lauren: breaking news, attorney general merrick garland just confirming a suspect has been arrested in connection with leaks of classes arefied pentagon documents. the suspect is an air national guardsman named jack teixeira, he will be making an initial appearance in federal court in boston. we now have that name. great inflation data today and a great rally this afternoon. the dow jones industrial average is looking at its highest close since february. the nas darks best of the month. -- nasdaq, best of the month. the s&p, best in two months. we'll take the it. liz claman, over to you. liz: yeah. finally, a really definitive number. the dow up 401 points. we do need to start with breaking news, truest financial shares are on the move to the upside, up about 2.7%. fox business has confirmed that

truest -- income business. now, sources had been telling "the claman countdown" since this morning that yesterday afternoon the financial holding company laid off more than 100 employees. sources say the layoff ares are concentrated mostly in truest's memphis is and atlanta offices where truest securities is based, of course, in atlanta. this is a financial holding company that was the result of the 2019 suntrust bb&t merger. hundreds of traders bloomberg terminals had red dotted this morning meaning they were inactive or turned off. and this on a day where you just heard lauren simonetti say we had very strong inflation numbers. when i say strong, i mean strong as they were weak, and that is helping the markets at moment. so that would be unusual. charlie gasparino is bird-dogging the story. he's going to give us a window into whether this is yet another repercussion of the fixed income problem a triggered the regional

bank with crisis back in march. now to the markets, the latest sign of cooling inflation is enough to heat up stocks as we kick off the final hour of trade. dow jones industrials holding on to 400 points of gains, that is pretty much the high of the session, 400, 401. s&p better by 55 points or 1.33%. that's a good move there. we've got the nasdaq better by nearly 2% or 231 points and the russ i el 2000 which, by the the way, is the winner so far when it comes to week to date games, it's up more than 2%, week to date, it's another 1.5% up now. the leaders on the dow heat map come from consumer, cyclicals, tech sector. we've got apple in the top position, up 3%. walt disney up 3%. nike up 2.33%. what is hagging? well, it's just two names at the moment, ibm and travelers. travelers is down a third of a percent, same with ibm. not every major sector is up,

but communication services and tech are among the leading s&p sectors, and the big winners, netflix and dish. netflix at the moment up 4% on pretty much no real news except that perhaps yesterday the unveil by warner brothers-discovery ceo david zaslav of its new max streaming service included an a ad-supported tier that's $3 more expensive than netflix's ad-supported tier offering of $6.99. and dish may be up, it's a good move here, 3.33%, but not only are shares lower than 10 years ago, but satellite tv stock has just hit the lowest level since 1999. all right, to the broader market here, finding buy yancy as inflation if sinks, that's what we're dealing with. the latest read at the manufacturing level did show that the price of finished goods came down more than expected month over month. they actually went negative. they contracted, down .5%. year-over-year also was a miss,

coming in at about 2.7%, that's .3% lower than estimates. will the numbers move the fed ooh's needle? well, the markets are still pricing in a 25 basis point hike in interest rates at the may fed meeting, but for june, the month of june, fed funds futures indicate 27.7% see the federal reserve pausing with june just a half a month away. and here we go, is it time to get ahead of a fed pause, and how are traders doing it? let's bring mt. floor show, trader scott bauer and here in the studio dan geltrude of geltrude and company. scott, to you first. tell me about the action here. this is now a strong sort of thumbs up by investors and the markets that that they like this cooler inflation number. >> yeah, and it's interesting, liz, because over the last week or so when we've gotten some cooler numbers, the market hasn't reacted so positively like it had over the last couple

months. today though and albeit very, very low volume, but today what i am seeing is a lot of upside call buying in the s&ps, 4200 strike and higher expiring next week. you're also seeing volatility at rock bottom levels from where we've seen over the last year with the vix getting down to 18 or so. so what i'm looking at, you know, if we're going to get to that 4,200 level which is a 50 president retracement -- 50% retracement from the highs we saw back from 4,800 down to the lows of 3,600, i think we can get there. but what i'm looking at doing as a trader is buying time, buying option premium because it's so cheap right now. of so i can buy it both on the upside and on the downside. you know, i always talk to you about, you know, if people want to stay in the market and get protection, you buy it when you can when it's really cheap. well, i'm buying both sides right now. and we get some decent reports

out of the banks over tomorrow and early next week, we could see 4,200 pretty quick. liz: all right. we're at 4,148 at the moment. dan, get in here. i want to hear from you whether and how people should be positioning for an eventual pause. >> well, to start with, liz, when is there going to be the an eventual pause? people have been calling for this for a long time. now all of a sudden it's going to happen? yes, inflation is cooling down, so we're saying, hey, maybe the fed will finally get the message. but, you know, the way i read jerome powell, he's not really giving any indication that he is going to pause. he keeps saying -- and i believe him here -- inflation is still not under control, it's still unpredictable. i think they're going go for a miss by going way past where perhaps they should because they're concerned what happens if we take our foot off the gas,

right, and inflation spikes again. then he really looks bad. so i'm not so sure that this pause is a guarantee by any stretch. liz: i know, but shouldn't investors at least start to prepare for a pause, dan? >> well, yes. eventually the pause will happen and, yes, investors are going to have to look at that -- liz: how? how? how? >> for me, the way i look at this, i really like what's going on in the energy sector. i said before when i was on the show i really like chevron. i also really like utilities. i think that's a great place to be based upon dividends, based upon value. that's where i would be positioning myself right now. liz: both chevron and peg have 3.5% dividends. >> yes. liz: scott, the problem with energy, in my opinion, and if they pause, it's because we're in a recession or heading right into one, and in recessions people use less energy, don't they? >> absolutely, they do.

and, yeah, we're coming into, you know, high season, high driving season, but i think you have to look at the energy sector the as what we've done basically over the last 6-12 the months. we've had these very, very defined ranges not only in the price of crude, but in the price of a lot of these stocks where we have seen just this, you know, it'll hit a bottom, let's take a chevron, for instance, at 164-ish or so and at op the maybe around 180. or you look at marathon petroleum, same type of thing. 128-140. so we've seen some really defined ranges. and for me anyway, rather than looking longer term i'm going to continue to play those ranges until it doesn't work. over the last 6-12 months, it's worked beautifully. liz: well, over the last 6-12 months, dan, piling into shorter term government bonds has been wonderful. the t-bill, 6-month, 4-month. they were yielding 4 or 5%.

as we look at 10 and the 2 right now, still kind of calling for that recession number, but are bonds still a place to be and, if so, at which levels? >> well, listen, if you're going to be in bonds, i think now is a time when you've bot to look at that more on the short term -- got to look at that more on the short term because i do think the market is going to be turning. keep in mind too, liz, what's going to happen when we start to feel the pain of what opec+ is doing, right in. liz: a ah, okay, cutting. >> exactly. so now i think that we're going to have a boost in energy costs which goes ott to the point of will the fed actually pause because if we're going to have higher fuel costs, we are still going to be dealing with inflation. inflation, recession, take your pick. liz: hey, it's great to see you both. the dow holding on to gains of 385. some surprising revelations in china's new trade report. while russia and south asian countries snapped up chinese-made exports at a torrid

pace last month, or chinese exports to the united states declining now for the eighth straight month. is that due to escalating tensions between the u.s. and china, or because american consumers fear a recession is coming? with the presidential election a little over a year and a half away, what to do in either scenario. republican presidential candidate vivek ramaswamy has made cutting business ties with china a centerpiece of his run. if he joins me next on his vow, if elected, to implement a pretty bold plan to tackle what he calls, quote, the greatest external threat to america. closing bell, 51 minutes away. we do have strong numbers here. we already told you the dow's up about 386 at the moment. s&p up 55. the nasdaq, biggest percentage gainer by 2%. we're coming right back. don't go away. ♪ ♪

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a new report shows nearly 7% of iphones are now made in india. bloomberg says apple assembled $7 billion worth of iphones not in china, but in the two indian states in in the last fiscal year. and a report out overnight from nikkei news says apple is in talk with suppliers to ship back manufacturing to thailand. apple already has some 18 suppliers with operations in thailand. as the u.s.' very tense relationship with china shows no improvement, will american businesses be forced to follow apple's lead? if 2024 the presidential candidate vivek ramaswamy has his way, yes. the founder of biotech company rovian and strive asset management joins us live from the stark brewing company in manchester, new hampshire. he's on a bus tour all the way through new hampshire. vivek, part of your campaign, a big part of it, is that you are calling for a declaration of, quote, total economic independence from china.

but with millions of u.s. businesses touched by the china supply chain, how do you plan to legislate that? >> so, look, i think there is a difference between declaring independence from china by fully onshoring to the united states versus declaring independence from china by using the full portfolio of countries that we are allies with. you see what apple's doing, relying on india, relying on thailand, also vietnam which they're also moving suppliers too. if you include south korea, even australia, brazil, western europe as part of the portfolio of other countries that we're able to rely upon, it turns out a lot of those supply chain challenges become a lot more tract the bl. so i think this is practical, it's achievable and, by the way, the moment to do it is now when china's already economically weak from the damage inflicted on the chinese economy by xi jinping last year as part of his effort to hold on to the that unprecedented third term last october. that's why i'm emphasizing this,

because i think the window of opportunity to effectively strike economically is now so that we never have to beat them militarily later. of. liz: so if you faced xi jinping, would you like him e straight in the eye and tell him chinese companies can't do business in the u.s.? >> i would tell him that we're decoupling from china unless and until the ccp dramatically and drastically reforms its behaviors. i'm sorry, xi jinping, it's not global capitalism when you urn the companies into pawns to advance your agenda. and as the next u.s. president,ially not -- i will not stand by idly. he is going to buckle because this will hurt them far more than it would hurt us, especially in this window that we're in. we just need a president with a spine to actually deliver that message, and that keeps america safer, and it actually reduces the chance that we go to war with china over the long run. ott contrary, i think china -- to the contrary, i think china will have to reform many in a way they should have decades ago, but better late than never,

and i'll deliver it. liz: how do you look at former president trump's recent comments about xi jinping on fox news network where he gushed pretty much over xi, calling him a brilliant man, he's incredibly good looking, saying all these things. if you send that type of message to the chinese, doesn't that immediately say that you're going to be soft because of that relationship? i mean, you tell me how you view the reed gop -- the lead gop presidential candidate right now in the polls, and that would be trump. >> so, look, i'm looking to go even further with the america first agenda the than donald trump did. as i've often said, america first does not belong to anyone, trump or me. i'm taking it even further. i didn't catch that fox news interview. it is true that xi jinping is a brilliant man, but unfortunately, that has worked against the united states. we need a more brilliant president here in the united states to call xi jinping's bluffer. that's not going to come -- bluff. that's not going to come from

sucking up to him. i'm going to look xi jinping in the eye, sit across the table and say we're declairing independence unless you reform, and you mark my words, he will do it. liz: you are in paver of bringing tech jobs back to the united states. if you look at the map, if you look at companies that are onshoring and building or upgrading fabrication plants for semiconductors, those are big moves. and there's going to be quite a bit of hiring. intel's building out in ohio, samsung in, the, wolfspeed in north carolina. micron in new york, taiwan semiconductor in arizona. and as you look at that, how then do you view something like the chips act which encouraged and gave tax breaks to these semiconductor companies to encourage them to bring back not just their operations, but hundreds and hundreds and hundreds of jobs? >> so, look, i i think the number one risk we face geopolitically -- out of china is the annexation or invasion of taiwan because taiwan and the

taiwan semiconductor company to -- provide the chips that power our modern way of life. so i think there's an opportunity for companies just through market action alone if they're thinking over the long run to get that supply chain out of relying on taiwan -- liz: i get that, but it wasn't until rumblings of the chips act that these companies, especially intel in ohio, said, all right, we're coming back with. and there was that big event with president biden. could you at least, if you're going to be a president, don't you have to be a bridge builder, and in a way say, okay, that was actually a good spark to bring back an engine of hiring here in the u.s.? >> so we're going to get into a pretty technical distinction here. i think there was a lot of pork in that bill. that bill should have been written definitely, and hi lack of support for it does not change my strategic focus on making sure that we onshore the semiconductor supply chain here in the united states. that bill was not the right tool to do it. but i do give credit to both trump and even biden to the limited extent he's followed trump for highlighting this

failure. we need to be laser focused on actually bringing that semiconductor supply chain back to the united states where there's a market opportunity to be for companies themselves to rise to the occasion. liz, i do want to point out something though. china actually try a lot of corporate welfare for its own semiconductor industry. that didn't work out well for china, and i don't think the corporate welfare model is actually going to work well for the u.s. by coddling these companies. i think to the contrary, the market opportunity the itself combined with policies that limit our e license on china is actually what's going to guide these companies to make the right decisions to onshore production here. and it doesn't just mean in the united states. i think samsung and others in korea, south korea and other parts of the world can also help us declare independence not just from tie china, but also taiwan when it comes to the supply chain. liz: we are bearing down, just a few months away from the point where we will hit the debt ceiling x there will be no more money to actually even the in extreme cases be able to pay our outstanding debts.

what do you do about the debt ceiling? would you encourage members of the gop if who have said they really don't want to raise it until they get some giveback to just do it and then have conversations with the president and the democrats? if -- >> i reject the idea that it's just a ceremony that you go through, to raise the debt ceiling. it is the designed to prompt a conversation. if you just skip that accept the, i don't think that's appropriate. here's what i also think, liz, both republicans and democrats are playing small ball when it comes to the right way to lead america economically out of the debt problem. democrats want to raise taxes, republicans will talk about spending cuts around the edges while being vague about which ones they mean. the right answer is actually restoring gdp growth itself in america. it is striking to me, liz, how nobody is talking about that today. that's the centerpiece of my domestic agenda, unleash economic growth, get back to 4 plus percent gdp growth in america by unshackling american energy, by putting people back to work. those are two of the biggest

obstacles to gdp growthed today. i still believe that, yes, we can grow our way out of our problems and, frankly, it shocks me that neither major political party's talking about it. that's why i've made it a centerpiece of my agenda. liz: well, maybe it's a choice getting people back to work, because there are millions of openings. vivek, that's going to do it for you. will you come back as we get closer to the presidential election? >> absolutely. i think we'll come back and talk about that domestic agenda the in detail. i think putting people back to work is actually far more doable than people give credit for. liz: and you're right, our viewers want to hear policy. not just looking back or hitting at the other side. they want to know what you do if elected so, thank you, we'll see you soon. >> we will do it, thank you. liz: relatively quiet on the debt ceiling drama front at least right now, but brace yourself. as soon as june, yeah, just as we were saying, fewer than two months from now the u.s. treasury could exhaust all emergency measures being used to prevent the country from sliding into default. treasury sec secretary janet

yellen repeatedly calling for congress to raise the debt ceiling, emphasizing that a debt limit breach would be very detrimental to the u.s. bankses and whole nation. just ahead, the man who has been in janet yellen's shoes in this exact scenario, the 73rd treasury secretary of the united states, john snow, here to game what could happen as congress quibbles over the debt ceiling. closing bell, 36 minutes away. dow is sill the up about 377 points. the nasdaq is the big powerhouse here, up 239 points. the s&p up 54. we're comes -- coming right back with. ♪ ♪

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liz: fox business alert, we still have strong numbers here for the markets on the back of that ppi, producer price index, report. this is the inflation at the producer level, the manufacturers as they put out finished goods. those prices fell all across the board and in many cases more than expected. and and as we continue to watch the markets really move higher on the back of that, let's get to summer slew sales. steve hand is heating up -- shoe sales. the stock is up about 3 percent following an upgrade from citigroup. analysts suspect steve mad ifen to see stronger wholesale reorders in the second quarter. obesity drug maker novo nor dishits a record high on news the maker of semipick enpenned a

$2.7 billion pickup deal with aspect biosystems. shares of novo are up 2.25%. you can see $is -- 167.20, pretty much just slightly below the all-time record hit earlier. the deal will expand research in diabetes and obesity treatment. novo currently makes the only approved obesity drug on the market. shares of progressive moving progressively lower following its latest earnings report where the largest commercial auto insurer log ared worse than expected first quarter numbers. progressive's combined ratio, that's an important indicator of insurance companies' financial health, year-over-year did come in higher. that is a red flag for shareholders as a higher a ratio means the company is allotting more money to claims and operating expenses. shares are down about 6.5% right now. shares of american motorcycle maker harley davidson stalling out a bit here on the announcement that its chief financial officer will leave the

company to oversee finances at toymaker hasbro. so that cfo played a pivotal role in harley's 2020 restructuring efforts. hog also under pressure after ubs said its first quarter retail sales at u.s. kips may have fallen by as much as 20%. by the way, harley reports earnings two weeks from today. stock is down about 2%. for the moment motorcyclists don't have to worry about this, but the environmental protection agency just announced new emission rules for light-duty and medium-duty vehicles for the 2027-2032 the model years meaning automakers could begin to accelerate the to electric cars sooner than expected. but that push is not yet sparking mass adoption of evs and interest from the public. and, by the way, the high cost of evs at least right now is not only problem. to madison alworth who is live at a rest stop in she is caucus, new jersey, talking to drivers. what are they telling you about

their main concerns? >> reporter: liz, cost is definitely something they mentioned but also range of vehicles and access to charging ports. so first, i want to hit on cost because that's manager i heard from a lot of people. when you look at the average cost of an ev versus a gas vehicle, your average ev is about $12,000 more out the gate. what these automakers hard investing in ev will tell you is you save, obviously, on energy over the course of the lifetime, but for a lot of consumers that extra $10-12,000 up front is a barrier to entry. another interesting thing that i heard from drivers here was that they don't trust the technology in the environments that they live in, meanwhile others who are ready for the switch, they say because of an aggressive push like this, they're confident that the technology will get there. take a listen. >> i live in a pretty rural area, and i probably got a 30-minute drive just to get to town where a lot of the businesses are and sufficient. for somebody in my area, you

would have to have a charging station at your home. >> as i go replace a car, i will absolutely get something that is at least hybrid. but i also recognize that electric technology is not going to be really great for some of the circumstances we get up here in the northeast where you can get trapped in snow, and if your electric goes out, you're many a bad place. >> i have a camry that is a hybrid, and i have a rav-4 that is gas. and i much prefer the electric. i get twice the mileage on it, and that saves me a lot of money. >> reporter: so out of all the folkses we spoke to the, we spoke to about 20 people, we only met that one hybrid driver today, and that is really representative of the ecosystem at this point. right now just 4% of the cars on the road are electric, and when you ask those gas drivers, 41% say they want to stick with their gas vehicles. obviously, not as big of a poll

as that we just showed you from gallup, but we found the same, the vast majority do want to stick to gas. the thing is with these new rules if they are passed, it would mean that -- sorry, we have some truck drivers out here. i don't know if you can hear them, we're right next to the freeway here. if this epa rule passes and becomes law, that would mean that manufacturers, 67 of their cars sold -- 67% of their cars sold in the next 9 years would have to be electric. that's a huge conversion, yet to be seen if it's possible. but when it comes to the consumer, liz, definitely not where they currently sit. liz: yeah. i'm actually, with apologies to paul simon, counting the cars on the new jersey turnpike behind you. >> reporter: rush hour. liz: hey, these jersey drivers, they're going to make some news. while federal reserve economists do predict a recession year is going on the likely, treasury secretary janet yellen just said she does not anticipate a downturn in the u.s. economy.

who's right? standing by with his recession take is the 73rd treasury secretary of the united states, john snow, who served under president george w. bush from 2003-2006. and, by the way, faced a debt ceiling or two of his own. with the closing bell ringing many 25 minutes, former treasury secretary john snow joins us live next. ♪ ♪ for back pain, i've always been a take two and call in the morning guy. but my new doctor recommended salonpas. without another pill upsetting my stomach, i get powerful, effective and safe relief. salonpas. it's good medicine. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do.

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liz: not that anybody wants me to remind you, but it was one month ago that a shock wave rippled true the financial sec to be -- sector when silicon valley bank collapsed. since then look at these regional stocks that are still significantly down. first republic the worst here, down 85% since that day, on a march 9th, right? pac west down 49. key corp. down 23%. despite reassurances in the past 24 hours from san francisco federal reserve president mary

daly and treasury secretary janet yellen that credit conditions are not tightening and that they don't see a recession, fed data suggests commercial, industrial and real estate lending have steadily declined through march. is this a recessionary canary in the coal mine? let's ask john snow, the 73rd treasury secretary of the united states, who joins me now in a fox business exclusive. great to see you and of to have you here, mr. secretary. well, what do you make of that? the fed has data out that says credit is absolutely identity tightening over the past couple of months. we don't even have the early april numbers, but that both janet yellen and mary daly say no recession and credit, we don't see any signs of credit tightening? >> well, liz, thanks forking having me back. it's been too long since you and i had these good chats. in the old days. liz: indeed. >> you know, we -- inflation is dug in.

and it's dug in pretty hard. while we got pretty good inflation numbers, better inflation numbers, it's still way, way, way too high. and when you look at the causation, it's the direct result of excess if i -- excessive government spending which has driven the deficit up since president biden took office by some $5 trillion. and, of course, the fed then was a little slow to react, and the result was inflation. and given all the money churning through the system, inflation shouldn't be any surprise to anybody. the real surprise would be given this enormous expansion of, in federal deficits and in spending and all those dollars rolling through the economy and consumers with $2 trillion of excess savings coming out of covid, the surprise would be if we can't have inflation. we didn't have inflation. liz: how about a recession though? is it going to be a surprise if

we don't have a recession? >> i think the fed's own numbers indicate that a significant slowdown in the economy is coming. as they continue to pursue their deflationary policies, as they continue to take on this undercurrent of inflation, too many dollars chasing too few goods. they almost invariably will see some significant downturn in economic activity because how would you characterize the economy today? in brief, demand, aggregate demand is way beyond aggregate supply. and the only way to getting a regate demand and supply back into balance is either a big increase in supply which we open don't see coming or -- liz: tamping down demand. >> exactly. exactly. liz: so you were with jay powell, if i could just pin you on this, you were with jay

powell on continuing to raise rates until that stickiness of inflation really is dislodged. >> i am. i think, i think he's on the right path. i think they were a little late, and i think they've acknowledged they were a little late to respond. they didn't, today didn't move quickly enough to offset all the excess spending in the economy coming out of the fiscal side, but they're on a good path now. and i think chairman powell and the fed are committed to staying on that path. the big mistake here would be to declare victory too early. liz: yeah. >> inflation is a terrible menace to the economy. it's like a silent thief that robs you of your purchasing power as you go to the gas station and pay your rent and so on. and it's particularly harmful for people living on a fixed income. so it'll be painful to bring inflation to heel, but it would be a lot worse if we let it run

its course. there'd be a much bigger until toll on the economy in that case. liz: mr. secretary, i really want to get your thought on the debt ceiling, because back in the day you faced your own debt ceiling issues where congress was arguing about whether to hike the debt creeing. -- ceiling. can you just recall the most important one that came closest and what you would say to both sides of the aisle right now about the debt ceiling? [laughter] >> liz, i've tried to forget some of that. [laughter] ive fried to forget that. -- i've tried to forget that. liz: good times, good times. what i would say is this: the u.s. will never default. that's, that's unthinkable. we spent 200 years building the u.s. treasury and our bonds as the standard of the financial marketplace. if that's a huge legacy, and we can't afford to forfeit it.

but the reason we have this problem is spending. and i hope that as part of resolving the deficit -- the ceiling issue, we will see some concerted effort on spending. of and i hope the biden administration come forward -- will come forward and really offer some good ideas, and i hope the republicans will as well. this ought to be a bipartisan cause. inflation is everybody's enemy. liz: yeah, it truly is. i want to thank you for coming back on. it has been too long. and, by the way, can i give away your secret when you were treasury secretary? you had the best candy drawer in the federal reserve offices. i stole enough of those candies -- [laughter] >> yeah, i wish it had worked more effectively on a lot of other people. [laughter] liz: yeah, energizing them.

well, you know, government moves slowly but, hey, it's the best we've got -- >> it does. good to be with you. liz: great to see you, former treasury secretary john snow. ahead, regional bank truest laying off, well, we think at least a hundred employees in its fixed income division. is this the next shoe to drop in the banking fiats coe? charlie gasparino with the very latest next. closing bell ringing in 13 minutes. we are still seeing a good hold, a good grip on the gains for the dow jones industrials, up 1 plus percent or 375 points. ♪ ♪ what if there was a community of like minded people ready to support you when you need it most? christian healthcare ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are regardless of your health history. offering affordable healthcare cost solutions

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♪. >> shares of regional bank true it, are still up off the highs of the session. despite the report that fox business, claman countdown that the company significantly scaled back fixed operations. charlie gasparino. 100 people. >> one of your people wrapped me before i started. just want you to know that. liz: no way. >> just telling you. just telling you. get into the headlines, i i want

to get into news about dan snyder selling the commanders to apollo founder. asset back securities, keep municipal bonds, essentially eliminate everything else. this is truist bank's essentially the bond department. truist financial is a big company. other places trade bonds. this is the bank part. it is pretty significant. it is 100 people. why do we do stories like this? sometimes small stories tell a bigger story. the dislocation in the bond market. led to silicon valley bank going down, signature bank going down, republic still being repaired, interest rates are coming down a bit based on a lot of market forces, there are losses on

balance sheets of a lot of companies. i'm not saying truist is suffering from massive losses shutting down. they had issues in the fixed income in some other places that led to their demise. we'll have larry fink on tomorrow, head of blackrock, one thing i will ask him is the banking crisis over? it's lull now. liz: i can't wait to hear what he says. >> it will be interesting. liz: we don't think it is over. there will be reverberations. >> by the way this is reverberation, this is exclusive story. i pressed button bloomberg headline passed, and we had numbers and details. liz: memphis office out of atlanta for fixed income. they got notified late yesterday afternoon. >> yeah. liz: we're hearing more than 100. >> people are assuming it is more than 100 the way these bloomberg terminals work, people that own it, that work at these places a lot of them are dormant.

so they're red dotted. liz: suddenly more than 300 red dotted bloomberg terminals related to truist financial so. >> people are surmising at that it is bigger number. internally at truist they tell me that is the number. take it for what it is worth. oneoneone of the long national nightmares covering on the sale of the washington commanders, former washington redskins. we're in the final inning or final seconds. dan snyder submitted a bid, somebody submitted a team. josh from apollo, owns the philadelphia 76ers. planning to submit the bid. hours i heard it might be now. the bid is $6.05 billion. the question is where is bezos on all of this?

informed scuttlebutt. bezos was in the background, pushed the bid up to the $6 billion up, that is the main number, snyder bought it at 800 million. liz: nice return. >> he is under a lot of pressure from the league. there is a investigation into sexual harrassment, other issues. dan snyder from what i understand, a lot of people talked about he wanted indemnification to sell the team. he didn't ask for that. that gives you indication he is probably not too worried about these investigations. that being said why didn't bezos bid on it? here are surmises i heard from informed sources. other nfl owners were not crazy about him bidding on it. he would have unlimited wealth. jerry jones is rich as hell, the cowboys owner. imagine if you're him, going up against jeff bezos who has $120 billion that is liquid? now they're wrapping me. liz: dan is lucky that bezos was hovering. >> by the way i'm wrapped in the

beginning and wrapped at the end. that is, i heard wrap. >> cover our bases. >> i heard wrap. liz: charlie, thank you very much. >> you think i'm hearing things? liz: closing bell 2 1/2 minutes away. nasdaq, looking to snap whosing streak. dow up more than 350 points, 363 to be exact. a lot of uncertainty what is to come in the market this is year. our "countdown closer" has a plan that can be tailored depending on your outlook. 393 billion in assets under management. these is a lisa ericsson. taylor to shorter term investors who need shorter term out look or longer term investor who needs longer term. start with shorter term. >> for shorter term we're thinking about less than one year our favorite sectors within the u.s. equity market are really more defensive. things like utilities or consumer staples, those kinds of sectors with more stable

earnings as well as relatively nice dividends and really the reason why is we certainly have had more volatile equity environment. we're relatively up for the year, we still can continue to have economic headwinds as well as potential for more fed tightening, at least pausing. really on the back of that, we see that as a very comforting to have some more defensive names. liz: okay. that is the short-term portfolio. now for the longer term investor? >> absolutely. if you are able to go out really a little longer, what we would then shift focus to is really some more secular growth names, areas as technology, communications or consumer discretionary. if you stand back think about bigger picture where we're going with the economy, we continue to have a lot of trends moving towards artificial intelligence, machine learning, large data sets, anytime, anywhere

connectivity. those ongoing trends will benefit all the sectors i mentioned earlier, in addition to the fact that if you look at underlying securities and industries within that, you really are seeing again very favorable revenue profiles outgoing further. liz: lisa, this is what i like, instead of coming on saying depends on your outlook, you have put it all together for our viewers in a very perfect pack page. thank you so much for joining us. lisa air ericsson. [closing bell innings] major averages ending hupp jpmorgan, wells fargo, citigroup, all report earnings tomorrow. we'll tackle all that and more that will do it for us. "kudlow" is next. ♪. larry: hello folks, welcome to "kudlow," i'm larry kudlow. so we're in the midst of some very important breaking news. we're going to have david spunt in just a moment to tell us about the capture of thi