they would place trades, quickly cancel them, but they drove up the price. jpmorgan has already settled and paid their fan. are from what i understand, the rico act is being used, and that's great because maybe, just maybe they're going to have some accountability. the game is rigged, the rules are skewed, and maybe, just maybe, they'll make it fair. i hand it over to cheryl casone. cheryl: charles, thank you. yeah, there's a lot going on with these markets and a lot to watch on the regulation side but also with these numbers that we're tracking today. looked at what's happening here. we're sitting in rally mode ahead of tomorrow's june jobs report. we're at session highs right now. in fact, we're actually hitting session highs at exact session. dow up 323, that is a fresh high. s&p 500 and the nasdaq looking at four straight days of gains as oil bounces back from yesterday's dip into a crude bear market. oil actually kind of ticking

higher. we're going to be watching that are -- for you. king dollar inching ever so close the parity with the euro. get ready for your vacation. charles schwab chief investment strategist with liz an saunders to tell us if we should be cheering that rally or if it's more pain for the markets and the u.s. economy. plus, oil bulls are rising from the oil patch today. the liberty oil field services ceo is here with his view on where crude goes as the fed raises rates and is recession fears grow. i'm cheryl casone in for liz claman. we begin with the fox market alert as investors seem to be trading with trepidation lately. things are looking a little more confident today. dare i say that? the dow, the s&p, the nasdaq and thes are el all in the -- russell all in the green, dow up 318, barely off of session highs, s&p up 56, nasdaq up 255,

and you can see the russell is up by 42, a gain of 2.5. very strong -- 2.5%. very strong performance, but with wall street on edge, tomorrow's jobs report could make major market waves. analysts are expecting 268,000 nonfarm payrolls added last month. that would be a drop from the 390,000 that we got for may but still a sign of a strong labor market. in fact, this is really a sign of the a tight labor market. today's weekly jobless claims report nudged higher than anticipated just slightly. job placement firm challenger gray and christmas reporting planned layoffs, soared 57% from may to june. all of this ahead, again, of the june jobs report, we yet that report tomorrow morning at 8:30 a.m. eastern time. i'm actually going to be bringing that report to you, so you better tune in.

federal reserve members pushing their agenda, fed governor christopher waller confirming he will support a 75 basis point hike in july. but a soft landing is possible. just minutes later in little rock, arkansas, federal reserve president jim bullard echoing waller saying the labor market is so strong, it could cool off and still be strong. >> we're always cognizant of risk, but i think the base with case is for something -- cheryl: so anyway, the atlanta fed's late latest estimate puts the economy contracting at 1.9%. bullard also saying people are mistaking a slowdown in growth for a recession. so when you have a tightening economy, rising rates but a strong labor market, what is the recession risk? let's go to our floor show, scott bauer and steven sarge guilfoyle. scott, you probably heard your

name because i was saying i'm coming to to you first on this one. >> i was ready. cheryl: yeah, i mow, right? i'm giving you hints. you made some really interesting comments in your analysis morning. you said, look, if the jobs report comes this many week -- weak, in your mind that that means the economy is slowing, okay? is and that, for you, means that would be a market rally, in your opinion. if the jobs report is strong, you say the fed stays on course and we could see, actually the, a selloff in the morning. >> absolutely. i think we're in this predicament of good muse is bad for the market, bad news is bad for the market. so like you just said, cheryl, if we get a really strong number tomorrow which we all, in the grand scheme of things we want more jobs created, right? well, that really gives the fed more impetus or more confidence, if there is confidence there at the fed, to stay the course, to stay the course with the aggressive rate hike.

market's probably not going to like it. if we get a weaker number, and i will say that it's similar to what james bullard said. we could get a weaker number that still means that's okay. but we get a weaker number than what is expected, then i believe the market sentiment is going to be, okay, the fed is getting a lot of data recently here that shows things are cooling off. maybe the labor market is starting to cool a little bit. so, you know, hook ahead and nos aggressive with rate hikes. i really think tomorrow's number is going to be one of those bad news is good, good news is bad for the overall market. cheryl: continuing claims today, really this is after the fact. the number we got today, that data was collected after the data that was collected for tomorrow morning. the government really lags behind. again, a lagging indicator with this jobs report, sarge. but at the same time, you're looking at what i think i'm going to be looking for tomorrow, wage growth. i want to see what that number

is. if it's strong, that could be bad news for corporations. and you're with also looking at labor participation. >> yeah. i think -- i don't think tomorrow's number is really that big unless it goes decisively one way or the other. i think cpi next week, earnings next week is a much bigger deal for market players such as myself and scott. my position at this time is really on the core part of my portfolio. i've been laying out for my readers the semiconductors based on valuation, defense and aerospace because this is a permanent core of customers there both in the u.s. and in nato, and also into staples because of the low volatility and the steady dividends. this is way you're kind of playing the recession but also some kind of rebound, some kind of trade the bl bottom as we saw last week. cheryl: i was looking at your picks, and i noticed you mentioned pepsico, chlorox, procter & gamble.

colgate pall mall live but disney and nike. you say those are your long-term picks. that surprised me a little bit. >> that's outside of my recession, non-recession/pro-recession play because those stocks got so cheap and beaten down that i now see them as valuable. disney is trading at 17 times earnings, it was 30 times earnings not too long ago. these are long-term positions i'm building slowly, over time. so that's a separate book, a separate portfolio. those are names i believe in over the next month -- year, year to two to three years. cheryl: scott, i think most investors know because of the first half of the year and how negative it was, in particular i was look at q with 2 stock funds were down more than 16% just in the second quarter. so we've already seen our statements, we know what's going on. now the question mark, scott, is when do we kind of start to see a recovery? is q4 too bullish?

>> no, i actually don't think it is. but, obviously, things are going to change once we see earnings which start to come out next week, as sarge was saying. i don't think it's too bullish at all. i think we need to get through this net earnings cycle, and as long as the earnings cycle overall is not just complete washout, that sents us up for a real nice q4. now, the wildcard is all of this, cheryl, the wildcard in all of this, to me, is still what happens overseas in russia and ukraine. the longer this goes on, the more economic risk i believe there is not just to the u.s., but to the world overall. so if things start to -- there and let's all hope, obviously, for a number of reasons that it does, i think we could see a big move to the upside much sooner rather than later. cheryl: all right. well, we're going to find out tomorrow actually as far as the jobs picture goes. then you're right, earnings are going to come up, we're going to

start getting second quarter earnings in the next couple of weeks, and that could be the game-changer. scott, sarge, thanks to both of you. make sure you tune in to the fox business special jobs in america on "mornings with maria" at 8 a.m. eastern time, the release comes out at 8:30 a.m. ian time. i will be handling that release in the morning. hope you're with me, we hall see what happens. all right, well, a fox business alert. shares of gamestop rising on the news that the meme stock is going to offer a 4 for 1 stock split later this month. shareholders will receive an additional 3 shares for every 1 owned. in june shareholders voted in favor of expanding the company's share authorization from 300 million to 1 billion in order to facilitate the split. and this comes after the video game retailer shares have grown 13% so far this week. stock is up 14.5%.

let's take a look at merck. her in advanced talks to -- they are in advanced talks to buy a biotech company estimated to be worth about $40 billion or more. by acquiring it, merck would expand its group of cancer drugs led by keytruda which is set to lose its exclusivity in 2028. shares of kohl's are trading to the upside, a little more than 4%, despite bank of america downgrading the sock from neutral to underperform -- the stock. also could be graded the price target from 50 down to 26. now, this comes after kohl's announced last week that it terminated a deal with franchise group and will remain a stand-alone company. the board had been pressuring coal's to sell -- kohl's to sell, to make a deal. company's fighting back. virgin galactic announced it was

teaming up with awe aurora flight sciences, a subsidiary of boeing. the team is going to build next generation mother ships which will ferry tourists to space. each ship designed to fly 200 trips a year with the flight costing $450,000, and there are 6 seats per shipment the new planes could generate over a billion dollars. boeing up there, right as you can see, up more than 3%, virgin galactic up 12.5%. you all go, i'll cheer from down here on the ground. okay, oil jumping back above $100 per barrel one day after falling into bear market territory. liberty oil field services ceo chris wright is going to join me to tell us if he sees the crude bulls or bears taking control of the oil patch. take a look at the big board again, we're pushing close to those session highs, and we'll see how this goes. it's always a nail-biter on this

show is. this does look, apparently, like we are purposing session highs right now. -- pushing session highs. "the claman countdown" gonna if come right back. ♪ riders! let your queries be known. yeah, hi. instead of letting passengers wrap their arms around us, could we put little handles on our jackets? -denied. -can you imagine? i want a new nickname. can you guys start calling me snake? no, bryan. -denied. -how about we all get quotes to see if we can save with america's number one motorcycle insurer? approved. cool! hey, if bryan's not gonna be snake,

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♪ cheryl: we have got some breaking news just in. former theranos executive ramesh ball wanny was found guilty just moments ago of 12 counts of fraud for if his role in the collapse of the $9 billion blood-testing start-up. the former president and ex-boyfriend of founder elizabeth holmes was convicted of all 10 counts of wire fraud, 2 counts of conspiracy to commit wire fraud. again, this just happened a few moments ago. holmes was convicted, as you may remember, back in january on four counts of fraud. she and balwani are expected to be sentenced together in september. each count, each count carries a maximum sentence of 20 years in prisoner. in prison. very high profile case, very high interest. all right, oil prices regaining strength today with crude oil up, as you can see here, up $4, a gain of more than

4%. it was in the 104 earlier range, a couple of hours ago. again, we were below $# 100 a barrel earlier in the week. that's the first time since may. energy markets have been on a seesaw, first soaring due to the war in ukraine and now coming off those highs due to fears of a looming recession. today's eia report not 2k56r7ening reports, stockpiles rose for the week ending july 1st. let's bring in liberty oil feed services chairman chris wright. first, i want to ask you about the volatility we're seeing in the oil market. >> yeah, cheryl, there's big uncertainty about what's going to happen with the economy, what's going to happen with demand for oil and gas with these high prices. the markets are tight. i think oil prices and gasoline and diesel prices stay elevated barring some large disruption to

the world economy. markets are tight. cheryl: so let me ask you about a gasoline prices then, because i was -- obviously, we track these every day. 4.75 is where we're sitting today for an average gallon of gas. that that's been falling over the last week or so. do you think that's a trend that's going to continue? >> it might but probably not. you know, i think we've had a little bit of a pullback in demand from what was expected, and that's probably due to the high gasoline twices -- prices, and a little shrinkage of demand at the margin gave some breathing space and stopped gasoline prices from rising. and it's actually pulled back a little bit. i doubt they pull back much from here because the u.s. is still short refining capacity with gasoline and diesel it's two-pronged, it's refining capacity and higher oil prices. cheryl: and demand. we're in the middle of the summer driving season. okay. let's talk about the spr. president biden, there's a

million barrels a day getting released out of the spr, president biden's going to do that through october. but there are reports or reports that came out morning that some of the oil from the spr is actually being s&p sent overseas to europe, to a says ya. you're -- asia. you're someone who is drilling here in the united states. this is your business. can you believe what the president is doing? were you surprised to hear this news? >> no, look, the u.s. today exports about 7 or 8 million barrels a day of oil and refined products, and we import almost as much, of or 7 million barrels a -- 6 or 7 million barrels a day, because our refineries were built for a certain kind of oil and not necessarily the kind we're producing from shale. we expert oil that's better for foreign refineries, import what's better for our refineries. but do i think drawing oil from the spr is a good idea? no, because we're not a strategic petroleum reserve for

crisis or interruption of supply. we don't have that today. we may have that if russia decides to amp up this sort of war of wits right now. but today we just have a tighter market. the answer for that is more production, more refining capacity, not draining strategic reserves. cheryl: okay. so you think we're going to have more refining in this country, not less. because i was going to ask how that would affect your business. >> well, we need more refining capacity in the u.s., but i'm not that optimistic we'll get it built. that's a multiyear, multibillion dollar investment, but we don't have the investment climate in this country to do that today. at a minimum, we should have waivers on the jones act so we can move oil to the coasts, we can move oil from houston and louisiana to the coasts easier, and is we should have relax sayings of blending requirements so we can increase the refineries. all of these things could be done with the stroke of a pen,

but this administration has chosen to do nothing to to increase the available supply of gasoline. cheryl: chris, do you have any hope, my hope that there's going to be -- any hope that there's going to be a change in washington? and i is say this from the political side because the midterms are coming, president biden sees his polling numbers, he knows he's getting hit on gas prices. obviously, this spr plan is not really working outment you can't tell me that the 10 cents a gallon from a month ago is going to help the average driver who's suffering under all of this. so do you think that we are going to see a meaningful change in tone from washington between now and novembersome -- november? >> no, i don't think so. you know, i may have had a sliver of hope a few months ago, but a lot of reasonable ideas have been floated, and none of them have been brought on by this administration. and, no, i have no hope of any sobriety turning to energy policy before november. maybe after november. maybe a message is sent, maybe some sobriety returns. i sure hope so.

american consumers and american producers need a break on energy prices, and right now the pressure's all the other way. the dominant pressure is still in the upward direction. cheryl: yeah. and history tells us, chris, that voters look who is in power at that moment, and that's where they tend to put the blame in all of this. chris wright, thank you very much. it was great to have you on the show. it's a big topic that impacts everybody watching this show. right now. folks, we are at session highs right now for the dow, the s&p9 and the nasdaq, so dow is at 377 right now. also there is this: food and fuel costs punishing the american economy. and now a double whammy on the guys dishing out your favorite roadside meal. lydia hu is in the heart of manhattan with how food trucks are struggling in this inflation nation. and again the big board, here we go, again, session highs for the dow right now, if -- 375. s&p trading strong as well ahead

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♪ ♪ cheryl: food and fuel, two to essential items to run a food truck business, but inflation is driving up the cost of meat, poultry, fish and eggs by 14.2%. that was from the cpi report from may. we're going to get another report next week, by way. while diesel prices are seeing some reprieve at 5.69, that is down from last week's 5.# 7. so it's -- 5.77. but food truck owners are still struggling as diesel prices and record high inflation take a bite out of the entire industry. now to lydia hu who's live from a row of food trucks this new york city. lydia, how are these food trucks keeping up with the soaring cost of really grilling their business?

>> reporter: yeah. hi there, cheryl. you know, the food trucks we've talked to say they have no choice, they have to increase their prices. it's not a decision they take lightly, certainly not something they want to do. they say they've got no choice. here's the owner of this food truck. listen here. >> -- my price was $10-11 before the inflation, today i was have 13, 14, 15 because we are in the past food industry. it's really hard -- fast food industry. it's really hard to charge so much. people literally don't have the money to pay for it. >> reporter: you can see how hard the guys behind me are working in this food truck, and it's very hot in here. but they're working so hard because they're trying to keep their customers happy. they're worried about losing every single one of them. their decision to increase prices comes as gas prices, like you mentioned, are high. you talked about diesel prices just a moment ago. a national average for a gallon of regular gas stands at 4.75. today the owner here says his gas costs used to be around $50

a day, now he's looking at $110-120 # per day and, cheryl, that's just to keep the truck running to keep all the kitchen equipment, grill operating. that's a to pain -- propane cost, and those prices are up 28% year-over-year according to the consumer price index. then, of course, there's the cost of food that's skyrocketing across the country. chicken, for example, up more than 17%. beef and veal, that's up more than 10%. and now the national food truck association -- yes, there's an association for national food trucks across the country -- they say long gone are the days of the $2 the taco or the cheap eats from food trucks, you know, because these costs are skyrocketing. now the prices at your favorite food truck also have to increase. cheryl. >> cheryl: i just still want taco tuesday though. don't take that away if me, lydia. >> reporter: i know. don't threaten taco tuesday. gotta keep the people happy.

[laughter] cheryl: lydia hu, thank you so much. appreciate it, great report. okay. well, bojo, he's out. boris johnson's very personal breakfast might not with the problem, the greenback. we've got charles schwab chief investment vat gist liz an saunders to tell us what she thinks it will do for the american market and our economy. let's take a look at our markets. dow is off session highs, we're up 330. nasdaq up 260 #, a gain of more than 2.25 the percent -- 2.25%. we'll be right back. ♪ ♪ (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure —

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as the leader of her imagine city's government. his announcement outside of 10 downing street comes as he survived a vote of no confidence on monday but by a smaller margin than hoped. the british pound if gaining on the news, as you can see there is the pound. it's still strong. and there's the euro, a little weaker versus the u.s. dollar. we have seen over the last few sessions the dollar really strengthening against the euro. with us now is charles schwab chief investment strategist, liz ann sonders. i think on one side it's probably a good thing for americans that want to travel to europe, to have the dollar and the euro on par. that's nice. but is that good for the american economy? >> well, so there's sort of the good side and the bad side to a stronger dollar. you mentioned travel aspect, that's there. because so many commodities are priced in dollars in the global market, that actually helps bring commodity prices down which in turn could put some

well-wanted downward pressure on inflation. however, if you look at s&p earnings because there is a large percentage of revenues that come from overseas sources, it's a net negative for corporation earn -- corporate earnings. and as we're heading into second quarter earnings season, that could come into play relatively s&p soon. cheryl: there seems to be a big debate about what second quarter earnings are going to look like. some say it might be a really rough quarter. i was looking at the second quarter stock funds. stock funds 16.3% in the second quarter, and i'm wondering what that correlation is going to mean for these corporate numbers that we're going to start to get. >> yeah, i think this may be the first quarter in about two years where we find that the expectation bar has been set a bit too high. it was the opposite story really in the last eight quarters where we had either record or near record, what they call beat

rates, the percentage of companies beating estimates, and those estimates continued to go up. and i think this is going to be a bit of a rickier quarter. -- trickier quarter. you have mid-single digit expectations for year over year growth for s&p earnings, but so much of that is driven by energy. if you exclude energy, the expectation is actually for negative year-over-year change in earnings. that bar may even be set a little bit too high. i think the outlooks are going to be important and the profit margin story. so for a lot of reasons, especially forward-looking outlooks, i think this is going to be a very important earnings season which'll kick into higher gear starting next week. cheryl: okay, i will be looking for those forecasts, thank you for that. let's talk about the fed then. we got the minutes this week, and, you know, the topic of the day was inflation. if you look at the fed funds futures, they're still putting up nearly a 100% chance we're going to get this 75 basis point

hike last week of july and 50 # or 75 hike in september. what are your interpretations right now of the fed? i have never seen, i don't think, in 20 years the fed be so knee-jerk when it comes to how reactionary they were to the data. and i say that a because next week we're going to get cpi. that's right before their next meeting. >> yeah. and i don't know that in any one particular print matters. you did see core cpi peak back in march. i wouldn't be surprised if we're mt. peaking process for headling process for headline inflation especially given the recent retreat in oil prices. but the fed has been very explicit about saying they want to see a series of better inflation readings. not just a peak and then a move down in one month. so i'm not sure next cpi report changes the thinking around the july meeting. as you said, 75 basis points is pretty much a given. i think looking ahead to the september meeting, that becomes

more interesting because we will have had two jobs reports including the one tomorrow. employment is the second of the two mandates that the fed operates on. they clearly have hair eyes almost solely -- their eyes almost solely focused on inflation, but if inflation does start to retreat in a meaningful way many conjunction with a detier a -- deterioration in the labor market, that could soften the signals many advance of the september meeting. the data will determine what happens, but i think 75 is basically a done deal for the july meeting. cheryl: okay. i'm glad you brought this up about the labor market, because, you know, i'm kind of -- trying to reckon, on one side you've got this really tight labor market. i'm going to be looking at wages in the morning many particular on the corporate side, but also just the fact that you've got this tight labor market, claims were a little bit higher than expected this morning but not by much. aha doesn't seem to go along with this argument that we're many a recession now.

in a recession now. how can you have, you know, a tight labor market, you know, more than 11 million jobs available in this country which we learned from jolt this week, and then also have a recession happening at the same time? does that correlate? >> yes, it does, but here's why. here's what happens with regard to recession. so the official arbiter of recessions, the nber, what they do is when they conclude that we're in a recession, that are may take -- they make that announcement. at the same time, they tell you when the recession start by month. in doing so, they go back to the a peak in the aggregate data they're tracking. and the data that they're tracking are primarily the four components of the economic index, payrolls, industrial production, personal income and business sales. so, again, they go back to the peak in the aggregate data. by definition, at the peak you're in a fairly robust state. it's that back dating nature of

recession starting. so that's why we've had the view that if a recession is happening, it may be the case that it has already started based on the peak being the start, not the point at which it's declared. cheryl: gotcha. yeah, it's always the lagging data, i hear you on that. >> right. cheryl: liz an sounders, great to see you as always. >> my pleasure. cheryl: well, let's stay with the discussion of inflation. it is all that americans are talking about. sky high inflation, getting no help from mother nature. extreme drought conditions putting pressure on wheat farmers. connell mcshane has the details from america's heartland. and taking a look at the big board, again, we've been really flirting with session highs. we're off of hem now but still -- them now, but still above 300 points to the upside on the dow. "claman countdown" will come right back. ♪ ♪

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that's g-o-l-o.com. ♪ ♪ cheryl: amc entertainment is surging, the stock up almost 15% after ceo adam aaron tweeted to the company's meme stock base, quote: i keep getting asked when pound which basically means account apes jump on short sellers? he went op on say a pounce would happen before second quarter earnings were released set for august 4th. charlie gasparino's going to have a lot more coming up many just a few minutes. extreme drought conditions in the midwest are decimating this year's wheat crop. the dry conditions have forced some farmers to abandon their fields completely. with the price of wheat already rising since the start of the war in ukraine, the ruined crop will just force the price to

skyrocket even higher. connell mcshane is in a wheat field in kansas to tell us just how extreme that situation is. connell. >> reporter: there, cheryl. it has been so frustrating for these farmers as mother nature a at times has been cruel over the last year or so. if you just look around the high plains of western kansas, you can see how how dry the land really is. one of the farmers was telling us the wheat business will be off probably around 50% from what would be considered a normal year and, you know, one of other farmers that we spoke to has been out here farming for years and years, says it's probably the worst that she's ever seen it in this part of the country. says her fields have gone without any moisture at all for 300 -- think about this, 300 consecutive days until some storms finally started to roll in here in recent weeks. but by then, you know, the damage had been done. and even those storms, they brought challenges of their own. >> we've had rains that brought

the weeds on -- >> reporter: this is all weeds. >> this is all weeds here. now, down in the weeds -- and if we go out just little bit further -- there's wheat planted in this field. >> reporter: oh, right down here. >> yeah. and it's thin wheat. not as good as we would normally have. ing morally it would be about twice as thick. problem is when the rains came, it was too late for any more wheat to grow, but the weeds took off. and we can't run our combine through this without it plugging up the combine. >> reporter: man, you just can't win. in a year like this, it came at a terrible time for the world. about 340% of the global wheat supply -- 30% -- disrupted, of course, by ukraine and the war. hope is the recent rain will help the fall crop, corn and other items. but the damage has been done for wheat, so maybe they make up some of the difference. if not, the economic problems may end up being too much to

handle. >> we'll have to make a decision at some point on our farm, is it time to, you know, hang up keys to the factor. is it worth it anymore. >> reporter: yeah, it's just such a tough call, right, cheryl? for these farmers, is it worth it anymore. hair going to try to figure -- they're going to try to figure out when their input costs are going to come down, but more than anything else, the weather which is very challenging in western kansas, and it's just been a rough time to be a farmer. cheryl: i can't imagine what she's going through, and her family, because their whole lives have been built around this farm, you know? that's got on so tough for them, connell. >> reporter: yeah. you know, she actually has a job outside of the farm which, funny enough, helps her family a little bit. was talking to her husband tom about this earlier in the day, and he was saying, you know, if she didn't have another job, they'd be in a much different situation, might have already had to have shut down their farming business, that's how bad

it is. cheryl: that's something else. really great stuff. connell mcshane, great report, sad story, obviously. connell mcshane live for us in kansas. all right, well, coming up next, folks, no bears to be found today, but our "k0u7b9down" closer shares her goldie lox approach -- goldilocks approach. we're up 338 on the dow, session highs were up in the 360 range. we're off of that but not by much. we shall see what happens, we've got 10 minutes to go. we'll be right back. ♪ ♪ this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

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♪. cheryl: and as we just reported, amc shares are popping right now, up 15% and change on a tweet from ceo adam aron. charlie gasparino has a lot more on this story. >> did you put up the tweet yet? do we have the tweet? cheryl: i read the tweet. pretty sure they showed it. >> i keep getting asked, i can't

imagine jamie dimon spelling win that way. cheryl: do i even know who win is? >> when. maybe it's a type know, maybe not. maybe that is amc ape talk. that the loyal followers of his. know this i keep my word, i said publicly the pounce would not happen. what is he talking about here? cheryl: i have no idea. i do a little bit. >> there are questions, should you give forward-looking guidance before the earnings. cheryl: no. >> we'll impact this, should you advocating what appears to be, on pounce, advocating a short sale, short squeeze, telling people to buy the stock to squeeze out the shorts. buy the stock, shorts bet it is going downs hard to replace their borrow and, so two things here. i think legally he's fine because twitter is a public

venue. my producer made some calls to legal experts on this. he is probably okay. you know, this is like a public announcement even though it is not on pr newswire. that is one thing. cheryl: okay. >> is it smart? this is the question. and i call in to adam, he is not a dummy, very capable ceo but it is smart move for a ceo to be pumping stock. cheryl: ask elon musk. i don't know. >> even if you're having great earnings should the ceo apparently advocating a short squeeze and this is where it gets really gray. we should point out the bear market is off and on. amc is off its lows. it was trading at $12 yesterday. it is up 15% today but it may go down again. it's a money-losing company. chances are it will go down. the price targets are in single digits for most analysts. not talking about the ones that think it is a zero or a one, a

one penny. one says one penny, rich greenfield. not that i agree with any of this, chances are this is overvalued stock. if the fed keeps raising rates, there is a good chance it could correct. that is where he gets in a bind and the bind could be, class-action lawsuit, a class of investors say okay you were pumping us, telling us this is great stuff. i hear all the things you said and we're suing you. he might have to settle. they often do have to settle. i will say this i see these class actions lawsuits. they always come when the markets correct. the be markets are not done correcting. maybe they are. a lot of people think two more 75 basis point increases in fed funds, further unwinding of the balance sheet will crush risky stocks. amc is one of those that helps him up. i still want to know what wen

means though. >> i thought, is that supposed to be wen is? >> that is the reason why, cheryl, you don't see jamie dimon putting out statements like this before earnings. cheryl: on twitter. >> because the class actions, if the stock doesn't perform the way they think, if something happens, if, okay, say the earnings are great okay? so he essentially signaling the earnings are great and the stock goes down for a million other reasons. cheryl: all right. >> he has got an issue. cheryl: you will be following this i'm sure, that's for sure. all right, on twitter. closing bell will ring. we have three minutes to go now. here we are with the dow. session highs at 362. pretty good day for the markets. we hit 384 earlier ahead of the jobs coming out in the morning. nancy pile is senior portfolio manager is here. tee us up for tomorrow. >> well we think the jobs report

will still be pretty good. it is slowing as we know. as we know layoffs are picking up but it is still going to be good. we are in a economy that is slowing but still growing. if in fact it's a technical recession, it will a very unusual recession because it is happening with very, very low unemployment, very solid earnings growth and continuing wage gains. cheryl: you're looking at some small cap names. digital international, mrc global. you're looking at the small cap space. a little risky bet than large cap names. >> the thing about small caps today we think they more than adequately discounted this recession, versus 12 times versus the s&p s&p selling 16 times earnings. premium for large cap versus small cap earnings is at a record high.

in fact small caps should be very well-positioned to benefit even in an economic slowdown because they are less leveraged to consumer, more levered to capital spending, more levered to a positive energy cycle and more levered to the service economy. so we think small caps are great. cheryl: okay. i mentioned this, goldilocks is your approach. can you give me a couple lines on that? >> absolutely, not too hot, not too cold. we like good growth, not necessarily hyper-growth. we like earnings, okay companies losing money sickly but we don't want to pay too much for that growth. digi international. 20% top-line growth, pe less than 14 times. mrc global, play on buildout in regular energy as well as the energy transformation. very inexpensive stock with accelerating growth rates and

improving margins. cheryl: nancy, i like it very much. we'll see what happens in the morning. dow up 358 as we go into the bell. june jobs report out 8:30 a.m. eastern time that will be potentially a game-changer for your markets. [closing bell rings] that will do it for me and "the claman countdown." but don't go anywhere. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so democrats still pushing hard for so-called build back smaller. we have got hillary vaughn live from capitol hill with all the latest. good afternoon, hillary. what's cooking? reporter: good afternoon, larry. well, democrats are trying to squeeze through the skinny version of "build back better" before the clock runs out on reconciliation and before the midterms. senate majority leader chuck schumer has been deep into negotiations with senator joe manchin just focusin