janet yellen demands that poor children, demanding that the poor children of america get the same rigorous education that her children received, that would be empathy. at some point, we'd have a country where nobody would need to have any pity for anybody else. that's what i would love to see. that's empathy economics. liz claman, over to you. liz: empathy economics, i had not heard of that. our empathy is with the state of florida, charles. charles: absolutely. liz: mother nature's wrath gripping the nation kicking off the final hour of trade. look on your screen, hurricane ian that beast still has not made specific landfall but could do so any moment now. we have our eye on the storm and on wall street as the dow and s&p look to snap six day losing streaks even as hurricane ian inches closer to landfall on florida's gulf coast. let us get you where we stand at this hour. category 4 storm expected to make landfall at any moment just off the shore of ft. meyers.

it is apparently moving 9 miles per hour with maximum sustained winds of 155 miles per hour. that is of course just two miles per hour below what would be a category 5 status hurricane. the worst on the list they have. florida authorities warning citizens to now shelter in place. it is too late to try and make a run to evacwait. time for evacuations in the rear-view mirror. catastrophic storm surge and flooding already slamming the florida peninsula. let us take a live look on the right part of your screen where punta gord a and the palm leaves being bent and broken. target reporting all of the stores closed in the path of ian and moving towards central

florida near orlando and emerge in the western atlantic by tomorrow. look on your screen of this picture. this is tampa sunshine skyway bridge as the water lapse over i-275. you can see there's just barely any air space between the water and sky bridge. nobody is allowed to cross this thing right now. hurricane stocks boosting the markets, beacon roofing, owens corning and home depot are the biggest winners moving anywhere from 4 to 5.13%. but look, we've got ian leaving a trail already of natural phenomena and destruction in its path. port charlotte nearly drained ahead of landfall as the water in that area was sucked by the ocean and then of course it will push forward in that storm surge. emergency services doing all they can at this hour to preserve life and limb. video of power lines down in naples causing fires on the ground where the fire department

can't get close at the moment. they've got to wait till the situation calms down and the energy story, utility story in particular driven largely by the storm and a surprise drawdown in oil and gasoline stockpiles. we get the drop down numbers or buildup every wednesday and this wednesday we saw definitely less supply, which means higher prices, crude oil up 4.5% and nat gas up 3.25 and heating oil getting a big bump of 6%. now we want to dell you about 9% of oil production in the gulf of mexico shut down at this hour as the storm was forcing oil companies to evacuate the offshore platform workers and refiners rallying. that's a nice move there for pbf energy. up 8.25%. sinclair, hf sinclair corporation up about 6% and phillip 66 up 5.6%. now, you know, there are all kinds of etfs here. we have the direct and daily oil

and gas exploration bull move giving you double the move whether it's up or down here. you can see up 11.6% for that etf. more than 624,000 customers without power in florida at this hour. lee county reporting the most out ages in ft. meyers and cape coral. let us go live to the area where ashley webster is in gulf port, florida, in the middle of the tempest. ashley, tell us what you see and what it feels like? >> reporter: the winds continue to ramp up, liz. i'm in at least half a foot of water here laying in some places more than a foot deep. we've had torrential rain now for hours after hour after hour and keep this in mind, we are about 80 miles north of hurricane ian's eye wall so that gives you a sense of how big it is, how far it reaches out. this rain is piling up, maybe up

to 14 inches or more here in the st. pe petersburg, tampa area ad the bay in this area, the water's been sucked out by the storm and that's exactly what's happening here. you can see the sand here on the edge of the lake. normally the water would be upright to that sand and it is way out but as you pointed out, liz, at some point the tide will turn literally and when the storm shifts, all of that water will come pouring back in and there is a concern about that storm surge. maybe not as bad as the concerns were three or four days ago when tampa appeared to be, you know, looking at potentially a bulls eye as far as the storm goes. that didn't turn out but as you say, we've got power outages already. florida governor ron desantis saying already the number of

customers losing power will be in the millions and right now half a million. the problem is falling trees, saturated ground, strong winds. we've had gusts here up to 60 miles an hour. that could go up to 80 miles an hour later on today and into this evening. so anyway you look at it, even if you're not right at the heart of the storm where that comes into the west coast gulf of florida here, it doesn't matter, the impact is going to be dramatic. the last storm to move into that particular area of florida, the ft. meyers area back in 2004, hurricane charlie, a much smaller storm but even then it caused $16 billion worth of damage. that's going to be another big story, this intense storm, a huge storm up until now it's been such a quiet hurricane season. well, this more than makes up for it. this is catastrophic in some cases further south with those winds up to 150 miles an hour. i think the cost is going to be tremendous in the cleanup of this storm moving through, liz.

liz: yeah, hundreds of billions of dollars and, ashley, we want to let our viewers know that where you're standing exactly, you know, they may say that doesn't look so bad but again, you're seeing water that is sucked out to sea by the hurricane as it approaches and at some point, it comes right back and that is the storm surge, which we hear will be 18 feet high, ash? >> that's further south. here maybe up to 10 feet. it was expected to be worse but because the storm stayed south, 18 feet in ft. meyers. i mean, that is catastrophic. everything is going to be flooded once that happens and it is already happening as we speak. again, this is a momentos historic hurricane. not one of this size that can be remembered in many, many years. liz: ashley, you're about 6 feet tall aren't you? 6'1, maybe? >> reporter: 6'1, very good.

liz: well, 10 feet. that gives people an idea. imagine that. ashley, please interrupt us if you get anything more and, folks we want to let you know, we have our eyes trained, i have multiple screens here waiting to see what noaa says about this becoming a cat 5 and officially making landfall and fox is tracking all day and night download foxweather.com, the apple app store or google play. let's us get to the markets and a different kind of storm brewing. folks for just the span of the last six hours, $69 billion in market value has been wiped off apple stock in a single bearish report. according to bloomburg, apple is dropping plans to increase production of the new iphone 14 after an expected surge in demand never materialized. okay, so this headline hit the tape right before the opening bell and the stock immediately

gapped down from yesterday's close of $151. gapped down to $144 a share. you can see we have seen a recovery here. stock is about $149 and change but still down about 1.5%. yeah, the damage was done. the new swamping the stocks of some key iphone suppliers including qualcomm, taiwan sami, sky works, corvo, the one in the green up half a percent and sky skyworx was worse and reliant with the partnership with app and will 59% of radio frequently with the 2021 revenue came from the supplier deal with apple. look at broader market. how about that? green on the screen and apple has the heaviest waiting on the s&p and in essence gives apple more muscle to move that index up or down, the s&p along with the nasdaq and dow decidedly possible same with the russell and biggest percentage move here

and as we say about 51 minutes left to trade. pull apart the dow here 569 points getting a nice bump from boeing. boeing is popping 4.5% on news taiwan's china airlines, that's remember, taiwan owns that airline, has finalized an order for up to 24 of its 787 dream liners. boeing at the very top of the dow 30 on that landmark deal. we've got s&p and nasdaq in the green too. s&p up by 2%. nasdaq, i mean this is a nifty trick, up 220 points when apple is down. unusual, up about 2% and the russell powering higher by about 54 points and that's a brand -- is that the high of the session? yes. brand new high of the session for the russell at the moment. folks outlier piece of news we have to tell you is front and center for the global markets in a surprise move the bank of england today intervened to calm

a wildly jitter rey market with stimlative purchases of uk government bonds after new prime minister liz truss' tax cut and spend plan unveiled last friday plunged the british pound to a record low against the dollar and triggered a bond selloff but as a near crisis plays out across the pond, jp morgan is fretting sate side hiking the chances of a recession here from 51% to now 91%. time to tackle what all of this means for you the investor. let's bring in our floor show trader scott shellady and tom. what do you think has the bull so confident and are you? >> well, no, i'm not that confident but i can understand why the bulls are gaining a bit of confidence and that's because the quantitative easing that england or the bank of center creed lapid embarked upon today -- england embarked upon

today and what's staring us in the face with the fed is tails you lose, heads you lose scenario. there's no way we're going to win as far as this investors when it comes to what the fed is doing. they're either going to kill the economy to tame inflation, which is a bad thing for us, we lose, or they're going to let your 401k kind of recover itself but that means inflation will run a lot higher for a lot longer. again, we lose. there's really no way out here. but the market loved to see kind of a pivot from the bank of england realizing they had to do something, and they introduced quantitative easing again when we're quantitative tightening here and the market liked it as a brief respite. it won't last long and it won't continue and we're not going to crash but any means but that gave the market pause today and may love that good news. maybe the fed will wake up to the machine gun approach of hiking rates every week or every

month and they'll think that maybe this isn't the best idea and they'll take a break and see how they've done. markets are like that too. maybe the investors are on the road that they might be coming closer to the end of these hikes rather than the beginning. liz: we do have this breaking news, the hurricane has now made landfall. brad, can you tell me exactly where, please? no. okay. we're waiting on that. it has made landfall in southwestern florida so, teddy, i know you know this region very, very well. category 4 hitting it just north of bonita springs and it's between port charlotte and bonita springs and cape coral looks like it's very much in that eye. thank you for taking that and, boy, i tell you, this is one horrific picture right here from the radar. it does amaze me the markets are holding up as they are, teddy. >> well, i think it's nice to

chat with you, liz, on a day when they're up and not down as we begin. but i think what's going on today is we had a market that kind of got near and tested the june lows, which was not unexpected by a lot of technicians, and for the moment it's held but it also coincides with the end of the quarter, which is a window addressing period and thirdly we're looking just a couple weeks away from third quarter earnings, which probably are not going to be dramatically possible but the earnings period for the markets historically have always been a pretty decent time period. so i think a lot of what we're seeing today is technical, the fact is nothing is really changed and if anything, not to beat the bear drum continually. for those folks that want to raise a little money, this could be a great selling opportunity. for those folks that are anxious to put money to work, i would be cautious because the fact is

nothing has changed, the fed hasn't changed and till something has changed, we have to assume we're going to be walking in the soft sand for the indefinite future. liz: i think teddy is correct on that. scott shellady, very little has changed and the fed funds future, we'll get the latest number. it is still a 100% chance of 50 basis point hike at least and at least a 62% chance of 75 basis points but, scott, this market was oversold leading up to this. i think teddy would agree to that. do you pick up anything that looks decently discounted including the x rally we see today? >> it's a play that i've been looking at and talking about it and maybe mentioned on your show before and i like fertilizers. they're decent bang for your buck and a decent fossil fuel play and i think you're going to still as teddy says, you're going to get a better chance to get involved, but i know that

mosaic is headquartered in tampa, that'll disrupt some of the fertilizers for the u.s. here. 50% of the u.s. fertilizer comes out of that and 12% of the world fertilizer does. that could, you know, disrupt some of the food prices. you might see a food spike price if there's a problem with mosaic in the next six weeks. however, it's around $49. i think that looks good around $35 to $40 so i would be as teddy said, waiting for a better opportunity but i still like it because you get a little bit of fossil fuel play, little bit of food inflation play because a lot of that's not going to go away any time soon. liz: also you take into effect the whole russia/ukraine thing and they're a big manufacturer of the fertilizer opportunity and we know exactly how that story has turned out. mosaic at the moment, $49.32. and teddy, final word here, when you look at the bond yields at the moment, they're definitely

coming off the highs that we already saw this morning. did you guys see the 10-year yield touched 4% for the first time in 12 years earlier and now of course it's retreating just a bit. we have it at 3.7 at the moment. biggest drop since 2009, down 24 basis points from that high reached earlier today. what does that tell you? >> well, i think perhaps reminds us that the yield curve has been dramatically inv inverted and short-term rates much better than longer term rates and i've talked about three months treasury and the last three or four months on your show and it's a trade we're still doing but i think, liz, what might be very interesting immediately here are the insurance stocks. clearly with this hurricane, insurance and in particular the reinsurance stocks will take a big hit but that is probably a terrific buying opportunity because historically when these insurance stocks get hit because

of a disaster like we're having now in south florida, inevitably they raise their premiums and six months later the stocks are usually all trade a lot higher so, you know, if for very perversed reasons you want a sector in short term, might be insurance in a particular reinsurance. liz: sure, you got the florida focus names as well. fidelity, universal, heritage, hci, merge mercury, universal insurance and thank you, gentlemen. the hurricane made landfall as a category 4 so it did not apparently flip over to category 5, missed it by 2 miles per hour on those 155 miles per hour winds. we're watching this extraordinarily closely at the moment. here is the radar picture, and to me what's so fascinating is that the dow is up 555 points right now. the market is having a very

solid day. just as we know the state of florida is in a very difficult position. any viewer who is are watching from florida, we are standing by with you, we are hoping everything turns out okay. hang tough and any breaking news i'm going to bring it to you hopefully you still have power and can continue to watch us. we've got a black eye for blackberry at this hour despite reporting revenue that beat forecasts. up next, blackberry ceo john chen joining us live on why customers are slowing down their spending on the company's cybersecurity software but where they might be ramping up which could help blackberry's future. closing bell, we're about 40 minutes away, yes. 549, that's the gain for the dow right now at 29,684 and the rest of the majors are definitely solidly in the green. stay tuned, the "claman countdown" is coming right back. don't move. ♪ liz:

blackberry shares for the market just down under 2% and anyone watching yesterday knew it was coming and the company released latest quarterly results and blackberry beat wall street estimates but posted a loss of 5-cents a share and the company saw growth in the internet of things division, iot, but saw a loss in its cybersecurity department blaming inflation as well as increased competitive in the cloud space for the slowing

demand and increasing competition and everybody from microsoft, citrex and ibm. joining us now in a fox business exclusive ceo john chen. john, let's get the cringey part of this out of the way but if we're being fair to our investor audience, we have to point out that your revenue and cybersecurity unit fell about 7.5% year over year due to as the company said demand slowing but this is a time where we're seeing all kinds of cybersecurity hacks. i would expect that you'd see increased demand for that. what's going on? >> yeah, that that's a good que. the cybersecurity narcotic is a very good -- market is a very good market. we have product problems in the past few years that we have completely caught and we're building our channel back. we're pretty good in the

financial and government verticals the g17 and g20 with customers like ours. those businesses are rather citied i did and we need to build a better channel business and we're working on it. i indicated to everybody yesterday that we expect to see the growth next year in the cyber business. liz: let's get to the shining part of your quarterly report and that was your iot business, internet of things but if you drilled down on that, it's juyourautosoftware bec businessl rainmaker and the possibility to grow more and who likes it, who are your customers, and where is this going? >> yeah, this is a very strong sentiment for us. the iot business and in particular cars in the states and we're branching out as aerospace industry, medical industry, industrials where

safety is a high priority. we do very well there in a strong backlog and we announce we want vw volkswagen in the last quarter and prior to that, a couple quarters we won the bmw deals and volvo so we're on a pretty good path rite now and we expect to continue to see growth. the negative head wind of the market is supply chain issues and the oems and inflationary issues and rate issues and it's really hard to buy cars nowadays. you have to wait for a long time for a brand new car. all these things we have overcome so we did well in the

quarter and 28% year over year. liz: glad you brought up the car business over 200 million vehicles now and your software and connectivity of it and ford made the big announcement of the new truck design. you have a great partnership with ford. we have jim farly, the ceo of ford coming up in just a few minutes and he specifically, i'm going to specifically ask him about supply chain problems that i know all of you guys are dealing with but looking forward, there's a possibility of aerospace business. can you expound a bit upon that and how would that work? >> yeah, it's new. we have our software with a new protocol called face and it's a government private sector called interface that allow us to -- allow developers to reuse the code across different plat for the purposes and they'll work on omitterring system, which is the same operating system like you

pointed out 215 million car users so it's rather new for us and we're very helpful to make progress in the aerospace industry. liz: will you come back because that's one area i'd like to see. >> pardon? >> >> wliz: would you come back as that develops because i know our audience would like to see that in the future, john. >> i absolutely will if you invite me back. of course. liz: here's the invitation, i'll have it hand delivered. thanks so much. john chen, ceo of blackberry. a fox business alert. take a look at the market. they're continuing to muscle higher and dow jones industrials up 572 points now. s&p climbing 74 points and again, at the top of the show, the high of the session was a gain of 66 so we're starting to see -- well, a surge here little bit here. nasdaq up two full percentage points or 229 points.

biogen is leading the way on the nasdaq at this hour after the bio-tech announced experimental alzheimer drug significantly slowed the progression of the disease. they've been developing this drug along with a japanese pharmaceutical company, which is also surging. biogen better by 39% and prfena by 32% and bank of america raised isai to a buy on the news the company is developing its own alzheimers therapy. along with other drug companies, eli lily having a nice day up 7.25% and rosh by 6.75%. a hard turn here but it's to docu sign announcing its restructuring plan. this is the electronic company that was a pandemic favorite and plans to reduce the work force by 9%. docusign will incure charges of

$30 to $40 million in connection with the restructuring plan but listen, something they've got to do. shares right now a. lyft, look at those. they are up 2.6% aftere hailing company said it's going to freeze hiring through the end of the year. the news comes after lyft in early august said that it would slow hiring dramatically as it sought to cut down costs. stock has been struggling year to date down 66%. lockheed martin and l3 both moving higher and l3 getting the bigger chunk up about 1% and lockheed martin up one-third percent after a $1.1 billion package of weapons and equipment for ukraine. these two were initially lower after wells fargo downgraded the defense contractors. lockheed cut to underweight and price target $415 to $406 and

about $401 here and harris downgraded to equal weight with a pt lower to 238 to 272 a share. that's at 214 a moment and the bank foresees a difficult moment at head with difficult budgetary constraints and global political tensions may ease and the white house says, nope, give another 1.1 billion to the cause and we don't see the easing just yet. that supply chain issue that we've been talking about driving auto makers nuts and bolts as ford rolls out its new 5g connected f series super duty trucks. we'll ask ceo jim farly when he sees production getting back to normal. i feel like his answer will surprise you and he's next. and the pandemic doing more than screwing up the supply chain. hundreds of thousands of restaurants shuttered, simply closed but door dash made food just a click away for hungry americans on lockdown.

hear how president of doordash christopher payne went from flipping burgers at mcdonalds to adding the fast food giant to doordash's partnership menu. what a round trip. i mean, he's this week's special guest on my everyone talks to liz podcast. you can get this inspirational story anywhere you download your podcasts. the dow is up 601 po points and climbing, 603, 608 and it's going higher and higher. 611. i better toss to a break before it continues to go higher. we'll check after the commerciah break, don't go anywhere.

liz: all right, folks. we told you hurricane ian made land fall about 11 minutes ago at a category 4 storm. it is now charging across southwestern florida. we have it, the eye of the storm

moving ashore at caocosta and sustained winds at 150 miles an hour and life threatening storm surge of what could be up to 18 feet. our friends at 7 news miami are staying that tornadoes have touched down in several broward county neighborhoods. at&t helping ford connect the super-duty trucks and up three quarters of a percent and stock seeing an up tick today in otherwise tough time for telco and ford stock give upping the engines and ford downs calling con trucky and unveiled the 2023f series super duty and first pick up truck in the u.s. with embedded 5g capability and

the super duty truck is souped up with a bunch of new features in tech including this one, it can power a job site. in a time when ford is having trouble delivering finished cars and missing some parts due to supply chain issues, will they be able to deliver the brand new vehicle that will surely have quite a bit of interest? let's start with the struck. if you had point out the cooler feature off the bat, what is it? >> to me, it would be the 5g conductivity and the full flat seats. if you want to take a nice nap in the middle of your day, there's really cool seats. liz: i'm thinking, aren't these people who buy these work aholoicks and they're out there and mining and they're contractors but it is a beast.

it's the first pick up in the u.s. with embedded 5g capability. let's talk about that 5g capability and trailer nab identifies the best driving route to take based on the trailer size. >> yes. yeah, you know, people don't, a lot of peep don't understand that truck customers are some of the most tech savvy users of vehicles that we have. the super duty business for us is -- would be a fortune 500 company. that's how important this is for us and that in the f series are hard earned profitability and we make this truck because it's for working people. plumbers, electricians, they make our society run. you know, the towing, a lot of towing is 10,000 pounds or more with the truck. that's about half of what an 18 wheeler can carry so these are really heavy duty vehicles. usually toeing something and they have to have the latest

towing features. liz: yeah, sometimes these drivers find themselves stuck on roadways where they can't actually make the tight turns. i mean, i can just imagine i'm in one of these things and saying how do i go from 48th street to fifth avenue. that's not going to happen, jim, obviously. but tell me a little bit about how the 5g connectivity is something that would attract new buyers to this vehicle. >> so this is a real work environment. we have a desk inside or a whole work area. they really require 5g connectivity because they need it for their job. they're out there drilling, they're towing things, the middle of wyoming or alaska and so that connectivity is really important for their job itself. you know, while they're on the job site, there's pro power on board. we found one of the most attractive parts of ford trucks is to be able to power job site with the truck and not have to have a generator. those kind of features they love

because they can be more productive. liz: i would imagine and you can actually light up an entire camp site with this new series. you know, auto companies these days are looking to squeeze revenue from vehicles, even after they leave the lot. does it have subscription services for example that could provide reliability revenue beyond the final sale? >> yeah, this is how our company is really changing. everyone is talking about electric but what the coolest thing in the industry is shipping software to the car. we have a business called ford pro, liz, and we're shipping tellmatics, predict to failure opponent store customers and see if things go wrong before they do. they love our tellmatics. we have all sorts of services like that software, even for the owners of the vehicle and not the operators so they can track fuel usage. and audit whether people are becausing fuel cards. all of that software is something we can ship to the super duty and we're growing

about 40 or 50% a quarter on software now. liz: these aren't cheap. i know there's different levels of it but i was just perusing different websites of dealers and found a 2022 new f250 shelby super baja at a new jersey dealership. like $146,000. what's the base point of the 2023? >> yeah, you're going to be able to buy this truck, you know, in an xl version, $50,000 range, something like that. as you say, once you speck up the vehicles for towing, we have f650, you know, cappen chassis for dump trucks and some could be hundreds of thousands with the special, you know, bodies on them. it's a huge range. we build and engineer it that way. we're most of the trucks getting customized for work. a bucket truck, a travel truck, a dump truck, and we have a whole system where those

bodybuilders can plug into electric architecture and power all the things they need with the truck. liz: jim, before we go, you guys are delaying deliveries of certain vehicles because of all kinds of parts shortages including blue oval badges. as you look and see exactly what is missing on these trucks that have to remain unfinished, can you put out brand new models and props and get the promise of the delivery times right and are people going to have to be waiting? >> well, first of all, for me as a ceo, there's no higher priority for our company than quality. we're not gonna release a super duty of vehicles till its right for our customers but there are times because the supply shock where we have a small peas to fit on the -- piece to fit on the vehicle and don't want to send everyone home and it's more efficient to build the truck and then retrofit it and actually the whole industry has been doing this for a couple years now. it's not how we want to run our

business, but that's the reality of the supply chain and there's no more important priority for me than quality. liz: and do you feel that the supply chain issues will soon be over? >> no. i don't. i think many people would wish that to happen, we still have very strong demand for our ford vehicles. and i think we're seeing a change in supply chain issues from chips to other things especially with the labor shortage: we have a few suppliers with absenteeism that prevents from sending parts and maintenance and their own plant. a shift in the supply chain issues and work through each with our suppliers and don't see it getting better any time soon. liz: hopefully the next time we speak, it'll start to at least loosen up the log jam. jim, thank you very much. >> thank you so much, and so excited to be here at church hill downs with all our

employees and celebrating another fantastic new ford. liz: terrific, thank you. calling it ken-trucky. hurricane ian made landfall and spreading destruction across florida right now. today's countdown closer is watching one stock primed to rise as soon as the cleanup begins. find out what it is. we're going to show youex- next. closing bell 13 minutes away, dow jones industrials up 654 points now. we stand at 29,790. the s&p better by 86 and the nasdaq popping two and a third percent and 259 points. stay with us.

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no doubt the biden administration is worried about what's going on with the economy. the market is up today on some positive headlines, bank of england coordinating interest rate increases with the feds so market's like that when central banks coordinate. not much coordination before that and led to a massive decline in the pound as you recall. people predicting a big recession in the uk that would get even worse. that is starting to markets like when everybody kind of is on the same page and bank of england doing what the fed is doing and it's positive. liz: they intervened in bond buying this morning. >> they had to because it was getting crushed. markets like coordination and we didn't get a lot of that. that's why the market is up but really long term, we have at least two more rate increases coming and we probably have a recession coming and probably in a recession. when you have that, you have people, you have administrations that change the economic team, the big change that everybody's talking about, talking about in june, picking up steam now is

janet yellen the treasury secretary. is it her fault that transitory is here. of course not. she's not the only one there and she's the treasury secretary and somebody has got to take the fall for what's going on with the two rate hikes and the likely recession and, you know, a lot of stuff will occur after the midterms and biden and democrats are looking for the midterm and keep the senate and takedowns and never know. there's polls showing and there's much more difficulty. grind through that and make the changes because the economy is going to get worse towards the end of the year. you're going to likely see yellen, at least this is what people are saying in washington that no people in the administration were replaced by remando of the congress department, gina romando of the department and blanked out. people think she'd be a great

treasury secretary and looks like she'll get that. gensler probably getting something. gary gensler the sec chair. if i were to bet, he wants to be treasury secretary and brian diez is likely to leave as well and head of the economic council and gensler can flick in if he wants a economic policy related roll inside the administration and diez is leaving as well and probably more shakeups and getting into the treasury secretary and huge staffs. it becomes a different economic ball game, and i think -- now, what does this mean for policy? i don't know. i mean, you know, biden has always run on being a centrist democrat and it's moving so far left with the picks and unclear if the treasury secretary has much of a role and unclear how big of a role brian diez had and

advocate of esg and when at blackrock. that was his main roll at blackrock to push esg. it's unclear if this will mean policy changes, but it's definitely happening, people take the fall all the time when the economy turns bad and it's probably going to happen after the midterms. if i was to bet, i'd say in the new year but, you know, anything's possible right after the midterms. again, janet yellen is the one that really people are saying is leaving. liz: pieces of the chess board continue to move. charlie, thank you very much. or at least they look like they're about to move. exactly 51 minutes ago hurricane ian made landfall in southwestern florida. so the eye of the storm hit cayo

costa and they're looking for shelter in what is a brilliant market as of late. next today, today was really good. let's hear from nfg cio john murrey who's managing $10 billion in assets under management. okay, it is a very difficult market on one day we're imploding. the next we see a very strong move, the likes of what we're seeing on the screen right now, a 2% move for the dow up 617. tell me exactly how you choose to invest around these headlines on any given day. j>> yeah, the market wants to go up and it's trying and at the beginning of the year defensive stocks were cheaper and aerospace and defense and utilities and staples were attractive. now you've got opposite dynamic and many in nosebleed valuations and you've seen a pretty

substantial dislocation in the cyclical areas and we're seeing tremendous opportunities and seeing valuation dislocations it to this degree in a decade. we're very optimistic on the more cyclical areas of the market and really reduced exposure to the more defensive areas. liz: with two minutes left to trade and hurricane ian will have cleanup once this ends and it's a pick. torro, most know as the maker of lawn mowers and things like that but specifically and a lot of people don't know this, they work in underground utility construction and outdoor lighting solutions as well. how do you see this playing in as a possible post-hurricane move?

>> we like torro prior to this and this is a stimulation for the demand of the business and about torro, it's a bit misunderstood and it's creeped in with something tied to what's going to go on in housing and higher interest rates putting pressure on consumers and torro has majority of sales from the commercial side to your point. so it's much more insulated from the consumer than i think folks realize and irrigation and lighting systems are one of their key components of their business. with as it relates to the storm, typically what you'll see is a lowes or home depot and folks looking for things to clean up debris and wreckage. if you step out a little further, you'll see that the products that a company like torro makes will be important pieces and if you think about like, you know, golf courses for

instance or stadiums, those are going to need a lot of rehabilitation defending on how bad the damage is. liz: got to be cleaned up at some point. john, good to see you. thank you very much. folks, here comes the bells. closing off some highs and a gain of a 546 or so points and the dow, s&p, nasdaq accident, n the green and crude oil up 4.5%. we'll see you tomorrow. larry: hello, folks welcome to kudlow, i'm larry kudlow. a major stubbing of the foot by team biden that infuriated voters and first lawsuit being filed by joe biden's illegal student loan cancellation. now, this issue by the way refuses to go away. it's gigantic mistake of unconstitutional executive overreach making the middle class pay fo