prices of trust, all major information sources hit new lows including the media. down 35%. trust in government has fared just as bad and it's amazing to consider the highest level of trust was 60 years ago when i was born, people believed in government but the fact is government has done so many things people not feeling good anymore. back then it felt maybe there was work toward a more perfect union, there were shenanigans, always have been shenanigans but we got things done. now finger-pointing, blaming, anger, pitting one against another and that actors in business and around the world thrive. something we shouldn't forget. liz, not saying it should be kumbaya but prices. >> and charles payne i trust. >> you could get that on a quarter or something. >> you and i will paint it.

guys, stocks are falling, we have their flaws out but we are watching this selloff incentivized but we are not at the lows of the session. dow jones industrial, loss of 708-point, s&p down 74, nasdaq lower by 263. it the russell and transports that are the biggest percentage lures here. it would be easy to blame this 632-point loss on the dow on home depot, 6% loss but there is a deeper story developing. shares of the home improvement retailer are suffering their worst day in six months. the company did on earnings but saw revenue miss since 2019 and it's that plus the guidance for full-year 2023 that has investors fleeing the stock. home depot bricks flat annual revenue that is no change from 2022 investors do not like that

but look who's next to home depot at the bottom of the dow, he got intel followed by 3m, nike, qualities in, boeing, industries so everybody is getting hit, caterpillar not doing well. nike down 2.8, disney down by 2.8. the components in the green, there two of them and you can see walmart is in the number one addition. it is including low fiscal 2024 growth, stock early in the session but low doesn't mean no growth plus profits during the holiday order beat walmart up half a percent and you can see it's getting a pass from the bears. a tiny pass. no past for most of the homebuilders. existing home sales for january unexpectedly falling seven tenths of a% month over month versus two tenths of a% rise. that makes it the 12 monthly drop in a row. the longest streak in declines on record.

for those of you playing along, on record means data goes back to 1968. the beatles what keeps rising? even a slower pace, two indicators the inflation s&p manufacturing pmi for february beat estimates and services component also came in harder than expected. hate to break it to you but it may be time to believe the fed. after the long weekend, the odds of 50 basis points hike at the next federal reserve meeting in march stand that will do 1%. that compared to last week's 1 18%. no wonder it's not only about 22 but wall street their index popping seven and a half%, higher earlier. that's about seven week high and we can count, that means would

close 2023 hi but foxbusiness is here. first on foxbusiness, do not fear joined by one of the premier wall street brainiacs when it comes to inflation investing, head of investment strategy, america at black rock. i'm thrilled you in particular here, i was looking at your background, jeffries, before you were at black rock, u.s. inflation training, you know of what you speak so therefore, is it time to believe that chair powell when he says the job of hiking rates is far from over? >> hi, it's great to be here in person and yes, it's time to believe the fed. they have had a bit of trouble there inflation narrative, transitory story was not something market ever fully believed and they shouldn't have gone down that path but we are far from that now and we are hearing over and over from chair powell but everyone else from the fed speaking for the it's waller, they are telling us one

mantra, rates are going to be higher for longer and we have to believe that and thankfully the last two weeks i think the bond market pricing, you are showing rate moves that have taken pl place, it finally believing the story that we are not going to begin to see a cutting cycle in 2023. >> time to believe the fed is what you're saying, we've got this triple whammy so we go from economic data which continue to show inflation is still a thing and if you look at the stock data, general mills ceo said yes, we were able to lift sales and profit sale forecasts but only because we hike prices. we have to have input prices go up and frustrated by pricing, i'm sure our customers are, to but that's the environment we are living in. general mills is gaining on the 5%. home depot lowering profit

forecasts saying it's going to pay its workers more and that will cost $1 billion because they have a labor shortage. wage inflation and walmart ceo said they anticipate stubborn inflation and dry groceries and consumables. all of this, put it through the said crucible and tell us they will be forced to raise interest rates this year. >> all of the examples are fantastic examples you laid out in different sectors of the economy pointing to the one story we been hearing through 2022 and so far 2023 is inflation is not a battle the fed has one get, it's still with us perhaps a little stickier than what we expected even perhaps two months ago and now we are seeing inflation across goods and services so things we can touch and feel and things we enjoy. unfortunately what that means is the fed will have to move rates

higher for sure. we think about five and a quarter% is the number and that's fully priced by the market. his that a risk they go to a little higher than the five 50 perhaps? twenty-five basis points in march and then may and then maybe again go in june, i think that could happen but still too early because we will get a lot more data on inflation but more important, on the labor market. you talk about jobs, that something the most important for the fed right now. can they dampen the job market a little bit so we don't have this runaway wage inflation? >> i promise our viewers gargi chaudhuri, through her vision how to invest in a second but i've got to ask you on a scale of zero to ten, zero being no chance, ten being a chance, what are the chances that said will not pause this year but pivot and drop rates in 2023? >> something zero but i say closer to a one or two on a one

to ten scale, what we are seeing right now does not lead me to believe the fed is likely to, we don't have to. inflation is high and job market is strong. if anything, all of the data we've gotten so far is pointing to a labor market. that's able to withstand higher rates so never say never but it looks unlikely. liz: our investors have the pens and pencils out, fired up. let's get to your ideas in investing. knowing what the fed will do at least from your perspective. >> i think the first thing is believing the idea that rates will stay higher for longer and if they do, what part of the market do well? we saw some areas of the market back to last year such as the sectors that are more value oriented. those did well last year, they are not doing as well this year end i think is going to probably reverse course. liz: vl you, that's the i shares value i want people to know

what's in it so it's got names, what appeared to be except for a couple of them, low pe ratios on your screen, at&t, intel, general motors, pfizer. you got cisco at 18 pe gm six. pfizer eight. citigroup seven. >> that's exactly what it is. looking at sector neutral ways, you are not going for a particular sector specifically you're looking at sector neutral ways to get the names in your portfolio better very attractively priced on a priced earning basis. liz: hdv and i see some names here, phillip morris has a 5% yield 4%. verizon 6.5% yield so this pays you. >> exactly. in a world where we want that portfolio in a world where they might be high volatility like

days like today where as you pointed out earlier, we are seeing a huge amount of rise, you want the income in your portfolio, the dividend in your portfolio and having like a wd, having something like hdv or even something more sector specific. if it inflation is higher, how about looking at infrastructure? something like ifr eat in your portfolio which will do better in that higher inflationary, higher interest rate environment. liz: some of those have decent paying dividends. great to have you, a busy day. we are seeing a considerable selloff, we love having you, thank you so very much. she says time to believe the fed. finally, banks are starting to offer much higher money get returns and gargi chaudhuri told me on the commercial break, hide returns for fixed income, really interesting. should you rush to park your cash in monkey money market account? is another question, are in they

in the death zone? has a i hit a bubble status? the money questions investors are seeing. you're not seeing double. we got to for the money. look-alike financial gurus, jonathan and david murray are here to answer those questions and tell us where you should park your money if you see a recession on the horizon. will it be a knockdown drag out sibling rivalry or motherly love? i'm guessing the former. find out next. closing bell 49 minutes away, the dalhousie 61505., the nasdaq down 274. we are coming right back on this tuesday. ♪

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breaking news, the stock market selloff as investors scrambling to find safe places for their money, thou 656 right now. if the dow falls, more than 679 points, it erases all the games for 2023. not there yet. one area that's gotten really popular recently, money market accounts. for years they were possibly the worst place to stash cash while the fed kept rates at zero, money market paid out just pennies but now things are scrambling to up the ante and get you to park your money while you wait. is it the real deal or dumb move? let's bring in the murray brothers, david and jonathan murray spent years handling money for clients, jonathan's managing director financial services, david former kat group partner both co-authored the book to for the money.

good to have you back at a time with are so many questions but i want to start with money market issue, suddenly banks have woken up and are scrambling to offer returns and in some cases more than 4% if you put cash in their money market accounts. jonathan, is this the way to go? >> is certainly a great taste to park your money, you're right. it used to be markets used to pay absolutely nothing in a relatively short peter time and now you can get one and a half to 5% on very safe short-term liquid assets so a lot of our clients are choosing to keep money there and wait for the correction to take place before moving it back into equities. liz: david has this look on his face like jonathan, could you hurry up? you are so wrong. what's going on, what you think about the money market accounts? banks have woken up and said finally we are not making you get meager returns. >> in this regard they are similar. we've gone from tina, there's no alternative to stocks treasuries

are the alternative and when you look at treasury yield right now in the fours and fives, hard to be as risk-free as that. having said that, it's a long time since we've had opportunity to make money in cash, i think given the volatility going on, it's driven a lot of people especially as they look at their portfolios last year being far more attracted to go into the cash instruments, they are also greedy. if you're not careful you mentioned three or 4%, they are advertising rates right now, advertising five, six, 7% and jonathan and i are both on the same page regard to risks inherent in those. liz: let's be specific, misleading advertising, correct? all kinds of problems, fine print" rates, all kinds of catches, hidden fees and surrender charges so jonathan,

something to worry about, correct? >> anytime you see the word premium income start heading for the hills because what that means is it's not a safe investment. i'm seeing premium income funds paying 12%, 13%. that has risk, is going to use derivatives, options, they will sell calls and there and they will use the l word, leverage all of which can be dangerous. i'm a little bit concerned it's about greed as dave said because historically i go back to the peabody days were treasuries strips made into risky investment, almost brought it down whether it auction rate preferred, the collapse between them or the alphabet clo's, when people get greedy and try to jimmy up the yield through using derivatives and leverage bad things can happen. liz: let's shift -- >> this is an ad i clipped this

morning, seven and a half% savings account, seven and a half%. look at the print, seven and a half% from the first $500 and after that, .11. liz: perfect example. let's shift to hard soft landing. david. what you think? >> i don't know to be perfectly honest, i wish i did. i'm not an economist but i started training positions in our stock portfolio toward the latter part last year as certain stocks enjoyed a nice run off through january. right now that they are up in many cases, ten, 15, 20%, i think it's time to take the chips off the table. we will have an opportunity maybe today, one of them to scoop up great names at cheaper prices. liz: you say there's a distinct possibility of hard landing, why? >> ups is of the mind we

probably are going to go into a recession because the fed, don't fight the fed you talked about it on your monologue, is looking like the fed will raise at least another two to three times, that's going to have a depressing impact on earnings particularly technology ear earnings. i think there are any number of geopolitical risks out there whether it ukraine, whether it china or the fed balance sheet that has to be shrunk for the first time in history all of which is in the market. liz: i want to make sure we have time for death zone in stocks which is what morgan stanley is predicting and ai, is it a bubble? let's start with the death zone david, we are down 666 points, oh, that's the devil. on the other hand we still have earnings coming in in some cases likely decently. >> absolutely. the important question that investors need to ask them

themselves, are you a tactical strategist the way a lot of these guys on wall street are where they are paid to make short-term calls or are you a long-term investor? if you are a long-term investor, even tactical strategist are suggesting the market going to be the same level at the end of this year as it is now so why are you taking the risk of sidestepping potential downdraft if you're running the risk of missing subsequent rebound which is enough to predict. cash flow machines and you will be fine, stay well-balanced in your portfolio. liz: finally, bubble. i've got to ask you because there's a rush to get into any stock that happens to say chat bot or ai in it. jonathan. >> that's not my daily way. i'm not even on social media. i'm not the person to talk about

that. just know i wish i had that technology when i was in high school although i would footnote it and make sure i wasn't plagiarizing. liz: exactly. [laughter] jonathan -- david, rather. >> i think time will tell we are still in the infancy of that technology and we are hearing every day about the shortcomings that exist right now. liz: it's great to see you guys. thank you very much. >> one last thing for our politicians and leaders, we don't understand how much 31 trillion in debt is. 31 trillion dollars, it's scary. we have to teach our politicians about financial literacy, we just don't know . liz: we could not agree more. let's end it at that, something tells me they are less interested in that. more interested in politics unfortunately. we will be watching. david and jonathan, thank you very much.

good to see you guys. all right, investors are hitting the tap as course books this afternoon market selloff. we are going to tell you why the brewer is getting cheers from wall street. that's in today's stocks and at the bottom of the hour, you cannot miss this, we are going to ask emerging markets investing legend, mark mobius where he sees opportunities, is it in china, eastern europe? is it in latin america? where? the u.s. and china inched closer and closer to cold economic war, lots of issues to worry about and consider. closing bell 37 minutes away. the dow down 640, s&p down 76, nasdaq down to 74. we are coming right back. ♪♪ hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.

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foxbusiness alert, we need to look at the sector including financials here because they are looking very messy at this hour. citigroup j.p. morgan, keybank, bank of america, wells fargo, they are all dropping pretty chocolate, is that a word? did i just make that up? big chunks of loss. bank of america down to and a third%, wells down to an a half%. one bank attracting major investor attention, hsbc, 52 week high. after reporting fourth-quarter profits, 90% higher than last year stock is up for nap%, british multinational bank said solid result reflect strong

revenue growth and lower operating expenses. it's in the process of selling canadian business to the royal bank of canada and plans to use money from the sale to make payouts to shareholders. investors not signing on after ubs downgraded shares from neutral a cell, investment bank warning the company's announcements workforce reduction suggests a negative demand signal for fiscal 2024. growth stock is selling off to the tune of 8%. shares by the way via electronic signature company takes 46% over the past 12 months. traders toasting after the beer brewer reported fourth-quarter adjusted prophet that beat expectations the maker of miller light, blue moon, course expects sales to increase in the low single digit of the train in 2023. that's good for three and a third stock. investors are slamming the brakes on auto nation after jp

morgan downgraded the stock from neutral to underweight. here's what analysts say, tiny bit of a head scratcher, the car dealer is starting to look over valued after a solid performance during the pandemic. okay, if a ratio of six is overvalued, the florida-based company searched 36% so far this year end 60% 2021 but analysts feel a whole sector start to pull back as consumers grappled with higher inflation and higher interest rates, auto nation down seven and three quarters%. president joe biden is in poland at this hour working the one-year anniversary of the start of russia's invasion and war against ukraine but has the conflict made europe a place to invest your money? foxbusiness exclusive, emerging markets investor, mark mobius is here to tell us whether his top global investment opportunities are the place to be as putin's

forces push ahead the-year-old war. mark mobius me up with his best ideas now. maintenance man the gap to getting the addition called in every would be rockstar dreams of, steve did it when he got the call from journey to replace lead singer steve perry, he swung at the pitch. here how he hit a homerun during his audition to become front man for one of the most recognized rock bands of all time. he's this week's guest on my everyone talks to this podcast it just dropped today available on google, apple music, iheartradio anywhere you get your podcast. closing bell 29 minutes away, we are coming right back. ♪

we need to show you defense stocks right now, turn your attention to lucky martin, up more than 1% right now. it's the maker of the high mobility market system monitor. president biden just announced the u.s. will send ammunition for that launcher ukraine. with got it just under 1%. boeing moving slightly lower. as you look at this, the center is want to watch as we mark one year since russia invaded ukraine. past 24 hours, to world leaders delivering two very different speeches just days before the one-year mark of that war. today president biden gave a powerful message in poland saying ukraine's western allies will not waver in their support for kyiv. vladimir putin and challenging him to end the war and president

biden threatened even more sanctions. putin just hours before had falsely blamed the war on the west. he announced russia suspending participation in the last remaining nuclear arms control treaty with america, new start. edward lawrence lived at the white house, what is russia's creek suspension mean for global security? there's got to be tension and nervousness. >> it means under certainty which is probably why we are seeing dow down somewhat, 640 points today. the president's speech sounded more like a campaign speech for democracy. the president making the.that the u.s. and allies will stand up and fight against any aggressor who wants to attack and destroy fundamental democratic principles. >> autocrats only understand one word -- no. no, no, no. [cheering and applauding]

no, you will not take my country. no, you will not take my freedom. you will not take my future. democracy stands guard over freedom today, tomorrow and forever. >> the markets looking at this little uncertainty. you see a lot of it, vladimir putin suspended participation in the start treaty renegotiations on nuclear weapons. china's foreign mission russia supplying military weapons to russia. the chinese president xi jinping tiny summit with putin in the coming months and no mention in the president's speech specifically about china. a former national security advisor says president biden need to get tougher with the chinese communist party. >> tik tok is here, the chinese communist battery plant is coming, farmland is still being purchased around airbases. no consequences for the chinese so it's no wonder they can send legal aid to russia without some sort of penalty. >> he believes the uncertainty needs to be settled for the

globe saying we can't let russia sending the message, we can't let russia invaded ukraine just like couldn't let china go into taiwan. liz: thank you, edward lawrence lived from the white house. volodymyr zelenskyy also warning of a possible world war. should that meeting from between xi jinping and vladimir putin come to pass. beijing said the meeting is a push for multiparty peace talks. not an alliance but with so much turmoil heading to our east, what kind of overarching impact does this conflict have on one of the big investor buzzwords this year? emerging markets. let's bring in mark mobius, the group of emerging markets with more than 30 years experience in the space, more than 1 million miles traveled during his life and 40 billion in managed assets. he joins me on foxbusiness exclusive. let's start with europe. we are glad to have you but obviously with these headlines is a lot of worry, a lot of

angst. would you say there are any areas of europe whether they be emerging or france, germany, switzerland you like right now? >> generally speaking europe is in best shape and probably not good target for investing. individual companies doing well and in some cases in the luxury area and others are good but generally speaking we are focusing on turkey. turkey is doing very well as a result of what's happening in ukraine because they are having pretty good relations with russia and with europe so they can act as a bridge between the two from that to relationship. i would say turkey would be the place to be rather than any other place in europe. liz: that's interesting. you take into account short-term headline which is the horrific

earthquake that hit the region a few days ago? another earthquake in the path past 34 hours on the syria turkey border, is that sort of a situation where you absorb that and then you say it's still a place to invest? >> the turks are survivors, they know how to deal with these issues. it is a tragedy but we learned in the past that the turks are very flexible, very innovative and hard workers as well. they will be able to overcome this and come up with new good ideas and investment ideas. liz: we just put up the shares, turkey etf, it's seen a gain of 17% over the past year. let me shift to russia. is this sort of a don't touch it with forget ten full, 100-foot hole? >> it's definitely no touch

area. they're not looking at russia at all except if the tension comes to an end. if ukraine were and then we would look at russia again but at this stage it is impossible because we can't get money in or out and it would make -- b2 that to me is interesting because it does that also mean any of the surrounding eastern european countries are ones you would avoid? >> they are under incredible pressure because if the war escalates out of ukraine than the countries are on the firing lines so it's something we have to be concerned with and therefore probably not a good idea in those areas get. liz: can i talk about india? india has been a vibrant emerging market and get we do see headlines with the company, conglomerate, they don't exactly

have the best due diligence when it comes to their capitol markets. is that an area where you say a one off, one time deal or this is systemic problem among equity names in india? >> as you know in any market including the u.s. or wherever you look at you will find cases like this. fraud and all kinds but the case of a donnie, i would not consider this a serious case because a lot of the information uncovered was known to the market. we knew the family was deeply involved in the company and company shares but the good news is you've got so many good companies that have excellent corporate governance and we are very optimistic about india. india is benefiting from what's happening in ukraine because they are getting cheap russian oil and they are going strength to strength.

liz: what is, and that is of course he's certainly under fire because of the market kat he's lost due to hindenburg the, the damaging report but where is the richest untapped investment opportunity you see on the whole planet, whole load? >> it's still india, strength to strength, a young population average age 27, 26, 27 compared to china. india is now embarking on incredible change technology change where they are adopting incredible technologies and they are a big leader in software but in addition, they are going to become a big manufacturer of semiconductors and technology as it moves away from china.

liz: i'd be remiss if i didn't get your thoughts on this, significant selloff we see, dow jones industrial, 626 points. transports lowered 68-point russell done 2.7%, nasdaq, tech has been messy. what is your assessment of what's going on in the u.s. markets right now? >> the great thing is it's huge, a big market a list of companies in the market with tremendous liquidity and profitability so you mentioned about ukraine for, all of these companies are going to be doing well as a result of the buildup by the u.s. and military so there are a number of these companies in the u.s. that are exposed to emerging companies and they have big market shares in these countries. i would say you've got to take and choose and not just look at

the s&p but individual companies in the u.s. has a lot of gold in that market. liz: that is interesting because we just took a look at martin and it's about 1.1% in one of our traders was banging the table and defense names for quite some time since the war began. market -- mark, it's a pleasure to have you. >> thank you. liz: going base earnings me out after the bell. could there be a big surprise for the crypto platform? charlie is about to break it next with the closing bellta f ringing in about 13 minutes. dow struggling 638 points. we are coming right back. ♪and

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knew as we look ahead because after the bell analysts will see the report for the quarter. they're expecting a loss of 2.55 per share, revenue $589.4 million. could there be a surprise along the release of the numbers, charlie? >> i think my tweet that put out moved the stock. i'm not quite sure why we can get into a in a minute. here is what we know. exchange iex, was in talk with sam bankman-fried's to create a crypto exchange. that is gone. sam bankman-fried is indicted. sources at the fox business network he is talking to people at coinbase about potential partnership. instead of ftx would be part of that partnership with iex to create federally approved i guess the best way to say it crypto exchange. we should point out that we understand that, that these are

advanced talks. we should point out ftx , iex, that there are a lot of numbers if you're into crypto these are major exchangeses. ftx implode shun one of biggest scandals to hit crypto and wall street , iex is publicly-traded company. there is lot of eyeballs on them this could be a safer bet. iex has a statement. we'll write this for business.com. they consider to provide a way to regulatory path for digital asset securities including conversations with regulators and market participants but have not finalized any specific proposal including third parties. they are essentially confirming our story. they are talks on this. why is coinbase -- liz: trading off the low. >> off the low? that makes more zones to me.

they are a new business, probably will have some i think they're going to release losses, right? i mean is that the expectation? liz: yeah, 2.55? >> this is kind of an innovative thing and kind of a food thing although anytime you put yourself in front of gary gensler you're always asking -- >> what the ceo at coinbase did. he kind of poked the bear, did he not? >> yes. he did some sort of bank account thing where -- liz: it was high yield accounts. >> yes. liz: and as i recall he said, you know -- >> if you do that let us do it. they said if you do it we'll sue you, right? wasn't that essentially -- so just remember going before him but clearly brad katsuyama, "flash boys." liz: high frequency trading. >> protagonist for that. he thinks there is market here for a crypto exchange that is regulated, that does not give you, does not have the holes in

it that ftx had from a regulatory standpoint. liz: probably right. >> coinbase, if you talk to crypto people that seems like a logical place to go. they are public with audited books. the problem with ftx there was no audit. liz: why would they audit? can you imagine no audits? no accounting? >> there are probably, i say probably i haven't investigated coinbase's operations but i'm sure if they're publicly-traded everything we heard about them they fit the pattern of someone you want to do business with. so keep an eye on this story. again we're going to have a full writeup on foxbusiness.com about this, laying out all the possibilities and you know, it's, you get the news here first even on crypto. liz: yes even on crypto. can we just look right now? we are, okay, session lows coming into this hour was a loss of 708 points.

we're now down 704 points. we're seeing acceleration here. s&p and nasdaq are having their worst day of the entire year, granted we're only a month 1/2 in here but dow jones industrials mark it here down 704. s&p losing 82. the nasdaq down nearly 300 points. tomorrow we're getting earnings reports from names that maybe could change the narrative here. tjx, pretty much retail here, ebay, etsy. also we're getting chipmaker nvidia and ev macher lucid. plus one energy name our "countdown closer" has his eye on. joining me state street global advisors chief investment strategist. he is responsible for 3.5 trillion in assets. can i get your thoughts on the selloff today, what you feel was the heart of it? >> liz, i think there was a pivot in the market. unfortunately not a pivot investors were hoping for in january. jobs are poor. hotter than expected inflation numbers, poor earnings,

geopolitical flare-up resulted in a market selloff. there is real pivot and shift what happened in january. this come together to increase volatility and put the markets in a very precarious position. liz: you're going back to energy. we had the of i-shares of blackrock, here at the top of the show, she does like energy even in this rising rate environment. your energy name, pioneer natural resources. why? >> because the margins are around 29%. here is the thing that we learned this quarter in earnings. companies reached a limit in terms of how high they can raise prices and their costs are still elevated liz. so what is happening their margins are getting crushed four quarters in a row. i like companies that are paying high dividends. pioneer is doing that. they trade cheaper than the market. pioneer is much cheaper than the market. and their profit margins are

high. pioneer profit margins are 29%, compared to s&p 500 of around 11%. all three of those reasons why i like pioneer. liz: are you just staying away from tech at this point? we have a pretty significant selloff here for the nasdaq at the moment. i'm looking at a loss of 294 points or 2 1/2%? >> i think what is happening is that when the 10-year treasury yield was below 3.4%, i was scratching my head. that was reflecting a recession that was imminent and rate cuts later in the year. i was always skeptical, even before that hot jobs report earlier this month. i think that is typical -- liz: gotcha. [closing bell rings] liz: great to have you michael. sorry it was day on this. the dow erased gains of the year with 693 point loss. "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. all right after meeting with