valuable they should be, there's no mention of the blue chip stocks clobbered over the years and right now, this market is getting clobbered once again. lots of people have been mislead about investing and there's a lot of finger pointing going on. the bottom line if the sec really wants to help, really wants to do their job, stop making consulting videos and do their job, liz claman, over to you. liz: well, you did your job i'm doing mine right now. thank you very much, charles. we do have markets facing shift ing wins on this first trading day of june. economic data and a gloomy economic forecast from one of the nations top bankers has the major averages in red. from a percentage standpoint it's not the worst thing in the world but the dow, s&p, the russel all opened higher now looking at two straight days of losses with the dow down 121, s&p down by 17, the nasdaq los ing 31 points. june 1 also marks the official start of hurricane season, and

jpmorgan chase ceo jamie dimon is bat oning down the hatches at his megabank, warning investors to brace themselves for a potential super store sandy to hit the economy. this as the federal reserve faces its own official started to. the central bank begins quantitative tightening, the shrinking of its massive balance sheet which ballooned during the pandemic as the fed works to stimulate the flailing economy. in a fox business exclusive we've got one of the most- respected economic minds in the country, richmond federal reserve president tom ba rkin, we're going to ask how many more interest rate hikes do he see , how big should they be, and whether the ugly truth might be that the fed needs to send the economy into a recession to break the back of soaring inflation. speaking of inflation, forget milk and gasoline for the moment prices of the favorite fruits of summer have jumped sky ward. we're headed for the strawberry patch. the president of berry giant dr

iscoll is here on the price direction he sees now for the rest of the summer but let's begin with breaking news a major warning from jpmorgan jamie dimon paired with a jump in treasury yields, and another record for gasoline derailing the bulls at this hour as i mentioned so, percent average losses no big thing the dow down a third of a percent, same thing with the s&p, nasdaq down just a quarter of a percent, russel is down a fraction but the major indices were in the green. the gains have now vaporized. investors turning tails as jamie dimon while speaking at a financial conference earlier today, warned that the economy is headed for a bigger storm than just the dark clouds he had seen a few weeks ago. saying, "that hurricane is right out there, down the road, coming our way. we just don't know if it's a minor one or superstorm sandy, or maybe sandy or andrew, or something like that and you've got to brace yourself." now, at a separate conference, wells fargo ceo charlie scharf

said "the scenario of a soft landing is extremely difficult to achieve in the environment that we are in today" so in other words it'll be tough to dodge a recession as the federal reserve hikes interest rates. as top u.s. bank ceo's flag what they see as growing risks to the economy, and as interest rates rise in a fox business exclusive , we welcome federal reserve bank of richmond president thomas barkin. welcome, thank you for joining us. >> hi, liz, great to be with you. liz: great to have you. all right jamie dimon playing weathercaster aside. what signs of a coming recession or stormy economic weather do you see right now? >> well, as i talk to businesses, they are talking about the risk of recession, but then i always ask the follow-up question, which is are you changing what you do? and right now what i'm still hearing is people investing, consumer spending, you can't find a recession in the data, and you can't find it in the actions of executives, so i grew up in florida. i learned you always prepare for

hurricanes, but a lot of them pass and don't hit you. liz: you know what that's a good analogy. i like that but as the bankers warn of what they see as a real problem and they have clients too and a lot of customers and business, it's with the official start of what you at the fed are doing and that of course is drawing down the fed balance sheet, the reducing of the $9 trillion. starting today, every month until labor day, the fed is going to shrink what the balance sheet by $47.5 billion, that jumps up to about 95 billion, starting i believe after labor day. you know, what role does the balance sheet have when it comes to bringing interest rates to the point that you guys need to see them at? >> well, i do think it's time both on rates and on the balance sheet to normalize where we are. i think with inflation this elevated and the economy still this strong, it just makes perfect sense to do that.

i'll say the reduction of the balance sheet is the kind of thing that's relatively new in our experience and still in lots of places but it's clear to me at least that it does a little bit more on top of the interest rates to tighten rates and therefore, help bring inflation down. liz: so, you couldn't say or can you say by the end of the year, perhaps, does that equal maybe 50 basis points which would mean one less federal reserve tightening? >> there's a lot of estimates of this i have to say. it's hard to find one that's more credible than another. i think jay used in his press conference maybe 25 basis points a year as a marker for that but i think the range of estimates is pretty broad. liz: this is true. everybody has their own calculations. you know the fed's longstanding goal has been getting interest rates back to what jay powell has said is a neutral position of about 2%. mr. barkin, what's your neutral

position? >> well, neutral is another number that if you look at our estimates of the sep, you'll see a range between two and three. if you go into the literature what you'll find is the confidence interval of about 150 basis points, so i'm not sure that i find neutral to be, i look at real rates on a forward-looking basis. you could argue that from five years up, real rates are back to positive on a forward-looking basis and obviously, we still got room to go on shorter rates. liz: let me put it this way then , do you think the committee will have to go above 2% or what jay powell says is neutral to douse inflation fires? >> we'll see. jay laid out a path for the next couple meetings i'm perfectly comfortable with and when we get to the fall, i think we're going to have a lot more information on the strength of the economy, we'll have a lot more information on the pace of inflation. those are the two things i'm paying the most attention to, and the stronger inflation and the stronger the economy, the more the case to do more,

and to the extent that the two are weaker, the better the cases to do less. liz: i'm glad you just brought up paying attention to certain things. the fed has always said, we don't pay attention to the stock market. the stock market is separate from the economy, and it is, it's almost like people say that it's six months ahead, sometimes of the economy, but you know, may 20, the s&p came within a cat's whisker of dumping into bear territory so you've got the bankers, you know, sounding the alarm. you've got the stock market looking very close to bear territory at one point now it's down 14% so still in correction. it's easy to say that, but how much does that weigh on there, because as we started to see a lot of volatility lately, you have raphael bostick of the atlanta fed saying let's do 50 basis points june and july and then pause by september, and then he kept saying we have to be sure we're not wreckless. i'm not asking to comment on a

colleague's comments but i am asking whether some look at the volatility and get a little wish y washy when it comes to continuing on the path of rate hikes. >> well when i i say i'm looking at demand i'm looking at the question of are consumers pulling back from the economy? consumer spending is two-thirds of the economy. consumers might pullback because sentiments down that's something we definitely see. consumers might pullback because markets crater, if that were to happen that's something but i'm really looking less at the driver and more at the result, which is are consumers pulling back from the economy. if they were that's the kind of thing i'd want to pay attention to. liz: aren't they kind of starting to do that? we heard from target, we heard from walmart, snap which is a little bit different considering that's sort of a technology type of company but they all said that the situation changed markedly beneath their feet, so somebody is seeing something, are they not? >> i'm still hearing very strong consumer demand at the high end, and at the lower end

what i'm hearing is the start of the kind of tradedown you normal ly see when things get a little tighter. if you look at the pce numbers from a week ago they were still extremely strong, retail sales still up healthy so name not seg that maybe concern about consumer spending and you still have a significant amount of excess savings and increased net worth since beforehand, so the dye dynamics would support spending. liz: were you surprised because many people were depending on where you stand on this that janet yellen and the treasury secretary said on cnn yesterday that she got it wrong on inflation. she basically admitted that she missed and here is the quote. she missed large shocks to the economy and they would boost energy and food prices and she didn't "fully understand" supply bottlenecks that have effected our economy badly. >> well one thing i try to do

on a constant basis is go back to what i used to think and ask myself whether i was right or wrong. i remember extremely well the times i was right and not that well the times i was wrong. liz: [laughter] selective memory. >> yes it's very hard to predict the future. i certainly didn't see the ukrainian situation coming and what that's done to food and oil prices. like many people i saw the notion that workers would come back to the economy faster as highly-likely and it turned out not to be that so i think it's an extremely constructive process to take a look back and reflect on what you learned out of it and i think that's healthy for anybody and i certainly try to do that myself. liz: well to be fair, and to be honest, well-before the ukrainian situation, we started to see inflation, whether it be from the supply chain snafoo that were triggered by the lockdowns certainly china didn't help, so i'm not sure that resonates with the american public if they don't see that they are paying more, they were

paying more a year ago january, it really started and therefore that leads me to wonder, can the fed hold on to its resolve continue to hike rates to bring those prices down even as those same people who are crying about high prices are also very upset about the problem with the slightly- slowing economy. >> well, one thing i hear as i go out constantly is whether it be from businesses or consumers as with a bunch of construction workers two weeks ago, is people really do not like inflation, they don't like higher gas prices, higher food prices and people want us to do something about inflation. i think there is a disagreement on that and so we're doing what we have to do on inflation and i think to the extent our tools work which i'm convinced they do , we will have the right impact on inflation and that's what the american people want. liz: the markets of course are pricing in a half point hike for june, and july. that's pretty much expected. what scenario, mr. barkin do you

see that would push that to a 75 basis point hike and is that a possibility, at least in the next two meetings? >> well, i've said publicly before, i never take anything, put anything on the table or take anything off the table, so i guess anything is possible, that said, you have to just believe to change your pace, you have to believe that something fundamental changes in your assumptions and in this case i think it would have to be around inflation expectations. liz: all right so we're watching inflation numbers, right alongside you with the fed and please come back, mr. barkin, thank you very much for joining us. >> appreciate being with you. liz: a major u.s. air carrier jumps into assist the biden administration and its fight against the infant formula shortage. we've got details breaking, straight from the white house as the president meets right now , with ceo's of major baby formula producers. we've got the closing bell ring ing in 48 minutes, the dow

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liz: nasdaq just turned positive up 7 points breaking news president joe biden meeting right now with executives at some of the largest baby formula manufactures in the world. this includes gerber to discuss ramping up formula supplies in the u.s. through increased production but also imports. this meeting comes just hours after the biden administration announced it scheduled a third operation fly formula flight. united airlines is donating the flight which will carry 300,000 pounds of the uk-based baby formula brand kendamil to stock shelves at target. let's get to edward lawrence live at the white house. edward for parents used to looking at ounces, we're talking about 300,000 pounds, how many bottles is that what can we expect? reporter: talking about 3.7 million bottles and as you said the president right now meeting with those executives, the surgeon general is also in that meeting with the president. you know, this is going to be flown as you said united

airlines is going to donate the flight to bring them from london back into the u.s. , these are 3.7 million 8-ounce bottles. now the bottles will be produced in london, this is made possible because the fda has allowed those bottles under what is called enforcement discretion to come in. this is what they look like. you see them coming in this week at target stores. in addition another 4.6 million 8-ounce bottles above australian formula is being flown in and many parents know right now can be very hard to find the right baby formula in some places. the plant where this recall stem med from will reopen in three days but it'll be mid-july before a new product can be made , so the president says he understands the need for quick action. listen. >> last thing we should ever do is allow unsafe formula to be sold to parents. instead we should increase the production of safe formula make every american family so they can get what they need for

their child. that's the approach we've taken. the food and drug administration acted quickly to bring abbott back into compliance with safety standards but it takes time. reporter: right now the fda commissioner suggests that the u.s. should look at a baby formula stockpile in case something like this happens again, now for the recall, when this all started, the fda did their job. they found problems at the plant , possibly kids being sick, possibly dying because of the formula from this plant. they shut it down in the report the report says that they found a history or a disappointing lack of attention when it comes to safety culture, in that factory. now the fda says that they have now fixed the problem in that factory they haven't fixed the shortage yet. liz: this is a private sector situation here, right? but glad the government is stepping in, edward thank you very much, edward lawrence. victoria has got a secret and the longer a chain stock is

popping we will tell you what's going on in today's pop stocks closing bell about 41 minutes to go here before we hear it we have the dow down 69 points, still red on the screen, when you're looking at most of the majors here, except the russel which is up just one tiny point. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.

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liz: breaking news, verdict is in at the johnny depp defamation case, this is a live look inside the courtroom in fairfax, virginia where the jury just voted unanimously in favor of johnny depp's $50 million lawsuit. translation? saying amber heard on the jury 's decision on heard's $100 million countersuit. we will bring that to you as soon as we are hearing of it.

the jury deliberated for three days after six weeks of testimony. depp not in the courtroom today he's working in the uk at the moment. he did charge that heard had liable against him after the actress wrote about domestic abuse in a 2018 washington post op-ed, amber heard, a solemn looking amber heard continuing to listen to what the jury has basically said, is in favor of johnny depp. all right, we've got this fox business alert salesforce shares are leading the dow at this hour , quite frankly leading all day long after the enterprise software maker reported earnings that beat wall street estimates. the stock is jumping 11%. listen, salesforce is forward- guidance, that's where you get a little bit of a mixed bag. its second quarter earnings and sales projections coming in lighter than expected but it did increase its full year earnings forecast. the company also responded an insider report from may cit ing a memo that said it is slowing down hiring.

finance chief amy weaver told investors that the company is focusing on hires that will support customer success as opposed to what other kind of hires? crm, just up under 11%. victoria's secret earnings also topping wall street expectations and that stock is flying like an angel up 9.8%. despite the fact that the company warned it could face supply chain and sail challenges for the remainder of the year. victoria's secret still expects total yearly sales to be flat, perhaps slightly up from 2021. the stock still though is down about 18% year-to-date. for analysts who think consumer discretionary stocks are dragging down portfolios, luxury giant capri holdings telling a different story. shares of the company behind michael khors, versace after the company raised its profit forecast for the full year announcing a into $1 billion

share buyback program, demand for high fashion among affluent consumers has picked up as they resume going back to high end social events and actually what richmond fed president tom bark in just said squares with that. he said at the high end people are still spending the consumer is strong. the company allowed luxury goods makers to keep raising prices, sales of the company's biggest brand which is michael khors rose more than 21% in the fourth quarter and buick is bringing back the electra, the classic auto brand announcing it's transitioning to an all electric vehicle line-up by 2023 with all models sharing the name. they will hit at least the first ev's will hit show rooms by 2023. buick did not announce technical details for the new cars but the electric buicks will be built on the electric vehicle platform launching this year with the gmc hummer ev and

cadillac lyric suv. gm shares down about half a percent. i have a question for you, what the would summer be without strawberries, blueberries, blackberries or the growing pile of money it takes to buy them. how much will prices rise as inflation remains high? we're about to find out, straight from the mouth of one of the nations biggest producers in the $6 billion berry industry. the driscoll's president is here in a fox business exclusive closing bell we're 31 minutes away. we do have the s&p down about 11 points so that good for a quarter of a percent loss, 4,120 is where the broader index stands, nasdaq and dow are also lower. (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique.

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they have awarded depp $15 million. you're looking live inside the courtroom in fairfax, virginia. they are clearing out now. this jury also throughout heard 's countersuit of $100 million finding that he, in turn, did not defame his ex-wife the jury moments ago as we mentioned voted unanimously in favor of his $50 million lawsuit he's only getting 15 million he was granted. amber heard acted with malice and defamed her former husband and of course, after a jury deliberation of three days, this is what came to pass, and we should mention that the jury did find in amber heard's favor in some aspects of her defamation suit against johnny depp, but overall, basically, she is coming out on the losing end of this case, which stemmed from heard's 2018 washington post op-ed claiming domestic abuse. richmond fed president tom bark in telling fox business just moments ago from his standpoint

rate hikes for now are a must. listen to what he said. okay, we'll get that for you in a moment but in our exclusive interview -- >> i do think it's time both on rates and on the balance sheet to normalize where we are. i think with inflation this elevated and the economy still this strong, it just makes perfect sense to do that. liz: and he said in our exclusive interview that consumers, this is obvious but he said you know what, liz, consumers really don't like inflation, and in essence that puts the own us on the fed to continue on its path of 50 basis point hikes at least for the next couple meetings but as the consumer wrestles with still, the hottest inflation, the u.s. has seen in 40 years, the u.s. department of agriculture has released its weekly retail price rating on be rries for the last week of may and it found the average price of an 18-ounce pack of blueberries shot up 22.1%

year-over-year to $4.70 while a one pound bundle of strawberries costs $2.71 on average, that's a 5% increase. wait, why am i paying so much more? so with inflation still pumping, yeah, trader joe's, it's more, with inflation still pumping up the fresh fruit prices just as we head into summer, let's talk to one of the top berry distributors in the world, farms all over the u.s. and mexico find them at just about every local grocery store, here in a fox business exclusive is driscoll's of america president, soren bjorn. welcome back, well the blueberry number is pretty strong here, we didn't get into raspberries and blackberries because those are my favorite. can you give us some clarity on the price hikes there? >> yeah, i think the reality in our industry, the price today is really a function of how much fruit is out there and what is the total demand, and what we are seeing coming out of the pandemic is that the demand for berries has remained very very high and that's more than

inflation is what's driving pricing in the short-term. liz: does that mean in the short-term june, july, august, do you continue to expect to see prices tick upward >> not much. i think we forecast very good availability throughout the summer and with that, i think prices are largely going to be in check and despite significant pressures back on on the farm and in supply chain and in packaging, good availability will keep the prices in check in the short-term: liz: well let's talk about your operations because part of the inflation piece is not just supply and demand. it's labor. we know that labor costs have jumped exponentially in the first quarter, i believe, about 11%. tell me what you're experiencing is it difficult to find labor, and are you having to up your salary prices? >> salary is up, this time of the year, our main operations are in california, we have seen wages in california go up very consistently for a long period of time now. it hasn't accelerated during the

last couple of months, but it is up year-over-year and in the state of california we're talking about taking the minimum wage up beyond $15 an hour, for next year, so there's more to come on this front for sure. liz: what would that mean to you from a perspective of employing a lot of people in california? we hear a lot of warnings and a lot of, you know, concern about higher wages, but they've been so low for so long. there are all kinds of scare tactics that some people say would happen, such as well we're going to have to lay off people, we're going to have to automate. can you clarify whether that's true or if the truth lies somewhere in between? >> oh, i think it's somewhere in between. what we really are focused on in our business is to make sure that we have really really delightful berries, so consumers like you continue to come back and you're okay with paying an extra $0.30 or $0.40 a clam shell.

that's georgiansing to be required. we can't pay that much more for wages and not get a little bit more for the product. we happen to think if the product was a little bit good consumers wouldn't mind weighing a little bit more for the berries. berrie consumers wouldn't want us to lower the quality to keep the price flat. liz: i can tell you when i see a five handle on a little tiny thing of raspberries that's where i say you know what, i'm out for now. tell me what you're seeing from your consumer? >> i mean, we see consumers being very actively engaged in this category. we have a bullish on the category, we're growing the volume double-digits this year over last year, and so that's very much what we see. so consumers are paying the prices, and as i said as long as the quality is there, then the consumers stay engaged in this category. liz: you announced a further partnership with plenty, which is of course, the vertical farming indoor farming, hydropon

ic farming company. talk to me about where you see that going and i bring that up because automation does solve at least some of the industry's problems does it not? >> yeah, absolutely. i mean, we have to find efficiencies throughout our whole supply chain. the plenti investment and partnership is a long term play. i think you could look at it two different ways. i think we are able to push product quality and the consumer experience to a level in the work we can do outside or we can potentially grow in parts of the world where you can't grow berries today. we ship a lot to hong kong, to singapore, on airplanes and that's probably not viable 10, 15, 20 years from now and if we can put a driscoll's farm right down in the middle of singapore and grow berries there, 24 hours a day, then that might be a great solution for the future. liz: well, for now, i'm a big blackberry-raspberry girl so keep it below the five handle

please, soren, good to see you. thank you very much for joining us. >> thank you. liz: we are getting this breaking news hitting the tape. meta ceo sheryl sandberg is leaving the company. the news confirmed moments a gone on a facebook post, leaving the company after 14 years. facebook shares right now, you can see they dropped off the cliff as soon as the news hit the wires, of course she had come from google where she was a rock star there, and she was lured over by mark zuckerberg, as we said years ago, and she has been a real force in the women in silicon valley voice point there and as we continue to watch this story, pretty significant that she is stepping down. we're waiting on a little bit more information to see if she's going somewhere. i don't believe so. she's leaving after 14 years, and it was sent in both i guess an e-mail, oh, okay i'm sorry. it was a facebook post as we

mentioned, and she will be leaving the social media company. we do have facebook shares, meta shares down about 2.5% off the lows, they immediately dropped about 4% trying to climb backup there as it absorbs the news. tesla ceo elon musk throwing down the gauntlet on work-from-home culture, telling tesla employees to work-from-home or quit. as employers weigh in on vacation and remote work policies are employees going to walk? charlie breaks it next. and finding the branches of your family tree. some of you really want to do that. others do not want to know, but mainstream geneology has gone crazy as a business embracing technology and customers are flooding in there and this weeks edition of the everyone talks to liz podcast, i've got the ceo of ancestry, she shares her story, really fascinating. she overcame being incredibly introverted as a child, to get out there, work it, yes, facebook, which is now meta, and

she now dominates the family history and dna space, becoming the ceo. climate on apple, google, spotty spotify wherever you get your podcast, closing bell ringing in 19 minutes the dow now down only 12 points, s&p, nasdaq, and russel still in the red. rs are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do.

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liz: elon musk shocker, creating waves again. this time, nothing to do with twitter. charlie gasparino? charlie: you know, everyday, it's another story about coming back to the office. if it's not goldman sachs, it's david solemon had a little heat from coming back to the office, or using your vacation time. i mean, we live in such bizarre

eras and we have a hugely-tight labor market that it puts the employee in the position so the latest sort of kerfluffel. is that how you say it? katie: kerfuffel. charlie: i'm not going there but anyway -- liz: i'm not, i'm slightly obnoxious. charlie: so apparently, he said get back to the office, or quit and he put out a memo yesterday. here is the interesting thing. we're hearing cross currents that he's taking that back or he didn't mean it that way, because he's got all his employees going nuts. you know, i will say this about elon musk. he's a rare ceo. he speaks his mind, you know, most of these guys i would say with the exception of like a larry fink or jamie dimon, are highly, highly managed by their pr team so he's not. i don't even think they have a p r team i wonder if they have

an investor relations department or a corporate communications department so he puts out these edicts and they could be taken 15 different ways i'll say this about what's going on just a general statement. companies throughout america right now, throughout the world, are grappling with this issue of coming back to work. i mean, and whether employees should work-from-home or not. it's maybe the biggest employment issue that when i talk to employment experts and i'm talking to head hunters that's all they're talking about people say can i work-from-home? liz: well you can't if you work at an auto company on an assembly line. charlie: well that's different, what he's talking about here is the staff. the engineers and people like that. liz: okay. charlie: can they work-from-home and this is one of the biggest issues facing every company. now how do you remedy this issue one way to remedy it is to have a recession. i hate to say it. the minute the recession kicks in, and layoffs begin, this will stop being an issue but as of now, with the labor market is tightening, every firm on the street and then on top of it

you have people like mayor adams , the mayor of new york city, eric adams, imploring wall street to come back, when people don't want to come back and take , you know, all the big banks people don't want to take the subway to work because guess what they might get mugged or thrown in front of a train or a lot worse, so this is a huge issue, and i think elon stepped in the middle of it. it'll be interesting to see how he responds. i guess you watch his twitter feed for this , and what's going on at twitter, because that bid is still going on. the interesting thing is, liz, if he does go through with the twitter bid, are those people really going to, are the lefties at twitter going to follow him or are they going to quit? liz: you know what's interesting into charlie: what? liz: tesla is the most-admired and number one company that engineers all over the world, here, u.s. , overseas, want to work at. there have been all kinds of studies. they all want to work at tesla. they know they will rise up in

the company. charlie: then why do we have this issue then? liz: well that's tesla. twitter totally different culture. charlie: but this is a tesla story. liz: i know but it's just interesting. you brought up twitter. it's interesting that on the one hand you've got people with tesla who do want to be there, they just might not want to work at the moment away from home. charlie: this work-from-home thing is a huge thing. i couldn't wait to get back to the office but when i talk to ceo's everyday, they're talking about this because, you know, when you have a tight labor market you have a millennial and what's the one after millennial? liz: gen z. gen x. that's after millennials they are younger. charlie: younger than millennial , gen z? liz: the oldest is 40. charlie: they are getting old these days but what i'm saying, they are still dumb, right? liz: hold on a second! facebook, we now have the replacement for sheryl sandberg. sheryl sandberg is leaving she just let everybody know via

facebook. charlie: you know, this has been in the hopper. liz: javier oleban will be the next. stock is down 2.8% off the lows of the session. charlie: this is a rumor for like the last four years. liz: that she was going? took a while. charlie: that she was unhappy with the place. liz: she's going to continue as a board member. charlie: i know she took a lot of grief for her lean-in. liz: why, she was right. charlie: she was right a lot but it was a meme for a while. when she came to twitter, facebook, it was a floundering company. liz: yeah. charlie: she made the trains run on time and she grew the business. they were able to monetize all that data because she's, i've seen really smart cookie. she's a great executive one of the best in america, and you know, i don't know the new guy, i never heard of him before, but she's going to have no problem landing anywhere. she doesn't need to.

liz: yeah. she gave an amazing keynote graduation speech at uc berkeley a couple years ago about life and plan a and plan b. it's on youtube, you guys should look at it. charlie: i'm rushing to watch that. liz: it's epic. charlie: i'm kidding. liz: stop with the kerfuffel. thank you, charlie. charlie: what do they call those guys? liz: thank you, charlie, i will say market momentum defined by one key technical indicator, and today's countdown closer tells us where to look to see if a new bull run is underway, or whether any kind of pops in the stock market are just bear market rallyies. at adp, we use data-driven insights

to design solutions to help you manage payroll, benefits, and hr today, so you can have more success tomorrow. ♪ one thing leads to another, yeah, yeah ♪ ♪ ♪ ♪♪ voltaren. the joy of movement. ♪♪

>> four and half minutes before the closing bell today's countdown close at the top rated analyst researcher, she zeroed in on the momentum and beliefs that the stock market should use a bottoming process consisting of oversold rally, retest and trust. we get the first three but red dress we had just the person to tell you the chief strategist, intuit and why do you believe in the signal of why were starting above market. >> thanks it's what the technical analyst came up with several decades ago what it means a lot of stocks are moving up together at the same time not talking about most, over 90% of

stocks above the ten day moving averages. if something like that is happening in so many stocks are rallying a few of them run into trouble. there is still a lot of other stocks that are doing just fine and that can carry the averages like the s&p 500 higher. >> what is it telling us that we've been in the long-term multiyear bull market, it looks like for the moment we have a bit of wavering but are we on another bull market where are we now heading toward a long-term not bear but certainly a flattish movement? >> as you mentioned the four step process were in the second step right now were trying to rally we have a couple of good signals i mentioned the ten day moving averages but you get

above 90% but we have about ten of them that were watching and we only had two of them they gave us signals it's too soon to say that it's a new bull market a lot of times these rallies over the past week a lot of them failed in the lot of the markets rollback over and you have to go to the retesting process again which is why we say you don't want to catch a falling knife you want to wait until you get the confirmation and missed the very bottom but it's worth it from a risk adjustment perspective. liz: from a risk adjustment perspective did not get your hands cut into attempt to catch what sectors do you feel are the places to be at the moment where you can still get some yield? >> we had a strategy whether the commodity sectors, energy and materials and the others are the consumer staples, healthcare and utilities. those tend to be defensive sectors when the market goes down they go down last and as

you alluded to they have high dividend yields you're getting paid to be in those sectors for a while, collection income while you wait for the market to settle down after we get the confirmation. then you can go into this sectors. liz: we detect tom barkin he was pretty strong measured but strong the said we will continue to raise rate because americans do not like inflation and the best way to tamp it down is rate hikes, what you expect for the rest of the year end how the market might absorb 250 basis point tightens. >> at this point historical analysis the market has priced in a slowdown if the s&p falls 18 - 25% that is more in a slowdown category which is what the fed is trying to do. every session tries to be much deeper in the s&p falls about 35% during recession. right now the market is saying

we are giving the fed a shot but if they tighten too much then we will see a bigger decline. that is the single most important question for the rest of the year can the fed raise rates enough to get inflation under control so they can battle. liz: thank you it is tight that is for sure but this one goes to the bears the dow jones industrial down 180 and s&p down 31. ♪. larry: hello everyone, welcome to "kudlow", i am larry kudlow. one more pass that joe biden's alleged plan for fighting inflation. we think most common sense folks know it is not a serious plan as my pal kevin hassett said is not exactly the marshall plan. three quick points in this non- plan. blame everything on the federal reserve, it is their problem not