the gen zer's say listen, this is practical. that's true. you go through, there's a lot of jobs and they pay very well but golly, there's just something wrong. where's the adventure? where's the risk taking and shooting for the stars? you know, here's the one thing i will say, they do have one thing right, attorney was on the list and it's dropped off but more than anything else, folks, let's dream again. it's okay. lauren simonetti in for liz claman. lauren: always wanted to be a singer but i'm tone deaf. charles, good to see you. the market has not been able to claw it is way out of the hole left by jackson hole after the speech friday leading to a 1,000 point dow sell off and all four averages still in the red with the dow and the s&p 500 just barely lower. it could be a nail biter this final hour as it normally .s check out the nasdaq, it is down half of one percent and the

russell 2,000 down about half of one percent. friday's selloff hit many portfolios hard with five stocks in the 500 that are in the s&p posting gains and that shows you the scope of the selling and there was nowhere to hide. that downward trend continuing for the rate sensitive sectors like tech, which is dragging down the entire nasdaq today but treasuries are thriving and this is one of the reasons why tech is down. the ten year seeing its largest four-week gain since june. it's at 3.1% as aspeak and check out the -- i speak and check out the two year, hitting the highest since late 2007 as the short end of the curve explodes higher. it was wait and see on jay powell last week. this week it's wait and see on jobs. friday brings the labor report for the month of august. wall street expects new foreign payrolls to cool significantly from july but the unemployment rate to hold steady at 3.5%.

senator elizabeth warren warned this weekend she's concerned the fed will cause a recession with higher rates and millions out of work. >> there is nothing in raising the interest rates, nothing in jerome powell's tool bag that deals directly with those, and he has admitted as much in congressional hearings when i've asked him about it. do you know what's worse than high prices and a strong economy? it's high prices and millions of people out of work. i'm very worried that the fed is going to tip this economy into recession. lauren: let's see if our floor show is also worried. joining me is the managing principle ryan and t3 tradings scott redler. scott, i'll begin with you, are you worried that the fed's came pan of high interest rate will stoke unemployment? >> i think powell kind of

reiterated the fact the market was a bit ahead of themselves and there's still a lot of work to do with inflation. if you recall two weeks ago the s&p was around 4300, governor especially came out and tried to reiterate that point and finally friday reality hit that, you know what, we might not have a soft landing that the fed has to continue to raise rates and it's going to cause some pain and some sacrifice where the s&p was will not quite experience such pain and sacrifice with friday's move that we saw, i think a lot of traders and market participants took some risk down. like you said, here we are heading into the jobs report friday and last one was a blow out. i don't think this will be a blow out. the streets kind of looking for an inline-type of jobs report and maybe the economy was slowing down and you're doing your job and not falling apart into the recession if that's the case, i do think there's a opportunity here into this 3900 to 3990 area, which is the 50 day for some type of dip buying

if you sold strength. but make sure you leave yourself a little room just in case. again, it get as little rockier and the dow is not as good going into the fall and a lot of people talking about the retest of the lows. i'm not in the camp that we'll retest or break the lows but can't rule it out and i think more opportunity to dip your opportunity into this area after a 300 handled decline from the highs we saw two weeks ago. lauren: morgan stanley, scott, came out with a note today and it's from mike woolson who is a bear and his team says this, we have to move on from the federal reserve. the next catalyst is earnings. the path for stocks in the second half of the year is what companies say about the next year. would you agree? >> i do, but i think depending on how high reads go affect corporate earnings and last earning season, things were negative and we had a better

than feared earnings reporting season and that's what drove the rally and the market from the june lows up until about two weeks ago and sentiment was on one that earnings would be horrible and one thing got caught short and moving into the second half of the year, it'll be a focus on how much did we deteriorate with the rising rates so there will be a lot of emphasis on what the visibility is and if there is some visibility and the fed looks like they'll be going way past september 21st, yes, the pe and s&p is definitely not at a value-type of area so that could impact the markets to the downside. lauren: bring in ryan here. ryan, are you in the, you know, sell the dim or buy the dip camp? >> for the launch of investors, you got to like the dips and might present a lot of opportunity that mass not been there in a few years and if there's a time horizon of any sort of length, buy into the

dips. i am a little bit worried about the coming next year or so. i think these economic cycles take a long time to play out. bear markets, bear market rallies can happen but these bear markets they can last for 20 months on average and so as an investor, you have to be prepared for that. lauren: have we hit bottom or will we retest those lows? >> you can easily retest the lows and there's a lot of head winds structurally and the leaving economic indicators are turning negative, kind of one after one here. people are kind of talking themselves into the recession. consumers have accepted inflation everywhere you go. you just accept the higher prices, and i think the fed, they've got the interest rates as one of their tools but investors put way too much emphasis on that. it was yous just a -- just a year ago at jackson hole conference they weren't worried about inflation and they have

the crystal ball and they don't buy it and so much else has to be done structurally and fiscal policy and how do we make more people productive and bring people into the work force and incentivize businesses to create good jobs. those are things we should be worried about. lauren: yeah, we have accepted inflation. i think, scott, until all the sudden we don't accept inflation anymore and then you see that sharp pullback. if we can bring back up the screen, there's a 75% chance now that there will be a third 75 75 basis point move in september when the fed meets. going 75 basis points three meetings in a row and not ready to pump the brakes just yet, i think that's scary to a lot of people and investors and companies. scott. >> i agree. it hasn't happened in a long time. i think he'll go a half but i'm not an economist. i do think that they have to reign in inflation.

inflation is running rampant around the world and making people pay a lot more for things they pay a lot less. look a year ago like other guests just said, people can get a 30 year mortgage for two and three quarters and now it's like five and a quarter and they're doing their job and people are overbidding for houses and you go buy a house and look to buy a house, seven people overbidding and now they're sitting a little bit longer and times in a cycle, you have to reign in demand and what you said, maybe they should stop giving out all the free money so people can go out and find jobs and this way the job market would increase and productivity will be better versus the latter where they think that you don't have to go out and work. you can collect unemployment and there's a lot of -- in a recession, i would see it for 2007-2008. 8 million people were looking for work and not six or seven million jobs open and it's a difficult time before are trying to shift through.

lauren: the dow dropped points on friday and it was an awful week and so much red. volume is light and 17% below the average that you'd normally see, labor day week, you know, a lot of people were off. but the fact that we've had this yo-yoking market but the market's still all in the red for another day in another week, does that make you concerned? >> to me it feels like investors were just at the beach all summer and forgetting the problems that existed back at the house and now everyone's packing up going home and saying, geez, i got kind of a mess here and i got to clean this up. that type of cleanup isn't going to happen overnight and we'll see continued volatility this week into the jobs report all though powell is very clear, you know, one job's report isn't going to make or break his policy decision. people were kind of forgetting some of the structural issues that have -- that are occurring in the economy and now it's back to work and we got to figure out a way to grind through this

upcoming recession. lauren: it could show the start of a trend of a slowing job market. ryan and scott, thank you for the time, gentlemen. we appreciate it. let's take a look at oil today leading the market. gushing to a one month high, $97.01, a barrel and that's a gain of 4.25% and opec looking to potentially scale back their output and energy stocks getting a boost from black gold and look here and they're all firmly in the green with the broader markets today and diesel prices pumping back up to an average of $5.05 in the that snaps 62 days consecutively of moving lower and we go to kelly o'grady at a truck stop? long beach, california, with more on diesel prices back on the rise and of course, that factors into what we pay when we go to the store; right? kelly.

kelly: it absolutely does, lauren. it's tripling on a number of fronts and impact on the trucker and end consumer. you mention $5 a gallon. i want to show you what it is at this truck stop. $5 would be a relief. $6.19 a gallon and i want to contextualize what that means and it's two 150-gallon tanks and that costs over $1500 every single time. that's a 54% increase versus last year and at this station, that means shelling out near $1900, it's a huge squeeze about these drivers, especially when they own and operate their own truck. >> i talked to a driver that quit to go do his own thing with a leasing company, he's paying like $4 or $5,000 a week in fuel. >> that quotients a lot of our money for our business because everything's going to fuel. >> prices are most definitely going to go up and inflation is going to keep climbing at i would say a pretty steady and

drastic rate. kelly: that's because diesel is known for inflation and goods stores and department stores and grocery stores and price of diesel goes up so will the cost of everything we buy and drivers and trucking companies can't eat that drastic increase and that becomes particularly problematic with heid high diesel prices nee port and the chaos of the trucks behind me and $1.15 higher than the national average here, i'm in long beach today and these trucking behind me are filling and you happen heading to the ports nearby and drop off a container and pick up a new one and as those ports or imports head across the country, they'd be saddled with higher diesel prices with how high that is in california. if that trend continues, we're only going to see inflation go higher, lauren, as these energy costs keep rising. back to you. lauren: great, that's awful, kelly o'grady. we'll have a segment to deal with how awful it can really get after the break. kelly, thank you very much. inflation is not just driving up

commodities and everything is more expensive and you can still get a deal at the outlet. the ceo of tanger is here to answer that question and give us a peek into the fall retail landscape and first we check the big board, yo-yo session but everything's still decisively lower. dow down 25 points and could claw back to the green again, we'll see. "claman countdown" coming right back. ♪

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"does it really work?" and all i have to say is, "here i am. it works." my advice for everyone is to go with golo. it will release your fat and it will release you. lauren: we have a breaking news to get to. wal-mart is asking a federal court to dismiss an ftc lawsuit that accuses it of alawing fraud sterling heightses to use its

services to scam millions. the federal trade commission pseudo-the company in june and say wal-mart executives knew the fraud was happening and turned a behind eye but the stock is up 1.5% after it offered to buy mass mart today if the deal is approved and wal-mart will pay $377.6 million for the outstanding 47% of mass mart shares. it does not already own m mass mart and would become private and wal-mart impressed wall street with its earning ands there's a big up tick in sales as shoppers of all income levels are seeking it out for discounts. wal-mart isn't the only discount chain seeing more customers and madison allworth at a dollar tree and seeing a recent pop. what are people buying? madison: lauren, they're buying pretty much everything and inflation at record high levels and eating into the american wallet and as a result more

customers are turning to dollar stores, dollar tree and dollar general. we saw strong profits from both of the major trains and their most recent earnings report and they're not only seeing typical loyal customers and growth driven by new customers coming in and searching for deals and have everything from grocery to every day goods to some clothing. really across the board they're seeing this activity. when you look at those new customers, what's interesting is that they are higher income. in the past year, the majority of new shoppers for dollar tree, they make a minimum of $80,000 a year. that's of course great news for dollar stores but tough waters to navigate for others. >> looking for de deals and discounts and changing the stores they shop in and difficult for retailers when the customers are moving around and look to brands they haven't shopped for before to find deals and discounts. >> with the customers turning to dollar tree, the profits were

crewed up 27% in the last quarter and a shift from cash to credit and another sign the pressures consumers are facing are growing. even with the successes, the dollar stores are seeing some pressures of picky buyers, inventory up 50% at dollar free and 25% at dollar general. discretionary and higher ticket value items are sitting on the shelves at those stores. families shopping are buying the essentials across the categories and sticking to the essentials and that's why higher inventories are at the location and with the influx of new shoppers, it's doing a lot for the brand and the stock. lauren: madison, thank you very much. how about clothing, how are americans trying to save money this fall? looking to save on sweaters and boots bishoping at outlet malls. the president and ceo of tanger outlets is joining us now. steven, welcome.

how's business? >> business is pretty good, especially this month. we're seeing traffic levels picking and you happen the shoppers are looking for value just like your last segment. we think the outlet business is definitely disruptive to other channels of business out there right now. lauren: how is the outlet experience different now than it was last year or the year before or the year before? you know, is it that higher income shopper that's really trying to save money? i'm just thinking you've added upscale stores to the outlets and there's a serena and lily at one and st. john at another outlet mall. so who is your prime shopper right now. >> our shoppers shop across the board and increase the retail footprint and the foot and beverage footprint and getting a new customer, people that haven't shopped us before and the commonality is a customer looking for favorite brands and every day value pricing and that's what we offer every

single day in our shopping centers. lauren: do the outlets offer sales on top of discounted prices? >> you asked the question earlier about what are people seeing this year they haven't seen last year. last year a lot of that discounted price was at all time high levels in the outlet centered business. we're finding promotion above that this year. that's the key to this back to school shopping season is promotion, promotion. there's a lot of inventory in the channel and the retailers are definitely being a lot more promotional so what you might have bought a year ago, ten items a year ago, this year that same ten items is probably a little bit less money. we're seeing in inflationary times, deflation in the pricing in our centers. lauren: can you define or quantify how excessive inventory .s we hear every store that's reported and every retailer complained that inventory levels are high and dollar tree is up

50%. what are you seeing? >> yeah, we're also seeing inventory levels pretty high. you can't sell what you don't have in the store. inventory -- high inventory levels for suspended ands a good thing. we are a value channel so we're used to being a -- the best cost provider, particularly for the customers that are shopping in our channel. when the customer wins and that's when they're shopping at value and getting their favorite brands, everybody wins. the retailer wins and also all of the amenities in the shopping senter and food and beverage centers and our business is to drive traffic to the shopper centers and drive customers into stores and let them enjoy the opportunity to get their best possible value of the brands they love. lauren: when you say food and beverage, what do you mean? >> well, historically, food and beverage in an outlet center is grab and go and the mission years ago was power shop. puts your track shoes on and went to store and got great

bargains in your favorite stores and now the customer wants to spend more time. we're open air, we've got a beautiful facility in all of our shopping centers and we want to provide more things to more customers and always going to be somebody in the car that's not necessarily a shopper and we want to make sure we provide that individual something for them to do as well. whether it's golf simulators popping up across the portfolio, sit down restaurants, sports, bars, and even some of the better grab and go food, we're doing a lot better job with seating inside and creating senses of place, gathering destinations for people so when they come and shop our shopping center, they can spend more time, ultimately build bigger baskets when they're there and obviously spend more money that's great for everybody across the board. lauren: this sounds anti-mall and very much pro experience. steven yalof, thank you very much for the time. good luck.

>> thanks for having me. lauren : elon musk is raising eye bros in a trip to norway. what he said about the need for fossil fuels and how you can see the cars driving themselves and all that and more ahead in the pop stocks and a yo-yo session for the stock market and mostly lower and the dow up 50 points now and s&p down just 6 points and easily can turn it around in the final 36 minutes of the trading day and nasdaq down half of 1% and s&p down 50 points in the red. we're coming right back.y no ♪

lauren.: the market is still lower and nasdaq getting hit the hardest down one-half a percent because yields are rising and hitting your tech and growth stocks. the dow is off 83 points at the moment. check out bitcoin hovering just around $20,000 per coin falling -- call it a rough weekend and so investors dumped stocks on friday and bitcoin hit 19,526 and that was the lowest since july 13th and it is bouncing back and ether fallen to 14.23 and bitcoin and ether are higher and litecoin, not so much. crypto related stocks and rallying off the premarket low and marathon digital up 5% and ride block chain up 3.5% as i

speak. pin duo duo sitting atop the nasdaq and the company that connects agricultural producers with consumers in china reported proprofits that were more than triple a year ago. it's also eyeing an international expansion included to the u.s. and the stock up 17% at 67.42 a share. bristol meyer down and the stroke treatment missed its main street trial and bristol meyer down 7 of the eight days and on pace for the worst month since november of 2021. elon musk aiming to have tesla's self-driving technology ready by the end of this year. the tesla ceo making the bold statement at an energy conference in norway. elon musk said his attention

focused on spacex and self-driving teslas and then he made this revelation that the world still needs more oil and more gas production in the short term. coming up, charlie gasparino has breaking details on the battle over twitter a bit later in the broadcast. always something going on with elon musk. ipo virtually invisible in the first half of 2022 but could companies like instacart, reddit and impossible food find a way to make public debut and the panel takes up in moments and checking in on the big board as we wind downs first trading day of the week. dow's off 87 points. we'll be right back. ♪ lauren: china's online

education company down 58%, they ipoed on friday at $5 a share and went as high as $186 before closing at friday at $18.75, now $7.85. volatility, what is going on with the ipo world. that's one example and bloomburg is saying 2022 on track to be the worst year since the financial crisis and companies have only raised $5 billion in the first half of the year for a 96% decline versus last year and with inflation in the driver seat behind extreme market volatility and recession fears, the most anticipated ipos of this year, instacart, reddit and beyond meat and rival foods tabled their entrances into the public markets as the economy cools and investors get nervous so when will investors see all the unicorns come out of hiding

and bring in new constructs trainer and chief revenue officer phil haslet. david, how bad is it right now? >> it's bad. i mean, wall street sort of sucked all the blood out of the turnip last year when they rolled out all the money losing ipos that are down 80, 90% from highs and they recognize that investors are not yet to sort od again, especially as so many of these, what we call zombie stocks have not made any money and don't look to ever make money and at risk of going to zero. it's hard to sell new stock when the stock is going to zero. lauren: let's stick with you, dave and follow up on that. you're looking at names that you think are at risk of going to zero and some of them are those super uber popular pandemic names, the winners of 2021 like

rivera indian, dd global and others. dave. >> yeah, that's right. if you don't make money and you're able to be born into existence to begin with because money was cheap, credit was easily available and people are willing to lend you more money, that trend has changed and people aren't willing to lend you more money and running out of money, at some point, something breaks and these were brises that should have never been allowed to portray in the public markets and should have never been down to begin with. the downside is large. lauren: you name carvana, peloton, fresh pet. what am i missing here? >> there's several others, lyft and uber and we're up to around 13 zombie stocks and it's a real simple definition. you've been burning cash flow at a rate that means the amount of cash on your balance sheet only gives you a year to exist or less. cash flow to sustain the current

cash burn with a very dour competitive position. for example beyond meat and zero exestive position and selling ground vegetables as opposed to ground meat and there's 100 competitors and unlikely they'll make money and carvana burning tons of money and huge competitors with way more scale and requireable inventory in addition to the fact carvana had to take on super expensive inventory in used cars at a time when prices peaked. these are bad businesses that are downside, yes. lauren: phil, for companies, for unicorns, and investors looking to get in early, see the culmination of their dreams and hit the public markets and is there any hope for them in this sort of environment and after everything we just heard about the 2021 winners that became losers in 2022 from dave? >> certainly not an optimistic environment at least for 20226789 most of the companies we've -- to 2022.

most of the companies we've spoken to and privately held companies pushed off till 2023 and beyond. one silver lining if there is one is that many companies that are private took advantage of what we'll call frothy markets and raised a lot of capitol in the private markets in 2020 and 2021, and are now going to rethink how they're deploying that capital over the next few years to hopefully get to more of a profitable business david highlighted is what the market really wants to see when the companies want to test the public markets and say the first half of 2023. lauren: to be more optimistic, phil, that would mean the next batch of potential ipos would be profitable? >> yeah, yeah. we keep our fingers crossed and i think the growth at all costs mentality has completely gone away. it's amplified by the fact that we're entering into a recession and we've got inflationary fears that are starting to be realized and so hopefully what you'll see is that the cohort of companies in 2023 and beyond have kind of learned their lesson in the

private markets and righted the ship and conducted evaluations of new business lines and we'll come out with a bit more rosie of kind of financials than what you might have seen in the 2020 and 2019 cohorts like uber that were cash burning machines. lauren: dave, what name do you think ipos this year? >> i don't have a good idea of what the pipeline looks like. it's a bad environment but i got to say i love what phil had to say. this is exactly the silver linning of this environment and we have reversed that growth at all costs mentality he referred to before, which was really a recipe for losing people money. it hurts our society when capital gets misallocated to bad businesses and loses the opportunity to find good businesses and at some point, adam smith invisible hand to come in and push bad businesses aside and make room for the good businesses, and that is definitely a sill veer lining and we'll love to see more of that. we can't really see that until the market really flushes out

these bad businesses because as long as there's hope for the scam artists to make money, they'll do it. we have to crush those. those. lauren: where does that put bite dance or spacex, one of elon musk company's, phil? they're super popular and where dough expect them to tap the public market at some point? >> yeah, those are two two i had written down as optimal 2023 candidates and looking back at other pullbacks in the market and first companies to come out and go public in the tech sector are the biggest bell weather names you've seen. everyone wants to wait till alibaba goes public before they test how the market reacts and i imagine the biggest names out there that could do this are spacex with a institutional following and retail following and bike dance is eating lunch on social media platforms and each of them have their own risks to consider. one is a space business that has a lot of risk and some precedent public companies not fairing

well and not at the same size and bite dance from a regulatory perspective and those are two we'd consider blue chip in unicorn land that could test out the markets too. lauren: it is scary when you think about it with all the recession signals flashing and then we tell you that the ipo market has all but dried up for this year, yeah, not the best scenario. david trainer, phil haslet, thank you for the time. >> thank you. >> thank you. lauren: the twitter whistle blower is front and center in the ongoing legal battle between twitter and elon musk. musk's lawyers filing a subpoena today requesting his appearance at a deposition in two weeks. how could his testimony help musk ditch his acquisition plans? charlie breaks it coming up next. first, check the big board and dow still down 65 points. bit of a yo-yo session off the lows of the session and down more than 300 but remember, friday down 1,000 points. we are not seeing any green today. "claman countdown" coming right back. ♪

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what senator cruz said. lauren: twitter shares are down. they file a subpoena for the twitter whistle blower and peter to appear for a win. charlie, a win from us? >> yeah, a marginal win and what's interesting about what musk initially did, this guy gets lucky in weird ways and he kind of stepped into it with twitter and looked like he'll get his rear end handed to him and he knew there was a bottom panel problem before because he said it and he says, no, no, i want out as his current scene, which is his tesla stock beginning to fold and then along comes a guy with a 200 page report apparently and all sorts of things about twitter and don't count the right way. lauren: think jeff dorsey gave him to him? >> i don't think so.

what i think that'll be interesting as you know, a few places media outlets have seen excerpts of 200 page report that mr. mudge put out. lauren: he's mudge. >> yeah, i don't know. presumably we'll see the whole thing because it'll be a court. i don't know if it'll be protected anymore. it'll be out there, which will be a good thing and we'll get to see. you know, again, i think you can't -- you know, whistle blowers are interesting kind of odd people just so you know. they have -- someone who's covered him for a long time, they have every incentive -- they have monetary incentives to push the envelope in terms of the truth. not saying he is because there's all these laws, whistle blower laws to make money and twitter says he's exaggerating and called him a disgruntled problematic. lauren: but his timing is

impeccable. >> he used to work for twitter obviously. the thing is they're often right and if they fudged, if mudge caught them fudging, i am telling you that they -- jack, dick and the current gentleman's name. i can never say his name right without hearing it before saying it. they're in big trouble. i mean, they've committed, the company's committed securities for it if that's the case. they've publicly disclosed its bots for under 5% and sold advertising against that and investors bought based on that. there's a lot of ifs there. i wrote a comment in the new york post lane. there's a lot of ifs there. if true, they're in deep -- lauren: the trial's in october, one of the worst months of the year for the stock market and might be easier and cheaper for twitter to say, you know what, let's keep this whistle blower's

mouth as tight as possible and lower our deal price. >> i've always said it and people and we've reported in the past on the show that there are people close to musk to say he's willing to buy it at a lower price. lauren: how much? >> lower than 40 i would say, $40 a share. lauren: the deal for $54.20. >> he'd get it for a lower price. if he's out of the whole thing, i don't know how the stock doesn't have a 20 near its name. lauren: oh, charlie. >> logically. that's the problem with this. the deal i think is being priced in at lauren: there were holes in the company, this elon musk drama is exposing, widening them. >> remember the stock is still being propped, i don't think, traders tell me by the notion there will be a deal at the 40-dollar level. if he is totally out, if he, because mudge, he can walk away, there is no settlement at a

40-dollar thing or little less, that stock goes down. it makes sense fed easing, slowdown in advertising rates, on top of it all if it is proven the bots are more than what they say, the advertisers will want to renegotiate deals this could be a real problem. this is interesting, we've been writing a lot about truth social. how is truth social going to make money if twitter can't make money. lauren: i have no idea. i have no idea. >> twitter has funky revenues and profits, sometimes profits, sometimes they're not. long-term they're not. they have lousy cash flow. how is truth social, the only reason to go on truth social to hear donald rant and rave. lauren: they on eyeballs that is where the people are. >> there are other people on twitter, twitter may work with donald. lauren: he was our assignment desk every day. the journal --

>> take stocks, go after companies and say stuff. he had a fight with kim jong-un on twitter, right? lauren: with everybody on twitter. lauren: trump just tweeted this. do the story. >> telling me to wrap. he did have a twitter war with "el chapo," remember that? lauren: probably. i have the worst memory in the world, i doubt you not. charlie gasparino, journalism. good to see you. closing bell rings in four minutes. doesn't look like the bulls will pull off a reversal today. they tried. the dow is down 147 points. we're getting even more negative as we head into the final few moments but well off the lows i do want to point that out, the low for the dow down 310. with that let's discuss labor day, one week away. this is usually the unofficial end of summer. amazon got a head start on labor day deals starting at $10. one potential labor day shopper is our "countdown" closer. he wants amazon to be front and

center in your portfolio. henion and walsh, president, cio kevin mahn who manages six billion dollars. thanks for coming on. why do you like amazon? >> my pleasure. i think there are three new areas of the american economy continue to develop because of covid-19 pandemic, which midterms elections historically bode well for stocks and two, hawkish, less dovish, pivot by the federal reserve. lauren: pivot, what? what are you talking about about? upside potential about stocks. lauren: what did you hear on friday? >> what i heard on friday that the fed is laser-focused trying to combat inflation, which means we'll likely see a 75 basis point rate hike in september. they don't meet in october. they come back in november. and we'll find a contracting u.s. economy, two consecutive quarters of negative real gdp,

and, in all likelihood moderating inflation as we saw from july's pce report. that gives them enough cover to perhaps only raise by 25 basis points in the final two meetings of the year, lauren. lauren: gotcha. amazon would be case in point. deflationary in air quotes because they have all these deals now tone ties you. >> absolutely. we like amazon in the e-commerce front. aci worldwide. lauren: tell me about that un, tell me about aci worldwide. >> aci worldwide facilitates worldwide e payments, digital space and e-commerce including amazon have been beaten up this year w a strong back to school shopping season and even stronger holiday shopping season we think the beaten up e-commerce stocks will rise in the first quarter thanks to to the two tailwinds. lauren: back to school, december holidays. got it. cvs health is on your list. why is that? >> cvs health, and mark, we

think are defensive plays in one sector that historically has done well during economic slowdowns and recessions. they have attractive dividend and strong balance sheet and should weather additional market volatility. lauren: look at bid broad picture for me here a second. stocks were down sharply last week, particularly on friday. we're coming into a new week. volume was light at last check. down 17% from the typical average. i know it is labor day peak. what do you make of the huge selloff that you can't get a rally as you start the new week? you think we retest the lows of june? >> i don't think necessarily we retest the low but i think more bouts of short term volatility ahead of the fed's next meeting in september where we glimpse of what they may or may not do in november and december.

remember, lauren, september is the month they increase of size of balance sheet reductions, 95 billion. that should bring down demand. lauren: a lot of people are not talking about. kevin, thank you for the time. the picks, averages are set to close down for the second day straight. [closing bell rings] the dow is up 184 points, dow transports are down 1%, down 154 points. "kudlow" is next. ♪. >> welcome to a special edition of "kudlow," i'm sean duffy in for larry kudlow. backlash is flowing in over president biden's student loan plan. hillary vaughn. reporter: just to cancel some student loans they say will cost about half a trillion dollars but then they say that would ball