verizon. i don't like to see anyone lose money in the stock market, but i root for the come up answer of the arrogant bully. i'm rooting for the stocks. keep kicking their ass. liz, we lost a bit of steam. get us back on. liz: did you says a word? charles: no, it was in the tell prompter. liz: blame the prompter operator. uh-huh, that's an easy one. thank you very much, charles. charles: see you later. liz: gang, there's a fox market alert in the final hour of trading. i personally think it's fascinating. just underneath the surface of the markets right now. we have the dow jones industrials up 193 points. s&p just flipped negative but very, very, very slightly here. the nasdaq has been down for much of the session, down about 62 points at the moment.

it's not necessarily as far as the nasdaq is concerned because there's mass weakness in tech. in fact, let me show you the biggest bricks tied around the ankle of the nasdaq 100. moderna, zoom video, it's a panel of different companies in different sectors. yes, semiconductors i noticed were struggling as a sector. we're seaing broader weakness in the names on your screen. we have nvidia lower, but look at this loss at the moment for across the board. it's kind of a 1 percenter day where everything is down, broad com, sky works, qualcomm, micro-devices. when looking at the stocks, the stocks has gained 19% this quarter but down 23% this year. last week citi warned semis are in for the worst downturn in a decade with growing weakness and the automotive and computing and end markets and mean less demand for the chips they require. but here is what i started to say at the top of the show.

what's swirling underneath the overall market. the dow's upside move right now reflecting strength coming from the very name that warned just weeks ago the dark clouds were heavy with rain overhead and that of course would be wal-mart. wal-mart is at the very top of the dow jones industrials. on track for the biggest percentage gain in 2.5 years after second quarter beats on the top and bottom line and the game standing at 5.5% and it was exactly three weeks ago that wal-mart warned its customers we're suddenly showing signs what we call wallet freeze. no more spending on apparel, toys, and shoes. they were reserving their cash for necessities like groceries. so since then, wal-mart shifted inventory mix and went heavy on groceries hence the beat at the moment. wal-mart standing at $139.80 a share. wal-mart's reversal of fur forte to the upside are giving retailers of all levels from

kohls and target and nordstrom and ross stores and a nice bump and big leadership name with nordstrom up 7% and kohls up 6.7% and nice moves for home depot over that beat up 4%. the message here is that the economy is moving under our feet. shifting month to month and in some cases like wal-mart's every few weeks. stocks enjoyed an epic run since the june louis. nasdaq, s&p, dow. these gained since june. nasdaq up 2 2% and dow jones industrials up about 14% since june. s&p up 17%. but it has become very clear that china is flashing economic dis-stress signals and august home builder sentiment with the longest stretch since the 2007 housing collapse and chinese equities struggling under the thumb of overbearing government. now questions swirl over whether china is heading for a hard landing and what that might mean for us. let's get right to the floor show and the man jp morgan

trusts to give them the clearest-eyed sense of how the pieces of the global market might fit together in realtime. chief strategist david kelly. david, i want to start with u.s.. the fed is in the fight of its life against inflation and jay powell and company are armed with rate hikes, we know that wal-mart and home depot are learning to be way more fleet of foot and benefits inve investord which side has the most powerful weaponry right now? >> the important thing to realize is the war on inflation will be won. it's just a matter of how long it'll teenage we've already seen inflation basically flat line in the month of july. i think we'll get the same report for august. i don't think preisz will increase at all in august so year over year basis, things are coming down. even with wal-mart, i mean, i don't comment on individual stocks, but if you listen to the story they've told, what they've said is a lot of middle income and upper income consumers are

actually shopping more aggressively at wal-mart because they want to try and beat inflation. everyone is very conscious-over inflation but when people are conscious of it, they make moves that tend to cause inflation to come down. i still think that inflation is going to drop off here. i think there's a lot of breaking power being applied to the u.s. economy, not just by the federal reserve. i think inflation is going to come down over the next year or two, and i just hope that everyone's patient enough to let it come down rather than tipping us into recession to try and get it down even faster. liz: we've seen off loading of risk, that's been obvious even as the markets have run up since june. can you give me a sense of how long you think that is going to last because at certain points, again, the market's in the aggregate have run up and people are nervous and think maybe it wasn't the bottom. >> i think this is a healthy thing and may well be we've seen the bottom in the stock market. we've now recovered more than half the loss that we saw in this bear market.

we were down 24% peak to trough and down like 11% and we've made a lot of ground here. what i am seeing is people thinking a lot more about valuations and a lot of companies who just don't have a business model that's going to survive or do or thrive in a post-pandemic environment. they're getting, you know, beaten up in the market. that's a healthy thing. people are thinking more about what's the fundamental long-term value of this company. liz: yeah, and you've got to believe, too that as the fed tries very hard to bring down inflation, you look at july versus june on cpi, consumer inflation. yeah, we saw a marked -- the opposite of marked, a tie ty move to the downside and maybe we're seeing the super hot sizzling prices come down. are there sectors globally or here in the united states, david, where you say this is just ripe for the picking and investors don't notice it but they should?

>> sure. i think both financials on the side and financials can do very well 234 this environment because i think as risk comes -- as people are willing to take risk, that'll help the sort of some of the more valuable growth stocks. the thing i worry about despite what you're saying about the consumer, i worry about consumer stocks because they're quite expensive, both discretionary and staples and quite expensive and i think the consumers are getting squeezed here and i think the story we're hearing from wal-mart isn't really one of consumer abundance but penny pinching, and that's what's going on and that'll continue. there's no more fizz stimulus and the housing market is slowing and import prices are pretty high, and all these things are squeezing consumers and i'd steer clear of the consumer stocks. liz: see july housing starts. they kind of imploded and they were way lower than expected so seems there's ice cold gatorade

being thrown on that market, but construction data here, housing starts down 9.6%, permits down 1.3% and expectation for the top line number was down just 1 point 2% so that's kind of surprising. housing stocks, as you look overall at the housing market, home builders, do you see any opportunity here? we have a mixed picture right now? >> i think it's going to be a rough period of time here. those higher mortgage rates along with higher home prices are causing a buyer strike. the number that jumps out to me is single family building permits and that's one of the most stable numbers in the housing reports, and that's at its lowest level since the middle of the pandemic. i think that just with the big increase in price last year and mortgage rates this year, people can't afford to buy these houses at the prices that realtors are listing them at so you've got to have adjustment here, and it'll be a weak housing market for some time to come here. it's going to be a little rough in the building industry. not of course like before the great financial crisis. we didn't have a building boom

going on so we're not going to get a building bust, but it'll be weak for awhile. liz: please advise our viewers right now because this is really important, we have at the end of august, this jackson hole, wyoming, central banker jamboree. what do you think comes out of it or is that just kind of a show pony-type situation? i'm interested to hear what jay powell has to say there. >> i think for the moment, he's going to hedge his bets and try and keep his cards close because what we're waiting to see is what was inflation in august? we won't know in jackson hole. what's the next jobs report looking like? we'll see that on september 2. they won't have the information they need to see. what they need to see is the economy is slowing down and inflation is cooling down. they'll get that message i think. that will mean 50 basis points in september and not 75. i think the fed will turn more dubbish but don't want short to say itat jackson hole.

liz: august cpi number comes out in september and it's like waiting on who shot jr because that's going to be such an important number. david, good to see you. thank you very much. >> any time. liz: david kelly. here's a question: is the vc winter already starting to thaw? i mean, how else to explain the hundreds of millions in venture capitol suddenly pouring into we work founder adam newman's real estate start up, yeah, that adam who's profit spending imploded we work's ipo. silicon valley adventure inventor joining us on the state of start up nation. closing bell 49 minutes away and dow up 185 points and i caution you, it had been higher by 368, coming down a bit. s&p flat as a pancake and the "claman countdown" is just getting started. don't go away.

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and it's never too late to join them. get $450 off any new purchase of an eligible samsung device with xfinity mobile. or add a line to your plan today at xfinitymobile.com ceo adam newman famed for ruining what could have been a monstrous ipo for fostering a frat house culture is making headlines again after securing $350 million in funding for his unicorn fenture flow. the residential real estate start up is hush hush at the moment releasing very few details about what it actually .s even the website, you're looking at it, we dug it up and it's bare bones saying it's launching in 2023. but famed venture capitalist firm has seen enough to commit that massive chunk of cash. we know newman has been buying

up properties in ft. lauderdale, miami, and at leeanne that . atlanta.the funding comes when e capitalist firms and hedge funds were burned. instead of turning on the financing fire hose, according to prequin, venture capital firms got nervous last month. they're building up dry powder piles by $100 billion. that was just over the month. total right now is $539 billion waiting to be deployed. are we still in the vc winter or is the wework move a sign of, i don't know, a new spring? joining us now in a fox business exclusive greycroff founder allealanpatricof.

>> he went for 47 billion down to 4 billion currently and here he is back again with the same concept of a capital intensive way of going into a position. greycroff did it a few years ago in a company called landing, which is almost the same model from what i've seen in flow. now there's two years of experience and adam could learn a lot from them, but he's probably not prepared to share in terms of whether you do this in accessing real estate owners existing vacant portfolio or go in and buy up properties, buy up apartments, which he's seemed to have done.

that'll make landlords very happy disposing of apartments to adam newman, who can be their renter in a lot of places. liz: but, does it surprise you that once burned, not at all shy when it comes to venture capitalists who know that he spent probably -- look, it doesn't mean he can't turn around and revive his reputation in some way shape or form, but it's pretty discouraging and de-moralizing maybe for the rest of the start up people out there who have great ideas and are deserved of money. these vcs, they can spend the money wherever they want. you would know that but tell me at 30,000 feet, where you see vc money in the moment. are they in that defensive crouch mode? >> i think venture capitalists being cautious and venture market valuations tends to follow the public market with a lag factor of several months.

when the market got very soft here a few months ago, that's when a vote of vcs backed away, and i think the market is perhaps seeming to be stabilizing and we're going through a period where people can't figure it out. i mean a couple of firms wrote these memos and circulated it wisely, which -- widely, excuse me. saying we're going into nuclear winter. have 18 months of capital on manned and then i think a lot of people followed that advice. a lot of companies went out and quickly did another round, which was not unwise, and i think we're right now at a time where there's a lot of money in the hands much funds as there has been all year. companies seem to have financed in the last couple of month gotten themselves in better financial shape. we're going to see what hams as the market develops and i don't see -- this is nothing like

2001. i mean, we're not seeing companies, you know, who can't make their payrolls every friday afternoon. it's a -- liz: alan, i bring up a conversation i had with an angel investor in new york who said, liz, i wanted to go into some of the companies and commit money but they were going ten x, 15, i mean these outrage yous os valuations and you see who was behind it and got burned ands tiger global put so much money behind startups thinking everything was going to do well. they had dismal returns and they've had to certainly bull back. they've reduced their positions in publicly traded companies that had gone public, carvana, snow flake, coin base, doordash. talk to me about how the spack frenzy played into that and everyone was looking for a target, even companies not fully

cooked. they weren't baked enough so they were really mushy on the inside. >> well, you know, a spack by its definition has 18 months or two years, i can't remember, in order to take the money they've raised and put it to work. you know, there are -- liz: two years. >> i can't remember how much money is sitting out there in the hands of spacks and two years sounds like a lot of time but it goes very fast and there's a lot of them whose time is returning out. when your time runs out, you have to give back the money and it gets to be a scary position and a lot of sp acs rush to buy something to get the money to work before hopefully their investors will approve the acquisition. we're going to get to where the rubber meets the road in the

next 12 months and we'll see how many of the spacs finds appropriate kind of acquisitions. investors don't just approve everything a spac management may find to acquire. liz: yeah, it's a boom and bust in every region of investing. alan, thank you very much. alan patricof, good to see you. >> thanks for having me. liz: buffet buy and sell signals. the oracle of omaha revealing second quarter stock moves in a new filing. if you want to strayed bike buffet, stay tuned for what he bought and sold. more in the pop stocks. closing bell, 38 minutes away. now we've got s&p still flat but the nasdaq paired its losses. the dow is coming back again, a bit higher by about 194 points and the nasdaq down 59 whereas it had been lower by 148. so much more ahead. we're coming right back with it.

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we've had a mixed picture for the markets all day long. look at s&p showing a pulse once again. moving slightly higher, the nasdaq down about 39 points but fast erasing most of the losses here. the dow climbing 218 points. thread up is on the up at the moment. quite a bit at this hour after the online retail resell reporter reported better than expected quarterly revenue and a

29% increase in active buyers so the stock, yeah, it's $3.59 but it's up about 17.7%. even though the ecommerce company post add wider than expected loss, gross margins did come in at a record. the company expects to strengthen i its resale position in the market in the face of macroeconomic volatility. the meme stocks have been roaring back off the highs of the session. look at bed bath and beyond, it was halted for volatility -- the first time, it's been three times today after surging this morning 60% at the inter-day peak after b riley cut shares to sell citing "unrealistic valuation". what's the trigger today? up 16%. the reddit chat piled in after game stop chairman place add huge line on the struggling retailer. essentially that means means cos

betting the stock will double or triple by the end of january. it sent the news ticker bbby to the top of the reddit form. it's at $18.83 and the high of the session was $28.60 and the meme party spreading and game stop up about 5.8% and party city moving higher and amc entertainment up 1.3%. speaking of filings, we got a window into warren buffets thinking thanks to a filing. this during the second quarter. according to berkshire's 13f filing, buffet boosted his stake in paramount global that solidified a streaming deal with wal-mart and activism blizzard still trading about $10 below the buyout price. microsoft says it'll pay that to acquire the gaming giant. all three of the names are moving higher and as you know, where berkshire buys, it sells

lately. reducing holdings in general motor, kroger and fully exiting in verizon. but it's not hurting verizon, up half a percent and kroger up 3.5% and general motor down about 1%. breaking news, folks, we need to take you live inside the state dining room at the white house. president joe biden expected to deliver remarks before signing $750 billion inflation reduction act. we'll keep on eye on the events there, bring you full reaction and the president's comments in just a few moment and to see what the markets do, if anything, and the dow is holding steady about 224 points. a sonic boom about to shake umm the airline industry as boom supersonic locks up a new customer for its ecofriendly concord throwback aircraft. you're looking at possibly the future of high speed aviation. but right now, the sector is still kind of struggling with

travel flight mares, pilot shortages and more. ed baston has been battling all of it and he's here next in a fox business exclusive to tackle all of the issues. ed speak only to "claman countdown". closing bell 29 minutes away, don't movement and the airline situation, next.

liz: american airlines planning to take air travel to supersonic speeds after it placed an order for 20 supersonic blames from boom. remember the concord? now there's this company called boom. the overture aircraft can carry 60 to 8 o passengers and fly up to twice the speed of regular

planes. boom expects to roll out first supersonic model in 2025 and will run on sustainable aviation fuel to help airlines cut emissions. speaking of which, any moment now, president bide season about to sign the $750 billion inflation reduction act into law, which includes tax breaks and incentives for sustainable aviation fuels and $250 million in competitive grants to develop the sustainable jet fuel alternatives. delta airlines working hard to reduce carbon emissions announcing a new venture with aviation partners boeing to install a pb's wing lets to cut down on jet fuel consumption. but as summer weekend travelers face ni mares in flight, what'se top priority? delta airlines ceo ed bastion. i'm very geeked out about this

supersonic plane. is delta looking at investing in these planes at some point? >> we're not ready to make that announcement yet, liz. we've been talking to boom over the last couple of years. candidly i have a lot more questions than answers still that need to be resolved. until we're confident that we could actually generate a reliable return from the aircraft, we're not -- that's not where we're investing. liz: well, you know, we talk about the sustainable fuel that this company says its running on. you at delta have been forging ahead with this. we know that the president is about to speak about the inflation reduction act being signed into law and there are some tax breaks involving that. where do you, as you look out on the horizon see sustainable jet fuel going and does that mean that things will be less expensive for travelers or will there be some type of fuel surcharge? i'm trying to get a read on how you view this. >> well, we're thrilled that the president is signing that

legislation into law to be able to provide some meaningful tax credits and incentives to blenders, to folks in the energy community to continue to invest in sustainable aviation fuels. today the problem airlines have is that we can't afford the difference. the gap between jet fuel, that's at a historically high level already and the cost of a sustainable aviation gallon per fuel is three to five times that. we need to ensure the government can come together to bring the energy community, the user community, which would be the airlines together, and we can both work and develop new sustainable technologies and standards. we're committed at delta to having by the end of this decade, 10% of our fuel be of sustainable form, but we have a long, long way to go to get there. liz: yeah, i get it. we've been hearing about sustainable jet fuel for quite some time so as we continue to watch that part of it, let's

broaden this discussion to all of the challenges that the airlines face and the flightmares and delta in the past couple weeks, we know about father's day weekend in june, how in the past coupled of weeks you've been adjusting things and trying to figure out pilot shortages and employee shortages? >> well, the industry has had a challenging spring, a challenging summer as you fairly report. at delta, may and june was a very tough period for us as demand just took off isn't even the right analogy. we wound up seeing the highest and busiest volumes we'd ever seen in our history from a relatively low position just a couple months earlier. july is -- came out much, much better than june on reliability. at delta, we pride ourselves and lead our industry and have for many, many years in reliability and back on top in july. in august, we're doing well as well.

every month going forward continues to get better. i'll give you a stat from the past weekend from the last friday through monday. we omitterred over 20,000 flights -- operated over 20,000 flights worldwide at delta and 15 cancellations in total on those 20,000 flights so 99.9% reliability. that's what customers should expect from us. liz: okay. and people are very quick to blame the airlines, and i get t i can see that, but they're not the only issue here. can you give us some clarity on the air traffic controller shortage because that became a huge flash point just a couple of months ago, did it not? and is there anything that -- any clarity you can give us on how they're certainly working to get rid of that log jam. >> well, hhc is encounters many of the same issues the airlines are encounters. the time to get new controllers trained is much longer than even what it takes for some of our

pilots and employees trained and into position. they operate in a very, very congested air space, particularly up in the northeast where you have in new york, you have newark, jfk, la guardia all competing for the same air space and you need the highest quality and most competitive controllers on job there and takes awhile to get them in position. yeah, atc is tough but all aspects of the system has been challenged. tsa and security have had challenges and vendors and concourses had challenges getting concessions open full-time the way our customers needed and we're make ago lot of progress and at dell taxer i'm thrilled with the work our people are doing. liz: it's stunning to me that all throughout my years as an adult, people were dying to work in the airline industry. now there's a desperate need for the jobs. you've got to re-invent the wheel in certain ways and some

air shows airlines are going on the ground and trying to recruit people that are aviation fanatics, that's a great idea but what is delta doing to finds more people, and i know training takes a long time but what is delta doing to get people interested in being pilots and flight attendants and ground workers? >> we're having no problem at all, liz. since the start of last year, we've hired over 20,000 people into our company because we had a very large early retirement in the summer of 2020 when covid first dawned on us. it's take the time to get all of that experience into the 20,000 new team members that have joined us, but we have new pilots, flight attendance, technologists, reservationists, airport workers across the board. it's exciting because there's a lot of new faces, a lot of new folks entering the business. people do want to come to work at delta. delta is seen as the top of the food chain in terms of the

quality of the airline experience and as an employer, and we've not had any problems at all. liz: can you also give us a sense of how as an airline ceo, you wrap your mind around issues that you cannot control? the front page of the wall wall street journal yesterday with an article about florida and orlando's airport and some of the airports on the east coast in florida are just facing all kinds of issues that flights can't take off because there are rocket ships that are going up or, you know, you've got hurricanes coming. how do you get your arms around that kind of problem and sort it out and de-tangle it before it becomes another flightmare? >> well, you're right. there are things that are outside of our control, but the issues you mentioned that were highlighted around the jacksonville air traffic control center, those aren't new. we've been dealing with those for years. may have come new on the scene

for certain people that have highlighted because of covid, there was a lot of people that retititired and the length of te it takes to get people trained into the jobs is extensive, but we understand the environment in which we're operating. at delta, we've been the most cautious about bringing capacity and our flights back. we're only about 85% restored as an airline despite record breaking demand. we've been careful not outstripping our capabilities and that's the way you try to do your best to keep things within your control. liz: i did see you recently cut five regional routes, moline, illinois: fort wayne and you've added some and i see a headline today you're going be having seoul, korea, flights going back and forth a couple time as day. when do you think you'll be back up to full capacity or at least to your 2019 status? >> i hope by next summer we'll have the capability to be back, certainly domestically and hopefully internationally as

well. it depends on us getting all of those resources trained and experienced and into the right seat and the right category or right job. i would say by the latter part of this year over the next few months, we're going to start to turn the hiring down and start to turn the production up. that's also what we need to do and we're close to where we need to be and employees mirroring 2019 and when you have as many people being trained, it absorbs an enormous amount of energy and people having to train them and check them on the line. people having to hire and recruit and when you can turn that down and turn all the resources back into the operation, it's going to give us tremendous new capability to actually operate the airline at the full utilization level that we look to be. the flight changes you mentioned, there's always some changes going on. the reason some of those small markets were reduced because we couldn't get pilots in the small

50 jet. we're in the process of eliminating 50 jet seats entirely from our fleet and upgrading to 76 reiningal jets and that's a bit of transition you're seeing. liz: yeah, the transitions obviously are a work in progress, especially since the pandemic, but is there a point in time, ed, where you foresee profitability stringing along several quarters without any noise from losses? >> well, no question about it. we delivered a very strong profit in the second quarter. it was $1.2 billion, a 12% operating margin and our forecast for the third quarter, our guidance that we provided is more of the same. and i would anticipate as we go into the winter we're going to look at strong profits. the biggest variety on profitability is price of fuel

and it peaked and starting to edge down and it's going to be another tail wind for us and the demand is phenomenal. i get questions all the time and the health of the consumer and consumers want to travel even though there was a moment here this spring and summer where people were able for the first time in over two years, it came nowhere close to quenching that thirst. into the fall, winter into next year, you're going to see high levels of demand for air travel alabama travel, and i'm pleased we'll be able to provide that service to them. liz: you're providing la to tahiti now and i like that so much. >> you want to be on that flight? we can send you where to book. liz: okay. i'm getting the b bikini now. ed bastian, thank you very much.

one of the things ed said is he's thrilled the president is about to sign that bill into law, the inflation reduction acted. he is speaking right now, and he is saying that he will sign it in a moment, and it is extraordinarily important for the country. you know, there's been some discussion about whether it really will reduce inflation. lots of questions about that, but we're going to take you straight to the white house right after the break for instant reaction. closing bell, 11 minutes away. the dow has strengthened its gains up about 274 points. we stand at 34,186. we're coming right back.

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look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist ♪. liz: breaking news, president biden speaking right now. he is about to ink the 750 billion-dollar inflation reduction act into law. one point that he is stressing very, very dramatically here that he is thanking the quote, brave allies on the republican side for helping him to get this done and the rest of the democrats. he is pushing very hard this medicare cap on prescription drug costs saying no one, no matter what disease or problem they have, whether it is cancer or diabetes or anything else, no one will have to pay more than $2,000 a year, if they're on

medicare on prescription drugs. the white house says that the package will lower energy and health care costs for american families, promoting renewable energy as we talked about with the bastion of delta, not to mention the prescription drug issue. the law will impose as well, 15% minimum tax on corporations making more than a billion dollars and 1% tax on corporate stock buybacks. as the president speaks get live to hillary vaughn at the white house. reporter: liz, there is some concern about those additional taxes that are in this inflation reduction act that is becoming law as the president signs it. that corporate tax, there is a concern it will be passed down to consumers and make high prices even higher that additional tax on stock buybacks some critics say only devalue those retirees who have investment accounts and are hoping to retire some day but the white house insist over all the inflation reduction act will

cut costs for american families. >> the family who is thinking needs to upgrade their heating system or air-conditioning or their appliances those are costs everybody has to do. this bill will give people tax credit that make those cheaper and put in energy efficient appliances or energy efficient heating. that means they pay less on utility bills going forward. reporter: some american families hoping to save money will have to spend money first, make the switch to clean energy. the biden administration thinks this bill or this act will ultimately will pay off with lower energy costs but for people that don't they might pay the price. there are several taxes in this act targeted at u.s. energy. a 16-cent tax for each barrel of crude oil. a 900-dollar tax for per ton of methane gas and dollar per ton tax on underground coal. all the taxes industry experts say will make energy expensive. the president of the u.s. oil and gas association telling me today this, those taxes will be reflected in higher energy costs

from everything from manufacturing to agriculture, will fall disproportionately on millions of small businesses and families rightfully concerned about their future prosperity. washington never seems to grassp that someone ultimately has to pay. it isn't just a concern that people pay high prices, liz, that people may pay more in taxes with the supersized irs, cbo found $20 billion in revenue will come from audits of people who make less than 400,000 a year. liz? liz: thank you very much. listen, i would love it if the irs new hires would go after people who are tax cheats. get them to bring in the taxes. don't go after the good people and waste your time on those kinds of issues. 13f filings, you know what those are, right? every quarter billionaire investors have to report exactly what they bought and sold. here we go billionaire investors. we told you about buffett.

george soros, ray dalio picking up shares of amazon in the last quarter. david tepper picking up shares of alibaba, netflix and sales force. today's "countdown" closer says you know what? at least two of those stocks he feels you should as well add to your portfolio. joining us cash investments chairman, cio, christopher zook who manages $4 billion. chris, which are they, the two you think everybody watching should at least consider? >> you should absolutely consider amazon and sales force at this level. another one we think you should look at is blue owl capital. these are solid, solid businesses that have all gotten hit really, really hard. they bounced a bit here, you can be patient against them, calls against your position. when you look at them from longer term perspective these are great names, great businesses, great cash flow in all cases now down anywhere between 25 and 40% from their highs still as we speak today? liz: you know what amazes me

about amazon? people flipped out even after they did the 20 for one stock split. this thing is never going back to 2000, wherever it was, sure. it will take a long time. this is still a company everyone reaches for. almost reversion to the mean when they need to order something and fast. so i understand that. i do want to broaden this, what about the next fed meeting. we have it coming up in september. before then we get a little window on inflation. what do you hope or think the fed needs to do? >> you know, the fed has got to keep their foot on the, on the brake. they need to continue you know, attack inflation. inflation reduction act is a great political name but it is not going to actually tamper down inflation. the fed is going to have to do that. as a result, they're going to raise rates, at least 50 basis points. i don't think it will be 75 unless we get a really hot number between now and then, but ultimately 50 basis points now. probably quite a bit more as we

go into the second half of this year and even into 2023. that is a really bad for this market after this rally we've seen. liz: christopher zook, thank you very much. [closing bell rings] another gain for the dow, 245 points. gain for the s&p. nasdaq losing just a bit. that will do it for us. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. so president joe biden is gleefully signing this monstrosity of a tax-and-spend bill but he is not fulling anybody. the economist ugov poll 12% think the bill will reduce inflation, 40% think it will increase inflation, 23% believe it will do nothing. 12%, joe, that has t