tomorrow blackrock's going to report earnings, before the bell tomorrow citi, wells fargo. again, it is all about the banks, it is all about earnings right now. we got that news out of jpmorgan this morning, and it was not good news, a double miss for them. big surprise for the street. that's it for "making money." hello, and welcome back, lizzie claman. [laughter] liz: good to see you, my friend. yeah, i was up in northern ireland. cheryl: love it. liz: i wasn't such an oddity up there, cheryl, with the red hair. [laughter] it was like, wait, everybody has red hair. great to see you. thank you for helping out on show, much appreciated. folks, we've got super hot wholesale inflation numbers and an ugly earnings number from the big banks slapping a ripple whammy on the markets. looked at this, cheryl just noted it, the nasdaq has turned positive, so has crude oil. so here we are off the lows. the dow was moving as many as

628 points, and while it has lost about 400 points off those lows, the dow and the s&p are still looking at five straight losing sessions. jpmorgan shares jumping to one-and-a-half year lows, jamie dimon warning of negative consequences from his self-described economic hurricane, but it's one federal reserve voice playing meteorologist when it comes to the to predicting next rate hike. our floor show traders are getting in place in front of the cameras to break it all down. oil was not helping matters earlier, crude is settled below $95 a barrel. considering it had been $130 a barrel in march, what is going on? i'm looking at it now, and it's just at about $86. so as we check on every single move here, perfect timing for my one-on-one with chevron chairman and ceo mike worth in studio. why oil is now falling, how much more relief might be on the way, and wait until you hear what he says about electric vehicles.

chevron's ceo coming up -- mike wirth. president biden saying the will never allow iran to get a nuclear weapon. former ambassador to the united nations danny da known is here in a fox business exclusive. but first, this fox market alert, we have a few green shoots on the screen, marley the nasdaq. -- particularly the nasdaq. fraction ifal jump, 11 points, but we will take it. we do have the dow down 137 points, the s&p still losing 10. but you've heard of the one-two punch in markets earlier got hit with a one-to two who-three the punch. -- one-two-three punch. if you look at the biggest losers on the cow right now, we've got the five laggards here pretty much populated with financials. the worst of the worst, jpmorgan, down 3.5%. and, listen, this happened after

dropping quite the earnings grenade. yes, trading revenue was up 15%, but jpmorgan reported a worse than expected 28% drop in its second quarter profit and revenue from its investment bank business slid 61%. so they're saying there were fewer mergers and acquisition deals and that, of course, translates to lower fees. morgan stanley pulled up a chair, also reporting a double miss. its massive wealth management business busied bring in $5.7 billion, but down of % year-over-year. -- 6%. as we look at the number two punch, the freshest inflation number, the producer price index for june, an absolute barn burner. inflation and manufacturing level comes in hotter than expected at an annual rate of 11.3% which brings us to our number three the punch, another

fed-induced market freakout after governor christopher waller, in a speech today in idaho, called yesterday's consumer price index number -- which was also crazy hot -- a, quote, major league disappointment. along with today's hot ppi. waller said he backs another 7 a 5 basis point interest rate hike at the fed's next meeting about a week and a half from now, but he hinted it could be higher. >> my base case for july depends on incoming data. we have important data releases on retail sales, housing and inflation expectations coming many before the next meeting. -- in before the next meeting. if that data come in materially stronger than expected, it would make me lean towards a larger hike at the july meeting. liz: traders sarge guilfoyle who, by the way, is thrilled that the bank stocks are selling off because he's just scooped up a, quote, ton of one of them. and with $631 billion in assets

under management, great to have chief equity strategist phil orlando. phil, investors' heads are spinning. we want inflation to cool, but the market responded poorly to to rate hikes morning. how are you interpreting the headlines and, in turn, what are you buying? >> well, i think your opening was spot on, liz, that the cpi data yesterday, the ppi data today much hotter than expected. the federal reserve needs to act and act aggressively. liz: right. >> the last three meetings they've tightened 25, 50, 75. july 27th might be 100. earnings, which just started this week, not going particularly well. all of that suggests that, you know, the path of least resistance for stocks is lower. so what we're doing from an investment standpoint is what we've been doing for the last seven months, playing defense. we've got a lot of cash.

we've got a shorter overweight to equities than we normally have. but within that overweight, decidedly liking value much more than growth. underweight growth, overweight value, and we've got to continue to hunker down and try to preserve capital until we find a bottom we think potentially later this year. liz: okay. waiting til that moment, what will be the signal,? phil? >> well, we've got to get past peak earnings, peak if inflation, peak fed, and we're not there yet. second quarter earnings that that just started has the toughest comparison of the cycle. earnings a year ago mt. second quarter, liz, remember were up 88%. companies are talking about a slowing economy, slowing revenue, slowing earnings, margins are shrinking. commodity costs are up, transportation costs. we've got to get through all of that, and it's going to take a month, probably until mid august, to get the bull of the

earnings behind us -- bulk of the earnings behind us. the inflation data, we think, will peak later this year based upon aggressive fed action. but the fed, basically what they're doing now is what they should have been doing a year ago. they're trying to get out from behind the 8-ball here, is so it's going to take another couple of hikes, sharp hikes, to begin to slow the economy and inflation. the risks here, of course, and this is why bonds are doing better, is9 that the fed does too much and they cross that line. and we're talking about recession not just stagflation. liz: well, the banks, to that point, surge has been backing up the truck -- sarge has been backing up the truck for one name. which one was it, and and then i want to get to what the expectation the market has. but first, what is the name and why are you buying that particular bank? >> well, i'm going into earnings long wells fargo and bank of america. the one i bought a lot of this morning was bank of america.

liz: got it. >> i tripled the size of my long position in that one. all right, we're expecting earnings, a contraction, rather, of 22.3% on rather flat revenues from a year ago. i like brian moynihan, i think he's on top of his game. word is or from what i've been reading, i think their trading unit has a good chance of having outperformed their peers, and i think they've also done probably a much better job at controlling expenses. out of all the money-centered banks, i don't expect more money here, i just think on this dip that was inspired by two the other banks that really missed, really fell well short of expectations especially in investment banking, i wanted to position myself where i could be to focused on two other banks that are really, really more focused on lending given a chance that we have a better net interest mar margin going later

into the year. liz: i know and i speak for a lot of investors who are just dying for that moment to be able to say, oh, man, look at it now, i scooped out up at $30 a share. clearly, when you look at this one-year chart -- [laughter] a long way to go, as you say. i want to bring up waller, christopher waller, and the point being when it comes to that is he -- along with bullard of the st. louis fed -- pushing a 75 basis point hike. phil, fed funds futures started to topple because earlier they showed an 85% probability of a 100 basis point hike morning, a full percentage point. what would get the uber hawks of the fed to become more hawkish to that 1% between now and july 27th? we already got ppi, we got cpi. so here we are, we now are at about 45% shot of a 1% jump. >> i think the pact that the

market is giving them the cover, 100 basis point increase, i think the fed when they sit could be on july 27th are going to take the opportunity to do so. that feeds them into the jackson hole meeting at the end of august. i think powell would love to go to the podium and take a victory lap to some cree and say, look, we've been aggressive over the course of the year, not just the hiking of interest rates, but the qt as well. liz: right. >> and maybe july data, which we're going to see in a month, will start to show a peaking and a rolling over in which case the fed can say, well, we're going to be able to down lift to maybe a 75 basis point hike or a 50 basis point hike come the september 21st meeting. so i think it would be in the fed's interest right now given the psychology of the market to be more aggressive, take that 100 basis points on july 27th and then hope for the best at jackson hole. liz: wow -- >> i disagree. [laughter] liz: really quick.

>> okay. i think the fed has to be careful here. i i think core inflation, according to cpi, peaked in march. according to or pc, it peaked many february. we can't impact energy or food policies through -- gas prices through policy. they are going to cause not a recession, because we're in one, they're going to cause a deep recession. it's okay to to go ahead with what you signaled. they signaled 75 basis points, go ahead and do that, continue with the balance sheet, but do not get more aggressive than you signaled. liz: okay. i don't think we're in for a horrific recession, that's my opinion, and i didn't do so well in econ 101 in college, so we'll take that for what it's worth. phil, sarge, great to have you both. >> liz, thank you very much. liz: are we on the precipice of the biggest news to come out of the middle east in more than a hundred years in -- years? on day two of his visit to israel, president biden throws his support behind a signature

trump diplomatic success story, abraham accords, which could mean history in the middle east peace process is about to play out in realtime. former israeli ambassador to the u.n. is here on whether the world is about to see the first warning of the long, frigid israeli/saudi arabia relationship and whether the key lies in stopping iran. the bitter enemy of both nations. closing bell 48 minutes away. "claman countdown" just getting started. please stay with us. ♪ ♪ 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. i'm greg, i'm 68 years old.

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>> you've said many times, mr. president, that a big countries do not bluff. i completely agree. it should not be a bluff, but the real thing. the iranian regime must know that if they continue to deceive the world, they will pay a heavy price. >> with regard to iran and convincing the saudis and others that we mean what we say, we mean what we say. they have an opportunity to accept this agreement and lay down. if they don't, let me be absolutely not, we will not -- let me say it again -- we will not allow iran to acquire a nuclear weapon. liz: that was president biden and israeli prime minister lapid in israel today after the leaders signed a joint pledge to denuclearize iran and to confront tehran's aggression toward israel. and for the first time, president biden vocalized his support for the abraham accords, trump administration era deal

which normalized relations between israel, the united arab emirates, bahrain, morocco and sudan. are the saudis next to join that crowd? could that be possible? joining me now many a fox business e exclusive, the former israeli ambassador to the united nations, danny danon. ambassador, great to have you. first, iran nuclear deal, a centerpiece of biden's visit to israel. he sounded very, very firm about that. he and prime minister lapid signing that pledge, but at the same time president biden also said israel would be safer with a renewed iran nuclear award cord -- accord. does israel agree to that? >> thank you forking having me, liz. we welcome the president's visit, but actually basically the declaration sounds very nice, but when you look at actual actions, we are worried about it because president biden and his team, secretary blinken, they are moving forward with the

iran deal. they want to sign it in vienna as soon as possible, and that's bad news for us, for israel, and for our partners in the region. basically what her telling president, you know, we welcome your declaration, but if you are signing that deal, basically you're allowing iran to become nuclear. and not only that, you're actually giving them the -- for that because they will have so much money for their proxies in the region. we expect more from our allies, and i think that president lapid should have been stronger when he addressed the issue of iran and our expectation from the if. liz: well, i thought president biden was extraordinarily strong with one point that he made. he was asked can by an israeli journalist if he would use force against iran if necessary to stop it from obtaining ago nuclear weapon, and he answered, quote: if that is the last resort, yes. you don't often hear any leader say something like that.

>> but you have to put it in the right perspective. as we speak, the u.s. is actually telling iranians let's sign the deal. we don't need to argue about the details, just let's sign the deal. and the iranians are taking advantage of it. that's business. you mow business better than anyone here, better than me, for sure. and they are actually getting more from the u.n. before they sign the agreement. so who knows what it will actually -- if we would have to act militarily or the position of the white house, it will not be president biden in the white house by the time we come, but we intend to stay here. that's why what we are doing now, we are investing more in our defense budget, and we are getting ready for the possibility that we will be asked to deal with the threat of a nuclear iran. liz: i know that he toured the iron dome, he also went to the holocaust memorial, and he made

some important comments saying every time you have a chance to return to this great country where the ancient roots of the jewish people date back to biblical times is a blessing. that has to be important on the international stage, to see the u.s. president saying that. i do want to transition to the abraham accords. give us your sense because you were there during the initial start of the abraham accords. and this is so concern people need to understand, for people our age and older to have watchinged the bitter -- watched the bitterness, the hostility over, well, hundreds and hundreds of years, to see countries like the bahrain, the uae, morocco and sudan say let's start allowing flights and business relationships, you have been to bahrain and the uae, what have you seen on the ground? and will saudi arabia join the abraham accords? >> we have to be grateful to the previous administration for the support we received before we signed that agreement. anded today you see the business

atmosphere, you know, we have 14 flights a week flying from until avive to dubai, and i hope business people coming from the uae into lviv. so we are very optimistic about that. today will be so i think for the first time the biden administration is actually using the term abraham accord and speaking about -- [inaudible] which i think is very important. and then tomorrow when president biden will fly to saudi arabia, we hope that he will continue to support the spirit of that. and hopefully, the saudis will join. i don't think it will happen tomorrow, but i think tomorrow we're going to hear some news about small steps of normalization, basically allowing israeli flights to fly over saudi arabia. and that would be a good start for us. if. liz: and muslims in the israeli region allowed to fly directly for the hajj. i tell you, this is so exciting,

fought that -- the thought that saudis and israelis could actually have a warmer relationship. we'll be watching it. danny, thank you very much. >> thank you very much, liz. liz: all right. from stopping iran's nuclear weapons progress to restarting nuclear energy here in the u.s., there's a newfound interest in developing nuclear energy across america p. jeff flock live in the keystone state. wait million you see what the alternatives are now looking like when it comes to nuclear power. closing bell 37 minutes away. take a look at the dow. low of the session had been a loss of 628 points, we're now down 132. the nasdaq up 10 points, s&p still flagging about 9 points to the downside. we are coming right back. ♪ ♪

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liz: high gasoline prices not only spiking demand for electric vehicles, they're actually helping nuclear energy shed its bad boy reputation. nuke hard energy stocks, we can see some of them right now, they are selling off at the moment. the green push, europe and china ramping up their nuclear infrastructure to to generate more power more efficiently. okay, let's get to jeff flock live at a generating station in pennsylvania. jeff, we'll talk about nuke hard plants -- nuclear plants and this perceived risk after, you know, chernobyl and love canal. really it's quite safe at this

point, isn't it? >> reporter: you're absolutely right, liz. you know, there is the obvious risks, and that is as you mentioned the risk of a nuclear accident, perhaps. and hen there's all of nuclear fuel, nuclear waste to be dealt with. but can the climate not afford to employ nuclear? you know, back behind me those stacks, that's not co2, that's just steam. there is no co2 associated with nuclear power. in addition, nuclear is now cost competitive. take a look at the numbers, cpi numbers on energy yesterday. 7.5% increase in energy prices across the board last month. 41% in the last year. so it's now cost competitive. it had been at a disadvantage. in addition to cost and climate, there's capacity. nuclear power, very efficient, 92% up time compared to about 54% of nat gas, 49% for coal and, of course, it doesn't

always blow and it's not always sunny, so wind and solar much less. consequently, the infrastructure bill, the bipartisan infrastructure billed had $6 billion in it to keep nuclear plants like the one where i stand open longer and another $2.5 billion to build and research new, smaller nuclear power plants. in fact, even the biden administration seems to be onboard. u.s. nuclear power plants are essential to achieving president biden's climate goals, says the energy secretary. the doe is committed to preventing premature closures. capitalists, the conservatives and the climate-concerned are all ready to board the nuclear flynn -- train. >> i think this can be really a win-win-win in terms of increasing energy affordability, in terms of increasing energy security and also in terms of reducing emissions. that's something that i think

policymakers from both the left and the right should be able to get behind. >> reporter: and, liz, i leave you with one thing, and that's that you'd mentioned -- that is to say, who else is doing it. look at this, the top five countries in the world that are planning to do nuclear power, more nuclear power. china by far, 245 gigawatts. it's a lot of power. india, second on the list. but way behind russia, the u.k. and the. you know, it's clean. these days we've got to balance our concerns and our risks, and the environment is a risk, the risk of a problem is a risk, but, you know, we've got to balance 'em, i guess. liz: where are we going to get that, a lightning bolt. if only we knew when the lightning would strike. [laughter] jeff, thank you. it almost feels like we needed this critical moment with high oil prices to get people to

understand that a this may be -- which is what europe's been doing -- the way of the future. at least another box to be checked for energy. the major oil producers, you guys know this, they have been vilified by the biden administration for rocketing higher gas prices, but are they slow-walking production and keeping the profits while gouging you? well, we decided to take that question directly to chevron chairman and ceo mike wirth. you've got to hear what he has to say about that. and this week's episode of my everyone talks to liz podcast, i am joined by bark cofounder and ceo matt meeker. he went from running poker games at the lunch table in elementary school -- [laughter] to co-founding two multimillion dollar start-ups including global pet brand bark. hear his incredible success story of how he overcame the failure, i mean, you're talking serious failure. he lost everybody's money in his first start-up. the obstacles he facedded along

the way trying to build up a second one and how his grate dane, hugo -- on your screen there -- inspired bark. you can get it anywhere you get your podcasts, it's everyone talks to liz. join the crowd. a lot of people are listening to this. it's a great inspirational story. closing bell, we are 28 minutes away. look at the dow, it's now down just 107 points. let's watch this one all through the commercial break, and then we'll be right back. ♪ ♪ meet three sisters. the drummer, the dribbler, and the day-dreamer... the dribbler's getting hands-on practice with her chase first banking debit card... the drummer's making savings simple with a tap... ...round of applause. and this dreamer, well, she's still learning how to budget, so mom keeps her alerts on full volume. hey! what? it's true! and that's all thanks to chase first banking. freedom for kids. control for parents.

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now. but look at where they were back many february before russia invaded ukraine. hay ten top -- then topped 130 a barrel in march but have since rolled could be a bit of a hill. chevron under pressure at moment, down about 1.6%. but the stock is up 35% over past year with. so much news to discuss,s let's bring in chevron ceo mike wirth. mike, thanks so much for being here. >> you're welcome, liz. liz: okay. from where you sit what do you think and, your opinion, what is the number one reason that we have seen oil fall from $130 a barrel in march to where it is now? >> well, i think over the prior several months the concerns about inflation, supply tightness and the risks created by the conflict in ukraine created a real anxiety about future supplies, and if that drove prices up. in the last few weeks, i think increasingly we see concerns

about a recession, an economic slowdown being much more in the forefront of people's thinking, and i think that would suggest energy demand softens. these markets become more balanced and i think prices reflect that. so the last 30 days we've seen prices come down. i think that's good for the economy, it's good for consumers. i would say, liz, that there are still risks out there. we don't have china fully back. there's a lot of china that's under pandemic restrictions. air travel's not fully back, particularlyly international air travel. so there's some upside in demand, and we costill have a tight supply situation. i think risks skew to the upsid- liz: how long before we get back to, i don't know, 2018, 2019 where hinges felt normal when it cam -- things felt normal when it came to at least supply and demand? >> demand has moved quickly, and the supply chains are responding to that. we're seeing production grow, we're seeing supplies come into the markets, but the demand has

move faster. i think we really need to see some slowdown in the economy to to help balance this and then, of course, the supply response that's underway. as those two begin to come into more of an equilibrium, i think we see prices stabilized. when that happens is still difficult to call. liz: i guess i'm not going out on a him saying there isn't exact equilibrium between the industry and the biden administration. obviously, president biden has sent, in a way, some mixed messages. he has slammed you guys saying you are gouging people, you know? if those are the words, very high profits but at the same time record prices. on the other hand, he has asked you to ramp up production. i know that you at chevron are at records when it comes to production. how much more can you push out there, and how quickly? >> well, we're growing rapidly. as you say, last year was the highest production in the 143-year history of our company. first quarter this year we were up 101% year on year in the united states.

in the permian basin, which is one of the great success stories in this country, our production just a few decades ago was a few tens of thousands of barrels per day, now it's over several hundred thousand, by 2025 we expect to be approaching a million barrels a day. so we're investing, and we're seeing that growth come. there are real constraints in terms of labor, steel prices, availability of drilling rigs. we face challenges in terms of excess to land, regulatory constraints. all of these are things that we're in dialogue with the administration to try to find a policy framework that is stable and that encourages more investment. country's blessed with an abundance of natural resources, or energy resources not just oil and gas, but wind, solar, nuclear, hydro, renewable fuels, ethanol. you can just go down the list. we need a regulatory environment and a policy environment that encourages investment in all of

these, and it's one of the great advantages, i think, that our economy has. and on a consistent investment environment, i think benefits our economy and the country. liz: so your response if not even just president biden, but maybe some consumers out there, if they were to say you guys are slow-walking production, your bottom line response is -- >> people are not holding back supply, people are not slow-walking anything. they're producing as much in the refining system as possible. the upstream production is growing, and that's how a market works. the price signal, when it reaches level in a commodity business -- and, look, we're price takers. let's consume more, that's exactly what's underway right now and one of the reasons we see prices come down. liz: you and i may understand the feast or famine aspect of your industry. people don't seem to remember that in april of 2020 the price

of oil went negative, negative. meaning those holding oil who would pay others to get it off their hands. i didn't hear any administration's screaming at you guys about that when you were really shouldering the problem. but for the diesel truck drivers who have had to go out of business, they don't have a long memory to go back to that point. is there a way to make a commitment to the consumer as we sit here and talking right now? >> well, the industry's responding with increased production, we need to see rhetoric and messaging in that indicates that our country supports increased production. we, as i said, we've got tremendous resources in this country. we've got the best industry in the world. the companies in this industry are the strongest and most diverse, and the messages, as you said earlier, have been mixed. and it makes it difficult for boards to invest when what they

hear is we want you to grow production and invest lots of capital today, but with three years from you, five years from now we don't want that. so it does present a challenge in terms of the confidence of longer term investments that really underpin our economy. liz: one thing these extraordinarily high prices have done, mike, and you know this, is opened americans' minds and ideas and opinions toward buying electric cars. have you test driven one? do you own one? have you driven one? tell me what you think of electric vehicles. >> they're an engineering marvel. i'm an edge jeer. they're beautiful -- engineer. they're also more costly than a traditional internal combustion engine. those cocosts have come down, and he was certain performance attributes that are better than an internal combustion engine, others there may be a trade-off. people buy vehicles to meet

their needs, and i think they can meet certain consumers' needs. we certainly expect will to be many more electric vehicles in the fleet in the coming years. we've prepared for that. all of our planning is base on hundreds of millions of lek -- electric vehicles over next 20 years, and i think that's responding to concerns about climb, the growing global economy and the advances in all types of technology. liz: evolution. it's not a political issue as many would like it to be seen, as red versus blue. it's simply we're evolving, are we not in so to that end, how is chevron evolving to match that? >> we're leveraging our strengths to deliver low carbon energy to a growing world. the world needs more oil and gas, as we've been discussing, but it also wans to see a eloper carbon platform in the future. we're investing in things like renewable fuels, hydrogen,

carbon capture and storage to create viable technologies and larger wizs in the -- businesses in the future that can contribute to be a larger demand in the world with lower carbon energy systems. it's what we've done for 143 years. liz: where do you see oil -- i know you probably hate when journalists ask you to predict, but in the next couple of months, where do you expect president it will be? >> yeah, predicting oil price is fraught with risk. [laughter] i can tell you with what the price will be, i just can't tell you what day it will be that price. but as i say, it radionow i think recession fears and demand concerns have continued to soften these markets. fundamentally, hinges remain tight. i think, i don't know, it's likely to be a volatile and unpredictable market for the, you know, pore seeable future.

liz: the one constant is volatility, isn't it? mike, thank you very much for joining us. >> you're well welcome -- welcome, liz. liz: charlie gasparino on layoffs at microsoft. charlie breaks it next. we're 13 minutes before closing bell rings. we're still red on the screen. yes, it has been a tough session, but we are nowhere near at the depths we were earlier today. stay tuned, much more coming up. ♪ meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪ ms. hogan's class? yeah, it's atlantis.

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liz: we have breaking news, former president donald trump and his children say that his former wife, ivan ma trump, has died. she was e 73 years old. she was the mother of his three oldest children. they married in 1977. earlier in her life she had fled communism having grown in czechoslovakia. ivana, of course, divorced donald trump in 19992. her family released a statement saying she would be dearly

missed. ivana trump was 73 and reported by died of -- reportedly died of cardiac arrest although that has not been confirmed. in the meantime, the tech industry has been announcing layoffs, but a slowdown in hiring due to worries over economic uncertainty out there is now touching microsoft. microsoft now joining facebook, twitter, netflix and a whole bunch of others in this latest round of layoffs. the ceo saying the cuts amount to press than 1% of the work force but, charlie, what does this forbode for the industry? >> one of the ways we got this story, we got the number. it's less than 1,000. it's not insignificant in terms of scale because they haven't experienced something like this in a while. so 1,000 people getting laid off at microsoft is kind of jarring. ask we're getting this from people inside the company.

again, the company has not released the raw numbers. it's more than 1,000, but it's still less than 1 percent. the question is what does this mean for other players. usually, as microsoft goes, the rest of tech goes. this is probably just the first round of layoffs, and i think you're going to see it at google, at all these other places. they're already warning, but i think you're also going to see it in the financial services industry. aztec starts to compress, liz, there's going to be less deal making, less financing. that's going to have an impact on wall street, and i think that you're seeing it already -- liz: jpmorgan, yeah. >> -- and i believe morgan stanley. the next cuts are going to be on wall street. it was just a matter of time before wall street would be hit with this slowdown. and the question is how long does this last? no one really knows. the fed could raise rates a full percentage point and maybe that would quash inflation and it's one and you're done. kind of think it's not really

going that way, that this is going to be much more drawn out because of the amount of stimulus pumped into the. it was if you factor all that in together market is off its lows today. we could be seeing some rough times. obviously a recession. liz: have you seen many tech companies are freezing or lay laying off or rescinding hires? >> that is exactly what i reported on coinbase a few weeks ago. coinbase ramped up dramatically, 1000 to 5000. they had plans to go to 10,000. all bets are off when powell started raising interest rates. people worried about crypto winters. crypto prices are up. there is still bankruptcies. what was the latest one? liz: celsius announced. >> celsius announced a lot of

people talking more pain for crypto. what i would say is this, liz, the pain is not over. we're just in the beginning. you can follow the markets every day, take solace from bits and pieces of good news. i think this will be a long drawn out problem. we'll just see how much the fed raises rates. if they go the full point, man that is pretty jarring. i'm not saying they are but i think they are going. in my ear guest coming up if full point that is the big parlor game in the markets. liz: we shall. with the closing bell three minutes away right now we see the dow, s&p 500 are in the red. nasdaq hanging on to the green by just a seven point thread. let's bring in nfg senior portfolio manager, burns mckinney. start with what charlie asked. full percentage point. you saw the consumer price index number, unbelievably scorching

hot. producer price number was not able and the markets are not thrilled? >> market pulled back a little bit because you had fed governor, waller i believe said he was still thinking about 75 basis-point hike. in many ways markets look near term. they are focusing not necessarily what the fed will do this month, but what will they do for the remainder of the year. with that said the markets are pricing in 3 1/2 percentage points of rate rice this is year. one thing they have done a pretty solid job of is managing expectations. jay powell and the team, mind set is to prepare the markets ahead of time. they almost want to make threats without having to do anything. sort of like parent tells kids in the back seat, you guys, behave, quiet, you don't want me to have to stop this car. the way jay powell is thinking hopes the threats mean he

doesn't in fact have to stop the car. liz: as we broaden the aperture here we know technology is obviously getting hit. we know there are layoffs. you do believe the of course the semiconductor industry is one of those must-haves. taiwan semi came out with very strong numbers which might indicate hopefully we're at the tail end of the chip shortage but why lam research? >> lam research is a little bit of a contrarian play but that said the headlines have been for the last several months there is massive shortages of semiconductors. that mean as lost these players like taiwan semi, like a lot of their peers are having to invest in new capacity and lam research, they basically have a 50% market share in wafer etching. you love the strong market share f these companies are investing in new capacity this is really a pick and shovel play for the chip-makers. but we like a lot of other things. they have a low valuation. you're getting in 11 times

earnings. they raised the dividend by an average of 26% per year over the last five years. if you're trying to keep up with inflation, dividend raises are one of the best ways of doing it. [closing bell rings] >> when semicap they are cyclical want a balance sheet. liz: we got to run. we'll be kicked off by the closing bell. that will do it for us. nasdaq closes up. ♪. larry: hello folks, welcome to "kudlow," i'm larry kudlow. so we begin tonight with a familiar phrase, save america, kill the bill. back-to-back inflation numbers, 9.1% cpi, 11.3% ppi you do not want to spend another trillion dollars that would steepen an inflation rate already out of control. anybody that votes for more social or climate spending should seriously have their head examined and remember history