politicians, representative, all blowing smoke, folks, just straight up lying and i kept thinking why are they insulting our intelligence? i don't need to get in the car. i don't need to go home. none of us knew. we got the facts at our fingertips and the sooner they that and tell us the truth the sooner we'll be more satisfied with this country. liz claman? liz: i was always running to our world book. we had a set of world books. charles: we had the encyclopedia s. liz: sure. charles: you couldn't tell us anything we were the smartest kids on the block. liz: [laughter] i know charles can i quote a meatloaf song? two out of three ain't bad. how about that? charles: ♪ two out of three ain't bad ♪ liz: sing it my friend. that gives the bulls their second win out of the last three sections, big tech stocks rally ing as treasury yields fall to a two-week low. airline stocks, under pressure. flight tracking company flight aware's misery map is showing literally thousands of

flights have been canceled today , alone, with newark liberty international the biggest defender and if you think that's bad, united airlines is cutting dozens of daily flights at one major hub, starting july 1. right in the heart of the prime summer travel season. just yesterday, citigroup analyst steven trent united at a buy, how about today? well trent is here, on his call, plus, we'll ask him which airline he thinks could be about to make the same move. and from travel-to-shopping with recession fears on the rise are consumers starting to pullback on spending? are they locking down their wallets? we're going to ask the top executive of shop it friday, if anybody knows he knows the e-commerce company handles transactions for millions of businesses around the world. and buying like buffett, not only is the berkshire hathaway ceo adding to his occidental holdings. we're going to tell you about the headline pushing his snowflake shares a lot higher this hour but first we begin with a fox business stock alert.

netflix shares just now popping back into positive territory in the wake of news breaking this afternoon that the stream ing giant today showed 300 employees, the variety breaking the story saying a bulk of the jobs are in the u.s. and cuts come on the heels of last months elimination of another couple hundred netflix staff and part-time positions. now, moments after the report, bank of america slashed its price target on the stock from they had a 240 which was very high, and they slashed it to 196 folks right now, we are flat-to- slightly higher, at $ 1,880.07. a worsening back rosenstein outlook could lead to subscriber churn and speaking of churn even with huge hits like season four of stranger things netflix has the unfortunate distinction as the s&p's worst performer of the year. the trouble began last quarter, of course when the company revealed it lost 200,000

subscribers, and said it expects to lose another 2 million subs in this current quarter, we shall know when they report earnings soon. all right, shares of streaming rivals disney, paramount and warner brothers, disney and warner brothers had been in the red they punched back into the green, paramount still down about a quarter of a percent. fox market alert what you're ses not exactly what we seen all day it's kind of the numbers version of the market trying and getting closer to wrapping its mind around the fact that we might not be able to douse red hot inflation without triggering a recession. the dow enjoyed a nice little pop at the open. you can see this on the intraday chart but started to lose altitude in the 11 a.m. hour. if you check out the lost leader s around 11:15 a.m., we had chevron, which opened at about $148 a share. it started to fall. it's at now call it 141 down 4.6 % it gapped down and you can see caterpillar is the laggard

here, down 5.5%, 15 minutes later then what you saw with chevron. it also started going down the rabbit hole but turn your attention to this so just nine days ago, monday, june 13, the 10-year yield made its biggest spike in two and a half years, vaulting 24 basis points in a single session to 3.4%. that's when the wall street journal reported the federal reserve was changing its game plan and would hike interest rates two days later at its meeting not by 50, but a more aggressive 75 basis points, but today, when for the second day in a row fed chair jay powell told congress in his semi-annual testimony, he's pretty much on a rampage to continue doing just that, raising rates until inflation shrivels from its bloated four-decade high. the benchmark to the opposite. the yield totally reversed, dropping over 48 hours to a one- week low we're now at 3.07%. we were as low as 3.01% as

investors anticipate the fed could halt its rate increases if growth slows to a halt. well, just look no further than the price of crude oil it's kind of flashing a signal here, two weeks ago today oil touched $119 a barrel folks we're at 104 right now. 104 and change in the after market today down 6.8%. obviously, you see this retreat as demand destruction kicks in, we've kind of been waiting for that, due to a combo of high prices and fears of course that a recession would cut consumption. in anticipation of the r word morgan stanley out today with a list of recession-proof stocks that include coca cola, endeavor group, eli lilly, delta, liberty formula one and marathon petroleum. team countdown, decided let's take three of the names. dig up their performance during the great recession of 2009 and we kind of dated it from 2009 to 2012. here's how three of these did, on your screen. we have coca cola up 72% from

2009 to 2012, eli lilly up 42% and delta soared 159%, so in that recession, yeah, i'd say they were recession-proof. so as we continue to see choppy trade in the overall markets let's take it to our floor show traders and recession-proof stocks joined by scott bauer in chicago and john gagliardi. john let me hold off on you because i know what your headline is and i want to get to scott first. scott, do you agree with morgan that those are the stocks that are recession proof? do you have any to add to that? >> so i agree with a few of them, liz. i think coca cola is definitely one you want to look at. 3% dividend, it's as steady as they come. that was definitely one that i agree with, but if you go to the healthcare or pharma space, rather than eli lilly, i really like johnson & johnson. it is just a fantastic stock,

even with lower guidance, there's still going to be 10% year-over-year. they are as steady as they get. now, in the energy space, energy is typically a spot you want to belong in a recession. marathon, maybe. that's their pick. rather than marathon, i actually like devon energy, dvn. now, even with this pullback we've seen over over the last couple weeks and it's still up 30% for the year, its been a pretty massive pullback, but the reason i like devon, 9% dividend and just under a 10-to- 1 forward pe ratio, so i do agree with morgan but in terms of individual stocks within some of those sectors, there's definitely stocks i like a little bit differently, and you always have to talk about real estate investment trust, reit also. liz: great. >> there's some of my picks. liz: listen obviously great dividends, and i do think that's interesting, i mean, on track for a 10% dividend

year-over-year for lilly, i mean , j & j rather very impressive. so john, this is why i wanted to hold off on john. john says there is no such thing as a recession-proof stock. what do you mean by that, john? >> you know, it's very relative so the textbook says if a recession remains in the places you want to be, utilities, healthcare, consumer staples, people will take their pills, keep their air condition on, they are still going to brush their teeth. it's inevitable, but it's relative. so the market might be down 20%, it might only be down 10%, beating the market by 10% you're doing pretty good, but relative to your portfolio, you're still down 10%. liz: yeah, utilities, i don't know if we can show some of those but there are a whole bunch of utility names when you start to look at those kinds of dividends, that is certainly valuable, because they are. i mean you're going to turn on the lights, you're going to use the air conditioning.

gentlemen, we have a big rocking day thank you so much, scott, john, always great to see you. we've got this fox business alert. here is how skiddish the market is even the buffett bounce isn't reliable. berkshire hathaway has raised its stake in occidental petroleum to 16.3%, folks that's a pretty big stake, disclosing last night that it bought an additional 9.6 million shares of the company. the purchase makes warren buffett's berkshire the largest owner of the stock by far with vanguard's 11% stake coming in second. oxy right now, it pre-market had jumped about 3%, yeah, that didn't hold. it's now down half a percent while berkshire hathaway is down 1.3% and if you think the $529 million berkshire hathaway spent on that new purchase is a lot, try the 123 billion buffett owns in apple and look at apple shares up 1.7% at the moment after bernstein said the stock could potentially outperform over the next few months due to the

stocks historical patterns. the investment firm says the tech giant has outperformed 14 of the past 15 years, okay, i'm not done yet, in the three months prior to an iphone launch so there's a little asterisk there and the next launch is expected this september. now, it did say, however, the out performance has been " more muted" over the last eight years, but right now, we do have apple at $137.77 and by the way, speaking of berkshire hathaway- owned stocks getting upgraded, snowflake. yes, he owns that in the berkshire portfolio. those shares are fluttering higher by 11.5% after jpmorgan upgraded the cloud data provider to overweight from neutral. the firm says it is incremental ly confident snowflake is capable of reaching material-free cash flow, incrementally? boy, way to really give it a thumbs up. they believe there will be cash flow generation that may come sooner than investors think,

although snowflake, boy this stock had been, i just want to check, 405, it's at $142 right now. bitcoin billionaire sam bankman freed signed deals to bail out flockfi, and voyager digital. the crypto exchange, ftx will give blockfi $250 million in revolving credit and voyager digital $500 million in financing bitcoin and other cryptos so as you see they are falling hard as the market grapples with interest rate hikes and the collapse of stablecoins, tera and luna. bitcoin still below 21,000 but it's up $584 right now to 20, 486. is workplace messaging app slack kind of elbowing or at least edging into zoom's personal space? slack adding a video component to its huddles meeting app. we're huddling with slack ceo

stuart butterfield live next on how his digital work cubical is morphing now, and the closing bell ringing in 49 minutes, we do have the dow gaining about 38 points, so much more ahead including shopify's president and of course the one, only, charlie gasparino. don't worry, apes i'll defend you. the "clayman countdown" is back in a moment. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. new projects means new project managers.

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liz: well look at this. we work shares jumping nearly 13 % at this hour. we have them at $6.20 and after credit suisse initiated coverage with an outperform rating and set a price target of $11 please let me remind you the annual high is nearly $15, not there. analysts say that the office sharing company is poised to benefit from the hybrid work model that hasslingerred post- pandemic, just as slack, the office messaging platform, which salesforce acquired during the pandemic for $28 billion has after seeing fast adoption, i mean super-fast adoption of huddle. its impromptu audio meeting app which works almost like a group walkie talkie, slack is now adding a video component to huddle, so like zoom?

no. stuart butterfield is slack co- founder and ceo. okay, you guys are saying not like zoom but it looks to me like a group meeting remote with a video screen, and workplace togetherness. why not like zoom? >> it's a good setup. a lot of things that have video that aren't zoom, but we're really trying to create something that's about working together as opposed to having a meeting and they are both important we're happy zoom customer anticipate we will be until -- liz: you guys have a partnership >> yeah, and i'm still going to spend hours a day on zoom but it's a little bit like when you have a hammer everything seems like a nail. the early days of the pandemic all we had was a 30 minute video call. liz: ours was an hour. >> there you go but we just need a wider set of tools in addition to sharing video we could have multiple people sharing their screen, there's a chat that is more centered and longer term the thing interesting to me is at the end of a meeting leaving behind an

artifact so imagine you end the meeting in a sense, and say you want to save this and in the worst case it happened this time, these are the people that were there, but adding a transcript, the files that were shared you can get to the point that you can recreate so much of the content of the meeting that sometimes you are able to skip the meeting itself and just catch up later and that be a huge win. liz: and also, this will be sort of another feature of huddle, which was this audio chat that you unveiled here on the show. >> yup. liz: a while back, you had mass fast adoption of that didn't you >> yup. there is 94% of users are now using it but yeah, it was by far the fattest-adopted feature and another difference between this and zoom and zoom is very important, but people leave this open for a couple hours while working on something imagine like a group of marketer s launching a new website. liz: you have to activate the audio i remember that. >> you do but there whether you

enter or not and the conversation will peter out maybe after five minutes, it's like when someone asks a question you'd never keep a zoom call open after the conversation stopped. that would just be weird and awkward but this is a little bit more on the side -- liz: is it going to have a name? >> all just heart of huddle. there's a lot more beside them. liz: when is this available? >> that's a good question. i think over the next few weeks it's rolling out to a larger group. liz: all right and then you're starting gov slack. this is a more secure government slack opportunity. how so, how is it secure? that's the number one worry. >> yeah, so we have about 13 federal agencies using slack. some of them are restricted to use products that have a fed ramp high certification and there's a whole process for that slack has been moderate for a long time so it's like a separate instance and there's a bunch of customers lined up for this many of whom have been slack customers for a long time, including like lockheed martin, 114,000 employees, 400 facilit ies in 50 countries all

tied together with slack and moving over to gov slack also the u.s. army software factory is another cool example. liz: you're doing a lot of work for government. i've always wanted to know, once you have a customer like the u.s. government, who owns or who is in charge of those slack messages and i say that because the rolling stone has this report that the january 6 committee is now really pushing twitter whose pushing back. they want their slack messages, so i guess twitter is a customer of yours, that's what we find out. they're pushing to get their slack messages on how they handle tweets on the day of the january 6 riot, on the steps of the capitol. what if they came to you? has the government ever come to you? has the committee come to you? subpoenaed you and said shake down one of your customers, slack messages and would you? >> well fortunately don't have to make that decision because it is going after the customers themselves and they will turn it

over. going back to the government question though, it's an individual agencies everyone has their own policies and we actually support like a variety of data residency requirements and encryption, but also message retention policies and that really varies company by company liz: you know, it's such workplace changes have been unbelievable over the past couple of years, and it really pushed forward digital adoption, and i just wonder what would you say, stuart, is the biggest most transformational change you've seen over the past two years when it comes to workplace communication? >> i think it is the creation of the huge opportunity, and not every organization is taking advantage of it and i think even at slack, the company, we can be slow to realize how much power we have to change the way that we work but i think the bigger shift is going to be taking something today that are synchronous like meetings and making them asynchronous and it doesn't apply to everything, but the reason that's important, 79% of knowledge workers want flexibility in where they work. liz: oh, yeah, remote. >> yeah, but i think it's 97%,

the second-only to compensation who want flexibility in when they work and i think that is increasingly important. we were really tied to our desks for the early stages of the pandemic and as you tried to figure out which things can we do in a way that gives more flexibility, makes employees happier and improves the quality of the work and is a critical advantage for organizations going forward. liz: okay and steve benihoff be the worst boss , right? he was just nominated the best boss. he's a big thinker. >> i actually strangely enough ran into him on the street on the way down here. liz: tell him to be on the show. >> i'll ask him. liz: i don't know why he has a crush on some of the other guys across the river. it's great to have you. >> thank you so much. it's good to be here in person. liz: i know, finally, yay! good to see you thank you so much. folks, breaking news, we are just now getting breaking news out of the u.s. energy secretary jennifer granholm's emergency

meeting with u.s. refiners at the department of energy. we were telling you over the past 48 hours she was going to meet with them. granholm is saying it's important that companies bring supply online to get more gasoline to the pumps. chevron ceo put out a response just a few minutes ago saying in essence the meeting was " constructive" but not so construct for the stocks at the moment they were at their lows but phillips 66 down 7%, schlumberger, halliburton, and we of course are looking at vale ro too down 8% loss, diamondback energy down 5.7%. it's a cruel, cruel summer for airline travelers, and what about investors? well, as if the last weekend thousands of cancellations weren't enough, united today adding more turbulence. the airline is cutting 12% of its daily flights out of one major airport in the u.s.. up next is the citigroup analyst who just 24 hours ago made a

bullish call on the airline still bullish? well, with the closing bell ring ing in 37 minutes and the dow up 68 points we're going to see if this changes his mind, and which airline he thinks might be next to do the same. don't go away. 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. ♪

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liz: reuters is reporting right this moment that americans lodged more than quadruple the number of complaints against u.s. airlines in the month of april compared with pre pandemic levels, as on-time arrivals are falling and cancellations mount, but it was this news, today, from united airlines, that stunned not just travelers but the entire industry, beginning july 1 in an effort to reduce daily delays this summer, united will cut 12% of its daily departures from newark liberty international airport, this after american airlines said it would drop its service altogether to four u.s. cities, citing a pilot shortage.

will other airlines follow ual and aal suit and if so, whose next? let's bring in citigroup airline analyst steve trent who just 24 hours ago said united was a buy. steve where do you stand today? >> good afternoon, and thank you for having me. i stand exactly by what i said yesterday, you know, given what we're thinking about the earnings trajectory over the next 18 months. liz: well it's a long term call, obviously, and you believe that this is sort of short-term turbulence, correct? but you've got to believe that this is extremely worrisome for revenues isn't it? if they're canceling all these flights and refunding people how do you work the numbers? >> yeah, sure, so look cancellation that far in advance and we've already seen a series of these events capacity reductions so it's not like somebody shows up to an airport and the flights canceled because of a thunderstorm. there's an opportunity to rebook and reschedule some of that flow

or a lot of that flow and what we've actually seen is capacity is down significantly versus 2019, because of crew and equipment supplies, and even as a consequence of that, there's been an opportunity to price that in a manner that's been good for revenue so on our survey, we actually see july revenue for u.s. domestic actually up six percent versus 2019. liz: okay for the entire industry so you believe that the third quarter is going to be a positive one for the airlines? >> at this juncture, yes, that's the case, so we are continuing to see booking curve strength, even with the higher oil. we look at the second quarter, for instance. you have the big three are going to have let's say the fight, amc four rather are going to have

double-digit ebit margins in q 2 and that for example, reflects jet fuel being significantly higher than it was in 2019 so you do have the revenue generation offsetting that for 2q. as we move into the third quarter, and the summer travel season does look robust, i think washington eliminating the 24 hour covid test requirement on international rival that's going to help, on high margin like the trans-atlantic so at this juncture it does look like 3q, excuse me, 2q also are going to be positive eps wise. liz: okay so actually this current quarter positive eps. all right i would say that's definitely news. steve, whose next to make these very difficult headlines when it comes to airlines that have to cut capacity, because there is a pilot shortage, employee shortage and we are hearing about the air traffic controller shortage now. >> sure. so what we think we're seeing in

this space broadly is the network majors in terms of pilot supply look a little bit better-positioned than some of the regional airlines so you have had a difference there in terms of salary, for example. i think in terms of these cuts and whose going to cut, this is going to depend to some extent on whether the airline in question thinks that it's over extended itself in its summer schedule so they don't want to be in a situation where they maybe have some cancellations and it snowballs so they expect to have equipment in a certain place and it's not there, and they don't have any slack in their network, to accommodate the impact of passengers. i think that's a really tough setup, but if we're pulling back capacity and some of that is actually getting factored into pricing, that's not necessarily bad news from an earnings per share perspective. liz: that's true. that is true.

people need to understand that. we are different from local news where it is, the layoffs and the numbers and the cancellation s and yet, sometimes, when companies start to streamline, that's when their stock moves higher we'll be watching it stephen trent thank you very much for joining us. >> thank you for having me. liz: with the recession red flares being sent out by the fed and the major banks, the health of the consumer is on everyone's mind, because it's the consumer who decides whether we go into recession by not purchasing things. who better to tell us how the consumer is doing than the company that handles million s of transactions for e-commerce businesses, small and large. shopify president harley finkels tein is next. closing bell 27 minutes away we have the dow comfortably higher by 148 points the s&p better by 32 and the nasdaq is a percentage winner at this hour at 167 points or 1.5%.

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liz: yes, well we told you that at the top of the show, netflix is the worst performer on the s&p 500 this year, minus the fact that it is up just about 1% right now. it's down 70% this year, but coming in close behind the streaming giant, e-commerce site etsy. the stock has fallen 66% year-to-date. shares have been hit hard after oppenheimer forecast a drop in customer spending on the seller site it's up 6% today after being maintained at an outperform by rbc capital but it makes you wonder. global e-commerce platform shopify has millions of merchants in 175 countries with nearly 500 billion in total sales, with that kind of finger on the pulse of the consumer how do they see it? what's going on in the world of wallets? joining me now, shopify

president harley finkelstein. how about that? give us a real feel, realtime window into what you're seeing at the moment when it comes to sales at these millions of companies whom you help transact >> thanks for having me on the show, it's always fun to talk to you. a couple things i think should be very clear. so right now, shopify powers about 10% of all e-commerce in the u.s. and at the same time, about every 30 seconds or so, a brand new entrepreneur gets their first sale on shopify. so our perspective is really not only international but we also really are on the pulse of the retail. so a bunch of things have changed since the beginning of the direct to consumer movement and the idea of making really easy to buy things online directly from your favorite brand that is still fairly novel and consumers are voting with their wallets, even right now, to buy from independent brands, but there has been some changes. the first change that we are sey now happens everywhere and across every single touch point so whether it's online or it's

off line or if your marketplace from social commerce it's happening everywhere and that's how consumers want to buy, one of the reasons why shopify is really transformed into this retail operating system. in terms of what is happening generally in retail we are see ing retail rebound in some areas. for example, in-person retail which shopify is very weep positioned as we build-out our point of sale products as having a real moment. we saw 83% growth in physical retail year-on-year this past quarter. then we just heard a couple weeks ago that the u.s. census bureau says that retail sales rose 8.1% on a year-on-year basis from may 2022 when compar ed to may 2021 and so that's still well-above pre pandemic trends and it is supported by massive savings and also, rising wages from a tight labor market so a couple things that we think are exciting. one is the consumer is still strong, the consumer is still buying, and they are buying from independent brands at a clip we've not seen before.

that will be steady state long term. liz: okay, but, and i get it. you are watching second-by- second these transactions come through, but if you look at eft and i'm talking about the ones that focus on whether it's e-commerce or physical stores, i was looking at onln online, vcr, xly, we can put these up on the screen. they have had pretty dismal performance certainly month-to- date not to mention quarter-to-date this is the current price, it's a mixed picture today but what do you say to that? it can't be as good as it was two years ago when everyone was stuck home shopping and they had their wallets stuffed with government cash and stimulus. >> i think what the pandemic did fundamentally was it reminded every retailer and every brand, every business, that the future needs to be, you need to be flexible and versatile so march 2020 everything shuts down because of covid. every physical retailer had to shut their doors and a lot needed a new way to make money

and so shopify generally was the default way they setup an online store and we saw tens of thousands, hundreds of thousands of new brands, new merchants setup for shopify in those early months. now what's happened is as this rebalancing is happening they are reopening their stores and many of them are point of sale for the physical store but they aren't closed an online store. they are looking at retail as multi-channel in a way we've never seen before. one of the reasons that shopify additions yesterday we announced more than 100 product updates things like shopping on twitter, turning conversations into commerce, doing more around local shopping with our partner at google. we really do believe that the brands that will be most successful will be selling across every single surface area and if you think about it go back 20, 30, 50 years ago, most commerce happened in the town square. that's where the consumers were. liz: okay. >> in 2022 consumers were everywhere, online, off line on social media and the brands that will do best will be in those places, that's the first thing. the second thing is the direct

to consumer model meaning no intermediaries without any department stores means that the margin for these businesses is better when they sell direct, so the experience is better, the margins are better, consumer s pay less money and the brands make more money and ultimately we're more bullish on the future retail now than pretty much ever. liz: well, boy, it's an interesting window through which you look, harley and that's why we have you on and i know you guys are getting to the nft space. we've got to have you back to talk about that. its been a busy day. >> i would love to. liz: thank you so much, harley finkelstein and i'm sure your parents never to worry when growing up you come in with one word answers after school. good to see you. a fiery feud brewing at the securities and exchange commission over crypto. charlie gasparino is rushing down to the set to break the details, that's next. closing bell 17 minutes away. dow is now up 141 points. we've got green on the screen, folks, stay tuned we're coming

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liz: breaking news. we do have the s&p and the nasdaq right now at session highs. so we've seen buoyancy here in these last 13 minutes of trade. we have the dow jones industrial s up 183 points that's not the high there, but s&p just made literally in the last second a new high of 37 points to the upside, and the nasdaq up 185, high of the session, when we started the program was a gain of 169. we've got this news, sec chairman gary gensler is releasing the agency's list of rulemaking proposals and he's getting pushback already, including from crypto mom hester purse who of course is a very important person on the sec. is she not, charlie?

charlie: she's a republican commissioner, we should point out that he's getting pushback on all these proposals but particularly the climate stuff. i mean, how he wants companies to do this enhanced disclosure on how they're reducing their footprint. it is getting pushback from republicans as well beyond the sec's mandate, and there are other issues there problems, but we should put up first what hest er had to say, an sec commissioner, republican. let's get a full screen of what she had to say put it up there because it's interesting. the agenda continues to sun issues in favor of shiny objects outside our jurisdiction. we used to focus on companies disclosures of economically material information. we now focus on disclosures of hot button matters outside our authority. we once sought to protect retail investors. we now rush to aid professional investors. i mean, that's pretty tough stuff from inside. i've not seen a commissioner come out against a chairman like

that. now, this maybe even more problematic for gary gensler if he wants to get this through is what senator pat toomey a ranking republican had to say. let's put up what he gave my producer, put it right up there. i'm very concerned that gary gensler is pushing the limits of the sec's authority. i think this new proposed rule on climate disclosure is wildly beyond what has ever been contemplated at the sec, as their responsibility. regulation by enforcement is a terrible approach. it was actually the latter part he's talking about crypto, so he's getting a lot of pushback on this. now, what could the republicans do? not much now, okay? because they are in the minority , but once they get in the majority, i think you're going to see gary gensler become a target of the particularly if they have both the house and the senate, they are holding hearings on all

the stuff. we should point out something really interesting and this is kind of percolating through the grapevine. this stuff on climate is getting so much blowback, even getting blowback, from what i understand from esg advocates on wall street. the way we're hearing through the grapevine none other than larry fink thinks the sec and he is the ceo of blackrock, we've had him on the show to talk about esg, he thinks they are going too far. blackrock has always been a proponent of some esg but what larry fink has said which i think is reasonable is that we need a transition to all this zero carbon footprint stuff because if you don't have a transition well guess what? you'll have oil companies, not drilling for oil, and you're going to have massive inflation as we have now. so this is interesting. again, there's not much that can be done in the interim, because the republicans don't control congress, but once they do, it's going to be game on between

gensler, the republicans and you know, these rules can't happen overnight. there's going to be -- liz: their comments and all that by the way bitcoin is moving higher on this news, probably because they have always wanted some certainty, they say just give us the roadmap. charles: you think bitcoin is rising? liz: i don't know there's a bad headline that doesn't work well especially on a day gary gensler is worried about crypto and it's just hitting the tape. coinflex, this is one of those places that gives you huge return, huge yield. coinflex is temporarily suspending withdrawals due to recent volatility in the crypto market, so they are now, i've lost count. charlie: we should point out that bitcoin is marginally above its low of 17, so this is not like a massive rally. listen, we're in the beginning of this correction in crypto, just about everybody says and even the advocates, again i spoke with a crypto advocate the other night with my producer

ellie tarrot, i do remember her name, by the way. liz: good arp is on the phone. charlie: thank you. i didn't take my, what is it called prevagen? liz: that works. i need to get on the phone. charlie: that's one of our sponsors here, but this guy is an advocate saying listen i see it going down to 8,500 so that little comment that wispers numbers in crypto among the advocates they think it's going to collapse further but it's here to stay. liz: okay, charlie, thank you very much. bloodhound trumpet winning westminster's best-in-show, this is the first ever bloodhound to do so. our countdown closer joins us with his best in show portfolio picks, next, you like that segway, uh-huh? closing bell, we are seven minutes away. the dow is up 186 points at the moment, again, we are at session highs, or just below it for the s&p and the nasdaq up

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out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. ♪. liz: four minutes to go before we hear the closing bell ring. look intraday for the nasdaq. it is on pace for its third up day over the last four. what is important it is the biggest percentage gainer of the majors up 1 1/2%. follow by s&p up .8 of a percent, the dow up half a percent. nice moves mere at the moment. for a first in the westminster dog show, a bloodhound by the name of trumpet. the first forked breed with a keen sense of smell. if you try to sniff out stocks for your portfolio, get it, get

it, today's county down closer has a top dog investment strategy, bring in huntington national bank investor of management, 26 billion in investments nothing to sneeze at. chad, what are the names. there is still that angst. >> there a lot of angst. we're heading into a strong close, mentioning nasdaq. we're cautious on the growth side. some growth names are doing well. there is buying in bonds. yields are coming down, that is helping some of the valuations for some of those growth names. really where our equity team is focused is on names with durability, we look at mccormack or mcdonald's, those are names we've been adding to. we have names we've been adding to that made some strategic acquisitions we think will help them through the next leg of the

cycle here and add to maybe their durability of revenues and earnings. liz: i think it is you like j&j. scott bauer, our trader at top of the show, loves it, he loves the yield. i get it. give meet macro picture foremarket as the moment. we have the overhang of federal reserve. jay powell was speaking today. he says the banking system is solid and strong. how do you view the economy at the moment. do you think we'll be tipping into recession maybe a mild one, just so we bring down inflation? >> that is the real push and pull question that we're seeing. here at huntington, we think the chance of recession has increased. we're probably at 50/50 chance of recession over the next six to 12 months. ask us a month or two ago we would have said probably on the order of 20%. so there are additional challenges and if we look at the bond market for example, it seems to be vacillates between inflationary concerns and

recessionary concerns. use that 3% 10-year yield maybe a breaking point under that. that is recession focus. over that it is inflation focus. we think u.s. consumers are still in good shape. businesses are in good shape. [closing bell rings] businesses are slowing. >> that is what we're seeing. chad, thank you very much. there is the closing bell. dow punping up 200 points. nasdaq a win. so is the s&p. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so is joe biden at all serious about stopping record gas prices at the pump? here is all you need to know. at 10:15 this morning energy secretary jennifer granholm met with seven major oil company ceos. then at 3:30 this afternoon, president joe biden met in the roosevelt room of the white house to talk about windmills with labor leaders and governors and