america climbed to the top in the first place. we're still near the top and we're going to stay at the top as long as you and i believe we do what's necessary to pull ourselves up by the boot straps and take the chances we need to take. liz claman, notes a bad rally but losing a little steam. liz: take the road less traveled. that's made all the difference. thank you, charles. we're going to go straight down wall street right now. fox market alert, can you hear the collective sigh of relief coming from the federal reserves building on k street in washington dc as we kick off the final hour of trade? markets are celebrating the latest gauge of consumer inflation, which came in lighter or better than expected. july cpi, flat month over month. compared to the expected two tenths of a percent rise and year over year while economists had expected an 8.7% rise in inflation, it came in slightly lower at 8.5% indicating at least for the moment that the

feds rate hike rampage might be starting to work to cool down skyrocketing prices. if the fed likes it, the markets love it. the moment the july cpi came out this morning, all the major indexes started flying higher, and that was before the opening bell. right now they are holding onto those gains, much of them. dow jones industrials up 409 points and all four indexes in positive territory for the week and the month with the dow officially exiting correction territory, and the nasdaq with a gain of anything over 281 points says good-bye to the bare market. we're up 305 points. the sectors, anything investors interpret as travel-related took off at the open. are those gains holding? yeah, you bet they are. to the airlines, yes, july cpi report showed air fares jumped 27.7% year over year but month over month they fell 7.8%, which was enough for investors.

look, they're switching on the after burners as we got jetblue, american airlines. everybody, ual, southwest, delta, all moving higher anywhere from 2 to 4%. even more impressive perhaps is crude line stocks. look at these jumps here. carve value up nearly 10 -- carnival up 10% and cruise lines and norwegian and these are impressive gains but none of the names is anywhere near the 52 week highs. that said, you'll take the jump. but look at how financials are joining the party. banks usually rally on the prospects of higher not lower interest rates because they can charge more for loans but we see all kinds of banks, both mayor and smaller ones -- major and smaller ones and citi up 2.6% and not just the goliath, 27 billion market cap and that one is jumping about 8.25%. first bank corp. about 2 billion

market cap and jumping 2.5%. we have -- 3.5% and cintech 3.7% gain and the dollar and perception is that slowing inflation might mean less aggressive rate increases and it's bringing down the green back and it's falling right now against the yen, euro, and pound sterling hitting a five week low against a basket of major currencies and to that perception, the fed will back off a bit. not so fast. fed president charles evans began making before noon, so after the cpi number, evens said regardless of -- evans said regardless of cooler cpi, inflation is still unacceptably high and the fed will increase rates for the rest of the year and into 2023 because the economy appears to be able to handle it. if you look at high-end retailers, they're handling it.

they're sparkling at this hour, at least most of them. polo ralph lauren was higher and down 1.5% and este lauder, lulu, discretionary bull, that etf is moving higher and investors interpreting better than cpis and important piece of the soft landing wardrobe. the stronger indicator that the bulls own this session, wall street's fear index. look at vix at 19.86 and falling 8.7% and fear coming out of the market and if the vix closes below 20 today, it'll end the tenth longest streak of closes above 20 dating back to 1990. that would be about 90 trading days but our investors in the clear and no recession, peak inflation in the rear-view mirror. get to the floor show and all around fed hater peter schiff and the two teddies. peter, this is you first.

cpi payment lighter than expected with the most meaningful drop in energy down 4.6% month over month and gasoline came down 7.7% from june to july. so was that it, peak inflation in the rear-view mirror with the coast clear with equity investors? >> not at all, liz. consumers got a reprieve for a month. high prices didn't get any higher. i mean, they didn't drop, but how many times last year did all the experts come out and proclaim we'd seen peak inflation only to see new peaks a month or two later and the same thing will happen this time. i don't think 9.1% that we got last month is the peak. i think we'll take that out. it may take a few months to do it, but we will do it. liz: kenny, what about you? peak inflation and no recession, is this a opportunity for equity investors who were waiting for that bottom to say, okay, now i feel comfortable. i'm getting back in? >> well, listen, you certainly feel a little bit more comfortable and the action today

is all very exciting all though i'm still a little unsure where i don't think it's over yet and we'll pencil a bit lower before this is over, but that doesn't mean you can't be strategic and take advantage of maybe names that have gotten beaten up that will fair okay, but i'm not completely convinced that inflation has peaked nor that we're not going to test the june lows or close to the june lows. liz: can i count on teddy to be the optimist here? let me guess: no. >> well, i would certainly state the obvious, liz, up is always better than down unless of course you're on the short side of the market so clearly and most people played alongside so there's got to be a lot of smiles at least for the moment. but one or two days does not in my opinion make a bull market. i tend to be in the same camp as kenny and mr. schiff. there's no question that anything, any morsel of news that looks like maybe the fed

has done it and inflation is under control and we're not going to have a recession, it's catnip for the markets, but i think that it's great if you're long, but i would also agree that i think that it's a little premature, certainly there were things to buy, a lot of beaten-up stocks but i would be cautious and continue to buy three months treasuries and selective things. liz: well, peter, can you give the fed any credit for hiking rates, trying to normize them because they've -- normalize them because they've been at ridiculously low emergency levels when we clearly were not in a emergency till the covid disaster and do you give any credit to powell and company? >> absolutely not. i'm not giving credit to the federal reserve for trying to put out a fire that it lit. wait, i'm not going to give the

federal reserve credit for trying to put out a fire that it lit. by the way, they're not even throwing enough water on it to put it out. the feds should have raised interest rates a lot more than it already has and should be raising them a lot more. it's gone much too slow and not because, you know, the economy can handle it. it can't. we're already in a recession. they just want to ignore that and the recession is going to get worse if the fed continues to raise interest rates. but it shouldn't stop just because it's going to put the economy into a depression or create a financial crisis. it has to do that. the only way to fight inflation is to remove all the inflation from the economy that the fed put in there. they have to spring their balance sheet, they have to let interest rates go way up, they have to force the government to slash government spending but unfortunately none of that's going to happen. this recession is going to get much worse and powell is going to pivot in defeat and focus his attention on trying to stimulate the economy and let inflation

run out of control. liz: kenny, you said there's strategic opportunities here, where are they? >> listen, i think peter is way, way over the edge for me. i'm not nearly as depressed as he .s we'll test a low but i'm not calling for a depression or the end of the world. i think you have to look at some of the names that have clearly gotten beaten up that provide opportunity. for me, i'm once again dipping my toes into some of the megacap tech and not that fancy cap architect but some of the megacore names and coal and energy that we talk about all the time, i'm in consumer staples because i'm a bit of concerned about where we're going so that's where i think there's a opportunity, robotics is another place up 15% off the lows, you know, a month and a half ago, but it's an interesting space over the long term so i think those are places that, you know, certainly i'm looking that investors can look. liz: teddy, you like occidental

petroleum and cortevia is a agricultural play. why do you love this? >> i think investors need to have exposure to agriculture n matter what. you know, we like corteva and came out of the dupont break up and they're in the seed business, but there are a lot of ways to get exposure to agriculture. for us, the theme is agriculture. the name is corteva but there's other names, john deere, the big one. >> i agree with the themes and i think gold is underpriced and the mining stocks are very underpriced because people believe the fed is going to be victorious in its fight over inflation and if the fed isn't, they believe recession will do the job for the feds, but it won't. inflation is going to get a lot worse as result of this inflation getting worse so we're going to have the worst of both

worlds and have high inflation, higher than now and even deeper recession than the one we're in now. i think in that environment, gold is really gonna shine and i think investors will end up doing very well if they pick up some of these, you know, gold mining stocks that are really at bargain basement levels. liz: i wanted to end on a positive note but we'll end on kenny smiling. >> i'm going to light my hair on fire, peter. >> i'm positive on gold, doesn't that count? >> i like gold too. i like gold and i think you're right that inflation will continue. liz: no self emulation on the show here. peter, kenny, teddy, always a pleasure. ev makers electrified at this hour. stocks moving higher and tesla up 3% and the inflation reduction act throws ev tax credits up in the air with a few question marks.

production mode going full steam ahead. laser focused on real-time 3d sensing and how does this small israeli company lock up a $4 billion deal with volkswagen. the ceo is here next and disney earnings on deck and kevin mayer joins us exclusively on how his new candle media company is rolling up juicey content creators even as streaming slows. what's the truth data streaming? kevin mayer will tell us. the closing bell 40 minutes away and "claman countdown" systemming right back and dow tracking higher by 414 points.

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liz: what a rally here, dow up 436 and the democrats hard fought inflation reduction act promised to doctormatically increase ev adoption in the u.s. but experts say the current bill lacks clarity over which e vs qualify for the tax credits and ev buyers can earn up to $7500 in tax credits but only on the evs built in north america including mexico and canada as well and only, here's the question, only if their batteries are built in north america with minerals mined in the u.s. or in a u.s. trade partner. meeting that threshold to a t could be very tough. in fact, the alliance for automotive invasion says even possible that no current u.s. ev models meet the made in america's requirement that includes sourcing of battery materials and assembly. there's no clear vision for evs in the bill, one is israeli company snagged a $4 billion deal to provide volkswagen with

sensors and perception software to outfit its ev and autonomous cars and the stock on news of last week's deal, the company is jumping. it is cofounder and ceo is joining us now first on fox business. omir, congratulations on the deal. is this just for vws or all of volkswagen's brands? >> it is for all of the groups, we'll serve all of the brands and, yes, it is a very big opportunity for the market to grow. liz: it's interesting because it's very much autonomously focused, your lidar, light detection and ranging, and yet most evs out there are coming in with autopilot or partial autopilot. how important is it to incentivize this technology? >> i mean, the autopilot is a

currently not really providing safety and safe mobility, and lidar is a solution and the only problem that it prohibits is the cost, they were very, very expensive and six years ago they would not include it and now with the accessibility, it is accessible and we're launching next year with bmw, our current customer that chose innovative technologies to go to the market with a safe lidar to serve their customers and now innoviz is locked in with the entire volkswagen group, together 15% of entire 15% of market and we're moving fast. liz: your stock today alone is up 15% and that makes you smile of course. i'm sure your investors are thrilled, but tell us how did a tiny company, start up such as yours, when there's other competitors out there. how do you land that kind of

deal that will up your order book to about $6.6 billion? >> so we didn't start only in the last year. we had been working with bmw as a first customer and bring a lot of experience and awe motive technology and we came along with a second generation product, innoviz2 and cost reduction and 70 times better. we brought this product to the market, it was really an amazing offer to different car makers, and volkswagen chose to work with innoviz and this opportunity we're becoming the tier one. we're the direct supplier for the volkswagen group. it's also improving our ability to be much more efficient in our ways to serve the entire group and be much more cost effective solution for them.

we're serving our solution as tier one supplier to all car makers worldwide. liz: well, we love these kind of companies. we love technology here on the "claman countdown" and we love the future. the future is now for you guys. thank you for coming back up. we hope to see you soon, omer. >> we will be soon. thank you. liz: the company is innoviz and the dvd company, redbox, getting gobbled up by chicken soup for the soul and has stock moving dramatically but in opposite directions. which one is up and which is down, that's next? who quits big advertising job and cleans out savings account and buys a one way ticket to europe to learn how to make cotton sheets? the founder of ceo of a cult favorite home goods company parachute. she made billowy bed linens and now she's striking partnerships

with celebrity i did signers, in order -- designers and nordstroms and more. it takes courage to follow your dream. if you want to know how she did it, download my everyone talks to liz podcast from wherever you get your podcasts. closing bell is 39 minutes away and the dow, session high up by 90 and still up by 453 and s&p gaining 78 points and nasdaq up 336 and want to watch as a bear market? stay us.

liz: yeah, pretty much a green on the screen everywhere. fox business alert, we have a rally that's very broad based right now. we have to drill down on a couple of names, trade desk, a standout at this hour. the ad company posted better than expected quarters despite analyst worries and look at trade desk right now. barely off the high of the session, still up nearly 34%. revenues boomed 35% higher year over year as trade desk said more brands are signing new contracts or extending their long-term agreements with the digital ad firm. the buzz around buzz feed shares far from buzzing as the internet media company report add wider than expected quarterly loss and the new york based company known for its list cals says

viewership declined 19% year over year. the stock has dropped more than 50% over the past six months as the company reported 3.5 million in restructuring costs and the loss of top editors. we should take a look at the real reel. that's having a tough time down about half a percent at the moment and it's been a difficult couple of quarters after announcing a full year forecast lower than analyst estimates and the company known as the place to find authentic bags and duds expects full revenue between 615 and 635 million that is well below the estimate of $653 million. redbox shareholders may need chicken soup to heal their portfolios and shares of the company tumbling 48% after getting approval to merge with chicken soup for the soul entertainment and the two companies agreed to the merger in may to keep redbox out of bankruptcy and shareholders for

chicken soup for the soul entertainment will own 76.5% of the firm and redbox shareholders owning remaining 23.5% and it could be completed as early as thursday when chicken soup reveals its quarterly report. chicken soup had a great day, up 38% and great quarter to date up 108%. disney hoping its jessica its jd trick will help reporting after the bell today. and disney chief kevin mayer is one of the top content gurus in the nation as he rolls up everything from cocomelon to reese witherspoon's hello sunshine and is it tipping to the dark side or still the king? candle media and cofounder kevin mayer joining us next in a fox exclusive. closing bell just under 30 minutes away and dow up 466 and it's a strong day as inflation

appears to be cooling.

liz: well, yeah, no surprise we have a big rally here. dow is holding onto at least a good chunk of it is gains. disney dow component reports quarterly results in less than half an hour and one of the watches is how many spikers the disney+ site adds and the stream is expecting more than 10 million net additions in the quarter. will they make it? i don't know. nothing is the streaming world is a sure thing right now. last thursday the industry suffered major upheaval when warrener bro's ceo david zaslav said the bloom is off the streaming rose stating "we can't find an economic value for the films going direct to streaming and make ago shift to theatrical

movies". the coal mine for streaming was netflix and reporting losing for the last two quarters and candle media, the media result up play run by ex-disney exec kevin mayer that launched disney+ and tom staggs has a billion in black stoning. candle bought rees witherspoon's company hello sunshine and candle hoovered up moon bug entertainment, the company behind the children's show cocomelon and far away road. if anyone has a read on the streaming road, it's candle media kevin mayer joining us now in a fox business exclusive. kevin, man, you guys have been busy. what did you make of david zaslav shocking much of the streaming world and maybe their investors when he declared the era of streaming evangelism is over. you know that business very

well. >> i do, thanks for having me on the show. always a pleasure, liz. so, look, streaming is far from dead. streaming is very robustly growing and netflix over 220 million subscribers and disney+ last we saw had 137 million subscribers. hbo max is doing well, paramount plus added subscribers. stream asking a new paradigm for consumers to interact with and consume awesome content, i think it's here to stay. i think warner bro's, david zaslav has his work cut out for him and he'll succeed wildly, but he has a lot of debt, he has linear channels, traditional theatrical business and streaming, all which he has to manage very cohesively and align all those businesses in order to maintain his paying back the debt and growing his dollars, which i'm sure he will. i wouldn't read too much into

the statements. liz: when you look at all the subs that netflix for example lost over the past two quarters. the first quarter was a surprise and people were shocked and then they did lose fewer than expected for the second quarter, but considering the fact that you've basically bit off a bunch of content. you've purchased extensively that goes straight to streaming, how do you interpret that as you say streaming is still very much alive. >> well, netflix still has over 220 million subscribers, don't lose sight of that . they lost 200,000 in the prior quarter and over 1 million in this quarter and their growth will restart as they penetrate international markets but they're spending over $18 billion in content spend. that's just netflix. if you look at hbo max, if you look at disney+, and look at hulu, if you look at amazon, if you look at apple tv+, there's

tens of billions of dollars being spent on content and the thing i like about our position with candle media, we're an independent studio. we are not captive to any streaming service. we can sell our incredible shows to all the different streamers, and if you're, you know, netflix, you can no longer buy products from disney. you can't buy product from warner bros very easily because they're feeding their own streaming service sos being an independent provider of must have, high quality content like candle is, we love our positioning and there's still a huge amount of money being spent on great content. liz: and you did it very quickly and talk about huge amount of spending. how much more cash are you and candle willing to spend and i should add is blackstone willing to spend since you're backed by the private equity firm. you spent about $900 million on the reese witherspoon hello sunshine operation &there was a lot of chatter at the time like wait? what! that is so overvaluing that company because i know before

you headed up disney's direct to consumer, you were chief strategy officer in charge of acquisitions. your fingerprints are all over the most prolific and valuable deals disney ever did, pixar, lucas film, marvel and you and staggs picked hello sunshine for that much, that's not far from luca's star wars of $4 billion. how mindful are you? >> very mindful and we're stewards of blackstone and they're an incredible partner and so glad we're working with them and their limited partners investing alongside blackstone and we think we have a portfolio that really works and back to the days of disney, when we bought marvel and pixar and even star wars, wall street thought we overpaid at the time and i am here to tell you, high quality content with a brand that really means something to an audience like hello sunshine means to the female audience, that content made by women for women putting

women in the center of the story telling, that resinating with audiences and really works on streaming platforms and so i think it's easy to point a finger and say, hey, they paid a lot of money and it wasn't inexpensive, but we buy very high quality companies, very prominent brands and we think they're going to work. we don't buy turnarounds and we pay a fair price and we have collected some really great assets all of which are growing very nicely. we're very happy with our position. liz: obvious question, are you currently in talks to buy more companies and to continue this roll up because i know that you've put some money into attention, attn, which is the short form content for gen z and millennials and other opportunities i would imagine is out there now. >> we are. we're looking at domestic and international studios to acquire. we believe in franchises and brands that really have meaning and resonance with consumer

segments. we're out there. there aren't a huge number of companies we're looking at, but there's several right now and so nothing at this moment and maybe nothing to announce in the very near future, but we are still out there looking for great brands and franchises to add to our great company, i think. liz: are you still having the same conversations with the streamers at the same clip that perhaps you were maybe six to ten months ago? i ask that because as we've seen the numbers come down a bit, you look at how much they are willing to spend at this point and everybody's suddenly become so mindful of oh, maybe there's a recession. maybe we need to hold off on hiring. tell me about the atmosphere of deal making and meetings that you've been having. >> yeah, that's a good question. look, i think there's been a healthy reversion to quality. there was a very hectic pace of deal doing and aquisitions of content by the streamers almost

without regard sometimes to the underlying quality and meaning of the franchises that they were acquiring. now i think folks like us, like candle media and our various properties are well positioned because there is a plight to quality and people are understanding that the spend has to be more judiciously out there and if you have very high quality brands and brands that connect with audiences and franchises with a multi-season and multi-platform carbogen ration potential, i think we're better position than ever. these streaming services are still in a pitch bat toll acquire subscribers and retain them and to do that you need great content. so if you have the goods like we do, i think the positioning has never been better. liz: it's deferentially a land grab and i'd be remiss if i didn't say we're about 20 minutes away from disney's earnings. job is having a hard time harnessing disney and stock down about 39% over the last year.

does disney+ need to scale back the forecast that it will have between 230 million to 260 million subs by the end of 2024? is that too ambitious? >> look, i don't speak for them and bob is a very capable and smart guy. he has a great team, the cfo and my old job running disney+, these are high-quality executives and know what they're doing. if it were i and i were in that position and didn't have those rights and rights to india for streaming any longer, that would probably be wise and judicious to scale the numbers back. i would not be surprised to hear a new -- either just an abatement of the numbers that are out there now 230 to 260, or just removing guidance all together. may not happen and maybe they feel they can get the 230 to 260 and if they do, they'll keep that in place but i'm not be surprised at all hearing that

number raised. liz: yeah, the star subs in india has always been a real question. kevin, when you make your next acquisition at candle media, you've got to come back. we love following that story. >> you got it. always a pleasure to be here. liz: kevin mayer, the cofounder of candle media. is elon musk in the massive stock sale? we'll break down what the tesla ceo break down of the billions of dollars in sales of shares means and the twitter deal he may be forced to enact. charlie breaks it next. we have a mover to the upside with 539 points since the top of the hour for the dow jones. the nasdaq near 3% gain, 358 points to the upside today. quite a rally.

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liz: still lots of green on the screen. if actions speak louder than word, elon musk may have dropped a major hint whether he is officially bracing for the order to buy twitter at the price he originally offered. charlie gasparino has been all over the story. >> sold six billion dollars

worth of stock. liz: nearly seven. >> close to seven. i think if you totaled it it is 35 since the beginning of this this -- liz: billion. >> billion. he is almost at the ask price he put down, 44 billion. he sold 35 billion worth of stock. that is significant. here is what i can tell you, liz, i'm bouncing stuff off bankers before they stalemated. it is over in the chancery court right now. everyone of them say they think it is going to get done. they think it will get done on a lesser price. not significantly lesser price but they think the two sides will come together at some point. you know, if you look at the stock, we should put a stock chart up of twitter today. liz: they're both up 3%. >> that is kind of where people think it will end up. i think he has to pay more. i think he pays close to 50 but that is about in the range. if the market thought twitter would not be sold to musk right now that stock would be significantly lower. it would be in the 30s.

liz: he didn't want to be forced to do a fire-sale of tesla shares. >> he is admitting it that he may have to do this. like saying court might make me. so i think all signs point to this thing is happening. the bankers are saying this. here is the thing with elon, i don't know, you can't take him at his word. his word is usually, you know, an inch deep, mile wide. if he says he will never sell another share of stock he sells it. that is what he did today. this is my last and final offer, i really want the company, he backs out. it's a moving target with him. he is volatile. i know bankers that worked with him on this financing. they said, they used words like bat blank crazy. they're annoyed. liz: they spent weekends putting this thing together. >> he is the not most compliant partner or client. he was crazy. so you know this is like something, i can give you, i can't tell you what will happen. i can only tell you what people

think will happen that are involved in it. i'm giving it to you. they think the deal will get done a little lower. not significantly lower. elon musk is going to end up buying twitter. although it will be such an insane thing. let's say he buys it after all this back and forth. who will want to work for him? liz: who will run it? he is very passionate about spacex and tesla. he will stop putting together social media? >> if that comes to it he may bring back jack dorsey. liz: wow. >> i could see that. people kind of talk about that when you talk to bankers, who would run it? he likes dorsey. i guess you could find other people. no offense to jack dorsey who is a very nice guy. i actually met him once. liz: quite brilliant as well. >> didn't do the greatest job monetizing the asset. liz: founders are not necessarily the guys who -- >> true.

remember sergey brin and larry fink. they gave it to, what is his name. liz: eric schmidt. >> to make it work. liz: larry came back to do a good job. >> they gave it to him. zuckerberg brought in sheryl sandberg to make that work and she did before leaving. >> bank of america put meta on the u.s. one list. >> what does that mean? liz: they love it. meta doing pretty well. >> i see back and forth on that, whether it is, so what else? liz: you're not going to buy pixel eighted shoes to wear in the med metaverse. >> what is balicienga? liz: okay. >> suffice i don't wear them. are they a brand, johnson and murphy? liz: they are awesome. six minutes to go before the closing bell rings. looking at 500 plus point gain for the dow.

today's rally sent the dow out of correction territory. it is up 3% from the june 17th lows. nasdaq exiting bear market, kegging off a -- kicking off a new bull run. it is 7% off the low of june 16th. a gain of 300 points on the nasdaq this is a day to remember certainly for anybody who kind of started buying a couple weeks ago. it all comes back to the fed, does it not? what the federal reserve wants higher rates are bringing down inflation. today's "countdown" closer says don't fight the fed. okay, we knew that but he has a different kind of meaning for it now here, he is here to share his demand destruction picks. joining with seven billion in assets under management. horizon investment ceo scott ladner. demand destruction picks.

that is what the fed wants demand destruction to bring down hot prices. how do you decide what is good pick in that atmosphere. >> thanks for having me. that is not generally food for the economy but it is pretty good for inflation. we're seeing apparel, food prices. all things goods related. we'll see outright inflation that will be helpful thing for the fed. it will still take a few months. we're going to see this go on for three or four months before the fed will be able to change their tune even though the market is front running it obviously. liz: did you say deflation? we're a long way from that. our inflation level, let's be honest still is at 8.5%, certainly for consumer inflation. you're looking at very hot

numbers. they are slightly better than they were last month. >> definitely. so certainly there will be pockets of deflation, liz. think of all the things we bought during covid when locked up. we bought sofas, bought tvs, remodeled our houses. we're seeing deflation with those prices we're seeing it with today's print. we'll not see deflation in airline prices. we might see that eventually. food has a little ways to go. energy has a little way to go. we're seeing pockets of deflationary forces and that will end up being a good things. will take a few more months of this before the fed reels comfortable that they have the handle on it. liz: i get that. i don't get why you're picking energy in a demand destruction environment. if that is the case we know that prices have started to come back. now these are year-over-year, but month over month, gasoline, dropped. we had way interesting numbers month over month.

so, why would i continue to invest in energy if there is demand destruction? >> it actually, kind of a barbell trade. energy is one side of it. you know if we think the fed is actually going to be able to achieve this soft landing and demand destruction is not as severe people think -- part of the reason we had energy prices come down so fast so hard because people are worried more about growth and recession than about inflation. if the fed is actually able to pull this off, we don't get as much demand destruction but still get prices coming down in a soft manner, we know we still have supply constraints. there is global energy supply problems around. energy prices are relatively sticky high. that will be good for cash flows for energy companies. if we don't get massive amount of demand destruction probably good for energy. if we get massive amount of demand destruction we probably want to go on the other side,

technology trade. that is -- liz: scott -- we've got this unbelievable rally right now, particularly tech led. we have the nasdaq up nearly 3%. for a gain of 354 points. it is outpaceing everything. s&p is looking good today, up 35 points. no tech, you're not a hot guy on tech at this point as we exit the bear market for nasdaq? >> no. actually we are big on tech right now. tech and energy are two sides of the barbell. and the rationale behind the tech call is simply if we do get a lot of demand destruction and we get some rates lower growth is scarce. get demand destruction, get recession, growth is scarce. scarce is valuable. tech companies have lot of growth built into them for -- [inaudible] liz: scott, thank you. you got to come on a day where there is quite the broad-based

rally in play. the dow looks to close up 519 points. all it needed to get out of correction was gain of 103 points. as for nasdaq, enter as brand new bull market with this gain of 357 points. [closing bell rings] it is a new day for the nasdaq. transports with a solid gain of 3%. thanks for joining us on "the claman countdown." "kudlow" is next. we'll see you tomorrow. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. more tonight on the fbi's outrageous and unprecedented raid on donald trump's mar-a-lago. still as of this reporting the justice department has failed to explain why the fbi raid was absolutely necessary. why weren't these alleged document disputes settled in out of court, out of raid negotiation? why not continue the cooperation between president trump and the national archives that had yielded good results and where the discussions