it. we all kind of know what's going on. these government numbers sometimes do make us like get out of here. we don't believe it. what's the methodology? in real life when people lose jobs, in real life when people leave the labor force, like 57,000 did last month, that's not a good jobs report. it may be good for the fed, may be good for the media and politics, it's not good more america. liz claman, over to you. liz: america stays strong no matter what. let's end on that and start on that, charles. we have a fox market alert. just over 59 minutes left to trade for the weekend and looks like one of those fridays where investors just do not want to head into the weekend long stocks. look at dow jones industrials, right now we're down 654, just a moment ago we touched session lows, a loss of about 703 points and s&p down 103 for a loss of 2.7%. the nasdaq really swimming here down 3.6% or 400 points lost in just the blink of a single

session eye here. then of course the russell down 2.7% or 47 points. by the way, russell, if it were to close right now would still see about -- well, it was a 3% gain earlier and now a 2.4% gain on the week. everybody's still clinging onto positive moves for the week. there's no denying it. anxiety has been in markets over the past 72 hours and look at this. now trading above 31. we do have it up about 3% at the moment. this ask wall street's fear index. it is holding above the key 30 level and now at 31.37. above 30 for the second day in a row. most of the angst at this hour connects directsly of all things to the jobs report that came out today. the economy did top and 3.5% returning to historic low that was recorded back in july.

look, job creation is phenomenal; right. but the fed would like to see this kind of economic data slow down before it pauses its interest rate tightening cycle and this number, it does not even come close to the window. fed chair jerome powell has his committee all singing the same tune. till we see meaningful cooling in the inflation data, rate hikes will continue and today voting members said "we need to get interest rates up further to around 4.5%". the benchmark rate at 3.4%. the stock market is definitely giving us a wildly flashing light and at least in the stock world, chip stocks are melting down and lock at stock down 13%

and new 52 week low at $58.893 and amd biggest laggard on the s&p and close lowest number since july of 2020. well, they're already below 59.5 and at $58.97 and with the semiconductors and folks, it is all about chip stocks getting swamped on a roder's headline that chip technology is fueling china's military modernization including weapons of mass destruction and chip exports to china and seeing that everybody is down and energy once again earlier the only sector in the green and kind of crimson orange

and i don't know what. look, we're looking at light sweet crude at $93 a barrel and it is actually higher right now than it closed in the regular session. it's up 5% and then you can see crude up 4% in the after market session in the international benchmark at about $98.35. so much to tackle. so little time and bring in the floor show. joining me now carl ricadona and dutch masters, ceo of carnivore trading. carl, right off the bat, good news chaffs the job -- which was the jobs number and bad news? we can pull up the feds funds future and they've just come out and any chance of a 75-basis point hike? >> this number cements their plan so with the last fed meeting in september, they laid out a general expectation of 75

basis points in november and additional 50 in december. these data support that and we saw the versions of good news and bad news this week; right. earlier in the week we had the weak manufacturing survey and stocks ripped higher and next day weak jolts report. not weak but weaker than expected. stocks ripped higher and today we get strong data, good news and stocks are down. so it's a good news is bad news, bad news is good news kind of market because it's reinforcing that fed messaging and it is hard to steer away from a 75 basis point increase in november with not a lot of data in the interim. liz: i'm afraid to ask dutch what he thinks. dutch, we're specifically looking at 75-basis point hike if it were the meeting to be today. listen, the fed would argue it's got to bring prices down and cool the economy and this jobs number shows it's not happening yet. >> yeah, i can hope in the next

three weeks we get data that pushes them to do 50 and i can agree with your guess we'll have a 75 and the market is pricing in right now and we already took world economy to the break and we're really getting the central bank intervention with having to take place with other countries to sure up their parody in the euro and -p the dollar was down and probably higher with a concern of going up in that kind of environment, which is why we really have those spxu and sxxx and tecs and we've been using them, we flipped out of some of our longs and the gains and this

morning right out of the shoot. liz: it's up 8% now. that's a grade trade if you're shorting the markets. i'm looking at this at the moment and, look, you got to figure you're now going to have a possibly weaker earning season and how do you expect the earning season will play out? it's obvious the momentum names that had ridiculous valuations in the tech world will proves a really ugly picture. >> without diving into sin -l name stocks and that sort of thing, just to lay the macro landscape. we know the economy is de-sill decelerating and i'd talk about gdp growth printing around 12% for the u.s. economy. unrealistic number. last time we grew that fast was 1950 in the u.s.. we knew it had to slow and it did. by the end of last year, we were at 6% and middle of this year at 2% and we're heading to something that is very close to zero by year end.

you have lingering high inflation. that compresses margins at a very slow growth with the bottom line and the macro data and inventory is over. liz: dutch, profitless tech, how will that do going forward and no way to have that with thinking about it. >> i don't know there's anything other than to go to specific names and when you don't have any other profits and you're a big tech company, you're the longest duration vehicle out there in the long duration that's really going to get hit. we knew the fed was going to have to make a decision between wealth and economic destruction and inflation. now, they haven't made that decision yet.

they've stuck with trying to fight inflation but the truth of the matter is what they're doing is not going to change the kind of inflation that we had. had. liz: well, we can only hope because i know if people are choosing right now between prices down and maybe a milder shallow recession, they'd like to see prices down as we head into the holiday season. carl, dutch, we have to leave it there. great to have you on. thank you both so much. we really appreciate it. >> thank you, liz. liz: new reprieve for elon musk at this hour. still not helping twitter stock. the judge postpones the trial between musk and twitter but make no mistake, musk is still on the hook to buy the social media giant, which leads us to now ask what will he do to make it a killer app? eric hippo, managing partner of managing fund lar hippo talks about how he thinks musk will mold twitter and which social media plat for the purposes will

be falling by the wayside. let's check the 10-year yield and it is climbing close to 3.9% and up 6.8 basis points and watching this very closely and it is a proxy for what the market believes interest rates are going to do. we're coming right back and coming up at the bottom of the hour, can't miss exclusive bernards healthcare view with scott's miracle grow ceo jim hagidorn and he's one of the biggest sellers of cannabis technology. we'll have reaction from jim about president biden's mass pardon for all marijuana possession and what it could mean for his company. we're back in a minute. ♪

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his $44 billion and the judge presiding over the musk versus twitter case, postponed and he was sued by twitter trying to back out of the deal. twitter stock at the moment, call it flat at $49.37 a share. shares look to close up about 11% on the week after elon threw in the towel and as recently as yesterday said in his court filing he is willing to close the deal at his original $54.20 a share. butt chancery court judge has a warning. if by october 28th he fails to close this deal, this will go to trial in november. spin it forward to what an elon owned twitter could be and how

powerful it could become. let's go to eric hippo and the former ceo of media internet company. you're a long-time silicon valley member and you've negotiated many a deals of tech acquisitions and taking into act the deadline will this deal go through and for the original price. >> hi, limit it's all about the financing and about $13 million in debt has been prenegotiated and will they hold on and trying to renegotiate and it's a very good way to negotiate and my view is -- liz: all right, do you think it'll close on that price? >> the report is he's already tried to get a discount and

giving them off the huge liz: does he blow out the board when it's all said and done? >> well, the company is going to go private so the board will become irrelevant, maybe he'll keep one or two people, i'm not sure. not sure they'll have a board. it'll be the musk show and not made in public. liz: talk about elon musk show and what he could build out of the twitter he eventually -- if it does come to pass by. people have said it could look like something similar to a we chat or super app if you will. tell me what you envision. >> well, i think elon has hinted that he wants to have this kind of super app called x and apparently it's a dream of his that goes back to his days at paypal. he was a cofounder and he was briefly the ceo there and of course paypal, the very first

widely used in those days web-based payment system. he wanted that app to become more than just payments. that was interrupted and, yes, the idea would be if this is the direction it's going to go that it's going to look a lot like we chat. that's the biggest app used in china and used by over a billion people in china, and it's an all in one app. at its core, it's a huge payment app. you can make payments among yourself -- liz: isn't that what elon wants to do. make a one stop shop and a sticky place to do your social, do your financial, you do just about everything, purchasing? >> yeah, you order a car, you order food, literally you're in this app all day long and for those people who pre-covid traveled to china, you could see everyone's on it. it's very difficult if you are

an outsider to make a payment in china because china never went to credit cards. so if you use a credit card in china, there's very few places that will accept them. so it's ridiculous and it makes a ton of sense but having said that, china is a different place than the united states. china has sensorship, and everything on wechat is tightly controlled by moderators and census from the government. so it's very different than having twitter, which is an open platform, you know, free speech and always a discussion about the line between moderation and free speech but it's possible he'll invite trump to go back on twitter and has to be a list of different views et cetera and do people want that to also make payments. liz: but then and a lot of people applaud elon musk formenting it to be a town hall where anyone can say anything, but we know that advertisers have been hesitant to advertise

on platforms where there is controversy and how is he going to monetize this and turn it into a money making operation? i mean, you could argue he wants to build a super app and if you do bolt on acquisitions and wouldn't the regulators come in and same or similar circumstances he's forced to do it organically. isn't that costly? >> well, for twitter he has private equity and his challenge sensorineural normouse and we talk about -- is enormous and we talk about elon musk. liz: you brought up spacex and tesla and there's a lot on his

plate doing business and their regulation is whole heartedly different ask&it'll be interestingly to see if they'll try to shut down certain aspects of what he may have to choose between spacex to fly and his business at twitter. doesn't that get complicated? >> it's going to be very compliccomplicated and the city, yes, look, but i think he's excited about it. he said he's not in it for the money when it comes to twitter. he really believes in free speech or his version of free speech. and it's going to be really fascinating to see how you match that with money making app. liz: eric, good to see you. again, we got to wait till october 28 to see if this thing truly happens. you never know, twitter down about a quarter of a percent on the session. good to see you, eric >> thanks,

liz. liz: while musk battles twitter, florida fire fighters battling ev fires following hurricane ian and some of those involving tesla. in fact, this video shows a tesla smoking and on fire after sitting in salty ocean water there for days. up next, we're going to take you live to naples, florida, to find out why this is happening, what can be done about it and check on tesla stock and we're at session lows for the broader market. dow down 730 points and all dow stocks down lower and wall green boots alliance intel, microsoft, apple, sales force and nike. we'll be right back. ♪

liz: fox, we're seeing stocks extend and falling fast and furiously and the s&p 500 down a full 3.1% at the moment and we have it down about 116 points and nasdaq down 40 and dow down 737 and investors, it feels like that kind of friday they don't want to go into the weekend long

stocks. cvs in exclusive talks to purchase can know and a deal could value cano at $14 a share and it's up $9.39. cvs conducting due diligence on the company and if both sides put a ring on it, humana gets first right of first refusal it made with cano in 2019. look at cvs, important to note it is down 10%. a lot of this on the fact that it lost it is rating with medicare, which of course is never a good thing if you are a provider of services and drugs for prescriptions as well. who's cinder r cinderella wagerr the super bell?

sports getting system draft kings. up about two and a third percent this hour over one single report that it's close to a hookup with disney's espn unit. a deal would be a way for the theme park unit to capitalize and legalize sports betting. he's invested in sports gambling with marketing deal with draft kings and cesars and so far has not partnered with anyone to take actual bets. for its part, disney down about 3.5%. levi stauss investors losing their shirts and at the lows of the session down 14% after the denim apparel maker beat on third quarter earning ands rose by 43% and forcing the company to offer discounts, which in turn weighed on profit margins and le levi with the forecast ad earnings per share for fiscal 2022. tesla ceo elon musk said the

production of much anticipated truck and the ev maker delivering the first electric semi-truck trailer to pepsi in december and can travel 500 miles on a single charge. pepsi co confirming this and in modesto and sacramento, california. we have tesla shares president trump eting 6+ percent and downdraft tide to florida fire fighters sending out urgent warnings to ev owners in the southwest region of the state about the impact of hurricane ian flooding on their vehicles s and car batteries are blowing up after the cars sat in salt water for days. madison alworth at the fire control and rescue station 45. madison, what are fire crews dealing with here?

>> reporter: liz, when the batteries are exposed to salt water and corrode, you have explosion and i want to bring in assistant fire chief james hammond that's been seeing this and you sent us video. you had a tesla fire yesterday you responded to and we'll show that to liz and the folks at home. tell me what about that fire made it more difficult than a typical gas fire. >> they take large amounts of water to cool the batteries and add on access to cool them and very draining on the resources. >> reporter: you were saying to me, sometimes this car you can put it out but sometimes you have to let them burn to the ground. >> yeah, we had limited water supply or areas without hydrants and in those cases, just basically protect the area around them and let them burn because we don't have the amount of water we need. >> reporter: we're showing the video of one but you in the county have had ten ev fires

prior to hurricane ian how many ev fire it is you respond to? >> none that wasn't involved in a crash prior to it. so just on their own, we had no fires in them. >> reporter: okay, so seems like from the flood waters of hurricane ian, our problem with evs are with the salt water. the video you've been seeing and that response time was around six hours long when a fuel car catches on fire, it takes from response to taking off the gear just one hour. really is incredible resource strain if they can put it out with water. sometimes like he said, they have to burn to the ground because of how hot they get and how the fire spreads within the battery system. liz: yeah, the new port is the exposure to the salt water for so long has some type of reaction here and we'll continue to watch it. madison, thank you very much.

at this very moment yesterday, we showed you weed stocks began spiking as president biden declared a first major step towards de-criminalizing marijuana. we are about to get an exclusive reaction from the ceo of one of the biggest sellers of cannabis farming technology. scott's miracle grow jim hagidorn on what president biden's pardon of all federal offenses for marijuana and cannabis companies that can't get listed on the nasdaq. haggidorn has been advocating for this for 27 years and you cannot miss what he has to say about the big weed headline, next. ♪

>> no one should be in jail for

using or possessing marijuana. it's already legal in many states. criminal records for marijuana possession have led to needless barriers to employment, housing and educational opportunities and that's before addressing the racial disparities around who suffers the consequences. liz: that was music to ears of investors in weed. look at the jump yesterday and today's loss of about 10%, the etf up 26% on the week. marijuana companies all got high yesterday during this hour after president biden pardoned more than 6,500 individuals convicted of federal marijuana possession charges. his administration is also going to review how weed is classified under federal drug laws. the business angthe here is really important because marijuana is still illegal at the federal level, major stock exchanges like the new york stock exchange won't list companies that are involved in plant touching operations.

well, back in 2014, scotts myrrh cal grow entering -- miracle grow entered the cannabis growing with the subsidiary hawthorn gardening and has 45 brands u under it is umbrella ad they're predominantly used in the cannabis industry. what does this mean for the lawn and garden giant? joining me now is scotts miracle grow ceo. what was your thought when the news of the blanket pardons broke yesterday? >> well, it was more than the blank -- i wanted to hug biden and that's hard for me. i'm generally don't vote that way. but i think this is a really important first step. for the president who i think has been generationally against sort of legalization and normalization of the laws, he's not been very active and hard

for the president to get involved. it's only pardoning 6500 people so it's not a huge number of people, but it is a big first step and state students the same thing and it's a important first step and the safe news is down the subsidiary. liz: a lot of companies cannot bank here in the united states so some of these stocks that we're putting up on the screen. til ray, all other names here and they're based elsewhere and that does make it difficult but talk about why you're such a believer in hydroponic space here and there's concerns that other americans do about legalizing marijuana across the board. >> we do care about legalizing

and not so really important and it's about 425,000 people employed in the marijuana space. it's the legal markets with 25 billion and outside of the law today, it's about 58 billion so it's about the size of the beer industry. so ---liz: huge. >> there's not been a lot of courage for people to interest rate space and doing it legally. we don't have the issues that our customers do. so because of the equipment, we're not touching the plant and if -- from that point of view, there's no abscess to credit, the tax policies are terrible under this part of the code and there's a lot of work that still has to be done but the president getting behind this and

encouraging doj to work toward de-scheduling and having a process toward that is really positive. liz: let's talk about the reclassifying if you will of marijuana. right now marijuana's a schedule one drug and for those familiar with that, that puts it in the same group as heroin, ecstasy, peyote and it's looped in with the other very serious drugs and, you know, it has a higher abuse classification than fentanyl. is that really something that needs to be changed in what would you say to president biden if you had his ear on that? >> i think you just said it, it's obvious. it doesn't deserve to be there and in many states, to start with where it's medically prescribed by a doctor as opposed to opiates and ptsd and you can see obvious medical application and i would argue

that everybody is in this country has family members that have had alcohol problems or look at the death rate from tobacco. you know, should it be a schedule one narcotic, which means there's no medical use for this product? it's nonsense. liz: well, i like to look at your five year chart because if you look at the five year chart, you see that a major build in your stock coincided with you deciding that you were going to make a big investment in the hydroponic industry and of course hydro-upon icks include everything from the fertilizer to growing systems, the cultivation technology, soil, lighting, et cetera. what initially back in what, 2013, 2014 said to you, a guy in lawn care, i got to really invest this n this part of the business? >> liz, i started going out to western retail markets and looking at what retailers were

carrying on the shelves. back in those days, they wouldn't say it was for marijuana growing and for growing tomatoes. that was kind of the thing. liz: right. >> when you start to see lawn and garden departments in independent retail garden centers where they have more hydroponic fertilizers and growing media than they have in consuming lawn and garden, i came back and i was asked by the journal, do you think it's a part of lawn and garden and i said, well, we grow plants there. of course. but what happened back -- this was about 10 years ago, this was my board asking me, have we ever told you no to anything? i said, i don't think .s they said this is the one. liz: wow. >> it took going back and looking at the lawn and garden market transform in the west where it was legal that ultimately we got the board thinking we could do this safely, we got our banks

comfortable with it, and we started making invest 789s in some really interesting businesses where the owners knew they couldn't get the business to maturity because they didn't have the capitol. a lot of this was older like 70s generation -- year family, and they couldn't come up with the money for the kids to buy it for mom and dad as they wanted to retire. we thought this was a great opportunity to consolidate a really interesting space that had a growth rate and still does that's multiple of what our lawn and garden business is. liz: the biggest one is the industry where this gets reclassified and we're following the story very closely and you're very much in the middle of it and you're owning the

space of it. thank you. >> liz, thank you very much. liz: any time. of scott's miracle-gro. folks we're off session lows and more good news, hiring in september led by gains in leisure and hospitality along with healthcare. what we've decided to do -- look at him on a friday. charlie gasparino live at new york city hangout restaurant for the big wigs of the world. hunt and fish club and talking to an owner about operating a business in tight job market and rising food costs. closing bell 13 minutes away. take a look at dow jones industrials. charlie. he better save me some -- they have a great ice cream sunday over there. dow is down 664, we've got the back.

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liz: at least we are off the lows of the session. the dow is down 607 points. i had the low at 784. russell 2000 down 2%. keeping an eye on major indices,

they will close in the green. in new york city inflation and staff shortages continue to playing the city's small businesses. we take you to one of those small businesses, and charlie gasparino who is in midtown. you better stave me some truffle 8er tots. >> charlie: they have a great story how you reopened your business successfully. and how you are dealing with the current problems, including inflation. it's been a near and a half since you totally reopened. what's your biggest problem. >> the biggest problem in new york city is the lack of people who have gone back to work. it's better than it was, but

office occupancy is below where it was historically. which means the foot traffic is way down. so that hasn't fully recovered as well. >> we'll get more inflation numbers. we get the cpi next week. we had a better jobs report which shows the economy is still robust. what has inflation done for you? >> it's a struggle, a daily struggle on pricing, food costs, and managing that. we had to arust menu items as a result. charlie: how many times have you raised prices? >> in a year and a half three times. charlie: you have taken stuff off the menu even the aforementioned ice cream liz

talked about. >> the increases on the items had to be more than what is historically normal. charlie: you couldn't get crab. >> we effectively had to take it off the menu. charlie: is the labor shortage as dire as what i'm reading? >> the best thing i can say is it's better than it was when we reopened in june. it's a little better than it was. it's still not where we would have expected. it forced me to lower the number of shifts. we used to be open 7 evenings, and you five lunches. now we are open no lunches. charlie: do you see any business dropoff other than the occupancy issue? >> not yet. the things are moving so fast the clients base hasn't adjusted yet. >> i want to get into the client

base quickly. crime is an issue in new york. you are right here near times square. there used to be a homeless shelter across the street. how big of an issue is crime for your business? >> when we first opened, it was crippling. >> it was like the night of the living dead is what you said. >> there was nobody on the streets other than the residents of that shelter and it was frankly scary. >> a lot of our clients who were regulars are no longer regular. i used to see folks a couple times a week and now i see them once a month when they are up in new york. the mayor of broward county offered nelson a chance to move back down there and probably favorable tax treatment. are you going to move? >> he has to make me an offer i

can't refuse. liz: you you have to refuse. i go there all the time. two more important issues, we are 3 1/2 minutes away from the closing bell. and we are looking at a deep red picture. jay hatfield manages more than a billion in assets. we know this was triggered by a stronger than expected september jobs report. do you stand bit sidelines the next couple weeks before we see what the fed will do? we get cpi next week. this is the most important sense of what inflation is doing or not doing. >> we expected this week to be choppy because we knew the labor market is strong. but we actually think we are more constructive about next

week because actually ppi comes first, and ppi, even though the fed doesn't focus on it, necessity refer lagging indicators. ppi has a chance because the data was struck there first. and we enter earnings season, we think most companies, particularly energy companies will report fair earnings. so it will be a fight between the bears and the bulls. >> i know you like dow. but how do you view the tech space. terrible news out of the semi chip industry. you have the biden administration saying they will curb semi equipment. and the stocks are getting

crushed here. do you like anything in techland or do you just stave away for the moment. >> stocks' holdings and we have almost no closures. that we are cautious about for two reasons. big international focus. germany printed a negative 1.23% negative retail sales. instead of being a post pandemic. it has been hurt. the fundamentals are more challenges in tech and utilities, et cetera. liz: we have 15 seconds. what do you think the fed is going to do in november? >> i think it's priced in at

dat.75.. liz: we shall watch. here comes the bell. the markets are closing out the week on a down note, off the lows of the session. but chining to game gains of the week if you are a bull. "kudlow" is next. larry: welcome to "kudlow," i'm larry kudlow. yesterday president biden gave a speech about economic security for america. let's take a look at this. mr. briden is bragging about job creation. trouble is, these are not new jobs. they are people returning to work after the pandemic. if the