good parents, period. i wish america was more of a close-knit family. obviously we're not. looks like tonight president biden may rip the fabric abouts of unity even more, demonizing people who don't think like him, didn't vote for him. i hope that is not the case. cheryl casone in for liz claman. cheryl, the last hour of trading is nuts. we're buckled up. cheryl: first of september is rough month historically. maybe it changes today. i will give it my best shot. that is the market alert we begin with right now. not such a bad start to september, after beginning the day looking like we would end all three indexes lower. the dow is holding on to gains right now. s&p, had flatten ad few moments ago. now we're down by 11 points. dow higher by 17. nasdaq still down by 123. as for the nasdaq, this is the longest losing streak we've seen for the nasdaq since february of this year. so yes, the first day of

september trading, taking the index tumbling towards correction territory. if the nasdaq closes below 11,815 points, it is officially in correction territory. so we may likely get that investors have been bracing for a shaky september. the month is historically bad for equities, and the worst for the s&p 500. the index falling is 1.03%. for the month of september. the dow, after being down 299 1 points at some point today, completely hoe reversing course, and it is these four stocks, you're seeing them on your screen, that are driving the rebound from the lows, adding about 100 points. amgen, mcdonald's, j j&j and united health. while the equity market feels like a guessing game, cash is still king. the 2-year yield

continues to skyrocket now sitting at 15-year highs. treasuries have benefited prosecute uncertainty currently driving the markets down. investors are eyeing data set after data set for clues on how big the federal reserve are will raise rates later on this month. and jobless claims is great example which also sets investors up for tomorrow's august jobs report. initial jobless claims last week came in at a 2-month low. investors are expecting august nonfarm payrolls to dip and change significantly from the month of july. unemployment rate expected to stay the same, 3.5%, but we're looking for 30,000 on that payroll -- 300,000 on that payroll report. are we going to get those numbers? and if we don't get the numbers we think we're going to get, is the market going to react to that? let's get right to our floor show, sarge guilfoyle and scott fullman. scott, i want to start with you,

obviously, we'd like to buck the trend after four straight days of losing for the markets, but this jobs report, i'm curious what you think about adp versus the jobs report for tomorrow, because adp reconfigured their metrics to be closer to the jobs report. that was a 50% haircut yesterday on adp. >> yes. and, you know, the fact is that the august jobs report can be pretty volatile. ing first of all, it was a jobs report that can be volatile because when we get the revisions, sometimes the revisions can be as much or larger than the original number, and that really confuses investors and economists. but here's one of the factors too, is that august you would expect to see some of the job losses, kids going back to school, so the number of people being employeded actually should drop a bit just from that. and we know that les been shortages, you know, at beaches

and pools, swim at your own risk because the fact is they can't find people to man layoff guard -- lifeguard stations. but, you know, the market has been pretty volatile over the past several weeks after a tremendous bounce from the june lows. we got very overbought, and now we're getting back to oversold levels on the benchmarks. so the fact is this market can go either direction based upon that jobs number and especially we're coming into a 3-day weekend, and liquidity is going to dry up as the day progresses tomorrow. that leads to more volatility potential. cheryl: and that begs the question, do you want to buy on the dip, because there's been some talk in the last few sessions about is this a double bottom. we had the fall of the markets back in june, and that was, obviously, a very difficult time for investors. then you think, okay, we rallied back, maybe things are going to improve. if you do have that double bottom and you do want to start

to buy the dip, not saying you do, where would you look? if. >> find dip, at least not yet. looking at a drought, a recession, a war in europe that's sill suppressing food and energy supplies, covid-related positions in china. domestically, the economy is slowing. layoffs, every day we see new layoff headlines, elevated prices, rising expenses, margin compression, now you're not going to be able to sell semiconductors all over the world. sharp resistance at the 50-day, at the 200-day, monetarily an overtly reckless fed. you probably should pay attention. $95 billion a month are going to be drained out of the monetary base. no one's even really talking about that. that is going to hurt asset prices. what i'm telling folks to do is to be a trader more than an

investor. be in cash, first of all. if i'm more than 50% cash right now which i believe is my career record. if you must be an investor because trading is many your occupation, find areas where demand is inelastic. we're talking health care, cybersecurity, martial defense. but -- national defense. but right now is a time to be much more cautious. you'd rather miss the the initial gains on a reversing trend than to get hurt seriously to the downside, and i think we can go much lower. cheryl: yeah, no, and, scott, that's the question mark. i think a lot of it depends on what we hear from the fed mt. september meeting. i think the bet still is we're going to get a 75-point basis hike from the fed. and also making those headline-grabbing comments, lester, she was saying, look, 2023 you will not get any cuts in 20 the 23. >> yeah. and, you know, that really goes against the fed trying to be a

bit reactive and, again, they're always behind. but we're looking at some numbers here for support. on the s&p we're looking for 3,830. on dow we're looking for 30,775 right now. we want to set higher lows here. that's one of the most important things. if we break those support levels, we're probably going to go back and test those june lows, and that becomes very, very concerning and worrisome to us especially as we get into this most volatile time of the year. cheryl: sarge, obviously, we're looking at an inflationary environment. even if inflation has peaked and things get better, till these numbers are still incredibly high historically for what consumers are paying, that cpi index. but you say even right now we should be avoiding dividend payers. i've heard the opposite. we should look for dividend payers in the next few months to prop up our portfolios. why are you saying the opposite?

>> i believe dividend players are going to come into competition with definite sit -- deficits. you're going to compete for investors and probably you think a little less risk with the debt security, is so why not just invest in the debt securities if that's the case. like i said, cash is king. cash is how you tamp down do volatility. and going back to that fed, now, listen to what my partner just said. he said a lot of the fed speakers are saying not until end of 2023 would they even consider a rate cut. now, this is a group of folks who every three months have to drastically change their economic projections because they get them so wrong. i was an economist, i worked on wall street as an economist. i know it's hard to make projections. but they have to drastically revise every three months, and they're going to tell you they're not going to change monetary policy for another five quarters? i think that's arrogant and inexcusable. you have to be more nuanced than that. it's not time to use a

sledgehammer, it's time to use a school scalpel in the implementation of policy. cheryl: you're right, they seem to more and more up themselves when it comes to how far ahead they can forecast for the markets. and you think the reasoning is you don't want to upset the markets, but hen again data changes so, you know, you've got to play the data. stephen guilfoyle, scott fullman, thanks to both of you. appreciate it. obviously, i'm going to have all those numbers for our viewers tomorrow morning. the august jobs report does break 8:30 a.m. eastern time. we're going to have full coverage on "mornings with maria," jobs in america begins at 8 a.m. eastern time. myself, my good friend jackie deangelis, we're all over for it for you. we have a great panel. even charles payne's going to show up early. we're very excited. all right, nvidia shares are at the bottom of the s&p. the stock is getting clobbered after an sec file being revealed u.s. regular laters have ordered the company to restrict sales in

china. regulators are concerned the chinese military could use some of nvidia's chip models for weaponry. and this is a big blow to nvidia's top and bottom line, and it could cost the company $400 million in potential sales. joining me now to discuss the mounting tension between the u.s. and china, mesh enterprise -- american enterprise institution's senior fellow derek scissors. it's great to have you here. does nvidia, in your mind, have wiggle room? do you think regulators in the u.s. government are overreacting in what they're doing with invidia and amd? >> i don't think they're overreacting, because i don't think they're really doing that much. two companies were told they have to stop selling to china, but it's not a ban. it's an interruption while a licensing process is set up. they're going to have to apply for licenses and, technically, they might not get them, but hay almost certainly will based on the department of commerce's

record and the fact that if regulators wanted to stop the sale of these chips, they would have said, stop. instead, they're saying send us a license application, and in a few months i think things are going to go back to normal. ing. cheryl:s -- cheryl: we also have to talk about apple here. apple has been making moves in particular with the new iphone 14, we're expecting that in the month. they're looking more to india. and you have to ask yourself, and i'm asking you, is apple really trying to move out of china as far as manufacturing goes or as best they can move away from china? >> well, i do think apple's trying to diversify away from china. they're inordinately dependent on china both for supply chains and for sales. that's too big a one-two punch. i don't think india has gotten magically that much better as a partner for apple in the last few months, i think this is apple being pushed over the edge to diverse canfy by covid. we have -- diversify. we have an outbreak in central

china now where they're shutting down a large city. central china doesn't have immunity based on previous outbreaks. you could are have more large scale covid lockdowns in china. that's the kind of event that gets businesses' attention. apple wants to lessen its dependence on china. that's where india comes in. cheryl: i was going to bring up the lockdowns because, yeah, that new lockdown today. you know, at the same time we still as a nation and the world is still somewhat dependent on china. how bad do you think these lockdowns, which have continued in china, how bad is that, do you think, for their economy? and then also on the other side of that, how bad is that for the u.s. economy as we try to move away, we are trying to move away from chinese manufacturing, but we have a long way to go. >> that's right. i end mean, so on the u.s. side the chinese have worked very hard to keep exports going. their exports are performing much better than their domestic economy this year. their trade surplus is setting records, so they're trying to keep the supply chain working

where countries still depend on china. that is not a good position for the united states. american companies should be rethinking their position as apple is. the u.s. government should be pushing them to do that. the real impact on china is not on exports, it's on the domestic economy. we're all waiting. it is due to covid. china's economy wasn't strong before the pandemic, but it's considerably weaker now. so at some point it will be better, but it doesn't look like it's anytime soon. china doesn't look like it's going to change its zero covid policy anytime soon, so the supply chain to the looks okay, not necessarily good for the u.s. to be dependent on china. the pain is in the chinese domestic economy, and another round is possibly starting. cheryl: speaking of starting, we had the white house dale daily briefing given, and for the first time many a while we heard commentary about china and uighur muslims which really that topic hasn't come up much recently, you know, human rights abuses by the chinese.

that's one issue, and there's the press secretary there. but the other thing is this situation with taiwan. we had gordon chang on this morning on "mornings with maria, and" he's and very concerned about these moves with the chinese military by drones, the taiwan military shot could be a -- shot down a chinese drone. it was probably civilian, but how concerned are you about this unknown factor of china and taiwan and our so many in this? >> i'm not especially concerned about the short term. the chinese communist party congress has been announced through october, xi jinping wants to stay in charge basically until he's dead, and so there are some reasons for china to throw its weight around internationally between now and then. but i wouldn't say, you know, the probability of a crisis in the next month or two is high. i think what investors, what ordinary americans are have to get used to is there's going to be a lot of tension over taiwan for years to come. we're not going to go back to

five years ago when there was a lot less worry. this is going to be a military consideration for the united states, it's going to be a risk for investors in china and for companies operating in china. and, you know, we may not get a peek in the next month, but we're also not going to see easy times return for years to come. cheryl: derek, thank you for that commentary. certainly, china is a big piece of our markets here and our economy as well. thank you very much, derek scissors. and, you know, china's economic problems combined with russia's war in ukraine has totally upended the energy if markets. one of our nation's top analysts, andy lipow, is here to to tell us what it means as we inch closer to fall's cooler temperatures. and as derek and i were speak, by the way, the s&p briefly turned positive, hitting a session high there. so we'll take that. and right now the dow is up by 73 points. and the s&p is still green as i speak. i'm going to go to break before it changes. we'll be right back.

♪ muck. ♪ pleasure pleasure

♪ ♪ finding my way forward with node-positive breast cancer felt overwhelming at times. but i never just found my way, i made it. so when i finished active therapy, i kept moving forward and did everything i could to protect myself from recurrence. verzenio is the first treatment in over 15 years to reduce the risk of recurrence for adults with hr-positive, her2-negative, node-positive, early breast cancer with a high chance of returning, as determined by your doctor when added to hormone therapy. hormone therapy works outside the cell while verzenio works inside to help stop the growth of cancer cells. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an antidiarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever,

chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood clots that can lead to death have occurred. tell your doctor if you have pain or swelling in your arms or legs, shortness of breath, chest pain, and rapid breathing or heart rate, or if you are nursing, pregnant, or plan to be. i'm making my way forward, my way with verzenio. ask your doctor about everyday verzenio. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire 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.

cheryl: oil sliding at this hour. take a look at this, wt irk, $86.31, down 18% in the current quarter. after china enforced more covid lockdowns today, sending a shock to the energy markets with demand fears in the driver's seat. the price of black gold also being pushed lore on an announcement from the white house that the g7 finance chiefs are meeting tomorrow to discuss capping the price of russian oil to curb president putin's main source of revenue. and opec+ dropped its latest report that reveals supply is tighter than expected with only

400,000 barrels a day this surplus as a result of underproduction from several of its members. so with all of at hand and a possible iran nuclear deal on table that would release millions of barrels into circulation from iran, where do the energy markets go from here? in a fox business exclusive is lipow oil associates president, andy andy lip how. -- andy lipow. your overall take on the pressure on the wti contract. drivers right now are liking this. i don't know about investors, but drivers like it. >> well, certainly, the consumer benefits from these lower oil and gas enlean prices. the the national retail average right now is $3.82. i expect that by mid september that's going to drop to $3.70. and before halloween we're going to get to $3.50 a gallon because there's so much pressure on the

oil markets due to, the as you just mentioned, the covid lockdowns in china as well as recession fears in europe due to the high emergency prices. cheryl: and also i mentioned this as we were gearing up to speak to you, not just the iran nuclear deal, but also what's going on in europe. and in particular with nord stream and the russian-europe shutdown. talk about that because, you know, the concern for western europe is it's going to be not only just a cold winter, but it's going to add to their recession over there. >> right. well, we've already seen that nord stream ii project completely canceled, and today mord can stream i, which supplies about one-thursday -- one-third is shut down under the pretense of maintenance. and, of course, russia is using energy as a weapon against the european union in response to the e.u.'s sanctions on are you

should shah. as a -- on russia. as a result, we've seen not only natural gas prices spike, but electricity prices spike as well. they're paying in europe eight times what we are for natural gas and about four to five times that for electricity. and you see translating to lower industrial production. if we were to look at fertilizer industry, 70% of it is shut down in europe. cheryl: yeah. well, certainly, yeah. because, obviously, ukraine and russia are major manufacturers of fertilizer. american farmers have been coming on to our air and telling us about that shortage for them, which has been very difficult. what about iran? you know, many focus don't think we should go back -- folks don't think we should go back into the iran nuclear deal. but president macron of france, he wants it. the u.s. is still on the sidelines in these negotiations. what would it mean to have iranian oil back into the

markets? >> well, first of all, iran has about 100 million barrels of oil in floating storage on tankers that could be delivered rather quickly and another estimated 40 million barrels of oil in storage on land. so they really could flood the market quite quickly and, actually, that would benefit consumers to the detriment of russia because now iran would be competing with russia for those customers many asia. in addition, we would expect that iran would be able to increase their production by over a million barrels a day over the next couple of months, and once again that would cut into the supply disruption that we're seeing from russia at this time. cheryl: andy, real quick are before i let you go, the easy question but probably the hardest one as well, oil prices. what's your long-term forecast right now? in well, i think that oil prices while they're under pressure

today, they are going to drift up because it is a supply issue, and you need these higher prices to simply get more oil out of the ground. cheryl: okay. well, i remember $40 a barrel, but i also remember $140 a barrel, so somewhere in the middle might be okay. andy lipow, it's great to see you. thank you. >> thanks for having me. cheryl: speaking of high prices, from oil the to rent, sky-high rent prices and an eviction moratorium in some cities slamming renters and hand lords alike. jeff flock is in the city of brotherly love with details on how billy plans to grow9 with the growing -- philly plans to deal with the growing real estate crisis. we were positive for a few moments there, dow is up by 19. nasdaq, though, looking like we're flirting with correction territory there. nasdaq is 11,719. so at point we could close in correction territory on the tech-heavy nasdaq. we'll be right back. ♪ ♪

aubree: i'm aubree. i went to st. jude because i had a cancerous tumor. casey: these kids, they don't deserve to have to go through this. my beautiful little redheaded girl has cancer. you don't know what's going to happen. narrator: please call or go online and become a st. jude partner in hope for only $19 a month. christen: i think it's the most worthwhile place to put your money, when it comes to childhood cancer.

cheryl: a lot going on volatility wise. dow actually turning negative in the last few moments, so we're keeping an eye on that, actually down 22 the points. the high was 90. you never know what's going to happen on this show as i've said many times. we've got 30 minute toss go. s&p is still red and nasdaq solidly in the red and probably going into correction territory. shares of okta sitting at the bottom of the nasdaq today after

the company said it is facing issues trying to integrate with a company it acquired back in 2021. the identity platform did report second quarter results that beat analyst estimates. okta raising its full-year forecast saying there is still strong demand for its identity software despite a weaker economy. okta down almost 32%. boeing is the biggest laggard on dow today. the aerospace giant expects its 737 max 10 jet to be certified next year. its max 7 version to to get approval by the end of this year. boeing needs to to get both planes cert fayed by the end of this year -- certified by the end of this year or they're going to be forced to ring configure the jets to meet the cockpit alerting requirement. talking to lawmakers about extending that deadline. right now down almost 5%. hormel, respect we just thinking about hot dogs a right i now? you know, labor day's coming.

anyway, among the laggards on s&p after food processing company reported fiscal third quarter results that missed analyst expectations. the minnesota-based company also lowered its full-year profit outlook showing continuing plaio its profits. and shares of five below are moving higher after it announced it will convert the majority of its stores to its higher priced five bond beyond concept. the. chain plans to open over 200 stores next year. deutsche bank maintained its buy rating and raised the price target to $2.05 per share. five below, stock up 5.25%. well, rent prices are skyrocketing as they reached $# ,000 a month many june for the very first time on record. that's the average. myself, which is notorious for high living prices, hit an

average monthly rent price surpassing $5,000 for the month of june. it's crazy, i know. millions of people are now backed up on their rent payment, and heir facing some brutal consequences. jeff flock is live in philadelphia which is unone of the tightest rental markets in the u.s. right now. jeff. >> reporter: it is. in the top ten tightest rental markets. but i tell you, some of these rental properties may come open soon if all of these evictions come off as we think they're going to. taken a look at the numbers as you alluded to. 8.5 million people mission wide now behind on their rent, and the expectation is that perhaps as many as 3.8 million, almost half of those, may be evicted from their homes. the group the eviction lab keeps rack of 31 cities, 6 states and even in that small, limited sample, this is realtime numbers now, 1.1 million evictions

starting in march 2020 til now. and in the last week aend loan, 8,735 eviction filings. some cities particularly hard hit like st. paul, minnesota, houston. both, well, almost double what the normal average is. tampa, 52 the % higher than normal. it has led the attorney general, merrick garland, to make an extraordinary video appeal. here it is, to to lawyers around country. he's asking hem to think about volunteering to to go to court with obviously some of these people to try and fight it. sounds like a good idea to help them, but what about landlords, many of them mom and pops who have very small properties and rely on that rent money. there's been eviction moratoriums, they haven't been paid. tough on them too. so both tenants and landlords many -- in trouble. >> if you have one unit and one tenant is not paying, you're taking on on the chin 100 percent. if you're a big boy and own a

thousand units and have ten people not paying, it's a much different story. 74% is owned by mom and pops. >> reporter: so that hurts the least fortunate among us, cheryl. i try to leave you with some positive news. that would be the cheapest rental markets. you mentioned new york, that's by far the highest rental prices. an average one-bedroom in akron, ohio, it's $650. wichita also below $70. lubbock, thrive port and that rt payment. cheryl: i don't know, jeff, there's some lovely parts of ohio. >> reporter: oh, i know. that a came out of my mouth and i realized what i'd said. [laughter] i love akron, ohio, that's all i can say.

tires. cheryl: i tell you, i went gramping last summer in ohio, and i was please about isly surprised. thank you, ohio. thank you, jeff flock. [laughter] appreciate it, sir. great story. all right, fox business is your home to all things real estate. be sure to catch my bfbn prime show -- bfbn prime show, american dream home. airs only on fox business. we went to hawaii lastight and then to key west. it was great. all right. well, powell's pain adding to the crypto winter as bitcoin falls back below 20 the ,000. john wu is here to tell the us when he sees the blizzard melting away mt. cryptoverse. take a look at the big board, we have gone back into the red, but the dow was down 290 points today, so it's a little bit of a retracement. we'll see how we close out. we're going to be right back. ♪ finish. ♪

♪

♪ we believe there's an innovator in all of us. ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. some days, it felt like asthma was holding me back. but asthma has taken enough. so i go triple... with trelegy. with 3 medicines in 1 inhaler,... it's the only once-daily treatment for adults that takes triple action against asthma symptoms. trelegy helps make breathing easier,... improves lung function,... and lasts for 24 hours. go triple... go trelegy. because asthma has taken enough. trelegy won't replace a rescue inhaler...

for sudden breathing problems. trelegy contains a medicine that increases risk of hospitalizations and death from asthma problems when used alone. when this medicine is used with an inhaled corticosteroid,... like in trelegy,... there is not a significant increased risk of these events. do not take trelegy more than prescribed. trelegy may increase risk of thrush and infections. get emergency care for serious allergic reactions. see your doctor if your asthma does not improve or gets worse. don't let asthma take another breath. go triple. go trelegy. ask your doctor about trelegy today. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

♪ cheryl: well, take a look at clip to currencies right now. lithe coin just a little bit higher, but bitcoin, etherium and, of course, you can see the usd xrp, excuse me, that's flat. looking at bitcoin, 19,793, still below that 20,000 mark. bank of america says that that crypto investors have started to pull back on buying digital assets due to a more hawkish fed. the bank warned that crypto investors haven't priced in the possibility of a recession as more interest rate hikes are on the table at month's fed meeting. first on fox business is apple inch blockchain hedge -- [inaudible] great to have you here. >> nice to be here. cheryl: general comment what we're seeing with bitcoin sill below that $20,000 market.

we've -- mark. have we kind of bottomed outsome. >> >> it's holding at that 20,000, but in general the big one, the avalanche, here yums and bitcoins, they're trading at a .8 correlation to the nasdaq. and a high growth tech company like snowflake. if you're going to take liquidity out of system, the whole space is going to be affected by that. cheryl: one of things we've always needed to kind of see with cryptocurrency in general, you've got to have banks behind you. even jamie dimon may be coming around a little bit. and then you also need the government. you immediate the sec on your side. do you think we're getting closer and closer to more general acceptance? >> so on the enterprises, for sure. look at blackrock. blackrock and larry fink was a no-coiner, as i called hem, and then about two or three weeks ago they make huge announcement that they're partnering with coinbase and they're going to

support bitcoin, possibly if other currencies one of the biggest risk management products, that's a huge turn. we're abe $10 trillion of assets there. you've got other enterprises also getting into the blockchain space. so to tie the first question with, i think if you just look at prices, it doesn't tell the real story. underneath adoption is happening and real worlds assets and enterprises are either using blockchain or coming to the blockchain. cheryl: well, the biggest concern, obviously, is theft, cyber theft. i mean, are we better now on this? i know that nothing is ever secure. i mean, credit cards still get stolen and hacked every day, but do you think we're one step closer to having more secure cryptocurrency? >> that's such a great question because these currencies in the chains themselves have actually been very secure. all the theft or rug pulls or issues related have been human touchpoints or at the edge where the currency gets transferred out into fiat.

so it's actually not to do9 with the chains itself, it has to do with the edge points. cheryl: so you've got the house oversight committee actually pushing forward on this same issue, and they're calling on -- they've got coinbase, ftx, binance, they want more information about investor protection, and i think that's fair. for once, the government might be actually looking out for our interests here. [laughter] but how are they going to bolster their defenses, do you think, not just to assure investors, but also to deal with regular are laters and with congress? if -- regulators? because that can be an unknown, if you will. you don't know what they're going to go after. >> i've talked to people, they actually want help in terms of protection for their user. that's for sure. on the regulatory front, i think what everyone has hoped for -- hopeful that the different bodies in the u.s. can work together whether it's the sec or the cftc so they can come up with a framework and work together. otherwise you're just using

blunt instruments to regulate in space where certain currencies are probably more currencies than tokens and certain are more securities. and others are just utilities like loyalty points. so you really need them all to work together. cheryl: other hinge, has been going on for a long time, but the rub against cryptos, obviously or, was environmental destruction. you know, the manufacturing of it. but i think that's getting better. they're looking for better9 ways to to actually process. >> that leads into etherium's merge that's going to happen very shortly. the merge is actually going from what they call proof of work to proof of stake. effectively what you're doing is you're making it far more energy exhibiter so, therefore, you don't have some of the issues. the last coin will be bitcoin which will sill be work with, but that's only going tock 40% of the market cap. cheryl: john wu, hang for coming in. i know it's a space we all watch and want to get our toes into. some of our viewers have both feet and both hands in the

market, so we'll continue to follow it. john, thank you very much. good to see you. all right. well, the merger between trump's social media app truth social and digital world spac still in the works despite truth social's recent issues. but it could be facing up to a one-year delay. charlie gasparino looks at the timeline. that's coming up next. take a look at the big board, the dow is teetering with maybe going back into positive territory. at one point the dow was up 09. a lot -- 90. a lot can happen in 13 minutes. we'll be right back. ♪ ♪

i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty. if you shop at walmart, you know that with thousands of new rollbacks, you can spend even less, to get even more, to make life even better. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

♪ ♪

psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis.

an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist ♪. cheryl: shares of digital world acquisition corp. are down right now 3.25% ahead after crucial tuesday deadline that will determine the timeline, excuse me of its pending merger with former president trump's social media platform truth social. the head of digital world is urging shareholders to vote in favor of an extension of that merger. let's bring in charlie gasparino for more details. charlie? >> cheryl, that would be patrick orlando. who is still confident the deal will go through, it will be a successful deal. you've been reading a lot about truth social, business issues,

potentially not be on certain apps because of content moderation issues. be that as it may, people at digital world think they can make a a go of it. if they have access to cap capital that will make it stronger to go forward. they want shareholders to approve a extension as much as a year to kind of work out the kinks with truth social the best way to put it, make money on the side. as you know truth social is the social media platform where donald trump former president is the chairman, devin nunez is ceo. we reached out to them. they have no comment. we reached out to the people at digital world. there is not a lot they can say because there is a quiet period around this thing. the bottom line, they have been posting stuff in their sec filings, they're directing me to that. the bottom line they think they can make a go of this. they're trying. they need an extension.

the issues with truth social can be worked out they believe. they think they can make it a decent competitor to twitter and some of these other social media platforms which have been deplatforming conservatives over the years including the former president who is still, his account is still not on twitter. when he talks to people, when he issues statements you now see it on truth social. one thing i will say, cheryl, is that you know, if you read some of the documents on this, it does say that the business, this is a tough business. social media is not, you know, twitter, for all its prominence, sometimes makes money, sometimes doesn't. doesn't have a lot of cash flow. by the way the infrastructure needed, i know it looks seamless when you pull it up on your iphone, you know the infrastructure is expensive to make that seamless. so this is a tough business. but that being said they think they have, they have the potential to make this work. they think that the president

is, will, has a following. he obviously does. but they need more time with this acquisition. by the way if shareholders don't vote. i think the deadline for the, for the vote to extend as much as a year is the 5th of september. if they don't agree to that, they have the ability, under the current contract and current, i guess current, what has been passed and approved in the past with the sec, shareholders, they can delay this for six months. they want leeway to do it for a year. cheryl, back to you. cheryl: you know what the good news today, charlie? >> what? cheryl: twitter has an edit button. >> i heard that as someone who needs it. cheryl: hallelujah. >> i will drink to that. cheryl: exactly. cheers. charlie gasparino, see you tomorrow. closing bell will ring, we have four 1/2 minutes to go. dow pushing near session highs. the s&p 500 is in positive territory. the nasdaq though, that is the

other story about to close in correction territory down more than 10% from its recent high. that recent high was august 15. as you can see the nasdaq now is 11,761. the magic number which is below, 11,815 and change. investors are reeling from jerome powell's pained speech at jackson hole. it was kind of painful. hold the panic button, today's "countdown" closer is optimistic. he has stock picks to park cash unless you're dedicated being in all cash. some of you out there are. p pack private wealth portfolio strategist, david dietze, old friend. great to see you in person. >> absolutely. great to be back. thank you. cheryl: you're saying okay, don't be completely in cash. there are pockets we should look at to get back in especially looking at another bottom on the market. >> first, look at the macro a

little bit. a year ago our federal reserve said lower for longer. fast forward, they're saying higher for longer. they're if nothing data dependent. we're seeing evidence of inflation rolling over. easy to talk tough with 3.5% unemployment f we get weakness tomorrow, some cracks into the idea we'll throw the economy under the bus for the sake of inflation which may be coming down. therefore investors need to stay balanced here, not good too worried. there are a lot of spots that reflect the worst worst case scenarios. cheryl: i look some unof the ones here. jpmorgan, financials actually have been a, tiny bit of a bright spot in high interest rate environment banks do well, they make more money. let's not forget that the stock though is down 29% year-over-year. you're saying?

>> so in perilous times you always want to go with the best of the best. jpmorgan -- cheryl: jamie dimon. >> the only company that didn't fall flat on their face during 2008-2009 subprime crisis. jamie dimon the dean of finance aol services on the planet. still firmly in charge. level of diversification between the wealth management, institutional servicing corporate lending here and abroad. as you point out buy things when they're cheap. and of course if things get really bad, the wannabes, jpmorgan wannabes will fall off the table. there will be more business. will you go with the no-name brand or jpmorgan for bank needs when times are tough? cheryl: when i cover them for fox business, always commentary we focus on. we're not worried about jpmorgan's business especially the size of it right now. you also like autonation. >> absolutely. people, the instinct we're going into recession. no one will buy a car again.

the dirty little secret about the auto business they don't make money selling cars. they make money on the service. the last bastion of non-transparent. you never argue with a mechanic says you need more stuff. close half of all the revenue is many could in from servicing. that is a cash cow no matter what is going on, you got to get old bessie to work to comply were your employer coming back to work. five times earnings. cheryl: 30 seconds, i have to ask you about d.r. horton a builder, really? >> exactly. the way to make money is go against the tide. we have the long-term theme here there is not enough housing. cheryl: that's true. >> people who have been, younger generations who have been on mom and dad's couch, decided to rent, they want to get out to have their own place. if anything they want to leave cities into the suburbs where there is more opportunities. d.r. horton has all of the different price points and so forth. they are much better managed than they were going into the

subprime crisis. they're far more liquid and so forth. you're down 35%. you're trading five times earnings. why not? cheryl: why not. hey, what, look at this right now. we have a nice little rally as we go into the close, david. [closing bell rings] session highs for the dow. dow 158. s&p positive by 14. nasdaq in correction. tomorrow's another day. that is it for me. see you tomorrow, guys. ♪. sean: hello, everyone, welcome to "kudlow." i'm sean duffy in for larry kudlow. all right president biden is giving a speech in philadelphia tonight on what he calls the battle for the soul of the nation. peter doocy is live in philadelphia with more. peter what do you have? reporter: sean, the white house is claiming this is not going took political speech but when they start detailing what is going to be in the president's teleprompter this evening and the different positions they take issue with, what they call the most extreme part of the republican party