you like, someone in your political party. those are the folks we really should be holding the most accountable. so everything is this place, but with we've got to make sure, i mean, these are things that, when they're broken, you cannot fix them, right this so we can't let them get broken in the first place. nobody better to hold your hand over the next hour than liz claman. liz: charles, you know what i was realizing in wednesday, our two-hour block, could very well be the most important two hours of the year so far for investors. charles: i think you're right. i think you're 100% right. liz: set the d the vr now -- dvr or if you're old school, vcr. countdown clock to wednesday, 2-4 p.m. western -- eastern, has officially started until the federal reserve not only announces by how much it has decided to hike interest rates, and,,s yes, we're pretty safe saying hike because fed fund

futures right now show a 100% probability of at least 75 points, but investors will also get the freshest economic road map from the fed caring dogger ifs. so -- around dogger ifs. we are looking at -- cartographers. dow jones industrials up 20, the s&p up 3, the nasdaq better by 22, russell up 6. so a rare moment today where all of the majors have been in the green. it's kind of been mixed. and it's not so much that the pointslations have been so wide, i mean, the dow has endured a, what, 399 3-point swing -- 393-point swing during this session, it's how vulnerable the the indexes are to headlines. the s&p right now at 3879. the broader index did close below the 3900 key support level on friday. and you remember this if you were with us when fedex tanked just about the entire stock market. the package delivery giant badly missing on fiscal fourth quarter

top and bottom line, warning also that it's dramatically dropping package volumes mean that the global economy is teat- teetering on the verge of recession. at the moment fedex just bicycling its -- poking it heads into the green by about three-quarters of a point. but today the s&p began climbing around 10 a.m. eastern time and turned green when the nahb said that home builder sentiment this month had dropped for the ninth straight month. if to its lowest level since may of 2020. so why did the markets poke into green territory on that news? investors perceive that fed chief jay powell and company will see the housing market is now bending in the wind and may if -- this is the perception at least -- may slow their rate hike trajectory sooner rather than later. with all the indecisiveness right now, should investors trade or tamp down ahead of the fed? to dutch masters and scott

redler. scott, let me start by putting you on the spot a little bit here. should investors trade these narrows, limited market moves ahead of wednesday or sit on their hands? >> depends on the day. this morning there was a nice opportunity the, you know, the s&p futures were down 30 handles, and it made some sense that if you had some cash to put to work, there was a mice trade there. but there's a difference for a trade from moment to moment, minute time frames sometimes. morning was a very profitable one. a lot of things went from red to green, but if you're like an intermediate investor, if you didn't put any few money to work this year with the s&p down i think 18, 19% but i off lows, this is a good spat to start. but i -- can spot to start. we're 2 the 00 handles off the low of the year, below resistance, and the fed won't be done on wednesday. so with that being said, there's still some more time to feel economic pain. like you said, the housing index is at a nine month low, but it's

only back to 2020 -- liz: right, right. >> and rates just doubled on the 30-year, so it's just starting to be felt. there's still a lot more of this corrective type process that has to happen. but trading from time to time is good for cash flow if you can handle it and long-term investing if you have the proper process. liz: look at this, the 30-year's at 3.504%. and the spread between the 2 and the 30-year yields, i mean, dutch, it's the widest in this century as at least trading economics has put it. but talk to me, i'm going ask you the same question, i guess, dutch. you don't seem like the kind of guy to sit on your hands when it comes to trading or not. what are you doing on a day like today, as we said, as we put up the count countdown clock u.s. jumped -- just under 47 hours til the fed makes its announcement. >> yeah. hi, liz. you know, you're right, we don't sit on our hands. you know, we take a viewpoint,

okay in we don't like the equity market, then we short it. if we like the equity market, we're going to go long -- liz: and? >> we're not going to sit in a 3-year treasury and earn 3% when inflation is, you know, at 8%, okay? so what we're looking at here is we're going long. we're going long equities right now. we closed down our shorts on friday. the market reaction to the obvious cpi -- august cpi number was one of the worst in the last 50 years. there were 10 total9 reactions like that over the last 50 years, all 10 of them occurred near the bottom of of the market. and the return after that was about 19% on market. and there's a 90% probability -- liz: wow. >> -- of that occurring again. so, or i mean, rarely do you ever see a 90% probability in the equity markets, so we're

going long with that kind of probability. liz: and what is the message of maybe some individual bigging with and widely-held names? we've got a dow heat map right now. number two pole position, best performer just behind nike, is apple at the moment, up about $2 2.84. dutch, what does that tell you in. >> it tells us that the tech stocks a have done a lot of the hard work already. and you can't short the indexes here because the weighted version of the index is being -- that apple's such a big part of it. that is the canary in the coal mine right now, and it does not want to go down. so we won't be shorting apple. and what we're looking at for a catalyst, by the way, is the dollar selloff. now, you've got the dollar that has gone parabolic, okay? and we know that parabolic moves don't go forever. so when that dollar rolls over, and we think it will pretty soon, man, you're going to see one hell of a rally.

now, it might be a rally inside of a bear market but it's going to be a very powerful, very quick rally, and we're just positioning for that over the next couple of weeks. will. liz: yeah. right now fairlyty with the -- parity with the euro, the pound is up slightly at the moment. scott, again, we just have, you know, a day and a few hours before the fed if announcement, 2 p.m. eastern. i can't stress enough to our investor audience here if you're working and you can't watch it, i mean, here's the the clock. we just had this made here. 1 day, 22 hours, 52 minutes, 53 seconds and counting -- [laughter] until we get not just the announcement, but then the news conference which starts in charles' show and bleeds over into our hour here on "claman countdown." you know, ahead of that it's kind of scary to trade, is it not? dutch closed all of his shorts, but what do you say to a longer term investor? >> i'd say a longer term

investor, first of all, dutch said that he's buying here ahead of like a wednesday, so i would just say if you're buying ahead of an event, you better leave yourself some room just in case it doesn't go in the direction that you think. so all of a sudden we do a basis point instead of 75, a full point, the knee-jerk reaction would probably be down a point, i think. so i would just say be prepared for three different types of moves on wednesday into thursday. yes, probably good time to start putting some risk. if the market heads lower, you'd better have more cash to put to work and know what leads what. apple is green today, that's part of reason why we rallied, apple could go down. tesla's holding strong, the semis are bouncing a little bit -- liz: and, boy, it is a tough market to read. if you look at the home builders, again, one would think that the national association of home builders' september sentiment index down for the ninth month straight -- and, by

the way, they've been keeping records since 1985 -- that is the longest sort of drop month over month over month over month in the history of them keeping the records. the home builders are are in the green, dutch. so very hard to anticipate what market which is, you know, as buffett and benjamin graham like to say, a big voting machine, how it's going to vote. >> yeah. the home builders are impossible for me to trade, okay? i have not been able to trade home builders successfully in my entire career. will have of laugh -- [laughter] and i think part of the reason is, i'm just being honest, i'm just telling you. part of the reason is every time they should go down, some value fund comes along and says, oh, look, it's at a 7 or a 5 pe, hay just don't come down. so i can't help you. [laughter] liz: dutch, scott, we've got the countdown clock in place. thank you so much for joining us right now. and, folks, all housing slowdown and recession talk the has

federal regulators suffering kind of flashbacks to what the 2008 financial crisis did not do just to the big banks, but to the regionals as rumors now swirl of new government regulations to prevent a' -- a repeat. r.c. whalen is getting in the chair to tell you whether that's good planning or overreach, that means you should back away from some bank stocks. which ones? r.c.'s going to join us in a minute. closing bell, we're 49 minutes away. here's dow heat map. you know, you've got three rows in the green, two in the red. the laggard is merck follow by johnson and johnson. and then, as you see, we do have that gainer, number one, nike followed by apple and home depot. we are coming right back. "the clay match countdown cents -- claman countdown" is just starting to turn up the heat here on this monday. you're in the right place. ♪ ♪ alright, limu, give me a socket wrench,

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liz: a story breaking by "the wall street journal" is not getting nearly the attention it should. journal says that a bank regular laters appointed by president biden -- regulators are considering new rules that would require large are regional banks, not just the mega-giants like jpmorgan and citi, requiring them to boost capital requirements or financial cushions, if you will, this case the u.s. economy were to be hit by a new crisis. is this potential proactive move making the more attractive stocks, or are there hidden dangers that could harm regional bank stocks? let's bring in r.c. whalen, an investment banker and a member of pin rah rah which oversees broker-dealers.

chris, the journal reports the steps regulators are looking at including requiring regionals to, you know, abide by, raise a bunch of capital that could if something bad were to happen absorb the losses that would keep them out of insolvency. what's wrong with that? >> well, the banks already have too much capital, liz. if they could pay it back to shareholders, they would. but the democrats in congress, particularly elizabeth warren, have been holding the banks hostage. they won't allow mergers to be approved, and they've been yelling and screaming about stock repurchases. you know, it's a poisonous political environment. but ironically, the banks look pretty good in the third quarter, at least the lending side of the banks. the market side of the goldmans and the cities and the jpmorgans are going to have a tough time because volumes in the market are down. liz: didn't we learn -- >> overall the banks, the mainstream banks are recovering. liz: yeah. which is are good news, certainly.

chris, didn't we learn from the financial crisis that you have the tailor rules to the size of banks? it is not one size fits all. we were throwing -- we, the collective we, meaning the regulators -- were throwing the same rules at both the big guys and the little guys, and that nearly put a lot of the smaller regional banks which are so important to local lending out of business. >> yeah, that's right. well, the regulators have a one-size-fits-all mentality. they can't handle any more. and they also i think, liz, are fighting the last war. they really don't understand that most of the risk in the market today has come from the if fed if and has come from the radical truck changeses -- fluctuations in interest rates. the mortgage market moved a point and a half in the last two weeks hawaii's a because of the fed. so i think -- that's because of the fed. i think there's a conflict between the bank regulators and the monetary policy objectives right now, and the fed is actually injecting risk into the system.

but these banks are up to their ears in capital. jamie dimon would love to be down to $3 trillion instead of almost 4. so these banks are going to be derisking this year. they're going to see earnings improve. but the politics of this are absurd. i mean, look at new york community bank. that merger should have been approved a year ago. that's kind of extortion and politics we have in washington. the occ, the fed -- liz: -- a lot of rulemaking, chris. but aren't regional banks the ones to typically do well when rates are rising? we do have the federal reserve about to, i mean, 100% chance of at least a 75 basis point hike on wednesday. >> oh, yeah. liz: wouldn't that be a good atmosphere for the regionals? but now we may be forced to split them into the big regionals versus the smaller regionals. will one set of the stocks do better than another? >> well, i think anything below pnc and truist and that group is

going to be relatively okay because they don't have a lot of exposure that the regulators can focus on. i think what regulators are really worried about this time, liz, is commercial real estate and commercial exposure. this is not going to be act about residential housing this time. so when we go into a recession, i am concerned that we're going to see some big losses in the bond market from commercial real estate, you know, because there's a lot of pieces, especially legacy real estate many cities, that's till at work. -- still don't work, and they're going to have to be restructured. you saw what they did to jamie dimon. they're forcing him to decan risk the bank. of he's got to raise a full point worth of new capital for no reason. so there's a lot of fear on the part of the regulators, but there's not a lot of understanding. and i think they are going to get it wrong. i think we're going to see a mortgage market crisis in the first quarter, by the way, because of the biden administration and what they're doing -- liz: wait, wait, wait, you can't just throw that.

define crisis, chris. >> i think you're going to see some large government issuers tip over because there's loan delinquency in that market. these were low income borrowers -- liz: well, that brings me back to this, chris, and it's not that i don't agree with you. i don't love too much regulation. i think it stymies growth in business. >> of course. liz: but let me play devil's advocate because i'm forced to. don't we want to prevent bailouts, the likes of what we saw during the financial crisis? >> well, of course we do, liz. but the time we'd spend putting banks through purgatory manning how they're going to resolve -- planning how they're going to be to resolve themselves, it never happen, right? the government will take over a large bank if it gets into trouble, that's it. it doesn't matter what elizabeth warren says, okay in they're never going to liquidate a large bank. after lehman and indi mac -- indymac, that was it.

that's it. so it doesn't matter. all of this is just kabooky in washington. liz: r.c. whalen saying too big to fail is not dead. >> oh, no. no, no, no. too big to liquidate, is the way we should put it. liz: okay. too big to liquidate. [laughter] okay. there's a fine line. thank you very much, i think -- >> just like general motors. did we liquidate general motors? no. liz: no, but gm paid everything back, i mean, i would stand by that one, definitely. i i mean, those are people who at the end of the day you can see what they create. r.c., it's great to have you. thank you very much. >> let's do it again soon. thank you. liz: anytime. the federal reserve kicks off -- how many times can we say this? we need to prepare you for the two-day meeting tomorrow. the interest rate decision though comes on wednesday, 2 p.m. eastern, and then 2:30 p.m. eastern we get the news conference. that's when the juicy stuff happens, and it carries right

over into the 3 p.m. eastern "claman countdown" hour. fed chair jerome powell answers questions from the press. we will have complete postgame reaction and analysis because the market moves in realtime depending on the questions he's hit with and his answers. right here on "the claman countdown." can we put aside the federal reserve for just one fleeting moment to show you the uninvited guest at the queen's funeral who's become the viral breakout star on this historic day? that little spider, which probably came from the queen's gardens, on this historic day, it didn't grab the headlines perhaps like president biden did. up next, we will have somber but majestic moments from the funeral of queen elizabeth ii plus what the president said in an interview that aired as he landed to attend that event that has americans talking. you'll hear what he said. closing bell, 38 minutes away. we've got the dow jones

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liz: the world bidding farewell to queen elizabeth ii today. thes casket carrying britain's longest serving monarch made its way through the streets of london, the streets lined with hundreds of thousands of her royal subjects eager to pay their final respects. 142 royal navy sailors led the procession followed by king charles iii, his siblings and the heirs now to the throne, prince william and young prince george. if all -- all escorting the queen's carriage to her final resting place at windsor castle. the state funeral held at westminster abbey. president joe biden in attendance, one of 500 # heads of state. he is expected back in the states within about the next hour, we understand, but he created a bit of a stir with some comments he made on his short trip to britain. let's get to edward lawrence live from the white house with more. edward. >> reporter: yeah, you know, the president also a made a

split with the other world leaders. those world leaders were bussed into the funeral of queen elizabeth. president joe biden took his own car mainly are because of security going forward for the that funeral. we saw remarkable pageantry. there's the president getting out of the beast, the only world leader to bring his own vehicle. we saw remarkable pageantry true the streets of london to the tomb, resting spot. former canadian prime minister stephen harper told fox news the queen represented stability, unity and service. >> the only, the only comparison i can make was really nelson man a della, whose funeral i also attendedded. these were two people who they transcended their countries. and, frankly, they ended up standing and symbolizing for things far greater than even the institutions they represented. >> reporter: so while in the united kingdom, an interview the

president did with "60 minutes" aired in the u.s. the president was asked if the economy would get worse before it gets better. >> no. i don't think so. we hope we can have what they say a soft landing, a transition to a place where with we don't lose the gains that i rah ran to make in the first place for middle class folks;ing being able to generate good paying jobs and expansion. and at the same time, make sure that we, we are able to continue to grow. >> reporter: in that interview president joe biden said that inflation is essentially flat, making the point that while we haven't seen the spike from the 40-year highs which is where we are. back to you. liz: thank you, edward lawrence. we appreciate it. fox market alert, take a look at stocks right now. overall, we do have a bit of a mixed picture. most of all, but that's no surprise because we have been seeing that all day long. and when i say mixed, it's

pretty much right now everybody's to the upside, but we've been bouncing all over the place. tow jones industrials up 165. the s&p better by 23. the nasdaq climbing 76 points. we should look at wix.com. it is surging after reporting that activist investor starboard value revealed a 9% stake in the web development platform company. shares popping about 15% right now. the report says starboard has discussed wix's path to profitability but is not right now seeking board seats at company whose stock, by the way, has lost 65% of its value over past year. yeah, we'll see about whether they change their mind on those board seats. update on some stocks that crateredded last week, ncr continuing to lose steam, down just under 1%. morgan stanley downgrading the atm manufacturer from overweight to equal weight saying the company's path is more unclear since announcing that it would split into two entities.

and adobe also continuing to fall if after two horrific days last week, down another 1%. wells fargo slashing adobe's price target after computer software company announced it's going to purchase figma, which is privately traded. the price was high, more than $20 billion, and people are wondering why are you spending all this money when it doesn't have that much revenue coming in. investors in purple innovations, the parent company of purple mattress, sleeping well at this hour. [laughter] i would bet. look at the stock, up 42% after the company received a takeover offers and that -- offer and that came from coliseum capital, an offer to pressure all of the shares at $4.35 a share. and even with this gain of close to 43%, purple's share price, $3.98. so that's a good sign if you're for this merger. the capital management company owns 49 of purple's shares. other mattress stocks, sleep number up 1.7% and temper-seally

better by 2.25 percent. and shares of rumble, a week and a half ago rumbling forward on its paris day of public trading. -- first day. it completed its business come combo with cf acquisitions, that would be cantor fitzgerald, and now trades on the nasdaq as um. finish all right. it's a spac company that was backed by, yes, howard lutnick of cantor fitzgerald, and it will deliver about $400 million to rumble by going public. shares up 37.9% today. grand theft auto a victim of a brand theft of its own. take two with interactive dealing at this hour with a major hack as it gears up for its next edition of the super popular video game. this is another black eye to another major corporation failing to secure its intellectual property. that'll be a major theme at ces

2023. yes, we're talking about the it already. the consumer technology association runs ces, and its ceo, gary shapiro, joins me next live in studio to to break some news here. it's a fox business exclusive. closing bell, we've got about 26 minutes left before we hear it ring. dow is climbing again, still up about 1175 points. we're come -- 175 points. we're coming right back. ♪ ♪ go.

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at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. liz: what a day for uber and headlines coming out of that company. it's not so much that the stock is gyrating, it's up -- it's down just under 1% at the hour. it did hit a session low of 31.06, we're at 31.71 right now after uber disclosedded that a hacker was responsible for its cyber attack last week which forced the ride-hailing company to shut down several internal

communications servers temporarily. uber is also saying that there are reports the same hacker breached video game maker rock star games which is a subsidiary of take two interactive. let's look at take two, it's up about 1% at the moment. reports came out that a hacker leaked footage9 from the next installment of take two's best selling video game franchise, grand theft auto. take two says the game's development not affected and still expected to be released in 2025. but with technology becoming more integral in our daily lives, the risk of getting hacked has also increased and costs companies, no less, a ton of money. the consumer electronics show or, usually known for unveiling the next big thing in personal electronics, is about to tackle this problem and many more at its annual mega-show which kicks off, the date do has now been set, jab 25th of 2023. --

january 5th of 2023. joining me now, the president and ceo, gary shapiro. great to see you. >> it's great to see you, liz. you're the one who made our last show vibrant, and you were will with your team, and you gave amazing coverage. you waded in, and you didn't cover the show remotely -- liz: no, you know, let's remind people, no other business networks came. my entire team, 13 technology -- all of our great people, it was just so great to be there. and our talent. we really came this to cover that story, which i thought was fascinating. but isn't ces about gadgets and gizmos? you're saying it still will be, but it's going to be a security focus. talk about that. >> well, there's a couple different security focuses. cybersecurity, we'll have possibles and sessions -- panels and sessions, we're working with other industries and government to get standards out there. we're well on our way in this relationship are. and also we're working with a group called the world academy

of arts ask and sciences. and what they've done is they have these pillars that every human being on the planet should have a right to, the right to food, health care, safety, cyber safety, physical security. and we have all sorts of prizes and awards. we have exhibit to haves -- executors -- exhibitors. our opening keynote, john may, look what they're doing at john deere with that right for food security and getting tractors that can work 24 hours a day. liz: well, we showed that factor, the autonomous tractor, self-driving. we got to show it. you can see it right there. this, to me, was amazing, that in bad weather or good farmers don't have to get out there, they can actually run it by an app on their phone the, and this tractor will just move. it's hard to find labor in many cases for farmers who have been pushed to the limit. so these are the kinds of developments that ces shows, and i find that absolutely

fascinating. you're also here the make a huge announcement. >> absolutely. the night before the show opens we will have the chairman and ceo of a wonderful chip company, one of the most articulate people, dr. lisa sue. and she will be, you know, that company duds -- can. liz: amd. >> right. they're focused on self-driving cars, focused on health care and surgery, and they're also even in space with all sort ises of different technologies. people come to see the chip companies because that is the future two or three years from now. liz: well, all we've seen lately, gary, is companies announcing that they're breaking ground whether it's taiwan semiis my here in arizona, hen you've gotten apple already breaking ground to make its chips in texas. it's fascinating to me, and wolfspeed, north carolina. these are great companies that are saying we're going to bring back fab or fabrication plants to the united states. it's almost like a great renaissance, is it not? but that brings it back to all

of the gadgets and lek treason on toics for the -- electronics for the personal use which we really showed how important that was a during the pandemic. that was very much highlighted. what are the newest and hottest things that you expect will come out of it whether it's a trend or a theme? >> welsh certainly, you know, ces is a global stage. we have literally thousands of ebbs think about to haves from around the world. and this is where the ceos and others focused on the future come. we're going to see areas like smart home, even marine technology. we will, of course, have robotics and artificial intelligence and all the great uses of 5g and mobility. boy, that area where we have the cars, it's totally sold out. it's the biggest car show in the world -- liz: isn't that crazy? bigger than the detroit auto show. >> i was just there on friday, and it was great. and the tell a she ceo was there the way he is at c sexer -- ces. liz: delta is increasing its

number of flights to vegas for that week of the consumer electronics show. what do you anticipate welcome back the number of a-- will be the number of attendees? >> delta's added so many flights around the globe. we expect over 100,000 people to come. we just opened registration last week, we already have almost 1,000 journalists registered, a record number of innovations entries. we have so many different things. there's also a focus on sustainability which brings a whole other crowd in. again, this is where cxos from around the world come, and and i love the way you walk the aisles. you met those exciting entrepreneurs of start-ups which we really build the show around. the big companies are beautiful, they're great, they do fab plus stuff, but we're about innovation from everywhere. and you found the stories there. liz: well, i'll tell you something, i've been attending it 15 years, 14 for fox business. we missed the one year during

2021, during the pandemic, and i'm so happy that others have realized what fox business realized, and that is that this is a huge business story and that these electronics companies are very much part of today and the future. thank you so much, gary. >> absolutely. thank you for being part of what we are. liz: gary shapiro of the consumer technology association. he's the ringmaster, what can i say? best of the best. all right. as the fed gets set to go hiking again, today's countdown closer is rummaging through the market's basement bargain bin. find out what three undervalued stocks he saw says are ready for the picking. that is next. ♪ liz: closing bell about 4 minutes away -- 14 minutes away. here's the dow, we've already hit session highs, now we're up nearly 190 points. kind of interesting. this is why the final hour matters so much. we were down at the open, folks. so glad you're here. ♪ ♪

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back this up, fix my collar and everything. i wish someone would tell me this stuff, like you. liz: you have something on your lapel. >> let's not go there. in any event -- why are you staring at it? you're freaking me out a little. [laughter] i'm not endorsing this. this is what the white house is saying. liz: okay. >> and they believe as of now -- and, actually, i disagree with some of it because we'll talk about the recent polling that's going on. but as of now, they're saying that here's why their chances of keeping the nat, they say, guaranteed -- the senate, they say guaranteed and why they a think they have a good chance at the house. the president has had a couple of good weeks here. rising polling numbers, got the inflation protection act which really isn't that passed. however, you know, 8.3% inflation print last week, fed's going to to raise rates at least 75 basis points in a couple

days, maybe several times after that. again, they feel like they have some of the wind at their back. they're saying the dethe kleining gas prices -- and that part of the inflation is true, gas prices are going down. the average is, like, $3.50. that plus continued strong employment -- liz: we talked on friday, cnet -- actually, that wassen on howie kurtz's show, that could be the surprise, the national average. i know some of you are play -- paying more, will be below $3. >> that that's what the dems are bank on. and the economic people are telling the people that a work at the big firms, declining gas prices on tom -- top of strong employment which we do have right now, that on so much the fact that they believe that trump, donald trump's, connection with the republican party, continued unpopularity. and i think on top of that, they're saying not just trump

but, you know, abortion. that abortion rule helps democrats, that that's going to propel them to an easy senate victory and maybe even keeping the house. now, let me give you the south-argument to that, because i think the countervailing really sort of key senate races where republicans may flip a seat, they're doing pretty good. they're catching up lately. so pat toomey, that could be a loss, toomey seat. john fetterman against dr. oz. fetterman is ahead but oz is closing the gap in there. arizona, blake masters does not poll well against kelly, right, senator kelly. but then you got cortez-masto in nevada. laxalt looks like he could take that. that is republican plus. georgia, herschel walker a guy who has never run for anything, except with the football,

essentially is ahead in that race. right now. so that's a pup. the nevada could be a pup. and with everything else, you could have a republicans taking the senate. the other thing is, republican pollsters they see a 25 seat gain in the house if things break their way. liz: a little bit on both sides of hope springs eternal but it is interesting it looks more like a jump ball. >> it is looking more like a jump ball but that is before the fed raises rates. this week will be huge, liz. you're show will be all over it. liz: wednesday. >> after the closing bell. what i tell. >> you it will be must-see viewing right here. i will tell you why. how much he raises, what he signals about inflation is going to have an impact on these midterms because if he comes out and says, listen, inflation is really bad, we're not buying the white house argument that gas prices will make it a moot point. he signals three more rate increases, markets will fall out

on that. it could be really messy. liz: am i still freaking you out? >> you never really, you're such a soothing person. soothing sounds of liz. liz: melifious. >> liz claman. liz: thank you, charlie. nails on a chalk board melifious. >> they gave me the covid. i beat the covid. >> thank you, charlie. >> excuse me. excuse me. excuse me. fake news. they gave me the covid. liz: market action. okay. green all green on the screen. it has been kind of touch and go all session long. right now we're comfortably, you know to the upside here. check out these three stocks though, that have fallen relatively dramatically in 2023. pick these out, right? vista outdoor, down 38%. this year. we've got eagle materials,

housing materials, down 30%. and diodes, inc. down 39%. okay, what does this tell you? despite that kind of weakness, our "countdown" closer says flip that over. now is the time to dive into these bargain basement names. these very three. joining us now, hodges funds portfolio manager eric marshall. so you picked these three, vista eagle and diodes. what is the common thread is? >> the common thread is, we're in a bear market. the market is pricing in an economic downturn all year. we think now is the time to look for companies with a rock solid balance sheets, we have businesses could merge from a economic downturn in much stronger position. what we frankly think this is the environment where it is much easier to find mispriced stocks when you're in a bull market, economy is doing well,

everything is going up. these are names that are down this year, that create opportunities for investors. liz: it doesn't sound like you're saying, oh, they will make a moonshot right now. it sounds like you understand they could fall further but why not start laddering in now? >> well, in each of these businesses we think the businesses are holding up much better than what the stock prices are telling you. in the case of eagle materials, we think cement prices for instance, i think will hold up, do well. we see very strong demand for cement next year because of all the infrastructure spending, despite a slowdown in housing. infrastructure is about 50% or more of cement consumption while housing is only about 17%. even if housing declines 20, 30% over the next year, we think the offset of all the federal infrastructure spending in 2023, actually will set them up pretty

well. right now they're completely sold out on cement and prices are going up. liz: okay. >> you mentioned earlier about gas prices maybe coming down, if that happens, we think their margins will only improve. liz: eric looking at the broader picture with the markets, jay powell and company will announce their rate decision on wednesday, but ahead of it, we have seen rates surging on treasurys, particularly the 10, not to mention the two that the yield curve inversion between the two sometimes is a signal of a recession, is widest that it has been in about, i believe five weeks. so what is the signal here and, what does that say about equities? >> well i think the question is, how much is monetary policy spoke -- going to slow down the economy in order to get control on inflation. i think the worry for equities does the fed do too much too

fast and overcorrect and slow down the economy more than what is necessary. liz: okay. >> a lot of interest rate increases we already have, we have not seen them fully back. [closing bell rings] liz: eric marshall. always great to have you. look at this, the bulls pull out a win after watching them toggle between red and green. it's a win for the bulls. we'll see you tomorrow. ♪ larry: mellow folks, welcome to "kudlow." i'm larry kudlow. i have long thought one of the most important midterm election themes of the republicans to remind voters the need for checks and balances to sop a far left democratic party literally running away with the country. we've seen what three democratic houses have done. how the far left socialists aoc and squad, senator