caught up on rentals because we talk about rent. 8% of college grads are not caught up on their rent. 33% of folks with less than a high school diploma are not caught up on rent payment. this is crazy to me that for some reason we'll give all of this large stuff to folks with college grads -- college degrees rather as everybody else in america suffers. that's the new america as i hand it over. who am i handing it over to? lauren simila simonetti in for . lauren: hey, it's me. the july meeting is back dated and gave us just as little guidance as jerome powell did as to what's to come in september when they meet again. the dow is down 102 points for some perspective on how choppy this has been, the dow is up

9 pints a half hour ago and down 323. the s&p 500 down about one-half a percent and nasdaq about 2% and russell getting the brunt of the selling today. in the july meeting, fed officials agree the size of the september interest rate hike hinges on the data and they're data dependent with some fed officials saying rates need to stay restrictive to control inflation. there was no clarity on how restrictive they'd be. right now the fed funds future markets is pricing in a 100% chance of at least 50 basis point hike in september with a 41% chance that the fed could go as high as 75, mind you that would be the third time in a row that the fed would hike 75 basis points. then we have retail sales and they seem to show that despite high inflation, consumers are still spending money. july spending came in flat

month-over-month and less than analysts were expecting and consumers are spending more than last jeer up 10.3% on the year. that's exactly what lowe's said in its earnings report today. the ceo said the consumers are healthy despite rising costs and fellow retailer target and tjx say it's a different story for us. take a look here, the parent company of tjmaxx, marshals, home goods, the place to get discounts. the lower consumer spending with higher inflation was hitting their sales and had to cut their annual forecast. the stock plunged in the premarket and climbed its way well into the green, it's up 4.3% as i speak and that's something target could not do today. its stock still in the red. there's so much inventory that sank on their profits, profits down 90%. target had to cut prices on general merchandise and couldn't sell enough stuff. we ask, where is the consumer right now? let's get to the floor show.

when we have joining us with 237 billion in assets under management, northwestern mutual wealth management company brent. thank you for joining us. where is the consumer and where does the fed think the consumer is? >> i think overall the consumer is in a very good place. look at liabilities to assets on the consumer balance sheet in aggregate, this is data before the last three months and as of march 31, the levels were where they were in 1970. for the last 15 or so years, the consumer rebuilt their balance sheet and in a good place. what you're talking about though is a shift of spending. when you think about target and wal-mart, those are stores where people spent in the beginning of covid because they couldn't go anywhere else on the service side. we had this huge influx of goods spending on electronics and pelotons and furniture and everything else against low inventories. now across the board, if you look underneath the surface in the retail sales data, it shows

inventory levels are back to normal if not bloated. that's a good thing for future inflation because you mentioned the word discounting. that's going to happen on the good side and leads to lower inflation in the future, to me the one thing they think about about where the market is going to go is going to be determined by where inflation is going. i still think inflation is going lower. if you mix what's wrong with the economy, you fix what's wrong with the market. that's where lower inflation numbers going forward will lead to a market that is eventually pushed higher. lauren: companies are dealing with the more stingy aspects of inflation, brent, like wages. you can't just cut the earnings that someone expects and makes. i mean, fuel cost haves come down but shipping is still so expensive for them. if you have major retailers cutting their prices when their other costs are going up, that doesn't paint a pretty picture. >> yeah, i don't think wages will stay at levels forever. typically there's a recession that happens and wages come dowa

recession? >> i think there's a recession and it'll be mild and the market has priced that in. i think the big fear was that the fed would cause some sort of recession but that inflation would be so sticky all of the 1970s it wouldn't come with the downturn in the economy. today you're seeing, yes, the economy is slowing but inflation is slowing alongside with it. even if we have a recession, which i think would be mild, that's a blip on the radar and there's a market that looks past that . lauren: a recession that's a blip on the long-term radar. words we like to hear. speaking of inflation, it is coming down. we get the next inflation print in september, about a week before the fed meets. what do you think the fed does? >> well, the fed is data dependent and the good news in the notes today the fed reserve said they wouldn't keep hiking behindly into an economic downturn and take a pause and seat impacts of the rate hikes. they discussed the risk of tightening too much, and the market was fearful the fed would go and ignore the data that

suggests inflation is coming down. that's not the case. i think they do 75 basis points, but i think that in a 25 basis point hike in the next month are it. lauren: when you say pivot -- sorry, you said pause, you mean exactly that. they just stop hiking or stop hiking as much or, you know, some market partis pants are saying we think the feds will cut rates. how do you see it? >> i don't think the fed will cut unless there's a deeper recession, which i don't see on the horizon. when i see a blip, i don't mean it flippantly. i think everyone thinks the recession is like '07- '09. it's not called great. two recessions that get the adjective greats since 1900 out of 24, and we had one in '07- '09. it's more of a buyer strike where people are on the sidelines and feels like a recession and part of the economy, the good side, had its demand pulled forward by covid. the service side will do okay and that's where people are

spending their dollars now. lauren: yeah, there's been a shift in spending. final point, a lot of people are saying you look at this amazing rally off the june lows, it's a very not trusted rally or at a timed rally if you will. sharing with you comments from three brokerages. ubs cautions investors against chasing the rally. citi group tactically sell into further strength. that move would be justified. b&p, peak hawkishness and prudent to take precautions from here. your thought s? >> i think the bottom has been put n. i think inflation has peaked, if you look back at '66- '82 when inflation peaked, the market bottomed and i think the bottom is in and look at technical indicators of 50% retracement of lows since 1950 in the 13 bear markets, there's never been a time period in which that wasn't the low. i think it is the lows. i think they're n. i think you're going to have future volatility. we'll debate whether the

recession is deeper or not. you've seen a large rally back and forth, and investors should buy the bigger dips with thoughts the market will be ahead of where it is today a year from now. lauren: not to mention september and october are the most volatile months of the year historically. brent schutte, good to talk to you. thank you. >> thank you. lauren: president biden's tax health and energy bill is 24 hours old after more than a year of debating the cost of it. the new law is a dramatic reduction of the campaign promise build back better plan and it's expected to lower everything from the cost of energy to prescription drugs for senior citizens, but hillary vaughn, are there any reductions for workers? does it reduce inflation as the bill -- or the law is headlined? break it all down for us. hillary: lauren, that's the question and some nonpartisan experts like the congressional budget office that has said what is in the inflation reduction

act would not actually significantly reduce inflation. but for americans who are hoping for some relief from high prices, they also may be waiting awhile because senator joe mansion told me yesterday that they never claimed that this package would bring down costs for people right away. >> is it misleading to call this the inflation reduction act for americans when it's not going to make their grocery bill cheaper or every day goods cheaper for them. >> immediately it's not but we never said anything happens immediately. like today it's turn the switch on and off. hillary: it's called the inflation reduction act and the climate perks are getting a lot of attention. president biden proudly saying it is the most aggressive action ever taken to combat the climate crisis and there's yeses about why americans are being told that this will reduce inflation when some experts disagree. the white house insists there

are things in the new law that will cut costs. >> we're going to give people tax credits and rebates at the point of purchase to buy energy efficient appliances, energy efficient dishwashers and washing machines, senior citizens who are now paying thousands of dollars for their prescription drugs, if we cap that expense at $2,000, does that help them with inflation in they'll tell you that it does. hillary: lauren, if you're in the market for an energy efficient appliance or a solar panel or electric vehicle, you are going to be able to cash in on some of the savings right away, but for the healthcare savings that he mentioned, those are not going into effect till the new year. lauren. lauren: hillary vaughn on capitol hill. thank you very much. it's the most wonderful time of the year according to staples but learning may have been forever changed by the covid-19 pandemic. up next the ceo of nerdy is here to tell us first on fox business if online learning is here to

stay but first, let's check the big board. the market is down for the first time in four dais. dow off 104 points, down well and off the lows of the session. other marks are lower as well. "claman countdown" coming right back.

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lauren: the online learning platform nerdy, quite a name, is ex-planning it is library with coding start up code verse. nerdy says that acquisition will help meet the demand of computer science, games, app building and teaching kids how to code, but shares of nerdy are down just about 18% today. they're down 6 2% in the past

year. joining me now first on fox business is the nerdy founder, chairman and ceo chuck cone. chuck, thanks for coming on. i got to ask you straight off the bat, what's going on with your stock? >> well, look, we have a long-term orientation first of all and we just announce add great quarter. so we had $42 million in revenue. revenue is up 29% year over year and gross profit up 35% year over year and maybe more importantly than that, we're in the midst and made tremendous progress towards an evolution of what we call always on learning where we make our platform, we're an online platform that allows people to learn any subject, anywhere, any time, connects experts and learners together using technology including ai, and we're now making all of the different modalities of learning and products we have available in all inclusive, all access monthly membership, which is something we're incredibly excited about. lauren: what's the cost of that?

>> the price ranges depending on the volume of services you provide -- you purchase within there but it ranges between $2-$300 per month. we think it's an incredible value because you can access any of 3,000 different subjects of tutoring, 250 weekly live classes and adaptive assessment and self-study modules and anything you need supported this back-to-school season. lauren: interesting because jp morgan raced their prices on your stock and they're bullish and they said you're well positioned for growth and cited the membership program, and that's a -- you keep the money coming in month after month, but also your partnerships with school districts, which in one way is brilliant because there's a teacher shortage but my question is everybody is over the pandemic and schools are opening up with very few restrictions, unlike the past few years and i would imagine that return to real life would

hinder online and remote learning. >> well, it's actually the opposite for us. when the pandemic first hit, it was a big head wind as schools were shut down and as online learning within schools 8, 10, 12 hours a day, which often was quite bad. people were exhausted with online learning and what we've seen is that the trends over the course of the last several years have been very strong and continue to be strong this back to school as we see each different wave of school start. so on our platform, people typically learn a couple hours a week here or there and were able to deliver a higher quality experience that's lower cost and more convenient. you don't have to drive to a strip mall after school or drive to a corporate office park after work to get the help or learning support that you need. people recognize that it's a better experience and technology has made it better. we've been building this, what we call our live learning

platform now for eight years. it's exceptional and very different from what students experienced during online learning from their classroom and the demand trends we see as we head into back to school were very favorable. lauren: chuck, i've been hearing for years the u.s. isalling behind in the stem fields, science, engineering, technology and math. everyone is boosting that our new generation can learn those skills to succeed; right, in the modern world. have we made any progress? >> well, one of the -- the answer is we can totally learn it and like with any skill, if you put in the time and do it consistently and you have support, then you'll be way more likely to accomplish our goal. so both our new products, both for consumers with our learning membership that's kind of always on and supports you over the course of time and reinforces consist study habits as well as our products for schools we're actually supporting both

teachers and students and administrators in a way that lends itself to having supported before, durings and after the school day. those are the sorts of things you need to boost test scores and over the course of the last couple of years, we've seen huge setbacks unfortunately in how students are performing relative to state standards and how they're performing pre-covid. so right now it's really important that both parents are very cognizant of just how far behind students are on average and then supporting them and encouraging the habits that would cause them to actually get up to state standards and achieve academic excellence and build those foundational skills. i think the encouraging thing is there's actually substantial funding available right now to school districts and $24 billion set aside to covid related learning loss and i'm hopeful that we'll make substantial progress against the schools and we'll see our administrators very, very focused on that this

back to school period. lauren: how will you integrate with codeverse? >> there's a language to make them coordinate and computer science is a critical skill for the next generation and codeverse figured out how to make it very, very fun and it's got something to drive an additional value and really resinate with our k-5 audience specifically where we think k-5 parents are really excited about the coding market. separately over the course of the next semester, we're going to integrate into our k-12 school product and make it available to millions of students across the united states. lauren: all right, chuck cohne thacohne -- cohn, thank you so h and congratulations. >> thank you for having me. lauren: elon musk is moving another stock with another

tweet. he's including a joke about buying one of england's most storied franchises. we'll have details on that and meeting with gop leadership in wyoming. that all straight ahead and let's check the markets. the dow is down and could close lower for the first time in six days. up about one-half of a percent bearing the brunt of the selling. the nasdaq is down 1 point 2%. the "claman countdown" is coming reich back.

lauren: all right, we have a fox business alert. markets are still trader lower after the dow did pop back into the green. it was up about 9 points, around 240. bloomburg news is now reporting that app 18 looking to hold it is annual fall product lineup including the announcement of iphone 14 on september 7. the iphone 14 lineup might include four lineups include ago pro and pro max and some analysts expect each phone will cost $100 more than the iphone 13. the event will also showcase three apple watches and new max and i pads too and bloomburg said the new gadgets could reach store shelves the following week, september 16, and a lot of people, around 200 million are due for an upgrade. that could be good for apple. the stock is up 1% at 174.94. amazon said the number of active

alexa customers doubled in the past three years. they department give an exact number and we didn't expect them to. that's a pretty big jump. since the virtual assistance rollout, amazon shifted dozens of smart home products like speakers, cameras, and robots with alexa built into them. the wall street journal is reporting that amazon is testing a feature in the app that would show users a tiktok style photo and video feed of products to share with other users. if you're interested, the test is visible to a small number of amazon employees and the portal is being tested under the internal name inspire. stock down 1.7%. let's go to the barbecue maker, weber. look at shares getting grilled after citi group cut the rating to sell from neutral and the price target to 7. it's down 6.6% now and weber share at 7.91 a pop. citi says macro demand is

certain and trends will worsen and the meat you put on the grill is just as expensive as the grill these days. krispy kreme doughnuts are falling, the stock, after they lowered their earnings in sales estimates for the full year and stock down 11% and they reported disappointed second quarter results. they blame inflation, plus the strong dollar. krispy kreme has seen significant deceleration in commodity costs in recent weeks but still, investors are focusing on the outlook and i said the stock down $1.70. it was the tweet heard around the world. tesla ceo elon musk pitched in on the long running joke on social media that someone needs to buy manchester united. the legendary pro football team in the uk, soccer here, with a tweet last night saying "i'm buying manchester united, you're welcome". that tweet sent the stock soaring this morning and up 16% in the premarket and up 6.5% now.

let's go to kelly o'grady on more of the antics and more of the gop tom leaders at a fundraiser in wyoming and, kelly, i hear you giggling a bit and you're saying to yourself, man oh man, he's at it again. does he not realize he has 103 million twitter followers that take to heart everything he says, joke or not. >> i love how you characterize it, the tweet heard around the world. if i had a dollar for every time elon did something like that, i'd be rich. all that buzz over manchester united, the billionaire shared he was kidding, tweeting this, he says "no, this is a long running joke on twitter. i'm not buying any sports teams". more than a few uk football fans were disappointed waking up this morning, but the frenzy those tweets spurred coupled with the reality of the twitter takeover underscores how impactful the teases at the scene la ceo is and the mere hint of acquisition on social media creates waves

and the influence is extending to the political world and he guest starred at kevin mccarthy's wyoming fundraiser last night and he tweeted out he is a moderate saying "to be clear, i support the left half of the republican party and the right half of the democratic party". this comes on the heels of the billionaire becoming increasingly more vocal about political beliefs on twitter and we should note the mccarthy connection is not new. spake spacex as connections in bakersfield, california, that's in his district. it's not clear if it incited fear in investors where it's elsewhere and at the scene la and twitter tweeting -- at the scene tesla and twitter trackig down today. the delaware court ordering documents from an executive working on the sam bot's

analysis to be turned over ahead of the trial. it's hard to keep up. i don't know how you do t lauren. lauren. lauren: i don't know how he does it. kelly o'grady, you cover add lot of bases there. thank you. inflation nation suffering from high food prices but how much are the wings going to cost once football season gets into full swing here in the u.s.. we'll ask the ceo of wing stop after the break and we check the big board, s&p 500 is lower and the nasdaq and the dow giving up half of 1%. cl"claman countdown" coming rigt back.

#lauren: this is unbelievable.

a new study from open table compares restaurant traffic now to this time before the pandemic in 2019. it shows the deep blue cities that faced strict covid-19 restrictions are starving for diners sot number of daily

diners in minneapolis down an average of 54% in july when compared to 2019. the worst recovery of any city in the world tracked by open table, in the world. but in florida where lockdowns were more lenient, they're seeing the opposite. a 30% increase of people dining out compared to july of 2019. joining me now to talk about what he's seeing in his restaurants across 44 states is the wing stop ceo michael skipworth. michael, thanks for joining us. >> thanks for having me. lauren: you've got a great birds' eye view about customers across the country. what are you seeing? >> lauren, our business was built for off premise and prior to the pandemic and only about 20% of our business was dine in or on-premise. fast forward to today, the majority is off premise whether it's carry out or delivery and our brand fleurished through the pandemic and -- flourished

through today and we're still growing and our sales over the last three years up 30% and it's been a strength for us to play in. lauren: one of the reasons you might be doing so well is inflation is on your side. deflation, you never hear a company talk about deflation and peak prices, chicken wings more than $3 a pound last year. now they're what? $1.15 you said. those savings that you were experiencing, are you able to pass them obstructing cerumen to the consumer or are you kind of pocketing the difference and putting it towards other expenses like wages and freight? goodyear, we're seeing -- >> yeah, we're seeing meaningful deflation in our business and 2021 was our 18 consecutive year of same store self-growth and we're well positioned to grow through various economic cycles and if you look at today where the consumer sentiment is a little bit softer than it's been, we're able to lean into value and retain the visits with

guests and that deflation that you mentioned is translating to really strong cash flows for our franchisees and a record number of new units in q2, 67 new restarestarestaurants and it's p for a record year of wing stop with over 200 resta restaurantsa 13% unit growth in the inflationary environment. i think it speaks to the strength of our brand. lauren: congratulations. i think many of our viewers at home are saying, wait, i don't pay those cheap prices for chicken when i go to the food store. how is it that wing prices have come down so much? >> yeah, we've seen really strong demand particularly when other restaurants open their dining rooms, dining and behaviors improved. a lot of demand for breast meat and that's where poultry producers make a lot of profits on the breast meat and they're growing more birds and creating

a very favorable environment for wing stop and something we think is here to stay through the balance of this year and sets the table very nicely for 2023. lauren: where do you source from now? in other words is there a way to better control the costs for your key ingredient? >> there is. we have a stated strategy we've talked about this year about taking more control. we're the largest buyer week in and week out of fresh jumbo wings, and we believe there's a opportunity for us to go as far as to vertically integrate and own our own plant and deliver a more predictable food costs to franchisees that will ultimately translate to more predictable cash flows and more restaurants opening for wing stop and good for consumers. lauren: that sounds like cost intensive up front. >> there's a bit of capital investment but thinking of the long-term benefit here and the volatility in our core

commodity, it's a quick calculation on that return investment and we think it's in the best interest of the franchisees and shareholders. lauren: the rapper rick ross who owns some wing stop franchises in mississippi, he was fined over $100,000 for labor violations, wage violations. that was a franchise, but i just wanted to ask you how the company is responding short ter? >> yeah, clearly those are franchise locations as you mentioned, and our franchise agreement requires that all of our franchisees operates within our standards and requires compliance with all laws and regulations and these restaurants have transferred to a new owner/operator and the memphis market is the example of the white space in front of us at wing stop and there's only a handful of restaurants there today and a opportunity to open a lot more. we're at 1,650 restaurants roughly in the we see a opportunity to scale wing stop

to over 4,000 units in the u.s.. lauren: yeah, you have big plans and i think big sandwiches too. what's coming up next month? >> that's right. we're really excited about the opportunity we have to bring more new guests into our brand as well as meet a need or a gap to our core consumers that we have in the brand today, and that is a chicken sandwich we're launching the first of september. it's not just one chicken sandwich, it's 12 chicken sandwiches in our bold, distinctive flavors served with fran much and blue cheese, made from scratch every day in the restaurant. i think it'll really bring a lot of excitement into the brand. that's one of the levers we're pulling that gives us confidence to come out in our last earnings call and reiterate our guidance in what we believe will translator our 19th consecutive year of same store sells growth. lauren: on average, how much will it cost? >> ala cart sandwich is $55.49

but a combo for $7.99 and that's a huge value and it'll resinate really stockily with consumers today. lauren: i think you're right. michael skipworth, thank you for the time. >> thank you for having me. lauren: the inflation reduction act could hurt electric vehicle adoption and we look at the reasons keeping consumers from hopping into a new ev. first we're checking the big board again and uncertainty on the size of the fed's next hike in september. with that, the dow was down 323 points and now it's down 143. the other markets are lower as well. "claman countdown" is coming right back.

millions have made the switch from the big three to xfinity mobile.

that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network and most recommended wireless carrier. that's a whole lot of happy campers out there. 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

lauren: what are they doing now? bed bath and beyond shares still on a tear, up 11%. the meme stock jumped 80% this week. it's up like 4, 500% in the past month. they've seen massive trading volume on top of the huge gain in price because they're the most popular topic on the reddit page wall street bets and part of the enthusiasm for bed bath and beyond is fueled by activist investor ryan cohen buying long

term call options with the price as high as $80. look, other meme stocks going along for the ride. vin come adventures, vincom up 19%, party city up 16%, granted they're inexpensive stocks but huge percentage moves. we have breaking news for you. if you were waiting for a cheaper netflix plan, it could be coming. they're set to launch their low budget plan early next year. that's according to a report in bloomburg. they went inside the streaming giant's iphone app and suggests the new plan won't allow users to download shows or films for offline viewing when you see people watch stuff on the plane and they've download that had and the coyed they found suggests that users won't be able to skip ads so you have to see them and playback controls won't be available during ad breaks either. no word on the price tag but it would be cheaper than the basic

plan, which is now $9.99 a month. with the stroke of a pen on tuesday, president biden made a long list of vehicles ineligible for the federal ev tax credit. it eliminates any ev built outside of north america from qualifying as the new law aims to boost production in the u.s.. jeff block is live at ev charging station in pennsylvania. sometimes the plan to help do one thing from the government kind of just messes up the market as a result. does this mean we're going to see fewer foreign evs on the road? >> i think that's probably somewhat inevitable, lauren. legislation is often said cuts multiple different ways and this is an example of one that does that, indeed. if it's not made in the usa, that's a good thing. shouldn't get a u.s. tax break but that eliminate as lot of evs from consideration. take a look at top three selling

evs in the u.s.. so far this year. it would be the tesla model y, the tesla model 3 and ford mack e. the model y would not qualify because there's limits on the cost. the model y cost too much and that keeps expensive people from buying suvs and getting a tax break. the tesla model 3 and mack e qualifies. assembly in the usa and critical minerals and the batteries and 40% of that has to come from the usa starting next year and none can come from china or russia. some think that's a good idea. the problem is that that eliminates a whole raft of evs and maybe ones that you might wanted to buy like the subaru, volvo, and hyundai. all those not eligible for a tax

break as they were in the previous legislation. and u.s. made vehicles, the tesla model xy and the s plaid, they would not be eligible because they cost too much. the rivian trucks cost too much and ford lightning platinum and the mercedes eqs, those all too expensive. as i said, lot of people think that's a good thing. i leave you with one final piece of information, cost is a big deal, the bill addresses that, but it doesn't address the other big elephant in the room and that is range anxiety. i am out here back at a charging station, a lot of people don't buy an ev because they're afraid they won't be able to find one of these right there behind me when they run low on juice. lauren: scary thought. jeff, honestly, with all due respect, i'm confused by your report because if you're in the -- not that you weren't

clear but the rules are unclear. you want to buy an electric vehicle like huh, huh? wait, wait? does this meet this requirement or that requirement? it's so confusing. >> again, with legislation it gets very in the weeds. the government says it is going to put a list out before 2023 and tell you which vehicles qualify and some are made both in the u.s. and overseas so if you get one, you got to be sure, wait a minute, where was this made? mexico or the u.s.? it's going to be a bit of a fine print situation. lauren: this is insane. jeff loche, thank you. the closing bell, everybody, rings in five minutes. just little bit over that . we have markets decisively lower. the nasdaq is we got the minutes, the notes if you will from the fed's july meeting and it seems like they think inflation is still a big problem and it is broad-based. everyone is trying to figure out how to deal with it. how much do they hike interest

rates with they meet at end of september. nvidia shares are down again after bank of america says they may have to cut guidance because there is risk for consensus in the third quarter outlook. the stock is down 2.7% right now. today's "countdown" closer sees this as a buy. he is here to tell us why. jim warden, managing $2.9 billion, and our trader seaport securities teddy weisberg. jim, let me start with you. why nvidia? >> thanks for having me, lauren. i like nvidia as a long-term buy, as a long-term value. you know a lot of these names, nvidia was one of them, paypal, they have come down so much i believe there is value here. the fundamentals will improve. we will get through this. there is still some noise right

here that we're going through but for long-term investors i think they will be happy a year or two, three years from now that they bought it. lauren: seems like a lot of problems for nvidia. crypto miners who use some of their chips, they pulled back. consumers that buy pc's, phones and chips that pulled back, where do you see the opportunity? there is the chips bill but that law doesn't really affect the chip-makers for quite some time? >> yeah, correct. i think there's a lot of opportunity in gaming. there is always opportunity there frankly, there is opportunity on autonomous vehicles and electric vehicles, there is more areas that we've yet to touch an kind of this omni verse metaverse, there are other areas there are opportunities nvidia has yet to tap into. lauren: he likes nvidia. that is from jim.

teddy, let me bring you in here. i was saying earlier in the show this seems to be a rally that investors are not trusting. yes you can make the case today, if you look at s&p first time in four days, the dow first time in six days but we've had an amazing rally from the lows in june. do you trust this rally? >> no, no, i don't, lauren. i think quite frankly there are too many unknowns out there. the message is very confusing. every day it changes. look at today. we had release of the fed minutes. they talked about 50 hike instead of a 75 bp hike. the market was down 200, we were plus eight or nine points, now we're down 170 points. reality as you read into the minutes interest rates are going up the question how far, how fast. inflation is still a huge problem. even with the retail stocks. folks have to choose now.

they have to choose between food, fuel in their car or going to target and quite frankly food and fuel will trump everybody else. lauren: teddy you speak like a real person. it is true, no matter what your income is, jim, let me bring you in here. walmart is up a little bit today, surged yesterday. it is up nine days in a row. yay they warned. we have a lot of inventory they will have to cut prices but they see high-end consumer can beat inflation. they have enough money. that is just too expensive, we'll trade down. let's buy our food at walmart. how bad is inflation and how strong is the consumer? >> inflation's bad but you know i think a lot of this goes back to, is it getting better? i think it is getting better. lauren: okay. >> oil prices are coming down but like we saw the retail numbers are still high, they're

still higher than expected. there is still demographic of consumers that are still spending. you know, my concern is, if they're still some pressure on, you know, the consumer spending and you know, those inflationary pressures that stay out there, that linger perhaps a little bit too long. lauren: yeah. >> would perhaps keep the fed to be a little bit more cautious on inflation, that is something i definitely concerned about. lauren: sometimes seeps that the market and the fed are on totally different pages. teddy, we've seen a lot of short-term interest come into the market, short-term money and that means bed, bath & beyond. what do you make of this being the latest meme stock and why is it happening now? >> i think it just coming at the tail end of a great move we've had. july the markets were terrific. so far this month other than today august has been pretty good.

the good news investors have very short memories. so it kind of risk on again for some of these folks. i'm not sure they're right. time will tell. lauren: i have a short-term memory too. but i remember you teddy weisberg. that is long one. [closing bell rings] jim, thank you for your time. seconds left from the closing bell. the five-day winning streak is over. "claman countdown" is too. "kudlow" now. ♪. larry: hello, folks and welcome to "kudlow," i'm larry kudlow. in recent nights you heard my double barreled criticism of the so-called inflation reduction act. it is 750 billion-dollar monstrosity. it does not reduce inflation, does not reduce global warming, it does raise taxes for middle class working folks, will deepen recession and one not iota, scintilla, wit, shred, morsel of economic growt