there's big names out there that a lot of folks have written off with potential and the problem is you've got to be more nimble than you've used to if that's the only thing you can do, you can make a lot of money and go for choice a. leave it there as we pass it over to cheryl in for liz. liz: yeah, i was sad the twitter is delayed. we're in selloff mode where markets down as you can see. the nasdaq just coming back into the green. but the dow right now down 231 points, s&p down 21 and change. s&p 500 is on track for a new 2022 closing low as it takes out its june low. we've got an hour to go. we're going to see how that goes.

now to the dow, the dow is in bear market territory. the number to watch will be a drop of 150 points and as you can see, we are below that. the dow is down 211. treasury yields surging with the two year and ten year and highs not hitting above a decade and 2.3% for the first time in 15 years. there's a bad side to this and a good side to this and we'll explain that. the british pound dropping to a record low against the u.s. dollar on speculation that the bank of england and may have to raise rates more aggressively to tamp down inflation and the dollar blamed for today's woe for the index up sitting at a 20 year high right now and large multinational corporations and now despite all the bears roaring today, boston fed president susan colins said in her public speech today as a fed

leader that the feds need to bring down unacceptively high inflation and costing the jobless rate to rise. not seeing materialized in the weekly numbers we break to you or in the monthly report and that question is out there. when are we going to see that affect and of course the cause has been the fed. now, a recession not inevitable. there's signs that price pressures may have peaked and she's a voting member of the fed's policy heading committee and that'll be the sheer. i want to bring in chief global strategist for jp morgan asset management and great to talk to you on a day like today. that set the tone for markets this morning in asia with the language we got, tone for the bank of england. >> yeah, there's two parts to this. one part is that the new government under liz truss has introduced this mini budget that involves a lot of physical spending, a lot of pumping money

into an economy that's already pretty inflationary but also really lacked a lot of details in terms of how the economy would evolve over time and that undermined the credibility of the british government to some extent and what you expect to have happen is you want the bank of england to come in and say we're going to support sterling and we've done this today and raising rates today. we've said we're watching this very closely and we're probably doing something at our next meeting in early november. i have no idea why they did that. i think that if you're going to try and deal with a currency problem, you need to deal with it immediately.ly. cheryl: we're talking about potential collapse of the sterling. would you be that dramatic about it? >> no, it'll find a bottom and move up. it's really important that the british government tried to reestablish its credibility here. sure, there's a policy they want to try and protect people against higher energy prices but they need to have a long term physical plan and agreement with the bank of england about how they're going to manage monetary

and physical policy to help the economy out. cheryl: you wrote with the issue and it's part of that europe and it's a dire situation and demand destruction as far as global ill goes and prices are lowered here and lot of different things to unpack here and the biggest thing is looking between the russia ukraine conflict and over here in this country with mortgage rates above 6% with inflation at a 40 year high, with we think what's going to colins was saying and i was giving the comments she was talking about with potentially the job market changing and all of that says recession. all of that. from a market's perspective what does that say? >> well, it's quite possible that this will amount to recession and the problem is the federal reserve is not paying attention to what inflation is likely to do. we know enough about it and it is running over and it will come down to 3% and come down to 2%

and it will be here and what markets are recognizing there's aggression and they risk tipping the economy into recession. investors don't try and time the market and pick the exact day or hour and you will not know whether that is. look at valuations. at the start of this year, things were priced for perfection. now they're discounted for disasser and that's a huge change. >> you're saying at the start of this year, the ford ration and it was almost 25% above the long term average and 10% lower and we've got a lot of assets on sale, long-term interest rates more than double and there's good opportunities in the bond market today and people should take a deep breath and realize whatever is coming in terms of recession and cyclical problems will gets through it and a lot of long term assets cheaper today than at the start cheryl: counter part at ubs talking about the economy and that language gets investors nervous short and long term just to be

clear but what's interesting here is as we're looking at a day like today with the s&p retesting getting below 2022 and the dow in bear market territory and that seems to signal that hyper-bowl this is it. it feels like we're hitting that low, low, low level. >> yeah, certainly. the federal reserve is not destroying the economy and they've made a mistake and they learned from their mistake and they will reverse course and there's an upside for long term investors and they'll kill a wage inflation and they'll kill inflation. they'll slow things down and the situation where a year or two from now cutting rates from low levels to stimulate the economy and that if you remember, that's really was a basis or good asset prices throughout the base and we don't need to have a recession and we have one at the end when you go through a few years from now.

it's good base for a good stock price. cheryl: last time you were here, we talked about emerging markets and international markets and before in the past you like msci and global indexes but is that an emerging market story and full market story and is it by region or asia. the different stories is around the world and the rest of the world and more than less in the u.s. and the problem is the dollar has soared up in dollar terms it's been miserable but i think there's a lot of things that could go right. eventually maybe changing the leadership in russia and we hope so. eventually we'll see a change i think in covid policy out of china. eventually -- -- cheryl: as in they'll ease the lockdowns there. that's hurting a lot of things. >> there's going to be a massive public health problem when that happens but they'll get through it like everybody else does and they can get back to growing

again. cheryl: not sure lockdowns worked in this country or in china as well. they have a billion people. >> with omicron, you can't keep the bug contained with lockdowns. cheryl: right. i want to ask you about the situation with the 2 and 10 year yields. we are seeing numbers we haven't seen in over a decade for 2 and 10 inversion and what does that tell you about the bond market? >> it tells me the bond market thinks the fed's over doing it. the bond market thinks the federal reserve raises rates too high and they wait too long and do too much and reverse course and they should calm down, take it easy and reverse rates. they'll be back a year from now cutting rates and that's what the bond market is telling. cheryl: if you enjoyed summer and your rally today, that's what we're going to get. >> not the last summer in america. cheryl: thank you very much, david. we are watching something else

very close reignsly right now. hurricane ian, that's expected to be a category 3 storm by tonight much the state of florida already under a state of emergency as ian gains strength and bears down on cuba. it could have an impact on tankers shipping oil as a major port along florida east gulf coast expected to shut down. the president of lipol oil association estimating the impact to gasoline deliveries will be mostly localized with the storms current trajectory and storms can change. there's little to no impact on the refining areas along the gulf coast and thinks out to louisiana and they're seeing a port of tampa having to shut down relatively soon and that'll impact shipping to the sunshine state. they expect the port to be closed till saturday or sunday.

going down the hatches and we're live in the villages about an hour and a half north of tampa and even veteran residents going through several hurricanes say they are worried. robert. >> good afternoon, cheryl. indeed the villages have a community of 115,000 and since the beginning of the pandemic nearly half a million people have made their way and called florida home and people here are waiting for ian to develop and come in. they remember 2017 with irma and situation really good and we spent the afternoon taking the pulse of residents here and how they're preparing. >> many people call this florida's friendliest hometown and villages of 55+ and over master plan community is preparing for hurricane ian. >> people are just scared.

>> you know, really cause you just don't know. >> we brought everything in from outside this morning because of the wind and it'll be a long, rainy day. >> they're expecting anywhere between 8 to 12 inches of rain and so many people here are out and about to get activities in before the storms come ashore. >> the rain, water, all over the place and putting up the protection and waiting it out. >> being safe, i think we haven't done any major but we always have batteries and flashlights and candles. gee in 2017, hurricane irma showed its wrath in central florida. >> if it's as bad as 2017, it was the worst one. >> i lived on the gulf coast of texas for eight years before this. i know a storm will do what it

will do. >> emergency officials here are planning for heavy amounts of rain, wind, and potential for power outages. back here live in the villages in florida, yeah, it's sunny skies. people are out golfing, walking around and enjoying sort of the final days before ian makes its way up. as you heard that woman say, a storm will do what a storm will do. we still don't have that exact track so we don't know where precisely it's going to come in but we know the entire state of florida is going to feel the effects of hurricane ian and meanwhile these folks here, yeah, they're doing what everyone else is doing and they're trying to get those last minute supplies and gasoline and just enjoying the final days before the deluge of rain and potential for wind here in central florida, cheryl. cheryl: robert, before you go, how likely or possible is it that that track of the storm is

west. my personal movement here is undetermined at this point and that's why i'm in central florida righted now and i'm goon head toward tampa or go on the big bend into the panhandle and we're just going to have to watch it and it all depends on what's happening with that dry air in the gulf of mexico and then that counter clock wise twist as to whether that's going to push it west or more east. it's anybody's conclusion at this point. really too early to know after it passes cuba here and we'll give you more information and this is a tough one, cheryl. all the years this is a really tough forecast and we're hanging tight and ready to move. cheryl: everyone, fox weather will be tracking ian with continuous coverage and download the app at foxweather.com in the apple app store or google play.

there's a new publicly traded company as intuitive machines inked a spac deal. how the inflation of cash will put american boots back on the moon. it's a fox business exclusive. take a look at the markets right now as you can see, dow down 237 and we have a few stocks trending higher but overall the breath of the dow in the market is negative. as you can see the biggest loser is travelers, wal-mart barely higher. "claman countdown" coming right back. ♪

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cheryl: nasa taking one big step for earths space defense today as it looks to complete the first planetary protection mission called double asteroid redirection test also known as dart. like something out of a movie. nasa's spacecraft dart is expected to shoot at a harmless asteroid at 7:14 eastern time tonight to change the trajectory as if it were an active threat towards earth. they're practicing if you will. nasa called off the third attempt to launch moon rocket artemis 1 tomorrow making its way towards hurricane ian and they'll roll it back to the hanger to shield from the storm. one of nasa's three partners for artemis, luna, tech that and exploration companies intuitive machines is planning to take space expertise back to the merger and that deal valued at

$115 million will be completed in the first quarter of 2023 and will list intuitive machines on the nasdaq under the ticker lunr. the business exclusive from the mission control called nova in houston, texas, and cofounder president and ceo steve altimus. we laughed because altimus and artemis is so close. tell us about the company and your connection to artemis and what you have invested in this launch. >> yeah, thank you, cheryl for having us and welcome from houston nova control. happy to be here in our control center and we're keenly interested in the success of artemis 1 and part of the artemis program and what the machine does and the cursor missions that will land softly on the moon ahead of human astronauts puts boots on the moon. cheryl: so that technology

obviously is something that's been in development i'm assuming nor years. did you push that part of your decades of experience that nasa had at that play into what you've created now and there's a lot of interest in this technology and we should also let our viewers know this is investor audience and the first time that anyone can truly maybe beside spacex really truly invest in something that's going to the moon. moon landings if you will. >> investing in the space exploration company and intuitive machines is a space exploration company and back in 2018 our national space policy changed to where the moon became in favor and the united states needs to return humans to the moon and a sustainable way. while at nasa, i was there for a quarter century or so and retired early and formed intuitive machines for the sole purpose of having a company fly

to the moon and land softly on the moon for science and discovery purposes. cheryl: the ipo market hasn't exactly had a good year and neither are the markets and we cover that here this, is for the first quarter of 2023. if all goes well, what do you plan to do with the funding? >> yeah, we have enough funding in this particular financial transaction to fully fund the business operating plan in partnership with inflection point acquisition company who has very strong financial background with the technical background and we think it's a really solid deal and we'll invest in a larger lunar landing to take heavier cargo to the surface of the moon. we're getting additional soothe satellites to put a consolation of communication around the moon and that's up to five satellites around the moon and we have the first commercial lunar distance

ground network and communicate navigate and land softly on the moon. cheryl: sorry, please finish your thought. my apologies. >> that's the bulk of where the technology money will go is to fund those efforts. cheryl: real quick before we go, all eyes on dart tonight and think they'll hit it? >> they're going to nail it for sure. let me say something, while this is just a physics demonstration, we proved with physics you can move an object with another object and we know that but this is the reason why the whole general public needs to pay attention to space exploration. cheryl: defending the earth. again, i talked a movie and real threats are out there and appreciate your time today. >> thank you, cheryl. cheryl: they're going to nail it. that's what steve says. it's interesting. well, the house that ruth built still waiting for yankee slugger aaron judge to pop his record

home run. when he does hit that ball, should be worth a pretty penny. we are headed to the home of the bronx bombers for more on the hoopla over judge's quest for the american league home run record. and taking a look at the markets right now. again, we are seeing an extraordinary amount of pressure for monday and the selloff starting over in europe and coming over to this country as well and the dow now in bear market territory and s&p on track at this point to hit a new 20 year low. we're teetering right there. we'll be right back.

cheryl: an update as we continue to watch hurricane ian, bp has just confirmed it has temporarily shut down production at two offshore oil platform in the good enough of mexico. forecasts have indicated hurricane ian will strengthen and move across the gulf in the next few days and robert from fox weather told us just a few moments ago, it's a good, good chance that that storm kicks west. that's towards the gulf and that's towards these oil platforms. also this fox business alert for you right now, we are continuing to watch our markets and as you can see, the dow is down 254 points and the dow is in bear territory. s&p, this is interesting, 3,666 would be the new low and anything underneath that a new

low. we're at 3668 and change. nasdaq is down as well. apple is among the handful of dow gainers and today the company saying it will manufacture its latest iphone 14 in india and moving some production away from china that's struggling under strict covid lockdowns. analysts say they expect apple to move about 5% of the latest iphone's production to india. shares of casino operators are moving higher that chinese gambling mecca mecal planning to open for the first time in nearly three years. las vegas sands, that stock is higher by about 12% and wynn resorts higher by 12% and jeffreys raised las vegas hands and went to buy from hold on this news in particular. raymond james lifting its rating on planet fitness stock to buy for market perform saying the market is underperforming the

broader market and the fitness firm has a highly resilient business model. planet fitness, a bit cheaper and get a better deal at planet fitness. they lost ground during the pandemic and government lockdowns meant limiting the spread of covid-19 and had to close facilities and the clientele is growing as people are working out in the gym. pg and e is higher by 2% and set to join the s&p 2500 index replacing citrex systems and opening an monday, october 3. it's acquiring citrex in a transaction this week. aaron judge is two hits shy of a american league record holder for the most in a season breaking the 61-year-old record. some experts are predicting a 62nd homer hit by judge could be

worth $2.5 million. the ball getting away and live at yankee stadium with more on the million dollar baseball and i'm excited you're out there and myself and jackie deangeles were out there thursday night and every time he came to the plate, the whole stadium just erupted and it was amazing. >> you know what they say, here comes the judge. here comes the judge. here comes the judge; right. this is exciting stuff for aaron judge attempting to beat roger meris record that 61 home runs in 1961 all the way back to that and the big question now is how much will collectors pay for that ball. now, it's a hard question to answer and that's because there's more than one ball on that draw and there's a ball that judges uses to tie meris and then one used to beat meris and after that there's lots more games to come and judge can keep

popping the top all over the country hitting the home runs. here's what one told us. >> i think the 62 ball is going to be amazing just because so much especially for what happened at the stadium and i think that's a $2.5 million ball. >> so now other dealers see the 62 balls bringing $300,000 to $800,000 and that final ball being the most expensive ball and you might be wondering why all this money, well, the reason is we're at yankee stadium and these are the yankees after all and this is where the most fans are and deepest media market and it means the most money. as i send it back to you, cheryl, i want to give you a little bit of baseball trivia. this is really a yankee stat, this baseball home run record. that's because meris, who was a

yankee at the time beat babe ruth who was a yankee when he earned the hit and will now judge, who is a yankee, he is member of the evil empire here, he wants to get it as well. all of this gets underway yet again tonight at 7:00 p.m., and i would just urge you to repeat after me, here comes the judge. cheryl: i love it. i love it. it's going to be a great night tonight. there's so much happening tonight. we're going to destroy an asteroid, we have yankees. thank you for that report. the cowboys are playing the johns. that's the holdup. thanks, gerri. cheryl: what am i going to watch. i don't know. it's a huge week for real estate and tons of economic data revealing the true state of the marketplace and million dollar listing star jordan here telling us about the ground and it's a fox business exclusive. we are carefully watching the markets right now.

the dow has decided to go into low territory and closely watching the s&p and "claman countdown" will be right back. ♪

cheryl: it is a busy week for housing data which kicks off tomorrow with the case schiller home prices index. wall street expecting the index to jump 17% annually in july and

it's a huge spike and growth is slowing. month to month we're seeing a slowdown with these numbers. several agencies are already seeing prices drop by the way. zillow's latest market report found nationally home values lost 0.3% from july to august. some markets did see a jump. some of the most expensive cities are seeing bigger drops with california and particularly los angeles. home prices plunging more than 3%. so is the u.s. housing bubble near bursting and what are we looking at going forward? i want to bring in a fox business exclusive douglas illicit adviser and cast member of million dollar listing new york, kristin. the month to month numbers seem to me what we need to focus on. >> we're definitely seeing a deceleration in appreciation and that's the best way to frame

this. there was a rapid appreciation for the last couple of years and especially in markets that are actually the traditional markets that saw the most rapid appreciation ten years ago. the same markets saw the 20, 30, 40% increases and specifically it's not surprised that we're seeing deceleration and depreciation and however there's a lot of experts that say we're still going to see some appreciation over the next year because of the fact there's going to be scarcity. cheryl: the numbers in california are pretty disconcerting here and we're looking at san francisco, a drop of 3.4%, la3.4%, sacramento 3.2%. that's always been kind of a more affordable market and salt lake city, utah, as well 2.6% and all were markets that had done so well. surprised by sacramento and salt lake just because that was such a popular place in the pandemic and workers are working remotely and they're doing it in beautiful salt lake so what the heck is going on? >> those are places that did see

the larger appreciation numbers though during the real rapid appreciation of having the low interest rates, people moving around, moving to better quality of life and these were affordable places especially in salt lake city that's people considering them more affordable and larger homes working remotely and maybe being there before. cheryl: the story is in particular as the hurricane is coming towards florida unfortunately today is that you had all of these remote workers move from new york and moved from dc and really from new york and they moved down there and all of a sudden home prices jumped so much that now all of these florida homeowners are being kind of priced out. retirees are being priced out of their own homes but is that a market that you think will change and reverse based on what we're seeing now with interest rates above 6%? >> markets in florida that saw the most rapid appreciation and in the study it was fort meyers

that saw the most. i mean like 40% appreciation. those -- that's where we're probably going to see a change because it's just not sustain and will clearly you raise rates and it becomes that much more affordable to archaist the homes. cheryl: if you're a buyer out there and i'm sure -- you work with both sides. what is the time frame do you think because it seeps to me it's going to be six months, nine months, it's going to be 2023. then you'll finally kind of see that crater in the values and a, are we looking at 20% correction in the housing market? that's what some are calling for. b, is that when the patient buyer needs to look to. that's their time frame to buy something. even if mortgage rates are still 5%, 6%. >> the buyers that i'm working with i'm coaxing them to be very, very knowledgeable about their micro-market. every conversation about real estate needs to be in facts around where you're buying and it's very difficult to talk about the way that fort meyers

relates to new york city and you can see the same kind of appreciation across the board that other marketses saw. we saw tremendous appreciation turnkey and the rest of the market didn't get to see that and it wasn't the tide didn't raise every single vote and that's what i'm telling my bee buyers and the most important thing is look at the long-term hold and it's not about trying to time the market and what you can buy that's sustainable in the value. cheryl: in the midwest, the south, alabama going on american dream home and looking at markets that have been kind of undiscovered gems where people are saying the average person is saying i can't afford to buy in new york city, i can't afford miami but i can afford blue ridge, georgia. that's where i'm going to look. what do you make of that? think that trend continues in all of this? >> that trend will continue with certain people that really have

been push add little bit further and they still have been able to work remotely. there are definitely, definitely buyers out there saying, hey, i'm done with cities but the rest of us will stay. cheryl: real quick before f ther brokerages out there and the top rumors and there's trouble in paradise and companies that are loses jobs in particular and people that are working wonderful pus right now. campus right now. >> it's clear, everyone's been talking about this now and not just months this has been going on for a long time and i hope for the people that worked at campus that no longer have jobs and they're able to find something in realize that's where they wanted to work and that's where my heart goes out to people and find gainful employment and stay in realize if they want to cheryl: the stock is $2.32 right now. it's tough to look at.

kirsten, thank you for talking to us. i love talking about real estate. >> thank you so much. cheryl: tune into american dream home every tuesday night only on fox business. all right, amc stock getting smacked after the movie theater chain and retail trading crowd announced sale of eighth preferred share today and charlie will break it coming up next. take a look at big board and rough day at the office. the dow is down 213 points and bear market territory and we're watching potential low for the s&p 500. we'll be right back ♪

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♪. cheryl: take a look at shares of amc, falling right now as you can see, 14, almost 15% today. the movie theater giant filed to sell up to 425 million amc preferred equity units or apes. new securities it listed on the new york stock exchange last month. shares of the ape stocks are lower. joining us is charlie gasparino. this doesn't seem so good? >> if you watched fox business, listen to me, listen to the mark

kahotus hedge fund trader you would know this is coming. we're in the final stages of the irrational exuberance that existed in this market for so long when there was endless amounts of money printing. also on this, as that happened you had, sort of wild, sort of conspiracy theories pop up about stocks. one of those stocks was amc. when it was actually, there was actually a reddit board conspiracy this thing was, this thing was going to short squeeze to a thousand, i don't know how you get that. i don't know how you get that if you don't, if you're issuing more shares. that is what we have right now. we have massive dilution. we have both stocks down, at least the last i checked. and, it is problematic. you know, listen the company is probably going to survive. it will probably survive because these people believed in the hype and, there is a book here, we don't have enough time to essentially unwind all of this,

cheryl, but there is a good book here about at high levels insiders in the company were selling. how these retail people thought they were buying gold, that they hit the jackpot. and how they're now going to be diluted. what we have now is a combined, you have to look at it combined both the ape and the amc common. it's, it's got a 10 next to it. remember it traded as high as, over 70 sometime last year, i think it was in june. when they announced the ape, for some reason it went up to almost 30 intraday. this is a crazy stock. people that pump this stuff, that knew better they should be ashamed of themselves. people that are in the stock, cheryl, are average people. this is not an institutional stock. anyway this story has more to play out. we'll see where it settles out today. we'll see when the dilution actually begins, with it goes, my guess, a guess of a lot of

wall street players it is going to, the ape is going to somehow equal the common while the ape is technically above the common in the, in the capital structure you know, they're both, there is so much debt on the balance sheet it almost doesn't matter. cheryl: what is going on with tiktok, charlie. >> we'll get to that. "the times" came out with a story, another way to maybe avert a shutdown because of national security concerns. tiktok is owned by a chinese company. chinese companies are generally run by the chinese government. if you look at "the times" story today, a lot of republicans shaking hair head. we'll point out that the chinese will still control the company. i spoke with brendan carr, sec commissioner who is all over tiktok, before we agree to allow this company go on like nothing happened, there should be a complete breakup from the chinese, but also we need a record, accounting, how much

information was or could have been stolen and used from the users to the chinese government. as you remember buzzfeed came out with a big piece saying the chinese regularly take this information. so very controversial. you're not going to -- you will hear more about this republicans on the hill will definitely oppose this new plan if the biden administration does not call for a complete breakup or breakaway from the chinese parent. back to you, cheryl. cheryl: charlie gasparino, thank you very much, appreciate that, sir. closing bell will ring. we're four minutes away. the s&p 500 is on a knife-edge right now. we're watching this very closely. 3662, 3666 is the low of the year for the s&p 500. we need a 24.6 drop. dow is in bear market territory. that looks like pretty much a guarranty. if it closes below 29,435, well

below that, that is officially a bear market. we have brad mcmillan. we're looking at two tracks, with regard. my sense more about the s&p than for the dow, but i what do you think? >> it is about the s&p, technical representations and the s&p is better guide to the market and the economy and what it is telling us if we take out the lows, we have a bit of a bounce but the bear market is not over. it will continue. that makes sense if you look at the way interest rates are going up. we should see valuations adjusting down. the question is how much? the answer we'll get today i think is we're not there yet. cheryl: friday goldman sachs changed the s&p target to 3600. we're very close to that right now. you say it is all about inflation, that is the headline for you. what do you mean about that? >> when you talk about inflation, the fed, we saw this in the last press conference, the fed has decided they have to

do something about inflation. that is all they're about right now. they have forgotten employment. they have forgotten about keeping markets up. it is all about inflation. if you look where interest rates are going, that means the fed will keep pushing interest rates up until they get inflation under control. higher interest rates, mean higher yields, lower valuations on stocks. even if we get earnings staying solid we'll still have lower valuations. if we get the recession the fed is pretty much the fed said we'll get, that will hit earnings and that means continued headwinds going forward. cheryl: is that why you like consumer in particular as a sector? higher inflation means the consumer is paying higher prices. that is booed good for the bottom line after walmart or target, is that it? >> that is exactly right. first of all you will go to target, you will go to walmart, you will buy toilet paper. that is not an elective

purchase. second they have the ability to raise prices to cover inflation. they can do regular price raises or "shrink-flation" by decreasing quantity for the same price. that is defensive play where we want to be. cheryl: your other pick is health care. we need health care, that doesn't change? >> again, you have the situation, you have pricing power. you have not an elective purchase. in other words, people aren't going to be going out and shopping like crazy. you get consumer discretionary, the fun stuff, they don't necessarily want to buy that when they're not feeling good. with interest rates where they are, they can't afford to put it on the credit card. cheryl: yeah. >> they will buy the stuff they need. if they can beat inflation that is where you want to be. cheryl: brad you know what? can't disagree with those picks at all, very good. thank you very much. brad mcmillan, great to have you here on a pretty rough day at the office again, folks. markets starting the week lower. the dow officially in bear territory, down 327.

the s&p again as we're watching the s&p, it is currently sitting at 3670. it may, may, may not hit that low that i mentioned here earlier. [closing bell rings] the annual low was 3666.77. so again, nail-biter. never boring on this show. that's it for "the claman countdown" and "kudlow" coming up next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. well, maga policies may be out according to joe biden, nancy pelosi and every other democrat but where hundreds of millions of dollars of negative campaign ads have been aimed at republican candidates this summer but according to a recent eye-opening poll, those very same policies are in fact very much in as far as common sense americans are concerned. hold on to your hats for thi