charles: so earlier today i had the honor of addressing and giving a speech to the national chicken council is, really hard working men and women that, let's face it, kept us fed during the pan dellic. i really want to say thank you very much for the generosity and hospitality, and lunch wasn't too bad either. [laughter] you know, liz, when the chicken council calls you up, you mow they ain't serving burgers. [laughter]

liz: no rubber chicken. i'll eat anything, by the way. charles: if it's free, yeah. [laughter] liz: free food? get out of my way, we have a tam period here. the final hour of trade, yes, the s&p and the nasdaq are down. the s&p down 17, but, i mean, if i'm the dow, i'm almost insulted to be included because the blue chips are bright green, on pace for their fifth up session in a row. the dow up 275 points right now. and if you combine the 1,504 points or so of gains from the previous four sessions to the, let's call it, 277 points right now, the dow is looking at a grand total of just under 1,800 points of gains over five sessions. a couple of things going on here right now, investors amped up by a better than expected gdp report. the u.s. economy reversed two straight quarters of contraction, coming in at a 2.6%

pace of growth. that e beats expectations by two-tenths of a percent. earnings, though, dictating much of the action as well, the power of individual stocks and their results on full display starting with a bullish breakout by caterpillar. cat taking its rightful spot at the top of the dow jones industrials after reporting better than expected third quarter results. the stock is powering higher by 8%. this is the world's largest construction and mining equipment manufacturer, folks. it beat on both the top and the bottom line. their products are not cheap. and yet they had sales surging 21%. flip it over to boeing. boeing shares are actually, interesting behavior here, erasing yesterday's losses. we now have boeing up about 34.33 -- 4.33% getting a boost after china southern airlines web site now indicates it has scheduled domestic flights using the 737 max jet starting october 30th. china is the only major market left where the airlines there

have not returned to max after several crashes back in 2018. so here we go, they are apparently diving in, at least to bring back the max. while many stocks within a sector -- and you guys have seen this, right -- they tend to trade together thanks to the mass proliferation of etfs, exchange-traded funds, we're seeing a little bifurcation depending on individual earnings and headlines. for example, while we just showed you boeing having a great session, aerospace and defense contractor northrup northrop grumman early stumble a bit, it is back up just a half percent at the moment. but, listen, you've got a little bit of divergence here. so look at social media. meta getting absolutely kicked in the solar plexus, part of the reason the nasdaq is getting trashed today. meta's down 25% at this hour, cratering to a new 52-week low after posting a second

consecutive quarter of revenue declines and big losses in the metaverse section. bloomberg is reporting that elon musk plans to take twitter's new holding company public within 3-5 years. if he buys it, he takes it private -- and that deadline is tomorrow -- but according to the new york stock exchange, trading will be suspended before the opening bell ahead of the 5 p.m. deadline for musk to close his $44 billion to swallow up twitter. if right now $53.92 per share, he's paying $54.20. with sector stocks going in opposite directions, what are etfs, though, telling us about the market's gravitational pull right now? let's get to the floor show. joining me right now, blackrock's head of ishares investment strategy. we're thrilled you're here, welcome to the show. >> hi, liz. good afternoon. liz: one of the values of etfs

is that they pool, enabling betting on bunches of names. what are you interpreting from the broader picture you get from etfs right now? >> sure. so we spend a lot of time, my team and i, actually looking at what the flow in the etfs space are telling us. and i think there have been some fascinating trends over this quarter, and the one big one i'd love to point out is that investors are actually i paying attention to the amazing level of yield that are to be found in the bond markets again, in the fixed income markets again. so incredible amount of inflows especially as yields have moved higher, 10-year treasury's reached above 4% earlier last week, and investors are taking note. and there's been a huge amount of inflows especially into the front end of fixed income markets where yields are above 4.5%. the other thing that etfs are

telling us, i would say, is that there is a gravitation towards lowering the volatility of an investor's purchase. so there has been some gravitation towards minimum volatility as a style and a strategy. so you're still remaining invested many these volatile equity markets, but having a lower volatility experience. so when the market's down, you don't have as much up and down experience -- liz: let me just interrupt here -- >> sure, please, yeah. liz: short-term corporate bond etfs, but here is the minimum volatility etf. when i look at the volatility index stretched over year to date because, i mean, it's barely moving today, that is a big move. it's up 57% and up 60% year-over-year. so this, you would say, is the way to bet on continuing volatility, am i reading this properly? >> sure thing. i think volatility that we've seen that you point out correctly is going to persist in the markets, and instead of

moving away entirely to cash, leaving the equity market allocation aside and moving to cash which we would not recommend, we would tell investors to stay invested, and doing so with something like us america v in the u.s. markets or eemv in the em markets makes a lot of sense because you're still getting the upside when the market goes up, but when it goes down, you're not going down by as much. it allows you to stay invested. liz: yeah. invested, though, let's see if there are sectors out there. you have some belief that health care, emergency would do well in this -- energy would do well in this case. but again, we've seen how vulnerable individual names that come out with maybe a miss or two on earnings can be, so buying this basket of stocks would be something that you recommend. the ihf, for example. talk about -- it's down today, but talk about the performance you expect in the next, let's say, 3-5 months. >> right. to your point, we think being invested and being diversified

across a basket of securities makes a lot of sense instead of, you know, just looking at one individual company. and as you point out, ihf, which is health care providers, is a very good way to play for two teams that we think are prevalent in this market. number one, it's looking at companies or a basket of companies that are going to have very good, a good amount of cash flow in the months and quarters ahead. so we're looking at that quality measure, how well will these companies do especially as costs continue to rise, unfortunately. so that's one reason are. but number two, as we all know, health care companies and health care providers will continue to have to provide their services even if we go into a recession in the next couple of quarters. so, again, going towards a basket of securities such as ihf which has that defensive nature makes a lot of sense. and then you talked about energy

companies, i'd just say that the cash flow in energy companies in a world where oil prices will remain -- i don't necessarily think they'll go significantly higher, but they have a floor which is higher than before, and i think the cash flow that you can generate in an ie or iye makes a lot of sense as well. liz: well, and that's the thing about etfs, they can show you the gravitational pull because there are baskets of names and they trade like securities, so you can go in and out, unlike mutual funds. the dow right now is up a 259 points. we got very strong earning, mcdonald's, honeywell, as we already showed boeing had positive news. i already dealt with the numbers. and if then, of course, caterpillar looking very strong. is there an indicater that you feel tells us something about a where the fed will go and how corporations may respond to yet another 75 basis point hike time around but maybe some chatter

about a pivot in december? >> sure. so a lot of questions there. i'll parse those out. so in terms of, you know, where the fed will go and the indicators we're watching for them to indicate a pause, i don't necessarily hi it's going to be a pivot to lower rates anytime soon, but i do think they're going to indicate a pause in the near future, and that's -- the indicators that i would look at for them to pause a little bit is the path of inflation. has inflation shown some deceleration. and, by the way, that's not 1-month data, that's a couple of months of cpi prints that are not coming in at .5 or .6 which is, unfortunately, what we've seen, but coming in at a .2 or a .3. so that's one indicator that i am looking for, to see that pause from the fed. the other one is a balanced labor market. one of the things that chair powell has talked about is looking to see a little bit more balance in the labor market.

so, you know, right now the number of people that have, that are looking for jobs versus the number of open jobs in the economy almost about a 1.7-1 ratio. that getting back to close to a 1 is something that i think fed will look for. and when we see something like that, i think it will indicate that they're willing to pause. not cut rates, but pause. and i think that itself will be good for the fixed income markets. liz: well, gargi, we just covered a broad spectrum here. i really appreciate you coming on. we hope to see you again. >> thank you. liz: blackrock's ishares gargi [applause] ed hurry. the last time mortgage rates were this high, george w. bush was president, enron was imploding and tom cruise and nicole kidman got divorced. yeah, that was a long timing ago. the ceo of anywhere, the parent company of some of the biggest brands in real estate -- sent arely 21, caldwell banker,

sotheby's and more -- he's up next. what the home buyer is telling him about the state of the market. it's a fox business exclusive. he'll reveal it. "claman count don" is coming right back. the dow is bringing the thunder on this thursday, up 227 points. don't move. ♪ ♪ (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. ♪ ♪

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so many people are overweight now, and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it. conventional starvation diets don't address insulin resistance. that's why they don't work. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. liz: we are just getting this breaking news. the tumble in home sales is now picking up even more speed. according to redfin's housing report, pending home sales fell 35% year-over-year during the 4-week period ending october

23rd. this is the largest drop the real estate firm has seen since at least 0 concern 2015. this is the mortgage manic panic. the 30-year fixeded mortgage rate hit its highest level since 2001. yes, for those of you were wondering what year it was that tom and nicole got divorced. according to bankrate, today's national average of the 30-year fixed stand at 7.32%. compare that to early march. mortgage application activity dropping to the lowest pace since 1997. anywhere real estate is the largest franchiser of real estate companies in the world with big names under its umbrella from century 21 is to sotheby's and more. is the housing market shivering, freezing or now frozen? let's bring the ceo ryan schneider. of okay, so we got the redfin information, and i don't mean to

be negative, but mortgage applications the most sluggish in 25 years, looks to me like freezing. what do you see? >> liz, thanks for having us. yog slowdown in housing. more gauge rates have taken a lot of people out of the market, but i want you to keep in mind we also still have less supply than we used to. we still see houses selling at about 20 days on average. it used to be 30 days on average, so there's something weird happening where people are still trying to buy houses, and they're selling faster than hay used to, but the number of people buys have clearly gone down. i wouldn't go as negative as you are yet. we just had a pretty decent quarter, 160 million of operating and printing some good free cash flow, but it's sure a challenging environment out there, and the mortgage thing is one of a couple of factors really driving it. liz: let me correct you on something, i'm not negative, i am looking at numbers flat out. and i could even look at your

company. i mean, just -- i believe it was market cap a year ago of $2 billion, you're now under $1 billion. you're at, like, 900, just under 900 million in market cap. this is, i'm looking at numbers. so this is not a i'm negative because we do see this. so tell me what you're hearing specifically from your brokers and your realtors who are on the ground. >> well, i love your focus on numbers, liz. i'm a numbers person too, and all the numbers you cited are absolutely what's happening out there in the world and, obviously, our goal is to take our equity number and make it much bigger. but what we're hearing from people out there in the world is a lot of geographic variation. you know, the drop in volume out in the west, like kind of 25% or more in volume, is actually quite different than what we're hearing in new england or the midwest where it's high single digits. we're also hearing9 that the first-time home buyers are clearly the people who have the hardest time in this environment. getting hit from the higher mortgage rates on one side, the lack of inventory of starter

homes on the ore side, and it's really making people struggle to buy homes. we know we want more supply in the market, we need some stability in interest rates, for sure. and, frankly, obviously, the general macro doesn't help. so we're pushing ahead to support our agents and franchisees to get as many deals done as we can, and we'd like some of the fiscal results we've of been able to print this quarter but, boy, the data you and i both look at is absolutely true that it is a lot tougher market than it was back in march. liz: well, yeah. there's that weird dynamic of supply and demand specifically that, you know, the national association of realtors had just come out and said that this housing shortage tracker that they have compares supply and demand based on, in in essence, the number of single-family housing permits issued versus new jobs in about 175 markets, and there aren't must have homes for people -- aren't enough homes for people who may have a salary that could allow them to build one. you're not in charge of the home

builders, neither am i. what are they doing? >> we're rooting for the home builders all we can. we have our own estimates, anywhere between 2-5 million homes that are really just underbuilt or not built here in the u.s. that we really need. another reason that, frankly, mortgage rate stability would really help in the housing market is there's a lot of people stuck in their homes right now because they've got a low mortgage rates, and with rates continuing to climb, that's a barrier for them to ever bring their house onto the market. and that's one of the supply crunches we're seeing right now and why we're hoping we can get some mortgage rate stability here even if it's at higher levels than mortgages were, obviously, 6-9 months ago. liz: ryan, there are so many things to talk about. zillow is cutting about 300 jobs. are you cutting jobs? >> well, you know, we're always right-sizing. you know, we've had kind of cost reduction programs as part of our dna for the last 4 or 5 years really so we can invest for our franchisees and help our

customers. so we have done some right-sizing through this market, but it's all so that we can keep prudently investing and, actually, be ready to grow when the market turns. the near term for housing is not looking great, liz, as these numbers show us, but i'm still relatively bullish on the next decade the for housing. there's a lot of demographics behind it. there's this higher demand we talked about, there's not enough supply and, you know, i would like to position our company so when we come out of this tough period of housing, we can take off like more of a rocket to actually capture on some of the housing opportunities we think will be there even though right now it is sure tough ling out there. liz: yeah, it looks like it -- tough sledding out there. liz: yeah, it looks like it. it's pretty unbelievable what a change we've seen since just last december. ryan, thank you very much. >> thank you for having me, liz. are. liz: anytime. elon musk's twitter takeover is sinking in. yes, yesterday we showed you he brought in a sink to say, i'm

buying it, let that sink in. what the world's richest man is saying in the last couple of hours to advertise thers. we are going to tell you, and that's ahead of tomorrow's deadline to complete the $44 billion deal to acquire it. closing bell, 38 minutes away. the s&p and the nasdaq are still down, but the russell is up about a third of a percent, so green on the screen for the small and mid caps and, of course, the dow up nearly 300 points. stay tuned, we're coming right back. ♪ ♪

liz: okay. we have an alert here. we want you to look at the dow jones industrials, again, up 282. with # 3 minutes left to trade, we are on pace for the fifth up day for the dow jones industrials. you know, you got that better than expected print on preliminary third quarter gdp, is so maybe it's that, maybe it's good numbers from, yes, caterpillar, mcdonald's it all because they brought back the mcrib. >> is that real stuff? if is that a real meat in. liz: it's real meat. >> real synthetic meat? liz: no sound sleep for sleep numberer or investors amid continued chip shortages. the minnesota-based company reported third quarter sales fell 16% as a result of lower than expected demand. web bush cutting its price character from 33 to 27, it's at 28 right now. piper sandler cut it from 36 to 26.

chip stocks getting a boost after meta announced it will increase spending on data center and network infrastructure. facebook's parent company says that in 2023 it expects to invest 34-39 billion in its network infrastructure. okay, meta's getting absolutely crushed on that but, hey, if they're spending the money to buy this stuff, you can see a arace that, marvel technology, nvidia all getting a pop on that with a arace that up 9%. align technology out of alignment, down 18% after reporting third quarter earnings that missed analyst estimates. the maker of inadvise line teeth straightening products saying weaker consumer confidence have hurt demand for its products. and a day after visiting twitter or headquarters, elon musk -- after walking in with a sink -- posted a message for advertisers saying, quote: the reason i acquired twitter is because it

is important to the future of civilization to have a common digital town square where a wide range of beliefs can be debated in a healthy manner without resorting to violence. >> why'd he try to get out of it then? liz: well, while visiting twitter hq, the tesla ceo assured employees that contrary to rumors, he is not planning to eliminate 75% of their jobs. tomorrow is the deadline for musk to complete his $44 billion purchase. stock is up 1%. but you know what? it is a tough day for investors of credit suisse. shares are down at this hour 20% after the embattled bank unveiled a restructuring plan that a involves firing 9,000 employees, selling assets and raising capital. charlie gasparino with more. >> by the way, nice story in "forbes". liz: about the show? very nice, yeah. >> yeah. number one woman on tv? [applause] liz: yes, i am, thank you.

[laughter] yeah, they're -- oh, thank you. >> nice that i you got -- you know, every time they write about me, it's always negative. liz: well, stick with me. >> negative, negative, negative, negative, negative. [laughter] liz: i've got to say thank you to the team, charlie, thank you to you. people love to hate you, so they talk about knew. >> negative, negative -- they always tune in. liz: that's you and larry fink with me on the set. >> big larry. liz: 15 years. happy to be here. >> they gave me the covid! if i beat the covid! liz: you're not jamie foxx who does the best impression. >> bear with me, i said all these nice things about you, and you've got to let me indulge, okay? [laughter] what about credit suisse? oh, yeah, that's right. they're down 20%. why are they down 20%? they added capital to the beleaguered investment bank that a lot of people thought was going to lead to a lehman moment.

credit suisse is a big, diversified bank, bank. great wealth management franchise, then they had this thing in -- thing in new york, basically an investment bank in new york, that has always given them trouble. they were in the middle of the after egos bail out. here's why people are essentially thinking that that they're not long for being part of credit suisse. they're cutting about a fifth of their 50,000 people. they're infusing it with capital, getting rid of extraneous businesses. probably get out of the stuff that got them in trouble with arch or egos, and i think they're going to sell it. i keep hearing from senior wall street executives that they're looking to sell, and buyers would likely be -- i said who'd be dumb enough to buy it? would it be, like, some middle eastern player? apparently, it's not. it's, if they can get rid of the bad stuff, it's probably toronto

dominion and cibc, who are venturing into u.s. capital markets in a much more, money more concerted effort. so that's what i heard today. this is all a prelim to do that. the interesting thing is -- this is where i couldn't help but chuckle, but a lot of wall street guys were chuckling too, and gals, who are in my era. and that means old -- liz: i know what you're going to say. >> they're going back to -- liz: credit suisse first boston. >> if you know anything about banking and i've been around, again, first boston old line, white shoe mississippiment bank. liz: yeah. >> in the 19ing 0s they became this rock and follow firm -- rock and roll firm, okay? will. liz: was larry there? >> and i was going to say, march arely fink who was their trading star. he is one of the people that was one of the creators of more quadriplegia-backed security. they had a huge rival rivalry at

the time. the firm got on the wrong side of the leverage buyout boom at one point. they needed a bailout. they already had an existing relationship with credit suisse, the swiss bank. i think they owned a minority piece. and in 1990 they bought the majority piece. so it went from first boston to credit suisse first boston. and it stayed that way for i was saying until 1996 when, something around that time, where credit suisse just said let's get rid of first boston. who knows about first boston. now, bringing them back so so odd. people forget they were bailed out, but who knows, i mean, would you cobusiness with themtheir name was first boston? -- do bids with them? -- do business with them? if maybe first boston has much more positive consumer appetite than credit suisse at this point because credit suisse has been getting beat up so much.

liz: i would name them first cleveland, but that's just me. >> there is a bank -- there's a cleveland bank, i'm pretty sure:. whatever, key bank, you know bill summers? he's the ceo. liz: charlie, thank you. >> see how i date myself? liz: i was there in boston when it was first boston. they changed the signs. >> it was the known as first boston. liz: and we paid madison avenue touch -- how much to make these decisions? >> now look, there you are again. [laughter] liz: thank you, "forbes." well, the good news is -- >> they not put up any articles about me? because they're always negative. negative, negative, negative. although they did do a good article, the thing about the apes, how i beat the apes. did you see that? liz: i must have missed that. >> carr concern charlie gasparino beats the apes.

liz: we are find it. >> no, don't. it's always negative. that'll get blowback, negative blowback. liz: give me credit, don't give me credit. >> i want to fly under the radar screen. liz: all right. we've got apple picking to do here. wall street is going apple picking after the bell. will we see record revenue, which is what is expected if the maker of the iphone? and is cupertino really slowing production of its newest iphone because there have been these reports. guess what, we hope to clear the air right now. one of the nation's top apple analysts is here to answer those questions and more. he's here in a fox business exclusive, named by "fortune" as the top apple analyst. closing bell, 25 minutes away. look at the dow, now up 300 points -- >> 299.12. liz: 298, 299. first boston. ♪ ♪

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liz: apple getting the squeeze from some investors right now. shares are down about 2.8%, but you can see on this intraday chart they'd been lower. this ahead of the final report of its fiscal year 2022. yes, the iphone maker is expected to report actually record revenue of $88.9 billion, that would be a 6.6% year-over-year increase, and $1.27 for earnings per share. but with reports circulating -- we've covered them here, a couple here and there that apple has reduced production of its iphone 14 +model due to weak demand, can the tech giant claim the tech earnings throne? and, by the way, will we get clarification on that? joining me now in a fox business exclusive is a simko founder and analyst horace who was crowned the king of apple analyst by

"fortune," i'm very interested in what an analyst who does intense research on apple has really seen about when there has been a production cut of some sort. >> well, every quarter and almost every year we get this debate. the fact is that apple probably overestimates and then begins to cut its goals throughout the quarter. the thing about this particular year's product is that we've got, you know, effectively four models, and there's probably too many given the options of buying even the old iphone 13 than previous generations as well. what apple's been doing is effectively broadening the mix, and also let's not forget there's a lot of used phones in the mix as well that people can have access to. so when we are seeing tweaks in individual productions, it's

probably because they haven't got the formula right. nonetheless, i'm looking at about 3%, 3-4% growth in overall unit volumes this quarter, and it's coming on the back of 47% growth last year. so this will be a record quarter for the iphone and apple as a whole. it's just a mix is getting tuned. liz: what are you paying most attention to in q4? it's so easy to say, yes, apple iphone production, okay, but the services component is also huge. when you look at how much money is coming in on the services piece of this and whether it's itunes or apple tv, that's sort of the number two pole position behind iphones as far as revenue. >> absolutely. and services has been an amazing story for over five years. it's been in double-digit growth, compounding and absolutely just becoming the sec largest category -- second largest category behind the

iphone. and, however, that is likely to slow down. the company already warned on this. we're looking at, myself, about 4% growth. first time in a long time that it's been below two digits, and, but it's still coming in at $19 billion in the quarter. again, looking back a year, it was up 26%. it's very hard to maintain that. so definitely services has been a tremendous engine of growth for apple, but that time is coming to an end. finish i think we're going to see in-line growth for some time to come now. liz: well, the stock is down, obviously, year to date about 18%. it hasn't been hit anywhere near as hard as some of the other fangs, as you know. netflix/meta-- i guess it's now fangss, is a disaster du jour. that is an ugly picture today. apple has not gotten dinged

nearly as badly as some of the other names including google and microsoft, but would you buy it at this price? >> i think apple's trending right now at a pretty reasonable valuation. we're looking at about 23-24 pe ratio. historically it's been far worse than that. we've been in the teens, we've been in the 40s just right at the end of 020 -- 2020 where we had, e ec -- effectively, the surge from covid. so in many ways i think it's a comfortable spot in the mid 20s and comparables, i mean, microsoft is about 23.5, so very close. i think both names are seeing -- seen now as more recurring revenue models that is sustainable, and while google and meta advertising plays are just getting crushed, meta down to 7 pe, google down to 16, it used to be 35 for years and years. will liz yeah.

>> so in many cases when apple is down, google is up. so now we're seeing a reversal. what i'm most excited about though is wearables and where they're going with whatever they'll be coming up for in terms of the wearable and the face. that face computing, augmented reality, it's going to be very interesting, you know, quantum leap for them. creating a new category hasn't happened since the apple watch. liz: before we go, how does the holiday quarter look for sales of pricey items hike the iphone? if you look, do you see waning consumer demand at all? >> yes, we do see in discretion mare particularly -- discretionary, particularly in wearables, you know, the watch and the air pods are looking to take a hit. i think that's going to be down only about 4% this, well, 4% as of last quarter.

probably keeping % or lower into the next quarter. but that's not the best story. but i think the iphone is doing pretty well. a big question will be china. china is heading into a deep crisis right now. and then that might actually swing apple for quite a while. liz: well, the stock right now is just taking about a 3% ding down at the moment to, let me just get the exact price here, $144.96. horace, hang. and, of course, everybody, the numbers -- thank you. the numbers come out right after the bell, some point after the bell. we'll be watching very closely and see what the reaction is. in the meantime, president joe biden in central new york at this hour as micron plans to build new semiconductor factories and invest billions of dollars this in syracuse. how about that? details on the president's trip to syracuse straight ahead. closing bell 12 minutes away and, yeah, we still see that dow being a powerhouse, 239 points.

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♪. liz: break news. president joe biden is about to take the podium in central new york. there is a major business angle here, folks.

micron technology is gearing up to invest $100 billion into a new massive semiconductor facility there. that 100 billion will be spread out over the course of 20 plus years. you know intel kind of did the same thing. they're spreading theirs over several years but this will include half a billion dollars to strengthen the surrounding community. edward lawrence, this is as i say a very important business news story about coming, bringing businesses back to america. reporter: manufacturing and semiconductors too, very big hot-button issues over the past two years or so the president as you mentioned about to speak at the site of the plant that micron plans to expand with helps from the chips act. it will create 9,000 jobs by the end when all said and done in about two years of the plans as you were talking about to spend $20 billion in the next 10 years and up to 100 billion over the next 20 years to expand chip

business in new york. there is $50 billion for research, development, manufacture, workforce development for semiconductors. this includes within that 39 billion in manufacturing incentivess part of what micron is using for the plant expansion. 13.2 billion in research and development. 500 million to help supply chain activities this is all meant to increase manufacturing in the u.s. and bring critical supply chains back to this country. it is also meant to provide a boost to the economy as companies like micron, qualcomm, you mentioned intel announces expansions in the u.s. economic legend jeremy siegel believes the u.s. needs these types of investments especially now in this period of fed tightening. >> if they remain as tied they say they will throughout next year we will have another, even more severe recession than we had in the first two quarters. reporter: what this investment trying to do, bring the

sustained growth over time as those companies invest and those supply chains come back to the u.s. as you know the gdp outlook, the first estimate for third quarter, 2.6%. back to you. liz: intel, wolf speed, apple is making chips all over the country, it is very exciting. to see this kind of manufacturing you're absolutely right. edward lawrence we appreciate it. closing bell, folks we're four 1/2 minutes away. we're looking at five in a row, five wins in a row for the dow jones industrials. s&p is losing about 25 points, down 181,. apple after the bell, we told you that. guess what? amazon on the earnings docket this afternoon. investors keeping an eye on the but our "countdown" closer says there is way more important. jeff sica. i know what you will say, but go

for it. >> in terms of amazon i think the biggest thing we're looking at, is we're looking at the strong dollar, consumer beat up tremendously. now we're going to find out how much amazon web service is actually helping the company, because keep in mind, jeff bezos already warned us it would be rough seas right now. so amazon web services got, has got to make up for lost ground. liz: well the cloud, you know i was going to say, oh, watch the cloud but i like the spin you put on this. you said you have to balance and compare what the e-commerce site, what amazon.com is showing, that drop and then you see how much the cloud made. you can see people are calling amazon a cloud company with a website. >> i would say if you look at how much amazon when services is worth, it could be worth at some point up to a trillion dollars. i mean this company, aws, could be spun off and operate as its own company.

so i think as much of a concern as we have for amazon and the consumer, let's face it, the consumer has been annihilated. i think we're going to see decent numbers from amazon mostly because of aws. liz: what about apple? >> i think apple, you know the one thing with apple, you have the strong dollar. the strong dollar, you can't underestimate what the strong dollar means for the european -- liz: caterpillar bucked it. >> yes. liz: caterpillar was able to buck it. >> caterpillar did but i think when it toms to true retail, these are individuals, i was just thinking i paid $650 for my first car. now an iphone costs about close to $1000. so you're talking about -- liz: what kind of car was it, jeff? >> a chevy caprice, i think, i don't know. >> that is a chick magnet if i ever heard one.

>> then i traded that in for a camaro. liz: there you go. let me get your interesting stock picks ex tech at the moment because you feel there is on opportunities, particularly that pay as we said dividends? >> i like this epd company. it is enterprise products. i like the fact that they're not pipeline business. they're not producing, they're not producing natural gas or crude. they're just storing it and transporting it. so the way you have to look at this, you collect almost an 8% dividend. liz: wow. >> it's a tollbooth for the energy sector. i think it's a great company. i think it is worth investing in and right now they have about two times debt coverage. so i don't think there will be a big risk for them to decreasing their dividend. liz: okay. then for banks, which actually did quite well in earnings last week, citigroup, that's your pick? >> i used to despise banks but you have to look at the fact that they are in their heyday

right now because what they're doing is you're depositing your money. they're taking your money and they're loaning it for 7% and that is what is called net interest income. jpmorgan made $17 billion net income, the difference between what they pay for deposits and what you pay -- liz: not buying it at the high. it is down 25% year-to-date. >> yes. liz: jeff, we got to run because it looks like the dow jones will close above 32,000. so they have retaken that. i know it's a round number but with a gain of 195 points off the session highs but still making it five in a row for the blue-chips. [closing bell rings] there you go, dow 32,000 that does it for "the claman countdown." friday we have a big day on the "countdown." be sure to join us. larry: hello, folks, welcome