work hard, get your money to work for you and make sacrifices along the way. carve out your free utopia and have a few great days off and come back to work on monday and earn your version of success. liz claman, over to you. liz: we have to work hard and make sacrifices? charles: in this world we do. not in the newfangled one. liz: i know you have because you were my guest on my podcast. it ain't easy. 13 times for this year. charles: but it's beautiful once you get there. liz: it's never really an end game. folk, set the stopwatch, t-one hour before closing trading for the month and perhaps the entire quarter. stocks right now, they're in the red. we've got the dow down 357, s&p lower by 33 and nasdaq down 82 and russell call it flat. this inter-day picture and move

it aside because it shows how much damage stocks sustained this quarter. if you indulge me. work backwards and nasdaq taken an outside hit and quarter to date, it has seen a less hefty 3% sliced-off. it does get work from here. third quarter painful for the s&p that began q3 with a bang. rallying more than 13% before pulling a 180 plumbing 2020 lows and now looks to close out the quarter with a 4.6% loss. the s&p, that was already in a bear market but this rate the bears dug deep enough into the can to sink their teeth into the blue chips. monday, yes, we have the video. there goes the bear with the dow in the white trash can. thank you, stu oppenheim and investors threw in the toll and dow 20% off recent highs and

they cost 26%. nike came in line with estimates but warned the strong dollar and high inventory levels will severely dent fiscal 2023 sales. but even before the warning, the nike chart was getting a d- from investors and 50% vaporized off the stock since just the start of this year. the backdrop of the broader market struggle dominated by the federal reserve and today alone, these two fed shares lyle brainard and mary daily reiterating a plan to squash inflation and that plan is to continue hiking interest rates and here's write why: core pce, personal consumption expenditure and this is the preferred inflation gauge and cp icon super price index and it is going in the wrong direction. 4.9% for the month year over

year, that's two tenths of a percent higher than july and second month in a row that it has risen and yet even with the head winds, the labor market remains resilient and the question of the last day of september will october find firmer footing in the markets. get to the floor show and joining me now is fitzgerald and economist luke tilly. looking at third straight quarterly loss with turbulence in the markets and how did october in the start of q4 play out. >> will it continue on this course and despite it suggesting it's making numerous mistakes and the second administration pushing on the spending and now other than that, frankly, liz, i would love to see october get a

bottom and depends on those two things. liz: what are you doing and we talked and you said you were picking certain stocks here because they've come down meaningfully and yet they continue, many of them, to come down. liz: leuko, this quarter, the -- luke, this quarter and the big jump scare and the august cpi

and shocker to the upside and feels like right now the market can't really seem to focus on positives like weekly job markets and tell me, is this going to be a continuing issue until the fed ends its interest rate hike cycle? >> yeah, the real key is what the fed is doing and how inflation comes in and in the quarter had to deal with inflation moving down and that the fed was getting eased back and changed quickly. we do expect inflation to slow appreciably and seeing prices of a lot of things fall like used cars and not showing in the inflation report and things can bounce back from one report to the next. that said the strong labor market you asked about is one threat to the upside and it's a word that if it remains strong and pushes higher and that consumers can handle the price

hikes in that case-- liz: this is an entire area and this is the market and it seeps there's a huge computers that are in the indexes and more that you own and when stocks go in and computers then have to race down the line and what happens is you have huge swaths of market trading so fast humans

can't keep up and effectively on autopilot when the selling starts, which means they simply cascade down until all of the risk limits are hit and the buyers lose their mojos and reverses to the upside and that's today. >> we have dennis gartman on yesterday and he's widely followed and guarantees three months from now stocks will be lower than where they are right now. the market is different from the economy. but right now the market is really moving in lock step but mostly with negative econo data and the labor market is a negative and upside risk for a lot of investors. >> yeah, there's some positives for the economy. earlier this morning, we found out data that consumers are spending on services, they're slowing down but still spending and the spending does seem strong. and i think the other positive

is like keith was talking about. the humans are looking at downdraft in equities down 20 to 25% is the basic average downturn when you have a fairly mild recession and if there's a recession ahead, it's on the milder side and we could be plumbing the lows and could go a bit lower from here, but the markets will be ahead of that turn in the economy and that could happen any time. i definitely don't do guarantees but we were looking for those opportunities as well. liz: nobody should. certainly not at the stock market and, keith, we can't ignore the spiking yields; right. by the way, obviously at 3.797% right now, the 10-year yield is off the highs of the past 72 hours where it punched into touching 4% earlier and this really sucks energy in the stock market and into the bond market that people feel like they should park their money with a little safety and guaranteed

return. >> the game the fed is playing and they're trying to put it on the market and the money comes to lose the growth in the stock market and moved to the comparative bond market and people don't have the bond market and you may be getting out of the pot and boiling water or however that expression goes and that's a very unusual predicament to be in in history. liz: yeah, this is a unique point in history, folks, it's rare we see rising yields and rising inflation and a very strong job market. highly unusual. i don't envy the position that jay powell and the federal reserve are in. everyone is complaining and we're supporting them and they're trying to work on bringing prices down. we shall see if they're able to thread that needle and do it safely for the economy.

keith fitzgerald and luke, great to have you on this friday. the last day of the month and the last day of the quarter and the month. we know how it is and the entire year has been and that's now put an already chilly tech ipo market into a deep freeze. the man who took public one of the biggest tech companies during the earliest stages of the internet is getting in the chair in front of our cameras to tell us what's next for the technology sector. whether american innovators best days are behind them and if not, who's gearing up to save the day. closing bell, 49 minutes away. the dow 30 and we have just two in the green here and home depot and united health and the rest in the red. cofounder of america online steve case live when the "claman countdown" returns.

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or symptoms or if you had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reaction may occur. best move i've ever made. ask your dermatologist technology companies dared enter the public markets. semiconductors down 40% this year and ark invasion etf

dropping some 60% year to date and tech select etf down 31% and s&p telecom etf down close to 24% and the vector semi-etf down nearly 40% and record high inflation driving volatility and interest rate hikes scrapped plans and we have the cofounder of aol, america online, steve. we've all been through the nightmare before and it's a bit of a different animal this time. tell me what you see with the tech sector right now and why you think that they were selling those. >> the .com crash and the

concept was here and in the way of revenues and in the market and that's not going to be the case and most of the company has gone public for the year and being successful and evaluations are being set. i remember from that time is there's a lot of enthusiasm in the late 90s around the interim and everybody wanted to be on the internet and everybody invested in the internet and evaluations got frottage and everyone said it's a fad and it's going away and that was not the case. it actually turned out to be a pretty good time to be investing when things turned so maybe we're approaching that time again here. liz: the ipo market is obviously in a deep freeze. i was remembering back to your ipo in 1992 but even before that when you cofounded aol 1985, you had 156,000 subscribers. okay, that is teeny when you really think about how many

millions and millions and millions of people have pcs and are linked up to the internet today. sales of 26 million but it's always a scary time to ipo, isn't it? >> yeah, no, it's always. when you're building a company, you have to take a long view whether it be a private valuation or a public evaluation. you can't focus too much on the evaluation. it's easier to say than actually to do and focus on building business and serving customers and build the right team and even though we went public, it was 30 years ago and we raised $10 million in our ipo. over that decade, it went from $10 million to $160 billion but it was volatile and go up significant and down significantly and we had to focus on building the businesses and that's what i urge all the enterer entrepreneurs back here and be sensitive and careful about deploying capitol and it won't always be available and won't always be up around but you have to ultimately focus on building your business. liz: the world was always

focused, except for you guys out in dc. but focused on s silicon valley and you made it a mission to jump in 2014. you launched it and you were on the show on fox business to go across the country, span it and pre-verse it to find tech entrepreneurs and you're here with a book called rise of the rest. when you hear people right now maybe sometimes politically driven i don't know say that america's innovation and innovators is now in the rear-view mirror, the best of it is gone. what have you learned from the tour that you've taken? >> welshes it's been -- well, it's been an amazing journey and we've made investments with the ride the fund and t remarkable and entrepreneurs across the country are doing it and i wrote the book and i want to give people the opportunity to see what i saw or learn from what i

saw because it's amazing with the companies and revitalizing cities and one or two cities and we profiled 30 different cities in the book that are in strong momentum and my view is silicon valley is great and too much attention and too much venture capitol focused on investigating in companies in silicon valley and next decade is more of an evenly disbursed innovation economy and i urge you to pay more attention to cities across the country and very greet success in cities like chattanooga, atlanta, minneapolis, chicago, columbus and all over the country. there's really tremendous momentum and if you read this book, you can't not be optimistic about the future of america as lon as we do back -- long as we do back entrepreneurs everywhere. liz: google is a silicon valley area and that's one of the first places you went. i remember you going to detroit. detroit had been killed by the 2009 financial crisis in the

fallowing recession. and you -- following recession and you found the area and we've had them on the watch company and you went to nashville and omaha, nebraska, and the where did you go to see the best tech opportunities and entrepreneurs. >> back in detroit on monday and that including where it's spending time with dan gilbert and a great entrepreneur and revitalizing detroit and first stop of the first rise arrest tour was detroit and most people don't remember and 100 years ago, detroit was like silicon valley and back then silicon valley was growing fruit and startups and it was a fruit orchard and detroit kind of lost its way and actually the year before we rolled in with our

rise rest bus and detroit went bankrupt and as you say, what's happened in the last eight years that backed other companies like stock x and others and it has risen quite significantly but the point of this book, there's a few cities i mentioned earlier, but there really are a few dozen cities that are emerging as strong startups and going through the bus tours and i'm struck by the things happening and the pandemic will end up being a real tipping point sort of a silver lining of a terrible pandemic and people have decided some investors can do more to see it bode well for the next chapter of american innovation and addressing the issue where some people in some places are doing really well and a lot of people, a lot of places are feeling left out and left behind. i think if they read this book, they'll realize they can be part of the future. liz: steve, before we go, we've got to run, what is the next big

thing? i mean for awhile there, it was chips, still is obviously it's going to be there then social media and i can remember back in the day when it was e readers and something like that and where is the next subsector that can really rise? >> well, the next big thing is when the internet meets the real world and we're starting to impact reimagined disruption and really big sectors like healthcare, food and agriculture and things like that and a advantages these with healthcare and hospitals in the country and it bodes well to the next chapter of american innovation and if we do it right and back more people and more places and people in america will continue to lead the charge and be the most innovated entrepreneurial in the world. liz: rise of steve case of revolution and you're out there

investing in all kinds of companies and figuring out ways to get beyond silicon valley. good for you. it's great to see you, my friend. >> thanks, liz. liz: steve case. we're going to tell you about the rogue wave that's rocking the big vacation ship stock at this hour, the cruise lines not the only sector slammed by the pandemic and hundreds of thousands of restaurants closed up shop and doordash making food a click away for hundred reignsy americans on lockdown. christopher payne went from flipping burgers at mcdonalds to doordash and he's on my everyone talks to liz podcast on apple, google, spued fio, wherever you down -- spotify, wherever you download your podcasts. dow down 329 and 36 minutes left to trade for the entire quarter. it's important you watch the next, as i said, 36 minutes till that closing well rings. we are coming right back.

liz: carnival posted a larger than expected loss for the quarter and due to hire cost for materials and fuel pr prices and royal crib began getting dragged down by 12.5% and norwegian 17.5%. elon musk had support from some of silicon valley's top tech executives and billionares in his bid to buy twitter. that's according to to new texts in the pretrial discovery of the

social media company's lawsuit to force musk to complete the purchase. what these texts show is interaction between the tesla ceo and some very high profile supporters. twitter founder jack dorsey became musk's strongest backer saying he's "do whatever it takes because the deal was too critical for humanity". musk asking him to throw in $2 billion. by the end ellison said i'll give you $1 billion in funding to help you buy twitter. ftx founder sam fried said let me join for buying twitter. even joe rogan was a fan texting musk asking whether he'd liberate twitter from a sen sensorship happy mob.

twitter at $34.18. elon offered $54.20. we're not there yet. he still is fighting buying this thing after trying to convince a bunch of people to give him lots of money to buy it. micron getting a boost after japan announcing it'll provide $320 million in subsidies to the chip maker toe build advanced memory chips and the chip maker announce the disappointing earnings last night after the bell and that's being wiped away by the news from japan. stock is up 1.5%. revenue posted lower than both the previous quarter and the same quarter last year. now in 2023, micron says it's going to cut total capital expenditures by 30% year over year and wafer fab equipment spending by up to 50%. this move to the upside in the stock is showing real re-sill generals. generac powering higher after an outperform rating was shown up

about 3% at the moment and the firm believes with the housing market slow down, generac makes mom and industry generators that the current price of the stock provides attractive entry point and the generator manufacturer is on the line as hurricane season heats up. speaking of which, hurricane ian just made landfall again in the last hour. the destruction across florida makes you ask what's next or where it's hovering right now. cleanup and recovery begins and we have two sunshine states on what their crops are and how they're doing and what the prices of those crops maybe heading to your refrigerator really be as the prices go higher. make sure to download the fox weather app. hurricane ian fox weather.com and that's where you find it. apple app store, google play, got to have it. closing bell, 27 minutes away. the dow is down 343 points, we have as i said just under half

an hour before the close of the session, the week, the month, and the third quarter.

liz: after ripping through florida and causing massive devastation, hurricane ian in the last 45 minutes made landfall and this time near georgetown, south carolina, 85 miles an hour winds and meteorologists are still anticipating life-threatening storm surges, damaging winds and flash flooding to lash the carolina coasts and now this number, at least 21 deaths have been con if i wered in florida alone -- confirmed in florida alone and rescuers are going door to door if ian's hardest hit areas and searching for survivors and the damage at florida farms also becoming

crystal clear and orange juice futures continuing to sit around one month lows and off the lows of the session, we're still at this point looking at florida as the place for oranges; right. the state though you need to know is a massive agricultural cricketer and 65% of america's potatoes and bell pepper and a quarter of the country's water watermelon. water mcman grows many crops on his vertical operation southern fresh farms in fort meyer, the worst hit place of hurricane ian. what are you seeing and what's behind us? explain to our viewers. >> what you're see asing is our vertical tower system. when you don't have a lot of land, you have to figure out how to get as much production off your land and going vertically, it provides more acreage by going up. we -- every year we kind of work

towards our fall festival starting in october and we start earlier than a lot of people here and we're able to keep the plants up out of the elements and everything you see behind me had a plant in it on tuesday. the winds literally just stripped everything out. just i mean, most of it is just completely gone. there's still a few plants hanging in there, we had lettuce, peppers, green beans and they're all just gone. liz: robert, what are you going to do? at this point, this is devastating. we know of course fort meyers, the pictures are just heart wrenching of what we've seen and human life number one but business. as a business network, we look at these images of the storm surge as high as the tops of palm treens and lines going down. houses, look at this house floating away. you tell me what this means to your operation. can you rebuild and how soon?

>> yeah, we can rebuild and fortunately we're far enough inland we didn't get part of that surge but we've gotten so much rain i'm standing in water out here still. i'm not sure the rain amounts because my rain gauge blew away and there's a ton of rain. it sets everything back and everything heerfordt natalie can be fix -- here fortunately can be fixed and repaired and everything growing we're in the 40 day stage getting closer to harvest because we target early october for our fall festival that we have every year. what hatches is that's all set back and we'll miss -- now we're at least, i don't know how long out because we still have a clean up and start over and i don't know how long really right that that will take. liz: can you ask whoever is holding your camera to walk close and you can show us something that's in those vertical planters that are behind you so that we can get a better sense of what it had

looked like and now what it does. >> it'll be kind of hard to show you what was there because there's nothing but soil left in there. i don't know if you can see back behind me a little bit, some of the green bean debris, they're kind of still hanging in there, but they're gone. i mean, they're stripped of everything and they will not come back from that. we have to rebuild because the water system is destroyed and everything is gone out here. i don't know what kind of base we have left underneath to try and straighten them up where they'll stand up and continue to stand throughout the year. yeah, we're still kind of in the head scratching phase. but, you know, we just have to dig in and start seeing what we can do to get this thing in operation again as quick as we can get it. obviously again, these plant haves to be replanted so we're going to need anywhere from 40 to 60 days if we plant today to have anything to harvest.

liz: robert, we are pulling for you guys. thank you for th taking the time out from your cleanup and figuring out the situation to speak with our viewers. we feel for you, we are wishing you the best of luck. >> okay. prayers out to everybody that had problems out there and thank you for checking in with us. liz: amen. absolutely. robert mcman. all right, and he's a smaller farmer. it's not just the small guys suffering devastating damage. two hours north, take you there. greater tampa bay area. aston farms that are land in plant city and why mama dealing with disaster that could translate to pricier berries of all kinds on store shelves and we're joined now by phone in a fox business exclusive. trace, what kind of berries and have you been able to survey your plantings? >> fortunately we hadn't started planting yet. we were supposed to start planting tuesday and wednesday.

we had enough head of time knowing that was not the right thing to do and we wait it hadet and of course we've lost about 10% of our actual rows out there and we cover these rows in a plastic mulch to keep the weeds and everything else from growing out of it. that's been a problem so now we're scrambling to try and get all that fixed because we have to plant the plants that are very perishable in our coolers because we have no power or refrigeration. we got to get them out. they're actually in reefer trailers right now. we got to get them back in the field and get them planted. ed so they'll survive. liz: feels like the sands in the hourglass is trickling to the bottom. what is the plan? >> local authorities with the

lecture and they're doing a wonderful job and i actually heard a bit ago they're going down the line and some obviously don't have power and we're just waiting on that but if we can hold the trucks off a little bit to delay it and maybe we can get another couple days out of it. we should be fine. liz: well, you've got a lot of store chains you supply to from food lie indian and the biggest chains throughout south florida. do you suspect that prices go up because you're delayed. >> i'm afraid so. they're wiped out and find a new

place to put it and the infrastructure months ago and now it's time to plant. plant. liz: i'm sorry. everything else, we're wishing you the very best and hang in there. >> also, we want to send our prayers to our friends in south florida and our neighbors and hope everything is great and anything we can do to help, let us know. know. liz: trace, i'm glad you said this. we want to ask our viewers, if you'd like to donate to hurricane ian relief, here is a fund, visit r redcross.org/foxforward. our call 18004356779. in you have alexa, say alexa, make a donation to the american red cross. fox and our whole family here has made a donation and we hope you'll follow and for at least

robert and trace's sake and all those suffering, it would be very helpful. liz: key positioning his poportfolioand breaks on the fed the starting company. we take the dow down 324 and i do want to correct the low of the session and the nasdaq is 104, 104 points to the downside. stay tuned.

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liz: we are looking at fresh session lows. it's always worrisome when you have a shaky day as far as investor security is concerned. that day comes at the end of the quarter. the s&p in the last couple minutes changed its track. it's on track for the worst

month since march. we remember what march of 2020 was, that was the announcement of the lockdown. lionel sounding hawkish. we heard from fed chairman jerome powell, esther george. susan collins. not a single dove among them. >> my sources are, if you run a major hedge fund $5 billion or more. those are my sources. they talk to the new york fed all the time. there is constant communication with major players and the fed. larry fink who runs $10 trillion

is even more talking to the fed. they are telling me the conversation which has been have much on inflation and meeting and trying to get to the 2% target has shifted somewhat in recent days to systemic risk of this financial system if rates keep going up. i think there was some betting that it will. we went from the bank of england intervening by buying bonds. it was worried about systemic risk as its bond was starting to hit the 5% and causing all sort of ruckus. if their 10-year is 5%, that crushes the bond market. because they issued so much debt at such low interest rates, all that unwinds.

that's what they were trying to prevents. they went from qt tightening to qe. the federal reserve is worried about the same potential. if they push the feds funds rate and the 10-year rises to 4.5 yield or higher,. liz: it pushed 4 this week. >> suppose it goes other way you will get the same type of issue with systemic risk because everybody is holding mutual funds, blackrock. $50 trillion in debt has been printed in the last three or four years. this is like at low interest rates. that's where the u.s. systemic risk could kick in. these funds managers bought that

debt very low. they bought derivatives on top of that. here is the thing, it unwinds? what does that mean? it's kinds of what happened in 2008. am i guaranteeing we'll have a lean-in moment. i can't tell you that. but the fed is worried. but if they are worried you maybe need to start thinking maybe powell backing off and maybe in january saying i'm backing off and let's see what happens. again, there is a lot riding on this. the markets don't believe that happened. the markets may be trading off because they don't believe he has gotten the message yet. liz: u.s. bank management sign yoarm strategist rob howard.

right now, you heard charlie gasparino. tell me how you position and prepare for something like that. even if it doesn't come to pass, you want to be ready. >> the challenge is it coming at a time when the market slowing down. we are positioning defensively, that takes us to the underweight equities and look at a shorter maturity higher quality end of the spectrum given some of the risks we don't know how that is going to play out. and the fed goes through its own quantitative titlenning measures -- tightening measures. liz: charlie said there are some market dislocations. do you see market dislocations right now? >> we have seen much volatility.

we are not seeing anything being disruptive just yet. liz: there is another question i have. what do you like here? >> it's tough to like a lot. we are focusing more on infrastructure and utilities thinking getting some current cash flow in this environment as we watch the market re-price earnings estimates means you are better off getting paid sooner. on the fixed income side it's the higher quality, shorter maturity paper. liz: am i hearing 2-year? >> in the one to two-year range. liz: we are look at session lows down 500 points. are you looking for a better october? >> we would love to see one. we'll see something getting

better as we are getting closer to the mid-terms. here we go the ends of the quarter the major averages, closing for the week, the month and yes the quarter. in some cases with the s&p closing at march of 2020 lows. that will do it for the "claman countdown." "kudlow" is next. david: welcome to a special edition of "kudlow." i'm david asman in for larry kudlow. prices rose more than expected in august despite the central banks's efforts to bring prices down. the economy is in a serious position now as tag nation is alive and gdp is slowing