i am happy to see fomc at the fed at the top of the list and several reasons. every american should know what the federal reserve is and how it was creative and how powerful they've become over the years. the federal reserve needs to be held accountable, there's a fine line these days between accountability and politics. one day highly classified documents is sedition, the next day an innocent mistake but the fed is in the midst of crushing every american. we fought back against the king of england for last. the fed to share, not this one but a future one would make social issues part of the unofficial mandate and that the bridge too far. a creature from jekyll island cast a massive shadow over every person in the country. it shines the light back on them. liz claimant has more. liz: is jekyll island like the island of doctor moreau, humans

with animal bodies. streaming wasn't ready. before we kick off the final hour of the last trading day of january breaking news hitting the tape, paypal is planning to cut 7% of its workforce. that works out to 2000 employees, the parent company just made the announcement via release, stock is responding positively, up 2% to 80 one dollars and $0.36. paypal's announcement marks the latest round of job cuts in the work industry, workday announced plans to cut 500 jobs, that news hitting in the morning. paypal is still down 53% over the past year. the bulls are topping off another winning month for the

major averages with 59 minutes left to trade, the dow clocking 2.3% gain for january. the s&p sitting pretty with a 5. 6% jump. that would be its best in four years. the prettiest for the long tech stocks, the nasdaq has grown 10.2% this month alone. i want you to focus on this, in 2022 the s&p lost 19%. hard to forget that. according to carson investment research, when the s&p has risen more than 5% in january which it has after a down year, it has historically gone on to gain 30% on average, market gurus warning on earnings recession might turn that on its head but 2 thirds of the

s&p have reported and beaten either profit or revenue. flip it over there. why is general motors up a decent percentage, 7% at the moment? fourth quarter profit and revenue amid strong demand for its vehicles, with total sales showing the largest year-over-year increase in market share of any oem, original equipment manufacturer. chevy volt, ev, log to record sales in 2022 and gm announced $650 million stake in lithium america for the largest known lithium mine in the us, the move will support battery manufacturing for one million evs a year, gm says we will be asthma in ev production by 2,025, this is a step to getting there, stock is just below 40 a share. mcdonald's, what earnings

recession, defining wall street expectations, beat on the top and bottom line driven by higher menu prices and hot digital sales, stock is down one. 5% after mcdonald's said inflation will pressure margins in 2023 but insists it's consumer is resilient because they are addicted to the french fries. you are looking at one of them. the other dow lacquers, just five at the moment, chevron, ibm, caterpillar, rest are in the green. we've got home depot, unitedhealth group, dow, microsoft, goldman sachs and 3m. to the oil patch with earnings recession nowhere to be found, exxon reported a record $56 billion in profit for 2,022. fourth-quarter revenue did miss and it is a fortress balance sheet to have firepower in an inevitable future downturn even though things look good, exxon mobil is up 2%.

you will note phillips 66 is at the bottom of the s&p after reporting they missed earnings per share $3.97 compared to what was expected, $4.77. the package delivery, ups shares on the move to the upside gaining 4.6%. profit beat is overshadowing revenue, ups raised its quarterly dividend by 6. 6% and announced the share buyback, good on all fronts. federal reserve announces its rate move, the january jobs report, much of that may be baked in. is the january optimism on point or off-base? let's get to the first show. these are impressive gains for any month. do they continue? >> this is unbelievable.

the key to what is going to happen not just next week, february, but for the rest of the quarter is what is going to happen friday. we have massive earnings reports of the next couple days. amazon, apple, alphabet, powell and the fed tomorrow. we've got to be a little bit careful here. maybe the market has gotten ahead of the jobs number on friday and the number comes in above expectations which are for a gain of 187,000, we could get a steep selloff. i'm not talking 8%. we could see a sharp pool back. there has been so much news that investors are buying into about inflation cooling that, growth using, the fed possibly taking their foot off the gas,

that number friday is the one that concerns me the most and it would be prudent for anybody, maybe some gains here, a little protection in the market ahead of that. liz: that is smart but some of the numbers are showing that inflation is coming down and things don't look as bad as anticipated. do you see this issue? >> i am looking at two things. are we going to enter a recession? i'm looking at what is inflation going to do? inflation has come down, the latest december number, 6. 5, that will come down because you see a lot of improvements in the supply-chain, getting goods priced, the risk is that you have lags primarily through the labor market as wages come up.

i'm a retiree, 5% in january. you see things like that happening with wage pressures on all these companies and they will try to pass that to the consumer to protect their margins. liz: is the january effect dead in the water on february 1st? >> i don't know. it is surprising how strong the market is this month. it doesn't match the economic reality i see so i personally discount its but i won't say it is wrong, the numbers are the numbers, the history is the history but it doesn't match the reality. liz: the market is a voting machine. warren buffett says it. you don't fight the tape but if you look at what may or may not be, higher-than-expected labor number i still believe that the fed will raise rates by quarter point, maybe the next 2 or 3 times but as we look at the markets, the stock market, dow

is up 221 points, nice gains for january. don't expect us to fall off a cliff but it might, what are you buying? what are you selling? >> i'm getting out of my tech holdings prior to the number friday. i'm in a few with earnings coming up that i will hold through earnings. if we do get the list, there are companies, like apple, alphabet, even amazon, if they fall off 5%, i am going -- those are the companies i really want to be in but i am concerned about friday. if the number goes higher, that is great. if i missed that opportunity, i will have another load somewhere down the line. i'm cautious but those are the

names specifically, any pullback, i am diving head first. liz: gold is up for the third month in a row, that sent and interesting symbolize equities go higher. do you like gold? we have crude oil, west texas intermediate, $79 a barrel. the best performing sector, energy last year. >> it provides a very interesting payoff if gold becomes more usable and international payment scheme, there's a nice risk/reward. it has been trading inverse to the dollar strength. when the dollars we, gold, i like how that goes. liz: occidental petroleum, three energy names, schlumberger, they are rebranding, up 44%. occidental up 70%, natural gas

up 50 one%. you think there are more gains? >> probably two or three year upside. liz: we had the ceo on and we have been ahead of that story. great to see you both, nice to have you. ftx part 2, yet another crypto company is deemed a ponzi scheme, bitcoin fights to stay above the fray of the fallout from sam bankman-fried's crypto collapse but congress losing patience, will the government change the digital currency markets, we will take that up with the securities and exchange commission or known as crypto mom. hester purse is next in a fox business exclusives. closing bell ringing in 49 states. the claimant countdown is coming up next on the last day of january.

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and more speed you need as your family keeps growing. check in on your current speed through the xfinity app or upgrade to the speed that's right for you today. hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple,

but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. liz: bankrupt crypto -- come to currency network slc is network accused of running a ponzi scheme. and examiner finds celsius was using customer deposits to fund other customers withdrawals. the examiner found celsius used client money to find $550 million worth of its own crypto currency in an effort to raise that token's price and increase its value. the flurry that hit critical mass last year when ftx went belly up amid ponzi scheme

accusations doesn't appear to be hurting bitcoin and either. since ftx declared bankruptcy, bitcoin has surged 30% and ethereum has gained 20%. how long can this continue as calls for regulating crypto continue to mount, can the sec and mis the contamination without crushing the nascent industry. joining me in a fox business exclusive is hester purse, welcome back, we now have a second case where crypto operation allegedly used money customers had deposited and surreptitiously used it to prop up other parts of their business. what does this say about the need for regulation in the cupcuecue >> couple things to bear in mind. when there's a problem that is centralized there can be problems in the crypto space just as there are with problems arising in traditional finance

so that is one thing to remember and that is where regulation, we could have a framework first entities in the crypto space and that is something we need to work on. i've been calling on us to work on that for a long time. it is up to congress to decide who the regulator should be but that is an area you could have regulation. liz: you don't comment on individual cases but i have been beating this court appointed examiner's report and it is damning, 700 pages. some things we point out, there was a point, there were slap messages, texts, a what's apps user sent several twitter posts including one that asserted celsius's ce elk, their native coin on celsius is insolvent on their either position and the same day, june 7th, celsius put out a post pushing back saying

damn the torpedoes, full speed ahead, encouraging people to pile in saying celsius is one of the best risk management teams in the world, our security team and infrastructure is second to none. it wasn't. my question to you, when bank ceo that is regulated by the sec comes out and makes comments that are material to customers and their business, doesn't this mean they have to be held by it and could be criminally responsible? >> i can't speak to any particular facts and circumstances here but i can say the reason centralized entity that crypto has come in is to say when they are centralized entities there can be problems so one way to deal with those problems is to regulate centralized entities, and other ways to decentralize

and have things operate here and here and when you have centralized entities engaging in deception that's an area where we can bring a case or another regulator or as you suggested criminal repercussions. liz: that would hopefully clean up the entire nascent industry. it has employed a lot of people, you just said recently at a speech that block chain, kept for -- cryptography in 0 knowledge proofs offer solutions better than the government. explain what you mean by that. >> when you are looking at what crypto is for, it is to enable you to interact with people you don't know and enter into transactions with them because everything is transparent. you can see every thing. what has happened in the crypto

space is there are certain points of centralization. that is where people say wait a minute, if you have a centralized entity, is there room for regulation? there's a lot the industry can do without a regulator coming in, but people might decide you want to have regulation but where things are decentralized, decentralization can perform the functions regulation would otherwise perform. liz: jamie dimon gets a lot of attention no matter what he speaks about but he has never written a valentine to crypto currency, he just said two weeks ago that bitcoin, this time he is the f word, bitcoin is a fraud and a mess, no one should be talking about it, knowing what you know, you've been educated about this, is jamie dimon wrong when he calls bitcoin a fraud? >> some of the failures we've

seen have nothing to do with any particular crypto asset and the beauty of markets is people can express their own views. of some person doesn't like bitcoin that person doesn't have to buy it. of another person does that person can buy it. as with anything people need to do their own homework, they need to think why they are buying something, look at what they see as the value in it and make a determination based on that. it's not for me to say you should buy this or you shouldn't, you have to do your homework. liz: your homework tells you it's not a fraud? >> i'm not going to speak to any particular crypto asset. what i say is people should be free to make their own decisions what they want to purchase or not purchase. the fcc's role is not to come in and say this acid is good or this as that is bad, it's not the rule of government to do that. liz: we have divided

government, congress can barely agree on when to enter the capital. in the mornings, get coffee or not, they fight about that. we had senators kiersten jell-o brand and cynthia lummus who came up with a framework for crypto regulation and it feels like people are hoping, even people in the industry that there will be a type of legislation. what would you say to congress about getting the act on? >> there are many questions congress could provide clarity on. you see the regulators running around trying to get turf in this space, but it would be better if congress said this is the framework we want. i would love to see that. it is a difficult task for congress to design something like that. you've seen a lot of work happen and i look forward to seeing more coming up soon.

liz: thank you for coming on to discuss this. crypto looks for defined rules, some members of congress are turning up the heat on tiktok first. my tiktok account has 255,000 followers. today we talk about tomorrow's fed rate decision and why someone like black rock says now is nirvana for investing in government bonds on the short end of the yields but am i going to be shut down? whatever the government says, i will abide by it, but what is happening now? there's a new detail in the push ahead. closing bell ringing in 37 minutes, follow me on tiktok, closing bell 37 minutes away, douse up one hundred 34, the nasdaq up one hundred 27, we are talking tiktok rules and regulations next. if it may quay for a payroll tax refund

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liz: fox market alert, the stock market looking pretty healthy, the s&p up one hundred 76, the dow is up one hundred 78, the s&p up 32, the nasdaq up one hundred 20 one. victoria's secret to taking a victory lap before it releases its fourth-quarter results, lingerie and apparelmaker

hiking profit and revenue saying it expect earnings to come from $2.25 to $2.35, higher than the previous top end guidance. victoria's secret, and accelerated share buyback program good enough to punch the stock higher by 8%. ao smith is on track first largest percentage increase since october of 2,020 one. the what agreement company stock is pounding higher by 12.8%, after beating net sales and earnings. boosting profitability, and spend share repurchases. from water to paper, also queuing the committee and believing professor making

corrugated shipping boxes and industrial packaging, international paper turned one hundred 25 years old today and looking very spry up 10.4%. coursing higher in the number 2 position on the s&p 500, music to the ears of spartaify investors after the company reported strong user growth, reporting 490 none active users up 20% year over year. spartaify reporting revenue beat, stock is jumping 12% at the moment on a slightly different note, the company generated a record operating loss of $715 million amid a restructuring program. it seems people if they are not listening to spot so ify are scrolling for tiktok, that's a major problem for some members of congress, the house energy and commerce committee is calling the company's ceo to testify before congress on march 23rd. congress men and women expected

to target with questions about the apps's privacy measures as well as tiktok's ties to the chinese communist party. lydia is in the fox business news room with more on the push to ban the popular social media apps which i know some federal employees are not allowed to use. >> reporter: we will talk about that, though ceo's testimony comes as momentum for nationwide ban of the platform is growing. half the states have banned access to tiktok and a growing number of colleges have followed suit. watch this. >> this is a two front issue, security and privacy issue which is why the universities trying to protect their research and access to what students are doing are taking such a strong stance. it's also harm issue on our youngest that are still at home. i'm not just the attorney

general, i am a mom, i banned tiktok in my own home. >> reporter: concerns for mental health are growing as 2 of 3 american teens say they used tiktok according to the pew research center, anxiety or depression, a top concern among parents with more parents worried about mental health than kids being bullied, using alcohol or drugs or even getting shot. >> the use of social media in an unsupervised rampant manner leads to a lot of issues regarding self image that could lead to suicide and drug use, the need for parental supervision should be critical. >> reporter: that is why the surgeon general says kids should be 16 years old before they use social media. social media platforms require users to be 13 years old but there is no meaningful

enforcement of that age and that is subject to abusive legislation. some lawmakers want to make it unlawful for social media companies to give access to teens under the age of 16. we reached out to all social media companies, we didn't hear back immediately but on this issue, tiktok said before that banning tiktok is a political gesture that has nothing to do with national security interests. liz: senator mark warner of virginia would disagree, he says donald trump was right when he said tiktok should be banned, you have a democrat agree with a republican former president, this is getting emotional. until then, follow me on foxlose. i'm doing market explainers. tomorrow is the big one, the big day fed chair jerome powell and company will decide and announce by how much to hike

interest rates. john hilsenrath, who is a fed expert, he reads the tea leaves. easier to tell us which words they are looking for to indicate what the future moves in march and may might be from the committee and from walking a dirt road to school everyday to walking the red carpet, matthew knowles, father to beyoncé tells us about his time working at xerox until parting ways to help manage his daughter's singing career. on top of the world until 2019 doing so when he was diagnosed with what he calls chest cancer, male breast cancer. hear his amazing story and how serious this issue is on the everyone talks to lose podcast, get it wherever you listen to a brand-new episode, beyoncé's dad, matthew knowles. 25 minutes before the closing bell rings, we are coming right

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liz: fed heads are huddling behind closed doors gearing up for tomorrow's decision on interest rate at 2:00 pm eastern, the announcement is 22 hours and 19 minutes away, the news conference during this hour, there has been a big shakeup of chess pieces ahead of the vote. every january four of the 12 fomc voting members swap spots with nonvoting members and this is part of federal reserve policy, chicago, dallas, minneapolis will rotate into voting rolls, that happened the few hours ago and they will take spots from st. louis, boston, kansas city and cleveland fed presidents but

how will that shakeup shift the impact of wall street's expectations of future meetings and great moves? john hilsenrath joins me, he has covered the fed for years. let's look beyond tomorrow, march and may, widely expected tomorrow we will see a quarter of a percentage hike bringing us 4. 5 for the overnight lending rate but what about march and may? >> that is what the market is looking at, how powell signals the road ahead. jay powell has been in a power struggle with financial markets since last summer, doesn't want to declare a end to rate increases because than the markets will take off, stock prices rally, bond yields coming down and doesn't want to see a market rally. powell is going to be fairly

restrained in signaling when the user rate increases end. there will be a clue in the statement they put out. they've said for several months they expected ongoing increases, they might change that wording which the market could take as a sign that march will be the last rate increase but powell will try to pull those expectations down. he doesn't want to see the market take off and declare a end to this. liz: the new voting members are more dovish flock, so look out for the word ongoing to somehow disappear and if it does, that may mean they are done in march? >> ongoing increases with plurals on increases. in terms of new voting members,

i would call them mainstream. likely to vote with the chair. a few hocks rolling out at the end. i don't think it changes the vote that powell gets. the sensible thing to do is, i think powell will signal this, time to see how things happen, inflation is slowing down. we saw today with the employment cost index wages are starting to slow. it makes sense to say let's take this one month at a time. maybe we can slow down or stop these rate increases but he is in a fight with the market, because he doesn't want the market to get ahead of itself. liz: we have a lot of market participants and traders, keith fitzgerald, a lot of people say the fed needs to stop. this is going to be an

overshoot. i will say what the federal reserve has done so far is working if you look at what they aimed to do, that is bring down inflation slowly, don't shock the market, you brought up the employment cost index, lighter than expected, cpi for the most recent print later than expected, no real shocks here, we are starting to see the data inch down slowly to cool things off because borrowing costs are going up. am i wrong in saying that the fed appears to actually be hitting all cylinders when talking about the car they went. >> this is why your guests are raising this. if inflation has already turned over, the numbers will get better as the year progress is because rents are slowing down and that hasn't shown up in the cpi index. then you ask why people are

raising interest rates, they wanted to slow the economy enough to slow inflation and consumer spending has slowed down, rents slowing down, wages are slowing down. what your guests are getting at is it worked. liz: the stock market has been going up the last 3 months. >> the fed is a glacially moving institution. it takes them 3 to 6 months to turn things around the. the risk is they keep raising interest rates until it is too late. why are so many talking about recession? the bond market and confidence suggests we might be heading towards one later in the year. you have to ask should the fed be raising interest rates when inflation is slow and people say we are heading towards recession. it is working lose what they tried to do is working but the

risk is they overdo it and if they overdo it is between now and june. liz: good to see you and fox business, the cool our is charles payne and then "the claman countdown," fox business has complete coverage of the fed rate decision, 2:00 pm eastern, making money with charles payne beginning at 2:30 p.m. it spills over into our our, we have all the post presser analysis on "the claman countdown". peter schiff, andy brenner, the greatest names, we are going to battle and figure out how the markets are reacting and speaking of markets, the dow at 252 points, who helped sam bankman-fried post bail? that is a big question. charlie gasparino has been

digging around it has some names he's ready to name, as well as which governor, what governor ron desantis is thinking about 2024 presidential run. he splitting and two, charlie gasparino stories 15 minutes away, the dow continues to blast through the ceiling, close to new session highs, again of 263. at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere,

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♪. liz: hold on. i want to point this out here. we have a brand new fresh high for the dow jones industrials up 303 points. we have only three dow components moving lower. big rally here, the s&p is hitting new session high up 47. fox business uncovered you can call them interesting connections between the victims of sam bankman-fried's bankrupt crypto exchange ftx and the founder sbf himself. charlie gasparino is here with the latest legal embroglio. >> what a tank gelled web we weave. i'm not saying you know david boies. liz: yeah. >> argued before the supreme court. bush versus gore, the lawyer for the government on the microsoft, big microsoft case.

liz: lawyer for theranos. >> theranos. we can go own and on. david has been on the show before. david boies is representing the victims of sam bankman-fried fraud in class-action suit. he is actually suing sam bankman-fried. he is suing gisele bundchen. suing tom brady. saying this whole thing was a huge crypto pyramid scheme. that is his words in the lawsuit. he, he is actually made some interesting comments about it recently. now here is the interesting thing. he is the chairman of bois schiller, the big law firm he created. two of his major partners are relatives of sam bankman-fried. a guy named -- liz: what? >> they are sam bankman-fried's uncle, james fox miller. major partner at bois schiller. a guy named charles miller, fox miller, also at bois schiller. they both work in the florida office. does this represent a conflict of interest? legal sources say no unless

they're working directly on the case. it is an interesting connection here. let's unravel this a little more. james fox miller is married to barbara miller. barbara miller is the sister of joe bank man, sam's father. she was involved in a major charity in broward county, hackathon we reported about. liz: yes. >> for the kids in broward county to have them compete, make money. it is up in the air whether they will claw back the money they made, winnings. it's a big mess down there she was involved in that as well. charles fox miller was involved in that hackathon. not directly involved but he was at the hackathon. he was tweeting, posting on social media. actually quite funny. liz: not helping b-eis with the case? >> can't be. james fox miller calls boic best friends. they vacationed together. i don't know how this works out

david boies suing one of your best friends kids or excuse me, navy if you. that is the interesting thing. we put calls into all the folks we should point out. none of them are getting back to us on various interesting connections what it means. and, then, let's just take it one step further. okay, now this is speculation among the people involved in the whole blowup of ftx. who put up the bail money for sam bankman-fried? okay? lots of names being bounced around. two of the names being bounced around, again we could not confirm, people that are involved in this whole i am brogue i james fox miller and barbara. the two misery people behind. we will find out in a week. i have not confirmed it. i asked them 1000 times. you tell mee yes or if it is no i won't say anything.

in any event it is speculation, we have not proven it. before i leave your set and get ready to go to miami tomorrow, by the way, i can't wait, i will talk a little bit about ron desantis. again, trump is attacking him left and right. why is trump attacking him? because he is hearing what i'm hearing. all the major fund-raisers down in florida are saying that ron desantis is running for president. now desantis has not said what he is doing and you know, sometimes you gut check at the end of the night, like, you know, i don't want to do this. get in the mud with donald trump in a bitter primary battle. but all of his florida base fund-raisers, donors, bundlers, whatever you want to put it, saying he is in it. if he is in it, watch the fur fly even more. it is interesting that donald is going after him now. donald, he is down there, mar-a-lago is down there. that is desantis territory. liz: can you imagine that debate? >> i can't wait if that happens. it will be like fur flying.

i think they will have a party for that debate just to hang out and -- liz: charlie, invite me. >> i'm going to miami. you going to be okay without me? liz: i'm crying. okay, thank you. we're hitting new highs. hold that thought. >> i will have my fannie pack and my t-shirt, okay? liz: send pictures. >> closing bell. less less than three minutes away. averages wrapping up january to the upside. nasdaq up 10 1/2% best january performance since 2019. advanced micro devices releasing earnings after the bell. it is expected to earn 67 cents per share, around five 1/2 billion dollars in revenue. today's "countdown" closer says he likes the other chip stock. he manages 1.7 billion in assets cio capital management. let me guess, nvidia, right? >> shocking. liz: everybody loves nvidia, what is it about nvidia, that one, not amd?

>> number one i think the growth rate potential going forward is the best, right. they have the largest position in artificial intelligence and as you look, forget this year. even next year. but next three, four, five years artificial intelligence willr semiconductor manufacturers one of the sweet spots. nvidia is well-positioned. right now they're doing better than they were last year. tough year for them last year. i product cycle, getting behind them, some of blocking and tackling seems to be behind them. we can look forward to the next leg of growth there. liz: pretty sexy one-year chart and unsexy one-year chart. as you say, looking ahead. michael the federal reserve is meeting tomorrow where the announcement will happen. the press conference, what are you going to be watching for?

>> we expected 25 basis point rate hike. we think that continues in the somewhat dovish conversation that the fed has been providing. no real reason for them to change their goal of a 5% interest rate mark and they're going to continue to keep inflation under check as best they can. it's working. we're seeing it across the board. inflation, we've seen peak inflation. we're seeing it slowly recover. i think they will be a little bit frustrated by the strength in the jobs number once again. jobs number unemployment has not ticked up as much as they expected. there might be reasons structurally. [closing bell rings] >> go a little longer. market continues to look you there it. liz: we shall be seeing. look at the dow, when we started this hour up 242. closes up 373. we'll see you tomorrow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. in case you missed it,