ultimately it's not good for business it cannot be good for business and certainly is not good for the image of wall street or silicon valley. well, liz claman, looking a little better we climbed off the canvass twice today and i think that's a good sign. liz: it's kind of interesting we've got all four major indices bobbing back and forth all day, right, charles? charles: yeah, they are showing a little spunking. liz: but they are also teasing both the bulls and the bears with these choppy moves. yeah, the major averages cling ing between gains and losses right now, with gains as investors try to decipher how sky high inflation will pressure or help because it can in some cases organizations big and small, and their stocks. look at the dow jones industrial up 146, s&p better by 22, let's mark the nasdaq up 62 that's a gain of a half a percent and a small and mid cap russel up 19 points after yet another warning from target sent retail stocks stumbling right out of the gate. target's new colliding with

treasury secretary janet yellen today in the senate hot seat. senators demanding to know why she incorrectly believed inflation would only be temporary. as she blamed shocks from the ukraine war and of course the global pandemic, the covid lockdowns credited with highlighting rural america's desperate need for high speed internet and wireless access. infrastructure giant crown castle, they make the cell tower s and a bunch of different ways that connect people, that company stands at the center of the 5g kingdom. its ceo is here in a fox business exclusive to tell us why it's taking so long to connect all of rural america and whether the biden administration 's chunk of infrastructure cash coming now might make the difference. and an autonomous trucks ready to roll delivering everything from toilet paper and paper cups to sam's club. the ceo here to tell us how his

driverless delivery trucks will operate the new deal with georgia pacific, plus, tom cruise's maverick hitting its first bout of turbulence as it cruises to blockbuster box office records to new lawsuits that the could cool top gun's jets. but first, we start with this fox market alert as we kickoff the final hour of trade looking at the two stocks that right now, really speak volumes about what's really behind the see saw action this session the anxiety of whether persistently high inflation is having an effect on consumer behavior. let's start with target here. target shares down 3%. kind of recovering slightly after dipping as low as $147 a share, at 154 right now. yes, in this session, they gapped down this morning for the second time in three weeks, the retail giant cut its profit outlook saying it needs to cancel orders and discount merchandise because demand is just not there. investors selling much of the big box sector right now check out costco, we've got walmart on the screen, best buy,

everybody's down anywhere from quarter percent for costco, down to about two and one-third for best buy but let's flip it over to our second stock, exxon-mobile sailing above $100 a share, for the first time in eight years. evercore saying a doubling of quarterly earnings is "achiev able" for exon mobile and so raised the oil giant from outperformed to in line hiking the price target from $88 to $120 right now we're at $102.99. notwithstanding the downside move that we're seeing today ine gasoline, prices have gone parabolic over the past year, and exxon's refining earnings have really pumped up its bottom line. now the shadow inflation is cast ing over america, surely keeping the nation top finance experts like janet yellen, toss ing and turning at night and quite frankly, it's not an easy sit in front of the chairs of the senators who bombarded the treasury secretary at a hear ing on capitol hill this afternoon. senate finance committee, as she once again was forced to admit

it was a very wrong call to call inflation transitory or temporary when its now reached unacceptable levels. >> my sense is that inflation be transitory. what i was not anticipating was a scenario in which we would end up contending with multiple variants of covid that be scrambling our economy and global supply chains and i was not ebb envisioning impacts on food and energy prices we've seen from russia's invasion of ukraine, so as chair powell indicated himself, both of us probably could have used a better term than transitory. liz: okay, so she and powell, right? bad forecasts on their part aside the question now is what will the american consumer do next? how will they behave and how will it effect stocks that might be in your portfolio or that

you want to have in your portfolio. let's get right to our floor show traders, tom hayes and phil flynn. phil, i have to throw this to you first because the high price of energy is very much at the forefront of everything that is propelling stocks higher just yesterday lululemon said 75% of our products are leggings come from petroleum products because of lycra, but talk to me right now, and our viewers about what is going on here as we see there are companies that are benefit ing from this like exxon-mobile which popped back up above $100 a share. >> you know, i love exxon-mobile, liz and i just have to say finally, finally! its been a long road for exxon-mobile but they're back, make no mistake about it. exxon-mobile, its profitability is great. i like chevron, but you're right the increase in petroleum products, listen a few years ago these companies took petroleum products for granted, right?

they were all on the green energy movement, we're not worried about that old fuel, but this is a reminder that fossil fuels plays a part, a much deeper part in the economy. we're not just talking about transportation and eating and all that stuff. we're talking about production, manufacturing, across-the-board and to think that it doesn't have an impact on inflation or the economy, i think that's a wakeup call. i kind of listen to janet yellen today. it's like janet yellen, is this a thing janet yellen that was treasury secretary, you know i mean, where she tries to tell us that spending money from the government doesn't raise in population and printing for money? she used to have a different tone when she was the fed chairman. i don't know. i don't know if it's the same janet yellen. i have to go back and think about that. liz: well yeah, i do find that interesting, because tom hayes, when you superimpose target over these high energy prices and that's why we put these two together at the very top of the show. target is unfortunately on the

shortened of how consumers are being forced to change their behavior, abdomen that first-line of defense is going to be that they're going to pullback on extra spending because they do need to drive to work. they do need, of course to fill their gas tank, right? but tell me, ex the energy sector what opportunities do you see knowing what we know about inflation now? >> yeah, well, liz, i think that one of the most important things that secretary yellen said is that one-third of inflation is attributable to new and used car prices, and that's attributable to the chip shortage. adam jonas of morgan stanley put out a note late last week that basically called the end of the chip shortage for autos referring to his team on the ground in china. taiwan semiconductor has 50% of auto chips. their production is up 60% year-on-year. as those chips get to the oems who have two years of backlog inventories are maybe at 10-15% of where they need to be, where

they've historically been. what's going to happen is used car prices which went up 60% in the last two years only dropped 6% recently. they're going to collapse, new car prices, the supply is going to come on, stabilize new car prices, and the biggest beneficiaries, liz, are going to be the auto part suppliers that no one is looking at. they've been left for dead. companies like borge warner, magna interna tional, cooper standard does all of the ceiling for cars a major position for us in the last couple weeks so we think there's opportunity here with these companies trading at seven and a half times next year's earnings. as those chips come in they sell their ports to the oem, to the original equipment manufactures. as those chips come in production will go up, they are selling their parts like crazy. liz: you know what's interesting , we just had the cars.com ceo on last week and he said the exact same thing about the oems but phil as we look at the broader market here, we've been down, we've been up, down, up, today alone so once

again we see his herky jerky behavior and it does make you wonder when do we have just a solid day? i don't know if we need it but the market is a big voting machine and it's voting kind of this way. doesn't know which way. >> right one of my clients calls it a golgi sandwich. it sounds like tom wants to buy a new car, making a case for his wife. but no. i mean, listen. i was on the show with you a couple weeks ago and everybody was so doom and gloom and everybody goes oh, my gosh we haven't hit bottom yet and i was looking at the market and go you nowhere it's pretty strong technical support right at the bear market territory. every time we've been down here, it's you have to prove that it can close that area and ever since we've gone up, but we've been in that sideways range here and i think we're waiting for new news and this is why everybody's got to watch your show everyday because you go over these earnings, you go over these stocks because this is going to be the key. how are these companies going to respond to higher energy prices and inflation?

and if it cops out better than the market thinks and i think we'll start seeing real solid days in stocks. if not, they are saying doom and gloom, then we'll have a rough road ahead. liz: team countdown and i have been hurting our shoulder pat ting ourselves on the back only because a year ago january, we predicted on this show that inflation would not be transitory, simply because when you raise wages, it is really hard to start bringing them back down, and that is exactly what started to happen here and sure enough everything else falling into place with the high energy and that was well-before ukraine good to see you both tom, phil, such good stuff guys. we've got breaking news, the state dining room at the white house where president joe biden is expected in this hour to sign nine bipartisan bills. both sides of the aisle here into law that honor and improve the care of our nations veterans the bills provide for everything from building of community-based outpatient clinics to care for vets dealing with radiation exposure.

when that happens, we will dip in and then show that to you. also at the forefront in d.c. today, something you don't often see. a shrinking trade deficit, after hitting a record high of $108 billion in march the u.s. trade deficit narrowed a more-than-expected 19.1% to $87.1 billion in april, the most in nearly 10 years. imports declined 3.4% meaning americans bought fewer foreign- made goods but exports of u.s.-made goods saw a jump of 3.5%. now that's great for our businesses. a fresh trade relationship forged at this hour just showing you taiwan semiconductor. the u.s. and taiwan entered a new trade initiative to strengthen ties and move the u.s. economy further away from china dependency. to edward lawrence live at the white house, good for the u.s. , but china can't be happy with that deal. reporter: yeah, china is not happy at all about this. the trade initiative is going to find ways to deepen that trade

connection between the u.s. and china. they will be taking written comments for about the next month or so related to this. now specifically the u.s. wants to help small and medium size enterprises related to in-taiwan and the u.s. to work out each other, or work things out each other together. now, it'll also expand agriculture trade within taiwan. that could be a way to remove the rely answer on the island from food to mainland china. u.s. would move with taiwan to advance digital trade including opening access to more information. the initiative would come to an understanding about state- owned enterprises and removing the non-market barriers to expanding access inside taiwan. now those are two huge sticking points in trade with china. this , a message to china, that if it keeps threatening taiwan, the u.s. will move to strengthen its ties with taiwan. now cutting the rely answer on china may make some senators happy both the democrats and republicans would like to see that but republicans specifically are questioning why the president removed tariffs

for two years as well as invoking the defense production act related to solar panels. >> there are just a couple of manufactures here in the united states who are competitive right now and what they have said to us including one that happens to have a big facility in ohio is they cannot compete with china because china's not playing by the rules and sure enough, a case was filed on that and it was determined that there should be a study of this which is going on right now because it appears as though china is subsidizing their solar panel production and selling them below cost which is illegal in drug trade laws. reporter: and in 2019, 80% of the solar panels sold around the globe came from china, made in china, 50% of that the major component in those solar panels came from the province which has human rights abuses in china but this initiative to move the u.s. closer to taiwan, sort of spiting china saying hey, look if you do these things we're going to make an economic relationship, make it harder for you to take taiwan. liz: good reporting for the gon

g show, edward. reporter: they are fixing a fence out here, and putting in some pillars for that, right? either that or it's 12:00 right liz: infrastructure, we were wondering, all right, edward thank you very much, edward lawrence. autonomous delivery trucks no longer the future of transportation, the future is now. the ceo is here to explain how his new trucks with no one in the driver seat will deliver paper products for georgia pacific and more clients hopefully in the future. that's coming up. 45 minutes before the closing bell rings dow jones industrials up 160 points the "clayman countdown" is just getting started stay with us. you'll always remember buying your first car. and buying your starter home. or whatever this is.

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liz: we have some major news coming out of the transportation sector. remember back in 2019 the "clayman countdown" was the first national network to ride in waymo's autonomous vehicles along with then-ceo john craftcheck. maybe we can show you that. well now the alphabet unit has its own self-driving trucking company, which has just struck a deal with uber freight.

the deal will allow future waymo customers to use uber freight to plan their own automated and also human-driving trucking fleets. this news comes as legions of big name companies converge on the 2022 up-summit in bent on ville, arkansas. boeing, ford, kanu, alaska airlines among the businesses discussing the transformation of transportation. front and center at the summit autonomous truck company gatik, which today announced a new partnership with georgia pacific and kbx logistics. gatik has smart-haul trucks and they start driving georgia pacific paper goods, competely autonomous to several dozen sam 's club stores in the dallas fort worth area this summer. the ceo and co-founder of gatik is with us. your dream of using these smaller trucks for last-mile deliveries sounded like a dream, right?

now you're in bentonville with this major announcement. what are you doing for georgia pacific? >> sure, thank you, liz, thank you for having me back. so we have been doing commercial delivery since summer of 2019. overtime we have expanded our operations to expand over multiple sites so initially it was in bentonville, with walmart and then expanded to louisiana. last year we expanded to texas with multiple customers, and today we are a nouning our partnership with georgia pacific and kbx, and this partnership is special and unique because this is the first time these partners have come together to disrupt traditional short-haul market which is by class 8 semi rigs, and instead of those rigs we're now using autonomous box trucks built by gatik and behind all of this , the thing that's driving this adoption is consumer expectation so what we're helping our partners with is increasing the frequency of

delivery, increasing the frequency of store replenishment and making sure that there are no out-of-stock items, nothing wasted and the whole supply chain is more efficient. liz: well but you're leaving out one of the most important aspect s. well a couple of them really. number one, these are all electric cars, correct, all electric trucks, is that true? >> we have have a mixed fleet. some are electric, some are legacy. liz: okay so well the isuzu truck some are mixed fleet but you've got truck drivers the ones who are working at the moment paying $1,000 just to fill up a tank of gas for some of the bigger trucks, so there's the savings right there. not to mention that there's a shortage of truckers that we've been talking about on fox business for many many months at the moment. we were just watching a video. this is fascinating to me. i would imagine though if i'm driving alongside one of these, i mean, i don't see any driver, they are kind of huge. tell me how you make sure that everything is completely safe. i mean, if dallas fort worth is

allowing this its got to have been tested, right? >> yeah, so we have a very differentiated go-to-market strategy where the company we focus on these fixed repeatable routes in a b2b capacity so instead of trying to solve autonomy, what we do is obsess over these fixed repeatable routes, make sure that the technology is perfect, optimize the technology for these routes and frankly we have the luxury of choosing the safest possible routes. we can avoid routes with schools , hospitals, fire station s all is fair game and the strategy is very accretive so route-by-route and side-by- side is how we see the industry instead of zero -to-one step function where the applications are trying to go to, so ensuring that at the route level our technology works perfectly, before we pull the driver out. liz: well tell me what's happening today. you've got the ear of many of these top corporations. have you been making your pitch running up to them at lunch saying hey, hey, let me deliver

some of your stuff. i mean isuzu motors is having a nice day up about 1% and toyota about 4%. >> frankly, the customer demand has been through the roof so overtime with the last few years we have been adding customers from all different segments starting with retail and grocers to distribution, e-commerce,epg, and on our end what we are trying to do is get as many trucks on the road as possible, and gatik has been doing commercial delivery since 2019 but this year and next the focus is all about scale and growth. with our partnership with isuzu, we are trying to get these trucks built fast enough so we can help our customers increase the operational deliveries, make these deliveries more frequent and help disrupt the network that was also served by class 8 with our autonomous box trucks. liz: i love watching it cruise the streets and it starts backing up, when it's making its delivery. that is just unbelievable.

do us a favor, gautam. please come back when you strike your next philanthropy ordeal. we want to follow this story. >> we be happy to. liz: gautam narang, of course the company is gatik. looking for a few good lawyers as tom cruise's blockbuster cycle faces a legal dog fight, details dead ahead in today's pop stock closing bell ringing in 36 minutes now the dow is up nearly 200 points. we just passed the high of the session. the earlier high was about a gain of 190. we just clocked a new one, 195 points, stay with us, this markets on the move. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.

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liz: fox business alert on this down day for much of retail take a look at kohl's moving higher by 9.6% after entering exclusive takeover negotiations with retail store operator

franchise group. franchise group is up 6.7%. now, this company runs the vitamin shops and sylvan learning and it's covering kohl's $60 a share valuing it at $8 billion, pretty good premium because right now kohl's is at 45.63. the exclusivity period of these talks ends in three weeks and kohl's board will have to approve the deal. private equity firm sycamore could be waiting in the wings it has put in a bid for kohl's in the mid-50s. real-real shares they are moving higher by five and one-third percent as the founder and ceo julie wayneright will step down from her position and give up her chairman of the board seat effective immediately. she did not elaborate on why she's resigning but company shares tumbled more than 80% in the last year pushing its market cap which back in 2019 was valued at $1.65 billion to below 300 million.

the real-real's president and chief operating officer will serve with the chief financial officer as co-interim ceo's until a replacement is found. you know, we've got companies just like it. other consignors, poshmark, thredup, those two are moving lower, four and one-quarter percent and ebay one and one- quarter percent on the rival 's news. buzzfeed we're covering 3.8% after shares the of the internet media company tumbled more than 40% yesterday after that lockup tied to buzzfeed's ipo expired meaning that insiders could finally sell shares. the company's ipo valuation, 1.5 billion back in december and now it's worth over 300 million, this is a $2.32 stock. and while tom cruise is firing up audiences with top gun: maverick, yes, i saw it for the second time last night, the film studio is feeling a

different heat. the legal kind. the family, get this , the family of the author of the article, which inspired the original top gun movie, is suing paramount pictures for copyright infringement. the family of that writer claims back in 2018 it gave paramount notice it would reclaim the copyright in january of 2020 yet finished until may of 2021. the lawsuit seeks unspecified damages including some profits from the film which has been a blockbuster. top gun: maverick was niche niche allegationly slated for release in 2019 but delayed until the following year and further postponed during the pandemic. it's not clear exactly when paramount officially finished product. paramount shares pretty much flat at the moment but we will of course be watching this story as the movie continues to rake in lots of money. the push for broadband, for all, but it's not just urban areas, but of course everywhere. rural as well, all taking a step

forward as the biden administration rolls out billion s in infrastructure dollars. crown castle is at the center of the 5g revolution, the ceo joins us next in a fox business exclusive, on where the money should go, needs to go, to get rural america hooked up. right now with the closing bell ringing in 28 minutes we've got the dow jones industrial comfortably above 33, 100 up 210 points, s&p up 30 points, the nasdaq up 92. throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns.

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liz: we are just getting this breaking news trading for biotech company novavax has been temporarily halted after a panel for fda advisors voted to recommend that regulators authorized the company's covid-19 vaccine for adults 18 and older. it now goes to the fda for full approval. the two-dose vaccine be the fourth shot to win clearance in

the u.s. for adults. right now, novavax was already moving considerably higher, when it was halted. right now, it's at $47.54, when it starts trading again, we will take a look and see what kind of move it does enjoy, or maybe it falls on the news, right? pandemic. well, yes, its shown a harsh light on the lack of internet connectivity for rural america but now, rural america is about to get an internet facelift with the treasury department awarding the first $10 billion from president biden's american rescue plan. louisiana, new hampshire, virginia, and west virginia, will get funding to boost access of affordable, high speed internet. we've got verizon, comcast and at&t shares all moving higher, and about the infrastructure of it all, the nations largest communications infrastructure provider with more than 80,000 miles of fiber in the top 23 u.s. markets, is a company

called crown castle. its prepared to benefit indirect ly from this first infrastructure award to bring 5g to the masses. joining me now in a fox business exclusive, crown castle president and ceo jay brown. $10 billion sounds like a lot but that can get sucked up pretty quickly. i know that you're waiting for the infrastructure part of it to really kick in, but tell me right now, where you think this first chunk of money needs to go first. >> thanks for having me on, it's great to be with you. we've been working with industry leaders as well as the administration and now we're starting to work with states as we start to pull this bill into action around the country. our infrastructure hosts the wireless carriers equipment and so as broadband for all is starting to be rolled out across the country the way that we'll benefit is that equipment being ultimately hosted on the assets that we own, which is why we've been so focused on working with the administration and leaders

around this bill. liz: so you guys provide the fiber and the towers, which are so crucial, especially for wireless, but you know, why has this taken so long? i'm not talking about the biden administration. for years, during the trump adminitration, the obama administration, there were calls to get rural america connected, and it has just been so slow in the coming. >> it has been a big challenge and it's daunting. we're a large country, 330 million people. if you put it in context though of where we are in the world and this is why crown castle is focused exclusively on the u.s. market. this is really the fastest- growing, the most- advanced with the most opportunity wireless market anywhere in the world, and you can look at the amount of growth in wireless data traffic bayous er. we'll grow some 30% this year, relative to western european countries, we see in the u.s. market about four times the amount of data traffic per-

user, as compared to western europe, so the u.s. market, and we all feel the strain of it, want the devices to work everywhere ubiquitously. the u.s. has really done really well and we've positioned our company to benefit from that and i think we're about to see the next wave of that as we go into 5g. it's interesting i saw a recent accenture study that estimated that 5g is going to add $1.5 trillion to the u.s. economy by 2025, and our benefit, our business, is going to benefit directly from the investments that will happen from many of the customers you put up on the screen. those are customers of ours, and the whole echosystem that's going to benefit from what this administration and prior administrations have done to facilitate this market being so attractive in the world. liz: well, sure, but if suddenly there is this influx of money i need to know, are you guys hiring, because you do the tower work. you do the digging and the

fiberoptics, et cetera. there's labor shortage in this country, in many different sectors. are you experiencing that right now and are you finding that you have to raise your wages to get people to come work for you to make this happen? >> we certainly seen an enormous amount of growth and with that has come the challenge of making sure that we can stay fully employed. we've added a number of employee s all throughout the pandemic to the purple team and excited to have them and we think we'll be adding more as overtime as 5g gets rolled out. there certainly is a labor shortage in the u.s. , around telecommunications and it's an industry that we're working hard with a number of different folks to recruit new participants some directly out of college, some directly out of high school into this growing industry and we think it's an industry that's going to grow for a long period of time so a good place to plant a career. liz: before we go the ceo of nokia said at the world economic

forum in switzerland that they are already planning for 6g, and that 6g could be here by 2030. i'm not sure the phones are already up to speed with 5g. i know people who have 5g phones and they are a mess. it's not quite working at least in some cases, but are you preparing for 6g already? >> we are already starting to work on 6g, and excited about what that's going to mean. one of the big places we'll see as we transition from 5g to 6g is something that's commonly referred to as pervasive sensing , which will enable things like autonomous vehicles, and autonomous drones, and applications around virtual reality and augmented reality, so yes, we're at 5g and we're benefiting greatly from the early beginnings of that. i think it'll take us as you mentioned almost a decade to completely rollout 5g but we're already starting to work on what it means for 6g and beyond. liz: jay, the future and we're watching it happen. thank you very much for joining us. >> thanks for having me on.

liz: a key conference is going on right now, at a manhattan courthouse, and it could help expedite an end-date for the protracted legal battle between the securities and exchange commission and crypto company ripple xrp. charlie is going to break the very latest news from that, next. and have you joined the hundreds of thousands, literally, hundreds of thousands of people because we know now the numbers downloading my weekly podcast. these twin brothers started a janitorial business right out out of college during the recession, and worked their way up to tv stardom by flipping houses. hgtv stars chris and calvin lem ont join me on this week's edition of everyone talks to liz podcast you have to hear their rise from pushing brooms to helping clients find their dream homes. you got to hear their very

inspirational story that just dropped today, download it on apple, google, spotify wherever you get your favorite podcast. closing bell ringing in 17 minutes. we're just blasting through the ceilings of these session highs here, we're now up 253 points, and climbing for the dow . e you can track us and see exactly when we'll be there. >> woman: i have a few more minutes. let's go! >> tech vo: that's service that fits your schedule. go to safelite.com. >> singers: ♪ safelite repair, safelite replace. ♪ another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place.

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liz: the price of cryptocurrency xrp is jumping about 2.6% at this hour, as a key conference in manhattan, in a courtroom, just got underway, involving the judge whose presiding over the landmark lawsuit again the securities and exchange commission and crypto cross borders amphitheater form ripple. a decision today could help bring a decision to the case. charlie gasparino? charlie: we should point out

that my producer has a piece out explain the whole case what's at stake in great great detail but that's the more detailed piece, this is a huge, i guess, event in this case. the case is important, because it's going tok to determine how much i guess authority you could say that the sec has in regulat ing crypto. if they beat ripple, if they are allowed to say that it's xrp cryptocurrency, which it sold back in i think 2018, several years ago and over a period of time, sold that to finance the platform, that that crypto is actually a security, that something went unregistered because they didn't register like the sec like ether and bitcoin and then they possibly could go into a broader enforcement agenda, go theoretically after ether and ethererum, crypto is native to the ethererum blockchain, about

$240 billion worth of ethererum trades right now so this is huge if the sec wins there could be other cases involving bigger cryptos. what's at stake today is ripple 's motion to get documents out of the sec. see what essentially i would say somewhat controversial, but very confidential documents, about the innerworkings of the sec and how they deliberated on making xrp a security specifically how they relate to the speech of a guy named bill hinman, former head of corporation finance at the sec. he's the guy that first said ether and bitcoin are okay, they don't come under sec regulation but everybody else is suspect and not long after that, xrp and ripple faced an sec investigation, and two years after that, essentially, they filed their case, seeking billions of dollars in damages, so if ripple believes if it could get these documents, which again, the sec hates giving out

documents, they like keeping everything confidential, they believe they can show that sec was picking winners and losers, that there was wide disagreement at the sec over whether xrp should be considered a security, and they think that they could essentially win the case, and maybe even force the sec into a potential favorable settlement with them, which would essentially in their view declare xrp a legal but not a security, a currency that doesn't have to be registered. liz: what do you think of the new bill promoted today by kirsten gillibrand and of course cynthia lumis, the two bipartisan senators, it was very industry-friendly quite frankly. they called it the responsible financial innovation act and among other things it puts a lot of the regulatory oversight with the cftc. charlie: well it's interesting. my gut on all these things is that first off, i think this case is bigger than this bill and the reason why, is because if the sec loses this

case, it's, you know, i think they are almost out of the regulation except for a very clear distinct cases they are out of crypto regulation. it has to be really clear cut. if they win, obviously the door is open to everything. with that bill though, i just, you've got to see how the republicans in congress who control congress in a few months react to it. i'd like to see what pat toomey is saying. liz: within it, it says that anything you buy under $200, with crypto, tax charlie: okay well that's great but i want to see what republicans have to say because in the house and send at against regulating crypto. they want to be regulated like the internet was regulated. you couldn't do illegal stuff, you can't sell child pornography , can't plot murders. liz: not supposed to. charlie: it's illegal. you can be arrested. same thing with crypto. they don't want crypto and blockchains to be used for illegal activities but they

don't want this overriding regulatory sort of authority above it stifeling innovation, a lot of republicans say this so the bill like this with kirsten gillibrand's name on it i think republicans will go for it but i could be wrong. liz: she and loomis worked well together and it'll be interesting to see what's going on. charlie thank you very much. the work and play from home post -pandemic shift means big changes for business and investors, you already knew that , but our countdown closer has landed the sector he says is the perfect reopening play as it pertains to rising interest rates. closing bell ringing in seven minutes. now the dow has climbed even higher up 277 points, we are coming right back. ng car, a pud, and knew there was going to be a situation.

♪ ♪ ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, . .

♪. liz: we did just want to check up again on novavax. it is still halted after the

panel of fda advisors voted to recommend the regulators authorize the covid-19 vaccine for adults 18 and older. it was climbing. stock $47.54 right now. closing bell, we're less than four minutes away. with today's gains the dow is back within 10% of the record high it set back on january 4th. we have a gain of 261 points. s&p, nasdaq are up about 1% apiece. peloton, peloton's chief financial officer quit after four years with the fit equipment-maker. will be replaced by former amazon, netflix executive. the work from home stock dropped 88% over just the last year. while pandemic plays recede, reopening trades are taking a much firmer sort of position on center stage. joining me now infrastructure capital management ceo, cio, jay hatfield. jay, the sector that you feel is

best poised to grab the recovery trade? >> we think, thanks, first of all, liz, for having me on your show. we think many reits, particularly ones who didn't benefit from the pandemic, but really benefit from a recovery, are well-positioned so those would be retail reits, hotel reits and certain office reits, particularly one which focus, focus on life sciences. you cannot do, make that -- [inaudible] liz: you need big warehouse space for sure. it really does sound smart when you target it that way. jay, i hear conflicting opinions whether reits are a positive trade rising rate cycle versus a negative trade. obviously you don't seem too concerned about that. wait a minute. why is he picking reits when rates are going higher? >> i didn't say generically

reits. certainly reits with capitalization rates or high valuations which was true of industrials and company reits that benefited from the pandemic, those would be interest rate sensitive but the sectors i mentioned are still depressed relative to pandemic levels. so we think there is more upside from recovery than there is from downside from interest rates. i would add we're relatively bullish about rates not going down but stablizing in the 3% area. we think reits will -- there has been some activity from the big equity real estate investors with some undervalued companies. >> we have just a few seconds left here, jay. do you like equities here? >> we're somewhat neutral on equities. one thing investors don't appreciate, they're afraid of

quantitative tightening. we already had 800 billion of quantitative tightening this year alone. open market operations from the fed. we think a lot of that is priced into the market. [closing bell rings] [inaudible]. stocks dividends you will be fine. liz: jay, great to have you. jay hatfield of infrastructure capital. that is going to do it for us. "kudlow" is next. ♪. larry: hello, everyone, welcome to "kudlow," i'm larry kudlow. so why are gasoline prices hitting new record highs on a daily basis? why are diesel prices doing the same thing? gas at the pump today hit $4.91. that is more than double the $2.40 on president joe biden's inauguration day a year ago, june of 2021, gasoline was 3.05 and diesel was $3.20. you get the picture.