higher, be careful wanted the most famous lines for warren buffett the stock market is a device for transferring money from the inpatient too the patient. right now we will hang on to see what happens is that handed over to liz claman. there is a mini affect we came off the lows this last hour it's going to be dynamite speak what is going to tell an important truth. will we enter the bottom, working to watch this carefully, no way around it were looking at big tech getting bombed this hour. the first quarter could hit the tech titans and all the momentum's, we have the nasdaq with the worst month since the financial crisis october 2008, at the moment down 2.5% that is off the lows of 3% losses, this is after earnings "after the bell" from microsoft and also but you have a surge in covid

cases in china possible locked onto beijing fueling growth concerns that it did not help that the russians are rattling the nuclear war once again. you have elon musk, twitter takeover, that's not helping the situation, the richest man may not be the richest prior. can they handle the demand of running another high profile company, tech guru ever core is here to tell us the free speech is ready for all the privacy problems in government regulations here and abroad. the market is going to gain alphabet microsoft ahead of the reports "after the bell" you cannot miss that. also talking about warren buffett he used to be the world's richest man he is now poor baby number six at age 91 he is throwing his doors open to berkshire hathaway in the shareholder meeting this weekend after a two-year hiatus, we will spend the weekend with warren

and omaha nebraska as woodstock precapitalist return nebraska governor pete ricketts on what the annual event means for the cornhuskers as president trump plans his own competing event just down the road, working to tell you about that the all electric f150 assembly line, the very first one will get instant reaction on the electrifying occasion, breaking news the fear is here, take a look at the vicks the volatility index blasting to the 30 ceiling. it is up 14.5% with the risks and worries in the strike of the heart of the bull market for now. let's pick it apart and look at the nasdaq at the low the tech heavy index 426 points, wiped off the board at the moment down 343 points, s&p down 78, was down 2% now down 1.8% maybe a little bit of nibbling coming on

we have buyers tipping their toes in the water. dow jones industrial down 53057 points, to the story about tech, apple, amazon, alphabet, microsoft, meta getting punished spooked by everything from aggressive federal reserve to china and global growth worries, all five of these report earnings this week with microsoft and alphabet dealing with the first-quarter reports in less than an hour we have apple down $4 or 2.5%, amazon earlier drop below $2800 a share, remember shareholders of record in july are going to get the benefit from the 241 stock split. were looking at the moment, were off the lows there but think about it, yesterday celebration of elon musk twitter takeover in the rearview mirror as questions over how he's going to handle sole ownership of what he calls free-speech public square in the

news this afternoon and the last two hours that one rating agency will scrutinize the deal and could downgrade the stock. he's taking a private but keep in mind it is still public the shares are down 2.9% at $18.15. user privacy monitoring band content, that you even tried beating warning elon musk that new twitter will have to abide by its strict rules, elon musk tweeted moments ago saying the extreme antibody reaction from those who fears free-speech so that all. and then tesla shares the shares of elon musk cv giant down 10.3% right now as investors fret whether the ceo might be distracted by the new role of sole owner of the social media giant. in the twitter deal using 62 and a half million tesla shares as

collateral. with the broader market, we showed you the vicks and the entire energy complexes spiking let's bring in the floor show one of the top tech analyst of equity research in trader dutch masters is joining us. i need the macro picture first on the nasdaq in the selloff of tech, what is going on here? >> is a continuation of what we seen over the past couple of months, there is a lot of questions around the environment from china rising cases in loughton to inflation in the health of the consumer, i think we get a get a good read into that this week with a lot of the digital advertisers and social media giant reporting as well as big tech a lot of concern speak what would you start to see for example microsoft down 2% seems to be the play here for a lot of the tech names down to.5%,

google and alphabet down 2% we have apple lower by 2.7% right now, is this a little disconcerting or do you look at this and say this is part of what is natural especially concerning we have a lot of people calling for recession and the question whether the economy and the markets going to expand at the same time that we have severed inflation? >> that is the big debate right now, i think that the fears that inflation is going to overweight everything else and rates are going to keep going up because of where inflation is, you can keep tying on the risks of beijing shutting down the supply chain risks that's only get about more pressure on inflation and more on ukraine and more on inflation. the question is what does it take for the fed to finally

painted. there's a lot of concern, the labor market is still strong and people are getting a lot of jobs and better salaries, that's a good thing for an academy but at the same time putting pressure on inflation, there is a lot going on right now. liz: when you look at some of the laggard leaders the worst of a really rough day nike and boeing nike is interesting down 5% this is the dow laggard, this is a consumer fear question, is it not and where are you seeing opportunity at this moment. >> if you recall trading days ago i mentioned we were short to cues and you had said to me, by the way it's good to see you and it's great that you have traders on. we have to make money and every environment up or down. we were short the cues and you asked me whether we thought the

value was going to outperform and i said we don't look at the world that way and what were seeing out there one by one the industry that we were making money in the sectors and money and fertilizer in marine shipping and coal and things like that were being shut down and not performing any more, we kinda got to a point where we were left with nothing but looking for shorts, we went short the spx you, we went short the s&p 500 a few days ago and we went last night on the 21st we came out with what we called the market crash alert, we never use that word and we never said there's going to be crash we always think that's a joke but what were seen since the 21st is actually a crash in slow motion. >> you said we went short spx you, you mean you bought the spx you that is ultrashort s&p it is

up six and a third% and you look like you're in the money if you shorted s&p like that. >> i'm sorry you are absolutely right, the spx you as an inverse too the s&p 500, we bought that and we bought it hard and we bought it on margin and we kept buying even though it was going down yesterday we kept buying and kept buying and i went to bed last night and i said tomorrow i'm going to be a hero or a trump. liz: speaking of yesterday versus today as in tomorrow twitter was up about 5.7% at this hour yesterday and closed up that much, and lost a good chunk of that. this is the company that's going to go private eventually but are we thinking too much? is down 3% to $50.5 then the

tesla question not to mention all the other that swirls around it what is going on when you think about the elon musk deal? >> there's a lot going on the question of what twitter looks like in the future under his control there's a lot of questions of what it looks like it not all think we have all the answers are but elon musk has obviously put a big chunk of his wealth behind us and i think he is real ambitions on how he wants to change it and it's going to have to work financially otherwise the wealthy he put behind it is going to be challenged. in the near-term until we close the deal obviously you see today tesla shareholders concern with what's going on he put up a lot of his tesla shares in spacex as collateral and questions if the share price of tesla drops too much does he have to put out

more. not that i don't expect this deal to close but there's a lot that can happen between now and what it does and what does there is more there's a lot to unpack and see what happens. liz: there's a lot happening today, summits breaking news fox business alert ge not bringing good stock returns to life at this hour ge stock is getting close to what in a half year low down tended to have% to $80.52 too the agglomerate the business would be pressure by supply chain disruptions causing full-year results to come in at the low end of the forecast. ge blames the china lockdown, this also took a $200 million charge after suspending the rush operations, then you have to look at warner bros. discovery. i believe this is 52 week low the newly formed media conglomerate said it added 2 million page streaming subscribers in the first

quarter, quarterly revenue rose 15%, the results do not include figures of warner media because the merger just went through but the chief financial officer said 2022 will undoubtedly be a messy year with profit coming in lower-than-expected so the stock is selling off down 7% below $20 a share for warner bros. discovery the news comes as netflix lost subscribers for the first time in more than a decade the stock getting crushed down 66% this year trading levels last seen since early 2018, we are down another three and three quarters% to $201.87. on a cloudy day according coveting clear, the specialty glassmaker beat sales forecast led by 28% growth in the company's communication segment which benefited from a ramp up in 5g and broadband network spending, he lifted the full-year forecast as a reason

prices it was higher than this but it's up about 3.8% right now. a bullish signal for crypto which happened to be plummeted at the moment fidelity investment plans to allow investors to put bitcoin accounts in their 401k, fidelity is one of the largest retirement savings plan providers, they work with 23000 corporations and employees will not be able to start adding crypto currencies to their 401k right away. later this year companies that use fidelity to administer their retirement plans will have the option to put put into bitcoin on the menu, noted this is helping bitcoin at the moment, we bitcoin down 4% at the moment, let me check the price. we have it at 38500 and change, we are three days away from what some call the woodstock precapitalist the shareholder meeting stabled investor warren buffett conglomerate is back after two years of quiet during

the pandemic. nebraska governor pete rickett joins us next with the return to buffett fast too the city of omaha into husker state. how is his state bring it in so much revenue during the inflationary cycle. the closing bell 47 minutes away. we are back down 633 points, the lower the session for the dow 657. if the nasdaq closes down more than 423 points, what does that mean? it means it'll be the lowest close since december of 2020. the nasdaq down for 12. don't we we're coming right back. ♪ for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns.

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liz: i want you to look at the dow jones industrial. an intraday picture we are at session low stand 714-point, the dow was down just under 2% for the session we are now down one point to percent a pretty broad market selloff nike is a lost leader on the dow jones industrial, now we can show brookshire hathaway the world

most expensive stock if you look at the headline price, it's below $500,000 a share 499,451 it's not expensive because it was never split in the 57 years that were in buffett has been helping this company. one thing about warren buffett when has he ever been note to a stake lunch. after 21 years the famed annual luncheon auction coming too an end that is me talking to him the last time that he was in town to do this, this june will be the last chance that you have to bid on lunch it opens on ebay june 12 starting 25000 for you and up to seven guest. you get to invite people, before you go cashing out thinking 25 grand, i handle that for the last stop before covid hit started at 25 grand and one for $4.57 million, it could go even

higher. no reason given as to why he is indeed the tradition but how about this he is 91 all proceeds go to glide but his former wife susan charity passed away in 2004, all those ribeye lunches since the brookshire ceo began doing them he raised more than $34 million for the san francisco nonprofit which provides meals, shelter, job training for the homeless which leads us to wonder could this be the last year for buffett's annual shareholder weekend where year after year tens of thousands will line up pre-don in omaha nebraska to get inside and shop at brookshire stores and hang on his every word of the saturday shareholder meeting the annual event bringing in millions of dollars too the state of nebraska. that brings us to the governor of nebraska jointed aside from

the capital lincoln nebraska governor pete rickett. i was really thinking about the shareholder meeting and you could call it woodstock precapitalist but it's almost like the biggest tailgate party, the only tailgate party for publicly traded companies. it is massive and unique how eager are you to see it to come back to omaha next year. >> is certainly is a ton of fun for the people. we are very glad to have a back in person this year, as you know we have about 40000 people coming to see us revolve around the world. it's a great opportunity not only to see the brookshire companies but show off omaha in the great state of nebraska and all the things that we have to offer. >> they not only, go too the shareholder meeting a buy from buffett business but at least two of them nebraska furniture mart and the jewelry store in omaha are huge revenue drivers for his company, as you look at

see what else they do they stay at hotels and they spend in their tourist and they come to see nebraska, we talk about the fact that buffett isn't doing his luncheon this year. there is no indication that this is the last in-person jamboree, when it is eventually time to end this what does that mean for the state for the economy of the state. >> will wait and see what happens with brookshire, warren buffett is very important to stick, we will have the investors afterwards that will be interested in the outcome of the invested brookshire hathaway. i wonder if the company may not find other ways to be able to do something similar even when warren declines to give his annual, the topi continues to stay here and we can see many more years with warren being able to entertain people. >> what an incredible job, your fiscal year i was checking this out, i always try and hit

governors when revenue is not coming in and for tax revenue you have been a very fiscally smart governor. governor ricketts you have a competing event this friday competing with the worn buffett events, former president donald trump is coming to hold a rally in support the coveted real candidate gop charles herbst her, he is a bit of a controversial person he is accused of sexual misconduct by eight women included a state senator and all of the women consider themselves conservatives, he is a political hit job, et cetera, you are not endorsing him like trump is. tell me how nebraska is absorbing what is going on here. >> we have primaries for open seats, were always pleased that the president in town obviously this case were backing different

candidates for my replacement obviously the citizens of nebraska who choose who they want to be the republican nominee of his primary and alternately in the state of november. two weeks till the primary, there is a lot of politicking left to happen in the next two weeks. >> what are your plans once you leave office. >> the first to get going to do is go on vacation with my wife so i stay married and will see what happens after that, i love being involved in policy and politics. the governor is a job that you have to stay focused on you can't take uriah off the job we have a lot more things we have to keep accomplished in the next, we delivered record historic tax relief and bracket investments in the water infrastructure in our public safety and law enforcement, were very excited about the things that were able to accomplish now we have to get that lined up for the rest of the year. >> governor pete rickett thank you for joining us we have our

bags packed with the annual shareholder meeting, "the claman countdown" is going to be live friday and we will be there saturday is a whose whose company executive don't miss a minute of our coverage live from omaha beginning on friday on fox business, jim farley coming up with the first electric ev 150 coming off the assembly line. ♪ use data-driven insights to design hr solutions to provide flexible pay options and greater workforce visibility today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪

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liz: the energy complex as stocks buckle, keating oil is getting a lot of attention at this hour, earlier up 10% still about 7.9%, but get the gasoline up about 3%, young crude oil up three in a third%. fossil fools get pricier fords timing abutting the lightning out of the bottle looks really

fresh, today ford celebrated the model p moment for the 21st century at the electric vehicle center in dearborn michigan you look at the american automaker launching production for the highly anticipated all electric f150 lightning pickup truck, the starting price 39000, a range of 300 miles, ford ramping up production to rollout 150,000 units by the end of this year, let's take a break to grady trimble who sat down with jim farley moments ago to get the scoop, this is a major day for them. >> it is, jim farley tells me this is the biggest moment of his 40 year career, there is a lot of pressure on ford to get this right. after all this is the top-selling vehicle in the united states for four decades. now it is going electric. demand has been through the roof, 200,000 preorders. in fact they had to stop reservations because they've got

to make them. they pause the assembly line for the day so employees could enjoy the moment, taken the ceremony if they celebrated the first f150 lightning rolling off the line they would issue for wanted and 50000 of these vehicles every year. >> he expects a lasting 2023. this time around that was a couple months ago that i talked to read now he says commodity prices are through the roof. lithium, aluminum, nickel, you name it, the prices of those commodities are skyrocketing. >> is that going to potentially change the trajectory and the target just set.

>> selling ev trucks and the leader in volume we will protect this production if we are short of chips then will go into lightning and transit. >> fords new vehicle sales in the first quarter of the year were down 70% largely because of the chip shortage. he told me he does not expect that to improve that much in the current quarter that he expects to see improvement in production in the second half of the year. we've also been talking about prices of new vehicles, they are outpacing the consumer price index in terms of inflation. he also thinks were reaching the limit not only in terms of how much consumers are willing to pay for vehicles but how much the automakers are able to raise the prices. he says they've got to do more to improve cost, lower cost and consumers. we will end with this even though around the assembly line there is no motor in this vehicle yet you can see the front this is not going to be where the engine goes instead there is a ton of space in the front of this vehicle one of the

benefits as you know of driving an electric vehicle. liz: i read all about it. cord motors. thank you very much. >> amazing, tesla's don't do that, 11.1%, the nasdaq@session los down about 475 points. we know that the glow of twitter shares with half of yesterday's gains gone elon musk twitter take over the talk of the town big tech about to grab the spotlight as two of the biggest things report quarterly numbers and just over 27 minutes, the top tech analyst mark mahaney getting in front of the camera for google and microsoft numbers apple is down 3%, were gonna talk to him about all the big tech names, the closing bell 27 minutes away. look at the dow down 723.8 the

low of the session down 737. the s&p done 107 and the nasdaq getting her 3.6%, when we come back commercial free the market sinks lower, stay with us. ♪ ♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person...

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fpx nickel's discovery of clean, green nickel at its flagship property in central british columbia is paving the way for low-cost, low-carbon nickel production for the booming electric vehicle market. fpx nickel. liz: 24 hours since twitter's board accepted elon musk's bid to buy the company for $44 billion or $54.20 a share. look at twitter $49.90 down, 3.5%. kinda blowing out yesterday's 5.7% gain. that may have less to do with the market selloff and more to do with the rating moody's in the last two hours since its

putting twitters ba.2 rating under review for possible downgrade, the review is based on whether the funded debt portion of the deal will result in material weakening of twitter's credit metrics. no way around it. the broader picture, make a cap getting hammered looking at the worst monthly selloff in years. in less than half an hour quarterly reports from microsoft and alphabet, tomorrow were getting it from meta, facebook spirit and of course thursday, amazon, apple and analysts expect microsoft to report earnings of $2.19 up 12% from last year on 49 billion in revenue and for alphabet wall street analysts anticipate earnings-per-share $25.91 on 68 billion in revenue, could again bust a report from either of these names turn this selloff around tomorrow? let's bring it start tech analyst mark mahaney of abercorn. would you look at the big tech names these are the heavily weighted names and everyone is ready their theaters on fire,

what you make of the selloff right now? >> every two years we had a bear market correction. we had in february march of 2020 and we had it at the end of 2018. you have to get used to bear markets, this is not her first bear market. keep calm in this environment. there are a lot of headwinds in all of the company's fundamentals. currency headwinds, concerns over rising recessionary risks. not just in western europe but in the globe as well and then we have these concerns of escalation out of ukraine and finally covid has not left us and we are once again we have the supply chain constraint. risks all across the board. i'd be shocked if the tech cfo and ceo if they said the future was bright, i assume all of them are going to have cost

commentary for the june quarter and the balance of the year, i expect that i don't expect these earnings for any of the shares. >> let's look at google there cannot be a positive catalyst. what if there is cloud, markedly smaller than that of microsoft cloud business people google alphabet, would you look at expect what do you think is the most boring thing investors need to watch in over 20 minutes. >> advertising revenue business is more likely to be impacted, i don't think this is good to be a material weakness, the commentary is good to be more moderated as well as it should, it is completely untouched by what were seen so far. i suspect them to sustain 40% revenue growth in the cloud business where they can catch up to aws, we should all be skeptical about that they can grow when guide with the market, it's probably good enough or google shares there is a lot of evaluation support for google it's a very high-quality asset i

just don't see a stock like this moving as a major catalyst you need the market to stabilize, one that does google will be one of the stocks to rise up but i don't see that happening in the near-term. >> what your head of their needs on thursday amazon down 4% even at 2800 although the low is 2778, you have an opportunity down the line when it has its 20 stock split, what is your call. >> at the same sort of thing we have near-term weakness i would not be surprised to see amazon get cautious commentary about what they could see in terms of softening consumer demand that the distinct possibility, i love amazon and google if you give me three months ago to be cautious with these names if it's 12 months or longer, this is great opportunity. getting a by google and amazon too the best assets fundamentally evaluation and

consumer internet and what i appreciate is a massive investment that they made the next two years the only country or company on the planet that invest during coping and i think we will see the results from that and accelerated consumer spend that may not show up in the numbers this next quarter or two it'll show up at the numbers the next year you want to be on amazon for that reason. what about meta they report we have a 2.8% it's been a very ugly picture down about 46%, make your case for this would or not. mark zuckerberg went off on what some believe is a tangent with the metaphors. >> all make the pitch on facebook is probably my most contrarian, why would you want to buy facebook and all the

headwinds, the regulatory going too the privacy change in their ad targeting may not be as effective, facebook is going to be able to solve most of those problems is turning 12 - 13 times earnings and i think this company can grow its earnings to 20% you rarely see that quality dislocated high-quality company i could be wrong social media asset in the world and the messaging asset in the world it's got a great business model that generates 25 billion a year or so in cash i think you want to be logging an asset like that unless there's something fundamentally in the business i do believe that is the case, the market is trading like it is. if you have the 12 month outlook, please what are the best moneymaking plays in the states to google and amazon also facebook is more controversial and probably has more upside if you're near-term were intended only worried about the next three months i think the first move is probably south, after that i think there is a big

north move in those three companies in particular. liz: "after the bell" google, microsoft rough-and-tumble day at this hour so good to have your voice on the show box market alert investors jumping ahead at least certainly for the month of april, the s&p 500 and the nasdaq, and particular are getting slammed we have a lease for the month of april the nasdaq down 11.7% but off more than 23% since the recent high definitely a bear market, s&p dance evident half% the dow down 3.7% but for the nasdaq the composite for the worst month of october 2008, joining is now on the phone mark lou sheedy with 385 billion under assets under management. what is your strategy chief market strategist on a day like to enter this. >> joe panik, first of all i think what we are seeing the market is trying to search for a

durable bottom and we may have to probe the levels that we saw back in early march which is closer to 4100 then where we are the moment which is flirting with a 4200 level or so and arranging for a couple of months between the 424600 level i think the market need the catalyst it's dealing with a lot of headwinds very high inflation and some prospect that it may accelerate later this year end the fed turning hawkish, the war in ukraine that is having an impact in the ural academy and having places like the imf and the world bank trim world growth forecast for this year end next, china struggling to stabilize this economy that is a lot to put into the market to have investors enthusiastic about the prospect for earnings that are holding up pretty well a new prospect for this year shows

double-digit gains for year-over-year that should be in support once we can get to a point to see in the selloff. i think were closer too the not. >> the consumer discretionary you like consumer staples, you suggested by the xlt for the consumer staples if we look at some your pictures really quick, do you get the sense for the time being though that the fed is raising rates and inflation is still here to stay away from the discretionary names. >> i think that's a big sector and dominated by amazon and tesla as far as tech on a capitalization -weighted basis were leading into those areas that tend to be more defensive in nature and defensive growth if you will like staples in real estate for the fact that look it over the next couple months with economic to decelerate from last year at a heavy pace while still

positive, nonetheless facing the headwinds that i mentioned earlier, i think it's going to require quite an effort on the policymakers not to trip the economy into a recession, perhaps not this year but more likely next and therefore the avoidance while staying long and the equity market given that macroeconomic backup in the u.s. is still reasonably vibrant is to say go into the sectors where investors will likely park risk-based capital and volatile sectors like technology consumer discretionary. >> in real estate certainly if you can't buy a whole piece of property go into the etf that does it for you. thank you very much for filming phoningin. twitter 3.6% to $49.80. does that bid that he made up $54.20 look really good to investors. let's get to charlie gasparino.

let's go to what elon musk said free speech is on his twitter page, kind of makes sense by free speech i simply mean it matches the law he is a free speech absolutist that's what he wanted to buy twitter i am against censorship that goes beyond the law. if people want less free speech they will ask the government to pass laws going beyond the law is contrary too the world of people. i think what he's saying when i take this thing over we are not going to allow illegal stuff to proliferate, we are going to allow opinion to proliferate and i think that is the balance that a lot of people say is needed at twitter. when i talked to wall street executives, when we first made the bid people think the elon musk is a little crazy and people remember him for his pedal guy tweet and for his

funding secured. those were aberrations. they also know him as a brilliant guy. they also know that twitter is a real problematic business and what i've heard up and down the line today was simply this from the executives, twitter's best chance of a long-term profitable company is not a public company, they have to fix their stuff it has to be private they cannot go before shareholders every quarter and explain why growth is at this and why this field enacted, it is impossible this company has very big problems to fix another private company it is the best way to fix it, they've also come to the conclusion, i think j.p. morgan goldman and i reported this over the weekend. this company was awkward to be profitable anytime soon or significantly anytime soon, the stock was awkward to match what elon was willing to pay anytime soon, the fed is raising rates,

this thing is going down you know what else is going down tesla. >> i thought people thought he would walk away because tesla is good to take a hit. one more thing most of the executives at goldman sachs j.p. morgan put together the ceos you are advising twitter and worried about reputational debt under damage if they told elon musk to pound sand. the bottom line there that could get anything close too the city time soon. go back to tesla, tesla is going to take a hit people thought that would be the reason if he did back away. it's down 11%. tesla is going to take a hit anyway, the stock by any measure not satan is a backup it is a good company but he has amazing things avoiding bankruptcy it is raising rates now. this is going to take a hit.

, he knows his network is gonna be down to 2 billion in a couple months, via toy and uses stock, he still worth something more than will be, maybe it is time to cash out and have some fun. i think that is what he is thinking. liz: this guy runs for different companies he is a genius he is very successful. he is superhuman. he does have fun. liz: about making money with twitter? >> i think yes, the best way to make money with twitter is to experiment with some stuff. i think you cannot really experiment as a public company. you know you've covered this and you talk to analyst those analysts are breathing down your throat every quarter. it's hard to do, if you are twitter -- if you want to raise money if you are twitter in your public in a very deep-seated

problem, it's hard to fix were impossible to fix, you cannot do it that's why michael dell went private he had issues with dell they needed to fix it, the best way to fix it is to not to be before an analyst every three seconds investors, this is a good move and by the way investors get paid in san francisco don't like it you probably want to move this stuff too austin, texas and find techies from the university of texas austin. >> we have the fox market alert i was looking at the vicks you have to see this it is shooting through the roof the soul year, today it is up 18.6% right now pretty much at the height of the session, year to date you can see it is going back up too the march high let's get to the fs investment chief market strategist, are you buying right now? he been a longtime trader you

take chances, things are looking a lot cheaper right now. >> we still think this is an environment where you want to focus on strategy that can benefit from volatility like multi-strategy approaches where they can put on traits that benefit from dispersion or a wide variance of outcomes in the earnings season or short exposures like agency pass-throughs and the fed stops buying agency and can benefit from a normalization there and not get carried away trying to time every bottom, we definitely agree things are cheaper coming into the year but all we really done is compress equity multiples from 21 to under 19 times, were gonna reversion. between the real economy in the labor market and financial assets which outperform the real economy market over a decade which is now reverting.

stick to exposures and things that have a chance to make money in a very sloppy, choppy environment that we are in, don't try to be a hero. liz: the ten year yield 2.75%, is it a two week low? a two week lot for the ten year yield that is a fair trade. gold is up about $5, not a huge jump into a safe haven at third of 8% gain for the yellow metal the real high is the energy sector, we are now at session lows nasdaq down 490-point, as we watch a selloff we have to bring to your attention, the dow is down 720 points the s&p down 110. were getting peter the president and ceo he has 250 billion in assets under management, troy

just said he is betting on volatility, obviously smart we were listening to morgan stanley yesterday he had come out yesterday this is what he we question the s&p 500 is expected to fall sharply into a bear market as they struggle with rising interest rates. the s&p right now is down rather significantly. as we look at all the happening of the last four minutes of trade tell >> i think big and quality. i think if you look at what's happening, we are seeing the mean reversion. it is really simple. rates go up. you have mean reversion. you can't have these crazy growth stocks continue on a tear when the cost of capital is going up but the fed is raising rates because we have incredibly strong economy. inflation they're having a hard time controlling. they can control the demand side. they can't control supply. they can't magically create 3.8 million more houses. can't magically stop

deglobalization happening because of ukraine, and people going to higher cost places to get their supplies. all those things will be passed on to the consumer. when you have all of that, you can expect volatility and you can expect lower profits because of the higher rates. i would stick with things that can definitely weather the storm. that would be large cap and mid-cap. liz: i need to interrupt you, looks like the nasdaq may go down 500 points. we're down 498 at the moment. we want our viewers, especially ones listening on xm channel 113 we're at session lows for all the major indices. peter, you have to tell me if you foresee, because we already have the nasdaq? a bar market, 0% or more off the recent highs. do you predict a full-blown bear market overall or do you see recession? can you make a call here? >> i think we have a full-blown bear market it is hidden, hidden by the dow and s&p 500.

big tech, meme stocks, a lot of cryptocurrencies, chinese stocks, small cap stocks, bear market can, bear market, bear market, bear market. i think we'll see a healthy correction. that happens every year on average. now we have a lot of excuses to have one. so i think when you're going through something like that, sticking with bigger, sticking with quality, it softens the blow. last four bear markets was painful but it softened the blow to be in big, big companies going through that there is too much going on, unemployment too low to call a widespread bear market but there are plenty of bear markets happening behind the scenes. liz: our trader at top of the show said he is shorting s&p. but you're not. >> absolutely not. liz: ivv, you also like the mid-cap index fund, vanguard vo. we can put those up to see how they're faring but yeah, the nasdaq went down 500 points. down 491 at the moment.

we do look at a day like this as sort of nerve-wracking but flip the narrative for us on the s&p? >> we, i mean the way you flip the narrative. why is the fed raising rates? economy is so strong. unemployment is low. demand for labor is high. demand for everything, boats, planes, houses, food, remains very, very high and so are they going to have a perfectly soft landing? probably not. they're not really great nailing that. not like they're raising rates for no reason. remember there is another side of this equation, these big companies are making a ton of money. that hasn't changed. all we've seen is the multiples contract a little bit. we've not seen these companies having to lay off a bunch of people and demand for what they're offering going down. i like sticking with the bellwethers. they will get you through the storm. liz: we're in a storm. peter, thank you for being

ballast in the ship so to speak. 30 seconds before the closing bell, alphabet, google numbers, microsoft numbers. dow looking to close 288 points. nasdaq to new session lows. [closing bell rings] we see fears of a china growth slowdown and problems still in ukraine. that will do it for us. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so one day later i am still irrationally exuberant about elon musk buying twitter. elon has unleashed a political earthquake seven months before the midterm elections. free speech may be back again. it's a complete nightmare for the woke left. remember elon musk the guy who called himself a free speech absolutist. then he said free speech is the bedrock of a functioning democracy. twit