and told their leaders these people will be a pushover. he said it's too bad they didn't send some of their student tots university of alabama and they'd have never attacked pearl harbor. bottom line, you never ever want to underestimate the united states of america. in the meantime, you want to underestimate the market and we're a little sideways here and last hour of trading is remarkable and we've seen major rallies into the close and you want to stay buckled up here. today we have cheryl in more liz claman. cheryl, over to you. liz: biggest mistake? inflation reduction act? throwing that one out there. charles payne, thank you very much. well, we are going to begin, everybody, with this fox market alert for you. stocks are as you can see mixed right now. the nasdaq is showing gains but the dow down 86 and s&p down 3.5 and nasdaq down by 60 and more

dao tafanely on the strength of the u.s. consumer this morning and that was the january retail sales number and came in higher than expected. the cpi, which we got yesterday. this data suggests the federal reserve interest rate hikes are not good faith quite taking economic effect and that's got a lot of traders and market makessers concerned. we're going to get more hikes through the end of the year versus the fed kind of cooling their jets around june. oil is trading lower after data showed crude inventory spiked higher than expected and oil down slightly. energy stocks losing juice with devin energy, the biggest loser on the s&p 500 after earnings miss.

i'm joined by bank of america head equity trader. bank of america wrote there's a inverted recession, delayed recession. >> there's no recession. cheryl: guest saying no recession. >> you know, it's interesting because at the end of last year, if you remember, this was the most widely telegraphed expected recession of all time. everybody was positioned for it and we ended the year with a huge overweight of investors and bonds and defensive areas of the market and of course we had the best january in years. so i think the problem right now is we're trying to figure out all of the cross currents and this is not your typical recession. because i think what's happening is you've still got a very strong consumer. you know, look at retail sales data and our credit card data

jumping in january and never underestimate the u.s. consumer. cheryl: to be clear, retail sales is not adjusted for inflation and consumer is paying more and paying more from everything from eggs to apparel to dental services and we had to laugh about that yesterday morning. everybody loves the dentist. talking about the economists of u of a saying the third quarter would mark the beginning of delayed shallower and stretched out recession and what concerned about the economist here is q1 of 2024. >> yes, it's a longer, shallower recession that extends into next year and the idea we'll get this over with is not necessarily a slam dunk but the idea is demand may not be as weak as you see in a typical recession because we're starting it with really healthy balance sheets and consumer balance sheets, deposits today based on credit card data are still higher than they were pre-cover.

so we haven't seen that drama happen in consumer balance sheets that typically proceeds a much deeper recession. cheryl: that's interesting because we've seen the personal savings rate jump over the last few months and this is the most telegraphed predicted and overly planned for recession i've seen in my professional career. >> we were all primed and leading for it. it seems like a lot. cheryl: if we talk about it this much, does it still happen? if everybody agrees we all need to jump off a cliff at the same time, maybe you need to be that one person that says i'm not jumping off the cliff and i wonder if that's the u.s. economy right now. >> that's the u.s. economy. i think we're all shoring up capital for the end of the world trade that may or may not come. you can always say we're going to have a recession at some point in the future but the question is when, how deep, and what does it hit? i think what's interesting this time is that the leverage risk

like the sort of overcapacity and all of the areas that are now rationalizing capacity and firing people and layoffs, et cetera, are happening more in the higher income consumer area. cheryl: we've seen hasbro and disney and 3m layoffs left and right and ford this week. you say tech is 20% bloated and it's the tech sector seeing more of the big number layoffs. >> that's what we expect to see. the math here is just looking at real sales growth versus number of employees that were added and tech companies saw 80% growth in the number of employees and they overshot their hiring by a bigger layoff than expected and corporate is managing margins

and cutting areas where they overinvested and that's all a positive story for the future strength of the u.s. economy, for the future of the strength of u.s. corporates. cheryl: i hope you're right and dc isn't doing real welcoming to their credit card debt. we've got new breaking news piece just a few moments ago and i want to get your instant react to this. we got this from the cbo. this is the latest outlook that they projected and here's what they're projecting. the national debt surpassing the chair by 2028 and 118% of the economy by 2033 will be debt and my favorite line here, this report should provide an important dose of reality for politicians making promises they cannot afford to keep. your reaction. >> i mean, i think that that underscores the fact that the leverage risk right now in the united states is held by the public sector and the government and the fed. the fed and the government have basically handed a big pile of capital to consumers and corporates.

the risk resides elsewhere so, i mean, our view is maybe the risk is in class and u.s. treasury bonds. that's an area where you've really seen the asset blend. >> the place where you'll be the safest is the riskiest. the fed is in the process of unwinding and why aren't we more worried about that than layoffs happening in technology stocks. cheryl: or the pant that our debt will be through the -- fact that our debt will be through the roof and we don't have a budget for this year agreed upon as well. there's a lot going on there. >> the debt ceiling will be a bigger deal than it has in the past. cheryl: well, savita, great to have you back on fox business. come back soon. >> thank you. cheryl: we have more breaking news for you. president joe biden wrapping up remarks in maryland. he's at international

brotherhood of electrical workers, electrical union 26 and discussing the upcoming budget. he's still speaking and kind of towards the end of his remarks and the cbo says the deficit will balloon more than $19 trillion over the next ten years, the president says his budget will cut the deficit, by get this, trillions. the president states once again people making less than $400,000 per year will not see a single penny in tax increases. while the president works on his budget, his administration is putting together details on national network of electric vehicle charges and the president just leaving the stain and wrapping up his re--- stage and wrapping up remarks there. bring in jeff flock from pennsylvania. he's got a lot more on everything debt. jeff, good to see you. reporter: good to see you, cheryl. president making big news cheered by the folks that sell electric vehicles and ford dealer ship behind me and that's

because there's $5 billion in the infrastructure law and building out charging stations and the president today saying the people best at building those stations and that's the guys at tesla, they'll open their chargers up to the competitors. yeah, the super chargers. there's about 17,000 tesla chargers around the country right now both super chargers and regular ones. elon musk will open them up to all vehicles ford, gm, whatever and perhaps take some of the $5 billion in incentives from states or originally from federal government and going out to states to help further build out that network. great news as we said to the folks behind me at ford that sell the f-150. unfortunately if i step out of the way, maybe you can see something rare, that's a ford f-150 lightning pickup truck and the only one on the lot, and they're not making them right now. that's because ford has issue what had they call a stop build,

stop ship order for the f-150, which is typically made at the electrical vehicle center in michigan. they had a problem with a battery. didn't say what it was, but they say they've found the problem. they're still not making vehicles and might take them a couple weeks to get back online, but they've found the problem so they should be back on the road and back shipping out soon. they're very much in demand and finally while we're on the subject of ford and batteries, they made that big announcement, cheryl, on the new battery plant this week. it's come under fire and all things china right now are get ago lot of attention. they're partnering with a chinese company to build those batteries using their technology and senator rubio of florida said today in a letter he sent to three administration secretaries of treasury transportation and transportation and energy, he sent them an alarm at ford's plant to establish a large

michigan-based factory and subsidiary that licensed tech from catl and the chinese company. he said i demand that no federal funds especially moneys generated from the inflation reduction act go to enrich catl or any other beijing supported company and thinks there may be issues there. ford says, hey, we're just doing business like other businesses do with the chinese company and they say ford, i quote them now "will main main full control of the plant, which will be wholly owned and controlled by ford with no tor foreign investments. as i said, cheryl, all things china and getting a bit of extra scrutiny and ford wants to bring the battery jocks back in the u.s. -- o jobs back in the u.s. on the front and back end and we give it all to you here on the fox business network. cheryl: jeff, as you always do and ford in particular cutting all the jobs in europe and

there's been a lot of news break at that company we've been covering here. great to see you. jeff flock, thank you, sir. reporter: good to see you. you. cheryl: thank yous. all that glitters is not necessarily gold. the ceo of bera gold is here to discuss how his company is dealing with inflation. take a look at the big board right now. it's been a pretty volatile session and we sold off in the premarket and then saw gains and now the dow is trying to claw it is way back up to the flat line and we're down 49. "claman countdown" coming right back. ♪ -what's he doing? -he's cleaning the trash cans. oh, boy. meeting a new young homeowner for the first time is a unique challenge. -so you think you can help? -i can try. hey, what you doing? oh, just cleaning my trash cans. wow. it's important to build trust.

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cheryl: breaking news right now. berkshire hathaway vice chairman just announcing at the annual meeting of daily journal that berkshire designated greg able as warren buffet's successor as berkshire's ceo when buffet steps down or can no longer continue in the role. munger saying able is a tremendous learning machine and successful as a business leader and berkshire is lucky to have him. greg able, canadian, chairman and ceo right now of berkshire hathaway and vice chairman since 2018 and went to university of alberta. there you go, warren buffet's successor and it's official and berkshire's stock is in the red right now almost 1%. the a shares are and b shares down about 0.7%. precious metals miner bera gold is taking a dip and stock down 4% despite the gold and copper

producer beating the streets estimates in the fourth quarter. barrick plans to boost production and fund its $1 billion share buy back plan over the next year. bring in barrick gold president and ceo mark bristo. mark, welcome to the program. >> thank you, cheryl. thank you very much. cheryl: let's talk about this. it's been a little bit of a rough ride but in the fourth quarter, you had that net loss of $735 million. what happened? is this tied to production issues overseas, production issues in nevada? and why the 22 year low for output right now for your company? >> so, this is a long game, cheryl, and one quarter is not the way to run gold mining

companies. the net earnings is in the positive territory and there was some big lockdowns based on good once the way it's accounted for and running forward from the merger with ram gold in 2019. we've got to test those goodwill assets and you can't amertize them so they get tested every year and we took impairments against those provisions and goodwill provisions and they're not, you know, company generated losses. cheryl: inflation numbers come down particularly in the country, it's not just inflation until the united states, it's also in europe and other places around the world but as the bets kind of come off of gold as an inflation hedge, do you worry that there's going to be more pressure on the commodity and

also not just gold for your company but copper that's very important to you and copper has seen a bit of a slide. talk about what's happening in the market ifs you can because a lot of our viewers do own gold and have in particular bought gold in the last few months because of recession fears. >> yeah, gold last year did well. normally in an inflation environment we have increased interest rates. put as lot of pressure on gold and can get a better yield so gold finished well last year. performed well against all the other asset classes so now as you take off the interest rates and you look to cheaper money, gold does even better and you know, cheryl, you were talking in the program earlier about the risks that we face and gold is definitely an asset you should have in your portfolio.

and gold stocks are levied against the process. we're one of those. on the compass side, it compasses a strange metal and absolutely the most strategic metal on the planets if you believe we've got to build a better world out there and continue its cleaner energy focus and uplift the underdeveloped economies and that's why barrick included copper in the bolder outlook and growing and valuing our money company. cheryl: i have to ask for the fourth quarter, it did look like you saw -- or the third quarter at 22% drop in copper production.

is there one specific reason that you can point to why that happened? >> no, look, copper is growing and we met our guidance and quarter to quarter we were on plan and we've had four years into this new barrick and i think we're very well positioned with a much -- and you talk about production but production doesn't necessarily mean value. and we really set ourselves are focusing on world class tier 1 assets with all the live 06 minds and roll these forward and we've done that since the merger, we've added reserves so we've added life of mind to barrick and all about long term delivery against the cycles and that's what -- that's how you make money in mining and when

you're a gold miner, it's always about being focused on high value assets. cheryl: uh-huh. it is something that many of our viewers as i mentioned really have leaned on in particular with all the market volatility, which we are in right now currently. mark bristow, thank you for being here. it's good to see you. >> thank you, cheryl. cheryl: all right. well, the acting head of the faa on capitol hill today answering questions about what cause that had full ground stop. remember that? back on january 11. all the planes everywhere not going anywhere. morning of january 11. connell mcshane has been following all the fireworks in dc and he'll have a full report for us. and make sure to tune into my show american dream home. it's tonight, special time 11:0d we've got four back-to-back episodes of gone country. little hill country for you. it's part of fbn's real estate

block every wednesday night only on fox business. let's check the markets and the dow is down 53 so we're not at session lows but still in the red and the s&p down more than one and nasdaq holding strong up 61. we'll be right back.e te ♪ like what you see abe? yes! 2b's covered with zero overdraft fees when he overdraws his account by fifty bucks or less. and 2c, well, she's not going to let a lost card get her stressed. am i right? that's right. that's because these neighbors all have chase. alerts that help check. tools that help protect. one bank that puts you in control. chase. make more of what's yours.

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cheryl: seems like the

flightmare is never ending and the faa addressed the commerce committee and the massive software outage la thanksgiving led to the nationwide -- that led to the nationwide ground stoppage since 9/11. connell mcshane joining us from the fox business news room and what the faa plans to do going forward. >> there's work to do, cheryl, that's for sure and focused on alert system for the pilots called notice to air missions or notem for short and pilot haves 3d alerts that come in before they takeoff. like runway is icy or restriction on the air space like there was when the military shot down a chinese spy balloon, but the fact is it failed during the nationwide ground stop at the hearing billy nole n said the system might be given a higher priority in the future and safety critical instead of

current classification as mission support. might give it more funding and attention and no getting around the fact that it's old and it needs to be updated. >> when you thick about the age of our system and the age of systems we have, we have redundancy there. could i sit here today and tell you there will never be another issue on the notification system? no, i cannot. >> he said every effort is being made to modernize the system and was pressed repeatedly on the nationwide ground stop that's being blamed on a mistake by an outside contractor. >> since the issue with notam was caused by contractors accidently deleting critical code, does the faa plan to restrict access to the notam system going forward to non-faa employees? >> no, ma'am, we do not. we have a notification system overseen by the faa and man tianaed by contractors.

they're indeed the experts there. >> all this comes amid broader questions about the technology involved in air travel generally speaking of course. there was a meltdown of southwest airlines over the holidays and a number of high profile near misses on runways around the country and investigators now are also looking into why a united airlines plane lost altitude coming within 775 feet of the pacific ocean after it took off from hawaii back in december. cheryl. cheryl: it's interesting because if you were to do that preflight paperwork and print it out on paper, for an average flight, domestic flight it would be 200 pages. >> that's a lot. they're trying to -- good point about printing it out on paper and modernize this and talk about redoing the system all together it's been around for so long. cheryl: they at southwest can maybe work together when it comes to technology. connell mcshane, thank you for that. good to see you. fox business alert right now and markets are mixed at this hour

and dow is lower by 29 and s&p is higher by 2 points and we shall see how the close looks. we've got 29 minutes to go and nasdaq up by 73. stocks we're watching for you right now. airbnb surging higher after posting its first ever annual profit. strong travel demand outweighed traveler's worries about sky-high inflation and online rental company also forecasting revenue for the first quarter of this year greater than analyst estimates. golgoldman sachs raising price target and x box maker planning to defend $69 billion deal for activism blizzard to the commission on february 21st. the company requested face-to-face after receiving a statement of objection from the committee earlier this month. there's microsoft stock down more than one and a quarter percent and activision blizzard

is higher three quarters of a percent right there. we already told you at this hour yesterday that warren buffet cut his holdings in activision blizzard. now an sec filing shows his firm berkshire hathaway increased in parmont global and that up more than 8.5%. and roblox resulting higher than expected fourth quarter results and the end game purchase of roblox virtual currency robux rose 17% and california-based company reported a smaller than expected loss per share. stock on pace since highest close since november 1, 2022 and closed at 4431. possibly because my nephew wants robux for christmas and easter. it's nonstop and cassioppi aunt cheryl gives him -- of course aunt ch cheryl gives him everytg

he wants. if you have kids or grand kids, pay attention to this one. generac expects sales to be weak for the first half of 2023. then rebound in the second half. and generac higher by almost 7%. the global supply chain slowly linking back up and one newly public company is making it easier for small businesses to ship their products by land, air, and sea. the ceo of fretos is joining us next. you never know what will happen with the markets. 27 minutes, long time. that's like the fourth quarter of a football game. it may change. right now we're down 28. we'll be right back. ♪

cheryl: well the u.s. supply

chain looks healthy and well according to the nation's bugsiest port for american handled goods. loaded container exports at port of savannah grew 21% in january year over year and total trades compared to january 2020 before the pandemic stopped shipments across the globe are up 11.7%. and as many companies try to improve the supply chain further by on shoring their operations. activist investor engine number one is trying to capitalize with a new etf supp, s-u-p-p. will 2023 bring good things for america's supply chain. ceo of digital booking company offering for the largest marketplace. he joins me in a fox business exclusive. give me your elevator pitch.

if someone doesn't know what fretos is or does, explain it. >> it's like a booking agency like booking.com but for freight and 95% of items is imported and it's the foundation for a big part of our lifestyle and economy. but believe it or not, international shipping never went through the same digital revolution that passenger retail went through and till today, freightos went on the part of creating a digital revolution and shipping by air and land can be booked and paid online in much the same way done with travelers for 20 years now. cheryl: how are small businesses doing now because one of the thins that happened during covid was the supply chains around the

world were bottlenecked and even a year ago we were looking at video of cargo ships off the port of california, port of long beach that were waiting and waiting and waiting for days to unload from asia mostly. how are things now? especially for small businesses because it seem add lot of them said okay, that's enough. we're going to try and produce american, buy american produce american. has that been happening? >> not very much but the network is back to normal and vast majority of goods produced in asia and that's not changed. however americans are buying less goods than they did during the pandemic and that's why the network is able to cope. the reason why they collapsed was because of record retail sales and people bought a lot more stuff. now it's relax add lit and will gone back to normal and january was up a bit and nothing like we saw at the peak of the pandemic and people are buying goods at a level that the network can cope with and ships are running on

time and planes are running on time, except when there's an outage like you mentioned in your previous item or today like the outage in germ nebraska and -- germany and elsewhere and generally planes are running well and ships are flowing. cheryl: the biggest known global freight companies around the world are saying their earnings will fall by 80% this year. i'm curious what you think about that? i want to ask you about the conference coming up and one thing that will happen at the tpm conference is major retailers if costco macys and wal-mart and they'll sit down and try to get a better deal and trying to cut their rate and get shipping and had to raise price process on american consumers and if they can cut down on costs, they can lower price for their customers and someone like a target or wal-mart, you know

that customer is very price sensitive. what's your prediction, what do you think will happen at that conference when they all get together? >> well, that's very clear in a way and goods arrive in the u.s. along the west coast and east coast and if you want to know what's happen in the major trade line trans-pacific look at the index we put out every day with the price of ship ago 44-foot container from china to the west coast. pre-covid, about $1,500 and at the peak, believe it or not, xbf one cost $20,000 to ship a container through the pacific and now it's back down to $130 so now even slightly lower than -- $1300 and even slightly lower than pre-covid and it dropped by 80% and the prices dropped by mar than 50% in the

last year and what happen in the conference is the big importers and small importers talking to the big shipping lines and freight forwarders and saying we're not paying you anything like $20,000. we want to pay you more like $1,000. it's a very dramatic change in the price level. cheryl: to be a fly on the wall in that conference. it'll be interesting and there's a lot of money on the line and a lot of businesses have -- i covered their earning ands a lot of businesses said that they were getting really squeezed from -- they don't want to totally kill their prices and hurt the consumer but at the same time they were eating the extra piece of the pie that they were paying for the shipping and labor. we shall see. zvi shreiber, thank you for joining us. >> thank you, cheryl. cheryl: well, the us ftx judge ordered the names of the two backer of $250 million bail to be made public. who are they?

charlie is going to break it coming up next. and take a look at the big board right now as you can see, we may eke out a gain. i've been known to do this before when i hosted this show. i don't know. we're down 26. "claman countdown" will come right back. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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cheryl: okay. well a new york judge ordered the names of the cosigners of former ftx ceo sam bankman-fried $250 million bail be made public. joining me now with more, charlie gasparino. >> it's kind of a shocker because it's not the name floating around. it was his uncle james fox miller, a partner at boyd schiller and that would have made for interesting drama because that's the firm, essentially lead firm suing sam bankman-fried. its partner's nephew in a class action suit. anyway, it's not mr. fox miller. it is a guy named larry cramer, the former dean of this -- of the law school, stanford's law school where his parents work and someone named andres papki.

cheryl: sounds like a very greek name. >> yeah, they put up the money. it's a small piece of the bond, you know. people are always freaked out like how do you get away with this. the bond is $250 million. yet it's $4 million home and a couple -- a chunk of change from two other people that got him that bond. it's just the way bonds work. you don't have to put up the whole money. judge sets the parameters and obviously he's probably not going to leave the country, that's what the judge believes based on the fact they'd take the parents home and a few bucks these guys put up. doesn't say much of the case and mr. fox miller that a lot of people thought. we couldn't confirm and a lot of people thought it was him and he wouldn't return hi calls and mrs involved in some of the bankman-fried charities and barbara miller a prominent

politico in broward county florida and it it was that, it would be an interesting story but this is people putting up the money. who else gets charged and who else cooperates is next and it's wide ranging and all encompassing and talking to everybody and maybe more charges and may not against other people. feds think they have a pretty open and shut case. we should point out we'll hear mcat the fed's case, that's the criminal case, soon. they're still working on the details. there'll be another charge -- another document release. i want to switch gears to the republican politics because as you know nicky haley recently announced -- n nikki haley announced and the donors like nikki haley, not enthused and kim scott, the other south carolina centric candidate and senator from south carolina and used to be the governor, is making the rounds with donors as well. look for him to announce, i

would say imminently given the types of conversations he's had. journals say he's assembling a team. when you meet -- cheryl: he was in arizona. with kevin mccarthy. >> makes sense. interesting. to watch the super bowl. cheryl: yeah, walking around together. just saying. little observation. >> talking to [inaudible] trying to get him. did john tatum meet those guys? john is close with mccarthy. cheryl: yeah, they were there and making the rounds with other very influential individuals and very wealthy individuals. i'll say that. >> john tatum is a mutual friend and runs genesco sports from dallas and a huge republican contributor and big with romney and in the past. it makes sense that tim scott is buttering up john tatum. cheryl: the thing is it's interesting that you bring up tim scott because open field, you've got nikki haley, maybe a tim scott. you've got -- >> probably a tim scott. probably desantis. cheryl: probably desantis.

>> the donor class and say what you want about them, they don't think trump can win. if you talk to any of them, they're like it's over for him. he's not going to beat biden. cheryl: where's the best place to put your money? i would think at this point it would be ron desantis, but i've heard the argument that if desantis is going to run, he needs to figure out when he's going to announce said run otherwise other candidates will be going after a limited money pool. if you're looking at big money >> he is known as a fund-raising emergency. cheryl: okay. >> he has hooks into wall street. he has hooks into the entrepreneurial community that forms a big part of the gop donor base. people like tate full. i don't know if john will support him. he hasn't told me that. cheryl: i didn't ask him that. we were just watching the football game together. >> he is a player in that texas thing. he will be someone desantis or

any of these guys want. cheryl: right. >> desantis has his hooks into all these people if he runs tomorrowg time. we'll hear a lot about ron desanctimonious on this one. cheryl: charlie gasparino. >> that is not my name. that is trump's name. cheryl: i know that is not your name. we have good friends, by the way. we love our texas teams. >> i grew up with three people named desantis. it is a common italian name, okay? cheryl: thank you, sir. >> i'm getting the hook. cheryl: i'm just fill-in host. don't look at me. i'm not doing it. charlie, thank you. closing bell is going to ring. we have five minutes to go, four minutes to go. the dow turned positive moments ago. now it is back negative. but again, sitting, hitting a session high of 16 points. we'll see how it goes. we have four minutes to go. look at taiwan semiconductor right now. the chip manufacturer down 5%

after berkshire hathaway sold most of its holdings in the company. what warren buffett is selling our countdown closer is bullish on the semiconductor sector. he managed $8 billion in assets. ci. of horizon investments. good to have you here. taiwan semiconductor you're very bullish on it. berkshire hathaway pulled away from it. charlie monger spoke about an hour ago, still made somewhat positive comment about taiwan semiconductor. it is very strange to me. can you explain that? >> yeah. look i can't really speak specifically to taiwan semi but the semiconductor space over all it is pretty hard to make a bearish argument with that, with everything going on in artificial intelligence, the boom we all know is coming there, with the supply shortages we know we got. long lead times to get supply up in that space. coupled with pretty booming demand. makes semias pretty nice spice for us to invest the next six to

12 months. cheryl: we'll stick with semis. poll i was hoping for a what charlie monger was thinking but what other ones are you really like now? >> the other one we like in the u.s. is consumer discretionary space. those stocks were absolutely throttled next year when the most anticipated recession everybody knew was coming last year, you know, has turned into something we really don't think is coming this year. 2022 was the year the recession was absolutely due to come. consumers were going to get lot heed, would pull back all sorts of spending, everyone would lose their jobs. then 2023 came along, maybe not so fast. we're comfortable with idea if we get recession not probably this year. consumers are really strong. everybody is still employed. betting against the u.s. consumer, betting against employed u.s. consumer has not paid off very well lately.

we think the consumer discretionary space will benefit rest of this year as recovery takes place. cheryl: what about outside of the united states? is there a part of the world you think may actually show growth? i think europe are having same issues economically we are. china is reopening. is there something out there you're looking at? >> europe, couple of really interesting ones, cheryl. europe could still be challenging because we don't really know what will go on with the russia war. so that, we're not sure about that one but china, china we're pretty sure about. china as far as the reopening play, reopening play is in place. not -- it is command economy, communist party dictatorship. what president xi says goes. pretty clearly want higher growth, everything to reopen. remember what consumers did after he lifted covid restrictions here in the states,

spent everything you could possibly spend money on. we have a billion chinese consumers will revenge spend their way out of being locked down for better part of three years. we think chinese demand story will be really driving markets, really driving the global economy for those of this year. anything adjacent to china investment wise we think will be a pretty good play. cheryl: certainly as we look at a market that just turned positive as we move into the close, we shall see how the overseas markets do as well. scott ladner thanks for being with us i appreciate. we're closing at session highs. i promised you a little bit of a rally. i try for you, every time i replace liz claman. [closing bell rings] coming up larry kudlow. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so there he goes again o