conversely, the top 10% buy wealth, 22% of consumption, they own 89% of the stocks. so here is the thing, folks. shop a little bit less, on a little bit more stocks, and that solves your problems you don't need any politicians, you can do-it-yourself. take it from me, it is worth it. we got an hour to go i feel pretty good about this , liz. liz: are you telling me don't buy the lewis have it vuitton purse? charles: it's down at a 52 week low. by the way my wife has never bought into that philosophy but i'm still trying. liz: i'm kind of in her camp so yeah. okay, all right, everybody, that was then, this is now. take a look at the markets, we are up at the moment, dow up 188 points, it had been negative earlier, after the release one hour ago of the federal reserve minutes from the may 4 meeting. the look back, its rear view

mirror looking confirming the fomc voting members firmly are in fed chair jerome powell's camp. they agreed three weeks ago that they should stay on track and implement half point interest rate hikes, at their next two meetings in june and july, but look at the intraday chart of the s&p 500. you can see how it gave up gains in the minutes after the 2:00 p.m. eastern release. our floor show traders are here, even though the s&p is backup 42 points, they're going to tell us if the backward-looking notes from three weeks ago still match up with the current economic environment, because that was then, this is now. workers digging in their heels, millions insisting they want to remain remote. how's that and a slowing economy affecting commercial real estate markets is in the thick of it, they are the ones who lease warehouses to amazon and office space to thousands of companies, with their stock down 22%, is this the new normal, or this too shall pass? we've got the ceo.

and those who predicted stay-at-home workouts be the new normal were totally wrong. gym chain planet fitness just hit record membership numbers, the ceo is here in a fox business exclusive, but first, we've gotta start with breaking news did you see this? gap stores releasing their first quarter report early, by accident, yeah, it hit the wires over half an hour ago. the retail giant revealing a 2% jump in net sales, to $4.5 billion. now, it had an adjusted loss of $0.02 per share, analysts were expecting a much wider $0.14 loss, the gap was supposed to release its quarterly report after the bell tomorrow. these things come either before the bell or after the bell, so when you start getting headlines in the middle of the day, that's called a miss-punch most likely but either way the news is good, the shares are gapping 12 and one-third percent that's breaking news. let's get the fox market alert. choppy trading for the markets after the fed released minutes from its may 4 policy meeting so

let me explain what happened here. the dow shot up and dipped into the red but right now it's backup by 261 points, and nice move there, high of the session we're right there, pretty much. the 10 year treasury yield lost ground with the yield speaking but now, we see it holding steady pretty much at 2.75% and by the way i checked this morning because i try and look this morning and write it down because i want to see throughout the day any kind of trajectory. that's exactly where it was. now the minutes did show most fomc, federal open market committee participants backed a half percentage point rate hike. that was in june. i mean, sorry that was in may, and then they noted that in june and july, they're looking for it again. they are trying to tamp down the inflation fires. now the rear view mirror peak into the thinking of the rate setting committee came with a huge asterisks. we are telling you that. the meeting happened 21 days ago , so even as the fed funds

futures for july and june still look like 93% odds, we will see those 50 basis point hikes. we know that from then until now , in the weeks between there, the conditions to "snap ceo" have deteriorated so just for example, let's take a look at natural gas. earlier today, during the regular session, it topped $ 9 per million british thermal units. that's their one single unit there. right now slightly below it in the after market to 8.88 but its been years, right? you'd have to go back to august of 2008 to see natural gas at that high a price. prices for food they are continuing to skyrocket along with just about everything else. forcing consumers to make very tough choices that are starting to show in corporate earnings calls and new filings. the latest, dick's sporting goods. now the stock action today for dick's has been completely insane. it opened at a 52 week low of $ 63 and change after cutting its full year earnings outlook this

morning, due to consumer demand but the stock has completely reversed and right now, is up 10%. investors are choosing to focus on dick's first quarter earnings beat. dick's warning though, does echo major retailers walmart and target both just a few weeks ago , foreshadow consumers sudden shift in spending behavior, and as you can see , so these are the one week charts here, and it was a very tough time for both walmart and target who are see ing a lot of changes. there are interesting contrarian indicators in the retail space. look at nordstrom. shares are jumping at the moment as we have the luxury retailer last night increasing its full year forecast, and then urban outfitters looking at the largest percentage increase in nearly two years right now, so where does that leave investors and the fed today? we've got tail of two data pools here the past and the present so let's bring our floor show as we hit session highs for the markets joining me now with 237 billion in assets under

management, northwestern mutual wealth chief investment officer, brent shooty, and wall street veteran trader teddy weisberg of see port securities. brent i'll toss this to you first. the first 50 basis point hike to tamp down demand, that was may just a couple weeks ago, appears at least at the moment to have been water off a duck's back. it's not helping to tamp down inflation. some ceo's are warning but others say people are still spending. which side do you as a wealth manager take for your investors at the moment? >> sure, i think people overall are still spending just differently. if you look at the earnings reports those show that so think about walmart, amazon, think about target. they all noted a healthy consumer, just that the consumer was shifting spending back to services from goods. so if you think about the past few years the consumer was stuck inside, stuck in their homes, they received stimulus, and they spent it on goods. they pulled forward a lot of demand, and unfortunately, some of these companies actually thought that was going to continue and they built

inventories, and that's where the disappointments came from so overall, i do think that that's actually going to have a downward pressure that's going to be pretty substantial on inflation, because goods inflation is really what has driven overall inflation, and i think that's going to really pullback as you see these companies having to lower prices and you see the consumer move more towards services, so to me, the consumer is still healthy. certainly the price hikes and energy and gas that you mentioned are not helping, but overall, they will be getting better in the coming quarters as everything else starts declining in price, and i see inflation pulling back towards 2% to 3% towards the end of the year. liz: that's why it's interesting that we have you, brent, because you have a completely different prism through which you're looking. you worried in the past valuations were too rich you wanted to see them come down and you said buy on any dips so what are you looking at at the moment that you think is attractive finally? >> sure we've been talking a lot about the market dislocation that occurred alongside the economic dislocation. so if you think about the

liquidity large assets been out there the past couple years people have used that to buy growth stocks, people have used that to buy hope stream and meme stocks and those are the areas of the market incredibly expensive and due for a pullback the good news is that that pullback has not been across all asset classes or parts of the market. value stock, for example, an area which we still like, are only down around 6% year-to-date , so that's the area we think you should be looking more towards. things that are cheaper. things that make sense. things that have a cushion against some declining earnings. liz: teddy, as a trader, we started off by saying that was then, this is now, and we have seen a totally different change in tone from not all ceo's because as you saw, nordstrom saying luxury spenders are still out there but you've really heard a change in tone during the conference calls and that makes me wonder, do you think that the fed is going to start to wobble and say well, wait a minute, now maybe we should only do one more 50 basis point cut, or do you think that they

realize that if you have to choose between the two evils, inflation, tamping it down and hiking rates, you'll go with tam ping down inflation. >> well i think, there's sort of between a rock and a hard place, liz. they are going to be damned if they do and damned if they don't , because the way i see it, the energy inflation and food inflation is not going away any time soon, and i think that raising interest rates has an effect on the overall economy to a large degree but i think that also to a certain degree, that the energy issues and the food commodity issues are outside of whatever they can do so i really think that those two problems are going to create huge issues for the consumer in general. as far as interest rates and what they're going to do i don't think we learned anything new today.

they speak out of both sides of their mouth so it's kind of hard to figure out. liz: okay, i know, teddy and i meant to say 50 basis point hike , not cut, but because in my mind, its been so many years since we were cutting rates, but you just saw the atlanta fed chief raphael bostick starting to say well, you know, the fed should really be careful and not be reckless. that's indicated to me, maybe i'm reading too much between the lines but that they're starting to get scared, and they're thinking -- >> well i don't know if they're getting scared but clearly, they're sitting on the head of a pin. now, it shouldn't be all about the stock market. obviously, from the standpoint of your viewers and the folks in the business, we would like it to be all about the stock market , but there's a much- bigger picture out there and the stock market obviously is going to reflect what they do and what they don't do. i would say with one 50 bps rise on top of a 25 bps rise and maybe another one if that's

enough to scare a fed member or the fed, then we have bigger problems than we realize. liz: agreed. teddy, brent, thank you, and while you two were on the screen we hit a brand new session hi, dow up 306 we're just up 304 so right almost there at the moment big moves a rally right now in full play, let's see if it holds we've got this fox business alert. apple shares are actually having trouble kind of coming along for the ride here, at this hour, we've got loop capital cutting the price target to $180 from $210. loop concerned that wall street estimates for iphone shipments in the june quarter, and those were between four and 6 million units are way higher than what he believes so the analyst believes the company will be able to ship. now, separately, asia is reporting that china's covid issues are delaying apple's iphone development. hold on i'll pull up the stock here we do have apple it has punched into positive territory,

just by under a percent here, but it has been lower for much of the session. nikkei sources say it impacted development for at least one new iphone model and initial production volumes could also be impacted, but apple's been dragged backup above the flat line. all right wendy's stock though all day long sizzling hotter than its burgers shares on pace for the best day in a year on news that the company's largest shareholder, nelson peltz is exploring a potential deal to buy the fast food chain. his partners owns a 19.4% stake in wendy's says it's seeking a deal to enhance shareholder value that's what investors do say but that effort could also include an acquisition or merger. now, year-to-date, even though wendy's is up 10 and one-third percent, wendy's is lagging down 24%. tryon holds three wendy's board seats including the chairman. wendy's board says it is evaluating tryon's proposal.

kohl's is also surging on news of yet another possible deal, according to reuters. instead of dropping out, potential bidders that have been swirling for the past couple of months are planning to make a binding offer for the retailer. now, the stocks up 12.5%, so let's just put this into context while due to the market downturn and disappointing earnings, these new bids might be 10 to 15 % lower than earlier offers but they could still be as high as $62 a share. you see where the stock is right now at $40 and change. potential suiters could include sycamore group, franchise group, simon property, brook field asset management and perhaps a few others. ceo michelle gats earlier this month did successfully fend off activist investor mccallum when kohl's shareholder s rejected all 10 of that activist investor firms board nominees so hmmm. we don't know what's going to happen and one more possible deal in the works. oil giant

saudi aramco approached valvolin e about a takeover of one of its units. shares, look at this optimistic rail entitlement day here, valvoline speaking just at noon 13% just off the highs of the session here though at the report said aramco is interested in acquiring valvoline's global product division. valvoline released a statement saying no decisions have been made yet on that offer. forget the monthly fees. planet fitness is giving one entire group of the american public a free pass to fitness. not just like a one day free pass. the entire summer. the planet fitness ceo is going to explain whose getting it, next in a fox business exclusive closing bell, 45 minutes away, dow jones industrial continuing to charge higher in this final hour. we now see a gain of 319 points, the nasdaq is really kind of the winner here, along with the russel up two full percentage points or 246 points

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liz: fitness stocks rallying at this hour as investors and consumers hunt for skinny summer membership deals, but in this inflationary environment, they are kind of tough to find, after eight years, without a price hike, peloton announced and we reported this last month, that starting june 1, it plans to increase its all-access membership from $39 to $44. meantime, lifetime fitness has its membership fee listed at $250 per month, but rival planet fitness is doing a backflip, going out of its way to do the opposite, with summer just around the corner planet fitness ' iconic $10 per month membership just got even cheaper for select bunch of americans. how much cheaper? try free, for the whole summer. joining us now in a fox business exclusive is the ceo of planet fitness, chris rondo. chris, this isn't just a one session for free offer. what is it and who gets it? >> it's for all high school

ages 14-19 work out for free all summer long, no strings attached , no purchase necessary, we want teens to give fitness a try and not for the physical benefits but the mental health benefits, and coming out of the pandemic, and the stress they went through all that, exercise helps with anxiety, helps with depression, helps boost your mood. it's really a lot of other things than just physical and help teens across america take advantage of this great offer. liz: you know, you're doing this and you're beating earnings forecast, your q 1 numbers were very strong. you did have a beat, and you reiterated your guidance for your forecast here, so i look at this , and then i look at your membership numbers. they just hit i believe a new record, 16.2 million. this indicates to me that people are so ready to get back in the gym, but how do you offer free to a huge segment to the population and continue to puff up your bottom line? >> yeah, i mean, i think it's the right thing to do, really exposing youth to fitness and a

lot of school systems don't have what they used to and this is a great opportunity and down the road it'll pay its dividends back but it's the right thing to do for that generation today. you're right, we have 15.9% same-store sales growth in the first quarter. we had a million net member growth in the first quarter bring us that 16.2 million members you mentioned and really a $10 a month, we've been $10 a month since the 90s and we looked at americans that don't have gym memberships, and get this , around our current footprint of almost 2,300 stores , is 140 million americans over 14 that don't have a membership at any gym, so at $10 a month, you know, we don't feel like we need to raise that because of inflation. there's so many more people to help get off the couch that will make volume and expose them to a great brand and a great quality product. liz: for a lot of the segments of population, it is a consumer discretionary choice. it's considered a luxury, and some of it is too expensive and so for you to be offering this for high school kids and getting them hopefully hooked on

fitness is terrific, but i'm just wondering with this backdrop at the moment, where we have a macro picture that in some cases is deteriorating, people are now deciding wait, what do i need to spend money on, and what do i want to spend money on and i've got to put aside the what do i want to spend money on so what are you seeing when it comes to, and i'm talking in the last two weeks because yes you beat your first quarter numbers and you have record membership but what are you seeing now in the last two weeks? >> yeah, we're still seeing great demand, and even if i go back even, liz, 2009 when we had first kind of recession in the financial crisis, we had great same-store sales growth and i don't feel people will put health and fitness aside but they will pay more attention to what they are paying, do i use "the rock" wall or the pool, i want a treadmill and i want weights and a clean product and at $10 a month you get that and the same exact treadmill you'll find in $100 a month club, but you you are cost conscience when you do so. liz: yeah, this is true. you've got these points you're

hitting and yet the stock really flagged over the past what, year-to-date quarter to date. i mean, i know over the past five years you guys are up 200%, but how do you get the needle to move on the stock at this point? >> i think unfortunately the market is pressuring everybody at this point, but we just execute like we have in the past, leading into the pandemic we had 53 straight quarters of positive comps averaging 12% over those 13-plus years and we're back to same-store sales growth again and i continue to see that in the future, so i think we just keep showing the market in producing for them. we opened 37 new stores in the first quarter, 70% more than the first quarter of last year and we just keep going. liz: i love your story, chris, 1993 your first job was at the first planet fitness running the front desk and now you're the ceo. god bless america. come back again, thank you. it is a classic case of action and reaction. soaring gasoline prices have inspired new interest in

electric vehicles. jeff flock is at an ev-go charging station talking about how american appetite for ev's is rising at a time when supply of these cars is running thin, and which stocks stand to get an electric jolt from the demand? closing bell 37 minutes away. dow just off session highs still up about 263 points, the nasdaq up 213. the s&p up 49. this... is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

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liz: gasoline prices clocking another all-time high today. the average gallon of gasoline in the united states has now hit $4, again average, i know some of you are paying more, $4.59 per gallon topping the record of 4.56 recorded just last week. with inflation cooking consumer 's wallets the demand for electric vehicles has risen exponentially step for step with energy prices. to mount laurel new jersey where

jeff flock is at an ev-go charging station. jeff with the record high gasoline prices i'm interested to know how the increase in demand for electric vehicles is trending. reporter: it is trending up, not only in the u.s. , but all around the world, liz, and by the way yeah, the ev-go charging stations here, it's curious in new jersey, you can't pump your own gas, but you can pump your own electricity. that's the way it goes here. yeah, take a look at these numbers in terms of interest. ernst & young just did a big study worldwide and found actually though the interest is up in the u.s. , it's actually on the low side compared to the rest of the world. about 29% of u.s. car buyers now say they want an ev. australia a little bit more but if you look at the whole rest of the world, more than 50% of car buyers now say they want to buy an ev. here in the u.s. , registrations

are up, the numbers are up, there are now 1.44 million ev's on the road an increase of 40% from last year, but if you took all of the cars on the road and totaled them all up it's only about a half a percent of all of the cars. the problem is right now, as you said at the outset, liz, you can't get one. we talked to the folks at cars .com. listen. >> every auto maker is having, you know, difficulties producing vehicles at this point. these new vehicle productions then hampered with a large number of supply chain issues over the past year plus now, and so it's really just kind of an unfortunate timing whereas gas prices are going up, this could be a real kind of opportunity for electric vehicles to take up. it's just exceedingly difficult to produce those vehicles and get them out to consumers. reporter: take a look at this , liz. here are the ones that are really in short supply. you can't get them.

ford f-150 lightning pick-up, rivian, you can't get a truck and the cadillac lyric they are all sold out so good lucky if you want to buy one. here is the other catch and that is comparing china and us when it comes to ev not only adoption but production, and supply chain batteries, china makes 77% of the world's ev batteries. we make 7%. ev's in general, assembly 54% come out of china, 10% come out of the u.s. and lithium processing, 58% of the world's lithium which is a key to the batteries, in china 1% in the u.s.. if we're going to make this transition, liz, we need to pardon the pun, get in gear. liz: get in gear, loosen the regulations, you talk to any minor ceo, i'm talking not crypto miners but actual rare earth miners it's so hard to get past so much of the

regulation. jeff, thank you. listen, i drive electric, and i will never go back to a gas station, thank god, but listen, you've got to get your hands-on them and i think whoever comes out with the sub-$25,000 ev, jeff, will own the world. reporter: i think you're right, yeah, hyundai is working on it i know that. so we'll see , i'd love to have one too. liz: well tesla jumping 6.25% right now, and elon musk had said a couple of meetings ago that that's what we need to do and then they put that on the back burner. as demand for anything and everything starts to slow, the king of the retail jungle is ready to give up prime real estate it now is not using. the ceo commercial real estate giant is here with his compass to gauge what amazon's excess and a push by workers to remain remote means to the commercial

real estate world. gen z'ers hads are among those who want to work remote and they do things differently than what boomers did like invest in crypto. 19-year-old randy hipper is known as miss teen crypto. she bought her first bitcoin at age 16 and today is on a mission to educate gen z and the rest of us about crypto, how to invest in it and why she says it is the future, and by the way, she and her agents never written a check, or sent a fax. that's so yesteryear, apparently but a reminder how things we thought were here forever do change. download randi's crypto lesson, my latest everyone talks to liz podcast just dropped apple, google, spotify, anywhere you get your podcasts. closing bell bringing in 27 minutes. we do have cryptos at least bitcoin higher, ethererum and litecoin just a bit lower. we're coming right back.

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liz: we have an update breaking on the gap. we did report at the top of the show new headlines crossed revealing a quarterly adjusted loss of $0.02 per share. well now thomson reuters is telling us those were corrections to its fourth quarter report from back on march 3. fox business is not the only one who reported the outdated headlines. the gap was trading at $10.49 when those headlines, these old headlines came out. it then popped, about to $10.69, we're not far from that right now at $10.61. gap still scheduled to report first quarter earnings tomorrow after the bell. the retailer though is on pace for its largest percentage increase since october of 2020, up 11.9% right now. all right, let's get to amazon. amazon is jumping about 3% after shareholders approved a 20 for 1 stock split at its annual

meeting today. yes the vote was today so amazon right now at $2,145 a share. the online retail giant also opening a brand new brick-and-mortar clothing store in los angeles today, but is that enough to revive the stock to where it was before its very disappointing first quarter earnings miss? on its earnings call, amazon had admitted, it's scaling back warehouses because it had ramped up too quickly in the build-out of warehouses. they were looking at soaring pandemic sales, and we need more space, but now, online orders have slowed, and the e-commerce giant is going to start leasing about 30 million square feet of its warehouses to shed dead space. let's get to the guy who leases these commercial properties, here in a fox business exclusive , marcus and millichap president and ceo. welcome back to the show. well, tell us what you are see ing in the landscape, and again, we've said this throughout the hour, and the past couple of days. so much has changed in just the

past four weeks. >> liz, great to be with you again. thanks for having me on the program. the landscape of commercial real estate overall is looking very positive, because the reopening of the economy has really spur red a lot of demand from whether it's apartments that are seeing record renter demand, to warehouse distribution, we'll talk about administrations in a moment that's a very very strong performer because of e-commerce and even retail, we've seen the return of experiential retail, restaurants are opening again, fitness centers are opening again. those are the segments of retail that were doing great before the pandemic and of course they were devastated during the pandemic, but we're also seeinge units. student housing coming back, and the one that's lagging more than any property type is the office sector, of course because of the hybrid work environment and a lot of cloud over what the future of office space usage

will be, but overall, from the space demand perspective, our industry is doing very well. liz: hessam, thank you for being honest about commercial real estate, because i'm sitting here thinking, at least in the office space area, i was going to have to really nudge you here because i've been talking to more than 100 ceo's about their commercial office space, and they are scal ing it back, because the number one and i was looking at this on handshake, which is a website that indicates this , the number one search term now for job hunters is the word " remote." so, how do you expect that to ever turnaround? >> well first of all, liz, remember the current leases that are in place on average have three and a half to four years left so the tenants have obligations to continue to pay the rent but as these leases roll over you're going to see a smaller footprint. every company we're working with all our clients across the country and ourselves are looking at more efficiency, and we're actually not reducing our

footprint. we're looking for ways to have more sales and more production from the existing footprint, if you will. a lot of companies are doing the same thing. demand for office space is going to be hampered in the next 18 to 24 months, because of the hybrid work environment. we really believe that it's going to be somewhat painful in the next foreseeable future, let's say, but after that, if we get past this fed tightening, if we get past this question mark of a recession, or no recession , in the next year or so, the u.s. economy is doing very well. you have to remember, we were not over building commercial real estate before the pandemic. we've not over building it now. banks are in great shape. the loan performance have been in great shape, so the economic cycle is going to create new demand that is going to offset a lot of what is in the short-term , some pain from the hybrid work environment. liz: well, yeah, and as we transition really quickly with the time with ev left to residential, we do know that

shelter inflation, certainly in the most recent cpi number, is skyrocketing and quite frankly, there are a lot of people who believe that that number is a lot higher than what we had originally seen. there is not enough, obviously, inventory and people's rents are going skyward, and so my question is, doesn't that eventually, something has to give? >> absolutely. on the for sale side, liz, 15.5- 16% year-over-year median home price increases not sustainable but on top of that interest rate increases we're seeing a lot of people now be priced out of the for sale, housing market and come back into apartments. apartment demand was at a record level in the first quarter rents were up 17% year-over-year. we also don't think that is sustainable, but high single-digit low double-digit rent growth in the next couple of years seems to be very supportable which is what is supporting valuations. there's a housing shortage in our country. there's an affordability problem

whether it's apartments or for sale housing that has to be addressed. the only way it's ever going to get resolved is public, private partnership. a lot of our clients are working on that as we speak. liz: hessam, come back again because this is a morphing story on a weekly basis we appreciate you coming to explain what's going on at least right now. >> great to be with you. liz: by the way don't miss fbn's prime real estate block at 8:00 p.m. eastern, casey macdonald brings you the episodes of " mansion global" followed at 9:00 p.m. by"american dream home " with cheryl casone every wednesday night only on fox business. investment managers say they're beginning to see the end of inflation. okay i don't know what they're looking at but that's what they're saying and the start of a possible economic slowdown, so what's the play for wall street traders? charlie is going to break it next. they're giving him their next big idea, and closing bell 15 minutes away. well, you know what?

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liz: investors humming a happy tunas shares of karaoke equipment provider the "singing machine" are surging at this hour. the micro cap held a 4 million initial, $4 million initial public offering so it's really small and uplifted its shares to the nasdaq yesterday, uplisting of course is when a company moves on from trading platforms such as over-the-counter markets , otc, to a major stock exchange such as the nasdaq. the singing machine also did a one for 30 reverse stock split. either way, you know, the ticker

symbol is mics, cute, and even cuter is the jump in the shares. again it's a micro cap but it's moving 20% higher. snap's ad spend warning has gotten wall street on the edge, and perhaps even worried about pushing a recession even closer to what they had previously believed. charlie gasparino has been speaking to investment managers about this. charlie: up day in the market today. liz: yeah. charlie: i would say marginally strong. we'll see some of these pops, but the basic mood among investors and i've been speaking to institutional investors, brokers, hepped brokers is one of a shift. they're less worried about inflation now. they think the fed is still going to raise rates several times, three times probably at least, but they think inflation starts to wane by fall, early winter. that the trade now is not an inflation trade. that we've hit peak inflation. the trade now is a recession trade, and that everything is

pointing towards an economic slow down, based on higher rates , based on lower home sales , based on the snap earnings were interesting, because you know, in some ways, the way it was described to me by two investors last night and you no one of them i won't say his name unless he said okay, but these are household names, was that snap does, it's all these impulse buys that pop-up on snap, and social media that you engage in. those are falling off. people are not doing the impulse buy so consumers are starting to cut back fairly dramatically, so if you put all that together, people are saying, with the housing declines, higher interest rates, even though inflation is, they believe is going to ebb, the trade is recession, so what do you look at in the recession? well, you look at bonds, and you know, long bond is the 10 and the 30 have been trading okay recently. yields have come down. i don't know what's going on today. liz: 2.75%.

charlie: still pretty low, and it's basically signaling a recession. the other trades that they like, and this is fascinating. i didn't realize municipal bonds got beaten up so bad but they got crushed in the last three or four months, amid the bond sort of bonds trading off. munis really got hammered. liz: down like nine points or something? charlie: you'll see a lot of bottom fishing on that because most of the names are state bonds even like illinois, miami, you name it. they are state bonds, miami is a city bond but even in an economically-depressed state and i should point out that i own some munis just full disclosure, when was the last time a state declared bankruptcy never. liz: uh-huh. charlie: why are you telling me about this? liz: did illinois get close? charlie: okay. liz: chicago. charlie: okay, and here is the other thing. illinois has not, it's the full faith in credit so remember, not saying it's never going to happen. it's going to be hard to happen. the other thing is, look for

real estate. a place that people are talking about the stressed real estate buys believe it or not is in miami. the home of crypto. crypto has gotten crushed. it's going to keep getting crushed probably for a while, and all those crypto guys were down in miami buying up real estate. it's a good place to look, maybe not now, but in a couple months, and high end brokers are telling me this. liz: i mean, bitcoin is at 29,000. its high back in november was 69,000. charlie: where is dogecoin? liz: let me look. all right, charlie, thank you very much. munis. charlie: where is dog coin? liz: you know i can't do everything. hold on. i'll get it to you after the commercial break. all right, and i'll get it to you as well after the commercial break. super strong gorilla glass protects smartphone screens, right? charlie: what are you doing? liz: back in 2015 i was trying to crack it at the consumer

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itfoe ite du pcie phigh ght ♪ clo bsihree meses .aw . . s rkaretrkolding gains. nono tm.m.m. did promiou dogec dogog lichchhe because h h d ket.ket.ket.kekebasicallycaign at eight e t moment get back to this. the optics are looking good for corning. it is tough gorilla glass is

used in smartphone. it's a huge 5g player. here with me miramar portfolio manager and founder max water man. he loves glw. i covered this, glass works. >> there you go. liz: corning why? 5g part or something else? >> combination. company trading 15 times earnings, giving you 3.3% dividend. growing top line revenue around 7%. they're in fiber-optics. broadband, digital that is the biggest thing. as you go into displays, bigger screen for tv, phones, everything, they're taking advantage of it. the third thing would be gorilla glass. what they upgrade into cars. they basically get a billion dollars for automotive industry, for upgrading new glass to take advantage. liz: i showed you glass works. took my heel. jumping all over that thing. >> you got to like that. liz: ceo was about to panic. >> not if it was his phone.

liz: i couldn't crush it. i couldn't crush it. you like dividend plays vf corp. >> yes. vf corp. it's a 20 billion-dollar company. 2% after 500 billion-dollar marketplace. it is north face. timberland, it is vans. it is dickeys. this company paying 4.3% dividend, trading three times earnings. 330 a share. they are taking advantage of it. they will suffer a little bit because of china. this is dividend aristocrat. for investors this is good long-term investment. we have investment in it. liz: dividend aristocrats typically raise dividend quarter after quarter every year. >> they can pay it. they have the cash flow. vf is in the right areas and outdoor space. they go outside, travel, europe, buying the outdoor wear. that will by vf corp. liz: thank you very much. >> thank you. liz: max wasserman, miramar

capital. on a day where we got a lot of news. we definitely got the fed minutes from the main meeting t was a blip for a moment. we did have some major indices go negative. the dow closing higher, making it four-days in a row. that is december win streak. [closing bell rings] s&p closing up 36, nasdaq up 165. that will do it for us. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow." i'm larry kudlow. of course people are always asking me, are we in a recession or when are we going into recession? so here's my answer. if president joe biden ever succeeded with his woke climate, fossil-free progressive agenda he will put the american economy into a permanent recession. that aren't. in japan the other day he gleefully talked about an incredible transition away from fossil fuels. he is more than pleased