still. no, not the keane knew reeves version -- keanu reeves version. remember they stopped all the machines in a show of force and commanded that humankind learn to get along, or the next visit would be a real hostile visit. but then there's that twilight zone episode where those powerful aliens come down, and they present us with a book called to serve man, and they get rid of all diseases, all wars, and life is beautiful. we're going to the their planet, but then we find out that the book was a cookbook. the point is maybe as we stare at this balloon hovering in the skies, we can start to contemplate other things like how to make better for ourselves, for each other. just a thought. liz claman, you know it's friday when i start the talking like this. liz: i'm, like, rodder isling, actually, charles, we've got some breaking news on that and stocks that are moving in the relation to it. we've got chinese stocks heading deeper into the red as we kick

off the final hour of trade amid in this flurry of headlines regarding the suspected chinese spy balloon as it continues to float eastward over the united states. we are hearing right now that it is currently over northeast kansas after being first spotted over the skies of montana. you can see momo down 4.75%. we've got a couple of these chinese stocks down more than 5%. the chinese are saying it's a civilian research airship, and they issued a statement of regret, but that not what the pentagon is saying. they are calling it a surveil is lance vehicle, and amid calls to shoot down said balloon, secretary of state anthony blink, the broke earlier, has canceled his trip to china to meet with president xi. with tensions ruing, u.s. semiconductor stocks with exposure to china have also increased their losses. and here we are 59 minutes left to trade, taiwan semidown 2%, advanced micro devices down

2.5%. we are expecting the president to speak sometime in this hour from philadelphia. we will get you any of the breaking developments, we promise you that. but let's get to the markets for the moment. stocks also in the red overall, kind of the land of confusion. initially investors had trouble absorbing the shock of the new and stunningly strong labor report as it hit the tape this morning. you can see from the intradays that the majors have on and off been recoiling, then pulling u-turns, shriveling, enthen firming and now are down once again after cropping 220 the points and then turning positive around 10:40 a.m. eastern, the dow has crossed the unchanged line 40 times and right now is lower by 224 points. low of the session, that's about it. we are there right now. took the nasdaq and the s&p just under another hour after 10:40 to open to follow suit, but both have also hopscotched back and forth across the flatline. we do have the s&p down 54 points and for its part, the nasdaq is down 221.

even though apple, which is the heaviest weighted stock in both the s&p and the nasdaq, is moving higher by 2.25%. this is a shining star at the moment. last night though shares were tanking 5% after hours after the iphone maker reported an earnings miss and the largest quarterly revenue decline since 2016. iphone revenue dropping 8.2%, but investors obviously swooping in right now to scoop up shares after we saw that premarket weakness this morning. problem children at this hour, get 'em up on the screen, three names also reporting last night, amazon, starbucks, google. amazon's down 8.8%, google lower by 3.5%, starbucks down more than 4%. for various reasons and various misses, but amazon's taking an i don't want sized hit after reporting a slowdown in both its shopping and cloud computing business. we got no slowdown, though the, in job creation for the nation. employers went on a hiring spree last month, blowing away all estimates by adding 517,000

non-farm payrolls. wall street was looking for anywhere from 185,000-300,000. that was citi, and they were considered the outlier, and they got beat by more than 200,000. unbelievable. unemployment cropped to 3.4% -- dropped to 3.4%. so at the moment the estimate was 3.6%. when unemployment drops, that's a good sign, right, if you're looking at the jobs world. this is the lowest rate since the who released "tommy." yes. and mario andretti won the indy 500. that would be may of 1969. why would 500,000 jobs be seen as a negative for the stock market with the dow down 227? because it only bolsters what federal reserve chair jay powell said wednesday after he and his interest rate-setting committee hiked rates for the eighth time in a row. and what did he say? the economy's still running hot, and the job to quell inflation is not finished yet. bond market is believing powell at this hour, and they believe

he is serious. look at the spike as soon as that jobs report came out. the yield for the 10-year, 3.53%, up 13.7 basis points, and the 2-year up 18 basis points to 4.29%. how should investors interpret what's to come for both the economy and market reaction? to the floor show and kpmg's chief economy diane swan. diane, it's not just yields that the collar is hitting a 3 -- the dollar is hitting a 3-week high amid the belief the labor market shows there is more work to be done, and we'll get the equity picture in just a moment. for those who said wednesday, oh, we've seen the last of the rate hikes this cycle, you say what? >> i say not only have we not seen the last of the rate hikes, chair powell himself said there's at least a couple more rate hikes out there the, there's a very good chance that the move after they get to 5.25% could be up instead of down if we don't see markets capitulate

more in terms of credit easing they've done. the crept easing that we've seen the actually fueling the economy. now, there was a lot of strange things about the january report. a lot of it was about labor hoarding. in the month of january, we usually lay off anywhere from 2.8-3 million workers in that month. it's the biggest month for seasonal layoffs that we have in the year. so once we seasonally adjust the data the, we see a gain if you don't lay those workers off and, sure enough, we only laid off 2.5 million workers in the raw data. that added a lot to overall employment gains and really speaks to the ongoing labor shortages that we're experiencing and the reluctance of especially the leisure and hospitality sector where job gains were the most, they accounted for almost a third of the private sector job gains in the month, that they're holding on to workers they once would have leapt go after the holiday season. the same thing, incidentally,

occurred in retail as well despite mixed news in retail. liz: yeah. and we're looking at leisure and hospitality, accounting for close to the 30% of the gains for january followed by health care, 58,000. retail, 30,000 and so on. but, you know, to the add fuel to this belief that the fed is hardly done, adding fuel to that fire, non-manufacturing pmi for the month came in at 55.2. that's more than 4 points stronger than expected. and the prior month was upwardly revised to 49.2. clearly, inflation has not been slayed yet. but what signal will you be looking for that inflation has9 settled down enough for the fed to finally pause? >> well, the real issue is what chairman powell sort of emphasized and leaned into not enough, in my opinion. i think there was some lost in translation, and he was not the best translator as well after his press conference. but i think the issue is that core services inflation, that's 56% of overall inflation out

there, and that has not moved. he made a point of saying, listen, on a 6-month and 12 the-month basis, that core services inflation is still at 4%, double the fed's target. when that accounts for 56% of overall inflation and you've seen some of the easing that's gone on in financial market conditions unwinding what the fed has done in commodity prices, energy now higher than it was at its lows and even raw material prices now coming up again with the reopening of china and infrastructure spending now coming through. all of that are things that go against the fed being able to get through the hardest mile of this marathon. it's not a sprint in terms of bringing inflation down. liz: i was really confused sitting here on wednesday. we had andy brenner, i know you know his work, he's very measured. he absolutely sat there and said i stand by the belief that in the will -- that wednesday was the last rate hike of the cycle. i did not hear that at all, and

now i'm looking at the march fed funds futures -- >> no, no. liz: -- the markets are pricing in a 99.6% odds of a quarter of a point high, and now there's a tiny, four-tenths of a percent, odds of a 50 basis point -- [laughter] i mean, i'm not an economist. how did i see that and others do not? the -- >> well, i never saw what fed chairman powell was saying -- i was confused that he did not push back on the financial markets easing and the credit market easing as he had in december, but his message was actually the same. he said we expect a couple more rate hikes out there, at least a couple more. and he said, listen, you know, we don't want to stop historically. if we stop too soon and we paust to pause -- we stop too soon, we know risks something that's a worse outcome down the road, a more corrosive, longer bout of inflation or worse. and that is exactly where the fed has been out. he stuck to the script until we

got to the financial market question, and he said, you know, we're not going to tell financial markets what to do or what to forecast. well, actually, it is the fed's job to guide financial markets, and we know the announcement effects of fed policy are some of the largest effects out there. so his failure to push back was an issue. also his word, disinflation. financial markets see things in black and white. the economy is seeing a deceleration which is, in fact, disinflation. it is not a repeat of the four-decades-long deceleration in inflation we saw leading up to the pandemic. liz: well, i'm glad you heard what i heard. diane, thank you very much for clarifying and at least clearing the air as i see it. you say a couple more rate hikes. let's bring in trader keith fitzgerald because the equity markets are lower after having moved higher and trying to figure out and rejigger what first was a selloff. what do to you make of the the market moves at this moment? >> well, i gotta tell you, you

know, i agree with your comments here, this is interesting. the danger is that people like you and i and my colleague use common sense. the fed doesn't necessarily hav- [inaudible] on. that i look at days like today as simply digestion. there's been some big news, some big moves. it's something where doing nothing is just as fine as doing something. pick up the wreckage when it's done and get back to business after it settles. liz: you know, apple is obviously a leader on a down day. you had been buying it and saying, you know what? i'm buying some, the last time you were on, you said i hope i'm smart enough to buy more at the lower price, here we are moving higher. what do you see in the report that needs to be paid attention to for investors? >> well, i see two things. i see, one, i see a group of sell-side analysts who tremendously misunderstand the company. what i see when i listened to the call was management that knows exactly what they're doing and moving beyond this messing -- mess. they've got a handle on costs,

they've got a handle on control, their margins are still high, their services businesses are still growing. those are all positive. i don't care shop about -- so much about the short-term picture. liz: one of those analysts who actually understands apple, dan ives, is going to join us in just about a couple of minutes here -- >> he is one of the ones who gets it. yes, absolutely. liz: and he's joining us in a few seconds. but meta. now down slightly after a boffo day yesterday,. [laughter] lifting almost every single boat because it was the strongest tide there. what do you think of meta's move, and what does that speak to as we broaden the aperture when discussing tech? >> it's interesting to me because for the very first time in his career, the person i saw in mark zuckerberg was clearly having an adult moment. it was a very measured, logical, responsive conversation. he answered the questions professionally with a level head. he was very frank and

forthcoming. that, to me, was an, extremely pleasant surprise, because i haven't trusted him for a long time the, since he debuted that company. so i'm going to be taking a hard look at meta, and i may actually have to reevaluate that stock going forward. i think it changes the narrative for tech, because if he's got a handle on thing,s then lesser quality companies might get taken along for the ride as well. liz: still not where it was back in 2022. >> nope. liz: good to see you, keith, thank you very much. and our thanks to diane swan. folks, as apple bucks today's down trend, one of the nation's most closely followed apple analysts is here to tell us what investors make in the iphone maker in an otherwise challenging economy. web bush's dan ives here with that and the early valuingen tine's cay gift the treasury department just handed electric vehicle makers -- valentine's day. will it get consumers rushing to the dealership? closing bell, 47 minutes away.

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liz: one of the uglier charts of the day, ford. shares are plummeting 7.if 8% on pace for their biggest percentage decline in five months. ford is blaming legacy supply chain challenges. the automaker unleashed quite the quarterly grenade last night. earnings plummeted 89% from a year earlier, and despite the popularity of its f-150 lightning ev and its bronco, the full-year operating profit fell more than one billion short of

the guidance it provided three months ago. but good news out of washington, d.c. has tesla adding about 1.5%, off the highs of the session even, to an already strong week of gains. after months of requests and pleas from automakers, the treasury department announcing today it is revising how it classifies evs, enabling some of those made by tesla, gm, ford and volkswagen to now qualify for that $7,500 federal tax credit. if -- by raising the retail price cap from 5,000 a car to 80,000 -- 55,000 to 80,000, the cadillac lyric, the mach e and id-4, those crossovers and suvs previously not covered by the credit will now qualify. web bush securities managing director and senior equity analyst dan ives covers tesla and gm and, of course, apple which we'll get to in a second, but who will be the biggest beneficiary of this change at treasury? >> i think it's really gm and

then tesla. i mean, for tesla this is just another talon for them. and ultimately, look, when you have detroit betting their lifeline on electric vehicles, this had to happen from the beltway. it's a positive for evs, but clearly if you look at ford and gm, i mean, ford, that was i'd say almost a dog can ate the homework type excuse where gm's been popping the champagne after a robust quarter for mary and the team. liz: so gm's going to be the biggest beneficiary followed by tesla. do you expect a mass rush for the doors and not the exits, but the front doors of dealerships and tesla stores, people saying, oh, now i'm going to get the $7,500 back? >> i think it's a green tidal wave that's happening in the u.s., and this has been, i think, overdue. tesla in terms of the ev landscape, it's still tesla's world and everyone else is paying rent. but now you're seeing the benefits with gm, with ford, with others that come through because i think we're about to go through a massive wave of ev

conversion ises. and the credit was the missing piece in the puzzle. liz: okay. and, you know, i concern what kind of incentives -- i -- what kind of incentives would reclassify? because i'm looking at the lyric, and it was gm that was really agitating with treasury. it's not an suv, at least treasury said it was a car and not an suv, so it did not qualify because it costs more than 55,000, now it will. it's not a cheap car, but how do you see sales playing out and trending? >> well, i think for gm there's a renaissance of growth -- [inaudible] in the area code. i think what mary and the team have done, they built out battery technology, they talked the talk, now they're walking the walk. and i think we saw the first step of that this week, and now you're going to have nine models. and what i view is 4r-78 a rerating in the stock as well, you know, as this all plays out. ford, clearly some heavy lifting ahead. i think farley's clearly doing a

good job, but they stumbled over their shoe laces. liz: yeah, you know, they've got some legacy problems with supply chain, but in the end, we're watching all of these companies, and it's like "the hunger games," although as you say, elon and tesla way up there. tesla just cut prices on some of their models. that was to spur if sales. if sales start to jump up from what you know of how the company operates, will they hike prices again? >> look, i think right now if you look at musk, what they've done demands 2x production. they writtenned concern ripped the babb-aid off -- band-aid off on pricing not just in the u.s., but also in china. i see a mini ev price war happening. they can maintain ridiculous margins, and that's part of the opportunity. this is just a short coverage for the ages in tesla, and, in my opinion, along with apple the most transformational companies in the market. liz: this is kind of unrelated

to the ev credits, but the trial involving elon musk and that tweet from back in 2018, they are just having closing arguments right now in the shareholder lawsuit over that false tweet that he had secured funding to take tesla private at $420 a share. shareholders attorney says elon's not above the law, he's liable for putting out that false info. some people say it artificially inflated the price of the stock. what happens if elon's found guilty here? how does that affect the stock? >> look, that was a dark chapter. cheerily, i think i'm somewhat surprised he didn't want to settle. but, look, i think that's something that the street's looking forward to putting this in the rearview mirror, and i think it's containedded in terms of the reaction relative to the stock. street's already digested this. liz: okay, all right. there could be, you know, these shareholders are demanding billions. let us just dovetail to apple here. you've got an outperform on the stock, and you hiked your 12

the-month price target by $5 to now $180. stock at the moment is at 155. what did you like in this report? >> look, this quarter was really supply chain shortage-driven because of china. and i think that's something the street will pass. now you have china reaccelerating out of the lockdowns, and you have you have gross margins best that we've seen in 10 years because of what cook and cupertino have done with the chips and owning their system. i view it as a goldilocks print from apple, and i think that's why this is a stock that's a rock of gibraltar. i think the most important thing, liz, is 250 iphones have not upgraded in four years. liz: well, warren buffett says the only time he doesn't buy apple is when the price is going up. he loves when it's going down because he, obviously, believes in the company in a big way. what are your expectations for apple sales in the current quarter?

>> well, i think you're going to clearly see a rebound because of some of the shortages that now flows through to march. but this is all the drum roll to iphone 15. as we go into the summer, fall time frame, you've got services now rebounding significantly, and i think you all put et al. together. this is really a company -- put it all together. that's why the stock's in the green today, in my opinion, on its way to 200. liz: it's at 155 and change, up nearly 3 at the moment on a significantly down day for the moment. dan, great to see you. thank you very much. >> thanks for having me. liz: anytime. much of the nation at this hour warning of a deep and dangerous freeze as millions brace for some of the coldest wind chills ever recorded. celebrities nick jonas and priyanka chope rahs investing in a ski-focused sportswear company. perfect moment has just inked a new deal with the major fashion

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liz: fox business alert, amazon is hitting session lows, just a second ago it was hitting, dropping to about 102 and change. slightly above that at the moment. it is on track for its largest percentage decrease since april of 2022. obviously, they saw a slowdown in their e-commerce shopping but also in their cloud business. so, yeah. but this is also an interesting moment here, down 44.5% from its all-time closing high of 186 on july 8th of 2021. chlorox shares cleaning up at this hour though, topping the s&p after reporting quarterly net sales that beat analyst estimates. the stock up 9% at the moment and topping the s&p 500 after reporting quarterly net sales that beat analyst estimates. the company also raised its 2023 full-year forecast. cleaning products maker did hint at layoff plans for the future. ubs, though, raising its price target from 12 the 9 to 140.

and deutsche raising it from 151 to 152. it's already above that right now at 153 and change. regeneron is moving up as well, up 4.8%, after the biotech reported fourth quarter profit and revenue that fell but beat analyst expectations. the new york-based company did say it did not sell any of its covid-19 antibody cocktail this quarter having already completed all deliveries of it that were required in its contract with the u.s. government. the medicine, of course, was designed to block covid infections and was a huge success, generating 2.3 billion in sales year-over-year. skechers running downhill after forecasting lower than expected full-year sales. the footwear maker cropping 9.25% right now -- dropping -- sales resulting in a record revenue of 1.88 billion. cow an and company cutting the price target from clash 65 to 62. not even close.

the stock is well below that at 44 and change, but they did maintain the stock at outperform. nordstroms soaring after activist investor ryan cohen, founder of chewy, revealed a major stake in the company. sources say the meme stock maven is now one of the top five non-family shareholders of nordstrom. that stock, nordstrom, up 25.33%. all right, his goal, according to people familiar with the matter, is to replace at least one direct or, former bed bath & beyond ceo mark trenton who chairs the compensation committee and who mr. cohen apparently views as conflicted and unqualified. cold weather apparel in hot demand at this hour. of course, nordstrom carries canada goose which is recovering at this hour. shares are moving higher by 13% after plunging 23% yesterday due to a full-year forecast cut. goose shares up 16% year to date, stand at $2 the 1.25. heading into ski season, hugo

boss is finding its cool. the german fashion brand up 18% year to date. it's up 1.7% at the moment and is teaming up with luxury label perfect moment for gear that can take you from coarsing down the slopes to apres ski. celeb is nick jonas and priyanka chopra jonas are investors, supported by the princess of wales and supermodel alessandra ambrose owe and is now the most popular ski wear name in social media. joining me now from aspen, colorado, is the ceo, jane godschalk. this is certainly exciting to have the deal with hugo boss which is publicly tradedded. tell us about the collab. >> yeah, it was a great collab, i think. it was really fun to work work with daniel, the ceo. he's a very passionate skier and, obviously, hugo boss is

pushing further and deeper into all sorts of sports, and ski is a focus. we were all in us a frey ya about three weeks -- austria about three weeks ago celebrating. it's definitely a moment, shall we say. liz: well, yeah. why hugh hugo boss? you guys could stand on your own, can't you? you're the number one ski wear on social media company. >> yeah. i think for me it was an opportunity to work with daniel. you know, he's one of the most respected ceos in the fashion world. and i think it was the opportunity to do something with a much larger company as well. and be part of that journey and also, you know, his new marketing campaign was very much speaking to our audience as well. so be your to own boss, meet the moment makers. we're all about creating moments, being in your moment, our moment making campaign. so i thought that fitted very

well with that campaign. they were talking to the same demographics and, you know, i thought it was a great opportunity to work together. liz: liz the price points of your sweaters and ski jackets aren't anywhere near the bottom, but they're also not at the high, high end. you've got jackets between clash 700-1,000 -- $700-1,000, pants up to 500. so as you look at the sales and all of that, it's still considered consumer discretionary. are you worried as you look at the landscape of the economy, we just saw a boffo, blowout jobs report for january, so that certainly underscores what the federal reserve has said, that is economy is still running pretty hot. although if you talk to some other people, they believe a recession's coming. what are your sales telling you? >> yeah, and this is why i wanted to keep the price point as low as possible. i mean, obviously, using technical fabrics, high-enfabrics -- high-end fabrics, it's hard to keep the

price point low, but it was important to me that it was accessible. i think despite the recession and macroeconomic headwinds that we've seen, a war in russia, brexit from our standpoint back in the u.k., it's definitely been challenging. i think everybody's had to revise their business plans and their margins down a little bit. but i think, on you, for us we've -- you know, for us we've still grown 50% year-over-year, i think it's going to be 60%. i'm waiting to see the end of year reports in march but, is still, very, very strong. liz: you've got a hot product, and people want it. just before we go, we've only got about a minute here, but the issue of climate change, we do know one thing, whether you believe in it or not, snow totals are trending downward. i'm a skier myself, and i've really noticed that by march much of the snow is gone certainly in the colorado rockies. you've got to tell me exactly how you feel about sustainability and what you guys

are doing to insure that you'll have a reason to sell these ski clothes in the future. >> yeah. i mean, it's interesting you say that, but in europe we're suffering this year with snowfall but all the way through the states and in colorado, you've had the best snowfall, i think, in the past ten years. it's really hard to predict. but i, you know, i think -- [laughter] i think, i think there's going to be a lot of ups and downs, as you say, if you look at the weather throughout the world now, it's so up predictable. unpredictable. but hopefully, hopefully, you know, i think particularly over here colorado it will remain consistent for a while. liz: i see buttermilk over your left shoulder. i know snow maas is right nearb- >> yeah. it pretty much looks exactly like it does in this picture outside right now. liz: that's gorgeous. jane, good luck with the business. we love to follow smaller and growing businesses, and yours

certainly checks both those boxes. >> thank you so much for having me on. i appreciate that. liz: freezing up to melting down. the steel industry struggled mightily during the coronavirus pandemic, but could the clash 1 trillion bipartisan -- $1 trillion bipartisan infrastructure law spark a resurgence as major products demand super strong products? this in a fox business exclusive, the ceo of u.s. steel joins us next on how the picture for both his business and his stock is already turning brighter. closing bell 22 minutes away. dow is down 174. we are coming right back with a steel ceo. ♪ wo ♪ what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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vroom. get in. liz: well, president joe biden just spoke minutes ago in philadelphia at a water treatment plant. the city is going to receive $500 million for water upgrades and lead removal. $160 million of that funding is coming from the bipartisan infrastructure act. infrastructure spending boosting

a lot of economic sectors, particularly metal manufacturers like u.s. steel which just released its fourth quarter earnings last night. they beat on both the top and bottom line. they did see revenues slide 23% year-over-year, but let's go to pittsburgh live president and ceo david burritt joins me in a fox business exclusive. when the president speaks and says clash 160 million is going to the philadelphia water system, how does your mind start to turn and the wheels of what that could mean for u.s. steel? >> well, thanks for having me, lynn. and i guess i'd just say we're excited about the future and bullish about the future. the infrastructure bill, the chips act, the ira, all those things show great promise for us to be able to invest in the future and invest in the good old usa. so we're excited about the potential, and the business is coming back. and we're looking forward to what's ahead. liz: well, i was looking at your stock year-over-year, it's hard to find companies that are doing

well year-over-year. [laughter] you see a lot of red on the far-right side for the 52 the weeks. you guys are certainly in the green. let's talk about what you expect will push you even higher in 2023, and were you able to put government spending in and factor that in for your revenues for this year? >> well, i think the future's incredibly bright, but 2022 was our second best record ever. and no matter what comes our way with record cash and liquidity, we're able to withstand an upturn or a downturn, but there is uncertainty. there's no doubt about that. but we've seen the order book improve. january's better than december, february looks better than january, and march is better than february. so it does feel like the momentum is building. but beyond that,st the really hard to know -- it's the really hard to know what the future will hold. we're seeing sentiment improve, of course, the jobs today and the announcement by the

president. there'll be a lot of volatility, i think, in the short term and, who knows, we might have a recession in the back half. but for us, we feel very strong about the future. we really haven't seen much government spending here impacting the infrastructure -- liz: yet, right. >> that tends to happen longer, maybe the back half of this this year, well into 2024. so for now it's looking good. we may have a bit of a lull, but the longer term future, we i -- we think, is very bright especially with the focus on national security and what's best for the usa. liz: okay. and how would u.s. steel play into that? because i was just about to jump to the auto industry. that's a big part of your business. we'll get to that in a minute, but tell me how that square withs with national security. >> -- squares with national security. >> well, we have the trade cases that have been in place for some time now, and we continue to get support from the administration that understands -- liz: you're talking about the tariffs. >> yes, the 232 the tariff and

the countervailing duties, the things that the international trade commission has supported. those will continue, and when those continue, that's good for the united states. we have to have a strong steel industry, and we have to have a very strong manufacturing base. so that's what's encouraging, that we understand national security matters. and for us, made in the usa is a really good thing. liz: absolutely, david. but i also looked at, i believe, going back to august 2018 when president trump put in the tariffs, the steel tariffs and banning chinese, mostly chinese steel from dumping onto our market. and if you look at your stock, it did see an initial pop, but then it continued to fall because prices got expensive. because, obviously, we pay our workers a fairer wage here in the united states. how do you figure that you will continue to start to see a

better opportunity especially when we've got a slowing housing market? >> well, the housing market, fortunately for us, the housing market is softer, but the non-residential market is much stronger. we have a diversified portfolio of products that goes across a full range of products including auto and energy, which is incredibly strong. appliance may be off a bit, but it's coming back. and all these things are starting to head in the right direction. so we feel good about where we are now. there's always a lot of uncertainty, and we have to make sure that we have this balance sheet that can sustain whatever, whatever the economy brings us. liz: i know that you have sort of ngo steel. this is clean steel, if you will. and a lot of that is going into everything from suvs to electric -- the innards of electric vehicles. we just got news from the treasury department that they are going to modify some of the classifications for evs making

more of them available for the tax credit that the federal government's giving of about $7500. you know, how big is that business? how is it growing for you? >> the electric vehicle market is the future, and in terms of not just providing the body for the vehicles, we can now provide the steel that's in the motors. and with a new strategic project that will be completed in the back half of this year, the future's incredibly bright. electrical steels are the future, and is we're going to have the most modern facility to be able to take advantage of that in the electric vehicle market. liz: can i come and see that at some point? >> absolutely, you can. we'd love to have you come visit our big river steel operation in arkansas. these people run the best mini mill in north america. liz: you know what? let's do a show from there. [laughter] as i just sprunging that on my producers. [laughter] we'll make it happen.

thank you. it's good to see you, david. >> thanks so much for having us. and thanks to our employees who made all this happen for us -- liz: yes. >> our best days are ahead. liz: you hiring? >> i am every day. liz okay. >> in fact, at big river there'll be 900 people for this new facility. and the facility that we're building will have some 4,000 contractors on site, and that'll be cone in the next couple years -- done in the next couple years. liz: we're coming to arkansas. david, good to see you. thank you very much. >> thanks so much. liz: cash is king, according toed's countdown closer. the the $393 billion man, eric freedman, here next to tell us which key metric he's looking for when making investment decisions. closing bell, 9 minutes away. we'vt about 9 minutes left to trade for the entire week. dow can is down 188 still a lot of red on the screen. apple, though, still higher. po ♪s ♪ even if you got ppp and it only takes eight minutes to qualify.

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liz: 4 minutes to go before we close out for the week. we have the major averages higher for the weekend. it may be down today. the dow looks to close up -- those aren't percentables are they? this is wrong.

but are they up for the week? can you tell me that, somebody? it's been a very, very volatile week. as we look at the stock market, want to know how important a metric cash flow is when picking a stock. peloton is up 37% after just a few days ago the company reported improved cash flow. the stock is still down 29%. but the mere word improved cash flow sparks people's interests. two sectors in particular eric freedman said could thrive. eric, cash flow. in a mine for our viewers. how do you describe it and its importance. >> it's great to be here.

cash flow is the life blood of a company. you can't get away from having it whether it's paying your suppliers or different dends or share buybacks. our view is cash flow is important in an environment lie this when we will have a chop. earlier in the week it seemed chair powell and the central banks backed away from inflation. liz: this is a trend will people said all those exciting momentum names during covid that weren't making money, but people were demanding their services. that doesn't really work. you need cash coming in and out. >> infrastructure which is a

combination of ports and let's call it utility sectors that we think will continue to derive cash flow and keep giving dividends back to clients. energy, there is a chronic investment in energy. they are returning cash back to shareholders being very capital disciplined. healthcare which doesn't generally spin off a lot of cash to investors, it's a great longterm demographic place. healthcare, infrastructure. liz: louisiana pack, sistering construction. and some of the utilities, ge energy, con-edison. what about anything in tech at this moment? we just had apple, amazon and

alphabet not doing that wonderfully in their most recent quarter. >> we think tech will be a challenge. and an incredible january. it's probably a little bit early. cfos will be a little defensive in their spending. probably a little bit early, maybe later this year story. but a great stock to be, just not quite yet. liz: eric, it's wonderful to have you on this friday. we close out with red on the screen. markets, nasdaq seeing its lockest winning streak since november 2021. "kudlow" is next. [♪♪] larry: hello, folks, welcome t