to that, i will also add always be careful and endeavor to make your own investing decisions. this is for anyone putting all your money into mutual funds and things like that i think is a mistake. you can have people help you but you must be part of the process. with that, i hand it over to cheryl casone who is filling in for liz claman. >> know what you own. i always say that. we have a tech turn around happening on wall street as investors gobble upbeaten down stocks and ignore a contracting economy. the dow, s&p 500, the nasdaq having the best day since mid march. take a look at that, dow up. we are just off of session highs on the dow. that could change at any moment. s&p up 113. the nasdaq higher by 415 right now. facebook parent meta wowing investors at this hour after adding new users. that is the name of the game in

social media. twitter also rallying, even as there are reports filtering in on a probe by the ftc of elon musk's original 9% stake in the company. we will get into that in a moment. the tech story doesn't end there. apple and amazon reveal their quarterly reports after the bell. we have our reporters, our floor show, our traders, and a top tech panel. they are all ready right now to break it down for you. plus if you love to travel, and you probably missed it, but you hate all the planning, one start-up has an app that makes it all simple. the ceo of travel disrupter elude joins us in a fox business exclusive. hello everybody. i'm cheryl casone. i'm in for liz claman. well, tech is still in the spotlight with facebook parent company meta front and center after yesterday's earnings. the company posted an eps of 2.72 saw their slowest revenue

growth in years but investors still managing to celebrate. meta headed for its biggest single day stock increase in six years over the company's increase in users. that is always the name of the game with these companies. the last quarter -- they reported a drop in users for first time in company history. the focus isn't all on meta right now. twitter releasing its report this morning. it could be by the way one to have company's last reports, a big mic drop when they reported this morning. elon musk has pledged to take twitter private, with its 44 billion dollars acquisition is complete. we could that be three to six months out probably when that gets done. some analysts believe that the musk deal was made before earnings in anticipation of a disappointing quarter. no conference call from twitter. they changed that. what is in that report? there's a lot of talk about it. we're joined by a guest breaking it all down. there's a lot of news in this report this morning when it

crossed. >> good to see you. results are mixed. twitter highlighted head winds from the war in ukraine but not as bad as some predicted. it missed slightly on revenue estimates coming in at 1.2 billion, 1.1 of that is advertising revenue which increased 23% from last year. social media peers like snap have seen advertising sales dented by apple's new privacy rules. earnings per share of 61 cents not comparable due to some juice from early quarter sale. another big metric to note is monetizeable daily active users, a key base for musk to grow. the company beat expectations by roughly 2 million, reporting 229 million mda use, 15.9% bump from q1 last year. one thing i thought was interesting, twitter admitted to overcounting those monetizeable users by roughly a million and a half for over three years. a feature allows people to link multiple separate accounts to conveniently switch between

them. twitter accounted each of those accounts as unique by mistake. not the first time they have ever counted though. -- overcounted though. that hurt the company's credibility back in 2017. this raises questions on how musk plans to make twitter profitable. he will helm an advertising led business and has publicly questioned whether it should be scaled back to remove shackles on free speech. musk pledging to make the platform, quote, politically neutral in this tweet here. now twitter also shared it will not be providing forward-looking guidance any longer, with that takeover, and is withdrawing the earlier goals it provided. cheryl, it is out the door with elon. cheryl: it really is. one of the funny things i saw on twitter today with regards to them and the missed reporting of the monetizeable daily active users. somebody said wait, is twitter guilty of disinformation? [laughter] >> oh my god, i love that. cheryl: right, yeah? the whole thing, kelly, great report from you. kelly o'grady from sunny los

angeles. we have a fox market alert for you right now. we are in the final hour of trade. the markets are flying higher despite that gdp number this morning. i got to tell you, dow up. s&p and nasdaq are up. wall street is cheering for meta's daily active user growth. markets turning positive for the week after that ugly sell-off that we saw earlier in the week. and they've completely ignored that disappointing first quarter gdp read that we got this morning. here it was, if you don't remember, showed the u.s. economy unexpectedly strank shrank for the first quarter declining 1.4%, the economy's first contraction since the pandemic began in the second quarter of 2020. but wall street is not going into panic mode. really interesting, in fact, the vix showing a sharp turn down, down about 10 1/2%, even though the markets had a pretty volatile week in the beginning. and you've also got black gold getting a boost right now. crude oil, at 105.59.

at march we were at 123. we're not there yet, but still strong numbers for oil. that demand outlook is strong as germany says it's now open to cutting off russian oil which gives the eu a green light to impose sanctions on russian energy. obviously the russians due to continue to wage war on ukraine. the dreaded r word coming back around again, recession, that's hanging in the air. a lot of talk on the desks this morning. if the u.s. sees another contraction in its second quarter, we may be headed there next. let's get to our floor show. there's so much to go through. i want to start on the gdp read because the instant reaction was wait a minute, where is the problem? and then once you dug into the report, it was business inventories was about .84% of the 1.4% that we saw to the down side, as well as the export data. but you're thinking that second read could give us a different

story. why is that? >> yeah, well, cheryl, it's not as bad as it seems, and the fear was in the market this morning because as you said, two quarters consecutively of negative gdp equals a recession, but i don't think we're going to have that just yet. we did have the inversion. we may have a shallow recession sometime late next year, but for now, the decline was attribute bl to three things -- attributable three things, attributable to the inventories that you talked about shrinking inventories, attributable to a record u.s. trade deficit, and the third thing was a reduced amount of government spending and highly concentrated in defense spending. we know that defense spending is going to accelerate dramatically in coming quarters around the world due to the russia ukraine war and people investing more in nato. i think that this is something we can look through, particularly in my book, cheryl, earnings are the name of the game, and earnings continue to go up. in the last eight weeks the s&p

earnings for 2022 have gone from 225 to 229.76. we'll probably hit 230 by the end of the week which means we're going to grow over 10% earnings this year. if you consider last year we peaked out at 4800 on the s&p 500, we could potentially see low -- you know, 5100, 5200 peak before we even have to worry about a recession sometime next year. cheryl: those are all very good points and fair points. i want to pick up on something you said take this to jonathan. that's the defense spending story. president biden today came out, he wants another 33 billion in u.s. aid given over to the ukrainians. we know we're giving them military equipment, a lot of it right now, whether that's the back channel, or driving those tanks over the border, but we are supporting the ukrainians. at the same time, we're in the middle of the earnings season. a lot of companies are coming out with a lot of focus on inflation, a lot of focus on price increases for the big consumer names, like mcdonald's,

they came out and said we had to raise prices. caterpillar, same thing this morning, dow component, we had to raise prices. is that the story, that inflation story that actually saves a lot of these blue chip names, do you think? >> hey, cheryl, those comments that came out, that's not new news, right? i mean we have known that prices are going to continue to go higher, whether it's food, whether it's supply chain issues. we've talked about it in micro chips for quite a long time. look at the head winds we have had in the last quarter; right? we have talked about inflationary levels we haven't seen since the early 80s. we have the russia ukraine crisis. we continue to see, you know, covid effects, after effects on our economy. these numbers we got today i don't think should be overall too surprising. it is just a question of how does this unfold now? how does the next quarter play into this? corporate earnings always helps our markets, buoys our markets, buoys our economy, but how are they going to play into the outlook moving forward? i think we're going to see some -- continue to see some

wording that's going to be restraining back real high expectations. but what should be interesting to see in a very short period of time tonight is going to be look at the way that this market has done today. look at the returns and effects we have seen today. we're getting amazon and apple after the bell today. any sign of weakness that comes out of either one of those, this market is going to be down just as much as it is up today. shows you how volatile and fragile our markets are and can be. i think overall, long-term, yes, we have seen some pullback in our markets. we're going to continue to see two steps forward, one step back mentality over the next few quarters, but in short periods of time, this volatility that we're seeing both our markets and in the vix especially is not very healthy for what we need. >> charles: real quick, tom should we be buying tech right now? >> value tech, those companies trading at low multiples and earning cash, we like facebook trading at 14 times next year's earnings. we like intel, they are going to report tonight, irrespective of how the report comes out, they are trading at 12 1/2 times next

year's earnings. taiwan semiconductors, another semiconductor, they had good earnings. guidance was a little light, but only trading at 14 times next year's earnings. of course google people overreacted to the short-term miss in youtube ads with 600 million dollars largely concentrated in eastern europe because of the war trading at 17 times next year's earnings, going to grow at 17% a year. these are all high quality companies that are on sale. sentiment got completely washed out as we saw in the aaii sentiment survey the last few weeks. i think you can buy some of these stocks that are generating cash. cheryl: i love that you still call it facebook. you are a purist like me. i can't get on board with meta platform. all right. guys, thank you very much. good to see you. appreciate it >> thanks, cheryl. cheryl: president joe biden touting a small business boom in just the last hour. we're going to go straight to the white house for details on what the president had to say. take a look at the big board. you didn't think you were going to get this market today.

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cheryl: president biden shining a light on america's small business boom. just moments ago. over 5.4 million new businesses were created in 2021. that's 20% increase from 2019 because we really just need to forget about 2020. the president crediting his administration's economic agenda to the surge in new business applications. we are live from the white house. we have details. edward? >> hey, cheryl. the president is wrapping up that meeting with these small business owners. this is a hand-picked group that the white house says shows the benefits of the economic boom that we're in. >> the economic strategy, more small businesses are being created and small businesses are creating more jobs faster than ever before. thanks in large part to the american rescue plan, last year,

americans applied to start 5.4 million new businesses, 20% more than any other year. >> president biden's been talking with this group about his plan for small businesses. it's shaped around four pillars, first expanding access to money for throughout with 300 billion in loans and equity investments the administration will make over the next 10 years, invest in technical assistance programs for entrepreneurs. the president will leverage billions in government contracts, aimed specifically at small businesses, and finally reform the tax code as the white house describes level the playing field for small businesses. now, today a representative not convinced that this white house has made good decisions when it comes to the economics with small businesses. listen. >> we have over 20,000 businesses permanently closing, so we need to get a handle on the reckless spending. small businesses have had to

deal with the lock downs. now they are dealing with more problems with the higher costs, labor shortages, supply chain crisis. we need to get a handle on those things. >> tomorrow, we're going to get another inflation number, the pce inflation. it is expected to be a big number. this is the favored inflation measure for the federal reserve. we will have to see what happens tomorrow and how the market reacts to that. back to you. cheryl: i'm pretty sure i'm going to be bringing our viewers that in the morning, ed. >> that is true. good luck. cheryl: we'll need it. i deliver the bad news and try to smile through it as best as i can. >> that's right. cheryl: thank you very much. good to see you. if the family vacation eluded you the last two summers, thanked to covid, one start up has a solution as america throws open its doors this summer. we will introduce you to the elude travel --. the fox business exclusive coming up. keep it here after the closing bell rings.

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dent in your wallet, you are trying to sort out some summer holiday plans and you have looked at air fares lately because they are jumping. there's a start-up called elude. it is your ticket to mapping out a dream vacation, all within a budget. it's travel app. it is a search engine, helps hungry consumers explore the globe without breaking your bank. here's a fox business exclusive, the elude co founder and ceo. good to have you here. >> thank you for having me. appreciate it. cheryl: my first question is what makes it different? i've got 2,000 for a vacation. you tell me what i can afford. is there any other app that does that right now? >> no, we're pioneering the new way of kind of searching trips based only on budget. we have found most travelers know exactly how much they are looking to spend, and they don't really know what destinations they can afford. so literally within just a few clicks, you know, taps, they are

able to see exactly different travel destinations, flight and hotels based only on their budget. cheryl: you're out on the west coast now. you were at morgan stanley here in new york. how did you go from investment banking to start-up? >> yeah, so my history is investment banking. i worked over on wall street in morgan stanley and deutsche bank. i realized my passions lie within travel. any time i had a three-day weekend or up coming holiday, i was always trying to find different destinations to get to. that kind of started my peek i guess you could say into travel. over time, that itch kind of continued to get scratched. i made the jump into entrepreneurship about two to three years ago. cheryl: it's great you've got all the support from the bank on this. i would think because of the budget, you know, aspect of what you are doing here that you are

kind of targeting the gen z traveller, the millennial travel group. what are they looking for? what is that crowd into now? >> great question. i think most of the millennial and gen z are looking for multiple trips many trips throughout the year. the death of the ten-day vacation is in place here. people are no longer looking for seven to ten day trip. they want multiple trips throughout the year, weekend getaways. also too i think with the flexibility of work right now, many people are interested in longer vacations where they can actually spend some, maybe half the time working and half the time playing. so that's definitely what we're starting to see in elude and the gen z millennial travel. cheryl: that's interesting really because that work from home because, you know, you are right, i have friends that are still working from home and they will go to florida for a month and just work from florida. so i guess that makes sense. so basically since the pandemic, travel this year, we've been looking at the prices tracking airline fare and hotels, i mean,

the inflation in travel is off the charts. what is your take on where we're at with airline prices, with hotels? i mean, you are in this business. are we going to get as consumers any relief in the next few months from what we're seeing on our screens, which is sky high ticket prices? >> so unfortunately, not, i think travelers will still continue to see higher prices this year, especially as, you know, kind of experienced over the last two years just due to inflation. what i will say, and this is what we suggest to all of our current users at elude is, you know, start budgeting properly earlier. what does that mean? start looking at ways to either purchase that car rental beforehand or get into, you know, a hotel -- lock in those prices before they start to jump, especially as we enter into the summer months and later this year, but, you know, unfortunately, i think inflation is definitely impacting travel as a whole. but the best thing that i can suggest is really just start

budgeting properly. cheryl: alex, the app is elude. good luck to you. thank you for being here. >> thank you so much, appreciate it. cheryl: well, speaking of travel, everybody, liz claman's traveling today. she's headed to omaha, nebraska, to spend the weekend with warren. she will be covering the berkshire hathaway annual shareholder meeting all weekend long. claman countdown gets things started at 3:00 p.m. eastern time. liz is going to be broadcasting live from the floor of the chi health center omaha with a special guest and the ceos of berkshire-hathaway, and she will stick around for the big meeting on saturday. you can watch her tweets at liz claman and live tik-toks on red fox liz. she's got the best handle on tik-tok. you want to follow her this weekend. fox business alert, qualcomm looking chipper at this hour, after the semiconductor maker's bottom line topped expectations by nearly 10%. the firm's revenue exceeding

analyst consensus by 600 million. qualcomm also gave a forecast. taking a look at the chip group, you have amd, intel, nvidia, all those stocks are higher. today is a big tech rally. as you can see, the biggest winner on your screen is nvidia corporation, up about 8 1/2%. align technologies tumbling after the maker of invizaline missed on adjusted earnings for their first quarter and revenue fell short of analyst expectations. proximately half of align's business acurs outside -- occurs outside of the united states and was hurt by covid-19 lockdowns in china, its second biggest market globally and also russia's war in ukraine affected their business. their rival smile direct club, that's also under pressure. that could be, you know, one goes as does the other. smile direct is down 3%. align is down 15%.

oreilly automotive shares -- they did affirm earnings guidance for up coming quarters. it didn't help the street. it is down more than 11%. take a look at autozone and advanced auto parts. both of those stocks are in the red as you can see. teledoc is moving right now. that stock is actually down which again in a market like this when you have red arrows, you have to pay attention. 40% drop on teledoc. the telehealth service reported an earnings miss for its most recent quarter, and it gave a weaker than expected revenue guidance after which at least six wall street firms issued downgrades on the stock. this is one of those pandemic winners, when people were locked down and now it's going the other way. teledoc's largest shareholder,

19.5 million shares in their treasure trove. that's about 1.1 billion dollars worth. the holding is also third biggest. as you can see, it is feeling the burn from all of that. the social media stocks pinterest and meta getting likes from tech investors. well amazon and apple earnings which are coming after the bell, keep the good times rolling. we're going to ask our top tech panel right after a quick break. and the market, we're off of session highs again on the dow. we were up 744, 745 a minute ago. dow up 682. s&p up 113. nasdaq up 416. we'll be right back. going to be a situation. ♪ ♪

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>> cheryl: another day. another round of major tech company quarterly reports. it is amazon and apple's turn to drop their numbers after the bell. analysts estimate that amazon's

earnings per share are going to drop 47% from a year ago to 8.36. total revenue to forecast 166.3 billion. meanwhile, apple investors going to take a very close look at product demand. they are anticipating an earnings per share of $1.43, revenue coming in 93.89 billion. joining me now with what to expect is a senior research analyst and marketwatch tech editor. great to have you both here. >> thanks for having us >> great to be here. >> dan, i will start with you. let's talk about apple. there's so many questions here about not just iphone production in china, but the fact that there's big concerns about what's going to happen with regards to the iphone numbers. are you worried at all because of these lockdowns? >> i think the lockdowns, cheryl, will be a factor in the near term. what we're focused on is even in the face of a challenged smart phone market, the apple install

base is continuing to grow. the iphone experience is differentiated. users are very satisfied. so when we step back and look at the overall story, you have a healthy iphone franchise. with the reinvention of the mac with apple services, wearables, it is a broadening of the growth, a lot of innovation and vibrant ecosystem that i think sets them up well over the next one to two years. >> cheryl: i have the numbers in front of me. the iphone, the expectation is we will see for the iphone 47.88 billion within the report. ipad 7.14 billion. all the pressure really is on the iphone numbers. >> apple is an iphone business. that's the majority of its revenue. that's where the profit stems from. it does have the other growing businesses, especially the mac. all on that iphone.

tim cook is such a great supply chain massager that i think any issues they may have from the shutdowns, or anything, he knows how to paper over that. i think we will see that in this report. and i think wall street is really going to be looking for any kind of forecast, any kind of color they give moving forward because that's what's more important going into the rest of the year. >> cheryl: i'm curious how they are going to pull off that forecast, though, dan back to you on this, because again, going back to the lockdowns in china, their second largest market, but also the fact you have this inflationary market, all of this is the economy. if i'm paying too much at the gas station, i'm paying too much at the grocery store, am i going to go out and buy a new iphone? i don't think i am. >> i think there's elements that you know certainly inflation is higher. gas prices are higher. there are a lot of factors that are near term head winds i think for the consumer and of course we're entering a seasonally weaker period for the iphone. however, if you step back and think about the utility of the device, as long as customers

stay in that apple ecosystem, as long as they consume services, as long as they ultimately do upgrade, i think that's what's important to the health of the iphone business over the longer term. >> cheryl: jeremy, speaking of health, the health business on apple, particularly with the watch, there's a lot of exciting stuff we're expected to hear about, maybe not as much today, but the buzz has been on the ekg that you can get off your iphone, you know, blood oxygen levels, all that good stuff. i've seen some commentary on the street that says that really that's where there might be a lot more growth when it comes to the wearable side of the business, the watch. >> for sure, they definitely -- apple wants to kind of get into that business, especially from a software and services perspective and with the watch. they are definitely going to be doing that. the next generation of apple equipment that we may see is some kind of ar headset, which can also be used for exercise. we've definitely seen some virtual reality and augmented

reality uses in the exercise and health field. if they manage to come out with that any time soon, i imagine they will play that up from a marketing perspective to try to round into that same type of thing. >> cheryl: dan, let's move to amazon. always the big story when it comes to amazon's numbers, 18.15 billion is the estimate here. inflation story goes back to now -- they have put out the fuel surcharge, excuse me, you know, they are under pressure as well. sellers will have to raise prices. amazon will have to raise prices. what do you think we will hear from amazon? >> i think we will see an't co -- we will see a continuation of their focus of putting the customer first. the obsession with the customer drives the company. there are head winds, supply chain logistics, higher costs, fuel prices. that's finding its way into the system. it can be a headwind for demand as well as raising costs. i think, though, the fact that the company's been able to invest and execute so well

through the last couple of years, they are putting in capacity, and so you are going to see more and more one-day delivery as part of the prime membership, and so that makes amazon more valuable coming out of this, but certainly near term head winds for sure. >> cheryl: yeah, jeremy, are you worried about the union movement we have seen in amazon? i mean, it's some facilities now, but there's a growing concern that amazon will have this problem across the country. >> yeah, it will be interesting to see. you know, we actually wrote a story comparing to it the unionization numbers at wal-mart that were never successful. these efforts have already been more successful than any effort at wal-mart ever was. it is going to be extremely interesting to see how they combat that. you know, amazon does have the new ceo. is he going to go out there and be really hard against the unions, or is he going to try to work with them? that's something that's really going to define his leadership at amazon. >> cheryl: jeremy, i know we have to run, but how involved is bezos at this point with amazon? >> it doesn't seem like much.

he's still the chairman. he still does, you know, run that board. he's still around, but, you know, it's a delicate line to walk when you put somebody in charge as ceo, how you navigate that line of when to step in and when to not is extremely important. and, you know, he ran that company for so long, i think he's probably enjoying his time away from the day-to-day. >> cheryl: he's building a very large yacht. actually i think it is done. now he has to get it out from where he built it in europe. another story. jeremy and dan, thank you very much. appreciate it. >> thanks. >> thank you. >> cheryl: are tesla investors overreacting to elon musk's twitter bid by dumping shares in the ev company? charlie has the intel. he will break that next. tech is the big story here. the nasdaq is up over 400 points right now. dow up 659. claman countdown coming right back.

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>> cheryl: want to take a look at shares of tesla. it's been interesting today. it's flat, been kind of going between positive and negative over the last couple of hours. few updates basically for the company. investors reacted poorly to elon musk's twitter takeover bid, how would that affect tesla, shares in tesla? now investors are speculating that musk may not have to sell his shares in tesla to finance the takeover of twitter. maybe that's kind of factoring in. let's bring in charlie gasparino on all of this on the most fascinating takeover. >> story of the century, a political and wall street story.

we will stay away from the politics for a moment. here's the thing, the shares -- if we can get like a one-week chart, it would be really good. you will see how much the stock tesla traded off. it traded off because he's going to finance a large part of the 44 billion dollar bid. there we go. pretty significant. finance a large part of the 44 billion dollars bid with his own equity. >> cheryl: that's a 10% drop by the way. >> right, a large part, i think it's 21 billion in equity that he's pledged, that's the key word, for the bid. here's something interesting. traders are starting to hook up on now or maybe like pin their hopes, maybe being way too pollyannaish about this is that he's pledged it. that doesn't mean he will sell the stock. how that exactly works, i don't know. but here's the theory, he puts -- remember, he created like three shell companies recently. >> cheryl: yeah, in delaware. >> that's been out there.

the theory is he doesn't really sell the stock. he puts it in one of these companies. it's pledged to cover the debt or his portion of it. doesn't quite sell it. over time he finds other investors where he doesn't have to sell the whole deal or the stock goes up, so it's like he can margin it. i mean, there are all these theories out there that he does not have to outright just blow out his shares and crush tesla even more. and that's what's going on right now. obviously the devil's in the details. there's also, you know, a bet that he's going to walk away from the whole deal. >> cheryl: really? >> yes. put up a stock chart of twitter. i mean, this is kind of fascinating because his bid -- [inaudible] -- >> cheryl: 54.20 a share, 44 billion.

[inaudible]. >> that's true. listen, the stock is up today; right? >> cheryl: yeah. >> but still below 54.20. that's a play that they are betting that he is not going through it for the tesla reasons. there's two bets going on here that's pretty interesting, and, you know, that's what makes wall street fascinating. i can't tell you which one to take. i don't do that. >> cheryl: i don't think his ego would let him not go for this. i know that's a very simplistic thing to say. >> a billion dollars break up fee too. he's all over the place. i don't -- you know, listen, i just knew this, this is the only thing i knew. i had no -- i don't know the guy. i don't know who knows him well. i know people who say they know him well or know him a little bit. if he presented a check of 54.20 that was real, which apparently it's been certified by morgan stanley that's his banker, they had to say yes, only because it is such a problematic troubled company -- >> cheryl: morgan stanley or

twitter? >> twitter had to say yes. the bankers at jp morgan and for twitter had to say yes. the thing was as high as 77 last march, but that's bubble territory because of the jerome powell who will be tightening. for all those reasons, they had to sell. that's the only thing i know. i don't know anything else. i just don't know the guy. nobody else does either. >> cheryl: he's very -- >> you know? >> cheryl: what's interesting twitter's numbers came out today. there's been a lot of discussions about the fact that twitter agreed and this all kind of happened quickly from sunday to monday. they met sunday. the deal was announced monday. they knew these earnings were going to be bad this morning. then they come out, disinformation by the way, if you want to call it that, they say we've overstated our monetizeable dily active users

since 2019. thank you. >> that's the reason why they had to sell. he said he wants to buy coca-cola so he can put cocaine back in it. >> cheryl: yeah, elon musk -- thank you, charlie. good to see you, sir. it may be a seller's market, but today's countdown close ser a -- closer is a buyer when it comes to real estate. we are now up on the dow. we'll be back. liberty. ♪ bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone,

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♪. cheryl: closing bell will ring. we have five minutes to go. we pulled back a little bit on the dow but still higher by 569, despite the fact you had this negative read on gdp this morning, first quarter negative

1.4% which is a big surprise. nasdaq up 363. amazon, apple, right after the bell. anyway the selloff earlier in the week was certainly something we had. today is the best day for the s&p since mid-march. a lot of these numbers are some of the best numbers we've seen over the last month. we're also watching the average rate for 30 year fixed mortgage today. you know that data comes out on wednesday mornings. 1.542%. what bank rate is saying right now. homebuyers are struggling with record high prices. rising mortgage rates. our "countdown" closer has two picks live in your portfolio rent-free. lpl senior market strategist, ryan dietrick. great to see you again. real estate, you say we have plays we can take a handle on now interesting considering what we're seeing first-time buyers are getting pushed out? >> well, that's right. thanks for having me, having me

on a day stocks are up. it is pretty rare, feels good. real estate is a reopening play and it also has a bit of a defensive nature to it. this point of vie kel we like it. be honest, relative strength is strong. look at real estates. hotels have been strong. hotel reits have been strong. there's a little bit of yield there, for us, growth big bounce today, technology with a big bounce. we think the rest of this year, real estate slow and steady, that might win the race. cheryl: you're saying when it comes to real estate you do the reits. you're looking more like the commercial side. also like apartment buildings, condo developments, things like that, is that correct? >> exactly right. expectations are pretty low. we know what happened with the pandemic. still now things are opening up, those are some other areas we think investors can find some nice invests with also decent yield. we like those areas. cheryl: no. receipts can be great in particular, if you can't afford to buy a home you can buy a

reit. i said that before as well. let's talk about health care because you know there are some picks you got on the health care space but you say in particular it looks like biden's "build back better" will be stalled. that is a good thing for health care. what does that mean? >> think about that. we have aging demographics. like i said, slowing potential economy that is getting older. all of it with "build back better" being stalled a little bit, there is money going into health care. we think a lot of these names have tailwinds, if you will. the thing about health care, we're neutral in value at lpl research there is little bit of both. biotech and devices over here and drug companies and hospitals over here but the truth again, relative strength is coming in. a lot of these things, health care hasn't done much for a while, let's be honest but now it is kind of top heavy with tex and some of these things. that is a group we think leading lately but it might have a lot more left in the tank. cheryl: can we combine health

care, real estate investment in elder care facilities, i'm serious. retirement homes? reits do that. >> haven't thought about it, those two groups together we can combine them. 11 s&p 500 sectors. those are the two favorite sectors right now in the future. cheryl: when you come back with is are, bring those picks that would be great. really quick your take on that gdp read this morning. markets are higher. >> markets are ignoring it. if you look under the surface it was a lot about trade. what businesses and consumers are doing really strong. we talk about sell in may go away next week, last six months have been higher last fine years. we're not saying sell in may go away but it had inworked lately. cheryl: a lot of old adages are not playing out or make sense. ryan detreich. thank you very much. i love all the picks. great to have you on.

we have an update to have you join me today. dow up 605. the high was 722. at one point we were down 53. you have the rally. liz claman will be live in omaha, nebraska, tomorrow. [closing bell rings] she will have great coverage with the "weekend with warren" from a few years back. that is it for the claman "countdown." larry kudlow now. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so inflation up and gdp down, not a good combination. no, not yet a recession, however with soaring inflation, 8% in the first quarter, from a broad-based measure of prices, it does raise the question are we on the front end of a recession? here is what president biden tried to say about it today. president biden: i'm not concerned about a recession. i mean