news bears with billy bob thornton. sammy was only 20 the years old. her brother produced a documentary of her life that i hope will be picked up by someone very soon. meanwhile, i want to say thank you to sammi, her amazing family, her brother and to all the selfless people out there that consider donating organs. you save lives and you give life. god bless you all. liz claman, over to you. liz: charles, we are so grateful to people like sammi, and all i can say, you know, my dad was a your logical surgeon, he did kidney transplants and he said, please, sign the thing on your license that you will be a donor. it matters so much. charles: it does, thank you. liz: thank you, charles. we've got to given with major breaking news. we are looking at multiple, stunning surges across the spectrum.

it has been a head-spinning day on wall street, and it is not over yet. look at this ripper of a rally. i sat down here about 9 minutes before the top to to have the hour, dow was up about 890 points, we're now up 911 and climbing as we kick off this final hour of trade, and we also have the s&p up 100 full point, a major reversal from morning's deep selloff. stocks hint their lowest levels this morning in more than two years on the worries from the consumer inflation report that came out before the opening bell. the dow looking very good, up 897 points. but the swing between the trough that it saw earlier and the low of the session for the dow was about down 549 to where we are now, i'm going to get you the is exact number, 1,496 points from that trough to the peak. now, at the session low, the s&p 500 had lost about 85 pointings. it is now at the moment moving higher by 104, how about that? [laughter] and the nasdaq at one point down

328 points. we have the nas up 258 at the moment. now, that initial selloff was triggered by this, let's put it on the screen. september cpi report came in hotter than expected both on the headline which rose by 8 82% year-over-year -- 8.2%, and the core cpi which excludes food and energy, that jumped 6.6% year-over-year, the highest since 1982 and a tenth of a percent hotter than economists had predicted. so inflation is not reare versing. we're going to get the real drivers of that number in just a second, but at 30,000 feet investors realized, you know what? the fed will not be pausing its tightening any soon. just look at the 10-year treasury yield. earlier it hit 4.08%, the highest level since october of 2008. right now it's moderated to about 3.96%. and if you're wondering what the fed ooh's going to do -- fed's going to do, you can forget the 50 basis point hike.

that is clearly no longer a consideration for the markets. this is in realtime, fed funds futures now indicating the markets are placing the odds of a 75 basis point hike at 100%. when the fed meets again in move. and, by the way, for the 1%ers out there, they're raising their heads again. there's now a 5% probability the fed could supersize the november move to one full percentage point. can we look at blackrock? it's having a very nice session, up 6.25%, pretty much at session highs at the moment kicking off big financial earnings which begin in earnest tomorrow with jpmorgan, morgan stanley, wells fargo and citi. that's all tomorrow. and then a slew of huge names coming next week including bank of america, united, j&j, goldman sachs, ib america, tesla, to -- ibm, tesla, to name just a few. for those of you huddling on the bench, we get it. you are missing or at least not getting caught into the market

drops, but also you're missing powerful rallies like this. 903-point move in the dow right now. so let's get to the floor show. joining me now, rsm's chief economist and nancy die crude. nanty, can you give me a sense of the psychology of the markets at very moment where we are up 901 points, popping back up above 30,000 for the dow, i mean, just look at this move. >> well, there's a feeling in the air today that maybe worst is behind us and maybe we're done with or we've hit the bottom -- liz: why? i mean -- sorry to interrupt, but where does that come from, the worst is behind us? [laughter] >> exactly. that's what i'm saying. i don't believe that that's the case. i think we're not out of the woods. i think the 8.2%cpi number today clearly indicates that inflation is a whole lot stickier than anyone realized, and it will be

around for much, much longer, and we are still not out of the woods. however, that was largely baked in already over past week with the decline after decline every day. it just feels so nice to see a bunch of green today. liz: well, yes. joe, i agree, and certainly if you are a bulling, you are loving this. but if you are somebody that is hopeful but you said i'm going to be smart and say on the sidelines, you miss out on a really big day like this. do you believe what the market appears to believe at least at this moment -- market's very mercurial -- that we may seen the worst of inflation, which i highly doubt? >> no, we haven't seen the worst of inflation. it's going to be rising before we get a much more pronounced retrenchment. what's driving markets today, liz, is the u-turn by the truss government over in the u.k. it would appear that they're going to pull back -- not entirely, but for a good portion

on their supply-side tax cuts that they wanted to put in place. you know, the little market, what we call an externality on the issuance of u.k. debt over past couple of weeks, and with that announcement that that's likely not going to happen, that's driving the risk across the global markets today. all right, so on the inflation, this is, obviously, quite serious. what's driving core inflation higher are rents. while we're getting some tentative signs that they may ease, they clearly haven't yet, and that's what -- [inaudible] a hike in federal funds rate by 75 basis points in november and by another 50 basis points before the edge of the year. i don't expect them to the stop with a policy rate between 4.75-5, and then we may get a temporary breather. but make no mistake out there, if you're investing in and around the market, heir going to

get it to 5%, they're going to lift it and hold it there. liz: all right. again, these are all sort of, well, we don't know for sure if this type of stuff is going to happen but, yes, the united kingdom, the u.k. pound sterling is now at $1.13. it was incredibly weak just one week ago where it was at almost parity with the u.s. dollar. so that seems to be calming, at least some of the situation here. but, nancy, what do you buy if you realize, wait a minute, i don't want to miss moves like the one we see today, and i do want our viewers to know we are hitting a new session high. dow jones industrials up 929 points. >> yeah, it's a great argument for stick to your guns and stay the course and stay invested because trying to time the market is almost impossible, and nothing is predictable from one day to the next as we have witnessed here day after day in the past few months. time in the market will always

be trying to time the market. but if you're trying to see if you can reenter some of the sectors have, clearly, large cap value, mid cap value are good opportunities, financials, information technology, energy, health care. those are all very solid sectors to look at. and sticking to u.s. for the most part. liz: interesting. i was looking at health care and groceries because those are things that tend to continue at least to do well when people make that decision that they have to, things that they have to buy versus what they want to buy. still need to take care of your health, and you still need to buy groceries. those two sectors were looking very strong. right now almost everything else is looking pretty strong. domino's pizza having a great day, that is an 11% gain for domino's. dow is sit -- hitting yet another -- this is what we're going to do, we're going to keep an eye on every single tick here because this is, i would have to

say, a much more significant rally than the drops we have seep over the past week with. now we are up 951 points for the dow, and, again, with the nasdaq we're up 272 the points, 2.6%. joe, we know that the stock market is a forward-looking creature, if you will. it's always about six months ahead of where the economy is. what do you think will be the breakout sectors that will do well once the economy catches up with the stock market? >> okay, it's the things that have been hurt the most when you think about finance, when you think about housing, goods-producing. let me give you a good note that was buried deep inside the inflation report today. these reports are very noisy, and so we tend to smooth things out. we weed at three-month -- we looked at the three-month annualized pace of goods inflation. that's now down to 2.of % -- 2 the.6%. so as we begin to come out of

this and that forward discounting mechanism that the market provides, i would not be surprised if if smart money so to move into some of those areas that have suffered the bigger selloffs. and, you know, in my estimation as i look across life sciences and tech, i think there are lots of opportunities to pick up undervalued assets, things that have just been oversold. i think that's probably the sill have very lining in what, to be honest with you, was a brutal september. liz: it was. it was. it was not a pretty picture, and as we said yesterday with, there are very few winners with high inflation. and, folks, we still have high inflation but, boy, do we have high markets right now. the new swing between trough and peak for the dow jones industrials, 1,501 points. yeah, we're missing the 1 right there, but as we look, the dow is still up about 954 points and counting. all right. thank you, joe. thank you, nancy. netflix intentionally jumping the earnings gun with a major announcement that just came out

this afternoon ahead of the streaming giant's quarterly report next week. netflix has put a price and a date on the rollout of its new ad-supported tier. premiere media analyst rich greenfield getting in front of our cameras right now to tell us what the much-anticipated new service means for the stock which, by the way, has lost about 62% year to date. with the closing bell ringing in 49 minutes, dow is up 939 points at the moment, and the rest of the big indices are following into the heavens. we're coming right back. ♪ ♪ (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique. your raymond james financial advisor gets to

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liz: if you've been waiting for that cheaper netflix ad-supported subscription, you have exactly just three more weeks before you can languish on the couch and binge on high water, mr. heir began's phone or if you're backlogged like me, season four of stranger things. the brand new service called basic with ads will launch in the u.s. november 3rd. this ad-supported version is going to be priced at $6.99 a month, that's $3 less than its basic tier, and you'll only have to suffer through no fewer than 4-5 minutes per hour. no more, rather, no more than 4-5 minutes of advertising per hour. these ad spots, netflix says, are about 15-30 seconds long and will play before and during shows. is it going to be enough to right the listing shipsome media analyst guru rich greenfield joins us live now. rich, investors like it. i mean, right now you've got

netflix popping more than 10% at the moment. do you like it? >> 6.99 was just, is exactly, liz, the price point we were expecting. it's low enough to bring in new people. i mean, the headline for your viewers is netflix is cheaper than it's ever been. like, they launched their streaming service in 2010, and it was $7.99. this is $6.99, so this is the cheapest you've ever been able to stream netflix. and i think the fact that it's cheaper than disney+ with ads because, remember, disney's going to have a $7.99 product with ads shortly with the op non-ads going up to 10.99. so cheaper than disney+, and the cheap netflix has ever been, not a bad place to be priced going into a recession or certainly the difficult environment we have in this country and others. liz: netflix is up more than $10, it actually equals out to be about 5.5%, not 10%. it's a moving target at the

moment, rich, but investors are all in on this. plus, it's getting tailwinds from the overall rally that we're getting. what do you expect if people as to whether they will churn out of higher-priced tiers and into this ad tier that netflix is offering? >> i think it's very unlikely. if you're on the $15.99 tier where you've got multiple streaming,s multiple people in your households, you and your spouse or your partner, son or daughter, the ods that you're -- odds that you're dropping down, i think, is pretty low. could there be people at the $9.99 drop down? maybe, but at $6.99 with ads, netflix is going to make more money than at $9.99. they probably like the fact if you drop down to 6.99 and 9.99, and they've protected by limiting the functionality, they're prevented or sort of minimized the risk of dropping down from the $15.99 and 19.99 tiers. i think that's why the market likes this so much.

it's a very thoughtful way to launch advertising, to grow the subscriber base and drive revenues. liz: team countdown has a crush on sensei johnny from coke -- cobra kai. >> well, it's actually an important data point. liz, you laugh at it, but i think it's really important. cobra kai in early september, nielsen just reported, cobra kai was bigger than the week three of house of dragon or week five and week three of lord of the rings. it's a massive series for netflix, and now you've got the dahmer series they recently launched. that is one of the biggest shows netflix has had in their entire history, third largest show for a tv series world wide. and all of this attention on house of dragon, all of this attention on lord of the rings, yet the dammer series is blowing up -- dahmer serious is -- series is way, way bigger at a far lower cost than these other

shows, and they just don't get the same level of attention. but it's a big deal heading into earnings -- liz: i've had more people say have you seen dahmer and, by the way, i'm a big true crime fan, so that's something that -- we also covered it, you know, back in the day when we were a little nice puff. but i will say that the big question for me is does this new ad tier do anything, rich, to ace out the more than 30 million homes that are just password sharing illegally, and netflix knows it's got to monetize those people. >> first of all, it certainly helps, right, having a lower price tier to push people to. they're probably going to say, hey, if you're sharing, it's going to be $3, 4, 5 a month extra. to get your own account at 6.99 is a much easier transition. and and remember, they're not just doing this in this country, liz, netflix is turning screws in countries all around the world, and if you looked at regions like latin america,

password sharing is far more rampant than it is in the u.s. so it's not one or the other. these two issues or these two moves by netflix in concert are going to be very powerful towards accelerating revenue growth, and we suspect investors are too low in their expectations for '23. and remember, the single most important thing is every advertiser's been dying to buy netflix for years. now they've got that opportunity. liz: they have that chance. finally. i'm surprised they just didn't do it sooner. i need to get you on tiktok. bitedance is, apparently, considering talking and signing deals with record labels. so you start to see universal music group, warner music group, those stocks are moving higher as we look and see that the tiktok is a force to be reckoned with. and spotify earlier today, it hit a 52-week low, possibly related to the fact that tiktok is going to be a huge competitor to spotify if that comes about,

right? >> look, i think ultimately the story that, you know, i think was sort of buried in that "wall street journal" story, they somehow buried the lead. sony music dropped out, so i think the question is, can you be both the music discovery platform and the music streaming service? we're going to see. obviously, tiktok -- or bitedance has massive -- bytedance has massive ambitions, but let's see if they can really create this. it's not so easy to have a scaled music service. people have been really worried about amazon and google and apple music relative to spotify, and spotify's been growing far more rapidly. so lots of fear, i know the knee-jerk reaction is negative. i continue to believe people don't understand how sticky spotify is and why people love it, because they only do one thing which is a music streaming service. it's hard to do lots of different things well. liz: well, we here at "claman

countdown" are big on tiktok, quarter of a million followers doing market updates there. i will say this, rich, that i agree with you. i think people hold on to both. spotify, there's nothing like it. it is such a great platform, not to mention the fact that people believe tiktok is very addictive, so we shall be watching all the of -- all of it. thanks for joining us. >> thank you for having us. liz: don't forget, our morning market minute on tiktok, all your overnight helines. we pick out the -- headlines. we are@@red fox liz. there are a lot of fakeers out there. in fact, today we did it -- yes, we shot it, actually, here at the fox business studios. we usually do it at my house as i roll out of bed, but we were talking specifically about inflation and why this is such an important number to your -- [laughter] yes, i was holding up a bottle of whiskey because i didn't have food in my office. all right. we're watching this very

closely. speaking of inflation, eggs surging 30.5%, coffee up 10.5% in september9 as higher consumer costs get consumers down. are grocers looking to consolidate? yeah, you bet. investors adding albertson's stock to their shopping cart today on news of a potential deal in the supermarket space. albertson's up # # # -- # 1.7%. the closing bell, 37 minutes away. we said it was a mapping session so far, the dow is still up 889, s&p up 98. russell, nice move of 2.5%, 43 points. we're coming right back. ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪

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liz: fox business alert, folks, 32 minutes left to trade, and the bulls are just trampling right over the hotter than expected cpi report today. sure, yes, that consumer price index number did bring the dow about 549 points lower, but check it now. dow is up 8 a 52 points. -- 852 points. this is the best day for the blue chips since june of 2020. of course, s&p up about 95 points and the nasdaq better by 240. we've got to look at delta airlines, flying higher after forecasting strong fourth quarter profits. the airline expects an adjusted profit of $1-1.25 per share, a

9% drop from the same period back in 2019 which, as you all know, is pre-pandemic. delta earned an adjusted $1.51 per share, a number that was 2 cents below consensus, but it included a 3-cent impact from the effects of hurricane ian. ceo ed bastian saying a shift from goods to services is really what's helping drive travel demand particularly during the upcoming holiday season. delta up 5. walgreens at the top of the dow jones industrials after reporting earnings that beat analyst expectations. pharmacy chain reported adjusted earnings of 80 cents per share for its fiscal fourth quarter. that beat analysts' guesses of 77 cents. the illinois-based company expects earnings for 2023 between 4.45-4.65, in line with analyst expectations. walgreens cites a shift from a major drugstore change to a burgeoning health care business as a driver for profit growth in

the coming years. that's good enough for a 6% bump on wba. domino's pizza, i was telling you about this, it's at the top of the s&p after reporting better than expected third quarter revenue. 10.6% jump here for domino's. the pizza chain announcing same-store sales popped 2% for the quarter, that beat analyst estimateses of about 1%. michigan-based chain said higher prices lifted its sales and managed to offset a drop in international franchise royalties and fee revenue due to fx weakness. albertson's, here's the big story, this is moving higher. how much? 11.7% higher on the report that kroger is in talks to merge9 with the smaller chain. while albertson's brands include safeway and tom thumb, kroger has a market cap of about 32 billion while albertson's is

around 15 billion. nothing's certain. whole deal could disintegrate, you never know. but sometimes is, as we know, where there's smoke, there's fire. kroger up 1.33%. you know what else is up? by a crazy amount here, the 30-year fixed mortgage hitting, now, a 20-year high. according to freddie mac, the 30-year pix pixed mortgage rate -- fixed mortgage rate, 6.92%, up from 6.6% the week before, and the highest average rate since april of 2002 with. -- 2002. but new, hot data off the presses from zillow show high mortgage rates are actually in some cases not deterring some first-time home buyers for a very interesting reason. let's get to jeff flock. he's joining us now with fun first timer -- one first timer diving in in cherry hill, new jersey. jeff? >> reporter: cherry hill. perhaps rain is falling here, but despite the storm clouds for

home buyers, the sun is shining on first-time home buyers. i'm going to throw away my umbrella. i want to show you inside this house, but first, the number on first-time home buyers. 45% of homes sold now will being purchase by first-time home buyers, believe it or not, despite high interest rates and pretty high values out there. we toured this house with a first-time home buyer today. want to show you some pictures of nicki, he is a fellow whose wife just had a baby. they need a house. i said, hey, how can you be, pardon me, buying a new house right now? is this not a bad time? he said, hey, i'm worried the interest rates are going to get even higher, and here's why he's in the market right now. >> before when we were looking, everybody was bidding on houses, and everything was going above asking price, and now it seems to have calmed down. it gives us the time to look at a house and maybe even turn down

a house. >> reporter: julie is selling this house. i don't know if nicky's going to buy it or not, but for some reason despite if all the problems, first-time home buyers are in. why? >> i think because first-time home buyers that are just coming in the market, they aren't feeling the difference in what they would have gotten at a 3% interest rate versus 7 -- >> reporter: put the numbers up, liz, if you would. how much is this house? >> oh, i just -- 465. >> reporter: okay. so if you bought this two years ago, liz, you would have been paying about $2700 for your mortgage payment. now it's the, like, $3400. that's $700 extra, but i don't know, albert, they just don't seem to mind. why? >> right. well, first-time homeowners are coming in and are buying at a rate they never paid before -- >> reporter: they don't know any better.

>> right. it's a lot better than the rental rate. so that's why first-time homeowners are taking advantage of it. >> reporter: my first house, liz, was purchased with a lovely 18% interest rate back in 1981 in atlanta, georgia. i thought i was lucky. they were going to go higher. never got any higher than 18%. liz: i remember. i thought i was lucky in 2003, i think, with, what was it, 6%? and then, of course, you are re-fi at 3%. i think that first-timers are also realizing, you know what? get in, prices of houses are coming down, we can re-fi if mortgage rates go lower at some point. >> reporter: you can negotiate now like you couldn't before with all the offers on the table. liz: indeed. jeff, thank you very much. jeff flock from cherry hill, new jersey. a make sure to tune into the brand new season of american dream home. it premieres on the fbn prime lineup october 19th only on fox business. you know, you look at the calendar, it was exactly one week ago today that cannabis

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pr eropesti, then connecting isthe property ownershe with potential buyers. advance ituned. liz: a shockingly lopsided new ipsos poll in the wake of piped's pardon to people with nonviolent federal marijuana con convictions. two-thirds of american adults support the executive action, and even more respondents,

nearly three-quarter withs of the adult population, express support for potentially changing the classification of marijuana under federal law. many calling this move a first step toward legalization in the u.s. including scott's miracle gro ceo with whom we spoke exclusively last week. regardless, still quite a road ahead. joining me now to discuss,s tilray chairman and ceo with, irwin simon if. the classification of this is interesting, marijuana is classified in, what, special 1 which means it's as a bad, in the same group as heroin and fentanyl. i mean, americans are not buying that now, irwin. >> so good afternoon, liz, and great to see you. great to see sea you on the new set. i know i was suppose supposed to be on last week, but i picked the right day with the right market to be on with you -- liz: liz: true. >> listen, i can say here, you know, it was great to hear

president biden come out and talk about cannabis really for the first time, you know? in regards, you're 100% right, fentanyl and heroin are schedule i drugs. cannabis is nowhere near a schedule i drug. it's great to see that the president come out and pardoned 1500, you know, people that were no longer in prison, but there's a lot of people in prison today with 30-year sentences for trafficking in nonviolent drugs that should be pardoned out there. and i think the big thing is, liz, you just did your poll, there's polls out there where over 60% of marijuanas want recreational cannabis legalized. over 90% of americans want it legalized for medical cannabis, so why aren't we doing it? why aren't our politicians listening to us? there's an illicit market out there that's smelling -- selling products that go through no regulatory, no quality, there's no tax dollars being paid, so our politicians gotta listen to

us, and we have to get out there and talk to our politicians. liz: well, service interesting, it was very much -- it was interesting, it was very much a campaign promise for president biden. the timing's interesting, right before the midterm elections. but we don't care about politics, we care about business investment and opportunity here. your stock is getting a 5% bump today, but it's been through the wringer, certainly. you guys have been diversifying. about this schedule i move, do you anticipate that it will happen? >> so you go back and say, listen, in the u.s. the cannabis world is a $100 billion business out there, okay? that's a big bids out there. and, actually -- business out there. and, actually, there's a lot of adjacencies to the alcohol industry, the medical business. we have a big business in canada where we're number one, which is about a $5 billion business today, you know? tilray alone pays over $100 million in taxes, we employ close to 700 peopling, we've spent $700 million at building

out infrastructure, and what it's done in regards to legalization and regulation and putting products out there where the consumer knows what they're getting, in regards to what is potency, how it's grown, etc., there is so much confusion in the u.s. today in states that are legal. what is right way to go about this? and i was in california last week, and i, you know, went into a store, great products, great stop -- shop. but can i get on a plane and fly back to new york with it? no. and that's where consumers are confused what's happening out there. liz: what i find interesting too though is that maybe investors are getting just kind of tires of waiting -- tired of waiting, because these pot stocks including yours were so much higher a year or two ago, and it's almost as if they've thrown up hair hands and said, you know what? call me when it's legalized. >> so, you know, tilray is tilray brands now. we're a diversified consumer package toed goods business. we're in recreational cannabis,

medical cannabis, we're in spirits and beer, and we're in the food business. we have a big operation in canada, in europe and the u.s. in regards to our stock today, we trade on the nasdaq. but a lot of institutional shareholders don't buy cannabis stock because of the safe bank act, and that's where we have to either pass the safe bank act, pass the moore act and get some clarification out there of what, ultimately, we can own and what we can do. but, you know, the cannabis world is a big world. the it's a big contributor to tax dollars, ultimately to employment, and building out infrastructure whether it's at retail or building out greenhouses is something that's very important to do, liz. liz: well, jim hag dohrn of scott's miracle grow said it's as big as the beer business. i just want to play what he said last week about the change in classification of marijuana, and you'll get a quick response here. let's listen to jim. >> it's obvious.

it doesn't deserve to be there. and in many states, let's start with where it's medically prescribed by a doctor as opposed to opiateses and other medications for ptsd. you can see there's obvious medical application. liz: and, of course, irwin, that's what you guys are looking at as well. >> so we're doing so much in research and medical today, you know, from replacement of opioids for sleep, for anxiety, for pain, for cancer patients. and i think that's where we have to take it. it's not like, you know, classified as, you know, a schedule i drug. it's not heroin. it's not fentanyl, and that's how we have to stop looking at cannabis. liz: yeah. we can't conflate everything to that. wisconsin -- irwin, we'll keep watching all of this with you as well and, certainly, the political landscape that really may make a difference for the stocks. thanks so much. >> nice to see you, liz. thank you so much forking is me

on. of. liz: great to see you too, my friend. as irwin mentioned, it's a great day in the markets. look at the dow, up 880. its best day, as we mentioned, since june of 2020. what a crazy trough to peak move, a move of more than 1500 points. we are going to count down the final minutes with our closer, and charlie gasparino joins us with the advisor to former british prime minister tony blair and abg adviser ceo, jackson pricer. ♪ i'd like to thank our sponsor liberty mutual. they customize your car insurance, so you only pay for what you need. contestants ready? go! only pay for what you need. jingle: liberty. liberty. liberty. liberty.

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♪. liz: okay, call it about seven minutes before the closing bell rings. the major market rally is still very much in the swing. look at the dow, it is climbing back up again. it is up about 900, let's call it exactly 913-point? so i mean, you really have to go back to june of 2020 to see this big of a point jump. joining us to break it all down charlie gasparino. he brought along ceo.

abg advisory. jackson who specialize sovereign wealth fund. welcome, jackson. >> i want to ask you, liz wants to ask you a couple questions. you deal with sovereign wealth funds. the latest headline involves trump that he will be s&ped. what do they think of him in the saudi royal family, the sovereign wealth fund over there compared to what is it going on in the biden administration now? >> absolutely. thank you so much for having me on. appreciate it. charlie always good to see you. you look at the fact that the u.s. has a eight decade friendship with saudi arabia, eight decade record of collaboration and when president trump took office, to exemplify that relationship first foreign visit was to saudi arabia. he made it a point to visit the saudi arabia and the kingdom. he is well received in the kingdom. look at the actions in office, whether the "abraham accords" or

pulling out iranian deal. >> they're an enemy. >> they're an enemy of saudi. contrast that with president biden who has taken a very aggressive approach to the kingdom from day one, whether, when he was campaigning referred to saudi and crown prince prime minister as a pariah state. he focused a lot going back into the iranian deal which is also creating a lot of concern and caution in the region. he has restricted arms sale and the talk is just very, very aggressive. so you can't -- >> this is economics 101, at some points common sense. if you want the saudis to keep pumping more oil because you cut back domestic production is it a good idea to call more names and bringing up kashoggi? kashoggi was bad but we need them for certain things. is this a smart move? >> that is an important ally in an important region which had a history of instability.

>> right. >> you want to support that really going forward. so calling names, being aggressive, some of the news -- >> they won't cave, right? >> no. the fear is some of the news you hear about the democratic leadership proposing restricting arms sales to saudi, pausing the relationship, you know, if you look at their, what would that make them do? that would make them, that would make them reevaluate the relationship. may shift them further to the east. they will buy more from china, buy more from russia. >> liz has questions. liz: i want to ask a question about the broader markets here. one of our top people at the beginning of the show, joe, one of the reason markets are ripping higher right now because of the united kingdom move, they will end the bond purchases. you obviously worked for tony blair. tell me in a kind of a snapshot, what is going on in the uk? they have got to get their act together, do they not? >> absolutely. the tax cut proposed, unfunded

tax cut proposed by the prime minister just had a horribly negative effect on the markets and really with her amongst her own party where there is questions about her at the moment. so any, any, commentary or suggestion that they're going to scale back the unfunded tax cuts which are going to exacerbate inflation and everything going on is going to be reis sieved postively? >> does this seem like a weird move? we're way up on the notion the fed will raise interest rates twice. looks like short covering to me? >> i think short-covering as well. people are pricing in, that not, there wasn't much news in the inflation reports. we could be nearing peak pricing there is market overreaction. there is some positive development like, like in the uk where they're, there is a further u-turn probably. liz: sure. jackson, great to have your perspective. thank you so much. >> thank you. liz: charlie, good to see you. see the 10-year 3.95%.

earlier at 4.08. we have the markets closing in two minutes. we're off session highs, bring in the "countdown" closer, blue market capital ceo jeff who is managing $15 billion in assets. jeff what are you doing on a day like this? >> well, pardon me if i appear a little drowsy. i took dramamine. liz: exactly. >> that was a wild ride. we sleep pretty soundly at blue rock because our main focus alternative investments generally not correlated to the capital markets. volatility in the equity markets that is, dow hit close to 37,000. we tested 28. that was a pretty important technical precipice. to bounce back up to 30 is a important but people go to flight to safety in fix the income.

in a rising rate environment we haven't seen in a long time, barclays is down 15% since mid 21. where do you go for income, stability to protect from these drawdowns. we favor hard tangible assets, real estate and credit. liz: real estate and credit. interesting day certainly. jeff, we've had so much breaking news we would love to have you back, give you more time to breathe because i like what you say. you're sleeping just fine tonight. [closing bell rings] even though a lot of people are market seeing incredible jump here. dow looks to close up 843 points. s&p better by 91. look at nasdaq, nice 2% gain. that will do it for us. "kudlow" is next. larry: hello, folks. welcome to "kudlow," i'm larry kudlow. so despite a big stock market gain today hugely volatile trading the dow swung roughly 1500 points down and then up,