right? you want to get to green eutopia how about we use up all of the oil and then we have no choice, i'm being far tear us but not completely. the inability of this white house to be nimble on behalf of the american public is playing a role in today's stock market route and i hope the white house is listening because theyon inte close. liz: [laughter] i know, i know, milton friedman said don't blame the white house, don't blame republicans, don't blame democrats, it's all the fed. when the fed does too much easy monetary policy, that causes inflation. charles: he never saw the kind of money we printed in the last two years. liz: [laughter] exactly and even then he thought it was the feds fault. all right, folks, we're looking at the markets right now. it's more u-turn and less whiplash at this hour, markets have given away early gains as investors digest the inflation numbers that remain near 40 year highs, the nasdaq is down 300 points

getting hit the hardest as tech just takes it on the chin again. the dow already gave up 423 points at its highs, the blue chips now looking at five straight days of losses so with the loss of 182, pretty significant swing from bottom-to -top. fintechs not spared in the fed's rising rate environment. some of these companies have never seen rates higher than what we expect to see by the end of the year, but aren't financials supposed to benefit from a rising rate environment? we're going to ask sofi ceo anthony nodo how he plans to capitalize on the feds tightening cycle. mortgage rates, right? they're affected too, again climbing right along with speaking home prices and as millennials and gen z'ers take the plunge and become homeowners there's a company bundling your mortgage with financing for ecofriendly home peoples which matter to this new generation. the good raphael warnock ceo is here in a fox business exclusive how much is he charging to do that and can he holdup in this

inflationary environment. beauty turning into big bucks for the patented hair care product used by kim kardashian to drew barrymore along with the hair of its superstar fans a fox business exclusive and a very interesting story and we're watching the stock. let's start with the fox market alert. this is kind of a going to where to look first final hour of trade, because where the markets stand right now, hardly begins to tell the story of the session right now, all red on the screen the s&p down 38, nasdaq down 292 , transports, russels, dow, everybody is down. the markets have been digesting april cpi reading that did moderate from march 8.5% jump but still came in at a pretty hot 8.3% this morning and by the way, that's hotter than estimates. gasoline prices month over month , they fell 6.1% well

that's surely nice, but still up year-over-year 43.6% bringing the average price of u.s. gasoline in the u.s. today to another record high $4.40, highest-ever recorded. last year we were paying $2.98, so let's look at crude oil. west texas intermediate gushing at this moment we do have it higher by about $5.52 in the after market a jump of 5.5%. all the entire energy complexes looking very very hot and airline fares, we want the to tease this out of all of the inflation numbers accelerating at a record rate, month over month and you know what i experienced this because i was booking a trip, i waited, and then suddenly, two days later, the price jumped. month over month, airfare number s up 18.6%. that's a gain of 33.3% and by the waymo over month that makes it the largest increase since the cpi, the consumer price index, began reporting their

numbers back in 1963. so let's check on airline stocks they are all headed south on that news, but they do have pricing power with people willing to pay higher prices to make their summer vacations. so which stocks in this market have the pricing power investors are willing to pay for now? let's bring in the floor show traders teddy weisberg and dutch masters. teddy? i know you've been concerned about this and the pickings are slim from where you stand but give us the picks that you do see as having that pricing power at the moment. >> well, i think i look to the areas that i think basically have been reasonably a decent place, liz, in this terrible market. even today as i look at the screen, i mean, the techs are just under tremendous pressure again, but yet, you talked about all red. i see a lot of green on my screen and i see it in areas like energy, clearly like insurance stocks, like some of

the agricultural names and some of the foods and some of the staple stocks, so clearly, there are places to go. now maybe they are labeled as defensive names i don't think it really matters because if they act well in a difficult market, they are going to act better when the market improves, so it's not all bad, but clearly , this is no place, this is no time to start picking bottoms. picking bottoms like trying to catch a falling knife you've heard that a million times. it's expensive and it can be painful. the markets will tell us, liz, when they're ready, and we'll know they're ready when they stop going down on the negative news, whatever it happens to be, and clearly, unfortunately, we're not there yet. liz: dutch, i remember what, three months ago, you were saying inflation is going to be here forever, everything is going to cost more forever. i'm not sure i agree with that but what do you mean by that and if you do believe that, where are you putting your money and i know you were shorting some things, shorting the qqq last time we spoke.

>> right. thanks a lot, liz it's great to see you. love having traders on here. yeah, we were short to q, we closed those out a few days ago with all the cash and today we put a long-short trade on. we went long, the agricultural and food stocks that teddy was just talking about and we went short the home builders which just started to crater shortly after we shorted it, just better to be lucky than smart i guess and we picked up about 6% on that trade just today. we do like when you talk about pricing power, you asked us about that, you know, we see that the hotels are doubling and tripling their rates and they are still full. we see people in line to, the airlines are packed, so we think that the marriotts and i really like trip advise or , trip, you know, you've got a

technology aspect to that, which i love. liz: it's up today. >> the market is telling us that something is really really wrong, liz, and they're falling like 2008 and the pandemic of 2020, but we can't point to the one thing that's causing it like we could in 2008 and 2020. you know, we ask ourselves the questions around here, are we going to war, are we going to see a debt default at one of the emerging markets countries, even the fed yesterday started to have, they rolled out all the people they could get a hold of and they started to talk a little more doveish because i think somebody out there is telling them, you know, the markets are crashing and i think they finally have realized that this is a real problem now. liz: yeah, i get it, but and teddy, these numbers, i don't buy the fact that people are saying oh, how nice. inflation rose at a slower pace. it is still unbelievably high and if you look at shelter, now,

shelter for those of you that don't know makes up about 35% to 40% of all of the cpi so we're talking about rent, we're talking about rent, owner equivalent rent and i have so many notes on this i can't even believe it so month over month up five-tenths a percent year-over-year another 5.1%, i personally don't think teddy they are calculating this , i think it's way higher than that, every single person i speak to says their rent has been raised over the past couple of months, so is there some type of play, people have to have a place to live, right? so is it the reit? is it some of the residential reits there? >> liz, i think it's hard to pick the poison that's causing all the damage here. there are so many unknowns. the fed clearly was flat-footed. we talked about it for months, this revelation that all of a sudden inflation is real and it's a problem. i mean, it's like we're all a bunch of kids and they're talking to us like we're in

kindergarten. anybody can see , has seen for months what's going on. liz: since last january, a year ago january. >> exactly, so this is an unknown. the ukraine russia thing is a huge unknown. liz: supply chain, covid lockdowns, et cetera. >> right, i mean, pick your poison, and unfortunately, for us, in the markets, until the markets can deal with a lot of bad news, as they can clearly with good news but markets really struggle when there is unknowns, and there are so many unknowns out there with no leadership, i don't want, let's not start picking on anybody in particular, but we're just floundering here with no direction and a lot of serious unknowns and the market unfortunately is reflecting that , so perhaps we'll get to a point where we get so oversold and a lot of this gets priced in which i referred to earlier and we we will get there it's not a zero-sum game but

clearly this is the time to stay on the sidelines and let the tanks roll over the fields and wait until the dust settles because once again, trying to figure it out and pick bottoms in an environment of unknowns is very very dangerous. liz: 10 year yield now below 3%, 30 year above it but we're watching all of this and more. teddy, dutch, i like how you speak to our viewers and i do appreciate how you have your perspective and you kind of guide them, so thank you. we've got this fox business alert, this really articulates how stock-specific the investment landscape has become. two video game stocks moving in opposite directions at this hour let's look at electronic arts first shares are surging 9.6% despite the fact that ea missed on quarterly revenue and announced it's kicking its wide but popular fifa soccer partnership to the curb but as you see that percentage gain of 9.5% largest since the march 2020 lockdowns, analysts seem to be okay with ea 's news that it's still going to feature global soccer

teams, just changing the name to the series to ea sports, and analysts are also around the madden football popularity, moffettnathanson upgrading it to a buy since the foundation is set to weather market volatility but right below it unity software down 35% taking it on the chin after the maker of video game development tools subscribers people pay a lot of money for their subscriber packages, said its losses widened and a fault in its platform resulted in data errors and they missed estimates so shares looking at them about $ 30.85, the annual high, $210 so its been a long painful fall for investors. flip it over to coinbase. coinbase hitting record lows during this session after the biggest u.s. crypto exchange posted a first quarter loss versus the year ago profit. the stock is down about 78% year-to-date, coinbase also said the number of monthly

transacting users fell. here's the real problem here. fell to 9.2 million in the first quarter, that's a drop of more than 2 million, just salely, quarter-over-quarter. investors risk appetite for crypto forcing a significant pullback in crypto prices over the past couple of weeks and as you look at bitcoin right now , once again, below the 30,000 level for the second time this week, we're at 29, 901 , ethererum is falling nearly 6% we've got u.s. litecoin down 12.8%. and in a vote of confidence for current management, kohl's shareholders rejecting an activist's bid to shakeup its board. the department store chain said a preliminary vote shows all 13 of its own directors were re-elected and all 10 of activist board nominees were rejected. kohl's has been an acquisition target in the past few months with suiters from simon property and brookfield asset to hudson's bay, sycamore partners, making offers and trying to pressure

the retailer. the stock is actually under pressure today down 4%. fintechs were supposed to be the future, right? taking on wall street's biggest banks. some might still be but right now, many are in free fall as the tech is hit the hardest. sofi ceo anthony nodo is here to tell us how his financial tech company a favorite with millennials is preparing to handle the feds hiking plan after a decade of rates well- below 2.5% closing bell 47 minutes away, again, green on, red on the screen it was green, earlier, yes, dow is down 152 points at the moment, and it really is the nasdaq as far as percentages that's getting hit the hardest down 2.7% "clayman countdown" just getting started. you know liberty mutual customizes your car insurance, so you only pay for what you need?

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liz: fox business alert, the shine is coming off the so-called big bank killers at least off their stocks, year-to-date, fintechs have been hammered. paypal down 59%, upstart down about 81%, affirm down 85%, then you got sofi. sofi is considered one of the hottest, it is not immune, either the stock down about 66%

this year, and now wall street is reigning down a slew of tries target cuts shares gap down to 4.95 at the open but completely turned around and are up about 4 %, just in a day. the 18% drop this week for sofi is perplexing though because sofi reported record revenue of 49% rise in total adjusted net first quarter sales of $322 million, sofi offers everything from student loan refinancing, personal loans, financial services including banking now, so let's bring in sofi ceo anthony nodo. anthony great to have you. you know, you guys are a bank, you got the charter in january, you opened bank services in february, banks and financial stocks are supposed to do well in a rising rate environment. how are you interpreting what's going on right now? >> yeah, i think us in the fintech landscape is looked at slightly differently than banks overall, but the reality

is we have the same characteristics in our banking of lending businesses as traditional banks do but we have lower costs since we don't have branches. we also are 100% digital and so we do operate with a higher long term profitability relative to traditional banks. the thing i'd say about your introductory remarks is that the whole fintech sector has been taken down quite dramatically this year, as the sector went up, i didn't think there was a lot of differentiation among the companies and quite frankly, not a deep understanding of what companies did, and on the way down that's also the case and what we're trying to do is educate investors about how we'll navigate this environment. now as you mentioned in your up front remarks we have three different businesses one of which is a technology platform and we power other companies that are going direct to consumer of financial services and that piece of our business was about $60 million in the quarter and it's highly profitable. we do have lending, our advantage in lending is that now we are a bank, we can use our

investors deposit or members deposits to fund those loans, so we have a lower cost of funding, so it guarantees us funding from deposits and at a lower cost which allows us to navigate the higher rate environment. now last point i'd make is we're taking a really unique approach to checking and savings we're offering 1.25% interest rate now and we can afford to do that because our costs are so much lower, now that we are a bank and in a rising rate environment given consumers that type of interest rate, if they do direct deposit is a huge differentiator liz: man, i'm pretty sure i'm getting less than 1.25 and i'm a direct deposit member for sure, where i am. this is a very tough environment for investors, even your biggest believers are having trouble because your fundamentals look not just solid but showing actual real growth. i mean, i saw your total member numbers are up 70% year-over-year you're almost at what 4 million members now. why do you think as you say, now we're seeing differentiation, the separation of the mens and

the boys the girls from the women however you want to put it, why do you think sofi is getting painted with the same brush right now as other fintech s that have weaker number s? >> it's just going to take investors a while to really understand the differentiation, so people worried about the macroeconomic economy and if we hit a recession, that typically results in higher credit losses, so some companies that are only in lending are down massively this week. we're also in lending. we have exposure there but we focus on a higher segment so we're hitting the mass affluent and also higher credit. our average income for our unsecured personal loans is $160,000 and the average fico score is 740 which is a prime credit rating. there are other companies that are in the lending business only , so they can't offset it with things like the technology platform, so there's concern about the future and the question is in the future if there's a recession, who can weather the storm the best and it'll take a while for people to figure that out. liz: that you believe it's you, sofi student loan originations

actually fell i believe quarter over quarter i get it largely because the student loan moratorium was extended to august 31. president biden is talking a lot about the cancellation of some student loan debt. how do you view that? >> sure, that's also another uncertainty. we're assuming that student loan federal student loan payments will not be required for the entire year, even though he announced the moratorium would end in august. our assumptions in our guidance for $1.5 billion of revenue versus about $1 billion a year ago assumes that we don't see recovery in that business and that he will inevitably give some forgiveness. now that forgiveness probably won't apply to the people of the demographics that i mentioned the $160,000 of income or higher. it be great for us if there is forgiveness and those that aren't going to benefit from forgiveness refinance because we can offer them a better rate as rates start to go up. liz: anthony, unrelated but i've followed you since you were an analyst at goldman sachs and then you ran at least you were

chief financial officer at the nfl. then you were at twitter. you were in the c-suite at twitter. i don't know if you still have buddies over there. what do you make of all that's happening right now with elon musk at twitter? >> you know, i'm not there to have an in depth perspective. i think he sees what many of us see. i'm still a large shareholder in twitter. i have not all of the stock, i received when i was there but still a sizable piece and i think they have the best content in the world at twitter. anything you want to see in realtime, they have it. the challenge is finding that content and making it a mass market product. i know there's a lot of focus on safety, as well as the health of the platform, and that needs to be solved but the product is still hard for the mass market to use and really unlock that content that they really pay nothing for. i think the companies made great strides since i left in 2017 but someone like a facebook has 2 billion daily active users and twitter i believe has better content and more relevant

content and better conversation and that should be the bar and i think that's the opportunity overtime and i think that's what he sees and jack and others see. liz: well it's at 46.40 for now, it's 54.20 his buyout offer per share, you're okay with that as a shareholder? >> you know, i'm not going to comment on the price of the stock. liz: i tried. >> i appreciate it. liz: i'm guessing, yeah it's certainly higher than where we are right now but anthony great to see you we're watching sofi which of course as i mentioned intraday and i like to watch this it has definitely turned around up 4.5%. good to see you. thank you, liz. liz: it's a hair care name everyone from kim kardashian to kylie jenner, they are obsessed with it but now olaplex is expanding to the masses, the ceo joins us next to tell us why it's patented but pricey products will remain resilient for consumers and shareholders alike, particularly at a time when inflation is crushing household budgets. closing bell 36 minutes to go,

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liz: the patented protected hair care brand, olaplex have you heard about this rocketing to mass popularity thanks to jennifer gardner, emma stone, the kardashians holding on this hour up about 1.5% you see the open here? it popped so high 9% it had to be halted after the company released a better-than-expected first quarter report before the bell. they beat on both top and bottom line with sales showing growth of nearly 58% year-over-year but with the average product price around $28 a bottle, all the way up to 40-plus, can olaplex sales continue to shine? joining me now in a fox business exclusive is the olaplex

president and ceo jewey. i wanted it because i started using this stuff and all my sisters, i have 500 sisters out on the west coast, that try olaplex but 58% sales growth even half that was impressive, but i mean, this is an impressive number in an inflationary environment. we're not here to do a commercial, but how did you do that? what drove those sales? >> i think what is important to note is consumers want high performance. products that truly deliver and when they find that, it becomes their holy grail and we have been very fortunate. we found that the number one source of truth for our consumer s is their hair stylists and when they recommend a product we get an opportunity to really serve the consumer and the customer whose looking for the result that they are seeking, and our result is not only this quarter, you've seen us report from the very first time we came on, you know, in

terms of our earnings and the last earnings call, we have continued to deliver and that is because the support the consumer is looking for hire performance product that is patent protected and it is definitely science- backed. liz: it's better hair through chemistry. i know that the co-founder came from a family of chemists and worked to create these bonding products that bring the hair together and protect it. again, i use it so i know, but it's, listen, it's expensive. i alternate between that and herbal essence because i'm cheap , i'm frugal, let's put it that way but in this inflationary environment where consumers are looking at their household budgets going through them and saying i gotta get rid of this i'm going to keep that, how do you make sure you're on the ledger side that says keep? >> i think what is important again is that it delivers the results. i mean, something that is ego nominated it call but if it is

not going to give you the performance that you're looking for it's a waste of your money. it maybe, you know, and we are actually priced at entry level pretige hair care products because of the patent, because of the size, and because of the performance that we deliver the ingredients that we use, you will see that you can see the performance in the very first use and more importantly, our products are very concentrated so a little goes a long way. liz: that's true, i get that but jue, scaling higher and wider, i know you are branding out, you're in sephora, in ulta, going international, you had good international growth. i think about say for example, d yson, who went from vacuum cleaners to blow dryers. would you ever think, have you gone into the thought of maybe expanding to skincare or perhaps hair accessories? >> so if you look at the hair category, just by treat data alone, it shows that pretige hair care is the fastest growing

beauty category and just last quarter when they reported it for q 1 of 2022 it grew 32% versus the overall pretige beauty category growing at only 19%, so we believe there is a huge run rate for olaplex and if you look at our assortment, there's only nine retail skus with three professionals, with such a tight assortment we are essentially just scratching the surface so our focus is going to be on hair. the reason why you asked about skincare is in our public reporting. we have patent, our patent application does have skincare benefits, but because there's so much opportunity in hair, we really want to focus on what drives the need and the want of the consumer. liz: we will be watching, and of course, stocks been rough like with the rest of the market down more than 50% over the past year , you went public last year, we'll be watching it, jue, thank you very much. >> thank you very much for having me.

liz: jue wong, olaplex is the company with energy costs and mortgage rates rising faster than the morning sun, is now the right time to retrofit your house with new energy efficient solar panels and hvac systems? well one fintech is hoping to help you do it by providing the financing for those green sustainable home improvement projects. the ceo of good leaf is joining us next in a fox business exclusive. how much do these services cost? you know, how is he financing it we're going to find out closing bell 26 minutes away. nasdaq still down 2.7%, definitely the lost leader as far as percentages and points dow down 190 or half a percent, s&p lower by 47. we're coming right back. just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. vanguard.

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liz: all right this is a classic case of every action has an equal and opposite reaction. demand for a justable rate

mortgages has suddenly surged to a 14 year high as home buyers face some of the highest mortgage rates seen in more than a decade. today's average rate for a 30 year fixed mortgage has just hit 5.57%, that according to bank rate. that's up seven basis points just over the last week. mortgage applications, this is kind of a quick because these things are only going higher they also rose up 4.5% last week compared to the week before. still nearly 8% lower than the rate for applications a year ago. fintech company good leaf, what they do is help americans not only finance their home loan but also they loop in home sustainability projects like solar panels, smart thermostats, water saving turf, things like that. ceo and founder haze barnhardt is joining me in a fox business exclusive. wow what's your world like with these rising rates right now? well we're in good shape to be honest with you. yes the cost of capital is going up, but the demand for consumers to take control of their energy needs has never been higher, you

know, homeowners want to protect themselves, lock their cost of energy in, for the next 25-30 years, and they can do that by thoughtfully financing a number of items in the home to electrify the home, but also save the money from the very first month, so imagine like solar, or battery storage or energy efficient hvac, liz, it really allows them to be thoughtful about how to take control of those energy needs. liz: man, i'm looking at the cpi numbers and we break them out. i mean, all of energy, year-over-year up 30% as far as prices are concerned. fuel, other oils up 58% so obviously, if you can go into things that are less expensive, great but what you offer, how is that saving me money and when do i start seeing savings? >> yeah, so imagine the world. this is the big misnomer. everyone thinks that these are expensive, or you know, solar is only for the wealthy. it's not true, we've democratiz ed this 32% of our business is below the average median income and so what's

really important to understand is you can be thoughtful about replacing that sad, outdated water heater that's powered on fuel or a heating solution powered on fuel or you could put solar on your roof and battery storage, your home goes up in value instantaneously and here is the part i really want to make sure people understand. you save money from the very first month. if you replace these solutions, you save 50 to $100 a month, instantaneously, and you fixing that energy cost over a 25-30 year period of time and you're spot-on 32% is what energy costs overall in the united states went up over the last year, 9% just for that electricity bill. liz: i get it. i know. when you look at utility, natural gas service up 22.7% in this latest cpi reading year-over-year, you know, your latest round of fundraising in october, you're not public yet, but you have some pretty big hefty fans. michael dell is in here, byron

trot, he of course is with bdt capital they value your company right now at 12 billion. they want their money back vent, is there an ipo in your near future? >> look i will always do what's in the best interest of our shareholders like michael dell and byron trot in addition to our employees. right now, i think you would agree, a lot of the companies that ipo last year or late last year are trading below their ipo price, there's distractions, it's very, you know, confusing for those employees. i made a decision thoughtfully to raise some capital last year, remain private, focus on offensive strategies allowing us to gain market share and we're going to gain a lot of market share this year, see significant growth this year, there's so much demand coming from various product manufactures that are trying to figure out how to finance these items liz: we got to run but i'm very interested, arms have suddenly become very hot and especially with millennials, or again gen z who are trying to get into homeownership.

what is the cost for bundling in something like this? >> so the first thing i would say is you don't have to touch that first mortgage. you can do an instantaneous point of sale consumer finance loan at extremely low rates and you don't have to touch that first mortgage. now if you want to touch that first mortgage, you know, we do have the ability to take our consumer finance loans and roll them into that mortgage, but as you eluded to in the segment before, mortgage rates have gone from, you know, below 3% in november and december to 5.5%. liz: haye sex, thank you we're watching it and i'll be have interested to see how a company like yours rolls with the punch es of rising rates, thanks. >> great, thank you, liz appreciate it. liz: we got to talk about disney disney is actually hitting an annual low today. this ahead of its earnings which are out after the bell as we await those results, we are going to take a look at the political headwinds royaling the mouse house. charlie gasparino up next. he's going to break that story,

and how did a college dropout turn winning a class contest into a multi-billion dollar business? this week i'm joined by the youngest ceo of a publicly- traded company, yeah, used to be austin russel, now it's a guy named alex rodriguez. he shares how he started his autonomous trucking company from his garage and has become a half billionaire at the age of just 26 years old. there he is, why does he still have roommate roommates? you've got to hear his incredible story it's my everyone talks to liz podcast the brand new episode just dropped on alex available now on apple, google, spotify, wherever you get your podcast closing bell 15.5 minutes away, nasdaq is now down more than 3%, a loss of 352 points, we're coming right back. welcome to your worl. your why. what drives you? what do you want to leave behind?

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liz: s&p 500 just hit a session low, we're now down about 60 points, a loss of about 1.5%, again, folks, we're watching these numbers here now the dow is down 268 and the s&p down, i'm sorry nasdaq down 362, and just a quick mention here, no losses for bitcoin, bitcoin is falling 5% now. and in just a few minutes, disney is set to report quarterly numbers, with the stock down more than 40% over the past year, you can bet a lot of people will be on that call call and not just investors , charlie. charlie: right, i almost said president, it might be the president, the florida governor ron desantis what sources are telling the fox business network is either going to follow it or he's going to listen to it later but he's keenly interested in what bob ch apek, the ceo of disney

has to say on the earnings call given the big grow that they are having between the state, one of the largest states in the country, which houses as you know disney world and other disney properties, and disney itself for attacking one of its laws it's a law that essentially says you can't teach sex education to kids at i think it was third grade. bob chapek came out this is interesting if you follow the timeline and we may have a write up on this , he had two meetings in march with desantis, we're told from aids of desantis told us this. one phone call which went pretty good and it was a kind of a zoom meeting the second one which went well, where chapek said listen i don't like the law but didn't say he was going to attack it. literally the next day or two days later he came out at a board meeting and said they are going to try to change the law. that insensed desantis from what we understand.

he then, then desantis reviewed a tape of what his aids are saying is a, and i saw the tape, it's a disney executive talking about infusing her words, queer ness into some of the sort of child-centric programming, that disney produces. it was one in particular. that sent from what i understand desantis over-the-top, and then that pushed him to do the florida law, the second law, which essentially removes all of disney's special tax status, its status as essentially an island into itself inside florida, and pushed that through the legislature. here is what we know. there is no more meetings setup between the two. disney has not asked for another meeting. we also found out, i've also been told by aids to desantis that desantis will meet with them if they discuss the law constructively. if they go after desantis and the law and say this is a don't say gay law, which it doesn't say, obviously, it says you

can't teach sex education to kids that are third grade and below, if they approach him like that, there will be no meeting. if they talk to him constructive ly, his aids are saying he will meet with them. we do have an interesting quote, can we put that up, this is from a spokeswoman for desantis. nothing will convince us to change our stance involving disney. we will not back down. i will say this. his polling on this is even favorable with the state democrats. this is a no lose situation for him, disney on the other hand -- liz: until he sees the lost tourist dollars maybe. charlie: like parents are going to boycott disney world because of this? liz: no, but i think that disney and i think that that has been an issue that people have talked about, that if you, the tax money that -- charlie: so many people moving from new york to florida, i bet i'm telling you, housing prices in florida are going through the

roof. this guy doesn't need the tax break. i mean, this guy doesn't need a political opponent corporation, at least that's what they're telling me inside the state and listen, if they picked up and moved to new york tomorrow, i don't think he'd care, because florida is such a business- friendly state, so many people are moving down there. i will say this. one of the interesting things i think came out of this is that the battle between desantis and disney is just i think that's a current razor for what's going to happen particularly if republicans get congress and how republicans are going to go after woke ceo's if you virtual signal a ceo no matter who you are, you're going to be attacked by the republican s, particularly if they get both houses, and then it's like, you know, hearings and things of that nature so this is a template and just the beginning. liz: well, you know, governments telling private companies what to do, there's the other side of this , we'll talk much more and we need to tell you that the nasdaq is now down nearly 30

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to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? ♪. liz: okay, i'm just putting these numbers together. the nasdaq endured a swing of 504 points from bottom to top to bottom, whatever. the dow swing? 777 points right now. even with the nasdaq selling off, our "countdown" closer says the u.s. is still the least dirty shirt in the laundrie basket. uh-huh. the least dirty. you don't say the cleanest. you say the least dirty. horizon investments chief officer believes that. scott, you say u.s. equities, they're looking ugly today.

>> yeah, hey, liz, we have a choice between u.s. equities and some cash positions yeah i would take cash position in the portfolio today, which we do. if we're making different choice between the equity markets the u.s. is sort of a hands down winner. we don't want to be in latin america with political turmoil. don't want to be in europe, even more pending recession than the united states does. emerging markets are a bid of disaster with what is going on in china, with covid restrictions their own disaster. so, in terms of like picking, like you said the cleanest shirt in the laundrie, the u.s. is definitely that. liz: i said the least dirty. because they're all dirty. just about every sector except for energy is looking very ugly, i'm talking about the stretched over the last year. today we have got energy jumping for a moment but you aside energy, looking at closure of a lot of plants, knowing there will be a great need and desire, we have so many names moving

higher right now, consumer step peltz as well. that seems easy because these are things people must buy, need to buy, versus want to buy, correct? >> that is exactly true. we did a study here, completed yesterday, showing that consumers are spending more money on staples now than they are on discretionary goods. that is not anything you could say over last five or six years. everything is going up including price of staples. those are things people have to buy. in an environment like that, the environment we're living next few months that is definitely safer place to hide than some technology stocks for now or at least some consumer discretionary stocks. liz: scott, we have about 20 seconds here. when do we see a bounceback that holds? >> a great question. really we're thinking about this right now, when the market and the fed start caring more about growth than they do about inflation, then we're, then we'll get a turn in the fed. then we'll get a turn in the

market. while inplaying is priority number one, the fed is really handcuffed as well as central banks. we're going to be mired in this for a bit. at some point growth will become concern number one. that is the point where you jim back in. [closing bell rings] liz: scott, great to have you. there is the closing bell. this is u-turn, not whiplash, once we went down we stayed down that will do it for us. "kudlow" is next. larry: ♪ larry: hello, everyone, welcome to "kudlow." i'm larry kudlow there was no let-up in cip inflation price, let's start with that. gas went down in april but bobbed back up in may. overall the 8.3%, still highest pace in 40 years. not good. real worker wages continued to