan telling fox fox business' neil cavuto that the fed will gun the engine when it comes to inflation. listen. >> i think moving up rates will deal with it, and you'll see them move relatively quickly. seven times this year would be, you know, probably on the outside, five times, five, six times, that's 1.5%. it was 2% back in '19 when the economy was this big and predicted to grow at half the rate it's growing now. liz: we have to get right to the

floor show. we've got u.s. bank wealth management cio eric friedman and trader teddy weisberg. eric, i'll begin with you. as chief investment officer, what is your biggest worry right now, and what are you hearing from your clients? >> i'd say our biggest worry is just how sticky oil prices remain, and that's something that does feed into the broader conversation of the federal reserve. our concern is the federal reserve will tighten too much and that they will be overly aggressive into what we think will be probably a slowing economy the next couple of months. so the risk is that we have a couple more months of what's called hot inflation reports really guided by how sticky energy prices, that actually gives the fed some cover to keep on that tightening narrative. so we do think that while ukraine is a significant consideration both from a human but also a market perspective, really the bigger issue for markets is what the fed might do when they have liquidity coming out of the system as they tighten rates.

that's what we're focused on right now. liz: eric, when i got in this morning, i looked at all of my sectors. there were so many that were green. now at this hour energy is the only one to the upside. everything else, materials, utilities, financials, industrialsings are all moving lower. shouldn't we be looking at financials as an opportunity here, and where are you placing your bets when it comes to stocks in the markets? >> so one of the things -- i can't talk a lot about financials because i work for one, but ill say that one of the concerns that we have and, i'd say, broad markets have about the yield curve, not to get too technical, is that it could flatten out. we could actually see the level of short-term interest rates and longer-term interest rates actually converge as the fed raises rates. that generally is not a great environment for lending. but the other thing we have to keep in mind is that having some defensive properties in a portfolio makes a lot of sense right now. we think there will be lots of opportunities for clients and for investors to get involved

more aggressively. and so having more of a defensive bias right now, i e -- we think, makes some sense. not to be overly cautious, but making sure if you've been really ridingen on tech for a long period of time, now's probably the time -- not necessarily today, but start shaving off some of that exposure and broadening out your exposure. that's what we've been doing fairly effectively for customers right now. liz: teddy, you could look at dividend players, you could look at all kinds of different areas here. what are you seeing? where are the flows going? >> well, i think the flows are going into the financials, into the insurance tocks -- stocks, into the commodities, energy, soft and hard or commodities, into the metals. you talked about gold just a few minutes ago. i mean, there are areas where investors can go during this period of a lot of uncertainty. liz, uncertainty equals volatility. and there is so much uncertainty

now, the fear factor has completely evaporated, investors basically are -- i don't know, we see a lot of folks that are kind of frozen in place, you know? if they bought the dips for the last three or four years and it's worked, but clearly it's not working now. you know, cash can -- cash is king, but there's always things too old, but i think it's a good time to stay in the weeds and let the dust settle. i don't think we're there yet. but, you know, you have the fed which, in my opinion, is a huge issue. ukraine, certainly very important, but at the end of the day it's going to be the fed. and the risk, the risk is that they will overreact. they were way behind the curve, they basically dismissed all the inflation talk of six months ago. now the real risk is that they bump rates -- the risk is that they're going to bump rates 50% in march which i don't think is going to happen. it'll be, i think, 25, but it could be 25, maybe bank of

america is right, for the next sixover seven -- six or seven meetings. liz: teddy, thank you very much. we're looking at that 10-year yield, 1.97 4. eric, always good to have your perspective. please come back, thank you so much. dow jones industrials down 442. the world's largest pc maker rolling out another new laptop. what does it do? and the question becomes will there be enough semiconductors out there to go into these if they're super popular? well, as we look at the think pad king, lenovo's president of international markets is about to join us in just moments. he'll give us the real deal on what's going on in the chip trenches. closing bell, 45 and a half minutes away. we need to tell you that we do have red on the screen, we are not at session lows -- actually, we just made a new session low. a loss of 427 points. the s&p, the low to watch there is a loss of 66.

the nasdaq down 308 right now. that is a new low. stay tuned, we are coming right bag -- back. ♪ ♪ 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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♪ ♪ >> we are getting more units out quarter over quarter, and that i expect to remain in 2022, but, you know, we do remain constrained through '22 into '23. >> it's not about capital or any specific customer her. 2022 is sold out. right now that's the visibility, it's soldout. liz: dealing with a double-edged sword; great demand, every single one of his chips is positioned and named for the customer. they don't have any more to sell. they are doing as best they can amid a global semiconductor shortage, and the world's largest computer maker that needs chips, lenovo, clearly not wounded by the chip crisis after reporting a record third quarter profit and revenue this morning before the bell. the top pc vendor reporting an eps of $5.50 on revenue up 20.13

billion. that's a 17% year-over-year increase for the quarter, and that is the first time, i believe, they've had 20 billion in revenue. joining me now in a fox business exclusive, international markets president matthew zelensky. great numbers here. you got around the massive chip shortage. how? >> well, i don't know that we're totally around it yet, but i will tell you this, for the first time last week i was able to say these words to a customer, one of the biggest oil and gas companies in the world, that the worst is behind us. i believe the path forward is not a set function, it's going to be a line with a positive slope in the up and right direction, but i really believe we navigated it artfully, very openly and transparent, and we've done a lot of good things operationally to make sure we are tying up that capacity that the ceo was just talking about that was sold out through 2022. i think we can start to explain the path forward, stop apologizing and explaining, and

there's a light at the end of the tunnel, for sure. liz: well, you've got a blazing light with 20 billion in revenue. i've got a bunch of computers here, but i've got my think pad, it says intel inside. is intel your only chip producer? who are your suppliers right now, and are they struggling still? >> look, we have hundreds. we have several cpu vendors like you just mentioned with intel, qualcomm, media tech and others. to be very honest with you, the big components aren't the primary if problem or haven't been for the better part of the last six months or so. the bottleneck if has been in u is sb controllers or other power controllers that are literally devices that cost 50 cents to a dollar, and the shortages of these devices traditionally on some of the older process technology has cost the industry hundreds and millions of dollars in product that has yet to be sold. but again, i think there is that light at the end of the tunnel. i think all things considered, it was managed appropriately, but i can't wait to start

talking about something else besides this shortage that has put our customers and partners in a really tough situation. liz: i mean, it's kind of crazy. at fist it was the pandemic -- first it was the pandemic, then the shortage. but as the pandemic eases, let's talk about what your number one selling product is and the new laptop that a you guys are coming out with, the dis. >> well -- the dis. z. >> it's also putting an enormous burden on things like infrastructure. so, for example, the business group that houses our servers, our storage and networking components was up 20% year to year at $2 billion, turned a profit, it's been in the turn-around zone for quite some time. but this whole dynamicking is spurring enormous demand for things like that as well as services and managed services as customers press the easy button. they're pressing it because they

want us to manage all of their deployments from infrastructure to endpoint devices, and they can't wait to buy some of the new laptops that i'll show you here in a second, i'm sure. liz: yeahment well, go for it. i want to see this. go for it. >> this is the new think pad z series this was made from an entirely new design philosophy. people who are unfamiliar, some of the newer generations, younger generations, it really appeals to some significant aesthetics, ill argue, and and also meant and build -- i would argue and also meant and build for the environment. you'll notice the cover is actually 100% recycled vegan leather cover. it also has aluminum casings that are made from 75% recycled material. it just feels absolutely fan tsa fantastic w you -- fantastic, but you'll always love using it. there's a communications bar that has an a 1008p camera, doll

by -- 1080, doll by voice that basically modifies the audio experience. when you open it, it's coming in 100% recyclable material made of sure cane -- suring cane and bamboo. hue's that? liz: i'm in the -- in for the sugar. nice to see you, matt. great numbers can and come back again. >> thanks for having us, liz. liz: reports out that activision's sharpshooters are falling back on their plan to reare release the next game in its call of duty franchise. things position rocking the video game next. with the closing bell ringing in 36 minute, the dow still flagging by about 415 points, the nasdaq down 306. we're coming right back. ♪ wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity.

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♪ liz: fox business alert, cathie wood further cutting the cord with palantir technologies. according to the asset manager's daily trade e records, wood's ark invest sold 11.75 million shares of pal ifen tier yesterday adding on the to a sale of 2.8 million last week. earlier palantir popped above about $11.20, right now it's still up by a third of a percent but more moderate, down at $10.52. it ipo'd at $10. wood, as she sold palantir, actually went shopping. yesterday she purchased more than 24,000 shares of tesla which is dropping 6% right now. she also last week purchased shares of streaming platform roku and video meetings platform zoom. roku's down 1.25%, zoom's dropping 3.75%. ark innovations etf right now down 3. virgin galactic reaching for

the stars after the space tourism company posted a smaller than expected loss, and its cash position actually improved. the company also held on to its expectation that it will be able to launch flights to the edge of space during the fourth quarter, and we've got the stock down 82% over the past year, right now it's off its highs, but it's still up about 3.25%. tjx company's on sale that this hour after the retailer which owns the tj maxx and home goods sales reported earnings that missed analyst expectations blaming temporary store closures and fewer customers due to a surge in cases of omicron during the holiday season. you can see tjx is swooning by 4%, but ross stores is down even more, 4.5%, and the reel reel which is scheduled to announce after the bell is falling 7.8%. activision blizzard may be delaying the 2023 release of the

popular video game call of duty. according to bloomberg news, the company is worried too much versions of call of duty are watering down demand for the game. according to npd group which track z these things, the vanguard version or while 2021's top selling game, it failed to meet activision vition's sales expectations and the decision to delay was unletted to the video game -- unrelated to the video game maker's decision to sell to microsoft for $68 billion. microsoft down about 2%, activist -- activision pulling back. my morning market minute on tickton, i roll out of bed, i tell you the hottest story. follow me on tiktok @red fox liz. okay. putin's provocations could have a real punch at your favorite local gas station. the ceo of one of the nation's largest convenience store chains are here next to tell us what

he's seeing on the ground and at the pump, and wait until you see the comparison between gas prices last year and now. closing bell 29 minutes away. the s&p down 60, the dow is now down 357. remember, low of the session down 454. if we're doing 476 points or more, the dow goes into correction territory. we're coming right back. ♪ ♪ we hit the bike trails every weekend shinges doesn't care. i grow all my own vegetables shingles doesn't care. we've still got the best moves you've ever seen good for you, but shingles doesn't care. because 1 in 3 people will get shingles, you need protection.

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♪ ♪ liz: russia's invasion of ukraine adding fuel to the fire as escalating tensions between the two nations reach a boiling point. gas lean prices here in the u.s -- gasoline prices are spiking in reaction. right now americans are paying an average of $3.53 a gallon today, 89 cents more than they were paying last year. with the national average the

since 2014 -- the highest since 2014, experts are saying we could see a push above $4 a gallon by early spring. arco corp. is one of the largest operators of gas station convenience stores and supply suppliers of wholesale fuel. the chairman and ceo, ari kotler, joining me now on a first on fox business interview. ari, what is your world like right now? >> well, it's the same, we just released earnings for 2021, great year for us. and, you know, it's, i think it's too early to tell. the situation with ukraine, you know, just happened a couple days ago. you know, we've been talking about this for a long period of time. and, you know, you mentioned 2014, you know, it's probably very, very similar. i want to say good thing about that because people are driving less given that we're just coming off the pandemic, so we don't see the same traffic as we

saw in the past, but there is no question that at the end of the day price of oil goes up, people drive less, and that's just the way it goes. liz: yeah. >> so, you know, but again, i just want to remind you, liz, that at the end of the day america is, you know, is independent. we've got plenty of fuel in the ground over here, so i just think that the situation is just going a little bit off end. liz: welsh what about that? and, by the way, what was happening in 2014? russia invade ised crimea, that big area of ukraine, and bit it right off. and nobody did anything. so, obviously, that was a very, very exogenous and scary event for people. we do see the same kremlin playbook at this point. tell me exactly where you see the price point going in the next couple of months if in this situation continues. >> yeah, well, you know, it's really reminding me, actually,

of 2008. in 2008 price went from $60 to $80 to $140 in a very short order. but, you know, at the end of the day in a short period of time, prices initially kept declining and declining, and we end up with $60-80 a barrel at the end of the day. so i think this is, as i said, i think this is just, you know, just happened recently, and i think everybody's trying to see what's going to be the outcome over there. but at the end of day, i don't think that should impact the u.s. consumer for the time being. liz: talking about your company, you have a whole bunch of gas stations, and you've got the stores attached to them. one of the biggest issues for companies like yours during the pandemic was that people were not driving and, therefore, they were not walking into your convenience stores. what are you seeing as far as volume of foot traffic at this point? >> sure. you know, we were fortunate

enough that many of our stores are -- [inaudible] and most of them are in rural and small towns, so many of our stores are actually the grocery store in many of those small towns across the u.s. there's no question that the trend walking inside the store was, basically, we saw a decline in basically, in consumer, you know, coming into the store. however, every time they came in, we saw a much larger basket when today actually purchased. people were buying, you know, big sized packages starting all the way from -- [inaudible] all the way to snacks and chips. and we just become the habit of actually buying bigger size products versus, you know, just the typical day to data they usd to come in. liz: i do see that sales went up about 1.9%, and your stock is responding positively even

though you came in with a miss by a penny on everything ps. up about 8.33%, and again, as we continue to develop and watch this story develop, arie, are you most worried that it's the economy and inflation that may keep people away from doing business at all? >> well, there's no question that before the 7% inflation, this is not great for the economy. you know, fuel, of course, doesn't help us over heren given that raw -- here given that raw materials and everything that actually we're seeing over here is based on fuel. i just want to remind if everybody at the end of the day we are here, we are an essential business, and we were open 24/7 during the pandemic. and at the end end of the day what we are selling, we're selling things that people like, you know, all the way from nicotine or the way to, you know, beer, salty scene of that accident, you know, candy. -- snacks. we are here to serve the

communities that we operate in. liz: okay. arie, yeah, i'm a sweet tarts and gatorade girl, so when i go into those places, that's what i'm getting. [laughter] thank you very much for joining us. arie kotler. the owner of the new york stock exchange taking a deeper dive into the crypto verse. charlie gasparino has details on the deal with ice and t0, and we're joined by overstock ceo jonathanson who was -- jonathan johnson who was smart enough to have an 80% share of t0 way, way back. and david bellser, this guy went bankrupt, lots millions of dollars, most of his assets gone. including his mother's house. he had to hell -- tell his mother, mom, we lost your house. how did he manage to not only get on his feet, but become a multimillionaire again, a successful entrepreneur, investor, best selling author,

star podcaster, and now he's got a huge deal with apple tv? hear his incredible road map he followed to fight back this week on my everyone talks to liz podcast. it's available wherever you get your podcasts. closing bell, 18 minutes away. we're coming right back. ♪ ♪ 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 it■s hard eating healthy. unless you happen to be a dog.

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let's flip it over to crypto stocks, and it's been a tough row for them to hoe lately. blockchain and marathon digital at the moment are down, riot lower by 5.33, marathon getting clipped by 6.23, coinbase at $172.92, ahead of, by the way, its earnings report tomorrow. shares of overstock, well, they're moving in the opposite sit direction. they are soaring at this hour, on pace for their largest percentage increase in more than a year after the online retailer reported strong fourth quarter earnings and a new substantial investment in its alternative trading platform t0. as shares of overstock jump 23%, fox business was the first to report that the intercontinue intercontinental exchange, parent company of the new york stock exchange and more than a dozen other exchanges, was taking a minority stake in t0 and plussing -- placing its own chief strategy officer david

ghosn as the new ceo. joining us now is jonathan johnson, overstock's ceo, and our own charlie gasparino who was first to break the story. jonathan, this is major, to have the ice, intercontinental exchange, now take a position in t0 in which you already have an 80% stake. tell me what this means to the future of t0. >> well, i think this is huge news for t0, and i think it's huge news for the way stocks trade and settle and are cleared in the 21st century. we have always thought that blockchain technology would be a great place for the capital market. that's why we invested in tzero and its train -- trading system. now to have ice, which is the parent company of or ny sexer e -- nyse, and have david ghosn, ice's chief strategy officer for over two decades joins tzero as

ceo, it means the future is bright for tzero. we've always thought there ought to be a case where crypto, efts, where stocks and bonds could trade at the same place. we think we're a step closer to that with this strategic investment from ice. liz: charlie? >> jonathan, thanks for joining us. a couple things. when is tzero going to be -- when can we trade on this? when can i trade a stock on it or at least buy a stock and the market made on tzero? >> well, stock -- [inaudible] overstock's preferred share trades on tzero. you can buy and sell on ited today, charlie. it is a relatively limited number of stocks that trade there, but i think with david joining as the new ceo and ice having an interest, we can expect that to change over time.

>> so is he going to go out, david going to go out and actively trying -- try to enlist major companies to trade on tzero? >> david has a history of building markets, building exchanges. i think he'll do with tzero what he's done in the past and it probably will include just what you asked, charlie, but i think it's also going to include the new and expanding world of nonfungible tokens, may include cryptocurrency. i think david is the right person to do that question. he's the ceo in that chair, he's going to know how to do it best. >> also what are the chances that the ice is going to buy the whole thing? is this a precursor to buying the whole thing? they do have their guy in there. >> yeah. that's -- that i don't know. i know that they like tzero enough to take a significant minority investment in it.

we're glad they're on the -- [inaudible] if with that. we also upped our, upped our investment by participating in the series b round. ice is a great partner. ice turns out to see more value in tzero and purchase it, that's one possible future i can imagine. liz: jonathan, cryptocurrencies have been awfully volatile, and we back in november saw a high of, what, of 69,000 for bitcoin and right now we're more like 37,000. we're still in the early, the nascent stages here. do you get the sense that ice is very interested in using this as sort of that toehold, the foundation for really getting involved in a, you know, basically a broker-dealer that can enable -- you guys have 15 different tokens, but a broker-dealer that can enable the ice to really just jump in

head first when it comes to crypto? >> i think tzero is a really a attractive platform. there's 18 different cryptocurrencies trading on it, it's a handful of other security tokens and stocks trading on it. we like it. we've always liked it. we like it even more now that ice is getting involved. and, you know, anyone who makes an investment in tzero sees the future of crypto and digital securities -- >> jonathan, i want to get this in real quickly. why do you need a 0% -- no time settlement? >> anytime there's space between purchasing and government, there's a chance for mistake, a chance for -- >> it's a chance to catch mistakes too. [laughter] >> well, but when you have a great learn like the blockchain is, i think you can rest assured. liz: jonathan johnson of

overstock. charlie gasparino, thank you so much. we are coming right back. the dow's fallen 458 points. ♪ ♪ ♪ ♪ it's electric... made extraordinary. ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been waiting for.

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♪♪ when you start with care, you get a different kind of bank. truist. born to care. ♪. liz: breaking news, folks. the dow jones industrials has fallen into correction at a loss of 499 points. the key number was a loss of 476. it blasted right past that going south. the s&p already they're in correction. by the way we need to see it close here but there you see it on the screen. the dow jones industrials now down seven, 10%, rather, 10% from its recent high set on january 4th. joining me now pacer etf president sean o'hara. you look at a quadrillion number of stocks every day. how much stock are you putting

into the fact now that the dow, nasdaq, s&p, and the russell are in correction? >> thanks, liz, for having me. what you have to recognize is the new reality and the new reality we're in an environment where we're no longer free money, low interest rates, inflation growth and we're opposite of that. inflation is problem and tightening cycle and there is no real wage growth. when you're in the free money low interest rate cycle you can pay up for stocks, you can let multiples creep outside of the norms. when you get into the tightening phase, interest rates rise, there is inverse relationship between those two things and pes. i think that is what you're seeing now with the big growth names. they're coming now to normal valuations over exceedingly high valuation. i don't think they're quite done yet. liz: in that case what are you picking? what has the cash flow keeping you engaged, excited, wanting that in your portfolios?

>> our largest etf uses free cash flow and free cash flow yield as a screen. that portfolio has 100 stocks trade 11 times earnings and 9% free cash flow yield compared to low 20s for the broad market and about 3%. i'm not bearish on all stocks. i think the broad markets are a little expensive. i think within this you can make money. we're overweight energy right now. we love names like occidental and marathon. not purely because of the price of oil but because you're starting to see free cash flow fall to the bottom lines of the big energy companies, they pulled in their horns on development. that money used to be considered capital expenditure and explore and drill comes straight to the bottom line. you continue to buy tech. you don't necessarily want to buy the big fang names. we want names like ibm for example and intel. ibm trades 19 types earnings. it is not as cheap as intel at nine times. ibm generates $20 billion a year

in free cash flow. they're entering into the cloud business. i think there are opportunities. you have to figure out how to pay less for stocks and get more cash in return. [closing bell rings] liz: sean pacer, of, sean pacer, my friend, sean o'hara pacer etf. folks guess what, we're right there? not a sure thing. the dow closes in correction. ♪♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. of course this week we've been covering russia-ukraine story which has dominated the headline news but there are a lot of other problems going on in america and you know our mantra is save america, kill the bill, save america kill inflation, save america, end the fossil fuel jihad, save america, close the border, save america let parents run their kids schools,