going to impact the value. but intrinsically, what this thing is worth longer term. i get the idea of trying to beat the market, it makes for good tv, but pace yourself. you've heard that a lot today, pace yourself, because investing can be a lot more simplistic. think about the intrinsic value, and that's what you should be focused on. don't let these markets whip saw you. by the way, one with of the best to help you through that, liz claman. she's here. liz: thank you so much, charles. good news on jobs, bad nudes for stocks and bonds. take a look at markets after the strong may employment report convinces investors that interest rate hikes are clearly in the federal reserve's crosshairs. we've got the dow jones industrials down 263, the s&p down 57 points. it's the nasdaq that's the real loss leader, down 2 the 82 points concern 282 points. no need to wait for jerome powell, the 10-year treasury yield already has a jump on things when it comes to rising

rates. as soon as the jobs report hit the tape the, we've got it at 2.957%. before the markets opened the yield was around the 2 the.93%, so that really shows you the spike that we've seen. but a strong jobs report is not swaying tesla's ceo elon musk. the ev maker's stock drop thing on news musk is cutting 10% of his head count at tesla as he has a, quote, super bad feeling about economy. we're about to get you the accuweather real-feel temperature the gauge of the jobs market live with the ceo of recruiter.com. and as much of the consumer discretionary sector retreats, investors are saying cheers to duck thehorn portfolio. the north american wine seller jumping 2.7% after a beat on both profit and revenue as jpmorgan and jeffrey's rush to raise their price targets on the stock. the ceo on how he's popping the profit corks even as inflation

rages. and today the marks the 100th day of russia's war many ukraine. what was supposed to be putin's victory lap has turned into a protracted battle that has left thousands dead and global food and fuel prices skyrocketing. we're gauging the odds of a russian or ukrainian win with former nato supreme allied commander james stavridis, out with his new book "to risk it all: conflicts on the crucible of decision." we'll talk russia, ukraine's stunning resistance and the looming threat of china's naval supremacy. the whole taiwan situation, that could be the next real problem. but first, let us begin with breaking news. we're kind of looking at a super bad tech selloff as we kick off the final hour of trade for the week. the nasdaq down 292 points, slightly off the lows of the session, but not much. superbad, of course, the term elon musk used in a memo leaked

overnight to describe the angst he's starting to feel about economy. but that's not necessarily the reason for the selloff. since the open dow jones industrials has been in the red, now it's down about 304 points as we watch and wait. we see the s&p down 62, 58 minutes left to trade the. while futures had been lower premarket, they really tanked when the labor department released a very strong may jobs report. it's good news, right? it showed that the u.s. economy added 390,000 jobs during the month, 333,000 came from the private sector. we had the unemployment rate staying static at a relatively low 3.6%. immediately though investors interpreted the number, which beat estimates, as a strong signal federal reserve chief jerome paul and company -- jerome powell and company might have to become more aggressive at racing -- raising interest rates. the markets were pricing in 50 basis point hikes for june and july. we pretty much still have that

right now, but a take a look at september. there is now, even after many had talked about maybe a pause in september, a 61% chance, better than half here, of a rate hike of 50 basis points come the fall. that robust jobs report superimposed over a flurry of job cuts announcements, well, back to that the elon musk memo in which he said tesla should slash 10% of its work force because, it's odd, right? demand for tesla's ev remains very strong. , tesla dropping nearly 9% right now. take a look at coinbase, not just extending its hiring freeze, but rescinding. coinbase falling nearly 10%. lyft, meta the, netflix, they've just laid off 150 people. how should investors read these conflicting signals as they invest through the coming weeks? we're joined by evan song, ceo of recruiting.com, the jobs platform that links to the world's largest network of

independent recruiters, and strategic funds co-managing director mark. evan, you're in the thick of the jobs world. are these companies panicking? what does your web site tell you right now about the state of the economy through the lens of hiring? >> so we're seeing recruiters working on more jobs than the ever before. we do a recruiter.com recruiter index. two months ago there was about 17 jobs on average, now they're working on 22 jobs. but there's certainly a healthy, robust hiring market. we're seeing recruiters itself as an industry up significantly month over month many terms of the demand for recruiters, and we did see tech drop by 11% to about 39% in terms of what recruiters are actually looking for. we're not surprised. we actually thought a couple months ago that companies were stock thing up. they were overhiring on employees, and i think a lot of let's call it the selloff of the supply chain of talent is really from overhiring.

liz: yeah. you know, and then you look at this picture, evan, with a very strong jobs report, and it clearly appears as if the federal reserve has to keep foraging going forward when it comes the trying to bring down inflation which is extraordinarily high. i found it really interesting and kind of displaying, i'm sure, for a lot of companies because we do have the labor costs first quarter revised upward 11.6%. are you seeing companies pay more, and how does that play into the inflation picture? i couldn't -- >> i couldn't agree more with you. we feel bad, not just the small businesses that are really being affected. they really feel it first, and they're having a hard time finding the talent. they're really suffering the most. you go by a restaurant, and they're closing early because they can't staff up. these are not the big companies that are laying off people, these are the small companies that are having challenges

finding people. and if you're seeing wage inflation and inflation, this is really going to hurt the small business even faster. liz: yeah. but, mark, i have to bring you into this. as we look at stocks and which ones to be buying right now, i mean, look, with in the headline that is actually positive news, rates go up, 10-year at 2.95% right now, semiconductors are getting hurt. i looked at a lot of sectors today. many of them, particularly consumer discretionary and even some of the staples and, you know, the biggest laggards, obviously, tech but also telecom, where do you put your money right now? >> well, liz, i think you have to look at companies that help power the remote work, the low cost labor economy. you have to look at the companies that have been beaten up, as you point out, and might be trade thing at attractive levels. so, of course, companies like zoom, companies that are

involved in the storage and processing of data the, chipmakers. we've talked about nvidia a lot on the show over past segments. so you've got to look at what a companies actually are position ed to benefit from this tricky labor environment as my friend evan very astutely pointed out. i think that's where you've got to look, look at ones that are really off their all-time highs, certainly, from the beginning of this year. so those are some of the names. liz: okay. marriott, disney, expedia -- [laughter] but i get nervous when you say things like disney and expedia, because, hey, what if people look at the price of entry at disney world and say that i can no longer do because i'm paying so much for food and fuel? mark? >> yeah. so, liz, no doubt that that will eventually start to show up in the earnings of companies like that. disney's also, you know,

involved with the streaming wars which can be challenging. but travel and leisure is expected to remain pretty strong certainly through the end of this summer period. but i would start to look again at those companies as we get into, you know, later quarter earnings. we mentioned expedia in part because they own brbo, and as -- vrbo, and as people are looking at cost of buying homes continue to go up, heir going to look to rent. so we see some strength in that area as well. liz: evan, before we go just give me your with sense of how it is possible that we could even talk about stagflation when we have such a great stock market -- great jobs market right now. >> oh, yeah. when you look at what makes a good, healthy market, it's a good talent market, a good labor market and a good housing market. the labor market is incredibly

tight. i do think that the labor shortage and the looming recession are going to make companies think about hiring talent in other places. we hear a lot about work from if anywhere. we predicted months ago the morphing into hire from anywhere and the ability to actually hire talent not just in your own geographic region, but maybe a time zone in south america or overseas is really going to play a significant point in how companies are going to look to save money in an inflation moment. liz: yeah. such an excellent point there. i mean, it is a changing world as we speak. nasdaq's changing too. it now looks to be just 5 points above the 12,000 the level. we could dip under it. we're down about 311 points. fox business alert, shares of pandemic winner and reopening loser okta, it's kind of more on the darling side all session long today after reporting better than expected quarterly reresults, up nearly 6% at the moment.

the work from home, work from anywhere security company's stock is powering higher after it raised its outlook for the year. okta forecasting a per-share loss of 1.11, that's narrow than the early 1.14 estimate. several analysts also pointed out there was no real fallout from a data breach back in march which turned up and turned tout affect only two customers. origin originally, the company was concerned 366 customers were impacted. apple shares, part of the reason we're seeing red in the major indices, down 3.8% after morgan stanley warned apple's app store is showing signs of slowing growth, and that could impact the stock. well, kind of already is. the app store rerevenue growth slowed to 4% year-over-year in may compared with 8% in april. morgan estimates that the june growth will come in below forecasts but should bounce back after that.

with cruze is going to start the cruising through the streets of san francisco within weeks. the company's permit to authorize self-driving cars in the city was unanimously approved by california's public utility the commission. they will be the first to be allowed to do this. cruze will use up to 30 chevy e volt ev that will travel at a maximum of 30 miles an hour. don't get in and tell the autonomous driver, obviously, the non-driver -- [laughter] hey, step on it, because they'll only go 30 miles an hour. they will have limited hours of operation to start, shares of gm down about 3.5%. kohl's is moving higher on a "wall street journal" report that the department store chain has received firm takeover bids from private equity the firm sycamore partners and retail holding company's franchise group. now, this stock was higher earlier, z you can -- as you can see from the intraday. it's getting swamped with the broader market selloff.

both of these bids value the chain between $50-60 a share. certainly a premium at the moment to the $41.29 that the stock is standing at right now. the board is expected to meet and review the bid in the next few days but, folks, there is no guarantee it will entertain either of these bids. kohl's has successfully pushed i off and rejected several takeover bids this year including a $9 billion bid from an activist group. napa valley winemaker duck horn portfolio, this is one of the few ipos of 20 the 20 the 2 -- 2021 that's comfortably trading above its debut price, and right now investors are clinking their glasses on news that the stock keeps bubbling higher. the ceo up next on how he is managing to skirt consumer slowdowns other luxury companies are facing. closing bell ringing in 47 minutes. dow jones industrials down 368 points, more than 1%.

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liz: -- >> 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 trade you normally see when things get a little tighter. liz: while it's one hinge for a fedhead like tom bar kin to tell us here on "countdown" he's seeing consumer discretionary spending stay firm at the higher end, it's kind of another when short sellers throw in the towel on their bearish bets in the sector. according to data from s&p 500 global market intelligence, short interest in consumer discretionary stocks fell one basis point from the end of april to mid may. okay, tiny, but it's the first time that since november short bets for consumer discretionary companies have declined. now, if you're looking for a way to get a taste of the sector but you're still very wary of headline risk, wall street is toasting one particular company, duckhorn portfolios, jumping 3.5% right now. the luxury wine company just

released its quarterly report where it not only beat on both the top and bottom line, but raised its fiscal year forecast. considering some of their wine costs $200 a bottle, how are they doing it? joining me now, the president and ceo of duckhorn portfolio. you guys used to be called something else, right? alex ryan. >> when we took it public, we tightened up the name a little bit to duckhorn portfolio. liz: yeah. it's an exciting name. you've got all difference kind of duck-related names of wines in your broad swath. but you also have a broad swath of pricing, yep? look at you. [laughter] $25 a bottle but then all the way up to, what, 200, is that your highest or do you have even more expensive ones? >> essentially, we're in that 25-200 space, and we think that's the really fun and exciting part of luxury. luxury can -- span many areas,

but at scale and growth we think it's really where the luxe luxury consider, there's growth there, opportunity, experimentation the, and we're seeing the a ton the of success there. and we think that going forward, and it was interesting in your previous segment, we're seeing a slight bifurcation as well. people are interesting -- interested in luxury wines, interested in the wine country experience which is translating into really demand. so right now we're pretty bullish on the luxury wine sector, and we think going into the future there'll be some resiliency amongst the types of cus customers that buy our wines. liz: who are the types of customers who are buying your wine, and can you give us any real feel experiences as of late? we start hearing from all kinds of companies saying, oh, things have changed in the last two months, but who's buying what? do you have people buying en

masse the expensive wines or a lot more of the less expensive? >> no, that's a great question. right now we're seeing crowded iowas thing rooms, demand -- taste thing rooms. the expensive stuff, so we don't see people changing their habits within our portfolio. we still see people excited about taking, in some cases, you know, large baskets of wine out of the tasting room when they're tasting unique products at relatively high prices because it's an experience and something unique they got that their friends didn't get. by the same token, we're not seeing any changes on the more moderately priced wines that you see a little bit more broad distribution. so really on both fronts, the upper end and lower end of our sector the, in the category and price point that we offer, we're seeing broad-based adoption and evangelism. right now we're encouraged by that. liz: i'm sure. but you also have to deal with

at least some level inflation, do you not? the good news about your company is that you are not as exposed to the global issues and supply chain problems. but we know that glass bottles have been short to come by, there's a cork shortage. what part of inflation are you experiencing, and are you laying off? are you hiring? are you raising your prices? how are you getting your arms around it? >> yes. generally speaking we, as a luxury product, i don't think we should be just rallying off new price increases because of troubled times. i think we're looking at it over the long term, so we are instituting some price increases and working with our distributers and partners carefully, and we think they will be adopted relatively easily within our space. no, we're not laying any people off. we're a growing company. we're making a lot more wine, or doing a lot more distribution. it's a nice place to work, and we're very fortunate to have a

great, talented team. we are currently adding to that team, and we'll do it carefully, obviously, but we need good people. that's the a real soul of a company, we need good people to continue to do the good work and continue future outperformance in the market. your other point, supply chain issues, we've navigated them well. we're largely exposed domestically and regionally. we have our glass comes from mexico, we have a great relationship down there. what you're highwaying about tha is chinese glass, having trouble making it and getting it to port. we've navigated around that. we are seeing some modest increases in packaging materials, but certainly nothing extraordinary. on the grape front, the critical part, the largest part of a case of our wine is an extremely well diversified landscape of vineyards we own, wide range contracts with growers throughout the state of california and the state of washington. so we think we have a real

buffer there in terms of anything getting away from us. i don't foresee our costs being a surprise to nip. they're well managed and we have a lot of visibility and into them because they're such long term in nature. liz: okay. so here's a ceo, guys, who is hiring. by the way, stock went public at 15, one of the few who went public last year that is now well above -- well, comfort write enough at $20 the a share. thank you for joining us. >> thank you. take care. liz: we are taking it to baby formula. finally, that shuttered plant that triggered the nationwide shortage is firing back up operations. for months parents have been frantically scrambling to find baby formula to feed their infants. how close is relief? we're about to get you the answer when we take you live to the abbott if labs formula factory in michigan restarting production. closing bell 36 minutes away. nasdaq damage down 33 points,

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liz: the ongoing baby formula shortage plaguing the nation continues to worsen with some u.s. manufacturers now predicting it could last until late summer. with five states reporting shortage rates of 90% or higher, thousands of american infants and children are now at risk of going hungry. abbott labs, which triggered the formula crisis in february following a safety-related closure, is set to restart production this weekend following the four month slowdown. shutdown, outright shutdown. so with productions back up and running, when can we expect fully sock thed shelves once again? -- stocked shelves? let's get to grapety trim -- grady trimble with the very latest. >> reporter: hey, liz. it's kind of a complicated question to answer. it's a step in the right

direction, of course, getting this factory back open, but it's by no means a quick fix to this baby formula shortage. that's partly because abbott has said it's going to start producing its lei -- elicare brands first. the company has not said when it'll start making other products that were part of that voluntary the recall. and that brand will likely be available as early as june 20th in some cases. we don't know when they'll start making the other brands like similar lack -- similac and alimentum. the biden administration, of course, has been working at its operation fly formula to get as much of the baby formula as they can into the united states from other countries like the u.k. and australia. and despite those efforts, the shortage of baby formula in the past couple of weeks has only gotten worse. take a look at this chart

because you can see how much this has become an issue across the board in the united states. we are now at nearly 75% out of stock rate across the country. and if you look state by state, as you mentioned, it's even worse with georgia nearing 95% of all baby formula wiped off of store shelves there. we're also getting news about a department of health and human services investigation into the fd the a. we don't know -- fda. we don't know all of details, and we certainly don't know what they'll find, but we do know they're looking into two things; the inspection that ultimately led to the shutdown of this a plant and also the fda's oversight of the recall which has spiraled into this huge shortage across the country. so the long and short of it, liz, is this is a step in the right direction. things are hopefully going to get better once this factory gets up and running in full force but, again, no means a

solution, a silver bullet to shoving -- solving the shortage. liz: unfortunately. that's not good news. all right, grady, thank you very much. grady trimble live in michigan. wholesale gasoline hitting a fresh record high at this hour. $4.30 a gallon. yesterday's $4.19 a gallon record getting blanked at this hour. since february 24%, arbob has spiked 55%. yes, just since the start of the ukraine war. on this 100th day of russia's war with ukraine, russian president vladimir putin's dream of restoring the old soviet union is turning into a nightmare not just for ukraine, but for his own nation and the rest of the world. we are about to speak to the man who knows about combat firsthand and rode to the highest echelons of the u.s. navy and nato. admiral james stavridis joins us next. closing bell, we're 28 minutes

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♪ ♪ liz: breaking news on russia's war with ukraine. news agency interfact ukraine reporting the head of the ukrainian region of luhansk says ukraine has recaptured 20% of lost territory in the city of donetsk as troops are locked in brutal combat for that key eastern city. it has been kind of a shock that considering russia's military might its war with ukraine has stretched to its hundredth day markedded today. the human toll, devastating, and the economic reach has spread far and wide.

across the energy complex, americans have seen double-digit percentage spikes in crude, gasoline -- look at natural gas. just since the start of the war, february 24th, up 81%. how much longer can this war rage on? let's bring in retired u.s. navy admiral james that vid race, author of the new book, "to risk it all." admiral, thank you so much for joining us. you know, vladimir putin is making headlines at this hour. he just spoke publicly on russian television and tried to blame the u.s. for high commodity prices the world is seeing. never mind that russia invaded a sovereign nation and has shut down a lot of the movement, but how to you assess the battlefield or both -- on both land and sea right now? >> we're at a pivotal moment. phase one was putin's attempt to conquer the entire country. that has failed and failed miserably due to russian inwe

ten. we're now in phase two. he's consolidated forces in the southeast. he's kind of grinding it out, but as you just reported accurately, the ukrainians are pushing back. and it's kind of a logistics foot race between what the west can put in the hands of the ukrainians and what the russians can bring to the battlefield. so we're at a very pivotal moment in this second phase. what comes next when both sides kind of exhaust each other, probably in the 2-4 month if each other, i think that's with -- when we'll have a chance at serious negotiations. we'll probably end up in a korean war kind of scenario, an armistice, and where that battle line is drawn depends on how the combat goes over the next couple of months. liz: i want you to be really honest here because everybody loves to say -- not you, but a lot of people want to say, oh, i knew this would happen. did you ever anticipate that ukraine, the david in this fight, would beat or at least hold off the goliath of russia?

>> i had my suspicions that they actually would, but i'll tell you why. i come at it from a position of real knowledge in that as supreme allied commander the ukrainian military deployed under my command to afghanistan. they participated in many nato missions. i had a chance to see them firsthand, liz, and came away with a lot of respect. now, if you had asked me as the invasion unfolded would they be able to push them back as rapidly as they did and as well as they did, no. that a surprise. and i put a lot of it down to the leadership of president zelenskyy and the fighting spirit of these ukrainians. liz: yeah. and nato stepping in and supplying all kinds of weaponry including united states. you know, it's pretty fascinating because americans are suffering as far away as this war is but with much higher commodity the prices. you know, president biden has blamed putin for higher gasoline.

putin just today blamed the united states -- [laughter] for the wheat issue. you know, ukraine and russia produce quite a bit of wheat, and russia produces quite a bit of fertilizer. and so, i'm sorry, what part of this has to do with us? because supply has gone down, but where do you stand on believing that putin can continue to see russian soldiers slaughtered alongside, of course, ukrainians, many of whoe relatives in both countries. >> indeed. and and i think this is -- here's an economic term we all know, there's a burn rate here in progress for vladimir putin. he's got two burns going on. one is money. i always say as general sherman said in the civil war, war is hell, liz. war is expensive. he's running through his reserves. and number two more importantly, the burn rate in russians killed in action, ripple effect of that back to russia. he can't sustain this for years.

he can sustain the it some number of months into the future. both of those will collide and end up again putting pressure on him to come to negotiations. when and how the ukrainians decide to negotiate is going to be up to them. liz: and i need to switch gears because there is another pressing issue on the global front, and that's china and taiwan. and where the u.s. stands in all of this. china has largest navy, they used to have no navy pretty much. but they just have unveiled at least what is going to be their biggest, most advanced aircraft carrier. i mean, what do you know about that? i mean, you ran the. i need to -- the navy. i need to know how strong they are because if there were a war where china tries to win taiwan, how could the united states get involved, and is that too dangerous at this point? because it had been mostly a sea

war. >> let's start with that new aircraft carrier, very significant development. this is the first, if you will, supercarrier comparable to the 11 carriers that the united states already operates. one is comparable in size. what it lacks right now, liz, is the capability to put a really powerful airwave -- air wing. their aircraft cannot as good as the aircraft operating on our carriers. but as a bell ringer to us, it says china intends to continue to build a big, scaled navy. and you're correct, there are actually more warships in the chinese navy today than in the u.s. navy. ours are bigger, more capable, more powerful, we have much more experience. bottom line, wert not going to want to go into a war with china with an expectation the that we'll simply roll over them. it'll be a pitched battle. it will be a sea battle

principally, and it'll be a very challenging fight for the united states. liz: sounds like it. if anybody knows, it would be with you. admiral, please come back. thank you so much. >> you bet, liz. thanks. liz: big wins for leisure and hospitality in the may jobs report. the sector, however -- and that includes restaurants and bars -- came in with the biggest job gains, but the stocks have had a real difficulty the muscling higher. charlie gasparino's right there checking out the picture at a famed new york city restaurant. he is going to join us next. charlie, don't eat all the pasta. save some for me, thank you very much. closing bell, 15 minutes away, we're coming right back. ♪ ♪ people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life

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♪ liz: okay. we need to tell you guys my tiktok this morning on that leak of elon musk's confidential memo to tesla executives indicating he has a, quote, super bad feeling about job cuts? it is our third to surpass 100,000 views in a row, third in a row. we have about a quarter of a million followers right now@the red fox liz on tiktok. we get all of your overnight headlines, the big news. come follow me, join it. and, yes, i roll right bout -- out of bed. the may jobs report speaking of job cuts and hiring shows that restaurant hiring was in full swing last month. let's get down the charlie gasparino live on the upper east side in new york city. charlie? >> and i'm with giuseppe bruno, the owner, the chef. and, by the way, liz, he's an economist. because this time the last year on your show, on cavuto's show,

we filmed here. he was saying whatever jerome powell is telling you about inflation being transitory, it's not. it's going to be the with us for a long time. so, mr. economist -- [laughter] >> how are you? but i cook. >> let me ask you a question. you called this because with you're on the ground floor of our economy. small businesses are the engine of the u.s. economy. you know, i guess in the spirit of jerome powell mussing transitory inflation being -- missing transitory the inflation, do the politicians have a clue about the problems faced by small businesses like yourself? >> a lot of people don't, because they lost contact with the real small business. they stay in government for long. they don't know what the street is telling us, they don't listen to what the street is telling us. they become very cocky, they think they know it all. they become very stubborn, they don't listen. nobody gives them the right information.

we breathe the street every day. we know labor costs, we know what the product costs. these people, they don't -- they have no clue. >> you know, your customers, i know 'em all, larry fink from blackrock, he's been on liz's show, jamie dimon, you know, you would think they would tell them or maybe they're noting asking or maybe they don't care, the biden administration doesn't care what -- >> no, they don't ask because they are in power, and they think that they know it all. i think they should be more humble, admit when they make a mistake. look, this policy does not work, let's try something else. i think it happens to george bush sr. the first time that he changed the policy, he changed people not in time. when something is not working, change it. go back and try something else. but they just continue with the same ideas, same thing. but we, as small business, they should be sending people and saying, hey, what do you think? a little bit of this, a little

bit of that. but they don't because they think they the know it all. >> you operate in new york city. mayor adams said he wants people to come back to the city to go back to work. we obviously have a crime probable. -- problem. what do you think about him telling people to come back? >> i think when i heard that he wants people to go back to work, i think it's the right approach. i think he should do that. i think maybe we need to regulate that and see how people are going to come back to work i but also along with that, he should make sure that he enforces the laws of crime, how people -- the people want to feel safe. let's say there's a graduation the time of year between families, you bring business to nike new york, people want to feel safe walking the streets of new york. people don't feel safe. they don't. >> do to you see inflation going down? >> no. >> why not? they all say it's peak inflation. you're still playing -- paying more for your supplies. >> yeah, we're paying more because we have the same, the

same laws in place, nothing has changed. people don't feel that there's going to be any change because nothing has changed. nobody's doing can anything about it. >> are you passing on inflation to your customers? >> no, that's a bad policy. you cannot do that. you cannot pass inflation -- >> suck it up? how do you make it up? >> maybe some more wine, some more champagne. [laughter] >> an extra couple vodkas? >> yeah, pushing vodka and, you know, wine, stuff like that. liz: sambuca. >> before we end, i want to ask you one question. i'm getting music. if they don't get crime down, what's going to happen to new york city? >> i think we have seen in the past and, you know, you can take the it from the history of new york, when crime is high in new york, the city will die down. >> there we go. >> just look at the history of new york. we had other mayor are, other administration, crime was very high. nobody came to new york. even central park was a ghost

town. >> talking to the expert here. >> it was horrible, you know? liz: i know. >> we had people walking in central park, the beauty, nobody went. there was, like, no cops -- >> who wants to get a cup of coffee when you get mugged? [laughter] >> exactly. new york is about romance, dressing beautiful, go to restaurants, drink champagne. we're not having this. >> and not getting mugged. >> and not getting mugged. yes, absolutely. [laughter] liz: charlie, fantastic. giuseppe for treasury secretary the. i'm voting for him. charlie gasparino, thanks so much. we are coming right back. four minutes to go before the closing bell rings. ♪ 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 ..

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liz: we are three minutes to the close for the week. markets firmly on track to finish in the red. the real worst problem for technology down as you see, more

than 200 points. but as we have for the markets for the week we see the dow, the nasdaq and the s&p will close more for this shortened week. the sniewps weighing count entire semi conductor sector. our countdown closer says stay bullish on one name. what is that name, joel? too nvidia is a strong name. they came out, they had an interesting perspective in terms of the marketplace. right after earnings the market was down 10% afterwards.

what these markets demonstrated is there is no place to hide. you are seeing companies like walmart and target in staples are completely flat. companies like nvidia, a price adjusted for growth basis was a bargain. it was one-third the level of walmart and target. for the growth and market capsize, they are able to expand the margins which is very unusual for a $400 billion plus market cap company. that's a real accomplishment in this market. liz: it's tough for this market from a risk standpoint. how do you think next week moves after a day like today? >> what we have seen with tech is the market caps dropped 70-80

percent or more. mongo, db and others. so the market counts are dropping. the revenues are rising. it looks better today. liz: okay, joel schulman, thank you. "kudlow" is next. larry: hello, folks, with welcome to "kudlow." i'm larry kudlow. joe biden was out this morning in all his splendor talking about the may jobs report and can other things. i don't know if folks remember the 1980 presidential debate between ronald reagan and jimmy carter. finally the gipper t