catchup way too late. lot of folks agree with that. one viewer tweeting, when their answer is always print more money or bailout for this decade, it's simply never had credibility. folks, i'm telling you the fed is in a pickle. that means you're in a pickle. i like the way nasdaq is acting as liz clay man takes it over. liz, the market is oversold and wants one good day. liz: now i'm thinking about dill pickles and in beverly hills is the great one. charles: i didn't digress that much. liz: leave it to me. okay, charles, what started as a bull turned into a dead ball turning into the altitude and kicking off the last hour of trade, there's some signs again and the intraday chart now and see that in motion and dow and nasdaq in the red and russell and s&p in the green. 398 point pop in the dow and generated by investors that dove

for cover yesterday as the blue chips plummeted into a new bear market down 20% from recent high. after poking their heads out at the open to buy discounted names, the retreat began before noon swinging 700 points from peak to trough. where did we go? we dropped as low as 302 points and now the dow jones industrials at the moment down 98. what happened? warnings from goldman sachs and blackrock to stay out of stocks for the time being. goldman citing rising bopped yields as a negative for -- bond yields as a negative for stocks. this afternoon the 10-year yield traded as high as 3.99%. we do have it right now just slightly off that to 3.97%, but these things are marching higher and higher. just a few hours ago minneapolis fed president neel kashkari said the fed rate tightening is

appropriate but he's not seeing the three 75 point basis moves dent inflation and now we're tipping recession to 40%. let's take a look when i say more to come, look at fed funds futures. this is where the market bet on whether and by how much the fed will raise rates. right now there's a 100% probability of at least 50 basis points. you can see when you just tease out the 75 basis point chance, 62%, so once again prepare yourselves. so how do you invest around what could be either inflation or recession or both? we look at the dow leaders, take a look, we have sales force up three quarters of a percent followed by home depot, apple, chevron and let's get to our traders on the floor show because they are the ones to give us a sense of what short term orientation be doing right

now. to be doing right now. dutch masters, you have an interesting trade and last week we talked to you, you were feeling a little more comfort and will you're definitely a shorter term trader, ewe and your team. you and your team. what are you doing now, do i even want to know? >> it's so good to see you, liz. yeah, you know, last time we were on, we were feeling pretty good and actually we decide to go long in the market and we were right for about an hour and a half, which is not long enough. liz: that long? okay. >> yeah, that's not long enough, even for a short-term trader that's not long enough. we made the mistake of going forward with the thesis without any real evidence that the dollar was rolling over, which it did not do and host of other things when we did our triage of the trade, and we lost about 11% on our positions that day.

liz: which one specifically? which one specifically did you lose out on? >> we were long the s&p and we were long the qs and through the trim etfs. liz: okay. and now? now i want everybody to brace themselves. you are shorting both the s&p and the qqqs at the moment. there are ways to do that; right? sqqq and s -- let's see. these are wrong. everybody. >> no, that's right. liz: you're shorts them but there's mechanisms; right? >> well, you buy these. these are inverse etfs so you buy the spxu and that gets you short. the s&p 500 with a three times leverage. so you don't have to put as much money in to get more exposure. same with sqqq. we also our whirlpool short is working out very well.

the peloton short is working out very well, and we've put a new short on today, which was beyond meat that's becoming a real mess. this was an almost $200 a share stock. it's now in the 14 area so that's pretty bad. they completely misjudged the size of the fake meat market, and they misjudged a lot of other stuff from what we understand, there are a lot of executives that are jumping ship probably because their options are so far under water but the reality is that's our latest short. we're looking at making a long purchase here near the close that is very relevant, and that's something we talked about a while back and that's eggs. we're talking calm, which is cal main. they're all about eggs, eggs production, egg distribution. liz: those prices are really jumping weeings. i think they were the highest -- weeings. weeing egg -- with eggs.

they're seeing the biggest jump and we have cal main foods and this is the biggest picture. you're picking this one right. i want to bring in scott redler to the conversation and we have to show the two year yield and we've shown the 10-year yield and that's been climbing, climbing, climbing and the two year is crazy once again. 4.316 at the moment. how does this affect the psychology around equities? >> well, the yields have been affecting it for over a month now. every time you saw so m many of the different yields go up whether it was the 10 or 2 years, it was computer programs to sell the market. a lot looking at clues on which way to go like your other guess and u.s. dollars are going up and computers are selling equity so that's why we're trying to stay out of the way. if you remember, i believe middle of august, we were talking about summer top and will everyone was talking about a move back to highs and people

didn't believe in what powell was going to do and how long he was going to stay the course. you know, i do think like, liz, we talked about opportunities and today is a very important day by the way. today, tomorrow, we're testing that 36, 36 area and i think your other guest said she was shorting around here. you know, with an oscillator, minus 80, i think as hard as it is to be long here, it's just as hard to be short. that's why traders are frustrated and they're trying to figure it out. liz: can i just jump in here. if we can can put up year to date picture of s&p down, nasdaq. scott was the one to say after the august horrific, atrocious consumer price index number came out and much hotter than expected. this is inflation at the consumer level. scott was the guy that said we will test june lows. dude, not only did we test june lows, we tested december 2020 lows here. to me as i look at all this, i'm asking you what's next? >> well, we've been watching 36,

36 and the s&p right now. and it's struggled to get oversold and that means it's not here. if you know your time frame whether it's intermediate or macro, short term, i'm testing longs here and shorts like late shorts might get squeezed and the next hour is very important and the s&p needs to hold and get back to 364 or so. we could have a last hour squeeze. that's down. from an intermediate standpoint, i told you the last week or so i put money back to work in an s&p fund for the intermediate or blood on the street account. 50% in and 50% in cash because you have to have cash in case we don't hold and get to 32 or 3400 in the s&p in cash and that's the next big level if we don't hold the 3636. liz: we have 3649 right now at s&p 500 down just flat here, five points. before we go, dutch, how much

credence or weight do you put in the fact the dow closed in a bear market once again? >> well, we look at that. i mean, from a psychological standpoint it's important. the levels scott were talking about are real strong technical levels. here's the reality, jeremy segal was my professor and the smartest guy in the room and had a meltdown last week about the fed. you cannot ignore the smartest guy in the room when he melts down and calls the fed out the way he did. i suggest everybody watch what he said ---liz: can i say he was on neil cavuto show today noon to 2:00. >> yeah, that guy has called it right since i was a kid. i was in his class and the bottom line is that in spite of crashing commodities, crashing stock market, crashing bond market and crashing currency markets, the fed is still

talking about raising and as long as they do that, this market is going down. liz: well, let me just paraphrase because on neil's show, he says he sees inflation going down everywhere and that's what he told neil but i find it interesting neel kashkari of the minneapolis fed said he's not seeing meaningful dents in inflation at the moment. you go with segal? go with fed presidents? i know which one you are choosing. scott, dutch, thank you very much. >> thanks, liz. liz: we can't seem to get to the upside with the s&p and down about 4 points and we're watching it and dow negative by 94 but nasdaq up about 26 points. so we may be looking at stocks at least in some portions of the market going south in this final hour but shares of sustainable home and beauty products company grow collaborative are skyrocketing. i am not overstating that. after locking down shelf space at cvs stores across the nation. the ceo of what's become a cult

favorite here on next on what the deal will do for his business and his goal to rid the world of plastic packaging. this is a fox business exclusive. you need to watch this. you need to watch all of this show because you just heard scott and dutch say there could be a short squeeze in the final hour of trading here. closing bell, we have 50 minutes left. here's the dow 30. we have 9 to the upside, verizon, nike, united health group, travelers, chevron, apple, and at the very top is sales force and everything else in red and the "claman countdown" is just getting started. stay with us. ♪

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liz: grove collaborative, did i tell you i wasn't overstating this, this is a massive boost on a very sort of touch and go day for the broader market. we have grove up 30% at the moment on the announcement that the sustainable household products brand struck a major partnership with cvs stores across the u.s.. grove's first drugstore partnership will bring it ecofriendly soaps, cleansers, dishwasher, laundry detergent, beauty to 2,200cvs store shelfs. here more about this from grove collaborative and cofounder stuart landesberg here in a fox business exclusive. stuart, you're on shelves at target, kohls, meyers and what is it about this deal that has investors piling in right now? >> liz, it's great to be here

with you. our point of bringing zero plastic and sustainable products and we're the market leader in zero waste and zero plastic and bringing that to the mainstream is a thee s thesis that can crea ton of value for all our share holders and moving into all the cvs location is a great prove point to the broader applicability of the mission and to the scale potential of our business and that's what's really getting investors exciting. liz: okay, but you've got to clarify for me because i don't -- i am so against ocean plastic and all of that, but product has to be great. what is it about this product because grove collaborative has hit cult status. you've got drew berrymore as your spokesperson but a lot of people like these products but what do investors think will give your revenue numbers a bump? >> what we're seeing is the very early stages of distribution for

our products and our products they're not just plastic free, but they do work extraordinarily well and they're available in affordable prices. if you look at our business, north of 300 million of revenue all from the direct to consumer channel where we started but our category is about 97% traditional retail distribution. so when we start with target, add on some of the retailers you mentioned and then today announce cvs, what we're showing to the market and showing to, i think, consumers as well is that the trend that we're leading into zero waste home can play on the big market and as such, we have the opportunity to become a large and important company over time. liz: you know, let me talk a little bit about revenue because that is where perhaps the rubber needs to meet the road. you guys have seen revenue in the second quarter down about 12% from the previous quarter dipping 7% and going in the wrong direction and how do you get it to reverse and how

quickly for a merger of some sort, how quickly will this deal with cvs make your revenues really pop? >> so we're a growth company over the long term. we took the business from about 6 million in revenue in 2016 to well over 300 million today. it's quite a trajectory. we've given back some of the pandemic gains, but we expect the business to absolutely be a long-term double digit grower and we're growing really well in retail as you mentioned. we've actually overdoubled our store count this year over last year and expect strong growth to continue there. liz: you've said -- there you are. i mean, they must have heard from customers that they want what you guys are selling. stuart, i got to ask you about inflation. of all the products, all the materials that go into whether it is the green packaging or the actual product themselves, what are you seeing on the inflation level because we've got a federal reserve that's saying that we have not seen the rate

hikes dig into inflation enough? >> so what we are really seeing is that consumers are sticking with brands that are strong and really differentiated. we said even before inflation was high that we expect it to be a double digit grower and profitable in '24 and we understand that inflation is hitting our consumer, but we think that because we've built a strong brand that we and many other brands that are strong and differentiated will be able to continue to overdeliver for consumers, and it does help being in a nondiscretionary category, good or bad, you got to do the dishes. liz: yeah, that's true. by the way, household products, chlorclorox, j&j, they're down d your shares are up about 30% when we started and people are listening and they're up now 43% in this final hour. please come back, we're following this story. thank you.

>> you're the best, liz. thank you all. liz: no, you are. you know who thinks he's the best, sir richard branson who helped him go public via spac. orange juice futures are surging at this hour as hurricane eastern bears down on florida's orange belt. we are going to take you live to that region that is in danger. plus, cr crops across the county now constantly threatened by everything from hurricanes to natural disasters. well, app harvest, a publicly traded virtual or indoor farming company racing against the clock to solve the fresh produce scarety problem the nation faces. guess what they're now growing totally protected from the elements? with the closing bell ringing in 39 minutes and dow jones industrials down 109 and s&p down about six points and nasdaq holding to 23 points of green and russell up 6. we're going to show you app harvest's new harvest, that's next.

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liz: fox business alert. wholesale gasoline, rbob, jumped nearly 5% during the regular session and right now up nearly 4.5% alongside crude, which is up 2.5%. as fossil fuels pop, luxury ev maker lucid is in the sweet spot moving higher at this hour by

about 2.25% after cantor fitzgerald announced a by-rating and $23 price target and canter expects the maker of lucid air to capture 2% of global ev sales by 2026 due to the company's investments in battery technology and longer range. and if you can't beat them, join them; right. oil giant bp getting juiced by about 1.25% at this hour on the new deal it has inked with hertz to develop an ev charging network all across north america. bp's ev charging business known as bp pulse, will install thousands of chargers at hertz rental car sites. hertz up 3.7% now and do they need the charging stations. they've announced deals to purchase a total of up to 340,000evs from tesla, general motors and pole star by 2027. they need those charging stations.

dr. pepper losing its fizz after goldman sachs cut from a neutral to buy and chopped its price target by $2 to $37. we're already below that at $36.06. they expect kuerig's pack anled beverage business and growth to slow. increased risk to margins due to higher coffee prices. ride sharing stocks, lyft and uber trading higher. we've got lyft up 3.9%. uber up 2.6, 2.7%. of course uber has uber eats so it's the rival to door dash and door dash plans to launch its first ever co-branded credit card in partnership with jp morgan chase. this mastercard will act as the exclusive payments network for the door dash rewards mastercard. door dash up about half a percent on that jp morgan and down 1% and mastercard down 1.25%. speaking of door dash, the food delivery company played a huge

role, you guys know this, during the covid pandemic as hundreds of thousands of restaurants shuttered during the pandemic and lockdowns. they made food just a click away for consumers on lockdown and kept a lot of restaurants alive. hear how door dash president, christopher payne, what a story he has. he went from flipping burgers at mcdonalds to adding the fast food giant to door dash's partnership menu. he's this week's special guest on my everyone talks to liz podcast. you have to listen to these unbelievable stories of the climb to success. you can get it on apple, google, spotify, anywhere you get your podcasts. we're not done with hurricane ian, you guys. bearing down on the gulf coast of florida. we're headed for the sunshine state for a live update from the ground on preparations and evacuations. evacuations taking place ahead of what at least for now is a category 3 storm. we've got about 31 minutes before the closing bell rings. dow is increasing losses a bit

down 143. we're coming reich back live from florida. right back live from florida. ♪

liz: well, we just learned that in the last hour, 3200 members of the florida national guard have now been activated to help the state prepare for hurricane ian. the category 3 storm barreling toward florida at this hour after making landfall in cuba earlier today. right now, and you can see right here on the radar, it's currently about 265 miles south of sarasota, florida, maximum sustained winds are 120 miles per hour. ian's effects already being felt along the sunshine state's gulf coast and expected to make landfall in florida sometime and we're expecting tomorrow night into thursday morning. a total of 14 oil and gas production platforms have been evacuated today in the gulf of mexico ahead of that storm. that's in part why we have seen crude and certainly gasoline

move higher. we have nat gas moving lower at the moment but basically, when you take all of that offline, it means we are now out 190,000 barrels per day of oil production. offline. according to the bureau of safety and environmental enforcement, they say that. now there's new data from core logic, which estimates more than 1 million homes across florida's gulf coast are at risk of facing major damage from ian's impact, possibly facing reconstruction costs and too early to tell but estimating $200 billion. let's go live from the ground to find out really what's going on. st. petersburg, florida, with max gordon. max. >> reporter: hey, liz. mandatory evacuation orders in place in pinellas county and people in zones a, b and c and people in mobile homes told to get out. right where we're standing is evacuation zone a, the most susceptible to the storm surge and we're expecting the scene

behind us to change drastically in the next day or so. all 67 can wants here in florida under a state of emergency and thousands of national guard troops have been mobilized to help out when the storm makes landfall here in florida. 36 school districts announcing school closures across the state and in some cases schools used as shelters. in the tampa area, food, water, pumps being staged before landfall power outages likely when the storm hits and governor desantis says restoring power will be a top requirety. here in pinellas county, duke energy is staging crews and upgraded power grid with technology and rerouting power around problem areas to prevent mass outages and trees falling into lines and high winds and flood waters are all big concerns. >> we serve approximately 500,000+ customers in pinellas county and everything from the storm surge that extended rain that we're expecting not only affects the potential for outages but also affects how quickly we can respond. we cannot put up our bucket

trucks in winds that are 35 miles per hour and above and obviously flooding does not makes with electricity. as long as flooding persists, we have to wait till that subsides. >> reporter: as the storm draws near, people are st scrambling r supplies and gas out of service and crinkling water not on store shelves. people buying generators and plywood to board up homes and people are covering windows and getting out. with so many people leaving, the roads here in the tampa st. petersburg area are now clogged with traffic and tampa international airport will be closing at 5:00 p.m. today. back to you. liz: the big rush is on. hope everybody stays safe, max, thank you very much. by the way, fox weather will be tracking ian with continuous coverage all day, all night. all you have to do is download the app at foxweather.com and apple app store, google play, this is where you need to be. have that on your phone. make sure you do that.

as florida hunkers down, all the way on the other side of the country, the west coast has been plagued by extreme draught and wild fires. all of these posing a threat to the agricultural industry and already strained food supply chain. then of course you got the manmade problem, the war in ukraine heavily pressuring wheat exports. off their highs hit back in february in the start of the war when russia invaded ukraine, soft commodity prices are still up year-over-year. corn up 32% in the past 52 weeks and wheat gaining 21% over the same time period, soybeans jumping 12%. enter high-tech indoor farming companies like hydro-farm, village farms and appharvest. appharvest is a kentucky based publicly traded company that went public via spac in februard rain water to power its all indoor facilities. so it's completely protected; right. proof to be climate resistant

but can it whether this that is correct storm? joining us now, appharvest ceo jonathan webb. i'll tell you something, we just have to look at orange juice futures at the moment, they are surging because the orange belt, this is a one month picture of the orange belt is squarely in the sights of hurricane ian. what does this stay about what you do at appharvest? >> yeah, liz, unfortunately, you know, we're seeing it unravel in front of us here in our own country and our food supply chain is incredibly vulnerable. we import two-thirds of our fruits and vegetables into the what we do grow in the u.s. is really grown and mainly draught stricken areas of california and the southwest so we have to figure out how to grow more food with less water and less land and we can do that building infrastructure using technology and being able to grow year round and that's what we've been doing here the last two years is building

facilities, we'll have about 8 million square feet of facilities up and running by the end of the year. a million strawberry plants, leafy green facilities, tomato facilities coming online later this year. liz: that's new because last time you were soley tomato and now you're doing salad greens and berries. what's next. >> our thesis is more fruits and vegetables and they'll be grown in a controlled environment. we have to use less water. when you look at what's happening in the west right now and we're having these water wars and drought in the colorado river and lake mead and lake powell, 80% of water in the west is agriculture. when you restrict water, doesn't matter when 80% is being used by agriculture, we use 90% less water than open field agriculture. our general thesis is slows in

valley, california, growing leafy greens will not be growing a lot of lettuce outdoors. when you don't have the water, you can't grow. where are we headed? we're here in eastern kentucky and have an abundant amount of rain unfortunately in some cases had too much rainfall but we're harnessing that water and being able to grow fruits and vegetables here and shipping to the top 25 grocers around the u.s.. liz: it appears the government has certainly found you guys pretty interesting. you just landed a $50 million usda-backed loan and always leads to, okay, how important is the government when it comes to helping us find new food supply opportunities at a time when there's food insecurity plus all of these weather issues that we are now dealing with? >> yeah, liz, this is not being talked about at all like it should be. i mean, food and water with

existential threat to any sievuation around the world and here in the u.s., we don't talk about food security. we talk about energy security but not food security, and the good thing is we can unleash the private sector, unleash invasion. you know, pro-- innovation and provide incentives to get capital off the sidelines and give farmers the tools to succeed and we've not seen a lot of leadership unfortunately coming out of dc on this topic. for more than a decade really, two decades. there's a lot that can be done in dc. i mean, this is the third wave of sustainable infrastructure. ten years ago it was electric vehicles. right now it's controlled environment agriculture but we're not going to transition american farming without leadership at all levels and that's got to be in the private sector, going to have to be at universities but there's certainly a role for our government to play in all this. liz: why doesn't the investing community see this? you went as high as $30 a share.

you're at $1.86 at the moment. why can people not see that and how does that affect what you guys do? >> well, yeah, i mean we went to, i think, $45, 40 and went down to $2. i think we were probably too high and now we're definitely too low. for us, it's we're just building the infrastructure, these are assets that will operate 20 to 30 years and those facilities, once they're built and up and running and stabilized, they're omitterring assets for -- operating assets for 20, 30, 40 years and unfortunately wall street, what happened last quarter and happening next quarter and what's happening in dc is can i win my next election. no one is thinking 10 and 20 years out and this company is building for the future, and we know people will see value in that as we build and grow the business but right now we're focused on building and growing and one of the largest controlled environmental agricultures by the end of the

year and selling to many top grocers and top fast food chains and last year, liz, when we first spoke, we hadn't shipped a product yet and this year we'll be all across the produce aisle in many of the largest grocers. liz: and employing kentuckyens hand over fist. some whom were without jobs and giving them good paying jobs. jonathan, thank you and let me know when -- i hate when people tell me pomegranates are out of season. sorry. please, grow pomegranates during all points of the year. i love that . >> we'll get you strawberries soon enough too, thank you, liz. liz: i'll take them. thank you very much. nasa scores a bullseye with its dart mission in successful defense of planet earth but today's countdown closer has sectors that could defend your portfolio from impending doom. dow down 140 and s&p at 3645

down nine points and nasdaq up 12, can it hold through the end of the hour? we shall see. stay tuned, we're coming right back. ♪

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♪. liz: the battle between the securities & exchange commission and crypto platform ripple whose xrp token is in the regulator's legal sights, now has an interesting twist. sources say, a couple years ago there was a meeting between sec officials and supposed bitcoin founder nakamoto. charlie, i didn't know that was a person? >> it might not be a person. apparently who this guy was he did punk the sec, tim draper a guy on your show. vc venture capitalist. >> let's go through the discovery on the ripple case. there is a lot of interesting stuff in discovery. we do have the meeting logs of a guy named bill hindman, one of the guys essentially at the center of sec crypto regulation that led to the lawsuit against ripple. so they want to know everything about bill hipped -- hindman.

they subpoena everything. we get the phone logs. that has come up. by the way phone logs have not been published lately, yet. then we're reading it, my producer is reading it, she is like, oh, my god, bill hindman met with satoshi and tim draper? i'm like what did you say? is that a misprint, august 25th, 2017. meeting with satoshi and tim draper. so i said, oh, my god, maybe sure it is not a misprint, we check it out. apparently there was a premeeting to discuss the merits of the meeting with satoshi. i talked to people at the meeting. here is essentially what went down. draper was so convinced that he found who satoshi knock who went missing since 2010, leaving

billions of dollars bitcoin. he was so convinced he called up the sec, got a meeting, actually a phone call meeting with the sec and where they discussed according to the sec people there, some mistakes, mr. nakamoto, fake, made in creating bitcoin and how he would fix it. so, draper was really convinced this was him. now we should point out draper did tweet a little bit about this back in 2017. he was basically fooled by someone. there is the old tweet. it doesn't mention the sec meeting. there was one account that talked about an sec meeting with a fake nakamoto. it didn't get into the details. we have tremendous details. we should point out the sec, at the end of the meeting thought maybe he was the guy.

then they diddly due diligence. i asked the, i asked sec, satoshi sounds like a man from japan. liz: some people think it is a consortium. >> does the guy sound asian? not really. what kind of tipped you off maybe it wasn't him. we kind of thought it was him. he kept talking a good game and, talking about, like, mistakes that he made. so, it left them with, like the desire to go out there and try to figure out if it was really him. as we all know now it wasn't him. and, you know, why this is interesting -- liz: so the sec got punked. >> tim draper and the sec got punked. liz: what is tim saying? >> we're waiting to hear back from him. i wonder if he ever talked to the guy then. apparently he knew the guy initially. he really believed this was the

dude that he found the, you know -- remember this is a huge story. remember, i think it was "newsweek" did a huge cover in 2012 they found the guy. some guy living somewhere and -- liz: greatest business mysteries who started bitcoin, who created it. >> tim draper and bill hindman thought they had their guy and good thing -- after apparently the sec had a meeting afterwards where it was disclosed they were punked and then they all started laughing and clapping. liz: it is hilarious. we did our tiktok today on another crypto was a billionaire, doqan, who founded luna coin and terra. there was a red notice out for him. interpoll has put out international arrest warrant for him because of course as you know the stablecoin imploded in june. red fox liz, that is my tiktok

account. we have to get the nasa story. the spacecraft name thed dart successfully drilled into an asteroid for a historic first in space. nasa trying to intentionally dislodge a dangerous thing from orbit to avoid hitting earth. dodging bear market asteroids, today's "countdown" closer has sectors to save your portfolio from doom. joining us chief macro strategist, frank rabinski, manages 329 billion. boy that is in the solar system way up there, frank. we're having a little fun here. yes we do have some asteroids pinging off peoples portfolios. today alone we've seen a 700 point swing for the dow, from peak to tough. very hard to invest around that atmosphere. >> certainly is, liz, message we're telling clients we have a

volckerrized fed. they're fighting inflation at the expense of growth. until we have a dovish pivot, which we believe is still over the horizon, it makes it very difficult for risk assets, you have a lot of volatility as people try to game when this pivot could happen. what you're kind of beholden to is a lot of sentiment movement. you get oversold sentiment, sentiment bounces but do we get the next start of a lasting bull market, you really going to need that dovish fed pivot to be much more tangible. liz: when we're waiting, right, are there sectors people can buy etfs in, areas really the most helpful during a big huge question mark of a time? >> sure. we're underweight equities. we're overweight fixed income. within fixed income, the sectors we like where we hide out a little bit, larger companies that have balance sheets, stable cash flow. we like money center banks over small regional banks.

liz: talking about the corporates of these? the corporate bonds of these? >> yes the investment grade corporate bonds. liz: okay. >> we like the larger tech sector, very high margin business a lot of cash at the expense of companies that are exposed to consumer. companies where the consumer is being pressured. their purchasing power is being pressured and margins are being pressured on the company side as input costs they're trying to keep up pricing there. so you know, those are some ways we also little cautious on health care because you have a lot of legislative risk there too. liz: right. >> when we look at the investment grade sector that is kind of the areas we would favor at this point in your hiding out period. liz: well do you have a rating underwhich you won't go? is it bbb plus? i don't know, you tell me. people look at these corporates and they are rated but they go way down, sometimes the risk brings you reward and other times it is certainly dangerous? >> we found at times when the

yield serve is inverted you want to be in the investment grade space. over one to two year horizon from the curve inversion, up in quality where you want to be. that is to your point the bbb minuses, lowest rating you want to go before you get into that category. liz: i am looking -- can we broad the discussion to two year yield. it is at a 15-year high. i'm seeing it at 4.30. if people have a pile of cash easy way to place it at high yield treasurys to place it at moment to wait out the storm? >> treasury haystack shuns. you can go treasury direct utilize the auctions if you're a retail investor. liz: that would be something you might recommend? >> i mean we, we are literally, still think treasurys would still go higher. we think the fed funds rate will probably go 4.75. we think the two-year might go higher from here.

we're neutral the treasury curve, to your point it backed up so much and you know it is starting to you know, see some attractiveness there. liz: frank, always nice to have you and it has been an interesting day, folks. we have the markets mixed. [closing bell rings] the dow jones industrials closes down along with the s&p but nasdaq, russell, transports showing some green shoots. we'll do it again tomorrow. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow." i'm larry kudlow. well president joe biden likes to ridicule the stock market. he never talks about bonds or interest rates. he frequently criticizes donald trump for keeping a sharp eye on stocks as a leading indicator of the economy. well, mr. biden might want to have another think about this stock market business because it's falling now, almost on a daily basis. the broad-based s&p 500 is now off 24