the goal is not month-to-month. the best way to grow the economy is create good paying jobs, and they create winners, certainly should be trying to destroy industry like the fossil fuel industry which has great paying jobs. only an attractive backdrop to hire investors, largest corporations being profitable and not paying taxes, and i didn't get a chance to finish it but went through 10 of them and counted 400,000 jobs which i will extrapolate that to believe these 55 companies hire millions of americans. if you want to go to war with them they have to lay these folks off. zoom announced a major layoff, stock is through the roof. halt the war on capitalism, that is all i have got to say. liz: almost like fed day.

charles: that would be the bootleg and get these kind of things instead. liz: a little clarity which is what we heard a few days ago when the real fed meeting happen. the fed affect giving investors a case of whiplash, stocks ricocheting between gains and losses through the hour of trade, the dow jones industrials up 207, s&p by 44, nice move for the nasdaq up 178, russell up 6. you want to see the ricochet in real time. after languishing for most of the morning, the major averages catapulted higher is jerome powell took the stage at the economic club of washington to be engaged in a chat with david rubenstein. investors began slicing, deciding, his every word, and the markets rallied hard, the

dow spent 278 points, forget over to the s&p which was 55 points at the session highs. the nasdaq popped 170. it popped 217 points but as powell talked markets began swinging lower as powell finished his chat but reversed course again, back in the green. which of his words moved the markets? investors piled into stocks as powell reiterated disinflationary process has begun a good sector, slowing down of inflation but the feds still has a long way to go and it could be a bumpy process. what could do that? not just the reference to the strong january jobs report meaning the economy is hot and rate hikes continue but powell's morning followed. >> we will react to the data. if we continue the strong labor

market reports, higher inflation reports, it may be the case we have to raise it more than expected. liz: now the dow is up 200 points. the overall employment picture remains strong, layoffs in the tech world continue. you heard charles payne look at zoom, look at zoom chairs, a pop of 8%, they announced plans to lay off 1300 employees which equates to 15% of its workforce. zoom's ceo said he is cutting his own salary for the upcoming fiscal year by 98% and foregoing his corporate bonus. another big one on the session, activision blizzard gathering steam up 5.3%, just off session highs after a boffo quarter. can the gains hold for the videogamemaker with questions whether its merger with microsoft will be stymied by multiple regulatory bottoms. coming up this hour, activision

blizzard ceo in studio to talk earnings. the success of call of duty franchise, unbelievable sales of pixelated things that you by afterword, microsoft's bid to buy the videogamemaker, will it happen? let's turn to the wild swings in the tenure and 2-year yields, dipping during powell's speech but now near session highs of 3. 67%. the 2 year yield at 3.46% following the same trajectory and you want to see fed funds futures, now you've got to believe with oil extended get gains up 4%, crude moving higher in china's demand outlook and supply concerns following the devastating earthquake in energy and turkey, this was a big deal, the energy sector leading the s&p 500 higher, names like

valero energy, marathon, occidental petroleum, philip 66, i want to show the fed funds futures because this is interesting. now we see a near 10% probability of 50 basis point hike. yesterday was 98%, everyone saying it will be 25 basis points but if you had been watching "the claman countdown" during the fed meeting and afterward you would see that we said there are going to be more rate hikes. what does that mean for equities, bonds, everything? joining me is ken fisher. a reaction to what the fed chair said? >> you just said the word react. what he said was the word react. he said react multiple times. what they do is react, they don't actually know what they are going to do. he doesn't know what he's going to do. he's going to react.

i said this many times but if you go back and see what he said in may when he said we are not considering 75 basis points and then four times in a row they did 75 basis point hikes. they don't know what they are going to do, how is anyone else going to figure out what they are going to do? short-term moves about speculation are logical but it is a bull market. in some ways it is secondary. liz: are you saying this is a bull market, not a bull reaction? >> right. liz: simple as that. let me push it back on powell is only going to react, don't know if you meant that in a negative way, but wouldn't it be better to wait to see data than to have an idea and a plan and a path and stick to it even when the facts change?

>> since what he's doing is nonsense to begin with i don't think so. let me go back to basics. when i was a kid in a world far far away milton friedman says it is not the price of money that matters, it is the volume of money that matters. the fact is bank lending remains robust. after all these hikes, they haven't been able to quell the growth of bank lending. that tells you, if you focus on funding, not the price, you are on the important side of things. the robust -- i say this over and over -- people don't believe me -- people don't borrow money to sit on it, they borrow money to spend it and you can't go to recession, lending has to slow down and go down before you can get to that. liz: does that make the case for more rate hikes to the

point where real rates end up higher than inflation so people start saving their money? >> not if inflation goes down. he's not going to react to the economy being strong but what happens to inflation. if you believe what i believe, back to input costs, as low or lower than they were a year ago, look at metal prices, not the food and grocery store, people confuse it with input prices of things you need to make stuff over a fairly long time. input trace has gone on for a long time and from that, nice results of inflation. that is long before the fed started doing it.

liz: the oil sector has been strong since last year, what is the trade? what do you look at? >> let me argue against that. if you take year to date, energy is the weakest sector. if you look at what is strong, what is leading the market just like today overall gro growth, all the things tha last year weren't working, are working now. why? typically what falls in a bear market bounces the most early in a bull market, energy does well but takes 2023, a serious laggard. my point, as categories last year, think peru, the bull

market bounces. liz: a lot of people like the b word, bool, good to see you, thank you for joining us. we've got to look at microsoft launching the first artificial intelligence volley in the war of the search engines as it looks to cut into google's dominus. the princeton student who already created the apps that foils and catches cheaters who use it to turn in papers written by robots now has a new warning for big tech companies entering the ai arms race. fox business the exclusive and with the closing bell ringing in 15 minutes, "the claman countdown"'s must-see interview with that student from princeton is next and we will show you microsoft, google and wait until you see what i do, all related to the ai drama story, we are back in a minute. you'll always remember buying your first car.

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liz: the ai arms race entered the shooting phase. microsoft rocketing higher by 5%, moderated by 3.7%. the stock opened this morning at 260. a nice move on news of the launch of an all-new search engine and web browser. be i ng will be more powerful than chet gpt, the brainchild chat bot of microsoft funded ai.

it will vastly improve relevance and answers to questions users ask it. google's parent alpha but revealed its own artificial intelligence chat bot tool called bard in an effort to rival chet gpt. bard will be launched as a companywide dog food. that is silicon valley speak for an all hands on deck effort to try out the product and russia to the public in the coming weeks. big tech continues this ai dogfight, a princeton computer science student, edward has already foiled chet gpt, he was the guy who created and apps called gpt 0 to identify if a body of work was written by chat gpt. he coded over his winter holiday break and to know if something was written by human

or bought. microsoft news, that student joins us live. what is your reaction to this after google announced its test mode? >> we knew this was coming. we heard this was coming and no doubt microsoft will go all out and making their ai and every thing. liz: when you were an intern at microsoft how much of our conversation in the hallways, in the cafeteria centered around ai? chat gpt which is fund up to $10 billion kind of burst onto the scene in november. >> i was fortunate to work at

microsoft, adjacent to a lot of the teams collaborating with ai. even 6 months ago as an intern, microsoft was going to integrate this technology and other products, and that was coming. liz: microsoft is betting this will vault them to a more respectable status and if you look at the market share when it comes to the search engines like google, microsoft, google is the go to search engine taking 93% of the market share with 3% followed by everybody else. microsoft's ai intervention, will it propel them to bigger market share and popularity? >> for microsoft this is almost a free card, nothing to lose in

trying versus google and they already have a lot of search space under google so it's new technology for microsoft. >> chat gpt launches four to the general public for free in november and you spend your christmas break creating something to foil it which is gpt 0. tell me how you created the detection tool and why. >> i built it over holiday break, i was interested in the topic. i had the technology on my laptop and i got bored at home. the motivation is we were hearing bows around chat gdp,

and encrypt innovation but it is like opening pandora's box, when we release these inaudible innovations, you need to build safeguards so the technology is adopted responsibly, so i thought i could help with that. liz: are you getting a lot of hits on this thing? >> pretty crazy. of our alert, 7 million people sign, it crashed because i couldn't handle that much, the hosting platform said this is the biggest apps on the platform, it was very kind of them and now we put up a product we are building for teachers, and 40 k teachers from across 40 states signed up for that. liz: are you monetizing this? >> no money. right now nothing.

trying to keep it free right now. liz: have you heard from microsoft, from google? would be like companies say this kid came up with something that foils what we think is the next big thing. is in ai calling you? >> the advisor at school, previously on open ai before teaching at princeton. a really cool call from the president of microsoft called me one day and said -- liz: knock it off? >> he said i am in princeton, let's get lunch friday and over

holiday break, called my boss as an intern, not to change the flight, exciting to get thrown into this mix. liz: can i ask what warning you had? what is your worry about chat bots? >> we know everything. that has been coverage. my gut feeling is in terms of everything from election interference, disinformation, like in 2016 we had russia, facebook, ai generated faces for facebook bots, now they can talk like a human. there's a lot to be concerned about and we need to build technology so it is adopted. liz: we do not need election interference, 7 million downloads and counting. >> 7 billion views. liz: i bet you have at least

one job offer. >> fortunately. i want to keep working on this space, this problem. liz: go canada. you are canadian. my folks are canadian, the connects are very proud of you. please come again because this is a crazy store, biden came out with news that will unleash, biden's stock is up 11% so you see this as an arms race. >> in a sense everyone is scrambling, fred detection, ai generation, everyone is going at it. this can be a very disruptive technology. liz: come back again, thank you. princeton university. president biden gearing up for his big moment tonight, we are having a preview of what the

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for weeks hoping to highlight his administration's efforts to rebuild the american economy after the coronavirus pandemic focusing on the battle with high inflation, the american workforce, china, and the war in ukraine. special guests of the president and first lady in the house chamber will include you 2 front man bono, a holocaust survivor, stem students, immigration advocate and more. edward lawrence joins us with what to expect from the president's speech. >> there will be a large economic component to it. the president wants to highlight areas he's not getting enough credit for his work, the spending he signed into law, most of which is yet to be spent. >> if you judge president biden on his record, he is good to go but we have more to do. he understands america is in a

difficult spot, his steady leadership and economic plan is working. >> when president biden came into office inflation was 1.4%. it is 5 times higher than that number. brian dietz admitted to me he think the economic effects of the pandemic are over. >> the federal reserve chairman said covid is no longer playing an important role in the economy. is the president going to pivot from policies? >> you heard from the president, and covid is no longer holding back our economy, the lives of the american people in the way that it was. >> the jobs the president believes he has created in this economy going forward. we will not see the president until he gives that address

later tonight. liz: all eyes will be on many members of congress, who stands, who doesn't, whos, who doesn't, but it will be exciting. watch our coverage of the state of the union. bret baer and martha mccallum will have coverage at 8:5:05 pm eastern. the markets, we still have green on the screen, douse up 190 points was off the session highs 278, the s&p up 45 points and the nasdaq up one hundred 95. royal caribbean sailing to a 9-month high after reporting a smaller than expected fourth-quarter loss, bookings have exceeded pre-pandemic levels, it is popping 7%. jason liberty credits the increases to the fact that post pandemic, consumers are

spending more on experiences than diamonds and gucci purses. which is what i would be spending on. norwegian at the moment is up 4. 6%. carnival is better by 2.5%. carnival was up 5% at it is at $12.35. hurts shifting to heidi after beating analyst expectations for fourth-quarter earnings, year over year gains from international travelers and drivers, stocks are up 7%, the company added technology improvements did reduce costs. investors losing interest in pinterest after fourth-quarter revenue missed analyst expectations from social media company also issuing week first quarter sales projection lower than wall street expectations though stock has fallen 5%, bedding back to lows of the session and yet, so shares are

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liz: have you seen activision blizzard's report? record fourth-quarter growing 40% after strong holiday season just when everyone bought the pandemic is over, people will not play games, they did, the company reported earnings per share with revenue of $3.57 billion beating estimates. this was in no small part thanks to the resounding successes of call of duty modern warfare 2 and both released in october but the success of call of duty modern warfare 2 and these other games the very thing giving antitrust regulators firepower as they hold the merger with microsoft. activision blizzard's ceo bobby kotick joins us now. in the first 10 days of call of duty, you made $1 million and that was without a single micro transaction, people will

purchase extras to play the game. it is absolutely incredible. give us a window into how that happened. >> we have extra ordinary studios and extraordinary teams, the people who work on these projects are the most inspired, talented people in the world and they have been doing this for a long time, accredited their success. liz: the numbers, here they go, in game monetization, $5.38 billion versus 5. one year over year, that's not what others in the industry have been doing so something is different. >> the industry is a $200 billion business. if you think of the last 10 years how the industry has changed, we never had chinese

competitors, these are extraordinary companies with a lot of vision and creativity. great competitors, we never would have expected when you play on apple, iphone, android, that is where the bulk of the growth in the industry has come and what used to be a business, about middle-class consumers is expanding to 90 countries, tremendous growth comes from the stuff. liz: that becomes the question. could your success and the success of games like this end up being what stymies or stands in the way for quite some time that holds up microsoft, one of the regulators made concerns is if microsoft owns activision it would make the most popular games like call of duty exclusive to microsoft's x box.

can you say that is a fair concern or not? >> i think what we are experiencing our regulators with little experience with the industry, probably a lot of consolidation that can happen over time but it is a fragmented industry. the dominant layers are japanese and chinese companies. as they learn about the industry, you realize that is an unfounded concern. what is call of duty? it is a military stimulation based on military experience through the course of history. there's nothing proprietary about that as an idea. of sony were to make games based on military, you have film studio and a library of television programs like they've done with the last of

us, they created this program based on a videogame, there's an enormous amount of competition is regulators understand that they will think of this transaction. liz: when you release the downloadable map pack for call of duty and other things, i think it was exclusive for 30 days, a 30 day window to x box. if i'm hearing this, whether they are off-base or not, what is the uk going to do? i will wait to see what the eu does. if i'm sony or nintendo, i'm on the phone saying bobby, please tell you will ensure that doesn't happen. >> sony is not on the phone to us. they are not returning our phone calls. that's one of the things that is surprising to us. this is the time when ordinarily we would be talking

about the future, they just haven't returned our phone calls. i don't know if we are as valuable as they have represented. the most important thing is this to billion dollar industry, we have 400 million customers to date. the entire business model is based on making software available on every microprocessor. my macintosh, i use word and excel, there isn't a change to microsoft's business model, they will create content, and a problem with players. liz: you don't want to disappoint the shareholders,

after the merger was announced, at the shareholder meeting, warren buffett drops a grenade, and he never says i'm going to make some news here, brought a huge number of activision blizzard shares but under price compared to the merger price. you were in the audience before that happened and you missed that part? >> no idea. i go to the meeting everywhere, and left after the first have to 1/80 birthday party, and warren just announced, 9% of the company.

liz: so many things i want to talk about, use mentioned the last of us. that's a huge hbo hit, the traditional media companies are desperate to get younger viewers because they are not doing that. in the sites of media companies, a videogame creator, to make actual live-action features like the last of us which is a big winner. >> they've not done that successfully. it is one of sony's competitive advantages, television and film capability and this rich library of intellectual property. they were able to do something no company has been able to do.

they did it because they have a talented group of people in development who made the game. they took advantage of the resources of sony. this is something we and microsoft, they don't have a television division or music market share division, must be 35, 40% market share of the music industry. they can use those assets in unique ways, microsoft doesn't have the ability to do. liz: the deadline is in july, we will be watching. you made the case for why it is not negative for competition but let's see what the regulators say. >> we hope so. there is no good reason the transaction shouldn't go through. liz: thank you. we are at session highs. this ricochet between losses

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liz: commercial break over. during the commercial break this happened. session highs for the dow, nasdaq, s&p. we hit a session high of 305 points to the upside for the dow. we're still up 291. session high for the s&p, a gain of 60. then, what did we get? we got session high increasing for nasdaq as well. 245 point to the upside. now 246. yeah, you can see in real time the dow is moving up 308. let me point out microsoft is the leader on the dow but sky works is leader for s&p and nasdaq. quickly followed by names like fiz fiserv. cincinnati financial. >> huge firm. liz: some people on wall street like florida governor ron desantis press specs

it is proprietary report from strategas. liz: jason trennert. >> he put together a list of desantis, winner and loser stocks. he thinks there is better chance for desantis will be president. despite democrats overperformed in midterms. this guy won easily in florida, diverse state, won by 20 points. he will be next president and you should prepare for this right now. if this was watercooler talk i would not do this. this is reputable firm. everybody before buying and selling based on this he has ineven declared yet. there is some nebulous issues in this stock in this report. for example, he says drilling stocks will be good, oil stocks will be good, conocophillips,

guess why? buy they have done well with biden, esg andiron trains energy constraints. >> you mentioned pfizer. he thinks that is a loser. guess what, if desantis becomes president, there will be cutback in those sort of vaccine mandates. might be investigations on the drug manufacturers whether they overplayed the if i can efficacy of covid vax. liz: are vaccine plays going down? >> he puts that in the loser category becomes president. another loser? anyone with esg. blackrock. another loser? disney. section ed law, lost favorable tax treatment. they're also a loser in this, meta, facebook, alleged censorship of conservatives. apple has big manufacturing ties

to china. amazon, jeff bezos owns "washington post." trump famously feuded with him. positives. he likes jpmorgan. dimon came out against esgs. a positive on that. roll back of financial regulations. >> what happened to free will in investing? if i want to invest in esg let me do it? >> that is not bit. he likes gun manufacturers. there is company, forget the name, does private prisons. desantis will put money in border control. liz: okay. >> read the story on foxbusiness.com. i'm not saying he is going to run. i'm not saying he isn't going to run. i'm not saying he is going to win. i just find it fascinating that wall street at this early stage, liz, is now picking him, giving a lot of money to him. putting out reports like this. they are saying prepare for his victory. one other thing i want to point out in the report, kind of buried in there they think joe biden will announce, this is

sort of a, i guess a sentiment i've seen throughout the street. they think he will announce after tonight's state of the union. liz: that he is going to run. >> that he is going to run again. i know that doesn't throw a lot of democrats -- joe biden feels emboldened by the very good showing, what was it called, lid thing called the midterms. republicans didn't do well. infighting between trump and desantis. put all that together, it's a positive for him he thinks. they think he is going to run. liz: all right. put those stocks up on facebook.com/lizclaman. and foxbusiness.com. >> don't you have a bunch of people who work for you to do that? liz: work with me, not for me. >> yeah, right. [laughter] liz: markets, no by the way. >> they work for you. liz: markets are popping to session highs. the dow topped 348 points as fed chair jerome powell says inflation is slowing down. listen. >> these are the very early stages of disinflation. so the services sector, except for housing services, pardon me,

is not really showing any disinflation yet. our message really was this process is likely to take quite a bit of time. it is not going to be, we don't think smooth. it will probably be bumpy. liz: okay. how bumpy? let's ask someone whose firm has 2.3 trillion in assets under management. joining me now, co-cio of multiasset solutions goldman sachs maria visali. weigh in on what federal reserve chairman jerome powell said and how it will affect investing. >> i think what jay powell said he will continue tightening. that he has a long way to go in terms of taming inflation. i think the market is hearing what the market wants to hear and every time he mentions the word disinflation, the market goes up but where he sees disinflation is in the goods markets. there are no signs of disinflation in the services and the core services and we got a

really red hot labor market. so he needs to do something about it. i think the market is underestimating the extent to which the fed is going to go to tame this inflation. liz: maria, we saw yields popping. the equity market is popping right now. fixed income, what do you like in that area? >> we like fixed income given how high the rates are and the fact that real yields are positive and so, we are also at some point approaching peak rate. we think it will go as high as potentially 5.5 at this point. if the labor market continues to be as strong. [closing bell rings] >> locking in these yields is learnly at this level. liz: maria, lots of breaking news. we'll have you back very soon. thank you so much. the dow snaps a three day losing streak. ♪. larry: hello