and a couple ties. i don't know what it was made of but it was hot and scratchy. i mixed and matched and looked pretty good. strive for all the things you want. never let anybody tell you you cannot have them but pace yourself because material things are only a very small part of who you are. i say hand it over to liz claman. elizabeth: my father said forgo current pleasure for future gain. >> love it. absolutely. elizabeth: here we are, you and me. >> we did it. we did it. elizabeth: we're doing it, how about that. fox market alert, who's got more muscle? here's the question. who's got more muscle on the markets at this hour? nancy pelosi or the fed's head. the federal reserve kicking off the final hour of trade. dow jones industrials down 290 points, s&p losing 12, nasdaq clinging to about 18 points of gains, russell better by 6 points. session has been defined by doing headlines for both camps.

marketses reflected dread, premarket opened when china sent fighter jets to the line that divides the taiwan straight to send a message to speaker nancy pelosi like don't land on our territory because it will legitimize taiwan as an independent nation but land she did and safely in the 10:00 a.m. eastern time hour. hong kong and china stock markets had already closed but earlier got clipped by more than 2% a piece. as pelosi graded taiwan's foreign minister by citing america's "un-waiverring commitment to taiwan's vibrant democracy"u.s. markets began ticking higher but san francisco fed president mary daily insisted in an online interview prices are still too high and the federal reserve will continue on the inflation slaying path by hiking rates. then just over an hour ago, this was the real mover here, cleveland fed president who is a

voting member unlike daily, took it a step further saying that the u.s. is starting to see a cooling in consumer spending, housing, and investment but move the market on her hawkish community colleges on inflation. listen. >> we have more work to do because we've not seen that turn in inflation. what we want to do is see it on a sustainable downward path towards our longer run goal of 23%. we -- 2%. we have not seen that and have more work to do. elizabeth: translation, here come the rate hikes and they're not going to stop at least for the immediate future. the near immediate response to both their comments best seen in treasury yields, the yields on the 10 year treasury, which by the way closed yesterday at a four month low shifted into high gear moving from about 2.66% this morning up to 2.7% right now at 2.75%. the note for the two year yield, 3.07 at the moment. the inversion of the yield curve often seen as a recession

indicator is a yawning gully of about 33 points right now in part because middle ear spacer and -- mester and daily made it clear the fed will continue on the rate hike rampage. earnings having an affect and dows lagging because caterpillar down 5% after reporting a second quarter revenue miss, the heavy machinery maker cited higher material cost and weaker foreign markets and said north american sales spiked 20% during the quarter. investors don't care. they're driving that stock down but look at uber. uber stock is doing doughnuts. up about 18.5% after reporting positive quarterly cash flow for the first time ever. and uber also upped its q3 operating profit as people are hailing more ubers and ordering food deliveries at a hot pace. bitcoin, hot or not? depends on the headline. earlier it was higher. bitcoin in the red, then the green. now it's down just slightly about half a percent at the

moment to 22,887. we're watching this because bitcoin billionaire and founder sam bankman-freed appears to be resolute in propping up and supporting the cryptosecurity players even the ones on the edge of bankruptcy. don't miss my interview with sam one-on-one live coming up. for now, crypto now gold hitting a high of 2,043 in march and retreated to $1,073 per ounce. today it's time to hunt for safe havens in stock versus gold or treasury bonds? is that true? to our floor show traders and masters. great to have you both. dutch, we didn't even get to chicago fed president charles evans sounding the daily and hawkish bell earlier saying he's fine with a 50 basis point or even a 75 basis point hike in september. what about today east trading

response tells you equities are the best bet right now or not? >> i think i'm all for, you know, another 50 dips too, even 75. i don't have a problem with it. look at what the bond's doing. it's going absolutely pair boll ick here. that's a huge move in the bond and look at nasdaq. the nasdaq is not craving. you've go a nasdaq up on a bond move like that, that's a great sign and what that shows me is these -- a lot of these nasdaq stocks have done the work, they've been beaten to heck, and when you find some that are decent businesses not going out of business down 80 or 90% like we did with caravan that, i mean, we're buying that stock at 22, 23, 24 and it's 33 today and it's just -- that stock could go to 60 or 70 and not even getting close to a tie. elizabeth: what do you need to see, dutch, before you pull the

trigger on a stock like carvana, which a month or two ago looked dismal. >> it did look dismal. there was risk in it, okay. when we hit it that early, there was a lot more risk in it but, you know, one of the things, we're not -- and our trading, we're not look for safe haven stocks. when we want safe haven, we raise our cash levels and we had raised our cash levels to about 35 or 40% and then we dipped into a few things here by adding to some of our existing positions. but we cut our positions from about 14 down to about 8. elizabeth: yeah, well, teddy, dutch, went through a big cash position rather. what are you doing right now considering the markets held up pretty well under the pelosi headlines. i mean, that could still be worrisome. you've got china saying those who play with fire will be the ones ending up getting burned.

but talk to me specifically about how you viewed this balanced with all the fed presidents who've been out there today. >> yeah, i'm not sure what's going on with pelosi is really having a may jury influence on -- major influence on the markets but perhaps very, very short term but the issue is the fed and the direction of interest rates and inverted yield curve and for the most part, we remain, we remain cautious and the best thing we can do with funds right now to be defensive is continue to buy the three months and six months treasuries till we see some of the unknowns evaporate and create a better environment for the overall stock market. clearly july was a great month but, you know, which came right after the worst month which was june. i don't think we're out of the woods yet. i mean, i get what dutch is saying. i think probably some of the stocks are probably beaten up pretty good. if the fed continues to raise rates and in doing so kills the

economic goose that lays the golden egg, eventually that impacts on earnings and that is going to be a huge negative for the markets going forward. you know, we're at an inflection point here, i guess. is this the pause that refreshes? are we digesting the very positive gains of july? or is the pause really the next leg down as the fed continues to push interest rates higher to kill inflation? i don't think there's any quick fix. this isn't something fixed in a week or month and it has to play out over months and perhaps even years. elizabeth: that's what the investors say and mary daily and charles -- they were out beating bushes sending the smoke signals. more rate hikes to come. teddy, dutch, great to have you. busy day here. dow down 285 points and lower a session loss of 375. house speaker nancy pelosi as we told you, ignoring china's threats as she touches down in taipei. we'll get reaction to her historic visit to taiwan in the

face of dangerous rhetoric and possible retaliation. either way, we are 52 minutes away from the closing bell ringing, a big show straight ahead. sam bankman-freed coming up along with the comings ceo. the claman countdown is coming right back. stay where you are.

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elizabeth: we've got a business alert here. the dow is now down 322 points. house speaker nancy pelosi resting up in a hotel in taipei, taiwan at this hour after her continue verse sal arrival this morning. the speaker planning to meet with the members of the legislature tomorrow and the

u.s. taiwan relationship has a crucial business component to it as well. taiwan semiconductor is a massive global player as the world's largest contract chip maker, it produces 50% of the world's microchips and is currently building a $12 billion fabrication plant in arizona. let's get to edward lawrence live@ the white house. edward, taiwan is about 12 hours ahead and it's in the middle of the night but clearly there has to be serious discussion about her trip going on inside the beltway and in the white house behind you. >> yeah, and across the globe. it was the most watched flight in the world going into taiwan so house speaker nancy pelosi in an op ed says her flight to taiwan stepping on the ground should show taiwan that america stands with the country and it shows the greeting she got shows that the message was received. thousands of people lined the streets as her motorcade went by and it was the middle of the night and thousands more standing at a hotel where she was staying.

the trip defying the chinese foreign ministry spokesperson saying those who play with fire will parish by it. perish by it. those are a way to fight back against the dominance in the space and the investment and interest in moving semiconductor plants here to the united states. in the meantime, you have u.s. warships that have moved just east of taiwan as the chinese have moved to hold more military drills on the mainland near the taiwan straight, including with missiles, close to taiwan. >> the aggressiveness, coercion, increase in tension and the last week and months from the chinese side. we've said there's no reason this visit should escalate tensions in any way whatsoever. it is consist -- >> and some republicans are applauding the house speaker's boldness to not back down from china as well as not back down from the biden administration, which urged the house speaker not to go. >> we got to take mainland china

seriously. they are geopolitical foe in the long run and when they line up with russia in their escapades, you've got to make some declarative statements and i think that's happening. of course there's always risk associated with that. >> one very interesting note that plane she flew in on is occasionally used by the president and vice president. liz, we checked the tail number. back to you. elizabeth: i knew you would. you're on it, edward lawrence, thank you, very, very much. the ev revolution threatening to turn combustion engines into dinosaurs but a huge player in the engine industry is banking on the first female ceo to lead the empire into the future. how will she do it? jennifer rumsey joining us first on fox business next. closing bell 44 minutes away, s&p 500 down 13 points for a loss of about a third of a percent and nasdaq up by 22 points and the dow really

struggling here we told you because caterpillar is a lost leader down about 311 points for the blue chips. we are coming right back. don't go away.

elizabeth: well, this is sort of a moment by moment move here. fox business alert, the dow is now moving further away from its goal of coming out of correction territory. right now we are looking at a loss of about 343 points. coming into this session, what we needed was a 69 point gain to

exit that correction territory that we've been in since june. all right. so let's talk about some individual names here that are a real stock stories at the moment. shares of jetblue, they're nose diving about 6% after the airline reported a loss of $188 million for the second quarter. the airline attributes the loss to higher fuel prices and labor shortages but says it does expect to become profitable in the third quarter and jetblue said demand soared with a record number of customers. second quarter revenue, 16% higher than in 2019 so, guys, let's get up to the earnings per share part here. all right. oakly shares dripping wet at this hour, after 15.6% after the oat based milk company lowered between 800 million and 830 million and that from a range of 880 to 920 million. oatly says the war in ukraine

and supply chain issues are crimping growth and the company slashed 2022 capitol expenditure forecast by 50%, which will affect plans they had to ramp up production. by the way, at $3.30, shares have lost about 58% year to date. investors though are pending pinterest stocks to portfolio mood board after activist investor elliot management announced it's the biggest investor in the digital pin board platform. elliot says the company has significant potential for growth. the social media app posted lower than expected profit due to higher costs and users spending less time on the platform but just a whiff of elliot management coming in has this stock up 11.5%. it's not just a whiff, they're the biggest shareholders now. canada's toronto dominion bank in an empire state of mind at this hour. the bank says it will buy new york based boutique investment banker for $1.3 billion in cash in a bid to boost the u.s.

presence. this is td's canadian company second u.s. purchase. back in february it announced the acquisition of memphis based first horizon. up 8% and toronto dominion td down about a third of a percent. this is the kind of slump consumers have been waiting for, recession talk has fueled a retreat in oil demand and in turn prices. the price of crude has dropped 13% over just the past two months and look at diesel prices. they're now falling for the sixth straight week. according to the triple-a, average price ofdesis in the u.s. today -- diesel is $5.22 compared to over $6 a month ago. a year ago it was $3.28 but the company that designs, manufactures, and distributes diesel engines comments moving higher by just under 1% right now after reporting second quarter results after the opening bell.

top and bottom line revenue climbing just under 8% year over year to $6.59 billion fueled by demand for the diesel and natural gas and new powered engines. joining me now, first on fox business, cummins newly appointed ceo jennifer rumsey and the first woman to serve as ceo in cummins history. congratulations. >> thanks, liz. great to be with you today. elizabeth: great to have you. you got a tall order off the bat. connell the bread and butter business including engines running on diesel and gas transitioning to a future that appears to increasingly involve electric and hydrogen. what is the plan? >> it's an important time for cummins to be sure. decarbonization is a growth opportunity for cummins and we believe we're well and uniquely positioned because we continue to have that core business of engine-based solutions as well as new power business and our strategy, we call destination zero, is really focused on both,

which we think is critical to decarbonize our industry. starting today by advancing engine based solutions and accelerating all the solutions getting to zero. elizabeth: you guys have your fingers in a lot of cookie jars, everything from mining to the auto industry, marine, agriculture, defense, heavy and medium sized trucks. you're trying to wrap your arms around a lot of this. who's the furthest ahead when it comes to transitioning their engines and how do you work with those partners to make sure that you are providing them with exactly what they would like to see now? >> yeah, as you said, liz, we serve a wide range of applications. i like to describe them as the world's most demanding and economically vital applications and they're not all the same as you described so it's important to note for our business, commercial, and industrial, power generation equipment, it's very different than passenger car and how they're used and what is required to decarbonize them. it won't be one solution and it won't all happen at the same

time. applications like a school bus or transit bus are starting to electrify today because they have shorter range, the ability to put a charging infrastructure in place and really match the capability of that technology with how they're used, and there's incentives available helps to drive adoption. that's one of the markets moving early. we also see a lot of interest in growing interest in our green hydrogen production with our electrolyzer business. that's another area significant growth in our new power business. it's really adjacent for cummins and not an area we're in today. elizabeth: glad you're bringing up hydrogen because microsoft is in the news today. hydrogen is becoming what they hope to be their driver when it comes to their data centers. cooling data centers and you're in the data center business. microsoft is basically saying they want generators to transition from diesel to hydrogen. tell me about something like that entails and do they work as

well and how do you make sure that you've got a major position in that area? >> yeah. we have a long history of invasion so really our focus is understanding those different customer needs. we have a scale advantage because we're in the different markets as we develop technology and also a unique understanding of different customer needs so we're really focused on driving innovation and driving the customer needs and helping them choose the right technology at the right time and data center is an area that customers have established environmental sustainability goals and they're interested in talking to us about solutions like fuel cells and hydrogen-based solutions to help them meet the sustainability goals. elizabeth: data centers, the cloud, huge but requires a massive amount of energy. the trucking business, your heavy duty trucking business. you've got really interesting partners here from volvo to benz. these are the big, the big

massive trucks, pack car, navistar. are they really -- how far along are they in transitioning to different types of engines or are you still manufacturing the diesel ones for them? >> we see continued growth in engine-based solutions in part because the customers are increasingly turning to cummins for the engine solution and we're investing in a fuel eight hours no, sir ick platform to transition from diesel to natural gas including renewable natural gas and announced with chevron and wal-mart a partnership focused on renewable natural gas and overtime mover to battery electric and fuel cell electric. a lot of people are in evaluating developing solutions. something like heavy duty truck is going to take a lot longer to build up infrastructure and make that commercially viable and they're the most demanding and vital to the economy. our customers make buying decisions based on operating

cost and we want to know they have a solution that will meet their business needs and is cost effective, which is why innovation and really investorment ininstroke structure and technology is critical for this carbon transition. elizabeth: i would imagine you guys wouldn't be doing it unless it made business sense. this is not -- or is it some effort to placate the greenies out there. i would imagine this is good business sense, is it not? >> decarbonization is a growth opportunity. my career has been shaped by purpose, people, and impact. i have a technical background. the start of my career working for fuel cell technology company. came to cummins 22 years ago because i wanted to work on technology that really made a difference and was used by customers. we've grown our business during that time by focusing on meeting our customer's power needs and also reducing emissions from the diesel engine and part of why i'm excited to become ceo is we

have a tremendous opportunity and i think a responsibility to continue to grow our business and do that in a way that's positive for arracks mures and the -- customers and the environment. elizabeth: it's working at least for the company when you look at numbers and earnings. we'll wait to see the stock come along because obviously everybody is having a strange time over these past couple of months with inflation so high. jennifer, please come back. we want to watch the progression of the company and your leadership. >> will do, thank you, liz. elizabeth: jennifer rumsey of cummins. crypto billionaire sam bankman-freed being called by some the next warren buffet. what the ceo has to say about comparison of the world's greatest investors and whether the buffet-like move he's been making to cash in during the crypto winter are working. first on fox business, sam bankman-freed is here next and, yeah, the guy on the right part of the screen, buffet, cherry coke, his absolute beverage of choice. but kids across america and now

adults are grabbing for this: ollie pop. if soda could go viral, it would. this is a craft soda but drinks like a desert and 3 grams of sugar and reads like a health good store. creator turned his own childhood into multimillion dollar business and has a deal with universal pictures minons to make their own branded flavor, banana cream. don't try and find, i already did. it's totally sold out across the nation. how did good win do it with zero experience in the cut-throat world of beverages? his story dropped in hi everyone talks to liz podcast episode and download on apple, google, or spotify or wherever you get your podcast. we're everywhere. dow struggling down 314 points. we're camming right back, pleas. please stay with us.

sam bankman-freed, next.

elizabeth: all right. occidental patrol yum and you're saying what -- petroleum reports after the bell and wall street is expecting strong earnings and revenue. the company has been making headlines recently as a warren buffet favorite with berkshire hathaway scooping up stock over the past four quarters that is now controls 19.4% of oxy shares and some analysts are anticipating that buffet will buy the whole company. over the years, many a fund manager and investor have been branded as buffets in the making but never a cryptocurrency guru till now. the billion mare launching several rescues of dis-stressed

cryptocurrency companies is now getting that comparison. ftx ceo sam bankman-fried is here to talk about buffet-like bailouts and what buffet likes to say being greedy when others are fearful. the comp with buffet is not a total stretch if you put aside the fact that he said bitcoin is rat poison squared. what do you make of the fact that -- is it forbes saying you're just like buffet in how you are scooping up dis-stressed assets? >> i mean, just like it is maybe a bit of a stretch, but i think one thing that's worth noting is that a lot of what i'm willing to do is not necessarily get the best deals in the world. a lot of this is get mediocre deals but find ways to stop the bleeding and make sure customers are protected in their systems but there certainly are compelling deals around now. elizabeth: i would say buffet has never been magnanimous.

he strikes very hard deals and he's not in the business of propping up anything. in fact he looks at things and says, wow, this is distressed and i'll scoop in and take a big opportunity and chance here. there's got a be a bit of something like that in you. are you such a believer in bitcoin that you see real value in even struggling assets like voyager that filed for chapter 11 bankruptcy? >> i think a number of the assets follow some value and in the end it comes down to the numbers. if you put aside the customer protection and just think about, you know, the deal side of this, there are potentially good deals. i'm happy with what we're ultimately able to work out with places and i think there's other places where there are ways that we could help grow our business, especially in combination with being able to provide capitol and financing when it's most important. so, you know, i think there are

deals here and there. elizabeth: you were soundly rejected and pushed away by voyager when you offered about $250 million as a proposal to give customers an advance an cryptocurrency claims at least so they didn't have to wait through the bankruptcy proceedings, which as we know can take years. voyager just shoved you away and they said you were mas kansas city chiefs raiding as a white night -- massacre as a white night and are you done? when is your next bid? >> totally. ? the end we want to appeal to the customers of voyager and say, look, we're not trying to make any money on this. we're not taking any spread and giving out everything there is effectively left on voyager and we just want to make it as quick and painless for customers and even optionally. even if customers would not have to use it and just for people who want it had. i think we may still try and

find other ways, you know, to propose this. ultimately i think that there are a lot of people with a lot of interest in this particular case. i think a lot of people are looking for ways to make fees or make more fees, you know, that's what we're trying to stop is let's stop bleeding out this asset and just get, you know, the funds that remain back to customers as quickly as we can. elizabeth: can i push you on what you would do to maybe reformulate your offer. would you add more money to sweeten it? >> so, you know, i think there are a few terms that we can look at but fundamentally, we're taking zero spread on the asset so it's not like there's a lot of spread left to give there. in comparison, a lot of bids we're hearing people thinking about we're giving, ten, 20, 30-cents on the dollar back to customers and taking the bulk of it for the person buying it out. the biggest thing for us is probably going to be going through a process of appealing directly to the core real estate

folder, showing customers of voyagers and making it clear that this is something that we would love them to consider. we think it's making sense for a lot of them and even if they accept it nonbinding, rather than i think these are like a media committee looking at this on their side has been looking for ways to, you know, probably get more fees out of this but ultimately there is a potential for customer actions here. elizabeth: before i move on from voyager, have the linings of communication heated up or warmed up between you and voyager at all? >> we've over time maintained a good relationship with this sort of like previous leadership of -- or the leadership of voyager throughout their cycle. more having conversations and we want this to be something that customers are able to consider. i think that right now we are waiting to hear back on, you know, what this sort of current

folks managing the bankruptcy process is planning to do next year. elizabeth: all right. we're watching that and we want you to come back when things do begin to reignite here. you are announcing as last week that your stock trading to u.s. users and opening that opportunity and no trading fees or payments for order flow business model. talk about how that model will work and how are you able to be able to do that and still make a profit? >> totally. so at the very beginning we're not going to make a profit on this. this is the actual answer, and we want to test things out and, you know, see what model works best before we try and think about focusing on monetizing this or anything. but, you know, we think that payment for folks can act sometimes to obscure the information that ultimately customers get and that, you know, if we do end up with fees here, we're strongly thinking

about trying to make those explicit and trying to make those low and, you know, hopefully more than just competitive rather than thinking about this in terms of sneak them in. we talk a lot about stocks there and the fees associated with stock trading but probably the bigger area and the area where it's egregious in a lot of places is when you look at stock options. on all platforms, customers are losing 20, 30% on their options trades to this spread and we're look hard at ways to take that number way down. elizabeth: sam, was it your decision to hire larry for your commercials? >> it was an idea that we pitched but we had probably a couple hundred ideas pitched to us and we sort of said no to the first 199 and saw number 200 and were like, all right, that's a commercial. we don't need to see number 201. elizabeth: okay. we're following everything that you do because we're watching

crypto just above 23,000. one last question, are we getting close to the end of the crypto winter? >> i think we could be and ultimately so much of this will be based on what happens in macro that it's going to be hard to say for sure. that sort of effort close to the end of it but what i will say is that if wee are on a macro level at the end of the selloff and we see continued recovery in stocks, we'd be at the end of the crypto winter and see progress on the crypto side and that's been starting but the only caveat to this is stocks plunging again, we'll have more pain in crypto as well. elizabeth: yeah, the dow down about 302 points and nervousness in the market throughout the session. sam, great to have you. thank you very much. >> thank you. elizabeth: ftx ceo and bitcoin billionaire sam bankman-fried. friends without benefits, why do i need that? twitter lawyers are now dragging

elon musk billionaire buddies into its $44 billion legal battle to get elon to cough up the cash he promised to buy twitter. charlie breaks it next. closing bell, call it 13 minutes away. yes, we're continuing to, you know, kind of crater here. down is down 308 points and s&p lower by 16 and nasdaq clings to 4 points of gain, russell up 4 points too.

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stay in the home and life you've built for years to come. call... to get a free kohler® luxstone® bath wall upgrade. and take advantage of our special offer of no payments for 18 months. elizabeth: twitter going on the offensive in its legal battle to beat elon musk and get him to buy the company for the amount he had agreed upon, $44 billion. lawyers for the social media platform are now in their efforts to do that investigating close friends and business associates of musk. charlie gasparino has been able to confirm. >> it's an interesting take. these guys are related to elon musk and it's really close to his bid for twitter. you've got to ask why they're going after them. they might have put up money for

twitter. some of them i'm not sure why they want shamoth and joe is non-plastered by his opinion sports grill called it -- his rep told us, my producer, it's both silly, stupid, and now it's getting personal. they're doing this because based on personal reasons to go after elon. so fight fire with fire and elon goes on twitter and sends pop emojis to the ceo and they go out and causes a huge stir and they get mad and -- elizabeth: galloway had the word and we can't say it on tv. it's something posting. >> i know the word and begins with an s. it's -- they're fighting fire with fire. so now, is any of this matter and probably won't matter because again, i'll get back to what i've reported over the

weekend and what i think is now becoming somewhat common knowledge and you can see it based on the arb play, the arbitrary treasury play, which is buying twitter, people are dipping in to buy twitter around $40 a share, put up the stock chart, 41 so it's up a little bit and thinking elon will either settle at a higher price or the judge enforces the whole thing -- 5420, if he loses in the delaware chancery court. he will appeal to the state supreme court, and that is where they're may be a settlement in the sort of, as the impasse screws around with the stock price, twitter's earnings get squishy, it always is, it is a horrible business. the whole thing, the judge says you have to buy it, he a guy es to buy it what will work for him at that point?

liz: people are clamming more him to buy twitter. >> its business model, i could see a new person wanting to work there because i want to give it a try. i like elon's style but the old guard, i could see them all running out the door, can't you? i mean, you know. liz: people worked very hard at that company but maybe he might argue you get rid of the old guard you bring in new voices. we've been at networks where they clean out old guard, bring in new faces. channel 6 in columbus, ohio. >> things start to fall apart. i think they find other coders and steal data from unsuspecting data from me, an sell it. that is essentially what silicon validate at that types do.

that is the pr person was really direct with us, and frank, he thinks it is a joke and it is what it is, trial sent for october 17th. i better book my ram at holiday inn in wilmington. liz: they're shaking the trees. >> is that where the chancery court is in wilmington? delaware is a state. wilmington is a city. liz: there is a great train. >> i hope not in the town of chancery has one bar and a mcdonald's or something. liz: nothing wrong with that i like those apple pies. charlie, thank you very much. one of my favorite "countdown" closers. we have the closing bell about four minutes away. yeah, the dow is hitting fresh session lows right now. when he with came in to this hour, the low was a loss of 375. we're down 381. the dow has been negative for the entire session. nasdaq turned negative moments ago of a rising by as many as 134 points during the ses. let's get to it a few minutes

from now we'll get airbnb's quarterly earnings. last time we had ceo brian chesky on the show he was predicting the best travel summer in history. will it show on his bottom line? he will be right here on "countdown" tomorrow as he discusses the impact of boffo travel spending on airbnb earnings. you know what? today's "countdown" closer says there is another signal besides hot to travel that is green signal for stocks. we have founder partner jack ablin. jack, so nice to have you back. what signal are you looking at that tells you stocks are a pretty december bet at the moment, at least some of them that you picked? >> ones i'm focused on are really high quality companies that have persistent dividend growth and so, this has been a great play this year. you know the growth stocks have taken center stage over the last couple weeks but i still think

that as the fed needs to sort out inflation and figure out where that bid is ultimately going to go, high quality companies with persistent dividend is really a great place to sit and wait this kind of a waiting game out. liz: you know consumer credit has been an area that you specifically looked at. you feel comfortable enough to buy certain names like mcdonald's, microsoft, chubb and chevron. can you explain to our viewers how you picked those names? what is it about them above what you just articulated? >> sure. all of them are very high quality companies. they have rock solid balance sheets, high liquidity but for example, microsoft, did you know that they have been growing their dividend at 9.6% per year over the last five years? mcdonald's, growing its dividend at almost 8%. so if you're thinking about trying to generate income pro

your portfolio and have that income stay ahead of inflation, these are the companies that will likely do it. in fact, equity dividend have a long history of staying ahead of inflation. liz: i don't know. if you look at the federal reserve bank presidents saying we're not done. people cannot have it both ways, can they jack? they want to see a vibrant economy and lower prices? where does that put the equity market? >> well, the equity market is really taking a lot of its cues from the bond market. and the bond market is pretty optimistic. it is saying that overnight rate will likely peak in january or february, around 3.25. then the fed will lower rates later in the 2023. essentially they're saying inflation will not really be a big problem. they will need to address growth later f that is the days, then

you maybe a recession for soft landing but that is good news for equities. liz: great to have you, jack. jack has been a i flare for many, many years. he knows what he is talking about. [closing bell. a little bit of nervousness from fed heads. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. save america, kill the bill. i continue my strong opposition what george orwell schumer calls the inflation reduction act of 2022. combination of higher taxes and even more spending runs the risk of deepening a recession and making inflation more virulent. now accompanying the debate over the reconciliation bill is an intense conversation about federal permitting