international trade. we have a few globalists out there. one viewer writes we exported, our population a large portion of our future self-respect and finally our friend harvey deal in. it doesn't last long and it creates landfills. isn't she brilliant. pretty good market here, listen we know the last hour of trading is the most exciting hour of trading and you have the best, liz claman is here. liz: no shortage of news at this hour. thank you very much. marketed session highs on two major headlines. president biden calling for a gas tax holiday and the federal reserve chair say he'll raise in rates until inflation is dead. the session has not been straight up, the dow, the s&p and nasdaq opening higher but the bulls just 32 minutes into the trading session. that's no small feat with crude and oil refining stocks are stumbling badly.

was jerome powell semiannual testimony on capitol hill to walk up the bulls he held his ground even as editors got him to admit aggressive break rate hikes won't heal the booze. chair powell will gas prices go down of interest-rate increase? >> i would not think so. >> chair powell with the interest-rate bring food crisis down for families? >> i wouldn't say so, no. republican congressman kevin hern of oklahoma. a successful businessman is here to tell us what the president in the federal reserve chair need to do next to truly help the american people and powell's high interest rates already flow in the u.s. housing market. the ceo of one of the biggest credit unions in the nation is here and a fox business exclusive, credit union hunt down the best possible rates for their customers. we are going to find out how

he's doing and what he's trying to do find great and lower mortgage rates. the alliant credit union ceo is joining us here. breaking news oil refining and refining services stocks are taken on the chin. look at marathon oil down 7% apache down 7%. eog down 5%. this as we kick out the final hour of trade. president joe biden just called on congress to suspend the federal gas and diesel tax for three months to help ease the prices at the pump for consumers. by did making the comments in the last hour at the white house saying he's calling on the state to drop the individual gas taxes, they vary from state to state. in is looking to oil companies to passive reduction onto americans. >> by suspending the 18 cents federal gas tax in the next 90 days we can bring down the price of gas and give families a little bit of relief. i call on the companies to pass this along every penny of the 18th century production to the

consumers. there's no time now for profiteering. liz: what's interesting oil. you can see the intraday chart right below the price of crude which is now at $105.93 well off the lows of the session it had been down about 5% were in the aftermarket at the moment. when looking at a loss at three in the quarter percent. that news from the white house is affecting the entire oil patch. look at the drillers talking about patterson, everybody is down anywhere from 4 - 5%, but taken out to edward lawrence at the white house with the details on how if it were passed by congress this would work. >> the president is saying we can pay for this because of the reduction to the deficit that we saw $1.6 trillion he said that lost revenue will be made up as he officially called on congress to pass the gas tax holiday. the federal gas tax holiday that you were talking about.

at the same time he called a meeting at the white house of all these oil executives. the president will not be in the meeting in a be the energy secretary jennifer granholm. in the meeting will be the head of exxon, chevron, mobile, marathon philip 66, bp, they were all here at the white house. on the gas tax the vote on congress may not be there. >> what i hear from delaware, the price at the pump is causing a lot of pain for working families, that something i know the president is concerned about. i'm willing to embrace his proposals for a gas tax holiday. i don't know whether we'll get the votes it needs i'm talking to my colleagues. >> house speaker nancy pelosi has criticized the gas tax in the past three to senior policy director for the committee for responsible federal budget says he's worried about the $10 billion cost to the transportation fund he worries that will increase because there will be pressure to extend that

moratorium on the federal gas tax even longer. >> this is going to reduce the inflation rate by 0.1%. as soon as the holiday is over is gonna make inflation even worse like there's no holiday at all. this is going to be some very modest relief at the pump. a lot of extra money for oil companies and it's going to make her underlying inflation pressures even worse. >> he goes on to say if you lower the price a little bit of gas people take that as a signal to drive more increasing demand and rising the price increase in the price of gas again and when the holiday ends gas prices will then jump again even more because of the increased demand that we saw. liz: thank you very much, as you heard president biden not only through the gas tax holiday challenge to congress he's also challenging states to suspend

the local gas taxes and so far five of them haverty scrapped her gas tax or have started the process pre-they include maryland, georgia, connecticut, new york and florida. what about the big oil drilling states. joining the slide republican congressman kevin hern of oklahoma the powerful house ways and means committee. welcome we have this breaking news senator john thune republican saying that the president gas tax holiday is dead on arrival moments ago. would you vote to temporarily suspend the federal asked tax? what is your thought. >> things for having me. no i wouldn't, what you're seeing right now you decide on a litany of experts that didn't make the policy saying is bad policy in a person that's in charge of congress, speaker pelosi in march saying it was an element of showbiz for the president to even want to do this back in march. all this gonna do as you just alluded to is get a dried demand and signal that everything's would get better and it's not. it's the policies that this president put in place the very first policy that he did was unraveling the keystone xl pipeline within an hour and

getting sworn in last year. the policies that he signaled out across america and around the globe that are producers in the united states, our second rate citizens that they don't want them to really produce. only that going to produce is to save his policies, there. under terrible and gimmicks to mask what he sent to the american people. all the while. liz: let me just say, you don't think raising output would help the american people is oil copies did that? >> is very temporary. it's not a fix and all were going to do as you heard the executive director of the sea frb, the responsible budget committee a group talk about what we get to do to backfill this were gonna have to go to china were talking about bad policy going to china to backfill our infrastructure. were talking about other state level now he's coaching states to support his bad policies. it's terrible and you know in business what you know is a consistency predictability is

what business people want and what were seen time and time again from this a administration is that this is part of the transition plan, not my words and republican words, is the words of the administration. >> we found interesting we can put up an intraday chart. the stock market the major embassies all hit session highs as the president laid out what he would like to see. that said there is a situation here where we look at demand versus supply and lifting the gas tax would not fix the supply issue. you are from oklahoma. obviously an important oil state why have you guys not ended your tax at the moment? >> what's going to stop the. >> i've gone out and not try to politicize. we are producing right now near capacity where we were prior to covered back in 2019. as you had demand outstrip our supply opportunities are refining opportunities in the united states we have a problem with the president is sincere

about axing gas prices in america he should let our folks send their crude oil to the new to the places that are been depended upon russia instead of getting on air force one and flying to saudi arabia in trying to get nations like iran and venezuela to provide for us. liz: that's not a great idea, certainly. what we find interesting here as we look at what the democrats are saying, you pointed out nancy pelosi has not been on board here, president obama in the past calls it a gimmick. there are desperate situations right now and each window of opportunity is different year-to-year but explain to our viewers why it's not just politics to say no on the republican side because republicans are the party that loves to bring down or get rid of taxes and in the past any move to raise the gas tax has been fought by republicans. why is now different. >> there is one thing to raise taxes to create spending

programs. our gas taxes in the united states the gas and diesel have been designed to go to the highway trust fund to support our infrastructure that's always been funded for decades. when you remove those funds they have to be backfilled some way or another. what we saw last year one point to 5 trillion-dollar infrastructure bill was only $150 billion in real infrastructure read you have to go borrow that money. our deficits are running crazy over a trillion dollars of year this president put forth a budget that doesn't balance ever. were out of control spending and our debt and this is good exacerbate the problem that were having in this country. we once were a net exporter integrate energy domination we need to return to where we were 18 months ago. >> we want to deal with numbers the federal deficit has come down by more than a trillion. but i want to ask you about jay powell the federal reserve chair speaking today before the senate pretty will speak before the congress tomorrow and he was very firm he's going to bring down inflation even if it means taping this economy into a

recession. as a businessman how do you view that move to continue to raise rates because it almost feels like a very tough decision. he got a tamp down inflation and maybe it means tamping down demand so much so that we do to pin to a recession. >> i have many conversations with chairman powell over my three and half years as a budget committee and ways and means paid the big issue he said in the senate banking committee was that inflation was happening prior to the ukrainian war. i think that was a big headline. president biden has been blaming everything on president putin and what chairman powell validated this is all about policy this is not about the war, did the war help it, no it exacerbated a lot of problems, to be a leader you have to recognize where you were and when you have an energy policy, secretary that wants to come out -- oil and gas and then be

surprised by the results that you get in this white house is full of people that don't understand business principles like supply and demand and what were seen right now is a result of the america people hurting. one in five americans are going to have to cut off the energy, the latest poll that we sell because they're having to make a decision of whether pain energy on their home or energy in their car. >> congressman kevin hern. thank you so much, i'm just checking oil pulling back by three and a third%. up just under 1 dollar. we appreciate you coming on and we always try to be very fair and balanced we did reach out to the house ways and means committee for a democratic congress person to join us for their perspective. none were available and perhaps this news that many democrats do not like this plan of suspending the gas tax of possibly part of the reason we don't know but all democrats and republicans are welcome on the show to talk about these issues. don't fight the fed we were just discussing jerome powell said the federal reserve is strongly

committed to and did the hardship known as inflation. our floor show traders have the moves to make for your portfolio to play nice with america's central bankers. closing bell 48 minutes away, the dow jones industrial up 100 points, "the claman countdown" coming right back. 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. 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. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> tech: cracked windshield? make it easy and schedule with safelite, matching your job description. because 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. ♪ >> the day you get your clearchoice dental implants makes every day...

a "let's dig in" day... >> mm. >> ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... >> mm. [ chuckles ] >> ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation.

liz: fox business alert day to showing the strongest muscle of the major industries. the dow up 105 points that the gain of a third%, s&p just under half 8% and there you see the nasdaq up more than half 8% read the highest point of the market that's what happens when president biden began speaking. actually it was jay powell much earlier but i thought when president biden spoke it was the highest. it was jay powell 10:00 a.m. eastern. keep in mind before the opening bell futures were deep in the red as you see from the left-hand side of that chart. that to a big chunk of yesterday's game with keep i rates to cool inflation even though it sees a risk of

recession increasing. here's what's fascinating. after 10:00 a.m. the senators on the banking committee peppered jay powell with concerns of high prices. that's exactly what powell told the committee that the central bank is going to do. listen to how we put it. >> i hear the top three concerns is inflation, inflation, inflation. >> i know you have total control over inflation unless you have a lot of sticks there and what would you used to bring this under control. >> of the market price increases, conditions already reflect and dirty pricing additional rate increases. but we need to go ahead and have them. i think the most recent inflation indicators of various kinds suggest to us that we need to accelerate. liz: you can see on this intraday of the s&p that is precisely when stocks started climbing. it's a rocky session since then but investors did not freak out

would powell said engineering without tipping the economy into recession won't be easy. let's look at the fixed wall street fear index. it is down that indicates nothing to worry some. about four and half percent, the s&p clock in the worst first half of the year since 1970. yes to folks the nixon era, let's turn to the floor show traders and get their interpretation scott coleman a dutch masters. you remember 1970 in a match love story ugly first half of the markets. what is your anxiety level today versus back then? >> i remember my parents making me sit in the car for line of gasoline to get at the gas station. >> i remember that to. >> my anxiety level, we've come to terms with the fact that i think were going to broaden to a higher inflationary environment over the next 3 - 5 years and we definitely in a stagflation situation. we have geared up to trade and

arrange rather than look for a booming bowl. liz: i find it interesting that you like this company mole in automotive at a time were looking at extreme nearly high gasoline prices, who knows maybe the condo with a holiday on the gas tax but that doesn't appear to be where congress is going to move, why that particular stock. >> we saw that the electric vehicle market was beginning to percolate a little bit. they have an ev and ev technology that they just announced that their battery seems to have the longest range right now. we know over time whoever has the best battery is going to be an argument that passes from one hand to another overtime. but right now it looks extremely promising. we love the fact that they in a company like workforce have come down 80 or 90% from their highs and anytime you have a copy that comes down 90% and isn't going

to go bankrupt you can get a heckuva trade off the bottom. liz: that is true that brings me to scott yesterday carbonic into we who have been hammered over the past year were the leaders in many cases. those were big strong names, what do you like now after hearing what jay powell said. >> were focusing on a couple of things. first of all were looking at the stock oi which is an auto stock a chinese ev auto stock. is doing fairly well is picked up a lot of momentum after breaking out of the base and again, people looking for alternatives we think that is definitely a place to be. also were looking at new energy, dq and also breaking out a really nice place and taking off performing in the semiconductor space even though it's got more

energy in its title as the semiconductor company and it seems to be leading a group right now. i have to tell you it's really nice to see getting some decent moves in the market for a change bringing back a little bit of investor confidence but we caution the market is extremely sensitive to news right now. sensitive to news. that's when people should be very, very careful. >> dutch i know you you were always hedging because you are cautious. >> we are still in the spx you inverse etf that you know that we like to use. i would say were about 60% short right now and we're about 30% long and 10% cash. >> the s psu's ultra pro short of the s&p. the dow is about up 101 points. have you seen netflix flexing its superhero muscles as the

long-awaited season three of the umbrella academy is released today. but netflix is one of the stay-at-home stocks moving in a surprising direction at this hour with the closing bell begin 38 minutes wait until you see docusign and draftkings. will show you will become right back. is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity.

like many families, and helping you plan for future generations. the auburns value time spent together. to share wisdom... i got some of my gold before i came to this country. i got some of my gold before you passed the bread. encourage one another... i can buy gold for this?! you can buy gold for this. and talk about life's wins and misses. responsibly sourced like my gold but not responsibly cooked. because at the end of the day, nothing keeps it all together quite like - gold. visit invest.gold to see how gold is everyone's asset. fishing helps ease my mind. it's kinda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [submarine rising out of water] [minions making noise] minions are bitin' today. (sung) liberty. liberty. liberty. liberty.

minions: the rise of gru, in theaters july 1st.

liz: fox business alert several pandemic darlings are looking darling at this hour. docusign, zoom and epics. let's get to zoom popping as high as a hundred and $90 a share. about 115 at the moment after unveiling zoom one that offers users six types of subscriptions and one of these tears include the new language translation feature that will provide translated captions for 11 languages. what you see for docusign the 4.6% jump, this is a follow-through on news yesterday

that ceo dan springer is stepping down after a disappointing quarter. maggie who ran cable and telecom frontier communications will step in as interim ceo. and no rain falling on netflix. it shares our sunshine and rainbows as netflix finally releases season three of the superhero seizing umbrella academy. netflix shares shall be 4.7%. by the way were showing comcast because the wall street journal is reporting that comcast nbc universal along with google parent alphabet have become the streaming giant top contenders to help create what netflix had said it wanted to create an ad supported less expensive tier. netflix is in the early stages of developing that subscription. while pandemic winners are moving higher, online gambling stocks are hitting the jackpot, penn national gaming and draftkings dropping 1% and three and half% a piece.

mgm down 1% at the moment the year to date all three of these have lost nearly 38%. apple has finally retaken its spot as the world's most valuable company. i say finally but it's really only a month. one month after they dethroned the tech giants, apple has managed to scratch back, shortly after today's opening bell apples market caps to the 2.2 trillion dollars by the oil company stood at 2.18 trillion. it's the task whisper at this point. shares of apple are flat at $135.82. la-z-boy not so lazy, the furniture company property present right now after record sales in a quarterly profit, la-z-boy says the current focus is clearing out the backlog and rip it up marketing and manufacturing investments. winnebago investors revving the engine after glowing quarterly report the manufacturer which by the way just bought a pontoon

vote they be on the top and bottom line hence the jump in the stock of 6.5%. winnebago said it's been able to mitigate inflation issues by implement teen price increases. skyrocketing mortgage rates already starting to lock the doors on the housing market and in the case of mortgage bankers of j.p. morgan hundreds of employees just got shown the door. we got that story plus the ceo of alliant credit what of the nations largest federal credit unions in the nation. he is here in a fox business exclusive as his copy reach out the best rates for home loan, car loans and credit cards will ask how hard that task has become. the closing bell 29 minutes away, the s&p is up about six points. the dow is gaining 34 were well off the highs and we have the nasdaq still higher by 13 points. we're coming right back on "the claman countdown".

(vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never wonder if you got a good deal. because you did. ♪ meet jessica moore. jessica was born to care.

she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, 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, [ kimberly ] before clearchoice, my dental health you get a different kind of bank.

was so bad i would be in a lot of pain. i was unable to eat. it was very hard. kimberly came to clearchoice with a bunch of missing teeth, struggling with pain, with dental disease. clearchoice dental implants solved her dental issues. [ kimberly ] i feel so much better. i feel energized to go outside and play with my daughter. i can ate anything. like, i don't have to worry. clearchoice changed my life.

liz: breaking news at thousand employees in the mortgage banking are hated the balance of this hour, bloomberg reports that jb morgenthaler to speak in the u.s. is preparing to lay off about 500 employees in the home lending business and reassign another 500. jp is slamming demand in the recent rise in mortgage rates and how much of a reason. according to freddie. >> the average year fixed-rate stand that 5.70%. that is a 51% increase year-over-year. alliant credit union is one of the largest top credit unions in the u.s. 600,000 members nationwide, 15 billion and assets under management. the largest credit union in illinois and one of the top five in the usa and they hunt for the best rates on all kinds of loans rita fox business exclusive is the president and ceo dennis

devine. wow, you start to really see that this is hitting home when j.p. morgan says 500w, we don't have work for you at this point that must mean the mortgage world is drying up, what you seen on the ground. >> first of all they get for having me. it is real. you see mortgage rates, a 30 year rate twice what it was a year ago. the opportunity to refinance is much less than it was, home prices increased along with those rates and you see a slowdown mortgage has always been a simple business but a tough one for the outcome. liz: you do mortgages and also for your 600,000 clients hope to find the best possible rates not just for mortgages but also for car loans and credit card loans et cetera. tell me what you are finding and how much harder is it to find it really low rates at this point,

we are a national digital institution. we have the benefit of the best cost structures in industry. another factor going on at financial services right now is bank branches are closing at a record high. bring a digital institution is able to take the benefit of the cost structure. that's exactly what we see when were in the market right now. institutions that are digitally focused and more focused on delivering digital experience to the customers are able to do so in ways to save. liz: you have scales, what are you seeing what's the lowest you can get as an average 30 year fixed for your alliance customers. >> you'll find is a very competitive market across the 30 year fixed base so you'll find a bit better than you just quoted on the national basis per the but the thing that you look to

in addition some institutions will work with their customers to structure loans in different ways. fixed for a period of time and mariupol after that. it's much different underwriting criteria that what would've existed a decade ago for the great recession but there's opportunities to work with the financial institution you be able to find ways to structure your debt that way. liz: what about auto loans are you seeing any slowdown at auto loans this point? >> we are in the industry is. you see even the most multi number auto sales. that's habited impact. rates are going up and cost of fuel of course is a factor in how individuals are thinking not to mention the supply chain is really reduced. liz: we've just seen winnebago, with very strong earnings numbers. you guys do rv loans. i also understand you do tesla loans, eb loans.

tell me about the market for that at the moment. >> the rv market has really been hot through the pandemic and after. it's an opportunity for many to find into travel within the u.s. rv dealer sales is an important class for alliant and we've been right there along with them. tvs have seen growth. you see continued growth in that manufacturer as well as others across the industry. liz: i want to flag our viewers the dow, s&p, nasdaq and transport have turned negative while were speaking. i'm not blaming you. talk about the silver lining here, higher rates mean savers are finally getting a better rate of return but is it where you would like to see you and where you think it should be? >> i'm surprised there's not more attention on this topic right now. there's no doubt as interest

rates are increasing on each of the loan categories we discussed, the savings rates have the ability to be better than they've ever been. not every financial institution is doing that in passing those rates on but if you do a bit of shopping you will find this many institutions especially digital institutions that are increasing rates rapidly. >> 1% for a minimarket savings rate is very common to find it this point. i think you will find 2% on cds with terms as short as 18 months. that's a vast increase than what you would see a few month ago. at the silverlining to this as folks exited the recession on average with more savings and ever being plan for now and take advantage of the higher rates will help. >> dennis, thank you, you're doing great work for your customers. we appreciate you opening a window into your business. >> thank you. >> we have a new addition for

the russell 1000 amc will officially join the index on friday during the annual rebalancing. will amc be the trade, charlie breaks what traders are expecting next. when you added onto an index like that sometimes you see a big pump up in the stock and you have to hear the incredible story of jim kavanaugh everyone talks to lose guest on my podcast. a cofounder and ceo of worldwide technology. his story growing up in the blue-collar household in missouri and how he learned the value of hard work from his dad was a bricklayer. he took all of that and became an international soccer star, was on the u.s. olympic team and then realized wait a minute i can't really make an entire living out of this even after he played pro so he started a business that became a multibillion-dollar one and is now on the forbes billionaire list. he explains how he did it. you have to hear he has the

roadmap, apple, google, spotify wherever you get your podcast you can download it. we are coming right back the dow is negative it's down 18 points, the s&p down three and the nasdaq down 24. we're coming right back with charlie ion energy is ready to meet the demand of asia's booming lithium market. ion's flagship lithium brine project in mineral rich mongolia, is strategically located next to the world's largest ev market. ion energy: mongolia's premier battery metals explorer

psst. girl. you can do better. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get

unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can. i can do better, too. break free from the big three and switch to xfinity mobile. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today.

liz: shares of coinbase are dropping dramatically. dad 9.5% after rival crypto exchange finance announced its dropping some of the trading fees. finances would allow users to make bitcoin trades with 0 trading fee. coinbase generated 1.17 billion encrypted trading revenue for the first quarter of this year end the stock right now is at $52. please keep in mind that when it went public in april 2021

coinbase one as high as $350. not pretty the move comes near a bearish time with crypto following below $18000 over the weekend for the first time since december of 2020. right now 19957. let's take a look at shares of amc a quarter of 8% at this hour, the movie theater chain will make its debut on the russell 1000 this friday. that represents the top 1000 companies by market cap. let's turn to charlie gasparino and usually when they join the index, anybody has to bring on the russell 1000. >> i just want to back up a little bit on coinbase. on the layoffs and how dramatic and imploded they were to go to 10000 people now there shrinking back to 1000. it's a huge short right now and

what sellers are telling me, they can figure out if there is a business are going forward because were talking about. liz: finance. >> if you think there is would be three crypto that might survive his ex rp, the topic when ethereum and ex rp, how much is there a need for these exchanges to trade stuff that is gone. keep that in mind when you're buying the stock looking for bottoms. liz: the percentage is about 18%. >> is getting up there, this is out there and it's one of the memes of short sales right now that's good amc, an interesting thing amc is about 80% off its highs from last year, around this time last year it was above 70.

it was an intraday high, it's obviously not there now. a lot of that was pushed by the fed which caused a rational on the missing forbes it was a call. >> the stimulus check. >> also on the message boards people were saying there is going to be a short squeeze to a thousand. that did not happen quite the opposite happened. that doesn't mean we cannot get a pop in the stock at some .1 of the places we could get a pop, this is with her telling me what a wino and maybe peter is out but friday it gets added to the russell 1000. it got in there because they had a market cap of $7 billion a couple of weeks ago with the cutoff was we should. out is below that now. they made at the cutoff date on the market cap. you get to see probably a spike in shares and a spike in trading in a spike in price. just keep that in mind. that's the short term. the long-term again you have to

look at long going back to the movies, the problem is there's not a top gun every other week, that's one of their issues. they need the mid tier movies to do a lot better than they're doing and they're not. that's one thing, the other thing ever going into a recession it's gonna hurt growth stocks, the russell 1000 in the index speculative stocks would generally take a hit when interest rates are rising and when you go into a recession. keep that in mind plus the company is still losing money and adam aron said it himself he is diversifying, it's not that great. >> about a gold mine. what's that song she got the goldmine i got the ship. liz: i don't remember that. >> who sang that jerry read a great singer. liz: how about not.

red light is a good stock too. that's where we are right now friday could be a good day for amc, the buildup, remember this is problematic. liz: elvis is coming out that could be a hot movie don't underestimate the power of the king. is he still alive? >> he was seen down the hall. >> i heard that somebody saw him in the beach with biggie and tupac. >> yes i've heard that. >> it happened. >> the same person told me amc is going to 1000. liz: i'm telling you that's funny. charlie thank you very much. perfect of the countdown closer says pumping iron may be the best strategy to deal with the volatile markets he's gonna explain his approach and what

goes on each side of that barbell. closing bell ringing in nine minutes. the dow is still up it's lagging about four points. hugging the flat line it's a strange session today folks. [ "back to life" by soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. >> tech: cracked windshield? schedule with safelite, and we'll come to you to fix it. >> tech vo: this customer was enjoying her morning walk. we texted her when we were on our way. she could track us and see exactly when we'd arrive. . .

elite.com. >> singers: ♪ safelite repair, safelite replace. ♪ like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner. visit invest.gold to see why gold is everyone's asset.

♪. liz: give us the commercial break, suddenly we're back in the green. the dow up 58 points. s&p by seven. nasdaq up 12. the major averages have been enduring kind of a choppy trading session. oil still holding on to the lower level. in the after-market we have crude down 3.8%. bond yields also taking some pressure off. sew with all of this happening we point to this, citigroup out with a bullish note on four big airlines, delta, united, american and southwest. saying that the stocks are attractive despite a recession risk. they are all moving higher right

now at the moment. now the firm cites pent-up demand and low capacity as reasons. today's "countdown" closer has a stock pick that may benefit as well but not one of those. we have campos investor brian barish which one is it? >> we like airbus participating in commercial aviation recovery and capacity adds that need to happen for a variety of reasons. liz: makes sense because all four names have to buy aircraft and it is either boeing or airbus. >> exactly. i'm normally pro-america guy i love to buy boeing. boeing has unfortunately created long duration problems for themselves there is no quick fix for. airbus on the other hand is good position in the aero body and wide body market. we like the story. >> 380 is popular plane. you may be pro-american but you

want to be pro money. you want to make best investment. if european consortium runs airbus so be it, correct? >> correct. liz: talk about a barbell approach. you are enduring this. what is on one side of this bar, what is on the other? >> let's understand where we are right now. we know the fed raised interest rates and needs to keep doing it. liz: oh, yeah. >> chairman powell was on a talking parade today, he needs to keep talking tough, because the fed needs to enforce the idea they will be the tough cop cop out there. liz: even if it tips us into recession? >> even if it does. we have kind of everything bubble, liz. as that deflates there could be negative knock-on effects. you have to have humility as an investor, understand it. you can't predict how long this goes, how long it will be a mix of offense an defense in your portfolio is probably the correct posture. i make one other point, we know it will be a tough from a

monetary point of view, interest rates going up, et cetera, sentiment is terrible right now. you sometimes want to fade the negativity. liz: let me push on you, offense, defense. dutch masters, one of our traders at the top of the show, he said his defense is hedging against the s&p pauling more and does that with the spxu which is the double short of the s&p. how do you find defense? >> we're basically a vanilla equities shop. so what we try to do is just buy good businesses at good prices and let that fact work in other favor as a tailwind. there is only so much you can accomplish in the face after very fierce bear market by some estimates, this is the most rapid intrayear decline we've seen, certainly since 2008, if not many, many decades but, a lot of the pain is out there, the negativity is out there. yields have moved up a lot. there is variety of anecdotal signs of slowing.

eventually that which translate into slow cpi advances. liz: where do you stand on tech and the chips? they were all up yesterday. some are down today. boy have they been beaten down, every single piece of technology has a semiconductor chip in it these days? >> we like chips in the long-term, in the short term, there is going to be cuts. there is mounting evidence of eninventoriries for things like television sets, personal computers, cell phones, those all contain chips. typically these are very reactive stocks to earnings estimates cuts but long term the challenge of moore's law, stress, long-term need for more technology is clear. liz: yeah. i get it. what do you see for the rest of the week and the rest of the year? we have the summer beginning ahead of us? do you see people selling and leaving? >> that is a distinct possibility. at the beginning of the year we were quite sure the fed had blown it last year and was going

to need to aggressively reverse course and i thought kind of loosely, 3800 would be about where the s&p 500 would get to. that was before russia. maybe it's a little worse now. but i don't think a lot worse. [closing bell rings] liz: s&p at 3761. great to have you, brian, come back. >> thank you. liz: the dow was negative, it turned around. told you it was volatile. see you tomorrow ♪ larry: hello, folks welcome to "kudlow," i'm larry kudlow. today's announcement of the suspension of 18.4 cents gasoline tax, joe biden has come up with a gimmick rather than a policy, or perhaps to think about it another way his announcement on the gas tax shows his policy remains to end fossil fuels that means he still insists impleme