ourselves again a little less rich and he shall a little less fewer options. the business round table may be sobering up here and liz claman, three years ago, stake holders rather than shareholders i thought that was a mistake. liz: i'm genuflecting to your green set. set charles: only ple green on wall street today. liz: what do you make of the reversal and apes? charles: i'm not sure. i have no idea. i'm watching it in way but don't know what to make of it. liz: it had traded as high as about $10 and now it's at $5 pla5.77.we'll get to it in justa minute. charles: yeah, everyone is asking. liz: and all the meme stocks but a fox market alert, we've got an equation of sorts at work right now as we kick off the final hour of trade.

rising interest rate worries plus heated volatility equals an ugly combo for the bulls. we have a broad cased selloff od dow jones down 666. that's not a good number. isn't that like the oman? the devil? never mind. lower the session a loss of 682. we've got the nasdaq down 325, biggest percentage loser down 12.5% and s&p losing 35 and russell 43 and tech and consumer discretionary leading the way down. leading the way up, volatile 'til index. this is wall street's fear index. we're at session highs right now and the higher it goes and more angst and ago agony in the markt and popping 18.6% and that's the highest level in more than two weeks. when you pair it with the action in the ten year yield, which happens to be blasting through 3% right now to a five week high, it is a combination that has investors pulling their fingers off the buy button.

right now, the 10 year yield, 3.037%. what is sparking the awakening and fear and treasury yields in it's something that hasn't even happened yet, folks. the annual jackson hole economic symposium that draws central bankers from around the world and federal reserve jay powell will speak on friday and investors have turned caution waiting for him to telegraph how high he believes the fed must raise interest rates before it can declare it has doused the flames of inflation. here's the expectation: that powell will be very clear that bringing down the rapid price increases that american consumer haves been dealing with from food to rent and apparel will take priority over dodging a slowdown in the economy. now, if that's the case, earnings could cover with a recession hence the drop in stocks right now but look what happen when is you pair the moves with friday's drops. look on this chart, friday the s&p saw 55 points burned away

and dow lost 292 points but add the nasdaqs 2% loss friday to today's 2.5+% loss here and there's a nearly 5% two-day loss. leading the nasdaq's worst performers, talk about netflix. netflix at the moment down 6%. cfra is cutting the streamer to a sell from a hold siting with a 40% run up from low and bookings holding match align workday. we do as we just talked about with charles, are seeing a rough session for meme stocks. amc, okay that one's in the red as rival cineworld owning regal theaters considers filing for chapter 11 bankruptcy. amc down 17.5% and new preferred, ape, at the moment -- sorry, it's ape that's down 17%. amc is down 40% but ape, which pays a 1 cent dividend halted twice for volatility had traded

as high as $10.50 reverses and stands as $5.72. is this what we can expect for the broader america until investors get collator on interest rates? let's get to our floor show with traders kenny and scott. kenny, tough to find green on the screen but we see it in chinese stocks. >> well, there's a couple things. after what happened last night, the chinese pboc cut the lending rate so that's bullish for chinese stocks but as much as the stocks are up, remember, they're down on the year, very much like the chinese market sot action today is reflective of the same thing that happens in the united states if the m fed makes a cut in interest rates. the other place you'll find green on the screen is in the concord trade. all the ets will get you short the market. the spsx and esq are all ones that get you short the market and they're up significantly today. liz: yeah, the psq, man, that's

a little dangerous. it's up 2.7% and this is the pro shares ultrashort; right? >> right. the spx one is a triple one and more dangerous and the psq, sh and doinger are 1: 1. the psq up 2% and the nasdaq is down 2% today. it's fairly reflective of what it's doing. liz: that's more of a trade. let's get scott fullman into the conversation. as you look at what is and has been since june certainly an overbought market, where do you find -- i guess we could put what opportunities do you see in the selloff today? >> first of all, before we get into the opportunities, let's just remember, you know, the dow is down basically close to 1,000 points over the past two sessions. we're up 4,000 points from the june lows to the highs last week, and that was basically a 55% recovery of the losses from

january through june so, you know, that was a tremendous move and we did reach overboard. now where are we looking for opportunities? we're getting more defensive again and that's because not only because of the fact the market is overbought but seasonally, this is the weakest time of year we've come into from mid to late august through october. we're looking at the defensive stocks right now like hormel foods, which we think could rise up to $61 and coors brewing tap we have a technical basis on it and woe think people should be looking there. go defensive right now and look at where people are going to still be having to put their money and buy things. you know where they're making choices. liz: kenny, it never seizes to amaze me, last week at the beginning of the week, let's say before the pretty considerate selloff there, people were wining, oh, i -- whining, oh, i missed the june runup.

phones, you have a cheaper opportunity, the market is discounted right now. look at dow down 656 points. how do you get people to understand that mentality versus my hands off the button? >> listen, i think you also have to recognize to scott's point, we're coming into an even more volatile time so chances are you're going to get a opportunity to buy stocks even cheaper in the weeks ahead so what i would say, listen, stick to your plan, hold back, you have your money that's on the side, put it to work when it feels right for you. not today. today is a day where the market is unnerving and it's a bit anxiety driven, i've stepped back today other than playing it from the short side and nothing on my long side and want to let it settle after a couple days. friday, today, and one more day and i'll look at it again. this is not the kind of action that should make you nervous if you're long-term investor because you're buying stuff on sale and it's going to get cheap in a couple of days. liz: i'm looking at some of the more momentumy-type -- i made up

that word, plays here and for example coin base. i mean coin base right now down 3.7% but it had really made a nice run, quarter to date up 51%. but you look at what's happening with bitcoin just over the past 72 hours. it has fallen about 10%. as you look at some of the others and ether is even worse. scott, do you see anything that makes you attracted in any way shape or form to a cheaper info area or certainly space that belongs to crypto? >> so as far as crypto goes, it's very volatile and it's going to have these massive movements up and down. i think you do wait for these drops to buy but in anything, liz, in anything and to kenny's point also, you don't have to go out there and buy things 100%. buy a 20% position. wait and see what hams and then average in -- what happens and

then average in and it alleviates some of the risk and that's a very important thing when the market gets volatile again and something that all investors should be looking at right now if they're looking to take advantage whether it's in the crypto space or inequities. liz: kenny, do we have to wait till after jay powell speaks in wyoming on friday before we start to see some calming in this market? >> well, listen, i think it's gotten very confusing because last week we heard from five fed heads talking very, very aggressively and jay powell has been the one trying to maintain calm in the narrative; right. i think there's going to be lots of speculation up till he speaks but ultimately until we hear what he says, it he going to confirm the aggressiveness or try to, you know, calm the markets? i think we don't have a choice until you hear what he has to say because he is the fed chairs; right. >> yeah, and he's not going to say, don't worry, september i'll do 50 or worry i'm doing 75. liz: he will telegraph as we like to say. gentlemen, thank you so much.

kenny, scott, always a pleasure. foams, we need to -- folks, we need to flag you about a crucial piece of e con no data coming out tomorrow, new home sales. between soaring rates and high prices are we barreling towards a full-blown housing re-.s a home builder going from order taker to financial therapist for anxious buyers. tripoint home ceo doug bower is up next with what his world is like right now and we will ask: how close are we to a recession in the housing market? closing bell is 49 minutes away, dow down 640, it's a rough session. folks, if it gets worse than this, we'll blow out commercial breaks. stay with me every minute of the session. the "claman countdown" is back after a quick break, stay right there.

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liz: new home sales are out tomorrow and already red fin is blurting out a bearish report. home sales will have dropped 19.3% year over year. that was in july, which is the lowest since mid 2020. expectation is going to be at the moment for a pretty significant drop. look at this, 63,000 home buyers, that's about 16.1%, backed out of purchase agreements last month. that is the highest canceled contract rate since march of 2020 when the u.s. economy went right into covid lockdown. no doubt soaring mortgage rates since january bear much of the blame compared to 3.2% at the start of the year. today's average 30 year fixed rate mortgage stands at 5.78%. the ceo of home construction

company tripoint holmes, which operates in the west central and eastern united states flagged the chilling effect weeks ago saying his job pivoted from taking lines of buyers to walking cautious buyers through the process. doug, great to have you here. the national association of realtors have used the r word saying builders are not building and sales activity declined six months in a row ergo we're in a housing recession. if not, how close are we? >> i saw the same headline, liz, and by the way, thanks for having me on. by the way, i would call this a housing correction. it's very clear that the combination of higher rates and lower consumer confidence lowered the pace of the frenzied

activity we saw last year and frankly through the first quarter. we reported in june that we saw a slowing down of consumer demand. the reason i don't say housing recession is because fundamentally, there is still tremendous underlying demand. i mean, we continue to entertain customers at our sales offices across the country at a slower pace, but the underlying demand is still there, and i think actually for the next few quarters we'll kind of continue to kind of find that price and payment mechanism that we can match up with the buyers. so it's a housing correction, no doubt about it. we're deferentially having to work with our home buyeers and our backlog to match up their payment with the appropriate price. liz: well, that's what i really want to know, the psychology of the buyer right now. there are a lot of people who are backing out of contracts,

and it starts to gain some momentum here, some velocity. so what are you saying to them? hold on, hold on, you should still buy this house or wait till mortgage rates come down? that's a tough call for somebody like you to make. you want to move inventory, do you not? >> we do. we had a record backlog of 3 billion at the end of the second quarter so we're spend ago lot of time with that backlog and locking them in place. if you really look at these buyers and backlog, and our cancellation rate got up to about 15.6% at the end of the second quarter, which 15-20 is pretty normal. the reason these buyers are actually staying in escrow, not only can we lock them in at a good rate, but they also have tremendous equity in their home. they need this house to -- as part of their family unit so the equity that they have in that house is still very strong. liz: i have to ask you, something's got to give because we are looking at unbelievably

high rents on top of it you have the chief economist of the national association of realtors, saying people entering the housing market right now are now typically paying 25% of their paycheck to their mortgage versus what had been 15% before the pandemic. do you -- as you look at the whole picture at 30,000 feet, worry that people can't afford to put a roof over their own heads. that can't be good for a company like yours. >> well, luckily our company has land across the eight states sts that we build n. they're all in triple-a locations and we're opening up a lot of new communities next year, and we'll be at more attainable pricing so that we can match that payment with the price of the house. you'll see eventually cost come down too, which will allow some further price discovery.

liz: sorry to interrupt but when? we still very high home prices and yet the material prices in some cases are coming down. lumber prices at september lows, september of last year lows. granted year over year they're still up, but if lumber prices are coming down, are you locking that in to hedge? how does that work for somebody like you? >> well, definitely the front end of the business is starting to feel the starts and permits getting pulled back so you're going to see that cost relief going into next year, and the price of housing that's been reported, a lot of that is a little bit of a lagging indicator, liz, so i think you're really going to see pricing probably has peaked in the may, june time frame. but there's a bigger story here and what is interesting is the fact that since 2019 as you know, we -- 2009, we started our

company in '09 and went public in '13, the country has not stayed in line with household formations, which is the key driver in jobs to new housing. i mean, we've been a lagger and now we've got in housing correction, frankly induced by the federal reserve increasing interest rates, but interest rates don't define a housing market and so the real story and the real thing that i'm looking at is we haven't built enough houses in the u.s.. we'll slow down permits short term orientation start and we have a huge millennial demographic that represents over 50% of our buyers, they still have a huge need nor housing. are we going to create this big void going into the spring selling season? it could be lining up that way because think about the resale market. ly sell my home if i'm locked in at sub3.5%? not unless i need to and that's our biggest competitor.

the biggest story is the unmet demand of housing that we haven't met since 2009. liz: doug, you've seen this movie or a version of it before. i want our viewers to know something, you and your cofounder put this company together in 2009 as you mentioned, which was, i mean the wreckage of the housing bubble bursting and you're living the financial crisis and a company with a market cap of close to $2 billion. what have you learned from that and feel that you're ready if there's a protracted slowdown in the housing market to deal with it. whether your cash position or balance sheet et cetera? >> great question and we are ready. a number of the public home builders are because frankly they're run by a bunch of old guys like me that have been through a bunch of corrections.

so we focus on positive cash flow, turning our inventory and reduce cap x so we've -- every correction, liz, is different in my 30+ years of being here. here in this business, the thing that's interesting right now and what i'm trying to trianglate on is the fundamental lack of supply that's going to exist and get exasperated going into 2023. i have millennials at home and they've been looking at housing and still are looking for housing and how do we meet that demand long term as we come out of this housing correction? liz: well, get on it. start building cause at some point my kids will need a house. doug, it's good to see you. hang in there. thank you very much. >> thanks, liz. liz: folks, the highly anticipated sunday premier of hbo max's house of the dragon crashes an app just as a flood

of eager viewers log in to watch the show. was this simply a case of demand crashing the internet or was it the hobbits hobbling the terry karen. we're on the stocks getting clobbered because of it. we take you to targaryon. the nasdaq a loss of 2.5% and it's a tough loss with friday's chop of 2% and the volatility index up 17% at 24. we're coming right back. liz: sty

off session lows and the nasdaq getting hammered here and falling more than 2.5% or 321 points. the dow jones industrial is a big, big companies here in the u.s. down 639 points, a loss of the session at least to the lows of the session down 682. the s&p for its part down 89 points. we need to look at shares of ford by the way. they are slamming on the brakes due to two different headlines in the news and the auto maker is shopping 3,000 jobs -- chopping 3,000 jobs in a cost cutting move as it transitions to electric vehicles and the stock is sliding 5%. it was already tumbling premarket after a jury in georgia ruled against the auto

maker in a case involving a fatal crash that involve add 2022 f250 pick up and ordered ford to pay $1.7 billion. tesla changing the price tags again. this time the ev maker says it's hiking the price of the premium driver assistance system which they call full driving by 25%. the stock is down 2.33% after elon musk tweeted come septembel self-driving will rise to $15,000 per car. fsd has drawn regulatory scrutiny from state and federal authorities. we have told you guys about that in the past. dragons breath ain't nothing compared to the fire viewers of the debut of game of thrones prequel house of the dragon were spewing when their hbo max streaming service crashed sunday night. according to downdetector.com, the crash affected 3,000

viewers. most of the outages were report bid viewers trying to connect via amazon's fire tv devices. amazon down 3.5% but parent of hbo max warner bros getting clobbered, down 7.25%. twitters began wondering if it's because amazon is making the fantasy drama lord of the rings, the rings of power. a show being promoted as dragon's big rival. amazon prime video will debut the first two rings of power episodes on september 2. wait, house of the dragon, rings of power. okay. speaking of amazon, amazon's lobbed in a bidding war, which is sending shares of signify health a lot higher by 32%. reports of the home health service provider plans to conduct a board meeting to evaluate multiple buyout offers including from united health, cvs and option care health. "the wall street journal" says

the price tag could be as high as $8 billion. last month amazon took a real step into entering the home health medical business and acquired one medical. you've got option care up a quarter of a percent. cvs down 1.78% and, yeah, signify having a nice move of about 32%. folks, we're in the dog days of august and airline passengers are still howling when it comes to flight mares. days after the u.s. government sent a shape up now letter to u.s. carriers. today alone, there's been 856 cancellations and nearly 5,000 flights delayed across the u.s.. that according to flight aware. look at global jets etf that compiles the stocks of all the u.s. carriers, down 2.9% at this hour as the u.s. government is now looking to step in with new rules to help stranded passengers at least reclaim some of the money, some of -- get some type of voucher.

it's been a nightmare since june with every major airline in the red, madison allworth joining us from tampa international airport which has been the epicenter of the ni nightmares this summer. we know about the department of transportation sending a letter but what are they doing about it? madison: they're trying to hold airlines accountable. over my shoulder is the list of departures at terminal a at tampa international and a couple flights are delayed. one nearing a three hour delay and that's what the department of transportation is focusing on. so currently you are supposed to get a refund if your flight is significantly delayed or changed. the issue is that definition of significant. each airline has a different standard and what the department of transportation is trying to do is set that standard so consumers, travelers, they get a refund when it is applicable. they've outlined what they think

constitutes significant. delay of over 3 hours for domestic and 6 hours for international and will offer refunds if you have a change of departure or arrival airport and increase in the number of connections to make or if your aircraft is significantly downgraded. you said it, when it comes to where the delays have been happening, we've been seeing it across the u.s., but florida, man, they really hold a lot of records when it comes to delays. three out of the top five spots are here in this state. we spoke to travelers today who are frustrated with the current process for getting help. >> there's no virtually no help with getting anything taken care of. i had to take care of it myself and through my bosses and everything else. there was no cooperation whatsoever from the airlines and it's unsatisfactory. it is not the way to do business in any way shape or form. >> they didn't compensate me or say why they had canceled or just canceled it and texted me.

madison: that last person, donna, should have been offer add hotel when her flight was canceled last night since it was not due to weather. she was not. that's why the department of transportation sent out the letter last week showing there needs to be real change. they argued, one, that passengers should be get ago hotel if their flight is delayed or pushed a day and made the argument that passengers should be getting a food voucher if their flight is delayed more than three hours and it's suggestions and that list i ran through at the top, that's in public comment for now and we'll see what happens there. meanwhile we're also waiting for the release of a dash board. that should come out before labor day and it'll lay out what to expect with different airlines in terms of what you are owed as a passenger because, liz, one of the struggles is that if you're delayed or canceled on one airline, it differs in terms of what you get compared to another airline. the department of transportation looking to standardize

everything and also kind of put airlines feet to the fire and say enough's enough. if you've traveled at all this summer, you know just how frustrating it is to have the dedelays and cancellations. liz. liz: i am of the belief, if it's weather related, nothing anybody can do about that. can't get made at the airlines but there's not been massive weather problems in some of these cases so yeah i want the food voucher and i'm spending it on swedish fish. okay. madison: swedish fish or wine. probably going wine but either works. liz: better idea. madison, thank you very much. will wall street w be shopping r making returns this week macys gap, and nordstrom making a slew of changes the next few dais. we ask experts what you should be buying as far as stocks are concerned and why. facebook started it and now everyone is talking about the meta verse but few know that a

woman who dropped out of high school and yet got into mit as a teenager is now the one that companies are flocking touchdown pass create their own meta verse. how did karen strike her own journey to create illumex that has companies like quiet diamond and disney to partner with her. check it out. her journey to the top when it comes to the meta verse and my brand new episode of my podcast just dropped, everyone talks to liz. find out and hear her story. get it anywhere, wherever you get your podcasts. closing bell, we have a new session low for the dow, down 699 but look at this, we've just popped off that bottom and we're still down 636 but at least not the worst of the session. stay tuned, we are coming right back.

liz: folks breaking news again. now, these companies have just

been resumed trading, again, for the third too time now, halted. both amc and amc preferred equity known as ape. they're now trading once again and this time we have amc down 41%. okay, that's worse than what we took it at the top of the show and ape, those entertainment holdings, the preferreds paying 12-cent cent dividends and prefer on the high of the session at $10.50. it's been a rough day for both stocks and we want to let you know both have been under pressure and particularly amc has rival cineworld and confirmed it's considering filing for chapter 11 bankruptcy. as we continue looking at that, let's get to where people are supposed to be spending their money elsewhere, and that's where retailers. from department stores to discount retailers, look at this calendar. it is chalk full. earnings galore this week from the likes of macys, nordstrom,

that's tuesday, dicks, urban outfitters, william sonoma, petco, thursday, dollar tree, ulta beauty and more. last week, target hit badly on earnings and wal-mart beat lowered estimates and said its customers morphed into penny pinchers. before most of the retailers rip their through reports, bring in the power panel andrew graham and strategic group managing resource group burt flicker. they're some of the best in the business and that's why you guys are here. burt, i'll begin with you, is this a cringey time for someone like you? >> very unhealthy time, liz. on the chart you showed other than wednesday, petco, the other retailers have challenging results. your good point on penny pinching.

let's make profits and get dividends and let's increase earnings going with food. food wholesalers always do well, long term contract to amazon with whole foods and a number of others and bj's wholesale club up 250% and great intersection of leadership, spirituality and societal change of chris baldwin passing on being chairman of the company with the dream team. if you go to safe harbor's like angles, like post, cereals, branded and private label, you can win and be up for the year in a bad market and pinch pennys and still get a positive return without worrying about a market wipe out. liz: sure feels like i hate to go back to 2009, but those were the ones that did well because people, i called @ upside down shampoo bottle syndrome where people were getting that last

little bit out. we all learned, we got burned. andrew, where do you see opportunity in the retail space considering what burst just unveiled? >> yeah, burt made a lot of good points. i think we have to pay attention to sort of the bigger names though as well as q3 is set up to be a difficult comparison. there's a lot of, you know, benefits that hit, fiscal benefits that hit last year in q3. so you got to pay attention to target when they report q3. that's going to be a massive catalyst for the stock in one direction or the other as well as shifting over to nike, which is off cycle. nike a lot of their stuff, a lot of what they've been doing in terms of promotions linked to trying to maintain a poll market in north america and in europe. in here you mentioned one that's coming this week, we like ulta beauty and cosmetics base in general. it's still benefiting from this

move back to work and occasions, and also see them receiving a comp benefit from inflation, at least in the early going. they just lifted, manufacturers lifted prices going into the second half of the year. then, look, during the last down cycle, the cosmetics category was only down 2% in 2009. it was flat in 2008 and down 200 # versus clothing down more than 5% and home retail products down low double done a lots. digits. we -- digits. we like ulta going into the print on thursday and they'll beat on all metrics and we have a $500 year end target term. real tricky set up for q3. liz: it's the old lipstick indicator when they stop buying the $11 lipsticks that's a real problem because that's a big indicator that wall street looks at. burt, tell me where you're seeing this retail customer

shifting. you've already talked about the fact that bj's and targets are opportunities here and certainly have been over the past three to seven months, but what is it about the consumer? can you take us inside their mind at the moment? >> liz, we're seeing fear in consumer's faces from dollar stores to discount stores. we're seeing wal-mart parking lots whether it's a holiday, first week of the month half empty. to andrew's pressing points, beauty wins in deep recessions, and food typically wins in our worldwide study of beauty brands, ulta is the ultimate power brand to andrew's point, and target's a way to save on food and casual fashion for back to school. so consumers are trading down and they've got a fear, liz, of both crime and covid in addition to inflation so it's icc but not

interstate commerce commission. it's inflation, crime, and covid that's keeping 55% of consumers scared of going to stores on a regular basis so they're shopping more online and they're buying for what they need to feed their families, and they're not buying discretionary stuff so i think it's going to be a tough outing for dick's this week too. too. liz: crime and covid, you just crystallized that. that said, how to people, andrew, look at the luxury retailers, which are -- well, everybody is down today. you've got lvmh, to lululemon and tapestry to capri holdings and we hear from lvmh that owns dozens that things are okay and they see the high end customer surviving here. does that mean that they're stocks are a little more insulated? >> i think at least for the time

being they are. we've seen the pressures on the consumer move from just the low income consumer and starting to move up to the middle income consumer, and they tipped like wal-mart talked about it, all birds, signet and costco mentioned in terms of jewelry sales, there's pressure on the middle income consumer and high end consumer and they're a little more insulated and tapestry still good and occasions for fancier clothes is still something people are going out to shop for. yeah, it's eventually getting tough for those guys too. for right now, it seems like they've given us the all clear. again, i would point to this being a really tough quarter for a lot of retailers, but it could be a big catalyst for some of the names that you people really want to own for the long haul and again, go back to target and nike and so forth. liz: well, gentlemen, thank you for giving us a very interesting window into how you view things

and the consumer and again, target is an interesting one. brian cornell, yeah, yes, sir they whiffed but we're waiting to see what they can do for back to school. i checked out target and they had good inventory and the shelfs were full and you're not signature there scrounging but we'll continue to watch all of it. burt, andrew, good to see you. >> thanks, liz. >> boomrang after target. liz: i got t burt. good to have you back on. jackson hole, renowned for wildlife including bison, bears, and bald eagles and now expect to see a few hawks. fed hawks. marketsshudders ahead of jerome powell's speech at the symposium and we break it all down with the countdown closiers and you can't miss it. right now with nine minutes left to trade, there's quite a bit of red on the screen and may portend what happens in tomorrow's trading. don't go away.

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♪. liz: closing bell ringing in four minutes. the losing, markets are losing nearly 700 points at least for the dow, having its worst day since mid-june. the nasdaq on pace to close at the lowest level since august 7th. we know with the volatility,

fear index popping, investors are clutching their pearls on this monday after five federal reserve bank presidents made it very clear last week that the central bank will continue hiking interest rates even at the risk of recession but as those pearl clutchers stand by the fainting couches let's bring in the "countdown" closer. these guys have money to put to work. internationals sets advisory ceo fred says see all the red on the screen? that is a buy signal. with 400 million assets under management eric friedman says it's a selection set of time. eric what do you think about that? >> we think more volatility downside than upside in the near term. we think to your point it's a huge week with jackson hole speech on friday. we get a lot of economic data on friday. we see bias from the consumer

weakening here. a bit more defensive, utilities infrastructure and involved in energy. those are three places we like. we wouldn't be excited to get into tech and consumer discretionary yet. liz: so no consumer discretionary yet. andrew, we had better come on be real careful with the retail names because there are still opportunity because people still need to buy certain things. tell me exactly what sense you have about to where to put the money at this moment because you like a down day like this? >> good afternoon, liz. yes, we like a down day because we think we'll have more of them. we think there is another shoe to drop. so we think there are some opportunities. we're not as optimistic in retail as the prior guests were. they seemed to think that the ultrahigh net worth retail client is much more insulated from this. i would point to things like if you look at websites like crono

24 or talk to wealthy clients we have about netjets or other jet shares, three months ago they couldn't get ahold of these companies. now the companies are bombarding them with opportunities. sounds to us they're not high insulated. that high net worth clients are starting to be a lot more careful with their expenditures. liz: that is an interesting perspective. i kind of prompted them to be fair. i was quoting the lvmh ceo who is stunned things are as good as they have become. eric, continuing on the fed of the federal reserve we do know friday we have jay powell giving his speech. 10-year yield at 3.02% right now. pretty much at a five-week high. what do you think happens at the september meeting, how will that play into investor sentiment? >> the biggest point of emphasis for us, liz, how the market reconciles 2023. the markets and the fed are pretty much in sync where fed funds may peak but the market says you know what?

we think there is going to be a cut at some point in 2023 and the fed says that is not going to happen. that reconciliation has to occur. if that doesn't occur we think we'll have back and forth. [closing bell rings] more downside than upside that is important to us. liz: thank you very much. eric, ed, you have to watch tomorrow, final hour of trade where it all happens. we will be right here for you. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so judge bruce reinhart today admitted the fbi's raid on president trump's mar-a-lago home was unprecedented. he rejected merrick garland's attempt to keep the search warrant affidavit completely secret and under seal. he cited the intense public and historical interest, and he ordered the doj to propose redactions by this thursday but again, rejected th