make 15% in a couple of weeks, those are the kind of opportunities you want to take advantage of. otherwise it's like the proverbial frog sitting in the boiling pot. always looking for opportunities, and is once you get out, i think it's all she wrote. liz claman, i don't know if you agree -- [laughter] you don't always have to be 100% invested, but i think you should always be in the market. liz: yeah. cash is trash is a statement that some believe you really should be mostly mt. market in good quality companies, so i'm with you there, charles. all right. let's call it, about 60 minutes left of trade for a week that has just been insane, right? markets are lower as we wrap up a wild week that saw the biggest rally of the year wednesday after the fed raised interest rates by 50 basis points and then the u-turn yesterday, the dow's ninth biggest point drop in history.

even the stellar april employment report not bringing out the bulls possibly because strong job growth might now be seen as adding fuel to the inflation fire. rising labor costs, the federal reserve's ability to tame it, crazy market volatility. our floor show traders about to tackle it all. tech, big tech, small tech, e-commerce, stocks taking a breath, but shopify is hoping its lung towards logistics will give up a leg up against retail giants amazon and walmart. the president of shopify is here to tell us how he plans to deliver profits with his new $2.1 billion acquisition. and the travel bug is really infecting americans as the worst of the coronavirus pandemic fades. one company is using its smaller yacht to get you up close and personal with the great galapagos, alaska's glaciers and more. the uncruise add ventures ceo in a fox business exclusive.

you've got to see these trips, end after the weave we've had, right -- we've had, right? so far no bounce after the stomach-churning rout yesterday. stocks quickly dropped at the open today, and dow jones industrials at the moment down 321 points. now, the dow saw another 523 points scraped away earlier this session, but around 11:24 a.m. eastern, the bulls made a run for it, scaled the fence into the green, got tossed back over. you can see from the intraday picture, nasdaq, s&p, they pretty much mirrored each other, managed to scramble again into the green at 1 p.m. eastern, but now as we see, 58 minutes left to trade, looks like a tough go. s&p down 50, the nasdaq down 238ing. this hangover from federal reserve chief jay powell's proclamation that the fed is not actively considering more aggressive 75 basis point hikes in interest rates has triggered the friction that we're seeing in the markets a full 48 hours

later. yeah, still. 10-year treasury yield touching 3.13% for the first time since 2018. concern over the ped's ability to get -- fed's ability to get inflation under control. right now we're at 3.125. let's check the consumer discretionary names because these are the names where, arguably, you don't have to buy these types of things. they're not medicines, paper towels, things like that. nike, which as recently as november was $177, it is plumbing the depths of the dow, right now -- let me check it at the moment, down about 3.8%. it stands at $114 a share. yesterdaying see it was a bad day yesterday too. year to date it's down 31%, and today it's following under armour down the rabbit hole. under armour getting clocked, down 26% after guiding lower for full-year earnings. now after the 5% smackdown yesterday, take a look at apple

shares, managing to hold on to just a second ago a tiny bit of green, right now we're down, let's call it flat, down just 14 cents to $156.37. apple is one of these names that is still looking pretty darn good year-over-year. it is up still about 20%, decent performance there. shack, shake shack, consumers starting to curb, as we said, discretionary spending. down 2%. we can see it right now, it's lower by $1.12 to $54.93. now, to underscore how hard names considered discretionary are hurting, look at the daily consumer discretionary bull 3x shares. this is where where you go long this type of thing. not working. it's down about 5.5%. i have a list, including tesla, mcdonald's, nike, starbucks. carnival cruises is in there, ultra cosmetics, caesars, target, carmax. it's a tough time for this etf

which is often used as a trading opportunity. all right. so then let's get to this: it's a 14-year-long fairy tale bull market, is it over? you're hearing a lot of people ask that question. let's bring in the floor show. right now the s&p's down 13% from its january high of 4796. that is not bear. which is defined, of course, as 20% off the recent top. that would be, as we see right now, just correctioner story. we've got "the wall street journal" senior writer john hilsenrath and our friday trader, scott shellady. scott, we've got 55 minutes left of trade. do you see any kind of bounce with the time that we have left in the week in. >> i think it's going to be hard. you know, we've had such a whirlwind, and you know what? who's going to want to really be long going home again? that old saying. i did see some interesting things though that i'd like to say real quick. liz: sure. >> i do a 5-hour show talking a lot about commodities and inflation, but for the first

time in six months, liz, we had some folks talk about consumer pushback, higher prices procuring higher prices. first time i heard that. so maybe, just maybe, we're going to see inflation increase at a lesser pace and then suddenly at some point in time start to decrease. that's the first time i've heard that in six months. i think we're going to trade heavy, i'd like to buy stocks, but i'm going to wait a little bit longer here. but interesting stuff's starting to happen after this week. liz well, i would think so. it collectively jogs people's memories and puts a a jolt through their heart. they're not so gutsy at the moment. a lot of this has to do with the federal reserve. and, jon hilsenrath, you're very much in key, in sync with what the fed does, and you understand why they think the way they do and what they do. i'm just interested to know why when jay powell said, no, we are not actively considering a 75 point hike, why the market took

that so badly. i know the fed funds futures were pricing at least one in june possibly, but why did the markets shake and shiver so badly on that? >> well, i mean, two points. one is i think the key word for powell was actively. you know, they're trying to prepare if the market for two more meetings at 50 basis -- half percentage point rate increases. they're trying to set the table for that. and he just doesn't want to shock people. that doesn't mean that if the inflation numbers don't come down that they might not decide to go a little bit more aggressively later in the year, but they're trying to be as predictable as they can. i think we also shouldn't forget that it was 1994 when the fed surprised the market with a 75 basis point increase, and mexico merely went bankrupt. orange county, california, did go bankrupt. you know, there are a lot of people, as we saw this week, who could get caught out of position if the fed makes this adjustment

too quickly. and so that's what i think the fed was doing there. another point i want to make is that, you know, i know, liz, that you love watching the vix, and i think this is the underlying story here, which is volatility. liz: yeah. >> i think the volatility that we're seeing in the market this week is the way of life in 2022. if you haven't gotten used to it yet, get used to it. because the fed is figuring this thing out as they go along. they don't know how the economy is going to unfold over the next few months. they don't know how fast inflation is going to come down or if it's going to come down. they're going to be adapting their policy as they go. that is a formula for volatility. i would be looking for ways to be long volatility. liz: all right. well, volatility, it's still going higher albeit much less dramatically than yesterday. the vix is up about 2% at the moment to 3182. the big jump was yesterday, scott. scott, i know you've got picks. you've got names that you feel

are still going to be in big demand even as the consumer rethinks everything. u.s. dollar has gotten extremely strong. i was looking at the u.s. dollar, it was up about 1.1% earlier. and so, you know, we're looking at an opportunity here. and yet the jobs report, jobs are plentiful. we got a gain of 428,000 jobs in the month of april, but all of the wage gains are getting eaten up by inflation, are they not? so how do you decide which picks work? >> well, you know, i can't help it, my background -- we have a family farm, liz, and i can't help it but to watch these guys talk about fertilizer. now, i'm not saying you want to get up on them now because i do think the market's going to sell off, but i would pick these up on breaks. mosaic, they've done very, very well. i don't want to buy at these levels, but i still like them because you listen to some of these ceos talk, they're talking about a problem with fertilizer another two, maybe three years.

we have to eat. you can print money but you can't print food, right? [laughter] we have issues and sanctions all over the world, and we're going to probably have a problem with chinament they've been buying everything we've been growing. that's going to be a very key thing and, by the way, we need energy to make a lot of that fertilizer too. as long as energy's a problem, fertilizer's going to be a problem, food's going to be a problem. liz: we now have crude up above $110 per barrel. jon, before we go, dow jones industrials down 353. the markets are still, as i put it, shaking, shivering. with quickly, will jay powell be portioned to eat his words and hike by 75 basis points at some point to bring down -- >> i don't think we will see that before the middle of the year, and then we have to see how the year-over-year inflation numbers come out at the end of the year. they want to go at half-point increase. liz: all right. 78% odds of a 75 basis point

hike, ask that's for june. -- and that's for june. great to see you both, thank you, thank you. fox business alert, as athletic apparel stocks get pummeled, peloton is hitting an all-time row. and according to "the wall street journal," the company is so concerned about having enough cash to fund its turn-around that it's reportedly in talks to sell a chunk of itself to outside investors. peloton went public in september of 2019 at $29 a share. during the pandemic everybody wanted one. stock was 162, today dropped to a lifetime low of $14.17, we're barely above that right now. the journal says talks to sell a hefty 15-20 of the business are in the early stage and involve private equity and investors. new ceo barry mccarthy at the

helm. fubo-tv getting slammed at this hour, down 21%, after a first quarter with loss widened, and they also missed on revenue. jpmorgan cutting its ratingsing on the stock to underweight and pulled its price target which had been $12 a share, you can see it right now, it's at $3.24. the concern? jpmorgan says they're worried about i fubo's long-term business model. all right, from fubo to funko, the purveyor of pop culture collectibles enjoying double-digit gains on news the maker of bobbleheads and action figures received a $263 million investment from a consortium investment, ebay will work with them on product releases. funko also reported first quarter sales jumped 63% from a year ago. somebody's making money here. stock is up 27%. virgin galactic losing altitude after sir richard branson's space tourism company says it

had to clay the launch of its commercial space flight -- delay the launch of its commercial space flight service blaming labor and supply chain issues, the answer to every question, as i've been saying. space down 9.6%. if a trip to lower orbit is out of your budget, how about some whale watching in alaska or a yacht cruise to the gap goes -- galapagos islands? up next, the ceo of uncruise adventures is here to tell us how his small business is dealing with the labor shortage, the rising wages, supply chain issues as travelers flock back out into the world. closing bell, 47 minutes away. we're down 325 points on the dow. s&p losing 49. yeah, you know, the russell's getting hit the hardest, down 2.33% or 43 points, maas cac down 2403 -- nasdaq down 240 points. ♪ ♪

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♪ liz: well, the travel and leisure industry coming out on top. despite employers struggling with a shortage of workers and demand for higher wages, the

industry added a robust 78,000 jobs haas month, clearly -- last month. clearly, the burping desire to travel -- burning desire to travel is compelling those gains. our viewers were hopefully watching wednesday when brian chesky told the "the claman countdown," all signs point to a blowout summer of 2022. >> they're going to go everywhere. they're going to cross borders. last summer was probably the biggest travel rebound since world war ii, and this year will probably be bigger because last year was tentative. so we're really optimistic about the summer. liz: as for the 2022 cruise season, it's on pace to become one of of the busiest as pandemic fatigue pushes travelers out onto the high seas. dan blanchard is the ceo and founder of uncruise adventures offering all-inclusive yacht cruises to the alaskan glaciers,

the galapagos and more. let's start with demand. how are your bookings looking for the cruises that are coming up? >> with well, they're looking for good, and i have to say it's so refreshing to have business back. liz: i bet. well, tell me about booking numbers compared to, let's say, pre-pandemic. >> you know, we're not quite back up to 2019. i think the war kind of affected the, you know, that early booking client. but what we're seeing is that people are booking trips much closer in. and we think by the time we get through the summer season in alaska that we'll actually be back up to 20199 numbers. that's our hope and prayer, right? liz: one of the most popular trips for any cruise line, and you guys have about, what, yachts, correct? you've got -- >> yachts and and -- yeah. yeah. so they're yachts and small ships, anywhere from 22 to 100 passengers. liz: all right. and all inclusive. and some of the most important ones, i believe, the trips are

extraordinarily popular, alaska suddenly. what do you offer that's different from the big cruise liners such as norwegian, caribbean and royal caribbean and ccl? >> well, i think for alaska as an example, you know, a big cruise ship is going to travel a couple thousand miles in one week which means they run all the time. our u.s. flag small ships basically do 3-400 miles per week, and it's pulling back the curtain on the destination which is what happens in alaska where we spend our days in the wilderness at glaciers, get on top of glaciers, kayak, hike, paddleboard and even snorkel in alaska, if you can believe that. liz: oh, i mean, it's just, to me, fascinating. and i guess the question that becomes as eager as people are to get out there and start traveling, we've got a serious worker shortage problem in this country. are you filling your jobs as easily as you hoped you would? >> you know, it has never been

harder, and i will say that the market is very hard. we're finding that u.s. mariners, for example, because we're u.s. flag, we need u.s. mariners. a lot of those folks are getting sucked into the gulf because of expanding demand and just a super tight market. i would say that hiring right now is more of a challenge than my 40 years mt. business. it never a has been. it's super challenging. of. liz: that's a pretty significant statement. are you hiking wages, and are you raising your prices? >> well, we're limited on what we can do with our prices just because we've been out there for so long with this pricing. so what we're doing is we're obviously having to change wages for staffing whether it be in our offices or even on the boats in order to attract people. liz: captain dan blanchard. i find the story really interesting. i like the idea of a smaller yacht going to see these opportunities like the

galapagos, costa rica, so we'll be watching you with. thank you so much. >> thank you for having me. and best to all of us as we get out of this. liz: company's called uncruise adventures. i agree. yes, thank you for that. the best to all of us. grab your hats, your mint juleps, the fastest two minutes in sports set to return percent first time since the pandemic began. yes, fors the kentucky derby. ahead of the 148th run for the roses. folks, we are going further south here, dow jones industrials down 381. we've got the s&p increasing its losses, down 57. not quite at the lows of the session for the nasdaq, but we are down 268. much more to come. stay with us. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs.

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liz: folks, look at the small and the mid caps right now. the russell 2000 just hit a new session low, down about 49 points. i toll you it's taking the outsize ised percentage hit, lower by about 2.6%. very exposed, certainly, if they need to borrow money. certainly those costs are getting high her as interest rates move up. we do have the russell off the lows of the session, low was 18 -- well, we're right at it. 1821.48 right there for the small and mid caps. ♪ ♪ liz: sports gambling giant draftkings down nearly 10% at this hour after the company reported its net loss widen widened, but also showed that sales rose by more than a third. the company says inflation is not putting a damper on gambling habits. interesting. stock is at $13. caesars, penn national gaming, churchill downs all lower at the moment. bali's as well.

churchill, by the way, is the parent company of the kentucky derby which is expecting a full house to kick off the triple crown race. your lydia hu is right there on site. hi, lydia. >> reporter: hey there, liz. this is a hat that has been loaned to us from christine moore, and we are so grateful for it because we're so excited to be here with all of these excited fans. we're just delighted to be back because there are no restrictions in place this year. this, of course, comes after 2020 when no spectators were allowed atture churchill downs and last year when capacity was reduced, around 52,000 people. but this year we're expecting about three times as many to fill the stadium tomorrow to watch the 148th running of the kentucky derby. and, of course, that means there's a lot more money flowing through louisville. dine can at restaurants, buy

souvenirs. the derby is a boon for local business here, it generates about $400 million in economic impact, and you can bet we're going to see some wagering on the most exciting 2 minutes in sports. last year betting on the derby from all sources reached $233 million. only the record, $250.9 million wagered in 2019, topped that 2021 figure. >> it brings money back to the community and then, you know, i mean, we like to go out and and have fun. >> a little tough. downtown louisville was not what it had been in previous years, but it makes it really come around. >> there's so much energy this time of year. >> it's great that everything's open again and we're all ab able to be here together because it's been a couple years since we've been able to. >> reporter: now, the derby is tomorrow where 20 horses will compete if for a share of a $3 million prize.

so before that, we have the kentucky oaks race which happens every year just ahead of the derby. it's the running of the fillies, the female horses. that's going to happen tonight, 14 horses going to set out around this track competing for a $1.25 million purse. and that's why, liz, we're wearing pink for the lady horses. liz: ah, i like it. it suits you well. lydia, thank you so very much. we've got to to look at amazon and walmart. they are in the crosshairs because shopify is making a bold move to take on the retail giants, and it has everything to do with logistics. shopify president harley finkelstein here next on his company's $2.1 billion purchase of deliver. that's straight ahead. closing bell, 29 minutes away. dow has come up off the floor just a bit. we're down 294 points. the s&p down 45. nasdaq down 233. shopify's had a really bad 48 hours as well. we're going to a talk to harley about that and more coming up.

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so you can enjoy more of...this. this is the planning effect. ♪ liz: bitcoin breaking below $36,000 right now, just slightly above it. a second is ago it was at 35,000 and change. we're at 36,003. so another day of selling here, down about 1%. it's down 47% from its all-time high of some $69,000. that was back last november, but we are watching all the crypto here, etherium down about 3.8% and -- 1.8% and litecoin lower by 1 is %. supply chain issues is now the answer to every single question these days. ports mt. western u.s. are bracing -- in the western u.s. are bracing for increased congestion once china lifts covid-19 restrictions. now, with many chinese factories operating at limited capacity still as of late last week, 39 ships were still waiting to

anchor outside the l.a. and long beach ports just offshore. which handle a third of all containers coming into the u.s. supply chain snafus were the driving force behind shop by's -- shopify's latest acquisition, logistics start-up deliver. shop pie believes this deal is going to make its supply chain way more efficient and put the e-commerce site on the same playing field as big names like amazon and walmart. and as you look at the one-week chart of shopify, it had a great day wednesday, like a lot of stocks did. but then, of course, fell 14% yesterday, and it is down another 8.5% right now. but let's talk about what this acquisition could do to turn this around. joining us live, shopify president harley finkelstein. harley, we say logistics, some people watching, their eyes start to glaze over. please give me a precise example as to how this acquisition is

going to change things for the better for shopify. >> liz,always so great to be on your show. i've been on before, and i think most people know now that shopify powers millions of stores online and offline as well. most of consumers' favorite stores are powered by shopify. and while we're best known for e-commerce, we began to figure out ways to add more value to these merchants' businesses. so we created a payments company, a capital business as well, and more recently we created shopify fulfillment network. supply chain management and fulfillment are some of the biggest challenges that merchants face running their business. at this stage you sort of have to fumble through this maze of providers, and carriers, you know, as most -- as you say is, most people's eyes glaze over. if you were to pretend all of our stores were one single store, we'd be the second largest online retailer in

america. liz: wow. >> we get massive economies of scale. so what we can do is we can go and do things on behalf of these millions of merchants and believe them economy of scale to help them compete with the biggest companies, as you've mentioned. so the shopify fulfillment network has posted with the merchant supply chain meaning once an order is placed in any of your favorite online stores powered by shopify, we help facilitate the transfer from the if warehouse to the end consumer. liz: okay. >> but there's always these -- all these other components as well. what happens once your goods get onshore and you have to figure out how to be close to the end consumer: by combining shopify and the fulfillment network with deliver which is already doing more than a million orders a week, an asset-like soft ware-based company, we can build this end to end logistics network, and we can accelerate that. what does that mean? it means small businesses on shopify get highly reliable, affordable deliverly just like

the big companies get. liz: there is no doubt that shopify has completely upended and disrutted the way small businesses -- disrupted the way small businesses do business, and i think it's phenomenal. as i just watch what's going on, you guys took a big chunk of your cash position, right? 2.1 billion. you still have a lot, i think, what, is it 7? >> something like that. liz: you spent it on this. when do you expect to see results here and make it to your bottom line so the investors who got in at, what, 1,690 just last year can start to see that come back? >> well, look, let's talk about quarter a little bit. it's important. i think in a very difficult quarter generally in the markets, we showed a profit of $30 million p. but more importantly, we grew both our revenue with two-year annual growth rate already was 60%. our sales platform had a two-year growth at 57%.

so those are really important. but also if you look at the amount of services that our merchants are taking from us, our merchant solutions revenue as a percentage of total gmb was the highest it's ever been. that means merchants are coming to us and using us for payment and capital and shipping, all these different services. you do mention something really, really important. as a company, shopify's always been able to balance both growth and profitability. in the history of our company we have raised $7.7 billion. as of march 31st we have $7.2 billion remaining in our coffers, so almost every dollar we've ever raised still sits on our balance sheet, and i think this operating discipline that we have really matters in this environment. this is a company that is not just position on growth, but also focused on profitability. liz: you know, what you guys are doing is what warren buffett would say to do, tune out the quarter-to-quarter drama and the fluctuations and the volatility and just do what you guys are best at.

that also does not take into account competition. i mean, amazon is like the amazon, gigantic, massive, and, you know, hay play hardball. i -- they play hardball. have you seen any of that where you've had to shove off some of the pushing and shoving that comes from a very tough landscape when it comes to apparel, retail, whatever it is that you're selling? >> yeah. well, look, when you think of the big marketplaces, they're great places to get, you know, your day-to-day staples. but if you want to buy something from steve madden or martha stewart or kit, brooklynen or spanx or figs or all of these companies are powered by shopify. and the reason hay come to shopify is they want to have a direct relationship with the end consumer. they don't want to railed customers from the marketplace, they want to sell directly. and what's happening on the demand side as we saw black friday/cyber monday in november is more than ever before consumers are voting with their

wallets to buy directly from these independent stores. and, for the most part, consumers are powered by shopify. so i believe there's room for both in the market, but we have to make it easier for small businesses to become the next thing which are home grown stories that are now publicly-traded companies. liz: harley, it's a story that everybody has watched over the past couple of years. you really stepped in during the pandemic to help people start businesses, and we'll continue to follow the shopify story. thank you so much. >> thank you, liz. it's an honor to be here. liz: harley finkelstein. president joe biden in hamilton, ohio, at hour. this is a live picture. he's speaking right now after rolling out his am forward plan this morning. am stands for additive manufacturing, we're going to tell you what that's all about in moments. and a longtime opponent, we were just talking about buffett, right? of warren buffett and charlie munger's views on gold is now

siding with omaha's dynamic duo when it comes to cryptocurrencies. the big gold bug on planet earth joins me on this week's edition of everyone talks to lized podcast. liz podcast. peter's warning about where he believes bitcoin is going next. it's available on apple, google, spotify, wherever you get your podcasts. well, look at this, the s&p is now down just 24 points after having been lower by 78. we do have a tiny bit of a comeback. dow is still lower but now just by 119. you've got to watch the end of this one. stay tuned, we're coming right back. ♪ every year we try to exercise more, to be more social,

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liz: breaking news, president joe biden just finishing remarks in hamilton, ohio. you're still looking at a live picture here. he's calling on congress to help ease supply chain issues by passing the bipartisan innovation act. the president touring the metals facility moments ago for the launch of additive manufacturing forward or a am forward for short. we're talking about ge aviation, honeywell, raytheon have joined this program which hopes to, you know, kind of break up that logjam of supply chain issues by utilizing new 3-d printing technology. let's get to edward lawrence at the white house. okay, edward, 3-d printing, how is that going to relieve the persistent issue here? >> reporter: the president believes it could help bring domestic supply chains back to the united states. in the future, you know, if you need something, you just print it. that's his goal here. he's pushing for more investment by companies here in domestic manufacturing in the united states. now, in the latest jobs report,

manufacturing added 55,000 jobs in this report. it's 56,000 jobs fewer than the levels, the record levels of february of 020. that's the benchmark there of manufacturing. so in the latest jobs report here, again, 55,000. so the president is saying now pass the innovation act, and if you yet some of that spending going, within that act, the administration says it would grow industries of the future, specifically artificial if intelligence and semiconductors. it would also help with small medium-sized companies, helping them create more manufacturing systems. the president says his spending could bring down inflation. >> we're at this plant because it's smaller manufacturers, smaller manufacturers that are going to make this happen. and we're here to show why along with the innovation bill in front of congress all this is going to help address what is on evens mind, fighting indiana nation -- everyone's mind, fighting inflation, getting

prices down. >> reporter: and he's talking the long term. the president touring this manufacturing plant in ohio today, a key swing state for him. these trips mainly focus on the economy and america first, and the president has started to get out of the white house and bring his message directly to the american people mainly focused on economics, domestic spending and his spending plans that he would like to do. you know, the markets reacting, liz, as you know not really to this crease here, but what's going on with the jobs report, also digesting what the9 fed reserve chairman had to say. liz: edward, i know you can see the ticker, now the dow is down just 37 points, erasing more than 500 points of losses here. we'll continue to watch this tick by tick. we've got 9 minutes and about 40 seconds left to trade here. nasdaq down 131, so it's still a problem. the tech wreck. we also still have high inflation, spry chain problem d -- supply chain problems.

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11 years. all right. rather than dwelling on the dark clouds of the markets and labor shortages and rising prices, our countdown closers say you know what to do in moments like this, find silver linings if stocks and bonds instead, the ones that benefit from companies desperate to deal with those issues. joining me now, portfolio manager john for the equities side and for the bond, portfolio manager jack mcintyre. john, go for it. tell us how you look for companies that can actually benefit or get a lift from the problems we've just outlined. >> yeah. i think for the first time in a long time we're actually seeing attractive valuations among the equity market rather than just buying stocks because the cash earned nothing. and instead of playing growth versus value, i think on the growth side they were really long-term trends that are very attractive in artificial intelligence, robotics and even

3-d printing as we move to a globalization environment. and we're not going to move everything onshore, but globalization's clearly going to slow down. and as companies look to manufacture their products in a rising cost environment, they're going to need technology. we like prnt and or bots which is, again, artificial intelligence and manufacturing to the to play the growth

>> which part of the curve? >> i like the 10-year.

that spreads it pretty narrow. the fed is going to taint, the markets will say the fed doesn't have to have the aggressive tightening as we get into next year. >> i just saw a tweet from a friend of this show, and he writes as we are look at the markets. the dow had been down 500 points. this has not been a normal week. you just heard jack say he believes we are? stag place. the supply chain will open up to help the inflationary pressure. the russia-ukraine situation is

a wildcard. you will see stimulus on china. again that should help open up the supply chain. i don't think the underlying factors, the u.s. commission healthy and strong, i think with the you be employment rate as low as it is and the amount of jobs as high as they are, i think heading into the recession is difficult. >> we have 45 seconds left. recession? >> well, it's a -- it might be a mild recession. if powell is going to be volcker we'll go through recession and it will be mild. liz: look for the silver lining. that's a perfect theme for this show was there is always a trade.

we know it's been a tough week. the major averages are wrapping up the session off the low, but still down for the week. it looks like a 100-point loss for the dow. the nasdaq down 171. slightly lower for the whole week. but who knows what next week brings. >> we'll be right here to bring you all of it. "kudlow" is next. larry: welcome to "kudlow." i'm larry kudlow. happy friday. first, there are odds and ends on the roe versus wade supreme court leak scandal. justice roberts called the leak appalling. he said if the person behind it thinks lit affect pour work, that's justfo