whole lot of money. i'm hoping you're feeling better today than you did a week ago. i know i am. and guess what? the last hour of trading has been amazing, because we've been rallying. can we do it on a friday? liz: yeah. [laughter] charles, have you noticed that the nasdaq hit its bear market low on monday, and it has popped about 9 percent from there is? charles: absolutely amazing. like someone rang a bell. liz: the earth is moving beneath our feet. thank you so much, my friend. yes, the bulls' stampede if rolling on as markets rally to close out the best week on wall street in more than a year. the dow looking at five straight wins as oil climbs back above $104 per barrel. big move for the whole week here. but we have glimmers of hope for peace in ukraine adding to positive sentiment. the russian leader of tip lomatic talks with ukraine saying the two sides have narrowed their differences in

this fourth week of fighting. as chinese president xi jinping tells president joe biden his nation if also wants peace. former utah ambassador to nato kurt vowker -- u.n. ambassador to nato kurt volker is here here to tell us what ukraine and the west willing to accept. and it's flashback friday as an early pile-sharing innovator back in the 2000s finds new life in the metaverse. the limewire ceo, do you remember that name? here in a box business exclusive to -- fox business exclusive on how they're planning to conquer all things nft, especially in the music world. fox market alert, animal kingdom ruling wall street. the bulls is won the tug-of-war this week at least. the dow, s&p and nasdaq on pace for their best week since november of 2020. the blue chip index erased a 200-point loss that we saw earlier in the session. right now we're up 78 points.

we've got the tech-heavy nasdaq leading the charge higher up 231 points or 1.5%. and if you look at the federal reserve which, of course, switched on the flashlight for investors who have been waiting so long to seek clarity for rate hikes this year, now we have it. from bulls to a hawk, formerly known as a dove, minneapolis the fedpresident neel kashkari joining the chorus of the fed getting more aggressive in feeting inflation. remember, he was one of the most toish members on -- dovish members but now says he wants to raise from 1.75-2% this year which, of course, would entail at least one 50 basis point move. james bullard, remember, he was the only dissenter during wednesday's federal reserve meeting who favored a half point raise. he came out and said the fed's overnight lending rate should rise to more than 3% this year. and then fed governor chris

waller said he will favor front-loading tighter policy with a series of half percentage point increases in the next few months. he has said that well before this meeting. he felt 50 basis points instead of the quarter that we got were really in play here. and rich in order fed -- richmond's fed if president is open to raising a half point. markets are still holding on to gains here. that must mean traders and investor s believe that 50 basis point moves will not derail the growing economy. so with all this momentum building, is a 50 basis point hike a foregone conclusion, and if so, what are investors doing to ring fence their portfolio against a higher fed funds raid? let's get right to the floor show. scott shellady, is a 50 basis point hike, at least one of them this year, a foregone conclusion? >> no, i don't think so.

we might get one, but the equity markets are now happy with 25 basis points for a 1.75 rate at the edge of the year. that'll cajole the market into thinking, well, maybe we'll get a 50 basis point rise at some point in time. but you have to remember there's a couple things at play here. we had 50 basis points on the table earlier, then the ukraine/russia situation broke out, and the fed got punched in the face. now we also have midterms to worry about, right? any more rumblings with russia-ukraine, that could derail that 50 basis point, and that's why i think the market is happy and accepting of regardless what happens 25 for the next six meetings to get us to 1.75 by the edge of the year. yes -- by the end of the year. my thinking is that we're going to be surprised, the fed's going to let inflation run a little hotter, a little longer than we all thought. liz: yeah.

without derailing the economy is pushing it into recession. john, does this mean with this, as we said, greek chorus of fedheads saying i'd be fine with a 50 basis point hike, is it time to skedaddle and get out of all the etfs that the people piled into, the inflation-protected etf ifs, whether that be float or tip or, you know, you name it. we can put some of these up there, and they are not doing well, and they haven't really done well over the past couple of months because the low hanging fruit if has already been picked. >> happy friday, liz. here we are. we know that there's some big facts on the table. and i always tell my investors never invest with the words hope, think or feel. if you hope, think and feel, you're not going on the facts. facts that we know for sure, fact number one, the fed is raising rates. now, how much and for how long -- liz: okay, but, john, can i interrupt you? because my question was now that

we do know, we certainly are wondering to we oat out of -- get out of all of those trades that people went into, the inflation-protected etfs and stocks? if. >> so the jnk and hyg were actually bought by the fed -- liz: during the worst of the time, right? >> they are now sellers, it's a fact. and i don't fight the fed, that is for sure. and the second part, tips are a safe haven. they're not, they are kind of a little bit of a hedge there against your inflation. so if you have to be in bonds, that would be your safe haven spot to be. liz: and, scott, how much of this rally that we're seeing has been fueled by, i would suppose, people getting out of short positions? it is a quadruple witching fridayment it's quad, right? if i've seen elsewhere that it's triple. >> yes, it is triple, but, you know, also we've got a serious lack of volume i saw dry up around 11 central, say 12

eastern went people went to go start watching the basketball games. you have to factor in other societal events. we started to hughes a lot of volume and -- lose a lot of volume and liquidity when we got closer to our close here in the middle of america many. look, we've had a 5% -- up until today a 5% decline on the dow, 7.5% on the s&p and a 13% decline on the nasdaq. i'm telling you right now we've had six recessions since 1980, and five of those we finished the year up on the year. so i'm not afraid of recession. we might have a couple of months of some negative growth, but i think it's it's not going to be enough for people to really sell everything and put it in their mattress. liz: yeah. well, john, we're looking at big tech, and it is doing quite nicely which leads people to wonder, is this the perfect environment for tech and growth? if we believe that, yes, the fed is going to attack inflation and, yes, we will not be pushed into recession because it will be a soft landing?

>> i could bore the audience to death with adjusted forward if cash flow and how that -- [laughter] crushes tech and rising rate environments. i won't go there. but i can tell you another fact. all of unprofitable tech, i don't care if the name is ark k or ipo, whatever those unprofitable tech names are, they have gotten crushed. if you hope, think or feel this is this is the bottom, here's a very good chance you could also be wrong. so don't trade it like it's the bottom, trade it like it's a bottom. this way if it's not the end of the selloff, at least you still have plenty of powder dry. liz: okay. all right. well, yes, i would agree with you. it might not be the low because, of course, we still have a horrific war going on and quite a few other issues. certainly, one that we're about to talk about. john, scott, thank you so much. china. breaking news, white house press secretary jen psaki is expected any moment now to brief members of the press on president biden's highly anticipated video

conference with china's xi jinping. of course, this already happened. we're waiting to hear what came of it. this is the first time the two leaders have spoken since the start of russia's invasion many ukraine. the call lasted just under two hours. it comes at a very key moment as u.s. officials warn that china has shown willingness to aid russia in its faulterring invasion of ukraine. let's get to edward lawrence who joins us live from the if white house with the very latest that we know before jen psaki comes out to give us details on the discussion. >> reporter: exactly. we just got the realizeout from the u.s. about this -- realizeout about this call. we also are told that the president detailed exactly what the consequences could be should china go forward and help russia in this bat. now, the readout shows the hour and 50 minutes was mainly directed and focused on talking about the situation and the invasion of ukraine. if the unprovoked invasion of ukraine is the way that it read

it. also in the call it said, quote, i want to read this to you. he described the implications and consequences if china provides material support to russia as it conducts brutal attacks against ukrainian cities and civilians. now, the goal here is to nudge the chinese to pick a side on this. china not calling this an invasion, calling it a crisis, and they did that again today here. now, the first time that we saw the president, president biden today, he was at a cancer research event. in that event he did not mention the call. you can see in the video he did not mention the call at all with the chinesement he also looked down at his notes and did not answer any of the shouted questions that reporterred had -- reporters had about this call. so all we have we haved at this point is the readout. we do expect jen psaki to field a lot of questions once she starts talking about this call. now, the the chinese have public very publicly said they will not stop their economic activity between china ask russia. according to the chinese readout

on this, president xi told president biden that china did not want this crisis, in fact, also said the conflict and confrontation are not in anyone's interests related to this. now, coming out of the call, the chinese foreign ministry -- or before the call, the spokesperson tweeted this: the claim that china is on the wrong side of history is overbearing. the u.s. is the one that is on the wrong side of history. now, china also sailed an aircraft carrier through the taiwan straits before the call happened in a show of force there, it seems. the u.s. destroyer did shadow that. after the call the same spokesperson called it a constructive call, in depth and can did. finish liz, this was the fourth call that the two world leaders had, this one was the second done over video conference. back to you. liz: thank you very much. and we have seen possibly the most i rattic and wild trading in chinese stocks for an entire week than ever. and right now today they are on the move to the upside as we've

been showing you. ukraine wants to make sure the world knows the few facts of russia's attack on it. ukraine is looking to capture the history of the war with russia in digital form as it gets set to open a war museum in the cryptoverse via nonfungible tokens so the truth can be always and forever in play. and ukraine isn't the only one joining the nft market as it explodes. mow one iconic file-sharing company once left for dead is being resurrected as a platform for all things nft. the co-ceo of limewire, remember that name? joins us next in a fox business exclusive. what they plan to do in this burgeoning world. closing bell ringing in 48 minutes. dow jones can industrials now up 122. "the claman countdown" is coming right back. ♪ muck

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♪ ♪ liz: well, after a 25% drop this week alone, look at gamestop shares, coming back to life in this final hour of trade, popping about 9 percent %. --

9%. is it the apes or the nfts? even after a surprising losses during the holiday quarter, to be retail video game company is creating quite a comeback. the possible can catalyst, game is plowing ahead with it growth plan by way of the clock cain -- blockchain. gamestop will launch. it new nonfungible token marketplace by the end of the second quarter. first playboy and now time magazine is joining the nft world. next wednesday it'll release its first-ever full magazine issue as an nft. investment interest in nonfungible tokens now a fascinating growth story. rook at this, data from chain analysis says sales saw a 305% increase year over year growing to more than $26 billion -- [laughter] the next year, 2021. and now two brothers who brand

themselves as serial entrepreneurs are rebranding an old 2000s file-sharing weapon side -- web site. joining me now from vienna, austria, limewire founders and co-ceos paul and julian. gad to see you both. well, heck, this is a reincarnation. quite a comeback for the old school p to p file sharing that was riding the line as far as legalities were concerned. a judge shut it down in 2010. you guys have revived it high school. -- revived it. why? what are you going to do with it? >> first of all, we're big fans. and we think there couldn't be a better name to take an abstract concept that hasn't reached the broad mass. so we took the brand, acquired it last year, and we we're rebranning it and reare launching it -- rebranding it and relaunching it as a music if

marketplace if making it a lot easier and less technical to use. ly. liz: well, yeah, you've got some pretty important people on your board. you've got wu-tang clan, people from h.e.r., she is obviously a huge star. again, it hasn't gone live yet it's a wait list, am i correct? >> exactly. no, it was very important for the music industry right now, right? progressive product, very important to get the music i have onboard with our new project, and that eat why we've put together a -- that's why we put together a great advisory board. getting the product to market. liz: well, one of the things that you're doing now, and in this has been maybe what's holding back the broader world from nfts and purchasing them, it's a little byzantine when you want to buy them. it's a little complicated. sometimes you can only purchase them in ether, there's some

technical barriers that regular folks and idiots like me -- [laughter] hey a, i want that, but i can't figure it out. what are you doing differently? >> sure. we're doing a few things, actually. besides building a really usablg to make that a lot easier. we're actually taking u.s. collars as the main currency of pricing and transactions, so everything is transact ad in u.s. dollar. people can use any currency, all the cryptocurrencies. thus, we're stripping away the requirement to have a crypto wallet. liz: ah, okay. >> sorry, go ahead. liz: no, all i was going to say is, okay, so let's say we're all ready to do it, and once you launch, what can i buy? is this an nft of a song? or is this, i have nostalgia for the elton john captain fantastic

album cover. is it that? give us a sense of what we could buy as far as musical digital assets. >> it's both actually. a lot of markets are doing exclusion arive market music on the platform, so unreleased songs actually available as an nft on limewire, a collection of a thousand pieces of a new album, a thousand people will be able to buy it. some are doing an art project with us which has exclusive background info and interviews, backstage concerts. it will be very exciting. liz: paul, before we go, what is the price of these things? do you have a ballpark number? >> it goes both ends. one of our really big goal ises is to -- goals is to make nfts more accessible from a pricing prospect, also doing collections

that could be 10,000 where the price point might be below $100, even the low 50s. liz: all right. we'll see you many a couple of months when it goes live, thank you, gentlemen. >> thank you very much. liz: a new covid wave sweeping across europe and asia, but it's got the drugmakers and stay, play and work at home stocks making big moves. with the closing bell ringing in 38 minutes and the dow up 161 now, we'll hoe you after this -- we'll show you after this quick break. ♪ ♪

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and ask your doctor if keytruda can be part of your story. liz: fox business alert, stocks hitting session highs right minute. the dow is now up 200. i want to remind you it was just, what, 26 minutes ago the dow's session high was 112 points. now as we see nearly 200 points to the upside. you can flip over to see the intradays for the s&p and that damage, same thing, session

highs for the all the major indices is. all right, we've got this: delta airlines might finally, finally be ready to hop aboard boeing 737 max gent. boeing getting a lift on a reuters report that a delta is in talks to place a jet order for a hundred of the 737 max aircraft. so you can see boeing now up nearly 1%. delta has been the only major u.s. carrier up until now at least without a 737 max order. tell that's up nearly 2%, the max, you may remember, of course, was grounded globally between march 2019 and november of 20 following two deadly crashes. there's peculation in the new order, if it comes to pass, would be a positive signal to investors. fedex beating revenue forecast, but the stock is actually in the red down nearly 5% after the delivery giant missed quarterly profit expectations blamed on worker shortages due to the covid-19 omicron variant outbreak.

the source of fedex's woes are moderna's fortune. yes, the biotech stock is on the move to the upside, popping at the moment 5% on news it's seeking fda approval for a sec booster shot of its covid-19 vaccine for adults aged 18 and older. the submission came just a day after pfizer and its partner, biontech, asked the fka to approve a second -- fda to approve a second booster for the group 65 and older that are most vulnerable to the variant that is starting to spread across the u.s. we're talking about the ba-2 variant, you guys, have you heard about that? it has reeked havoc in hong kong kong. the new variant giving a major lift to stay and work at home stocks. okta up 7.8%. docusign up merely 10% right now, and peloton adding another 6.5% right now. take a look at the runway,

running away with gains after jeffreys began coverage with a buy rating saying its extensive offerings will drive top-line growth. the stock is jumping 24.25 the %. jeff jeffreys are pretty -- is pretty positive overall on the fashion resale industry as the consumer surveys show a long runway, so to speak. only 20% of women have yet to try the genre. the firm have tried it so far. 80% who have yet to try it, right? the firm also initiated cover coverage of thereal real. if up 8. 6%. ♪ will. liz: vladimir if putin laying out his demands again to put an end to the war in ukraine. we are about to crawl inside the mind of the russian president who made an appearance, imagine that. after all this time he finally crawl out of his hiding place. we have former u.n. ambassador

to nato kurt volker next. what does putin really want, and even if he gets it, will he stop his bloody effort against ukraine? look at the nasdaq, up 255 0eu7b89s and climb concern points and climbing. we are coming right back. stay with us. ♪ ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love.

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vladimir putin has come out of hiding. in a rare appearance, the russian leader joined a celebration at the 8th anniversary of russia seizing ukraine's southern region of crimea. the large flag-waving rally -- here's video of it -- took place at a stadium full of russian supporters as they cheered putin on. meanwhile, putin has again outlined his conditions to end this war. what's different is this time he did so with the leader of a nato member country. turkish president erdogan listened as putin reportedly listed conditions ranging from recognition of cry crimea as part of russia to ukraine having no possibility of entering nato. but should anyone trust what putin would adhere to or say about any deal? let's bring in former u.s. ambassador to nato kurt volcker. ambassador, thank you for being here. you know, on the one hand putin has marked this anniversary of seize ising crimea before.

we checked. on the other, host hidden out in his chalet until now while ukraine's president zelenskyy has stayed with his people. was putin shamed into showing his face? >> i don't know if it was shame, although i think there is an element of that where people see zelenskyy every day, and putin looks sheltered. but he definitely wants to recapture the narrative. the narrative globally is that putin and russia is an unjustified aggressor. they're killing civilians, committing war kyles. so he wanted to do something for the russian people to show he's a great leader, he's defending russians, and there's broad support for him. so that's a carefully screened crowd, carefully orchestrated appearance in order to create a positive image because all the the others are so bad. liz: well, this development where putin has spokenner ed wan of turkey is fascinating because, of course, turkey is a nato member country, but you are

key has also supplied ukraine with cheap but very effective drones that have been used to do sneak attacks on russian are tanks and russian equipment that is coarsing across ukraine. how would that conversation go? >> well, it's interesting, erdogan with, while you are quite correct, has supported ukraine, it's provided drones. it does not accept russia's claim to crimea. but he has said publicly he wants to have good relations with both russia and ukraine. and so that signal from erdogan, i think, is a signal that putin want to pick up on. as far as the conversation goes, it's very interesting as well. that's what we were talking about on the break. putin's forces in ukraine are not doing well. they have bogged down after three weeks. they are low on supplies. they are having a hard time with logistics. they're getting attacks. they've lost a lot of personnel, a lot of equipment. they've resorted to attacks on civilians and bombing cities, as i said. so for putin to now be setting

out terms for talking, whether or not those terms are reasonable, the fact that he's doing it is interesting. he's recognizing things are not going well what he actually said, of course, is unacceptable, but this is an opening. liz: except that he is a trapped rat right now, and we know that he will not accept defeat in his mind. and if what then will be wrought upon ukraine? it makes us bonder -- wonder, because just yesterday we had a doctor who ran, before he defected to the united states sa biological weapons program where they developed anthrax weapons, they were working on i ebola weapons. and we asked him, is it beyond putin to stage some type of fake attack as sort of a false narrative of to justify, then attacking -- he would attack the, not even fake, but with

real chemical weapons, his own people to justify attacking ukraine? here's what the doctor said, and he said, basically, putin's done it before, he'd do it again. >> let me explain. one of the possible scenarios is to use biological weapons in russia itself, hitting house or hundreds of people die. in this case it is a justification to attack a ukraine. before his presidential election, he -- some explosions in several cities of russia, killing many people and claiming it was done by chechnyan terrorists. liz: i mean, you remember that, don't you, ambassador? >> absolutely, yes. that was a big part of the clamor for law and order that brought him to power in the first instance that he staged these attacks on russian cities. liz: so what happens next in and even if some of these deals,

these requests by putin are met, do you, does the diplomatic world trust vlad myrrh putin at all?? -- vladimir putin at all? >> not at all. they have lied every step of the way. they make things up, they escalate, they are aggressive. and as a we just heard, they also are have resorted in the past to dishonest attacks and even use of chemical weapons. they have threatened to use biological or nuclear weapons as well. we have to watch of this very carefully. what i think is going to happen is the koreanens are going to keep holding off the russians, and our military supplies to them are very important. and they will protect their countriment concern country. the sanctions on russia are going to continue to bite, so putin's going to be stuck not advancing militarily, not able to win and his economy collapsing underneath him.

that's when they need to find some kind of solution. right now, as you said, putin is determined to keep fighting. he wants a military victory at any cost, and that's a very dangerous time and we have to be very careful. liz: agreed. ambassador, thank you very much for joining us. >> thank you. liz: senator elizabeth warren taking another shot at crypto, announcing a bill that would target blockchain companies doing business with sanctioned russian companies. but industry experts tell our charlie gasparino bill could actually do more harm than good. this we want to hear. charlie breaks it next. and while the world was on lobdown in -- lockdown in march of 2020 and so many or us were twiddling our thumbs, this woman turned her side hustle and expertise she already had into a seven-figure business from her childhood bedroom using her i iphone. her name's kat norton, hear how she capitalized on her excel expertise, making it a full-time

job. she explains how she did it in my episode of everyone talks to liz, my podcast. download on apple, google, spotify, wherever you listen. we had 400% growth in listeners last month if alone. thank you so much. keep listening, folks. closing bell ringing in 19 minutes. we're coming right back. ♪ ♪ ♪ ♪ no two dreams are the same. but there is one van equipped to handle them all. for over 120 years, mercedes-benz vans have been built, upfitted and ready to go. because we believe dreams - should never stay that way.

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♪ liz: okay. this is really breaking news. the red fox liz army on tiktok has officially hit 230,000 followers. i marked it today. wearing a ball gown at seven in the morning. >> [inaudible] >> that's a ball gown. there's a second person finish yeah. i had a follower who asked me to take me to the prom after seeing me in that dress. okay, i am very flattered, but

it's not a prom dress. >> it wasn't young pasta, was it? >> no, it wasn't. i want to thank everybody so much. if you haven't checked out my tiktok channel, i'm the only business tv anchor breaking these market news helines every morning. be sure to follow me x. to hi followers, thank you so much for your support. i will continue to bring you all the overnight headlines and try and help you preserve, grow -- >> 200,000. how many? if. liz: 230,000. >> you're like a millennial now. >> they call me mom. [laughter] liz: and i want to thank my producer, grace cannon, she kills it every day. >> i just think it's hysterical you're on tiktok. [laughter] do you dance on tiktok? liz: no. i do financial -- it's called fin talk, financial finish. >> so do you go, you know, give

me -- liz: you're scaring me. >> give me a u, give me a y with, buy, buy, buy. [laughter] liz: make it stop. [laughter] crypto prices are surging today with bitcoin now solidly back above the 40,000 level in response to the federal reserve's rate hike. i don't know, you can headache the connection in some way or another, but the move comes as senator liz warren announces a bill that would actually crack down on the use of bitcoin and other cryptos to avoid sanction companies and individuals who operate out of russia. but experts have been telling charlie they'll trip up the crypto industry. >> you know, liz, this is going to be interesting -- let's see if this thing passes because in some ways, finish. you would think this bill would get -- it should. you would think this bill would get bipart season southern -- bipartisan support because it's about russia and sanction aing russia and trying to close off clip eau as an escape valve for

russian companies and oligarchs to evade the sanctions, okay? that's, you know, it should pass. but i will tell you this, again, it's elizabeth warren leading the changer. that's, you know, hard to get bipartisan support there. on top of that, the crypto industry is going to bounce back at this. they're going to push back. i don't know how had. i just hear they are. and here's what they're doing going to say, number one, again, it's going to stifle innovation. these types of regulations for an open source network that was supposed to defy if government edict, supposed to be outside government, it is just not good for innovation. they'ral going to say the benefits are going to be marginal. and brad quarrelinghouse, the ripple ceo, said that on your show a couple weeks ago. crypto really doesn't have the breadth and bandwidth just yet to really be an effective way of evading sanctions is one thing. the other thing is it's hard to trace stuff on crypto. there's a near anonymous nature of being on those blockchains --

liz: you know, i think that's not actually true -- >> let me -- liz: it's hard to trace launderedded money, dollars. >> i know. and they do sometimes do crypto. that's going to be the pushback, you know, that it's going to be overkill. i will tell you this, i know for a fact that bank executives were going to the hill, were going to the white house. i'm not saying they're responsible for this, but i know there's been a confluence of things. came out just as bank executives said, listen, if you're really worried about russia, ban crypto. some banks have said that -- liz: but j jpmorgan has a deal with ether. >> maybe it wasn't jamie die morning okay? did you ever think of that? liz: ooh, somebody going behind his back? >> listen, there were others that did this. and then this bill came out. it's very interesting that the bill came out simultaneous to that effort about on wall street to say, listen, if you want to close off the escape valve,

you've got to go after crypto. that's what we've got right now. very interesting development. i think this is something to watch. if the crypto industry agrees to this, it's going to be very interesting because it would sort of counter their image of we're outside of government. but there's got to be so much pressure on all these firms to, not to, like, deal with russia in any if way. liz: well, sure. and it hasn't been an edict, but you see everybody from signet to blackrock to coke coca-cola -- coca-cola, mcdaniels -- >> -- mcdonalds. >> larry fink said corporate america hasn't come together like this. liz: and he took a hit, about 19 million. >> his investors. blackrock informses, it doesn't take -- invests, it doesn't take investments. liz: charlie, thank you. wait, look at this. we are just getting this picture, breaking news, the white house has released this photograph of president joe biden during his two hour

meeting with chinese president xi jinping. president told xi there would be, quote, consequences if beijing backs russian military operations in ukraine. of course, xi has said we want peace. mine, let's -- i mean, let's hope. but white house press secretary jen zack city just said moan moments ago that the discussion with xi was not about carrots or incentives, but it's still concerned that china could provide some i'm of military assistance to russia. the president is scheduled to travel to europe, america's president, next week. and psaki says he will discuss china's moves to align with russia with other world leaders. closing bell, we've got it 8 minutes away. the dow still holding on to nearly all of its session high gains. we're up 190 points right now. we are coming right back with the question, nike comes out with its earnings next week, what are they going to look like and should you get it before they come out? stay tuned. ♪ ♪

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*. liz: we are starting to see some real action in the last two minutes. the nasdaq is powering higher by 2474. i believe that is slightly below the session high of 283. the dow is set to snap a 5-week losing streak. as we begin to see things heat up more than they have all session. my case set to report earnings man dane 10 brokerages cut price targets this week. and the decision to temporarily shut the 100 nike stores due to its invasion of ukraine.

part of the cuts came arrival a -- idas raised a red flag warning they would take a hit because they have 500 stores that are closed. wall street is not feeling lot of for nike at the moment but you do. why? >> we are value investors. and we think it's 20% below fair value. they are on an earnings surge. earnings are expected to grow 25% year over year this year and 17% a year from now. they are in great shape growing and well managed. liz: i'm look at the price to earnings ratio. it's a 25. the stock down 7% year over

year. when you take a longer look at it, don't you look that nike and say maybe it's their new plan to go online and be like rolex where they don't let others sell their stuff anymore. is that hurting them? >> coming up with what people need and want to buy? there is always something new, and nike is on the cutting edge of delivering it to people. liz: you mike mastercard and terex. tell us what about this company you say should be in poem's portfolios. >> across the board there is an earnings surge and this company is part of it. we see earnings growing 28% this year and 28% next year and a

longterm growth rate in tour see quaition. they are a rapidly growing healthy company right in the thick of the infrastructure move. liz: what do -- what do you believe is the current validity was for this market? we are seeing this rally and yet there are events happening as we speak, whether it's the war or the situation in china that do leave some clouds on the horizon. >> we compute intrinsic value. and we found the broad market to be priced 10% below our estimate fair value and with the move up this week it's still 8% below our estimate of the fair value. we think that prices in a lot of the concerns that are out there.

liz: craig, great to see you. the dow jones industrials is climbing. hitting brand-new highs. up 265 at the moment. 272. the s & p up 53. all three closed higher for the week. thanks for joining us. "kudlow" is next. larry: welcome to "kudlow." i'm larry kudlow. despite the efforts of putin to destroy the city of lviv and continuing his crimes against humanity for which he must be prosecuted at some point. the other news is the 2-hour phone call between president biden and president xi. the questions