market particularly these days, you don't want to panic but also don't want to hold on to losers. it's harder said than done but it can be done, right, liz? liz: oh, my goodness. preach it, and i will say that deere, i was just out at the consumer electronics show in january and they had the autonomous tractor. charles: cool, ha? liz: that thing is going to be a major game changer. you get to be a farmer hanging out on the couch doing it by your phone? although there's something great about being on the back nine. charles: have you ever used a hand plow? i tried it once in alabama. i think i did one row and i was strong in them days too. i thought the mule did all the work. i was beat and laid down after that. so the automated tractor sounds pretty good to me right now. liz: [laughter] yeah, i know, perfect, right, like the bark-a-lounger with the thing for your beer. thank you, charles, gang we've got an old fashion stampede charging down wall street at this hour as market bulls send the major averages shooting higher look at the dow up 585

points, five straight days of gain, can we make it that be the longest streak since march 18. investors for now are just fine with shrinking gdp growth as positive retail earnings give markets the real spark, but for once, it's the nasdaq seeing biggest gains not the biggest losses. beaten down big tech finding federal reserve relieve and all signs point to two straight half -point hikes in the coming months. our floor show traders are here to tell us how you should setup your trades, once the summer trading season starts, after this weekend's holiday. the feds moves typically mean good news for banks, higher rates mean they can charge more for loans but if recession is really on the horizon, will lending slack off? the ceo of valley national bank shares his viewpoint in a fox business exclusive. and you know they say diamonds are a girl's best friend. well the ceo of brilliant earth is bringing her ethically-sourc ed diamonds, lab-grown diamonds into the

studio as the nation experiences a wedding boom. right for two years, people have been putting off their weddings. well now it's happening. we've got an exclusive show and tell that every potential bride and groom or everybody whose coming up for an anniversary, just because you got married doesn't mean you're off the hook you all have to see this and yes it's publicly traded and yes it's found at 17 years ago it's a great story we're watching it closely. let's begin with fox market alert. you know we're still in for more volatility when traders start using the phrase "short-term bottom" meaning we're looking at a solid rally for now, but keep your eye out. if not for big black swans maybe a few black spare rows. take a look at the markets the s&p charging higher by 81 points good for 2% gain, nasdaq up 312, good move here for the russel up 42, the transports up 394. keep in mind though, when you see this for the nasdaq, we passed the 100th day of the year , and the nasdaq marked its worst first 100 trading days

of the year in its history. now, they say the markets are six months ahead of the economy, right and today the newest gdp print actually solidifies that belief. today's revision to first quarter gdp shows the economy contracted 1.5%. the expectation was for a smaller contraction of 1.3%, and by the way that 1.5% is about one-tenth of a percent worse than the first q 1 print. now, most of the weakness stems from the sky high u.s. international trade deficit , which topped $100 billion for the first time, but if you flip that around actually, the consumer is still buying up a storm, from foreign countries, all the goods and services. corporate profits though also fell for the first time in five quarters, but with all the worry that higher costs are eating into profits several big name retailers reported quarterly results already today. they are telling a much- different story. macy's, dollar tree, dollar general, all of them are moving higher. i mean look at dollar tree

stores up 20.7%. macy's not far behind with a gain of 18%. now, all of these companies beat analyst estimates. macy's even raising its profit outlook but why did we put nordstrom on the bottom here? well tuesday, it raised its full year outlook we told you that yesterday. yesterday it had an absolute ban g-up day a 14% gain adding another 4.5% to yesterday's job. even nvidia, which is not as optimistic about its estimate s for q 2 has clawed its way out of the after-hours drop it suffered, mizuho, cowen, bank of america all cutting their price targets after the chipmaker revealed revenue for the current quarter be about 400 million less than originally anticipated, but look at shares right now. newly-released started down, clawing their way up now gaining five and one-third percent so even with headlines going in different directions, all roads still lead to the fed. this rally, propelled by yesterday's meeting minutes which made it crystal clear

federal reserve voting members are going to stick to their 50 basis point hikes for june and july. so at least there's some certainty there, right? what does that mean for the summer trading season in your portfolio? let's get to the floor show, okay we've got two veteran traders here, you know them well , sarge guilfoyle and scott bauer ready to talk your summer but sarge has been scooping up a couple names, but first i want to get to scott. you know, scott, suddenly everyone is saying yup, two weeks that was it, a short-term bottom. explain to our viewers why that's not necessarily the best thing in the world and what you believe is still to come. >> absolutely, liz. we talked about it as well. i really believe this is still a very cautious environment, because things aren't going away inflation is still there, interest rates are going up, the war isn't going away, supply chain isn't getting better so fundamentally, there is a big problem out there, so could we have gotten to an oversold position a couple weeks ago?

absolutely. have we bottomed, in my opinion, no, but as we discussed, i believe we are bottoming, which is a real good thing, so people like to look at the vix, the vix never made that big spike up like people, look forward to figure out that capitulation, so i think we still have that, absolutely. i do think we still have some trouble ahead of us. is this a bear market rally? well we were never really closed in bear market territory in the s&p so i don't know if that's what it is. it could just be things got beaten down too much. i still think there's trouble ahead. liz: oh, yeah they did. there was a short-term oversold screaming signal, right , sarge? but throughout all of it, you were buying a couple of name, one of which is making news today and that's nvidia so what are you doing here with that name? >> well, i came in with nvidia and i saw the report last night. i thought it was pretty good. i mean, even with the lowered

expectations looking for growth of 27% something like that, so i took more last night around 1.55 i tried to buy more that 1.49 but the stock bottomed around 1.52 so i don't buy that second tranche but yeah, more nvidia which is fine because the stock is the stock of tomorrow. it's a little pricey compared to other stocks even though the semiconductor stocks right now but i think it's the one you want to be in. it is the elite of artificial intelligence, of gaming, of the data center, of everything that every other industry relies upon. liz: yeah, and by the way, i do want to ask you this , because look at nvidia right now, so the low of the year, annual low was 154, is that correct? and are you only buying on down days, sarge? >> yes, i typically, over my career, have only bought stock when it's down and sold stock when they're up. there are times while i try to be a momentum trader but that's really not my game. liz: that's just a recipe for disaster sometimes as we've

seen, right, scott? too many people. we're diving into stocks at very high multiples and they almost were falling over each other. i'm talking as recently as eight months ago, seven months ago, six months ago and now they see they were overpaying. how do you see that signal before it's on the front page of the journal, what we're telling you? >> well unless you've been doing this for a really long time and even if you have been, liz, fomo is out there for everybody and this marketplace and many of the new traders in this marketplace, the new younger millennial retail trader s that had never seen a bear market, or never seen the market go down quite frankly , they got caught up with fomo, and honestly believe that they are invincible so how do you see that ahead of time? it's very difficult unless you've been through this and unless you've have your technicals and trust your fundamentals. one of the worst things that can happen to a trader is get caught up with fomo. liz: really quick, sarge, costco

, we're getting numbers after the bell for their quarter >> oh, yeah, i loaded up on costco, on the armageddon that hit walmart and target last week and dollar tree and dollar general kind of gave me hope for tonight, so i did, i took some profits because i'm up a lot. my average is down 419, so i think actually, i was going to go into this and just try to hit a double. liz: listen i'm a browns fan i'll take a single, forget a double. an indian/guardians fan. all right, gentlemen, thank you, great to see you, scott, sarge, we've got this fox business alert that massive rumored acquisition deal by broadcom for vmware today has become official. now, remember the wall street journal gave the heads up earlier this week that semiconductor maker broadcom was going to buy hybrid cloud software giant vmware in a cash and stock transaction, question is for what price? well now we know.

$61 billion. broadcom's biggest-ever acquisition. the offer of 142.50 a share in cash, or about .252 broadcom shares for each vmware share represents a premium of nearly 49%, from last friday's close. before talks of the deal were first reported. broadcom will also assume 8 billion of vmware's net debt and once finalized this is one of the largest not just for broadcom but the largest technology acquisitions of all-time, and it is a big win for billionaire michael dell who owns about 40% of vmware shares and speaking of which he and vmware investors are very happy stock is up 3%, broadcom, well they're up too, 3.5%. it is a totally different story for kraft heinz investors at this hour. shares of the food conglomerate are dropping 6.5% after ubs downgraded it from neutral to a sell, and cut its price target to a street low of

$24 citing high inflation. the stock right now is at 36.90. this is a bad day for kraft heinz. ubs says khc needs to increase prices this year but that will be unlikely in light of guidance from target and walmart. separately, private equity fund 3g which controlled craft since forming it in a 2015 merger with the help of warren buffett has shifted some ownership to external investors which could then make it easier for 3g partners to sell their stake in kraft heinz. this is a pretty big disaster too. snowflake shares, not so much they are falling 4%, but where they used to be. the plunge came in the early session and by the way, the low, i believe the all-time low was hit this morning at $112 we're at 127 right now, so you know it was really bad earlier. the cloud computing based data companies results missed expectations, snowflake saying some of its customers are now spending less because of an

uncertain macroeconomic environment. snowflake, which had the stellar debut two years ago, bringing up buffett again he invested now down more than 60% this year as investors sun fast-growing money-losing companies. again at 127 and change, the high of this stock, all-time , was november of last year, $392. and we first told you about this company on the show a few months ago. yeah, joe b aviation now officially gotten the faa certification it needed to kick start its commercial air taxi operations. the company still has some additional regulatory hurdles it needs to clear before its five- seater aircraft can take off. the stock is up 6.8%. it is get-away day for the memorial day holiday. drivers are facing fuel prices at record highs. we know that but for truckers, it's always get-away day. madison alworth is riding the roads of long island to tell

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liz: okay, in the aftermarket i'm looking at gasoline it's up another 1% at the moment we've been telling you how the rapid rise in gasoline prices has effected the consumer, but take a look at diesel. the national average has spiked to $5.53 a gallon, just $0.04 below the all-time high recorded last week of $5.57 a gallon, and with diesel being used, of course by every trucker, transporting goods across the u.s. , those truckers and the companies for whom they work , are struggling on two fronts. demand that has not yet let up, and high fuel prices. let's take it live to madison alworth in river head new york, riding with one of these trucker s many independent, right reporter: yeah, so we are actually with a company called a

pile, they have all employees that drive their trucks like angel, an employee of the company, so the drivers with this company are lucky enough the company itself pays these diesel prices, so that's helpful for individuals drivers, so the company is dealing with record high prices and you take a look at the national average over 5.50 even worse in the northeast, here in the northeast it's over $6 a gallon, for diesel. i spoke to the ceo of the company, he says, you know, it's making all the items transported in these trucks more expensive ultimately for us and he's not sure when this is going to let up. take a listen. >> we're here in the bronx and there was a famous yankee called yogi bear, and i'd loved his quote that said, predictions are tough, especially about the future, so i don't have a very good crystal ball. we plan for the worst hope for the best. reporter: okay, so i'm going to keep the baseball thing going, i'm here with angel rodriguez,

he's been driving for 20 years, so you know, we seen where diesel is at an all-time high. in terms of deliveries that you're making what have you noticed in terms of changes with what's going on in terms of what you pick-up and drop-off? >> i think it looks like people buying less. the goods are costing more for them to purchase, so they are making hard decisions on whether they make home repairs or keep fueling their tanks, so it looks like a soft market at this point. reporter: which is interesting, because i know you said obviously, we've seen really strong things in the market but it might be now that diesel and fuel overall is hitting this new high, kind of a slow down of lumber and different things to convenience stores but the roads we've been driving around theres no fewer cars it seems people are still on the roads but you guys fill up the truck, your personal car, if these prices remain high what do you worry about in terms of the communities you service and people you see on the roads? >> i think it goes back to people have to start making hard

choices. they still got to go with where they go, you still have to move around, but i guess they are going to use them less, i guess. that's what i think. reporter: that's what we think and this is a hard thing, because we've seen a quick run- up so in terms of travel stories we haven't seen that adjustment yet but we really are potentially getting at that breaking point. diesel leveled off but this company, they base their fuel surcharge, which they absorb themselves and then charge their customers, that's based off of the eia, comes out every week, the company is well- aware of the fact at how much these prices are hitting their drivers. they have an awesome program. they give back a certain percentage to the drivers as a fuel stipend for their personal car to get to and from work, so they get between 20 and 40 bucks a week so they can get to the warehouse where they pick-up their trucks because this is a company that full well knows, just how much a higher gas price impacts their employees. liz: okay, repeat the name of the company, right now.

>> a. duie pile. it's a really very interesting and being able to ride along it's a true treat. i feel like i've been getting quite literally a front row seat of what the entire trucker experience is like. liz: and thank you for giving that to our viewers and thank you to a-rod. that's what we're calling him. reporter: there you go. liz: great to see you, madison thank you very much. up next, diamond hands of a different kind. look at these gems. the brilliant earth ceo, you may have seen some of their ads pop-up in your instagram or tik tok. she's here next in a fox business exclusive to tell us how she's using the blockchain to source her conflict-free diamonds, especially during a time where the wedding boom is bigger than we've seen in decade s. closing bell, 39 minutes away, we still have a lot of green on the screen, dow is up 516 we've got the s&p better by 7 had 74, the nasdaq still holding a 2.5%

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liz: oh, yeah, quite a rally here still more than 500 points of gains on the dow. wedding bells, not the closing bell, wedding bells are at historic decibels right now. there is a wedding boom in effect. the likes of what we haven't seen in decades. according to the knot, the wedding website, 2.6 million weddings will be held in the u.s. this year, alone, more than any other year since 1984. millennial and gen z brides and grooms finally able to say "i do " after two years of pandemic postponements, but they want something more when it comes to, yeah, the gems. they want to know where their engagement ring and wedding band diamonds and metals come from and whether they were ethically sourced. brilliant earth has set out to do just that, by using the blockchain to supply their customers with ethically-sourced fine jewelry. let's just get to the good part here joining us in a fox business exclusive, a bunch of

her product is brillianted earth co-founder and ceo. this has been crazy year for you guys. >> it has been a crazy year, we just ipo'd last september. liz: but also you finally get so many weddings, it's like the flood gates have opened. >> it is. it's a tremendous time we're so excited to be able to serve our millennial gen z customers, with our personalized jewelry, as you said the most weddings in decade s and we have a great assortment to be able to offer them. liz: and we've got a bunch here, and i know our viewers are eager to look at them and i'm eager to put them on so let's take a lack at some of these and as we do, many of your diamonds are lab-grown. now i want you to dispell this idea, somebody just came in and said are those real? yes, they're real, correct, explain why lab-grown diamonds are absolutely real. >> lab-grown diamonds are optic ally, physically, and chemically identical to natural mined diamonds, and what we find

is for certain customers, they really like that it's more sustainable, it's mining-free, they like it's affordable, it's obviously really beautiful, and some customers really want something that is natural and we have our ethically-sourced diamonds for them and some really love that it's made in a lab, it's cool technology for that younger millennial customer. liz: okay, and the younger millennials and by the way you should also include the rest of us here, because look at this one. i mean, i am holding, this is gorgeous. now, is this lab-grown? >> that one is lab-grown. liz: yeah, so how much would this cost? >> i would guess that that be maybe somewhere around $7,500 to $10,000. liz: okay but this looks like a three or four carat. normally that would run people a lot more? >> yeah it's a more affordable option, and still beautiful. liz: let's talk about why they are ethically sourced and what it means to be ethically sourced i remember the movie with leo di

caprio blood diamonds forcing children to work to mine the diamonds in these nations but how do you prove that the actual gold, because this is where you take it a step above. the metals in your jewelry are ethically sourced. >> that's right. our metals are from recycled sources, so we've been audited over 90% recycled which i think really appeals in terms of sustainability and is a core part, really the mission, it incorporated everything that we do. it's our packaging, our rings, it's our diamonds, and as you mentioned we use blockchain in order to help trace the diamonds we work with suppliers and really integrate with their technology to really provide enhanced transparency so you're able to see the journey of a diamond in a way you've never seen before. liz: you know what i find really interesting especially our viewers might is that you saw net sales increase year-over-year in the first

quarter, i believe by 42% to $100 million. what does that tell you about the demand for this kind of gem and this kind of jewelry? >> i think it shows you that our brand is really resonating, that mission-driven values are incredibly important. we have a unique omnichannel model so we've been investing in digital experiences and opening new showrooms, where we just opened our 18th showroom, which is really exciting we're expect ing to double the number this year of showrooms and that model along with personalized unique jewelry and our mission is really the killer combination liz: you've got the zodiac necklaces here, how are these selling and then, the trends. i want to hear about what the trends are. >> absolutely. zodiac pendants are incredibly popular. people really like more personalized jewelry that has meaning to them and they're really beautifully designed. i love them personally and you can see yellow gold is absolutely a trend that we see

increasing overtime. liz: and your stackables down here. this is a new trend that i see a lot especially on instagram and tik tok. >> yes the contours are beautiful. you can stack them, having warmer colors, with yellow gold and rose gold, and really being able to mix and match, i think you can find very distinctive stacking styles which are really beautiful. liz: because more is always better in my opinion. >> always. liz: always better. the stock, obviously you're brand new its been a rough go and we do have contraction when it comes to consumers we just heard from our truck driver at the moment who says the demand is starting to come down. how are you ready to face what could be a little bit of a recession? >> yeah, i would say our model is very resilient, so we're asset-light, very capital efficient, we don't have to hold a lot of inventory because most of what we do is make-to-order and that allows us to scale up as we see more customer demand, and be able to meet the customer in terms of what they actually want, so inventory risk is much

lower, we had over 10x turns last year, and that's relative to a traditional jeweler is about one to 2x turns so that's keeping us very nimble. liz: let me tell you, the stock is nimble right now, it's up about 4%, so we'll be watching, and the trend is really interesting. brand new as we start to look over the past couple of years, the development of lab-grown diamonds you guys are in quite the seat. thank you, beth. >> thank you so much i appreciate you having me. liz: beth gersten, with brilliant earth. the feds move causing chaos in the c-suite for some companies but one regional bank has never had an unprofitable quarter. never. the ceo of valley national bank is here to tell us how he plans to keep his streak alive as the fed keeps on hiking rates closing bell 28 minutes away, the dow up 545, the s&p up 79, and the nasdaq still holding up nearly 300 points of gains we are coming right back.

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>> we're going commercial loans and consumer loans and our balance sheet and trading business we increased by about 20%, 30% to serve the trading customers bester so all that's gone very well. now, the reality is is on the consumer side, the credit quality, in addition to them having money accounts and earning more money and having access to credit, the credit quality is as good as its ever been. liz: that's a good sign here, at least for bank of america ceo brian moynihan telling fox business today his bank is growing, the lending department and consumer credit is still very strong, and in fact, better than it has been, but that's what the goliaths of finances say so what about the davids? how will interest rate increases along with mortgage rates rising , effect lending at the regional banks and their stocks, and just how healthy is consumer credit, on that level? here in a fox business exclusive , valley national bank

chairman and ceo ira robbins. well how about that? are you seeing what brian moynihan is seeing because regionals are a different kind of animal here. >> i think we're beginning to see a slow down in some of the retail sales areas we deal with specifically on residential mortgages, activity about 30%, refinances are down about 70% and purchases are down about 13% , but when you look at the consumer in general, there's still strong demand but we're beginning to see the last seven weeks or so slow down in some of those activities whether it be apparel or some of the other areas, amazon as many well know have begun to scale back on the warehouse space and that's going to begin to have an impact on the retail sales. liz: yeah, and i see that from sort of the fed funds rates, and then of course regular sales taxes are starting, everything is really on the move here, but the point that i look at is the mortgage lending part of this. talk to me about how you're see ing those trending when and we can put up the 30 year fixed rate at the moment at least the

latest print of it. you could see where it was in december, it was around 3%, 3.5% and now, you know, to be well- above 5% is something that makes me think how are regionals who are really the yomen lender s out there, right? for communities all around the world and the nation, how are you guys dealing with it? >> i think there's two areas really being impacted on the residential side. first time home buyers are out of the market based on the rise in interest rates and that's going to continue to decline what the demand is going to look like. the other thing we're seeing now is portfolio loans jumbo loans are actually pricing through where a loan is, banks are beginning to try to portfolio more on their balance sheet as opposed to selling to some of the secondary markets and when that really happens from my perspective, that really is a shift to what's going to happen with the residential market as we move forward. liz: i have to ask, is there anything, ira, that gets your sense up? we all remember 2008 and the

financial crisis, and quite frankly, the years before that when people were lending. i keep hearing people are going for interest-only loans and short-term arms, and i just wonder if there's some built in underneath that trend that you, as a banker, worry about. have you tightened your lending standards? >> we really haven't seen that, honestly, liz. we have a lending that's been true to us in recessions, and expansions and that's one of the reasons that we've been so profitable over so many years. that said, i do believe there is a separation between what's happening on the commercial side and on the consumer side. the commercial customer is still seeing very very strong balance sheets and demand is very strong in that segment as well. the increase in interest rates, 10 year has gone up about 100 basis points but we look at some of our commercial customers we're only seeing maybe five, 7% , that the interest rate are an impediment to the project

they are working on which really isn't that significant when you think about it. liz: retail giants walmart and target had kind of made a mess over the past couple of weeks when they came out and said you know what? things have changed literally over the last couple of weeks and snap had the same story. my interest, when it comes to something like that, can you triangulate it and take it to your clients and your customers at valley bank and do you see any changes in them and the way that they are behaving what they're spending and their applications for even business loans. >> you know, the business customer still really really strong, liz. they have been able to push through most of the increase in inflation they are seeing on the expense side. they haven't had much trouble pushing that through to the consumers. our auto dealer still seems to be very very strong as to what they're seeing. i'll tell you on the auto side there is a bit of a divergence now when you look at $30,000 cars so below 30,000, still a huge demand. above 30,000, there is a bit of

a slowdown, so we're beginning to see segments of the economy really begin to move but overall , still generally say we are still very very strong. liz: very interesting. so the auto loans, see , you know, i want to always try and give our viewers that opportunity through the eyes of people like you who are knee deep in it. you're in the trenches and you're able to start seeing things before they hit the headlines and that's what we loo ic to bring to our viewers. thank you so much it's good to see you. >> wonderful to see you too thank you so much for having me. liz: ceo's of major wall street firms are attending a private meeting today with mayor eric adams asking him to get tough on crime, or face the prospect of empty offices and skyscrapers. charlie was the first to break the story that this meeting would happen. he's breaking all the details of what is happening right now. that's next. and who needs banks when you've got bitcoin? 19-year-old randi hipper is known as ms. teen crypto. she bought her first bitcoin at

age 16 and today, she's been on this mission to educate gen z and the rest of us about cryptocurrency, how to invest in it, and why she absolutely believes it's the future. by the way, she's never written a check or sent a fax. she's so yesteryear, but it's a reminder how things many of us thought were here forever do change. download randi's crypto lesson she's given to us in this weeks edition of everyone talks to liz , it's my podcast that just dropped on apple, google, spotify, wherever you get your podcast, closing bell ringing in 17 minutes we have red on the screen for cryptos bitcoin is moving lower by 1% back down below 29, 500, ethererum at 1,827 and litecoin is down 6%. stay tuned we're coming right back.

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powering possibilities.™ liz: all right, 13 minutes before the closing bell rings. we've got green own the screen here now the dow is up nine points away from a gain of 600 points, s&p better by 87, the nasdaq up 328, and take a look at gap stores. gps is reporting earnings after the bell, a nice pop here, 4% and remember, we've already gotten some very strong numbers for retailers. today alone, i mean macy's if you pick-up macy's at the moment having just an incredible session up 19%. anything with dollar in it, dollar tree, they're all jumping as well. here are the dow leaders boeing is powering ahead by 5% followed by nike, amex, home depot and intel and speaking of the laggards as we talk about some of the names that haven't been doing as well, you only have really two really that are in the negative here, merck and verizon. the rest of the laggards are

just up less, than everybody else. here are the nasdaq leaders, yup , dollar tree is up there at the top up 21%, tesla with a nice move of more than 7%, marriott up 7.25, ross stores another 7% gainer and amd, with a big gain of 6.8% which makes me just want to check nvidia once again because this is a very popular name here, nvidia at the moment up 5.6%, this is a favorite of sarge, our trader at the top of the show, but he did give, in case you're just tuning in, he gave his tip. he absolutely never buys when it's moving higher. so he is not buying today. here is some of the s&p leaders and you see norwegian cruise lines with a nice gain of 12%, caesars up 9%, and you know, it's amazing when you look at those two names in particular, they got hammered just as dramatically as a lot of the theatre chains and the restaurant chains, because of the two years of covid, so

good to see a little bit of a gain there. moments ago a who's who of new york city's business elite just wrapped up a zoom call with mayor eric adams to address the cities very horrific crime problem and its impact on their employees. the outcome of the meeting could jeopardize adam's plans and desire to get corporate employee s back into their office here in new york city full time. charlie, what are you hearing? charlie: these are just the latest details i just got now, just got off the phone with the people that were in the meeting. it was a 30 minute meeting between the partnership from new york city, many of its members including big banks, of course david solemon the ceo of goldman sachs was on the call, as you know daniel enriques, the man murdered last sunday, is a goldman sachs employee, so he had more than a vested interest here, as did everybody. i think the main point that i think the ceo's made and then i'll give you the details that i got, was that their employees

don't feel safe going to work. that crime in the city is out of control. the main point that adams made was that, and he was with police cheer corey by the way, also a surprise guest was there i'll tell you that in a minute was that they're beefing up police, putting more cops in the 40-most violent precincts right now so they are increasing police presence, you'll see more cops on the street, on the platforms. they are all going to be there, and so that's what he was saying but law enforcement also said, it's not just his fault. he says it's prosecutors, it's it's judges letting people out. liz: bail reform. charlie: so he made that point, again just a half hour. david solemon spoke very eloquently, i heard. he told the group, he called adams sunday night and you know after he found out that mr. enr iques was murdered on the subway, randomly shot and he said my people don't feel safe coming to work, mr. mayor,

you've got to do something about this. he called him up personally and they had that conversation. also on the call was al sharpton and interesting, al sharpton is a very controversial figure here in new york city, we don't have enough time to go into everything about al sharpton but he is a supporter of mayor adams , a community leader in new york and he's usually seen as anti-cop, but i'll tell you what he said according to the person who was right there. that crime needs to be dealt with. we can't let this get out of control. this is what al sharpton said. he said faith leaders, community leaders, business leaders got to come together, so al sharpton is behind getting crime under control. now, a lot of great verbiage here, a lot of great rhetoric, whether this leads to anything, i can't tell you. it seems like adams tried to shift the buck a little bit by saying it's not just me, it's these prosecutors, it's bail

reform that i can't control. he does have a bully pulpit to pushback on some of that we should point out. david solemon was again eloquent liz: did anybody get upset and read the riot act? charlie: i asked that, in particular. nobody read the riot act. what they did bring up to him, which is more than a subtle sort of threat, was that you do realize that if crime doesn't get under control, people are going to keep leaving the city including businesses, and adams said he did understand that. so again, this is a serious situation. it's a tragic situation. it's a situation that what the ceo's told adams is like they're hearing it everyday from their employees, that they're getting accosted going to work and sometimes killed. so they made that really clear to eric adams, obviously this is just the beginning of the story. i'll be back on later on fox news to talk about this. liz: thank you, charlie, excellent breaking news, and you

were right there, warning everybody this meeting was happening and you got the scoop, thank you very much. we are coming right back, don't go away. at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. >> the day you get your clearchoice dental implants makes every day... a "let's dig in" day... >> mm. >> ...a "chow down" day...

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♪. liz: well, look, no way around it, despite this great rally that we've had today, it has been rough going this year for all the major averages. you can see, we got the nasdaq the worst, at least on this chart the worst, down 14%. to the right, why we put the russell right there. the russell 2000 has been the most, they have dealt with a 17% drop over the past year. but our countdown closer says that is precisely why he is bullish on small caps. let's bring in penn mutual asset manager.

with 37.4 billion assets under management. have to get the .7 in there, charge. every little bit counts. you have to fight for that during a very volatile market. specifically why small caps right now? >> liz, thanks for having me. you're absolutely right. this market has been really tough. especially the last few months. we've gone from a fed tough, hawkish, the absence of a fed put the way the markets have traded. then we go into earnings season. earnings season was pretty rough as well. a lot of companies mentioned recession on their conference calls. there were more companies with downside surprises versus upside surprises first time in a while, that were punished. they were down on average 5 1/2%. stocks that beat went down half a percent. it was a really, really tough period here. to your point, leading off we do see when the total market pulls back like it has, we tend to see

pockets of value, small caps in our opinion, if you look at price to sales, for example, they're down about 33% over the past few months or over the past year, i'm sorry. liz: yeah. >> there is some decent value there in certain pockets of the market for sure. liz: you like energy, health care among the sectors along when it comes to the small caps, i'm interested particularly in health care. i talk to a lot of smart people on wall street. they feel biotech has been the most oversold, really ripe for the pickings. when you look at some of the subsectors of your favorite sectors does that fit into the picture? >> it certainly does. so if you look at what do you want when markets are unstable? well you want really good, rock, solid, stable balance sheets. there are a lot of those in health care. there are decent amount in biotech. we found some of those in terms of bond candidates which has been great. yes, you also want defendable margins. a lot of these companies, they do have patent protection. they have good margins, good

balance sheets. the combination of that to us speaks of value at the moment. liz: george cipiloni of penn mutual. great to have you. [closing bell rings] russell has been beaten down. we'll see if it scratches up in volume. a rally for the dow fifth straight win, gain of 532 points that will do it for us. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. even the cbo congressional budget office, no friend of supply-siders. even they acknowledge that donald trump corporate tax cuts worked. cbo notes that any improvement in medicare's fiscal situation is the result of higher payroll taxes following passage of the trump tax cuts. in fact in the latest cbo report they incorporated the huge surge in tax revenue which by the way