constant and will never go away. it's a huge challenge. how do we regain o all of our freedoms, especially freedom of thought and notions of the american dream being in tact and not wind up like a dog? it's a good question and be cognitive and remember it's not going to go away. i'm going to make room for lauren simonetti filling in for liz claman. you've got a big task ahead of you. this last hour of trading, buckle up. liz: to put it lightly, i know, charles. charles have, have a great peeked. you deserve it. charles: thank you. lauren: all three major averages down and down big. this is a darkening shade of red. we're at session lows as i speak

with the dow 850 points and nasdaq 3.3%. it's a summer friday, it's august but volume is not light. all this after federal reserve chair jay powell predicted from out west that had it'll not only take time but bring pain so the damage is pretty ugly. at 10:00 eastern, way back this morning, a hawk took -- not just any took. like the hawk of all hawks took the stage at jackson hole, and he made it clear that the federal reserve would continue its aggressive fight ernst inflation and if it did not, the consequences would be far far than "unfortunate costs of reducing inflation". >> the historical record cautions against prematurely loosening policy. the individual projections from the june sep showed the median federal funds rate running

slightly below 4% through the end of 2023. lauren: well, the speech sent all three indexes nose diving with the nasdaq and tech rich valuations getting hit the hardest, but even as powell says the inflation fight is far from over, look at this. the federal reserves preferred inflation measure did show price pressures easing. so called core pce. yes, this is technical but excludes the volatile food and energy components it rose 4.6% year over year. that was below what analysts ans were expecting and what was reported before at 4.8% and inflation seem toes be cooling. still every single sector getting hit and hit hard by powell's pretty heavy words. some sectors down well over 3%. home builders slammed. red fin ceo warns that rate hikes could cool the once hot housing market and see a 6%

decline for lenar today. other sectors like consumer discretionary and big tech take ago dive too. and the impact on wall street is ugly. what about the impact on main street? we're live from wyoming where he's been the last few days talking to fed officials. edward, are they happy with what powell said? the message that the markets are reacting to, was that what they wanted? >> well, this is what needed to be said to set expectations going forward. then the reaction to that was expected once those words came out of the fed chairman's mouth. we were expecting a big speech, we got a very big speech, complete with warnings of pain for americans but also for businesses, this was the most direct speech that i have heard the fed chairman give since he's taken office. >> without price stability, the economy does not work for anyone, in particular, without price stability, we will not achieve a sustained period of

strong labor market conditions that benefit all. the burdens of high inflation fall heaviest on those least able to bear them. >> now, that possibly means we could be looking at another year or so of interest ra rates thate pretty high and the federal reserve chairman adding at some point the pace of increasing might need to slow adding it might be appropriate at the next meeting to have another unusually large rate hike. inflation sits at 40 year highs and unemployment rate forecasted to rise. i asked the philly federal reserve president what that shows. isn't that signaling we're heading towards a recession? >> we're heading towards a slowdown, which is what we're trying to engineer in terms of bringing inflation under control. whether that leads to a recession, jury is 'til out on that because we're starting from a very strong position. >> no one here will talk about a recession, the possibility of a recession, but i am hearing more

likely than not we'll get a 75 basis point move at that next meeting in september. back to you, lauren. lauren: edward lawrence, thank you very much. so much many cover for us, we appreciate it. this is the worst day for the market since the lows back in june. is this all part of the pain that powell was talking about? with that we go straight to the floor show and joining me is the chief strategist and institution managing director of commodities chris robinson. the criseses. thank you for join -- chriss. chris robinson, let me start with you here. it was a short speak and half the length of time he norm lay spoke and it was very direct. do you think he got his message across? >> i think so and this is the case of less is more. they've been talking about this for really months now, and i think the big concern was with what's going on in china. china is cutting rates and for

them to say, we're going to stay the course and continue to hike rates. it'll be baked n. you've, we're down today and our percentage and we've had 800 point moves and kind of frightening and percentage wise, we're only 11% off the all time highs so i'm sort of glass half full. that low we had in june just two minnesotas ago, that's a big level -- months ago, that's a big level and through the end of the year, that's the benchmark for what's wood or bad in the markets as long as 30,000 holds in the dow, it's also going to give fed chairman powell cover because they may not admit it but they do watch what happens on the stock market, and i think they want to continue hike rates and we'll see how it turns out but, you know, inflation -- there's only a couple ways to get rid of inflation, and this is the tool that the fed has and, you know, they're going to stay the course. lauren: we'll take your optimism. to the other chris this, is the tool they have and jay powell

said point-blank, it's going to create pain. no one's admitting recession, at least none of the fed officials that edward lawrence is talking to, they're all dodging that question, but is recession part of the pain, chris? >> as you remember, i served at the department of treasury under the former administration and no one likes to talk about recession. but pain -- when the words of the pain come from the fed chairman, we all know what he means. certainly going to be a slowdown in the economy and slowdown oftentimes we can quibble over technical recession and it's going to come and accelerate as quarters pass, and the chairman is right. i think those who can afford it least will kind of beater brunt most of what's to come. yeah, we're forecasting a recession. i believe that we're -- a recession is upon us. i think it's right for the fed

chairman to get there. there. lauren: how bad does this recession get for you. >> it's difficult to suggest of how long and how deep it's going to be but, look, there's no question, you know, there is some signs inflation is abating, which is great. but the reality is it's far, far, far above the 2% target that the fed reserve intends and so they're going to have to continue raising rates and with that, you know, again, everyone hopes for a soft landing of the economy, but likely means we're going to dip into a recession and, you know, again, if they've done their job right and making the calculations right, that should be a short run but it's certainly i think bernards healthcare happens even a gush perhaps a quarter or two and even four quarters and all hope for it to be shorter than longer but i certainly the chairman is suggesting that we're going to be feeling much more pain and americans will feel much more pain in the quarters to come. lauren: it's almost alcohol cal,

chris, that we -- comical that we were talking about a pivot and the rate cut follow ago series of rate hikes. the p in pivot is now replaced with pain and persistent interest rate increases. are you shaking your head like, wow, how did we actually believe that this federal reserve would cut rates or do you think it's all tough talk right now and they might actually do that next year? >> i think at the end of the day, the number one thing that they're going to watch is the unemployment number; right, because recession is one thing fifyou're out of a job, a recesn is oppression. that rate has given them cover to do it. two things i think they'll watch is cost of living; right. if we can get gasoline under $4, that'll help a lot of people. the second thing is to watch unemployment. if there's still 11 million job openings out there, that's going

to give the fed cover and maybe they can engineer a soft landing. again, i try and resist the doom scroll, try and look for the positive, and i think that that's the key here because it's very easy to get depressed if you start listing off all the negatives. lauren: and the top of the show, we're talking about the core pce that has come down a bit and then the university of michigan, the consumer expectations one and five years for inflation. everything is moderating, which is a good thing, chris campbell, but then you have the student loan debt forgiveness, which seems to be pretty inflationary so for everything this federal reserve does to contain inflation, are they battling a white house who's doing quite the opposite? >> i think to add on top of the student loan f forgiveness is te student inflation reduction act and the government spending much more money, tax more individuals and corporations and then

obviously have a whole new focun irs enforcement. i think coupled with the inflation adjustment -- inflation reduction act so called and the student loan forgiveness act, we're goon see more recession their pressure on the economy so it's long story short, it's a bad time to be chairman powell and his job because it looks like the fiscal side of the house continues to want to raise inflation and his job right now -- job number one he made very clear in the speech today is getting inflation under control. that's his job number one. those two folks are working at odds. lauren: yeah, seems like mission impossible right now. chris campbell and chris robinson, thank you for the time anding this discussion. the dow is down almost 900 points. we've seen this before and been through this before, but it doesn't feel good while you're in the middle of it. now the biden administration is doubling down on the power of the sun. the ceo of solar panel company uge international is here

exclusively to tell us about the rollout of millions of inflation act reduction dollars may mean sunny skies for solar panel adoption. first another check of the damage on wall street. it's been a down week, it's been a down week and got a lot worse. the dow down 2.6% and the nasdaq is down well over 3% on this summer friday, the day jay powell becomes the hawk of all hawks. the "claman countdown" coming right back. ♪

lauren: the biden administration announcing a $425 million program to expand state clean energy initiatives including

installing renewable energy systems and clean energy infrastructure like wind, solar, and ev charging. so more money, more funding coming just weeks after the president signed the inflation reduction act into law and that includes mass clean energy tax credits. with so much of the white house's focus on clean energy recently, we bring in solar company uge international ceo nick in a fox business exclusive to discuss the solar boom and, you know, y reading through the tax insenteddives and everything going through the industry, nick, what does it mean for you? >> it's an exciting time to be in the whole industry for sure. it's the biggest climate bill in the history of the world and all part of the inflation reduction act of course. this is a industry that's been growing really, really quickly and it'll super charge that for the years to come here. lauren: i mean, when you see $370 billion coming in, i mean, are you just like smiling like a

kid in a candy shop? what exactly in the bill -- do you know because it's a lot to go through, will benefit you and will benefit businesses and, you know, homeowners as well. >> yeah, for sure. in many ways the ira as it relates to solar and other forms of renewable energy, in many ways it's a continuation of policy in place for the last 15-20 years and using the investment tax code for renewable energy and we're so excited about the ira is number one is a ten year extension and that's longer than any extension than this industry has had in the past and it also a lot of ways incentivizes domestic manufacturing-over show larra panels and battery storage and other aspects of the industry that were kind of left out in the cold before. when you put that all together, we feel like this gives us certainty the next ten years that we can just put our heads down and build as much solar as we (&.k can. lauren: where do you get your

panels from? >> part of this bill and something that not just the biden administration but prior administrations as well have been trying to do is get manufacturing back to the u.s.. to answer your question, before this bill, 85% of solar panels used in the u.s. were manufactured outside the country, largely in southeast asia so not in china as many expect but southeast asia. one of the thins. ira does is provides specific incentives for manufacturers to on shore here to the u.s. and increase production. if you do, you get a better tax credit or a bigger tax credit than you otherwise would. we fully expect over the next couple years to be able to use a lot more domestically manufactured product in our projects. lauren: then, you know, if you put this on the time line, what is the share of power that we get from solar now here in the u.s. and what is it projected to be in the future thanks to all the investments? >> yeah, soy think it would surprise a lot of viewers that as of the last three years,

solar is already almost 45% of all new energy that's being installed in this country. lauren: all new energy, not all but all new so wind and the like? >> that's right. solar itself is 40 to 45%. we project that that'll be 80% of all new energy installed by the end of this decade. if you think about the overall pie, you know, the energy tradition is very much here and solar is leading the way in that? lauren: what happen when is it's not sunny out? >> fortunately battery storage as come leaps and bounds over the next decade as well. in terms of questioning what do we do when the sun's not shining, we're in a day now where you can couple solar with battery storage with wind, with other -- the grid as it exists including natural gas and so on on the grid as well. put that all together and you have a very, very much more secure energy system than you had before. one of the things ira does is it incentivizes both manufacturing and bat storage here in the u.s.

and usage-over storage for products as well. lauren: the energy grid can handle this? >> sorry to cut you off l. i was trying to say the energy grid can absolutely handle this, and i think that like the energy transition again is so far along this pathway and with the electrify indication of transportation and so on as well, it's an exciting time to invest in the grid and energy system. lauren: we're looking at some of the solar players now, first solar is down a whopping 20-cents today and in a market that's done so much, that's a big deal. crunching some of the numberses, when this deal, this inflation reduction act was passed in late july, the stock's up more than 50% so a lot of money has come into this space for all of the reasons that you attest to, but i want to take it a step further. look at europe. everybody is buzzing about the story today that next month or in october, for the british,

they're increasing the cap on energy bills by 80% and then they say, well that's probably not going to be enough. we're going to increase it again in january. oh, and then again in april. i mean, is europe a business for you because they're so nervous about how they're going to get their energy and heat their homes. is that new business for you? >> for sure. it's sad what's happening. you think about the families and businesses and how much more they're going to need to pay for energy. i whole heartedly believe that solar is the way to get the costs down and some of your viewers think i'm b bias when i say that . the biggest reason with energy prices increase -- here in the u.s. at record rates in my states we work in at rates that we haven't seen in 50 years, it's because of natural gas prices rising so much and solar costs keep coming down with the ira, we have ability to bring that down further, significantly

further in the years to come, and so whether that's here domestically, whether it's overseas in europe or other places around the world, i think a uge is really well positioned to take advantage of the rising tide here for solar energy, but i think it's actually really exquite exciting about getting o lower energy prices and low -r than ever before with the low cost of solar. lauren: nick, blitterswyk, thank you for the time and good luck. >> of course. lauren: a new era begins in college sports this weekend as players across the nation look to cash in on name, image and likeness. we're headed to the windy city ahead of college football kickoff with the athletes looks to create brand identities for themselves. alas and first i hate to do it. dow is down just about the 900 points. s&p down 125, or a 3% decline and the nasdaq is down the most percentage wise, 3.5% on the day.

we all were waiting for, jay powell head of the fed spoke and said pain is coming because they're not letting off their policies to raise rates to crush inflation. we'll be right back. ♪

lauren: it is market selloff and there's a fox business alert. stocks are accelerating their losses heading into the final half hour of the trading week. the dow down 866 points and

nasdaq down 3.5% and s&p, the broader market down over 3%. take a look at farfetch. are they still -- wow, on a day like today, farfetch is up 27%. it's a luxury retailer, ecommerce reported a smaller than expected loss in the last quarter and said their revenue grew 10.7%. prices raising on farfetch and a surprisingly clean quarter with weakness confined to russia and china. i'll take a 26% gain on a day like today. not the same story for a firm holdings. this stock is tumbling after the buy now pay later lender's latest quarterly results beat wall street's expectation but its revenue guidance for the first quarter and full year 2023 came in light and this stock is down 19%. other fintechs also lower. the sector is struggling because

the economy is slowing and rates are rising and that pain is going to be pretty persistent. that's what we heard today. hbo is a runway hit and game of thrones prequel house of the dragon renewed for a second season. more than 20 million people have watched the first episode according to nielsen. parent company warner bro's discovery said house out of the dragon saw the biggest turnout since game of thrones. t-mobile and spacex are partnering on a phone that would work in areas with no cell coverage. t-mobile ceo joins spacex founder elon musk in texas yesterday and they plan to roll out the program next year starting with text messages and eventually moving on to voice and data and send and receive and talk anywhere pretty amazing.

t-mobile is down 2.8%. well, the 2022 college football season is set to kick off across the pond tomorrow. the nebraska corn huskers will face off with a northwestern wildcats in the college football classic. this will be the first international college game in over five years. the matchup comes at a historic moment when college athletes can profit off their athletic career withs name, image, and likeness deals. grady trimble joining us from the campus of northwestern university in evanston, illinois. hey, grady. grady: hey, lauren. college athletes is big business and now it's one that student athletes themselves can make money off with name, image and likeness. it's creating a whole new industry of companies that represent these athletes and one is athlete granding and marketing and a lot of clients

that are corn husker players and helped student athletes bring in more than $2 million through more than 700 deals. one of their clients is named dacoldis crawford. he's a wide receiver for nebraska and as appropriately teamed up with a local air conditioning company. >> i'm so glad we called sos. our a/c is the coldest. >> i'm always dacoldist. this is dacoldi st crawford from louisiana and if your a/c isn't the coldest, you call sos. grady: a look at student athletes and teams making the most off name, image and likeness deals. an unknown football recruit could make up to $8 million by the time he graduates. the university of miami football team as a whole got a booster to give more than half a million

dollars to promote his gym and it's not just football players and teams making big bucks, olivia dunn is an lsu gymnast and is a tiktok star with a following of about 5 million people on that app, and she is cashing in on that internet fame. she has a deal with the clothing company, viori and the new image and likeness deals are opening up the whole new world of college sports and changing the game in many ways because now schools have to allure student athletes they're trying to recruit, not just with the campuses and having a winning team, lauren, but also by proving to them and showing to them they can help make them big bucks by scoring them these deals. lauren: grady, any speculation who mr. or mrs. unknown with the $8 million in deals is? grady: i have no idea who it is, but i would like to make friends with them. it is a football player though

so we know it is a male so that should narrow it down for us. lauren: mr. grady trimble, thank you so much and a reminder to watch nebraska take on northwestern saturday 12:30 p.. eastern only on fox. we saw record travel in july and everybody looking to fly somewhere but the complaints and the delays over cancellations skyrocketed 270% from 2019 levels. the set jet ceo is here and he is going to tell us how his exclusive private flights are booming as frustration with u.s. carriers hit as fever pitch. it is a fox business exclusive. let's check the cryptoverse, bitcoin down 4.25% just above 20,000. litecoin and etherium down 2.5% today.

"claman countdown" coming right back. ♪

lauren: we're just accelerating the sailing into the close. this is ugly, at the low of the session the dow is down 937 points. it's down 905 now. the s&p down 3% and the nasdaq down 3.6%. i want you to take a look at the two year treasury yield because after jay powell said, you know, we're headed for a painful period of slow growth and possibly raising joblessness, didn't say a recession, but if you look at two year yield, at one point it hit the highest level, 3.4% it's right near that now and the highest since october of 2007, so the recession indicator is the inversion of the two and the ten year and that was the widest spread in quite some time. at one point, 37 basis points. so maybe traders and investors right now are saying, maybe we're dealing with a recession

that might be worse than we thought. either way, we have red hot inflation, and that fortunately didn't stop us from traveling and taking vacations this summer. there's a new report from skift and found 53% of travelers flew or drove to their vacation in the month of july and nearly 60% of americans are planning a vacation soon. but the commercial airliners can't catch a break. the pilot and air traffic controller shortages causing major deleaves and cancellations all summer long -- delays and cancellations all summer and travelers are annoyed and complaints rose 270% above pre-pandemic levels. their pain is set jet's gain. set jet if you never heard of it, member only private charter jet services and being booked solid for the last couple months and members board the jets and carry up to 16 passengers for as little as $99.95 a month.

joining me now on a fox business exclusive is the setjet cofounder and ceo tom smith. tom, $100 a month, that's it? then the cost of the flight; right? >> that's correct. that's just the membership fee and then it's -- you have to buy a seat on the plane and that's about $760 for our short hops here between the southwest of arizona, southern california and nevada. lauren: that's not that bad. so is that one of the reasons cause it's affordable and you don't have to deal with all the headaches you're so popular now and have a big wait list? >> correct. because we're actually giving people time back because you can show up 20 minutes before the flight, get to travel in a luxurious large cabin aircraft, $570, you're not spending millions to buy a plane and tens of thousands for a charter and similar to first class pricing and get an unbelievable experience flying out of private terminals on luxurious aircraft with our cabin hostesses and it's an amazing business model.

lauren: what are your most popular route s? >> the most popular are southern california and las vegas and then surprisingly is kansas city ca bo eventhis time of year ands from la and scottsdale people are wanting to get out and it's all this pent up demand for people wanting to travel and frustrating going commercial and it was a great opportunity for us and to see the people and the members coming and wanting to travel with us, it's really been a boom for us and providing this kind of level of service is unprecedented so we're really transforming the industry. lauren: would you say that your clientele is inflation doesn't really affect them because they have enough money to go around? and i ask that with respect to, i believe you put in a fuel surcharge. if that's the case, what was the reaction to it by the type of customer that you fly? >> correct, yeah, nobody unfortunately was immune or happy about the fuel surcharge but when prices tripled or

quadrupled, we had to make an adjustment and added a fuel charge early this year and got people that were upset with it, but they understood. it was across -- it's no matter how you travel, the cost of everything went up and inflation certainly hit us as well. lauren: what was the fuel surcharge? how much higher was it? >> it was on a per seat basis a couple hundred in some cases because it really was, you know, almost tripled or quadrupled depending where we were going and landing increases. lauren: that is a big increase whether you have the money or not. i'm curious if at some point people say, i can't afford that and choose not to. the price of x, y or z is exorbitant at this point. >> yeah, we don't lock them into long-term contracts. the membership is monthly if they choose they're not going to travel. we're going to cap because we want our members to have the ability to travel. a lot of members are still, even though they may not travel,

they're holding onto the memberships, which is why there's waist list in certain areas and looking at continuing to expand and grow and that's, you know, one of the nice things while there's a lot of folks struggling right now, our business is expanding and we've had nine straight quarters of top line revenue growth and goes back to starting pre-pandemic in december 2019 and there's a demand for the travel that we're providing. lauren: what about your pilots? i mean, everyone's complaining, you can't get a pilot -- enough pilots to fly where people want to go. a major problem right now. i personally like an older pilot. i say, oh, gray hair, that means he has experience. i might land safely. are you having any issues getting talent, getting pilots and flight attendants? >> yes, it is an issue. luckily i don't have to deal with that directly. our charter operator does and we work hand-in-hand with them and pilot shortages as well as supply chain issues even on aircraft parts has been an issue, but we've been fairly successful at navigating that and being able to provide the service to our members, but it's

top of mind we're all focused on and looking at ways to attract talent, the older crew as you say that we want to make sure people feel comfort and will on these large cabin aircraft, they certainly do. lauren: quickly, tom, the french transport minister is weighing the idea of taxing private jet use because they want to cut down on, you know, carbon emissions and the like. if something like that were to happen, or be floated here, how do you think your clients would respond? taxing them to fly private? >> yeah, unfortunately i think there's going to be a lot of pucker-back to that because we're -- pushback because we're more spread out in the united states than they are in europe, and it's the way of travel you have to spend an entire day driving versus flying and people aren't going to stop traveling so i think that would be a tough road to hoe here in the u.s.. lauren: tom smith, thank you very much. have a great weekend. >> you too, thanks so much. take care. lauren: former president trump's media platform facing financial

fallout as one vendor truth social is stiffing them out of more than a million dollars. the news weighing heavily on the stock today. charlie gasparino broke that story and he joins us next with an update. first, i hate to do it to you, but session lows. we are 14 minutes left to the trading week and the dow is down 960 points. the nasdaq is plu plummeting moe than 3%. tough day, everybody. "claman countdown" coming right back. ♪

pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better!

switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. 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: markets are sliding to session lows. the dow is close to a 1,000 point loss. the justice department is releasing the redacted mar-a-lago search affidavit. truth social is down 6.7%. but a lot is down today. charlie? charlie: what's interesting

about this digital world acquisition. there is a good chance the merge won't happen. that's kinds of what's going on. there is regulatory probes on disclose ours and did people trade the stock beforehand. what they knew. it does appear that trump's truth social is on very shaky financial footing. i don't know everything. i don't see the books. but if you owe your major vendor, the entity to put together the internet hosting service. if you owe them a lot of money and you haven't paid them in months. it's owed a contract of $1.6 million. you stop making monthly payments

which are in the $300,000 range back in march. at least according to the people that bright forge. you have got real financial problems. that is not and i insurmountable amount of money. what is the future of truth social. if you can't pay the creditors, you go into chapter 11 and the creditors essentially own it. donald trump doesn't really manage this thing. devin nunes is the chairman and majority owner. but he's knot no longer the majority owner if it goes into bankruptcy. does he want to stick around? if he doesn't stick around, what's the utility of truth

social? >> it would be more important with everything going on with mar-a-lago as former president, that's how he communicates. charlie: trump needs this thing. lauren: the dow is down over a thousand points. charlie, jerome powell, they were telling people, telling people, telling fed watchers, we are committed to the 2% inflation target no matter what. if you believe that, the market didn't. and now they are getting screwed. there are other traders out there who still think he's not going through with another 75, or 50-unit stop. i have never seen a disconnect between what's coming out of the

fed in a long time. >> charlie, thank you. i want to bring in our next guest and bring that point up. everyone i spoke to, most everyone this week all said, jay powell is going to sell like a hawk. and he did. so why is everybody so surprised. the dow is down 1,000 points. everything is down this week. the s&p having its worst performance since june 17, nasdaq the worst week since may 1. conflicting reports today in the world of tech. amazon which was reported to be in the mix to by electronics arts is up 30%.

amazon is not expecting to make a bid. we'll see, and that has not stopped our countdown closer today. she says she is all in on tech. let's bring in sylvia deblonski. you still like amazon, apple, google, you like big tech because they are profitable tech? >> i like them more than ever today because i think these companies are going to hold up better than value stocks than a lot of the staples out there. they are cash cows, they have strong operating margins. they have a large motor. -- mote.

and services people are using everything from e-commerce to cloud and data centers. i think the old tech is different from the new tech and the old tech has become a reliable source of investment in portfolios. particularly on days like today. lauren: i'm going to pose the question i posed a minute ago. everybody thought jay powell the hawk would show up and i was surprised by that. >> the market is overwhelmingly surprised by it. when you listen to the tone, it was quite strict. there was reference to volcker and we are nowhere near there. and i think the market took this quite badly. i think the hope was there would be more focus on inflation.

july looks good. just softer in tone. in my mind it's short-term noise. the outlook for this, there is a risk of recession. i don't think it will be that bad. the job numbers are still too strong. consumers are still spending. earnings have not been slashed. there are no major banking crisis issues out there. it will be a murky microenvironment. lauren: do traders need to relax this weekend and monday a different beautiful day? >> i think when we get past this market hangover, there will be some buying of the debt and less selling than there has been in the past. you will see some risk money come off the sideline. lauren: we thank you so many for

that perspective. big tech, even though they are impacted by higher rates, they might be the safest play. the dow is down over 10,000 points. markets down 3 plus percent. kudlow is next. brian: welcome to a special edition of "kudlow." i'm brian brenberg. the dow is down nearly a thousand points. this comes after jay powell's warning from jackson hole. charles schwab, global chief investment strategist will be here. joe biden's student bailou