the warby parker stock didn't do much. liz: yeah, and it makes you wonder as you look at popular items that are discretionary, we've got the ceo of traegger, the joe row began promoted -- rogan promoted grill. the s&p lost all the gains following the nasdaq, yeah, this is starting to look really kind of like a little bit of a hangover as we are waiting right now on u.s. attorney general merrick garland, who is expected to speak about that recent raid at mar-a-lago. mar-a-lago looking for former president donald trump's documents. we'll be taking that and it appears it is starting to destabilize the markets but even before this, you're still looking at one of the most

compelling reasons that the final hour of trade matters the most. the numbers on your screen right now look nothing like the opening bell where markets shot higher on day two of friendlier inflation numbers. the nasdaq at the open shot up about 13,000 after the july ppi or wholesale inflakes index. inflation index. that came in lighter than expected and a sign that finished goods cooled off from multi-decade highs. at the high, the tech heavy index was popping pretty considerably. let me look at that. nasdaq at the high up 171 points and we've reversed down 69. the dow was up 342 points right now up 42. just 42. as for the s&p, pretty much flat to slightly lower after hitting a high of a gain of about 47 points. now, the jump at the hope was to be expected; right. just a day after the july cpi showed that consumer inflation, while still high at 8.5%,

simmered down from june's 9.1% year over year and markets, of course, you know what happened yesterday. they saw huge rally. cpi's cousin, the ppi, producer price index, came out this morning. also cooler than anticipated. you can thank the energy sector for much of the green on the screen. the up 2.5% in the after market at $19.50 around where it closed in the regular season and this after the international energy agency upped its global thirst saying demand will rise by 2.1 million barrels per day and increase of the previous number and increase of about 380,000 barrels. but here comes the cooling inflation part; right. oil prices are down just about 11% quarter to date. and this is big news today, according to triple-a, today retail gasoline finally falling below $4 a gallon.

first time since march and national average stands at $3.99. you cannot ignore the disney affect. the shares of mouse house up about 5% after reporting revenues surging in the quarter and sales jumped 26% thanks to record results at theme parks and disney added 14.4 million new subscribers for disney plus, yeah, beating the 10 million estimate, but the stock as it stands right now at $118, not what it was ten minutes after the open when it touched $123 a share. what's going on there? the broader market coming back down or perhaps because the prediction that the former disney+ chief kevin mayer made here on countdown before the report was spot on yesterday. jimmy graham think that would -- >> i think that would be wise and judicious to scale the numbers back and i would not be surprised to hear an abatement of the numbers that are out there now, 230-260 or just

removing guidance all together. it may not happen. maybe they feel they can get to 230-260 and if they do, they'll keep that this place but i would not be surprised at all to hear that number being reduced. liz: sure enough, that's what disney's ceo announced 40 minutes later, three months after saying disney+'s target of 230 million to 260 million paying subs by 2024 was "very achievable". he cut that range yesterday to 215-245 million and he pushes it all the way out to september of 2024. he also said the current $7.99 per month price in the u.s. will jump to $10.99 to replace the revenue expected to disappear once disney loses cricket righteds at its partner hot star in india. but the market is more than disney of course. you guys know that . financial is a huge driver. look at the green on the screen. all creatures great and small in

the sector are looking green. we have everybody. the big one's up with bank of america in the lead about 2% but if you look at the regionals as well and some of the smaller large bank ifs that makes any sense. still, everybody looking pretty good. now the question: now that the dow has exited correction territory and the nasdaq has the bear market in the rear-view mirror, which driver will hop in the driver seat for the rest of the year. we have ceo ron with us. great to see you. financials, insurance, the miners, semiconductors in the green and home builders too. first, how much credence do you give this two-day rally that's kind of loses -- hold on one second. we are hearing that merrick garland -- hold on. merrick garland, attorney general is about to take the stage here. just stand by for one second. he's going to make a statement at the department of justice. let's listen.

merrick: unseal search warrant and property receipt relating to an approved search that the fb icon ducted earlier this week. that was a premise located in florida belonging to the former president. the department did not make any public statements on the day of the search. the former president publicly confirmed the search that evening as is his right. copies of both the warrant and the fbi property receipt were provided on the day of the search to the former president's council, who is on site during the search. the search warrant was authorized bay federal court upon the required finding of probable cause. the property receipt is a document that federal law requires law enforcement agents to leave with the property owner. the department filed the motion to make public the warrant and receipt in light of the former president's public confirmation of the search, the surrounding

circumstances, and the substantial public interest in this matter. faithful adherence to the rule of law is the bedrock principle of the justice department and of our democracy. upholding the rule of law means applying the law evenly without fear or favor. under my watch, that is precisely what the justice department is doing. all americans are entitled to the even handed application of the law, to due process of the law, and to the presumption of innocence. much of our work is by necessity conducted out of the public eye. we do that to protect the constitutional rights of all americans and to protect the integrity of our investigations. federal law, long standing department rules, and our ethical obligations prevent me from providing further details as to the basis of the search at

this time. there are, however, certain points i want you to know. first, i personally approved the decision to seek a search warrant in this matter. second, the department does not take such decision lightly. where possible, it is standard practice to seek less intrusive means as an alternative to a search and to narrowly scope any search that is undertaken. third, let me address recent unfounded attacks on the professionalism of the fbi and justice department agents and prosecutors. i will not stand by silently when their integrity is unfairly attacked. the men and women of the fbi and the justice department are dedicated, patriotic, public servants. every day they protect the american people from violent crime, terrorism, and other

threats to their safety while safeguarding our civil rights. they do so at great personal sacrifice and risk to themselves. i am honored to work alongside them. this is all i can say right now. more information will be made available in the appropriate way and at the appropriate time. thank you. >> thank you all for your questions but as i said, that's all i can say at this time. liz: attorney general merrick garland in essence saying that he was the one who absolutely approved, personally approved, the search warrant. he also said that the execution of the search warrant at former president donald trump's mar-a-lago home was not a surprised to trump, that a copy of the search warrant and a receipt was provided to trump council. he personally approved, as i

said, the search warrant. he said that he did acknowledge that there was substantial public interest in this case, and the dow for a moment there had been up barely just 7 points. now it's up 22 but nowhere near where it was before. so as we continue to watch this, he did say he personally approved that search warrant and of course there has been quite a bit of discussion across the united states he understands, as he said, this was of very big interest to the public at the moment. let us return now to our business at hand as i mentioned, we have financial ceo ron and we we are pointing out all the sectors doing well, but i need to know how much credence you give to the two-day rally. rall. ron: i give credence to it for a long time. you know, liz, we've been right here as a company back in june, we said when the s&p was 3600,

we changed our view to 4200. we recently changed that to 4400 on the premise that inflation was going to be coming down much faster than what people thought, and that the fed would not be rising, you know, as much or as fast and so i think that's all playing out and so there is credence to this rally. liz: well, you also said, ron, back in june that the fed would pause after the september meeting. that's not what the fed heads are saying. i mean, as recently as yesterday, both evans of the chicago fed and the minneapolis fed telegraph the fed has more to do and nobody should get over their skis thinking there's going to be a pause. has your opinion changed now on whether the fed hits the rate hike brakes after the next meeting? ron: well, what i said and let me try to clarify that. i don't sit on the fed so i

don't say what they should co. i said they should consider that a pause and i've said since then that what i think they'll do is they're going to raise 75 basis points. that'll be an important moment, i'll come back to it, and then i think they'll probably do another 25 or 50. they'll get to 3, 3.25 and i do think they should pause at that point because i do think inflation is coming down faster and we're witnessing it today. after september, liz, look, they're going to invert the three month treasury. that in my 40 years in this business, i think it goes back as far as you want to look, when that inverts and almost has 100% accuracy in predicting a recession. you know, that's why i think autotheist will be once you get to 3, you've got to be cautious. liz: yeah, i get it. if you were jerome powell, because i know you don't speak for the fed, but let's say you were that guy. i mean, what number would you

have to see from the august price index ahead of the september meeting to ease up on the interest rate hikes? ron: well, first of all, liz, let me take a step back. think about it in perspective of being in charge of the fed. thinking back to volker, people forget that he was remembered for squashing inflation in the 80s. they don't talk about, there were two, very deep recessions that he caused i think in '81 and '83 but he's remembered because he dealt with inflation. yeah, i think the fed first and foremost is less concerned if i might say of a recession than they are bringing down inflation. no one wants to be known as the fed chairman that was asleep at the switch when inflation went rampant. i think they're going to go toward raising rates to the point where they know inflation

is not going to be a problem. liz: ron, i'm watching the markets in realtime here, and now the dow has lost all its gained. we've seen quite the rally. the dow up 342 points at the high, s&p 47 and nasdaq up 171. i know the market is a voting machine as buffet and benjamin graham love to say. do you think something, some of this retracement has to do with worries about what's going on in washington dc? we just had that news conference with the attorney general, there are concerns about the fact that there was this search warrant executed at donald trump's place in mar-a-lago. i know it's hard to get inside the psychology, but when you have that kind of headline, how does that weave into market psychology? ron: well, it's unsentiment i would expect that -- uncertainty. i would expect that that statement, and i listened to it with you, liz, it was unprecedented and let's talk

about it from financial terms and not political terms, but the fact of the matter is that, you know, i guess i could get a search warrant issued on me, but a former president of the united states, that's unprecedented, and i thought that he might be sitting here saying, look, we had to retrieve the most confidential spy list ever, you know, that was sitting outside of our control. but he didn't say that. he just said, hey, no one's above the law. i think if you ask me, the market would not digest that well in the short run. liz: yeah, i think you're right on the uncertainty, but there's always uncertainty no matter what, and there is uncertainty about this last point. knowing that we've had two consecutive quarters of contraction, which under the old terminology meant that we were in recession. a, do you think we're in a recession considering the job market is pretty strong and b, what is the sector that sort of

takes the leadership here? ron: well, first of all under the technical you'd say we're in a recession. it's hard to say we're in a recession when we're at 60 year lows in terms of unemployment rate and it's 3.5%. so, no, i don't think we're in a recession and frankly from a economic point of view, if unemployment went to 4, and i'm not saying that wouldn't be pain, but from an economic point of view, that'd be a 30 year low. it's hard to see a recession -- i think what you're seeing today from a market leadership is, you know, the market believes the fed will get to a point and then they'll cut, and that's going to favor the growth names at this point. that's what i think you're going to continue to see. i think we see straight to 4400 and then we'll go from there. liz: all right, straight to 4400 right now. the s&p at 4205. okay, ron, listen, i like your tenor here, especially

considering that we have nearly fumbled all of the gains from just a few hours ago. good to see you ron kruszewski of stifel. see you next time. ron: see you. liz: the heart of grilling season is the heart of manufacturers but the leading name is struggling with inflation inferno hitting all aspects of his business. the ceo of traegger is here next to tell us what he thinks will light a fire under the pellet grilling company. dow is clinging onto just two points of gains -- make that five. we're coming right back so don't go away.

action in traeger stock is yet another reason why you have to watch the final hour because at the open, shares of the wood pellet grill maker promoted by podcast star joe rogan completely tanked. fell as low as about $3.62 after reporting a miss on both top and bottom lines for the second quarter. now despite q2 quicking off the start of summer grill season, traeger citing macroeconomic conditions and a shift in consumer behavior saw sales slump 24.6% year over year. but right now the stock is

barely down about 1.25% and it's clawed back from the intraday chart. why on this stock? well, let's take it to traeger ceo jeremy andrews. jeremy, thank you for coming on and doing what a lot of ceos wouldn't and come out after a bad report and still face the music here. discretionary items like grills you make are facing head winds and not all of them are instituting layoffs like you guys announced or warning at a one off. what's at the heart of the quarter's issues? jeremy: yeah, let me step back and acknowledge, this is a challenging economic moment for many consumer brands, but particularly those that are sort of high-ticket durable trended, grew accelerated during the

pandemic, and that's the case for traeger. the case for the outdoor cooking category. i always step back though and think about what are we building and are we building for a quarter or for a year or are we building something that's very compelling and very, very durable long term. it's the latter. i just want to first say, the underlying thesis of traeger is about invasion. it's disruption of a large category. it's this passionate cooking community that we call the traeger hood. then there's some underlying secular trends that are important like home cooking. that started trending pre-pandemic and food as experienced to a if you knows. from a brand position perspective or industry perspective, i really like traeger &i have a ton of optimism in the future. the backdrop is difficult and the near term is challenging so

it's going to take us a little bit longer to get to where we need to be but, you know, it's driven by i think a industry that accelerated during the pandemic. as it came out of the pandemic, there were sort of a couple of challenging elements that impacted this quarter. why is that margins have really experienced the elevated supply chain costs? notably costs of transportation, bringing big and heavy inventory from asia to the u.s.. that's really hit margins. the second piece we began to feel in spring of this year and consumers who had really invested in high ticket durables, things that were intend to make the experience at home better turned on a dime. liz: yeah, let me drill down on that. let's say there wasn't a pandemic and people bought a

traeger grill. these things are not cheap. as you said they're high ticket items from a couple hundred bucks to more than $1,000. they're not going to buy another one next year so make your case. i mean, help me see since the stock has come down 86% year over year, help me and our investor audience look at this as a opportunity versus a why would i even invest in this thing? jeremy: yeah, look, so number one, traeger is -- the energy behind traeger for someone who owns one is unlike anything i've ever seen before. that's why i'm here today. that's why i invested and joined this business as ceo nine years ago. if you talk to a traeger owner, they will say my traeger change midlife. it's one of the most important things that i've ever had in my home, in my family, and we see that head-to-head. if you look at us head-to-head against traditional grills in

the largest brands in the category, head-to-head, we crush them from the consumer experience perspective. it's not even close and we've seen it over and over and over again. liz: can i just make this point, in defense of you guys and what you've put out there, the price of meat has skyrocketed, the price of chicken, bacon. we just got the cpi numbers, and it's pretty stunning to see the jump in percentage when is it comes to inflation. i mean, beef up 7-point 2%, pork up pretty much the same, chicken up 16% so as we finish up here because we've got a lot of breaking news, tell me what you're seeing in the current quarter? we are now, july, august, september, really big grilling season. anything better? jeremy: liz, traeger's 3.5% household penetrated across the u.s.. in markets like utah, we're 17% household penetrated so where we invest, we win. you know, it's -- there's some

head winds in your near term and we'll sleuth through the moment responsibly how we invest and allocate resources but nothing's changed in the long-term thesis of this brand. liz: jeremy, i respect you because ceos are sometimes very cowardly after something -- we're not talking so i thank you for coming out here and speaking to our viewers. we'd like you to come again when your story is the same or changes so we can continue. jeremy: i've never been more optimistic. i will come back any time you're ready to talk. liz: thank you so much. we've got this fox business alert, investors are getting heart burn at this hour over pharma stocks, pfizer, santafe and all are dropping on heightened leloirs on the drug zantac. it was pulled from the market in 2020 over concerns about trace carcinogen levels found in the drug. so why this sell off now? i mean you've got glaxo down

6.7%, pfizer and others down 3.5% and started on tuesday when a ubs analyst downgraded from a neutral to a buy from the ongoing legal action and lawsuits swirling around zantac, which has been sold at different times in various forms by drug makers. let's look at sono shares, they're off key after the maker of high end speakers lowered full year guidance and announced the upcoming departure of cfo. shares areplummetting down 25% and forecast coming ahead of crucial holiday season as americans cut back on high ticket discretionary items. tvs, electronics included, but they are not cuts back on home furnishings, at least not the ones made by our house. shares of the furniture maker surging 22.5% right now after the company reported second quarter earnings that beat wall street expectations and high end furnishings company raised its

full year outlook and they're not the only ones from couch to bed, temper shareholders, probably going to sleep well tonight. pretty well. stocks up 2.8% and shares of the mattress maker on the move after golden sacshs initiated them a buy and solid story. canada goose up 1 point 2% and after the maker of the $1,000 winter coat reported quarterly revenue that beat estimates. ceo danny rice told them high inflation is not deterring customers and expects sales to stay strong for the rest of the year. well, waited till you see ad sales. fox corporation, today moving higher by 4.5% after reporting quarterly results yesterday. the fox business parent saw revenue rise nearly 7% as higher

affiliate fees and advertising boosted to more than $3 billion. baseball fans in for such a treat tonight when fox sports airs field of dreams for the second year in a row. nearly 8,000 fans are expected to see the cubbies and the reds face off in diresville, iowa, made famous by kevin costner's "field of dreams" movie. that's the biggest tickets since 2005. 20 new advertisers including budweisers, capital one, john deere, chevrolet, and mastercard. grady trimble is live in diresville where he gets a front row seat for tonight's game. i can't wait to see this.

grady: liz, that's r last year they let me on the field for the game and i hope this is an exclusive event and it was quite a spectacle to watch on tv, 6 million people did it as you said and more exclusive in person, and that's why i saw tickets on stub hub yesterday going for more than $5,000. so fans coming through here will walk right through this area through the corn, reds and cubbies as you mentioned, and i want to give you the layoff the land so you -- lay of the land so you can tell where we are. the original field of dreams movie site isen o the other side of the corn there. you might be able to see the top of the white farmhouse where kevin costner saturday on the porch and decided he was going to turn his corn field into a baseball field and fans will keep going this way and that's when they'll eventually hit the stadium for the big game. last year it was magical experience to see kevin walk out

with the white sox and the yankees in the old-time uniforms and i saw some of the cubs milling about on the original movie site about half an hour ago and they're in the old time uniforms as well. they've got to do something to one up last year because it was pretty remarkable. word is kevin costner will not be here but there'll be a special tribute for ray liotta that passed away a few months ago. >> john dutton will be up in montana. grady, one last question, when will they invite my cleveland guardians to be in this game because that's the draw. grady: i'll put a word in for you -- well, they're not doing it next year so i'll have to make some phone calls. liz: thank you very much. everybody, the cubbies take on the reds in the field of dreams game tonight. coverage begins at 6:00 p.m.

eastern only on fox. don't miss it. all right, we first showed you this tesla on autopilot appearing to run over a dummy in las vegas earlier this year. lidar giant made this video to challenge elon musk to the resistance of using the laser technology in his self-driving evs. now consumer advocate ralph nader is one upping calling autopilot a "manslaughter machine" calling for it to be pulled off the market. luminar ceo is with us next. we have the dow holding off 35 points of gains and it's pretty much touch and go at the moment. who knows what will happen between now and then because the nasdaq is still down 60 points.

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>> manslaughter machines? well that is what one of the most vocal consumer advocates in the country is labeling tesla's full self-driving system. former presidential candidate ralph nader calling on the national highway traffic safety administration to recall vehicles with the feature saying they're one of the most dangerous and irresponsible moves by a car company in decades. so he's not alone because this afternoon, two key lawmakers from the house and senate say they are troubled by mounting fatalities involving the technology and are asking for a briefing on its tesla safety investigation. here's the number, nitsa is currently investigationing 16 crashes related to the tesla feature and one of those was fatal. should tesla shareholders brace for impact and recall as soon as the news came out about the two lawmakers and tesla lost the gains and gone up 858 a share --

sorry, 889 a share -- 894 a share and now at 858. lidar company luminar performed a test earlier this year that went viral. here it is on your screen, showing tesla systems don't always detect pedestrians but its systems co. here to respond is the luminar ceo austin russell saying his technology is better than the tesla system, that involves multiple external cameras on the car. good to have you, austin. as a tesla owner with autopilot and not full self-driving i'll play devil's advocate. start with the pile on with members oturu congress and ralph nader jumping into the fray. what why your reaction? what is your reaction? >> yeah, first of all id say ultimately the kind of stuff we develop, it's supposed to be complimentary to what's out there and less about competing. we're not there to try and remove the driver and replace it all together. our goal is to be able to just make cars substantially safe or

reduce fatalities or accidents and have that be the key focus and lost in the noise of all the self-driving world and the next generation technologies so i think that's absolutely critical, and the honest take is that, you know, while i think you're pointing out a lot of stuff with tesla as a critical focus for it. i think the reason why they've garnered so much attention is largely because it's a big claims that are being made all around it. the reality is that these court issues are not unique to teslas and relevant to everyone in the industry, and the reality is that even the most advanced assisted driving system today, which is essentially what they are. there's no self-driving system out there today. liz: right, full self-driving. >> or anything where the driver doesn't have to pay attention, it's always constantly paying attention, which means assisted driving at the end of the day. the reality is that they cannot reliably detect basic things ahead of them like pedestrians and things and that absolutely has to change. as it relates to us, that whole thing for the first time when

using laser-based detection, lidar-based detection and that can change the game. going from guessing to knowing. liz: is it a little over-the-top for ralph nader to call teslas with full self-driving manslaughter machines? you put out this video that showed a crash test child, and it was just kind of rolled over by the full self-driving but manslaughter machine? >> yeah, i mean, you can potentially argue that all cars are manslaughter machines in the first place there and the question is, okay, what does that mean? obviously i think going back, i believe in the ralph nader case took into consideration he's been a critic of safety for the industry for some time and helped push forward the whole notion of seatbelts in the first place and other types of safety devices so props to that. as it stands now, there needs to be huge improvements and i don't think it's an out there

characterization for what it's worth. the reality is this is very much a real problem, you know, tens of thousands of pedestrians are hit every year by cars in the u.s. alone -- liz: let me jump in here, austin. we have numbers. in all of -- from june of 2020 to june of 2021, we had a total of for tesla, 273 crashes resulting in five fatalities. but human drivers according to nitsa that were driving regular cars, 42,915 fatalities. so, i mean, i don't know how anybody can pounce on tesla and say that there are eight cameras on the outside of every new tesla with backup software are somehow killing machines any worse than human drivers who are either distracted or made a mistake. >> just for the sake of clarity, there's a significant difference of when you have this beta full

self-driving activated verse not in a normal scenario. there's two different problems here getting mixed in all together here. one is industry specific and one is tesla specific. these are two completely different issues here. the industry problem is that cars do not reliably stop for basic -- like, cars don't stop you from colliding into the thing right in front of you. even with the most advanced camera and radar tech, that includes tesla. with the most advanced stuff at the table, it doesn't work to stop a basic, basic scenario decoy. then leads to the other criticism there too, okay if we can't get the basic stuff to work, why are we trying to be able to make full self-driving there too. that's the other part of the criticism of just a, you know, false marketing. that's why california is now aggressively going after tesla as well and threatening to not allow them to sell car ifs you don't change the marketing and that's the marketing issue around the "self-driving" stuff

and it's not in fact self-driving and has some of the most basic fundamental problems of every other car that does accurately avoid things. liz: there are rumors, austin, that tesla has been looking at luminar, possibly considering it. are you laughing? why are you laughing? you're saying no? is that a confirmation they're not or -- i mean, is this a possibility? >> yeah, yeah, don't take a laugh as a confirmation. listen, there's leaked reports out there too of tesla driving around with our stuff. i don't think that's a secret at all, but when it comes down to and testing the stuff, when it comes down to it, the reality is that it's -- being able to get to a point of where we can actually deploy and increase the safety 10x from where it is today absolutely still needs to be disown and people need to be behind that cause and make that big push. i've never seen as big of a moan men it up as there is --

momentum as what's being drummed up in the last handful of days in terms of interest and consumer safety and pushing the envelope, and the criticism around, you know, saying that you pushed the envelope in terms of better improvement when it's really back in square one. liz: got ya. we know this is a story that continues to develop. i only have auto pilot so i have to have my hands on the wheel, and i love it. i do. but i've talked to people with full self-driving and they say it absolutely does stop but again, these are issues that we will continue to watch and keep our viewers posted on. >> it absolute doesn't. you know, which is why we've seen some crazy stuff out there too but, you know, the reality is that like i said, this is not issues and the issue where, you know, there's no need to pick on tesla for the overall auto industry safety issue or lack there of and that's the case but the part to pick on tesla on is the marketing around

self-driving when it's not self-driving and, you know, the safety claims when the reality is it's not there. it's back to stage on that . liz: stages of development, austin. see you again soon. thank you so much. >> yep, thanks. liz: mean stock mania showing a resurgence this week and regulators cracking down on stock trading platform robinhood after it was pillaring over the restriction it is placed on trading over last year's main stock media. charlie breaks developments on this and the closing bell ringing in 12 minutes and the dow is clinging to -- well, there goes that. down three points at the moment. it's very volatile, folks. stay to the end to see what happens.

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trading their ability to buy but not sell meme stocks back in january of 2021. to charlie gasparino. >> the apes are happy about this. i hear it all over the twitter. when you're not working i guess you stay on twitter. one thing is interesting here, i think. there is definitely a disconnect between fed policy and what's going on in the markets. it is manifesting itself in the meme stocks. back up a minute. obviously amc has some unique characteristics. liz: up 8 1/2%. >> adam aron says he will do that special dividend even though it is dilutive the apes like it. that's fine. they think it will uncover the massive fraud of kenny g and naked short-selling. that is one thing pushing the stock. the other thing the lawsuit can proceed forward. amc shareholders can sue robinhood for putting the halt

on that. doesn't mean they can but they can sue. liz: january 2021 they were prevented because of liquidity issues -- >> at robinhood. liz: from buying. >> you could sell. you couldn't buy. okay. if they don't have the money to do it, they didn't have the capital -- liz: don't be in the business. >> okay. i mean, that is like saying the nasdaq should should down after they blew up the facebook ipo. was it facebook or twitter? liz: it was facebook. >> this stuff happens. there has been outages at the new york stock exchange where you can't trade the stocks, the "flash crash." this stuff happened. i'm not saying they didn't screw up. the big story, if you notice the meme stocks, bed, bath & beyonds have been popping lately on disconnect with the fed policy, 2% target on inflation, market thinking they will settle for four or five. that is kind of what is going on

here. i can tell you this, larry fink, neel kashkari, larry fink of blackrock, neal kashkari of the minneapolis fed, larry summers, noted economist, former treasury secretary were at the aspen institute and they bounced around the notion of 2% inflation target. neel kashkari, open line to fed chair powell, they are 100% committed to 2%, 100%. larry fink chimed in, why not 3%? what is so magical about 2%. he said no, it is 2%. if it is 2% and he said even if inflation down a little bit from -- liz: barry. >> we have a lot more to go. now i'm paraphrasing a little bit. that means there's a disconnect between the market as you see the dow is green and what the fed's going to do if they're going to do it, of at least two, maybe three 75 basis-point

increases, that will slow the economy presumably, impact corporate earnings and lead to more market turbulence. there is a disconnect now. now maybe the stock traders are right. maybe they're wrong. i would ask your guests where they think this is going. is the fed, i mean, traders obviously believe, the market, jerome powell doesn't have the fortitude to go through with this. almost used the kind of -- liz: talking a good game though. >> he is and he isn't. he is all over the place. kashkari is talking a good game. liz: charles evans as well. >> yes. liz: thank you, very much, charlie gasparino. closing bell, we're three minutes away. markets are mixed at this hour, off session lows but nowhere near the session gains. cow up 25 points. it had been up 342. get right to the countdown closer, has about, aum of

299 billion. how do you even judge what to buy, where to go when we have a morning like we had this morning and then an afternoon which is very different? >> hi, liz. yeah, it's a great question. it's something we try to do every day obviously but i think one thing i would say focusing a little bit on the longer term is helpful. how you frame the question helps too. i specialize in investing in real estate. one thing i think is interesting we see today in the markets is there's two ways of owning commercial real estate from most investors. one own stocks of listed reits, what we invest in. another is to own stakes in non traded private real estate funds and pricing between those two alternatives diverged to an extent that is rarely seen. you know that is an interesting opportunity we think for investors at the moment. liz: it gets more interesting if there is a juicy dividend.

can you give us some clarity on that? people are nervous. they like to have stocks that will pay them for the market volatility to settle down if it ever does? >> the reit structure in listed markets is all about dividends. we're looking a yields north of 3, close to 4% in a lot of cases depending on the index and i think importantly those yields are very well-supported and covered by cash flows from the properties which you're not always seeing in some of the private funds for instance, that are valued much more richly. liz: i understand that, but at a point where real estate certainly one could argue a discretionary purchase this is a way to actually buy a chunk of it by simply buying a share. can you give me a macropicture before we go? this has been quite a interesting week with the inflation numbers cooling off. >> so there is a couple scenarios in the macro. one concern i think you know, first and foremost is inflation

and if you think about real estate that is and inflation beneficiary. rents go up with inflation. the other side would be the recession concerns we're seeing. [closing bell rings] real estate is defensive depending on the asset class. liz: greg kuehl, remaining cool in the summer heat. we're keeping you on your toes with these markets. s&p, nasdaq close down. dow up 19. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so, ag merrick garland gave the world three minutes and 30 seconds of his precious time and said nothing. remember the wendy's ad, where's the beef? well mr. garland gave us no beef but i'm going to speculate that tens of millions of americans will have a big beef over the fact that garland gave us no beef. he said that the justice department, and i'm going to