getting paid for having a whole bunch of money in deposit but depositors where is their money? higher interest bearing accounts are not ordained. there was a time it gave million s of risk averse americans a greater sense of being invested, of being involved. i'm not sure those days will ever return. good thing for you though, we keep going on. we've got lauren simonetti in for liz claman. lauren, i'm loving this action in the market. we might end up positive. lauren: for the dow too charles? charles: yup. lauren: we'll see if it can follow the nasdaq into the green that market route to start the holiday short week turning into a question mark at this hour. the nasdaq look at this , suddenly turning positive, up 1.2%, as the bulls make an afternoon charge. the dow is down as many as 742 points earlier in the day now look at this , down a mere 291. hey, anything could happen. as the energy markets get pummeled oil did drop below $100 per barrel, but gas prices

stubbornly high, patrick dehaan here to tell us how quickly today's oil flop could provide relief at the gas pump and yet another crypto lender has to halt operations in the middle of this crypto winter d. a. davidson's gillum luria to see if it sees spring in sight, plus we'll take you straight to newark liberty airport as holiday travelers struggle to make it back from their three day weekend get-away some had more than three days off, we didn't at fox business. i'm lauren simonetti in for liz claman. we have a fox market alert for you the red flags of a possible recession, flying in investors faces as economists and analysts give a murky outlook for the second half of the year which we are now in, so take a look here. you have the dow down 313 points , the s&p 500 down 16, the russel 2,000 is lower by 3 points but the nasdaq up 124.

the market overall has dropped in four of the past five weeks, as incoming headlines, one after the other, continue to sway investor recession anxiety. bloomberg has an economic model. combining a variety of data. treasuries, housing market information, it's now flashing a 38% probability of a recession over the next 12 months, and then the latest reading from the atlanta federal reserve banks, gdp now tracker, its signaled a second quarter of a shrinking economy, estimating that gdp contracted 2.1%, so if you're following the textbook definition, that marks two straight quarters of contraction , and therefore, the r word, a recession, but is the red recession flag actually waving higher than any american flag waived over the weekend? let's take a look at this. the two and 10 year yield briefly reinverting this morning , why is that important with the strong historical indicator of

recession and a sign that investors can expect an incoming slowdown, but we ask, is all this angst just wall street sentiment or will the data and estimates actually validate investor's fears here. let's go straight to the floor show, we have our traders scott redler, and thomas hayes. the r word you have the vix at 27. are we really worried about recession or are we talking ourselves into one? >> it all depends where you sit and it all depends your time frame. like you said before we are in the definition of a recession, but in some places, it just doesn't feel like it. right now we're going through a valuation contraction because of the excess liquidity provided by the fed over the past decade, so as we've done right now is do what the fed wanted to do and bring down asset prices, bring them the pe ratio of the s&p, bring them the high growth names , every sector in the market so this way, people

feel a little about this way, people spend a little less money so the demand isn't there and prices can come down so it with help ward off inflation so i think what traders and investors are looking to see how long does this last and what the next level of this , does housing prices really come down? like right now all they've done is stopped going up and mortgage applications were reduced and they aren't overbidding so right now trying to get housing prices down, oil actually cracked a bit which is good. i think overall that be really good for the s&p market, and the consumer is just starting to spend less and feel a little less wealthy, so at this point, the recession doesn't feel, i would say that strong, or that devastating yet, if we were to continue to spot this and the fed raises rates more than 75 basis points and then a little bit in september. i feel like yes, maybe we have a harder landing that lasts longer and then we start to feel it becauses get the next leg of it.

right now they are just squeez ing out the excess and the fed is doing exactly what it wants. lauren: it's working a little bit, you mentioned oil but i can add lumber, copper, commodities come down in a big way. citi says tom, this technically could be a recession by definition but you don't really have a significant recession, well maybe you do but you usually don't when you have unemployment so low. friday brings the june jobs report we get the jolts number, economic indicators this week. what did you make of things here , tom? do you agree with citi? >> well, i think, lauren, you mentioned the two key things. we inverted the yield curve in march and we may now have two consecutive quarters of negative gdp so we already have had a mild recession in the first half of the year. that'ses the bad news but this could be the best thing for happening for finding a bottom in the stock market. it always bottoms before they announce the official recession

retroactively. a lot of bad news is priced in, the first half of this year down over 20%, the second half of the year the last five times over the last hundred years was up 23.6% so the answer is i wouldn't be shorting in the hole expectations are very low and any unexpected positive news whether it's inflation, whether it's geopolitical, whether it's earnings, could in fact spark a summer rally that very few people are positioned for. the time to get bearish, lauren, is when everyone is calm. right now people are hidden under bunkers so i want to be looking for opportunity and know that when that official recession is announced which could be as early as the end of july, the market will have bottomed well beforehand. lauren: so i think you're saying , tom, that we're kind of in and almost done with the recession in the back half of the year that we're currently in looks pretty positive? >> yeah, you know, people are really worried about earnings, lauren, but the fact of the matter is earnings continue to holdup. over $250 for next year, which

means we're trading at just 15 times next years earnings that's well below average. lauren: let me get scott in here because july brings so much data starting this week you get the minutes from the feds last meeting as i said earlier we get the june jobs report, end of the month we get earnings from the big tech names including microsoft and alphabet i mean, scott, do you think earnings are going to start to price in the fact that we might be in or close to being in a recession? >> well, i think what we're going to see from earnings and whether or not they break down the multiples enough when companies come out and if they miss and they pre-announce and the stock doesn't go down then the markets telling me it already did its job, discounting , so what i think tom said is correct, is that at this point, i'm asking a lot of people we're probably in the seventh inning of this cycle downside action maybe through the recession, because i don't think the recession, you can't declare it's over until it's declared started. we could have another three-to-

six months of catchup by unemployment, by people starting to lay people off, like you just said before, you don't really have a recession when there's 8 million jobs open, not 8 million people looking for jobs. that's what happened in 2007- 2e people laid off, i don't know many and we haven't heard those stories. there are five different types of jobs open within two miles looking for skilled workers and unskilled workers and they are having a hard time so the question is will that start to happen over the next one to three months and that's if you wound up going further down the road but at this point, with the s&p off 22% off the highs, and some high growth areas, 80%, it's not the time to sell. it's the time to think about how you could in the risk averse layer in a calculated way put more money to work for the longer term and as a trader like me, this is a great day. we came in this morning, oil is down, energy stocks starting to get hit, money starts to rotate towards tech you saw arkk go

green with cathie wood so maybe it's flowing into the hardest hit areas and then sectors like energy or oil take a little bit of a corrective phase and that helps. lauren: the first half, that's performer, energy, the worst performer as we're entering the second half. scott redler, thomas hayes, thank you so much for the time. >> thanks, lauren. lauren: american airlines take a look at the shares right now because they face some holiday weekend turbulence from a glitch in their pilot scheduling system that threatened to cancel thousands more flights. the stock is up 4.25%, so this error caused more than 12,000 flights to be dropped from pilot's schedules. it was quickly resolved. american airlines avoided mass cancellations, good thing, let's take a look at its competitors after the july 4 holiday. you can see it's a mixed bag. jetblue and southwest are lower but you do have american, united and delta, all higher. 4th of july holiday travelers

face major headaches, with the cancellations, delays, lost baggage, a lot of people are saying well just pay $5 to drive somewhere, because it's a lot easier in the end we go to madison all worth at newark liberty airport in new jersey, madison what's the latest? reporter: well, latest, lauren, on the board behind me the lines that are in orange those are all flights that have been delayed so a couple on there but compar ed to this weekend, it's a real improvement because over the course of the july 4 holiday weekend we saw thousands of flights delayed and lots of flights also canceled, so from friday through monday, over 21,000 flights were delayed and 1,800 were outright canceled. those travelers stranded were left asking the question of what came of this $54 billion in pandemic relief that went to the airlines? that money was to help keep staff on payroll, but by 2021,

the industry had lost 31,000 jobs. shortages in everything from air traffic controllers to pilots are causing around 25% of flight s to be delayed right now. that's according to hopper, and those flights aren't being discounted because of the delays far from it. >> travelers were paying about $440 per round-trip domestic ticket and that's up 45% compar ed to what they paid in 2019, during the last major 4th of july long weekend. reporter: the travelers i spoke with today have dealt with delay s and last minute ticket purchases after problems with original itineraries but maybe the worst by far was the gentleman who had his destination airport changed while traveling. >> we just got here to newark, and we're supposed to be at laguardia so now we have to get our luggage and then go catch a bus and then go to

laguardia. reporter: for those who travel in the new york area, you know just how far newark and laguardia are from one another. they are both technically new york city area airports from here to there talking about over an hour of travel time. these problems airlines try to avoid it by slimming down their summer schedules avoiding shortages, but clearly, this weekend, you couldn't avoid it. there were many delays and unfortunately, some of those cancellations. lauren: did that man make it, by the way, who had to switch airports? reporter: i'm not sure, because i saw him here and he was getting ready to get on that bus to get to laguardia so i hope so but i saw him on the newark leg of his travel. lauren: hopefully for him, madison alworth thank you very much for the time. well, yet another crypto lender pausing operations, and leading to even more crypto consolidation. d. a. gave id son gil luria is here to tell us if he sees any thaw in the crypto winter but remember the dow is down more

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lauren: well, the cryptocurrency carnage is taking a bit of a pause. look here, you can see that bitcoin is holding 20182 it's up today but ethererum and litecoin both down, litecoin down by 3.2% the cryptos are trying to battle back as we get more consolidation from the lenders. making moves to acquire their competitor vold, after vold paused operations back on monday due to financial challenges. if nexa's acquisition is successful it will restructure v old, and expand operations to southeast asia and india. let's discuss more, we have in a fox business exclusive da davidson director of research gil luria. thanks for coming on good to see you. >> good to see you. lauren: do you expect to see much more consolidation and do you think that's a good thing >> oh, absolutely. there's a lot of marginal play here, unregulated small players

that they aren't necessarily even good actors that are going to go completely away and then just weaker companies that get bought by the stronger companies. it's like the business cycle we see in other parts of technology it's just much more pronounced. it'll play out faster, and the bigger companies, the well- managed, real companies with real capital, will be able to consolidate and come out stronger on the other side of this. lauren: name a few of the strong ones if we're doing survival of the fittest here in the crypto world. >> well you know, charles had michael from greyscale which is part of dcg, that's a real company, obviously coinbase is the real company, gemini, galaxy digital. these are real companies that operate in this space with very good leadership that will emerge on the other side of this. they're diversified, managed conservatively. they've been around other types of companies, so i expect them

to do well and benefit from other companies as they de dissolve. lauren: a lot of people are parallelling what we see now to the run on the banks at the time you didn't have a central bank or a federal reserve to come in and regulate to bailout to help. when we're done, with this crypto winter, whenever that is, do you expect regulation to come into existence and be appropriate enough to actually keep these markets functioning more safely, with less volatility? >> i think it's a great analogy i think that's exactly where we are. it's like the wild west in crypto. the regulation exists, it's just harder to enforce because crypto looks slightly different. the crypto-related assets and securities looks slightly different than the ones that exist in other asset classes and so regulation is unclear, which

has meant there's a lot of bad actors there doing things we wouldn't allow in stocks, bonds or real estate, and that's where we were 100 years ago in those asset classes and a lot of the regulation that i have to live with as a stock analyst and an investment bank was created 100 years ago in response to the wild west that existed in the stocks. i expect that to happen in crypto. current regulation will be applied to crypto assets & companies, and new regulation is going to come into clarify where the lines are so all the good company, the ones we mentioned earlier, will know how to operate safely and be able to protect their consumers, so it's very much needed and again, michael said that in the previous hour, which is he loved to see regulation and it makes a lot of sense. lauren: just one quick question. we're running out of time here, gil, but what is the value of cryptocurrencies in one's overall portfolio if we're see ing increasingly particularly

with bitcoin, the largest cryptocurrency, that it's trading in lockstep with the nasdaq. what's the use case for it in a portfolio if you're see seeing it trade with the nasdaq most of the time? >> i think it's a short-term phenomenon that crypto assets are trading. i think longer term they're un correlated because their fundamental drivers are un correlated but we always recommend that crypto investment s are higher risk and higher rewards so investors should only put what they're willing to lose in such a high risk asset class. lauren: well-said, gil luria, thank you very much. give me a strong stomach to invest in cryptocurrencies, especially lately. well the nations semiconductor shortage still slamming the brakes on automakers as congress fails to put the chip act in drive. kelly o'grady has the latest warning that could stop new fabs from coming to fruition but first we check the big board dow jones industrial average still down by three-quarters of 1%

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lauren: the chip shortage is still hurting the auto industry and there might not be an end in sight. now an italian union for chrysler parent stelantis says production at some factories down 14% from last year and it expects stelantis to lose 200,000 vehicles as a result and now, a new warning from the chip makers could make matter s even worse as they await congressional funding for the chips act. kelly o'grady is live from our los angeles bureau with the very latest. kelly? reporter: hey, good to see you, lauren. well, stelantis is not alone. gm sharing they have 95,000 cars without chips right now and that could get worse. major players in the semiconductor industry are warning of more delays and potentially consumer demand. now even before the pandemic some u.s. firms complained of

chip shortages but now it's much worse. for example, the auto industry was short 8.2 million vehicles last year and missed the chip crunch that resulted in 200 billion in lost revenue. now to address this the chipmakers like intel and a number of taiwanese companies announcing u.s. plants however they are warning these investments are contingent upon passing that $52 billion chip act which makes the u.s. more competitive by funding domestic manufacturing and research. with that bill stalled in congress, in tell sharing its $20 billion factories on hold and taiwanese global wafers warning its texas plant will not happen either without that funding. last week over 100 tech ceo's including microsoft and gag" writing a letter to congress arguing the rest of the world is not waiting for the u.s. to act and global competitors are investing in their industry, workers and their economies and it's imperative that congress act; however, republicans warning that will not happen, while the democrats push revamped build back better legislation, but lauren, with

europe and asia offering attractive subsidies chipmakers are threatening to take investments elsewhere. secretary of commerce warning companies will walk if the bill is not passed by labor day. the u.s. would not only lose out on jobs but even more share of that tech landscape lauren. lauren: yeah and more short ans in the future, kelly o'grady thank you very much. now, fox business alert. starting with some commodities, copper coming off its worst quarter since 2008 look at this. it is still down 4.6%. it moved below 8,000 a ton today prices fell as much as 2% on the london metals exchange. that was its lowest mark since february of 2021. copper is considered a bell weather of the global economy. it's driving down copper miners with it freeport mcmhoran giving back 7%, the biggest drive on the s&p 500 and rio tinto at 52.17, both down, between two

and 4.5% and tesla shares they are higher by 2% at 695.09 the share despite weaker delivery numbers so tesla said it produced more than 25 8,000 vehicles, and delivered more than 254,000 in its second quarter. that's just about 18% less than the prior quarter, analysts had expected more even with the supply chain challenges and the factory closures, in shanghai. ford also missed their targets. their sales did rise 1.8% year-over-year in the second quarter. ford sold more than 483,000 cars , 152000 of them in june alone, very strong ev sales like the f-150 lightning, but ford shares at 1,111 are down 1.9%, even though ford says demand is strong despite high prices and rates, and look at this , warren buffett tosses berkshire hathaway continues to build its stake in occidental petroleum

now controlling 17.4% of the oil company shares but there is no buffett bounce for occidental today, stocks down 3.2% and sec filing on friday revealed buffet t conglomerate owns 163.4 million shares making it by far the largest shareholder. berkshire hathaway stake is about 60% larger than that of vanguard, the next largest shareholder and now you know. omaha obviously sees value in the oil patch but americans are more concerned with how much they are paying at the gas pump, gasbuddy patrick dehaan is here to tell us if these high prices, 4.80 nationwide are they here to stay? i hope not. let's check the markets the dow is down just 160 but the s&p had just turned positive, it's completely flat, hugging the breakeven line right now, this can go either way the nasdaq firmly in the green it's up 1.5% or 165 positive points, "clayman countdown"

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lauren: recession fears are hammering the energy market at this hour. oil down sharply today. $100 a barrel, under that, in the session right now, you can see it's at 99.78, brent crude, rbob, nat gas also down sharply as pressure at the pump where gas prices are still uncomfortably high continues to fuel anger across the country. take a look here you can see that gas prices are 4.80 a gallon for regular unleaded that's $1.67 more than this time last year, but could they come down and fast as crude oil from which they are refined comes down? well citigroup says yeah, oil could hit $65 a barrel by the end of the year, and then $ 45 by the end of 2023? that is drastic, and it feels like whiplash. we bring in a fox business

exclusive gasbuddy petroleum analysis head patrick dahaan. $45 next year what do you make of these predictions? >> there's certainly a lot of the predictions on various ends of the spectrum and i guess bulls are conceivably possible but depending on how things unfold we could see one end of the spectrum moreso than the other so we're not out of the woods. we did see as you mentioned plummet to 9% today, but i almost think we move from an overbought market to an over sold market. keep in mind, we still have some of the fums sticking on here, not only that but an active hurricane season could cause prices reverse, but for now maybe a little bit of light at the end of the tunnel, the national average down $0.25 a gallon from its peak causing americans to spend about $100 million less on gasoline everyday, so far. lauren: so do you think in the near term people complain and this is true, it's true

historically, gas prices follow crude oil prices higher, a lot faster than they followed them lower. do you expect to see at least temporary relief at the gas pump >> i do think that stations will pass this along. now keep in mind that maybe for every four days, three of them this year has seen a trend upward at the pump and that's what sets stations behind and that's why they also kind of drag their feet so to speak a little bit and prices do go down because this year has not been a great year. prices trended up most of the time and now stations are trying to recoup a lot of losses , so prices will move down , but it will take time, if today's losses hold i think the national average could fall 40 to as much as $0.65 over the next few weeks but that's the biggest questions is will the prices hold or rally again. lauren: no one knows, but we do know that the president, joe biden, ordered gas station owner s to cut prices that americans are paying to fill up,

and jeff bezos, the owner of the washington post, the founder of amazon, one of the richest men in the world tweets this. ouch, inflation is far too important a problem for the white house to keep making statements like this. it's either straight ahead miss direction or a deep misunderstanding of basic market dynamics. patrick, you know this business. do you think the white house understands what's going on? >> i think mr. bezos has a point. the white house is giving conflicting statements, kind of throwing stations under the bus, throwing refiners under the bus, throwing oil companies under the bus, basically throwing anyone he can under the bus aside from saying look this is the situation we're in. a lot of this is borne out of the fact that covid caused refineries to shutdown, covid becaused demand to plummet but i do think there is a point to all of the scape goats the president is trying to point out it's just a combination of oil companies are raising production but keep in mind the biden administration has not

made it easy for oil companies to return to a period of growth. that's fairly obvious. lauren: or to give them some sort of commitment that the return on their investments will be worthwhile in the future , even the near future , because they still have a green agenda and that does not include fossil fuels. >> exactly right. the clouds of uncertain are potentially holding back oil companies from investing billion s of dollars. it's not a good investment to invest billions of dollars under a white house administration that's going after you at every turn it gets. lauren: patrick de haan, thank you for joining us we do appreciate it. coming up the infant formula shortage could get some relief as another shipment from australia is set to arrive in the city of brotherly love any moment now. jeff flock in philadelphia to tell us if the bare shelves will soon be restocked. we check the big board with about 20 minutes left to the trading day, the dow is down half of 1%, the nasdaq still

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it going? reporter: it's going to go about as fast as you could possibly have it go, lauren. yeah, you're looking at that plane that's a 747 took off from sidney, australia i guess yesterday, technically. stopped in honolulu and now here in philadelphia and at the ups air hub. they are just waiting to unload it. its got and i think we quantified this differently, but 2 million eight ounce servings of baby formula on board and the company buds australia has contracted to provide 25 million servings so i want to take you back there. you see the ups ground crew ready to begin unloading it'll come out of the tail of the aircraft and the front as well and that cargo bay, and it will come right here through the air hub and on to the trucks that are waiting as we speak outside the store, outside the facility. as you report, walmart, target,

acme and kroger will be among the stores in this area to get it. you wonder where do things stand right now? well some stores have infant formula, but many do not. if you look at the out of stock numbers, the normal out of stock for infant formula, some infant formulas are hard to get usually it's about 10% out of stock. well the last numbers we had, 25 %, week ending june 5. week ending june 19 it was up to 27%, and this is caused great co nsturnation on the part of both republicans and democrat s in congress, because of the issues surrounding that infant formula plant in michigan you know, there were complaints about that starting in september of last year, but the fda did not get involved until february. raffensperger raphael warnock wrote and i quote him now it is clear there are serious issues at the fda. it is alarming it took nearly six months for the fda to act.

the administration is acting now , but they got some catching up to do, and infant formula, the program, says it is going to bring in or it has brought in now 39 million servings and much more to come from companies elsewhere around the world. companies that tell us they had difficulty getting into the u.s. market before because it was so well-controlled by a small handful of companies. we'll see where it goes from here. lauren back to you. lauren: things are changing really fast. jeff flock live from philadelphia. thank you. well stranger things happening in the streaming world, get it? netflix off the charts hit doesn't make it a surefire buy for today's countdown closer and he's going to el t us why he's upside down on the streaming giant, and the markets kind of upside down if you're looking at the dow it's at 30, 907 for a decline of 188 points, but the tech-heavy nasdaq firmly in

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lauren: i like when the prompter does the math for me, the closing bell is ringing in nine minutes. the s&p 500 positive, just moments ago we'll take it up two points the nasdaq up 180 but the dow still down 154. look as we move closer to the mid-term elections this is a mid-term election year after all wall street executives are becoming increasingly vocal about their dissatisfaction with the white house and the biden administration's approach to economic policy. charlie gasparino, with the latest so they don't like them, huh? charlie: they are becoming vocal to me. lauren: jeff bezos has become vocal. helicopters never been political charlie: the guys in charge of the firms and the women, are not going to say anything or go

public with this , but they are signaling to their lobbyists, to others, that this administration just doesn't know what it's doing economically, and i think what you can assert is what jeff bezos said publicly over the weekend about biden not understanding the basic economic s of how people run gas stations, that refiners don't run the gas stations, it's not price gouging, these are mostly 60% of them mom and pops or people own chains of stores. that this is not a price gouging situation, this is someone, people, average people react, run these things reacting to the market. bezos critique is saying publicly, i guarantee and he may get mad at me for saying this , larry fink at blackrock, jamie dimon over at jpmorgan, james go rman at morgan stanley, i can go down the list, jane

frazier at citigroup, they are all saying privately, i know this for a fact, that this administration that has really no clue about how to deal with basic economics, that it is so wedded to the left to the environmental lobby, to the elizabeth warrens who want to keep ratcheting up regulation, that the stuff needed to prevent a recession just can't be done, and what would that be? that be lay off regulations, don't be talking about raising taxes on rich people, because a lot of rich people own small businesses, that's a tax increase for them but probably will pass it along, probably won't cure inflation like biden said it would, it would add to inflation particularly if you hit small businesses who file as single wage earners so his basic lack of knowledge in economics is now freaking out the street, and i will tell you this. i know the market is backup, well it's off its lows, underlying the turmoil you see in the markets and you could

talk to your market guests about this , is the lack of confidence among major investors in the biden administration and its handle on politics. now what does this mean going forward? i think you're probably going to say, i can't tell you that jamie dimon is going to be a full- throated supporter of donald trump, if he runs for president in 2024. i can tell you you'll see much more giving to republicans and you'll see shift in donations. you might also want to ask, why do corporations become so woke over the last few years and then support biden? first off they thought biden was a moderate. a well-known guy that used to talk to them and he was, you know, obviously a guy that ran, it was the center of a state where a lot of businesses are domiciled, delaware, delaware chancellor court is a big place for businesses to be domiciled because it's business friendly so he was well-known. the woke stuff is a little different. they thought they sensed the mood of the country changing and they missed it obviously. mood of the country it is not woke as we know right now, so i think you'll see much more giving to republicans going from the street going forward,

because they really believe that they cannot be throwing money into a hole that is literally bernie sanders dressed as joe biden. because that's what we're getting out of this administration. lauren: and joe biden campaigned as being reasonable, right? charlie: right. lauren: as being down the middle but you can make the argument he's had so much experience in washington d.c. that he doesn't know what goes on on main street , because he doesn't live main street. charlie: well maybe. i think he's just been captured by the left and you know, at bottom -- lauren: it's not working, so pivot. charlie: he sees his political future as being on the left or not smart, figure it out. i'd do this though, market guests coming up ask if biden if there's any underlying weakness here because of the president because he doesn't have, he just doesn't understand basic econ. lauren: one thing we didn't mention is, you know, inflation. what juices inflation, what causes inflation? spending, and that seems to be basically the policy of this white house, spend, spend, spend.

charlie: could you imagine if he went for that second one? that second one actually passed the 3 trillion, the build back better, we would have had double the amount of inflation and he has no clue about that even larry summers pointed that out so this is a market story. the markets are backup, they will take one day of coming back there's a lot of fear here and worries about policy in washington. lauren: rightfully so, charlie gasparino, thank you. minions, the rise of gru, officially the 4th of july fan favorite shattering independence day opening weekend box office the latest in the "despicable me" franchise, overtook transformers, dark of the moon, in 2011. stranger things took over couches. netflix confirming second installment of season 4

streaming 1.5 billion hours of streaming. i love how they calculate. piper jaffrey slashed stock price from 210 will only provide netflix some short-term relief. "countdown" closer is bearish on netflix, bearish on some other names, some surprised me. mark la press at this, strategic funds investor. you don't like netflix. why not? >> no, i don't. to the point you made earlier "stranger things" we'll not get them out after bloody streaming war netflix is in, losing more customers than they're gaining. there are some fundamental changes going on in terms of how consumers are willing to pay for their entertainment, to consume their entertainment. netflix is behind the curve. lauren: just quickly, mark, if

there is add supported, cheaper subscription that they offer, i mean isn't that a catalyst for future growth, another revenue stream for eyeballs? >> it certainly could be. a lot of netflix watchers view that move as being a sign sort of desperation. i'm certainly in that camp, right? part of the whole netflix revolution, streaming 1.0, i refer to it, premised on the concept consumers cut the chord, pay monthly subscription, not watch ads. that goes against the fundamental ethos of what netflix is all about. they're consuming content in smaller bite sizes. they are willing to watch 30, 60 second ad, they don't want subscriptions to see their favorite shows. netflix is behind the curve. lauren: i forget my passwords.

that is a big problem. >> i believe it. lauren: clea says buy the meta dip. they say the facebook is the best internet play the risk of recession is baked into the stock price that has come down so much. why don't you agree with them? >> listen, certainly, there is a quite a divide and in terms of meta and a love/hate relationship. i think this company is losing ground fast. they are suffering significantly by obviously the changes in apple's privacy policies, by regulatory change that is afoot around consumer privacy in this country. their metaverse play, is sinking hole. look at the end of the day, whether or not these things are priced in is one of the fundamental questions we have to ask. on meta i think it is not. lauren: 20 seconds to tell me why you like either amazon, exxon or any of your other picks today? >> it's a jump ball. on that one i will take amazon.

lauren: okay. >> i like amazon for a couple of reasons. one their best margin businesses are the areas of the highest growth. i'm talking about web services. i'm talking about advertising. [closing bell rings] >> advertising ground they are stealing meta by the way. lauren: mark, thank you very much. unfortunately markets did not turn around. "kudlow" is next. >> welcome to a special edition of "kudlow." i'm david asman in for larry kudlow. david: president biden blaming gas stations telling them to lower their prices. not that they eke out a market that has gone crazy because of president's war on